Podcasts about prices

This week on Autonomy Markets, Grayson Brulte and Walter Piecyk discuss Tesla officially removing safety attendants from Robotaxis in Austin, Waymo's commercial launch in Miami, and Serve Robotics' strategic acquisition of Diligent Robotics.It finally happened. Tesla has removed safety attendants from a select group of vehicles in Austin. While this initial fleet is limited and operating in a specific geofence and utilizing chase cars, Grayson and Walt view this as a critical validation of the technology. Looking ahead, Grayson predicts the operational domain will expand significantly in Austin over the next 60 days, with the Phoenix metro region slated as the next target market for deployment. As Tesla went safety attendant-out, Waymoopened the Miami market for limited commercial service within a 60-square-mile area, with one major caveat, no Miami Beach. On the Foreign Autonomy Desk, Grayson and Walt discuss Geely's plan to deploy 100,000 methanol-powered robotaxis in China and the South Korean government's selection of Gwangju as the nation's first dedicated autonomous vehicle testing zone.Episode Chapters0:00 Tesla Removes Safety Attendant in Austin 9:19 Operational Efficiency 10:33 Alex Roy Goes Coast-to-Coast with Zero FSD Interventions 14:15 Drive on FSD, Get a Discount 18:25 FSD is Expanding as Prices are Increasing 23:31 New Robotaxi Markets 24:53 Waymo Launches Miami Markets28:33 Vandalizing Waymo's32:20 Serve Robotics Acquires Diligent Robotics36:41 Foreign Autonomy Desk 39:21 Next WeekRecorded on Friday, January 23, 2026 --------About The Road to AutonomyThe Road to Autonomy provides market intelligence and strategic advisory services to institutional investors and companies, delivering insights needed to stay ahead of emerging trends in the autonomy economy™. To learn more, say hello (at) roadtoautonomy.com.Sign up for This Week in The Autonomy Economy newsletter: https://www.roadtoautonomy.com/ae/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

UK dairy farmers are living through what's been called the sharpest milk price drop in history. We look at the causes with dairy analyst Chris Walkland.Earlier this week, the author of a Government commissioned review of profitability in farming, former National Farmers Union president Baroness Batters, was questioned by MPs. She told the Environment, Food, and Rural Affairs Committee that civil servants needed to spend some time 'in the lambing shed' to understand farming more fully, and that farmers also needed to understand more about Whitehall culture.England's Farm Business Survey figures for 2024-25 showed that incomes increased by 49% on average across all farm types. Business consultant, James Webster-Rusk, explains that the headline figure conceals difficult times for arable farmers, and that diversification as well as environment scheme payments are the difference between profit and loss for many farms.And...feeding livestock in winter, a new crop to cut costs on a Welsh dairy farm, the impact of drought in Herefordshire, organic farmers grappling with updated rules, and we jump into the lorry of a hay merchant delivering to the Isle of Lewis.Presenter: Charlotte Smith Producer: Sarah Swadling

TikTok changed fulfillment rules—what does it mean for Amazon MCF? Amazon prices are shifting under tariffs, plus two live workshops to help serious sellers unlock more profit.   We're back with another episode of the Weekly Buzz with Helium 10's Senior Brand Evangelist, Shivali Patel. Every week, we cover the latest breaking news in the Amazon, TikTok Shop, Walmart, and E-commerce space, talk about Helium 10's newest features, and provide a training tip for the week for serious sellers of any level. There has been a scare lately with TikTok's announcement of needing to use TikTok Shipping for FBM, that MCF would no longer be able to be used. https://www.linkedin.com/feed/update/urn:li:activity:7420180485252861952/ Tariffs starting to bump up product prices, Amazon CEO tells CNBC https://www.reuters.com/business/davos/tariffs-starting-bump-up-product-prices-amazon-ceo-tells-cnbc-2026-01-20/ TikTok Shop eyes Europe with new logistics strategy https://daoinsights.com/news/tiktok-shop-europe/ TikTok Shop Expands With the Launch of Shoppable Posts https://www.lindseygamble.com/blog/tiktok-shop-expands-to-shoppable-photos TikTok Thursday is back with a workshop on the non-negotiable foundations for building a million-dollar TikTok Shop, covering product selection, listing setup, fulfillment margin killers, how TikTok rewards promotion, and a repeatable content plus ads engine. Register here: https://h10.me/tt261 There's also the Keyword Research Masterclass Part 2 showing how to find competitors' converting search terms fast and turn that into better listings and PPC. Register here: https://h10.me/kwmc2 In episode 490 of the AM/PM Podcast and Weekly Buzz, Shivali covers: 00:00 - Introduction 00:45 - MCF Still Allowed? 04:32 - Tariffs Pricing Pressure 07:03 - Refunds and Heat Maps 12:04 - TikTok Europe Upgrade 14:28 - Diamond and Elite Exclusive 15:12 - Shoppable Photos Launch 16:58 - Workshops Next Week  

Crypto News: Institutional crypto adoption has passed the ‘point of reversibility,' PwC says. Ripple CEO says he expects the crypto market to hit a new all-time high and institutional adoption is not priced in by the market. Crypto custodian BitGo goes public on NYSE.Brought to you by ✅ VeChain is a versatile enterprise-grade L1 smart contract platform https://www.vechain.org/ 

Flat prices, steady volumes — carbon markets in 2025 might seem uneventful. But dig a little deeper, and a clearer picture emerges: buyers are paying more for quality. We explore how media scrutiny, new rating systems, and evolving buyer expectations are reshaping how carbon credits are valued.Host: Bentley Kaplan, MSCI Research & DevelopmentGuests: Nicholas Baldwin & Utkarsh Akhouri, MSCI Research & Development

Prices at the supply house keep climbing, and chlorine isn't bouncing back to 2016. We dig into the real reasons chemical costs surged 100–160% in just five years—pandemic shocks, the Biolab fire, transportation and regulatory pressures, payroll hikes—and why those forces keep a firm floor under today's pricing. From tabs and liquid chlorine to cal-hypo and specialty products, we connect the dots between market dynamics and the margins on your route.Then we get practical. You'll hear how to stop absorbing chemical costs without alienating good clients: move trichlor tablets out of your monthly rate, bill a 50‑pound bucket upfront, or use a one-time halfway subsidy to transition. We outline when to charge for shock events, how to set a seasonal algaecide or conditioner fee for enzymes and phosphate removers, and how to document usage so problem pools don't sink your profits. If a timer fails, a party trashes the water, or the system sits in spa mode, you'll have a clear, fair policy ready to go.Finally, we walk through the pricing math that calms nerves. A $10 monthly increase across an average route can more than offset one or two cancellations, and small annual bumps are easier for customers to accept than sporadic leaps. We share language for a simple rate letter grounded in facts—chemical inflation, fuel, payroll—and a framework for tracking costs per account so you know when to adjust. The result is a service business that stays profitable, transparent, and sustainable, even when chlorine keeps inching up.• structural reasons chlorine prices stay elevated• why bundling tabs and shocks destroys margins• options to bill tablets upfront or split the first bucket• when and how to charge for shock and specialty chems• using a seasonal algaecide or conditioner fee• the math and mindset for small annual price increases• writing a clear, honest rate increase letter• handling pushback and customer churn without panic• tracking costs per account to spot problem pools• links to more episodes and coaching resourSend us a textSupport the Pool Guy Podcast Show Sponsors! HASA https://bit.ly/HASAThe Bottom Feeder. Save $100 with Code: DVB100https://store.thebottomfeeder.com/Try Skimmer FREE for 30 days:https://getskimmer.com/poolguy Get UPA Liability Insurance $64 a month! https://forms.gle/F9YoTWNQ8WnvT4QBAPool Guy Coaching: https://bit.ly/40wFE6y

This week on Laricy Live, Matt Laricy breaks down the Q4 2025 real estate market data and what it reveals about where the housing market is headed. He analyzes key metrics including closings, months of inventory, days on market, and sales prices, and explains how this data is shaping buyer and seller behavior. From pricing strategy and timing to negotiation tactics, this episode shows how to turn year-end numbers into a smarter game plan and gain an advantage heading into 2026. Whether you're a buyer, seller, or real estate professional, you'll get clear insights and honest analysis—Laricy style.

The effects of volatile international markets are currently being felt in the bank accounts of UK dairy farmers. Milk prices paid by processors started tumbling in the autumn and there've been further drops this month. Dairy Analyst Chris Walkland discusses the impact of President Trump's trade policy on milk production in the US, which has coincided with a boom in UK and European milk output...leading to a bust. We also consider whether further US trade tariffs as leverage over Greenland could further destabilise dairy trade.We meet a Welsh farmer adding Sunflowers to the cattle feed crops grown on his farm, to cut his feed bill in volatile times. The European Parliament has voted to refer a deal with the South American trade bloc Mercosur to the European Court of Justice, in a move which could see a two year delay in the agreement coming into operation, or even derail it altogether. The European Commission signed the deal with Brazil, Argentina, Paraguay and Uruguay on Saturday. But yesterday MEPs decided its legality needs to be tested. If a water company pollutes rivers or releases sewage illegally, it can be taken to court and fined. The government has just announced that it's reinvesting £29 million pounds from these fines into more than 100 projects to improve 450km of rivers, restore 650 acres of natural habitats and plant 100,000 new trees. The money collected from precious water company fines between April 2022 and 23 was put into a Water Restoration Fund and it's already being spent on local projects. We visit one, on the River Witham in Lincolnshire.Presenter: Caz Graham Producer: Sarah Swadling

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Carnival Cruise Line makes big moves in Australia and New Zealand, quietly raises Wi-Fi prices, and Royal Caribbean shakes up loyalty across its brands.From new homeports to higher onboard costs and cross-brand points, here's what cruisers need to know right now.Carnival is expanding its presence Down Under with new seasonal homeports in Adelaide and Auckland for the 2027–2028 season, adding more ships, more destinations, and new itinerary options across Australia, New Zealand, and the South Pacific. At the same time, the line has quietly increased pre-purchase Wi-Fi prices across all plans, with some guests already seeing higher rates for future sailings.We also break down Royal Caribbean Group's upcoming Points Choice program, which will let cruisers use loyalty points across Royal Caribbean International, Celebrity Cruises, and Silversea. It's a notable shift in cruise loyalty strategy as Carnival prepares its own rewards overhaul.

The chairs were set. The bill was small. And Europe didn't show.

In this episode, Hal Sweasey breaks down the San Luis Obispo County real estate market with a full 2025 year-in-review, comparing where the market started at the beginning of the year to how it finished. We cover local market stats, interest rate trends, pricing shifts, and the strategy changes that mattered most for buyers and sellers heading into 2026. If you're thinking about buying or selling in San Luis Obispo County this year, this update will help you understand what changed — and what to expect next. ⏱️ Chapters 00:00 – Happy New Year & Market Overview 00:35 – 2025 Market: Start vs End of Year 01:45 – How Local Markets Evolved (Paso, Atascadero, Coast, South County) 02:55 – Interest Rates, Prices & Buyer Confidence 03:55 – Strategy Shifts: Pricing, Negotiation & Compromise 04:45 – What This Means for 2026

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Wondering when to book your dream vacation to get the best value? In this episode of All Things Travel, hosts Ryan and Julie break down the real cost differences between peak season and off-season travel—and the savings might surprise you.Travel advisors Ryan and Julie, co-owners of Wonder and Beyond Travel, analyze three popular vacation types to show you exactly how much you can save by adjusting your travel dates. They compare actual pricing for peak versus shoulder season travel, helping you make informed decisions about when to book your next adventure.What You'll Learn:The true definition of peak season, off-season, and shoulder season travelAdvantages and disadvantages of traveling during different times of yearReal price comparisons for three popular vacation stylesHow the academic calendar drives pricing at family destinationsWhy hurricane season affects Caribbean and Alaska cruise pricingTips for maximizing savings on cruises, European tours, and all-inclusive resortsFeatured Destination Comparisons:Alaska Cruise - Celebrity Cruises 7-night Inside Passage (savings up to $1,300+ per couple)Ireland Adventure - 8-9 night guided tour including Dublin, Blarney Castle, Cliffs of Moher, and more (savings up to $2,000 per couple)All-Inclusive Resort - Sandals Royal Bahamian with club-level perks (savings strategies and hurricane season considerations)Ryan and Julie discuss important trade-offs to consider, including weather conditions, crowd levels, resort refurbishments, and availability of attractions and restaurants during off-peak times. They also share how flexibility with travel dates—especially for all-inclusive vacations—can significantly impact your bottom line.Whether you're planning a cruise, international adventure, or beach getaway, this episode gives you the tools to balance your budget with your vacation priorities and find the perfect time to travel for your family.Support the showLove the podcast? Help us continue to create great travel content by supporting the show. You can do that here: https://www.buzzsprout.com/1197029/supporters/new Ready to plan your vacation? Most families are confused and overwhelmed when planning a vacation. We work with you to plan a trip perfect for your family. Saving you time, money, and stress! Visit our website www.allthingstravelpodcast.com and click on "Plan Your Next Vacation" Join the travel conversations and the fun in our Facebook Page and Instagram Page! Please share the show with your travel buddies!! Click this link and share the show! Never miss an episode and help us take you to the top with us by following and leaving a 5-Star review on your favorite podcasting app!

Welcome to Show Me The Money Club live show with Sergio and Chris Tuesdays 6pm est/3pm pst.

