Podcasts about Private equity

In this episode, Craig Castelli, Founder and CEO of Caber Hill Advisors and host of The Close M&A Podcast, shares findings from the firm's annual private equity survey and reflects on a volatile 2025.

Stewart Alsop interviews Tomas Yu, CEO and founder of Turn-On Financial Technologies, on this episode of the Crazy Wisdom Podcast. They explore how Yu's company is revolutionizing the closed-loop payment ecosystem by creating a universal float system that allows gift card credits to be used across multiple merchants rather than being locked to a single business like Starbucks. The conversation covers the complexities of fintech regulation, the differences between open and closed loop payment systems, and Yu's unique background that combines Korean martial arts discipline with Mexican polo culture. They also dive into Yu's passion for polo, discussing the intimate relationship between rider and horse, the sport's elitist tendencies in different regions, and his efforts to build polo communities from El Paso to New Mexico. Find Tomas on LinkedIn under Tommy (TJ) Alvarez.Timestamps00:00 Introduction to TurnOn Technologies02:45 Understanding Float and Its Implications05:45 Decentralized Gift Card System08:39 Navigating the FinTech Landscape11:19 The Role of Merchants and Consumers14:15 Challenges in the Gift Card Market17:26 The Future of Payment Systems23:12 Understanding Payment Systems: Stripe and POS26:47 Regulatory Landscape: KYC and AML in Payments27:55 The Impact of Economic Conditions on Financial Systems36:39 Transitioning from Industrial to Information Age Finance38:18 Curiosity and Resourcefulness in the Information Age45:09 Social Media and the Dynamics of Attention46:26 From Restaurant to Polo: A Journey of Mentorship49:50 The Thrill of Polo: Learning and Obsession54:53 Building a Team: Breaking Elitism in Polo01:00:29 The Unique Bond: Understanding the Horse-Rider Relationship01:05:21 Polo Horses: Choosing the Right Breed for the GameKey Insights1. Turn-On Technologies is revolutionizing payment systems through behavioral finance by creating a decentralized "float" system. Unlike traditional gift cards that lock customers into single merchants like Starbucks, Turn-On allows universal credit that works across their entire merchant ecosystem. This addresses the massive gift card market where companies like Starbucks hold billions in customer funds that can only be used at their locations.2. The financial industry operates on an exclusionary "closed loop" versus "open loop" system that creates significant friction and fees. Closed loop systems keep money within specific ecosystems without conversion to cash, while open loop systems allow cash withdrawal but trigger heavy regulation. Every transaction through traditional payment processors like Stripe can cost merchants 3-8% in fees, representing a massive burden on businesses.3. Point-of-sale systems function as the financial bloodstream and credit scoring mechanism for businesses. These systems track all card transactions and serve as the primary data source for merchant lending decisions. The gap between POS records and bank deposits reveals cash transactions that businesses may not be reporting, making POS data crucial for assessing business creditworthiness and loan risk.4. Traditional FinTech professionals often miss obvious opportunities due to ego and institutional thinking. Yu encountered resistance from established FinTech experts who initially dismissed his gift card-focused approach, despite the trillion-dollar market size. The financial industry's complexity is sometimes artificially maintained to exclude outsiders rather than serve genuine regulatory purposes.5. The information age is creating a fundamental divide between curious, resourceful individuals and those stuck in credentialist systems. With AI and LLMs amplifying human capability, people who ask the right questions and maintain curiosity will become exponentially more effective. Meanwhile, those relying on traditional credentials without underlying curiosity will fall further behind, creating unprecedented economic and social divergence.6. Polo serves as a powerful business metaphor and relationship-building tool that mirrors modern entrepreneurial challenges. Like mixed martial arts evolved from testing individual disciplines, business success now requires being competent across multiple areas rather than excelling in just one specialty. The sport also creates unique networking opportunities and teaches valuable lessons about partnership between human and animal.7. International financial systems reveal how governments use complexity and capital controls to maintain power over citizens. Yu's observations about Argentina's financial restrictions and the prevalence of cash economies in Latin America illustrate how regulatory complexity often serves political rather than protective purposes, creating opportunities for alternative financial systems that provide genuine value to users.

00:00 - Intro 00:24 - Part 1. The visible layer 03:52 - Part 2. The hidden layer 07:46 - Part 3. The engine room Tools: Protect yourself online with NordVPN: https://www.nordvpn.com/alux Get a free audiobook when you sign up: https://www.alux.com/freebook Start an online store today: https://www.alux.com/sell Sell an online course: https://try.thinkific.com/f5rt2qpvbfokAlux.com is the largest community of luxury & fine living enthusiasts in the world. We are the #1 online resource for ranking the most expensive things in the world and frequently referenced in publications such as Forbes, USA Today, Wikipedia and many more, as the GO-TO destination for luxury content! Our website: https://www.alux.com is the largest social network for people who are passionate about LUXURY! Join today! SUBSCRIBE so you never miss another episode: https://goo.gl/KPRQT8 -- To see how rich is your favorite celebrity go to: https://www.alux.com/networth/ -- For businesses inquiries we're available at: https://www.alux.com/contact/

Dan Lee is a Partner at Pin High Strategies, a merchant banking and advisory firm serving independent sponsors and founder-led businesses on capital raising and strategic growth. He has spent 25 years investing in private companies across both debt and equity. Previously, Dan was a Partner at Garnett Station Partners and a co-founder of Comvest Capital Partners, which he helped grow from $250 million to $12 billion. He has partnered with more than 100 founders and small businesses to support long-term growth and value creation. In this episode… Strong businesses don't grow from setbacks alone — they grow when leaders turn experience and relationships into leverage. What separates founders who scale from those who plateau isn't just strategy, but how well they activate networks and capital. How do entrepreneurs rebound from career shifts, tap deep connections, and leverage the rise of independent sponsors? Drawing on decades of private equity and advisory work, Dan Lee explains how enduring relationships and strategic focus create a competitive advantage. As a partner at Pin High Strategies, he explains how collaboration, trust, and long-term alignment transform networks into genuine opportunities rather than one-off transactions. Dan also explores the growing influence of independent sponsors — operators who acquire and grow companies without traditional institutional funds — and why this model gives founders both flexibility and control. In this episode of the Inspired Insider Podcast, Dr. Jeremy Weisz sits down with Dan Lee, Partner at Pin High Strategies, to discuss building resilient business platforms and leveraging deep networks for capital and growth. They explore why independent sponsors are gaining traction, how strategic niches accelerate success, and how to turn professional setbacks into new opportunities. Dan also shares lessons on raising capital, scaling platforms, and building partnerships that last.

