Podcasts about podcast consultant

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

Resources: Read Repositioning Guidelines to Decrease Pressure Injury in the Pediatric Intensive Care Unit: A Quality Improvement Project in the July/August 2024 issue of JWOCN and watch the accompanying video abstract. About the Speaker: Margaret Birdsong, DNP, CPNP, CWOCN, is a Pediatric Nurse Practitioner at Johns Hopkins Children's Center. Margaret has been a dedicated member of the Division of Pediatric Surgery since 2000. She has been a Certified Wound, Ostomy, and Continence Nurse (CWOCN) since 2002 and serves as the primary wound care consultant for the pediatric hospital. In 2020, she earned her Doctor of Nursing Practice (DNP) from the Johns Hopkins School of Nursing. In addition to her clinical responsibilities, she works closely with Dr. Isam Nasr in the Colorectal Center, where she is also certified in biofeedback therapy. Margaret has presented nationally on a range of topics, including general pediatric surgery, wound and ostomy care, and pediatric continence management. Her clinical and academic work focuses on improving outcomes and quality of life for pediatric patients with complex surgical and continence needs. Editing and post-production work for this episode was provided by The Podcast Consultant.

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

In this episode of BioTalk with Rich Bendis, Sara Dauber, Vice President, Startup Banking for J.P. Morgan's Innovation Economy team, joins the conversation to discuss how early-stage life science and healthcare companies can think more strategically about banking, financing readiness, and long-term growth.   Sara shares how her career moved from life science operating companies to NIH and now to J.P. Morgan, where she works with early-stage life science and healthcare ventures across the DMV and surrounding regions. Drawing on her experience inside startups, supporting SBIR-funded companies, and advising founders from the business side, Sara brings a practical perspective on what early-stage teams need as they begin raising institutional capital and building the systems behind a company.   The conversation explores how J.P. Morgan supports companies across the full lifecycle, from inception through IPO and beyond. Sara also discusses the importance of secure banking infrastructure, investor readiness, cap table management, startup-focused resources, and relationship-building in a market where founders are often asked to do more with limited time and capital.   Rich and Sara also revisit her time at NIH, her work with BHI Entrepreneurs-in-Residence, and the value of the BioHealth Capital Region ecosystem in helping entrepreneurs connect with the right advisors, funders, and partners.   Editing and post-production work for this episode was provided by The Podcast Consultant.   Sara Dauber is Vice President, J.P. Morgan's Startup Banking team, where she works with early-stage life science and healthcare companies in the DMV and broader Mid Atlantic. Before joining J.P. Morgan, Sara spent more than 14 years in life science operating companies, often working with early-stage startups across finance, program management, corporate development, business development, and operations. She later worked with NINDS at NIH, supporting SBIR-funded companies with business support. Today, she brings that experience to her work with founders as they build, finance, and scale life science and healthcare companies.  

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

Invest Like the Best: Read the notes at at podcastnotes.org. Don't forget to subscribe for free to our newsletter, the top 10 ideas of the week, every Monday --------- My guest today is Alex Sacerdote, founder of Whale Rock Capital Management.  Whale Rock is a technology focused investment firm that manages more than $17 billion across hedge fund, long only, and hybrid strategies. Over the past three years it has been one of the best performing hedge funds, compounding at roughly 44 percent a year. Alex invests through a single lens that he has refined over twenty years. He looks for technology S-curves, durable competitive advantages, and underappreciated earnings power.  This conversation is a tour through how he applies that framework right now. We start with his highest conviction position, which is Anthropic, and use it to work through the entire AI stack from chips to models to applications.  Please enjoy my conversation with Alex Sacerdote. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like The Best (00:00:00) Welcome to Invest Like The Best (00:02:29) Alex Sacerdote (00:03:08) Anthropic: Highest Conviction Position (00:13:23) Investing in Private Markets at Scale (00:19:08) S-Curves: The Full Framework (00:25:08) When to Buy Tech Companies (00:30:20) Identifying the Leader from the Pack (00:34:04) Anthropic & OpenAI's Competitive Moats (00:37:31) AI's Threat to Enterprise Software (00:43:18) Network Effects in the Agent Era (00:44:22) The Hardware Renaissance: Chips & Infrastructure (00:53:56) Why So Few Investors Get This Right (00:55:36) Key Risks to the AI Bull Case (00:57:47) The Application Layer (00:59:40) How AI Is Changing Research at WhaleRock (01:02:53) The Role of Investor Networks & Idea Sharing (01:03:40) Building a Multi-Product Firm (01:07:58) WhaleRock as a Learning Machine (01:09:15) The Kindest Thing

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

Days after ChatGPT launched, Intercom called it an “iPhone moment" and bet a $300 million ARR business that AI was the future of customer service. On this episode of Onward, Ben talks with Paul Adams, Chief Product Officer of Fin (formerly Intercom), about the pivot to AI customer service: why the decision was easier than you might think, why the culture change was brutal, and how the bet ended up strengthening the legacy business instead of killing it. Since Fundrise runs its own investor relations program on Fin, the episode doubles as a customer interview. They get into AI's effect on knowledge work, the risk of letting an agent write to a database, Claude Code as "magic," and why Paul calls himself a "delusional optimist" about what comes next.— 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.More Info & DisclaimersThere are no guarantees investment holdings of the Fundrise Innovation Fund (the "Fund") will be successful.Investing in the Fund is speculative and involves substantial risks. You should purchase shares of the Fund only if you can afford a complete loss of your investment. Nothing in this material should be construed as tax advice, an offer, recommendation, or solicitation to buy or sell any security.Past performance does not guarantee future results. Current and future holdings are subject to risk, and returns of one portfolio company are not indicative of an investment in the Fund. For Fund performance and the most recent schedule of investments, visit GetVCX.com. The Fund's annual and semi-annual reports (Form N-CSR), quarterly portfolio holdings (Form N-PORT), and other periodic reports filed with the Securities and Exchange Commission are available on EDGAR at sec.gov and at GetVCX.com.The Innovation Fund is publicly registered under the Investment Company Act of 1940 as a non-diversified, closed-end management investment company.The Fund's portfolio will be concentrated in securities issued by technology companies and other investments that provide economic exposure to technology companies and as such, it may be subject to more risks than if it were broadly diversified across additional sectors and industries of the economy. Certain technology companies may face special risks that their products or services may not prove to be commercially successful. Technology companies are also strongly affected by worldwide scientific or technological developments, and as a result, their products may rapidly become obsolete.The Fund's investments in companies involved in, or exposed to, artificial intelligence-related businesses may be negatively impacted because of, among other things, limited product lines, markets, financial resources and/or personnel; intense competition and potentially rapid product obsolescence these companies may face; loss or impairment of intellectual property rights; and the inability to successfully develop products or services even after spending significant amount of resources.The Fund's investment in private company securities, whether made directly or indirectly (e.g., through derivatives or private pooled investment vehicles) are generally illiquid. Because private company securities are thinly traded, such securities may display especially volatile or erratic price movements, sometimes in response to relatively small changes in investor supply or demand or other market conditions.

Welcome back to the Alt Goes Mainstream podcast.We went to a mecca of football to film the latest episode. This conversation takes us to Turin, Italy, where we were in the Juventus Creator Lab with Italian football (I mean soccer for the Americans) legend and one of the best defenders of all time Giorgio Chiellini.Giorgio's career and playing style were defined by Juventus' very motto, fino alla fine (“until the end”). It's also a mentality that he brings to every aspect of life on and off the pitch. After an illustrious playing career at one of the world's biggest clubs, Juventus, and a career that also included two World Cup appearances for Italy and winning the Euro 2020 as the Captain of Italy, Giorgio came back home to Turin rejoin the club where he starred for 17 years: Juventus. Giorgio has gone from the pitch to the boardroom, helping to lead Juventus as the Director of Football Strategy. He has brought the player's perspective to the business side of football, balancing the nuances of sports and business.Despite the demands that Giorgio faced on the field as a player to maintain a standard of play at the highest levels of the game, he found time during his career to pursue his passion for business. He received his MBA while playing for Juventus and also was involved in the player development side in his final years as a player at LAFC. More recently, he became an investor in LAFC and in Mercury13, a multi-club investor in women's football teams, including FC Como. He's also an active investor in the European startup community.Giorgio and I had a wide-ranging and fascinating conversation that covered several dimensions of the business of sport. We discussed:How teams, owners, and investors can balance both the sport and business aspects of the game.What it means for sports now that players can have bigger social followings than their clubs or leagues.How Juventus has built and amplified its brand through initiatives like the Creator Lab.How clubs like Juventus can help players build their off-field brand while maintaining a high-quality on-field product.How Giorgio's work off the field while playing informed how he wanted to spend his time post-career in business.What Giorgio's day-to-day is like as Director of Football Strategy for Juventus.Why Giorgio invested in LAFC and what he thinks about the future of the MLS.What American owners and investors can learn from European soccer clubs and owners, and what European clubs and owners can learn from American owners and investors.Thanks, Giorgio, for sharing your wisdom, expertise, and enthusiasm at the intersection of sports and business.Note: this episode was filmed in October 2025 with a plan to publish the conversation around the World Cup.Show Notes00:00 Split Second Decision01:06 A Message from Our Sponsor, Ultimus02:10 Meet Giorgio Chiellini04:17 What Is the Juventus Creator Lab04:36 Building Fans Through Content05:27 Football Brand Goes Global06:15 Revenue From Winning06:43 Two Hearts One Club07:52 Winning Versus Storytelling08:40 Fans Everywhere Now09:27 Too Many Games Problem09:51 Stakeholders and Calendar11:00 Owner Advice Communication11:28 From Kid to Club 14:12 Film Study for Matches15:02 The Saka Tactical Foul17:26 Social Media and Mental Health29:32 US World Cup Reality29:45 Grassroots Long Game30:09 MLS and USL Momentum30:14 Stadiums and Growth30:20 MLS Season vs Playoffs30:46 Supporters Shield Incentives31:11 Travel and Rest Mentality31:33 Europe Stakes Comparison31:54 Highlights Era Question32:24 Bite-Sized Sports Culture33:40 Choosing What to Watch33:55 Sports Must Adapt34:33 Owners Business View35:15 TV Rights and Strategy36:05 Institutional Money Trend36:42 Why Funds Love Sports37:04 Balancing Profit and Emotion38:12 Fiduciary Duty vs Winning39:15 Permanent Capital Advantage40:42 Mission Values Legacy41:54 Juventus DNA and Family44:31 Leadership Lessons Learned45:38 From Captain to Executive47:05 Humanity and Energy48:21 Player to Business Challenges50:00 Investing in Italian Startups51:47 How He Picks Investments52:43 Innovation and AI in Sport53:16 Favorite Alternative Investment54:34 Profitability and Winning55:21 ClosingA 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.

