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In questa seconda puntata dell'ottava stagione del Late Tech Show, Gigi Beltrame approfondisce le grandi trasformazioni del digitale e del business in Italia: dalla formazione manageriale e leadership all'hardware di nuova generazione con Gemini, fino alle strategie di advertising data-driven post-cookie.Un viaggio tra competenze, ecosistemi tecnologici e nuovi modelli decisionali per professionisti e imprese italiane.⏱️ Capitoli & Temi della Puntata:00:00 - Introduzione e panoramica della puntata02:40 - AI, Leadership e Competenze nelle ImpreseIntervista a Emilio Paolucci (Coordinatore Executive Master Business & Technology - Politecnico di Torino). Analizziamo l'adozione dell'intelligenza artificiale nelle aziende italiane, l'evoluzione del middle management, la gestione della complessità e le opportunità per le PMI tra metodo, visione e nuove tecnologie.21:40 - Hardware & AI: la nuova generazione Google PixelIntervista a Giovanni Bergamaschi (Google). Scopriamo come i dispositivi integrano Google Pixel con l'intelligenza artificiale di Gemini (in locale e su cloud), l'elaborazione avanzata di foto e video con Tensor, e l'ecosistema health tra smartwatch e AI agent.39:39 - Il futuro del Digital Advertising e i Modelli PredittiviIntervista a Francesca Grilli (Managing Director & Partner di Cognitive). Come cambia la pubblicità online con il superamento dei cookie: digital advertising cookieless e modelli predittivi in Italia, targeting data-driven, machine learning e agenti vocali AI per la lead conversion.
Send us Fan MailIn Episode 178 of Association Transformation, Elisa sits down with Brian Weiss (SVP of Society Programs at the American Chemical Society, with PMI, RMA, AMA, and NCMA behind him) for the globalization conversation most associations skip straight past. A few of the highlights:
「そうだったのかブロックチェーン」Ep.17 このポッドキャスト番組では、日銀・金融庁で銀行監督の経歴をもち、現在は周南公立大学情報科学部でブロックチェーンについて教鞭を執る内田善彦と、グルメアプリのファウンダーとして、Web2サービスにブロックチェーンを掛け合わせ、Web3事業を構築したキャリアを持つ酒井勇也、そしてクリプト専門メディア「あたらしい経済」副編集長の大津賀新也の3人が、ブロックチェーンについて今知っておくべきことを紹介します。 第17回となる今回は、前回に続き、第2部「既存金融×ブロックチェーン」として、ステーブルコインに続く論点「DeFi（分散型金融）」を取り上げました。 DeFiを「ミドルマン（仲介者）のいないマーケットプレイス」と定義。ユニスワップ（Uniswap）の流動性プール（X×Y＝K）が、従来の取引板に代わる仕組みとして、流動性の評価を観測ではなくルールでつくり、価格に織り込む革新的な発想だったことを確認しました。さらに、カーブ（Curve）がステーブルコイン同士の交換に特化した点や、CRVのロック期間に応じて付与されるveトークンなどの仕組みを振り返りました。 そのうえで、価格付けの土台となる「無リスク金利」が、そもそもクリプトの世界に存在するのかを問い、DeFiで提示される10〜15％のAPRがどこから来るのかを掘り下げました。ネットワークへの貢献に対するPoSでのステーキングと、価値創造を伴わず、独自トークンの流通量を減らして売り圧を抑える「謎ステーキング」を対置。リスクの説明が曖昧なまま、リターンだけが明快な商品には注意が必要だと整理しました。 金融は本来、価値を生み出す可能性のある相手への「融通」であって、「ギャンブルではない」という視点から、DeFiへの期待と現状のズレを問いかけました。 次回、第18回は9月22日に配信予定です。パーペチュアル（無期限先物取引）を起点に、株式のトークン化や予測市場などについても掘り下げていきます。 【出演者】 ・内田善彦 1994～2023年日本銀行。金融研究所・企画役、金融機構局・企画役（グループ長）等。金融機関のリスク管理・経営管理に関して様々な角度から考察を加える。この間、金融庁、大阪大学、東京大学でも勤務。2023年6月〜11月株式会社クエストリー取締役、2024年4月〜12月カシェイ取締役として、web3スタートアップに経営者として参画。現在は、周南公立大学情報科学部教授（2023年6月から）として教鞭を執る傍ら、株式会社サイバーリンクス社外取締役（2024年3月から）としてデジタルIDや電子署名関連のビジネス等を推進するほか、株式会社ゆいづむ代表取締役（2025年10月から）としてブロックチェーン活用に関連するコンサルティングを行う。 Xアカウント：x.com/uchida_tomato ・酒井勇也 学生時代に株式会社SARAHを共同創業。日本最大級のメニュー特化型グルメアプリ「SARAH」に加え、大手食品メーカー向けの外食ビッグデータサービス「FoodDataBank」を構築した。COOとして累計10億円の資金調達やM&A、PMIを主導。2019年より、SARAHのWeb3化を主導。食・ヘルスケアのデータ管理に特化したレイヤー1独自ブロックチェーン「ONIGIRI Chain」の開発や、トークンエコノミーを構築した。2025年の代表取締役退任を経て独立。現在は、実需を伴うブロックチェーン活用やWeb3事業の社会実装に特化したコンサルティングを展開している。 Xアカウント：x.com/skyuya03 聞き手：あたらしい経済 副編集長 大津賀 新也 そうだったのかブロックチェーン公式Xはこちら：x.com/soublock そうだったのかブロックチェーン公式サイト：https://soublock.com/
Send us a question/idea/opinion direct via text message!The latest suburb-level data confirms that the housing market's gentle downward drift is highly widespread, with approximately 79% of house suburbs and 74% of townhouse suburbs recording value drops over the three months to September.This week on the New Zealand Property Market Podcast, Head of Research Nick Goodall and Chief Economist Kelvin Davidson discuss Cotality's newly released Mapping the Market interactive data. They outline the sharp geographical splits - where Auckland and Wellington suburbs sit firmly at the bottom of the pile, while farming-backed hubs in Canterbury, Southland, and Otago continue to show structural resilience.The team also looks ahead to Thursday's highly anticipated Q2 GDP release. With the Performance of Manufacturing Index (PMI) marking its 14th consecutive month above neutral expansion and the services sector (PSI) edging back into growth at 51.2, the guys discuss whether a surprisingly resilient economy gives the RBNZ a green light to hike the OCR again sooner rather than later.This week we discuss:Mapping the Market Suburb Release: Why nearly 80% of suburbs saw declines, and how to use the interactive map to compare townhouses versus standalone homes.The Regional Agrarian Shield: Why farming economies are keeping southern suburbs buoyant while services-heavy Auckland and Wellington softenEconomic Green Shoots: Analyzing the 14th consecutive month of PMI expansion (+50.0) and the PSI's return to positive territory at 51.2.Q2 GDP Preview: Why major bank forecasts of a +0.1% to +0.3% lift show the economy is weathering geopolitical headwinds better than expected.OCR October vs. December: Will a resilient GDP track encourage the RBNZ to implement a pre-election rate hike on October 28?
In this podcast, Ricardo explores what makes people irreplaceable in an age of artificial intelligence. Rather than asking which tasks AI cannot perform, he suggests asking what AI does not have: desire, responsibility, and something at stake. AI can analyze risks, prepare schedules, summarize contracts, and recommend decisions, but it does not care whether a project succeeds or fails. People give projects purpose because they want outcomes and accept responsibility for the consequences. Drawing on his humanitarian work at the UN, Ricardo explains that legitimate decisions require someone willing to face the affected community afterward. He concludes that professionals become difficult to replace when they care, question incorrect recommendations, defend outcomes, and put their names and reputations behind those choices. Listen to the podcast to learn more!
Neste podcast, Ricardo explora o que torna as pessoas insubstituíveis na era da inteligência artificial. Em vez de perguntar quais tarefas a IA não consegue realizar, ele sugere questionar o que a IA não possui: desejo, responsabilidade e algo em jogo. A IA pode analisar riscos, elaborar cronogramas, resumir contratos e recomendar decisões, mas não se importa se um projeto terá sucesso ou fracassará. As pessoas conferem propósito aos projetos porque desejam resultados e assumem a responsabilidade pelas consequências. Com base em sua experiência humanitária na ONU, Ricardo explica que decisões legítimas exigem alguém disposto a enfrentar a comunidade afetada posteriormente. Ele conclui que os profissionais se tornam difíceis de substituir quando se importam, questionam recomendações incorretas, defendem resultados e assumem a responsabilidade por essas escolhas, colocando nelas seus nomes e reputações. Ouça o podcast para saber mais!
If improvement is everyone's responsibility, why does problem solving so often end up belonging to a select few?Consultant Niall Coney explores what stops people taking ownership of improvement, including barriers within systems, measures and management habits that often go unseen. Drawing on first-hand experience, he shares how organisations can create the conditions for problem solving to spread, so that spotting issues, taking action and driving change become part of everyday work.More resources:AI For Smarter Problem SolvingLean Thinking is About Abnormailty at a GlanceGoing to Gemba More from PMI:Dive into our Knowledge Hub for more tools, videos, and infographicsJoin us for a PMI LIVE WebinarFollow us on LinkedInTake your improvement career to the next level with PMI's Lean Six Sigma Certifications - now available in two new and accessible formats, built around you. Explore On Demand >>Explore Distance Learning >>
「そうだったのかブロックチェーン」Ep.16 このポッドキャスト番組では、日銀・金融庁で銀行監督の経歴をもち、現在は周南公立大学情報科学部でブロックチェーンについて教鞭を執る内田善彦と、グルメアプリのファウンダーとして、Web2サービスにブロックチェーンを掛け合わせ、Web3事業を構築したキャリアを持つ酒井勇也、そしてクリプト専門メディア「あたらしい経済」副編集長の大津賀新也の3人が、ブロックチェーンについて今知っておくべきことを紹介します。 第16回となる今回は、前回の「ステーブルコイン編」の延長戦として、既存金融の前提とWeb3業界が掲げる理想との「ズレ」を軸に議論しました。 まず、既存金融の基本を、最終決済手段が法定通貨であること、銀行の信用創造を軸とした経済システムであること、倒産に関する制度が整備され、貸し倒れの可能性を前提として与信が成り立つことの3点に整理しました。 これに対し、Web3業界の理想として、通貨発行権限の民主化、銀行を必須としない分散型システム、過剰担保と「Code is Law」を前提とした自己責任を対置。KYCやプライバシーをめぐり、両者の議論がすれ違う構造を確認しました。 そのうえで、ステーブルコインを既存金融で使うなら、所有権の移転と与信を実務で回すための既存制度に乗るほかなく、「いいとこ取り」は難しいことを指摘。また、銀行にとってはステーブルコインよりトークン化預金の方が筋がよいことや、BIS（国際決済銀行）やIMF（国際通貨基金）などで、決済手段に求められる「単一性・弾力性・完全性」の観点から、ステーブルコインを未成熟とする議論があることにも触れました。 最後に、米国がステーブルコインを推進する一方でCBDC（中央銀行デジタル通貨）を禁じる背景にある、通貨発行をめぐる思惑にも踏み込みました。 さらに「オンチェーンファイナンス」について、既存金融の何をどこまで変えるのかという計画が見えず、議論の土台となる情報が十分に示されていないと問題提起。むしろ金融以外の領域の方がブロックチェーンを生かせるのではないか、という視点で締めくくりました。 なお第13回から第18回では、既存金融の基礎からブロックチェーンとの接合の可能性に迫ります。 次回、第17回目は2026年9月15日に配信予定です。今回までのステーブルコインの議論を踏まえ、DeFi（分散型金融）をテーマに、ステーブルコインとの関係やその可能性について解説します。 【出演者】 ・内田善彦 1994～2023年日本銀行。金融研究所・企画役、金融機構局・企画役（グループ長）等。金融機関のリスク管理・経営管理に関して様々な角度から考察を加える。この間、金融庁、大阪大学、東京大学でも勤務。2023年6月〜11月株式会社クエストリー取締役、2024年4月〜12月カシェイ取締役として、web3スタートアップに経営者として参画。現在は、周南公立大学情報科学部教授（2023年6月から）として教鞭を執る傍ら、株式会社サイバーリンクス社外取締役（2024年3月から）としてデジタルIDや電子署名関連のビジネス等を推進するほか、株式会社ゆいづむ代表取締役（2025年10月から）としてブロックチェーン活用に関連するコンサルティングを行う。 Xアカウント：x.com/uchida_tomato ・酒井勇也 学生時代に株式会社SARAHを共同創業。日本最大級のメニュー特化型グルメアプリ「SARAH」に加え、大手食品メーカー向けの外食ビッグデータサービス「FoodDataBank」を構築した。COOとして累計10億円の資金調達やM&A、PMIを主導。2019年より、SARAHのWeb3化を主導。食・ヘルスケアのデータ管理に特化したレイヤー1独自ブロックチェーン「ONIGIRI Chain」の開発や、トークンエコノミーを構築した。2025年の代表取締役退任を経て独立。現在は、実需を伴うブロックチェーン活用やWeb3事業の社会実装に特化したコンサルティングを展開している。 Xアカウント：x.com/skyuya03 聞き手：あたらしい経済 副編集長 大津賀 新也 そうだったのかブロックチェーン公式Xはこちら：x.com/soublock そうだったのかブロックチェーン公式サイト：https://soublock.com/
Economia, diesel, eleições e agronegócio estão no centro deste episódio do Dedo no Pulso. Analisamos o cenário econômico brasileiro, a formação dos preços do diesel, os impactos das decisões políticas sobre a Petrobras e os possíveis reflexos no pós-eleição. Também discutimos commodities, clima na Índia e os efeitos sobre o mercado agrícola. ➡
In this episode, Ricardo warns that artificial intelligence is often approved as a project cost, but after implementation, it becomes an ongoing operational expense. Unlike traditional licenses, its cost varies according to consumption: the greater the adoption, the higher the bill. He also highlights frequently ignored expenses such as data preparation, systems integration, human review, price changes, model replacement, and new testing. Ricardo recommends presenting recurring costs per unit, projecting growth scenarios, identifying who will assume the expense after the project ends, and proactively assessing exit costs. For him, advancing with AI is essential, but it requires financial discipline. Without knowing the cost, the responsible party, and the value generated, there is no complete and sustainable business case. Listen to the podcast to learn more!