Dan Lee is a Partner at Pin High Strategies, a merchant banking and advisory firm serving independent sponsors and founder-led businesses on capital raising and strategic growth. He has spent 25 years investing in private companies across both debt and equity. Previously, Dan was a Partner at Garnett Station Partners and a co-founder of Comvest Capital Partners, which he helped grow from $250 million to $12 billion. He has partnered with more than 100 founders and small businesses to support long-term growth and value creation. In this episode… Strong businesses don't grow from setbacks alone — they grow when leaders turn experience and relationships into leverage. What separates founders who scale from those who plateau isn't just strategy, but how well they activate networks and capital. How do entrepreneurs rebound from career shifts, tap deep connections, and leverage the rise of independent sponsors? Drawing on decades of private equity and advisory work, Dan Lee explains how enduring relationships and strategic focus create a competitive advantage. As a partner at Pin High Strategies, he explains how collaboration, trust, and long-term alignment transform networks into genuine opportunities rather than one-off transactions. Dan also explores the growing influence of independent sponsors — operators who acquire and grow companies without traditional institutional funds — and why this model gives founders both flexibility and control. In this episode of the Inspired Insider Podcast, Dr. Jeremy Weisz sits down with Dan Lee, Partner at Pin High Strategies, to discuss building resilient business platforms and leveraging deep networks for capital and growth. They explore why independent sponsors are gaining traction, how strategic niches accelerate success, and how to turn professional setbacks into new opportunities. Dan also shares lessons on raising capital, scaling platforms, and building partnerships that last.

Nick welcomes back David Jenyns, author of Systemology and Systems Champion, to discuss the seismic shifts in business operations triggered by AI.  David shares how the sudden emergence of ChatGPT disrupted his own documentation business, leading to a deeper realisation that clear business processes are the essential "programming" for AI to function effectively. Together, they explore a strategic approach to scaling: mapping out core processes first to ensure that AI and automation are applied to a solid foundation rather than chaotic workflows.  KEY TAKEAWAYS Business processes are essentially the "programming for the machines"; having clear, documented workflows is a prerequisite for effectively integrating AI and automation. Most existing businesses will benefit from mapping their "critical client flow"—the linear journey from prospect to delivery—and then identifying where AI can solve specific pain points or improve efficiency. AI shouldn't just replace roles but should be used to "power up" smart team members, allowing them to produce higher-quality output faster by automating repetitive tasks. As AI agents take over more execution-level tasks, the role of management may shift toward overseeing these automated systems and ensuring they align with the company's core strategy and KPIs. BEST MOMENTS "Process is the programming for the machines."  "I think the blessing was, though, it got me to start acting with urgency, whereas a lot of people they're still not acting with enough urgency around what AI is going to do."  "If we were building this again knowing what we know now with AI becoming so prevalent, what would we do differently?" "In the land of the blind, the one-eyed man is king." VALUABLE RESOURCES David Jenyns LinkedIn - https://au.linkedin.com/in/david-jenyns?original_referer=https%3A%2F%2Fwww.google.com%2F To get your copy of Nick's new book, go to http://bit.ly/4ngC2hO Exit Your Business For Millions - Download This Guide: https://go.highvalueexit.com/opt-in Nick's LinkedIn: https://www.linkedin.com/in/realnickbradley Nick Bradley is a world-renowned author, speaker, and business growth expert, who works with entrepreneurs, business leaders, and investors to build, scale and sell high-value companies. He spent 10+ years working in Private Equity, where he oversaw 100+ acquisitions, 26 exits, and over $5 Billion in combined value created. He has one of the top-ranked business podcasts in the UK (with over 1m downloads in over 130 countries). He now spends his time coaching and consulting business owners in building and scaling high-value business towards life-changing exits. This Podcast has been brought to you by Disruptive Media. ⁠https://disruptivemedia.co.uk/

In this episode of Excess Returns, we're joined again by Dan Rasmussen of Verdad Advisors for a wide-ranging conversation that challenges some of the most popular narratives in markets today. From private equity and private credit risks to AI-driven capital cycles and overlooked opportunities in biotech and international equities, Dan offers a deeply research-driven perspective on where investors may be misallocating capital and where future returns could emerge. Alongside Justin and special guest co-host Kai Wu, the discussion connects valuation, incentives, and innovation in a market environment shaped by concentration, leverage, and technological change.Main topics covered• Why private equity performance continues to disappoint and where the biggest structural risks are emerging• The growing stress in private credit and what rising bankruptcies signal for lower middle-market deals• Why democratizing private equity through 401ks, interval funds, and ETFs may create more problems than solutions• How AI CapEx is changing the economics of Big Tech and why asset-light models may be getting worse, not better• The case for diversifying away from U.S. concentration toward international markets and international small value• Why bubbles are often necessary for innovation and how to think about AI through that historical lens• How investors may be underestimating valuation and growth bankruptcy risk in the Mag 7• Why biotech is one of the hardest sectors to model and how Verdad rebuilt its framework from scratch• How intangible value, clinical trial data, specialist ownership, and peer momentum can improve biotech investing• What capital starvation, M&A dynamics, and global competition mean for biotech's future returnsTimestamps00:00 Introduction and market narratives02:20 Revisiting private equity risks and performance06:58 Private credit stress and bankruptcy signals10:58 Private equity in 401ks and interval fund risks14:52 Private assets in ETFs and liquidity concerns15:45 Why bubbles drive innovation and capital formation20:13 AI CapEx, Mag 7 concentration, and valuation risk25:24 International diversification and market leadership29:41 Why Verdad turned to biotech research37:13 Rebuilding biotech valuation and quality metrics44:26 Clinical trial data and peer momentum insights49:17 Portfolio construction and long-short biotech strategies51:00 Capital starvation, AI, and biotech's setup53:58 Research culture, humility, and evolving quant models

In this episode of Tank Talks, Matt Cohen and John Ruffolo unpack the ripple effects of Y Combinator's decision to exclude Canadian startups from their investment portfolio unless they're incorporated in the U.S. or other tax-friendly jurisdictions. This move has sent shockwaves through the Canadian tech ecosystem, and Matt and John break down exactly why this matters for founders and investors alike.The conversation explores the myth of U.S. incorporation being the golden ticket for capital-raising and the rise of a narrative that Canadian entrepreneurs must leave their home country to achieve success. Matt and John challenge this narrative head-on, providing deep insights into why Canadian tech companies can still thrive domestically and refuting the data that YC used to justify their decision.Y Combinator Shakes Up Canadian Startups (01:09)YC has revised its investment criteria to exclude Canadian companies unless they're incorporated in the U.S. or certain tax havens. The duo debates the implications of this shift and how it impacts Canadian founders who are now questioning their incorporation choices.The False Narrative of U.S. Incorporation (03:09)John breaks down the myth that U.S.-incorporated companies raise more capital than their Canadian counterparts, calling out misleading data points used by YC's Garry Tan to justify the shift. The conversation digs into why this narrative is misleading and what Canadian entrepreneurs can do to counter it.Why YC's Data Doesn't Tell the Full Story (05:35)John explains how some of Canada's most successful tech companies didn't follow the YC path and still thrived, refuting the idea that incorporation in the U.S. is always the best move for Canadian startups.The Ripple Effect on Early-Stage Founders (06:25)The discussion turns to the younger generation of founders who now believe they must incorporate in the U.S. to succeed, potentially setting them up for unnecessary challenges.The Shift from PE to VC: Innovator's Dilemma (14:07)Matt and John shift gears to discuss private equity's struggle with legacy enterprise software companies in the wake of AI disruption. They explore how PE firms are transforming into venture funds to keep up with market changes, creating a new kind of investment landscape.The AI Crisis for Private Equity (15:10)As AI-native startups disrupt traditional software models, private equity firms face extended hold periods on their investments. Matt and John explore how firms like Thoma Bravo are adjusting their strategies to deal with these changes.CGI Partners with OpenAI: The Changing Consulting Landscape (18:54)The episode wraps up with a discussion on CGI's new global alliance with OpenAI. This partnership marks a major shift in the IT consulting world, with CGI aiming to integrate AI at scale. Matt and John speculate on the future of AI in enterprise consulting and what this means for legacy players like CGI.Connect with John Ruffolo on LinkedIn: https://ca.linkedin.com/in/joruffoloConnect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1Visit the Ripple Ventures website: https://www.rippleventures.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

