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Our Global Head of Fixed Income Research Andrew Sheets examines what rising rates could mean for equity valuations, earnings and investor appetite.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Fixed Income Research at Morgan Stanley. Today, thinking about equity resilience in the face of rising bond yields. It's Friday, October 2nd at 2pm in London. The benchmark U.S. 10-year Treasury yield has risen about 100 basis points this year. Global equities, at the same time, are up about 13 percent. And those two facts sit in an uncomfortable tension. After all, higher bond yields give investors better return options elsewhere, and they also make future corporate profits worth less today, which in theory should push stock prices lower.But there's a wrinkle here. That valuation theory actually has two moving parts. What we're referring to here is what we would call a dividend discount model or a Gordon Growth Model, where the value of a company today is worth the value of its dividends divided by the difference of its required rate of return and its growth rate. The higher the required rate of return, which interest rates push up, hurts a stock valuation. It increases the denominator. But a higher growth rate, well, that works in the opposite direction. That decreases the denominator. It makes the company worth more. Hopefully, this is intuitive. if a company has to meet a higher return hurdle, it will be worth less today. If a company's growing faster, all else equal, it's worth more. And that, we think, goes a long way to actually explain what's going on in markets today. Because corporate profits are growing quickly. Over the last year, profits for the S&P 500 are up about 30 percent, and the earnings growth for the median company, well, that's still up in the mid-teens. Growth in Europe, Asia, and emerging markets have also been historically strong. Indeed, if you'd told me on January 1st that the S&P 500 would be up about 13 percent, and at the same time, U.S. Treasury yields would be up about 100 basis points, I probably would have told you with reasonable confidence that stocks would look more expensive relative to bonds. But they don't. The valuation of the equity market, the P/E ratio, has fallen significantly as yields have risen. But because earnings have risen so much more, stocks are still higher. And the so-called equity risk premium, the difference between the earnings yield and the bond yield, it's pretty stable year to date. Now there's another way that higher yields could hurt the stock market. They could simply cause people to sell their stocks and buy those higher yielding bonds. But so far, we're not seeing evidence of that. The flows that we track continue to show money flowing into both stocks and bonds. And the two markets are moving in the same direction day to day. They're showing positive correlation, which is not the outcome you'd expect if people were shifting money from one to the other. There's also an interesting way that companies have a say in this debate. Investors every day look at the market and decide if these yields are high enough that they want to buy them. But companies look at the same yield and say, "Is this low enough that we would want to sell?" And so especially for the companies that are funding the AI build-out – these large technology companies with so much AI spending to do. Many of them, even at these higher yields, are still saying these are attractive levels to issue at. And are more attractive than, say, issuing more stock. The other factor that's always important to keep in mind whenever we're debating long-term valuation questions between stocks and bonds, or really any asset class, is that valuation is a slow-moving force. It is often not terribly predictive of the next six or even 12 months. Indeed, if we think about the difference between the earnings yield on the equity market, the inverse of the P/E ratio, and what the bond market yields, that difference. Well, that difference only explains about 10 percent of returns between stocks and bonds over the next month. Now, valuation is more powerful the longer you give it. And so, extend that horizon out over the next three years and that valuation gap between bonds and equities, well, explains about half the three-year outcome. Markets are not equations that are solved once a quarter. They are ongoing arguments about the future. And when growth is strong, investors are simply more willing to give growth and that future potential the benefit of the doubt. We think this goes a long way to helping to explain the equity market's resilience despite Treasury yields moving well above five percent. But it's also raising the bar. Higher yields simply leave less room for earnings disappointment. Those profits need to keep growing quickly. Thank you, as always, for your time. If you find Thoughts on the Market useful, let us know by leaving a review wherever you listen. And also tell a friend or colleague about us today.

Cold Open ... Round Two of Nonzero × Doom Debates ... Trump, the FTC, and an Industry Feeling the Heat ... Google Says Gemini 4 Exists ... Greg Brockman Pulls His $25M from Leading the Future ... The Break-Ins Keep Coming ... The Market Wants Agent Swarms ... The End of “Alignment by Default” ... The Prelude to Recursive Self-Improvement ... David Sacks Can't Explain Dario ... The All-In Echo Chamber ... Scott Alexander vs. Steven Pinker ... Jason Calacanis vs. the Public Benefit Corporation ... The Elephant in the Room Is the AI ... What the Average American Thinks ... From Chatbot to Agent to Swarm ... Boeing, Agent Swarms, and the Off Switch ... Skynet as a Botnet That Trades With Us ... Tyler Cowen: National Treasure, Net Negative on AI ... Liron's Doomer DCF Yields a 20x P/E ... Interest Rates: Where Cowen Has Me ... Does Pinker Owe Us a Debate? ... Pinker vs. Instrumental Convergence ... Wrap-Up ...

Ever feel like your body has stopped cooperating in the one place you most need it to? Or it's totally hit-or-miss -- in one man's words: "I never knew whether I was going to ejaculate at all. I had no control over it."Erectile dysfunction (ED), premature ejaculation (PE), and/or delayed ejaculation (DE) can have a devastating impact on a man's sense of self-esteem, as well as on sexual satisfaction in relationships. And we don't talk about this enough. These issues come up in my sex research constantly, and are a daily reality for hundreds of millions of men globally. Yet even in men's work spaces like men's groups, performance anxiety and sexual health is like the last frontier -- it's just hard to talk about how your d*ck is functioning.But we need to ... because men out there are suffering. For example, did you know that according to an article in the Journal of Sexual Medicine, 1 in 4 men seeking help for new-onset erectile dysfunction these days are 40 or younger? ED is not just an older man's game -- and it turns out that for some men (more than we might think), taking drugs like Viagra or Cialis doesn't even work.But don't worry -- there's way more possible here than you've been led to believe.Whether you can't get hard without porn first, you lose your erection halfway through, premature ejaculation robs you of enjoying the experience fully (as well as your partner), or delayed ejaculation prevents you from finishing at all, cock trouble is common. And for some, the fear of it happening again has you wondering what the point of dating or sex even is.Here, pelvic floor educator Jana Danielson BRINGS THE HOPE. We get into why your erections may have more to do with how you breathe than with your penis, why Kegels might be making things worse, and the story of a 24-year-old athlete who was about to fill an ED prescription, but who Jana thankfully got her hands on. A month later, he was waking up with morning wood for the first time in years!If you've been quietly white-knuckling your way through sex, or avoiding it altogether, this one's for you.—Join me on Oct 17th for my new masterclass: From STUCK to SATISFIEDA live launch event for my upcoming new course, The Man She Craves, this class will outline the #1 pattern I've seen after coaching men for over a decade. It's what I see separates the men who stay stuck in their love lives to transitioning into sexually and emotionally satisfying relationships.The class will run from 10a-12p PT / 1p-3p ET on October 17. It's $55, but if you use code DEARMEN it'll drop to $33. To save your spot, email dearmenpodcast@gmail.com. If you're in the US, you can also text BACKSTAGE to 33777.—Mentioned on this episode:The Man She Craves (Melanie's new course; Jana is part of the Sexual Confidence upgrade)The Cooch Ball: www.coochball.comJana on Instagram & TikTok: @jana.danielson—Memorable quotes from this episode:"I'm not sure my marriage is going to survive.""When he did achieve an erection, it was really hard for him to maintain it.""Your body is not broken; it's just misunderstood.""'Within a month, I was waking up with morning wood!'""Clarity creates confidence.""'Why would I give him a jail sentence of a wife?'""We were searching for that elusive, fill-in-the-blank diagnosis.""Within 30 seconds I thought, 'Well, sh*t.'""When I started talking about the pelvic floor, sh*t got weird.""'I wanted to match my ejaculation with her to make sure I was taking care of her needs.'""He started being able to squat deeper.""I am having the best orgasms of my life, and I have no plan on stopping."

I'm back in the corporate practice of medicine content cycle, this time on the Stop Corporate Takeovers of Physicians Act, a new federal bill modeled on Oregon's landmark CPOM law. It closes the MSO / PC ""friendly physician"" loophole that corporations like Apollo MD use to get around existing laws in 34 states, and it kills non-competes and non-disparagement clauses so hospital-employed doctors can finally speak out. It's not perfect, nonprofit hospitals are exempt, but I support it. My answer to declining reimbursement isn't to sell to private equity, it's to work together: merge practices, form IPAs, unionize where employed. Physicians are terrible at group projects, and it's costing us.After the break, an update on GLP-1s and NAION now that the lawsuits are hitting mainstream media. The correlation is real, the causation isn't proven, and the comorbidities overlap heavily. Don't stop your GLP-1 based on a news story, talk to your doctor about your specific risk factors. But if you have sudden painless vision loss on the medication, see an eye doctor immediately. Takeaways: The Stop Corporate Takeovers of Physicians Act closes the MSO / PC "friendly physician" loophole that corporations use to circumvent existing corporate practice of medicine laws in 34 states. The bill also eliminates non-competes and non-disparagement clauses, freeing hospital-employed physicians to speak out about harmful practices without fear of retribution. The critique that killing private equity gives nonprofit hospitals free rein misses the point,  hospitals and PE are aligned on profit motives, not competitors. Will's answer to declining reimbursement isn't selling to PE, it's merging practices, forming independent physician associations, and unionizing where employed. On GLP-1s and NAION, the current signal is correlation, not causation, don't stop the medication based on news coverage, but seek immediate care for sudden painless vision loss. — To Get Tickets to Wife & Death: You can visit Glaucomflecken.com/live  We want to hear YOUR stories (and medical puns)! Shoot us an email and say hi! knockknockhi@human-content.com Can't get enough of us? Shucks. You can support the show on Patreon for early episode access, exclusive bonus shows, livestream hangouts, and much more! –⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ http://www.patreon.com/glaucomflecken⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  Also, be sure to check out the newsletter: https://glaucomflecken.com/glauc-to-me/ If you are interested in buying a book from one of our guests, check them all out here: https://www.amazon.com/shop/dr.glaucomflecken If you want more information on models I use: Anatomy Warehouse provides for the best, crafting custom anatomical products, medical simulation kits and presentation models that create a lasting educational impact.  For more information go to Anatomy Warehouse DOT com. Link: https://anatomywarehouse.com/?aff=14 Plus for 15% off use code: Glaucomflecken15 As a proud FIGS Ambassador, visit https://WearFIGS.com and use code DrGFIRSTFIGS to shop, stay updated on new launches, and learn more about FIGS advocacy projects. Check out FIGS on social platforms: @wearfigs To learn more about Microsoft Dragon Copilot, visit: ⁠⁠http://aka.ms/knockknockhi ⁠⁠ -- A friendly reminder from the G's and Tarsus: If you want to learn more about Demodex Blepharitis, making an appointment with your eye doctor for an eyelid exam can help you know for sure. Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://www.EyelidCheck.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for more information. Produced by⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Human Content⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Robin is the Head of Technology Investment Banking at Oppenheimer & Co. Inc., where he leads a 50-banker team spanning 12 tech verticals. He has 30+ years of investment banking experience advising high-growth technology companies on M&A and capital raising.Topics:AI in Investment BankingTech Market OutlookStrategically Hiring Senior TalentBuilding a Collaborative Culture...and so much more.Top TakeawaysGrowth opportunities are increasingly coming from venture-backed targets. Most of the M&A activity Robin's team is seeing isn't traditional buyouts but portcos making strategic acquisitions to build out their existing platforms. Oppenheimer's recent sale of Kentik to PE-backed Infoblox is one example. For sponsors, it's a reason to look beyond the traditional add-on universe when building their M&A pipelines.The best use of AI may be capacity creation rather than headcount reduction. Oppenheimer is using an internal analytics tool to offload model-building, SEC data pulls, and other repetitive work. Robin sees the payoff not as needing fewer bankers, but as giving the existing team more capacity to process transactions and spend time with clients. The practical opportunity is to identify where AI can remove execution bottlenecks, then deliberately reinvest that capacity rather than treating efficiency as the end goal.High-stakes moments are built through low-stakes repetition. Robin learned that lesson rowing at Harvard, where months of repetitive training came down to a handful of six-minute races. Dealmaking requires the same discipline: keep doing the work when the payoff is distant, so you're ready when the moment that matters arrives.About Oppenheimer & Co. Inc.Oppenheimer & Co. Inc. is a full-service investment bank and wealth manager. Robin leads its technology investment banking group, with about 50 bankers across 12 verticals, from semiconductors and enterprise software to defense tech and aerospace. The team has advised on transactions including Backblaze's 2021 IPO, Corvex's $33M data-center financing, and Gilat's ~$157.5M acquisition of Comtech's satellite and space communications segment.Investors & Operators is brought to you by 51 Labs51 Labs is a marketing agency for the lower middle market. We offer full-service digital marketing for PE, portfolio companies, IB, VC, hedge funds.Brand Identity, Marketing Strategy, Marketing & AGM Video, LinkedIn Strategy & Execution, Web Design & Development, CRM Support & more400+ videos100+ projects#1 content creator on LinkedIn in the lower middle market

No Bom Dia, Minha Vida de hoje, Isadora Basile faz um especial com o resumão de setembro: o State of Play e os controles de GTA 6, a pré-venda de God of War Laufey, as vendas de Wolverine, a saída de Physint da PlayStation para o Xbox, as novas demissões no Xbox, o limite de horas no Game Pass na nuvem, o acordo com sindicato na King, a capa de GTA 6 na Game Informer e o julgamento da Rockstar, os Directs de Zelda e da Nintendo, o Steam Frame, os lançamentos de Control Resonant, Onimusha, Silent Hill: Townfall e The Witcher 3 Remastered, a BlizzCon, o tufão na Tokyo Game Show, o processo contra a Epic na Holanda e a bilheteria do filme de Resident Evil.Apoie o Bom dia, minha vida: apoia.se/bomdiaminhavida❤️___

01/10/2026 - Verbum, a Palavra de DeusMeditação da Palavra do Senhor com o Pe. Flávio Gomes de Alcântara

John Mackey, CEO of The Mackey Group, is back for his yearly state-of-the-industry catch-up with Drew. John advises fire and life safety owners and PE-backed platforms on M&A and growth, and his Mackey Report pulls industry research and investor-conference analysis into one set of benchmarks for what good looks like in this business.The M&A story has a new layer. The platforms that were acquiring five years ago are mega platforms now, and a second tier of companies founded eight to twelve years ago is on the same path, with many preparing for an exit in the next 18 to 36 months. By John's count about 85 percent of the market is always either growing or getting ready for a transaction. One analyst he cites in the report asks what inning M&A is in, and John puts it in the middle of the game.Newer contractors are building differently. They pick their field service software and ERP first and grow service before installation, the reverse of the playbook from six or seven years ago. That opens up the tech stack. QuickBooks runs out of room once you need job costing, the big platforms are struggling to choose between NetSuite and SAP, and John's tech stack guide comes down to one rule: understand your workflows and let them drive the software. Drew adds the piece many field service tools don't fully cover, inspection and compliance, and makes the case for a good implementation partner.The back half turns to labor. Technicians with 40 years or more in the field are retiring, and John sees AI shortening how long it takes a new tech to learn the job, as long as they still get hands-on time pulling wire and hanging pipe. He came back from NFPA without seeing a new widget, while hazards like storage at 50 feet, lithium-ion batteries, and data centers keep growing. CEOs at the bigger platforms tell him that without data centers they wouldn't have any construction right now, and he counts 140 data center permits pulled in Texas alone. They wrap with a pitch for the trades and the fall show schedule.The Mackey Group: https://mackeygroupllc.com The Mackey Report: https://mackeygroupllc.com/the-mackey-report Inspect Point: https://www.inspectpoint.com Timestamps0:00 Cold open0:18 Intro: episode 99 with John Mackey2:16 John's advisory work doubled after NFPA3:33 Mega platforms and the second tier forming under them4:21 How much M&A runway is left, and what inning we're in5:58 New contractors start with service and technology7:09 ERP, the tech stack, and letting your workflows lead11:32 Where inspection and compliance fit12:31 Inside the Mackey Report14:38 The labor gap and AI on the jobsite17:39 AI in technician onboarding, and why field time still matters19:51 What was missing from the OEMs at NFPA22:02 Data centers, pharma, and 140 permits in Texas26:17 Why it's a good time to get into the trades27:22 Fall shows and the road to episode 10031:17 Outro

This week on Swimming with Allocators, Earnest and Alexa unpack the post-SpaceX IPO environment, why LPs still aren't writing checks, and what might actually unlock capital for emerging managers in the coming years. They explore how liquidity flows back into institutions, the growing preference for barbell strategies, and where allocators are shifting attention beyond venture, including middle-market PE and new hedge fund strategies. Drawing on insights from LP conferences, they share practical fundraising advice for GPs—how to differentiate, communicate future potential, and avoid bad pitch dynamics. They debate the renewed role and structure of fund of funds, the risks and FOMO around mega AI bets, and how AI tools are reshaping outbound, deal flow, and relationship management. The episode closes with tactical guidance on building momentum with anchors, hosting intentional LP/GP gatherings, and rethinking how GPs present themselves as “founder magnets” and long-term partners to allocators.Highlights from this week's conversation include: SpaceX IPO, Lockups, and Why LPs Still Aren't Re‑Upping (1:20) Why IPO Liquidity May Not Prompt Immediate Reinvestment (4:24) Returning Capital and Questions About Established VC Brands (6:07) LP Pitch Advice: Make It a Conversation (7:52) Finding Your Differentiation by Asking Why Friends Invested (8:52) Assessing GPs for Future Potential (9:38) Becoming a Founder Magnet and an Ecosystem Node (10:20) Fund of Funds and the Shift Back From Direct Investing (13:31) The Barbell Approach to Venture Investing (17:04) AI Risks, the Space Race, and Open-Weight Models (19:44) AI Downside Scenarios and Broader Economic Risk (22:22) Fundraising Momentum and Finding Anchor Investors (23:23) Why LPs May Prefer Returns Over Lavish Events and Parting Thoughts (28:30) Swimming with Allocators is a podcast that dives into the intriguing world of Venture Capital from an LP (Limited Partner) perspective. Hosts Alexa Binns and Earnest Sweat are seasoned professionals who have donned various hats in the VC ecosystem. Each episode, we explore where the future opportunities lie in the VC landscape with insights from top LPs on their investment strategies and industry experts shedding light on emerging trends and technologies.  The information provided on this podcast does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this podcast are for general informational purposes only. Learn more about your ad choices. Visit megaphone.fm/adchoices

Micron (MU) shares are up over 500% year-over-year heading into Wednesday's earnings after investors saw upside in AI memory supply shortages. Paul Meeks believes the earnings will be great but points to guidance as the key question mark due to cyclicality concerns surrounding it and other peers like SanDisk (SNDK). That said, Micron's P/E ratio compared to the S&P 500 (SPX) is something Paul sees as a bullish opportunity so long as the profit roadmap remains clear. Tom White turns to an example options trade for Micron. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

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。今天分享的内容叫口红效应消失了吗？，来自锦缎研究院。如果让A股美容护理板块的投资者用一个词总结过去五年，大概率是“无语”。指数跌了54%，估值从50倍杀到28倍，基金净值惨不忍睹。大家经常说这两年经济有温差感，宏观数据还可以，但微观体感却很差。一个命题因此突兀起来：口红效应消失了吗，还是演化成了别的形式？一、五年跌了54%，估值压缩解释了大部分先看行业基本面。化妆品零售额增速换挡，但仍是正增长。近10年，除疫情期间下降4.5%之外，化妆品零售额自过往的高速增长明显降速，仅二零二四年下降1.1%。二零二六年1至8月均为正增长，平均增长5.66%。但从上市公司来看，美容护理行业近年营收增长降速，净利润增长基本停滞。归母净利润增速持续低于营收增速，根源在销售费用率的持续走高。近年行业销售毛利率持续走高，但销售净利率反而下降，二者剪刀差在走阔。本质就是流量更贵了。疫情以来，美容护理加大线上布局，线上渠道成为主战场。国内公司向国际玩家看齐，主打“国产平替”，产品日渐高端化，单品单价提升，表现为销售毛利率走高。过去依靠抖音等平台流量红利实现爆发的模式已经失效。流量成本水涨船高，转化效率却在持续下滑。美妆行业的投放R O I从去年的约1比2.5下降到1比1.8。“不投流难动销，投流难赚钱”成为行业普遍困境。回到开头的话题：美容护理板块下跌的核心原因是什么？从P E曲线看，板块P E自5年前的50.76倍震荡下行至当前的28.9倍，P E解释了43%的下跌。本质上也是从过往消费升级、国产平替的高估值回归至正常。2025年板块整体R O E为7.56%，中位数为5.86%，结合R O E与P E，板块整体并未出现显著低估的机会。但个股分化明显，P E分布从11.98倍到91.27倍均有。珀莱雅P E12倍，股息率4.17%，二零二六年中报净利润同比增长46.26%，但今年以来股价下跌15.79%。对消费板块的整体悲观，带崩了龙头企业的估值。纵向来看，当前的珀莱雅处于估值的低水位。二、口红效应的真相：女性劳动参与率才是隐藏变量“口红效应”诞生于美国，在日本“失去的三十年”亦得到验证。20世纪30年代美国大萧条期间，口红销量出现惊人增长。有统计显示，一九三一年美国口红销量达到一九二一年的1500倍，整个大萧条期间化妆品行业总销量增长25%，而当时美国工业总产值几乎减半。九幺幺事件后，雅诗兰黛董事长劳德观察到口红销量增长11%，由此在二零零一年正式提出“口红指数”，主张将口红销量作为经济景气的反向指标。日本自20世纪90年代步入长期停滞。一九九二至二零二二，三十年间，日本传统可选消费（如白电、家装）跌幅平均达29.3%，而美妆涨幅却达到45.9%。但从国内美容护理数据看，“口红效应”似乎不成立。营收增速换挡，净利润基本停滞，与大家期待的高增完全相悖。根源是什么？从美国、日本案例看，口红效应的共同特征是大环境萧条、消费者预期悲观、消费降级成为主流。寄情于物的产品，具有绝对价格低和能提供情绪价值的双重属性。但不容忽视的是，美国、日本经济萧条后，男性仅凭自身已无法满足家庭必需，女性劳动参与率大幅上升。女性劳动参与率及其可支配收入水平，决定了她们是否有能力为“悦己”消费买单。所以，口红效应本质是周期下行的悦己消费与女性劳动参与率上升共振的产物。一九九零年日本女性劳动参与率仅为57.17%，二零一七年后反超中国，至当前为76.97%。而国内一九九零年时为79.18%，后持续下行，二零二五年为69.58%，在全球仍属绝对高水位，远高于欧美。一方面与女性受教育年限拉长有关，另一方面亦与当前整体就业形势有关。三、国内市场的特殊性：淡化与泛化并存国内“口红效应”有所淡化。最直接的证据是，二零二六年“618”大促期间，美容护肤与香水彩妆销售额同比下滑2.43%。此外，由于女性劳动参与率的下降，“口红效应”被削弱——职场社交在部分女性生活中消失了，对应的消费需求从彩妆转向护肤品、底妆等更能满足个人护理需求的品类。但另一方面，口红效应并未消失，而是泛化与转移。当年轻人暂时搁置购房需求时，从口红扩散至更多元的品类。首先是美妆品类内部的替代：面膜、精华、痘痘贴等单价更低、效果可感知的“小确幸”品类，正在接棒口红成为新的情绪载体。二零二六年1月，面部痘痘贴同比增长4445.4%，面部吸油纸/膜同比增长15448.3%。其次是跨品类的扩散：潮玩盲盒、新茶饮、文玩把件、演唱会等，因其能提供情绪补偿、掌控感或即时奖励，正在成为“口红效应”的新载体。泡泡玛特等潮玩品牌的爆发，便是典型例证。四、消费牛股从不在单一赛道借鉴日本过去30年历史，消费牛股并非来自单一赛道，而是沿着消费分级的裂痕，在“极致性价比”与“出海逻辑”两条路径上集中涌现。一是聚焦国内，服务于消费降级与分级中“追求极致性价比”的绝大多数消费者。折扣零售和药妆店是这一时期长期市值增速达20%以上、进攻性最强的赛道。本质是存量博弈中的胜者与幸存者。纯本土依赖型公司，本质上是在存量市场里做份额再分配，效率是核心武器，但天花板明确。二是把本土效率优势复制到海外的公司——就像龟甲万、味之素、优衣库。龟甲万凭借酱油的海外扩张，海外营收占比高达75%，在北美市场占据主导地位。味之素通过“彻底本地化”策略，海外营收占比约65%，从调味品企业进化为食品健康综合集团。对于美容护理行业，资生堂在一九九二年至二零一七年间市值实现约4.2倍增长，同期调整后净利润增长4.1倍。其穿越周期成为消费牛股，核心在于将百年研发积淀转化为高端品牌的定价权，并在日本本土市场剧变时，果断将增长引擎切换至全球高端市场，用持续的结构改革对冲了本土市场的长期萎缩。结合国内市场特点，暂时没有看到在研发层面具有显著优势的美容护理公司，更多的是靠营销概念驱动加互联网流量，打造大单品。出海数据层面，除了水羊股份通过并购实现的境外收入占比37.52%，其余公司如珀莱雅、毛戈平、贝妮等境外收入占比均在个位数。出海对于绝大多数公司而言，仍停留在“有战略，无验证”的远期故事。五、对投资的启示结合国内消费逻辑的演变，我们可以得到三点启示。首先，警惕“高毛利陷阱”，关注费用效率的拐点。美容护理行业特征就是毛利高、净利低、销售驱动。高毛利并不等于高回报，关键在于毛利能否转化为自由现金流。其次，结构性机会优于板块性机会。与日美不同，国内女性参与率一直维持高水平，且叠加人口拐点，注定了总量不是增量市场。细分板块有所分化：个护板块营收增长34%、扣非净利增长54%；化妆品板块内部分化剧烈；医美板块利润承压最严重。投资需要下沉到细分赛道和个体公司，甚至是大单品，而非停留在行业标签。最后，寻找具有增量逻辑的个别公司。要么是效率革命，争夺国内存量市场的赢家；要么是品牌高端化，跑通出海逻辑。口红没有消失，它只是从一支口红，变成了一片面膜、一个盲盒、一杯奶茶。当年轻人的购房需求被暂时搁置，情绪消费的出口不会关闭，只会转移。回归本质维度，美容护理板块的问题不在需求端，在供给端——当流量比产品更贵的时候，这个行业就该换一种活法了。

