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My guest today is Sarah Guo, founder and managing partner of Conviction, the venture firm she built to back AI-native companies from their earliest days.  Sarah has become one of the most sought-after early-stage investors in AI, often the first check into the companies defining the frontier.  In this conversation, we go inside that frontier: what the small group of people actually building AI believe right now, why some of the field's best researchers are wrestling with their own sense of purpose, and how close we are to robots in the home and a genuine acceleration in scientific discovery.  At the center is Sarah's conviction that no single company will own the future of AI, and what that means for founders, investors, and anyone allocating their time and resources in a world moving this fast. Our managing editor Dom Cooke wrote a profile of Sarah for Colossus, "Sarah's Wager," on how she built the firm closest to the AI frontier and why she's now betting against its biggest companies.  Please enjoy this conversation with Sarah Guo. 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 (00:02:16) Investing Without a Backtest (00:03:31) The AI Wager (00:06:16) Building the Best Investment Firm (00:08:37) Finding Non-Obvious AI Opportunities (00:11:00) The Frontier AI Talent Race (00:13:50) Compute as the Constraint (00:19:10) The Future of Robotics (00:22:15) Making Investment Decisions (00:26:13) How Sarah Spends Her Time (00:28:15) Raising a Venture Fund (00:30:49) Lessons From Her Parents (00:34:38) The Case for Open Source AI (00:39:01) Abundant Intelligence Isn't Inevitable (00:40:55) Compute Independence (00:43:14) Debates Inside Conviction (00:45:27) AI's Opportunity in Biology (00:48:58) Why Conviction (00:50:31) Finding Truth and Taking Risk (00:54:16) What Changes in the Next Year (00:56:46) The Kindest Thing

Siva Yellamraju is the co-founder and CEO of Fourier, a company building modular, on-site hydrogen systems for long-duration energy storage and distributed hydrogen production. Fourier's approach combines lithium-ion batteries for short-duration needs with hydrogen storage for longer durations, packaged into a single system designed to operate like a microgrid. In this episode of Inevitable, Yellamraju explains why hydrogen has long been considered promising for multi-day, seasonal, and even multi-year energy storage, but has struggled because of the cost and complexity of transporting it. He argues that producing hydrogen where it is needed can remove that transportation challenge and unlock a different cost curve for long-duration storage. The conversation explores Fourier's modular “hydrogen blade” architecture, its first storage deployment in Gujarat, India, and the growing demand for alternatives to diesel generators as data centers require increasingly large amounts of backup power. Yellamraju also discusses why levelized cost of storage matters more than round-trip efficiency, India's potential role in energy manufacturing, and his transition from software and data centers into building physical energy infrastructure. Note: Fourier is an MCJ portfolio company. Episode recorded on August 5, 2026 (Published on September 1, 2026). In this episode, we cover: (0:00) An overview of Fourier (1:33) Why hydrogen could work for long-duration energy storage (4:12) Why centralized hydrogen production creates a transportation problem (5:31) Making hydrogen storage operate like a battery (7:08) Why levelized cost matters more than round-trip efficiency (10:08) How hydrogen stores and returns energy (12:22) How long hydrogen can remain stored (13:45) Fourier's battery-plus-hydrogen microgrid architecture (14:24) Why Fourier uses a modular “hydrogen blade” design (15:51) Combining lithium-ion batteries with hydrogen for all storage durations (16:19) How Fourier's software optimizes storage, lifetime, and ROI (17:47) Fourier's first commercial storage deployment in Gujarat (19:53) Why Fourier is expanding from hydrogen feedstock into energy storage (20:32) How AI and data center growth accelerated demand for long-duration storage (24:24) Replacing diesel generators and solving multiple power needs with one system (26:55) How hydrogen storage compares with iron-air batteries (27:50) Why India could become a major energy manufacturing and hydrogen hub (30:10) The engineering and manufacturing talent Fourier is hiring (30:39) Transitioning from software to physical energy infrastructure (34:11) Scaling Fourier to meet growing demand for energy storage 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

This week's Summer Series is another two-fer, this time on negotiations. The first is with legendary former FBI-hostage negotiator Chris Voss, the author of Never Split the Difference and founder of the Black Swan group where he teaches tactical empathy in negotiations.  The second is with Yale professor Daylian Cain, who opened my eyes to the importance of walking away. Learn more about Capital Allocators University. Try ALEX by Admired Leadership. 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)

This week's Summer Series is another two-fer, this time on negotiations. The first is with legendary former FBI-hostage negotiator Chris Voss, the author of Never Split the Difference and founder of the Black Swan group where he teaches tactical empathy in negotiations.  The second is with Yale professor Daylian Cain, who opened my eyes to the importance of walking away. Learn more about Capital Allocators University. Try ALEX by Admired Leadership. 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 Paul Kedrosky, a fellow at the MIT Institute for the Digital Economy, partner at SK Ventures and former sell-side analyst. In today's episode, Paul Kedrosky explains why AI sits at the intersection of every force behind the biggest bubbles. He walks through why tokens are the fastest-deflating commodity ever, why more than half the data center buildout runs on debt instead of cash flow, and why an IPO wave pressures the market's biggest winners. To close, Paul argues AI already drives most US GDP growth, and revisits how badly humans misjudge scale. (0:00) Introduction (1:19) AI solving its own problems and historical economic crises (3:14) The impact of AI on energy and emissions (7:25) AI's economic implications (10:45) Financing and economic impact of data centers (18:42) Deflationary effects of AI tokens and tech company debt (22:26) Tech companies as utilities and the IPO surge (28:01) High PE ratios and valuation risks (34:04) AI model convergence and diminishing returns (40:22) Global attitudes toward AI and technology adoption ----- Sponsor: ⁠⁠Upwork⁠⁠ is the world's largest human and AI-powered freelance marketplace to hire top talent—trusted by businesses and professionals worldwide. ----- 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).

In this episode, we welcome back David Booth, Co-Founder of Dimensional Fund Advisors and author of Stay Calm: Learn to Embrace Uncertainty in Investing and Life. David reflects on his remarkable career at the center of the evidence-based investing revolution, from studying under Eugene Fama at the University of Chicago to helping build investment strategies around decades of financial research.   We explore what the data revealed about markets and professional money management, why implementation matters as much as great ideas, and how investors can make better decisions without trying to predict the unpredictable. David also shares his views on trust, financial advice, public versus private markets, human ingenuity, and the meaning of true wealth. Along the way, he explains why staying calm, having a process, and staying invested can matter far more than finding the next winning forecast.   Key Points From This Episode: (0:00:04) Introducing David Booth and his new book, Stay Calm: Learn to Embrace Uncertainty in Investing and Life. (0:01:15) What David learned as a commission-based shoe salesman: Do the right thing and be upfront with people. (0:03:35) The gift of being an outsider and how financial science changed the investing experience for ordinary investors. (0:05:38) Why outsiders are often willing to challenge assumptions—and how data changed the debate. (0:06:53) David's experience arriving at the University of Chicago and studying under Eugene Fama. (0:07:49) Inside Chicago's rigorous research culture and the lessons David learned from presenting his work. (0:10:03) The empirical challenge behind efficient markets and why data mattered more than beliefs. (0:11:41) How Fama and French approach research by trying to prove their own conclusions wrong. (0:12:05) The two-fish joke and the challenge of understanding the environment we are immersed in. (0:12:45) How Jim Lorie and Lawrence Fisher helped provide the historical market data that transformed financial research. (0:14:18) From early mutual fund research to the question that shaped David's career: What should investors do if managers cannot consistently outguess the market? (0:20:59) Why Dimensional distinguishes between passive investing and indexing. (0:23:21) The origins of Dimensional's approach to small-cap investing and the importance of execution. (0:24:45) Why David would rather be an investor today than in 1971. (0:26:21) Jensen's alpha, risk-adjusted returns, and what Michael Jensen's research revealed about professional money managers. (0:28:30) Why implementation is everything—and why models are tools for making decisions under uncertainty. (0:33:47) Why the most important thing about an investment philosophy is having one you can stick with. (0:35:46) Why David sees education as an antidote to fear and wants investors to feel more optimistic about investing. (0:36:18) Human ingenuity as the foundation of David's optimism about markets. (0:37:53) Why trust is the ultimate product in the investment business. (0:39:40) Why understanding the science alone is not enough—and how advisors can help investors stay invested. (0:40:23) What David's art collection has taught him about non-monetary returns and true worth. (0:43:07) Why a good financial plan is a process built around trade-offs, flexibility, and adaptation. (0:45:22) The problem with fixed goals and why David thinks many goals are inherently fuzzy. (0:46:34) How David distinguishes between forecasts, wishes, and worries. (0:49:44) How investors can identify and tune out noise by focusing on how markets work over the long term. (0:51:30) David's unfiltered perspective on private markets, transparency, price discovery, and liquidity. (0:52:38) Why true wealth begins with values, family, and the things that matter beyond money. (0:54:57) What winning means when wealth includes both monetary and non-monetary rewards. (0:55:39) Why David describes optimism as science-based hope. (0:57:33) What Stay Calm means to David: Make decisions aligned with your values, build a process, and trust that you can deal with whatever comes your way. 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)

