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In this episode, we are joined by Jean-Pierre Aubry, Associate Director of Retirement Plans and Finance at the Center for Retirement Research at Boston College, for a research-driven conversation about retirement investing, financial advice, pension fund management, and inflation. Drawing from years of empirical research, Jean-Pierre shares insights into how households actually invest, how financial advisors shape portfolio decisions, and why investors often hold asset allocations that differ from their own stated preferences.   We also examine the investment strategies of public pension plans, why their increasing reliance on alternative assets has largely failed to deliver superior performance, and the institutional forces driving those decisions. Finally, Jean-Pierre explains how inflation disproportionately affects retirees, why many households overreact during inflationary periods, and why understanding retirement risks—from market volatility to sequence of returns—is critical for long-term financial security.   Key Points From This Episode: (0:06) Introduction to Jean-Pierre Aubry and the Center for Retirement Research at Boston College. (6:29) The Center's mission: producing objective, accessible retirement policy research. (7:03) Why investors' actual stock allocations are higher than their stated ideal allocations. (9:31) Defaults and target-date funds may explain the gap between desired and actual portfolios. (10:46) Investors tend to underestimate long-term stock returns and overestimate market risk. (11:22) Financial advisors generally encourage higher equity allocations by reducing investor pessimism. (12:06) How advisor compensation can create incentives to recommend higher stock exposure. (13:42) Research showing advisor recommendations vary more across advisors than across client profiles. (16:56) The "advisor fixed effect": advisors largely recommend portfolios consistent with their own philosophy. (18:57) Why working with an advisor often leads investors to hold more equities. (20:26) How target-date funds work and why auto-enrollment is reshaping retirement investing. (22:57) Why advisors and target-date funds are generally improving retirement security. (23:57) The evolution of public pension investing from bonds to equities and then alternative assets. (30:12) The growing influence of consultants and peer effects on public pension investment decisions. (31:14) Why pension plans with greater allocations to alternatives have generally underperformed peers. (32:23) Comparing public pension performance against a simple 60/40 index benchmark. (36:43) Whether indexing may be a better long-term solution for public pension investing. (39:35) Concerns about adding private assets to default retirement plan options. (40:15) Maintaining objectivity while researching politically sensitive retirement issues. (42:58) Why investment policy remains the "final frontier" for improving public pension systems. (46:45) Why retirees are especially vulnerable to inflation. (50:06) How inflation affects retirees differently across age and wealth levels. (51:52) Why households tend to overspend during inflationary periods. (53:38) How financial advisors adjust recommendations when inflation and interest rates rise. (54:11) Why inflation ultimately reduces retirement security for many households. (54:42) Which retirees face the greatest market risk. (55:35) Why most retirees have little understanding of sequence of returns risk. (55:56) Advisors understand sequence risk, but that knowledge doesn't appear to transfer to clients. (57:23) Why declining equity exposure over time remains the canonical life-cycle investing approach. (58:25) Jean-Pierre's definition of success: purpose, meaningful relationships, and financial security. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/   Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

My guest today is Matthew Smith. Matthew is the founder and CIO of Chronometer Partners, which invests in energy, industrials, materials, power and utilities, and related infrastructure. For the last 18 months he and his team have modeled nearly every natural gas well, pipeline, and processing asset in the United States. He's reached a conclusion most of the market doesn't share.  Starting in 2028, AI data centers and LNG exports will need more gas than the country can produce and deliver. By his math, the US could exhaust its working natural gas storage by 2030. In his words, the upside risk to prices becomes unbounded and convex. We talk about why this was set in motion long before AI arrived, why the US can't just turn off exports, who wins and loses among producers, nuclear, solar, and the hyperscalers, and what he sees as the only long-term solution. Please enjoy my conversation with Matthew Smith. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- In June, Matthew wrote a letter to a small group of confidants laying out the full case behind his natural gas forecast. He has allowed us to publish it. You can read the full letter here. ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgeline.ai⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant. Timestamps: (00:00:00) Welcome to Invest Like the Best (00:02:02) Episode Intro: Matt Smith (00:03:33) The Conclusion After 18 Months (00:04:56) The Die Was Cast Before AI (00:07:24) Sizing AI's Gas Demand (00:09:33) Why Not Just Stop Exporting? (00:11:38) Is the Gas Even There? (00:13:53) The Timing Problem, Not Supply (00:15:15) Flow Versus Stock (00:19:10) What Slows Gas to Market (00:22:21) If Nothing Changes by 2030 (00:26:11) Could Prices Hit Twenty Dollars? (00:27:00) Gas Producers Poised to Win (00:28:54) Utility-Scale Solar's Windfall (00:30:08) What About Nuclear? (00:32:40) SMRs (00:34:29) The US Consumer Pays (00:36:37) Turbine Makers Building Too Late (00:37:57) Are Hyperscalers Exposed Too? (00:44:25) Kickstarting the Nuclear Build (00:46:20) Put Solar on Every Roof (00:46:52) Implications for the World (00:49:26) No One's Securing Supply (00:52:57) The Challenge for Energy CEOs

Jake Jurewicz is the Co-founder and CEO of Blue Energy, a nuclear power plant developer. Blue Energy starts with proven, light water reactors and builds everything around them — prefabricating standardized nuclear plants as massive modules in shipyards and fab yards, then barging them to site. It pairs that with a patented gas-to-nuclear approach that energizes the plant on gas turbines first and converts to nuclear later. The goal is to make nuclear cheap enough and fast enough to build that private lenders will finance it, rather than the taxpayers and ratepayers who've carried almost every plant built so far. The company recently announced a collaboration with GE Vernova on a 2.5-gigawatt gas-plus-nuclear project in Texas, built around GE Vernova Hitachi's BWRX-300 reactor, with backing from VXI Capital, At One Ventures, and Engine Ventures. The why now is straightforward: AI data centers are pulling on the grid harder than anything in a generation, firm clean power is scarce, and the cost and speed of building nuclear have been the thing holding it back. Jake's bet is that the fix lives in how you build and finance the plant, rather than in the reactor itself. Episode recorded on June 10, 2026 (Published July 21, 2026)  In this episode, we cover: (0:00) Overview of Blue Energy (2:20) Why construction, not reactor tech, is the focus (5:32) Two innovations: modular construction and gas-to-nuclear (6:56) Why proven light water reactors beat new designs (9:39) Building nuclear like LNG terminals (11:57) The history of shipyard-built nuclear power (14:17) Lessons from Venture Global's LNG buildout (16:44) Why megamodules cut construction costs (20:43) What Blue Energy builds versus buys (22:14) Why civil construction, not the reactor, drives cost (25:14) Navigating NRC approval for gas-to-nuclear (28:21) Why customers still want nuclear after gas (32:56) The first project: Victoria, Texas (36:00) Financial innovation to unlock private capital (39:19) Blue Energy's biggest execution risks (43:32) Where nuclear heads next (46:59) Commercial criticality beyond the chain reaction (48:20) Nuclear's role in energy security and geopolitics Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

Andrew Dorle is the Director of Investment Operations and Analytics at GHR Foundation.  Based out of Minneapolis, GHR's mission is to is to be of service to people and their limitless potential for good.Andrew takes us through his migration from the investment side into operations — the unexpected lessons that carried over and why that dual perspective has become a competitive advantage. We dig into how GHR moved analytics from a secondary focus into the core of decision-making.From there we discuss how communication works between teams, why data integrity is the non-negotiable first principle, and what a lean, all-director team can do faster when they're aligned on the fundamentals.We get tactical on technology and vendor strategy - their philosophy on best-in-breed versus all-in-one platforms, how they evaluate new entrants and where AI can realistically help a small, nimble foundation move the needle on workflows. For anyone building or scaling operations at a foundation or multi-family office — this is a conversation on what foundation operations can look like when operational discipline and analytical rigor are aligned.Learn More Follow Capital Allocators at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@tseides⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ or ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠mailing list ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Access transcript with ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Membership ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠)

Our next guest on the Senior Decision Makers series is Luis Laboy, Director of Public Equity at the Hewlett Foundation, where he's spent the last decade running the public equity book alongside CIO Ana Marshall — a mentor and colleague he first met nearly thirty years ago. The foundation's assets stand at roughly $14 billion today. Luis spent fifteen years as a direct emerging markets investor at Everest Capital before crossing to the LP side, and our conversation digs into how he's leveraged that experience as an allocator. We discuss how the cadence and depth of decision-making changed when he went from a high-turnover book at Everest to a handful of high-conviction relationships at Hewlett, how his time split between portfolio construction and manager selection has evolved over, and how his time marketing the fund shaped the way he interviews managers and thinks about turnover. Luis is incredibly insightful about how his early interests and upbringing have shone through across his career. He thinks and speaks in analogies, he's wildly entertaining, and — in short — he's just a genuinely good dude, and that comes through in spades in our conversation. Any leader should see for themselves the benefits of elite coaching. Try ALEX: tryalex.admiredleadership.com. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