Neste episódio, Ricardo alerta que a inteligência artificial costuma ser aprovada como custo de projeto, mas, após a implantação, transforma-se em despesa operacional contínua. Diferentemente das licenças tradicionais, seu custo varia conforme o consumo: quanto maior a adoção, maior a fatura. Ele destaca também despesas frequentemente ignoradas, como preparação de dados, integração de sistemas, revisão humana, alterações de preços, substituição de modelos e novos testes. Ricardo recomenda apresentar custos recorrentes por unidade, projetar cenários de crescimento, identificar quem assumirá a despesa após o encerramento do projeto e avaliar antecipadamente os custos de saída. Para ele, avançar com IA é essencial, mas exige disciplina financeira. Sem conhecer custo, responsável e valor gerado, não existe caso de negócio completo e sustentável. Ouça o podcast para saber mais!
Nonostante le continue tensioni legate allo stretto di Hormuz e alla conseguente fiammata inflazionistica, al momento l'economia globale sembra resistere. Nei giorni scorsi l'Istat ha certificato un +0,2% del Pil nel secondo trimestre e una variazione acquisita per il 2026, al netto degli effetti di calendario, allo 0,8%. E oggi L'Istituto Ifo ha rivisto al rialzo le sue previsioni economiche sulle prospettive dell'economia tedesca. Gli economisti prevedono ora per quest'anno una crescita del prodotto interno lordo (Pil) dell'1,4 per cento, ovvero 0,6 punti percentuali in più rispetto alle stime precedenti. "Si intravedono segnali positivi soprattutto nel settore industriale, duramente colpito dalla crisi", si legge nel documento. Abbastanza incoraggianti anche gli insdici PMI: L'indice Pmi composito dell'Eurozona è rimasto fermo a 52 punti in agosto, contro i 52,1 punti previsti. In calo a 51,6 punti l'indice dei servizi, previsto stabile a 51,7 punti. Positivi quelli tedeschi e italiani, mentre negativi quelli francesi: L'indice Pmi composito scende in Francia oltre le stime a 48,5 punti, L'indice Pmi composito tedesco sale oltre le stime a 51,8 punti L'indice Pmi dei servizi sale oltre le stime in agosto in Italia. Approfondiamo il tema con Lorenzo Codogno, Visiting professor alla London School of Economics. Nvidia acquista la piattaforma di IA open source Hugging Face per 12,9 miliardiNvidia ha raggiunto oggi un accordo per acquistare Hugging Face per 12,9 miliardi di dollari, in una delle operazioni più importanti della sua storia recente e in un passaggio che allarga ulteriormente il raggio d’azione dell’azienda oltre l’hardware. Hugging Face viene considerata la più grande “biblioteca di AI” gratuitamente consultabile al mondo. Si configura come una sorta di “GitHub dell’intelligenza artificiale”: una piattaforma dove sviluppatori, ricercatori e aziende possono pubblicare, scaricare, modificare e utilizzare modelli di AI, oltre a dataset e applicazioni. Ospita oltre 2 milioni di modelli ed è utilizzata da più di 13mila aziende. La sua importanza è cresciuta soprattutto con lo sviluppo dei modelli cosiddetti open weight, come Llama di Meta o DeepSeek, che possono essere scaricati e modificati dagli sviluppatori. La chiusura dell'acquisizione a circa 13 miliardi di dollari fa dell’operazione la seconda più grande nella storia di Nvidia, dietro solo ai circa 20 miliardi spesi per rilevare gran parte di Groq e davanti ai quasi 7 miliardi pagati nel 2019 per Mellanox. Facciamo il punto della situazione con Luca Tremolada, Il Sole 24 Ore. Eni firma contratto in Venezuela, diventa operatore Junin-5. Intanto il petrolio sale ma non schizzaEni e Pdvsa, società di stato venezuelana, hanno firmato il "Contrato de Participación Productiva de Hidrocarburos" relativo allo sviluppo del giacimento di importanti dimensioni (giant field) a olio di Junín 5, situato onshore nella Faja dell'Orinoco, in Venezuela. Il contratto, della durata di 25 anni con possibilità di estensione, attribuisce ad Eni il ruolo di Operatore esclusivo dell'area Junín 5, con piena responsabilità della gestione tecnica, finanziaria e commerciale del campo. Junín 5 è un campo a olio pesante che contiene 35 miliardi di barili in posto certificati. Attualmente produce circa 12 mila barili al giorno (ma si punta a 400mila barili giornalieri entro la fine della decade). Questa svolta industriale per la compagnia italiana si inserisce in un quadro politico e diplomatico radicalmente mutato. Il 1 settembre Venezuela e Stati Uniti hanno firmato un'intesa, con una durata iniziale di 25 anni, per lo sviluppo e la riattivazione operativa di 17 giacimenti petroliferi considerati strategici, con l'obiettivo di portare la produzione nazionale oltre 1,5 milioni di barili al giorno nell'ambito del piano di rilancio dell'industria degli idrocarburi. Si tratta di uno dei principali risultati del nuovo riavvicinamento tra Caracas e Washington sul fronte energetico. La mossa di Trump si inserisce in un quadro in cui si cerca di salvaguardare indipendenza dallo stretto di Hormuz degli Stati Uniti. Nonostante le tensioni globali il prezzo del petrolio continua a mantenersi stabile. Ne parliamo con Sissi Bellomo, Il Sole 24 Ore.
Gold and the Indian rupee are showing signs of renewed strength. What is driving this momentum, and can it continue in the days ahead? Meanwhile, Japan has given India an ‘A-' rating, adding another key development to the economic outlook. How significant is this rating for India, and what does the latest PMI data reveal about the health of the Indian economy? In this episode, we decode the key economic signals, global cues and data points that could shape the next move in the markets.
八月PMI回升，制造业重回扩张！高技术行业领跑，传统周期仍承压。市场信心回暖，但选股难度加大——你跟上这波分化行情了吗？02:00 经济复苏前景下的股市表现：PMI数据的影响大于美国利率走势06:08 中报披露引发高科技行业分化，指数层面的估值明显回落08:12 高科技行业估值消化，指数层面回落，下半年股市走势或分化10:12 何时进行补仓？掌握合理的补仓时机至关重要！
Brian Szytel recaps a down market day driven by heightened Iran-U.S. tensions, higher oil prices (WTI up 5.9% near $90; Brent near $95), and rising interest rates (10-year around 4.79%), with the Dow down 419 points, S&P 500 down 0.7%, and Nasdaq down 1% as long-duration assets weakened. Economic data was slightly below forecasts but still constructive, including 7.2 million job openings and an ISM manufacturing PMI of 54.6 (eighth month above 50). He notes a gap between Fed dot-plot projections and futures-implied rate paths and emphasizes how unreliable rate forecasts can be given policy lags. Addressing questions about foreign Treasury selling (China and Japan), he explains foreign ownership has fluctuated historically and argues the core issue is U.S. deficit spending and rising debt costs, while the dollar's basket weight recently increased to 43%. 00:00 September Market Recap 00:24 Oil Spike and Rates Jump 01:13 Stocks Slide and Rotation 01:45 Economic Data Check 02:23 Fed Dots Versus Futures 03:07 Why Rate Forecasts Miss 04:11 Foreign Treasury Holders 06:06 Dollar Basket and Deficits 06:38 Wrap Up and Q&A Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Susan Spence of the Institute for Supply Management® joins Manufacturing Talk Radio to review the August 2026 Manufacturing ISM® Report On Business®. Discover what the latest Manufacturing PMI® results reveal about demand, production, new orders, employment, inventories, supplier activity, pricing, and the overall health of U.S. manufacturing. This monthly conversation goes beyond the headline PMI number to explain the economic trends affecting manufacturers, supply chains, business leaders, and the broader economy. Follow Manufacturing Talk Radio for expert analysis of the ISM Manufacturing Report every month. Learn more about your ad choices. Visit megaphone.fm/adchoices
「そうだったのかブロックチェーン」Ep.15 このポッドキャスト番組では、日銀・金融庁で銀行監督の経歴をもち、現在は周南公立大学情報科学部でブロックチェーンについて教鞭を執る内田善彦と、グルメアプリのファウンダーとして、Web2サービスにブロックチェーンを掛け合わせ、Web3事業を構築したキャリアを持つ酒井勇也、そしてクリプト専門メディア「あたらしい経済」副編集長の大津賀新也の3人が、ブロックチェーンについて今知っておくべきことを紹介します。 第15回となる今回は、前回に続き第2部「既存金融×ブロックチェーン」として、これまで取り上げた「取引・譲渡」、「与信」に続き、資金決済の道具として使われる「ステーブルコイン」について議論しました。 まず、日本では「ステーブルコイン」自体は法律用語ではなく、法定通貨の価値と連動するものが資金決済法上の「電子決済手段」として整理されていることを確認しました。法定通貨建てで同額での償還が予定される1号と、特定信託受益権に当たり、信託財産によって倒産隔離が図られる3号を中心に、銀行預金や満期・残存期間3か月以内の短期国債といった裏付け資産、その管理方法、破綻時の返還手続きの違いを整理しました。 そのうえで、額面での償還が予定されていても、金利上昇によって保有国債の時価が下落し得ることや、償還時の手数料、JPYCの発行上限が1回100万円である一方、ウォレット間移転には同じ上限が直接かからないことなど、「本当に額面どおり返ってくるのか」という論点を掘り下げました。また、アルゴリズム型ステーブルコイン「テラUSD（UST）」が米ドルとのペッグを失い、関連トークン「LUNA」とともに暴落した例にも触れながら、「ステーブル」は額面どおりの価値が常に保証されることを意味しない点を確認しました。 さらに、収録時点における日本円建てステーブルコインの発行残高が、世界全体の約3,000億ドルのごく一部にすぎないことを確認。クレジットカードの手数料は、加盟店審査や不正時の返金対応などを担う「ミドルマン」のコストでもあることや、低金利の日本では裏付け資産の運用収益が限られ、発行体の収益構造が成り立ちにくいことなどから、日本円ステーブルコインは本当に必要なのかを一歩引いて考えていきました。 なお第13回から第18回では、既存金融の基礎からブロックチェーンとの接合の可能性に迫ります。 次回、第16回目は2026年9月8日に配信予定です。引き続き、ステーブルコインをテーマに、既存金融とWeb3業界の理想の「ズレ」について解説します。 【出演者】 ・内田善彦 1994～2023年日本銀行。金融研究所・企画役、金融機構局・企画役（グループ長）等。金融機関のリスク管理・経営管理に関して様々な角度から考察を加える。この間、金融庁、大阪大学、東京大学でも勤務。2023年6月〜11月株式会社クエストリー取締役、2024年4月〜12月カシェイ取締役として、web3スタートアップに経営者として参画。現在は、周南公立大学情報科学部教授（2023年6月から）として教鞭を執る傍ら、株式会社サイバーリンクス社外取締役（2024年3月から）としてデジタルIDや電子署名関連のビジネス等を推進するほか、株式会社ゆいづむ代表取締役（2025年10月から）としてブロックチェーン活用に関連するコンサルティングを行う。 Xアカウント：x.com/uchida_tomato ・酒井勇也 学生時代に株式会社SARAHを共同創業。日本最大級のメニュー特化型グルメアプリ「SARAH」に加え、大手食品メーカー向けの外食ビッグデータサービス「FoodDataBank」を構築した。COOとして累計10億円の資金調達やM&A、PMIを主導。2019年より、SARAHのWeb3化を主導。食・ヘルスケアのデータ管理に特化したレイヤー1独自ブロックチェーン「ONIGIRI Chain」の開発や、トークンエコノミーを構築した。2025年の代表取締役退任を経て独立。現在は、実需を伴うブロックチェーン活用やWeb3事業の社会実装に特化したコンサルティングを展開している。 Xアカウント：x.com/skyuya03 聞き手：あたらしい経済 副編集長 大津賀 新也 そうだったのかブロックチェーン公式Xはこちら：x.com/soublock そうだったのかブロックチェーン公式サイト：https://soublock.com/
Keith explores how real estate strategies have shifted from the 1980s to today and explains why investors need to adapt deal structures to changing interest rates, lending conditions, and market cycles. He highlights current opportunities in new construction and builder rate buydowns, along with the long-term benefits of fixed-rate debt. Keith is joined by economic futurist and author Richard Vague, who challenges conventional beliefs about inflation and interest rates and explains how government intervention, war, and supply constraints shape asset prices and leverage decisions. Together, they provide a big-picture framework for understanding how today's macro environment affects real estate investing decisions. Episode Page: GetRichEducation.com/621 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. Learn how dramatically real estate has changed from the 1980s through the late 2020s. We'll be sure that your approach is changing with it. Then a great guest and I discuss how war and future calamities will affect mortgage rates, inflation, and your real estate 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 Home Buyers, the largest turnkey company in Memphis with more than 6,000 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 30th. Don't say we didn't tell you. Save your spot at getricheducation.com/midsouth. Speaker 1 1:35 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 1:51 Welcome to GRE from Cambridge, England, to Cambridge, Massachusetts, and across 188 world nations. I'm Keith Weinhold. You're inside Get Rich Education. You could be doing anything with your time. I'm grateful that you choose to listen to me every week. You know, real estate investors sometimes say, "Ah, there aren't any deals anymore. What they usually mean is the deal structure that they learned five years ago stopped working. There are always opportunities in real estate, but your approach changes with interest rates, lending standards, inventory, construction, government policy, and just the overall economic cycle. The best investors don't wait for yesterday's market to return. That's like someone still hoping for Blockbuster Video Store to reopen. They identify what today's market is offering instead. Just consider this historic retrospective on real estate investing from the Reagan administration to today, in 1981, the 30-year mortgage rate peaked above 18.6%. I mean, just imagine proudly telling your friends that you locked in at 17% before rates went higher. That mortgage needed its own defibrillator. By 1984, rates were still near 16%. The strategy then, the approach, was for a buyer to assume the existing owner's lower rate mortgage that they locked in a few years earlier, perhaps in the late 70s, that's how you got a good deal, assuming that existing owners lower-rate mortgage. You can't do that so easily today. Keith Weinhold 3:50 By the late 80s and early 90s, the opportunity shifted from assuming attractive debt to buying distressed properties. The S and L crisis was upon us. Savings and loan failed lenders found themselves holding piles of distressed real estate, so investors bought foreclosures and REOs at discounts. They improved neglected buildings and then they repositioned them for income. You probably know that REO stands for real estate owned on a bank's balance sheet. All REO means is bank-owned property, but that's what you did. You found those, and then you scooped up a deal that way. As the 1990s progressed, interest rates declined, and loans also became really easy to obtain. We were tilting into the loosey-goosey easy lending environment. In the 90s, it was popular to buy an undervalued property, renovate it, raise the rent, and refinance it based on the improved value. That process later got a buzzy acronym and became known as the Burr strategy: buy, rehab, rent, refinance, repeat. By 2005, financing got more creative. This is when I was a new real estate investor. I remember obtaining what were known as 8015 five combo loans. This meant an 80% first mortgage, 15% second mortgage, and 5% down payment. You remember those? If you've been around for a while, you do. And see, this way you could avoid paying PMI, and you could control property with an astounding 20 to one leverage ratio due to that 5% down payment, but soon enough lending just got absolutely too creative and easy. The quiet lending party turned into a boisterous kegger, delivering the 2008 financial. crisis, and pretty soon I could no longer get any loans. From 2009 through the early 2010s, you could buy foreclosures and short sales at enormous discounts if you could find the loan. Keith Weinhold 6:20 Financing was tough, but prices were super low. It might have even made sense to pay cash at that time. Fear was everywhere right after the global financial crisis. I mean, it really took courage to act when others were hiding under the bed. By 2020 and 2021, the opportunity changed from cheap property to cheap money. Mortgage rates dropped below an absurd 3% as a result of the COVID pandemic. You could lock up extraordinarily cheap debt for less than the inflation rate, and