Leave a review of the show and get a free copy of David Booth's new book! Just reply to my email after signing up at www.peterlazaroff.com/newsletter  -----  Index funds made sensible investing available to almost everyone. But they didn't make it easy to stay calm. Dimensional founder David Booth joins me to explain why—and discuss his new book, Stay Calm. Listen now and learn: ► The surprising disconnect between index funds and investor behavior ► What an early leveraged-index experiment taught David about investing in the real world ► How to distinguish thoughtful adaptation from emotional tinkering ► Why the hardest money decisions may begin after you have accumulated enough   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 Neil Movva, founder of Sail. Sail is building what Neil calls a token factory, an inference company designed for a specific kind of future, one where AI agents run in the background for hours or days at a time rather than answering a human in real time.  In that world, latency matters less and cost matters more, and Neil has built the whole company around driving the cost of a token as low as it can possibly go. What makes this conversation special is that it is one of the most detailed tours I have ever done through the full stack of intelligence, the software, the chips, and the power, and how all three connect.  Along the way we cover the trade-off between speed and cost that lives inside every GPU, his scavenger strategy for buying the chips and power nobody else wants, his contrarian view on Nvidia, and why the premium the frontier labs charge for being three to six months ahead may not last.  Please enjoy my conversation with Neil Movva. 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 (00:02:20) Neil Movva (00:03:22) Building a Token Factory (00:05:32) The Rise of Long-Running Agents (00:08:47) Deep Research and Cybersecurity (00:15:12) The Full Stack of Intelligence (00:20:03) Throughput Versus Latency (00:24:58) The Future of AI Chips (00:33:19) Why Transformers Work (00:36:43) The Future of Data (00:44:05) The Market for AI Chips (00:47:56) Is the AI Boom Different? (00:51:08) Reinventing the Data Center (00:56:43) Scavenging Power (01:01:04) Where Compute Is Most Inefficient (01:07:02) Open Versus Closed Models (01:10:37) A Trillion Tokens a Day (01:12:42) The Contrarian Case on NVIDIA (01:14:38) Advice for AI Hardware Founders

In this special episode, we are joined by Mike Sullivan, Co-Founder and Chief Growth Officer at OneDigital, and Vinay Gidwaney, OneDigital's Chief Product Officer, to discuss their new book, Workforce Intelligence: The People-First Playbook for Leading Your Company Through AI Transformation. Together, they offer a practical, pro-human framework for navigating a future where artificial intelligence becomes deeply embedded in how organizations operate.   We explore why leaders should focus on tasks rather than headcount, how AI can amplify uniquely human capabilities, and why companies may need to rethink how they manage their workforce. Mike and Vinay explain their concepts of reducible and irreducible skills, AI coworkers, workforce intelligence, collaborative AI use, and the importance of building an organizational intelligence layer. They also share practical lessons from OneDigital's own AI transformation—including why leadership activation, trust, reskilling, and a partnership between technical and non-technical leaders are essential.   This conversation offers an alternative to the prevailing narrative of AI-driven job elimination. Instead, it asks a bigger question: if AI can take on more of the work we currently do, what might humans become capable of doing next?   Key Points From This Episode: (0:00:00) Highlights. (0:00:25) Introduction. (0:01:23) Why AI adoption affects employers, employees, and financial markets—and why the conversation is relevant far beyond technology. (0:02:27) Two possible paths for companies: replacing people with AI or using AI to amplify human capabilities. (0:03:53) How PWL is already using AI to help financial planners and portfolio managers work more strategically and serve clients better. (0:06:22) Mike and Vinay's five-year partnership around deploying AI inside OneDigital. (0:09:07) The "radiating red dot": Why Mike's analysis suggested that up to 25% of OneDigital's workforce could be disrupted by AI. (0:11:09) "See faces, not headcount": The decision to pursue transformation by amplifying people rather than simply reducing jobs. (0:12:19) Why Mike and Vinay felt a responsibility to offer a more practical, human-first narrative about AI and work. (0:13:40) Vinay's realization that widespread access to AI makes human differentiation even more important. (0:17:22) Mike's first experience with an AI coworker—and the endless possibilities it unlocked for curiosity and exploration. (0:18:22) Human intelligence versus artificial intelligence: Why AI's greatest value may be its ability to help people think differently. (0:22:19) Why the future of work should be analyzed at the task level rather than through predictions about jobs disappearing. (0:23:58) The coming reskilling challenge—and why the allocation of work between AI and humans needs to be more deliberate. (0:25:12) Why Vinay believes companies that discard their human talent could lose their most important competitive differentiation. (0:26:30) Why AI transformation should be viewed as a "movie, not a snapshot," with work continually being reshaped. (0:28:10) What "workforce intelligence" means: Managing the combined intelligence of human talent and AI talent. (0:30:07) Why Mike and Vinay believe HR—not just IT—must play a central role in leading the transition to a blended workforce. (0:31:54) Reducible versus irreducible skills: Letting AI handle work that can be broken into processes while humans spend more time on judgment, experience, and other "squishy" capabilities. (0:34:10) Applying the framework to financial planning: AI for modeling and information processing, humans for judgment, relationships, and helping clients navigate life decisions. (0:37:00) How AI can reduce meeting preparation from hours to minutes while generating insights that would otherwise be missed. (0:37:48) The importance of trust and communication as employees try to understand what AI means for their future. (0:39:53) The Workforce Intelligence score: Treating AI as talent and measuring the evolving mix of human and AI work. (0:42:09) Transactional versus collaborative AI use—and why collaboration can be more amplifying for both people and organizations. (0:45:40) Why companies need agency over their AI systems and should think carefully about intelligence lock-in. (0:48:47) Codifying organizational intelligence: Building systems where human expertise improves AI, which in turn helps humans become more capable. (0:50:24) What it means to become "activated" by AI—and how using AI as a coach and teacher can expand human potential. (0:52:44) Ambient AI: Systems that continuously observe information and surface patterns when human judgment is needed. (0:54:11) The Charlotte-Denver redundancy and the challenge of making the best organizational intelligence available to everyone. (0:57:26) OneDigital's five-tier fluency model for developing AI capabilities across employees, advanced users, managers, and builders. (1:00:13) Why democratized software development creates a new governance challenge—and how AI may help manage it. (1:00:54) Why OneDigital gives AI coworkers names, faces, profiles, skill sets, and human managers. (1:04:01) Mike's belief in the dignity of work—and why employers need to approach the AI transition with humanity and care. (1:06:53) Vinay's belief in human potential and why the goal should be to expand what people are capable of doing. (1:08:56) Why organizations should avoid measuring AI success solely through cost cutting and instead consider human amplification. (1:12:41) The four questions for Monday morning: Turning big ideas about AI transformation into practical actions leaders can take immediately. (1:13:55) Why AI transformation needs leadership from the top and a partnership between someone who understands technology and someone who deeply understands the business. (1:15:40) Leadership activation: Why organizations are unlikely to change until their leaders personally experience how AI can transform their own work. (1:17:44) What we still don't know about AI—and why the guests believe we are still in the very early innings of this transformation. (1:18:55) The three-minute-mile analogy: AI may optimize human minds in ways we cannot yet imagine. (1:20:00) A final call for a pro-humanity, blended workforce—and the need to move faster in adapting to what AI makes possible.   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)

Willie Phillips is the former chairman of the Federal Energy Regulatory Commission (FERC) and now a partner at Holland & Knight. During his time at FERC, Phillips helped lead major reforms to transmission planning and the electric grid's interconnection process. He now advises the companies and utilities he once regulated, giving him a unique perspective on how developers can navigate the regulatory system. In this episode of Inevitable, Phillips explains how FERC works, what companies routinely get wrong when engaging with regulators, and why early participation and pre-filing conversations can dramatically improve the odds of success. He also breaks down the Supreme Court's overturning of the Chevron doctrine and how his team designed Order 1920 around reliability and existing legal precedent. The conversation then turns to the bigger challenge facing the U.S. grid: rapidly growing electricity demand from AI, data centers, electrification, and industrial activity. Phillips argues that the grid was not built for this moment and that the country needs faster, more coordinated planning while preserving the role of states and regional authorities. Finally, Phillips discusses large loads, behind-the-meter generation, vertically integrated utilities, and the possibility that hyperscalers could become major power generators. He argues that regulators, utilities, and technology companies have an opportunity to work together to build the infrastructure needed for the next era of the American economy. Episode recorded on July 29, 2026 (Published on August 25, 2026). In this episode, we cover:  (0:00) An overview of FERC and Willie Phillips's career (6:31) How companies can successfully navigate the FERC process (9:07) What overturning Chevron means for federal regulators (12:00) Order 1920 and the need for long-term transmission planning (13:35) Reforming the interconnection queue (15:39) How FERC navigated legal uncertainty around grid reform (17:29) Why America needs to “do big things” with the electric grid (20:42) FERC, states, and the future of grid planning (23:33) America's energy infrastructure race with China (25:02) Why large loads are transforming the grid (27:07) A 21st-century economy running on 20th-century rules (28:18) FERC's approach to accelerating large-load interconnections (30:15) Why reliability, affordability, sustainability, and speed matter (31:30) The jurisdictional questions around large loads (33:06) Organized markets vs. vertically integrated utilities (37:40) Reliability, affordability, and the value of invisible infrastructure (40:35) Behind-the-meter generation and co-location (43:17) Could hyperscalers become major power generators? (44:09) Turning hyperscalers into partners in building the grid (46:09) Why the energy transition needs the voice of investors and innovators 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

This week's Summer Series is a two-fer on the essential skill of storytelling. Whether pitching an investment fund to a prospect, an idea to a portfolio manager or CIO, or a request of a family member, storytelling helps you get what you want. To help understand the art and science of storytelling, Matt Dicks – a retired middle school teacher and author of the best-seller Storyworthy, and Don Miller – creator of Storybrand, a business started with his book of the same name – describe how to improve your storytelling ability. Learn more about Capital Allocators University. Try ALEX by Admired Leadership. 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)

This week's Summer Series is a two-fer on the essential skill of storytelling. Whether pitching an investment fund to a prospect, an idea to a portfolio manager or CIO, or a request of a family member, storytelling helps you get what you want. To help understand the art and science of storytelling, Matt Dicks – a retired middle school teacher and author of the best-seller Storyworthy, and Don Miller – creator of Storybrand, a business started with his book of the same name – describe how to improve your storytelling ability. Learn more about Capital Allocators University. Try ALEX by Admired Leadership. 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 David Booth, founder of Dimensional Fund Advisors, which now manages over $1 trillion. He studied under Eugene Fama at Chicago and helped build one of the first index funds at Wells Fargo. In today's episode, David traces Dimensional's arc from indexing's earliest days at Wells Fargo to crossing $1 trillion in AUM this year. He shares what Gene Fama said when he got the call, the story of driving a client to Chicago to walk through the Fama-French paper, and why AI investing looks like the California gold rush. To close, David makes the case for judging yourself by decisions, not outcomes. Get David's book: Stay Calm: Learn to Embrace Uncertainty in Investing and Life (0:00) Introduction (0:58) David Booth's start to investing (3:38) The beginnings of index funds and early challenges at Dimensional (10:09) Long-term investment perspectives and the Fama-French three-factor model (17:26) Dimensional's educational focus and advisor partnerships (20:21) Small cap value performance, AI & market trends (23:26) Symbolism of bankrupt stock certificates and lessons on diversification (25:44) Compounding for 45 years (30:56) David's passion for Kansas basketball ----- Sponsor: ⁠Upwork⁠ is the world's largest human and AI-powered freelance marketplace to hire top talent—trusted by businesses and professionals worldwide. 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).