My guest today is Carson Block, founder of Muddy Waters Research & Muddy Waters Capital and one of the last short sellers still standing. In today's episode, Carson Block explains why he thinks AI could displace 15% of knowledge workers and unwind the market's biggest stocks. He breaks down his short of SoFi's aggressive loan accounting, why record-tight credit spreads worry him, and how he trades that risk with put spreads.  To close, Carson explains why he still calls China uninvestable and recounts his hardest battles. (0:00) Starts (1:02) Carson Block on the evolution of short selling (3:03) The impact of AI on jobs, economy, and markets (9:43) Evolving Muddy Waters' business model beyond short-selling (13:32) Investing in momentum and junior gold miners (17:52) Navigating markets amid AI disruption and labor market impact (25:21) Thoughts on historically low corporate yield spreads (30:25) Carson's short call on SoFi (38:10) Carson's most memorable investment ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Frank Danieli is Head of Global Credit Solutions at MA Financial Group, an ASX-listed alternative asset manager that oversees A$15 billion ($10 billion) across a broad range of private credit and lending strategies and A$179 billion ($125 billion) in a lending ecosystem platform. Frank began his career in restructurings, the self-described 'dark side of credit', and has used the lessons from special situations and distressed loans to build a performing credit platform across asset backed finance, direct asset lending and corporate private credit. Our conversation discusses what global investors can learn from the model of private credit in Australia. We explore the evolution of private credit in Australia and why it developed differently from the sponsor-backed lending market in the U.S., the regulatory shift that pushed lending off bank balance sheets, the role of Australia's pension system, and MA Financial's strategy for building proprietary origination across the lending ecosystem. We then turn to MA Financial's investment process, including the separation of investment selection from portfolio management, red teams, war games, and rigorous stress testing. Along the way, Frank shares why sourcing - not fundraising - will define long-term winners, why private credit requires diversified balance sheets, and why portfolio management and risk management are the largest sources of alpha in the asset class. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this AMA episode, Ben Felix, Dan Bortolotti, and Ben Wilson tackle a wide range of practical investing questions submitted by listeners. They begin by discussing one of the most common investing mistakes—market timing—and explain why getting back into the market is often harder than getting out. From there, they explore the evidence behind lump sum investing versus dollar-cost averaging, why high valuations rarely justify sitting in cash, and how your discomfort with investing may reveal a mismatch between your portfolio and your true risk tolerance.   The conversation also pulls back the curtain on PWL Capital's investment committee, detailing how new investment products are evaluated, how due diligence is conducted, and why even seemingly simple index funds require ongoing scrutiny. They then examine whether any recent Canadian ETF innovations are genuinely useful, discuss retirement-focused T-Series asset allocation ETFs, debate whether gamified trading creates opportunities for active management, and respond to questions about inflation, currency debasement, and the real drivers of long-term stock returns. As always, the episode closes with a lighter listener question before reading a review from the audience. Key Points From This Episode: (0:04) Introduction and why AMA episodes continue to resonate with listeners. (0:55) A listener asks how to reinvest after selling half their portfolio over bubble concerns. (2:00) Why successful market timing requires being right twice. (3:04) Why all-time market highs are normal and poor signals for investment decisions. (4:00) What market valuations can—and cannot—tell us about future returns. (5:00) The evidence comparing lump sum investing with dollar-cost averaging. (6:34) Why even the worst historical entry points rarely favor dollar-cost averaging. (9:07) How investment anxiety often points to an overly aggressive asset allocation. (11:37) The psychology of buying after market crashes and why investors rarely do. (13:20) Why the best strategy is often whichever gets you invested and keeps you there. (16:14) A behind-the-scenes look at PWL Capital's investment committee. (17:23) How new securities are researched, reviewed, and approved. (19:10) How acquisitions have changed the firm's investment oversight process. (20:15) Annual due diligence on ETF providers and fund managers. (21:55) Why even plain-vanilla index funds require performance monitoring. (25:17) Are there any genuinely innovative new Canadian ETFs? (26:27) Why most ETF innovation is driven by investor demand rather than better investing. (28:19) Avantis ETFs and discount bond ETFs as notable recent developments. (33:52) Why ETF issuers tend to launch products after investment themes become popular. (33:52) Where investors should spend their planning time when wealth is still relatively small. (35:00) Why growing human capital often has a greater impact than optimizing investments. (37:59) Budgeting, saving, and account selection early in an investing journey. (39:14) BMO's new T-Series asset allocation ETFs and how they generate retirement income. (41:56) Understanding managed distributions and return of capital. (44:08) Why these retirement ETFs may suit DIY investors but not every retiree. (48:31) Whether gamified trading and meme stocks create opportunities for active managers. (50:08) What the evidence says about active management in small-cap growth stocks. (53:39) Why market competition limits persistent opportunities from retail speculation. (53:39) Do stocks only rise because governments debase currencies? (55:59) Inflation measurement, currency debasement, and common misconceptions. (58:10) Why productive businesses—not money printing alone—drive long-term stock returns. (59:53) Ben answers a listener's basketball shoe question. (1:02:02) A listener review from Switzerland and closing remarks. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dollar Cost Averaging vs Lump Sum Investing - https://pwlcapital.com/wp-content/uploads/2024/08/Dollar-Cost-Averaging-vs-Lump-Sum-Investing.pdf Buy The Dip - https://pwlcapital.com/wp-content/uploads/2024/08/PWL-Felix-Warwick-Buy-The-Dip_A.pdf   Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)  

In this episode of FYI, Brett Winton hosts Dylan Robbins, founder and CEO of Lucra Sports, to discuss how white-label gamification is reshaping brand loyalty. Dylan traces Lucra's evolution from a peer-to-peer sports betting app built at Stanford Business School into an enterprise software platform that powers leaderboards, challenges, tournaments, payments, and compliance for brands across fitness, hospitality, competitive entertainment, mobile gaming, and recreational sports. He explains why won rewards get redeemed when coupons don't, how partners like Dave & Buster's and Puttshack drive more visits, longer dwell times, and higher spend per visit, and how Lucra is using AI and its growing data set to personalize tournaments and marketing. The conversation also covers Lucra's $25 billion addressable market, the premium consumers place on in-person experiences, and Dylan's five-year vision for making friendly competition ubiquitous.Key Points From This Episode:(00:00:00) Introduction(00:01:25) Lucra's white-label gamification model: powering loyalty and games for brands.(00:02:20) Digitizing offline competition, from mini golf and darts to board games.(00:04:15) How Lucra evolved from peer-to-peer sports betting into recreational games.(00:05:50) The pivot to Business-to-Business (B2B): becoming a full-stack loyalty solution for enterprise partners.(00:07:00) Lucra's three value propositions: more visits, longer dwell times, higher spend.(00:08:30) Tournaments and asynchronous play across locations.(00:10:30) Why customers redeem rewards they win but ignore the coupons they are given.(00:12:15) Using Artificial Intelligence (AI) and first-party data to personalize tournaments and marketing.(00:15:00) Mobile mini games as a beachhead to drive in-person visits.(00:16:20) The long-term vision: making friendly competition ubiquitous.(00:19:00) How Lucra deploys AI internally without losing its in-person core.(00:21:30) Sizing a $25 billion Total Addressable Market (TAM) across six sectors.(00:24:40) Where Dylan wants Lucra to be in five years.Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

You don't have time to sift through endless financial content. That's why I do it for you. Get exclusive downloads and my top 5 must-read articles in a quick, easy-to-digest email. Sign up for my newsletter. -----  Dr. Elizabeth Dunn is one of the world's leading researchers on happiness, and her work has fundamentally shaped how I think about spending, investing, and financial planning. In this conversation, we explore why the mathematically optimal decision isn't always the happiness-optimal one—and how better choices around money can improve your life while often benefiting the world around you as well. Listen now and learn: ► Why spending on comfort often creates more lasting happiness than spending on status. ► The surprising research on generosity, commuting, travel, and other everyday decisions that shape well-being. ► How to recognize the difference between financially optimal and happiness-optimal choices. ► Practical ways to use your money, time, and attention to build a happier, more fulfilling life.   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)     Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