Oh boy, grab your hard hat and hold onto your toolbox because Eric G is diving into the wild world of the housing market and remodeling for 2026! Spoiler alert: things are getting real “interesting” out there. Builder confidence is dropping faster than my patience when I can't find my favorite tool, with a recent dip to a not-so-rosy 37 on the index. But fear not, we're also seeing renovation spending gearing up for a little comeback, so maybe there's hope for our home improvement dreams yet! Join me as I dissect the chaos of today's market, the absurdity of house flips that make you question humanity, and what the future might hold as we navigate this ever-turbulent housing landscape. You won't want to miss this midweek update filled with sarcasm, insights, and a sprinkle of good old-fashioned mockery—because really, who doesn't need a laugh while discussing home prices? The housing market is like that friend who promises to show up but always bails last minute—totally unreliable and frustratingly unpredictable. This week, Eric G dives deep into the current state of housing and remodeling, predicting what 2026 might look like for all of us poor souls trying to make sense of it. Spoiler alert: it's not all sunshine and rainbows. With builder confidence dropping and sales expectations plummeting, it's clear that we're in for a bumpy ride. Just when you thought things couldn't get worse, 40% of builders are cutting prices like they're at a clearance sale—except, you know, it's not a great sign for the overall market. We're talking average price drops of 6%, which is just sad and tells you everything you need to know about the state of affairs. But wait, there's a glimmer of hope! Renovation spending is on the rise for 2026, which might just save our collective sanity. It's like finding a five-dollar bill in your pocket when you thought you were broke. Eric also dishes out some juicy tidbits about the ongoing trade shows in the construction world—where the tools come out to play, and the latest trends do a little dance. From World of Concrete to the International Builder Show, there's a lot happening, and Eric promises to keep us in the loop, even if it means dragging us through the mud of the current housing crisis. As if that weren't enough, Eric has a brilliant idea brewing—he's considering a podcast series dedicated to the absolute horror shows that are some of the house flips he's seen around Portland. Seriously, folks, it's like a train wreck you can't look away from. So, strap in and prepare for a wild ride as we navigate the murky waters of the housing market together. Let's just hope we don't need to build an ark by 2026!Takeaways:The housing market is cooling down with builder confidence falling to 37 in January, not exactly a glowing endorsement for future buyers.Almost 40% of builders are cutting prices, and the average price reduction has jumped to 6%, which is just a little alarming if you ask me.If you thought renovations were on the rise, you might be right—spending on home improvements is expected to rise throughout 2026. Yay for us!Mortgage rates are sitting at about 6.06%, which is the lowest we've seen since late 2022, but don't get too excited about the good old days of 3%.Everyone seems to be holding off on major HVAC upgrades because prices are skyrocketing, and who wants to drop a fortune on a heat pump right now?Energy-efficient upgrades, like EV chargers, are losing their charm in 2026 as more homeowners already have them...

Stephen Grootes is in conversation with Investec Group CEO Fani Titi about on-the-ground sentiment from Team South Africa at the World Economic Forum, global perceptions of South Africa’s growth and investability, and how geopolitical tensions ranging from trade risks to questions over central bank independence are shaping the global economic outlook. In other interviews, Nicola Allen, senior analyst at Trade Intelligence discusses how South Africa’s FMCG price war is reaching its limits, with retailers split between heavy promotional intensity and a shift toward stable pricing and personalised value to protect margins and build loyalty. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.    Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa     Follow us on social media   702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702   CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 See omnystudio.com/listener for privacy information.

World Agricultural Outlook Board Chair Mark Jekanowski goes over USDA January outlook for beef production and steer prices for both 2025 and 2026. USDA Radio NewslineSee omnystudio.com/listener for privacy information.

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Are UK house prices really taking off — or is something else at play? On this week’s personal finance edition of Merryn Talks Money, Merryn Somerset Webb and John Stepek dig into the latest eye-catching figures and reveal why the “surge” may not be quite what it seems. From the powerful role of location in driving valuations to why houses are leaving flats behind as investments, the conversation cuts through the headlines to what’s really happening in the property market.See omnystudio.com/listener for privacy information.