In this episode, Ben Felix and Dan Bortolotti take on 10 of the biggest myths in personal finance and investing. From the idea that young people should save every possible dollar to benefit from compounding, to assumptions about economic growth, dividends, index funds, valuation ratios, stock picking, bonds, gold, and homeownership, they examine the subtle details that can make  conventional wisdom misleading.   Ben and Dan explore why personal finance is often about balance rather than absolute rules, why spending decisions can be just as important as saving decisions, and how investors can confuse familiar stories with useful financial principles. Along the way, they discuss consumption smoothing, marginal utility, total returns, diversification, valuation, risk, inflation, and the trade-offs between renting and owning.   They also announce a new podcast initiative: future episodes featuring PWL clients discussing their experiences and the impact that financial planning has had on their lives.   Key Points From This Episode: (0:00:00) Highlights. (0:00:35) Ben and Dan return to the podcast and discuss recording from PWL's Montreal office. (0:01:09) A new podcast initiative: PWL clients will join future episodes to discuss their experiences with financial planning. (0:01:43) A new podcast initiative: PWL clients will join future episodes to discuss their experiences with financial planning. (0:02:18) How greater clarity about their finances can affect clients' important life decisions. (0:05:30) Introducing the main topic: 10 of the biggest myths in personal finance. (0:06:24) Myth #1: You should save as much as possible when you're young to maximize the benefits of compounding. (0:08:54) Why the marginal utility of consumption may be highest when income and living standards are comparatively low. (0:11:26) How health, skills, and experiences can also compound over time. (0:12:31) Why aggressive saving habits can sometimes lead to an inability to spend accumulated wealth. (0:13:37) Helping retirees identify what they actually enjoy spending money on. (0:15:35) Why spending and saving decisions can become emotionally charged and feel irreversible. (0:17:30) Saving as deferred consumption—and why the answer for most people is some balance between spending now and saving for later. (0:18:50) The life-cycle model and the idea of smoothing consumption across a lifetime. (0:20:23) Building a saving habit while also learning to spend thoughtfully. (0:21:09) Myth #2: Economic growth is good for stock returns. (0:21:30) Why economic headlines can influence investor psychology and investment decisions. (0:25:12) Why strong economic growth does not necessarily translate into strong stock returns. (0:25:12) Myth #3: Dividends explain a large percentage of historical stock market returns. (0:27:52) Why the source of a company's return does not make one component inherently more valuable than another. (0:30:57) Myth #4: Index funds only give investors average returns. (0:30:57) Why an index fund can outperform most active investors. (0:33:14) The difference between average performance and the performance of the average investor. (0:36:31) Myth #5: Future market returns are always low when the Shiller CAPE ratio is above 40. (0:36:31) What the Shiller cyclically adjusted price-to-earnings ratio measures. (0:41:25) Why valuation can contain information about expected returns without providing certainty about what markets will do next. (0:43:24) Myth #6: Warren Buffett proves that investors can beat the stock market by picking stocks. (0:43:24) Buffett's extraordinary career, the importance of his early performance, and the difficulty of using exceptional outcomes as a general strategy. (0:46:17) Myth #7: Bonds and cash are safe investments. (0:46:17) Why reducing stock exposure does not eliminate investment risk. (0:50:03) The distinction between short-term volatility and other risks, including inflation and purchasing-power risk. (0:53:59) Myth #8: Gold is an inflation hedge. (0:53:59) Why gold's long-term preservation of purchasing power does not necessarily make it a reliable hedge over intermediate periods. (0:56:28) Myth #9: Gold is the one true currency. (0:56:28) The long-running debate over what money is and who should control it. (1:00:42) Myth #10: Renting a home is throwing money away. (1:00:42) Why paying rent provides housing while allowing renters to retain capital for other purposes. (1:08:04) Why simple rules of thumb can sometimes be useful even when they are not financially optimal in every situation. (1:09:52) Wrapping up the 10 myths in personal finance.   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)

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. -----  Making smart financial choices is easier when the rules are clear. But what happens after you've saved consistently, invested well, and built meaningful wealth—yet several reasonable paths remain? This episode explores how financial planning changes when the checklist runs out and judgment takes over. Listen now and learn: ► Why knowing your net worth may not answer your most important financial question ► How individually sensible decisions can work against one another ► When added complexity improves a financial plan—and when it gets in the way ► What decades of financial discipline should ultimately make possible   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.

Welcome back to the Alt Goes Mainstream podcast.We were live from AGM's RIA Field Trip at Franklin Templeton's New York office in Madison Square Park with Franklin Templeton's Head of Private Markets - Americas Wealth Management Dave Donahoo to discuss the nuances of serving the wealth channel.Dave brings the perspective of someone who has seen the wealth channel handle multiple market cycles and an understanding of both traditional and alternative asset management, while always keeping the outcome for the end investor in mind.Dave started his career in the depths of the 2008 financial crisis at T. Rowe Price, where he worked with individual investors. He rose up the ranks of T. Rowe Price and then joined Blackstone as a Principal in the firm's Private Wealth Solutions business before moving to Franklin Templeton as Head of Private Markets - Americas Wealth Management.Unpacking nuances in private markets, Dave discussed why he believes a “family of specialists” with a “narrow scope” is critical for a private markets investment platform and how a traditional asset manager can approach building brand in private markets. We had a fascinating discussion, covering:How Dave's background starting his career working with individual investors has informed how he approaches creating solutions for the wealth channel.Why LPs want to do more with fewer partners and what this means for GPs.Specialists vs. generalists.Why RIAs have “cold call fatigue.”What RIAs want from a product perspective and why differentiation, trust, and proactive client service are top of the list.How asset managers can approach brand-building.The product innovation roadmap and what the path to 401(k) and DC products might look like.Thanks, Dave, for sharing a fascinating window into the wealth channel and for your passion, expertise, and dedication to providing private markets solutions to the wealth channel.Show Notes00:04 Live from Franklin Templeton RIA Field Trip00:07 Meet Dave Donahoo02:31 Lehman Day One Story03:15 Thrown Into the Phone Queues03:37 Teacher Call and Investor Fear04:53 Start With the End Client05:26 From T Rowe to Blackstone05:53 Blackstone Wealth Playbook07:18 Why Franklin Was the Fit08:09 Traditional Manager Advantages09:09 Platform Synergies in Wealth10:16 Challenges of Going Private10:36 Brand Transformation Story11:44 Internal Alignment and Change12:16 What the Brand Should Signal12:50 Specialist Managers Philosophy13:44 Building Perpetuals the Right Way14:13 Defining the Right Structure15:44 Evergreen Structure Depends16:09 Secondaries Structure Choice18:10 Infrastructure Partnership Model20:02 Preserving Investment Cultures21:50 Data and AI Cross Collaboration24:17 Macro Insights Across Platforms25:47 Product Innovation Roadmap27:06 Private Markets in 401k Plans27:53 What Model Portfolios Mean29:06 What RIAs Want Most30:21 Client Service and HonestyA 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.

My guest today is Ben Thompson, the founder and author of Stratechery. Ben is one of my favorite business thinkers and I love talking to him about everything happening in markets and technology.  We go through every important company, including OpenAI, Nvidia, Intel, Apple, Microsoft, Google, and Amazon. We also discuss why he thinks it would be dangerous for the United States to win the AI race outright, what container shipping and the railroads of the 1870s tell us about the buildout, and why the binding constraint on all of this may be capital rather than compute.  Please enjoy my conversation with Ben Thompson. 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 (00:02:16) Winning the AI Race With China (00:08:28) Timing, Capital, and the Railroads (00:11:34) Berkshire, Google, and Absolute Profits (00:14:23) Verifiable and Unverifiable Domains (00:20:20) Aggregation Theory in the AI Era (00:22:06) The Real Cost of Inference (00:25:40) Why Consumer AI Needs Advertising (00:30:08) Compute Shortages and Commodity Markets (00:35:46) Memory Cycles and Boom Bust Dynamics (00:42:08) TSMC, Intel, and Where Risk Goes (00:44:51) The Best Setups in Big Tech (00:52:14) The Frontier Model Contenders (00:54:27) Microsoft's IBM Playbook (01:00:45) Meta, Attention, and Advertising (01:07:29) NVIDIA, Commodities, and Power