In this episode of The Entrepreneur's Journey, Michael Pallozzi and Jason Gabrieli discuss the importance of building a transition-ready business long before an owner decides to exit. Jason shares insights from his Certified Exit Planning Advisor (CEPA) coursework and explains how business owners can maximize the value of their companies through proactive planning, operational improvements, and aligning their personal, business, and financial goals.Michael and Jason break down the concept of the “three legs of the stool” — personal, business, and financial planning — and explain why successful exits depend on all three being aligned. They also discuss how business valuation multiples work, why systems and processes increase company value, and how many owners unintentionally leave money on the table by waiting too long to prepare.Tune into this episode to also learn:● Why exit planning should be treated as an ongoing business strategy — not a last-minute event.● How systems, leadership, and culture can dramatically increase business valuation multiples.● Why many business owners don't truly know what their company is worth.● How proactive planning creates more flexibility, better outcomes, and less stress during a transition.What we discussed● [00:01:17] Defining what “exit planning” means for business owners.● [00:03:01] Jason discusses earning his Certified Exit Planning Advisor (CEPA) designation.● [00:04:51] Why exit planning should be viewed as a long-term business strategy.● [00:06:57] Understanding business valuation and the importance of EBITDA.● [00:08:45] Why most business owners don't know the true value of their company.● [00:10:04] How systems, processes, and leadership teams increase valuation multiples.● [00:12:42] A simple breakdown of EBITDA and how business valuation multiples work.● [00:15:08] How improving operations can dramatically increase business value without increasing profit.● [00:15:52] Internal succession vs. external sale options for business owners.● [00:17:35] The number one reason many business sales fall apart.● [00:18:53] Why balancing personal, business, and financial goals matters before exiting.● [00:19:55] Why business owners should start these conversations early — even if they are years away from selling.● [00:21:37] The importance of building a team of advisors and specialists around the owner.● [00:23:48] “A transition-ready business is a valuable business.” 3 Things To RememberExit planning is not just about selling your business — it's about building a stronger, more valuable company over time. Systems, documented processes, leadership teams, and reduced owner dependency can significantly increase business valuation multiples. The earlier business owners begin planning, the more options and flexibility they create for themselves, their employees, and their families.Useful LinksConnect with Michael Pallozzi: pallozzi@hfmadvisors.com | LinkedInConnect with Jason Gabrieli: jgabrieli@hfmadvisors.com | LinkedInExit Planning Institute: https://exit-planning-institute.orgEditing 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

Edward Shenderovich is the Founder and CEO of Roebling, a software platform that helps industrial companies evaluate, design, and finance manufacturing projects before breaking ground. After initially setting out to solve bottlenecks in biomanufacturing, Shenderovich and his team uncovered a broader challenge: the economics of scaling physical infrastructure are often poorly understood until it's too late. In this episode of Inevitable, Cody and Edward explore whether the US is making the same mistake with domestic manufacturing that climate tech once made with the “green premium.” If consumers were unwilling to pay more for cleaner products, will they pay more for American-made ones? The conversation examines China's long-term manufacturing strategy, the gap between scientific breakthroughs and industrial scale-up, and why engineering—not invention—is often the missing link in commercial success. Edward argues that national security, data sovereignty, and AI infrastructure may become the forces that justify renewed domestic investment in manufacturing and energy systems. They also discuss the lessons learned from the recent biomanufacturing boom and bust, why many bioindustrial companies struggled to achieve economic viability, and how AI can help bridge the gap between R&D and large-scale industrial deployment. Finally, Edward shares how Roebling is using AI-powered techno-economic analysis to help companies build factories that can actually compete on cost and performance. Episode recorded on May 28, 2026 (Published on June 9, 2026). In this episode, we cover:  (0:00) An overview of Roebling  (3:37) Why consumers rarely pay more for domestic or sustainable products  (6:12) How the US can compete with China's manufacturing strategy  (7:25) The gap between R&D innovation and industrial scale-up  (9:13) Why engineering is often the bottleneck  (11:25) AI data centers as a catalyst for industrial and energy infrastructure  (14:30) National security, data sovereignty, and domestic manufacturing  (17:31) Roebling's origins in biomanufacturing  (20:03) Why AI may finally help unlock biology at scale  (23:25) Building products that are better, not just greener  (26:11) How Roebling helps companies plan and finance factories  (31:08) Lessons from the biomanufacturing boom and bio-winter  (34:33) The opportunities of nuclear energy and industrial growth  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

Get updates for my new book here: https://Theperfectportfoliobook.com  -----  When investors hear "SpaceX IPO," some wonder how to get access before shares begin trading, while others worry about what mega-IPOs could do to the funds they already own. This episode breaks down why IPO day gets too much attention—and why the more important story may unfold over time. Listen now and learn: ► Why the IPO price and the price most investors can actually get are two very different things ► What index rule changes around mega-IPOs may mean for mutual funds and ETFs ► Why a trillion-dollar valuation does not automatically translate into a massive index-fund position ► How to think clearly about SpaceX, OpenAI, Anthropic, and other potential mega-IPOs without letting headlines drive your plan   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 Alex Sacerdote, founder of Whale Rock Capital Management.  Whale Rock is a technology focused investment firm that manages more than $17 billion across hedge fund, long only, and hybrid strategies. Over the past three years it has been one of the best performing hedge funds, compounding at roughly 44 percent a year. Alex invests through a single lens that he has refined over twenty years. He looks for technology S-curves, durable competitive advantages, and underappreciated earnings power.  This conversation is a tour through how he applies that framework right now. We start with his highest conviction position, which is Anthropic, and use it to work through the entire AI stack from chips to models to applications.  Please enjoy my conversation with Alex Sacerdote. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like The Best (00:00:00) Welcome to Invest Like The Best (00:02:29) Alex Sacerdote (00:03:08) Anthropic: Highest Conviction Position (00:13:23) Investing in Private Markets at Scale (00:19:08) S-Curves: The Full Framework (00:25:08) When to Buy Tech Companies (00:30:20) Identifying the Leader from the Pack (00:34:04) Anthropic & OpenAI's Competitive Moats (00:37:31) AI's Threat to Enterprise Software (00:43:18) Network Effects in the Agent Era (00:44:22) The Hardware Renaissance: Chips & Infrastructure (00:53:56) Why So Few Investors Get This Right (00:55:36) Key Risks to the AI Bull Case (00:57:47) The Application Layer (00:59:40) How AI Is Changing Research at WhaleRock (01:02:53) The Role of Investor Networks & Idea Sharing (01:03:40) Building a Multi-Product Firm (01:07:58) WhaleRock as a Learning Machine (01:09:15) The Kindest Thing

In this episode of Money & Meaning, Jeff Bernier speaks with Peter Nakada, Chief Education Officer at Stone Ridge Asset Management, about alternative investments and the role they can play in building more resilient retirement portfolios. They examine why traditional portfolios are often overly dependent on corporate profits and interest rates, and how “true alternatives” like reinsurance may provide diversification benefits that traditional alternatives cannot. Peter explains catastrophe bonds, quota shares, risk premiums, and the behavioral challenges investors face when allocating to alternative asset classes during periods of uncertainty and market volatility.    Topics covered:  Why traditional portfolios may be overly tied to stocks and bonds The difference between traditional alternatives and “true alternatives” How reinsurance works and why it exists Understanding catastrophe bonds and quota shares Natural disaster risk as an investable risk premium Hard and soft insurance markets and how pricing adjusts after losses Why reinsurance may help improve portfolio resilience in retirement Expected return assumptions for reinsurance strategies Portfolio allocation considerations for alternative investments Behavioral challenges investors face during periods of natural disasters Probability biases and investor psychology in alternative asset classes Why staying invested through market cycles matters    Useful Links:    Jeff Bernier on LinkedIn: https://www.linkedin.com/posts/jeffberniercfp_the-money-and-meaning-show-activity-7202103509700227072-h0Qn/  TandemGrowth Financial Advisors: https://www.tandemgrowth.com/  Peter Nakada on LinkedIn: https://www.linkedin.com/in/peter-nakada  Stone Ridge: https://www.stoneridgeam.com/  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, Jeffrey N. Hausfeld, M.D., Chairman of the Board and Chief Medical Officer of BioFactura Inc., and Darryl Sampey, Ph.D., President and Chief Executive Officer of Capitol Biologics, join the conversation to discuss the launch of Capitol Biologics as BioFactura's CDMO division. Jeff and Darryl explain how BioFactura's experience building biologics development and clinical manufacturing capabilities created the foundation for a more personalized CDMO model. The discussion explores the gap Capitol Biologics is designed to fill for emerging biotech companies that need integrated development support, scientific depth, analytical expertise, phase-appropriate quality, and early GMP manufacturing without being pushed into a large commercial-scale CDMO model too soon. The conversation also highlights what biotech CEOs and CMC leaders should consider before choosing a CDMO partner, including developability assessment, cell line and process development, analytical characterization, quality systems, cost of goods, regulatory readiness, and timing. Jeff and Darryl also discuss the growing importance of U.S.-based biologics development and manufacturing capacity, especially for emerging biotech and government-aligned programs. Editing and post-production work for this episode was provided by The Podcast Consultant. Jeffrey N. Hausfeld, M.D., M.B.A., F.A.C.S., is a physician entrepreneur, biotechnology executive, investor, and healthcare innovator whose career spans clinical medicine, life sciences, healthcare real estate development, and entrepreneurial leadership. A graduate of Yale University School of Medicine and recipient of an M.B.A. from Johns Hopkins University, Dr. Hausfeld is an Associate Clinical Professor of Surgery at George Washington University and has been actively involved in national medical societies and healthcare leadership organizations for more than four decades. He currently serves as Chairman of the Board and Chief Medical Officer of BioFactura Inc., Chairman of Capitol Biologics, and Chairman and Co-Founder of the Society of Physician Entrepreneurs. His work focuses on advancing healthcare innovation, biotechnology commercialization, physician entrepreneurship, and the responsible adoption of emerging technologies that improve patient care. Darryl Sampey, Ph.D., is a biopharmaceutical executive and company builder with more than 30 years of experience advancing biologics from discovery through clinical development and commercial manufacturing. He co-founded BioFactura in 2004 and has guided the company from start-up through incubator stages into a fully integrated biopharmaceutical product development and clinical manufacturing company. At BioFactura, he has raised more than $90 million in non-dilutive and strategic funding, built cGMP manufacturing capabilities, and led development of novel therapeutics, biodefense medical countermeasures, biosimilars, and cell therapies. Dr. Sampey is an inventor of the VeriCyte™ Discovery and StableFast™ Biomanufacturing Platforms and previously held process development and manufacturing leadership roles at Human Genome Sciences and North American Vaccine.