then let inflation nibble away at it like Pac-Man. Of course, a lot of us are still benefiting from that today, but that opportunity is long gone now. But it doesn't mean that deals are gone today. Where's the opportunity? One of the best ones is often found in new construction, large build. have got to keep moving their inventory as they build these homes because they have got to keep their crews busy. An unsold house for a builder-I mean-that produces as much income as an unplugged Bitcoin miner. Rather than make conspicuous price reductions, builders use their financial muscle to buy down mortgage rates for you, often in the 5% range or even lower. Keith Weinhold 7:52 Builders might also offer you closing cost assistance, upgraded finishes, or other incentives that a single resale seller just can't match. So from the Reagan administration to today, over 45 years, the winning strategy just keeps morphing. It started out back then as assume the loan, over to buy distress, then to renovate and refi, then it was a creative financing wave, and then cheap debt, and today take the builders buy down. That's where we are. The mistake is deciding in advance what a deal is supposed to look like. The best deal structure changes, and of course, it's going to change again. The investor who keeps fighting the last war is always going to conclude that the opportunity has disappeared, but it hasn't. It's just changed clothing. Still, though, today's new purchases now-they're not as good as the deals that they were five years ago, but the best investors keep investing. They keep adding to their portfolio. It's what they've always done. Absolutely zero winning investors that are successful over time look back and say things like, "I didn't add anything to my portfolio during that 10-year span for this or that reason, the market changes, and you've got to adapt with it. That's a way to think about it. Take solace in knowing a few things. Deal structure changes over time are inevitable. And larger picture, you are investing in a product that is sustainable residential real estate in the form of long-term rentals. These entry-level properties are a scarce asset that people are going to continue to need. I mean, that's what we do here. Just compare. To the fads that we avoid around here, like NFTs, metaverse real estate, which we discussed on the show a few years ago, but said is highly dangerous, eye buying, value add apartment syndications, SPACs, or how about ICO funded altcoins? We don't chase the latest hot thing here at GRE. It is about what's sustainable, necessary, and cannot be easily disrupted by AI, and that's one reason that Get Rich Education is still standing strong after 52 episodes every year for almost 12 years now. Shortly, we're going to bring in a rather esteemed guest today on the future direction of interest rates and inflation. Interestingly, he believes that raising interest rates does not cool inflation, and that's contrary to popular belief. I'm going to press him on this and ask why, but first, our new Fed chair, Kevin Warsh. He's only been on the job a few months now. Keith Weinhold 11:07 He is gaining a reputation for not forecasting what they're going to do ahead of time, like his predecessor had. I guess I tend to like his disposition and the way that he communicates, I sense some pragmatism with Warsh, but gosh, it often seems that a new Fed chair gets off to a well liked start, and then they do something that lots of people criticize. Like, remember in 2004, late Fed Chair Alan Greenspan suggested more borrowers could benefit from adjustable rate mortgages shortly before rates rose and ARM resets became financial landmines. In 2007, Ben Bernanke said that subprime mortgage problems were likely to be contained. Oh, right after that, they helped trigger the global financial crisis, and more recently, the Jerome Powell gaffe, which I'll mention in the interview shortly. Here's what current Fed Chair Warsh says about inflation: Kevin Warsh 12:14 For some households, businesses, and market professionals, five years of high inflation have left a mistaken impression, that's hard to shake, that the Fed's implicit inflation target was somehow above 2% Let me reiterate, there is no soft inflation target. There is no soft implicit target, not on this committee's watch. There's only a target, and it's 2% Keith Weinhold 12:42 It's obvious that he is serious about getting inflation back down to 2% That tends to point toward interest rate increases. Let's discuss that and more with this week's brilliant guest. This week's guest is an economic futurist keynote speaker, and he's quite a popular author. He is chair of the board of the Public School Employees Retirement System. That's the largest public pension fund in Pennsylvania. Previously, the Pennsylvania governor appointed him as the secretary of banking and securities for the Great Commonwealth of Pennsylvania, he's also the founder and president of several various organizations today, and he serves on several boards, including at the University of Pennsylvania and the School District of Philadelphia. I mean, I hardly know how he has time to do it all, but he made time for us today. Hey, it's great to welcome back Richard Vague. Richard Vague 13:45 It's such an honor to be with you. I certainly enjoyed our last session, and it's really wonderful to be back. Keith Weinhold 13:51 Well, and so much has changed since you were last here, Richard. First, why don't we pull back and talk to us about the general state of the national economy today, as you see it. Richard Vague 14:04 ou know the economy was rocking along okay, and you know since you guys are such experts in real estate, I'll tell you one of the most important statistics, in my opinion, is the number of unsold homes, and by all rights, that number should be about 2 million homes. It's only about a million and a half. So there's a deficiency in our housing stock in the United States, which is, yeah, I think good news for the housing industry. It's always good to have a reason to have to grow. You may recall that in 2007, that had gotten up to four millinomes, which was a catastrophe, as we all know. So, it's the economic statistic I looked at first and most closely, and that was, you know, an okay number, and a lot of the things were going along. You know, not fabulous, but not terrible. Things were kind of moving. And all of a sudden now we have the war in Iran, and that's creating all sorts of problems for us, which you know I think you guys are concerned about. So I generally think the economy's been good, but there's a lot of dark clouds on the horizon. Keith Weinhold 15:15 You know, Richard, I was recently sharing something remarkable with our audience. To your point, just since 2020, consider all the calamities that we've had: COVID, Ukraine, Israel, Gaza, tariffs, and the Iran War. Just since 2020, what's the result of all that? Both stocks and residential real estate are near all time highs. Richard Vague 15:42 Yeah, well, you know, one of the things that's true is that this is something I go to in great detail in my book Paradox. But the more debt there is, the higher asset prices go. Keith Weinhold 15:53 Yeah. Richard Vague 15:54 You know, in the case of housing, that broadly helps middle America. In the case of the stock market, the top 10% of the country owns 87% of the stocks, so that tends to go to the wealthiest instead of to the broad population. But yeah, those two things are at highs. Keith Weinhold 16:12 You're touching on your well-received 2023 book, The Paradox of Debt, and you know, Richard, amidst all these calamities and all this potentially unprecedented level of government intervention that we've had-you know-it makes one wonder during the next crisis, which is inevitably going to happen, will the government just step in and provide relief again? And how would that look? Richard Vague 16:38 You know, I think that's one lesson that government has learned indelibly. Way back in 1929, in the couple of years that followed, the government did not step in, and we saw what happened. And I think there's a generation of economists that understand the role of government in a calamity, and you know it's pretty simple. You know the government comes in and crops up financial institutions as they did in 2008, simply by providing the liquidity or buying the bad assets, or the government steps in with relief checks as they did in such a massive way in 2020. But the government has learned that at least to some degree, it needs to intervene. I can't imagine that ever not being true. Keith Weinhold 17:26 Goshmright when you think about 2020s stimulus and how emergency lending facilities were set up, you had the payment protection program, stimulus checks, mortgage loan forbearance. It's just like this government won't let the asset holders fail. Richard Vague 17:46 Well, yeah, you know, there's failure, and then there's something that's hurtful but not quite failure. You know, I can imagine that the government will be able to prevent, in some circumstances, certain asset prices going down some amount, it's actually fairly commonplace for stocks to go down 10 or 20% I can see real estate prices going down as they have in the commercial office space. Yeah, but yes, the government will step in when those things become extreme to prevent a true calamity. Keith Weinhold 18:19 Of course, one consequence of the interventionism is elevated inflation. I know how you've talked before about how the level of inflation is higher than most people think. For example, you'll see today's CPI numbers in the mid threes. Talk to us some more about why inflation is higher than most people think. Richard Vague 18:41 Well, I have studied inflation, you know, fairly diligently, and inflation really relates to the constriction of supply. And if you look over the 250-year history of the United States, we haven't had that many episodes of bad inflation, and they've always related to a constriction of supply. Most of them have occurred during a war when, for obvious reasons, you know, supplies are constricted. The big 1970s episode of inflation was because OPEC, which had so much more power back in those days, acted to you know punish the United States by constricting supplies, and the price of a barrel of oil went from $4 to $40 a barrel. Yeah, between 73 and 79. COVID was another instance where inflation related to constriction of supply. That was you know people couldn't go to the meat factory to cut meat. People couldn't go to the factories to build things, so all of a sudden our supplies were decimated, and we had a short burst of very painful inflation. Well, now we've got the straight of four moves, and that is impacting the price of oil. I think it's going to impact the price of oil more going forward because. Because we've been able to rely on reserves, both the U.S. has been able to rely on reserves, and China has been able to rely on even greater reserves. And you know we haven't seen the brunt of that, but unless something's resolved pretty quickly, I think in the fall and winter we're going to see even more problematic prices there. But we know agricultural prices and even the flow of commodities like wheat are constricted by the constraints in the Strait of Hormuz and, frankly, other waterways as well. Now, one of the things the numbers that you see reported tend to underreport inflation because it looks at a year-over-year number and doesn't really capture it if it's moved up more sharply in the last month or two. So we look at it on a month-by-month. We you know we break it down about as to as many parts as you can break it down into. But PPI, which is kind of a leading indicator on the eventual CPI PPI's producer price index, it was 4.7% this last month. That would suggest to you that things which are in the mid threes now, which is more higher than we want, you know, probably trending over. Maybe not next month, but you know, over the next three to six months, I'm not going to be surprised if the number's more in the four to five range. So, yeah, I think inflation's being somewhat underreported at the moment. Keith Weinhold 21:29 The PPI being that harbinger of consumer prices, often four to six months down the road. And Richard, the last time you were here, when it comes to checking and controlling inflation, you said something so interesting. You said that higher rates, which is typically the response in order to try to quell inflation, higher rates actually do not lower inflation, and you did not get a chance to expand on that because we ran out of time. Tell us more about why higher rates do not reduce inflation. Richard Vague 22:05 Well, I'm going to answer that a couple of ways. One of them is higher rates don't open the Strait of Hormuz. Keith Weinhold 22:12 Right. Richard Vague 22:13 You can put rates as high as you want, and it's not going to open the Strait of Hormuz. Keith Weinhold 22:16 Chairman Warsch doesn't open the Strait. Yes, he doesn't get oil produce nothing. Richard Vague 22:20 Strait of Hormuz. Keith Weinhold 22:21 Yeah. Richard Vague 22:21 And so we can do all we want to on raids, which is a very blunt instrument, and it's not going to address the supply constraints that are geopolitical and war related. So, if you want to curb inflation right now, there's two things to do. One of them's you know end the war with Iran, and the other is to kind of back off a lot of these tariffs that have become so problematic. I think there's a place for tariffs. I think there's certain things China's doing that you know a call for an appropriate level of tariffs. I'm not sure we should be big tariffs on Canada and some of these other places, which have the effect of increasing the cost of our farm equipment and cars and other things like that. So, if you really want to address inflation and address the things that truly underlie inflation, and if the second way I'd answer this is to say, go look at the debt, track the data from you know 1945 or 50. You know, we really look at the post World War II period as the place we really learn things from, and over that period, increased government spending has been accompanied by reduced interest rates and reduced inflation. So, reduced interest rates and reduced inflation have gone hand in hand, and rising interest rates and rising inflation have gone hand in hand, and it's a really easy thing to look at. We've got the data on our site, but there's only been three periods where you've had big shifts in government spending and rates. They're pretty easy to look