The Wealth Formula Podcast is one of the longest-running personal finance podcasts still standing. For more than a decade, I've shown up every single week to talk about investing, markets, and the forces shaping the economy. What's interesting is how much my own thinking has evolved over that time. Early on, I was more rigid. I was—and still am—a real estate guy. But back then, I didn't give much thought to ideas outside that lane. I was dogmatic, and I didn't always challenge my own beliefs. Time has a way of doing that for you. I've now lived through multiple market cycles. I've watched the stock market melt up to valuations that felt absurd—and then keep going. I've seen gold go from flat for a decade to parabolic over a year. I've seen interest rates sit near zero for a decade and then snap higher at the fastest pace in modern history. And I've learned, sometimes the hard way, that diversification is about survival and that every asset class has its day. One lesson I learned that I am thinking a lot about these days is: ignore major technological shifts at your own peril. Back in 2014, I first started hearing people talk seriously about Bitcoin. At the time, I dismissed it. I listened to the critics, was convinced it was a scam, and didn't take the time to truly understand it. That was a mistake—not because everyone should have bought Bitcoin, but because I ignored a structural change happening right in front of me. Bitcoin went from a cypherpunk expression of freedom to the largest ETF owned by BlackRock. Today, the dominant story is artificial intelligence. And whether you love stocks, hate stocks, prefer real estate, or focus exclusively on cash flow, you cannot afford to ignore AI. This isn't a fad. It's a general-purpose technology—on the scale of electricity, the internet, or the industrial revolution itself. That doesn't mean it's easy to invest in. It's hard to look at headline names trading at massive valuations and feel good about buying them today. But investing in AI isn't about chasing a single company. It's about understanding second- and third-order effects: energy demand, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of it. What experience has taught me is this: you don't need to be first to invest—but you do need to be early in understanding. If you wait until something feels obvious, most of the opportunity is already gone. This week's episode of the Wealth Formula Podcast is focused squarely on AI and blockchain—what's real, what's noise, and where the long-term implications may lie. Listen to this episode. You'll come away smarter. And years from now, you may look back and realize this was one of those moments where paying attention really mattered. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  Welcome everybody. This is Buck Joffrey with the Wealth Formula Podcast. Coming to you from Montecito, California. Today we wanna start with a reminder. We are in a new year and we are already doing deals, uh, through the Wealth Formula Accredit Investor Club. You can go and sign up for that for free. Uh, wealth formula.com just hit investor club and you just get on there and, and you’ll get onboarded. And from there, all you gotta do is wait for deal flow and webinars coming to your inbox. And, um, you know, if nothing else, you learn something. So go check it out. Uh, go to. Wealth formula.com and sign up for Investor Club now onto today’s show. Uh, the, it is interesting. I don’t know if you are aware it’s a listener, but we are, wealth Formula is, uh, probably I would say one of the, certainly in the one of the top longest running personal finance podcasts still. Standing. Uh, I’ve been around, well, I think the first episode was on like 2014, so it was a long time, but in earnest, you know, at least for over a decade. And, you know, during that time, I’ve shown up every week, every single week. Don’t Ms. Weeks, but none, none. Isn’t that incredible? I’ve shown up, uh, talked about investing and talked about very way markets are working, forces, shaping the economy, all that kind of stuff. But you know, as you can imagine, as a. As a younger individual versus, um, my crusty self. Now, you know, a lot of my own thinking has evolved over that time, you know, back then. And I, you know, I think this appealed to some people, but, um, you know, I was really dogmatic. I’m a real estate guy, right? And I still am a real estate guy, but back then I wouldn’t give anything else the time of day to even think about, you know, and, and, uh, I, I, you know. I was dogmatic and didn’t always challenge my own belief systems. Um, I’m different now, right? I’ve softened And time is a way of, of changing all of that dogmatic stuff for you. You know, I’ve lived through multiple market cycles. I’ve watched, well, I’ve watched the stock market, which I, which I always maligned, you know, melt up to valuations. Uh, that felt absurd. And then keep going higher. I’ve seen gold, which was kind of ridiculous for the longest time. I watched it for like a decade, just pretty much flat, and then it goes parabolic. Over the last year, I’ve seen interest rates sit near zero for a decade and then snap higher. Uh, not even as time, just launch higher at the fastest space in modern history. And I’ve learned sometimes I guess, the hard way that diversification is about survival and that every class, every asset class has its day. Just like every dog has its day. And um, you know, one other lesson that I learned that I’m thinking a lot about these days is ignore major technological shifts at your own peril. So what am I talking about? Well. It’s kind of a, it is a technological shift, whether you think it about not, but Bitcoin. Okay. Back in 2014, I first started hearing people talk seriously about Bitcoin, and at that time I dismissed it. I was, uh, I was listening to critics beater Schiff that constantly called it a scam, said it was going to zero and so on. I didn’t, I didn’t take the time to truly understand it, to try to understand it the way I understand it now, that makes me a believer in Bitcoin. That, of course was a big mistake, not because, you know, everyone should have bought Bitcoin and, uh, back then, well, they, you know, would’ve been nice if they did, but because fundamentally I ignored something that was a structural change happening right in front of me. And since then, Bitcoin went from a cipher punk expression of freedom to the large CTF owned by BlackRock today. The dominant story is actually artificial intelligence. Now, whether you love stocks, hate stocks, prefer real estate focused exclusively on cab, whatever, you cannot afford to ignore ai. It’s not a fad. It’s a general purpose technology and a technology shift, and the scale of electricity. The internet bigger than the internet, bigger than the industrial revolution. Now, that doesn’t mean it’s easy to invest in. I mean, I’m gonna go invest in AI and make a bunch of money because I mean, what does that even mean? It’s hard to look at headline names, trading at massive valuations like Nvidia and all that right now, and saying, oh, I’m gonna go buy that. Who knows? That’s gonna work out. When I talk about investing in AI isn’t really just investing in stocks or any individual company or data centers or whatever. It’s about understanding. The second and third order effects, energy demand. You know, as I mentioned, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of that. It is very, very complicated. Um, but it’s really important to start to try to understand, you know, an experience that stop me is this. You don’t need to be the first to invest, but you do need to be early in understanding. If you wait until something feels obvious, usually the opportunity’s gone by then. And you know, the thing about AI is even if you think it’s obvious now. The reality is that most people haven’t really caught on. Maybe they played with chat GPT, but I don’t think they’re understanding what this whole, you know, this thing is gonna do to our world. Um, anyway, so that is what this week’s episode of Wealth Formula Podcast, uh, is about. It’s about AI and also, um, a little bit about, you know, bitcoin and blockchain and that kind of thing. Um, we’re gonna talk about what’s noise, uh, you know, where the long, what the long-term, uh, implications are all of this stuff. This is a show that, uh, I really enjoy doing really, really good stuff. Um, so make sure you listen in. We’ll have that interview for you right after these messages. Wealth Formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net. The strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own bank to invest in other cash flowing investments. Here’s the key. Even though you borrowed money at a simple interest rate, your insurance company keeps paying you compound interest. On that money, even though you’ve borrowed it, that result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show, everyone. Today. My guest on Wealth Formula podcast is Jim Thorne, chief Market strategist at Wellington. L is private wealth with more than 25 years of experience in capital markets. He’s previously served as chief capital market strategist, senior portfolio manager, chief economist, and CIO. Uh, equities at major investment firms and has also taught economics and finance at the university level. Uh, Jim is known for translating complex economic, political, and market dynamics into clear actionable insights to help investors and advisors navigate long-term capital decisions. Uh, Jim, welcome with the program. Thanks for having me Buck. Well, um, Tim, I, I, I, uh, had been following a little bit of, uh, what you discuss on, uh, on X and, um, one of the things that caught my eye is, you know, your, your narrative on, on ai, a lot of people are tend to be still sort of skeptical of AI and what’s going on, uh, with the markets. Um, uh, but at the same time, uh, there’s this. Sense. I think that ignoring AI altogether as an investor is, is, is downright potentially dangerous. So, uh, at the highest level, why is AI something people simply can’t dismiss? Well, we live in an, uh, uh, you know, many other people have coined this term, but we live, we’re living in an exponential age of, of technological innovation. And, you know, AI and I’ll just add into their, uh, blockchain is just the normal evolutionary process that, you know, for me started when I left graduate school and came into the business in the nineties where everybody had this high degree of skepticism of the computer and the, the, the phone, the, the. And the internet. And so, you know, what we do is we go through these cycles and there are periods of time where the stars align. And we have a period of time where we have what I would call an intense period of innovation where I would suggest to you that. People are skeptical. Skeptical, and yet at the same point in time, they very early on in the, in the, in the trade, call it a bubble when it’s not. And so I think it comes from the position of ignorance. One, I think two, fear, and then three. If you think about if you are an active manager, I in a 40 ACT fund, um, you know, and you’re sitting there with, uh, you know, mi. Uh, Nvidia at, you know, eight or 9% of your index. And that’s a big chunk that you’ve gotta put into your fund, uh, just to be market neutral. So there’s a lot of people that hate this rally. There’s a lot of people that are can, going to continue to hate this rally. But the thing I anchor my hat on are a couple of things. Look at if this is no different than the railroad. Canals, any major technological innovation, will it become a bubble? Yes. Just not now. So, so let’s follow up on that, because a lot of people think, or are talking about the, do you know the.com bubble, uh, comparisons, and you’ve argued that that sort of misses the real story. So, so where are we getting it wrong right now? Are those people getting it wrong? In the nineties buck, you’d walk into a bar and there wouldn’t be ESPN on there’d be CNBC on people were getting their jobs to become day traders. Folks didn’t go to the go to university because they were basically getting their white papers financed. You had companies that were trading off of clicks. So I lived that. Anybody who is of a younger generation has no idea what a bubble is, and it’s specious and pedantic for them to use that term when they have no clue about what they’re talking about. But you did mention that it could become a bubble. How do we know when it does become a bubble? Oh, it’ll become a bubble. Well, when, when, when you know, the, what, what I am looking for is, you know, when we, when the good investment opportunities start to dry up, when liquidity starts to dry up. So what I, it’s not about valuation, to me it’s about liquidity. So in 2000, what, and I’m roughly speaking, what went down was you had all these companies that were trading at Strat catastrophic valuation, this stupid valuations, and you walked in one day and they didn’t get financing. And if you read the prospectus or you followed the company, you knew that they were not going to be free cash flow positive for another two or three rounds of financing. All of a sudden you walked in and everybody goes, oh my God, this thing, you know, trading at 250 times sales. And everybody went, yeah, of course. And so what it was is, was when does liquidity dry up? So I’ll give you a date, um, you know, with Trump’s big beautiful bill act. 100% tax deductibility of CapEx and that goes until Jan 1, 20 31. So to me, that’s a very motivating factor for people to, um, invest. The last thing I would say to you in more of a game theoretic context book is, look, if you are a big tech company and you don’t invest in ai. You are ensuring your death. Yahoo, Hela Packard. I can go through the list of companies that cease to invest, so they’re looking. If it was you and I when we were running this company, I would say, dude, we gotta invest because if we don’t have a poll position in this next platform, whatever it is, we’re done. We’re toast. And I think that’s why you’re seeing all these hyperscalers spending as much money as they are. ’cause they get this, they saw it. So, you know, you framed ai not necessarily as a a tech trade, but as a capital expenditure cycle. Can you explain that to people? Well, what we need to do is we need to build out the infrastructure of ai. Then, and that’s the phase that we’re in right now. So it’s more like we’re building out all of the railroads, the railway tracks and the railway stations across the United States back in the 18 hundreds. And then we’re gonna go through that building phase. And then as that building phase goes, some companies, some towns, are going to basically realize and recognize what’s happening and start to basically take ai. Bring it into their business model, into enhanced margins. Right. So right now we’re building it out. I mean, you know, we all focus on the hyperscalers, but the majority of companies, pardon me, governments. Individuals, they haven’t used AI and, and what is interesting about this is back in the nineties, they were talking about how the internet had to evolve to be much more. You know, uh, have critical thinking in, in, in it. And it was more explained when you went to these conferences, as you know, you know, think about this. You’re hearing this in 99, okay? Not today. You go in and you ask Google or dog pile at the same time, or excite, okay? You would say, I wanna go to Florida in the third week of March and I wanna stay here and I wanna spend this amount of money and I wanna rent a car. Plan it for me. And they would come back and they would tell you that it would come back and it would, it would, everything would be there. And you would have your over here and all you would have to do is drop your money and you had your thing planned. So none of this is as, it’s aspirational, but we’ve heard it before. And in technology, what happens is it’s not like it’s new. We’ve been talking to, I did machine learning in in graduate school. Ai, you know, I did neural networks and I’m a terrible Ian. This isn’t, you know, Claude Shannon wrote about this in 1937, right? But it’s about when does it hit, and so it was chat GBT. Can we argue, was that right? As an investor, it’s stop arguing, start investing. Then what you’ve gotta figure out, which is the question you ask, is when does the music stop? I think it goes until the end of the decade. You know, one of the things that, uh, is interesting about this, uh, AI investment, uh, it’s, it’s unfolding in a higher interest rate environment. Why is that detail so important? Understanding its significance? Well, it’s the cost of capital, right? And so this phase that we have right now. It’s funny you say that, right? ’cause our reference point is zero interest rates, right? Yeah, yeah. Right. That’s right. So, you know, you know, so, so think about this, what it happens right now. Now we’re in the phase where you’ve got these hyperscalers that instead of taking all their free cash flow and buying bonds and buying back stock, are increasing CapEx because there’s a great tax deduction on it. So you get a lot of, so we’re in this phase where, for where, where a lot of the money is, you know, was. Was, let me, let me be clear, was a hundred free cashflow. Now we’re getting these guys, these companies like Oracle and what have you, you know, starting to issue debt and look at debt isn’t bad as long as the rate of return on debt is higher than the interest rates. And so, you know, you know, I, I would say historically speaking, for a lot of these high quality names, the interest rates are not, uh, at levels that will stop them from investing. Right. Right. You know, you’ve written that, um, productivity is ultimately the real story behind ai. So why does productivity matter more than the technology headlines themselves? Well, let me just put it this way, right? So we’ve grown, I grew up, I, I joined, I’m up here in Toronto, right? So I’m gonna give it to you in Canadian dollars, right? So I joined, I joined here. You know, I grew up here, went to the states, came back home. Growing this company I joined when we’re about three and a half billion. We’re getting close to 50 billion, and we’re the fastest growing independent platform in the country. I’m a one man band, right? I use three ai. In the old days, I’d have four research assistants. Where’s the margin in that? And so I, that’s how I see it. And let me be clear, it’s, you know, this isn’t we’re, it’s not perfect. But if I wanted to say, instead of you, but hey, write me a 2000 word essay on the counterfactual of what happened with railroads up until 1894 when the, when the bubble popped, give me a f, you know, a a thousand word essay and, and just a general overview. I can get that in less than five minutes. Michael Sailor is writing product on ai, which, which, which you would take, which you would take. He’s in his presentation, say it would take a hundred lawyers. So it’s gonna be more about those. And it’s, it’s no different than Internet of things or, you know, it was, uh, Kasparov that talked about this. Gary Kasparov talking about the melding of, of technology in humans. He would ran, run this chess tournament called freestyle. You could use a computer, you could use, you know, grand Masters. You could use whatever you wanted to compete. And who won? Well, who won it Was that those teams that were generalists that had a little bit of that, the knowledge of the computer and the knowledge of the test. Uh, o of chess, right? That’s what’s gonna happen. So this isn’t we’re, as far as I’m concerned, we’re not, yes, there’s going to be some d some jobs that are going to be replaced, but that is always the case in technology. I’m not a Luddite, okay? I am not Luddite. But the same point in time. I, I would suggest to you that it, it is just a really, for me, it’s a, helps me. Do research no different than when I was an undergrad and they went from cue cards in the, the library at the university to actually having a dummy terminal and I could ask questions in queue. You know, it stalked me from having to go to the basement of the library and going to microfiche. Right. Have helping that way. Now can it, can, will it do other things? I’m sure it is, and I’ll lead that to Elon Musk and the crew. You know, that’s above my pay grade. But for me, I see it as a very helpful way of, you know, allowing me to process and delineate. Much more information a a and not have me waste so much time trying to figure out what got went on in the past or, you know, QMF. Right. You know, summarize me the talk five, you know, academic papers in this area, what are they saying? And then they gimme the papers. Right. It just speeds the process up. Yeah. You know, um, one of the things that I’ve been sort of talking about and thinking about. Is that it’s hard to not see AI as a very, very strong deflationary force. Um, how do you think about that? Yeah. Technology is deflationary, right? Doubt about it. And so I look at it this way, Ray. Um, so I work at the financial services industry, okay. You know, Mr. Diamond of JP Morgan is talking about how they are starting to embrace blockchain and ai. They are going to cut out the back end of that in the, the margins in that, in that company by the end of the cycle are going to be fantastic. People just do not get in. You know, the financial services industry is built on a platform. Of the 1960s, dude. I mean, they’re still running Fortran, cobalt. So you know what I, how I look at this is much more as a margin type story, and there’s going to be a lot of displacement. But at the same point in time, I look at Tesla and automation and ai. And you know, people look at Tesla as a car company. I look at Tesla as an advanced manufacturing company. Elon Musk could basically go into any industry and disrupt it if it wanted to. Right. So that’s how I look at it. And so, you know, the hard part is going to be, you know. Nothing. If we get back to where we were, it’s not going to be perfect, right? Because here’s, here’s where the counter is, here’s where the counter is. Right? If you, if, if you think about, and we’re, I’m gonna take Trump outta the equation and ent outta the equation right now, but if we just went back to the way things were before COVID, we would have strong deflationary forces. Okay. Just with demographics, just with excessive levels of debt. Just with, you know, pushing on a string in terms of, in terms we couldn’t get the growth up, you know, and, you know, and the overregulation of financial institutions. Trump and descent are basically applying what’s called supply side economics, and they’re deregulating. It’s says law, which is John Batiste, that says basically supply creates his own demand and it’s non-inflationary. But really what they’re going to try to do is they’re going to try to run the economy hot and they’re gonna try to pull this way out of the debt. And if you do that and you deregulate the banks. And allow the banks to get back to where they were before the financial crisis. Okay. You know, and, and the Fed takes its interest rates down to neutral, expands the balance sheet. Then I don’t think we’re gonna go back to the zero bound in deflation. I think this thing’s gonna run hot for a long time. And I think it, the real question is, is, is is 2 75 in the United States the neutral rate? I think it is. Uh, but as, as, as Scott be says, and, and, and, and, and let’s be clear, buck, the guy’s a superstar. Okay. Guy is a legend. Just you sit there, just shut up and listen to him. Okay. They keep up, right? Well, so they’re gonna run it hot, but where we are is, in his words, mine, not mine. We’re still in this detox period, you know what I mean? We still got the Biden era. We still got, you know, a over a decade of excessive ca of Central Bank intermediation. That needs to get, you know, go away. So what I say, and what I’ve been writing about is 26 is going to be the year that the baton is passed back to the private sector. Let’s get rates down to 2 75. That’s, I mean, I’m going off the New York Fed model. That says real fed funds, the real, the real neutral rate is 75 to 78 basis points. I think inflation’s at two. That that gets you 2 75. Get the rates there and then get the balance sheet of the Fed to the level so that overnight lending isn’t loose or tight. It’s just normal. And then step back, go away and let Wall Street and the private sector create credit. Create economic growth and let’s get back to the business cycle. And if we do that, we’re gonna have non-inflationary growth. It’s gonna be strong, but we’re not going back to the zero bound and we’re gonna grow our way out of this. And so that’s where I get really excited about. This is a very unique time in history. A very, very, very unique time in history where, and I don’t know how long it’s going to last because of the compression that we have now because of the, you know, we live in such a digital world, but