My guest today is Charles Ellis, founder of Greenwich Associates, longtime member of Yale's investment committee, and author of more than 20 books, including the classic Winning the Loser's Game. In today's episode, Charley reflects on writing the first major book on share repurchases 50 years ago, when the idea was so foreign that Goldman mailed it to 1,000 corporations as a “legitimizer.” Charley also walks us through his new book, Great American Investments: A History of the Bold Initiatives that Shaped a Nation, covering 14 audacious public investments from the Louisiana Purchase to the Marshall Plan. He explains how each came down to one or two obsessed individuals, why Alaska turned out to be the bargain of the century, and how Frances Perkins muscled Social Security into law. As the episode winds down, he shares the lunch with Sandy Gottesman in the early 1970s that led him to buy Berkshire Hathaway at $700 a share — and hold it ever since. (0:00) Starts (1:54) Charley on stock buybacks (8:06) Current state of investing and behavioral economics (11:37) Advice for young investors and long-term strategies (16:41) Charley's new book: Great American Investments: A History of the Bold Initiatives that Shaped a Nation (25:42) The origins of social Security (32:46) American entrepreneurship (36:43) Will AI be the next great American investment? (42:34) Most memorable investment ----- Sponsor: ⁠Ivy Invest ⁠- To learn more about Ivy Invest's SEC-registered endowment-style fund, view the prospectus, and learn how to invest, visit ⁠ivyinvest.co/fund ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  -----Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, we are joined by Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management and author of Risk & Reward, for a wide-ranging conversation about market history, investor psychology, and the realities of long-term investing. Ben brings his trademark blend of data-driven thinking and plainspoken storytelling to topics like market crashes, inflation, diversification, and why investors are so tempted to time the market. We explore the lessons from Japan's historic asset bubble, the lingering impact of the Great Depression, and why diversification remains one of the few true free lunches in investing. Ben also explains the difference between volatility and risk, why the stock market is not the economy, and how investor behavior—not market performance—is often the biggest determinant of success. Along the way, we discuss inflation hedges, lost decades, speculative behavior, and the psychological challenge of staying invested through inevitable downturns.   Key Points From This Episode: (0:00:20) Introducing Ben Carlson, his new book Risk & Reward, and his long-running blog A Wealth of Common Sense. (0:03:16) Why investors shouldn't panic about investing at all-time highs. (0:03:58) The Japanese bubble and crash as one of history's biggest market anomalies. (0:05:39) Why Japan's long-term returns look very different when viewed over 50 years. (0:06:27) Lessons from the Great Depression and the worst stock market crash in U.S. history. (0:07:43) Why the best long-term returns often follow the worst crashes. (0:08:53) The role of diversification and self-awareness in managing portfolio risk. (0:09:55) Defining investment success by achieving personal goals—not beating benchmarks. (0:10:42) Why inflation feels so painful psychologically for investors and households. (0:11:42) Ben's three favorite long-term inflation hedges: human capital, housing, and stocks. (0:13:47) Why market timing is psychologically seductive—and so difficult to execute successfully. (0:15:00) Why handling losses is the single most important skill in investing. (0:16:13) How devastating the economic side of the Great Depression really was. (0:18:49) What policymakers learned from the Great Depression and 2008. (0:20:39) The difference between recessionary and non-recessionary bear markets. (0:21:52) Why the biggest up days and down days tend to cluster together in bear markets. (0:23:18) Preparing for inevitable bear markets with a durable long-term plan. (0:25:07) Why the stock market and the economy can diverge dramatically. (0:28:10) The difference between volatility and risk—and why risk is often personal. (0:29:37) Why comparing the stock market to a casino is fundamentally wrong. (0:31:55) How modern investing platforms encourage speculative behavior. (0:33:18) How extreme Japan's 1980s asset bubble became before collapsing. (0:35:43) The most important diversification lessons from Japan's lost decades. (0:37:39) How common "lost decades" actually are in stock market history. (0:40:58) Three dimensions of diversification: geography, asset class, and strategy. (0:41:53) Why there is no perfect portfolio—only the right portfolio for you. (0:42:52) Common ways investors lose money in markets. (0:44:03) Why investors should be skeptical of billionaire market predictions. (0:45:57) Ben's evolving definition of success and raising good, kind children.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

In this episode of FYI, Brett Winton, Cathie Wood, and Charlie Roberts sit down with Bryan Johnson, founder of Blueprint and creator of Braintree. They explore his pursuit of extending human life and the broader philosophical shift toward valuing existence itself. Bryan shares the origin of his ideas, the role of AI in accelerating change, and why he believes humanity must rethink its priorities. The conversation also covers practical approaches to improving health today, including sleep, behavior, and measurement, alongside the long-term implications of longevity science.Key Points From This Episode: (00:00:00) Bryan Johnson's motivation to pursue longevity and impact humanity(00:02:56) The belief that this generation may be the first that does not have to die(00:06:26) The need for a new ideology centered on life and death(00:16:24) Longevity as an economic and market-driven opportunity(00:22:48) The expanding complexity of AI and limits of prediction(00:27:28) Sleep as the foundation of health and longevity(00:28:16) Using resting heart rate as a core health metric(00:33:07) The impact of screens, light, and behavior on sleep quality(00:37:30) The role of caffeine, stress, and routine in sleep optimization(00:43:58) The current limits of anti-aging therapies and future breakthroughs(00:50:23) The role of exercise and building sustainable health routines(00:55:31) The “right to exist” as the next major societal frameworkEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Welcome back to the Alt Goes Mainstream podcast.Today's conversation provides a fascinating window into the world of how one of the industry's largest wealth managers approaches private markets.We sat down with the man who holds the keys to the kingdom.Mark Sutterlin is the Head of Alternative Investments within the Investment Solutions Group at Bank of America. He leads the firm's strategy and platform development across hedge funds, private credit, private equity, physical precious metals, and real estate, delivering a broad spectrum of institutional-grade investment solutions to advisors and their clients.Mark brings the advisor's perspective to bear as he builds the alternative investments menu for Merrill and Bank of America Private Bank and helps educate advisors and clients on how and where to thoughtfully and appropriately include private markets in portfolios.Mark and I had a fascinating discussion. We covered:How GPs can work with private banks.What one of the largest private wealth allocators looks for in GPs.How Merrill approaches different product structures to deliver solutions across the wealth client spectrum.What constitutes a manager's edge.I loved this conversation with Mark, who takes such a thoughtful approach and brings a true passion to helping clients and advisors build and protect wealth.Thanks Mark for sharing your expertise, wisdom, and passion on private markets and private wealth.Show Notes00:00 Investor Edge Beyond Returns00:32 Sponsor Message from Ultimus01:41 Meet Mark Sutterlin04:15 Advisor Trust and Responsibility04:24 Penetration Across Wealth Tiers04:38 Scaling Alts Across Books04:49 Evergreen to Drawdown Spectrum05:12 Building the Shelf Challenge05:32 Evergreen Role in Portfolios05:42 Serving Broad Client Needs06:06 Optionality Not One Product06:20 Diligence as Core Identity06:48 Nuance in Private Credit07:27 Long-Term Themes Overlay07:56 Core and Satellite Question08:28 Drawdown vs Evergreen Tradeoffs08:48 Advisor Client Feedback Loop09:25 Evergreens Now Dominate Flows09:49 Evergreen Growing Pains10:14 Education and Expectations10:42 Rotation Within Evergreens11:11 Who Can Run Evergreens Well11:35 Scale Deal Flow Allocation Policy12:29 Post Sale Servicing Matters12:52 How Managers Should Service13:23 Transparency Builds Loyalty14:03 Vetting Managers for Private Banks14:45 Investor Skill Is Table Stakes15:22 Thousand Funds Deep Diligence16:07 Unpacking Firm DNA16:23 Private Wealth Is High Touch16:53 Eyes Wide Open Expectations17:14 Best GPs Listen and Adapt18:12 Customization Versus Scale19:13 Specialists and Custom Funds19:57 Proposal Tools for Advisors20:43 Menu Design From Client Needs21:25 Differentiation in UHNW22:31 Co-Invest and Capacity Access24:43 Tech DLT and Streamlining25:38 Biggest Blocker Education Gap26:45 Misconception Complexity27:52 Alts Invitationals Bootcamp29:45 Where Advisors Are Today30:16 What Why How Framework31:32 Implementation Needs Support31:51 Scaling the Alts Business32:45 Open Architecture Platform33:01 Lifecycle Ops Risk Controls33:40 Where to Invest Next33:53 Infrastructure and DLT Readiness34:42 Future Growth Sources35:37 Advisors Yet to Adopt36:00 Balanced Growth Outlook36:58 Client Sentiment Today38:11 Patience and Long-Term Adoption38:51 Next Gen Investor Mindset40:43 Defining a Manager's Edge41:23 Specialization and Storytelling42:31 Building a Menu of Edges42:47 Business Plan Plus Open Mind43:44 Advice for GPs Pitching Merrill44:39 Platform Differentiation and Exclusivity46:47 What Worries Mark Today48:19 Excited About AI and Infrastructure50:42 Wrap Up and ThanksA 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 Dara Khosrowshahi, the CEO of Uber. Before Uber, Dara ran Expedia for thirteen years. We start with why he took this job in 2017, and a big part of that story is Daniel Ek, who told him that life is not about happiness, it is about impact. We talk about what the chaos felt like on day one, and how his family leaving Iran when he was nine shaped the way he handles pressure today.  We spend most of our time on autonomous vehicles and Uber's role as the demand aggregator in a world of physical AI. Dara explains why Uber is a supply-led company, what it will take to win, and why he expects many winners in AVs rather than one.  We also discuss Uber's $10 billion in free cash flow, the push toward a single app for everything, and what he has learned from Allen & Co, Barry Diller and Reed Hastings. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:29) Intro to Dara Khosrowshahi (00:03:37) How Daniel Ek Convinced Dara to Take the Uber Job (00:06:54) Bringing Order to Chaos (00:09:20) Managing Stress as a Leader (00:11:22) The Chip on His Shoulder (00:12:53) Parenting Lessons (00:17:01) Mandate for AI Adoption (00:21:21) Uber's Role in Physical AI (00:22:48) Winning the AV Demand Race (00:27:41) Partnering vs. Competing with Waymo (00:32:05) AV Success Unlocks New Markets (00:35:09) Why Drones Haven't Arrived Yet (00:36:27) Regional AV Rollout Differences (00:37:35) Uber Eats International Winning Formula (00:39:44) Key to Aggregating Supply Well (00:44:34) Adding Hotels to Uber Platform (00:50:46) Lessons in Marketing at Scale (00:52:59) Apps vs. AI Agents in Seven Years (00:54:08) What Dara Learned from Barry Diller (00:56:52) What Dara Learned from Allen & Co (01:00:09) Buybacks vs. Growth Investing (01:04:17) Lessons from Reed Hastings (01:05:49) The Kindest Thing