Celý podcast sledujte na http://www.Echoprime.czEcho Porada se dnes věnovala odkazu Václava Havla a jeho roli v české politice po roce 1989. Mluvili jsme o jeho vstupu do politiky i o tom, jestli bylo pro pozdější vývoj dobře, že se po Sametové revoluci stal prezidentem. Jeho prezidentství i život definovaly ženy, myslí si Daniel Kaiser i Jiří Peňás. Ten dodává, že prezidentstvím řešil i svou privátní situaci. Byl Havel významnější politik, nebo umělec a je na místě mu vyčítat, že nikdy nepodrobil kritice podporu americké válečné politice?Velký spor se vedl o to, kdo má po roce 1989 řídit ekonomickou transformaci. Lidé z podnikové a ekonomické praxe měli ambici převzít vedení změn, nakonec ale dostali přednost akademici z Prognostického ústavu. Z této perspektivy mohli mít Andrej Babiš a lidé z jeho okruhu pocit, že jim byla po revoluci jejich role „sebrána“ a že se k moci symbolicky vrátili až po roce 2014, tentokrát prostřednictvím demokratických voleb.Sledujte Echo Poradu s Daliborem Balšínkem, Danielem Kaiserem a Jiřím Peňásem.X: http://twitter.com/echo24czFacebook: http://twitter.com/echo24cz

30/09/2026 - Verbum, a Palavra de DeusMeditação da Palavra do Senhor com o Pe. Flávio Gomes de Alcântara

David Milner is Chairman at premium pizza brand Crosta Mollica. This business, as announced last week, will soon be merged with European Pizza Group (Nestlé spin off, with brands like Buitoni), becoming the biggest player in the old Continent. David will be the new CEO of this new 1BN sales entity.   In this conversation, recorded in London before summer, we reflect on David's career, which has had two very differentiated episodes: the first, a "conventional" corporate career at P&G, Mars and Campbell's and, a second one, much more entrepreneurial and PE-focused, which has seen him successfully grow and exit businesses like Tyrell's Crisps or Lily's Kitchen.   Tune in to hear about: From P&G, Mars and Campbell's to private equity Scaling and exiting Tyrrells and Lily's Kitchen David's checklist for spotting winning consumer brands Why superior product has to come first How Crosta & Mollica is disrupting the pizza category Competing with multinationals through speed and consumer focus Premiumisation, packaging and winning in-store Leadership, great teams and taking calculated risks Watch on YouTube: https://youtu.be/jtuyNbGJXGs  Follow us on Instagram: https://www.instagram.com/fmcgguys/  Audio Mixing by Modest Ferrer Voice Acting by Jason Martorell Parsekian Disclaimer The views and opinions expressed in this podcast are those of the individual guests and do not necessarily reflect the views of The FMCG Guys (Dwyer Partners SL) or its partners. The FMCG Guys make no representations or warranties about the accuracy, completeness, or suitability of any information discussed, and accept no responsibility for any decisions or outcomes based on this content. Listeners are encouraged to seek their own professional advice before acting on any of the topics covered.  

Sitting on a porch in Peñuelas, Puerto Rico, a woman shared through a gifted translator that she had been praying for over a year for someone to come and fix her roof. She had never imagined the answer would arrive in the form of a group of people from South Carolina — but that is how God works sometimes, on a different timeline and by a different method than we could have anticipated. For the person listening, who had grown frustrated after only a few weeks of waiting for clarity about a career decision, the Holy Spirit used that moment to do something quietly convicting. Habakkuk 3:16 captures what honest, faithful waiting actually looks like in the body: heart pounding, lips quivering, legs trembling — and yet, still choosing to wait patiently for God to act. Habakkuk cried out to God for relief from the pain and suffering he witnessed, received an answer on God's timeline and for God's purposes, and ultimately chose trust over certainty. Some of his prayers were not answered in his lifetime. Yet in the final verses of his book, he declared that he would rejoice in the Lord regardless. That is not passive resignation. It is one of the most active and courageous postures of faith available to a believer. Waiting well does not mean waiting without feeling — it means choosing, in the middle of uncertainty and the very human desire to take matters into our own hands, to trust the God who is always working all things for our good and His glory. Bible Verse "Yet I will wait patiently for the day of calamity to come on the nation invading us."— Habakkuk 3:16, NIV Ponder Today God's timeline and method are rarely what we imagined — and they are always right. A year of prayer answered by strangers from another state. A career question that feels urgent to us and unhurried to God. His ways are higher, and His timing is perfect, even when it does not align with our expectations. Waiting well is an active choice made in the middle of trembling. Habakkuk's heart pounded and his legs shook — and he still chose to wait. Faithful waiting does not require the absence of fear or frustration. It requires the decision to trust despite them. The temptation to take matters into our own hands is one of waiting's greatest dangers. When uncertainty persists and answers seem slow, the pull toward control is strong. Asking God for patience specifically in those moments is both honest and wise. Some prayers are not answered this side of eternity — and God is still faithful. Habakkuk's prayer was not resolved in his lifetime. That did not make God unfaithful. Romans 8:28 assures us that He is always working all things for our good and His glory, even when we cannot see how. Remembering God's past faithfulness is one of the most powerful tools for waiting well. When anxiety rises and answers feel absent, turning back to what God has already done reinforces what we believe about who He is — a God who keeps His promises, yesterday, today, and for all eternity. A Prayer for You Today Heavenly Father, You are a God who sees Your people and hears their prayers. You are always present, always listening, and always actively working on my behalf for my good and Your glory. Please help me to wait well. You know Your creation and fully understand that in my humanity I struggle with control, and my lack of knowing can lead me to fear and anxiety. When I am tempted to manipulate or take matters into my own hands, please grant me patience. Help me feel at peace, rid my heart and mind of anxious thoughts, and give me the strength to wait patiently. And if the answer to my prayer does not come during my time on earth, let me remember Your past faithfulness. You are a God who keeps Your promises, yesterday, today, and for all eternity. I love You, Lord. In Jesus' name, Amen. Want More? Sign up for our free newsletter, The Good Word, for weekly biblical wisdom and encouragement delivered right to your inbox. Join our community today: https://www.lifeaudio.com/thegoodword/ Discover more Christian podcasts at lifeaudio.com and inquire about advertising opportunities at lifeaudio.com/contact-us.

Last week Google announced what looked like the snd SPAM update to run within less than 30 days from the previous one run in August 2026.What they didn't tell us was the Core update they ran between them from August 24th - September 8th. Through that lense it makes sense.Every SPAM update is NOT the same.Before a Core update it looks at specific items to remove them.After a Core Update Google looks for those who would make their sitemaps show a more recent change than the URL's own RSS feed which is more reliable for Google. Content that has one date and sitemaps that have another - this is one thing this update will zero in on.In this episode I explore why it might be in Google's best interest to not tell us anymore when they run a Core Update.Mentioned in the show:Registration is open for the next cohort of the AI Visibility Mastery 12-month course. We are committed to the success of our members.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://vizzex.ai/ai-visibility-mastery/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Wordpress registration⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ HubSpot registration⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Symmetry vs Asymmetry Single Variable Test⁠⁠⁠⁠⁠⁠https://www.youtube.com/watch?v=TkPi-J54bow⁠⁠⁠⁠⁠⁠Test #2 - Is passing Symmetry alone without schema sufficient? ⁠⁠⁠⁠⁠⁠https://www.youtube.com/watch?v=YUkwfboMpiQ⁠⁠⁠⁠⁠⁠Last week's episode:⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠https://www.pandora.com/podcast/confessions-of-an-seo-r/relieve-the-grid-own-the-answers-season-6-episode-38/PE:1326013210⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Symmetry Gate⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - check the "cost" of your content for AI models to extract informationSubscribe to Confessions of an SEO™ wherever you get your podcasts. Your subscribing and download sends the message that you appreciate what is being shared and helping others find Confessions of an SEO™An easy place to leave a review ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.podchaser.com/podcasts/confessions-of-an-seo-1973881⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠You can find me on⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Carolyn Holzman⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠American Way Media⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Google Directly⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠AmericanWayMedia.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Consulting AgencyNeed Help With an Issue? - reach out Text me here - 512-222-3132Music from Uppbeathttps://uppbeat.io/t/doug-organ/fugue-stateLicense code: HESHAZ4ZOAUMWTUA

Roughly 70% of U.S. substations were built before modern digital technology. Now AI, renewables, batteries, and EVs are forcing a century-old grid to become something fundamentally different.Company bio:NovaTech Automation provides automation, monitoring, and control technology for electric utilities, with equipment in roughly 25% of U.S. substations. Founded in 1979, the family-owned company helps utilities modernize aging infrastructure while integrating increasingly complex power sources and loads.Guest bio:Conrad Oakey is CEO of NovaTech Automation and the second generation to lead the 45-year-old company. A Duke MBA, he has helped expand the business while navigating utility sales, acquisitions, succession, and technological change.Seven things you'll learn in this episode:Why the grid must shift from “plan and predict” to “sense and respond.”Why 4% power-demand growth changes the economics of grid innovation.How to sell new technology into deeply risk-averse utilities.Why customer pull matters more than technically elegant innovation.How a $10K product can expand into a $100K integrated solution.Why buying an established business can beat starting from zero.Why NovaTech kills roughly 98 of every 100 product ideas.--Are you a VC- or PE-backed CEO building in energy, infrastructure, or climate tech?Join 45 CEOs and 45 investors and post-exit founders who help each other make better decisions on capital, strategy, scaling, and leadership.See if the CEO community is a fit → entrepreneursforimpact.comGet smarter on energy, infrastructure, and climate tech in 2 minutes.Join 40,000+ professionals getting practical insights on startups, investing, commercialization, strategy, and leadership.Get the free newsletter → entrepreneursforimpact.substack.comHelp more people find this podcast.If this episode was useful, take 20 seconds to follow the show or leave a rating on Apple Podcasts or Spotify. It helps bring these conversations to more entrepreneurs, investors, and executives.

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 关于股票的估值，来自菜鸡本鸡。指标估值简化了世界的复杂性很多人对估值的理解，就是几个指标：P E、P B、R O E。但靠这些在市场里大概率赚不到什么钱。A股往往是预期先行，股价打提前量：上涨的时候你看不懂，一看静态P E直摇头；过一段时间业绩真兑现了，股价反而开始跌，P E变得好看了，你觉得自己终于看懂了，冲进去——然后接盘了。股票是对未来自由现金流的折现。这句话里最关键的词，我觉得是"未来"。很多人喜欢看着后视镜预测未来，隐含的假设是"优秀是一种习惯"，好公司会一直好下去——但这忽略了环境本身的变化。P E估值的典型误区是低P E陷阱：误把行业周期高点赚的钱当成永远。但反过来，低P E有时候也未必是陷阱，也可能确实是不错的机会。P B估值有一种流行的说法：周期股买在低P B、卖在高P B。这话其实不全对。用P B去判断一个传统周期行业的整体估值水位，问题不大；但拿它去比较行业内个股谁低估谁高估，未必合适。首先是资产计价不统一。这主要针对资源开采型行业：每一座矿山都不一样，而财报里的资产是按历史投资成本和资本支出计价的。不同的矿山，资源量、品位、开采难度、开采成本各不相同，在不同产品价格下能产生的经济回报也完全不同。甚至同一座矿山，开发节奏不同——产能释放在行业周期高点还是低点——结果都会差出很多。严格来说，每一座矿山都值得单独估值，而不是笼统地拿财报数据做判断。其次是负债率的问题。假设两家公司产能一样，总资产都是100万，盈利能力也一样，每年赚100万、能赚10年，不考虑折现的话一共赚1000万。区别只在资本结构：当前公司A净资产为0（全是负债），公司B净资产100万（没有负债）。这两家公司放到资本市场上报价，估值会有很大区别吗？生意本身都值1000万，公司A背着100万负债，股权就值900万；公司B没有负债，股权值1000万——市值只差10%。可你非要拿P B去量，公司A连P B都算不出来。我想说的其实是：当一笔确定性赚钱的生意摆在眼前时，杠杆越大，股权回报越高。这时候该盯住的是资产赚钱的确定性，而不是财报里的负债率。资产能持续赚钱，什么都好说；资产不赚钱，再低的P B都是鸡肋。所以，P E、P B、R O E，它们只是为了方便人们快速评估一家公司，而约定俗成形成的一些指标。它们是多维信息压缩后的单维数据，而现实世界远比这些指标丰富。不要当呆会计。产能×单位产能估值的评估方式我个人觉得，对公司的估值，可以从"产能 × 单位产能估值"这两个维度展开分析。当然，这主要适用于依靠产能来盈利的工业行业。产能对应的是"量"，是现实世界对产品的实际需求。单位产能估值对应的是"价/利"，是基于单位产品盈利能力做出的估值判断。影响产能的变量：市场需求的容量空间、市占率，以及企业自身的扩产考量。影响单位产能估值的变量：单位产能盈利、盈利久期（或者说护城河）。P E的估值隐含了两个假设：一是量上的成长性，二是价/利上的成长性和持续性。量上的成长，可以直接投射到产能里——拿未来预估的产能算出未来的估值，再折现回现在。而价上的成长通常很难持续：产能一旦太赚钱，就会引来竞争；如果没有壁垒或护城河，供给很快变得充裕，资产的盈利能力随之下滑。对应到成长股和周期股的区别，我的理解是：依靠产能/量的增长带来的盈利增长，才算成长；依靠价格波动带来的盈利增长，属于周期股的范畴。行业产品涨价有两种：一种是需求扩张引起的涨价，另一种是供给约束引起的涨价。前者好理解，比如前几年的新能源、现在的A I产业链。后者举几个例子：化工行业某个工厂发生事故，引起供需失衡，比如前几年的草甘膦；又比如矿产行业某座矿山出事，同样引起供需失衡。以上情况在财务报表上都会体现为盈利增长，但估值上的考量完全不同：靠行业需求推动的增长，应该放进产能（预期扩产）的维度去考虑；靠价格推动的增长，应该放进单位产能估值的维度去考虑。从单位产能估值的维度去思考，得出的估值会更稳健，看的问题也会更长远，不容易被短期的供需扰动和价格波动牵着走。举个例子：某个制造业工厂，投资100万，第1年赚10万、第2年赚20万、第3年赚100万、第4年赚10万、第5年亏10万。你说这厂子怎么估值？你总不能在第3年赚100万的时候还按P E去乘吧？哪怕按3到5倍P E，算出这厂值300到500万——那我真花100万再建一个一模一样的厂，300到500万卖给你，你接不接？把情景再设置得复杂一点：这个行业的产能扩张周期很长，从规划到投产要2到3年，而且扩产壁垒卡在生产设备采购上，上游设备厂每年产出固定。此时行业需求又特别旺盛。已知建一个厂要100万，今年能赚50万——请问你怎么估值？这两种情景都能在真实的行业历史里找到原型影子：前者是锂盐加工厂，后者是电池隔膜厂。我的看法是，单位产能的估值，应该从"企业能赚取多高的合理回报率"这个角度去考虑：没有进入壁垒的行业，投资回报率最终会向社会平均资金成本收敛；有壁垒的行业，再根据壁垒高低和竞争格局去判断。单位产能估值很难有成长性，因为那需要依靠产品不断提价来实现——而具备持续提价能力的企业和行业，基本可以视作垄断。这样的行业很少，但也不能说没有，制冷剂大概能算一个。更多情况下，单位产能估值是趋势向下的，尤其是新兴成长型制造业：制造业的发展史就是一部降本史，新产能一般优于旧产能，低成本淘汰高成本。但资源型行业相反，单位产能估值可能趋势向上：一方面资源不可再生，天然受环境约束，没法像制造业那样批量化复制，资源品可以跟随通胀上涨；另一方面，好矿越采越少，全球开采成本中枢也在抬高。当然也有例外——冶炼技术的进步会改写资源行业的格局，比如印尼低品位红土镍的冶炼技术进步，就把镍价中枢往下拉低了不少。产能的时间机会成本还是前面那个例子：一家投资100万的工厂，第3年确实真金白银赚到了100万，你总不能对这笔利润熟视无睹，把它排除在估值体系外吧。所以可以把超出产能合理回报的那部分利润，当成一次性收益来处理。很多事情就是这样：你赶上了行业周期的风口，赚到就是赚到；没赶上，没赚到也就是没赚到。比如同为民营大炼化：恒力的炼化产能二零一九年投产，二零一九到二零二一年分别赚了100亿、135亿、155亿；盛虹的炼化产能二零二一年才投产，二零一九到二零二一年分别赚了16亿、7亿、46亿。随后炼化行业进入下行期。对企业经营来说，很多时候，错过了就错过了。放到公司估值上，你需要区分二零一九到二零二一年的利润里，哪部分是资产的合理回报水平，哪部分是周期高位的超额回报水平。如果拿超额利润当常态利润去估值，那么二零二一到二零二三年持股这家公司，你会亏损很多。量和价的估值市场的一般认知是：量的增长是成长，价的提高是周期。这句话的隐含假设是：价格遵循负反馈机制，是个回归模型——价格高了会跌回来，价格跌了会涨回去。而量的变化大多不遵循回归模型：不会说去年卖100单位、今年卖200单位，后年就得跌回100单位去。所以，量和价带来的盈利增长，对企业估值的影响是不同的：预期产能扩张可以用乘法去估计，而超出产能合理回报的利润，只能按加法估值。比如前几年的集运股，市场认为公司赚的是一次性利润，这时拿P E去估值就没有什么意义：1000亿市值的公司，今年赚100亿和赚200亿，按加法算是1100亿和1200亿市值的区别，而不是按10倍P E算出1000亿和2000亿估值的区别。只有当盈利中枢的位置发生改变、进而影响单位产能估值时，相关变化才能按乘法计入估值。量增对估值的影响会稳健得多，因为量是对现实世界市场需求的反映——行业产品数量的提高，表明这个行业实实在在给世界带来了改变。换句话说：量增是做大蛋糕，价涨是分配蛋糕。两者考虑问题的维度也不一样。以某个成长性行业为例，如果你在第一年就预料到几年后市场空间能扩大到10倍，那么估值的时候，完全可以按"当下10倍产能 × 单位产能估值"算出未来的估值，再折现回当下来估。很多成长股在产业化初期股价就打了提前量，用当期利润去看，估值显得很高；过几年利润出来了，估值下来了，可股价也不涨了——因为当下的业绩兑现，其实早在早期就被市场定价了。但这种估值方式有两个致命弱点，很容易带来股价的A字杀。其一是对未来产能的预测：行业产能的扩张，并不代表公司产能的同比例扩张。其二是对单位产能估值的假设：产业化初期供不应求，单位产能盈利能力很好，你基于行业紧平衡状态下的高额收益给出的估值，很可能过高；而随着行业扩张、竞争加剧，以及新技术的应用，单位产能的盈利能力和估值都面临下行风险。另外，流动性对股价还会起到正反馈的加强作用，这点后文再讲。以镍钴行业为例，可以看到需求预期的改变对股价的影响。二零一九到二零二一年，华友股价从15元最高涨到了114元，这三年的利润分别是1亿、12亿、39亿。经营方面，公司原先在刚果金开铜钴矿，后来大手笔进军印尼开发镍钴矿；在能源金属周期底部的二零二二到二零二五年，归母净利仍有39亿、34亿、42亿、61亿，2026年预计净利80亿，当前P E不到10倍。盈利明明已经大幅超过上一轮周期高点，可股价今年最高才81元。我的理解是，叙事预期的变化对这个行业的估值影响很大：原先电动汽车主要用三元电池，镍钴需求和电动汽车相挂钩；随着磷酸铁锂电池的普及，镍钴需求的可见市场空间一下坍缩了很多。原先建立在该叙事上的高P E估值，自然也面临下行承压。产能盈利的差异化单位产能的估值建立在盈利能力之上。同一个行业，产品可能相同，但不同公司的成本不一样，盈利能力自然也不一样，估值需要因企而异。比如聚烯烃里的煤化工和油化工两条路线：新型煤化工把煤制成合成气、再转为甲醇、最后变成乙烯/丙烯；油化工通过原油炼化产出石脑油、再生产乙烯。两条路线成本不同，且成本的影响变量也不同。又比如纯碱行业里的天然碱和化工碱：天然碱依靠低成本优势，在化工碱亏损的环境下还能保持盈利。两者对产能的估值考量也会不同。除了这些明面上讲得清的技术路线差异外，还有很多讲不清的成本差异：比如宝丰的煤化工成本要比其他国央企更低，民营造船厂的毛利率要比国营造船厂更高。经营效率和成本管控这些隐性差异，也是要考虑进去的。铜矿股和电解铝股的两种估值叙事同样是有色行业，铜矿股和电解铝股走的估值叙事并不相同：很多铜矿股走量增的成长路线，而电解铝股由于产能受限，走的是单位产能估值提高的价值路线。大多数行业里，单位产能估值面临下行风险，原因在于：这门生意只要赚钱，就会刺激行业扩产，把行业的资本回报水平拉回平庸。但如果一个行业，玩家普遍赚钱，可行业壁垒又高到玩家都无法扩产——那其实需要重新审视这门生意了。量增的成长逻辑通常能被市场普遍认可，当然它也可能面临单位产能估值下行的不确定性风险；价涨的估值逻辑被市场接受起来则相对困难，因为这是一种商业模式范式的切换，历史经验并不足，只能走一步看一步。周期股投资上，很多玩家喜欢在行业底部亏损时买入、行业赚钱时卖出的玩法，赚的其实是单位产能估值从低估到合理/高估这一段的钱。这是产能周期的常规玩法。但当环境发生变化，行业从产能周期切换到更为宏大的周期，比如康波周期时——单位产能估值持续提升，行业估值体系从周期股往红利股切换的这段收益，很多玩家是理解不了的。股票估值和股价表现股票估值和股价表现之间的关系是很复杂的。在单位产能估值这套体系下，如果一家公司的产能保持不变，理论上它的估值区间相对稳定，股价表现也应该是在一个小幅区间里随机游走。但实际情况是：产品价格走高的时候，市场认为产能很值钱，给单位产能很高的估值；产品价格走低的时候，市场又认为这些产能不值钱，给单位产能很低的估值。股价表现呈现出大波动的W形态。产能资产的运营周期通常在十年以上。放到长周期尺度看，一两年的盈利波动，在全生命周期现金流折现后的价值估值里，占比通常不会很高。但市场很喜欢基于当期利润的波动变化去做交易，于是股价大涨大跌。我的理解是，这都是流动性在作怪。"股票"两个字拆开来，一个是"股"，一个是"票"。一只股票从低估状态向合理状态回归的这部分收益，属于"股"的收益；在价值回归的过程中，股价是上涨的。之后有资金基于过去上涨的历史、以及不错的叙事，继续买入推高股价——这部分收益，其实是属于"票"的收益。很多资金只是看到股价上涨而买入，而后因为买入又上涨。这段时期，股价进入正反馈的强化阶段，也就是抱团式上涨。但高于股票自身价值的收益，本质都来源于流动性的馈赠。当音乐停止、流动性褪去，股价迎来逃窜式下跌。既然上涨的时候不用关心估值，那么下跌的时候，也不要拿估值做自我安慰。市场里最容易赚快钱的地方，在于赚流动性的钱。不过，市场的注意力是有限的。上一轮牛市里，新能源产业链相关公司的估值被打得很高，有的你现在回头看都会觉得不可思议；而这一轮牛市里，新能源已成了昨日旧人——尽管产业链盈利回暖，有的公司盈利甚至创了新高，股价却怎么也回不去前一轮的高点了。因为前一轮股价周期的高点有流动性溢价，而这一轮流动性溢价全跑到A I产业链里了。你不能拿过去高估的估值状态，来论证当下的低估。预期差、赔率与胜率邹佩轩在《穿透估值》里提出：股票的超额收益来源于预期差，持续的上涨需要持续的预期差。我深以为然，并且想补上后段由资金抱团带来的上涨，也就是"鱼尾行情"阶段。从交易的角度看，股票的交易路径大概是这样的：股价低位的价值发现带动上涨 ，进而共识逐渐凝聚、公司预期兑现 ，等到公司预期持续兑现，股价上涨带来趋势强化，资金抱团。如果有看清未来的能力，一家公司未来的现金流，大多数情况在做下"新建某个项目"的决定时，就已经注定好了。就像一个输得倾家荡产的赌徒，也许在踏进赌场的那一刻就注定了结局；又好像一家成功的矿企，在以低成本买下一座世界级大矿后，就预示了未来的坦途。你到达终点的成绩和荣誉，早在你出发的时候就已注定。股市其实是一场关于预言的游戏。所以我觉得，很多公司的价值曲线不是线性的，而是阶梯状的：公司价值在做下某个重大决定后就会发生突变——因为它影响了未来，而未来要反映在当前的公司价值里。以一家造船厂为例：当这家公司决定在行业上行期伊始盘下一家废旧船厂时，估值发生了一次变化；当公司决定做二期扩建时，估值再发生一次变化；后来的三期、四期扩产决定，同样对估值产生了影响。又比如电解铝行业：当国家提出供给侧改革后，单位产能估值发生了一次变化；企业在买卖电解铝产能指标后，估值要发生一次变化；把产能从东部搬到西部，估值也要发生一次变化。当未来很多事情的发生都可以追溯到历史上的某次重大决策时，那么在决策做下时，未来就已经改变了，公司的价值也就确定了。只是在现实世界里，所有人都无法准确预测未来。而且哪怕一家公司做出了新建某个项目的决定，也可能中途反悔，很多时候都是走一步看一步的。所以投射到股价表现上，哪怕公司价值在做下某个重大决定后就发生了改变，股价走势仍是犹犹豫豫。这背后是确定性和置信度在定价：有的人因为相信所以看见，提早预判终局；有的人因为看见才相信，所以选择观望。不同的交易群体，通过他们的资金完成了定价。当然话说回来，世上的事充满不确定性，一家企业从起点出发，也有很大的可能到达不了预想的终点。在到达彼岸的路上，可能会遇到很多岔路口，而每完成一个阶段，成功的确定性就在增强，这场游戏的胜率也在提高。所以一种投资模式是：找到一种叙事，为该叙事定价，判断赔率；然后跟踪该叙事的兑现情况，不断修正胜率。在这种模式下，股价交易其实就转变为了叙事交易：你买电解铝股，其实是在交易铝价中枢是2万、2.2万还是2.4万；你买黄金股，其实是在交易金价中枢的位置以及公司的产能情况。你交易的其实是一个叙事、一种预期，而非K线图里的数字波动。财报窗口只是一个评估节点，它是用来修正预期的路标，而不是引导投资的方向。所以对于公司的财报业绩，有的时候不用关心，有的时候又需要很在意。