let’s say it’s five years demographic says it’s to 33, 32 to 33. That’s, you know, that’s how long this run is. And, and to me, uh, AI is a massive play. I, I, to me, blockchain is a massive play and to me it’s to those countries and companies that get it is, whereas investors, we wanna think, start thinking about investing. Yeah. You mentioned, um, non non-inflationary growth. Can you drill down on that a little bit just so people understand a little bit where. Usually you think of an economy running super hot, you, you think automatically there’s an, you know, an inflationary growth. So I want you to think in your mind into your list as think in your mind. Go back to economics 1 0 1 with the demand curve. In the supply curve, okay? And there are an equilibrium. And at that equilibrium we have a price at an equilibrium, and we have an output as an equilibrium. Okay? Now what I want you to do is I want you to keep the demand curves stagnant or, or, or anchored. Then I want you to shift the supply curve out. Prices go down, output goes out. We can talk all this esoteric stuff, you know, you know Ronald Reagan and, and Robert Mandel and supply side economics. But it’s really your shift in the supply curve out, and that’s what, and that’s what BeIN’s doing. I mean, this is a w would just sit down and be quiet. He’s talking about, you know, what is deregulation? He’s pushing the supply provider. Oh, hold on. My phone. My, my thing. And what did, since the two thousands, what did, what was the policy? It was kingian, it was all focused on the demand curve. Everything was focused on demand. And so all we’re doing is we’re, we’re getting the keynesians out. I use 2000 ’cause that’s when Ben Bernanke really came in and was very influential. Let me just say he’s a very smart, I learned so much from reading. Smart, smart, smart, smart guy. But his whole thing was Kasan. He came from MIT, his thesis supervisor was Stanley Fisher, right? We’re going back to, you know, Mario Dragons thesis supervisors, Stanley Fisher, all these guys came from MIT, Larry, M-I-T-M-I-T, Yale, and Princeton. Whereas previously it was the University of Chicago. It was Milton Friedman. It was, it was supply side economics. We’re going back, they’re going back to supply side economics and right now we need it. We need balance. But my god, what did we end off with? We ended off with four years of mono modern monetary theory. Deficits matter. That’s insanity. You had mentioned a little bit, uh, you, you’ve talked about blockchain a few times here. Talk about the significance. I mean, it’s sort of, you know, blockchain was a thing that everybody was, everybody was talking about it, you know, three, four years ago, but now it’s all about ai. But you know, now you’ve got, um, but in, but in the background, blockchain has grown, uh, adoption has grown. Uh, tell us what’s going on there, and if you could tie it into the significance of, of where we’re at today. Yeah. Um, uh, Jeff Bezos gave a wonderful speech, I think in two thou, early two thousands, where he basically talked about the fact that, you know, once this innovation is led out of the genie’s, led out of the bottle, whether or not, you know, buck and Jim, like it as an investment, the innovation continues. And so after the internet bubble pop, right? Really smart guys like Jeff Bezos, uh, Zuckerberg, you, you, the whole cast of characters, right? Basically built it out. Okay. And it wasn’t perfect and everybody knew it wasn’t perfect. I mean, that was the whole thing that was so bizarre. But they knew it wasn’t perfect and they knew that they needed to solve some problems. Right. And you know, it was a double spend problem. I mean, the internet that we were dealing with right now was developed in the 1950s and so on and so forth. And so, you know, that always stuck with me. Right. A couple of things stuck with me because I’ve lived through a couple of these cycles. The first one is Buck. When the, when Wall Street coalesces around something just shut up and buy it, right? I mean, I, I spent too much of my life arguing about whether dog pile and Ask Gees was better than Google. Wall Street said Google was the best. Shut up. Invest, right? And so, so look, blockchain solved the double spend problem. Blockchain solved all the problems that the original iteration of the internet could solve, and everybody knew it was coming along okay. So it’s a decentral, it’s decentralized, right? Uh, does, does not need to be reconciled. So no. Not only do you have another iteration of the internet. You have basically introduced into society the biggest innovation in accounting or recordkeeping since double entry. Bookkeeping accounting was introduced in Florence, Italy centuries ago by the Medicis and, and buck. All this is out there like, so this is a profound, right? So think about you’re in an accounting department and you don’t have to reconcile, right? So look. The first use cakes was Bitcoin. And what was the, what was the beautiful thing about it? Well, first off, it grew up by itself. And secondly, it’s got perfect scarcity, right? And so let’s just full stop. And I mean, yes, gold and silver had the run that they should have had decades. So I had been waiting and listening to people, gold bugs, talking about this type of run since the nineties. Okay. Um, but look, you know, and the problem with fi money, right? I mean, this is, this goes back decades. It’s an old argument. The way you solve it is, is Bitcoin. That’s the solution. I mean, forget about it. I mean, if they’re gonna whip it around and do all this stuff, fine. But the other thing that people miss and Sailor hasn’t, and Sailor is brilliant, is look. Bitcoin is pristine collateral in 2008, in September. What caused the, the system to stop was the counter. We could not identify counterparty risk for near cash. It was a settlement problem. Anybody you talk to Buck that says it was, you know, the subprime this and it, yeah, that was crap. I get that. But when the system shut down is you had a $750 million near cash instrument with X, Y, Z, wall Street firm, and you did this for three extra beeps and it was no longer cash. Guess. And guess what? Your institutional money market fund broke the buck. That’s when the system blew sky high. When the money market broke the buck and it was a settlement problem, blockchain and Bitcoin solved that. Sailor knows that, look where Wall Street’s gonna go. They understand now that. Bitcoin is pristine, collateral and capital that is 100% transparent. Let’s lend against it, and that’s what Sadler’s doing. That’s why Wall Street hates the guy so much, right? Think about that. Think of where is he going after he’s going after all the stranded capital on Wall Street. And, and the whole point is he’s sitting there going, I’m too busy for this. And you’ve got all these other people that are gonna live off of other people’s ignorance. Meanwhile, Jing Diamond knows exactly what he’s talking about. We can identify, if I hear one more person on me in, in the meeting say, I don’t know. You know, you know, uh, micro strategies balance sheet is so complicated. Really. Compared to JP Morgans, I mean, you know what his capital is. It says Bitcoin, like, what are you guys talking about? But hey, fucking in this business, people make generational wealth on ignorance of people who think they know what they don’t know. So, you know, just going back to Jamie Diamond, you know, he spent, I don’t know how long. Throwing every insult, uh, he could towards Bitcoin. And now they’ve really kind of, they haven’t backtracked. I think he’s, he’s, you know, his, his, um, I think the way he phrases is the blockchain’s a real thing. He never seems to really say the word Bitcoin, uh, in this regard. Um, banks in general, where do you think they’re headed with this stuff? I mean, I, you know, right now, again, you can kind of see even. Um, I think, you know, some of the big advisory firms suddenly recommending one to, you know, one to 4% of people’s portfolios in Bitcoin. I mean, this is all, I mean, gosh, I, I’ve, you know, been talking about Bitcoin since 2017. This is in unbelievable transformation in less than a decade. Where do you see this going in the next five to 10 years? It’s called the, it’s called, what is it? It’s called, I’m gonna call it the Evolution of Jim. Me, you know, in my business and, and, and, and you know, the thing I have book is I’ve survived and I’ve gone through a lot of cycles. I’ve done a lot, you know, and you ask yourself, you scratch your head a lot and you’re, and you, but you’re continually doing objective research and you’re this, if you, this is why I love this game so much. Right? So let’s just go stop for a second. Let’s get some context. Right. My first summer job, one of my first summer jobs, I worked in the basement of a bank in the in, in downtown Toronto, right up the street from the Toronto Stock Exchange. And my job was to let guys in with beak, briefcases into the cage, into the big vault, to basically bring in certificates. Okay. And, and what? Stock certificates. And so remember, you know, and I remember my grandfather when we, when he died, look at, we couldn’t sell the house because he didn’t believe in the banks. And we were finding certificates all over the house in the walls. Okay? Right. So in the 1960s it was bare based. The whole industry was bare based. And there was the volume in Wall Street started to pick up to the point where they couldn’t handle the volume. There was a paper crisis where almost a third of the companies went down bankrupt because of the cage. The cage. Okay. So basically what happened was, to make a long story short, they came out with, they came, Hey, why don’t we get two computers At one point in time, they said, okay, crisis. Let’s solve it. Well, why don’t we get these two computers and we can solve, or we can sell trades among, amongst each other. Okay. And then we don’t need to have guys riding around Wall Street with bicycles and big briefcases. Okay. And then what we did was, what we did was we sat there and said, well, why don’t we have a centralized clearing, and we’re gonna call it DTC or CDS, depending on what country you’re in. And what we’re gonna do is we’re gonna offer paper, we’re gonna, we’re gonna issue paper rights to the underlying stock that was developed in the early 1970s. That’s the system that we’re on right now. There are a lot of faults with that. Let me give you, when you’ve talked about the GameStop a MC situation, when you have a company that’s basically have more shares outstanding short, sorry, more shares short than outstanding, that shows you that the old system doesn’t work. It’s called ation. The paper writes to the underlying assets, it, it doesn’t match up. There have been guys that make a career outta this and write books about this, right? Dole Pineapple. They had a corporate, a corporate event, right? Hostile takeover. 64,000 for 64 million shares, voted, I think, and there was only 3,200 on. We all know this, so this has to be solved. The way you solve it is you tokenize assets, and this was talked about a decade ago, and they know about it and true tofor, they, and if you’re thinking about it, it’s totally logical, right? But if we allow this innovation to go full stream ahead, we’re wiped out, right? So what did they do? They delayed. They delayed. And as you know, you could talk about, it’s called Operation choke 0.2 0.0. Right. You know, the Fed overreached their bounds, they de banked people. I mean, this is why, why Best it’s going after them. They, yet they stepped over their constitutional mandate. Right. The federal, the Fed Act is not, uh, does not supersede the US Constitution. Elizabeth warned the whole thing. They did it. Okay, so let’s not complain about it. So now Atkins is gonna, we’re gonna have the Clarity Act come out and they’re gonna basically deregulate New York Stock Exchange already there. They’re gonna put everything on the blockchain and when you put everything on the blockchain, trade a settlement. There’s no hypo. Immediate settlement. Immediate, which is a benefit if you can get your act together because it, you know, for Wall Street firms you need less capital, right? So it’s a natural evolutionary process. And then you sit there and go back in history, if you and I were writing it, we’d sit there and go, well, should we be surprised that the incumbents right, the status quo pushed back on innovation? No, there was a guy, there was a prophet, um. At, at Harvard, his name was Clay Christensen, and he wrote this wonderful book called The Innovator’s Dilemma. You know, why does, why don’t companies evolve, or why do they go bankrupt? It’s because they cease to evolve and the status quo doesn’t allow the evolution of the companies to take place. Right? Well, that’s what happened in RA. We’re gonna complain about it. No, it, it is what it is. It’s water under the bridge. And so what I think is happening is, you know, Mr. Diamond is basically saying. He’s pragmatic, he’s a realist. And now he’s saying, we gotta evolve. And hey, by the way, now I’ve gotten to the point where I think I can make a tunnel. Think about that. Yeah. Think about his own stable coins, right? So his own stable coins. And, uh, well think about this. If you trade like internal meetings, right? And I’m hyped this hypothetical, right? I go, fuck, don’t screw this up this time. And you’re gonna go, Jim, what are you talking about? I go. We want a nice bread between bid and ask in these financial price. We don’t wanna go down to pennies. Okay? Can we go back to the old days when we were, you know, trading in quarters and sixteenths and so we can make some skin in the game? I think you’ve got the deregulation of the banking industry where the banks are gonna, they’re fit. It’s gonna be baby steps. But what’s gonna happen is they’re gonna basically say, stop taking all that capital that’s sitting at the Fed, making four or fed funds rate overnights wherever it’s four half, 3 75 right now. And you can now trade it. Go back to prop trading, which is what they did. And they’re gonna start off, they will start off with, its only treasuries. Eventually they’ll be able to expand throughout our lifetime. So the old way you gotta look at it is, you know. We’re bringing the ba, you know, we’re putting the band back together, man. Right. And the banks are gonna deregulate, they’re gonna deregulate the banks, they’re going to innovate, they’re gonna be able to use the capital, their earnings profile going out into the end of the decade. It’s, it’s gonna be monstrous, it’s gonna be, you know, it, it’s, it’s, and, and that’s how I get, you know, when people say, where do you think the s and p goes? You know, I say, you know, 14,000, you know, double from here by the end of the decade. And he goes, well, what about ai? I go, well, they’re gonna, that’s important, but it’s the banks. I think the banks are gonna have a renaissance. Yeah. Yeah. Um, one thing just to get your thoughts on, so when you look at the banks, you talked about sort of the inevitability of tokenization. Um, the stock exchange, uh, we talked about stable coins. I mean, another great way for banks to make money. Uh, essentially where does that, how, how does that help or hurt Bitcoin adoption? Because Bitcoin is a sort of a separate, separate, you’re not, you’re not building on Bitcoin as much as you are, say, Ethereum, Mar Solana or, you know, some of the, some of the blockchain things. So, so is it just that. Is it just a, an adoption issue? Because you live in a, in a different world. You live in a world of blockchain and Bitcoin is, its currency. It’s weird, right? Because I, I’m writing this feed like, so Buck, where are you right now? Where, where, where are you located? I’m in Santa Barbara. You’re in California. So, yeah, so I’m in Toronto, right? Uh, you know, I lived in, worked in the States for, you know, a decade, a couple of decades, and I’m back home and it’s like, man, they don’t get it. Right, and, and, and, and what am I talking about? Well, well, this, this is the, the thing that you’ve gotta understand is this, right. Ethereum was invented by Vladi Butrin in this town, Joe Alozo, who’s the head of one of the largest Ethereum groups. Father is a dentist at Bathurst and Spadina. We’re up here and people are saying, oh, you know, president Trump don’t talk about being a 51st state. We act like a colony, duke. We are a, you know, we forget about calling us one. We are. So, look, it, look, there is no doubt in my mind that Ethereum is going to have a place and, and we’re going to use it. Seems like we’re going to use Ethereum and that’s the smart contract, you know? Um. And that’s fine. Um, you know, but going back in time. But, but remember, there’s not per, there’s not perfect scarcity there. So I like Ethereum, don’t get me wrong, but I look at Bitcoin and I look at the, I look at the scarcity, and I also look at the fact of, you know, what sa, what Sailor, if you sailor did a presentation in the middle of next year and all hell broke loose. What he did, and it’s, you know, and of course I’m hypothesizing. He basically went to New York and said, I am going to create fixed income products and I am going to give yields. On those products, and I’m coming after the stranded capital that sits on Wall Street that you guys have been ripping on for years. In the middle of last year, staler went public and declared war. Okay. Are we surprised that Jim Shane Oaks came out and everybody came out basically guns a blazing. Are we surprised? But what he, what Sailor did and put and slammed on the table is it’s pristine capital, it’s transparent capital. And what are you willing to pay for that? And now you GARP banks trading at. We have no idea what their capital structure really is. Honestly, we have an idea, but it’s very opaque, right? You know, the high quality names are trading at two, two to, you know, two times tangible book. You’ve got fintech’s companies trading at four to five times, right book, and you know, what’s Sailor doing right now? Diluting his stock so he can buy as much Bitcoin as he wants because he sees the next game. He says the hell with what you guys think the next game is going to be. Wall Street’s going to realize that Bitcoin is pristine capital and there’s only 21 million of it. What do you and, and what just happened today? What did Morgan Stanley just file a treasury company. So everything you and I are talking about, they know they’re smart guys, right? They’re real, they’re not. That’s, this is the whole point. They’re really, really, really smart. Okay. They see they’ve gone through the history. They know. Okay, so you’re sitting there, you get around the room, you say, so wait a minute. Wait. Whoa, sailor’s over here. And he’s basically saying he’s gonna give you a a pref that’s basically backed by Bitcoin charging 10%. And he’s going after our corporate clients. I mean, and what’s the pitch Buck? You’ve got a hundred million dollars. Okay, you got a hundred million dollars in the kitty. Okay, buck. What happens is you need $10 million a year for working capital, which is in cash, which means you’ve got $90 million sitting there idle. Hey, buck, I can give you 10% on that. You go to Jamie, he’s giving you two. What are you gonna do? Yeah. I think one of the issues right now is I the, the perceived risk profile of that. Right. Uh, you know. I tend to agree with you about the, uh, pristine nature of Bitcoin s collateral, but just in general, the perception. I don’t know that, that that’s. That’s the case. Well, you gotta go back to the fact that, do you think Bitcoin’s going to zero or not? No, of course not. Yeah. ‘ cause the Bitcoin doesn’t go to zero. There’s no, then, then that are, there’s Bitcoin could go to zero. There’s no, I mean, I don’t think, I mean, non-zero probability, of course, right? I don’t think it is. And if that has been, if it has been selected and now you have Wall Street coalescing it, I haven’t even mentioned the president of the United States or his family. Right. Uh, or the Commerce Secretary and his family, right? Or if you go to New York, wall Street, right, they’re all talking about it, right? So, I, I, you know, to me, I, I, the question about micro strategy, to me it’s not. That it’s a treasury company and it’s got a pile of Bitcoin. What does he do with it? Does he become a bank? Like why does it, this is me. I’m pitching him. Right. Hey, Mike, why don’t you just become a FinTech, say you’re like a FinTech company and you’ll get, and you, you’re gonna instantaneously trade it five to six times book. Why don’t you, why are you, you’re talking like you’re attacking them, but you’re still, you’re still a software company with a, with a big whack of Bitcoin that you are writing pres. Right? So, and, and so that’s, that’s how I look at it. I think the wave is too big. We are going to digitize. And the other thing that we didn’t really touch on with respect to AI and blockchain, and I’m gonna paraphrase the president. Right. Um, Mr. Trump is, look, um, it’s a matter of national security, duke, and when I hear that, I go back to the nineties in the eighties when I was in late eighties when I was an undergrad. Right. And it wasn’t China, it was Japan. And, and you know, what happened was, you know, it, it’s funny, Al Gore did deregulate so that. The internet could become for-profit. We all stood around and said, you know what the hell could, how do we make money on this? That’s, you know, what do we do? And then what did we do? We, we, we threw a ton of money at it and the United States controlled it. And what did we get out of it? We got out, we got, you know, all those companies. Right. The last thing I would say to you, and this is much more of a personal story, is I, when I was younger, I was in New York and it was 2000 and I was at the Grand Hyatt, and it was a tech, it was a tech conference and, uh, Larry Ellison Oracle was there and he gave a, he gave a, he gave a a, a fireside chat. Then, um, we go to a breakout room and, you know, in a break, I don’t know about if you’ve been to one, but you go to a breakout room, it’s a smaller room at the hotel, and you know, sometimes you got 25 people, sometimes you got 50 people, right. And, you know, I went to the, I went to the breakout with Mr. Allison ’cause of Oracle and I went in there and it was absolutely jammed and I was sweating and he just looked at us and he just ripped us. He AP Soly, just, I still have the scars today. I’m talking to you about it. Okay. He called it a bubble. He called it a bubble. He, he was early in calling it a bubble. I never forgot that. And then you sit there and see what he’s doing right now. Where he’s levering up the balance sheet. Now, to me, having survived in this game for such a long period of time, and I call it a game, it’s a game of strategy, whatever, you know, how does that not, you know, I would say to you, we were, your office was next to mine. Fuck. I remember New York, he’s loading the goose loaded in. He go in, he’s borrowing money from his grandmother. He’s, you know, what is going on. And he’s really stinking smart. You know, he’s, he, Larry Allenson just doesn’t do, and people, oh, he’s in, you know, he’s, no, he’s not, he’s, he’s like the mentor of all of these guys. You know what I mean? So there’s a, to me, there’s a discontinuity that these need to believe that we’re still early on because you know, what, if Larry’s, what do we take when Larry or Mr. Ellison is leveraging up to me, it’s profound because I’m anchoring off of my bias to the New York, the New York high at, at the Tech Co. I think it was, I think it was at Bear Stearn. I couldn’t remember Bear Stearns or Lehman. But you know, one of those I carry that experience on with the rest of my life. I do. It’s like, what is Larry thinking? Right? So he’s leveraging up buck. That’s all I know. He’s a priest or guy. Well, that’s probably a good place for us to stop, Jim, uh, chief, uh, market strategist at Wellington Elta Private Wealth. Thank you so much for joining me. Thanks so much and be safe. You make a lot of money but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to the show everyone. Hope you enjoyed it. Uh, and, uh, as I said before, do not ignore ai. This is something that you need to start using. Have your kids start using it. Uh, make sure that they, you know. They use it every day because this whole world is turning AI and it’s gonna happen. You know, it’s gonna happen in, in a blink of an, uh, blink of an eye. And the world is gonna change and there are gonna be real winners out there. And the winners are gonna be people who knew where there was, was going and kind of used it in their mind’s eye as they looked on navigating how. You know how to allocate their money. Anyway, that is it for me. This week on Wealth Formula Podcast. This is Buck JJoffrey signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealth formula roadmap.com.