Get updates for my new book here: https://Theperfectportfoliobook.com  -----  In this episode, I'm joined by Hendrik "Hank" Bessembinder to discuss why the stock market has created enormous long-term wealth even though most individual stocks have failed to beat Treasury bills. We explore what this means for diversification, stock picking, financial planning, sequence risk, and the way investors should think about long-term returns. Listen now and learn: ► Why most individual stocks lose money even though the overall stock market has created massive wealth ► How a small number of extreme winners drive long-term market returns ► Why average returns, alpha, and traditional planning assumptions can mislead investors ► What Hank's research suggests about diversification, sequence risk, and the future impact of AI   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.

Entérate de lo que está cambiando el podcasting y el marketing digital:-Amazon Music refuerza su apuesta por el pódcast en español con una edición transatlántica.-SiriusXM amplía la distribución de sus pódcast de video con Tubi.-The Podcast Consultant acelera su crecimiento con una nueva compra.PatrociniosSuscríbete a la newsletter de Vía Podcast y recibe a diario en tu bandeja de entrada las últimas noticias de inteligencia artificial, marketing digital y podcasting.Este episodio es presentado por RSS.com, la plataforma de hosting de pódcast que te permite publicar, distribuir y monetizar tu pódcast de forma sencilla. Lanza tu pódcast hoy mismo y haz crecer tu audiencia con herramientas profesionales y analíticas avanzadas.

Adam Ciborowski, Principal – RCP Advisors (EP.77)Intro Copy: Adam Ciborowski is the head of Research, Portfolio Monitoring, and Data Management at RCP Advisors, an investment firm focused on investing in private equity funds in the lower middle market.In today's conversation, we get into how RCP has built its data infrastructure in the fund of funds world across its central operating system, accounting, document collection, portal management, and collaborating with its fund administrator across a growing roster funds.Adam shares how selection of certain tech eliminated what used to be a dedicated full-time role — pulling documents, labeling them, routing them to auditors and administrators — and now turns that around in hours instead of weeks.We also dig into RCP's AI journey — why they passed on the turnkey vendor solutions, why data control and competitive differentiation drove that decision more than cost, and what they are actually building now: an agent that sits in their inbox, identifies incoming documents, scrapes defined attributes, and routes them for analyst review before uploading into their CRM.Adam's view is simple — AI is only as good as the data underneath it, and having 15 years of data with a robust infrastructure is exactly what makes that possible at RCP.Learn MoreFollow Capital Allocators at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@tseides⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ or ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠mailing list⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Access transcript with ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Membership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠)

Resources: United Ostomy Associations of America (UOAA) Find an ostomy support group near you Ostomy Awareness Day / World Ostomy Day The Youth Rally Friends of Ostomates Worldwide-USA (FOW-USA) Ostomy 101   About the Speaker: Eva Philippe, BSN, RN, CWON, graduated as a nurse in 2012 from Saddleback College in CA. She then went on to complete a BSN program through University of Texas, Arlington. She realized her passion and interest in the role wound and ostomy while completing her capstone BSN project on healthcare staff's impact on patients' adaptation to ostomy in the early post-op phase. She completed her wound training through University of Washington and ostomy training through Emory University in 2019. She currently works at Fred Hutch Cancer Care clinic in Seattle, WA. This is an outpatient oncology clinic where she works in the CWON role supporting patients with ostomy needs and a wide variety of wound etiologies (oncological and other). This is a small team of CWONs working in collaboration with over 20 teams of oncology subspecialties as well as surgical teams. Eva also works at Evergreen Healthcare in Washington in both the inpatient setting and outpatient wound and ostomy clinic where she collaborates with a larger team of infectious disease and various providers and nurses to the full scope of the role.  She participates in two local ostomy support groups: North Sound Ostomy Support Group and Greater Eastside Ostomy Support Group. Additionally, Eva has periodically attended Youth Rally since 2019. Eva is passionate about teaching. She has given presentations at the University of Washington nursing conferences and precepted clinical students from various programs. Editing and post-production work for this episode was provided by The Podcast Consultant.

Tuppence Middleton is one of the most talented actors of her generation. Her work spans the intimate and the epic, from the haunting dystopias of Sense8 to the elegance of Downton Abbey. She brings a rare depth to every role she inhabits and her recent memoir Scorpions reveals a courageous and deeply personal side of her story. This podcast is a celebration of an impressive career to date, a tutorial in Obsessive Compulsive Disorder and also serves as a reminder that we can look at someone, judge, think they have it all, perhaps allow a modicum of envy to creep in and yet we have absolutely no clue what challenges they are facing. I had such a wonderful time talking to Tuppence and you will love this podcast. Related links Follow Tuppence Buy her new book 'Scorpions' Tuppence IMDB Bandwidth Conversations is proudly sponsored by Klira.  Editing and post-production work for this episode was provided by The Podcast Consultant.

Erik Brooks is the Co-Founder and Managing Partner of Ethos Capital, a middle-market private equity firm built to bring seasoned C-Suite operators into every aspect of the investment process. Erik's experience prior to founding Ethos in 2019 spanned privatizations in Eastern Europe, value investing at Baupost, and twenty years at Abry Partners. Our conversation covers Erik's path to private equity, lessons learned about risk, the importance of betting on people, and the evolution in his thinking that led to forming Ethos. We then cover Ethos' focus on durable business models, one-deal-a-year cadence, operating system to evaluate and improve companies, and an investment example that brings it all to life. 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, Neal Piper, Founder and CEO of Luminoah, returns to share a major milestone in the company's journey: FDA clearance for Luminoah Flow. A past winner of the BioHealth Capital Region Crab Trap Competition, Neal first joined BioTalk to discuss the deeply personal story behind the company. His family's experience during his son Noah's cancer treatment revealed the daily challenges of tube feeding, from limited mobility and caregiver burden to the lack of real-time data once patients leave the hospital. Now, after six years of development, persistence, regulatory work, and product refinement, Luminoah is preparing to bring its portable, connected enteral nutrition system to patients, caregivers, clinicians, and health systems. Neal discusses what FDA clearance means for the company, how Luminoah Flow is designed to support more independence in daily life, and what comes next as the team prepares for early access programs, commercial rollout, and continued growth in the BioHealth Capital Region. Editing and post-production work for this episode was provided by The Podcast Consultant. Neal Piper has devoted his career to advancing healthcare and expanding access to life-saving innovation across the U.S., Africa, and Asia. He began in Pfizer's Neuroscience Division before joining the Global Health Fellows Program, later serving as President of its Alumni Business Network, where he united 350 leaders and scientists to strengthen healthcare systems worldwide. He went on to expand healthcare programs in 18 countries with Population Services International and founded multiple ventures, including a home healthcare company. As the founding CEO of the Presidential Precinct, he empowered emerging and world leaders driving change in government, entrepreneurship, and civil society. Guided by a belief in the power of innovation to improve lives, Neal now leads Luminoah with a mission to create meaningful, lasting change in healthcare.

Today's guest is Will Goetzmann, Professor of Finance at the Yale School of Management. He is an expert on financial markets and securities, investment strategies, investor behavior and financial history. In today's episode, Professor Goetzmann walks through 5,000 years of financial history, showing how finance shaped trade, cities, corporations, and investing. He covers the first compound interest calculation, the world's oldest corporations and bonds, and historic bubbles from tulips to NFTs. To close, he explains why markets have repeatedly adapted through war, crisis, and uncertainty. (0:00) Starts (1:50) William Goetzmann on origins of money (7:06) The history of corporations (14:43) Yale's historical bond and early financial innovation (17:33) Parallels between historical and modern financial bubbles (25:52) SpaceX IPO and market valuations (27:26) Herd mentality and bubbles (32:47) Global investing, inflation, and currencies (41:13) Finance-related art (46:31) Most memorable investment ----- Sponsor: Ivy Invest - To learn more about Ivy Invest's SEC-registered endowment-style fund, view the prospectus, and learn how to invest, visit ivyinvest.co/fund ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

Today, we are breaking down Toast, a name we have covered before but are revisiting because the story has changed enough to be worth telling again. Most listeners will have tapped a Toast terminal without thinking much about the business behind it.  Our guest is Sean Barrett, founder, managing partner, and chief investment officer of Counter Global, who holds Toast as one of his largest positions and walks us through how a restaurant point of sale company became the operating system that runs the restaurant. He argues that Toast is best understood as the operating system for the restaurant rather than a payments terminal with software attached, and that the business grows as fast and as profitably as it does because the company spent years building purpose-built hardware, a multi-tenant software platform, and a sales force on the ground before it moved into new markets across grocery, enterprise, hospitality, and international.  We also discuss why a business winning roughly half of new restaurant openings in the United States still trades at a multiple that looks closer to a mature company than a category killer. Please enjoy this Breakdown of Toast. For the full show notes, transcript, and links to the best content to learn more, 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. ----- This episode is brought to you by⁠⁠⁠⁠ ⁠Portrait Analytics⁠⁠⁠⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at ⁠⁠⁠⁠⁠portraitresearch.com⁠⁠⁠⁠⁠ ----- Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps (00:00:00) Welcome to Business Breakdowns (00:03:19) Toast Business Overview & Financials (00:06:31) Recurring vs. Reoccurring Gross Profit (00:07:39) Nuance on Revenue Semantics (00:10:05) Transformation from 2020 to Today (00:11:51) Full Product Offering Overview (00:14:13) Revenue Model — Recurring vs. Transaction-Based (00:16:08) Net Take Rate (00:17:22) Software Side of Revenue (00:18:49) Hardware & SaaSpocalypse Connection (00:22:31) AI Offering & What They're Shipping (00:27:01) Impact of 8% Revenue Uplift for Restaurants (00:27:12) Competitive Landscape (00:32:44) Switching & Churn Dynamics (00:34:52) Competitive Advantage & Moat (00:37:43) Management Team & Culture (00:39:57) $10B Gross Profit TAM & Runway (00:44:01) Valuation Approach (00:45:53) Key Risks (00:48:32) Key Lessons