In this episode of FP&A Unlocked, hosts Paul Barnhurst and Glenn Snyder sit down with Jeffrey Bernstein to explore how finance leaders can better communicate financial insights and influence decision-making across an organization. The conversation focuses on the gap between technical financial knowledge and the ability to clearly explain what the numbers actually mean to non-finance stakeholders.Jeffrey is a Senior Managing Director and Head of Capital Markets Advisory at Riveron, a leading advisor to the Office of the CFO and Private Equity. Early in his career, Jeff was a Managing Director at Goldman Sachs, where he helped execute IPOs in the technology sector for over a decade. Afterward, he spent more than 15 years as a portfolio manager investing in disruptive public and private companies. For the last eight years, Jeff has served as a trusted strategic advisor to pre-IPO companies, guiding them toward successful public exits.Expect to Learn:Why finance professionals play a crucial role in the IPO processHow to prepare a company financially for a successful public listingThe importance of building financial trust with public investorsHow to evaluate the readiness of your financial systems and team for the IPO processHere are a few relevant quotes from the episode:“The biggest change from private to public is transitioning from over-promising to under-promising and over-delivering.”- Jeff Bernstein“Financial integrity isn't just about the numbers; it's about being transparent, avoiding gimmicks, and sticking to metrics that have real meaning.”- Jeff BernsteinJeff shares valuable insights on the complexities of going public, managing quarterly earnings, and maintaining investor trust. He also discusses how FP&A teams can help steer the company through financial reporting, forecasting, and strategic decision-making post-IPO.Follow Jeffrey:LinkedIn - https://www.linkedin.com/in/jeff-bernstein-498a23158/Company - https://www.linkedin.com/company/riveron/Website - https://riveron.com/Follow Glenn:LinkedIn - https://www.linkedin.com/in/glenntsnyder/Earn Your CPE Credit For CPE credit please go to earmarkcpe.com, listen to the episode, download the app, and answer a few questions and earn your CPE certification. To earn education credits for FPAC Certificate, take the quiz on earmark and contact Paul Barnhurst for further details.In Today's Episode[01:42] – Meet Jeff Bernstein[04:58] – Transitioning to Public Company[08:36] – The Role of FP&A in IPO[12:44] – Investor Trust and Forecasting[17:10] – Financial Integrity[21:58] – Preparing for the IPO Process[26:35] – Stress-Testing Forecasts[30:42] – Earning Investor Trust[34:18] – Organizational...

Le sujet :L'industrie financière a transformé l'investissement en produit de grande consommation : private equity à 1 €, gestion passive, ETF, DCA automatisé… Mais cette démocratisation cache un piège redoutable : des idées reçues qui vous poussent à investir sans vous poser les bonnes questions.L'invité du jour :Mathieu Vaissié est directeur associé de Ginjer AM et chargé de cours en gestion d'actifs à l'Université Paris-Dauphine.Au micro de Matthieu Stefani, il déconstruit 10 croyances populaires qui vous font perdre de l'argent. En voici 5 :La volatilité n'est pas le vrai risqueLa diversification dilue les gains potentielsLes frais bas ne garantissent pas la performanceLe DCA vous fait manquer les meilleures opportunitésLes thématiques populaires sont les pires investissementsPréparez-vous à remettre en question tout ce que vous croyiez savoir sur l'investissement.Ils citent les références suivantes :Le compte Instagram L'Esprit CritiqueLe livre de Shane Parrish, Penser avec clartéL'étude SPIVAL'étude "Mind the Gap US 2025" de MorningstarAinsi que d'anciens épisodes de La Martingale :Le premier épisode de Mathieu Vaissié dans La Martingale : #63 Gérer ses risques, de la théorie à la pratiqueOn vous souhaite une très bonne écoute ! C'est par ici si vous préférez Apple Podcasts, ou ici si vous préférez Spotify.Et pour recevoir toutes les actus et des recommandations exclusives, abonnez-vous à la newsletter, c'est par ici.La Martingale est un podcast du label Orso Media.Merci à notre partenaire Louve Invest, l'assurance-vie aux frais les plus bas du marché*.Bénéficiez de 0,35% de frais de gestion à vie sur les supports en unités de compte jusqu'au 14/02 : https://lp.louveinvest.com/offre-av-la-martingale*Source : Benchmark de novembre 2025 réalisé par Les Echos Études.Hébergé par Audiomeans. Visitez audiomeans.fr/politique-de-confidentialite pour plus d'informations.

In this episode of The Liquidity Event, AJ is joined by Caitlin, Brooklyn Fi's Director of Financial Planning, to unpack why the math of modern life feels so broken. They start with the true cost of having a stay-at-home parent, breaking down why headlines claiming it only takes $90,000 a year fall apart once you factor in taxes, housing, childcare backups, and real-world spending. From there, the conversation turns to how private equity is quietly reshaping essential services — from volunteer fire departments and hospitals to fertility clinics and Toys "R" Us — and why consolidation often leads to higher costs and worse outcomes. The episode wraps with a lighter discussion on sleep chronotypes and early mornings, listener questions on Botox tipping etiquette, inheritance planning and startup risk, and why holding more cash (in a high-yield savings account) can actually make investors feel more confident in uncertain markets. Key Timestamps (00:00) Welcome to Episode 174 and what's on deck (01:15) Introducing Caitlin and her role at Brooklyn Fi (03:09) How much it really costs to have a stay-at-home parent (04:18) The K-shaped economy and why middle-class math doesn't work (06:41) Private equity and volunteer fire departments (08:15) Consolidation, monopolies, and rising fire truck costs (10:32) Toys "R" Us, hospitals, and private equity fallout (12:04) Fertility clinics, healthcare consolidation, and service breakdowns (14:34) Sleep chronotypes, early risers, and waking up at 5 a.m. (19:18) Botox tipping etiquette and the med spa economy (22:46) Inheritance planning, startup risk, and how much is okay to invest (26:04) Market fear, cash cushions, and why high-yield savings matter  

Życie po exicie 3.0 - konferencja dla przedsiębiorców, którzy myślą o sprzedaży swojej firmy.Poznaj historie founderów po exicie, zdobądź inspiracje i praktyczne wskazówki, jak się przygotować i jak zaplanować kolejny etap życia.Dołącz: 5 marca 2026, Hotel Verte w Warszawie: http://zyciepoexicie.pl_______________Czy zastanawiałeś się kiedyś, jak wygląda proces sprzedaży firmy "od kuchni"? Czy 500 milionów złotych na koncie zmienia wszystko, czy może dopiero wtedy zaczynają się prawdziwe schody? W tym odcinku analizujemy historie gości audycji, którzy przeszli pełną drogę: od założenia startupu, przez trudne negocjacje, aż po moment wpływu pieniędzy na konto. Dowiesz się:

In this episode of Carlsbad: People, Purpose and Impact, host Bret Schanzenbach sits down with Bennett Mann, valuation specialist and business broker with The Chase Group, to talk about what it really takes to build – and successfully sell – a small business.Bennett, a San Diego native and SDSU economics grad with additional business analysis training from UCSD, shares his career path through valuation roles at Bank of America, CoreLogic, and consulting for Fortune 500 companies. He explains how those experiences led him to focus on privately held small businesses and helping owners plan their “third chapter.”You'll hear:Why only 15–30% of small businesses that go on the market actually sellHow to avoid being one of the 70–85% that simply close their doorsWhat a valuation specialist does and how Bennett helps owners understand their current market valueThe danger of being an owner-dependent “lifestyle business” vs. building a transferable companyWhy clean, credible financial records are non-negotiable if you want buyers to take you seriouslyHow to turn your “secret sauce” into documented intellectual property and processesDifferent types of buyers: family, employees, strategic buyers, and private equityWhy you should start planning your exit 3–5 years before you want to sellBennett's love of Carlsbad's outdoor life, from Batiquitos Lagoon to Lake CalaveraWhether you're years away from selling or just starting to think about your next chapter, this episode will help you look at your business through a buyer's eyes and start making decisions that increase both its value and your freedom.Connect with Bennett MannLinkedIn: Bennett MannEmail: bennett@chasegroup.usTune in to Carlsbad: People, Purpose and Impact to learn how to build a business that can thrive – and sell – without you.Quotes“Most businesses that don't sell have one thing in common: the owner is the business.”“Clean books are what sell businesses. Buyers have to be able to trust your numbers.”“Documenting your ‘secret sauce' turns what's in your head into real, transferable value.”“Two businesses can have the same bottom line, but the one that runs without the owner is worth far more.”“The ideal time to plan your exit is three to five years before you want to sell – or when you start the business.” Did this episode have a special impact on you? Share how it impacted youCarlsbad Podcast Social Links:LinkedInInstagramFacebookXYouTubeSponsor: This show is sponsored and produced by DifMix Productions. To learn more about starting your own podcast, visit www.DifMix.com/podcasting

Sean Mooney, Founder and CEO of BluWave, shares the key takeaways from BluWave's 2025 Private Equity Insights Report and what they signal for the year ahead. Drawing on real-time data from hundreds of PE firms and thousands of portfolio companies, he outlines how the industry shifted from defense to offense, why diligence and value creation surged late in the year, and what separates winners from laggards entering 2026. Sean also delivers clear predictions on AI adoption, talent, software sprawl, and the accelerating deal rebound. This episode sets the context every private equity leader needs before leaning into the next cycle—press play. Episode Highlights 0:58 – Why private equity shifted from defense to offense in 2025 4:48 – What GDP, inflation, and productivity data revealed about economic resilience 9:59 – The 41% diligence surge and why it's a leading indicator for deal flow 12:36 – Human capital's comeback and what new deals signal for leadership hiring 18:20 – 2026 predictions: AI moves from buzzword to execution tactic 27:58 – Avoiding AI pilot purgatory and prioritizing adoption that actually delivers ROI 37:21 – Why dry powder, LP pressure, and speed will define the next PE deal cycle For more on BluWave, visit: https://www.bluwave.net/ To request the full Q4 2025 Insights Report, visit: https://www.bluwave.net/insights-report/  

Lak Lakshmanan had a successful career in Private Equity and Big Tech, but he realized he couldn't just "coach the game" while the rules were changing. He had to get back on the field play it. We discuss vertical AI, the "foolhardiness" required to start a company , the reality of the AI technology wave, and why sitting on the sidelines is the biggest risk of all.LinkedIn: https://www.linkedin.com/in/valliappalakshmananGenerative AI Design Patterns (book): https://amzn.to/45v0xBO

Our guest on the podcast today is Leyla Kunimoto. Leyla is the founder and editor of Accredited Investor Insights, a newsletter that helps investors navigate private markets. She writes about private equity, private credit, and real estate, focusing on the practical realities of evaluating alternative investments from the limited partner perspective. Leyla began investing in public markets in 2001 and expanded into private markets in 2020, with current holdings spanning public equities, real estate, and alternatives. She started her career in finance and management consulting after graduating from the University of Washington. She also worked in advisory services at a Big Four accounting firm.BackgroundLeyla KunimotoAccredited Investor InsightsPrivate Equity, Private Credit, and Private Real Estate“Inside the Black Box: What First Brands Teaches Us About CLO Risk,” by Leyla Kunimoto, AccreditedInsight.com, Oct. 2, 2025“Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It," by Alexander Saeedy, WSJ.com, July 13, 2025“PIK Is Whispering. Are You Listening?” by Leyla Kunimoto, AccreditedInsight.com, June 12, 2025.“Private Credit Interval Fund,” by Leyla Kunimoto, AccreditedInsight.com, Aug. 24, 2025.“Non-Traded BDC Meets Mr. Market,” by Leyla Kunimoto, AccreditedInsight.com, Nov. 20, 2025“The Problem With PME,” by Leyla Kunimoto, AccreditedInsight.com, Oct. 9, 2025.“Private Equity 101: What Every LP Should Know,” by Leyla Kunimoto, AccreditedInsight.com, July 31, 2025.“Private Markets in 2026: What Changes, What Sticks,” by Leyla Kunimoto, AccreditedInsight.com, Dec. 28, 2025.“It's NAV … Until You Want Liquidity,” by Leyla Kunimoto, AccreditedInsight.com, Jan. 8, 2026.“Why Vanguard, Champion of Low-Fee Investing, Joined the ‘Private Markets' Craze,” by Matt Wirz and Anne Tergesen, WSJ.com, July 2, 2025“The Golden Doodle of Private Markets: Evergreen Secondaries” by Leyla Kunimoto, AccreditedInsight.com, Oct. 30, 2025.Books MentionedRich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, by Robert KiyosakiThe Intelligent Investor: The Definitive Book on Value Investing, by Benjamin GrahamMastering The Market Cycle: Getting the Odds on Your Side, by Howard Marks Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Émission du 27/01/2025 présentée par Amaury de Tonquédec avec Ornella Poulain, Investisseuse immobilière et Louis Daif, Investisseur immobilier. Pour tout savoir sur l'investissement immobilier en 2026, ça se passe ici ! Vos questions : Faut-il commencer par acheter sa résidence principale, ou vaut-il mieux investir directement dans du locatif ?Comment présenter aujourd'hui un dossier solide à la banque pour maximiser ses chances d'emprunt ?Que se passe-t-il concrètement quand un locataire ne paie pas son loyer ?Est-il encore possible d'emprunter sans apport, ou est-ce devenu un mythe ?Pour investir en immobilier, vaut-il mieux viser la ville ou la campagne, et selon quels objectifs ?Est-il plus pertinent de faire une grosse opération ou plusieurs investissements plus modestes dans le temps ?Jusqu'à quand investir en nom propre reste pertinent ?À partir de quel moment faut-il commencer à structurer ses investissements (société, montage, organisation) ?Quand et pourquoi créer une SCI ?Quand on est déjà propriétaire de sa résidence principale, vaut-il mieux investir via des SCPI à crédit ou via de l'immobilier locatif en direct Et bien sûr, les QUESTIONS CASH !