In this episode of Money & Meaning, host Jeff Bernier is joined by Dr. Joy Lere, a licensed clinical psychologist and co-founder of Shaping Wealth. They examine retirement as more than a financial milestone, focusing on the shift in identity, purpose, and daily structure that comes with leaving a career. Joy shares how unmet expectations, loss, and identity challenges can shape the transition, along with practical ways to prepare by building a meaningful life outside of work and continuing to contribute beyond a paycheck.    Topics covered:  Retirement as an existential transition, not just a financial one The gap between expectations and reality in life after work Normalizing loss, stress, and emotional complexity in transitions Building a life outside of work before retiring Balancing meaningful work with other areas of life Continuing purpose and contribution beyond a paycheck Identity challenges when stepping away from a long-held role Shifting mindset from “what you do” to “who you are” Identifying needs fulfilled by work and finding alternatives Avoidance and delaying difficult transitions Processing grief and loss in major life changes Holding both joy and grief during life transitions   Useful Links:    Jeff Bernier on LinkedIn: https://www.linkedin.com/posts/jeffberniercfp_the-money-and-meaning-show-activity-7202103509700227072-h0Qn/  TandemGrowth Financial Advisors: https://www.tandemgrowth.com/  Joy Lere on LinkedIn: https://www.linkedin.com/in/joy-lere-psy-d  Shaping Wealth: https://www.shapingwealth.com/  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com) 

Today my guest is John Kim. John is one of the world's top and most prolific fundraisers.  He was chief client officer at General Catalyst, where he helped raise many of the firm's flagship funds. He is now chairman and president of corporate development at Lila Sciences, a company building scientific superintelligence, where he has helped raise several hundred million dollars.  He is also the author of The Tao of Fundraising.  This conversation is really a guide on how to raise money from someone who has done it at the highest level. We talk about why persuasion equals desire minus fear, the difference between belief and trust, the laws of fundraising, and how to build the consensus that moves big pools of capital.  Please enjoy my conversation with John Kim. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgeline.ai⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant. Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:02) Introduction of John Kim (00:02:39) Money Moves at the Speed of Trust (00:05:06) How to Start a Fundraising Campaign (00:08:03) Persuasion Equals Desire Minus Fear (00:12:20) How to Raise a Few Billion Dollars (00:15:58) The Benchmark Story (00:18:36) The Law of Differentiation (00:24:13) Law of Tradeoffs and Law of Pipeline (00:27:52) The Karpman Drama Triangle (00:30:42) Oprah Winfrey (00:33:49) Most Common Fundraising Mistakes (00:38:35) Secretary of State (00:45:40) The Inner Game (00:47:38) The Kindest Thing

Pete Johnson, Co-founder and CEO of Koloma, joins Inevitable to break down geologic hydrogen — naturally occurring hydrogen found deep underground — and why he believes it could be the first new primary energy source since nuclear power in the 1950s. Koloma has raised more than $400 million from Khosla Ventures, Breakthrough Energy Ventures, Amazon's Climate Pledge Fund, Osaka Gas, and Mitsubishi Heavy Industries, and holds roughly 20 million acres of exploration rights across the U.S. Midcontinent, the Philippines, Australia, and Canada. Pete explains why Koloma's first commercial target isn't power generation but ammonia and fertilizer production in the U.S. Midwest, where farmers pay a $150-per-ton premium on imported ammonia. He walks through the geology of where natural hydrogen forms, how Koloma's 25-year proprietary subsurface dataset shapes its exploration strategy, what it actually takes to prove a commercial-scale discovery, and how he separates genuine clean-hydrogen economics from tax-credit-driven projects. Episode recorded on June 24, 2026 (Published July 14, 2026) In this episode, we cover:  [0:00] Intro: Pete Johnson and Koloma's geologic hydrogen bet [2:02] What "Koloma" means — and the gold rush origin story [3:31] Where geologic hydrogen actually forms [7:07] The Iowa project and why the resource lines up with demand [7:51] The $150/ton ammonia premium hitting Midwest farmers [10:53] Why hydrogen pipelines aren't the real bottleneck  [13:52] Koloma's model: exploration engine, not driller [15:12] What makes hydrogen exploration so hard [18:13] How big a discovery needs to be to matter commercially [22:39] Power vs. ammonia: how end use changes the math [23:50] The Philippines opportunity and energy security stakes [28:48] Pete's path: solar, Monolith Materials, and stumbling into hydrogen [35:53] Sorting real clean hydrogen from a tax credit grab [38:52] Current state of Koloma: 20 million acres and what's next [42:04] Where Koloma needs help — policy and data Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

What does it take to stay at the top of broadcasting for decades and what do you learn along the way? I had a fascinating conversation with one of Britain's most recognisable sporting voices, the gold medallist of commentating, John Inverdale, about his life and career. From the early days of breaking into broadcasting to covering some of the greatest moments in sporting history, John shares the highs that defined him, the challenges that tested him and the lessons he's learned. Insightful and candid, this is a conversation about far more than sport - it's about growth, dedication, the power of radio and how John is the best friend you never get to meet. Plus, check out John's new venture: Track Radio – Britain's only sports and music radio station. Top tunes and top tales from the world of sport. I've been listening and it's GREAT! Related links Track Radio Bandwidth Conversations is proudly sponsored by Klira.  Editing and post-production work for this episode was provided by The Podcast Consultant.

Baroness Dambisa Moyo is a global economist, author, board member, and investor who sits at the intersection of public policy, corporate governance, and capital allocation. Dambisa serves in the U.K. House of Lords, sits on the boards of Chevron, Starbucks, Condé Nast, and Oxford University's investment committee, is Chair of the Economic Club of New York, and oversees Altered Trajectory alongside her husband, Jared Smith, the family office formed after his sale of Qualtrics in 2018. Our conversation traces Dambisa's journey from growing up in Zambia to becoming a leading voice on global economic development and governance. We discuss how her experiences across more than 80 countries and on the boards of four global companies shaped her judgment on economic growth, governance, and decision-making. We then turn to the application of those lessons at Altered Trajectory, including the evolution away from an endowment-style portfolio, balancing Dambisa's macro convictions with Jared's moonshot investing style, and positioning for long-term themes. Along the way, we discuss the challenge of investing through structural change while avoiding ideological thinking. Any leader should see for themselves the benefits of elite coaching. Try ALEX: tryalex.admiredleadership.com. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

My guest today is Joseph Moore, a historian and former professor who spent over a decade in the archives studying 300 years of American financial advice, which he explains in his new book, How to Get Rich in American History: 300 Years of Financial Advice That Worked (& Didn't). In today's episode, Joseph explains what 300 years of American financial advice reveals about getting rich. He shares why real estate barely appreciated for a century, why bonds beat stocks for decades, and how modern investing advice was born chasing inflation and taxes. To close, Joseph reveals the five timeless principles that built wealth in every era. (0:00) Starts (1:34) Joseph Moore shares a historical perspective on money (13:04) Real estate investment strategies (20:59) Stocks vs. bonds debate (25:45) Should you try to beat the market? (33:32) Key financial lessons from history (39:54) Joseph's most memorable investments (42:10) Surprising historical financial statistics ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

This WTT, 5.5 Lessons at 55.5 reflects on what five-and-a-half decades of investing, podcasting, and mistakes have taught me about people, markets, and myself. Read Ted's blog here.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this episode, we are joined by Dr. Paul Kaplan, economist, CFA charterholder, former Director of Research at Morningstar Canada, and co-author of Lifetime Financial Advice, for a fascinating exploration of life cycle finance. Drawing on decades of research in economics, portfolio construction, and asset allocation, Paul explains how financial planning should be grounded in optimizing lifetime consumption rather than relying on disconnected rules of thumb.   We explore how life cycle finance integrates consumption, saving, investing, and retirement spending into a single framework, why risk tolerance and risk capacity are fundamentally different concepts, and how human capital should be treated as part of an investor's balance sheet. Paul also walks through the life cycle model he and Tom Idzorek developed, explains why traditional retirement rules like the 4% rule lack theoretical foundations, and demonstrates an open-source spreadsheet that allows anyone to experiment with the model for themselves. This conversation brings together economics, portfolio theory, and financial planning into a practical framework for making better lifetime financial decisions.   Key Points From This Episode: (0:04) Introduction to Dr. Paul Kaplan and the topic of life cycle finance. (4:38) What life cycle finance is and why consumption smoothing is its central objective. (5:20) How life cycle models optimize saving, investing, retirement spending, insurance, and annuities. (6:36) Linking life cycle finance with Harry Markowitz's mean-variance optimization. (8:38) Why consumption—not wealth accumulation—is the true focus of financial planning. (9:56) The concept of an economic balance sheet: financial assets, human capital, liabilities, and net worth. (10:59) Holistic investor profiling beyond traditional risk tolerance questionnaires. (13:23) Why risk tolerance and risk capacity should never be combined into a single score. (16:48) Assessing the risk characteristics of human capital. (17:36) Applying utility theory behind the scenes in financial planning software. (19:15) Sample profiling questions that measure lifetime consumption preferences. (20:54) Why maximizing lifetime utility ultimately means optimizing consumption. (22:55) How preferences, needs, and circumstances shape lifetime financial plans. (24:13) The primary outputs of a life cycle model: consumption and asset allocation. (25:01) The roles of life insurance and annuities in lifetime financial planning. (27:44) How uncertain investment returns influence both spending and asset allocation. (28:19) Why longevity assumptions are critical in retirement planning. (29:37) Simplifying complex life cycle optimization into practical formulas. (30:27) Why life cycle finance challenges rules of thumb like the 4% withdrawal rule. (31:12) Flexible retirement spending versus fixed withdrawal strategies. (34:01) Why consumption should be treated as an output rather than an input. (36:05) The importance of asset location and after-tax portfolio construction. (37:04) Why asset allocation and asset location should be solved simultaneously. (38:19) Harry Markowitz on why asset allocation became the foundation of modern investing. (40:06) The need for financial planning software built on life cycle theory. (41:55) A walkthrough of Paul's open-source life cycle finance spreadsheet. (46:58) Understanding economic balance sheets and asset mix visualizations. (49:17) Which investor characteristics have the greatest influence on optimal asset allocation. (50:52) Why Nobel Prize-winning life cycle finance research has yet to become mainstream practice. (51:37) The evolving role of financial advisors in helping clients make rational financial decisions. (52:50) How Paul's own investment philosophy emphasizes indexing and asset allocation. (54:13) Factor investing, popularity theory, and connecting behavioral finance with asset pricing. (56:42) Paul's definition of success: applying first principles with rigor and integrity throughout his career. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Dr. Paul Kaplan: https://www.paulkaplan.com/  Lifetime Financial Advice (CFA Institute Research Foundation): Lifetime Financial Advice| Research Foundation  Life Cycle Finance Spreadsheet (Paul Kaplan's website): https://www.paulkaplan.com/lifetime-financial-advice  *Disclosure: Links to third-party materials are provided for your convenience and do not constitute an endorsement or recommendation of the products or services offered therein. Frontiers of Modern Asset Allocation (Wiley): https://www.wiley.com/en-us/Frontiers+of+Modern+Asset+Allocation-p-9781118029689  Popularity: A Bridge Between Classical and Behavioral Finance (CFA Institute Research Foundation): https://rpc.cfainstitute.org/research/foundation/2021/popularity-a-bridge-between-classical-and-behavioral-finance   Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)  