at, and there's actually empirically an inverse relationship between rising interest rates and it's the opposite of what economists tell you. Keith Weinhold 24:09 I think, in general, economists tell us that when inflation is high, you raise interest rates because consumer spending is about 70% of the economy, and those higher rates therefore incentivize people to be savers because they're getting paid a higher yield, keeping those dollars out of the economy, and they're less incentivized to be borrowers and expand the economy that way. I think in general that's why economists say that higher interest rates reduce inflation. Do you agree with that? Speaker 2 24:40 Well, no, I don't, and the reason I don't is because when you look at the data, that doesn't happen. These are easy things to check, and what I would say to you is that rising interest rates increase costs, and you guys know that better than anybody in the world. Keith Weinhold 24:56 With mortgages. Yeah. Richard Vague 24:58 What do rising interest rates do to? Cost of your mortgage. Keith Weinhold 25:02 Everything increased substantially. Richard Vague 25:03 It has system prices at the grocery store. Well, the grocery stores have to pay our interest for their inventory. So the more intuitive and obvious thing is that rising interest rates increase prices. And by the way, if you and I were to go look at the data right now, which I look at almost daily, that we would see periods of rising interest rates correlate to periods of rising increased costs. Keith Weinhold 25:29 Well, I'm glad you look at history because I often say here at Get Rich Education, if you want to know what's going to happen in the future, it's easy to have a hunch, but it's more important to look at history. Can you talk to us some more about how, over the long term, higher interest rates don't suppress inflation? If that's what you're saying, Richard Vague 25:47 yeah. The greatest rise in inflation, you know, in my lifetime was the late 1970s. Keith Weinhold 25:55 Yeah, Richard Vague 25:56 and for the entire time that interest rates were going up, prices and inflation were going up, and it wasn't until interest rates started coming down that inflation started coming down. So we could look at any number of periods, and if you're going to argue the opposite, you need to go find me some data. Keith Weinhold 26:15 Okay. Well, speaking in more modern times, in the last wave of inflation that we had, the CPI peaked at 9.1% in June of 2022. This is the whole famous Jerome Powell: inflation is only transitory. Oh shoot, no, it's not. I better hike rates. He did, and then inflation came down. Is it as simple as that cause in effect, or did something else make inflation come down post COVID. Richard Vague 26:42 Inflation came down, and it came all the way down in July of 2022. It didn't come down gradually over six, 912, 18 months. You go look at the length monthly inflation. Inflation came all the way down in July of 2022, and stay has stayed down all the intervening period until very recently with the Iran War. July of 2022 was before there was a dramatic increase in interest rates. Keith Weinhold 27:18 Right, Speaker 1 27:19 that's simple. Keith Weinhold 27:21 What caused inflation to come down? Then is it because supply began to arrive on the market again? Richard Vague 27:27 People went back to work, started building things again. Keith Weinhold 27:30 Producing. Richard Vague 27:32 And the problem was folks had not been able to go to the factories and make things, and so we had a you know global supply deficit. Well, the nice thing about that is that you know money incends people to scramble back to work, make things again, and you know once they start doing that, and the Fed actually produces something they call the Global Supply Chain Pressure Index. You can get it on the Fed site. If you look at it, it's supposed to be kind of at zero, and anytime supply chains are disrupted, it shoots up. And any you know, any time the opposite happens, you know there's overcapacity. It goes down, and you can see exactly when supply chains repair is happening. So go look at the. It's called the GSCPI. It's on the Fed side. You'll see that global supply chains had largely started to be dramatically repaired in the spring and summer of 2022, and naturally, supply and demand works. All of a sudden, supply starts showing up, and prices go to hell. Keith Weinhold 28:39 We're talking with economic futurist author and Pennsylvania's governor-appointed former secretary of banking and securities Richard Vague, more when we come back on the affliction of inflation, what this means for real estate investors, and more. This is Get Rich Education. I'm your host Keith Weinhold. What if you got your mortgage loans the same place I get mine. You sure can at Ridge Lending Group NMLS 42056. 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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. Dolph Derues 30:31 This is the king of commercial real estate, Dolph Derues. Listen to Get Rich Education with Keith Weinhold and don't quit your daydream. Keith Weinhold 30:45 Welcome back to Get Rich Education. We're talking with Richard Vague. Richard is the founder and president of so many organizations today. He's the author of several popular economic books. He chairs the board of the Public School employees retirement system. That's the largest public pension fund in Pennsylvania. He's in a lot of places at once, seemingly. Richard, we're talking about inflation before the break. What is the right inflation rate? Richard Vague 31:16 Well, like I said, inflation. If you look at the entire 250-year span of the United States has it been an affliction that has affected us that often? It is political kryptonite. So when it does happen, it steers our consciousness, and it you know certainly affects your industry. But you know, if we look historically, the Fed targets 2% It's not a bad thing to target. We never really have achieved that level for any length of period. I think if you look at it over the past several decades and take out the high inflation periods, it probably has averaged closer to three. So I don't think two to 3% is an inappropriate level, and I kind of suspect it'll be a level that typifies our future once we get past, if and when we get past this more. Keith Weinhold 32:09 Yes, not long ago, I was looking at the history of the CPI or the CPI's equivalent, and over the last 100 years, the rate is about 3.2% and we haven't hit that government-mandated 2% target, which is stated right on the Fed's website. We haven't hit that for any month in about five years now, and this asset inflation, as we know, this disproportionately enriches existing asset owners, and it widens this inequality. Something that's more recently been known as the K-shaped economy, can you talk to us some more about this exacerbating wealth inequality? Richard Vague 32:48 Well, you hit the nail on the head. Something on the order of 80% of all the net wealth held by Americans is in the form of two things: stock and real estate. If you want to talk about wealth, it's those two things, and those two things, probably 60 or 70% of all of those in the U.S. are held by the top 10% I think it's a single-digit number of those that are held by the bottom 50% So you know, if inflation and debt growth push asset prices up over time. It is a mathematical inevitability that the rich get richer faster than those in the middle and at the bottom, and that simply means inequality will increase through time. I believe that's structural. Unless you address that in very some very specific way it will continue. Keith Weinhold 33:43 Inflation affects real estate investors more than it does the average person because we borrow these big pools of money often at 75 to 80% loan to value, and in a sense, although we know it's bad for general society, and we do think about the K-shaped economy. Of course, inflation benefits us because it debases our debt. But even if you're not a real estate investor, even if you just own your own home, you know, Richard, I really think it begs the question: Is a 30-year fixed-rate mortgage one of the best forms of debt ever created for ordinary Americans? Richard Vague 34:22 The 30-year mortgage, which was created, you know, that started on that path in the 1930 s for the very reasons we all know and love, which is getting Americans to own their own home, and has been, you know, a game changer for the country, and truly one of the great things that's been done, and I hope it's something that we continue to defend and preserve. Keith Weinhold 34:46 Well, that brings up leverage and the prudent use of leverage. As real estate investors, we have this benefit of getting all these 30-year fixed-rate loans without the threat of a. Margin call being made. We're not borrowing over in the stock market. When you sign your loan documents, it doesn't say that the bank can call your note due at any time, but one could take it too far. And when it comes to debt, I think that really begs the question: Where does intelligent leverage end, and then dangerous leverage begin. What's the border? Richard Vague 35:25 Well, you guys are experts, and I'm not. But the very simple premise is starts with not overpaying for the property to begin with. It is not an exact science, but generally speaking, I think we can tell when prices are relatively high in a given market and or a given year and relatively low, and you you'd always want to kind of be at least in the middle or somewhat on the low end before you acquire a property. So that's step number one, and then step number two is really just giving yourself a buffer, you know. We saw in the global financial crisis that real estate loans were being made in some cases at 100% of value. Yeah, and frankly, we saw at least some episodes within that folks borrowing over 100% of value, and certainly they were very happy when that happened. But we know there's zero margin for error when you do that, and perhaps even a negative margin for error when you do that. So I would think, you know, you guys know better than me, but you know, I hate to borrow it much more than like 90% of value, maybe 95% if it's a smaller asset and you have a government guarantee, and if you can do it at lower leverage, you know, 70 or 80% of value, that's not a bad thing to consider. I tend to think in the real estate world that you know I've seen many investors, particularly in the commercial space, buy things with lower leverage, 50 or 75% But then, as the asset proves itself, they work with their lender to increase the debt-to-value ratio, you know, and get more money at it over time as it becomes an increasingly proven asset. So they migrate their way from 75% to 95% over time. I think that's a logical path. Keith Weinhold 37:20 That acronym Ninja Loans, which were popular from about 2000 to 2007, that acronym Ninja means no income, no job or assets, and you might still get a loan of 110% of the value of the property. It was profligately irresponsible. Well, Richard, in a moment, I want to ask if you have a resource that our audience can follow along with you if they would like to do so. But before I do that, do you have any last thing that you would like to talk about? Maybe something that I did not ask you, whether it has to do with the general economy or real estate or interest rates or inflations. Is there something else that we should know? Richard Vague 38:00 What I would do is just endorse your podcast. Keith Weinhold 38:04 Thanks. Richard Vague 38:05 You're approaching this in a very intelligent way, and you're very empirical, and I think your listeners are doing themselves a service by continuing to follow what you do. That's a really reasonable, secure, and yet bold path towards creating wealth, then I think you're to be commended. Keith Weinhold 38:27 Oh, I appreciate the endorsement. I'm always blown away at our following, but you have some resources worth following as well. Tell us about that. Richard Vague 38:36 Well, we do. We have a weekly video ourselves that it's about a five-minute video, and you can go to our website, which is tycos.com. So t y c h o s.com, and you know we have data on the site. If you're a real geek, you could go in and you can look at our macroeconomic data. You know, but if you're not, you can sign up for the video, and we come out with what we hope is a short but relevant video once a week talking on some aspect of the economy, and you know we'd love to have folks join that if they're interested. Keith Weinhold 39:10 Well, it's valuable. I suggest you, the listener, check that out. Richard oftentimes turns conventional economics on his head, just like he did with us today, talking about how if there's higher interest rates, that does not necessarily mean lower inflation. Richard, it's been valuable as always. It's been great having you back on the show. Richard Vague 39:30 It's an honor to be with you. Keep up the great work. Keith Weinhold 39:38 In this remote interview, I got a beautiful look over Richard's shoulders there on the screen at Center City, Philadelphia, in the ornate buildings there. I will be in that part of the nation again shortly. Big thanks to Richard Vague. If you're looking him up, it is spelled V-A-G-U-E. We've got a. A lot of terrific content coming up on the show over the next few weeks, including fresh takes on building your wealth that you've never heard before. Until next week, I'm your host Keith Weinhold. Don't quit your daydream. Speaker 3 40:18 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 40:46 The preceding program was brought to you by your home for wealth building. getricheducation.com
In this episode, Ricardo warns about the risk of resuming January's projects at midyear. According to him, the context has changed: budgets, suppliers, technology, markets, regulations, and priorities may now be different. Before following the original plan, he recommends three actions: recalculate the project using current information, assess external changes, and reevaluate the portfolio, prioritizing what truly matters. Ricardo emphasizes that replanning does not represent failure; instead, it shows awareness of the transformations that have occurred. He suggests setting aside two hours, gathering people who understand the project's reality, and asking whether it would still be approved today with the same structure, scope, team, and cost. This reflection reveals whether the project will meet the organization's needs in December. Listen to the podcast to learn more!