Yasir Arafat is the co-founder and CTO of Aalo Atomics, a company developing factory-manufactured modular nuclear power plants designed for AI data centers. Before founding Aalo, Yasir led the MARVEL microreactor program at Idaho National Laboratory. In this episode of Inevitable, Yasir explains how Aalo became one of four U.S. nuclear startups to achieve criticality by the July 4, 2026 deadline. He breaks down what criticality means, why the milestone matters, and how the team went from a small startup to sustaining a nuclear fission chain reaction in less than a year. The conversation explores why Yasir believes nuclear's biggest challenges are speed and economics rather than safety or reliability, and how Aalo is trying to address both through factory-based manufacturing. Yasir also shares how the company built its own reactor building in 36 days, tested its full-scale reactor systems, developed scalable fuel assembly manufacturing, and partnered with Idaho National Laboratory to learn how to operate a real reactor. Finally, Yasir outlines Aalo's path from its zero-power Critical Test Reactor to Aalo-X, a full-powered reactor designed to generate electricity and power a co-located AI data center, and ultimately to the company's commercial Aalo Pod. The discussion also covers DOE demonstration pathways, future NRC licensing, the resurgence of nuclear innovation, and why Yasir believes multiple reactor technologies and companies will be needed to scale nuclear energy. Note: Aalo Atomics is an MCJ portfolio company. Episode recorded on August 6, 2026 (Published on August 18, 2026). In this episode, we cover:  (0:00) An overview of Aalo Atomics (2:00) What criticality means in a nuclear reactor (3:38) Why the July 4 deadline was set and why it mattered (7:07) The final 24 hours before Aalo reached criticality (9:24) How accurately Aalo's reactor matched its physics models (11:43) From the MARVEL microreactor to founding Aalo Atomics (13:56) Why Aalo is focused on nuclear speed and economics (17:05) Why Aalo built a zero-power critical test reactor first (19:01) Building a nuclear reactor building in 36 days (19:21) What Aalo tested beyond the reactor itself (20:53) Building fuel assemblies for the next 100 reactors (23:43) Why organizational readiness matters as much as reactor technology (24:05) Running the CTR and Aalo-X projects in parallel (24:56) Excavating through unexpectedly difficult basalt rock (26:03) The progression from CTR to Aalo-X to the Aalo Pod (29:29) Partnering with turbine suppliers and Crusoe (31:27) The timeline for powering a co-located AI data center (32:09) How DOE authorization supports first-of-a-kind reactor demonstrations (34:01) Moving from DOE demonstrations toward NRC commercial licensing (42:03) Why Aalo is betting on the next generation of sodium-cooled reactors 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

Alex Gentilli is the Director of Investment Operations at the Colby College Office of Investment Management. He came to Colby after spending time in trading and investment operations at places like Arrowstreet Capital and The Baupost Group before moving to the allocator seat.We get into building an operating model from a blank slate — digitizing the investment book of record, selecting a portfolio management system, standing up a research management system, and putting cash controls and capital call discipline that had been part of the college treasurer's office for years.Alex describes the common tech stack build as a New England farmhouse — rooms added one at a time as the need came up — stepping back and decided it was time to redesign the house than do another addition.We also dig into how he actually runs vendor selection: a weighted rubric, scoring each product immediately after the debrief to beat common organizational challenges and best ways to run a process.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)

This week's Summer Series covers the pre-mortem analysis with its founder, Gary Klein. Gary discovered pre-mortems while working with fighter pilots and wrote a white paper applying the tool to investment analysis alongside Paul Johnson and Paul Sonkin. Please enjoy this discussion of the proper use of pre-mortem analysis with Gary, Paul, and Paul from 2019. Learn more about Capital Allocators University: https://www.capitalallocators.com/capital-allocators-university/ Try ALEX by Admired Leadership: 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 Luke Gromen, founder of the macro research firm Forest for the Trees, or FFTT. In today's episode, Luke argues that free trade is dead, and the US is pivoting to Hamiltonian economics: tariffs, reshoring, and a neutral reserve asset. He explains why the US Treasury can no longer be the world's reserve asset, why long bonds have become certificates of confiscation, and why gold belongs in every portfolio. To close, Luke explains why AI has become a snake eating its own tail on the government's tax base. (0:00) Introduction (2:38) The Stupid Washington Consensus and Hamiltonian Economics (9:14) Portfolio positioning and real rates in the current regime (15:19) Sponsor: Upwork (16:17) Importance of real returns and gold (21:18) US fiscal challenges and bond market outlook (27:21) Gold performance, allocation strategies, and diversification (35:09) Evaluating non-US equity markets and sectors (40:54) Investing in electricity and industrials (45:11) Risks, competition, and national security in the AI sector ----- Sponsor: Upwork is the world's largest human and AI-powered freelance marketplace to hire top talent—trusted by businesses and professionals worldwide. 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).

In this episode, we welcome back William Bernstein to discuss the final book of his longtime friend Jonathan Clements, Money and Me. Bill reflects on Jonathan's ideas about spending, happiness, retirement, investing, inheritance, and the psychology of financial decision-making, while sharing personal stories that bring those ideas to life.   We explore why material purchases often lose their appeal quickly, why autonomy can be one of the best things money can buy, and how worrying about money can be a greater problem than spending it. Bill also discusses the four horsemen of financial disaster—inflation, deflation, confiscation, and destruction—why diversification matters, and why investors should be skeptical of assumptions about future returns and market forecasts.   The conversation also examines what it means to "win the game" financially, why retirement should be thought of as a verb rather than a destination, and the three foundations of well-being: connection, competence, and autonomy. Bill shares Jonathan's approach to teaching children about money, the concept of "Omega" as a way to think about spending versus saving, and why the people around us can have an enormous influence on our expectations and consumption.   Key Points From This Episode: (4:56) Why success can contain the seeds of its own destruction—and the role of competition, organizational hubris, and luck. (6:15) Why dynastic wealth is so difficult to preserve across generations. (8:28) A hierarchy of spending: material purchases, experiences, autonomy, and the relief from worrying about money. (10:54) Why some people continue worrying about money no matter how much they have. (11:44) Why we are poor at predicting what purchases and lifestyle changes will actually make us happy. (13:36) How to pressure-test large purchases by considering their downsides and their effect on your time. (14:20) Why the happiness generated by spending does not necessarily scale with the price of a purchase. (15:21) The importance of gratitude and savoring small pleasures. (16:39) The four horsemen of financial apocalypse: inflation, deflation, confiscation, and destruction. (18:15) Why inflation is the financial risk Bill focuses on—and how investors can blunt its effects. (19:26) Why relatively inexpensive international markets can still offer optimism for long-term investors. (21:02) Jonathan Clements' "investment sin": slightly overbalancing when rebalancing. (22:04) What it means to have "won the game" financially. (24:36) Why a TIPS ladder or annuity can help defuse retirement spending needs. (25:19) Why the math of financial planning often fails to account for human psychology. (27:21) Why diversification matters when bad returns arrive at the same time as bad circumstances. (28:20) The challenge of variable spending in retirement. (29:10) Why retirement should be a verb—and why simply stopping work can leave people searching for meaning. (30:00) The three foundations of happiness: connection, competence, and autonomy. (32:03) Investment assumptions people should avoid, including confusing great companies with great stocks. (33:10) Why eloquence can be an alarm bell when evaluating financial forecasts. (34:18) Jonathan's three-pronged strategy for getting more out of your money: pause before making important decisions. (35:01) How to audit your past spending to identify what actually made you happy. (37:11) Hedonic versus eudaimonic happiness—and why life satisfaction can outlast momentary pleasure. (39:05) Why enjoying your work can be more valuable than maximizing your salary. (40:56) A different perspective on FIRE: working less and doing work you enjoy rather than simply retiring early. (41:37) Why giving money to children while you're alive can be more useful than leaving it as an inheritance. (42:29) How parents teach children about money by modeling their own spending behavior. (44:13) Jonathan's practical approach to teaching children about spending and saving. (44:49) The "Omega" concept: avoiding both YOLO spending and dying as the richest person in the graveyard. (46:26) How social comparisons influence spending and expectations. (48:54) Why rising markets can encourage investors to take on more risk. (49:06) How recency and the availability heuristic shape investment beliefs. (49:46) Bill's favorite memories of Jonathan and his remarkable outlook while facing a terminal diagnosis. 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)

Welcome back to The Entrepreneur's Journey. In this episode, Jason Gabrieli is joined by John Buxton, founder of Options2Exit and former owner of Legacy Roofing. John shares how he grew Legacy Roofing into one of the country's largest roofing companies before selling the business and eventually using that experience to help other trade and home services owners prepare for their own exits. They discuss choosing the right buyer, building a strong advisory team, creating competition among potential buyers, preparing years before a sale, and the operational qualities that can make a business more attractive to acquirers.In This Episode, You'll Learn:Why the highest offer may not always come from the best buyer for your business.How the right legal, tax, wealth, and sell-side advisors can affect an exit.Why preparing for a sale well before receiving an offer can create more options and value.What buyers look for in trade and home services businesses, including strong processes, management independence, and a clear focus.What we discussed:[00:00:00] Introduction.[00:01:44] How John grew Legacy Roofing from a startup in 2012 to a top-100 roofing company with four locations and roughly 130 employees.[00:03:11] Why John originally viewed his business primarily as a cash-flow generator rather than an asset he would eventually sell.[00:04:21] How acquisition inquiries helped John recognize the enterprise value he had created.[00:07:40] What surprised John about private equity buyers and why understanding a buyer's vision matters.[00:10:00] Why sellers should vet potential buyers just as carefully as buyers vet their businesses.[00:11:34] Why the best partner is not necessarily the one offering the highest headline price.[00:13:20] The importance of preparing a company for sale and exploring multiple potential buyers before making a decision.[00:14:45] What John would do differently if he were selling Legacy Roofing again and what he believes he did right.[00:16:23] Why an owner's existing attorneys, wealth advisors, and other professionals may not have the specialized experience required for an M&A transaction.[00:18:56] How John's post-sale experience ultimately led him to create Options to Exit.[00:22:25] The specialized M&A language and deal terms that can leave first-time sellers at a disadvantage.[00:25:07] Why Options to Exit aims to increase enterprise value by preparing financials, identifying buyers, and creating a competitive process.[00:26:55] How the Under Advisement program helps owners who may still be several years away from selling.[00:32:38] How business-sale preparation can work alongside an owner's personal financial and wealth planning.[00:35:25] How quickly the M&A market can change as buyers enter, pause acquisitions, adjust strategies, and react to industry conditions.[00:38:44] Two qualities that can make a company more attractive to buyers: operating without constant owner involvement and remaining focused on what the company does best.[00:41:54] Why owners considering an exit should evaluate their inner circle of advisors well before beginning a transaction.3 Things To RememberPreparing for an exit before you are ready to sell can give you more time to strengthen the business, understand its value, and compare potential buyers.The best transaction is about more than the largest headline number; the buyer's strategy, terms, culture, and plans for the company can be equally important.A business with strong processes, capable leadership, limited dependence on its owner, and a clear operational focus is generally easier for a buyer to understand and integrate.Useful LinksConnect with John Buxton: LinkedIn | https://options2exit.com Connect with Jason Gabrieli: jgabrieli@hfmadvisors.com | LinkedInEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)Like what you've heard…Subscribe to our BuiltWealth™ Newsletter HERE

In today's episode, I read the opening of my new book, Investing in America: The Rise of a 250-Year Bull Market, plus a couple of sidebars. The book is available now. Grab a copy on Amazon or learn more at www.investinginamericabook.com. ----- Follow Meb on⁠ X⁠,⁠ LinkedIn⁠ and⁠ YouTube⁠ 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).