In this conversation, Vince Nardo shares his extensive experience in the home services industry, discussing the challenges and strategies involved in breaking into new markets, the complexities of private equity, and the importance of grassroots marketing. He emphasizes the need for a strong company culture, effective marketing strategies, and team alignment to drive growth. Vince also reflects on the significance of recognizing and retaining talent, as well as the importance of having a plan for life after selling a business. 00:00 Breaking into New Markets 02:04 Vince Nardo's Journey in Home Services 05:36 The Challenges of Private Equity 10:06 Grassroots Marketing Strategies 12:54 Establishing a Strong Business Foundation 17:22 The Importance of Culture in Business 23:44 Marketing as the Core of Business Success 30:05 Aligning Teams for Growth 37:29 Recognizing and Retaining Talent 53:21 Life After Selling a Business

Are you accidentally breaking CPA rules across state lines? Guest Lindsay Patterson, CPA CIA breaks down the new mobility landscape after alternative licensure paths—and the surprising data firms must track to avoid fines, failed peer reviews, and redoing audits. Plus: Congress's Fiscal State of the Nation bill, Deloitte's PR storm, QuickBooks' AI reconciliation, and what's driving a rebound in accounting majors. Walk away knowing where to get licensed, what triggers penalties, and how to protect your firm.SponsorsTaxBandits - http://accountingpodcast.promo/taxbanditsEarmark - http://accountingpodcast.promo/earmarkOnPay - http://accountingpodcast.promo/onpayUNC - http://accountingpodcast.promo/uncChapters(00:00) - Introduction and CPA Email Incident (00:33) - AI in QuickBooks: A Game Changer? (06:00) - Live Stream Shoutouts and YouTube Promotion (06:54) - New Legislation: Fiscal State of the Nation Act (10:37) - CPA Mobility and Alternative Pathways (11:47) - Guest Segment: Lindsay Patterson on CPA Mobility (33:13) - Deloitte's Bad Week: Controversies and Criticisms (35:58) - CPA Firms in Trouble: The Zwick CPA Case (40:05) - Jerome Powell's Defiant Statement (44:29) - Why Accountants Leave Public Accounting (51:24) - Listener Emails and Final Thoughts (52:08) - The Future of Accounting Jobs (55:12) - Private Equity in CPA Firms  Meet Lindsay Patterson: LinkedIn: https://www.linkedin.com/in/lindsaypatterson/Show NotesAICPA Urges Congressional Support for Fiscal State of the Nation Act https://www.aicpa-cima.com/news/article/aicpa-urges-congressional-support-for-fiscal-state-of-the-nation-actBarr Reintroduces Bipartisan Fiscal State of the Nation Act to Strengthen Oversight of Government Spending https://barr.house.gov/press-releases?id=EDF451C5-EEAE-44D7-85A8-2B714E9D7822For CPAs, one license — and 55 rulebooks https://www.accountingtoday.com/opinion/for-cpas-one-license-and-55-rulebooksDeloitte's Disturbing Pattern Allegedly Cost Americans Health Coverage, Delayed Benefits, and the US Government $74Bhttps://www.ibtimes.co.uk/deloittes-disturbing-pattern-allegedly-cost-americans-health-coverage-delayed-benefits-us-1773010Deloitte to ramp up India operations with 50,000 new hires https://www.internationalaccountingbulletin.com/news/deloitte-hiring-india/PCAOB Sanctions Audit Firm, an Owner of That Firm, and a Former Audit Manager for Multiple Violations of PCAOB Rules and Standardshttps://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-sanctions-audit-firm--an-owner-of-that-firm--and-a-former-audit-manager-for-multiple-violations-of-pcaob-rules-and-standardsPCAOB bars Zwick CPA, owner and manager https://www.accountingtoday.com/news/pcaob-bars-zwick-cpa-owner-and-managerTurnover Experiences in Public Accounting and Alumni's Decisions to 'Give Back' https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4266300U.S. Accounting Undergraduate Enrollment Rises for Third Straight Year https://www.prnewswire.com/news-releases/us-accounting-undergraduate-enrollment-rises-for-third-straight-year-302665511.htmlAccounting undergrad enrollment rises for third year https://www.accountingtoday.com/news/accounting-undergrad-enrollment-rises-for-third-yearCapital One to Acquire Brex https://investor.capitalone.com/news-releases/news-release-details/capital-one-acquire-brexCapital One is buying startup Brex for $5.15 billion in credit card firm's latest deal https://www.cnbc.com/2026/01/22/capital-one-is-buying-startup-brex-for-5point15-billion-in-credit-card-firms-latest-deal.htmlFlorida Republican candidate suggests 'sin tax' for OnlyFans creators https://thehill.com/homenews/nexstar_media_wire/5691927-florida-governor-candidate-sin-tax/Florida gubernatorial candidate proposes 50% "sin" tax on OnlyFans creators; top earner Sophie Rain pushes backhttps://www.cbsnews.com/miami/news/florida-onlyfans-tax-proposal-james-fishback-sophie-rain/Need CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.SponsorshipsAre you interested in sponsoring The Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: h...

In this episode of The Pediatric Lounge, Dr. Rogu and Dr. Bravo welcome Chip Hart from PCC to discuss practical paths to fairer insurance reimbursement in pediatrics. They delve into the complexities of pediatric payment structures, including disparities in payments based on practice ownership and the impact of insurance models. The conversation also explores broader healthcare issues, including the economic implications of preventive care, the federal government's role in ensuring equitable healthcare, and potential solutions to make pediatric practices financially sustainable. Highlighting successful practices that have thrived, the discussion underscores the importance of vision, business acumen, and an abundance mindset in pediatrics. Additionally, the episode emphasizes the significance of the upcoming PMI (Pediatric Management Institute) conference, noting that it offers valuable opportunities for learning, networking, and professional growth. It is mentioned that PMI is fully sold out for in-person attendance but provides a streaming option, with speakers like Sandy Chung and Sue Kressley participating. Special attention is given to a T1D Mastermind Class at PMI with world-renowned pediatrician Dr. Kimber Simmons, showcasing the event as a pivotal occasion for anyone in the pediatric field.00:00 Welcome to The Pediatric Lounge00:32 Introducing Chip Hart and Today's Topic01:02 Understanding Insurance Payments in Pediatrics02:08 Private Equity and Practice Ownership03:04 Medicaid and Payment Disparities05:01 The Single Payer Model Debate06:34 Value-Based Care in Pediatrics07:55 Challenges in Preventive Care Funding10:29 The Role of Managed Medicaid14:02 Investment in Early Life Healthcare19:41 Universal Coverage and Moral Hazards20:14 Historical Context of Healthcare Policies26:28 The Importance of Preventive Care31:40 Public Schooling and Healthcare Parallels40:27 Revisiting the Original Question41:50 The Economics of Pediatric Care42:53 Challenges with Insurance and Cash Payments45:04 The Vaccine Debate and Physician Responsibility47:29 Incentivizing Preventive Care49:00 The Importance of Cash Systems in Healthcare51:33 The New MSMS Codes and Payment Issues01:01:39 Success Stories in Pediatric Practices01:08:51 Upcoming PMI Conference and Final ThoughtsSupport the show

In this episode of the Culture Architects podcast, David Friedman speaks with Lane Wiggers and Don Charlton from Argosy Private Equity about the critical role of company culture in private equity investments. They discuss how Argosy differentiates itself by prioritizing culture as a competitive advantage, the challenges of changing company culture, and the importance of assessing cultural fit during acquisitions. The conversation also covers measuring the impact of culture on business success, the significance of leadership in cultural transformation, and valuable lessons learned from their experiences in the industry.