Join Keith, Terry, and Matthew live for a properties event on September 30th. Sign up here: GetRichEducation.com/MidSouth Keith Weinhold asks why so many people end up competing in the "Grind Olympics" of the traditional day job, and explains why separating income from time is key to building real wealth.  He then counts down the top five ways to give a rental property a raise by increasing its net operating income, and points to the lever investors most often overlook.  Keith also looks at what has happened to home prices during every major stock market crash since 1980, and shows why negotiating better financing terms can beat simply getting a lower purchase price.  He offers practical strategies for building cash flow, creating value and investing with more confidence in any market. Episode Page: GetRichEducation.com/625 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  FAMILY to 66866  Join Mid South Home Buyers' one-time, free live webinar featuring Keith Weinhold on September 30 at GetRichEducation.com/MidSouth to learn how Memphis' economic expansion could create new real estate investment opportunities, and have your questions answered in real time. Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host Keith Weinhold. Does your day job have you competing in the Grind Olympics? It's something that you never signed up for, and the top five ways to increase your rental property's income. Then, when stocks crash, what happens to real estate? You'll see historically today on Get Rich Education. What if I told you that one of America's strongest cash flow real estate markets is also becoming the new brains and brawn behind AI? That city is Memphis, believe it or not. In September 30th, we're going to show you why the smart money is paying attention now, along with an investing opportunity you won't want to miss. Join me, Terry Kerr and Matthew Van Horn of Mid South Homebuyers, the largest turnkey company in Memphis with more than 6000 homes under management, for a free live webinar the likes of which I've never done before. We're going to look at what billions in new investment could mean for jobs, housing demand, neighborhood appreciation, and your portfolio. Everyone who attends live will also get exclusive access to the best deal terms Mid South has ever offered. Reserve your free seat at getricheducation.com/midsouth again. that september 30. Don't say we didn't tell you. Save your spot at getricheducation.com/midsouth.   Speaker 1  1:34   You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get Rich Education.   Keith Weinhold  1:50   Welcome to GRE from Wheeling, West Virginia, to Whiting, Indiana, and across 188 nations worldwide. I'm Keith Weinhold, and you're listening to Get Rich Education. Before I get into basically giving your rental property a raise with the top five ways to increase its income, first let's get the context of pulling back and understanding your compelling why for all of this. You may or may not like investment property itself-it's more likely rather that you love what it does for you. That's how it is for me. What do most people do? It's like they're training for the Grind Olympics. Are you doing this too? But you don't remember signing up? I mean, that's kind of what the day job is, society's vortex gradually pulls you into it. The investment property is what gradually tilts you out of it, or it gives you that option. For so many, the day job, it's sort of like this competition that really no one officially announces it yet. Millions enter it. Who can work the longest hours? Who can answer the most emails? Who can miss the most family dinners? Who can delay their life the longest? And at the end of it all, something we call retirement. If you're a winner, not a loser. The winner, you receive a gold-colored watch, lukewarm sheet cake, and a little party at age 65, and that's assuming that the finish line hasn't been moved to 70.   Keith Weinhold  3:40   This is especially bad and prevalent in the United States, where you start out with just two weeks vacation. That's about the worst grind in the developed world. I really myself started questioning this lifestyle when I was a teenager, and this is because my older friends, sort of those that were getting into their late teens, they were relatable to me, and they started going down this path and telling me about it. And suddenly, they couldn't play baseball or tennis with me during the day because they started working during their summers. Now that's not so bad in itself, but stay with me. I also looked at the adults around me and noticed that most traded the majority of their waking hours for work that they didn't even like. Now, my dad was a good worker. He worked 7 a.m. to 3 p.m. faithfully Monday to Friday, and despite being a good worker, he certainly didn't love his job. As a teen, then I found it confounding that so many people were working Monday through Friday, primarily why, primarily to reach the weekend. Wednesday was celebrated as. Day, this sort of strange admission that the work week was something to climb over and survive. You're surrendering 50 weeks to earn two weeks of vacation. You're repeating that very bargain for 40 years and hoping you still have enough money, energy, and health to enjoy retirement. And what puzzled me most was where this was happening. We are not some impoverished nation with paltry resources and limited opportunity. This is the United States, the most powerful and perhaps the most prosperous nation in the world.   Keith Weinhold  5:40   This is the part that I still can't work out in my head. Almost everybody falls into a narrow, rigid groove and grinds. Eventually, the groove becomes a rut. Then the rut gets a job title and a dental plan. Many even form their identity around this. Fear is the number one motivator that gets employees to show up at work. So then, do most people lead fear-based lives? It's almost insane. Sheesh! We have skyscrapers, interstate highways, world-class universities, abundant natural resources, advantageous geography, rule of law. We've got vast capital markets. We've got technology that sent people to the moon before I was born. Endless possibilities, but yet the standard life plan is to spend our most vivacious years doing something that we didn't even want to do. What a paradox! How could a nation create so much wealth while so many people have such little control over their own time? Even then, as a teenager, I remember thinking, "Gosh, there has got to be a better way than this system somehow. I didn't yet know the way, so I started going to college at age 18.   Keith Weinhold  7:16   But this path put me on that same trajectory of get good grades, land a job, max up my 401k, which would reduce my salary, and work for four decades, and then cross my fingers and just somehow hope that promotions, inflation, taxes, a stock market that I couldn't control, and life itself would cooperate. I mean, that plan could kind of work, but your time is still doing most of the work. Your employer rents your time usually one hour at a time, and if you stop supplying the hours, then soon enough your income stops too. Capital compound. labor doesn't. The better path is to gradually separate your income from your time. That's what I began doing when, while I was working full time, I bought my first income-producing rental property a few years later, a few years after college, in fact, doing that on the side, divergent, black sheep. I was stepping out of the groove. Now I own an asset that created leverage and income, whether I'm working, sleeping, camping, climbing a mountain, or spending time with my family. So the goal then it's not to avoid hard work entirely. I mean, meaningful work that can even provide some purpose and achievement and pride. But what provides wealth? What are you going to do for that? Wealth is what happens when you're not working. Wealth is what happens when you're sleeping. Labor produces income. Assets create wealth. Grinding should be a season, even your contribution to society, but not your primarily financial strategy. So the bottom line is that we don't want to win the grind Olympics, income-producing assets help us build a life that we don't have to postpone. The entire conventional life plan, the whole thing, just never felt right to me. Intuitively and rationally, deep down, you know, think to yourself: Doesn't at least some part of you feel that way too? Thank God that I found real estate. I don't love it. I love what it does for me. You've got to love what it does for you.   Keith Weinhold  9:54   One attribute that your income property gives you is control. So. With that in mind, I put together the top five ways to increase your rental property income countdown style from number five to number one. Since you do own an asset that you can control, so we're talking about giving your rental property a raise here, and you know your property does not even need to appreciate in order for you to make it more valuable, your property doesn't need to sit around waiting for the market to appreciate like it's waiting for a promotion from corporate or something, which always takes too long. You can manufacture more income yourself. So net operating income or NOI, it only has two moving parts. It is property income minus operating expenses. Push income up or pull expenses down, and you've effectively given yourself a raise. Better yet, on an income-valued property like a five-plus unit apartment building, every additional dollar of NOI can create far more than $1 of property value. So here are the top five ways to increase your property's income.   Keith Weinhold  11:10   The fifth best way is to add ancillary income, because monthly rent it's not the only asset inside your property. Now, depending on what property type you have and what the local laws are, you can charge for pets, parking, storage, laundry, furnishings. You can charge for internet packages, utility reimbursement, reserved garages, upgraded amenities, or you can even charge in some cases for application, administrative, or lease break fees. The best ancillary income it provides something that the resident genuinely values. We're here to serve and give value to others. Importantly, it should feel like an option for your tenant with these things, not some toll booth placed between the tenant and their front door. We know how annoying it is to have a tip screen swung around and placed in your face. Even an additional 25 or $50 per unit each month that can become meaningful across several properties. The fourth best way is to cut your controllable operating expenses, and you know what most investors do, and it is easy to fall into this, and I certainly have too at times. You know, most investors they carefully negotiate the property's purchase price at the beginning, and then they spend years casually accepting every recurring bill, audit your expenses rather than just accepting last year's cost plus inflation.   Keith Weinhold  12:49   So closely look at your property management fees, landscaping and snow removal, pest control, cleaning, trash service, water consumption, and any leaks that you might have. Common area electricity, repair labor and material markups, service contracts, and preventive maintenance. Gosh, I really lost a lot of money in pest control one time when the pest would just move from one apartment unit to the other, and we just couldn't get it trapped or stopped. Loyalty is admirable in marriage. It is less compelling when your landscaping company raises its price 14% every year. So solicit competing bids, consolidate your vendors where you can, install efficient fixtures where the payback period makes sense and where the break-even math works. But now, don't confuse expense reduction with maintenance neglect.   Keith Weinhold  13:53   That is one danger. So you know, if you delay a $300 repair until it becomes a $3,000 emergency, well, that really doesn't increase your NOI. It merely makes this month's numbers lie. Now, as I tell you about this list, you might think sometimes, "Oh, I've heard of that one before. Okay, but yeah, are you actually doing it? The third best way to increase your property's income is to challenge taxes and shop insurance because property taxes and insurance they are really among your property's largest operating expenses. So therefore, if you get good at this, you can both increase your net income and you will have gained a new skill that you can apply later and elsewhere. Yet you know a lot of owners they treat property tax and insurance sort of like the weather. They complain about them and then they just assume that nothing can be done. Possible moves that you can make are appealing in excessive property tax assessment, correct inaccurate property records. You can compare insurance carriers as often as annually. Adjust your deductibles when it's appropriate. Be sure you remove redundant coverage. Make sure that there's no overlap there. You can add safety or resilience improvements that qualify for insurance discounts, and then at the same time, sometimes that improves your property's value. You can check the property's classification and claims history for any errors there. So you know every legitimate dollar saved that flows directly into your NOI, your net operating income. Remember, mortgage payments though they do not factor into NOI. Neither do major capital expenditures. Refinancing can improve your cash flow, but that does not increase the property's NOI, and that's what we're talking about today. But when it comes to property tax appeals, you remember a while back on the show, perhaps a year ago, I went into detail on just how you can do that.   Keith Weinhold  16:00   Now we're up to number two. The second best way to increase your NOI is to raise rents intelligently, and really this is the most obvious strategy. But it isn't as simple as typing a larger number into your renewal letter and then just sort of hoping that your tenant doesn't notice. Bring rents closer to market without automatically chasing the absolute maximum. That can include gradual increases at renewal, premiums for upgraded units. How about a premium for the unit with the best view? If you have one of those, higher rent for furnished units, appropriate charges for garages or shorter lease terms. I mean, shorter lease terms, like a six month instead of a 12 month, that can get you a bump up in the rent. Be sure to eliminate any unnecessary concessions, like the first month's rent is free. Do you really have to continue to do that? And use better listing photos and copy to support higher rents. It's easy to have AI write some good snappy copy for you today. So the objective here is economic occupancy, not merely the highest advertised rent, because raising the rent $100, if that's going to create an extra month of vacancy that is stepping over dollars to pick up dimes. Know the market, understand the tenant, and make increases that improve NOI rather than merely improving the asking price for the REM. And the top way, the number one way to increase NOI is reduce vacancy and turnover. Yes, you might have heard that before, but it is still the most overlooked NOI lever, even though it's number one. An occupied unit at a sensible rent that often produces more income than an overpriced empty one.   Keith Weinhold  17:58   The way to improve your occupancy is by you starting renewal conversations 60 to 90 days before that lease comes due. Respond quickly to maintenance requests. I mean, few things frustrate a tenant more than a ceiling that is leaked for a month. Pre-market an upcoming vacancy that you have. Start that process early. Complete your turns faster, screen residents carefully, and unless you're in an especially hot market, consider offering renewal incentives when turnover would cost you substantially more than doing that. So there are a bunch of ideas for reducing vacancy and turnover. Another one, more of a modern-day one, is for you to buy and operate new build property because tenants tend to stay in new builds longer. They love that feeling that no one has ever lived there before. Suppose a unit rents for $1,800 a month. All right. Well, then one vacant month costs you $1,800 before cleaning, repairs, utilities, advertising, and leasing expenses. So the true cost of that turnover could easily be three or $4,000. And when you consider that, then giving a good resident a $250 one time renewal incentive that doesn't look generous that looks profitable for you. Keeping a responsible tenant, you know that might be the biggest quote unquote rent increase available. Just simply keeping a responsible tenant because occupied properties produce income, and empty properties produce invoices.   Keith Weinhold  19:48   Now that I've told you about the five ways to increase your property's income, let me give you some more motivation for this. It's about how $250 can become 50. $1,000. Suppose you select just a few of these five improvements, and say that that increases your NOI by just $250 per month. Okay, that's nice. That's cash in your pocket, and if you happen to apply it to a five-plus unit apartment building, since it's also valued on NOI. You take 250 bucks times 12. That is $3,000 a year at a 6% capitalization rate. Take 3000 divided by point 06. That is $50,000. You just created 50k of additional property value from only $250 of monthly NOI creation. Yeah, you are up 50k now, and here's the thing: you did not do anything that substantial. It's not like you added another story to a property, or you discovered oil underneath your parking lot, or you convinced a celebrity to move in. Okay, these are practical things that you can do in control. You simply operated the property better, and this forced appreciation relationship that applies most directly, though, to commercial and larger multifamily properties because those are the types that are valued based upon their income. A single-family rental or a duplex or a fourplex that is generally appraised primarily through comparable sales. So its higher NOI might not immediately produce the same increase in appraised value, but in either case, higher NOI it still means more cash flow for you, a stronger financial cushion, and a better performing investment. The bottom line here is that you can wait for the market to increase your property's value, or you can operate the property better and create value yourself, raise income, control expenses, and keep good residents. That is how you improve NOI without increasing your blood pressure.   Keith Weinhold  22:10   Coming up on the next few shows, we're going to speak with the original co-author of the book Rich Dad Poor Dad. Yes, we had Robert Kiyosaki on here earlier this year, but we're going to talk with the co-author alongside Robert Kiyosaki. A lot of people don't know who that is. That is going to be interesting on another upcoming episode. The man that wrote the book on the 8020 rule called the Pareto principle, he will be here. That's where 80% of the results come from. 20% of the effort. So here on GRE, there's a lot of education, strategy, and mindset coming up straight ahead today. When stocks crash, what happens to real estate? That's next. I'm Keith Weinhold. You're listening to Get Rich Education. Let me ask you something: If you've worked hard to build wealth, is your money positioned to actually support your goals. A lot of accredited investors leave capital sitting in cash because it feels safe, but inflation and missed income opportunities can quietly erode its value. Freedom Family Investments offers freedom notes for investors seeking structured income backed by real estate. It's a straightforward approach built on real assets, not speculation. In full disclosure, I'm an investor myself.   Keith Weinhold  23:27   What I like is that their team walks you through how it all works, so you can decide if it aligns with your portfolio and income goals. Every investment carries risk, and nothing is guaranteed. But with a track record of consistent, on-time investor payouts-they built real credibility. Go to freedomfamilyinvestments.com to book a clarity call, or text family to 66866. That's family to 66866. What if you got your mortgage loans the same place I get mine. You sure can at Ridge Lending Group NMLS 42056. They provided GRE listeners with more loans than anyone because Ridge specializes in investment property. They'll help you build a long-term plan for growing your real estate empire with leverage. Start your prequal and even chat directly with President Caeli Ridge while it's on your mind. Start at ridgelendinggroup.com. That's ridgelendinggroup.com.   Kirsten Tate  24:31   This is author Kristen Tate. Listen to Get Rich Education with Keith Weinhold, and don't quit your daydream.   Keith Weinhold  24:49   Welcome back to Get Rich Education. I'm your host Keith Weinhold, and this is episode 625. AI songs are becoming more popular. Fortunately. AI podcast hosts-they really aren't that much of a thing yet, or else I might not be here. Thank goodness that listeners still want to hear from a real person. When stocks crash, what happens to home prices? Since 1980, there have been 10 or more major stock downturns. Guess how many of those cause national home prices to crash? Exactly zero. Now there was one pretty enormous housing decline, but that one started in housing. And what happens next? It reveals something that every real estate investor should understand a lot like real estate right now. Stocks are hovering near their all-time highs. Okay, both major assets, real estate and stocks, bumping up against all-time highs. There is a predictable rhythm about what happens to real estate when stocks crash. Now, when we look at stocks' seven big downturns that occurred just this century, as measured by the S&P 500, you know, first a lot of people think that stocks are overvalued here in the late 2020s. That is based on measures like the historic P/E ratio, the Shiller cape ratio, and the Buffett indicator. I mean, some investors are just disillusioned by how stocks' movement makes so little sense anymore. For example, when the latest labor number showed that 162,000 jobs were added in a month. That tripled expectations. I mean, people should have been like, "Hey, go USA! This is great. People are employed. All that. Nope. The stock market fell specifically in response to that. Why? Because strong employment increases the chances of higher interest rates, and sure enough, the Fed did then raise rates.   Keith Weinhold  27:09   Oh, geez, what? So a labor market collapse is then bad for America, and that's good for stocks. Yes, that is how it works. That is just stupid. So, with that context in mind, let's see what actually happened to national home prices this century during all the major stock market downturns that were not caused by housing, and then we'll get back to housings. Okay, during the dot-com bust in 9/11, that whole period about 25 years ago, stocks again. This is all per the S and p5 100 crashed 49% Home prices were up 23% during that time. We'll get back to the global financial crisis shortly. During the 2011 debt ceiling crisis, do you even remember that stocks went down 19 percent. Home prices went down just slightly, 1 percent. During the 2018 Fed tightening and trade war sell-off, stocks were down 20 percent, a classic bear market. Home prices were up 1 percent. Then came COVID. In barely a month, stocks plunged a jaw-dropping 34% This was in 2020. It was like a flash crash. What happened to home prices then? They were up 1% just a little. So, are you beginning to see a pattern, or perhaps a lack of one here during 2022's inflation peak and Fed tightening bear market stocks fell 25 percent. Home prices they were up 4% during that time period, and then during the 2025 tariff sell-off, you might remember Trump called that Liberation Day. Stocks were down 19 percent. Home prices. were essentially unchanged.   Keith Weinhold  29:06   All right, so there they were: six major stock market downturns this century, not one housing crash. All right, now let's turn the telescope around because 2008 was different since the crash was real estate induced, and it is the only time in the life of you or I or anyone alive today, even a 90-year-old, where national home prices took a significant fall. In fact, they were down 27 percent, and it took them a few years to fall that much. All right. Well, what did stocks do during this period? They fell even more, down 57% more than twice as much, 57% I mean, just imagine having a million-dollar stock portfolio and seeing its value cave in, down to 430k from a million. Okay, that's what really happened march 6, 2009, when the S and P hit its global financial crisis low, and that happened over a 17 month stock collapse. Okay, so what's really the summary? It is that in the six times that stocks led a price crash this century. Real estate held up, or it rose, and the one time real estate led the crash, stocks fell more than twice as much.   Keith Weinhold  30:31   It was 27 %versus 57%. All right. Well, that is what's happened this century. But you know this cause and effect relationship or lack thereof, that didn't just begin happening in 2000. When we stretch the history back to 1980, which is Jimmy Carter, almost Ronald Reagan era days, stocks had four more big downturns. We had the Volcker Bear Market, the famous 1987 Black Monday stock market crash, the Gulf War sell-off, and the LTCM crisis. During those four stock crashes, home prices also either stayed resilient or they rose. All right. Well, all of this is because homes and stocks, you know, they just aren't connected by some push and pull relationship. Stocks reprice in seconds. Fear spreads. Algorithms sell, and billions of dollars can disappear before lunch. Instead, housing moves more like a cargo ship that you're trying to turn around in the Mississippi River, it can take a long time. Housing transactions take months. Prices depend on local supply and local incomes, and mortgage availability, and whether homeowners are actually forced to sell. Housing provides something that every human actually needs and cannot be easily disrupted by AI. I mean, AI still cannot download a three-bedroom house onto a vacant lot. And of course, during any stock crash, what else happens with real estate? Your rent just keeps coming in as well. So the bottom line here is we're learning from history rather than having a hunch again. Home prices don't react to stock market crashes. Stock crashes and housing downturns are different events.   Keith Weinhold  32:32   A falling stock market it can eventually weaken consumer confidence. In in a severe recession, some of that can trickle in and affect housing, but history shows that a stock crash alone has not caused national home prices to fall. When stocks scream, real estate just kind of shrugs. Now, as we get back to talking about today, with real estate being cash flow challenged, you usually need a deal in order to make the numbers work. And as we know, for more than two years now, it has been wise to buy new build property and have that home builder buy down your mortgage rate rather than getting a property price discount. And do you realize that it actually works out better for you in almost every case for you to get your rate bought down than it is to get a discount. Yeah, it is often substantially better. Let's just think about an example. Say you're putting a 20% down payment on a 300k property at a seven and a half percent mortgage rate. Okay, let's compare your seller discounting the purchase price by 20k versus them instead using 20k to buy down your mortgage rate. All right, in the first scenario, let's call it then a purchase price reduction. The seller reduces it from 300k down to 280k. Your monthly payment would be 1566 $1,566. All right. Well, then your monthly savings from the price discount would be $112. You would also need 4k less for the down payment. Okay, 112 bucks a month is helpful to you.   Keith Weinhold  34:18   That might buy you dinner for two at the Olive Garden or something, at a wildly overpriced airport convenience store. By the way, this is a bottle of water and one almond, 112 bucks. Okay, but now let's compare it with the second option. If instead of a price discount, you pay the full 300k and use the 20k as a seller credit, a credit from the seller, and you use that to permanently buy the mortgage rate from seven and a half down to five and a half percent. In this case, even though it's a larger amount financed, your monthly payment is no longer 1566. It's just 1363, so your monthly savings is no longer 112 bucks. That Olive Garden dinner for two, it is 315 bucks. So therefore, using the seller credit instead of reducing the purchase price that ups your monthly cash flow by about 203 bucks. All right, and this was just an illustration. It's not a universal lender rate sheet carved into a stone tablet. But the larger lesson remains. Okay, terms are often more important than price. Negotiate the financing. That is the lesson. And of course, you can try to use this most anywhere with any seller, but it's been especially popular with American home builders for two plus years now.   Keith Weinhold  35:47   The bottom line is that the best deal isn't always the property with the lowest price; it is the one with the best financing, and it's one of the strategies that Mid South Homebuyers is going to offer on Wednesday night's webinar just two days away, and there's no negotiation needed. They are offering this, and it's where I'm going to be appearing live, and you're invited to join us from the comfort of your home or a coffee shop or wherever you are. So we're talking about properties in Memphis, Little Rock, and North Texas. New build properties for as little as about 200k, and some fully renovated resale properties for as little as 150k, and even less than that. Now, low price isn't reason enough to own an income property, but it's the fact that you get a strong rent in a stable market to support that, and they're offering what they call their triple five terms. They'll buy your mortgage rate down into the fives and provide property management for just a 5% fee for five years. And I just learned that for attendees of Wednesday night's event, they will even announce a promo code there, and you will get triple five terms for life on both financed and cash deals.   Keith Weinhold  37:12   And you know, I've got to say that when I began in real estate investing, I wish that any of this would have existed. Like when I began, I wish there even would have been new build property available. They just didn't even have that for income property when I started out. And the fact that it's managed for you from day one, I didn't know about that when I started out. I thought I had to invest only in my home market and then manage it myself. And here you get investor advantaged geographic markets, and then if that's not enough, you get that rate buy down into the fives and property management costs. It's basically cut in half to help improve your property's cash flow, and you can almost think of this as lifetime cash flow. You get to control a sustainable business model that's resistant to AI disruption, and yeah, it's sustainable. I mean, people will pay you to live there. That has happened for centuries. It's sort of the opposite of a cryptocurrency that will not exist in two years. It happens Wednesday night. You'll get to see me live along with the renowned providers from Mid South Homebuyers and their properties and their generous incentives and all the new AI investment that's acting as a tailwind coming into Memphis. Registration is free at getricheducation.com/midsouth. It's 8p.m. Eastern on Wednesday night. I'll see you there, getricheduceducation.com/midsouth. Until next week, I'm your host Keith Weinhold. Don't quit your daydream.   Speaker 2  38:57   Nothing on this show should be considered specific, personal, or professional advice. Please consult an appropriate tax, legal, real estate, financial, or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Get Rich Education LLC exclusively.    Keith Weinhold  39:25   The preceding program was brought to you by your home for wealth building. Getricheduceducation.com  