Your future deserves more than guesswork. Use our calculator to see the potential value of professional planning. -----  Smart investors can build low-cost, diversified portfolios—and still make costly mistakes. Vanguard senior portfolio strategist Liz Muirhead joins me to examine where investors get tripped up and why the most valuable parts of investment management are often the hardest to see. Listen now and learn: ► What investors commonly overlook when comparing individual bonds and bond funds ► Why indexing, factor investing, and stock picking test discipline in different ways ► How taxes, rebalancing, and market volatility create hidden decision points ► Where a financial advisor can add value beyond choosing investments   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.  

Pressure Distribution Properties in Wound Dressings Using Heel and Sacrum Indenters Under Clinically Relevant Loads – Advances in Skin & Wound Care May 2025 Evaluation of Shear Force Redistribution and Microclimate in Foam Dressings Indicated for Pressure Injury Prevention – Advances in Skin & Wound Care May 2025 Moisture-Responsive Thermal Conductivity Properties of Hydrofiber Versus Polyurethane Foam: Implications for Pressure Injury Prevention Moisture-Responsive Friction Adaptability: Rethinking the Conventional Skin Silicone Interfaces in Pressure Injury Prevention Dressing Designs ConvaFoam® Redefining Foam Redefining Superior Performance ConvaFoam® Clinical Studies About the Speaker: Evan Call MS, CSM (NRM), is a Research/Testing Scientist and 30-year Faculty Member at Weber State University in Ogden, Utah. He has performed research and published in Hospital support surfaces, wheelchair cushions, patient transfer devices, pharmaceutical, cardiology, sterile and pressure injury (ulcer) areas. Evan holds 21 Patents, has authored 56 peer reviewed journal articles. He enjoys working with students in research and as an educator. Evan has worked as Director of a Test Laboratory that provides medical device testing to support surface, wheelchair cushion, pharmaceutical, vascular access, incontinence, and tissue interface industries. EC Service Test Laboratory is certified under ISO 17025:2017 as a Test and Calibration Laboratory, scope includes wheelchair cushion testing. Evan has worked in International Standard development for Wheelchair Cushions, Support Surfaces, Dressings for Prevention, and performs Wound Dressing tests at the National and International level. He previously served three terms as a member of the Board of Directors of NPIAP and two terms as a Board Member of the IWII. Evan served as the Co-Chair of the NPIAP S3I for 9 years. Evan has just retired from Weber State University, and his hobbies include furniture making, gardening, and fishing with his grandchildren. Editing and post-production work for this episode was provided by The Podcast Consultant.

Welcome back to the Alt Goes Mainstream podcast.Today's podcast takes us to the heart of London, where we sat down with Maggie Fanari, the CEO of J Rothschild Capital Management Limited, manager of RIT Capital Partners plc. RIT blends a rich heritage with a modern approach to both asset allocation and private markets. Lord Jacob Rothschild founded Rothschild Investment Trust in 1971. RIT listed on the London Stock Exchange with total assets of £280M. Today, the firm stands tall as one of the UK's largest investment trusts with over £4.7B of total assets.The firm's permanent capital and family office heritage have enabled the firm to think long-term, according to Maggie. “Permanent capital is a privilege,” she said.Maggie has brought an institutional allocator's background to RIT. She joined as CEO of RIT from Ontario Teachers' Pension Plan in 2024, where she was Senior Managing Director, Global Group Head of High Conviction Equities at OTPP, which has a global mandate to invest in public and private companies.Maggie and I had a fascinating discussion about how the firm invests across public and private markets, balancing both top-down portfolio construction and bottom-up asset selection. We covered:How RIT has aimed to compound wealth over time.Why top-down portfolio construction and bottom-up asset allocation are equally important.How can investors capture as much growth, limit market volatility, and compound growth over a long period of time?How RIT finds unique and different managers in private markets, which includes some of the top investors in the world.What market structure changes mean for investing across public and private markets?How to invest when the world order has changed.Taking a family office mindset and applying that investment mindset for investors in RIT.Why permanent capital is a privilege.How to be early to a theme rather than chase the trend.Why RIT decided to invest in SpaceX, Anthropic, OpenAI, Databricks, and Epic Systems.Where do investors bucket RIT into their asset allocation?What is a manager's edge and how can they apply that edge with consistency?Why depth of network matters for private markets managers.Why RIT invested in firms like Thrive, Greenoaks, and Ribbit.BioMaggie Fanari is the CEO of J. Rothschild Capital Management Limited (JRCM) , investment manager for RIT Capital Partners plc. She is Chair of JRCM's Investment Committee.Maggie was previously Senior Managing Director, Global Group Head of High Conviction Equities at Ontario Teachers' Pension Plan, which has a global mandate to invest in public and private companies.At Ontario Teachers', she served as a member of many of the pension plan's investment committees. She was involved in the execution of investments across a variety of asset classes (private and public), including supporting the development and execution of the venture and growth business.Before joining Ontario Teachers', Maggie worked at KPMG and Scotia Capital. Maggie is a chartered accountant and a CFA charter holder. She also holds a BBA from the Schulich School of Business at York University and ICD.D certification from the Institute of Corporate Directors.Maggie served as a non-executive director on the Board of RIT Capital Partners plc from April 2019 to February 2024.Thanks, Maggie, for sharing your wisdom, expertise, and passion across public and private markets and your thoughtful perspectives from your experiences as an institutional investor.This podcast was recorded on 15 June 2026, and therefore all RIT data is provided as at 31/05/2026. Show Notes00:42 Meet Maggie Fanari03:44 Teachers' Pension Roots04:51 Top Down Meets Bottom Up05:50 Allocating In New Paradigm06:15 Diversification Returns07:02 Volatility Creates Opportunity07:22 What Makes RIT Unique08:08 Compounding With Downside09:41 Brand Opens Doors10:05 Backing Emerging Managers11:57 Co-Invest Importance12:36 Returns And Realizations13:22 Great Co-Investor Playbook15:02 Building AI Theme Exposure16:06 Sourcing Deals Like SpaceX16:37 Public Private Value Split20:09 Public Themes And Sovereignty20:58 Moats And Terminal Value24:06 Permanent Capital Edge25:07 Oversubscribed Fund Access26:46 Underwriting And Discipline27:17 Why AI Needs Capital27:49 Anthropic Growth Math28:15 Databricks Scale Comparison28:41 Can Funds Get Bigger30:22 FOMO And Chasing30:47 Portfolio Allocation Guardrails31:47 Permanent Capital Advantage32:13 Right Sized Private Exposure32:51 Liquidity And Realizations33:28 Owning Winners At Scale34:11 Private To Public Hold34:41 Re Underwriting Post IPO35:38 Retail Investor Impact36:20 Public Market Liquidity Needs37:57 Why Investment Trusts Work38:56 Discounts As Margin Safety40:08 How Shareholders Allocate41:03 Sentiment Shifts In Cycles42:02 What Makes Great Managers43:14 Manager Edge Examples45:02 AI And Finding Leaders46:56 Consolidation And Differentiation47:51 Being A Great LP Partner48:50 Macro Lens As Edge49:42 Private Signals Inform Public50:48 Culture One Team One NAV51:28 Risk And Scenario Analysis52:59 Multipolar World Investing54:14 Geopolitics In Diligence55:10 Permanent Capital Best Of BothA 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.

My guest today is Eric Vishria, a General Partner at Benchmark.  Eric has spent his career in software and cloud, and few people know the history of these markets as well as he does. What makes him special is his ability to use that history to make sense of today.  We discuss what the rise of AWS teaches us about AI, what he has learned from investing in Fireworks, Sierra, and Cerebras, and how the criteria for winning have changed for founders and investors.  Please enjoy my conversation with Eric Vishria. 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 (00:02:20) Learning the World Through Fireworks (00:05:42) AWS Was Going to Eat Everything (00:07:40) The Zero-Sum Thinking Trap (00:09:01) Comparing Cloud and AI Adoption (00:11:03) Becoming Enterprise's AI Sherpa (00:13:05) Building Sandcastles (00:14:55) The Return to Being Technical (00:17:13) The Shifting Competitive Frontier (00:22:10) Why the Old Playbook Fails (00:27:53) Energy as the Binding Constraint (00:29:38) The Cerebras Story (00:37:57) The Virtue of Productive Naivete (00:39:19) What Robotics Still Needs (00:45:58) What Makes a Great Board Partner (00:51:13) Raising A Growth Fund (00:55:39) What the Big Winners Taught Him (00:57:37) Hard Work Versus the Hole-in-One (00:58:38) The Best Reasons to Go Public (01:01:09) Debates Inside Benchmark (01:02:16) What If It All Works (01:03:35) What Geoff Hinton Got Wrong