To get exclusive access to my quarterly webinar, sign up for my newsletter here.  -----  Markets have been stronger than many investors expected in 2026, but the story beneath the surface is more complicated than the headline returns suggest.  Listen now and learn: ► Why U.S. stocks have held up despite geopolitical shocks, energy concerns, and higher bond yields ► How the AI buildout is influencing earnings growth—and why expectations matter from here ► What developed international and emerging markets are adding to the 2026 market story ► How long-term investors can think about diversification, bonds, and portfolio discipline heading into the second half of the year   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)     Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

My guest today is Jeremy Giffon.  Jeremy has been on the show before as one of our most popular guests, and this conversation is every bit as enjoyable as the first. Over the last 18 months, Jeremy has had hundreds of conversations with founders and with the capital behind their companies. I don't know many investors with such a high rep count in the most interesting corners of private markets, so I asked him what he has learned. We talk about what those lessons mean for founders and investors, why everyone has become subservient to the poster class, the hidden intellectual history behind Silicon Valley and much more. Please enjoy my conversation with my friend, Jeremy Giffon. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgeline.ai⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant. Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:02) Jeremy Giffon (00:02:34) Lessons from 18 Months of Founder Conversations (00:07:01) The Billion-Dollar PDF (00:08:13) The Unifeed & Rise of the Timeline (00:17:02) Power Law & Breakout Content (00:18:48) AI Algorithms Driving Content (00:20:38) Timeline-Native White House (00:21:09) Traits of Great Posters (00:25:27) Peak Guy & the Billionaire Priest Class (00:32:13) Billionaires Now Defer to Posters (00:34:52) Freedom vs. Relevance (00:38:53) AI & White-Collar Job Displacement (00:40:53) Stewarding Your Gifts as Moral Duty (00:43:18) Next Wave of Finance: Equity-First Firms (00:53:26) East Coast vs. West Coast Finance (00:55:34) Beating the Market Is Not That Hard (01:00:40) SPV Feudalism & Allocation (01:02:10) Egregious SPV Fee Structures (01:04:50) Simplicity vs. Complexity in Investing (01:07:15) Hiring: Attracting Differentiated Talent (01:11:00) Silicon Valley's Hidden Intellectual Traditions

Shannon Miller is Co-founder and President of Mainspring Energy, a company developing a new category of power generation technology called the linear generator. Mainspring's systems generate electricity through a low-temperature, flameless chemical reaction that converts fuel directly into electrical power. Shannon has been at this for about 15 years. She started the company on technology she developed while earning her PhD in mechanical engineering at Stanford, and took it from a lab experiment through commercial deployment to hundreds of megawatts in development and running in the field. Mainspring closed a $258 million Series F in 2025, led by General Catalyst and has raised more than $800 million to date. In this episode of Inevitable, Shannon explains how Mainspring's technology differs from traditional gas turbines and fuel cells, why modular and fuel-flexible generation is becoming increasingly valuable, and how the growth of data centers is reshaping energy infrastructure. The conversation explores the urgent demand for faster power deployment, the advantages of dispatchable generation, the role of hydrogen and other future fuels, and why flexibility may become one of the most important characteristics of the future electric grid.  Episode recorded on June 2, 2026 (Published on July 7, 2026).  In this episode, we cover:  (0:00) An overview of Mainspring Energy  (1:47) What a linear generator is and how it differs from traditional ones (3:57) Behind-the-meter power and the race for faster time-to-power  (5:47) How Mainspring converts fuel into electricity  (8:18) The benefits of modular power generation  (10:34) Comparing linear generators to fuel cells  (12:32) Where Mainspring fits into modern data center energy stacks  (13:48) Transitioning from prime power to dispatchable grid support  (14:42) Why fuel flexibility matters  (15:27) Use cases for propane and hydrogen switching  (18:57) The economics of power generation and cost competitiveness  (20:44) Scaling from laboratory technology to commercial deployment  (22:49) How utilities evaluate new generation technologies  (25:00) Shannon's vision for the future power mix Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

Pat Dorsey is the Founder of Dorsey Asset Management, a $1.7 billion global public equity manager focused on companies with competitive advantages and long investment runways. Pat created Morningstar's moat research framework and led its equity research efforts for a dozen years before launching his firm in 2014. Our conversation covers the nuances of investing in businesses with wide moats across quantitative analysis, switching costs, network effects, brands, management, alignment, capital allocation, and reinvestment runways. We then turn to Pat's application of moat analysis to his investing, including concentration, global scope, position sizing, decision making, and lessons learned. Any leader should see for themselves the benefits of elite coaching. Try ALEX: tryalex.admiredleadership.com. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Today's guest is Rebecca Anderson, a Senior Fellow at the McKinsey Global Institute, McKinsey's business and economics research arm. She leads research on economic growth and the financial system, in the United States and globally. In today's episode, Rebecca shares her McKinsey report on what has powered America's economy for 250 years: natural endowments, a culture of entrepreneurship, and the institutions that harnessed them. She examines labor force dynamism in the age of AI, the $2 trillion cost of reindustrialization, and a global balance sheet stretched to record highs. (0:00) Starts (1:11) Rebecca explains American's natural advantages (9:11) US leadership in science, technology, and education (16:29) AI, workforce transitions, and manufacturing ramp-up (25:56) Infrastructure challenges and US-China comparisons (33:38) US policy recommendations (43:44) The global balance sheet (52:14) Cultural attitudes and geopolitics ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this AMA episode, Benjamin Felix, Dan Bortolotti, and Ben Wilson tackle a wide range of listener questions covering portfolio construction, diversification, active management, pensions, fiduciary duty, and short-term investing decisions. They examine whether breaking apart all-in-one ETFs is worth the complexity, why global diversification remains the default despite long stretches of underperformance, and how investors should think about risk when they have defined benefit pensions or short-term financial goals. Along the way, they discuss the limits of active management, why simplicity often beats optimization, and even reveal their favorite board games. Key Points From This Episode: (0:01:12) Whether investors should replace asset allocation ETFs with individual component ETFs to save on management fees.  (0:01:40) Why simplicity has real economic value—and how small fee savings compare to behavioral costs.  (0:05:38) Portfolio drift, rebalancing discipline, and the hidden costs of managing multiple ETFs.  (0:06:08) How recent fee reductions narrowed the cost gap between VEQT and its component funds.  (0:06:51) When using individual ETF components may make sense for larger portfolios or asset location strategies.  (0:11:16) The hosts share their favorite board games—and why poker has surprising parallels to investing.  (0:15:01) What true diversification actually means beyond simply owning the S&P 500.  (0:16:07) Why the global market portfolio remains the logical starting point for most investors.  (0:19:46) Addressing claims that modern index funds have become "too concentrated."  (0:21:52) Why active managers tend to lose their edge as assets under management grow.  (0:22:15) Diminishing returns to scale and the efficient market for manager skill.  (0:27:03) How defined benefit pensions should factor into portfolio construction and risk capacity.  (0:33:53) Understanding fiduciary duty for Canadian portfolio managers and financial advisors.  (0:37:17) Why publicly holding yourself out as a fiduciary carries legal and ethical implications.  (0:39:22) Can individual investors outperform active funds by picking stocks themselves?  (0:42:32) Why time, effort, and research alone rarely translate into market-beating performance.  (0:45:04) Why international stocks have lagged U.S. equities—and why diversification still matters.  (0:47:10) The role of valuation expansion in explaining decades of U.S. outperformance.  (0:50:05) How to invest money earmarked for a home down payment over a three-to-five-year horizon.  (0:53:31) Applying the same time-horizon framework to RESP investing and education savings. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