Cass sits down with Brogan Magnarelli, Principal at Riverspan, to talk about her untraditional path into private equity — from point guard at Harvard to account manager at Boingo Wireless, to GE Healthcare sales leadership and finally PE business development.  Brogan shares why gathering skills at every step matters more than following a linear path, how her basketball mindset shaped her career, and why she tells anyone who'll listen: if you're the smartest person in the room, find another room. They also get into the "silver tsunami" of aging founder-owned businesses, what it's really like being a working mother in private equity, and why Brogan's 10-year-old self wanted to be a stay-at-home mom.

Send us Fan MailSend us Fan MailIn this enlightening episode of Living the Dream with Curveball, we are joined by Dr. Randall Alifano, author of *Listening in the Raw*. Growing up in a boisterous Italian family, Dr. Randall's journey into the art of listening began with a profound realization: genuine listening is rare and essential for meaningful connection. He shares insights from his book, emphasizing that listening goes beyond simply hearing words; it involves understanding the deeper emotions and struggles beneath the surface.Dr. Randall recounts his childhood experiences that shaped his passion for empathy and presence, revealing how he transformed his bedroom into a sanctuary for friends seeking solace and understanding. Throughout our conversation, he discusses the barriers that prevent us from truly listening, including anxiety and emotional filters, and offers practical advice on how to cultivate a listening practice that fosters intimacy and connection.Listeners will discover the importance of sitting in the unknown and the joy that comes from being curious about others' experiences. Dr. Randall also reflects on a poignant moment with his mother that deepened his understanding of empathy, highlighting the universal longing to be heard and understood.What You'll Learn in This Episode:- The significance of listening deeply to foster genuine relationships- How to quiet your inner chatter to enhance listening skills- Strategies for overcoming the urge to fix others' problems- The role of curiosity in developing empathy and connection- Dr. Randall's insights on emotional filters and their impact on communicationFor more information on Dr. Randall Alifano and his work, visit randallalifanophd.com and explore his book, *Listening in the Raw*, available now.Support the show

Stephen Ippolito shares his path from $5B+ in investment banking M&A to founding Veritus and launching the Human Health Platform, an ecosystem focused on shaping investable healthcare companies earlier than traditional VC. Stephen breaks down the stark differences between PE-backed and family-owned transactions, why founder psychology and identity can make or break outcomes, and what he looks for in first-time leaders—especially the balance of EQ and IQ, coachability, and healthy co-founder dynamics. The conversation dives into why too much healthcare innovation dies in academia, the need for better IP audits and university commercialization programs, and the case for combining complementary startups to unlock disproportionate value. Stephen also offers a blunt reality check on succeeding in U.S. healthcare: know your true customer, distribution, and incentives—then build accordingly.Stephen Ippolit LinkedInHuman Health Platform LinkedInHuman Health Platform Website“Good to Great” by Jim CollinsDuane Mancini LinkedInProject Medtech WebsiteProject Medtech LinkedInThank you to our sponsors: Ward Law, Wheelhouse DMG, and JumpStart Inc.

Effective exit planning prepares you for more than the transaction by protecting your financial future, personal identity, and sense of purpose after the business is sold. In this episode of The CEO Project Podcast, host Jim Schleckser speaks with Nate Collins, a former CEO, financial advisor, and Certified Exit Planning Advisor who successfully sold his family business to a private equity-backed media company. Although the sale exceeded expectations financially, Nate explains why he did not initially consider it a successful exit. He shares the mistakes he made before and after the transaction, from assembling the wrong advisory team to failing to prepare for the emotional realities of no longer owning the company. You'll learn how to: • Assemble experienced legal, financial, tax, and M&A advisors • Begin planning early enough to identify tax-saving opportunities • Define success using personal, professional, and financial goals • Build a financial plan before negotiating the transaction • Prepare for the loss of identity, purpose, community, and authority that can follow a sale • Evaluate the risks associated with earn-outs • Create a meaningful next chapter before leaving the company • Strengthen the business so it is prepared for a planned or unexpected transition Nate also explains why strong exit planning should focus on purpose, community, and health in addition to valuation. A profitable transaction alone does not guarantee that the owner will feel secure, fulfilled, or ready for what comes next. Listen to learn how exit planning can help you build a more valuable company, avoid costly mistakes, and move into your next chapter with greater financial clarity and personal confidence. Check out: 5:42: Why a profitable business sale is not always a successful exit 17:36: The emotional consequences of selling a company without preparing for life afterward 27:48: Why earn-outs can limit an owner's control, flexibility, and ability to move forward About Nate Collins Nate is a former CEO who managed a successful exit to a large, PE-backed media company. He now works with a limited number of business owners, CEOs, and their families to help ensure they are achieving their financial goals. As a Financial Advisor and Certified Exit Planning Advisor, he provides in-depth business exit and financial planning, as well as investment management. Nate helps owners optimize their businesses' value and transition into the next chapter.

El pasado viernes se estrenó "Primetime", una película ambientada en 2006, que parte de To Catch a Predator, el polémico programa de la cadena NBC sobre investigaciones con pederastas. Robert Pattinson - que ha sido visto en la promoción de la película con una camiseta no oficial de Las Petunias-, interpreta el papel de Chris Hansen, presentador del espacio. Phoebe Bridgers también aparece en el reparto, dando vida a Del Harvey, una joven doble que interpreta tanto a chicos como a chicas en el programa y escribiendo parte de la banda sonora, como "On Video", una de las novedades de este podcast junto a las de Meg Lui, Gurriers, Disgusting Sisters, Tame Impala con el remix de Fcukers, Nothing But Thieves y Puño Dragón. Aparte, despedimos a Peón Kurtz, de Def Con Dos y a Eduardo Rodríguez ‘Rodway’, de Triana.MEG LUI, SUFJAN STEVENS - Instant ValidationRÜDIGER - I Love You, EtcGURRIERS - Party LinesTOM MORELLO - Unconquered (Feat. KNEECAP)RAGE AGAINST THE MACHINE - Know Your EnemyDEF CON DOS - Pánico A Una Muerte Ridícula (Clásico del día)GANGES - BabyDISGUSTING SISTERS - Waste Of SpaceTAME IMPALA & FCUKERS - Loser [Fcukers Remix]PHOEBE BRIDGERS - On VideoMAITEQUIERO - rave En El BosqueCHVRCHES - RosesNOTHING BUT THIEVES - Death in The BackseatLEON BRIDGES - Watch Do DancePUÑO-DRAGÓN - Mañana es HoyTRIANA - Sr Troncoso (Clásico del día)Escuchar audio

Las bolsas comienzan la semana con la tensión instalada en los mercados de deuda. El interés del bono estadounidense a 10 años se dispara hasta el 5,2%, en niveles no vistos desde 2007, mientras los inversores siguen pendientes de la evolución de los tipos de interés y de la inflación. Además el petróleo vuelve a ganar terreno después de que Donald Trump haya rechazado el plan para reabrir el estrecho de Ormuz, elevando de nuevo la incertidumbre sobre el suministro y sus posibles efectos sobre la inflación. En la agenda macroeconómica de la semana, los inversores cotizarán también durante los próximos días referencias como el PIB y el PCE de Estados Unidos, además del dato adelantado de inflación de la eurozona, el informe de empleo en EEUU y los PMI de actividad a ambos lados del Atlántico. En la Tertulia de Mercados de Capital Intereconomía, Sébastien Senegas, responsable para Iberia y LATAM de Edmond de Rothschild AM; Inés del Molino de la Peña, Business Development Manager de Aegon AM; Juan Pita da Veiga, Sales Manager de Generali Investments; y Juan Martín Valiente, socio de AMCHOR Investment Strategies; analizan el impacto de la inflación y los tipos de interés sobre la renta fija y la renta variable, hasta dónde puede llegar la tensión en los bonos a largo plazo y dónde encontrar oportunidades más allá de las grandes compañías tecnológicas.

En Capital Intereconomía analizamos las principales claves de los mercados en una nueva Tertulia de Mercados con Sébastien Senegas, responsable para Iberia y Latinoamérica de Edmond de Rothschild AM; Inés del Molino de la Peña, Business Development Manager de Aegon AM; Juan Pita da Veiga, Sales Manager de Generali Investments; y Juan Martín Valiente, socio de AMCHOR Investment Strategies. Ponemos el foco en la evolución de la inflación y de los tipos de interés y en cómo este escenario está condicionando tanto a la renta fija como a la renta variable. Analizamos qué señales están enviando los mercados y hasta qué punto las expectativas sobre política monetaria están modificando las decisiones de los inversores y la construcción de las carteras. En renta fija, abordamos especialmente el comportamiento de los bonos a largo plazo y dónde puede situarse el nivel de riesgo que active las señales de alarma para los gestores. Analizamos también cómo la volatilidad de la deuda está afectando a las carteras y qué estrategias pueden utilizarse para afrontar el actual entorno de mercado. En bolsa, debatimos si existen oportunidades más allá de las grandes compañías tecnológicas y qué sectores o áreas del mercado pueden ofrecer alternativas para diversificar la exposición a renta variable. También miramos a los mercados emergentes, que están registrando un fuerte comportamiento este año. Analizamos qué factores explican su evolución, dónde se encuentran las principales oportunidades y si todavía existe recorrido para aumentar su peso en las carteras. Por último, analizamos la preapertura de las bolsas con Patricia García, socia fundadora de la firma de análisis de mercado MacroYield y directora del Máster en Finanzas de ESIC Business & Marketing School, para conocer las principales referencias que pueden condicionar el inicio de la sesión en los mercados europeos.

Hello! I know I just kicked off the 3 Misconceptions About Building Your A+ Career and Life series, and I promise I will get back to it soon!But I also have so many exciting things that I am working on for you guys, that I need a bit of time to focus on that.So for the next few weeks, we'll be revisiting this series. I hope you enjoy!——— The biggest mistake high achievers make that inadvertently caps their performance (part 7)How are you going to remind yourself of the reframe?Consult Call: https://poojavcoaching.com/contact(I unfortunately no longer offer one-off coffee chats – my apologies for the inconvenience!)——— What my clients have to say…“I think the biggest transformation is not hating my brain. Now, I work with it and am like, ‘Oh, right, it's doing this to protect me. Thanks, brain!' I love that I have this relationship with my brain that's like a partnership.”—Client | CEO, PE-backed companyRead client testimonials: https://poojavcoaching.com/testimonials-page

In this episode of ITE Talks Transportation, longtime ITE member Dan Hardy, PE, PTP, reflects on his 40-year career and the evolution of transportation planning, including the growing importance of collaboration across industry disciplines. Hardy discusses how planners and engineers can combine data, community perspectives, and diverse expertise to develop solutions that lead to meaningful change. He also explores the future of the profession, the importance of communicating transportation and safety goals effectively, and the value of the Professional Transportation Planner (PTP) certification through the Transportation Professionals Certification Board in demonstrating expertise and fostering continued professional growth.