What happens if artificial intelligence becomes as capable as—or more capable than—human beings?Most conversations about AI stop at whether artificial general intelligence will arrive. In this episode of Onward, Ben Miller and Kanika Bahl accept that premise and ask the more difficult question: What happens after?Kanika is the founder and CEO of the AI Access Initiative and a former founding member of Anthropic's Long-Term Benefit Trust, an independent governance body created to help ensure that Anthropic develops AI for the long-term benefit of humanity. She previously led Evidence Action, where her work helped deliver health and economic interventions to hundreds of millions of people living in poverty.Drawing on her experience at the intersection of AI, global development, and large-scale systems change, Kanika explains why transformative AI may arrive sooner than many people expect—and why creating powerful technology is only the beginning. The more difficult challenge will be ensuring that its benefits actually reach people.Ben and Kanika explore how AI could improve healthcare, education, agriculture, and economic opportunity around the world. They also confront the deeper fears underneath the AI debate: What happens when machines can perform much of today's work? How will people find purpose, status, and identity? Who will own the wealth AI creates? And how can society distribute its gains without relying solely on universal basic income?The conversation ultimately offers a cautiously optimistic vision. AI could create extraordinary abundance, but only if governments, companies, nonprofits, philanthropists, and individuals begin preparing now for the social changes it may bring.In this episode Why AI's rapid progress is grounded in scaling laws, investment, and measurable capability gains Why Kanika believes transformative AI within the next five to fifteen years is a reasonable possibility The risk that billions of people in lower-income countries could be left behind How AI could deliver localized weather forecasts to hundreds of millions of smallholder farmers The potential for AI-supported diagnosis to address doctor shortages and high misdiagnosis rates Evidence that AI tutoring could produce significant learning gains in lower-income countries Why technological breakthroughs do not create impact unless effective distribution systems exist How society might find purpose and identity in a world with less paid work Why caring, service, exploration, building, and learning could become more central to human life The limitations of universal basic income as the default response to job displacement Ben's case for “universal basic ownership” and giving people a stake in the wealth AI creates Why better labor-market data and iterative policymaking will be essential How organizations can prepare for both short and long AI timelines Why accepting change—and learning through experimentation—may produce better outcomes than resisting it —For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast.Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Fiona Spruill is CEO of Overstory, a company helping electric utilities reduce power outages and wildfire risk using satellite imagery, aerial data, and AI-powered vegetation intelligence. Since joining as employee number 10 and later stepping into the CEO role, Spruill has helped Overstory evolve from a vegetation mapping startup into a resilience platform serving many of North America's largest utilities. In this episode of Inevitable, Spruill explains why vegetation management is one of the largest operating expenses for utilities and how improving grid resilience starts with better risk prioritization—not simply collecting more data. The conversation explores how Overstory combines satellite imagery, computer vision, and customer data to help utilities identify vegetation threats, wildfire fuels, and infrastructure risks before disasters occur. Spruill also discusses selling into the utility industry, the growing importance of resilience as climate risks expand beyond the western U.S., and how the company navigated an extraordinary leadership transition following the loss of co-founder and CEO Indra den Bakker. Note: Overstory is an MCJ portfolio company Episode recorded on July 22, 2026 (Published on August 11, 2026). In this episode, we cover:  (0:00) An overview of Overstory (4:44) Why vegetation management is one of utilities' biggest expenses (6:17) How Overstory helps prevent outages and catastrophic wildfires (7:33) From vegetation mapping startup to grid resilience platform (9:14) Why utilities need better prioritization (12:03) What utilities see inside the Overstory platform (14:12) How satellite imagery, aerial data, and AI power the product (17:31) Supporting wildfire prevention and public safety power shutoffs (19:16) Where Overstory fits within utility resilience strategies (21:21) Lessons from selling climate technology to utilities (25:18) Serving both rural co-ops and North America's largest utilities (28:21) How wildfire risk is expanding globally (30:26) Fiona's leadership journey and Overstory's evolution (34:44) Building a global remote-first company and culture (38:21) Overstory's fundraising journey and investor partnerships (42:09) Measuring climate impact through operational change 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

This week's Summer Series is a highly atypical episode, where I appear as the guest.  Matt Breitfelder from Apollo asked to interview me about interviewing, something I learned far more from hosting the show the last nine years than I ever did while interviewing managers for 20. The conversation has been sufficiently popular that it made the Summer Series on investment process. 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)

In this episode of BioTalk with Rich Bendis, Rebecca "Becky" Fisher, PhD, Deputy Director for Program Management at the Congressionally Directed Medical Research Programs, joins the conversation to help listeners better understand one of the federal biomedical research funding pathways that may be less familiar to many entrepreneurs, researchers, and life science companies. Dr. Fisher explains how CDMRP works, how it differs from and complements other federal funders such as NIH and ARPA-H, and why its mission is focused on advancing high-impact research that can lead to cures, improved patient care, breakthrough technologies, and clinical benefit. She also discusses the scale and breadth of CDMRP's portfolio, including its FY26 appropriations of $1.27 billion across 34 program areas and additional targeted topics. A major focus of the conversation is CDMRP's unique approach to consumer involvement. Dr. Fisher explains how patients, caregivers, family members, and others with lived experience help shape program strategy, participate in review, and keep funded research connected to the needs of the communities it is intended to serve. The episode also offers practical guidance for applicants. Dr. Fisher walks through how funding opportunities are developed, where to find open program announcements, how the two-tier review process works, and what makes a strong application stand out. She also shares advice for small businesses, academic investigators, clinicians, translational research teams, and industry partners interested in exploring whether CDMRP may be a fit for their work. Editing and post-production work for this episode was provided by The Podcast Consultant. Dr. Rebecca "Becky" Fisher currently serves as Deputy Director for Program Management at the Congressionally Directed Medical Research Programs within the Defense Health Agency, providing senior-level leadership for the successful administration of Congressional appropriations supporting targeted biomedical research. Dr. Fisher has more than 20 years of experience managing and leading complex biomedical research programs within the Department of War. In her current role, she leads CDMRP staff in developing program strategies, facilitating collaborative efforts, and investing funding to further the CDMRP and DoW biomedical research missions. Her work involves extensive engagement with stakeholders from Congress, government, academia, industry, nonprofit, and consumer advocacy organizations. Dr. Fisher received her PhD in Toxicology from the University of North Carolina at Chapel Hill and completed a Postdoctoral Cancer Research Training Award Fellowship at the National Cancer Institute.

Barry Ritholtz returns to the Rational Reminder podcast to discuss the biggest mistakes investors make—and why avoiding them may matter more than finding the next great investment. Drawing on decades of experience in markets, wealth management, and financial media, Barry explains why forecasting consistently fails, how investors can distinguish good advice from noise, and why humility, probabilistic thinking, and disciplined behavior are among the most valuable investing skills.   Throughout the conversation, Barry shares lessons from his new book, How Not to Invest, covering everything from media consumption and behavioral biases to index investing, portfolio concentration, market cycles, and choosing a financial advisor. He explains why experts are often better at providing context than making predictions, why social media amplifies poor financial advice, and how investors can build processes that help them stay disciplined through uncertainty. The discussion blends academic research, practical experience, and memorable stories into a comprehensive guide for becoming a better long-term investor.   Key Points From This Episode: (0:04) Cameron and Ben welcome Barry Ritholtz back to the podcast and discuss his new book, How Not to Invest. (4:12) Why successful billionaires often make poor economic forecasters and how the halo effect leads people to overestimate expertise. (6:39) Why Wall Street professionals are generally poor at forecasting future market returns despite their domain expertise. (7:42) What experts are actually good at: providing context, historical perspective, and nuanced analysis rather than predicting the future. (8:47) Barry's checklist for identifying bad financial advice, including emotional appeals, false certainty, and conflicts of interest. (10:35) How social media algorithms reward outrage and overconfidence instead of thoughtful investing. (11:21) Why 24/7 financial news encourages unnecessary action that often hurts long-term investment returns. (12:17) Why long-term investors are often better off ignoring financial news altogether. (13:52) How short-form financial content on platforms like TikTok encourages misinformation and poor investing decisions. (15:22) Gell-Mann Amnesia and why investors should remain skeptical even of trusted news sources. (18:00) How reading books, consuming long-form content, and building a trusted information network improves decision making. (20:21) Barry's definition of investing as making probabilistic decisions with imperfect information in an unknowable world. (22:55) How successful investors focus on controlling savings, asset allocation, discipline, and behavior instead of unpredictable events. (24:52) Why recognizing the limits of your own knowledge is one of investing's greatest advantages. (26:30) How experience, losses, and continuous learning help investors become more self-aware. (27:16) Three ideas that heavily influence Barry's investment philosophy: Sturgeon's Law, George Box's models, and William Goldman's "Nobody knows anything." (30:18) Whether artificial intelligence changes Sturgeon's Law that "90% of everything is crap." (31:46) Three forms of economic innumeracy that lead investors astray: denominator blindness, survivorship bias, and misunderstanding compounding. (36:04) Why understanding secular bull and bear markets is useful psychologically—but not as a timing strategy. (39:12) Why investors should understand market cycles without attempting to trade around them. (40:44) What stock valuations can—and cannot—tell investors about future returns. (42:18) How investors should respond to wars, pandemics, and other major external events. (45:53) The biggest investing lessons from the COVID-19 market crash and why personal experience often differs from market performance. (49:04) Why index investing remains one of the most reliable approaches to long-term wealth creation. (50:44) Why every market forecast should be expressed probabilistically rather than with certainty. (52:06) The lies traders tell themselves and why disciplined risk management separates successful professionals. (56:11) What active investors need if they hope to consistently outperform. (57:24) The biggest behavioral mistakes investors make, including lack of planning, excessive concentration, and ignoring taxes. (59:43) Why concentrated stock positions become dangerous—even after creating substantial wealth. (1:02:33) How sudden wealth and large financial windfalls frequently lead to costly mistakes. (1:05:14) How to identify trustworthy financial advisors by evaluating their process, temperament, and communication. (1:07:27) Why advisors who consistently communicate their thinking help investors avoid emotional mistakes. (1:09:26) Barry's practical blueprint for becoming a better long-term investor: create a plan, invest consistently, define the purpose of money, and build around a diversified index portfolio. 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 Bitcoin Brainstorm, Rod Roudi is joined by Cathie Wood, Lorenzo Valente, Steve Lee, Jesse Posner, and Paul Itoi to examine the growing convergence of Bitcoin, artificial intelligence, and energy. The group explores whether agents will settle in Bitcoin or stablecoins, why self-custodied AI could become essential for individuals and companies, and how open models, distributed compute, and Lightning payments may reshape collaboration. From Buzz and peer-to-peer inference to AI-assisted Bitcoin security and the changing structure of the firm, the conversation shows how open money and open intelligence could reinforce each other.Guests on this month's Bitcoin Brainstorm include: Cathie Wood: Founder, CEO and CIO at ARK Invest Lorenzo Valente: Director of Research, Digital Assets, ARK InvestSteve Lee: Lead, Spiral (Block)Jesse Posner: Co-Founder, VoraPaul Itoi: Co-Founder & CEO, StakworkRod Roudi: Founder, Bitcoin Park Key Points From This Episode: 00:00:00 Cathie Wood on simultaneous S-curves and the potential for super-exponential growth. 00:07:11 Jesse Posner on how privacy, speech, and self-determination increasingly depend on decentralized technology. 00:11:58 How ARK's cross-technology research structure helps its analysts evaluate convergence. 00:16:47 Paul Itoi on why stablecoins fit workers who cannot absorb Bitcoin's short-term volatility. 00:23:49 Steve Lee on stablecoins as a fintech evolution and Bitcoin as a monetary revolution. 00:28:35 Why self-custodied AI could become as important as self-custodied money. 00:40:27 How control of models and agentic traces protects companies from dependence on foundation-model providers. 00:56:48 Why narrow models, distributed training, and micropayments can move work beyond company boundaries. 01:03:55 How AI security tools expose a capability gap between Bitcoin attackers and open-source defenders. Learn more about Bitcoin Park: bitcoinpark.com Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