Raising prices in an aesthetic practice is rarely a simple decision. Increase too soon and you risk patient pushback. Wait too long and profitability erodes quietly. Many practices rely on gut instinct, competitor pricing, or inflation as justification, without fully understanding how those decisions impact retention, demand, and long term brand value. In this episode, Senior Client Success Managers Cristian Devoz and Nan Maddox break down how to evaluate whether a price increase is strategic or reactive. They walk through what you need to assess patient mix, booking lead times, capacity, operational performance, and brand positioning, and explain how to communicate price changes so they reinforce value rather than damage trust. ▶ Free Consult: Schedule your free 30-min consult with our expert, Jay Shorr, here: https://shorrsolutions.com/free-consult-new/

January 20, 2026 -  Zach and Chase discuss the current state of the markets, focusing on the performance of various indices and commodities. They highlight the significant rise in gold and silver prices, attributing it to a combination of supply shortages and increased demand, particularly in the solar industry. The conversation shifts to the implications of rising metal prices on construction costs and commercial real estate, suggesting that the increasing costs could lead to a repurposing of commercial properties into residential spaces.

Prices are still too high for many Americans. Combine that with the usual historical trend for the House to flip parties two years after a Presidential election and November could be grim for Republicans. But could a projected SIX PERCENT economic growth for 2026 save the midterms?

Can you help me make more podcasts? Consider supporting me on Patreon as the service is 100% funded by you: https://EVne.ws/patreon You can read all the latest news on the blog here: https://EVne.ws/blog Subscribe for free and listen to the podcast on audio platforms:➤ Apple: https://EVne.ws/apple➤ YouTube Music: https://EVne.ws/youtubemusic➤ Spotify: https://EVne.ws/spotify➤ TuneIn: https://EVne.ws/tunein➤ iHeart: https://EVne.ws/iheart TESLA ENDS LIFETIME FSD IN U.S. BUT UK DODGES CHANGES https://evne.ws/4jNhiOt BYD STRETCHES BLADE BATTERY WARRANTY IN EUROPE https://evne.ws/4a2WT4A LOTUS HALVES ELETRE PRICE AFTER CANADA-CHINA EV DEAL https://evne.ws/3ZipGfc VW REVIVES EV PUSH WITH ID. 4 BECOMING TIGUAN https://evne.ws/4jKA7lb WORLD'S BIGGEST ELECTRIC SHIP BEGINS TRIALS IN HOBART https://evne.ws/4qEFODO CHINA'S EV MAKERS STALK THE US MARKET https://evne.ws/4qSfKEY CHINESE EREV TECH COULD POWER STELLANTIS SMALL CARS https://evne.ws/4bpJBjZ KIA EV5 STRUGGLES TO STAND OUT https://evne.ws/3ZiWvsr WILL.I.AM BETS ON THREE-WHEELED URBAN EV https://evne.ws/49KS5Qb APPLE'S SECRET CAR DIES, BUT LIVES ON THANKS TO AIR BNB https://evne.ws/4qtIeVO

This is this January's bonus episode of Short Stories of Hope. In this story, Aaron shares a quiet and unexpected moment centered on a woman on the edge of hunger and a small restaurant in New Jersey that becomes an unlikely turning point. What makes the moment even more surprising is the person who helps set it in motion, someone you'd expect to see under arena lights at a rock concert, not connected to an act of everyday generosity. It is a story about dignity, timing, and the small human gestures that can restore hope when it feels nearly out of reach. Created, Performed & Produced by ⁠⁠Aaron Calafato⁠⁠ *⁠⁠Learn more about the person or place embodying this month's Short Story of Hope⁠⁠ *Additional sounds on cleared list and used with paid license via artlist.io

Your 60-second money minute. Today's topic: Egg Prices Finally Come Down Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Try the free pricing and profit calculatorMaking more money behind the chair doesn't automatically mean you're taking more money home. And for a lot of hairstylists, that disconnect is exactly why they feel stuck, burnt out, or frustrated with their business, even when they're fully booked.In this episode of the Hairstylist Rising Podcast, I'm joined by Chrystal Graves, founder of LiQUiD, to break down what profitability really looks like for hairstylists and salon owners.Chrystal shares her journey from apprentice to salon owner to selling her salon in a seven-figure exit, and how systems, not hustle, were the foundation of her success. We talk honestly about money, numbers, and why the industry has avoided these conversations for so long.Inside this episode, we cover:The difference between income, profit, and actual take-home payWhy so many hairstylists feel broke even when they're making good moneyHow to calculate your fixed and variable expenses without overwhelmWhy paying yourself a consistent paycheck changes everythingHow to increase your profit without immediately raising your pricesWhy upselling through education increases retention and incomeHow decision fatigue keeps stylists from making more moneyThe role technology can play in simplifying your business, not complicating itChrystal also explains why LiQUiD offers its pricing and profit calculator completely free, and how removing the fear around numbers gives stylists real power and clarity over their business and lifestyle.If you want your business to support your life, not run it, this episode is a must-listen.Resources mentionedTry the free pricing and profit calculator:https://salonassistant.getliquid.ai/auth?callbackUrl=%2Fhome&redirectCount=1Connect with CrystalInstagram: https://www.instagram.com/thechrystalgravesIf this episode made you rethink how you look at money behind the chair, share it with another stylist who needs to hear this conversation.

Does your quiet January inbox have you spiraling about your prices? You're not alone. This time of year has a way of bringing out the darkest corners of our business fears.  Questions like, “Did I price myself out of my market?” or “Will I ever get inquiries again?” swirl in the silence of a post-holiday lull. If we can learn to spot the pattern, we can break the cycle and make better decisions for the long game.   Get Clear on Your Big Picture: If you're feeling swirly about your business right now, it's probably not because you need a new strategy—it's because you haven't slowed down enough to see the big picture. The Big Picture Workbook walks you through 10 thoughtful prompts to help you zoom out, get clear on your direction, and make confident decisions as a family photographer. You can print it or journal digitally and revisit it anytime you need grounding. Download Now: https://leahoconnell.com/bigpicture   Find It Quickly: 00:24 - Understanding Pricing Anxiety 02:25 - Seasonal Nature of Family Photography 04:34 - Data-Driven Decision Making 11:59 - Client Communication and Feedback 15:50 - Financial Strategies and Adjustments 20:30 - Mentoring and Support Options   Mentioned in this Episode: Big Picture Workbook: https://leahoconnell.com/bigpicture Photographers-Only Email List: https://leahoconnell.com/newsletter Photo Fuel Retreat & Mastermind Waitlist: https://leahoconnell.com/retreat Voxer Coaching: https://leahoconnell.com/voxer   Connect with Leah Leah's website: https://www.leahoconnell.com Leah's IG: https://www.instagram.com/leahoconnell.photo

Fertilizer markets are set to remain firmly supported for the next several years, with no meaningful price relief on the horizon, says Keith Busch, CEO of ClearCost. Structural supply deficits, trade disruptions, and rising logistics costs continue to lock in a higher global price floor—and Canadian growers are feeling the effects. Busch says both nitrogen... Read More

Inflation continues on it's upward trajectory as many prices are at or near 20-year highs, especially for essentials like food, housing, and healthcare and tensions continue to rise in Minneapolis, Minnesota following the shooting of mother of 3 Renee Good by Ice Agent Jonathan Ross.

Special guest Nathan Halberstadt joins Tate and Connor to break down why runaway housing prices have pushed so many Zoomers into despair. disengagement, and blackpilling. From impossible homeownership and stagnant wages to the feeling that the system is rigged, they explain how the housing crisis is reshaping an entire generation's outlook on work, family, and the future. They also dig into how immigration policy, population pressure, and rapid cultural change intersect with housing scarcity, and why many young people feel they're being asked to accept permanent decline. The conversation zooms out to the broader sense of cultural decay, lost social trust, and why optimism is collapsing among the young, and what is driving the renewed interest in Christianity among Gen Z. BUY CAST BREW COFFEE TO SUPPORT THE SHOW - https://castbrew.com/ Become A Member And Protect Our Work at http://www.timcast.com Hosts: Tate Brown @realTateBrown (everywhere) Connor Tomlinson  @Con_Tomlinson  (everywhere) Guest: Nathan Halberstadt @NatHalberstadt (X) My Second Channel - https://www.youtube.com/timcastnews Podcast Channel - https://www.youtube.com/TimcastIRL

Welcome to Episode 154 of Nintendo Therapy — a weekly show where we break down the latest Nintendo news, rumors, and reflections on the games we can't stop thinking about.This week, Kevin is joined by Harrison and Shawn to dig into Nintendo Switch end-of-year stats, new LEGO Pokémon sets, and some very honest thoughts about Animal Crossing burnout. We talk about how much time there really is in a year, how thousands of gaming hours somehow coexist with jobs, books, podcasts, and writing projects, and why Nintendo fans love to panic every time stock prices dip.Topics include:Nintendo Switch 2025 playtime stats and reflectionsLEGO Pokémon sets revealed (Eevee, Pikachu, Poké Ball, and the $650 starter set)Why LEGO pricing isn't as outrageous as it looksNintendo stock dropping 33% — should fans be worried?Initial reactions to recent Animal Crossing updatesEcco the Dolphin revival rumorsQuest 64 getting the recomp treatmentSpotlight discussions on Super Mario Land and Super Mario Land 2: The 6 Golden CoinsRanking, history, and why Wario looks absolutely unhingedPlus, we wrap up with personal gaming highlights, backlog goals, and a reminder that maybe the real secret to 1,000 hours of gaming… is not having kids (yet).

Many Sunbelt and coastal markets entered a correction or stagnation phase last year, but Chicago stands out as a rare “comeback market". That's according to the new annual report from RENTOMETER which says nationally, single-family rent prices from 2024 to 2025 moved up less than 1%, while rent prices in Chicago rocketed up 6.8 %, making it a top rent gainer among large cities in the U.S..

Spotify subscribers will soon have to pay up to two dollars more per month, just two years after their last price increase. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Inflation isn't whipped yet, with new figures showing prices up 2.7% year over year, and 3.1% for food. But as Donald Trump seeks answers to "affordability," his latest is a plan to cap credit-card interest rates at 10%, an idea favored by Elizabeth Warren and Bernie Sanders. What economic side effects would this create for consumers? Learn more about your ad choices. Visit megaphone.fm/adchoices

Health Affairs' Jeff Byers is joined by Michael Chernew from Harvard Medical School to explore the recent 2024 health care spending report from the Centers for Medicare and Medicaid Services (CMS).To kick off the new year, we are offering podcast videos of A Health Podyssey. Subscribe to our YouTube channel to watch those episodes. Let us know what you think about the videos by emailing us at communications@healthaffairs.org.Join us on January 21 for an exclusive Insider virtual event exploring the latest drug policies with the University of Utah's Joey Mattingly. Become an Insider to get access to this event.Related Articles:National Health Care Spending Increased 7.2 Percent In 2024 As Utilization Remained Elevated (Health Affairs)Growth In National Health Expenditures: It's Not The Prices, Stupid (Health Affairs Forefront)

This podcast is powered by Klean Freaks University.com — where real cleaners build real empires. From mop buckets to million-dollar systems, we teach you how to clean smarter, lead stronger, and scale faster.In this episode, we break down why waiting to raise your prices quietly kills your profit — even when you're fully booked. If you've been putting off price increases because of the economy, the holidays, or fear of client pushback, this conversation is for you.We talk through how often price increases should happen, what percentage is normal, and why raising everyone at once is one of the fastest ways to lose clients. We also explain why December is one of the best times to raise rates, how pricing connects directly to payroll and rising operating costs, and how to roll out increases without panic or mass cancellations.. Here is the link to apply for the scholarshiphttps://forms.gle/c122YU6oNRG7Tic19 Support the showThanks for tuning in to Cleaning Business Life, the show where we pull back the curtain on what it really takes to start, grow, and scale a thriving cleaning business without burning out. Every episode is packed with tips, stories, and strategies you can put to work right away—because you deserve a business that works for you, not the other way around. If you enjoyed today's episode, make sure to follow the podcast so you never miss a new release. And if you got value from this conversation, share it with another cleaning business owner who could use the encouragement and practical advice. Let's stay connected! You can find me online at:

The Collapse of the Chinese Real Estate Market and Economic Stagnation. Guests: ANNE STEVENSON-YANGand GORDON CHANG. China's property sector faces a permanent downturn, with prices dropping 30–60% and enough vacant apartments to house billions. The government lacks the funds for a rescue. Xi Jinping's focus on high-tech is insufficient to replace real estate, which previously accounted for 25% of GDP.1905 SHANGHAI

The Risks of Venezuelan Oil and Soaring Copper Prices. Guest: SIMON CONSTABLE. American oil companies remain reluctant to invest in Venezuela due to the historical risk of nationalization and decayed infrastructure. In commodity markets, copper has reached an "astronomical" price of over $6 per pound, leading to a surge in theft from electronics and bridges globally.1600 CHILE ECUADOR BOLIVIA

Thank you to our sponsor, Uniswap! If trust in central banks erodes, what replaces it? This week's Bits + Bips connects AI, energy, inflation, and Bitcoin. In this episode of Bits + Bips, hosts Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by Daniel Ives, one of Wall Street's most closely followed technology analysts, to break down how AI is colliding with macroeconomics. They debate whether AI will ultimately be inflationary or deflationary, why energy may become the binding constraint on technological growth, and how rising productivity could force the Federal Reserve into uncomfortable trade-offs. The conversation also covers pressure on central bank independence, the fragility of trust in fiat systems, and why Bitcoin increasingly enters the conversation when that trust erodes. Hosts: Ram Ahluwalia Austin Campbell Christopher Perkins Guests: Daniel Ives, Managing Director and Senior Equity Research Analyst at Wedbush Links: Bitcoin Briefly Pops to $92K on Powell DOJ News, Then Retreats Tether Freezes $182 Million in USDT on Tron Learn more about your ad choices. Visit megaphone.fm/adchoices

Dr. Jeffrey Roach, LPL Research's Chief Economist, discusses the job market, current productivity levels, and a decline in import prices. Tracking: #850076