Neste episódio, Ricardo alerta para o risco de retomar, no segundo semestre, os projetos planejados em janeiro. Segundo ele, o cenário mudou: orçamento, fornecedores, tecnologia, mercado, regulamentações e prioridades podem ser diferentes. Por isso, antes de seguir o plano original, recomenda três ações: recalcular o projeto com base nas informações atuais, analisar as mudanças externas e reavaliar o portfólio, priorizando o que importa. Ricardo destaca que replanejar não representa fracasso, mas demonstra atenção às transformações ocorridas. Ele sugere reservar duas horas, reunir pessoas que conheçam a realidade do projeto e questionar se ele seria aprovado hoje com o mesmo formato, escopo, equipe e custo. A reflexão permite verificar se o projeto ainda atenderá às necessidades da organização em dezembro. Ouça o podcast para saber mais
Premium This is a preview of our premium episode. Full access is available only to premium subscribers. Click here and learn about the Premium Podcast to access this interview... Play video preview episode | Play audio-only preview episode | Play on YouTube | Play on Spotify Episode Summary Sara Gallagher returns to examine a frustrating reality for project managers: organizations can employ smart, experienced, well-intentioned people and still produce the same bad outcomes again and again. Sara, president of The Persimmon Group and creator of the Big Dumb Questions newsletter, brings more than 15 years of consulting experience to a discussion that starts with artificial intelligence and quickly expands into how organizations make decisions, manage transitions, respond to change, and structure project leadership. She explains how she separates work into simple, complicated, and complex categories when deciding what to give AI, and why simple and selected complicated work offer the most practical opportunities today. From there, Sara and Cornelius examine decision latency and the danger of judging a decision only by its eventual outcome. Sara argues that leaders should focus on whether they made a defensible decision based on the information and criteria available at the time. They also examine project handoffs, where weak preparation can allow value to leak away and risk to increase just as the project reaches a critical transition point.
Things are getting weird – looks like someone is panicking. The Dumber side of finance – let’s dig in. A big week ahead – major earnings could move markets. – Gold, Bitcoin moving on a lower USD. PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env:'production', hosted_button_id:'JJJHP2GDEJC7J', image: { src:'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt:'Donate with PayPal button', title:'PayPal - The safer, easier way to pay online!', } }).render('#donate-button'); Follow John S. Dvorak on X Follow Andrew Horowitz on X Warm-Up - Things are getting weird - looks like someone is panicking - The Dumber side of finance - let's dig in (5 top items) - Cold War and Hot War - Canada, China and Iran - Economic "D" day - no one cares - Saying goodbye to Dolly Parton Markets - Gold, Bitcoin moving on a lower USD - Oil starting to settle - Big Week - NVDA earnings on tap - all eyes! STUPID IS WHAT STUPID DOES - A DHU One-Time Series On The Dumber Side of Finance 1) LOWER BEEF PRICES - Trump plans temporary tariff relief for certain ground-beef imports as U.S. beef prices remain near record highs. - The plan would allow up to 300,000 metric tons of discounted imported ground beef over roughly 90 days. - Supposedly this will reduce the prices for consumers - Ranchers and several farm-state Republicans are pushing back, arguing cheaper imports could hurt domestic producers. ---- Question: Tariff reduction is going to reduce prices for consumers? Didn't someone say that tariffs are paid by the companies and exporting countries??? 2) IRAN SANCTIONS - BIG THREAT, LIMITED IMMEDIATE ACTION - Treasury warned countries doing business with Iran that they could face secondary sanctions, calling it an "economic D-Day." - New sanctions hit about 60 individuals, companies and vessels, but major Chinese financial institutions were not targeted. - China remains the biggest buyer of Iranian oil, making Chinese banks the potential pressure point. - Treasury says sanctions could expand into gold, digital assets, aviation, shipping and other sectors. 3) TREASURY TRIES TO TAME LONG-TERM YIELDS - Treasury will at least double the maximum size of certain long-term bond buybacks to $4 billion per operation. - The announcement briefly knocked nearly 10 basis points off the 30-year Treasury yield. - Critics say this treats the symptom rather than the cause - huge deficits, heavy issuance and persistent inflation risk. ------Bessent had to come out on Friday to say "at least" $4B - as bind yields moved back up -------Maybe there is a concern over the $40TRILLION debt we have amassed as a country? 4) SOMEONE GOT LONG BONDS AT THE RIGHT TIME - TLT took in roughly $529 million of net inflows on August 18, one day before Treasury's surprise bond-buyback announcement. - The next day Bessent doubled planned buybacks of 10- to 30-year Treasurys, immediately pushing long yields lower. - TLT jumped about 1.7% on the announcement. - No public evidence identifies a single buyer - but the timing of the unusually large inflow is certainly worth noting. 5) DOLLAR GETS HIT BY THE BOND RESCUE - The dollar weakened as investors questioned Treasury's expanded bond-buyback strategy. - The concern is that suppressing yields without fixing fiscal problems simply transfers pressure from bonds to the currency. - The 30-year yield has remained elevated despite Treasury intervention. - Bitcoin rallied as investors looked toward alternatives to traditional fiat assets. - PEOPLE: This is NOT Quantitative Easing - Just a move to buy longer dated and issue more short dated WALMART FLASHES A CONSUMER WARNING - Walmart U.S. comparable sales grew just 2.6%, its slowest pace in roughly six years and below expectations. - Shares dropped sharply after the report. - E-commerce remained strong, while store traffic and discretionary spending showed more weakness. - Walmart raised full-year guidance but gave a softer-than-expected third-quarter outlook. - As America's biggest retailer, Walmart's slowdown is an important read on the broader consumer. VENEZUELA HAS OIL - BUT CAN'T SHIP IT FAST ENOUGH - Tankers are waiting as long as 30 days to load Venezuelan crude because of aging ports, outages and equipment failures. - Venezuela has struggled to push exports much higher despite rising production and strong demand. - The Jose terminal handles about 70% of exports and has become a major bottleneck. - Venezuela's ports may impose a physical ceiling on production growth until infrastructure is upgraded. JANE STREET'S $15 BILLION AI HIT - Jane Street reportedly lost about $15 billion in July as AI and technology positions moved sharply against the firm. - A major source of the damage was exposure to concentrated AI trades that were forced to unwind. - Jane Street posted its first negative month of trading revenue since 2016. - As a reminder: this episode highlights how quickly crowded AI trades can overwhelm even sophisticated risk-management systems. LEAVITT LEAVES THE WHITE HOUSE - Karoline Leavitt resigned as White House press secretary after returning from maternity leave. - Trump said she would become a top outside adviser and prominent Republican voice heading into the midterms. - Looking fior a kinder and gentler replacement? HA! probably not OFF THE HIGHS NVDA - 9% off high AMD - 19% off high AVGO - 23% off high MU - 23% off high TSM - 13% off high MRVL - 28% off high INTC - 35% off high NVIDIA - THE MARKET'S NEXT STRESS TEST - Nvidia reports Wednesday - now basically a referendum on the entire AI trade. - Blackwell demand and hyperscaler spending are the key tells. - A strong guide could quickly reset tech sentiment. - A miss would raise the uncomfortable question: how much AI optimism is already priced in? - Revenue expected around $92.1 billion, up roughly 97% year over year. - Adjusted EPS expected around $2.09, nearly double last year. - Data Center revenue expected around $85.7 billion - still the main engine. - Biggest watch items: Blackwell demand, Vera Rubin timing, China sales and hyperscaler capex. - Options imply roughly a 5%-6% move after earnings. - Discussion .... NVIDIA - AI SERVERS GETTING EVEN MORE EXPENSIVE - Major Nvidia customers have reportedly been warned that AI server prices could rise more than 15% beginning early next year. - Higher memory costs are the main driver, affecting Grace Blackwell and upcoming Vera Rubin systems. - Nvidia is effectively passing higher component costs through despite gross margins around 75%. - ALWAYS INTERESTING THESE ANNOUNCEMENTS SO CLOSE TO EARNINGS - HMMMM CANADA-U.S. TRADE FIGHT GETS WORSE - Canada announced retaliatory tariffs on about $20 billion of U.S. goods after Washington imposed new 50% tariffs on Canadian imports. - Canada's tariffs range from 15% to 50% across roughly 700 products and begin September 8. - Canada also announced a C$7.5 billion support package for affected businesses and workers. - Another escalation that could hit autos, manufacturing costs and cross-border supply chains. HOUSING - BUYERS KEEP DISAPPEARING - July new-home sales plunged 10.5% to a 607,000 annual rate, the weakest since January. - Median new-home price fell to $393,800, the lowest in four years. - Mortgage rates are still around 6.8%, keeping affordability under pressure. - Only 5.2% of consumers said they expect to buy a home in the next six months - the sharpest drop in more than five years. JACKSON HOLE - WARSH GETS THE MICROPHONE - Kevin Warsh speaks next week at Jackson Hole. - Markets want to know whether sticky inflation, oil and tariffs are enough to keep the Fed in tightening mode. - Long yields are already doing some of the Fed's work. - One sentence could move bonds, the dollar and stocks. - Friday, August 28 at 10:00 a.m. ET. --- BUT - Didn't Warsh say less communication is more? They can't keep put of the spotlight. PCE - THE FED'S FAVORITE INFLATION READ - "The Fed's preferred gauge/measure of inflation" - July PCE lands next week. - Watch for tariff, energy and goods inflation creeping back into the numbers. - A hot print revives hike fears. - A soft print gives risk assets some breathing room - especially with long yields already elevated. THE CONSUMER VS. THE AI BOOM - MORE EARNINGS COMING - Salesforce, CrowdStrike and Marvell give another read on corporate AI spending. - Dollar General, Dollar Tree, Best Buy and Ulta test the other side of the economy. - The setup is getting