This WTT, The Anatomy of a Blow-Up, brings Situational Awareness to the underlying causes of hedge fund disasters.   Read Ted's blog here.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Your future deserves more than guesswork. Use Plancorp's calculator to see the potential value of professional planning and get an idea of your annual advisory cost. -----  Get updates for my new book here: https://Theperfectportfoliobook.com  -----  Financial advisor fees look simple until you ask what the fee actually buys. This episode  compares hourly, flat-fee, and AUM pricing—and explains why the number alone tells you surprisingly little. Learn how to evaluate cost, service, conflicts, and accountability before choosing an advisor. Listen now and learn:   ► What hourly, flat-fee, and AUM arrangements change beyond the bill ► The incentives and blind spots different compensation models can create ► Why similar-looking fees can buy very different levels of service ► The questions that reveal what you're really paying an advisor for 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 Gavin Baker, founding partner and CIO of Atreides Management. This is our seventh conversation, and just two months after Gavin's last appearance. It's about the gap between what the market is doing and what companies are seeing. It's been a tough month or so for public AI names, but there's no sign of a slowdown on the ground in Silicon Valley. We discuss the latest moves, contracted vs. spot GPU prices, the game theory of memory supply agreements, and why Claude has become the Walter Cronkite of the stock market. We close on SpaceX, orbital compute, and what Gavin sees as the single biggest risk to all of it. Please enjoy this conversation, from the famous table at Benchmark, with my friend Gavin Baker. 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 (00:02:35) First Question: July Was 2022 in a Month (00:04:08) The Private Companies Public Markets Can't See (00:05:06) Old GPUs Repricing Higher (00:06:53) Walking Through the Month (00:08:22) Kimi, GLM 5.2 & the Open Source Freak-Out (00:10:51) Real Yields, Spreads & CDS (00:11:54) Does the Build-Out Need Credit? (00:15:22) A Sell-Off With No Clear Villain (00:17:35) Open Source as Dark Matter (00:18:39) Nvidia's Lowest Forward PE in 10 Years (00:21:35) Claude as Walter Cronkite for the Stock Market (00:23:55) Continual Learning & Sample Efficiency (00:25:19) What Would Actually Scare Him (00:26:38) Routers & the Multi-Model Future (00:30:51) Tokens as a Percent of Comp Spend (00:33:37) The Game Theory of Breaking an LTA (00:36:41) Nvidia's Credit Wrapper & Revenue Share (00:37:45) What He'd Do If He Ran Hynix (00:41:46) Who's More Bullish than Him (00:43:28) China's DUV Machine (00:46:10) Bull Case for Software (00:48:16) The RSI Maximalist View (00:49:31) Inference Clouds Growing Without Burning Cash (00:50:35) The Biggest Risk Is Regulation (00:53:44) Telling the Story Better (00:57:15) Dark Horses (00:58:02) SpaceX in the Public Markets

Arch Rao is Founder and CEO of SPAN, the company behind the smart electrical panel that has expanded into utility grid management with SPAN Edge and distributed AI infrastructure with XFRA. What began as a smarter way to manage home electricity has evolved into a platform designed to digitize the electric grid, enable mass electrification, and unlock new AI compute capacity using existing residential infrastructure. In this episode of Inevitable, Rao explains why SPAN's vision has grown beyond the home electrical panel, how utilities are using software-defined power management to avoid expensive infrastructure upgrades, and why distributed AI inference could become a new class of digital utility. He also discusses the intersection of electrification, grid modernization, and AI demand, arguing that the next major energy transition is the digitization of the electric grid itself. Note: SPAN is an MCJ portfolio company  Episode recorded on July 8, 2026 (Published on August 4, 2026). In this episode, we cover:  (0:00) An overview of SPAN (1:53) How SPAN evolved from smart panels to grid infrastructure (3:41) The inspiration behind XFRA and distributed AI compute (5:21) What an XFRA node looks like and how it works (6:04) Why homeowners would host AI compute infrastructure (8:06) The homeowner business model: free panels, batteries, and lower utility bills (10:48) Why SPAN is focused on new home developments (11:56) How SPAN Edge helps utilities avoid costly service upgrades (16:35) SPAN's go-to-market evolution (17:16) Lessons from customer behavior and software adoption (20:53) How SPAN Edge creates value for utilities (26:16) Securing distributed AI infrastructure in residential neighborhoods (27:48) Who is buying XFRA compute today (29:45) Why distributed infrastructure offers flexibility over traditional data centers (31:04) XFRA as a new form of digital infrastructure (32:50) How SPAN differs from virtual power plants (VPPs) (34:56) Why the real energy transition is analog-to-digital (36:43) Why talent is SPAN's biggest hiring priority 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

Natalie McIntyre is the Global Head of Consulting at Cutter Associates, a research and consulting firm that is focused exclusively on the investment industry. In today's conversation, Natalie talks through how she got to Cutter from Bridgewater Associates, and how she took that knowledge base to help other organizations be the best version of themselves. We dig into what separates a good consulting firm from the rest and what a typical engagement really looks like once you get past the pitch. Natalie shares the stories and the tipping points, those moments where a firm realizes that it can't solve something internally and picks up the phone. From there, we get into data, why data strategy has moved from a back-office task to the center of decision-making. We get tactical on building a tech stack for today and tomorrow, the common challenges, the tradeoff between bespoke builds and single platform solutions, and the ongoing tension between incumbents and the nascent players trying to unseat them. We also talk about how the role of talent is shifting as technology takes on more of the workflow. For anyone building or scaling operations, this is a conversation about what changes when data, technology, and talent start pulling in the same direction.   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 Summer Series kickoff is with one of the all-time greats, Annie Duke. The former world-class poker player has become a noted academic and practitioner in the art of decision-making. Her best-seller Thinking in Bets is a one-of-a-kind set of tools and tips to try (emphasis on try) to get past our embedded behavioral biases.  And her follow-up works How to Decide and Quit pull different threads in the decision-making process.   Since writing Thinking in Bets, Annie has consulted several investment organizations to apply her insights to investing, including becoming a Special Partner focused on Decision Science at venture firm, First Round Capital.   For the series, we've shared two of Annie's most popular appearance on the show – coinciding with the launched of Thinking in Bets in 2018 and Quit in 2022. Please enjoy these great conversations with Annie Duke.   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)

Our Summer Series kickoff is with one of the all-time greats, Annie Duke. The former world-class poker player has become a noted academic and practitioner in the art of decision-making. Her best-seller Thinking in Bets is a one-of-a-kind set of tools and tips to try (emphasis on try) to get past our embedded behavioral biases.  And her follow-up works How to Decide and Quit pull different threads in the decision-making process.   Since writing Thinking in Bets, Annie has consulted several investment organizations to apply her insights to investing, including becoming a Special Partner focused on Decision Science at venture firm, First Round Capital.   For the series, we've shared two of Annie's most popular appearance on the show – coinciding with the launched of Thinking in Bets in 2018 and Quit in 2022. Please enjoy these great conversations with Annie Duke.   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 Liaquat Ahamed, the Pulitzer Prize–winning author of Lords of Finance: The Bankers Who Broke the World, one of the greatest financial history books ever written. His new book is called 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World. In today's episode, Liaquat shares the story of the world's first truly global financial crisis. He walks through the Rothschild-led bond boom that funded railroads on three continents, the German IPO mania sparked by French war reparations, and the monetary blunder of abandoning silver that turned a crash into twenty years of deflation. (0:00) Starts (1:03) The 1873 financial crisis: causes and global impact (3:25) Railroads and the rise of the Rothschilds (6:37) Stock market mania and bubbles in Germany (10:58) The role of precious metals (15:20) The economic, political, and societal effects of deflation (26:05) Comparisons to modern financial crises and populist movements (32:48) Lessons from history: Lords of Finance (36:46) Modern currency systems ----- 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