My guest today is Dan Loeb, the founder and CEO of Third Point.  Dan started Third Point in 1995 with a few million dollars, and today the firm manages over 24 billion across equities, corporate and structured credit, venture, and insurance.  He is best known for his activist work at companies like Sotheby's, Sony, and Yahoo, and for the public letters he has written to boards over the years. What I find most interesting about Dan is how much his approach has evolved across thirty years.  He came up as a credit and event-driven investor at Warburg Pincus and Jefferies, built Third Point, then layered in quality investing, thematic technology investing, and now a very large credit business that sits alongside the hedge fund. We cover how he thinks about the AI stack and the companies inside it he believes matter most, the difference between good and bad governance, what FTX taught him about due diligence, the Sony and Sotheby's stories, and the power of writing. Please enjoy my conversation with Dan Loeb. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:29) Dan Loeb (00:03:21) Mental Models Information Overload (00:06:50) Dan's Identity as an Investor (00:11:24) The End of Classic Event-Driven Investing (00:13:52) Evolving Strategy Over 30 Years (00:17:48) Return Opportunities in Today's Market (00:21:12) Sources of Alpha for Fundamental Investors (00:22:10) Good vs. Bad Governance (00:26:17) Writing as an Investing Tool (00:27:29) The Sotheby's Story (00:30:04) Activism Opportunities Today (00:31:03) Third Point's Evolution to 60% Credit (00:36:10) Dan as Sole Portfolio Manager (00:38:09) Value Investor Perspective on Today's Market (00:39:23) Investing Outside the US (00:40:33) The Sony Activism Story (00:43:59) Lessons from 30 Years of Investing (00:46:26) Danaher and Operational Excellence (00:48:48) Building the Insurance Liability Business (00:51:19) The FTX Story (00:53:07) Leading a Team Through Uncertainty (00:54:29) Where Third Point Is Most Contrarian (00:56:22) What Makes a Great Analyst Today (00:58:12) The Next 10 Years (01:00:24) The Kindest Thing

In this episode, Ben Felix and Braden Warwick unpack the surprisingly complex world of expected return modeling and why it matters so much for retirement projections, portfolio construction, and financial advice. They explain how PWL Capital currently estimates expected returns across asset classes, why traditional Monte Carlo methods relying on Gaussian distributions may miss important market behaviors, and how new research could improve the realism of long-term financial planning simulations. The conversation also explores a fascinating collaboration between PWL and Columbia Engineering student John Yang, who worked with Professor Michael Robbins on a project to build more realistic synthetic return data for financial planning. John explains how his team used empirical distributions, t-copulas, and Extreme Value Theory to better capture market crashes, fat tails, and asset co-movements during periods of stress. Ben and Braden then analyze how these improved simulation methods affect financial planning outcomes, sustainable spending estimates, and projections for long-term wealth accumulation.   Key Points From This Episode: (0:00:00) Introduction to expected return modeling and why it matters for financial planning.  (0:00:25) The importance of volatility, correlations, distribution shape, and time-series behavior in portfolio projections.  (0:01:26) How Scott Cederburg's research on block bootstrapping influenced PWL's thinking on simulations.  (0:02:03) Introduction to Columbia Engineering student John Yang and the industry research collaboration.  (0:03:30) How Conquest Planning allows PWL to upload custom return simulations.  (0:04:05) A new PWL client's detailed reasoning for moving from DIY investing to working with an advisor.  (0:06:22) Why financial planning and Monte Carlo simulations were central to the client's decision.  (0:07:22) Cross-border financial complexity and the value of professional advice.  (0:08:03) Estate planning, cognitive decline, and the role of trusted financial relationships.  (0:10:02) Research on cognitive decline and its impact on financial decision-making.  (0:12:00) Delegation, accountability, and reducing mental overhead through advisory relationships.  (0:13:47) Why the client chose PWL specifically and the appeal of evidence-based investing.  (0:15:25) Ben and Braden discuss the perceived disconnect between online discourse and demand for AUM advisors.  (0:16:12) Overview of PWL's methodology for estimating expected returns across asset classes.  (0:17:05) How PWL combines historical returns with market-implied expected returns.  (0:18:07) The use of factor premiums and expected return composition in taxable projections.  (0:18:48) Why PWL previously relied on Gaussian multivariate normal distributions for simulations.  (0:19:41) Arithmetic vs. geometric mean returns and why the distinction matters.  (0:21:01) A simple example illustrating volatility drag.  (0:23:29) Why diversification benefits must be incorporated into expected portfolio returns.  (0:25:15) How correcting portfolio math improved expected return estimates by 20–30 basis points.  (0:27:12) Transition to John Yang's interview and introduction to synthetic data generation.  (0:30:07) John explains the limitations of Gaussian return assumptions.  (0:31:04) Why realistic sequences of returns matter for retirement planning.  (0:32:16) Empirical evidence that returns are not truly random.  (0:33:25) The three modeling challenges: unique asset behavior, realistic co-movement, and tail risk.  (0:37:49) Separating marginal distributions from dependency structures in the modeling process.  (0:38:48) Using a t-copula to better model asset co-movement during market stress.  (0:39:39) Why historical data alone struggles to capture rare crisis events.  (0:40:06) Applying Extreme Value Theory and Generalized Pareto Distributions to model tail risk.  (0:42:15) How Monte Carlo simulations generate many realistic future return paths.  (0:43:00) Imposing forward-looking expected returns and volatility assumptions onto the simulations.  (0:44:56) How the new framework better preserves skewness and kurtosis.  (0:46:38) Evaluating the new model using marginal shape, tail behavior, and co-movement scores.  (0:48:10) Why the new model significantly improved tail realism without sacrificing correlations.  (0:49:05) Future extensions including dynamic correlations and volatility clustering.  (0:50:28) Potential future use of GANs and machine learning for synthetic financial data.  (0:52:02) Key takeaway: financial planning requires realistic return paths, not just summary statistics.  (0:53:41) Braden analyzes how the new simulation framework affects financial advice.  (0:55:04) Why monthly index data produced fatter tails than long-term annual DMS data.  (0:58:47) The new model improved Monte Carlo success rates by roughly 2–3%.  (1:00:25) Sustainable spending estimates changed only modestly under the new simulations.  (1:02:27) Why the improved methodology matters more for alternative asset classes.  (1:04:25) The surprising finding that median wealth outcomes increased while mean outcomes decreased.  (1:05:47) Why Gaussian simulations can create unrealistic runaway wealth scenarios.  (1:07:20) The practical implications for estate planning and multi-generational wealth projections.  (1:08:30) Why better simulation methods are especially important for concentrated and alternative investments.   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, Adam Back, Hunter Beast, Rob Hamilton, Ren Crypto Fish, and David Puell for a deep discussion on quantum computing and its implications for Bitcoin. The group examines the technical, financial, and governance challenges posed by advances in quantum technology, while also exploring the progress being made on post-quantum cryptography and Bitcoin security research. From institutional concerns and custodial infrastructure to migration paths and consensus-building, the conversation highlights how developers, researchers, and investors are collaboratively addressing one of Bitcoin's most discussed long-term risks. Guests on this month's Bitcoin Brainstorm include: Cathie Wood: Founder, CEO and CIO at ARK Invest David Puell: Research Trading Analyst/Associate Portfolio Manager, Digital Assets, ARK InvestAdam Back: CEO, BlockstreamRen Crypto Fish: General Partner, Electric CapialRob Hamilton: Co-founder & CEO, AnchorWatchHunter Beast: Author, BIP360Rod Roudi: Founder, Bitcoin Park Key Points From This Episode: [00:00:00] Why quantum computing has become a major topic within Bitcoin discussions.[00:02:07] The role of Wright's Law and Moore's Law in estimating quantum progress.[00:04:38] Different quantum computing architectures and their implications for Bitcoin security.[00:05:58] Adam Back's overview of post-quantum signatures and Blockstream's research efforts.[00:06:55] How Bitcoin layer twos like Liquid are being used as testing grounds for quantum-resistant tools.[00:07:30] The trade-offs between signature size, speed, and security in post-quantum cryptography.[00:09:35] The importance of minimizing feature creep in Bitcoin upgrades.[00:11:41] Institutional investor concerns surrounding Bitcoin's quantum readiness.[00:22:28] Why Bitcoin developers favor conservative cryptographic approaches.[00:26:20] The collaborative nature of Bitcoin's open-source research ecosystem.[00:31:45] The distinction between long-range and short-range quantum attacks.[00:38:49] How custodians and hardware security module providers may need to prepare for migration.[00:45:35] Discussions around lost coins and the philosophical debate surrounding frozen or deprecated keys.[00:50:40] The importance of rough consensus within Bitcoin governance.[01:01:20] Why communication and investor education remain critical during this process. Learn more about Bitcoin Park: bitcoinpark.com Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

In this episode of The Entrepreneur's Journey, Michael Pallozzi sits down with Dan Beatty, President of Constructive Leadership Solutions, to discuss his decades-long career in the heavy civil construction industry and his transition into entrepreneurship. Dan shares how his experience in large-scale infrastructure projects led him to focus on workforce development, communication, leadership training, and cultural transformation within construction companies.Dan explains the challenges facing the construction industry today — including labor shortages, communication breakdowns, and outdated leadership approaches — and how his company helps bridge those gaps through both technical training and leadership development.In This Episode, You'll Learn:Why communication failures are one of the biggest hidden costs in construction projects.How leadership and workplace culture directly impact employee retention.Why the construction industry must evolve to attract younger workers and underserved communities.How Dan uses technical training as an entry point to improve company culture and collaboration. 3 Things To RememberCommunication breakdowns are one of the leading causes of costly delays and rework in construction projects.Strong leadership and workplace culture are essential for retaining skilled employees in today's labor market.The future of construction depends on attracting diverse talent, improving collaboration, and modernizing industry culture.Useful LinksConnect with Michael Pallozzi: pallozzi@hfmadvisors.com | LinkedInDan Beatty on LinkedIn: https://www.linkedin.com/in/danbeattyclsConstructive Leadership Solutions: https://constructiveleadershipsolutions.com/Editing 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