Leading Into 2026: Executive Pastor Insights Momentum is real. So is the pressure. This free report draws from the largest dedicated survey of Executive Pastors ever, revealing what leaders are actually facing as they prepare for 2026. Why staff health is the #1 pressure point Where churches feel hopeful — and stretched thin What worked in 2025 and is worth repeating Clear decision filters for the year ahead Download the Full Report Free PDF • Built for Executive Pastors • Instant access Welcome back to another episode of the unSeminary podcast. We're continuing our special series responding to insights from the National Executive Pastor Survey with an executive pastor from a prevailing church. Today we're joined by Eric Garza, Executive Pastor at Cross Church. Cross Church is one of the fastest-growing churches in the country, with 12 campuses across South Texas, serving both English- and Spanish-speaking congregations. In this conversation, Eric helps unpack the number-one fear expressed by executive pastors in the survey: running out of space and not knowing what to do next. Is your church growing but feeling physically constrained? Are facilities, kids' space, or parking holding you back from what God may want to do next? Eric offers practical, hard-earned wisdom from leading through rapid multisite expansion. Facilities don't just limit space—they shape momentum. // At Cross Church, growth has come through both campus planting and mergers or acquisitions of existing churches. In both cases, facilities either enable momentum or quietly choke it. Sustainable space must support all aspects of ministry—not just a worship room. Parking, kids' environments, lobbies, restrooms, storage, and office space all play a role. A building that works on paper can quickly fail if it can't support the full weekend experience. Don't rush into permanence. // One of Eric's strongest recommendations is to resist the pressure to own a building too early. Several Cross campuses began in leased spaces, which reduced operational burden and allowed the church to test viability without long-term risk. Leasing removes concerns like insurance, major maintenance, and long-term liability, freeing leaders to focus on ministry. If a campus stalls or misses the mark, leaders can pivot without being locked into a costly asset. Location matters more than you think. // Some facility lessons are learned the hard way. Eric humorously—but seriously—warns against launching next to railroad tracks or industrial zones. Visiting a facility during a Sunday morning timeframe is essential. Noise, safety, curb appeal, and accessibility all influence guest experience. Cross has launched campuses in libraries and event centers, learning to adapt acoustics and layouts while prioritizing safety and hospitality. Capital campaigns need margin. // Eric is candid about capital campaigns. Churches often believe in faith for a number that rarely materializes at full scale, especially since capital giving sits above normal tithes. Meanwhile, construction costs almost always rise. Cross learned the hard way that campaign timelines and construction timelines rarely align. Building 10–15% margin into every campaign accounts for inflation, surprises, and delays. If surplus remains, it becomes a testimony of generosity rather than a crisis averted. Remodeling vs. rebuilding requires sober math. // Acquiring an existing building can be a gift—or a trap. Before knocking down walls, Eric urges leaders to get third-party inspections and cost estimates. Some remodels quietly approach the cost of new construction while delivering less functionality. Evaluate whether a building should serve as a long-term campus, a ministry center, or even collateral for future development. Sometimes the wisest move is not to hold services there at all. Define a clear facility standard. // Over time, Cross Church developed a consistent “Cross standard” across campuses—shared color palettes, stage layouts, kids' safety ratios, and ministry flow. While floor plans differ, the experience feels familiar. This standard helps teams evaluate remodels quickly and ensures families know what to expect. It also clarifies where compromise is acceptable and where it's not. When space is tight, simplify strategically. // Not every constraint requires construction. Cross has increased capacity by adding services, adjusting service times, and consolidating kids' age groups when space is limited. Combining grades temporarily doesn't dilute quality—it preserves momentum. Eric defines excellence not as “having the best,” but “doing the best with what you have.” Obstacles are reframed as opportunities to steward growth faithfully. Communicate the season clearly. // Your people can endure inconvenience when they understand the why. Leaders don't need to share every detail, but they should frame facility strain as evidence of impact, not failure. Clear vision keeps people focused on mission rather than discomfort. To learn more about Cross Church, visit crosschurchonline.com or follow @crosschurchrgv on social media. You can also connect with Eric directly on social media at @ericpgarza. Watch the full episode below: Thank You for Tuning In! There are a lot of podcasts you could be tuning into today, but you chose unSeminary, and I'm grateful for that. If you enjoyed today's show, please share it by using the social media buttons you see at the left hand side of this page. Also, kindly consider taking the 60-seconds it takes to leave an honest review and rating for the podcast on iTunes, they're extremely helpful when it comes to the ranking of the show and you can bet that I read every single one of them personally! Lastly, don't forget to subscribe to the podcast on iTunes, to get automatic updates every time a new episode goes live! Thank You to This Episode’s Sponsor: Risepointe Do you feel like your church’s or school's facility could be preventing growth? Are you frustrated or possibly overwhelmed at the thought of a complicated or costly building project? Are the limitations of your building becoming obstacles in the path of expanding your ministry? Have you ever felt that you could reach more people if only the facility was better suited to the community’s needs? Well, the team over at Risepointe can help! As former ministry staff and church leaders, they understand how to prioritize and help lead you to a place where the building is a ministry multiplier. Your mission should not be held back by your building. Their team of architects, interior designers and project managers have the professional experience to incorporate creative design solutions to help move YOUR mission forward. Check them out at risepointe.com/unseminary and while you’re there, schedule a FREE call to explore possibilities for your needs, vision and future…Risepointe believes that God still uses spaces…and they're here to help. Episode Transcript Rich Birch — Hey friends, welcome to the unSeminary podcast. So glad that you have decided to tune in. We are in the middle of, in the in the midst of, is maybe a better way to say, these special set of podcasts where we’re responding to what you said in the National Executive Pastor Survey, which turned out to be the largest dedicated or direct executive pastor survey that we’re aware of ever, which is kind of cool. And hundreds of people were you know, logged in and told, gave us a sense of where ministry is at. And what we’ve been doing is spending time with an executive pastor from a prevailing church, and frankly, people I like, to get their ah thoughts on kind of what was surfaced. Rich Birch — And today we’ve got a big one. This is a significant issue. In fact, it was the single biggest fear that was expressed. We asked a question around, what’s your kind of biggest fear for this year? And nearly one in five executive pastors expressed fear about this. And what is that fear? It’s the whole issue of our facilities, space, capital projects, that sort of thing. Many churches are running out of kids space, parking, seating, lobby capacity. Rich Birch — You know, we’re all worried about in inflation of construction costs. If you got a building quoted on five years ago, you’re going to want to get it quoted on again, you know, renovation, building, all of this stuff. And, you know, we’re excited to have ah today a return guest, Eric Garza with us. He is from a fantastic church, Cross Church, which is located in Texas. It’s one of the fastest growing churches of ah in the country, and they have 12 campuses, if I’m counting correctly. So Eric has thought about facilities and so excited to have you back on the show, Eric. Thanks for being here.Eric Garza — Rich, thanks for having me back. Good to have an opportunity to have a great conversation about a big topic for a lot of pastors and executives across the country. Yeah.Rich Birch — Well, you’re going to solve all our problems for us today, Eric. So.Eric Garza — It’s just some nuggets of what I’ve learned and experienced. But if I can make your life and your world a little bit better, awesome.Rich Birch — That’s great. That’s good. Kind of tell us a little bit about Cross again, kind of set the context, you know, give us a bit of sense of the the church.Eric Garza — Yeah, so we’re in deep south Texas. Most of our campuses are within a half hour north of the US-Mexico border. So right at the bottom of the tip of Texas. 30 years going on 31 years as a ministry. In the last eight years, we went from one site ah to now seven locations, physical locations and 12 campuses.Eric Garza — We’re a bilingual ministry, which means we do we have English campuses and we have Spanish campuses. And we recently, last year in 2025, launched our first campus outside of our region in San Antonio, Texas. Rich Birch — Love it.Eric Garza — And you can imagine a lot of ah victories and a lot of challenges, ah you know leaving your space, your comfort area, the region where you’ve been, for 30 years and then heading out and venturing off into what we believe God called us to do in in Central Texas.Eric Garza — So ah just phenomenal growth. We’ve seen God’s hand up on our ministry and it’s come with, ah like I said, a lot of wins and a lot of challenges we’ve had to navigate. And being a a predominantly Hispanic ministry that reaches both English congregants and Spanish congregants, dealing with cultural, political issues in our region of the country ah has just been a whirlwind. But as anybody could imagine, it’s been a big learning season for us for expansion. You know, I know we’re talking about facilities going from one side to multisite and all of that that entails operationally, logistically, financially. So I wouldn’t say we know it all. We certainly don’t if we’re always learning. But man, if if we can just impart any wisdom, we’re we’re all for that.Rich Birch — Love it. Well, I would say I actually re-looked at a lot of these fears. And the overall tone, if you were to kind of summarize the the conversation that people seem to be expressing is like, there’s this sense from a lot of executive pastors, listen, our ministry could grow, but our space, frankly, is holding us back. And we’re not entirely sure what the path forward is. It’s like, we we see the physical space issues, but I’m not sure where to go from here. So I’d love to jump right in. Eric Garza — Sure.Rich Birch — How have you, as you’ve looked at your seven physical locations, 12 campuses, how do you evaluate facility limitations? And are they the things that are actually restricting growth or does the issue lie somewhere else? How do you, how are you discerning that when you look at, you know, this, this whole issue?Eric Garza — Yeah, a lot of our of our growth has come from us planting campuses, but some of our growth has come from, I guess, what the corporate world calls mergers and acquisitions, where we’ve merged or really acquired other ministries who either had an existing facility that we took over. Or where we partnered with them through the acquisition and launched a campus in a new building or a new facility.Eric Garza — So some of the things that we’ve done is, there’s a whole process, right, that that it’s entailed with going multisite. And one of those big key indicators of whether the campus or the church plant is going to succeed is whether they have a sustainable facility that can house all aspects of the ministry. And sometimes that can be difficult to find.Eric Garza — For example, you don’t just want meeting space to have services, right? You need maybe an office space, you need childcare space, you need a meeting space, you need lobby, restrooms, you need adequate parking. And all of those factors come into play when you’re looking to find the right spaces. So for us, We’ve just been blessed that ah either we’ve have you know gone through the capital campaigns, we’ve gone through the funding, the you know internal funding to build new facilities, or the acquisition that we’ve ah done over the last couple of years already had an existing facility, which is a plus. Because instead of building, we just went into a remodel phase to bring that building up to what we would call our Cross-standard to house our campus and facility. And so I mean it’s It’s a holistic approach. Rich Birch — Yeah, yeah.Eric Garza — You look at parking, kids space. What you don’t want to do and what what we’ve run into in the past, is it’s okay to to launch with limited space, but if you’re launching and you already have a couple of hundred people that are gathered, you’re going to want to find a space that’s going to give you ample room to have one or two services without having to crunch yourself in the short term. And it’s going to, in in in a larger sense, going to really facilitate some challenge and some angst and frustrations early on. And you want to minimize as much of that, especially when you’re when you’re launching and you’re setting out to start a new campus or a new church.Rich Birch — Yeah, so that’s one of those kind of pinch points would be too small, right? Like I’m assuming you’ve ended up in facilities where it’s like, okay, this is this just frankly is too small. Eric Garza — It’s not going to work. Rich Birch — And so we’ve got to, it’s not going to work. We’re going have to start with three services and that, you know, or something like that. Or we’ll start with two and we’ll be pinched too quickly. Are there any other kind of tripwires that you’ve run into that are like, oh, like it might be great on these five things, but this, these, if it’s not these two or three, if these aren’t right, we were not going in there. Are there any other things to get to, as you said, a sustainable facility? Are there any kind of big no-nos that you’ve bumped into, or maybe you wish you knew before? Yeah. Tell me about that.Eric Garza — Yeah, a couple of things. Number one is don’t ah start a church next to the railroad tracks. That may sound a little funny.Rich Birch — No, tell me more.Eric Garza — You never know that during your Sunday morning message at your 10 o’clock service, roughly about 10:40 a.m., this train… Rich Birch — Oh, gosh. Eric Garza — …who’s two or three blocks away is going to come blaring out ah and just completely disrupt your sound and and your service and your message for a few minutes. So it may sound comical, but ah yeah, definitely don’t do that. Right.Rich Birch — No, that’s very good.Eric Garza — Yeah.Rich Birch — That’s well, and even going and seeing, that’s a great takeaway because even going and seeing the facility during a Sunday morning, like, cause you wouldn’t know that if you’re there to just Tuesday afternoon or something, you would have no sense of that. Eric Garza — Yeah.Rich Birch — But, but cause it might be a train, but there’s, I could see lots of things where.Eric Garza — Trains are not confined to Monday through Friday.Rich Birch — Yes. Yeah. Yeah. Yeah.Eric Garza — They’re there every day as they need. And so you just you just never know. That has to happen a couple of times, and it’s incredibly frustrating. Rich Birch — Yeah. That’s interesting. That’s good.Eric Garza — And so you play it off the middle of the service, but man, it can it can mess it could mess with some stuff. The second thing I would say is is this when looking for a facility. There’s obviously some innate some internal perhaps pressure or self-imposed pressure as a pastor or an executive to want to get into a permanent facility right away.Eric Garza — One of the things that helped us early on with with a couple of our campuses is we actually rented. And here’s the benefit of renting or leasing, even for a year or two, as you grow that site is number one, you’re not worried about insurance, right? You’re not worried about lawsuits. You’re not worried about maintenance or you’re paying for that, right? But there’s a lot that you minimize when it comes to overloading your mind and your brain about what you have to handle.Rich Birch — Yep. Eric Garza — Alright. And so you pay a fee, but the building’s clean when you come in. And right after you set, you know, you tear down your equipment for the service in your kids area, you don’t have to worry about that because you’re leasing a space. Rich Birch — Yeah, that’s good.Eric Garza — And so if you can minimize, like I said, as much of the overload of operations and facilities on the front end, that’s that’s a great a great thing. And most spaces, right, what we did early on is if we had an event center where we would rent the main auditorium uh we would use conference rooms or or multi-purpose room for child care. We would safe proof them, right – all of our protocols in place. But that’s what we would do early on, and it would give us a chance to test and gather some data. Rich Birch — That’s so good.Eric Garza — Is this going to work long term? Right. Number one, we don’t believe we missed God. But if after a couple of years, this isn’t going anywhere. Well, thank God we didn’t buy a building… Rich Birch — Right. Eric Garza — …because now we’re you know up a creek without a paddle, as they say. And so leasing is not is not an entirely bad idea on the early outset.Rich Birch — No, that’s great.Eric Garza — But definitely the neighborhood that you’re in, right beside the town that you’re in, you want to be in a centrally as centrally as you can, centrally located as you can, and and not next to a railroad track or any industry or warehouses where there’s going to be trucks, just for safety concerns, for the curbside appeal. And so that’s why public libraries or where we had actually launched started campuses was at a public library – acoustic set because we couldn’t be so loud. So all of those facility concerns are are really things you want to keep in mind.Rich Birch — Yeah, I love that. I love the idea of the rental on the front end. What a great way to, it’s good use of capital. It’s a good, you know, it it gives you a chance to test… Eric Garza — Yeah. Rich Birch — …even if you stay for a couple of years, that’s, you know, that’s fantastic. So you’ve been through multiple, you know, capital campaigns, this whole process of like, we’ve got to raise money and then get a facility renovated or, you know, you know, expanded or whatever. Rich Birch — What, what do you wish you would have known before all that? Well, are there a couple like things that either, you know, you stumbled upon, you stubbed your toe or you wish, man, I wish somebody would have told me this. Are there any things that stand out to you?Eric Garza — Number, I think the first one is this. You have an you have a number in your mind, and you of course you believe God for it. It…Rich Birch — And it’s lower. It’s going to come in lower every time.Eric Garza — …it is. Every single, unless God does a miracle, which he is more than able to do… Rich Birch — Yes.Eric Garza — …it’s going to come in lower. And so I think have have high anticipation but realistic expectations… Rich Birch — Right. Eric Garza — …because most capital campaigns are campaigns that are above normal giving.Rich Birch — Yeah. Okay. Yep.Eric Garza — Right. And so at least for us, it’s above normal giving. Rich Birch — Yep.Eric Garza — We encourage and we get people to give towards a specific capital campaign, which is for a specific campus or a specific project or or what have you. But you have this number in mind and then if you can tend to early on. It’s not coming in yet. Or maybe you’ve done it for a year or give a specific timeline.Rich Birch — I see. Okay. Yep.Eric Garza — And you can get quickly discouraged, especially with capital campaigns where you’re like, we’re halfway through this thing and not even half has come in yet, or of what we thought would come in. And so it’s easier to get discouraged. But that was a big thing is that number in your mind, it’s going to be lower. And that’s not a bad thing. Right. That’s not a bad thing.Eric Garza — People are giving to a capital campaign above giving of their normal giving, sacrificially, they’re giving by faith. They’re giving with expectation. But at the same time, for those of us on the inside, right, those of us who are managing the resources and what have you, it’s it’s about having a realistic expectation that we have the faith that God can do it. But we’re all going to budget ourselves knowing that if there’s a high probability, not impossible, there’s a high probability that the number we had in mind, is not going to be what comes in for the capital campaign.Rich Birch — Let’s talk about that there. So there’s an interesting, um so I’ve seen that for sure in churches. There’s an interesting kind of tension that pulls in two different directions. One, you can have exactly what you’re talking about, which is, you know, we thought we would go in, we we were hoping we would raise X and we raised something less than that. Eric Garza — Yeah. Rich Birch — But then the other part of it is we were hoping the project was going to cost X and it costs X plus, you know, it’s costing us more than, than we anticipated. How do you manage that tension? How have you been able to kind of navigate that? That’s a, that’s a tough tension.Eric Garza — Yeah, the longevity of the capital campaign is gonna is not always going to be exactly match, it’s not going, rather, to exactly match what the building construction cost was at the beginning. Prices fluctuate and prices change.Eric Garza — And so let’s say you have let’s use so a rough even number, a million dollar capital campaign for your church organization. And the construction is going to cost, I don’t know, $900,000, $950,000. Well, a million dollars should cover it. But by the time a million dollars or shortly or short of that comes in, well, your budget is now at 1.2 or 1.3. Rich Birch — Right. Eric Garza — It’s fluctuated. And so the what’s congruent at the beginning can be really a little bit financially off by the time that can…In other words, the timelines of the capital campaign and your building projects sometimes don’t align perfectly. And we’ve run into that too, where we’ve had to take from our operating budget a little bit, or we’ve had to really emphasize a certain amount during the campaign, because that’s what needs to come in. We’ve you know met with with key givers and donors of the church. And those are challenges that you navigate ah during the capital campaign process. Rich Birch — Sure. Eric Garza — And and like I said earlier, it’s it’s challenging because, well, let me backtrack and say this.Eric Garza — This is why on the front end, you should add margin into your capital campaign… Rich Birch — Yeah, that’s good. Eric Garza — …which we didn’t do that, perhaps the first go around. But certainly the later ah seasons, we added margin in our capital campaigns to account for any fluctuation in construction costs. And if there was ever in a surplus, well, we would tell the church it’s because of your giving and because of your support and generosity that we had more than enough come in. Rich Birch — That’s good.Eric Garza — And so now we’re going to use those funds for X or they’re going to go back to the general fund or or whatever whatever the case. But I think that the key that would be to incorporate some 10 to 15% margin in your capital campaign on the outset to account for anything that might happen 12, 15, 18 months down the road.Rich Birch — Yeah, that’s good. That’s really good. That’s good. You maybe just saved somebody a lot of headache two years from now… Eric Garza — Yeah. Rich Birch — …because of that part of the conversation. I want to go back to something you talked about earlier. You’ve had multiple buildings that you’ve acquired or you’ve merged with, and you were talking about remodeling and there’s like, that can be a blessing and a curse. Like it can be amazing. Like, wow, this is great. And…Eric Garza — You never know what you’re going to find.Rich Birch — …you know, you open up, you open up a wall and who knows what’s behind that wall. And, you know, there’s all that. And you talked about bringing it up to the Cross standard. Talk me through what how have you decided what that is? What is the Cross standard? And how do you what are the common things that you find, Oh, we’ve got to make this change. And how have you kind of defined that as you think about projects like that?Eric Garza — Yeah, so over the last few years, we’ve pretty much honed in on, I guess, the vibe and the look of what we want our campuses to to feel and look like.Rich Birch — Okay.Eric Garza — They may be different ah floor plans because some of them we built, some of them we acquired, properties we took over. But as far as color schemes, we do our very best to match wall colors, sanctuary colors. We use the same stage equipment, both branding and layout as best as possible across all of our sanctuary auditoriums, our stages. Eric Garza — Our kids spaces, ah we have an internal ratio of how many teachers or volunteers per infants, per toddlers, for school-age children we want. And so that determines our spacing. And so sometimes we’ve got to knock some walls down or build some walls in to accommodate for for what, like I said, our standard of ministry, both in