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。今天分享的内容叫为什么业绩大增而股价下跌？再论估值的本质逻辑，来自易冷观尘。很多人买了股票之后，发现明明业绩非常的好，趋势也是向上的，可是一买入股价就跌。这是为什么呢?首先我们需要理解影响股价的因素，股价=E P S（每股盈利）乘 P E（市盈率）。所以有两个定价因子，一个是跟企业的利润有关，一个是市场给的估值有关系。这意味着想要赚钱，要么赚企业成长的钱，要么赚估值提升的钱。最好的结果就是双击。但是哪怕是一个公司，非常的有前景，但是你买的价格太贵了，那自然也是亏钱的，类似的例子很多，二零到二一年的贵州茅台，宁德时代，公司是好公司，但是不到一年股价涨了好多倍，明显透支了未来的预期。那之后估值到顶之后跌跌不休也是自然的。那怎么来判断公司贵不贵呢？是看k线绝对价格吗？同样的例子，五粮液顶峰腰斩之后，是不是就变得便宜，可以抄底了？片仔癀从480块跌到目前的价格，可以说是打了3折，可是一看还有40倍的市盈率，这样的价格真的是底部吗？因此，从内在价值判断股价贵不贵，不是看绝对价格，跟他过去价格高低没有任何关系。并且也不能单纯的静态去看市盈率，看股息率。而是要结合未来的产业趋势，供需关系，企业本身的核心竞争力综合分析，就像云南铜业从最高70块跌到20块，当时10倍P E是不是就便宜了? 但是当时一是他的产量还在下降，另一方面当时的铜仍然供应过剩，还在下跌周期中。所以再腰斩也就不奇怪了。包括现在很多人看空铜的人，觉得铜价历史大顶，又面临着加息的压力。但如果结合供需关系来看的话，未来几年都是供需紧张甚至短缺。会发现铜的周期还远远没有结束。重点来了，估值是市场给的，他本身的波动极大。那又是怎么来判断估值是否合理的。这点就得牵扯到股票的内在价值，股票的内在价值在于当他赚了钱之后，他要回馈给股东，所以未来自由现金流折现是一个相对合理的估值方法。而短期的情绪，流动性和市场认知会很大的影响市场估值。但是这与企业本身并没有关系，估值中枢还是要看行业商业模式以及企业的自身竞争力。A股不同于美股等成熟市场，他往往给小票更高的估值溢价，却给龙头大票却一定的折价。那么这又是什么原因呢？我觉得主要存在两点原因，一个是在a股大部分都并不是价值投资，而是短期的趋势博弈。而趋势博弈是不看估值的，更多的是类似筹码游戏。白银有色明明没有白银，股价跟白银走势可见一斑，西藏珠峰明明锂矿还是P P T，本身是以铅锌白银为主的业务，股价却跟锂价走势基本一致。这就表明在a股的量化程序里，或者在市场的认知中，其名字以及概念的权重是要大于基本面的权重的，这也是a股大部分股票都毫无投资价值，只有短期博弈价值重要原因。因为本身的估值就相当之高了。而小盘股和大盘股比起来，它就更容易被资金短期拉动，波动天然更大，也就是说，更容易短期博弈，被主力控盘之后方便连续拉升。也就是说这里的高估值本身体现了更多的一些博弈价值而非基本面。第二，市场认知与风险偏好。在大部分人的想法中，小盘股意味着成长性更好，向上还有很大的空间。可是结果真的是这样吗？以10年为周期尺度，紫金，洛钼年化净利润复合增速超过40%与其他有色形成断档差距。可以说是典型的强者恒强。同理，光通信龙头也是这样，中际旭创，新易盛明显强于其他。原因何在?因为这个市场是充满着残酷的竞争的，特别是对于强周期或者迭代很快的，科技行业都是赢家通吃，强者恒强。而不是市场幻想着找到还没有成长起来的股票，然后复制他们的传奇道路，一飞冲天。赚个10倍，百倍的。这样的公司可能真的存在，但是也是极少的。而不是整体拔高板块的估值，板块内部个个都是上百倍P E，很典型的为未来的成长溢价而买单。另外，A股的资金风险偏好决定了它更容易走极端。毕竟保守的人都去银行存款了。大部分A股投资者都是想的都是尽可能在更短的时间内赚更多的钱，而不是作为一个长期价值投资者耐心持有。所以才有了涨停板打法。但很多人没有注意到，复利才是资产增值的最好手段。10年前买中国银行拿到现在都有五倍的收益了。而大部分人为梦想溢价的追高买单才是很多人亏钱的根源。因此很多小盘股，并不是因为它的成长性真的更好。而是估值本身就透支了未来的一定的预期。而大盘股特别是资源股是往往预期折价，即市场不相信他能够维持。比如二零二二年的中国神华，8 P E，10%股息率。结果一个个说周期到顶只配这个估值。结果呢？神华此后虽然业绩连年下滑，但是股价却连创新高。拉到了20 P E。因为市场发现，即使业绩下滑，但却没有下滑多少哪怕在周期底部仍然能维持4%以上的股息率。也就是股息率在4%到8%之间波动。自然会吸引长线资金涌入。同理，中石油、中海油也是在油价从二二年跌到二五年间，股价连创新高完成估值修复。电解铝也是一样。其本质是市场共识的不足，对周期和个股没有深入研究，资金都怕被套牢在山顶，不敢下注。现在人们都说周期股估值越低越要跑吗。按照这个理论，二二年8 P E的中国神话，10 P E只有7块5的紫金矿业就都要卖出了。只能等待现实业绩不断修复估值。风险偏好与博弈心理决定了a股对小盘股更多的估值溢价，但股价表现已经透支了一定的预期，对大盘股更多的折价。这是因为大家更追求弹性，而不是确定性。美股大科技如谷歌，微软，英伟达也只是是在20到30倍的P E。从这个角度看，国内的类科技股明显是被远远高估的，这也是中芯国际这么多年股价盘整原因。即美股更多是靠盈利推动，而股价上涨。国内更多的靠估值拉升推动的股价上涨。当然，国内自有国产替代，科技成长的预期，高估值也是理所当然。但是股价提前反应了预期，估值高的太多，不合理。一旦预期落地业绩出来反而可能出现杀估值的情况，从而造成股价的下跌。另外，正如前文所讲的，市场竞争是残酷的，你不能指望每一个公司都是英伟达有着强大的护城河。更多的可能类似隆基绿能，小米这样顶着科技股名头的周期股（更别提一堆只讲故事的小票了）。

Pečatenje pomembnih listin je bilo v srednjem veku nekako domena moških, od vladarjev, plemičev, do cerkvenih dostojanstvenikov. Svoje lastne pečate pa so imele tudi plemkinje, redovnice in nekatere meščanke. Pri raziskovanju ženskih srednjeveških pečatov je zanimivo, da so ženske po smrti moža prevzele vodilno vlogo v družini ter same ali ob pomoči sorodnikov in raznih zaščitnikov skrbele za denarne in druge posle, kar so potrjevale tudi s svojimi pečati.

Christopher Zook reveals why owning a stake in private equity firms is one of the most profitable business models in finance, with 60% operating margins and contractually locked-in fees. He also breaks down what it takes to start a successful PE firm, why he values persistency over track record, and the three red flags that make him walk away from any deal, including the rule that helped him avoid Madoff.

The normal path is getting the FE first and the PE second…but who said you can't do it the other way around?