Haroon Inam is Co-founder and CEO of DG Matrix, a company that makes the world's most compact Power Router, aggregating distributed energy for GenAI datacenters, microgrids, fleet electrification, and associated systems. As AI workloads drive unprecedented electricity demand and legacy grid infrastructure struggles to keep pace, DG Matrix has commercialized the world's first multi-port solid-state transformer to meet the energy needs. In this episode, Inam explains why transformer bottlenecks, distributed generation, and 800V DC architectures are reshaping the future of power delivery for AI infrastructure. He discusses DG Matrix's product strategy, manufacturing scale-up plans, and the role of software-defined power systems in next-generation data centers. Finally, Inam shares his take on the future of distributed microgrids and “cellular power” and how to scale power electronics manufacturing. DG Matrix recently closed a $60 million Series A led by Engine Ventures that MCJ is proud to have participated in.  Episode recorded on May 13, 2026 (Published on May 26, 2026) In this episode, we cover:  (00:00) Overview of DG Matrix  (01:41) Introducing the Founders: Haroon Inam and Dr. Bhattacharya (05:25) How traditional grid architecture became constrained for AI workloads (09:57) Solid-state transformers (SST), multi-port systems and voltage classes (12:18) Why early SST efforts struggled economically (13:13) How DG Matrix's multi-port architecture works (16:48) Comparing DG Matrix hardware footprint to legacy power systems (20:08) Transformer shortages and data center infrastructure bottlenecks (24:27) DG Matrix's medium-voltage and low-voltage product strategies (27:55) Product rebranding and current commercial deployments (30:45) Partnerships with EPC firms, battery providers, and turbine manufacturers (34:27) Manufacturing scale-up plan and hyperscaling production (36:36) Supply chain strategy to avoid rare earth dependencies (38:16) Reliability engineering and software-defined power systems (43:47) DG Matrix's go-to-market and hybrid hardware/software business model (46:36) The vision for distributed “cellular power” (48:14) Utilities, microgrids, and the future of interconnected distributed infrastructure 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

Get updates for my new book here: https://Theperfectportfoliobook.com  -----  In this episode, we look at why intelligence, information, and confidence are not enough to protect investors from bias — and why a sound process matters more than feeling certain. I'll also preview one of the core ideas from my upcoming book, The Perfect Portfolio, and share how to follow along as the book comes together.   Listen now and learn: ► Why intelligence does not automatically protect investors from biased thinking ► How more information can sometimes create confidence without improving decisions ► Why judging investment choices by outcomes can lead to the wrong lessons ► How a better decision process can help investors navigate uncertainty more effectively   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.

About the Speaker: Dr. Abigail Chaffin is a Professor of Surgery and Chief of the Division Plastic and Reconstructive Surgery at Tulane University. She is also the Program Director of the Tulane University/Ochsner Clinic Plastic Surgery residency program. She currently serves the Medical Director of the MedCentris Wound Healing Institute at Metairie. Dr. Chaffin is Board-Certified by the American Board of Plastic Surgery and is Board-Certified by the American Board of Surgery. She is also Board-Certified by the American Board of Wound Medicine & Surgery, and the American Board of Wound Healing. Dr. Chaffin is a Fellow of the American College of Surgeons. She is also a Certified Wound Specialist Physician. Due to her clinical and research excellence in wound medicine, she has been honored to be named as a Master of the American Professional Wound Care Association. Dr. Chaffin is a graduate of the University of Michigan, Ann Arbor, where she received a Bachelor's Degree in Biology. She then received M.D. degree at Wayne State University School of Medicine in Detroit, Michigan. After this, she completed a five-year residency in General Surgery at the Wayne State University/Detroit Medical Center program.  She then completed a two-year fellowship in Plastic and Reconstructive Surgery at Tulane University, serving as well as Chief Administrative Resident. Dr. Chaffin has been in practice for over 18 years. She focuses her practice on wound medicine and wound reconstructive surgery, in addition to general reconstructive plastic surgery. She has a particular clinical interest in complex wound surgical reconstruction. She has been honored to receive a Top Doctor award by New Orleans Magazine for the past seven years. As well, she has received the New Orleans Magazine Exceptional Women in Medicine award for the past four years. Dr. Chaffin has published over 65 peer-reviewed publications in wound medicine and plastic surgery. She is a section editor for the ePlasty journal for the reconstructive surgery section. She also serves as an invited peer-reviewer for the Advances in Skin and Wound Care journal, the Journal of Wound Care, and the International Journal of Tissue Repair. She has served as Primary Investigator or Co-Investigator for numerous clinical trials at Tulane University.  She is on the Editorial Board of the International Journal of Tissue Repair. She is an internationally and nationally recognized speaker at scientific conferences, and she frequently serves as a course faculty member and speaker for wound medicine scientific meetings including the Boswick Wound and Burn Symposium, the CAMPs Summit, SIITRAL, and the Symposium on Advanced Wound Care. She is a Board Examiner for the American Board of Plastic Surgery.  She serves as committee chair for several national plastic surgery societies including the American Society of Plastic Surgeons, the Southeastern Society of Plastic and Reconstructive Surgeons, and the American Council of Academic Plastic Surgeons. For ACEPS, she currently serves as Chair of the Research Committee. Dr. Chaffin is currently the Chair of the Assembly of State and Regional Societies for the American Society of Plastic Surgeons, and she is presently serving as a member of the American Society of Plastic Surgeons Board of Directors. Editing and post-production work for this episode was provided by The Podcast Consultant.

My guest today is Darren Farber, and this is his second appearance on the show. Darren is a Managing Partner of Albion River, a defense-focused investment firm and he previously served as a special advisor to the Deputy Under Secretary of Defense. We recorded this conversation in the middle of the Iranian contingency, and we spent most of our time on what winning actually means in a theater like Iran. We discuss why magazine depth matters for the American industrial base, lessons from Ukraine, and what the rise of neo-prime defense companies will require from Congress. Please enjoy my second conversation with Darren Farber. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:29) Darren Farber Intro (00:02:59) Defining What Winning Looks Like in Iran (00:12:16) The Strait of Hormuz (00:13:27) Eisenhower vs. Taylor: Two Military Doctrines Explained (00:17:12) US Military Readiness vs. the Pentagon Era (00:20:05) America's Magazine Depth (00:21:36) China's Vulnerability (00:25:28) Trading Freedom for Security (00:27:31) Today's Industrial Base (00:29:30) Lessons from the Ukraine War (00:31:11) Impact of Iran Conflict on Taiwan Risk (00:33:02) What Neo-Prime Defense Companies Need to Succeed (00:39:53) Can We Win Without Full Regime Change in Iran? (00:45:46) AI's Impact on Modern Warfare

John Kim, or Kimmer, has raised more than $70 billion across his career for leading venture capital and private equity firms. Kimmer recently distilled three decades of lessons into The Tao of Fundraising, the best book I've ever read on fundraising for investment managers. Since then, Kimmer joined a General Catalyst portfolio company, Lila Sciences, as Chairman and President of Corporate Development. Our conversation covers Kimmer's philosophy about raising capital, the sales process, art of persuasion, best practices in a meeting, frameworks determining fundraising success, taxonomy of institutional investors, ideal sales team structure and compensation, and the features he carried over from capital formation for funds to a new operating role. 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, Sam Gussman-Toh, Portfolio Manager for the Small Business Program at ARPA-H, joins the conversation to discuss how the agency is creating new pathways for small businesses developing ambitious health technologies. Sam explains how the ARPA-H model differs from traditional federal funding programs, with a focus on moonshot health solutions, program manager-led portfolios, milestone-driven contracts, and a strong emphasis on moving technologies toward real-world use. He also discusses how the Small Business Program supports SBIR and STTR performers through Phase I, Phase II, Direct to Phase II, and Fast Track awards. The conversation highlights how ARPA-H is working with ambitious small businesses, including non-traditional companies and early-stage startups that may be working with the federal government for the first time. Sam also shares how commercialization support is built into the program, including ARPA-H's Entrepreneur-in-Residence partnership with BioHealth Innovation. Through that relationship, BHI EIRs help performers strengthen regulatory strategy, intellectual property planning, go-to-market strategy, reimbursement considerations, and other key commercialization needs. Sam also discusses ARPA-H's draft Small Business Program solicitation, the upcoming virtual Proposers' Day on June 11, and what companies should know about the application process, topic areas, technical pitches, and future funding opportunities. Editing and post-production work for this episode was provided by The Podcast Consultant. Sam Gussman-Toh is Portfolio Manager for the Small Business Program at ARPA-H, where he coordinates and oversees the agency's SBIR/STTR awards and commercialization support services for participating small businesses. Sam joined ARPA-H in 2022 and wrote the agency's first SBIR/STTR solicitation. He has held several roles in the Office of Commercialization and has worked closely with Program Managers to build the agency's commercialization infrastructure and strategy. Previously, Sam designed and managed rapid prototyping programs across agencies in the Department of War. His technical background is in computer science, with interests in computer vision, autonomous robotic systems, and computational pathology.