appeal, but also in care for for our congregants and for our families.Eric Garza — And so when we remodel, you’re right, there’s some things that once you knock down a wall, you’re not going to know until you knock it down. And that’s where that, you know, that margin comes in. But for the most part, right, we’ve had we do inspections, we get we get third party opinions on the building, on the cost estimates, and like we would encourage anybody to do, right.Eric Garza — But that’s our Cross standard is the look, the feel, the equipment, the wall colors, you know is there enough space for our our guests, connect area, our next steps area for first impressions. Does every ministry have adequate space to store their items – all of those factors come into play in deciding how we’re going to remodel a facility. Eric Garza — And I’ll say the second thing is this is why before you break or before you knock down a wall, get an inspector or or get some people either in your church or in the construction industry or somebody that you know in in your community. Because sometimes when you have a building, your initial thought is to remodel. That may not always be the most financial financially wise decision. And here’s why. Because you may not know all that you’re going to encounter, you may in the long run end up spending just as much as if you had built a brand new facility with the exact floor plan you want.Eric Garza — And so that’s where you’re evaluating and deciding, is it more feasible to remodel this building for X amount of dollars? Or are we within 5% to 10% budget margin, where we might just say it’s it’s in the best interest of the church perhaps to use either this facility as collateral for our next building or a brand new building, or is it better to use it a multisite building, excuse me, multi-purpose building, and we end up building a new facility…Rich Birch — Right.Eric Garza — …for the church or for the campus. And so those cost estimates are going to help you make the best, most informed decision of where you’re going to steward the resources financially in either remodeling or in building a site.Rich Birch — Yeah, I love that. One of my favorite churches, Mercy Hill Church in North Carolina, they they had a building that was given to them and they did, they weren’t entirely sure what to kind of, it was in a part of town, they weren’t necessarily sure they wanted to launch a campus and just they had a campus closer and all that. And they ended up using it turned it into a really a student center and it’s a fantastic ministry building and it’s active, you know, five, six days a week.Rich Birch — Now they don’t do Sunday morning services there, but they do all kinds of other stuff, which is fantastic. Like is a great, you know…Eric Garza — And we’ve seen that too. Yeah. They use for leadership meetings, for small chapel receptions… Rich Birch — Yeah. Eric Garza — …or gatherings or next gen events, youth, young adults, even renting it out to the community as a means to supply income to the church…Rich Birch — Yep. Yep. On a daycare or something.Eric Garza — …to like, you know aligned organizations, of course, whatever your church policy is. But yeah, sometimes the best use of that building is not for church services.Rich Birch — Have you, have you run into facilities that you’ve evaluated and then decided, no like this is going to cost way too much to renovate and we’re, so we won’t go forward with it. Have you run into that after evaluation?Eric Garza — Well, not entirely, but I’ll say this…recent… Rich Birch — I know that risk is there for sure.Eric Garza — Yeah, there is risk. There is risk. And the risk assessment is different when you’re leasing a space or remodel… Rich Birch — Right. Eric Garza — …and when you’re when you’re obviously building your own facility, as far as and including the costs associated with that. One of our campuses recently, and I mean in the last 24 months, before we moved into our new building was leasing a space and we were given the option to remodel the space we were leasing. Because though it was suitable for what we needed for the ministry, for Sunday services and and all the other ministries, parts of it were not really conducive to growth for the congregation and for the ministry.Eric Garza — So we did contemplate remodeling. I think I think what kept us from doing that number one is whatever you remodel for the landlord the landlord is going up keeping. And so the return on that investment would be short term and not long term, We were already in the midst of building our building but we were growing at a rapid rate, and so we were eight, twelve months out from from being in our building and the campus was growing, and so we needed a short-term solution. Rich Birch — Right.Eric Garza — So we did think, Well, we’ll spend X amount of dollars to remodel our site where we’re leasing before we get into the new building. But we found out that shifting our service times and and doing different different strategies ended up alleviating in the short term the constraints we had to give us a time to get into our new building, which is now more than enough space for us to grow for for years and years to come.Rich Birch — Right. That’s cool. Yeah. Cause I’ve said as a, I feel like I’ve been in a ton of conversations with XPs where, you know, they’re talking about this issue and you know, there’s like a building that they’re, maybe it’s another church that’s come to them and they’re having a conversation and they’re, I would say their mindset is like, I’m not sure we should do this. Like this is, they’re like, this other church came to us and statistically, actually the most likely for these mergers to succeed are when the joining church comes to the lead church. Eric Garza — Yeah.Rich Birch — So they would come to your church and be like, Hey, we’re interested. So it actually happens a fair amount. And I’ve, I feel like I’ve talked, tried to talk so many executive pastors into like, man, it’s gotta be a really bad building. If particularly if it’s like has debt or has no debt or very little debt on it, it’s gotta be a very bad building to not want to take it. Cause it’s like, you know, you can, you can take, invest, you know, a moderate amount of money. You don’t need to dump a ton into it and get something great. And like you said, as long as you’re above board with everybody, you know, five years from now, if it doesn’t work, you could take that asset, sell it and move on and use those resources somewhere else.Eric Garza — And that’s very good because when you talk about acquiring a ministry, especially if it has a low balance on their mortgage or or they don’t have much to pay off the building, and if you’re in a position to pay that off within the first year of acquiring the ministry… Rich Birch — Right. Eric Garza — …think of a collateral and the equity that your organization now has because of that new facility that’s in your portfolio.Rich Birch — 100%.Eric Garza — And I know it sounds very business-minded, but when you’re looking to expand into the future, even at another site in your church ministry organization, you now have more collateral, more resources to leverage for a better financial position in the future when you do want to actually build a building. Eric Garza — And the second thing is this, if you’re acquiring a ministry that already has an existing building, in most cases, it’s already built out for church purposes. So that’s very helpful. So at that point, you may be putting in a smaller amount and just… Rich Birch — Right. Eric Garza — …you know, refurbishing it, painting the walls, putting some new equipment, some new screens, maybe be changing out the flooring a little bit, or some of the fixtures in different spaces… Rich Birch — There’s technology or whatever, yep. Eric Garza — …because it’s already built out for a church. And so that’s the benefit of going or acquiring in a ministry if you’re going that route that already has an existing facility.Rich Birch — Yeah, we had, ah we were running, our budget was about $8 million dollars and we were, we had a church come to us and they were, they had really, they had had a tough season and the summer before we ended up merging with them or they joined us really, they had multiple Sundays where they had two people show up on Sunday. They had the person that was preaching and the guy that was opening the door, like it was, it had really atrophied down.Rich Birch — And I remember in one of those conversations, they had had a bit of a roof problem. The facility was worth just probably south of 2 million. It was like ah a great facility, but they had a roof problem. And I remember one of the the elders leader person, he said, you know, we we got a quote on the roof and it’s it’s going to cost maybe about $15,000 to fix. Do you think you guys will be able to fix that? And they had no debt and were going to give us their building. Rich Birch — Well, like I humbly had to say like, like, yeah, we’ll we’ll be okay. Like, it’s gonna it’s gonna be fine. Like, you know, I what I didn’t want to say is like, I feel like our youth guys have like wasted $15,000 this year. Like, you know, like it’s like we can, you know, the exchange just on paper. And again, that’s not why you go into those conversations. Eric Garza — Of course.Rich Birch — But a part of that is, particularly in our seats as executive pastors, that’s a part of what we have to wrestle through and think about those things. So let’s get back to the renovation thing. A lot of what churches were talking about is like, pressure of like, man, I just, our physical facilities are, are holding us back. Rich Birch — Any other thoughts around, you know, changes you’ve made to increase capacity or, um you know, things that maybe are like some low hanging fruit or creative solutions that have that, that maybe we’re not thinking about, but as a leader who’s been through this, you know, you’ve been, you’ve wrestled through that, that we, we could, you know, benefit from.Eric Garza — Yeah, absolutely. A couple of things. You can please everybody, right? Rich Birch — That’s good. Eric Garza — And so I think one of the ministry pressures well, we want to please the next gen. We also want to please the child care. We also want to please the elders of the church. And we also want to please the younger families of the church and young professionals. And when you’re when you’re in a facility that wasn’t originally built according to your specs, it’s going to be difficult to do that.Eric Garza — And so you have to focus, as we have, on the most critical areas, sanctuary and child care. If you don’t have child care, it’s going to be a barrier to growth because families or parents are not going to have the comfort level they need to come to your church on a regular basis and to be a part of the community. And so for us, when we’ve remodeled, the first things we look at are sanctuary and then the kid space. Do we have enough adequate kids space?Rich Birch — That’s good.Eric Garza — Some of the solutions when we’ve been limited in space is is launching multiple services to we have a smaller sanctuary or a smaller space, we’ll offer more service opportunities. Or when it comes to our kids ministry, we’ve evaluated with our kids directors and our our kids department of how can we best merge age groups to maximize the space that we have. So if you have right an ideal facility where you have you know your child your child care divided by grade level or age level, sometimes you have the amenity to do that and many times you don’t. And so what we’ve done is instead of having first grade on their own, maybe we’ll put you know kindergarten and first grade level kids together.Rich Birch — Yeah, that’s good.Eric Garza — We’ll put second and third together, fourth and fifth together as a way to consolidate because we don’t have the space that we prefer to have, at least in this season. And so for us, sometimes you’re not watering down in essence, the content, the quality, but you are consolidating in the short term or even medium term… Rich Birch — Right. Eric Garza — …if you will, if that’s even a term, to make adequate space for the constraints that you may have. Rich Birch — That’s good.Eric Garza — And so you have 600 members and you only have 200-seat sanctuary, 250. Well, that’s an opportunity for three services. Rich Birch — Right.Eric Garza — Is that is that is that Is that a strain? Well, it can be if you see it from core perspective versus a perspective of, Man, we’re so large and we have the space. You know, one of our core values at our church is excellence. And we’ve defined excellence as not having the best, but doing the best with what you have.Rich Birch — Oh, that’s good.Eric Garza — So we may not have a thousand seat auditorium for this growing congregation, but what we do have, we’re going utilize it and steward it to our best ability. So if that means two or three services, well, God give us the strength and the people to manage and to lead and to execute three strong services every weekend, or every Sunday, in order to meet the need of the congregation that we have.Eric Garza — And and I think one of the biggest things, Rich, is also communicating this. It’s keeping them current, right. You’re not going to go into all the details per se, unless that’s your preference and that’s your senior pastor’s prerogative. But to share with them the overarching theme of, hey, here’s where we’re at as a ministry. Here’s our facility. And here’s what we’re going to do to continue to offer as best a ministry as we can, while at the same time being cognizant of the challenges that we’re facing.Eric Garza — We said this to our staff and to our church many times, is we don’t look at obstacles as negatives. We look at obstacles as opportunities. Okay.Rich Birch — That’s so true.Eric Garza — If this is what we have, how can we be as excellent as possible with what we have? If that means going to a third service, well, then we’re going to give it a shot because what we don’t want to do is allow facility constraints to translate into diminished capacity or into a diminishing congregation and I’m talking about numerically. Because the diminishing congregation numerically also means a diminishing budget and revenue financially because you have less givers in the seats. And that’s those are some of the challenges that you got navigate so we don’t see it as obstacles. We don’t see obstacles necessarily as a challenge we see that’s an opportunity of okay how can we navigate around this mountain if you will to continue to provide as excellent a ministry as we can.Rich Birch — Yeah, I love that. I love your example of the kids age size rooms. Because I think you’ve you’re articulating a tension that whenever we’re, particularly for launching we talked a lot about this, like renovating other spaces and new campuses and all that, where I think really is germane to our job as executive pastor to to manage this tension of we want it feel, you know, the language you used was Cross standard. It’s absolutely has got to be Cross standard, but there will be areas where we’re going to have to compromise. Like that is just true. And a part of what we have to do, we have to use our leadership and our discernment and, you know, get the right players in the room and have the conversation. And, you know, somebody using your example, somebody kids’ ministry to be like, no, we can’t combine them together. That’ll be terrible. And it’s like, we’re going to be fine. Like, we’ll figure it out, you know. Eric Garza — Yeah [inaudible].Rich Birch — Yeah, it’s going to be okay. We’ll we’ll help that navigate. And that’s one example, but there’s a ton of those that can come up in these, you know, in these renovations for sure.Eric Garza — Yeah, absolutely.Rich Birch — That’s good.Eric Garza — and And people are always going to have opinions. Rich Birch — Right.Eric Garza — But I’ll say this from experience. And I mean, no ill intent towards anybody in your congregation or your ministry.Rich Birch — No.Eric Garza — Most of the people that are criticizing are the people that aren’t giving anyway. And so I’m not saying ignore them by any means. They’re part of your part of your ecosystem. They’re part of your church, they’re part of your flock.Rich Birch — Yep. That’s very true.Eric Garza — But it’s always with a grain of salt because the people that are really bought into your ministry are going to walk through those opportunities alongside you, ah hopefully with the best attitude that they possibly can muster up because this too shall pass.Rich Birch — Yes.Eric Garza — Right.Rich Birch — Yes.Eric Garza — If you’ve gone out in faith to plant or to grow or to expand your congregation, this is a temporary season. It’s not a permanent season. You won’t always be at three or four services, right? Or multiple services.Eric Garza — At some point, if God is in this and you really believe He is, and I believe He is for many organizations and ministries, the timing will be right when you have a facility that can house what you need, or that can provide the amenities and space that you need. And so for parents, for givers, for guests, it is just letting them know as best you can, even subtly through announcements or even messages and say, hey, we’re in a season of growth and expansion. Growth doesn’t always look you know perfect. And so we have seasons where we’re going to navigate some some challenges and opportunities as best we can to get us to an end goal.Eric Garza — This is a means to an end. What we’re going through is a means to get us to where we want to go as a ministry. And as long as you keep it at the forefront, tying it into the vision of the house, you’re going to see that in a large sense, you’re going to have people rally behind that idea and unfocused, if you will, from the constraints of their of the facility to the broader appeal of what God is doing in the ministry.Rich Birch — Yeah, that is so good. Friends, you should go back and re-listen to what Eric just said there. That is some wise advice. And obviously from somebody that’s been in the trenches a lot, that’s been my experience as well. The people, the complainers, I’m reading through the book of Job right now. And I’m like, man, his friends are just like, this guy needs better friends.Eric Garza — Yeah.Rich Birch — And that that reminded me of the people you’re talking about. Like…Eric Garza — Yeah.Rich Birch — You know, there’s these people who are just, you know, sniping from the cheap seats and they’re not really engaged in the mission where, man, those people that are right on in the middle of it, they’re like, let’s go, let’s lean in.Rich Birch — And man, that’s the kind of person, I’m hoping as I transition into older age that I’m that person, you know, because we have a number of those people at our church that I look at that are like, these are incredible saints who have seen so much change. And who I’m sure lots of things annoy them, but they’re fired up for the mission. They’re excited in our case to reach unchurched people, to see people who far from Jesus connected.Eric Garza — If you’re not changing, you’re not making progress, right? Rich Birch — Yeah, absolutely. And the fact you the fact that your ministry is facing opportunities or obstacles rather disguised as opportunities is proof positive you’re going somewhere. Rich Birch — Yeah.Eric Garza — You’re not a stagnant ministry. You’re not a you’re not a lazy ministry, right? You’re not apathetic. You’re really out in the field of vision that God has given you or to your senior leadership. And so it’s proof positive, right? And so take that as an badge of honor in some way to say, we must be doing something right.Rich Birch — So good. Well, Eric, just as we’re coming to kind of land, this has been a great conversation, hopefully been helpful for you, friends, as you’ve have been listening in. But as we kind of come to land today’s conversation, what’s a question or two that that you’re kicking around for this year at at Cross as you’re thinking about 2026? Where’s your head at? What are the things you’re wondering? It doesn’t have to be about this, could be anything.Eric Garza — Yeah, well, ah thanks for letting me speak into that, Rich. I think for me as an executive and looking at our ministry, you know, looking at the previous 30 years and looking at the next decade, if you will, of where God is going to take our ministry, being one of America’s fastest growing churches, being the largest bilingual Hispanic-led ministry in the country. We’ve, you know, like I’ve said in a previous episode with you, we haven’t had any precedent for us in our context. And so we’ve navigated a lot of uncharted waters and learned from both wins and losses and different opportunities and struggles to get us to where we’re at now. Eric Garza — I think one of the biggest questions facing the church at large in 2026 is how the church is going to respond to the ever increasingly fast-paced changes that we’re seeing on the political front, on the cultural front. I’m not saying that the church has to be a political response. The church has to be, has to provide a biblical response to what we’re seeing.Rich Birch — Yep. Eric Garza — And with the fast paced nature of culture and society and trends, I don’t believe it’s the church’s responsibility to respond to every trend or to everything, but certainly the overarching elements of our current culture and political dynamic where there is a biblical either mandate or precedent for it, that the church would speak it into that and provide biblical perspective… Rich Birch — That’s good. Eric Garza — …and and and wisdom for how people should think about certain topics that have a biblical or moral prerogative. And so navigating that as an organization, because as a growing church and being such a large ministry, if you can imagine the opinions. We have people in our church who are conservative and who some who are not. We have people who belong to one political party over another. We’re in multiple communities. And so different communities have different demographics, different cultural contexts, different policy initiatives. There’s a lot going on.Eric Garza — And as a church ministry, especially as that we’re multisite, one of the biggest questions I’m asking myself and our team is how do we, number one, stay biblically founded, right? And unwavering in what the biblical standard is.Eric Garza — Number two is how do we address the different things and different occurrences in different communities that we’re in? If we were just one site and one community, well, then we would just be I guess you could say in our own little space and our own little focus. But we have multisites, so we have multi-focus, if you will, at how we continue to provide as excellent a ministry as possible… Rich Birch — That’s good. Eric Garza — …keeping Jesus at the forefront, above the fray, and at the same time, giving a biblical perspective so that people have the right biblical worldview for how to walk out their journey of faith their relationship with Christ, but at the same time, how to respond to what’s happening in our world. I think for many times, for for many years, really for decades, the church has abdicated its biblical responsibility, if you will, to speak into things, not from a political perspective, but from a biblical perspective.Eric Garza — And because that abdication of responsibility we’ve seen a lot of things that have happened. Thankfully, in recent seasons, in recent years, we’ve seen a a shift where faith is now at the forefront. And so though I have that question, my biggest, I guess you could say prerogative is to leverage that people are focused more on faith, that people are open to faith now more so in our country, that people are focused more on this person of Jesus and is to leverage that as an opportunity to really hone in and speak into people’s hearts and minds and into the different communities that we’re in so that they have the right biblical perspective, the biblical worldview to carry out what God has enabled them or called them to do.Rich Birch — Yeah, that’s so good. I love I love what you’re saying there. And you know I know had a friend say, you know if you’re, you know, we we all are serving in a context. We serve in a particular time, in a particular cultural context, and God’s called us to lead in that context. And if you’re not feeling the pull from, you know, multiple sides, multiple polarities, you’re like, well, everybody here agrees with me then it means you’re not actually reaching your community, you know. And the fact that you’re feeling that tension means, okay, like there’s there’s people from a wide variety of, and it can be all different political is one, but there’s lots of different ways to think of that.Eric Garza — Yeah.Rich Birch — And yeah, that’s that’s so true. I really appreciate this. Well, Eric, you’re you’re a blessing to us. I thank you so much for for giving us time today and helping us think about these things as we kick off into 2026. If where do we want to send people if they want to track with you or with the church?Rich Birch — How do we how do we want to get people connected to Cross?Eric Garza — Yeah, well, Rich, thanks for the opportunity. And it’s what a blessing for us and for me personally to be able to just share some thoughts. And if it helps anybody, well, praise God for that. I think if you want to follow the church, we’re crosschurchonline.com or crosschurchrgv on Instagram, YouTube, Facebook, all of, you know, most of the social media platforms.Eric Garza — If you want to connect with me, I’d be happy to connect with you at Eric, E-R-I-C-P Garza on any of social media platforms. It’d be a h privilege for me to help you guys and to share some thoughts and even answer questions. I’d be more than happy to do that. If I can serve your ministries in any way, by all means, feel free to reach out to me on any of the social media platforms.Rich Birch — Nice. Thanks so much, Eric. Really appreciate being here today, sir. Thank you. Eric Garza — Thank you, man. God bless. Appreciate it.