What causes significant risk-off events? Can they be anticipated to any degree? Understanding the how and why of these episodes is critical for investors seeking to avoid drawdowns. In this short podcast, I share how I think about episodes of risk-off, with particular attention to the interaction between stock and bond prices — before, during, and after market vol events. I outline three type of risk-off: the classic, the taper, and the liquidation, and provide examples of each. I also propose a fourth, in which the US Treasury market is itself the source of global instability.  I hope you find this discussion useful and I wish you an excellent July 4th holiday.    Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Welcome back to the Alt Goes Mainstream podcast.Today's episode dives deep into the world of wealth management with someone whose career is emblematic of the intersection of private markets and private wealth.We sat down with Larry Restieri, the CEO of Hightower.Larry is the CEO and a member of the Board of Directors at Hightower, a national wealth management firm that empowers financial advisors to deliver sophisticated investment and financial services to clients.Larry joined the firm in June 2025 from Goldman Sachs, where he was a Partner. Larry served as the CEO of Goldman's AYCO business, which specializes in workplace financial planning and private wealth advisory services.He held a variety of leadership roles at Goldman across its wealth and asset management divisions, including heading up the Alternative Capital Markets business.Larry and I had a fascinating conversation about the continuing convergence of private markets and private wealth from someone who was at the forefront of this industry transformation. We covered:The evolution of private markets within the wealth channel.Lessons learned from Larry's time building Goldman's Alternative Capital Markets business and the AYCO business.The path to building Hightower into a $1T RIA. The build-out of Hightower's Signature Wealth brand.What does the continued buildout of private equity-backed platforms mean for the evolution of wealth management?What drives financial advisors?The benefits of the independent RIA model.How and why wealth clients should be thinking about private markets.Thanks, Larry, for sharing your wisdom, expertise, and passion at the intersection of private markets and private wealth.Show Notes00:15 Meet Larry Restieri01:22 Sponsor Message from Ultimus Fund Solutions05:37 Larry Career Journey11:21 Why Hightower12:02 Next Wealth Evolution14:37 Democratizing Alternatives17:08 Education And Expectations18:14 GPs And Distribution19:49 Big Versus Niche Managers22:09 Platform Due Diligence23:20 NEPC And Hightower One26:18 Trillion Dollar RIAs27:42 What Advisors Want28:57 Building Hightower One29:27 Signature Wealth Brand30:41 Acquiring The Bahnsen Group31:57 Why Brand Matters32:22 The Volkswagen Brand Analogy34:15 Culture and Community36:34 Hightower 3.0 Strategy37:59 Open Architecture Explained41:04 Private Equity Exits43:06 Multiples and Deal Discipline44:49 Markets and Cash Flow46:20 Private Markets Adoption49:10 GPs Serving RIAs52:33 Closing ReflectionsA Word from Our Sponsor, UltimusThis episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands.That's Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you're already in the market or thinking about entering private wealth, you can trust their team's deep expertise in retail alternatives to help you reach your goals.Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.Editing and post-production work for this episode was provided by The Podcast Consultant.

Get updates for my new book here: https://Theperfectportfoliobook.com  -----  Haley Sacks, better known as Mrs. Dow Jones, joins The Long Term Investor to discuss how to stop feeling intimidated by money and start building real financial confidence. We talk about her new book, Future Rich Person, and why building wealth is not about deprivation, looking rich, or chasing shortcuts—it is about taking action with your money. Listen now and learn: ► Why money shame keeps so many people stuck ► How to spend better without giving up what you love ► Why earning more may be your most overlooked wealth-building tool ► How to avoid the traps of lifestyle creep and get-rich-quick investing   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠) Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.  

My guests today are Gavin Uberti and Rob Wachen, the founders of Etched.  A few years ago, when they set out to build a better AI chip than the largest companies in the world, almost everyone I called told me it could not be done. They have since done it, taping out a working chip on their first attempt and becoming the first hardware company founded after ChatGPT to do so. They already have more than a billion dollars of customer demand for their first product, and have raised eight hundred million dollars to build it.  Etched builds chips and systems designed to run AI models faster and at lower cost. They started the company in 2023, and that product is a complete rack for inference, the chip along with the boards, the power delivery, the interconnects, and the manufacturing to produce it all. We talk about the technical bets behind their architecture, how they hired industry legends and paired them with elite 22 year-olds, and why they believe inference will become one of the largest markets in the world. I think you will find the story of what they have built hard to forget. Please enjoy my conversation with Gavin and Rob. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant. Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:07) Gavin Uberti and Rob Wachen (00:03:54) Two 21-Year-Olds Taking on NVIDIA (00:07:52) The Two Technical Bets Behind Their Architecture (00:14:15) Why Inference Becomes the Biggest Market (00:20:23) Rob and Gavin's Origins Stories (00:28:38) How They Recruit Industry Legends (00:36:30) Moving a Dozen Engineers to Bangalore for Six Months (00:38:01) Speed Wins (00:43:58) Getting More Concurrency Out of Every Megawatt (00:52:44) Vertical Integration (00:57:43) Hardest Obstacles to Overcome (01:01:09) Raising The Largest AI Chip Series A Ever (01:06:29) TSMC (01:13:20) Designing Gen 2 for Gigawatt-Scale Production (01:16:42) Why Machines Don't Think Like People (01:20:03) A Year of Compute Compressed Into a Month (01:23:44) The Trillion-Dollar Data Center (01:26:19) The Kindest Thing

Mike DeAddio is the Chief Operating Officer of Paloma Partners, the multi-manager platform founded by Donald Sussman in 1981 — one of the original seeders of firms like D.E. Shaw, Elliott, Canyon, and Caxton.   Mike takes us through a technical career that spans across Bell Labs, JPMorgan, Citadel and, Silver Point before bringing that entire playbook to Paloma.   We dig into what it takes to build institutional-grade hedge fund infrastructure today versus a decade ago and how Paloma completed a full technology refresh. All while keeping the plane in the air.   From there, we get into the model that makes Paloma different: flexible operational infrastructure and tailored to each manager's style and goals — minimizing operational burden so they can focus on alpha generation — and a commitment to their long-term success, whether that means growing within the platform or eventually going out on their own.   For anyone running or building operations at a hedge fund or multi-manager platform — this one's a masterclass on the operational lift when trying to launch a hedge fund today.  Learn MoreFollow Capital Allocators at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@tseides⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ or ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠mailing list ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Access transcript with ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Membership ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠)

Our first guest on the Senior Decision Makers mini-series is Nick Csicsko. Nick is a Managing Director at the Trinity Wall Street endowment, where he joined CIO Meredith Jenkins at the founding of the investment office in 2016 and has spent the last decade helping build a young endowment inside a 320-year-old institution. Today the endowment has grown to over $6 billion. Nick's path into investing is a fascinating one. He studied composition and earned his Doctorate of Music at Juilliard. While there, he talked his way into an internship at Juilliard's endowment and never looked back. Our conversation covers the lessons he carried from music into investing, his investment philosophy, and the details of his process. Manager selection sits at the heart of his work, and he articulates what separates the relationships that endure from the ones that don't. Nick is a remarkable storyteller and shares a number of real-life examples of manager relationships — some that worked out well, some that didn't, and others with insights for allocators and managers alike. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

In this Perspective episode of Money & Meaning, Jeff Bernier examines one of the most common questions investors ask: whether they're missing out by not owning the latest high-profile stock or IPO. Using examples ranging from railroads and the telecom boom to NVIDIA, SpaceX, and artificial intelligence, Jeff explores why transformative companies don't always translate into exceptional investments. He explains the difference between innovation and speculation, why market expectations matter, and how diversification allows investors to participate in long-term human progress without relying on predicting tomorrow's winners.  Topics Covered  Why investors are drawn to 'hot' stocks and IPOs  The difference between a great company and a great investment  What history teaches us about IPO performance  SpaceX and the role of valuation versus business success  Lessons from railroads and the telecom boom  How artificial intelligence fits into historical innovation cycles  Why market expectations matter more than growth alone  Mean reversion in corporate profitability  Research on the small percentage of stocks that create most market wealth  Why diversification remains a powerful investment strategy  Useful Links:    Jeff Bernier on LinkedIn: https://www.linkedin.com/posts/jeffberniercfp_the-money-and-meaning-show-activity-7202103509700227072-h0Qn/  TandemGrowth Financial Advisors: https://www.tandemgrowth.com/  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com) 