While in Omaha for Berkshire week, Meb hopped on another podcast as a guest. It was a fun one, so we're releasing it here as well. In today's episode, Meb Faber makes the case against home country bias, pointing to Korea's near-triple and Japan's decades-long round trip as reminders that cycles always turn. He explains why shareholder yield tells a truer story than dividends, why there are now more ETFs than stocks, and why tax alpha matters more than chasing returns. To close, Meb reflects on multi-decade compounding — and the mistakes that quietly take investors out of the game. (0:00) Starts (2:06) Meb's thoughts on Warren Buffett (5:11) Global diversification and home country bias (14:29) Shareholder yield (27:45) Positive investment behaviors (30:19) The ETF industry and the current investment landscape (35:18) Rapid fire questions ----- Sponsor: Want to learn more about 351 Exchanges? Visit the Alpha Architect 351 Education Center for use cases, tools, FAQs, upcoming launches, and more. Investments in securities entail risks, including possible loss of principal and are not suitable for all investors. ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, we are joined by Shelly Antoniewicz, Chief Economist at the Investment Company Institute (ICI), for a data-rich exploration of the modern fund industry. Shelly walks us through the staggering scale of global regulated funds, how ETFs and mutual funds shape capital allocation, and why the rise of indexing may not be as disruptive as critics fear. We discuss the growth of ETFs versus mutual funds, increasing concentration among large fund sponsors, and how financial advisors are reshaping portfolios around low-cost investment products. Shelly also explains why fund fees keep falling, how 401(k) plans have democratized investing for middle-class households, and why investor choice remains central to healthy capital markets. Along the way, we unpack active ETFs, intraday liquidity, interval funds, private credit exposure, and the evolving role of retail investors in financial markets.   Key Points From This Episode: (0:00:00) Introducing Shelly Antoniewicz and the role of the Investment Company Institute.  (0:01:14) The Investment Company Fact Book and why it has become a foundational resource for fund industry data.  (0:03:31) Regulated funds globally now account for roughly $88 trillion in assets.  (0:04:47) The U.S. market contains nearly 17,000 investment companies across mutual funds, ETFs, and related structures.  (0:05:40) U.S. equity funds alone hold roughly $27 trillion in assets.  (0:06:52) More than half of mutual fund and ETF assets are now in index strategies.  (0:07:40) Why index funds still represent only a minority share of the overall U.S. stock market.  (0:09:48) What academic research says about indexing's impact on price discovery and market efficiency.  (0:13:10) There are nearly 770 fund sponsors in the U.S., though industry concentration continues to rise.  (0:13:42) ETF sponsors experienced enormous inflows in 2025, with 90% receiving net new cash.  (0:15:23) Why the largest fund complexes now control a much larger share of industry assets.  (0:16:06) Compliance costs and regulation as drivers of industry consolidation.  (0:17:31) Falling expense ratios as evidence that the industry remains highly competitive.  (0:19:28) How investor flows often reflect rebalancing behavior rather than performance chasing.  (0:22:32) Why ETF investors highly value intraday liquidity, even if most do not actively trade.  (0:23:27) Research on ETF trading behavior among younger investors and retail participants.  (0:27:11) The massive shift from actively managed U.S. equity mutual funds toward indexed products.  (0:27:51) How financial advisors increasingly use model portfolios built around ETFs.  (0:31:20) Why active ETFs exploded in popularity after the ETF rule streamlined launches.  (0:32:31) The growing distinction between ETF wrappers and investment strategies themselves.  (0:33:05) Leveraged and niche ETF products, investor choice, and financial education.  (0:35:48) More than half of U.S. households now own regulated investment funds.  (0:36:41) How 401(k) plans dramatically increased middle-class participation in capital markets.  (0:39:16) Households remain the dominant owners of mutual fund assets.  (0:40:28) The demographic profile of the typical mutual fund-owning household.  (0:41:16) ETF-owning households tend to skew younger, wealthier, and more risk tolerant.  (0:42:03) Mutual fund assets continue to grow despite persistent outflows toward ETFs.  (0:43:39) How investor risk tolerance changes with age and market conditions.  (0:46:22) Economies of scale and the continued decline in fund fees.  (0:47:51) Interval funds, BDCs, and the rise of regulated private credit products.  (0:49:36) Redemption caps and liquidity management inside interval funds.  (0:52:51) Shelly reflects on the enduring popularity of the Investment Company Fact Book.  (0:55:05) Shelly's definition of success: raising children who tell you they love you.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/   Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

In this episode of FYI, Brett Winton is joined by David Puell, Nic Carter, and Alex Pruden to examine the potential risks quantum computing poses to Bitcoin. The group explores how advances in quantum technology could compromise cryptographic security, what a “broken” Bitcoin system might look like in practice, and the technical pathways for mitigation. They also debate upgrade strategies, trade-offs in post-quantum cryptography, and the controversial question of how to handle vulnerable coins, including those attributed to Satoshi.Key Points From This Episode: 00:00:00 Introduction to the discussion on Bitcoin and quantum computing risk with expert guests.00:02:37 Explanation of how Bitcoin's digital signatures work and how quantum computers could forge them.00:03:44 Public key exposure during transactions creates vulnerability to quantum attacks.00:05:40 Examples of exposed keys across Lightning Network, bridges, and exchange infrastructure.00:06:49 Breakdown of two attack vectors: dormant addresses vs. real-time mempool attacks.00:08:17 The “point of no return” where fast quantum attacks prevent on-chain migration to safety.00:12:13 Overview of different quantum hardware approaches and their trade-offs.00:18:49 Skepticism around hype cycles and commercialization challenges in quantum computing.00:20:35 Argument for preparing early rather than assuming slow technological progress.00:29:40 Trade-offs in post-quantum cryptography, including performance and security assumptions.00:34:00 Debate over whether to wait for better cryptographic solutions or act immediately.00:40:09 Introduction of the issue of vulnerable dormant coins, including Satoshi's holdings.00:50:41 Evidence of division within the Bitcoin community on handling vulnerable coins.00:51:50 Proposed solutions including burning coins or extending the supply curve.Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

What if the biggest barrier to a longer life isn't science, but the economic incentives of corporations? In this episode of Onward, Ben sits down with Celine Halioua, founder and CEO of Loyal — the biotech company on track to earn the first-ever FDA approval for a drug whose only purpose is to extend lifespan. The catch: they're starting with dogs.Celine walks Ben through why the U.S. healthcare system is structurally incapable of building preventative medicine, why each dog-owner relationship is a "micro single-payer health care system," and how a quiet 2019 change to FDA regulation was the one-to-one cause of Loyal existing at all. ("If this pathway didn't exist, Loyal wouldn't exist. October 2019, I incorporated.")From there, the conversation widens. Celine lays out the Tesla-style master plan — save the dogs, save the world — that uses dog-drug revenue to fund human longevity work, escaping the discipline of biotech VC entirely. Ben presses her on AI in drug development (she's skeptical it will change clinical trials anytime soon), public-market short-termism, and the kind of scenario planning that prepares a company for what nobody saw coming.—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 FundriseWith 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.More Info & DisclaimersThere are no guarantees investment holdings of the Fundrise Innovation Fund (the “Fund”) will be successful.Investing in the Fund is speculative and involves substantial risks. You should purchase shares of the Fund only if you can afford a complete loss of your investment. Nothing in this material should be construed as tax advice, an offer, recommendation, or solicitation to buy or sell any security. Past performance does not guarantee future results. Current and future holdings are subject to risk, and returns of one portfolio company are not indicative of an investment in the Fund. For Fund performance and the most recent schedule of investments, visit GetVCX.com. The Fund's annual and semi-annual reports (Form N-CSR), quarterly portfolio holdings (Form N-PORT), and other periodic reports filed with the Securities and Exchange Commission are available on EDGAR at sec.gov and at GetVCX.com. The Innovation Fund is publicly registered under the Investment Company Act of 1940 as a non-diversified, closed-end management investment company.The Fund's portfolio will be concentrated in securities issued by technology companies and other investments that provide economic exposure to technology companies and as such, it may be subject to more risks than if it were broadly diversified across additional sectors and industries of the economy. Certain technology companies may face special risks that their products or services may not prove to be commercially successful. Technology companies are also strongly affected by worldwide scientific or technological developments, and as a result, their products may rapidly become obsolete.The Fund's investments in companies involved in, or exposed to, artificial intelligence-related businesses may be negatively impacted because of, among other things, limited product lines, markets, financial resources and/or personnel; intense competition and potentially rapid product obsolescence these companies may face; loss or impairment of intellectual property rights; and the inability to successfully develop products or services even after spending significant amount of resources.The Fund's investment in private company securities, whether made directly or indirectly (e.g., through derivatives or private pooled investment vehicles) are generally illiquid. Because private company securities are thinly traded, such securities may display especially volatile or erratic price movements, sometimes in response to relatively small changes in investor supply or demand or other market conditions.

My guest today is Gavin Baker, founding partner and CIO of Atreides Management, and this is our sixth conversation. The central theme is watts and wafers, the two physical constraints that in Gavin's view will dictate the next phase of AI. On power, he thinks the near-term shortage starts to ease in 2027 and 2028 as new sources of energy come online, and that orbital compute solves it in the long term. On wafers, he explains what is different this time from the dotcom bubble and why TSMC's capacity decisions may be the single most important variable to watch. We also discuss Elon's Terrafab, the disaggregation of GPUs, the role of new chip companies, and whether the economic value of AI will keep accruing to frontier models. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:29) Gavin Baker Intro (00:03:32) Anthropic's Record ARR Growth (00:11:49) Should OpenAI and Anthropic Raise at a Much Higher Valuation? (00:13:23) How Elon Preserves Investor Trust (00:14:00) Watts & Wafers (00:15:45) Data Centers in Space Explained (00:20:51) Orbital Compute's Impact on Terrestrial Data Centers (00:26:24) TSMC Supply Discipline & Bubble Risk (00:30:50) Demand for Frontier Tokens & The Bitter Lesson (00:35:33) Continual Learning & Memory (00:40:01) New Chip Companies & Startups (00:42:49) Prefill vs. Decode Disaggregation (00:48:40) AI-Native Founders: Different & Hard (00:51:27) Token Path & Application Layer (00:56:13) How Gavin Uses AI in Atreides (01:00:06) Signs of a Diversity Breakdown (01:05:42) Google, Meta, Amazon, Microsoft (01:11:42) Broader Knock-On Effects of AI

Get updates for my new book here: https://Theperfectportfoliobook.com  -----  In this episode, I'm joined by Phillip "Felipe" Toews, author of The Behavioral Portfolio, to discuss why good investing is about more than selecting the right mix of stocks and bonds. Listen now and learn: ► How client pressures can push advisors into poor investment decisions ► Why traditional portfolios can be harder to stick with than many realize ► How valuations should influence expectations  ► Strategies for making better decisions during market stress   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.