Could the way you're marketing your rental properties be costing you weeks of vacancy? In this episode of the #DoorGrowShow, Jason Hull sits down with Kori Covrigaru, co-founder of PlanOmatic, to discuss how professional listing media can help property management companies lease properties faster, reduce vacancy costs, and attract more owners. Kori shares what he's learned from more than two decades in real estate photography, including why professional photos, floor plans, and 3D tours can make such a difference in today's competitive rental market. They also discuss how outsourcing photography can save your team hours of driving and administrative work, allowing you to grow your portfolio without adding unnecessary overhead. If you're looking for ways to fill vacancies faster, improve your property management brand, and give your team more time to focus on growing the business, this episode is worth a listen. You'll Learn [02:14] Kori Covrigaru's Story and PlanOmatic [04:18] Why Professional Photos Help Properties Lease Faster [06:36] How Better Listings Attract Property Owners [10:03] Scaling Your Business Without Adding Overhead [12:28] How PlanOmatic Works and Integrates With Your Software [15:30] Photography Pricing and Who Pays for It [17:36] How AI Virtual Staging Improves Rental Listings [23:58] Providing Photography Services Across Different Markets [28:31] Building a Client-Focused Business Through Communication Quotables "But the biggest reason why it actually makes sense and there's a high ROI for our customers to use us versus what you described as properties with professional photos lease faster." — Kori Covrigaru Pasted "You attract who you are." — Jason Hull  "It's better to know that nothing is happening than to not know that something is happening." — Kori Covrigaru Resources DoorGrow and Scale Mastermind DoorGrow Academy DoorGrow on YouTube DoorGrowClub DoorGrowLive Transcript Jason Hull (00:01) Five, four, three, two, one. All right, we're live. Hey everybody, I'm Jason Hull, the founder and CEO of DoorGrow. We are the world's leading and most comprehensive coaching and consulting firm for long-term residential property management entrepreneurs. We've been doing this for over 18 years, roughly about now, and we have brought innovative strategies and optimization to the property management industry.   We are on a mission here at DoorGo to transform property management business owners and their businesses. We want to transform the BS or eliminate the BS, transform the industry, build awareness, change perception, expand the market, help the best property management entrepreneurs win. And we're particularly genius at three key things: rehabbing property management companies so they make more money, optimizing their growth engines so they add more doors without having to waste money on digital marketing. And we help them figure out and get their ops dialed in so they get more freedom.   Now let's get into the show. Alright, today's guest hanging out with me here is Cory. And Corey, say your last name for me. I'm gonna try it. Kavrigaru. That is an A. Really? What how do you say it? It's Kovrigaru. Kovrigaru. It could be Kovrigaro. It's Roman.   Kori Covrigaru (01:07) That is an A. You got an A. Yeah, it's covrigaro. But you know what? It could be covrigaro. It's Romanian.   I don't speak Romanian. My father and his family were born in Romania. Means bagel maker in Romanian. Yeah, you nailed it. We're off to a good start.   Jason Hull (01:21) Interesting. Okay. He's runs bagel you know, meets bagel maker in Romanian. Okay. All right. Very cool.   Yeah, my brother Bryant actually he runs a property management business. He actually was a Mormon missionary in Romania. So he speaks Romanian. So   Kori Covrigaru (01:37) Wow.   Buona di miniatso. That means good morning. That's about, yeah, the count of 10. We can do it again. That's...   Jason Hull (01:40) There you go. That's more than I ever knew. So now everybody knows. Thank you. All right, cool. So   so Corey is the the co founder of Plan O Matic. And   Kori Covrigaru (01:54) Yes.   Jason Hull (01:55) we're gonna discuss today how high quality listing media can help properties lease faster, reduce vacancy costs, and create a better experience for both owners and prospective residents.   Corey's going to share insights for more than two decades of building one of the nation's largest real estate photography companies and what today's property manager should know about standing out in a competitive rental market. And it has gotten tough to get leasing handled in some markets right now. They've got a lot of inventory, the market shifted, it can be difficult. So we're going to get into that. All right, cool. So   Corey, give us a little background on you so those that are listening can understand what how did you get into entrepreneurism and decide to be crazy like the rest of us and start a business? And like how did this lead to Planomatic? I think it was the short answer is by necessity. I realized early.   Kori Covrigaru (02:48) I think it was the short answer is by necessity. I realized early on   that it was unemployable and in order to provide an income for myself and eventually my family, had to figure   Jason Hull (02:56) And eventually my family.   Kori Covrigaru (02:58) out how to start a business. So I got into Planomatic. I was an entrepreneur major at the first school. I attended SUNY Buffalo my freshman year. played soccer there and transferring to Western Michigan. They didn't have an entrepreneurship major there, but I kind of continued upon that path for myself. And then at some point,   Jason Hull (03:05) Buffalo, my freshman year, I played soccer there, I ended up transferring to Western Michigan. They didn't have an entrepreneurship major there, but I kind of continued upon that path for myself. And then at some   point in college I met someone who had written software or decreased work plans quickly on site, started helping him with his business, and then eventually licensed that software, started my own business, brought my co-founders on board, and then eventually we started using other software, of course. That's how I kind of got into it.   Kori Covrigaru (03:17) In college, I met someone who had written software to create floor plans quickly on site, started helping him with his business, and then eventually licensed that software, started my own business, brought my co-founders on board. And then eventually we started using other software, of course, but that's how I kind of got into it by happenstance.   Jason Hull (03:34) I knew that you know A O B was probably not for   Kori Covrigaru (03:34) But I knew that, know, J-O-B was probably not for me. And   that's what led me to the path I'm on. 22 years.   Jason Hull (03:42) Twenty   two years planomatic. Very cool. Very cool. So cool. So what is Planomatic? Yeah. So Planomatic provides professional photography, floor plans, three D scans, AI virtual staging, and more services to the single family rental property management industry nationwide at speed and at scale. So that's kind of like   Kori Covrigaru (03:50) Yeah. So Plan-O-Matic provides professional photography, floor plans, 3D scans, AI virtual staging, and more services to the single family rental property management industry nationwide at speed and at scale. So that's kind of like our...   you know, if you're familiar with EOS or traction, that's our, that's our elevator pitch. We provide professional photography floor plan, 3D scans, AI virtual for single family rental specifically. We did use to service the for sale by agent space or the traditional real estate agent that sells homes. And we actually pivoted a hundred percent to the single family rental property management industry in   Jason Hull (04:09) You know, if you're familiar with EOS or traction, that's our that's our elevator pitch. We provide photography floor technology scans for single family rentals specifically. We did use to service the for sale by agent space or the traditional real estate agent that sells homes and we actually pivoted a hundred percent to the single family rental, property management industry.   Kori Covrigaru (04:32) 2020, 21, sort of around that time.   Jason Hull (04:36) Okay, okay, got it. So three D scans, pro photography, speed, scale. So for property managers, why is it important to do this stuff well? Why can't they just send out one of their team members that's got an iPhone and just sort of wing it? Okay. Well there's there's a lot are a lot of reasons why that's not the optimal solution.   Kori Covrigaru (04:57) Well, there's a lot. There are a lot of reasons why that's not the optimal solution. Now, look,   I'm not going to say that, you know, it's the same for every property manager and every price range and every market across the U.S. That's not the case. But generally speaking, windshield time is what really cuts into profits.   Jason Hull (05:05) same for every property manager and every price range and every market across the US. But generally speaking, windshield time is is what really cuts into   Kori Covrigaru (05:18) And so what we're able to do is reduce that windshield time. That saves money and makes you more efficient.   We also save a lot of the back office having to download, upload photos, color correct them, download them, sort them, upload them to that folio, build them, rent, find wherever your PMS is. And so we save a ton of time by being integrated with your property management software. But the biggest reason why it actually makes sense and there's a high ROI for our customers to use us versus what you described as properties with professional photos lease faster.   Jason Hull (05:31) Upload photos, color correct them, download them, sort them, upload them, tab folio, building, random, wherever your PMS is. And so we save a ton of time by being integrated with your property management software. But the biggest reason why it actually makes sense and there's a high ROI for our customers to use us versus what you described is properties with professional photos leads   faster.   Kori Covrigaru (05:55) So   we're   able to get out to your property often same day or next day and deliver those assets the day later. So that's like an average of two and a half days from order to delivery when you can have professional leasing photos up on the Zillow platform, up on apartments.com or wherever else you   Jason Hull (05:56) Yeah. We're able to get out to your property often the same day or next day and deliver those assets the day later. So that's like an average of two and a half days from order to delivery and then you can have professional leasing photos up on the Zillow platform, up on Parliament.com, or where   Kori Covrigaru (06:11) may advertise your single family rentals. so by reducing the windshield time and the time it actually takes to get those photos on, we can reduce the time by about 14 days.   Jason Hull (06:12) else you may advertise your scene family rentals. And so by reducing the the windshield time and the time it actually takes to get those photos up, we can reduce the time by about 14 days   and lease that property about 10 days faster once it hits the market with those pro photos.   Kori Covrigaru (06:22) and lease that property about 10 days faster once it hits the market with those pro photos.   Jason Hull (06:27) So two weeks two weeks less. Two weeks less. On average it takes about two weeks from rent ready to get professional listing photos up on the portal. We can do that for you in two to two and half days.   Kori Covrigaru (06:30) Two weeks less on average, takes about two weeks from rent ready to get professional listing photos up on the portal. We can do that for you in two to two and a half days. And   then we can also save your team time so that they're not dealing with going out to   Jason Hull (06:39) And you can also save your team time so that they're not dealing with   Kori Covrigaru (06:42) a property and taking photos and uploading them in the background and doing all that stuff. They can focus on tenants or maintenance issues or communicating with owners or just not have to grow your staff as fast as you grow your business.   Jason Hull (06:47) tenants or maintenance or or communicating with owners or just not have to grow your staff as fast as you grow business.   Got it. So it this gives you leverage, especially during times where leasing gets heavy like the summer and there's an increase in workload and workflow happening, then you can just outsource this piece and get people get really somebody else handling this, which is planomatic, get get photos handled, you know, quickly and get things, you know   Get the property leased a lot faster. Leased a lot faster. I mean it's really at this point it's table sticks, right? In this environment especially.   Kori Covrigaru (07:17) Lease a lot faster. I mean, it's really at this point, it's table stakes, right? In this environment, especially where everything   is so competitive, it's taking a lot more to lease a property. You actually, you need professional   Jason Hull (07:25) Yeah,   Kori Covrigaru (07:28) photos to compete out there. And I really, didn't even mention there is another layer to why it's important to market your properties professionally. That's because that's the first impression that potential owners that may want to hire you see online. I mean, you're dirty laundries out there, right? Like they see how you treat your existing portfolio, your existing.   Jason Hull (07:30) And I I really I didn't even mention there there is another layer to why it's important to market your properties professionally, and that's because that's the first impression that potential owners that may want to hire you see online. Your your very laundry's out there, right? Like they see how you treat your existing portfolio, your existing   Kori Covrigaru (07:47) and the doors that you manage, and they're going to envision their property being in that same spot on your listing page or on your website. And so   Jason Hull (07:47) clients and the doors that you manage, and they're gonna envision their property being in that same spot on your listing page or on your website. Right.   Kori Covrigaru (07:55) you can really elevate your brand and brand yourself professionally by hiring a professional to do your professional property manager. It's like the same reason why you wouldn't recommend an owner or manage their own property. It could work, but it doesn't make sense as far as your time value and what you value, like what's your full-time job.   Jason Hull (07:56) you know, you can really elevate your brand and and and bring yourself professionally by hiring a professional to do the your professional property manager. It's like the same reason why you wouldn't recommend an owner or manage your own property. It could work, you know, it but but it doesn't make sense as far as your time value and what you got you know what's your what's your full time job, right? Let a professional go let them   do it better. That's kind of the way we see it.   Kori Covrigaru (08:16) Let a professional do let them do it better. That's kind of the way we see it.   Jason Hull (08:20) I I think that's a really good point. If you're a property manager listening to this and you're thinking, Well I could just do that myself   You are exactly the problem that frustrates you. These are the investors that are like, I'll just do it myself. You have to have a mindset that it makes sense to outsource to get a better quality product, that it makes sense to get an expert brought in to do expert work. And I love the idea because either you're at the top of your market and you're positioning yourself as the best and you're the best branded and you have the best photos and everything you do is the best, or you got to be the cheapest because in the middle is where you die.   Kori Covrigaru (08:56) Exactly.   Jason Hull (08:56) And that playing the game of being the cheapest and trying to do everything low cost is a great way to have a business that makes you miserable, that isn't fun to run, and isn't very attractive to the best clients. It's gonna attract cheapos. You attract who you are. And so if you want to position yourself mentally, and I coach a lot of clients on this, and if you want to position yourself mentally, you got to get graduate from being a cheapo to maybe a more normal type of buyer. And then you got to graduate from being a normal type of buyer to a premium buyer. And then you can attract everything that you want.   But if you have enough premium buyers, normal buyers, you may turn down or fire a lot of the cheapos and not even work with them. Because the people that care about having nice photos and things looking good also care about things being done well and they probably have more money to spend. They're not   Kori Covrigaru (09:41) Exactly.   Jason Hull (09:41) looking for the cheapest, ugliest option to just get it done. You don't want to be cheap. especially in an area that kind of reverberates across   Kori Covrigaru (09:45) So, yep, I agree. You don't want to be cheap. And especially in an area that kind of reverberates across the   internet that everybody can see your existing clients as well as potential clients. You just don't want that to be your brand's thing. It's like,   Jason Hull (09:54) the internet that everybody can see your existing, you know, clients as well as potential clients. You just don't want that to be your brand's thing.   Kori Covrigaru (10:03) I'm going to cut corners when it comes to marketing your properties, for example. So that's just like the elevate your brand, kind of keep your existing owners, attract new owners. That's one component of the reason why.   Jason Hull (10:07) So that's that's just like to elevate your brand, kind of keep your existing owners, attract new owners. That's one component why.   Yeah, I love it. I mean, nicer photos is nice, but I think for me the benefit as a business owner really is freeing up my team to focus on higher level tasks. They're not being sent out to go be a half ass photographer. So it because it's drive time, going out to do things, they could be getting stuff done, helping onboard new clients, getting the   things done in the office rather than just driving around taking photos. And if they're not really great at it, let an expert do it. So seems to be a no brainer. I'm a business owner   Kori Covrigaru (10:43) And again, I'm a business owner too.   Jason Hull (10:45) too.   Kori Covrigaru (10:46) You might be able to, again, not scale your people as you scale your business. I mean, that's every entrepreneur's dream, right? It's how do I keep my overhead the same as it relates to the revenue, but increase that top line in order to generate more   Jason Hull (10:49) scale your people as you scale your business. I mean, that's every entrepreneur's dream, right? So how do I keep my overhead the same as it relates to revenue, but increase that top line in order to   Kori Covrigaru (11:00) profits, right? So not having that, that, overhead, that permanent W2 employee that's driving around, insured, buying gas while they're, you know, could be doing other things.   Jason Hull (11:02) Not having that that overhead, that permanent W two that's driving around insured, buying gas while they're you know   doing other things, not doing anything at all is is   Kori Covrigaru (11:12) doing anything at all is a high cost.   Jason Hull (11:14) high costs. Yeah. yeah, yeah. You know, like our cars are often just sitting in the driveway, right? Not really doing a whole lot for us, and then we use it occasionally. And but in business you don't want team members, they're just sitting like a car in the driveway. You want them   be productive, getting stuff done and focus on the right things. And so yeah, if you have seasonal work, if photos are just something that happens occasionally, you know, or even pretty regularly, you want to be able to scale without having to just go out and hire. Hiring is one of the most costly things you will ever do. One bad hire usually costs business owners, I find, when we really dig into it, minimum 10 grand. It's 10 grand in opportunity cost, 10 grand in loss   money that's been spent on this team member for about three months before you figure out they're just not going to cut it. And so the less you have to get involved in the hiring piece and you can use a system with experts just when you need it, that is a lot more ideal. Even if it's more expensive to get that thing done, there you don't have that sunk cost of having a team member all the time that you're paying. Exactly. Keep it variable if you can cool. Business in general you can keep   Kori Covrigaru (12:20) Exactly. Keep it variable if you can. In business in general, if you can keep it variable, keep it variable.   Jason Hull (12:24) it variable   Yeah, you you mentioned table sticks. You're talking about the game where the it's who grabs the sticks first? No, it's kind of   Kori Covrigaru (12:32) No, it's kind of like poker,   you know, like required to pay if you're to play the game.   Jason Hull (12:37) Pay if   you're gonna play the game. Okay. Got it. Okay.   Kori Covrigaru (12:41) You up. It's not, you know, if you're playing poker, you have to   ante up. If you're in property management, you have to treat your listing.   Jason Hull (12:47) Got it. I'm obviously   a really seasoned poker pr player. Just kidding. So right, actually, you can tell me if I say it aloud, so I'm looking   Kori Covrigaru (12:51) I hope I get that right. Actually, you put me totally, I say it a lot. So I'm going to look that one up afterwards.   Jason Hull (12:56) at it. All right, cool. So yes, I missed the reference. All right. So very cool. So I I these are some of the benefits. How does Planomatic work? How does this how does this work? G paint the picture. Somebody signs up with you. What's the process? How are they able to leverage you and use you? How does this go?   Kori Covrigaru (13:17) There are a number of ways we are integrated with AppFolio, Buildium, and RentFine. So I integrated what I mean is you register as a Planomatic client, and then you integrate with your property management software. Your portfolio then syncs with our system so you can see   Jason Hull (13:22) Build DM and Redfine. So by integrating what I mean is you register as a priomatic client and then you integrate with your property management software. Your portfolio then syncs with our system.   Kori Covrigaru (13:33) your properties in our system, see what's for rent, what's not for rent, what has professional photos, what doesn't, and make your buying decisions that way with one click. Order photos, order photos, order photos.   Jason Hull (13:36) Rent what has professional photos, what doesn't, make your buying decisions that way with one click, order photos, order photos, order   photos. Yeah. We either dispatch our photography either same day or next day, go out, capture the content, have that content processed and photoshopped, etc., by our team and some tools that we use, and then we sync those assets back with your property management software so you can go ahead and with one click syndicate that property.   Kori Covrigaru (13:43) We then dispatch our photographer either same day or next day, go out, capture the content, have that content processed and photoshopped, et cetera, by our team and some tools that we use. And then we sync those assets back with your property management software so that you can go ahead and with one click syndicate that property as far   as the marketing photos are concerned. They appear in your account ready to go, right sort order with the right captions, the right size.   Jason Hull (14:04) Far as the marketing photos are concerned, they're appear in your account, ready to go, right? Sort order with the right captions, the right   size, etc. And so that entire process from order to delivery is average, you know, averages about two and a half days. and you don't have to download a single thing, like everything just kind of like goes the way it goes. There is another that we've just launched. Actually, this is kind of big news for us, but we've launched the ability to receive work orders now through either property meld or   Kori Covrigaru (14:11) Etc. And so that entire process from order to delivery is average, know, averages about two and a half days. And you don't have to download a single thing. Like everything is kind of like goes the way it goes. There is another way that we've just launched. Actually, this is kind of big news for us, but we've launched the ability to receive work orders now through either property meld or, or   at folio ability and rent finds. So we can actually receive work orders from our customers, just like you order a plumber.   Jason Hull (14:33) Folio ability of our device. We can actually receive work orders from our customers. Just like you order   a plumber to come out to the property, you order Planomatic to shoot photos, we receive that work order, we digest that order automatically, and then two to two and a half days later, you'll find those assets synced with your property management software ready to syndicate in the most ways that we work with our customers. And we do have larger owner operator customers that own their their rentals as well as manage them and those   Kori Covrigaru (14:38) to come out to the property, order PlanoMatic to shoot photos, we receive that work order, we digest that order automatically, and then two to two and a half days later, you'll find those assets synced with your property management software, ready to syndicate immediately. Those are the most organized that we work with our customers. And we do have larger owner operator customers that own their rentals as well as manage them. And those are kind of like we call   them enterprise clients, institutional investors.   Jason Hull (15:04) Clients, institutional investors,   Kori Covrigaru (15:06) They integrate with us in a bit of a unique way. They directly integrate with our platform versus going through property management software because they're typically on either Salesforce or Yardi or some sort of proprietary platform. So those customers have a more direct integration with us. That's pretty much, it's really easy. Just register and go ahead and integrate. You don't have to integrate. You can also just go out and place an order and we'll be there.   Jason Hull (15:07) they integrate with us in a bit of a unique way. They directly integrate with our platform versus going through property management software because we typically want either Salesforce or ERB or some sort of proprietary platform. Okay. Just register and go ahead and integrate. You don't have to integrate the just go out and place an order. Okay. Very cool. And   so if they place an order and you go out there and maybe the tenant   left something or wasn't quite ready. like there's a trash bag in the kitchen or there's something's missing or whatever. The Photoshop guys can kind of get it s that weird thing out or take care of that. It's just AI the thing and it's gone. We don't charge for something like that. We charge for object   Kori Covrigaru (15:44) But as we know today, that's kind of a lasso situation. You just kind of lasso that item. We get rid of those items, and we don't charge for something like that. We charge for object removal that's   bigger. Like if there's a car in the driveway for some reason, or there's a big trash bin, we may charge a little extra   Jason Hull (16:00) Yeah.   Kori Covrigaru (16:00) for that, because that's a little more heavy. But as long as the is vacant, we can take the photos. We can clean up a little bit of a mess.   Jason Hull (16:03) Got it. Okay.   Kori Covrigaru (16:07) It's no big deal. We can do a lot more. can AI virtual stage images, too, but declutter.   Jason Hull (16:12) Okay.   Cool. Got it. I I'm sure people listening to this are like, this sounds great. This sounds really cool, but what is the cost? Is that something you can tell talk about? Yeah, the cost in and right now we we do have a membership program, so it it does impact that and we do have a prepay and save, but Okay. But the cost is a la carte. You don't have to pay like this, you know, per month subscription. It's like literally you have an   Kori Covrigaru (16:23) Yeah, the cost in right now, we do have a membership program, so it does impact that, and we do have a prepay and save, but the cost is a la carte. You don't have to pay like this per door per month subscription. It's like literally you have an order to place with   us. Great. Go on, place one order for photography only. Our minimum there is 10 photos. You can also place an order for photos and 3D tour and a floor plan.   Jason Hull (16:40) place with us, great. Go on place one order for photography only. Our minimum there is ten photos. you can also place an order for photos and three D tour and a floor plan.   Kori Covrigaru (16:50) I believe that photos, know, everything's like for, for 15 photos, a 3d tour and a 2d floor plan. We're talking under 300 bucks per property setting. 270. It's like off the rack, 15 photos, 3d.   Jason Hull (16:51) Okay. I believe that photos, you know, everything's like for f for fifteen photos, a three D tour and a two D floor plan, we're talking under three hundred bucks. Okay. Awesome. Two seventy it's like off the rack.   Yeah, that's great. And this would be easily be something that you could   offer as part of your packages or your offerings and have the owner pay for as part of the leasing process. I was gonna backtrack and say it's free. Right. Right. You should be tweaking your owner and you should be probably marking that up for all the coordination just that you do. I mean it's transparent, but we don't really support the kickbacks or or charging more and saying, you know, tell them it was more or whatever it is, but   Kori Covrigaru (17:19) I was going to backtrack and say it's free. It's free to the property manager, right? Because you should be choosing your owner and you should be probably marking that up for all the coordination, just like you would mark up in the work that you do. mean, of course, transparently, we don't really support kickbacks or charging more and saying, you know, tell them it was more or whatever it is. But yeah, this   is something that most property managers that we work for are starting to change their process, change their owner agreement to make sure that that owner   Jason Hull (17:40) Yeah, this is something that most property managers that we work for are starting to change their process, change their owner agreement to make sure that that owner   Kori Covrigaru (17:49) pays for those marketing photos and it makes sense, right? Because once that owner picks up and leaves and takes their door with them, those photos are then obsolete, right? for the property manager. it makes a lot of sense. And a lot of owners are like, yeah, of course we need professional photos to market my property.   Jason Hull (17:50) pays for those marketing photos and it makes sense, right? Because once that owner picks up and leaves and takes a vote with them, those photos are then obsolete, right? So for the for the property managers. So it makes a lot of sense. And a lot of owners are are like, Yeah, of course we need fashion for this.   Kori Covrigaru (18:04) It's my property.   Jason Hull (18:04) Yeah, obviously.   And then if they can explain everything you just explained about the benefits of this, then to their clients, the then the owners will say, Yeah, no brainer. I should do this. I'll pay the extra money.   I'll pay and mute.   Kori Covrigaru (18:16) That should be in the agreement. mean, that's something, yeah.   Jason Hull (18:20) Got it. Okay, very cool. What else do people typically ask about Planomatic or what what else are am I are we missing? Those that are listening that might usually be curious about.   Kori Covrigaru (18:30) I you know, I don't want to call it a silver bullet because I don't   know that I believe necessarily in silver bullets. Are you, are you with me on the silver bullet thing? All right, good. Just making sure. So AI virtual staging has, has provided us with significant data that shows that it works almost like a silver bullet. mean, properties with AI virtual staging just lease faster. get more showings, more, more.   Jason Hull (18:35) Silver bullets? Are you are you with me on a silver bullet thing? Yeah, yeah. So AI virtual staging has has provided us with significant data that shows that it works almost like a silver bullet. I mean, yeah. Properties with AI virtual staging just lease faster. They get more showings, more   more applications, and it's been kind of wild.   Kori Covrigaru (18:59) and it's been kind of wilder.   That's something that we've seen from our institutional folks. They take a lot more time to research ROI on specific products that we offer. one of the...   Jason Hull (19:02) That's something that we've seen from our institutional folks. They take a lot more time   to research on RLI on specific products that we offer. So everybody knows kind of what staging is, right? If you're selling a home and it's usually a more expensive home, you call a company a staging company and they'll bring a big U-Haul with a bunch of furniture and they'll come and they'll drop it off and they'll put it in, and then you'll have your listing photos taken, right? Because listing photos look so much better.   Kori Covrigaru (19:12) Yeah. So everybody knows kind of what staging is, right? If you're selling a home and it's usually a more expensive home, you call a company, a staging company, and they'll bring a big U-Haul with a bunch of furniture and they'll come and they'll drop it off and they'll put it in. And then you'll have your listing photos taken, right? Because listing photos look so much better with   furniture. Well, for the longest time, we've been able to virtually stage real estate photos. We've had to do it with a human being and that costs a lot. You know, that costs a lot.   Jason Hull (19:32) furniture, well for the longest time we've been able to virtually stage real estate photos. We've had to do it with a human being and that's cost a lot, you know, that   costs a lot more money. But today the advances of AI and we see it all you know commercials on TV and everything, we can virtually stage and by virtual stage I mean s like take a a photo of a vacant room. Yeah. Go go to our staging vendor, a software company, click a button, choose   Kori Covrigaru (19:42) But today, with the advances of AI and we see it all over commercials on TV and everything, we can virtually stage. And by virtually stage, mean, take a photo of a vacant room, go to our staging vendor, a software company, click a button, choose between   Jason Hull (20:00) between various different styles for staging. Okay. And then it actually places that furniture in the image and and you and it looks like s it's scary how real   Kori Covrigaru (20:00) various different styles for staging. And then it actually places that furniture in the image and it looks like it's scary how real it looks.   Jason Hull (20:09) it looks. Right, yeah. And so when you have when they have properties that are are staged or virtually staged, and we label them virtually staged just   Kori Covrigaru (20:11) And so when you have, when you have properties that are staged or virtually staged and we label them virtually staged just to make sure that.   Jason Hull (20:18) to make sure that you've got the virtual staging in the photos. Does this show up in the three D tour or stuff like that? It doesn't show up in the three D tour. It does however show   Kori Covrigaru (20:25) doesn't show up in the 3d tour. does, however, show up   in the photography carousel, of course. And we typically have like a before and after. It allows for the potential renter to envision their lives in that, versus seeing it as an empty box. So naturally there's been more, we've all looked for real estate before and we've clicked through properties and when the photos are bad, it's you kind of move on. Cause like you don't stuff in that mess, right?   Jason Hull (20:31) Got it. I mean we have like a before and after. It it it allows for the potential renter to envision their lives. Right, they can imagine it. Versus seeing it as an empty box. So naturally they're gonna spend more we all looked for real estate before and we've clicked through properties and photos of that it's you kinda move on. Yeah, yeah. You don't withten that mess,   right? When it's nicer photos you stop and and so the the furniture really helps the potential rent to stop spending more time   Kori Covrigaru (20:53) When it's nicer photos, you stop. so the furniture really helps the potential renter stop, spend more time on that listing   and eventually get more showings and more applications.   Jason Hull (21:02) Sure. Yeah. I've moved into places and you know, seeing how they had it decorated before or seeing photos how they decorate it gave me an idea of, we could do something like this, or here's what I want to change. Because you're not starting with just this blank slate and trying to be creative. And so yeah, I think it helps people's imagination so they can picture their life in there. Okay,   Kori Covrigaru (21:23) Yep. It just cause you to stop, you know.   Jason Hull (21:25) cool. And there's you you were citing there's evidence.   that virtual staging significantly increases the results as well. So not just having good photos, but also good photos that are virtually staged, you're now maximizing the the return on this. And the and the virtual staging that that's   Kori Covrigaru (21:41) And the virtual staging, that's really inexpensive.   I think it's 36 bucks for three rooms, if I'm not mistaken.   Jason Hull (21:46) It's thirty six bucks for three rooms. Yeah.   Kori Covrigaru (21:49) So it's like a huge ROI   Jason Hull (21:51) Cool.   Kori Covrigaru (21:52) to order virtual staging on top of your professional photo.   Jason Hull (21:54) Sure, a lot cheaper than real staging.   Kori Covrigaru (21:58) Where'd you go?   Jason Hull (21:59) So yeah, got it. Very cool. anything else that we're missing about Planomatic? Sounds very cool. Yeah.   Kori Covrigaru (22:05) Yeah, no, I mean, I'm again, been an   entrepreneur for about 22 years. We have a high focus on, on client communication and client support. So that's one thing that's like paramount for me. I always tell my team, it's better to know that nothing is happening than to not know something is happening, meaning keep the customer updated. You know, even if we don't have the resolution yet for you, like we'll figure it out or we're working on it. So when you work with us, you really understand those, that's part of our core values. really.   Jason Hull (22:10) we have a high focus on on client communication and client support. So that's one thing that's like paramount for me. I always tell my team it's better to know that nothing is happening than to not know something is happening. Meaning keep the customer updated. Yeah. You know, even if we don't have the resolution yet for you, like we'll figure it out or we're working on it. So what when you work with us, you really understand those that's part of our core values. It   really emulates through the entire organization. So that's really important to us. Our integration, of course, is is really important and allows for   Kori Covrigaru (22:30) emulates through the entire organization. So that's really important to us. Our integration, of course, is really important and allows for our customers to   be able to transact with us. Again, business 101, make it as easy as possible for your customers to transact with you. So we've tried to make that a reality. And then, know, we're business owners, we're a small business, just like you all are, you know, just like you are, Jason, just like our property management clients are. And we just want to...   Jason Hull (22:39) To be able to transact with us, make our business one on one, make it as easy as possible for your customers to transact with you. So we've tried to make that a reality. and then you know, we're we're business owners, we're small business just like just like you all are. We're not just like you are, Jason, just like our our our property management clients are. and   we just wanna be successful in helping our clients make more money and and gain more market share, and and that's what we strive for every day. So we have the same   Kori Covrigaru (22:59) be successful in helping our clients make more money and gain more market share. And that's what we strive for every day. So we have the same struggles,   but same successes that every business owner does. We're not PE-backed or VC-backed.   Jason Hull (23:08) Same struggles, but same successes does with the RP backed or PC backed on P back back.   Got it. So I know there's a lot of people listening that are gonna think, because I hear this all the time, even with with what we do at DoorGrow, will this work in my market? I'm in a big city, will this work in my market? I'm in a small town. How do you source photographers? So before you answer that, I'm gonna share a quick word from our sponsor. So our sponsor today is Vendoroo. So if you're working with   Door grow, you're growing doors, right? And that means you have to keep figuring out how to keep up with the maintenance. So instead of doing that, we recommend that you use Vendoroo to have maintenance figured out for you with AI. Some of our clients are getting 85%, 95% of their maintenance coordination handled by Vendoroo, which is amazing. Vendoroo brings the best practices, workflows, and AI intelligence. They've developed across hundreds of property management operations and puts it into work, into your business.   It's an AI that answers the phone. It troubleshoots with residents. It coordinates vendors. It does follow-up. It drives the work order all the way to completion. It could probably work with Plan O Matic, right? So as you add doors, you don't have to keep reinventing maintenance. Let Vendoroo build your maintenance for you. Like so many of our DoorGrow community members have already done. You focus on growing your doors. Build an AI-first maintenance department that will scale with you forever.   Use Vendoro. Cool. All right. So tell us how do you handle photographers? Because some people are thinking, well, this might be hard in my town. They who do they know in, you know, Podunksville, you know, wherever I'm at, you know. Or they might think I'm in a really big city and maybe photographers, there's challenges with getting good ones and they're so expensive or w whatnot.   Kori Covrigaru (25:01) You hire a team to, you know, to   Jason Hull (25:02) You hire a team to to you know.   Kori Covrigaru (25:04) onboard, to hire, to onboard, maintain these contract photographers nationwide. That's kind of what we've   Jason Hull (25:09) Yeah.   Kori Covrigaru (25:09) done. we've perfected that, almost perfected that. I think one really important thing to note about us is we try to make it as simple as possible for our photographers to work with us from all the software. And it hasn't historically been that way and we're getting closer to it, but what software do they have to download and register for on our system?   Jason Hull (25:13) Almost almost perfected that. Yeah. One really important thing to note about us is we try to make it as simple as possible for our photographers to work with us from all the software and and and it hasn't historically been that way. We'll get any closer to it, but what software do they have to download and register for on our system?   Yeah. what specifics, like how are the instructions given out? What about access to to you know these doors and and I'm not talking about just one method. It's like there are so many different methods.   Kori Covrigaru (25:30) What specifics, like how are the instructions given out? What about access to these doors? And we're not talking about just one method. It's like there are so many different methods. I'm trying to key   box, so there's a key hidden. There's this, there's that. Call this number, get this code, right? So it's just a lot. I mean, we've been doing this since 2004. We've been in the SFR space since 2012, handling hundreds of shoots a day.   Jason Hull (25:41) trying to key box so there's a key hidden there's this there's that call this number get this code right so it's just a lot I mean we've been doing this since 2004 we've been in the SFR space since 2012 handling hundreds of shoots a   day for larger companies and smaller companies and so there's a lot a lot of its experience of just like okay here are all the you know here are all the edge cases this is what you do in this case and also just being available for them to pay them of course enough to make it make sense but we have   Kori Covrigaru (25:56) for larger companies and smaller companies. And so there's a lot of experience of just like, okay, here are all the edge cases. This is what you do in this case. And also just being available for them. You have to pay them, of course, enough to make it make sense, but we have to pay them enough   for the business to operate, right? So it's a very delicate, it's the hardest thing that we do is find quality photographers, educate them, onboard them, maintain them, and then keep them happy.   Jason Hull (26:11) good enough for the business to operate, right? So it's a very delicate it's a har it's the hardest thing that we do is is find quality photographers, educate them, onboard them, maintain them and keep them happy. Yeah. it's   Kori Covrigaru (26:25) It's as tough as it sounds. And it doesn't matter if it's a small market or a huge market. Huge markets with a lot of people have their own challenges. There's traffic, there's cost of living, it's higher. Small markets, you don't have all that, know, it's to find quality people   Jason Hull (26:26) it's as tough as it sounds and and it doesn't matter if it's the small market or a or a huge market, but you huge markets with a lot of people have their own challenges. There's traffic, there's cost of living to hire small markets, you know, have all that you know, hardly fine   Kori Covrigaru (26:41) in the specific industry. it's just, hire the right people to take care of our great network of planet tech.   Jason Hull (26:40) quality people in the specific industry. So it's just hire the right people our great network with planetary. Yeah.   This is some of the magic that you've spent a lot of time dealing with. And I'm sure people that have tried going and getting a photographer, tried doing it themselves, tried editing photos, like that is just so time intensive, so much work. And if you're a business owner doing this stuff, that's the dumbest trade you could ever make. You should offload that, get that off your plate because the speed of you is the speed of the business and the team.   And you should calculate your time as worth the the top line revenue of the company and what that comes out to per hour. And so you should not be doing this stuff. So now another challenge that people deal with, and I don't know if there's a way your system addresses this, but there's been a lot of challenges with scammers stealing photos from people's listings, putting up other listings elsewhere, tricking people into giving money. Is there any way we can combat that through   Kori Covrigaru (27:37) No.   Jason Hull (27:38) the photography?   Kori Covrigaru (27:39) You know, I think with general awareness around how sort of the internet works and how, and the general awareness of what AI   Jason Hull (27:40) But I think with general awareness around how sort of the internet works and how to t and and the general awareness   Kori Covrigaru (27:46) is capable of, I think people are more skeptical these days. I don't think everybody's just sending out checks and routing numbers and checking numbers. Cause we hear, I'll be honest, we hear less noise about it lately. And I think it's around the awareness. Historically, you know, we, we watermark photos. can watermark photos, however you, you know, property   Jason Hull (27:48) skeptical these days, right? Yeah. Everybody's just sending out checks and routing numbers and 'cause we hear we hear less noise about it lately and I think it's awareness. historically, you know, we we watermark photos, we can watermark photos   Kori Covrigaru (28:05) manager wants to watermark photos.   AI today, you can get rid of those watermarks in like a half a second, Free AI account. So man, it's changing rapidly right now. I don't have a recommendation that will just solve all of those problems. think that you have to be very careful. I would still watermark. You have to be careful where you put your images. There are applications out there like...   Jason Hull (28:08) Photos with AI today, you can give rid of those watermarks. Yeah. Yeah. So man, it's it's it's changing rapidly right now. I don't have a a a recommendation that will just solve all of those problems. I think that I mean you have to be very careful. I s I would still watermark, you have to be careful where you put your images. there are there are applications out there like   Kori Covrigaru (28:34) invisible watermarks that you can kind of track across.   Jason Hull (28:35) invisible watermarks and you can add it. Yeah,   I've heard about the invisible watermarks lately. Claude and some of these tools   Kori Covrigaru (28:40) Yeah.   Jason Hull (28:40) are adding invisible watermarks to stuff, to text, to images, to things that are created. So people will go, this was created by AI. Here's where it came from. I think it's a matter of educating your your potential renters. I think it's a lot a lot it's you know still   Kori Covrigaru (28:48) Yeah. I think it's a matter of educating your potential renters. think it's a lot of it's, know, Zillow has to make it,   has to educate their users, right, to make sure that people aren't just going and sending random checks out and putting it all over the listing media and all over your brochure and description. I think it's really important. If you're a renter, don't go on Craigslist or Facebook Marketplace. Stick to the internet listing services that are, you know, tried and true, I think.   Jason Hull (29:11) stick to the listing services that are you know tried and true.   Kori Covrigaru (29:19) I think that's the most important thing is like just watch where you put your listings, make sure it's reputable.   Jason Hull (29:20) Think that's the most important thing. It's like just watch where you put your listings, make sure it's reputable. Very cool. Love   it. So, Corey, tell us a little bit about the philosophy that you try to instill with your company, with the people that are in your business, like maybe the values that that you guys espouse. Give people a feel for what the culture is like at Planomatic. We are exceptionally client for meaning, I don't like to say no.   Kori Covrigaru (29:41) We are exceptionally client forward, meaning I don't like to say no to clients. I like to ask   more questions and I don't like giving an update without a resolution that's coming up. And I get copied on a lot. I drive my team nuts, Jason. I mean, I drive work because I'll reply to a random support ticket or response from our team. I'll just, I'll.   Jason Hull (30:00) Yeah. I'll reply to a random support ticket or or response from our team and I'll just   Kori Covrigaru (30:08) I'll reach out to that team member and I think there's a better way we could have handled this reply. And if I'm the customer, like, when are you getting back to me?   Jason Hull (30:08) I'll I'll reach out to that team member and say, hey, I think there's a better way we could have handled this reply. If I'm the if one of the customers are like, when are you getting back to me?   Kori Covrigaru (30:15) Right. And I think that's like most important again, it's, better to know, like everybody hears it from me. It's better to know that nothing is happening than to not know that something is happening. And so we have this, we have this phrase we use, we hold the client at the center of the organization, no matter what. one thing I haven't talked about recently, but I think it's really cool. And it's something that we've kind of put in place in 2020 or 2021 is we have personas.   Jason Hull (30:17) And I think that's like the most important. Again, it's it's better to know like everybody hears it from better to know that nothing to not know that something is happening. So we have this we have this phrase we use, we hold the client at the center of the organization no matter what. one thing I haven't talked about recently, but I think it's really cool and it's something that we've we kind of put in place in twenty twenty twenty or twenty twenty-one is   Kori Covrigaru (30:37) our customers, they're real names, right? So we started out with Emma. Emma is our enterprise client. Emma is typically a   Jason Hull (30:37) percent of our customers. They're real names, right? So we start out with Emma. Emma is our enterprise client. Emma is typically   Kori Covrigaru (30:46) single family rental owner operator. Emma raises money through institutional capital, whether that be publicly traded on Wall Street or private equity money or pension plans.   Jason Hull (30:47) A single family rental owner operator. Emma raises money through institutional capital, whether that be publicly traded on Wall Street or private equity money or pension plans.   Emma is usually a customer that uses his own software and integrates directly with our platform. Emma has this National Rental Home Council, Emma Emma. So   Kori Covrigaru (30:57) Emma is usually a customer that uses her own software and integrates directly with our platform. Emma has this National Rental Home Council, Emma, Emma, Emma. And then we have Paul.   Jason Hull (31:09) these are your customer, you've got customer avatars so that when you are building out your products and services.   you are have them in mind and you know these categories of clients or buyers of your services will, you know, maybe perceive it a certain way and the product's geared towards these personalities. That's exactly right. And we we   Kori Covrigaru (31:27) That's exactly right. And we, we talk about   Emma and Paul all day long. It's just natural. Like I'll, I'll be talking to. So Paul, Paul is when we got into,   Jason Hull (31:33) Tell us about Paul. Who's Paul?   Kori Covrigaru (31:37) servicing the third party property manager that manages,   Jason Hull (31:40) Well you're breaking up a little bit. Say that again.   Kori Covrigaru (31:43) when we, when we started servicing the third party property manager, you know, a smaller business that, that manages 50 to up to, you know, a thousand doors.   Jason Hull (31:45) When we when we started servicing the third party property manager, you know, a a smaller business that that manages fifty to up to you know a thousand   doors, that persona was so different, and we named that persona Paul, Paul the property manager. Okay. Paul uses folio or building arm or or rent client or rent manager, right? Paul doesn't own their properties, they have clients. Paul's typically smaller, Paul's usually regional. Paul goes to the n national rental.   Kori Covrigaru (31:55) that persona was so different and we named that persona Paul, Paul the property manager. So Paul uses Azzolio or Bildium or Rentvine or Rent Manager, right? Paul doesn't own their properties, they have clients. Paul's typically smaller, Paul's usually regional. Paul goes to National   Association of Residential Property Management conferences, NARPAM.   Jason Hull (32:15) National Association of Residential Property Management Conferences. Not that   and and so those are important to like know what each customer wants. The real value is that we've like humanized our clients. Yeah. It's no longer client or or you know ACE property management company wants this. No, it's it's Paul. It's it's it like we have these personas, we have these images of what Paul might look like and what Emma might look like. And so it really helps the team   Kori Covrigaru (32:19) And so those are important to know what each customer wants, but the real value is that we've humanized our clients. It's no longer the client or Ace property management company wants this. No, it's Paul. We have these personas, we have these images of what Paul might look like and what Emma might look like. And so it really helps the team   humanize the customer and realize that we're talking to human beings.   Jason Hull (32:44) humanize the customer and and realize that we're we're talking   to human beings. These are real people not just folks behind the screen or whatever it is. Yeah, I love it. Every every small small examples of things that we've done, one of our core values is we create genuine relationships, right? Our customers. We love we love that core value. So everything that we do, it's just like the longer you're in a business, the more you realize that communication and support, how you   Kori Covrigaru (32:48) real people, they're not just folks behind the screen or whatever it is. And so every small examples of things that we've done, one of our core values is we create genuine relationships, right? With our customers. We love that core value. So everything that we do, it's just like the longer you're in business, the more you realize that communication and support and how you, it's not how you   treat the customer when things are going well, it's how you.   Jason Hull (33:13) It's not how you treat the customer when things are   going well, it's how you treat the customer, communicate to the customer when things aren't ideal. How you get back on track. Get the client to say, you know what? That got screwed up really, but they took such good care of me so quickly and they gave me this and they got out back for property that. That's what brings customers back more and more. It's not it's not, you know I I believe. Actually that's what keeps me buying from the same, you know, vendor or from the same board is if I'm treated.   Kori Covrigaru (33:16) treat the customer and communicate to customer when things aren't ideal. How do you get back on track? You get the client to say, you know what, that got screwed up royally, but they took such good care of me so quickly and they gave me this and they got out back to the property that, that's what brings customers back more and more. It's not, it's not, you know, I believe actually that's what keeps me buying from the same, you know, vendor or from the same, or as if I'm treated   with respect and communicated with respect and that's what   Jason Hull (33:45) Yeah, I love that. I think that's a great tip for those listening to map out your ideal customer profile or your ideal client profile. Map out the avatars that you tend to serve. There's usually a small category of clients that are the ones you're really going after that you're serving. this is true in any business. And the more clear and the more you humanize them and the more you realize what their strengths, what their challenges are, what their pains, their frustrations, their concerns are.   And you map this out, the better you're going to be able to do marketing, target them, create your sales presentation, scripts, pitches, whatever you're doing to be more effective and to teach your team about them so they understand these different avatars. And so yeah, we've done the same thing at DoorGro. We have very clear avatars that we target and that we focus on. And yeah, and we gear our products towards directly towards those avatars and what their challenges are. So love that. It's a great tip to share.   and I love the the I the the focus on relationships, which I think is is paramount. So cool. Well Corey, great stuff. Really appreciate you coming on, telling us about Planomatic. How can people find Planomatic and how can they get started? the easiest way is just planomatic.com, just like it's spelled. you can   Kori Covrigaru (34:59) The easiest way is just planomatic.com, just like it's spelled. You can email me always   at k-o-r-i at planomatic.com. You can also find us in the marketplace on Atfolio's marketplace, Buildium's marketplace as well. We're all over Narpoem, so if you come to our show, come find us. We're usually in one of the bigger booths because we're preferred partners with Narpoem. So it's not too hard to find us. Go to our website, check us out, reach out to me. Always happy to hear from classic.   Jason Hull (35:13) in this marketplace as well. We're all over Narbum. So if you come to a show, come find us. we're usually in one of the bigger booths because we're for partners with Narbum. So it's not too hard to find us. Go to our website, check us out, reach out to me.   Always happy to hear from class prospects as well as existing clients. Any feedback anybody has that's another things we ask for.   Kori Covrigaru (35:27) Prospects as well as existing clients any feedback anybody has that's another things we ask for a hell of a lot of feedback often   too much But yeah easy to find and we welcome everybody   Jason Hull (35:36) But yeah, easy to find. Cool,   awesome. Tell them that you heard about them from the DoorGro Show podcast if you see this.   Kori Covrigaru (35:42) Talon, DoorGro, I've got a special coupon if you tell me you heard about us   from the DoorGro show. I'll hook it up.   Jason Hull (35:49) Cool.   Awesome. We appreciate that. So that he'll give you a special deal. All right. Very cool. Well, Corey, thanks for being here. Appreciate you coming on the DoorGrow show. For those that are enjoying this or watch our show, if you've ever felt stuck or stagnant, you want to take your property management business to that next level. You've been hitting a wall. You've been frustrated for a while. You've tried different marketing channels. You feel like you're just getting sold a bill of goods sometimes. You're just you're frustrated.   Reach out to us at doorgrow.com, we can help. So for a free training on how to get unlimited free leads, text the word leads to 512-648-4608. Also join our free Facebook community just for property management business owners by going to doorgrowclub.com. You can also join that by going to getting our DoorGrow Hub app that is in the Google Play Store or the Apple App Store.   And if you want tips, tricks, or ideas and to learn about our offer, subscribe to our newsletter by going to doorgrow.com/slash subscribe. And if you found this episode even a little bit helpful, don't forget to subscribe and leave us a review. We'd really appreciate it. It helps us out. Until next time, remember the slowest path to growth is to do it alone, all by yourself. So let's grow together. Bye everyone.  