Today's guest is Ben Carlson of Ritholtz Wealth Management, author of A Wealth of Common Sense and host of the Animal Spirits podcast. In today's episode, Ben unpacks the counterintuitive math behind long term investing. He reveals that picking the wrong asset every year still makes money, that the average up year tops 20%, and that stocks grow less volatile than bonds the longer you hold. To close, Ben explains why patience has never been harder. (0:00) Starts (2:05) Ben Carlson on the secret to investing (5:00) The worst investor ever (15:20) Tax management as new alpha (17:12) Inflation's impact on asset classes (21:06) "Now do Japan" (33:02) Lessons from bear markets (41:54) Discretionary investing challenges (46:31) Poor performance of hyperactive traders ----- Sponsor: ⁠⁠Ivy Invest⁠ ⁠- To learn more about Ivy Invest's SEC-registered endowment-style fund, view the prospectus, and learn how to invest, visit⁠ ⁠ivyinvest.co/fund ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, we are joined by Shannon Lee Simmons—Certified Financial Planner, Chartered Investment Manager, bestselling author, and founder of the New School of Finance—for a wide-ranging conversation about the emotional side of money. Drawing on more than two decades of working directly with Canadians, Shannon explains why financial stress has become so pervasive, how social comparison shapes spending habits, and why a well-built financial plan can be one of the most powerful antidotes to money anxiety. We also explore decision-making during financial crises, the psychology of regret, why traditional budgeting often fails, and how couples navigate money differently—particularly in retirement. Shannon shares practical frameworks for aligning spending with personal values, avoiding emotional financial mistakes, and helping households make confident decisions through life's biggest transitions. Key Points From This Episode: (0:03:56) Why people worry about money—and why financial uncertainty often feels like uncertainty about life itself. (0:04:24) Why so many middle- and upper-income Canadians still feel broke despite earning good incomes. (0:05:18) The importance of having a financial plan and reducing harmful social comparison. (0:06:55) How social media fuels overspending, comparison, and "financial dysmorphia." (0:08:35) Why cashless spending has fundamentally changed our relationship with money. (0:11:52) How perceived life milestones—especially home ownership—shape financial decisions and expectations. (0:13:36) Practical ways to manage financial stress, restore confidence, and build resilience. (0:15:55) The growing "spending arms race" and how rising expectations have redefined what's considered normal. (0:18:09) Why Shannon dislikes traditional budgeting—and what to do instead. (0:20:32) Her four-bucket framework for worry-free spending and maintaining financial flexibility. (0:22:35) A practical test for deciding whether a large purchase is truly affordable. (0:25:01) Aligning spending decisions with personal values using an "emotional return on investment." (0:28:12) Helping couples navigate different financial priorities without turning disagreements into conflict. (0:30:28) Separating good decisions from bad outcomes to overcome financial regret. (0:33:48) The major financial decision crises people commonly face—from divorce to illness to retirement. (0:35:16) Using "micro financial plans," guardrails, and scenario planning during periods of uncertainty. (0:37:45) The three phases of a financial decision crisis and how planners can help through each stage. (0:41:41) Why retirement often reveals differences in couples' relationships with money that never surfaced while saving. (0:45:19) The psychological challenge of withdrawing from investment portfolios after decades of accumulation. (0:46:41) Using cash wedges and realistic retirement projections to reduce anxiety around spending in retirement. (0:49:42) How saver-versus-spender dynamics can evolve into power struggles during retirement. (0:53:12) The question almost every client is really asking: "Am I going to be okay?" (0:54:41) Why planners should ask about clients' hidden DIY investment accounts. (0:56:21) The risks of becoming emotionally attached to concentrated investment gains. (0:57:16) The most impactful parts of a financial plan: realistic spending projections and actionable next steps. (0:58:25) How often financial plans should be updated—and when life events require immediate revisions. (1:01:08) Who benefits most from fee-only planning and who may be better served with ongoing advice. (1:07:00) Why implementation—not recommendations—is often the hardest part of financial planning. (1:10:00) The strengths and trade-offs of fee-only planning versus assets-under-management advice models. (1:15:05) Shannon's advice for improving financial well-being: build a plan, focus on your own values, and stop comparing yourself to everyone else.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Shannon Lee Simmons – https://shannonleesimmons.com/  New School of Finance – https://www.newschooloffinance.com/  Worry-Free Money – https://www.amazon.ca/Worry-Free-Money-guilt-free-approach-managing/dp/1443454451  Making Bank: Money Skills for Real Life – https://www.amazon.ca/Making-Bank-Money-Skills-Real/dp/1443469815    Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)   

Get updates for my new book here: https://Theperfectportfoliobook.com  -----  After every major market move, investors are tempted to say, "I knew that was going to happen." In this episode, we explore hindsight bias: the mental shortcut that makes the past look more predictable than it really was, and why that can be dangerous for your portfolio.  Listen now and learn: ► Why past market events often look clearer in hindsight than they felt in real time ► How the "I knew it" trap can lead investors toward overconfidence and market timing ► Why diversified portfolios can feel disappointing when judged only after the fact ► A simple way to make future investment decisions less dependent on unreliable memory   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

My guest today is Vlad Barbalat, the Chief Investment Officer of Liberty Mutual Investments, the $120 billion investment platform that sits within one of the largest insurance companies in the world.  Vlad grew up in Soviet Moldova, came to America in 1990, and built a career that eventually led him to one of the most distinctive capital allocator seats anywhere in finance.  Today we talk about how the mutual insurance structure creates a unique investment platform, what Liberty looks for in a new deal or partner, and what it means to build a career and a life in a country that gave you opportunities you never would have had anywhere else.  Please enjoy my conversation with Vlad Barbalat. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgeline.ai⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Timestamps: (00:00:00) Welcome to Invest Like The Best (00:00:53) Vlad Barbalat (00:01:28) The Most Interesting Seat in the Market (00:05:53) Breaking Down the $120B (00:10:41) How the Portfolio Is Constructed (00:11:00) The House View (00:13:49) What Liberty Looks for in a GP (00:16:32) Why Not Just Buy Bonds (00:18:30) Benefits of the Mutual Structure (00:23:40) The Luxury of the American Citizen Through Immigrant Eyes (00:30:26) How Immigration Shaped His Worldview (00:32:45) Direct Deals vs. GP Allocations (00:35:23) Branded Capital (00:39:07) Geopolitics & Investing (00:43:48) AI's Impact on Investing (00:46:22) The Valuation Debate (00:50:47) Public vs. Private Markets (00:53:53) Lessons from Goldman (00:54:41) Why Excellence Matters (00:57:30) Managing Permanent Capital (01:03:54) The Kindest Thing 

In today's episode, Meb celebrates the release of his new book, Investing in America, a coffee table history of the 250 year bull market. He explains the magic of compounding, why every decade feels like chaos, and the surprising fact that stocks become less volatile than bonds over long horizons. To close, Meb weighs today's valuations against the long view. ----- Follow Meb on⁠ X⁠,⁠ LinkedIn⁠ and⁠ YouTube⁠ For detailed show notes, click ⁠here⁠ To learn more about our funds and follow us, subscribe to our ⁠mailing list⁠ or visit us at⁠ cambriainvestments.com⁠ ----- Follow The Idea Farm: ⁠X⁠ | ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠TikTok⁠ ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include ⁠Ed Thorp⁠, ⁠Richard Thaler⁠, ⁠Jeremy Grantham⁠, ⁠Joel Greenblatt⁠, ⁠Campbell Harvey⁠, ⁠Ivy Zelman⁠, ⁠Kathryn Kaminski⁠, ⁠Jason Calacanis⁠, ⁠Whitney Baker,⁠ ⁠Aswath Damodaran⁠, ⁠Howard Marks⁠, ⁠Tom Barton⁠, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out ⁠here⁠!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠). Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael Spencer is the Founder and CEO of Zeno, an electric mobility company building electric motorcycles, battery-swapping infrastructure, and distributed energy systems across East Africa. Drawing on experience from nearly a decade building businesses in East Africa and four years at Tesla during its hypergrowth era, Spencer is applying lessons from EV charging infrastructure to one of the world's largest transportation markets: two- and three-wheel vehicles. In this episode of Inevitable, Spencer explains why electrifying motorcycles in emerging markets may be one of the most efficient ways to reduce transportation costs and emissions. He discusses how Zeno combines hardware, software, and energy infrastructure to create a business that looks like an electric vehicle company on the surface but increasingly operates like a distributed utility. The conversation explores lessons from Tesla's Supercharger network, why Kenya became Zeno's launch market, how battery swapping and AI-powered infrastructure management drive capital efficiency, and why building hard-tech businesses may become even more valuable in an AI-driven world. Spencer also shares his vision for turning Zeno's charging network into a distributed renewable energy platform capable of serving both mobility and grid customers. Note: Zeno is an MCJ portfolio company  Episode recorded on June 8, 2026 (Published on June 23, 2026)  In this episode, we cover:  [00:00] The Trojan horse: what Zeno actually is [03:00] From East Africa to Tesla: Michael's path [04:36] Inside the supercharger rollout — and what it really taught him [08:02] Why two-wheelers are paradoxically easier to electrify [10:17] The Kenya opportunity: spending half your income on fuel [16:19] 200 charge points, $8M spent — how they did it [20:27] The AI matching algorithm behind 75% network utilization [23:20] Building a world-class team across four continents [28:17] Supply chain, oil prices, and the double-edged sword [32:03] Why hardware can't be vibe-coded [36:41] The five-year vision: from motorcycle company to distributed utility Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