Peter Carlsson is Co-founder and former CEO of Northvolt, the European battery manufacturing company that raised more than $13 billion to build a homegrown battery supply chain for Europe, before filing for bankruptcy at the end of 2024. Before Northvolt, Carlsson spent more than a decade at Ericsson building global supply chains and later served as VP of Supply Chain at Tesla during the launch of the Model S. In this live episode of Inevitable from the AENU Summit in Berlin, Carlsson reflects on the rise and fall of Northvolt, the realities of competing with China's electro-industrial stack, and what Europe still gets right in manufacturing and innovation. Peter breaks down why batteries became strategically essential to Europe, what operational challenges slowed Northvolt's scale-up, and how changing EV markets, policy shifts, and financing pressures compounded those problems. Carlsson also mentions his new ventures: Aris Machina, an agentic operating system for manufacturing and Sonder Labs, a sodium-ion battery company focused on building chemistry and supply chains less dependent on China. He talks about AI-driven manufacturing, industrial automation, battery geopolitics, and where Europe can still compete in the next generation of energy and hardware systems.  Episode recorded on April 28 2026 (Published on May 19, 2026).  In this episode, we cover:  (0:00) What happened at Northvolt (2:33) Takeaways from Ericsson and Tesla on factory operations (5:52) Why Europe needed a battery champion like Northvolt (7:01) Northvolt's strategy (8:47) The fall of Northvolt (12:23) The decision Peter wishes he had made differently (15:46) Was Northvolt's chemistry bet a mistake? (17:29) Sonder Labs: The promise of sodium-ion batteries (21:42) Can Europe still compete with China in batteries? (24:05) Aris Machina: AI agents for manufacturing operations (27:31) How AI changes factory productivity and the labor market (29:05) Data sovereignty, AI infrastructure and software challenge (32:35) Industrial automation, precision manufacturing, and fusion (34:48) Where Europe still wins (36:01) Final thoughts on Europe's industrial future 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

Josh Steiner is a polymath of the New York and D.C. power corridors across government, media, and finance, and co-author of From Mistakes to Meaning: Owning Your Past So It Doesn't Own You. Josh rose to national prominence as the youngest-ever Chief of Staff at the U.S. Treasury in the Clinton administration, where he made a high-profile mistake he unpacks in the book. He pivoted to finance as a media investment banker  and co-founder of private equity firm Quadrangle Group in 2000, worked as an operator at Bloomberg in the 2010s, has served on Yale's Investment Committee for nearly a decade, and five years ago returned to private equity as co-founder of SSW Partners managing capital for a few families. Our conversation focuses on mistakes, quite a contrast from other discussions on the podcast. We kick it off with Josh's big mistake at Treasury and analyze the nature of mistakes and what happened to Josh. We then turn to his mistakes in investing across deals, managing an investment business, managing people, and serving on Investment Committees. We close with frameworks to avoid mistakes and with Josh turning the table on me to discuss an impactful mistake I made that I've never discussed before. 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 Tom Lee, CIO of Fundstrat Capital, PM for the Granny Shots U.S. Large Cap ETF, and the Head of Research at Fundstrat Global Advisors. Prior to co-founding Fundstrat, he served as J.P. Morgan's Chief Equity Strategist from 2007 to 2014. In today's episode, Tom explains why stocks have remained resilient despite war, higher oil prices, and widespread investor skepticism. He shares his outlook for the S&P 500 and discusses the coming wave of mega-IPOs. Finally, Tom covers his successful entrance into the ETF space with the Fundstrat Granny Shots ETFs. (0:00) Starts (1:35) Tom Lee on markets since the Iran war (10:02) Issues with the University of Michigan Consumer Sentiment Index (20:50) AI & upcoming IPOs (24:34) Granny Shots ETF (31:25) Tom on crypto (36:52) Tom's most memorable investment Visit ⁠www.fundstrat.com/tom⁠ for complimentary access to Tom's daily insights, market alerts, live webinars, and stock lists. ----- Sponsor: Want to learn more about 351 Exchanges? Visit the Alpha Architect 351 Education Center for use cases, tools, FAQs, upcoming launches, and more. Investments in securities entail risks, including possible loss of principal and are not suitable for all investors. ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, we are joined by Jeff Hooke, former investment banking, private equity, and private debt executive turned academic critic of alternative investments, for a rigorous and provocative examination of private equity, private credit, and institutional investing. Jeff draws on decades of experience in finance and years of academic research to challenge many of the assumptions driving institutional and retail allocations to private markets. We discuss why pension plans and endowments continue pouring capital into alternatives despite evidence of underperformance, how private market valuations can obscure true risk, and why the fee structures embedded in private funds create enormous hurdles for investors. Jeff explains the methodological challenges of benchmarking private investments, the role of investment consultants and industry incentives, and why illiquidity and opaque reporting make private assets especially difficult for retail investors to evaluate. Along the way, we explore survivorship bias, public market equivalents, unrealized valuations, and the growing push to bring private assets into retirement portfolios. This conversation is an in-depth look at the incentives, risks, and realities shaping the modern alternatives industry.   Key Points From This Episode: (0:00:18) Introduction to Jeff Hooke and the focus on private equity, private credit, and alternative investments. (0:04:21) Why institutions and retail investors continue allocating heavily to alternatives. (0:04:33) What institutional investors are and how pension plans and endowments operate. (0:05:52) Why institutional staff may prefer complexity over simple index investing. (0:07:55) How early private equity outperformance fueled lasting enthusiasm for alternatives. (0:08:47) Why trustees often rely heavily on staff and consultants for investment decisions. (0:09:29) The social and psychological appeal of "exotic" investments. (0:10:28) Why institutional investors often resist criticism of private markets. (0:11:56) The CalPERS example: underperforming a simple 60/40 index despite complexity. (0:13:28) The role investment consultants play as institutional "gatekeepers." (0:15:42) Why many pension plans and endowments may have underperformed due to alternatives. (0:17:26) Findings from The Grand Experiment and research on private equity fund performance. (0:18:30) Why institutions struggled to replicate Yale's endowment success under David Swensen. (0:20:57) Gross versus net performance in private equity—and the impact of fees. (0:21:30) The extreme dispersion between top- and bottom-performing private equity funds. (0:23:26) The weak persistence of private equity manager outperformance. (0:25:27) Why private investments expanded rapidly after the Global Financial Crisis. (0:25:54) The illusion of smoother returns in private markets due to subjective valuations. (0:28:13) Why benchmarking private equity performance is methodologically difficult. (0:31:13) How private market data can support conflicting performance narratives. (0:33:41) Why public market equivalent (PME) is one of the best benchmarking approaches. (0:36:59) Survivorship bias and non-reporting funds in private market databases. (0:40:09) The rise of private credit and its role in financing leveraged buyouts. (0:42:29) Findings from Jeff's private credit research: no evidence of outperformance versus public ETFs. (0:45:15) Jeff's response to Cliffwater's critique of his private credit paper. (0:47:15) Why retail investors may underestimate the risks and costs of private alternatives. (0:49:14) Conflicts of interest and fee incentives in wealth management distribution. (0:51:03) The impact of unrealized valuations and unsold holdings on reported returns. (0:53:15) Why many private equity funds still hold large unrealized positions after a decade. (0:56:05) Whether private equity ownership actually improves company operations. (0:57:42) The major liquidity risks facing retail investors in private funds. (0:59:20) Canadian private real estate funds, gating, and redemption problems. (1:02:01) Comparing private market fees to ultra-low-cost public index funds. (1:06:46) The long-term impact of bringing private assets into retail retirement accounts. (1:08:17) How much "play money" investors should allocate to speculative alternatives. (1:10:49) Why leverage layered on top of private funds creates additional risk.   Links From Today's Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on YouTube — https://www.youtube.com/channel/ Benjamin Felix — https://pwlcapital.com/our-team/ Benjamin on X — https://x.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

My guest today is Krishna Rao, the CFO of Anthropic. The center of our conversation is how he navigates the decision around procuring and allocating compute, which he describes as the canvas on which everything else gets built. We talk about what he calls the cone of uncertainty, the three chip platforms Anthropic uses fungibly across Trainium, TPUs, and GPUs, and the daily meetings they run to allocate compute between model development, internal use, and serving customer demand. He explains why the returns to frontier intelligence keep getting higher, especially in enterprise, and how Anthropic thinks about the line between platform and application and why they choose to build their own products like Claude Code. Krishna has such a unique seat watching one of the fastest growing businesses in history, and he is generous in sharing what he has learned since joining the company two years ago. For the full show notes, transcript, and links to mentioned content, check out the episode page ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.  ----- Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠. ----- ⁠Ramp's⁠ mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠ramp.com/invest⁠⁠ to sign up for free and get a $250 welcome bonus. ----- Trusted by thousands of businesses, ⁠Vanta⁠ continuously monitors your security posture and streamlines audits so you can win enterprise deals and build customer trust without the traditional overhead. Invest Like the Best listeners get a special offer of $1,000 off Vanta when you go to ⁠vanta.com/invest⁠.  ----- WorkOS⁠ is the infrastructure B2B and AI-native companies use to sell to enterprise. It covers everything enterprise security requires: SSO, SCIM, RBAC, Audit Logs, AI governance, and more. Trusted by 2,000+ fast-growing companies, including OpenAI, Anthropic, Cursor, and Vercel. ----- Rogo is the AI platform for finance. They're building agents for Wall Street that are trained to understand how bankers and investors actually do work: from diligence and modeling, to turning analysis into deliverables. To learn more, visit rogo.ai/invest. ----- ⁠Ridgeline⁠ has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Visit⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ridgelineapps.com⁠. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠). Timestamps: (00:00:00) Welcome to Invest Like The Best (00:02:29) Episode Intro: Krishna Rao (00:03:14) Compute as Anthropic's Lifeblood (00:05:17) Three Fungible Chip Platforms (00:07:31) The Cone of Uncertainty (00:09:08) Competing Ways to Allocate Compute (00:10:36) What Drives Compute Efficiency (00:12:38) Why Frontier Returns Are So High (00:16:32) How Claude Code Writes Its Own Code (00:18:46) Will Talent Become Obsolete? (00:20:07) How Scaling Laws Are Holding (00:21:54) Exponential Thinking (00:23:17) The Layer Cake of Compute (00:26:36) How Anthropic Deploys New Compute (00:27:53) Platform v. Application Layer (00:32:42) Why Model Pricing Has Stayed Stable (00:35:26) Measuring Return on Compute (00:37:22) Working With Chip Providers (00:38:32) How Anthropic's Finance Team Uses Claude (00:41:32) The Jevons Paradox for Labor (00:43:08) Anthropic's Fundraising & Growth Journey (00:47:31) The Exponential Revenue Curve (00:49:02) The Hardest Thing to Explain to Investors (00:52:15) AI's Public Perception Problem (00:55:38) Mythos (00:57:31) Relationship With Government (00:58:51) Inside Anthropic's Culture (01:03:48) The Next Frontier: Virtual Collaborators (01:06:22) How Leaders Scale With a Business (01:10:55) The Biggest Risks to Continued Progress (01:12:09) What Krishna is Excited About  (01:13:45) The Kindest Thing