This week, Lou Mosca raises a question that business owners may not spend enough time thinking about before they sell the business: Once you've gotten the price you want, how much do you care what happens to the business? Lou, who owns the consulting firm American Management Services, has spent decades working with owner-operated businesses. More recently, he's also been trying to work with private equity firms whose portfolio companies need help improving their performance. And that has given him an increasingly close look at what can happen when an owner sells to private equity.As Lou sees it, private equity can absolutely be the right exit for some owners. But he also thinks owners need to understand that getting a great price doesn't necessarily mean they'll be happy with what comes next. Lou shares some cautionary stories and offers practical advice for owners considering a PE offer—especially those who do care about what happens to their employees, their culture, and the business they built. The episode is brought to you by Grasshopper Bank.

John's guest on the show is Maeve Ferguson, a thought leadership advisor and executive coach who helps thought leaders turn their intellectual property (IP) into powerful assessments that generate leads, attract clients, and build proprietary data that creates a real moat around their businesses. Maeve shares how a serious illness that left her bedridden for about four years completely changed the way she looked at work, success, and life. They also talk about the realities of entrepreneurship, why relationships matter in business, the importance of making things easy for your audience to understand, and why Maeve focuses on working with people who have real, well-developed intellectual property. About Maeve Ferguson: Northern Ireland-based strategist working with bestselling authors, 7-10 figure thought leaders, and the world's most established experts. Former EY consultant. Former private equity director. Now the architect behind a new category of business asset that most experts do not yet know exists. Listen to this episode to learn more: [00:00] - Intro [01:40] - Maeve's bio [03:06] - Maeve's journey from steeplechase to Ernst & Young (EY) [06:37] - The realities of entrepreneurship [10:50] - Why Maeve moved from Ernst & Young to private equity [12:35] - How a virus left her bedridden for about four years [14:24] - How the illness affected her family and loved ones [16:42] - How she protects her health and avoids repeating old patterns [17:48] - Learning about lead generation, sales, and business world [22:14] - What EY, PE, and IP mean [23:16] - John's coaching note on clear communication [25:16] - Why Maeve chose to work with thought leaders [27:52] - How Maeve finds and attracts high-level clients [28:50] - Why relationships and people matter more than status or image [32:42] - What is Agentic AI? [35:21] - Ontology and how to find real bottlenecks in your business NOTABLE QUOTES: "I pay a huge amount of importance on the relationships that I build and how I connect with people, and making sure that I always give before I get. So, yeah, about 50% of our business is from clients referring other people into us after working with us." "If you can be a champion at anything, I don't care how old you are … If you're a champ, you're a champ. Period." "Entrepreneurship is not for everybody … There are a lot of people who are running companies as hobby businesses and they would be better in a job." "If I were approached by a company that wanted to sponsor the show, if they didn't have a product or service that I used, I would not accept the money. Because if I don't believe in that, how could I possibly promote that?" "You gotta slow down to speed up." "The numbers never lie." USEFUL LINKS: https://www.maevefergusonconsulting.com/ https://www.linkedin.com/in/maeveferguson/ https://www.instagram.com/iammaeveferguson/ https://substack.com/@maeveferguson https://www.youtube.com/@maeveferguson CONNECT WITH JOHN Website - https://iamjohnhulen.com    LinkedIn - https://www.linkedin.com/in/johnhulen Instagram - https://www.instagram.com/johnhulen    Facebook - https://www.facebook.com/johnhulen    X - https://x.com/johnhulen    YouTube - https://www.youtube.com/@iamjohnhulen    EPISODE CREDITS Intro and Outro music provided by Jeff Scheetz - https://jeffscheetz.com/ 

Hiring mistakes can cripple a startup in energy, infrastructure, or industrial technology. This simple three-trait framework helps CEOs spot great team players and six dangerous hiring archetypes before they join the company.The Frramework:Adapted from Patrick Lencioni's "The Ideal Team Player," this episode applies three traits to climate tech hiring: humble, hungry, and smart, meaning emotionally intelligent. Even talented candidates can fail when one of these traits is missing.Seven things you'll learn in this episode:Why humble + hungry + smart is a powerful hiring filter.Why character can matter more than climate or energy expertise.How the Accidental Mess-Maker creates problems despite good intentions.Why the Lovable Slacker can quietly slow a fast-growing startup.How to recognize the ambitious, charismatic Skillful Politician.Why Bulldozers can deliver results while damaging the team around them.The one interview question that matters: Which virtue is missing?Read more here:https://entrepreneursforimpact.substack.com/p/which-climate-tech-character-did--Are you a VC- or PE-backed CEO building in energy, infrastructure, or climate tech?Join 45 CEOs and 45 investors and post-exit founders who help each other make better decisions on capital, strategy, scaling, and leadership.See if the CEO community is a fit → entrepreneursforimpact.comGet smarter on energy, infrastructure, and climate tech in 2 minutes.Join 40,000+ professionals getting practical insights on startups, investing, commercialization, strategy, and leadership.Get the free newsletter → entrepreneursforimpact.substack.comHelp more people find this podcast.If this episode was useful, take 20 seconds to follow the show or leave a rating on Apple Podcasts or Spotify. It helps bring these conversations to more entrepreneurs, investors, and executives.

LIVE from the Palace of Fine Arts in San Francisco…The Gap just adopted a teenage boy band that toured summer camps… don't rent a star, raise one.GrandmaSlop is the most contentious AI in America… Boomers use AI least but love it most.PE rolled up pool installers, then the cleaners… It's SaaS: Swimming-as-a-Service.Plus, San Francisco has 489 billboards… and half of them sell AI.$GPS $POOL $SFNEWSLETTER:https://tboypod.com/newsletter OUR 2ND SHOW:Want more business storytelling from us? Check our weekly deepdive show, The Best Idea Yet: The untold origin story of the products you're obsessed with. Listen for free to The Best Idea Yet: https://wondery.com/links/the-best-idea-yet/NEW LISTENERSFill out our 2 minute survey: https://qualtricsxm88y5r986q.qualtrics.com/jfe/form/SV_dp1FDYiJgt6lHy6GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Linkedin (Nick): https://www.linkedin.com/in/nicolas-martell/Linkedin (Jack): https://www.linkedin.com/in/jack-crivici-kramer/Anything else: https://tboypod.com/ About Us: The daily pop-biz news show making today's top stories your business. Formerly known as Robinhood Snacks, The Best One Yet is hosted by Jack Crivici-Kramer & Nick Martell. Hosted on Acast. See acast.com/privacy for more information.

Revelan detalles sobre el asalto y muerte de la esposa del merenguero Julián Oro Duro. Nuevos y estremecedores detalles han salido a la luz en torno a la muerte de Zeneida, esposa del artista Julián Oro Duro. De acuerdo con el testimonio compartido por el comunicador Rubén Ucera, en el hecho habrían participado al menos cuatro personas, destacando que dos de ellas eran de extrema confianza de la familia.  Entre los presuntos implicados figura un hombre identificado como "Peña", así como un supuesto tío de este. Según las declaraciones, este último mantenía una estrecha relación con el merenguero: no solo le llegó a manejar, sino que también le daba mantenimiento y reparaba los aires acondicionados de la residencia. El otro individuo involucrado también realizaba diligencias personales para ellos.  Un plan premeditado De acuerdo con el testimonio obtenido por el comunicador, el plan de quitarle la vida a la dama estaba concebido desde el primer instante. Al ser personas conocidas, uno de ellos tuvo que descubrirse el rostro para que la víctima confiara y les abriera la puerta.  Al llamarla por su nombre, la señora Zeneida reconoció a la persona y los invitó a pasar con amabilidad, ofreciéndoles comida y preparándoles un jugo. Una vez consumieron la bebida y en momentos en que ella se disponía a llevar los vasos a la cocina, fue atacada por la espalda y golpeada con un objeto contundente, descrito aparentemente como un florero dorado, lo que le provocó la caída y posterior muerte.  Emboscada a Julián Oro Duro y robo millonario Los asaltantes contaban con información privilegiada de la rutina del hogar, llegando incluso a recibir instrucciones de no apagar las luces, ya que sabían que el cantante siempre encontraba la casa iluminada a su llegada.  Cuando Julián llegó y notó que su esposa no abría como de costumbre, optó por abrir él mismo. Al entrar, fue sorprendido de inmediato, jalado por el pecho y derribado al suelo, donde fue golpeado por los desaprensivos.  Durante el asalto, los individuos despojaron al artista de una cadena y se dirigieron directamente a una maleta, sustrayendo aproximadamente 50,000 dólares y más de 400,000 pesos en efectivo, para luego emprender la huida.Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/radio-ebenezer-rd--3279340/support.ESCUCHAR RADIO 

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

O companie începe să aibă probleme atunci când munca de zi cu zi depinde prea mult de ceea ce țin oamenii în minte. La început, un Excel, câteva emailuri și conversațiile pe WhatsApp rezolvă repede lucrurile. Pe măsură ce organizația crește, informația se împrăștie, procesele trec prin mai multe mâini, iar o sarcină care cere două ore de muncă ajunge uneori să dureze două săptămâni.De aici pornește conversația mea cu Mihai Dârzan despre automatizare, inteligență artificială și felul în care organizăm munca într-o companie.Mihai Dârzan este fondator și CEO Procesio și lucrează de mulți ani în zona de software și automatizare. În 2011 a creat o companie care dezvolta soluții ERP și CRM pentru industria de energie electrică și gaze naturale. Câțiva ani mai târziu, încercarea de a extinde soluțiile către alte piețe l-a pus în fața unei probleme: fiecare client avea nevoie de adaptări, iar dezvoltarea software în forma obișnuită devenea greu de extins. Din încercarea de a găsi o variantă mai eficientă a apărut ideea unei platforme low-code. După doi ani de teste, proiectul a devenit o companie separată. Așa a apărut Procesio în 2020.Pentru mai multe resurse despre episodul de astăzi, notițe, ideile sumarizate - click aici pentru pagina episodului***Găsești notițe, ideile principale, insight-uri și cărțile menționate în toate episoadele pe florinrosoga.ro. Aici te poți înscrie și la un newsletter.Dacă îți plac aceste podcasturi, ajută-ne cu o recenzie pe Spotify sau Apple Podcasts. Este un gest simplu care ne ajută să abordăm subiecte și invitați interesanți.***Podcasturile noastre sunt aici:

Revelan detalles sobre el asalto y muerte de la esposa del merenguero Julián Oro Duro. Nuevos y estremecedores detalles han salido a la luz en torno a la muerte de Zeneida, esposa del artista Julián Oro Duro. De acuerdo con el testimonio compartido por el comunicador Rubén Ucera, en el hecho habrían participado al menos cuatro personas, destacando que dos de ellas eran de extrema confianza de la familia.  Entre los presuntos implicados figura un hombre identificado como "Peña", así como un supuesto tío de este. Según las declaraciones, este último mantenía una estrecha relación con el merenguero: no solo le llegó a manejar, sino que también le daba mantenimiento y reparaba los aires acondicionados de la residencia. El otro individuo involucrado también realizaba diligencias personales para ellos.  Un plan premeditado De acuerdo con el testimonio obtenido por el comunicador, el plan de quitarle la vida a la dama estaba concebido desde el primer instante. Al ser personas conocidas, uno de ellos tuvo que descubrirse el rostro para que la víctima confiara y les abriera la puerta.  Al llamarla por su nombre, la señora Zeneida reconoció a la persona y los invitó a pasar con amabilidad, ofreciéndoles comida y preparándoles un jugo. Una vez consumieron la bebida y en momentos en que ella se disponía a llevar los vasos a la cocina, fue atacada por la espalda y golpeada con un objeto contundente, descrito aparentemente como un florero dorado, lo que le provocó la caída y posterior muerte.  Emboscada a Julián Oro Duro y robo millonario Los asaltantes contaban con información privilegiada de la rutina del hogar, llegando incluso a recibir instrucciones de no apagar las luces, ya que sabían que el cantante siempre encontraba la casa iluminada a su llegada.  Cuando Julián llegó y notó que su esposa no abría como de costumbre, optó por abrir él mismo. Al entrar, fue sorprendido de inmediato, jalado por el pecho y derribado al suelo, donde fue golpeado por los desaprensivos.  Durante el asalto, los individuos despojaron al artista de una cadena y se dirigieron directamente a una maleta, sustrayendo aproximadamente 50,000 dólares y más de 400,000 pesos en efectivo, para luego emprender la huida.Conviértete en un supporter de este podcast: https://www.spreaker.com/podcast/musica-cristiana--4958188/support.