Trump defends his economy and calls “affordability” a fake word. Then, tensions escalate in Minneapolis as federal agents clash with protestors and top prosecutors resign over the Justice Department's handling of the ICE shooting investigation. And, the death toll from Iran's protests rises as Trump encourages protesters and warns of "strong action" by the U.S.                                                                                        Symone Sanders hosts as Jeff Mason, Toulouse Olorunnipa, David Drucker, Brendan Greeley, Max Chafkin, Mark Joseph Stern, and Nayyera Haq join "The 11th Hour" this Tuesday night. To listen to this show and other MS podcasts without ads, sign up for MS NOW Premium on Apple Podcasts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hockey prices, the reporting telephone, and Tiktok addiction!- h1 full 2294 Wed, 14 Jan 2026 21:19:37 +0000 vvUMwiXCXvj9kpyTtuqC9cJY8X2mY2bA comedy,religion & spirituality,society & culture,news,government The Dave Glover Show comedy,religion & spirituality,society & culture,news,government Hockey prices, the reporting telephone, and Tiktok addiction!- h1 The Dave Glover Show has been driving St. Louis home for over 20 years. Unafraid to discuss virtually any topic, you'll hear Dave and crew's unique perspective on current events, news and politics, and anything and everything in between. © 2025 Audacy, Inc. Comedy Religion & Spirituality Society & Culture News Government False https://player.amperwavepod

The Bureau of Labor Statistics released the final consumer price index reading for 2025 this morning. Spoiler alert: Inflation is still too high. Prices were up 2.7% from the year before and up 0.3% between November and December. This morning, we'll unpack. Plus, President Donald Trump wants to cap credit card rates at 10%. What consequences would there be for consumers and banks? And: inside a quantum computing site in Santa Barbara.

The Bureau of Labor Statistics released the final consumer price index reading for 2025 this morning. Spoiler alert: Inflation is still too high. Prices were up 2.7% from the year before and up 0.3% between November and December. This morning, we'll unpack. Plus, President Donald Trump wants to cap credit card rates at 10%. What consequences would there be for consumers and banks? And: inside a quantum computing site in Santa Barbara.

In our news wrap Tuesday, inflation held mostly steady in December as prices rose 2.7% compared to a year before, Bill and Hillary Clinton are refusing to testify in a congressional investigation of Jeffrey Epstein and Gaza officials say at least four people are dead after strong winds knocked over walls and destroyed makeshift shelters. PBS News is supported by - https://www.pbs.org/newshour/about/funders. Hosted on Acast. See acast.com/privacy