The episode centers on structural changes in the Managed Service Provider (MSP) mergers and acquisitions (M&A) landscape, with a focus on the increased influence of private equity (PE), platform strategies, and disciplined deal execution. Dave Sobel and Abraham Garver highlight that the primary driver for buyers has shifted from merely acquiring revenue to seeking operating models that support scale, standardization, and automation. Size of institutional funds directly shapes acquisition targets: funds with $500 million or more increasingly pursue MSPs with minimum EBITDA thresholds, commonly $3–5 million, with larger funds only able to transact at the $10–15 million EBITDA level or above. This signals a market separation, where smaller MSPs face heightened risk of being excluded from future platform opportunities.Supporting these structural shifts, Abraham Garver explains that the buyers' value assessment increasingly prioritizes new customer acquisition over one-off gains from cross-sales like cybersecurity add-ons. Organic growth, shown through the consistent addition of new client logos, outweighs temporary revenue boosts in determining valuation. The episode also outlines that AI investment and automation stories are not materially lifting valuations for smaller MSPs, unless directly reflected in improved financials. Larger providers may have the resources to invest meaningfully in AI, but for the majority—especially those below $10 million in revenue—outsourcing or leveraging third-party solutions is more practical than bespoke, high-cost internal development.A further operational risk discussed is the prevalence of "retrading"—buyers renegotiating valuations post–Letter of Intent (LOI) based on due diligence findings. Abraham Garver reveals that 60% of transactions see price reductions after the LOI, often for factors such as recent customer losses or missed forecasts, diverging from initial headline multiples. This reality highlights the importance of diligent contract negotiation, clear documentation, and the value of experienced advisors to navigate buyer tactics. Rob Calvert contributes additional insight on workflow and technology alignment, emphasizing the role of standardized onboarding and offboarding processes in reducing both operational friction and security gaps.For MSPs and IT service providers, the discussion clarifies several critical implications. First, with platform buyers seeking scale, only MSPs meeting explicit EBITDA and growth metrics will attract competitive offers; others should realistically assess the cost and likelihood of reinvention versus sale. Second, buyers' focus on execution and organic growth, not headline multiples or claims of technological advancement, makes robust financial performance and client acquisition strategies essential to preserving value. Third, the commonality of post-LOI repricing underlines the need for rigorous pre-sale diligence, explicit contractual terms, and experienced representation to preserve deal value and protect against downside risk. Lastly, operational standardization—especially in device and data management—remains central to both platform attractiveness and risk mitigation.

2025 wasn't business as usual in optometry M&A.  Fewer buyers, more deal scrutiny, softer multiples, and a growing number of practice owners asking the same question: "Is my practice worth what I think it's worth?"   That's why this episode is perfectly timed for the start of 2026.  Eugene is joined by Anne Kavanagh (Founder & Managing Director) and Jason Preator (Managing Partner) from Kavanagh Consulting, two people who have seen more optometry practice transactions than almost anyone in the industry over the last decade. Their perspective is based on real deals, real outcomes, and patterns that repeat year after year.  Anne and Jason explain how the buyer landscape has evolved, who is actively acquiring practices right now, and how buyers are evaluating risk, structure, and long-term profitability.  

This week's blogpost - In this episode of the Thoughts and Money Podcast, hosted by Trevor Cummings, financial experts Blaine Carver and Brett Bonecutter delve into the recent performance of small cap stocks, specifically highlighting a 14-day streak of outperformance compared to large cap stocks. They discuss the difference between small cap and large cap stocks, the impact of interest rates on small companies, and the historical performance of small caps. Using analogies and practical examples, the hosts explain key concepts like market capitalization, risk and reward, and the importance of diversification. The episode underscores the necessity of a well-thought-out investment philosophy, anchored expectations, and the practical application of financial strategies. 00:00 Welcome to the Thoughts and Money Podcast 00:35 Introduction to Small Cap Stocks 01:53 Sweetwater: A Hypothetical Town 03:51 Investment Strategies and Risk 06:26 The Size Premium and Market Trends 15:48 Behavioral Finance and Long-Term Investing 21:58 Active Management in Small Cap Investments 22:51 Tailoring Investment Strategies to Individuals 23:51 The Importance of Diversification 24:04 Understanding Risk and Returns 25:25 Illiquidity Premium and Expected Returns 29:56 Private Equity and Leverage 34:56 Small Caps and Market Cycles 36:31 Building a Balanced Portfolio 42:01 Setting Realistic Investment Expectations 43:46 Final Thoughts and Listener Engagement Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

Nick presents a very special 400th episode in the company of business maestro Ross Tomkins, in which they focus upon the dynamic world of personal and business growth, exploring the intersection of leadership and health.  Ross shares his journey from being a physiotherapist to a successful entrepreneur with a portfolio of 25 companies, stressing the importance of surrounding oneself with a strong team and the challenges of transitioning from hands-on roles to leadership.  They also focus on men's health, where Ross discusses the critical role of testosterone and thyroid hormones in overall well-being, drawing from his personal experiences with low testosterone and the transformative effects of hormone replacement therapy KEY TAKEAWAYS Testosterone and thyroid hormones play crucial roles in men's health, affecting energy levels, mood, and overall well-being. Low levels can lead to symptoms such as fatigue, weight gain, and decreased libido. Before considering hormone replacement therapy, it's essential to explore natural methods to optimise hormone levels, including dietary changes, exercise, and specific supplements like vitamin D, zinc, and omega-3 fatty acids. The shift from active physical jobs to sedentary lifestyles, combined with exposure to endocrine-disrupting chemicals, has contributed to declining testosterone levels in men over the years. Building strong, complementary teams is vital for business success. Effective leaders should seek partners with diverse skill sets and the ability to provide constructive feedback, fostering a culture of collaboration and growth. BEST MOMENTS "What I've always been struck by is this overwhelming almost palpable energy which comes from when you're out and about; it just feels like everyone wants to collaborate." "Normal is a really strange word to use in biochemistry... it just moves down. Normal has actually gotten less and less and less over a year." "The greatest leaders that I've ever worked with have been professionally strong... but they had incredible personal development practices." VALUABLE RESOURCES Ross Tomkins - https://rosstomkins.co.uk/about/ To get your copy of Nick's new book, go to http://bit.ly/4ngC2hO Exit Your Business For Millions - Download This Guide: https://go.highvalueexit.com/opt-in Nick's LinkedIn: https://www.linkedin.com/in/realnickbradley Nick Bradley is a world-renowned author, speaker, and business growth expert, who works with entrepreneurs, business leaders, and investors to build, scale and sell high-value companies. He spent 10+ years working in Private Equity, where he oversaw 100+ acquisitions, 26 exits, and over $5 Billion in combined value created. He has one of the top-ranked business podcasts in the UK (with over 1m downloads in over 130 countries). He now spends his time coaching and consulting business owners in building and scaling high-value business towards life-changing exits. This Podcast has been brought to you by Disruptive Media. ⁠https://disruptivemedia.co.uk/