It's been a busy year for the Alpha Exchange podcast — 25 episodes so far and an exciting fall schedule ahead. Today I'm going solo, assessing a backdrop for market risk that has proven quite unique this year. In the discussion that follows, I want to share what's on my mind with respect to the prices we all stare at every day, and tie together three crosscurrents that look separate on the surface but are really one story. These themes are low correlation, spot up vol up dynamics, and the cheapness of market-based insurance.   First, correlation. Realized and implied correlation among S&P stocks have fallen to levels never seen before — one-month realized printed 0.4% in late July — and that's pinning index vol to the floor even as the stocks inside get more volatile. On the second front, a meaningful cohort of stocks are experiencing massive returns, and, atypically, seeing their options become more expensive at the same time. This is amplified by leveraged ETFs and there are unique implications for risk and trade construction.   Lastly, I argue that the price of insurance across equities, rates, FX and credit is exceptionally low relative to the vast uncertainty in markets, technology, and global affairs. If anything, the already rapid pace of change is only set to accelerate from here. It's a good idea to accumulate shock-absorbing options at low prices during sunny days. They will come in handy when the inevitable risk-off occurs, which I see as an underpriced scenario.   I hope you find this interesting and useful. Thank you for listening.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Lauren Hochfelder is Head of Global Real Assets at Morgan Stanley, where she oversees a team of 300 investment professionals across 13 countries, managing $80 billion across real estate, infrastructure, equity and credit. Lauren joined Morgan Stanley as an investment banking analyst directly out of Yale 26 years ago and has spent her entire career at the firm, helping build one of the industry's leading platforms.   Our conversation traces Lauren's journey from analyst to Global Head and the evolution of Morgan Stanley's real estate business before, during, and after the Global Financial Crisis. We cover the firm's thematic approach to investing behind structural demand tailwinds, combination of global perspectives and on-the-ground teams, operational improvements to assets, portfolio construction, and themes across industrial real estate and infrastructure, senior housing, and net lease properties. We also touch on riskier areas of real estate and Lauren's new role adding infrastructure to her real estate oversight.   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 Ask Me Anything episode, Ben Felix, Ben Wilson, and Louai Bibi tackle a wide-ranging collection of listener questions spanning investing, retirement, family finance, and financial planning. Along the way, they combine academic research, practical experience, and thoughtful discussion to separate evidence-based decisions from intuition.   The conversation explores everything from teaching children healthy money habits and the long-term behavioral challenges of value investing to sequence of returns risk, retirement spending strategies, and global portfolio construction. The episode concludes with an in-depth discussion of Louai Bibi's National Financial Planning Award-winning financial plan, highlighting the importance of holistic advice, evidence-based planning, and continuous improvement through client feedback.   Key Points From This Episode: (00:00:00) Introduction (0:05:30) Advice for aspiring financial planners: Building skills, credentials, networks, and mentorship early in your career. (0:07:35) Why young advisors should be "a sponge" and learn from both good and bad professional experiences. (0:09:41) Ben Felix on completing the CFA, CIM, and CFP early—and why creating content accelerated his learning. (0:11:51) Why getting large numbers of client-facing "reps" can dramatically improve an advisor's ability to communicate advice. (0:15:44) Choosing the right firm, team, and mentors—and how networking helped Ben Felix ultimately join PWL. (0:18:53) Should a young physician borrow from a professional line of credit to invest? (0:24:55) Robert Merton's perspective on leverage for young investors and the risks of implementing leverage through margin borrowing. (0:28:21) Why the psychological experience of investing borrowed money can be very different from owning an unleveraged portfolio. (0:30:35) How much leverage is needed before it meaningfully changes a long-term financial plan. (0:31:36) Should investors increase their equity allocation before considering leverage? (0:33:39) Louai's experience working with physicians and why becoming debt-free can change how people feel about borrowing to invest. (0:36:00) Louai and Ben Felix share their own experiences with leverage. (0:36:59) How to teach children about money, scarcity, saving, generosity, and spending. (0:38:26) Ben Wilson's approach: Save 50%, give 10%, and let his kids decide what to do with the remaining 40%. (0:40:02) Using wealth for memorable family experiences rather than simply giving children more money. (0:42:51) Why anticipating an experience can be an important part of the enjoyment it creates. (0:43:42) Is the value premium worth the behavioral challenge of potentially enduring years of underperformance? (0:44:11) Ben Felix explains why the difficulty of sticking with value may itself contribute to the premium. (0:45:47) Can having a sufficiently large portfolio eliminate sequence-of-returns concerns? (0:49:41) Reframing "sequence of returns" as "sequence of withdrawals"—and why flexible spending matters. (0:51:21) Separating retirement expenses into fixed needs and flexible spending. (0:52:47) The purchases that have delivered the best personal ROI for Ben, Ben, and Louai. (0:53:08) Ben Felix on his indoor basketball hoop, family travel, sauna, and prepared meal delivery. (0:56:56) Ben Wilson on family vacations, skiing, cycling, and why his family chose a pool over a cottage or boat. (0:58:27) Louai on his 49-inch monitor, his dog, and investing in health and fitness. (1:00:42) How should investors geographically weight a global small-cap value portfolio? (1:05:13) Why a globally diversified portfolio that an investor can actually stick with matters more than finding a theoretically perfect country allocation. (1:07:19) What should investors approaching retirement or FIRE do about sequence-of-returns risk? (1:09:00) Research comparing declining, rising, and static equity allocations during retirement. (1:13:38) Why risk tolerance, time horizon, spending needs, and financial-plan resilience should drive retirement asset allocation. (1:15:07) The National Financial Planning Awards, the judging process, and the sponsorship conflict disclosure surrounding Louai's award. (1:18:37) Inside Louai's 47-page award-winning financial plan and the range of planning issues it addressed. (1:20:06) What Louai believes actually distinguished the submission: Not one clever strategy, but a holistic decision-making process. (1:21:39) Why Louai sought feedback from planners outside PWL and how the award process can improve the broader team. (1:23:26) Why Louai believes financial-planning knowledge and feedback should be shared rather than "gatekept." (1:23:56) How feedback from the Rational Reminder community changed Louai's thinking about investment risk. (1:24:40) Why defining risk purely as short-term volatility can overlook the bigger risk of failing to achieve financial goals. (1:27:59) How public feedback through the podcast creates a powerful learning loop for the PWL team. (1:28:29) A PWL client review on the value of planning, professional experience, and advice that puts the client's interests first. 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, Tasha Keeney and Daniel Maguire sit down with Bobby Healy, founder and CEO of Manna, to examine the rapidly expanding drone delivery market. Bobby explains how Manna's autonomous aircraft can deliver food and other goods within minutes, why its hot-swap architecture supports high-volume operations, and how regulation is opening the US market. They also discuss the operational challenges behind drone delivery, Manna's use of ground robots and AI, opportunities across food, medical, grocery, and parcel delivery, and Bobby's expectation that drone delivery will reach cities across the United States within five years. Key Points From This Episode:[00:00:00] Introduction to Manna and the drone delivery market[00:06:46] Why Bobby Healy founded Manna[00:07:41] The current drone delivery landscape[00:10:01] How an autonomous Manna delivery works[00:15:20] Operational challenges and aircraft maintenance[00:17:59] Regulation and Manna's US expansion plans[00:21:54] Why Manna prioritizes food delivery[00:24:37] Medical, parcel, and grocery delivery opportunities[00:30:09] Partnerships with delivery aggregators and brands[00:39:09] How Manna uses AI and automation[00:44:21] The potential size of the drone delivery market[00:48:55] Goal of reducing delivery costs from nearly $10 to $0.50Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

My guest today is Sam Altman, CEO of OpenAI. It's a conversation spanning the history, present, and future of OpenAI, from the origin of ChatGPT through Codex, hardware, and their new Jalapeno chip. We discuss the early decision to buy compute at a scale nobody thought was rational, and the plan to build a gigawatt of new capacity every week.  We talk about Kimi and distillation, the Hugging Face incident and what it means for the pace of AI development, and what it's like to raise kids who will grow up never knowing a world without abundant intelligence.  Please enjoy my conversation with Sam Altman. 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) Intro: Sam Altman, CEO of OpenAI (00:02:35) Refocusing (00:05:43) OpenAI's Compute Bets (00:09:07) Data Centers (00:11:14) Jalapeno Chip (00:11:52) Kimi, Distillation & Open Source (00:14:39) The Hugging Face Incident (00:17:46) OpenAI's Mission & Vision (00:22:14) All the Returns Are at the Frontier (00:22:27) Bottlenecks: Compute, Research, Data (00:23:49) Sam's View on AI & Jobs (00:26:56) Unpopular Bets That Turned Out Right (00:27:45) Model Cycles (00:29:45) How Sam Uses AI (00:32:44) Having Kids (00:34:56) Why Sam Has No Equity in OpenAI (00:35:33) Robotics (00:36:48) The Origin Story of ChatGPT (00:39:22) How to Get AI into More Hands (00:42:20) How Sam Recruited Great AI Researchers (00:43:57) What Sam Learned From Being an Investor (00:45:22) What the Next 6–36 Months Look Like (00:46:31) Codex (00:49:36) Could We Be Oversupplied in Compute in Two Years? (00:50:09) Sam's View on Scaling Laws (00:50:20) Alec Radford (00:51:12) Formative Moments (00:53:50) Kindest Thing

Michelle Knudsen is Chief Investment Officer of NYU, where she oversees the university's $8 billion endowment. Michelle joined NYU two years ago, after fourteen years as an allocator at Partners Capital and the Mellon Foundation, with a mandate to build a best-in-class endowment from a clean sheet of paper. Our conversation traces Michelle's lessons learned working at Goldman Sachs, a growing OCIO, and a foundation that shaped her investment philosophy and views on portfolio construction, risk management, and manager selection. We then turn to the transformation of NYU's investment office from the ground up across governance, portfolio strategy, investment process, and the team. Along the way, we discuss manager selection, emerging managers, venture capital, hedge funds, AI, stress tests, and what it takes to build an enduring investment organization. Any leader should see for themselves the benefits of elite coaching. Try ALEX: tryalex.admiredleadership.com. Learn more about our Strategic Investments: OWL. 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 Bob Robotti, founder and CIO of Robotti and Company Advisors, which he's been running the firm since 1983. In today's episode, Bob explains why volatile markets driven by passive flows keep handing opportunities to stock pickers. He makes the case for offshore oil services and homebuilders, shows why zombie companies can be dollars trading for 20 cents, and argues 2% inflation is a pipe dream.  To close, Bob shares the biggest loss of his career, selling a winner too early. (0:00) Starts (1:23) Bob Robotti's investment framework and value traps (3:01) Evolution of investment strategies and market consistency (5:22) Sector opportunities in energy and homebuilding (14:13) Managing cyclical and long-term investments (17:05) Housing policies, build-to-rent, and affordability (20:19) Homebuilding outlook, Airbnb, and commercial real estate (22:32) Small cap opportunities (27:40) Distressed investing and zombie companies (37:35) Inflation and interest rates (45:47) Building a lasting investment firm and Bob'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

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