Collette Chilton is the CIO of Williams College where she has overseen its $3 billion since 2006. Collette is nothing short of a legend in the business. She has sat in a CIO seat since the early 1990s at the helm of public pension MassPrim and corporate pension Lucent before joining Williams. Institutional Investors bestowed its Lifetime Achievement Award on Collette in 2019, and Barron's named her one of the 100 Most Influential Women in Finance in 2020.   Our conversation covers Collette's career path and lessons learned before joining Williams. We then turn to her arrival at Williams in 2006 to a phone, a computer, and a legacy portfolio, Williams' governance structure leveraging alumni advisors, asset allocation, manager selection, manager monitoring, hedge funds, venture capital, and navigating around popular managers.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership  

Abigail Wattley is the Chief Investment Officer of Williams College, where she oversees the school's $4.5 billion endowment. She became CIO three years ago upon the retirement of Collette Chilton, whose past conversation is replayed in the feed.  Abigail has spent two decades in the Williams investment office, and her tenure manifests the benefits of duration and institutional knowledge in the seat.   Our conversation traces Abigail's nearly twenty-year journey inside the Williams Investment Office, from joining as an early analyst to becoming the internal successor CIO. We discuss the consistent mandate throughout alongside Abigail's evolution from analyst to deputy to decision-maker, including the knowledge retained as an internal candidate, the tension between respecting an institution's history and putting her own stamp on the portfolio, and perspectives on hedge funds, private markets, liquidity management, real assets, team development, and AI.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Today's guest is Bryan Taylor, founder and chief economist of Finaeon, which has the most comprehensive database of historical financial market data in the world. He's just published Five Financial Eras: How Financial Markets Transformed the World. In today's episode, Bryan explains his TWIG framework of trade, war, inflation, and government, and how their combination drives returns across centuries of market history. He challenges the belief in a fixed equity risk premium and revisits seven decades of negative real bond returns. To close, Bryan explains why the post-1981 playbook no longer applies. (0:00) Starts (1:25) Sponsor: Ivy Invest (2:37) Bryan Taylor explains the TWIG framework (10:20) There is no single equity risk premium (21:18) Government debt, market capitalization, and global market position (26:17) The impact of technology revolutions on markets (28:30) Historical changes in investment trends (38:22) Cultural shifts in investing (47:36) Evolution of stock market indices and future projects (52:03) Currency discussion ----- Sponsor: ⁠⁠Ivy Invest⁠ ⁠- To learn more about Ivy Invest's SEC-registered endowment-style fund, view the prospectus, and learn how to invest, visit⁠ ⁠ivyinvest.co/fund⁠ ----- Follow Meb on⁠ X⁠,⁠ LinkedIn⁠ and⁠ YouTube⁠ For detailed show notes, click ⁠here⁠ To learn more about our funds and follow us, subscribe to our ⁠mailing list⁠ or visit us at⁠ cambriainvestments.com⁠ ----- Follow The Idea Farm: ⁠X⁠ | ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠TikTok⁠ ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include ⁠Ed Thorp⁠, ⁠Richard Thaler⁠, ⁠Jeremy Grantham⁠, ⁠Joel Greenblatt⁠, ⁠Campbell Harvey⁠, ⁠Ivy Zelman⁠, ⁠Kathryn Kaminski⁠, ⁠Jason Calacanis⁠, ⁠Whitney Baker,⁠ ⁠Aswath Damodaran⁠, ⁠Howard Marks⁠, ⁠Tom Barton⁠, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out ⁠here⁠!  -----Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Ben Felix and Ben Wilson tackle a wide range of listener questions covering portfolio construction, home-country bias, currency exposure, ETF selection, retirement decumulation, leasing versus buying a car, discounted cash flow valuations, and the real work of portfolio management. Along the way, they revisit the Rational Reminder model portfolios, discuss how new products like CAGE have changed the DIY investing landscape, and explore whether Warren Buffett's long-term record still provides evidence that active management can outperform. The conversation also offers a behind-the-scenes look at PWL Capital's planning-centric approach to wealth management and why helping clients make better financial decisions often matters more than portfolio construction itself. Key Points From This Episode: (0:28) Why AMA episodes have become less frequent despite hundreds of listener questions waiting to be answered.  (2:07) Ben shares observations from PWL's growing institutional investment business and why low-cost, planning-focused institutional advice remains surprisingly rare.  (6:37) Revisiting the original Rational Reminder model portfolios and how newer products have simplified implementation.  (10:09) Should U.S. investors underweight the U.S. market relative to global market-cap weights?  (11:07) Research, home-country bias, and Ken French's arguments for overweighting domestic stocks.  (18:11) Asset-allocation ETFs in retirement: Is there any benefit to separating stocks and bonds during withdrawals?  (21:03) Leasing versus buying a vehicle, opportunity costs, depreciation, and convenience.  (26:13) Currency exposure, RRSPs, withholding taxes, and common misconceptions about USD-denominated ETFs.  (30:30) If Dimensional funds were unavailable, what would Ben choose instead?  (31:26) Are there any popular ETFs investors should avoid? A look at Canada's largest ETF holdings.  (38:28) Why discounted cash flow models often produce wildly different valuation estimates.  (41:47) What portfolio managers at PWL actually do when they are not trying to beat the market.  (45:57) Concentrated stock positions, client coaching, and helping investors make better long-term decisions.  (50:02) Why financial planning questions are often portfolio management questions—and vice versa.  (52:53) Helping clients navigate the transition from wealth accumulation to wealth preservation and spending.  (58:06) Revisiting Berkshire Hathaway's long-term performance versus broad-market index funds.  (1:02:35) The challenges of active management as assets under management grow larger.  (1:04:22) Aftershow: Ben reflects on his experience appearing on Diary of a CEO with Steven Bartlett. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)  

In this episode of FYI, Brett Winton and Chase Prather host Andy Tang, partner at Draper Associates, to discuss how venture capital is evolving alongside AI, deep tech, and shifting market dynamics. Andy reflects on his 20-year investing career, the growing importance of AI-native companies, and why the cost of execution is rapidly declining for startups. The conversation explores founder psychology, the role of contrarian investing, and how Draper approaches unconventional ideas ranging from artificial wombs to AI-generated companies and personalized cancer therapies. Andy also shares insights on venture ecosystems, market cycles, and the characteristics that separate enduring founders from everyone else.Key Points From This Episode: 00:00:00 Introduction 00:06:09 How AI-native startups are reshaping venture capital strategies.00:20:47 Why the cost of building companies is falling dramatically.00:28:18 How venture ecosystems evolve through successful Initial Public Offering (IPO) cycles.00:42:11 How venture investors evaluate founder ambition and long-term outcomes.00:50:02 How AI could enable single-person or founderless companies.00:53:26 The idea of growing replacement organs outside the human body.00:54:01 Personalized “end-of-one” cancer treatments and custom clinical trials.00:57:05 Why declining biotech costs could transform healthcare economics.Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

This WTT, AI: Fundamentals, Valuation, and the Next Allocator Dilemma takes on a high-level assessment of AI companies as late-stage private winners prepare to go public, and the next big challenge allocators face as a result. Read Ted's blog here. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Hiring a financial advisor is a big decision. My "How to Interview a Financial Advisor" worksheet gives you the tools to navigate the process and choose an advisor who fits your goals. Download it for free. -----  In this episode, I'm joined by Cameron Passmore, co-host of The Rational Reminder and a leader at PWL Capital, to discuss whether financial advice can scale without getting worse. We explore why the portfolio problem may be easier to solve than the advice-business problem, and what advisors need to do once low-cost, evidence-based investing becomes the starting point rather than the value proposition. Listen now and learn: ► Why Cameron believes the future of advice depends on better firms, not just better portfolios ► How fee transparency could force advisors to better define and defend their value ► What scaled advisory firms can do that solo advisors and smaller practices often cannot ► How private markets, AI, and investor behavior will shape the next decade of financial advice   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.  