interesting: companies are still spending aggressively on AI while consumers look increasingly selective. - If that gap widens, it could become one of the bigger market themes into the fall. AROUND THE WORLD EUROPE - QUIETLY GETTING INTERESTING - European stocks slipped this week, but money has started flowing back into the region. - Euro-zone business activity is growing at its fastest pace this year, while Q2 earnings growth for STOXX 600 companies is running surprisingly strong. - CONCEPT: Europe may be turning into the anti-U.S. trade - less AI concentration, cheaper valuations, but more sensitivity to energy. JAPAN - BETTER DATA, WORSE MARKET - Japan's Nikkei lost about 4% this week even as the economic data improved. - August manufacturing PMI jumped to 55.1, with new orders rising at the fastest pace since 2018. - Semiconductors and AI-related demand are helping drive the factory rebound. - Stronger growth also keeps the BOJ rate-hike discussion alive - good economy, potentially tougher market. BIG PHARMA - CHINA'S WEIGHT-LOSS GOLD RUSH - Lilly, Novo Nordisk and others are aggressively targeting China's obesity market, where obesity rates are projected to top 65% by 2030. - China bans direct prescription-drug advertising, so companies are using subway ads, gyms, influencers and "disease awareness" campaigns instead. - China's GLP-1 market could reach roughly 30 billion yuan over the next 5-7 years. - Interesting regulatory gray area: education campaigns that look a lot like drug advertising without actually naming the drug. Love the Show? Then how about a Donation? PayPal.Donation.Button({ env: 'production', hosted_button_id: 'JJJHP2GDEJC7J', image: { src: 'https://www.paypalobjects.com/en_US/i/btn/btn_donateCC_LG.gif', alt: 'Donate with PayPal button', title: 'PayPal - The safer, easier way to pay online!' } }).render('#donate-button-2'); THE CLOSEST TO THE PIN for SpaceX (SPCX) Winners will be getting great stuff like the new "OFFICIAL" DHUnplugged Shirt! FED AND CRYPTO LIMERICKS See this week's stock picks HERE Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter
Ryan Detrick, Chief Market Strategist at Carson Group, and Sonu Varghese, Chief Macro Strategist at Carson Group, mark episode 202 with "It's All About the Base(ment)," digging into last week's surprise Treasury announcement to double buybacks of long-end bonds after the 30-year yield hit 5.33%, its highest since 2007.Ryan and Sonu explain why this move — an operation-twist-style intervention rather than QE or yield curve control — spooked markets into the "debasement trade," sending gold up 5-6% and Bitcoin up more than 20% on the week while the dollar fell roughly 1%. They break down Stanley Druckenmiller's sharply critical Wall Street Journal op-ed on Bessent's approach, along with pushback from economist Guy Berger, and debate whether today's 10-year yield near 4.7% is simply normalizing back toward 1990s levels or whether nominal GDP growth suggests rates should go even higher.The conversation also covers a blowout Philly Fed manufacturing report and strong flash PMI data pointing to continued economic strength, market breadth and sentiment signals suggesting the bull market remains intact above key S&P 500 support, and a broader look at the $40 trillion national debt in context of rising household net worth. Ryan closes with thoughts on market technicals, portfolio diversifiers, and previews of Jackson Hole and Nvidia earnings coming later in the week.[Key Takeaways]Treasury's move to double long-end bond buybacks starting September 9, following the 30-year yield's spike to 5.33% (highest since 2007), sparked what Ryan and Sonu call the "debasement trade" — a rotation into gold and Bitcoin and out of the dollar.Gold rose 5-6% and Bitcoin surged more than 20% over the week, while the U.S. dollar index fell about 1%, an unusual reaction given that rising yields typically strengthen a currency rather than weaken it.Sonu frames the Treasury action as closer to a 1960s/2011-style "Operation Twist" than true quantitative easing, since it shifts duration without expanding the money supply, but notes it still risks pushing short-term yields and imported inflation higher.Stanley Druckenmiller's Wall Street Journal op-ed argued Treasury's buybacks amount to artificial suppression of the "only fiscal disciplinarian" left in Washington, sparking debate over whether the intervention is as powerful as he suggests.Comparing current nominal GDP growth (~5.5%) to the late 1990s (~5.8%) with today's lower 10-year yield (~4.3% average vs. ~6% then), Sonu argues rates may need to move even higher than current levels to reach true equilibrium.A blowout Philly Fed manufacturing report (47.4, highest since 2021) and strong flash PMI data (56, highest since April 2022) point to renewed industrial strength, largely tied to AI-driven investment.Jump to:0:00 - Welcome And A Playful Title1:22 - The 1,000-Point Dow Day Memory4:01 - Personal Low Moments And Path Dependency7:06 - Treasury Steps In As Yields Surge14:18 - Druckenmiller Critiques Yield Defense20:40 - Operation Twist And A Falling Dollar23:12 - Gold And Bitcoin Jump On Debasement27:54 - Are Rates Simply Back To Normal36:02 - AI Boom Data Signals Real Strength39:20 - Jackson Hole Expectations And Nvidia Setup41:49 - Market Breadth Levels And Investor Sentiment44:10 - The $40 Trillion Debt Context Check49:30 - Portfolio Diversifiers And Final Takeaways53:00 - Closing Thanks And How To SupportConnect with Ryan:• LinkedIn: https://www.linkedin.com/in/ryandetrick/• X: https://x.com/RyanDetrickConnect with Sonu:• LinkedIn: https://www.linkedin.com/in/sonu-varghese-phd/• X: https://x.com/sonusvarghese?lang=enQuestions about the show? We'd love to hear from you! factsvsfeelings@carsongroup.com
Send us Fan MailYour career doesn't stall because you “lack drive.” It stalls because nobody taught you how to run it like a real project. We talk with Tyler Norman, Director of Strategic Supply Chain Programs at Scholastic and a longtime PMI speaker, about turning career growth into a roadmap you can execute instead of a wish you revisit every January. We get into what separates education-only project management from experience-built project management and why internships, volunteering, and getting close to the work matter so much for new PMs. Tyler shares how he uses job descriptions like requirements, then performs gap analysis to identify the skills, certifications, and “component projects” that move him toward the next role. If you've ever wondered which PMI certification to pursue next or how to keep a steady continuous learning rhythm without burning out, you'll get a practical framework you can borrow. The conversation also goes beyond work. Tyler explains the moment he realized he was “killing it” professionally while his personal life was falling apart and how that sparked his most requested talk: managing your career path like a project. We dig into planning as a total human, building swim lanes for family, health, and career, and using seasons to prioritize what matters most right now. We also talk about modern AI tools like Microsoft Copilot, Google Gemini, ChatGPT, and Claude, including how to set your AI up to push back and be objective instead of acting like a cheerleader. If you want a clearer plan, better priorities, and a weekly rhythm that holds up in real life, subscribe to PM Mastery, share this with a PM friend, and leave a review so more people can find the show.Links: Connect with Tyler on LinkedIn: https://www.linkedin.com/in/tyler-norman/Website: https://navigatewithpurpose.comPM-Mastery Links:For a full podcast episode list, visit here: PM-Mastery Podcast Episodes.For a full list of blog posts, go here: PM-Mastery Blog PostsBecome a PURE PM: https://pm-mastery.com/pureCheck out Instructing.com for all your PM course needs: https://www.instructing.com/?ref=bd5e5cGet your free PDU Tracker here: https://pm-mastery.com/resource_links/
「そうだったのかブロックチェーン」Ep.14 このポッドキャスト番組では、日銀・金融庁で銀行監督の経歴をもち、現在は周南公立大学情報科学部でブロックチェーンについて教鞭を執る内田善彦と、グルメアプリのファウンダーとして、Web2サービスにブロックチェーンを掛け合わせ、Web3事業を構築したキャリアを持つ酒井勇也、そしてクリプト専門メディア「あたらしい経済」副編集長の大津賀新也の3人が、ブロックチェーンについて今知っておくべきことを紹介します。 第14回目となる今回は、第2部「既存金融×ブロックチェーン」の第2回として、前回触れた「与信（相手に信用を与えること）」について深く議論しました。 月末払いの給料や掛けによる仕入れ、SaaSの年間契約などを例に、その場、その時で完結しない取引には与信が伴い、現代のビジネスが与信によって成り立っていることを確認。企業は銀行から与信を受けて融資を得、その資金を元手にレバレッジを利かせ、バランスシートや事業を大きくしていきます。一方、融資では返済不能時に相手を特定し、資産を回収できることが重要で、その前提としてKYCによる本人確認だけでなく、支払い能力の審査や法制度・裁判所による裏付けが欠かせないと整理しました。 さらに貿易金融を例に、国際送金の大半は貿易の決済であり、信用状（Letter of Credit：L/C）と船荷証券（Bill of Lading：B/L）を通じた相互の与信で成り立っていることを解説。デジタル化とクリプトを混同してはならず、二国の法制度や裁判所が受け入れられる、国境をまたぐ「ほふり」のような仕組みを作るのは容易ではないと指摘しました。また、貿易金融の与信管理に関する電子化・デジタル化・効率化には20〜30年にわたり取り組みが続けられているものの、いまだ決着していないことにも触れました。 そのうえで、KYCなしのノンカストディアルな世界を出発点とするクリプトは与信を扱いにくく、与信行為が終わった後の「決済」に特化するのが一つの有効な使い方であり、オンチェーンですべてを行おうとするのは守備範囲の取り違えではないかと問題提起。オフチェーン情報を扱うスマートコントラクトにはオラクル問題が伴うため、「クリプトありき」でナラティブを作るのではなく、まず実現したいことを定め、そこから逆算して必要な仕様や使い方を考えるべきだという視点が示されました。 なお第13回から第18回では、既存金融の基礎からブロックチェーンとの接合の可能性に迫ります。 次回、第15回目はステーブルコインをテーマに、2026年9月1日に配信予定です。 【出演者】 ・内田善彦 1994～2023年日本銀行。金融研究所・企画役、金融機構局・企画役（グループ長）等。金融機関のリスク管理・経営管理に関して様々な角度から考察を加える。この間、金融庁、大阪大学、東京大学でも勤務。2023年6月〜11月株式会社クエストリー取締役、2024年4月〜12月カシェイ取締役として、web3スタートアップに経営者として参画。現在は、周南公立大学情報科学部教授（2023年6月から）として教鞭を執る傍ら、株式会社サイバーリンクス社外取締役（2024年3月から）としてデジタルIDや電子署名関連のビジネス等を推進するほか、株式会社ゆいづむ代表取締役（2025年10月から）としてブロックチェーン活用に関連するコンサルティングを行う。 Xアカウント：x.com/uchida_tomato ・酒井勇也 学生時代に株式会社SARAHを共同創業。日本最大級のメニュー特化型グルメアプリ「SARAH」に加え、大手食品メーカー向けの外食ビッグデータサービス「FoodDataBank」を構築した。COOとして累計10億円の資金調達やM&A、PMIを主導。2019年より、SARAHのWeb3化を主導。食・ヘルスケアのデータ管理に特化したレイヤー1独自ブロックチェーン「ONIGIRI Chain」の開発や、トークンエコノミーを構築した。2025年の代表取締役退任を経て独立。現在は、実需を伴うブロックチェーン活用やWeb3事業の社会実装に特化したコンサルティングを展開している。 Xアカウント：x.com/skyuya03 聞き手：あたらしい経済 副編集長 大津賀 新也 そうだったのかブロックチェーン公式Xはこちら：x.com/soublock そうだったのかブロックチェーン公式サイト：https://soublock.com/
In this episode, Ricardo explains that modern projects depend heavily on external suppliers, contractors, partners, and AI vendors whose teams do not report directly to the project manager. He argues that leading these people has become a core project management skill. He emphasizes that contracts and service-level agreements define obligations and penalties but do not create trust, commitment, or guarantee success. Ricardo also warns that supplier risk should be treated as a major project risk. He recommends involving partners in planning, explaining the project's purpose, addressing problems early, and speaking directly with leaders who can reallocate resources. Finally, he encourages managers to identify their three most critical external organizations and build genuine relationships with their senior decision-makers. Listen to the podcast to learn more!