Premature ejaculation (PE) is one of the most common—and least discussed—sexual health concerns as it relates to sexuality. In this episode of Please Me! Podcast Eve Hall, sexual health physical therapist and sexuality educator, sits down with Jeff Abraham, CEO of Promescent, for an open and honest conversation about premature ejaculation, sexual confidence, intimacy, and lasting longer. Jeff breaks down the difference between psychological and physiological causes of PE, how anxiety can affect sexual performance, and why premature ejaculation and erectile dysfunction can sometimes overlap. They also discuss practical tools for improving sexual endurance, including edging, pelvic floor exercises, communication, and delay sprays. The conversation goes beyond performance and focuses on what matters most: mutual pleasure, connection, confidence, and better communication between partners. In This Episode: What causes premature ejaculation How PE can affect confidence and intimacy The connection between premature ejaculation and erectile dysfunction How anxiety can contribute to sexual performance concerns Edging and recognizing the point of no return Pelvic floor exercises and sexual endurance Delay sprays and how they work Why communication is essential for better sex Moving beyond sexual performance pressure and ego The importance of focusing on mutual pleasure Emerging trends in men's sexual wellness How to approach sexual health without shame Connect with Jeff  Promescent: https://www.promescent.com/pleaseme15 for 15% off your Promescent purchase.  Connect with Eve: Reach out for questions, partnerships, retreats, speaking engagements, or collaborations. Boudoir posters of Eve are also available by request, with donations starting at $150. Only five signed copies of each image will be available.  Contact - Please Me!  Explore the Sexual Longevity Protocol:  https://pleaseme.online/the-sexual-longevity-protocol/ A science-based course by Eve, a Sexual Health Physical Therapist to help you improve sexual function, confidence, and pleasure for life. Lifetime access for just $47. Affiliate Deals & Partners: • Join the Please Me! Media Newsletter:(1) Eve Hall | Substack  • Become a Patreon of Please Me! Media: https://www.patreon.com/PleaseMePodcast • Parlor Games Bioidentical Hormones: Parlor Games | Shop  • Shameless Care: Sex Positive Healthcare: (Code: PLEASEME): STD Testing, STD Prevention, and ED Meds - Shameless Care  • Become a member for free monthly webinars (Code: PLEASEME): SDC Swingers Lifestyle: Seek, Discover, Connect | SDC.com  • Lady Pump: Lady Pump – TheLadyPump  • Penis Pump: Auto GRO Pump - Dr. Joel Kaplan  • Cakes Nipple Covers: (Code: CAKES-PLEASEME 10% off) Sticky Starter Pack | Our Best Sticky Offer, $33 Savings – CAKES body  Thank you for supporting my affiliate partners. Every purchase helps support Please Me! Media's mission. The Mom Economy Anthology Book is A USA Bestseller: I'm proud to be part of this collaboration. My chapter is deeply personal and shares what I most want my daughters—and the next generation of women—to know.  Purchase the Kindle version, hard cover of paperback here:  https://a.co/d/01HpPGN2  The Mom Economy Magazine:  Check out my featured article of this magazine for only $2.99 here:  The Mom Economy Magazine | July 2026 Edition | She Rises Studios  Be a Guest On Please Me! A Sexuality Podcast: https://www.joinpodmatch.com/beaguestonpleaseme

In this episode of the WGI Unleashed Podcast, hosts Dan and Katie head over to our Austin office to sit down with Robby Vogel, PE, Director of Structural Engineering in our Buildings group! Robby has been selling since he was 13. Back then he'd call customers at his dad's mechanic shop to tell them their car was ready, then offer to detail it if they could wait a few more hours. The pitch has gotten bigger since, and so have the stakes, but one pattern has held for his whole career. Almost every door he walked through opened because he knew somebody, or somebody knew his mom.  Seguin, Texas: Home of the Fighting Matadors  Robby grew up in Seguin, a small town between San Antonio and Austin that sits on the Guadalupe River and takes its name from Texas Revolution hero Juan Seguín. In a town where everybody knew everybody, he couldn't get away with much, although he jokes that going to school with the district attorney's daughter and the judge's sons certainly didn't hurt. The building bug showed up early in Legos, Lincoln Logs, and a lot of sketching. It grew in high school, where he took three drafting classes from a retired architect, and on visits to his mom's office, where he watched the engineers at a tractor-products company trade their drafting boards for AutoCAD. By his own account, the cool factor had him hooked. Architecture was the original plan, but the University of Texas's architecture school turned him down. A friend's dad, an architect himself, had already suggested engineering, since Robby was tutoring his daughter in math at the time. Robby had listed architectural engineering as his fallback, and he got into a program he'll tell you was ranked number one in the world at the time. As Plan Bs go, it worked out pretty well.... The Long Road to Structural  Austin didn't have many big firms offering internships back then, and the firms in Dallas and Houston were barely paying interns, so Robby spent his summers bartending and working at a pharmacy. None of it taught him engineering, but it did teach him how to read people and how to give someone the benefit of the doubt on a bad day, and he considers that part of the job now. His first job out of school was with a general contractor in Dallas. On his first day there, he mentioned to the CEO that he'd done a little research and learned that the CEO's wife and Robby's mom had gone to school together in Seguin. The CEO went and called his wife on the spot. The GC side taught Robby how buildings actually go together. Eventually, though, an engineer his mom worked with asked him why he'd gone to school in the first place. The honest answer was that he wanted to be a professional engineer, so he went job hunting with no design experience and made one firm a pitch. They could hire him now and mentor him their way, or they could pay a lot more for him later, once he'd figured it out somewhere else. The firm took the deal, and even with the pay cut, Robby was soon designing roughly two Home Depots a week. When the market crashed in 2008, Robby was laid off a week before his wedding. A connection from his bartending days led him to Page Southerland Page in Dallas, where he worked on federal and healthcare projects. He wanted to lead a team, though, so when a friend recruited him to run structural at a smaller education-focused firm in Plano, he took it. He spent the next decade there designing everything bond dollars could buy, from classroom additions to stadiums and natatoriums, and the firm eventually became part of Stantec.  A Well-Timed Phone Call What Robby wanted next was real ownership, a seat where he could help shape where a company was headed. On the very day he decided to start looking, WGI's Talent Acquisition Specialist called him about a market leader role in Dallas. He told her he couldn't make that work from Austin and asked her to let him know if a director position ever opened up, and a week later she was calling back. One of his first conversations was with Shad, the Buildings director at the time, and the two quickly realized that Robby is living Shad's life about ten years behind. They're both UT architectural engineering grads who married UT communications grads, and both are raising two daughters. The only thing missing, Robby says, is that he never played football. The Work: Revit, Responsibility, and a Little Spark  When Shad pitched the role, he described an experienced structural team that did great work and just needed a spark, and Robby has treated that as his job description ever since. He's responsible for the team's financial health and growth. Sales run through him, and so does holding the team accountable, himself included. A few months after he started, someone on the civil team asked him what exactly he did. Robby explained that structural decisions ultimately land on him, and the reply was, "Oh, so you're somebody important." He'd rather you didn't put it that way. He still gets into Revit and runs calcs himself, which occasionally gets him in trouble, because, as he puts it, "I will never ask anybody to do something I won't do myself." He's also the one who brought WGI's first education projects to Texas. When Dave and Greg recognized that during a company town hall, his daughters happened to be listening at home and turned to ask him, "Did they just say your name?" Life Outside the Office  With two daughters, ages 11 and 9, who dance and swim competitively, Robby calls himself a professional fan, the kind who supports from the stands and leaves the coaching to someone else. He also keeps a whiskey collection that has become more of a trophy case than a bar. His brother-in-law knows the house rule: any bottle on the countertop is fair game. Robby knows exactly which bottle he's leaving out when he hears the brother-in-law is coming over. His hidden talent is getting stains out of clothes. He handles all the laundry at home, by his own account because he's good at it. That streak goes back to his car-detailing days, when he spent summers washing his mom's coworkers' cars in the driveway for about $100 a day.... Tune In Robby closed the episode with an open invitation. Anyone questioning whether they picked the right path into engineering or architecture should reach out, because he's been there and would love to talk it through. It's a fitting offer from someone whose own career was shaped by the people who picked up the phone for him. Stick around for two truths and a lie, too, where Dan and Katie's losing streak continues. Tune into this episode of WGI Unleashed on your favorite podcast platform, and stay tuned for more conversations with the people, projects, and culture that define WGI! Visit your favorite podcast app now and subscribe to WGI Unleashed to receive alerts every time a new episode drops – You can find us on Spotify, Apple Podcasts, iHeart Radio, or wherever you find your favorite podcasts.

What makes a day of the week your favorite? Swimming with Dad? Shabbat dinner? Chinese class? Fútbol with cousins? Grandma Day? What about trash day? In Our Favorite Day of the Week, ordinary routines become extraordinary windows into friendship, family, culture, and the joyful ways children see the world.About This EpisodeIn Episode 208 of the Adventures in Learning podcast, Dr. Diane welcomes author Ashley Franklin and illustrator Rahele Jomepour Bell for their very first conversation together. We celebrate their new picture book, Our Favorite Day of the Week, a warm and joyful follow-up to Our Favorite Day of the Year.Musa and his friends each have a favorite day—not because of a generic calendar rhyme, but because that day holds something meaningful: a family tradition, a beloved person, a community ritual, or a moment that makes a child feel fully seen. As the friends share their stories, young readers are invited to recognize that our routines may be different, but connection, belonging, and joy are things we all understand.Ashley and Rahele take us behind the scenes of their creative process, talk about the importance of honoring children's complex identities, and reflect on the power of picture books to offer both windows into other lives and mirrors in which children can recognize themselves. Our Favorite Day of the Week will be released on September 29, 2026. In This EpisodeWhy Our Favorite Day of the Week belongs on classroom, library, and family bookshelves.How seven children's favorite days become a celebration of family routines, culture, friendship, and community.The creative collaboration behind a picture book, especially when the author and illustrator have not met during the process.How Ashley Franklin approaches layered, authentic child characters and complex identities.How Rahele Jomepour Bell's Persian and Iranian cultural influences, architectural memories, and love of detail shape her visual storytelling.Classroom possibilities: favorite-day graphs, personal narrative writing, family interviews, calendar exploration, and empathy-building community conversations.Sources of hope: children, creativity, and the stories young readers are eager to discover.Chapters00:00 Welcome: A picture book for every classroom bookshelf01:13 Ashley Franklin and Rahele Jomepour Bell meet for the first time01:41 Creating a sequel and finding the story's voice02:41 Seven favorite days, seven joyful perspectives05:10 Classroom connections: identity, graphing, stories, and empathy06:04 Cultural representation and the details that make stories feel true08:47 Windows, mirrors, and everyday joy in picture books10:10 Rahele's artistic inspiration: Persian culture, architecture, and memory12:00 Ashley on complex identities and writing children who feel seen15:31 Finding the path to children's books20:06 What's next: Our Favorite Time of Day and new projects21:12 What is currently bringing Ashley and Rahele hope?Book & Creator LinksFeatured Book: Our Favorite Day of the Week by Ashley Franklin, illustrated by Rahele Jomepour BellMeet the Creators: Ashley Franklin and Rahele Jomepour BellMore Books MentionedNot Quite Snow White by Ashley Franklin, illustrated by Ebony GlennOur Favorite Day of the Yearby A. E. Ali, illustrated by Rahele Jomepour BellLast Stop on Market Street by Matt de la Peña, illustrated by Christian RobinsonWe All Play by Julie FlettYou Matter by Christian RobinsonClassroom ConnectionsAfter reading Our Favorite Day of the Week  invite children to explore the stories and people behind their own favorite days.Favorite-day graph: Ask students to choose their favorite day of the week, graph the results, and notice similarities and differences in the class community.Personal narrative writing: Invite each child to complete the prompt, “My favorite day is _ because _.”Family and community interviews: Encourage children to ask a family member or trusted adult about their favorite day and the tradition, person, food, activity, or memory that makes it special.Calendar and culture study: Explore how calendars, weekly rhythms, faith traditions, family schedules, and community routines can shape our experiences of time.Windows and mirrors discussion: Ask, “Which part of this story felt like a mirror for you? Which part gave you a window into someone else's life?”Support the showShare this episodeIf this conversation sparked wonder, gave you a helpful strategy, or offered a needed reminder of hope, please share it with a friend or colleague.Subscribe • Download • Review • Tell a friendStay updated with our latest episodes and follow us on Instagram, LinkedIn, and the Adventures in Learning website. Don't forget to subscribe on Apple Podcasts, Spotify, or wherever you get your podcasts! *Disclosure: I am a Bookshop.org. affiliate.

Pe invitatul de astăzi mi-l doream aici demult, pentru că am nevoie de cineva care să separe zgomotul de semnal într-o lume în care toată lumea vorbește și nimeni nu se aude. Lucian Croitoru este economist, consilier de politică monetară la BNR și singurul om din istoria recentă care a intrat în Parlament ca premier desemnat și a răspuns la întrebarea „ce căutați aici?” cu o poezie de Lucian Blaga. A picat atunci cu 189 de voturi. În iunie 2026, Adrian Veștea a picat cu exact același număr. Am stat de vorbă trei ore și patruzeci de minute, record absolut la podcastul ăsta, și am ieșit de acolo cu un glosar întreg de vorbe colțuroase.Am pornit exact de acolo: se uită cineva la România de azi și pare că nimeni nu mai vrea să conducă. Croitoru zice că nu e vorba doar despre faptul că nu vor puterea, ci că se simt ilegitimi. Toate guvernele tehnocrate din istoria noastră recentă au apărut după o pierdere de legitimitate, nu înainte. Guvernul Isărescu vine la capătul a trei ani de recesiune, când șase politicieni din Convenția Democrată se adună la un restaurant și constată că nu mai au altă soluție. Guvernul Cioloș vine după Colectiv și preia, cuvânt cu cuvânt, programul pe care PSD-ul lui Victor Ponta nu apucase să îl aplice. Tehnocratul e chemat atunci când castana e deja în foc, iar partidul care acceptă rolul plătește oricum nota. IGDLCC înseamnă Informații Gratis despre Lucruri care Costă! Totul ne costă dar mai ales timpul așa că am făcut această serie pentru a mă informa și educa alături de invitați din domeniile mele de interes. Te invit alături de mine în această călătorie. Mi-am propus să mă facă mai informat și mai adaptat la schimbările care vin. Sper să o facă și pentru tine.

1941 PEARL HARBORCONTENTS THE JOHN BATCHELOR SHOW, 9-21-26.Examining Houthi Resilience And Arabian HistoryEdmund Fitton-Brown analyzes the escalating offensive by Houthi forces as they push to control the Yemen highlands. President Trump reportedly halted planned American airstrikes while Houthis targeted Riyadh and threatened key Saudi Arabian infrastructure. Fitton-Brown emphasizes that the Houthis represent a Zaydi revivalist movement with revolutionary ambitions extending from Mecca to Hormuz. Their expansion presents an existential threat to Saudi Arabia, which remains vulnerable due to deep internal divisions among anti-Houthi coalition partners and the withdrawal of Emirati forces. Furthermore, historical precedents highlight North Yemen's longstanding resistance to external domination, while security concerns continue to grow across the entire region. (1)Honoring Pearl Harbor Hero Doris MillerTom Modly discusses his decision as Acting Secretary of the Navy to name a Gerald R. Ford-class supercarrier after Doris Miller, a Pearl Harbor hero. During the 1941 attack, Miller, an untrained African American messman serving in a segregated Navy, heroically operated a machine gun to defend his ship. Awarded the Navy Cross, Miller later died in combat in 1943 aboard the USS Liscome Bay. Modly emphasizes the importance of preserving Miller's enduring example for future sailors. He expresses deep concern over recent rumors suggesting a potential renaming of the vessel by naval authorities in the coming months ahead. (2)Analyzing Public Discontent Within Regime IranJanatyn Sayeh and Edmund Fitton-Brown examine the internal state of Iran amidst ongoing public discontent and economic hardship. Sayeh notes that state-sponsored rallies rely on a small regime support base, often utilizing basic incentives to bus participants into Tehran. Despite severe repression, daily demonstrations persist across multiple societal sectors, including workers, students, and retirees. Severe economic degradation, power grid failures, high unemployment, and inflation continue to fuel widespread resentment against the government. As President Pezeshkian addresses the United Nations, the regime struggles to project control while facing an increasingly alienated and frustrated population across the entire nation. (3)Investigating Rumors Surrounding Xi Jinping's HealthBill Gertz, co-host Gordon Chang: Gertz and Chang discuss intense speculation regarding Chinese leader Xi Jinping's health following unusual behavior at the BRICS summit in New Delhi. Reports indicate Xi grimaced during sessions, missed a major banquet, and prompted rumors of medical treatment at Hospital 301 in Beijing. Chang notes that senior leadership health remains strictly guarded, with periodic disappearances historically used to gauge political loyalty. The uncertainty unfolds shortly before a planned high-stakes summit in Washington between Xi and President Trump. Discussions are expected to cover trade truce extensions, artificial intelligence, rare earth minerals, and ongoing cross-strait tensions regarding Taiwan. (4)Evaluating Economic Challenges Facing Modern ChinaAndrew Collier, co-host Gordon Chang: Collier and Chang evaluate China's economic headwinds ahead of an upcoming bilateral summit between President Trump and Xi Jinping. Collier highlights China's slowing economy, growing isolationism, exit bans, and severe youth unemployment officially reported above nineteen percent. Describing China as an I-shaped economy where technology dominates while broader consumer sectors struggle, Collier notes that economic recovery faces significant hurdles. Both analysts express skepticism about major breakthroughs from the Trump-Xi meeting. Meanwhile, impending European Union tariff threats against Chinese electric vehicle exports pose a far greater long-term risk to Beijing's primary economic export engine moving forward. (5)Global Conflict Disruption And Geopolitical InstabilityColonel Jeff McCausland analyzes multifaceted geopolitical crises spanning the Middle East and Eastern Europe. In Yemen, expanding Houthi strikes against critical shipping lanes and Saudi oil infrastructure threaten global energy supplies while complicating United States regional security commitments. McCausland also examines internal political turmoil in Israel surrounding Prime Minister Netanyahu ahead of upcoming elections. Regarding the war in Ukraine, he highlights Russian parliamentary elections that solidified Putin's political dominance. He warns that Moscow continues a persistent hybrid warfare campaign against NATO nations while negotiations over Ukrainian sovereignty remain deeply contentious among key global stakeholders. (6)Humanitarian Crisis And Houthi Regional ExpansionBridget Toomey and Edmund Fitton-Brown assess the expanding Houthi offensive in Yemen and its severe humanitarian ramifications. Toomey outlines how Houthi movements toward Taiz and Marib aim to isolate Aden and force Saudi Arabia into political concessions. Over one hundred thousand civilians have been displaced along Yemen's west coast due to ongoing fighting, worsening an already desperate economic crisis. Toomey cautions that American diplomatic strategy regarding the Houthis remains shortsighted, warning that temporary reassurances mask long-term hostile ambitions. She also criticizes Oman's role, arguing it acts as a Houthi enabler rather than a neutral negotiator in regional peace talks. (7)rForeign Influence And Syrian Military RearmamentAhmad Sharawi and Edmund Fitton-Brown discuss the rearming of Syria under President Ahmed al-Sharaafollowing the fall of the Assad regime. Sharawi details how the Syrian military increasingly relies on foreign jihadists, Turkish-backed militias, and integrated veteran fighters to consolidate its armed forces. While Turkey exerts significant command influence, Syria also maintains vital economic and military ties with Russia. Sharawi highlights growing friction between Turkey and Israel, noting Israeli airstrikes against strategic facilities to enforce red lines. The United States continues diplomatic efforts to prevent direct conflict between Turkey and Israel within Syria's complex and volatile post-war environment. (8)Venezuelan Political Transition And Brazilian CorruptionErnesto Araújo and Alejandro Peña Esclusa address political instability in Venezuela and judicial corruption in Brazil. Peña Esclusa criticizes the illegitimate interim presidency of Delcy Rodríguez and opposes transferring Venezuelan gold reserves from London to New York without democratic oversight. He emphasizes that opposition leader María Corina Machado faces grave danger if she returns home, urging a clear election timeline for a transparent transition. Meanwhile, Araújo details major corruption scandals surrounding Brazilian Supreme Court Justice Alexandre de Moraes. Both guests reflect on historical colonial legacies affecting Latin American sovereignty and broader Western Hemisphere diplomatic alignment. (9)

1876 BOLIVSR IN CARACASVenezuelan Political Transition And Brazilian CorruptionErnesto Araújo and Alejandro Peña Esclusa address political instability in Venezuela and judicial corruption in Brazil. Peña Esclusa criticizes the illegitimate interim presidency of Delcy Rodríguez and opposes transferring Venezuelan gold reserves from London to New York without democratic oversight. He emphasizes that opposition leader María Corina Machado faces grave danger if she returns home, urging a clear election timeline for a transparent transition. Meanwhile, Araújo details major corruption scandals surrounding Brazilian Supreme Court Justice Alexandre de Moraes. Both guests reflect on historical colonial legacies affecting Latin American sovereignty and broader Western Hemisphere diplomatic alignment. (9)

Russia just held its State Duma elections. United Russia walked away with 355 of 450 seats, the largest faction in its history, on a result the Kremlin's own planners had reportedly tried to talk down to 45%. So how do you get 58%?You spend 120 years perfecting the method.ACT 1: THE ALGORITHMBloody Sunday, the October Manifesto, and the Tsar's four Dumas. How Stolypin broke his own constitution in 1907 and invented the core trick of Russian managed democracy: you don't fear the ballot box if you control the calculator. And the Grand Duchy of Finland, where, under the same Tsar, women got the vote and a seat in parliament.ACT 2: THE RITUALSoviet elections, told by the people who lived them. A Pioneer honor guard at the ballot box. A first-time voter in 1982 Riga waiting for a flower that never came. A PE teacher turned into "Citizen Linaberga" behind a folding table. The portable urn that drove out to your kitchen. The secret booth nobody dared to use, until 1989, when a Politburo member running unopposed lost to a pencil. And 2011's legendary 146%.ACT 3: THE TECHNOLOGYThe 2026 vote itself. The electronic black box two ministries can't agree the size of. Round-number turnout "shelves." The CEC announcing "only two" stuffing cases while voiding 36,850 ballots. Observers thrown out for "walking around too much." A green apple confiscated by police. Liberal exiles and pro-war nationalists landing on the same tactic. And the Z-patriots holding a wake for the supermajority they got.Special thanks to our family members who shared their memories of Soviet-era voting in Latvia and Belarus. This episode is built on their testimony. Happy birthday, Toms!Car4Ukraine Eastern Border Autumn Harvest Campaign!https://car4ukraine.com/campaigns/autumn-harvest-2026-the-eastern-borderBecome our patron:https://www.patreon.com/theeasternborderMerch store + another option for memberships:https://theeasternborder-shop.fourthwall.com/Follow what's going on here in the very border of Eastern Europe:https://bsky.app/profile/theeasternborder.lvDownload all episodes for free on our website; pictures accompanying certain episodes can be found there as well!http://theeasternborder.lv/Support this show http://supporter.acast.com/theeasternborder. Hosted on Acast. See acast.com/privacy for more information.

How do you get into investment banking in London with no finance background, no connections and no spring week conversion? Praneel grew up in Uganda with no exposure to finance. In this episode he breaks down the numbers that got him an off-cycle M&A offer at a London boutique — 15 cold emails a day for two months, 60+ calls — why Point72 cut him in the final round, and the one question he now asks every interviewer.

What does it look like to "plant seeds" so aggressively that serendipity starts looking like a strategy? This week on Parker Gals, Cass sits down with Jessica Patton to trace her path from Detroit to Howard University to landing a rare straight-out-of-college private equity role in New York. Jessica shares how she eventually landed in an impact-oriented role at Andreessen Horowitz, and what it took to jump off the deep end and start 5th Century Partners — Gmail, an anchor investor, and a one-way ticket to Chicago. Now 15 people strong, 5th Century is a lower middle market PE firm investing in healthcare and business services. Plus: "Sex and the City" as the ultimate palate cleanser, making spaghetti and meatballs from scratch, and a trio of book recommendations that speak to being a woman in private equity.