Charlie King joins the podcast to discuss his experience building and eventually selling his lawn care company, King Green, to private equity firm Plexus in 2025. He shares challenges and lessons learned throughout his career and the exit process, including working with family, structuring the business, the decision to sell and building a brand.    Guest: Charlie King, Founder of King Green Hosts: Dan Gordon, PCO Bookkeepers & M&A Specialists Donnie Shelton, Triangle Home Services

Lucas Moskowitz, General Counsel at Robinhood returns to the show to talk tokenization of Real World Assets and the current state of crypto legislation. Lucas updates us on Robinhood's evolving demographics, noting that while the platform remains a hub for first-time investors, the customer base is maturing alongside the platform's product offerings, such as retirement matching and advisory services. Moskowitz also highlights the company's commitment to financial literacy. The core of the conversation shifts to the shifting regulatory landscape regarding cryptocurrency and the potential for legislative clarity under a new administration. Moskowitz breaks down the concept of Tokenization of Real World Assets (RWA), explaining how blockchain technology can democratize access to private markets, art, and real estate. The discussion covers the technical and legal differences between "native" tokens and "wrapper" products, the benefits of 24/7 liquidity, and why the United States risks falling behind global jurisdictions like the EU and Asia if regulatory frameworks do not evolve.   Key Takeaways Robinhood's Evolution: The platform now serves 26 million customers. While half are first-time investors, the company is expanding into advisory and retirement products to serve users throughout their financial lifecycles. Crypto Regulation: There is a shift from "regulation by enforcement" toward legislative clarity. Moskowitz discusses the importance of comprehensive market structure bills and stablecoin legislation to provide long-term durability for the industry. Tokenization Mechanics: Tokenization is the digital representation of a real-world asset on a blockchain. This innovation promises to increase liquidity, allow for fractional ownership of high-value assets (like private equity or art), and enable faster settlement times. The "Wrapper" Concept: Moskowitz explains Robinhood's EU offering, where customers trade a tokenized "wrapper" that represents a share of US stock held in custody, distinguishing this from companies issuing native tokens directly on the blockchain. Why Lawyers Should Care: Even those outside of securities law must pay attention to tokenization, as it is poised to impact the documentation and transfer of all real-world assets, including real estate deeds and commercial contracts.   Things We Talk About in this Episode Robinhood RWA Policy Paper: Read the policy papers mentioned in the episode regarding Tokenization. Episode Credits Editing and Production: Grant Blackstock Theme Music: Home Base (Instrumental Version) by TA2MI

Send us a textEpisode 3 of Inside the Family Office: Live Investor PanelReal family office practitioners and allocators share how they structure deals, protect families, and think about wealth:  John, who works inside a single family office's trust company, explains how they custody over $70B in assets with a focus on alternative assets inside self-directed IRAs, Roth IRAs, HSAs, and solo 401(k)s. He walks through real examples of using these vehicles to buy property and earn profits with zero tax, and why he's obsessed with Roth structures for families and principals. John also touches on recent policy interest in alternatives within retirement plans and the explosive growth in investors seeking non-correlated assets. Dr. Cook closes with her own experience allocating Roth capital into crypto and other alternatives.

On this week's episode, I sit down with Kira Jackson for a true masterclass in branding, business building, and marketing. As the Chief Brand Officer at Set Active, Kira walks us through her impressive career journey, from PR and Private Equity to leading one of today's most influential apparel brands.This episode is a must-listen for anyone looking to elevate their brand or boost conversions with practical, high-impact marketing strategies.Kira breaks down everything from creating a strong brand identity to the power of storytelling, consumer experience, trends, engagement rates, and the brands she believes are doing it best. She also shares how to succeed when launching a business in popular markets, from ideation, product development and innovative marketing strategies. What's in this episode:Kira's Career JourneyThe Role of Storytelling in MarketingTransition to Set ActiveChallenges and Strategies at Set ActiveIdentifying Gaps in the MarketInnovative Marketing StrategiesTop Brands and Their Marketing Success// MORE FROM BRYONY //Use BEYOND30 to get a free 30-days on the Pilates By Bryony app here.Visit pilatesbybryony.com and shop our products here.Follow me on Instagram @bryonydeery @pilatesbybryony.Watch Beyond the Mat on YouTube.Produced by Dear Media.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Welcome back to the Silicon Slope Show! In this episode we dive into the dynamic world of sports business with Joe Summers from OnBase. Join us as we explore how OnBase is revolutionizing licensing, sponsorship, and NIL (Name, Image, Likeness) opportunities for brands and athletes alike. 00:13 - Introduction and Guest Introduction00:29 - Overview of OnBase01:01 - Evolution of NIL in Sports01:26 - Joe Summers' Background01:44 - Sponsorship Pitch Meeting02:00 - Founding of OnBase02:43 - Shift to Licensing and Sponsorships03:47 - Challenges in Licensing and Sponsorships04:08 - Role of OnBase in Streamlining Processes05:04 - Different Systems in College Licensing05:49 - Tech Tools in Sports Business06:16 - Building Custom Systems07:10 - Private Equity in College Sports07:39 - Player Mobility and NIL08:39 - Professionalism in College Sports09:38 - Donor Fatigue and ROI10:24 - Impact of Successful Athletic Programs11:33 - Financial Challenges in College Sports11:52 - Excitement for Utah's Sports Future13:05 - How Brands Can Get Involved with OnBase13:58 - OnBase's Future Plans14:55 - Major League Baseball in Utah15:41 - Joe's Experience in Athletic Departments17:07 - Importance of Licensing Over Individual Endorsements18:38 - Risks of Personal Endorsements19:48 - Ideal Clients for OnBase21:06 - Success with Minky Couture21:44 - Closing Remarks and Contact Information If you enjoyed this video and want to support us please leave a LIKE, write a comment on this video and Share it with your friends. Subscribe to our channel on YouTube and click the icon for notifications when we add a new video. Let us know in the comments if you have any questions.  Our website: https://www.siliconslopes.comShow links: WithonbaseOnbaseApple Podcasts https://podcasts.apple.com/us/podcast/silicon-slopes-the-entrepreneur-capital-of-the-world/id1698150372Spotify Podcasts https://open.spotify.com/show/2ZdYnWYKPXOqH2fgJ2UJ2N?si=5890c63a145a4a3e Social:Twitter  Twittersiliconslopes  Instagram Instagraminstagram.com/siliconslopes  LinkedIn   LinkedinSilicon Slopes | LinkedIn  YouTube - YoutubeSilicon Slopes

Dr. Jamie Meyer joins us to share some industry experiences regarding his experience running trade shows, a stint in private equity, his time at GM and as a writer, plus more. Take your build up a whole new level with 6XD Gearbox: https://6xdgearbox.com Code "Minnoxide5" for 5% off High Performance Academy: https://hpcdmy.co/Minnoxide Use code "MINNOX" for 55% off ANY course Use Code "MINVIP" for $300 of the MINVIP Package Tuned By Shawn: https://www.tunedbyshawn.com Code "Minnoxide" for 5% off! MORE BIGGER Turbo T-Shirts:  https://www.minnoxide.com/products/more-bigger-t-shirt  