Neste episódio, Ricardo explica que os projetos modernos dependem fortemente de fornecedores externos, contratados, parceiros e provedores de IA, cujas equipes não se reportam diretamente ao gerente do projeto. Ele argumenta que liderar essas pessoas tornou-se uma competência essencial de gestão de projetos. Ele ressalta que contratos e acordos de nível de serviço definem obrigações e penalidades, mas não geram confiança ou comprometimento, nem garantem o sucesso. Ricardo também alerta que o risco relacionado a fornecedores deve ser tratado como um risco importante do projeto. Ele recomenda envolver os parceiros no planejamento, explicar o propósito do projeto, abordar problemas precocemente e dialogar diretamente com líderes capazes de realocar recursos. Por fim, ele incentiva os gerentes a identificar as três organizações externas mais críticas e a construir relacionamentos genuínos com seus principais tomadores de decisão. Escute o podcast para saber mais!
Unlock homeownership sooner: use a low down payment leverage strategy to build wealth as a First Time Homebuyer.This episode dismantles the persistent 20% down payment myth, revealing how it keeps First Time Homebuyers from ownership. Discover a powerful leverage strategy that uses a low down payment to get into the market sooner, while a "mortgage safety slush fund" ensures financial security. We'll show you how combining low down payment loans with DPA grants and seller concessions makes homeownership far more attainable and secure, avoiding the "house poor" trap. Stop waiting and learn the real formula to own.House poor is short-term thinking, IF you understand the full equation. This isn't a one-time purchase you are trying to get on sale for today - It's a living investment that is fluid and will evolve. — David Sidoni, Nationwide First Time Homebuying Coach HighlightsWhy is the 20% down payment an outdated myth and what does it truly cost you in lost wealth?How can you leverage a small down payment to enter the market sooner and secure your financial future?What is a "mortgage safety slush fund" and how does it prevent you from ever feeling "house poor"?How do Down Payment Assistance (DPA) grants and seller concessions make homeownership possible with very little cash?What's the true financial cost of renting versus owning, even without significant home appreciation?When should you consider "recasting" your loan to dramatically lower your monthly payments?What common industry myths about PMI, market timing, or high rates are holding you back?Referenced Episodes300 – 300th EPISODE! What Can You Afford? Homebuyer Consultation Breakdown399 – The Real Value of Buying: What Nick Gained Beyond a Mortgage424 – First Time Home Buyers: Chloe & Eduardo Close on a Home (INTERVIEW)425 – First Time Home Buyer: How a Single Mom Bought with a ZERO Down Payment USDA Loan (INTERVIEW)457 – First Time Homebuyers: Buy or Wait in 2026? (March Housing Market Update)460 – Rent vs Buy in 2026: Are First Time Homebuyers Crazy?464 – This ONE Myth is Killing First Time Homebuyers in 2026495 – Mortgage Calculators are Lying to You (First Time Homebuyers Beware)505 – First Time Homebuyer Step #5: Saving for a Home506 – First Time Homebuyer Step #6: Goals - (Plan A & B)512 – What's Going On with the Housing Market? - PART 1 - Summer 2026 First-Time Homebuyer Update513 – First-Time Homebuyer Headlines & Scams - PART 2 - Summer 2026 Housing Market Update520 – 401(k) Loans are Not That Scary | 2026 Financial Prep Series – Part 6521 – Homeowner Tax Savings That Change Your Math | 2026 Financial Prep Series – Part 7HowtoBuyaHome.com/10steps - The #1 Educational System for First-Time Homebuyers in the USAHowtoBuyaHome.com/Guide - Over 100 of our BEST Episodes of Detailed Homebuying Knowledge, Interviews, and MORE! Connect with me to find a trusted realtor in your area or to answer your burning questions!Subscribe to our YouTube Channel @HowToBuyaHomeInstagram @HowtoBuyAHomePodcastTik Tok @HowToBuyAHomeVisit our Resource Center to to get your FREE Home Buying Starter Kit!David Sidoni, the "How to Buy a Home Guy," is a seasoned real estate professional and consumer advocate with two decades of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home. It offers expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer. Subscribe for regular market updates, and leave a review to help us reach more people. Ready for an honest, informed home-buying experience? Viva la Unicorn Revolution - join us!
Play audio-only episode | Play on YouTube | Play on Spotify Episode Summary Artificial intelligence can now appear in PMP exam scenarios, but that does not mean candidates need to study AI technology. In Episode 557, Cornelius Fichtner starts with the PMP Exam Content Outline and separates what PMI actually says from what many candidates may assume. AI appears in the introduction as one of the trends PMI evaluates when researching changes in professional practice expectations, but it does not appear as a task or enabler in the People, Process, or Business Environment domains. That distinction matters because the PMP exam measures project management competencies, not technical mastery of the tools a project manager may use. AI can show up as a project risk, a deliverable, or a tool that a team wants to adopt, while the underlying exam question still asks whether you can manage risk, evaluate a tool, address a stakeholder concern, handle change, or make an accountable project decision. Cornelius also shows the kinds of questions candidates should not expect, including technical questions about generative versus predictive AI, prompt-writing techniques, and AI model selection.
Gold loan prices have been gaining momentum — but could the rally also create a new opportunity for gold loan companies? Rising gold prices, increasing demand for gold-backed loans, and changing consumer borrowing patterns could have a significant impact on the sector. Which Gold Loan Stocks could benefit, and what should investors watch out for? How Is the Indian Economy Performing? | What Does PMI Tell Us? The Purchasing Managers' Index (PMI) offers important clues about the health of India's manufacturing and services sectors. What are the latest PMI numbers indicating about economic growth, business activity, demand, and employment? In this episode, we decode the gold loan sector, commodity trends, key stocks, and India's latest PMI signals to understand where the economy and markets could be headed nex
Discover why standard affordability calculations are incomplete and how you're closer to owning a home than you believe, armed with overlooked financial strategies.Many First Time Homebuyers feel "house-poor" before they even start. This episode reveals critical financial levers often missed in affordability calculations, from homeowner tax benefits to strategically using PMI, showing you're closer to homeownership than you think. Learn how to manage debt while buying and avoid common financial pitfalls that can derail your purchase, so you can stop waiting and start building equity."The people getting the keys are not debt-free. They are carrying car payments, credit cards, and student loans, and they are winning anyway — because they learned to work the monthly math instead of chasing a zero balance." — David Sidoni, Nationwide First Time Homebuying Coach HighlightsHow can homeowner tax deductions actually lower your net monthly mortgage payment by hundreds of dollars?Why is paying a small PMI fee often a smarter financial move than waiting years to save 20%?Can you truly buy a home even if you have student loans or credit card debt?What critical financial "freeze" must you enact once under contract to avoid losing your home?How do you adjust your W-4 form to immediately benefit from new homeowner deductions?What exactly is the "rent replacement strategy" and how does it create long-term wealth?Referenced Episodes & Resources447 – First-Time Homebuyer Tax Strategy to Qualify for a Better Mortgage (Interview w/ Dan Mullens, CPA)370 – The Truth About Tax Breaks for First-Time Buyers - INTERVIEW460 – Rent vs Buy in 2026: Are First Time Homebuyers Crazy?464 – This ONE Myth is Killing First Time Homebuyers in 2026HowtoBuyaHome.com/10steps - The #1 Educational System for First-Time Homebuyers in the USAHowtoBuyaHome.com/Guide - Over 100 of our BEST Episodes of Detailed Homebuying Knowledge, Interviews, and MORE! Connect with me to find a trusted realtor in your area or to answer your burning questions!Subscribe to our YouTube Channel @HowToBuyaHomeInstagram @HowtoBuyAHomePodcastTik Tok @HowToBuyAHomeVisit our Resource Center to to get your FREE Home Buying Starter Kit!David Sidoni, the "How to Buy a Home Guy," is a seasoned real estate professional and consumer advocate with two decades of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home. It offers expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer. Subscribe for regular market updates, and leave a review to help us reach more people. Ready for an honest, informed home-buying experience? Viva la Unicorn Revolution - join us!
「そうだったのかブロックチェーン」Ep.13 このポッドキャスト番組では、日銀・金融庁で銀行監督の経歴をもち、現在は周南公立大学情報科学部でブロックチェーンについての教鞭をとる内田善彦と、グルメアプリのファウンダーとして、Web2サービスにブロックチェーンを掛け合わせWeb3事業を構築したキャリアを持つ酒井勇也、そしてクリプト専門メディア「あたらしい経済」副編集長の大津賀新也の３人が、ブロックチェーンについて知っておくべきことを紹介します。 第13回目となる今回は、第1部で扱ってきた「トークンとは何か」を踏まえ、第2部「既存金融×ブロックチェーン」の第1回として、金融の入り口にある「取引」と「譲渡」について議論しました。 金融を「お金の融通」と定義し、決済だけで閉じるなら金融は要らず、そこに「与信」が加わってはじめて金融になると整理。リンゴを100円で売買する原始的な取引を例に、同じ場所で同時に交換する「DVP（デリバリー・バーサス・ペイメント）」なら債権債務は残らない一方、遠隔地や時間差の取引では所有権のズレが生まれ、相手を信じる「与信」が必要になることを確認しました。与信は貸付ではなく将来の実現への期待であり、三角取引や仕入れと販売の時差を回して経済を広げるエンジンだと解説しました。 後半では握りしめられない財産の所有へと話を広げ、債権を紙にした「有価証券」が電子化され「ほふり（証券保管振替機構）」へ移り、法律がそのデータベースを「正」と定めることで所有権の移転が成り立つ構図を確認。そのうえで、暗号資産やセキュリティトークンの所有権は民法上なお曖昧で、オンチェーンファイナンスは動いても法や裁判所の裏付けが未整理ではないか、と問題提起しました。 なお第13回から第18回では、既存金融の基礎からブロックチェーンとの接合の可能性に迫ります。 次回、第14回目は2026年8月25日に配信予定です。 【出演者】 ・内田善彦 1994～2023年日本銀行。金融研究所・企画役、金融機構局・企画役（グループ長）等。金融機関のリスク管理・経営管理に関して様々な角度から考察を加える。この間、金融庁、大阪大学、東京大学でも勤務。2023年6月〜11月株式会社クエストリー取締役、2024年4月〜12月カシェイ取締役として、web3スタートアップに経営者として参画。現在は、周南公立大学情報科学部教授（2023年6月から）として教鞭を執る傍ら、株式会社サイバーリンクス社外取締役（2024年3月から）としてデジタルIDや電子署名関連のビジネス等を推進するほか、株式会社ゆいづむ代表取締役（2025年10月から）としてブロックチェーン活用に関連するコンサルティングを行う。 Xアカウント：x.com/uchida_tomato ・酒井勇也 学生時代に株式会社SARAHを共同創業。日本最大級のメニュー特化型グルメアプリ「SARAH」に加え、大手食品メーカー向けの外食ビッグデータサービス「FoodDataBank」を構築した。COOとして累計10億円の資金調達やM&A、PMIを主導。2019年より、SARAHのWeb3化を主導。食・ヘルスケアのデータ管理に特化したレイヤー1独自ブロックチェーン「ONIGIRI Chain」の開発や、トークンエコノミーを構築した。2025年の代表取締役退任を経て独立。現在は、実需を伴うブロックチェーン活用やWeb3事業の社会実装に特化したコンサルティングを展開している。 Xアカウント：x.com/skyuya03 聞き手：あたらしい経済 副編集長 大津賀 新也 そうだったのかブロックチェーン公式Xはこちら：x.com/soublock そうだったのかブロックチェーン公式サイト：https://soublock.com/
Earlier this year the PMI and Agile Alliance introduced the Manifesto for Enterprise Agility. Then came the harder question: why do organizations with great strategies still struggle to execute them? Their answer is a report called Closing the Change Readiness Gap, and in this episode Kate Megaw, Anu Smalley and Ryan Smith dig into what it found. Executives are confident their purpose is clear, yet the single biggest problem they named was the disconnect between planning and execution. The report points to four obstacles: signal loss, where the why gets stripped out on the way down; decision rights that sit too far from the work; a structural trap where friction hardens into process; and a lack of psychological safety to name any of it. The trio unpack why these are not four separate problems but one connected system, why the frozen middle is really a shock absorber, and why you cannot bolt AI or a framework onto a broken structure and expect flow.
In this episode, Ricardo discusses the common rush to start acting before fully understanding a project's problem. Action creates a sense of progress, while thinking may seem like wasted time. However, teams can work intensely and still move quickly in the wrong direction. Ricardo emphasizes that speed should not be confused with impulsiveness. Asking simple questions about the problem, missing information, potential consequences, urgency, and reversibility can prevent weeks of unnecessary rework. Even during crises or emergencies, acting quickly does not mean abandoning reflection. Planning often appears expensive because it happens before execution, while the cost of correcting poor decisions remains hidden. Before saying there is no time to think, teams should ask whether they have time to do the work twice. Want to know more? Tune in to the podcast!