My guest today is Kareem Amin, co-founder and CEO of Clay. Clay has become one of the fastest-growing software companies of the last few years, valued at over four billion dollars. It helps companies find their best customers and reach them at scale. But this conversation is about a lot more than Clay. Kareem is one of the most original thinkers I know.  We talk about the statues he keeps at the center of how he runs Clay — truth, justice, and courage — and what those words demand of him in practice. We talk about risk, ambition, and what he learned about both on a ten-day silent meditation retreat.  I've had a lot of conversations with Kareem over the years. This is one I'll remember. Please enjoy this unique conversation with Kareem Amin. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:29) Kareem Amin (00:03:07) Clay's Origin (00:10:50) Truth, Courage and Justice (00:16:09) Adulation (00:18:28) Risk, Courage & Self-Respect (00:21:14) Jony Ive & Steve Jobs (00:21:42) Role of Introspection (00:23:08) Lack to Wholeness (00:27:27) The Day Five Insight (00:29:57) Running a Startup Unusually (00:34:41) Learning from Magicians (00:36:27) Music's Role in Your Life (00:39:38) Making People Feel Something New (00:41:20) Vision in Company Building (00:44:29) Wealth & What It's Taught You (00:47:40) All Problems Are Communication Problems (00:52:14) Death Doula & Scaling (00:55:06) The Kindest Thing

Marc Berte is the Co-founder and CEO of Overview Energy, a startup developing space-based solar power systems designed to turn existing solar farms into around-the-clock power generators. By placing satellites in geosynchronous orbit, collecting near-continuous sunlight, and beaming energy back to Earth as safe near-infrared light, Overview aims to dramatically increase the utilization of solar infrastructure already deployed around the world.  In this episode of Inevitable, Marc explains how space solar works and how Overview's approach differs from decades of prior space solar concepts. He talks about the economics of “photon fuel,” the company's gigawatt-scale agreement with Meta, and the concept of “supply response”—delivering power exactly where and when grids need it most.  The conversation explores the manufacturing challenges of deploying thousands of satellites, the role of defense and energy security applications, and why the long-term value of solar assets could change dramatically if space-based power delivery becomes commercially viable.  Finally, he shares one of the more unconventional engineering stories you'll hear this year: how 75 pounds of Otter Pops helped cool Overview's airborne power-beaming demonstration system. Episode recorded on June 1, 2026 (Published June 16, 2026) In this episode, we cover:  (0:00) An overview of Overview Energy (2:34) Why space solar belongs alongside fusion, fission, geothermal, and storage  (4:30) How geosynchronous satellites shift power between global demand peaks  (5:59) The concept of “supply response”  (8:57) How Overview's power-beaming technology works  (12:51) Cloud cover and line-of-sight requirements (15:32) Creating a new energy market with “megawatt photons” (17:00) Overview's gigawatt-scale agreement with Meta  (22:32) The economics of adding photon fuel to existing solar assets  (26:22) Competing with gas peakers and complementing storage  (36:38) US manufacturing advantages and competition with China  (39:26) Defense, energy security, and powering remote military installations  (42:48) Financing space-based energy infrastructure  (48:10) The Otter Pop engineering story behind the airborne demonstration system Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at info@mcj.vc.Connect with MCJ:Cody Simms on LinkedInVisit mcj.vcSubscribe to the MCJ Newsletter*Editing and post-production work for this episode was provided by The Podcast Consultant

Jonathan Wang is the founder and CEO of EOS Investors, where he has built three real estate investment platforms totaling $2 billion in assets under management across the hotel and residential sectors. Jonathan also created a wholly owned hotel management company that oversees 60 properties for the EOS funds and five core partners.     Our conversation covers Jonathan's path to hotel investing and EOS' hotel investment process across market selection, property type, underwriting, vertically integrated operations, and managing through cycles. We also discuss extensions into residential real estate, hotel credit, and opportunities and risks going forward.     Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Today's guest is Jim Grant, founder and editor of Grant's Interest Rate Observer, which he's been publishing since 1983. He's a financial historian and one of the most well-respected Observers on Wall Street. In today's episode, Jim Grant explains why AI may be one of the greatest bubbles of all time, alongside the railroads and the dot-com era. He reframes deflation as progress, questions how murky the $2 trillion private credit market is, and explains why the Fed can't aggressively fight inflation. To close, Jim makes his case for gold and revisits 1984, which he calls the clearest example of how strange markets can be. (0:00) Starts (0:39) Jim Grant on AI mania (12:23) The economic implications of inflation & deflation (19:56) Interest rates and private credit concerns (27:13) The Fed's inflation target (41:10) How to fix the Federal Reserve (45:09) The history and role of gold in portfolios (54:34) Jim's most memorable investment (57:28) Historical periods to study ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, we are joined by Morley Conn, Director of Sales and Strategy, ETF Services at Scotia Global Banking and Markets, for a deep dive into the mechanics of the ETF ecosystem. With more than 30 years of experience across equities, foreign exchange, and money markets, Morley pulls back the curtain on the creation and redemption process, ETF liquidity, block trading, market making, and the often-overlooked infrastructure that allows ETFs to trade efficiently every day. We explore how authorized participants and market makers facilitate liquidity, why ETF liquidity is driven by the underlying holdings rather than trading volume, and how large institutional ETF trades are executed. Morley also explains the differences between Canadian and U.S. ETF markets, discusses common misconceptions investors have about ETF trading, and shares practical advice for retail investors seeking better execution. This conversation offers a rare look at the operational machinery behind one of the most important innovations in modern investing. Key Points From This Episode:   (0:04) Introduction to Morley Conn and his role in ETF market making. (4:29) The key participants in the ETF ecosystem: issuers, custodians, market makers, advisors, and dealers. (5:53) What market makers and authorized participants actually do. (7:03) How ETF creation and redemption works and why it matters for liquidity. (10:58) How ETF portfolio management differs from traditional mutual fund management. (12:44) Why ETF trading volume often greatly exceeds primary-market creations and redemptions. (13:35) The capital gains refund mechanism and its relationship to ETF trading activity. (16:04) What happens when ETF market prices diverge from net asset value (NAV). (18:24) Lessons from the March 2020 bond ETF dislocations and what they revealed about market pricing. (19:16) How market makers price ETFs when underlying securities are illiquid or difficult to value. (20:38) Managing ETF market-making risk when underlying markets are closed. (21:35) The major factors that influence ETF bid-ask spreads. (23:26) Why market makers prioritize trading volume and investor experience over wide spreads. (26:45) How large ETF block trades are executed and hedged behind the scenes. (29:26) Why ETF liquidity is determined by the underlying holdings rather than visible trading volume. (30:43) The difference between NAV trades and at-risk trades. (32:46) How market makers contribute to the development of new ETF products. (34:20) Best practices for retail investors when trading ETFs. (37:34) Factors that determine when block trades make sense. (38:46) Why pricing ETF blocks is both an art and a science. (43:14) What happens when an ETF is shut down and how investors are affected. (46:22) The balance between retail and institutional participation in the Canadian ETF market. (48:27) How institutions and retail investors use ETFs differently. (51:23) Key differences between Canadian and U.S. ETF markets. (54:56) ETF tax efficiency in Canada versus the United States. (56:23) Common misconceptions investors have about ETF liquidity and assets under management. (1:00:13) How CRM3 total cost reporting could influence ETF adoption in Canada. Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)  

My guest today is Alex Sacerdote, founder of Whale Rock Capital Management.  Whale Rock is a technology focused investment firm that manages more than $17 billion across hedge fund, long only, and hybrid strategies. Over the past three years it has been one of the best performing hedge funds, compounding at roughly 44 percent a year. Alex invests through a single lens that he has refined over twenty years. He looks for technology S-curves, durable competitive advantages, and underappreciated earnings power.  This conversation is a tour through how he applies that framework right now. We start with his highest conviction position, which is Anthropic, and use it to work through the entire AI stack from chips to models to applications.  Please enjoy my conversation with Alex Sacerdote. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like The Best (00:00:00) Welcome to Invest Like The Best (00:02:29) Alex Sacerdote (00:03:08) Anthropic: Highest Conviction Position (00:13:23) Investing in Private Markets at Scale (00:19:08) S-Curves: The Full Framework (00:25:08) When to Buy Tech Companies (00:30:20) Identifying the Leader from the Pack (00:34:04) Anthropic & OpenAI's Competitive Moats (00:37:31) AI's Threat to Enterprise Software (00:43:18) Network Effects in the Agent Era (00:44:22) The Hardware Renaissance: Chips & Infrastructure (00:53:56) Why So Few Investors Get This Right (00:55:36) Key Risks to the AI Bull Case (00:57:47) The Application Layer (00:59:40) How AI Is Changing Research at WhaleRock (01:02:53) The Role of Investor Networks & Idea Sharing (01:03:40) Building a Multi-Product Firm (01:07:58) WhaleRock as a Learning Machine (01:09:15) The Kindest Thing