Neste episódio, Ricardo reflete sobre a pressa de iniciar ações em projetos sem compreender o problema. Ele explica que agir transmite sensação de progresso, enquanto pensar pode parecer perda de tempo, embora decisões precipitadas gerem reuniões, retrabalho, atrasos e desperdício. Ricardo ressalta que velocidade não deve ser confundida com impulsividade: equipes podem trabalhar intensamente e, ainda assim, avançar na direção errada. Antes de agir, recomenda perguntas sobre o problema, as informações, os impactos, a urgência e a possibilidade de reverter decisões. Mesmo em crises, oportunidades ou emergências, instantes de reflexão continuam essenciais. Para ele, o planejamento parece caro porque ocorre antes, enquanto o retrabalho permanece escondido. Às vezes, parar por poucos minutos permite chegar mais rápido ao destino certo. Mergulhe no assunto e ouça o episódio completo!
67% firm w Polsce wstrzymuje wydatki i odkłada decyzje a handlowcy dalej mają dowieźć target. W tym odcinku rozbieram świeże dane o rynku (PMI, MIK), pokazuje reakcje firm, które pogarszają sprawę i omawiam 6 ruchów pasujących do obecnej sytuacji.AI Sales: https://www.aisales.pl/IRSM: https://irsm.pl/Wise Strategy Camp: https://www.sellwise.pl/wise-strategy-camp/Bezpłatna konsultacja SellWise: https://www.sellwise.pl/darmowa-konsultacja/Ogłoszenia o pracę: https://hirewise.pl/oferty-pracy/Społeczność WiseBusiness Club: https://weryfikacja.wisebusinessclub.pl/
Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to S housing data, along with a focus on 3 stocks for the week ahead. In the UK – a look ahead to Europe inflation and PMI data. In Asia – a look ahead to why the persistent weakness of the yen is a troubling issue for Japan’s policymakers. See omnystudio.com/listener for privacy information.
Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to S housing data, along with a focus on 3 stocks for the week ahead. In the UK – a look ahead to Europe inflation and PMI data. In Asia – a look ahead to why the persistent weakness of the yen is a troubling issue for Japan’s policymakers. See omnystudio.com/listener for privacy information.
https://hpmexam.comAUG 22ND 2026 - RAPID BOOTCAMP
On the Build Your Success podcast, host Brian Brogen interviews Lee Lambert, a founder of the PMP, about his 60-year career and the evolution of project management. Lambert shares how he began at General Electric as a lead earned value trainer, later joined Battelle in Columbus to help form a project management division, and spent 1981–1984 helping develop and launch the PMP in 1984. Lee discusses how PMI and the PMP shifted from construction roots toward IT, agile, and now AI, and explains why hybrid approaches are common becauseagile cannot fit every project.Lambert emphasizes leadership over tools andtechniques, highlights the value of mentorship, and recounts leading a 205-person team to complete a critical project in 20 months that helped drivean $11B acquisition. Guest Social: Lee R. Lambert | LinkedInGuest Website: Home of Project Management | Project Management InstituteHost Email:brianb@buildcs.net Host LinkedIn: Brian Brogen, PMP
This year's Agile 2026 theme was “shaping the future with agility,” and that is exactly where Kate Megaw and Anu Smalley found the industry: mid-shift, still deciding what comes next. Back from the conference, they sit down with Ryan Smith for an honest field report. The partnership between PMI and the Agile Alliance has solidified, so the room was no longer split into project managers on one side and Scrum Masters on the other. AI, meanwhile, has stopped being the shiny new thing bolted onto every session title and settled into the operating system of how we work, though “don't forget the human” is still treated as a footnote. Kate and Anu wrestle with an industry in flux where no one has put a finger on what is broken yet, the Scrum Master role morphing into a dozen job titles, and Anu's growing conviction that the psychology of AI is the work that matters. The phrase that stuck with Kate from one of the sessions says it all: we are in the age of perpetual transformation.
In this episode, Ricardo discusses rework, one of the most damaging yet invisible costs in projects. Rework occurs when presentations, software, proposals, plans, or decisions must be redone because expectations, requirements, or responsibilities were unclear. Although teams appear busy, they may simply be returning to a point they believed they had already reached—paying multiple times for a result. The later an error is discovered, the greater its impact, which shows that speed does not always mean efficiency. Ricardo highlights avoidable rework caused by haste, poor communication, ambiguous decisions, weak planning, and unvalidated requirements. He suggests measuring not only completed work, but also how much had to be repeated. True efficiency means transforming effort into results with minimal waste. Want to know more? Tune in to the podcast!
Neste episódio, Ricardo aborda o retrabalho, um dos custos mais prejudiciais e, ao mesmo tempo, invisíveis em projetos. O retrabalho ocorre quando apresentações, softwares, propostas, planos ou decisões precisam ser refeitos porque expectativas, requisitos ou responsabilidades não estavam claros. Embora as equipes pareçam ocupadas, elas podem estar simplesmente retornando a um ponto que acreditavam já ter alcançado — pagando várias vezes pelo mesmo resultado. Quanto mais tarde um erro é descoberto, maior é o seu impacto, o que demonstra que velocidade nem sempre significa eficiência. Ricardo destaca o retrabalho evitável causado por pressa, comunicação deficiente, decisões ambíguas, planejamento fraco e requisitos não validados. Ele sugere medir não apenas o trabalho concluído, mas também a quantidade de trabalho que precisou ser repetida. A verdadeira eficiência consiste em transformar esforço em resultados com o mínimo de desperdício. Mergulhe no assunto e ouça o episódio completo!
On this episode of The Randy Forcier Podcast, Chris Bedard and I break down what's happening with mortgage rates, the Federal Reserve, and the economic reports that could move the market next.We also run through some of the biggest mistakes buyers make before and during the mortgage process, including overstating income, shopping above their budget, opening new credit, moving money around, changing jobs, and waiting too long to speak with a lender.We also tackle mortgage myths that refuse to die, including the idea that first-time buyers automatically receive special rates, that everyone needs 20% down, that PMI is always bad, and that a mortgage credit pull will destroy your score.Plus, we discuss what buyers tend to obsess over, what they often overlook, and the first steps anyone planning to buy a home in the next six months should take.LISTEN & SUBSCRIBE
Join host Sam Davidson as he sits down with Don and Tracy Hardin, founders of the Don Hardin Group and two of the newest announced members of the Nashville Entrepreneurs' Hall of Fame 15th class, to be honored at the NEXT Awards on October 19th, 2026. Neither of them set out to build a company. Don wanted to work 30 years, get a watch, and retire. Tracy watched her father do payroll by hand at 11 PM and wanted absolutely nothing to do with entrepreneurship. Then life had other plans. Over 26 years, through a decade of moves across the country, two recessions, a pandemic, and a deeply held belief that their employees would always get paid — they built one of Nashville's most respected construction management firms. Their portfolio includes the National Museum of African American Music, Music City Center, and a reputation built on relationships, consistency, and refusing to have a backup plan. This conversation covers all of it: how they met (at a Houston's hostess stand on May 13, 1989), how the company started (a church project, a Nissan plant, and a whiteboard at HCA), how Tracy went from swearing off entrepreneurship to running the entire back office, and what they're focused on now — building something worth handing down. Episode Highlights: 0:39 — Don and Tracy introduce themselves: 26 and 23 years respectively in this work 1:18 — Tracy's first entrepreneur: her father, UT's first Black tenured professor in 1966 — who also ran a convenience store to pay for her education 2:02 — Why Tracy grew up watching entrepreneurship and decided she wanted a nine-to-five 2:37 — Don's first: Mr. Jimmy and Ms. Kitty, the neighborhood market over the hill in Trinity Hills 4:59 — The math teacher Don dodged for an entire semester — by taking alternate stairs — who ultimately pointed him toward engineering 6:02 — Tracy: pre-med until the morgue, then public administration and nonprofit work 7:02 — How they met: a "shaggy apartment," a UPS lunch at Houston's, and a phone number he wasn't sure he'd get 9:07 — May 13, 1989: Don calls the same day, they go out the same night 9:41 — The decade of moves: Oswego to Bowling Green to Greenville to Chicago to Birmingham to Reading, PA — and finally back to Nashville 11:35 — The church project that pulled them home — and the promises Don made to get Tracy back 14:41 — Don's decision to go independent: unplanned, organic, just the next logical step 20:00 — First contract: Nissan North America in Canton, Mississippi, via a PMI lunch and an automotive credential from the Mercedes-Benz plant 22:29 — How Tracy joined: Don doing everything himself, Tracy saying "why don't I help?" and immediately professionalizing the whole operation 24:08 — Tracy's first decision: payroll service, day one. "I am not going to be my father with that notebook." 28:12 — Planning in a volatile industry: what happens when you come back from the mountains with a plan and the phone rings for something else entirely 31:13 — The legacy question: why selling shares to the next generation matters, and why passing a Black-owned business down is rare 33:24 — Running a business with your spouse: clear lane separation, and the same accountant, attorney, and insurance agent for 25+ years 35:00 — The National Museum of African American Music: "Don, go build a museum" — and how he spread opportunity to every contractor involved 35:50 — Music City Center: the "Leave it to Beaver" conversation that got the two larger firms to hear him out 37:57 — Tracy on Music City Center: managing the build, and now serving on the board 38:53 — Don's philosophy: no backup plan. One plan. Make it work. 39:33 — COVID: kept everyone on payroll the whole time. "Last year's profit's gone, but you're going to keep getting your paychecks." 40:51 — Closing: Hall of Fame, October 19th NEXT Awards, and what staying the course actually looks like Subscribe to Circle Back for more stories from Nashville's most interesting builders. Share this with someone who needs to hear what staying the course looks like in practice. Relevant Links: Don Hardin Group National Museum of African American Music Nashville Entrepreneur Center Circle Back Podcast Nashville Post #CircleBackPodcast #DonHardinGroup #NashvilleEntrepreneur #NashvilleEC #HallOfFame #ConstructionManagement #FamilyBusiness #BlackBusiness #NMAAM #Nashville #Entrepreneurship #LegacyBuilding
Susan Spence discusses the latest surge in U.S. manufacturing activity, with the PMI reaching its highest level since May 2022. She highlights the employment index moving above 50 for the first time in 33 months, signaling growing confidence among manufacturers as order flow and production improve despite ongoing geopolitical and policy risks.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – 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
週一天下零時差關注以下財經大事： 一、台股大跌，AI基本面真的轉壞了嗎？ 二、超微首款AI機櫃開始量產，透露什麼市場趨勢？ 三、美伊衝突再起，國際油價怎麼走？ 文：郭家宏、辜樹仁 製作團隊：錢玉紘、鄭子鴻 ＊閱讀零時差，點這看全文
In this episode, Ricardo explains that projects are promises about a future often experienced by people other than those who originally approved or delivered them. He argues that organizations tend to exaggerate benefits, minimize long-term costs, and focus on schedules, budgets, scope, and acceptance instead of verifying whether promised outcomes materialize. Ricardo highlights the imbalance between those who gain visibility by making promises, those pressured to execute them, and those left to operate solutions and face their consequences. He offers three recommendations: involve the people who will inherit the project from the beginning, document promised benefits as carefully as deliverables, and extend accountability beyond project closure. Ultimately, he says projects must create the future used to justify their existence. Listen to the podcast to learn more!
Play audio-only episode | Play on YouTube | Play on Spotify Episode Summary Sara Gallagher, President of The Persimmon Group and author of the LinkedIn newsletter Big Dumb Questions, joins Cornelius Fichtner to answer the uncomfortable questions most PMO leaders avoid. The conversation follows four threads: PMO identity, design, accountability, and the future. It opens with the biggest question of all: are PMOs dying? Sara takes an optimistic view, with caveats. She explains that traditional PMOs are built on standardization, which raises weaker projects to a certain ceiling but also flattens excellent, tailored work down to the law of averages. She then paints a concrete picture of what comes next: project managers with robust knowledge bases and AI agents that draft synthesized status reports, simulate steering committee members such as a CFO, and hand results to a PMO agent that standardizes everything for portfolio roll-up. The result combines hyper-customized stakeholder communication with standardization only where it is truly needed, and it frees the PMO to coach project managers in sophisticated stakeholder management and risk practices.
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