Selling to private equity is not the end of the journey. It is the beginning of a new phase of growth. In this episode of the Measure Success Podcast, Carl J. Cox, CEO of 40 Strategy and 40 Accounting sits down with Neel Bhargava, founding partner at NB Group, to unpack how private equity partnerships really work for founder- and family-owned businesses. Neel shares how his firm approaches growth-focused investing, why rolling equity is critical, and how conservative use of debt protects long-term value. The conversation also explores what typically changes in the first 18 months after an investment, including finance, leadership structure, and strategic planning. This episode offers clear insight for founders thinking about private equity and operators preparing for their next stage of scale. Listen now and learn how to build a business that is ready for growth, partnership, and long-term success. https://www.linkedin.com/in/neelbhargava/ www.nbgroup.us

Send us a textIn this episode of the Make Trades Great Again podcast, hosts Eric and Andy discuss the nuances of sourcing plumbing supplies, weighing the pros and cons of local suppliers versus online shopping. They delve into the importance of support and warranties when purchasing products, sharing personal experiences with manufacturers and the challenges of product issues. The conversation also touches on the impact of private equity in the plumbing industry and the future of local supply houses.Send us your feedback or topic ideas over on our social channels!Eric Aune @mechanicalhub Andy Mickelson @mick_plumbNewsletter sign up: https://bit.ly/MH_email

Catch “The Drive with Spence Checketts” from 2 pm to 6 pm weekdays on ESPN 700 & 92.1 FM. Produced by Porter Larsen. The latest on the Utah Jazz, Real Salt Lake, Utes, BYU + more sports storylines.

Send us a textThere's a moment every scaled founder hits where effort stops producing leverage. Revenue is real. The team is capable. But progress feels heavier than it should, and decisions take longer, cost more, and drain energy faster than before.In this episode, I sit down with Alexis Sikorsky, a strategic advisor to founders who are serious about scaling fast and exiting strong. Alexis isn't sharing theory. He built, scaled, and sold a Switzerland-based software company in a nine-figure private equity exit, then stayed in the game long enough to see exactly what founders misunderstand about timing, systems, and value creation.We talk candidly about why founders delay a Private Equity Exit by years: not because they lack ambition, but because exhaustion, missing numbers, and underpowered leadership structures quietly cap momentum. Alexis breaks down the mistakes that cost him five years and $50 million, what private equity actually looks for, and how founders can shift from running hard to engineering optionality.If you're scaling a digital agency past 7 figures and thinking about sustainability, leverage, automation in leadership, or what an exit really requires, this conversation will sharpen how you see your business and your next move.Books MentionedThe Prince by Niccolò MachiavelliThe Art of War by Sun TzuIf you want to stay connected with Alexis, find him on LinkedIn or check out his book Cashing Out, where he lays out the APEX framework for founders preparing for private equity. He's also inviting founders doing $5–15M in revenue to participate in interviews for his upcoming book; details shared directly in this episode.Join Dr. William Attaway on the Catalytic Leadership podcast as he shares transformative insights to help high-performance entrepreneurs and agency owners achieve Clear-Minded Focus, Calm Control, and Confidence. Free 30-Minute Discovery Call:Ready to elevate your business? Book a free 30-minute discovery call with Dr. William Attaway and start your journey to success. Special Offer:Get your FREE copy of Catalytic Leadership: 12 Keys to Becoming an Intentional Leader Who Makes a Difference. Connect with Dr. William Attaway: Website LinkedIn Facebook Instagram TikTok YouTube

In this insightful episode of Alternative Allocations, Tony talks with Paul Jodice of Morgan Stanley about the evolving landscape of alternative investments. Advisors are seeking incremental alpha, differentiated yields, and enhanced diversification in their portfolios, and Paul shares his expertise on how they're turning to alternative investments to meet these needs. The conversation delves into portfolio construction, market outlook, and the drivers of advisor adoption. As someone working closely with advisors, Paul offers valuable insights into the strategies and challenges of integrating alternative investments into portfolios. Paul Jodice is Co-Head of the Global Investment Manager Analysis (GIMA) team, which provides manager analysis and due diligence on alternative and traditional investment strategies. As co-head, Paul primarily leads the evaluation and manager selection for alternative strategies. Previously, he was an investment officer and head of the Private Equity research team within the GIMA group. Paul joined Morgan Stanley Wealth Management in 2017. He began his professional career with Cambridge Associates (Boston/Singapore) in 1999. He joined Merrill Lynch in 2006, the Abu Dhabi Investment Company - Invest AD (Abu Dhabi, United Arab Emirates) in 2007 and Bank of America Merrill Lynch in 2015. Paul graduated from Babson College with a BS in Investments and Economics. He received his MBA from the Olin Graduate School of Business at Babson College. Resources: Paul Jodice | LinkedInAlternatives by Franklin TempletonTony Davidow, CIMA® | LinkedIn

Émission du 20/01/2025 présentée par Amaury de Tonquédec avec Jérôme Dedeyan, Président de Mon Partenaire Patrimoine et Associé de Tout Sur Mes Finances et Stéphane Absolu, Fiscaliste - Associé fondateur de PYXIS conseil.Le Projet de loi de finances (PLF) pour 2026 traverse actuellement une période de forte tension politique. Face à l'absence de majorité et après l'échec d'une commission mixte paritaire en décembre, le Premier ministre Sébastien Lecornu a activé l'article 49.3.Ce qui est certain à date : le taux de CSG sur la plupart des revenus du patrimoine et de placement augmente de 1,4 point, passant de 9,2 % à 10,6 %.Par ricochet, le taux global du Prélèvement Forfaitaire Unique (PFU) passe de 30 % à 31,4 %.Alors, peut-on encore investit sereinement en France ? Si oui comment ? À l'international, les tensions géopolitiques se cessent de se tendre. Comment se protéger au mieux son argent ?Et les holding dans tout ça ? À quoi ça sert ? Spoiler : non, ce n'est pas que pour "les millionnaires".Et bien sûr, les QUESTIONS CASH !

Lloyd Metz, Doug McCormick, and Sean Mooney pull back the curtain on the real career path inside private equity, from first-year associate to partner. They break down the skills, judgment calls, and personal evolution required at each level, including when talent is assessed, how responsibility compounds, and why synthesis and EQ matter as much as modeling. The conversation also tackles business school, asking for help, and the realities of partnership economics and firm leadership. This is a candid, operator-level guide to navigating a private equity career with eyes wide open—hit play.For more information on the podcast, visit bestbutneverfinal.buzzsprout.com and embark on your journey to private equity excellence today.Visit us on LinkedIn at https://www.linkedin.com/company/best-but-never-final-podcast/Visit us on Instagram at https://www.instagram.com/bestbutneverfinal/For information on HCI Equity Partners, go to https://www.hciequity.comFor information on ICV Partners, go to https://www.icvpartners.comFor information on BluWave, go to https://www.bluwave.net

Join Richard Cunningham and John Coleman for the first Marks on the Markets episode of 2026 as they welcome Brandon Pizzurro, President & Chief Investment Officer at GuideStone Capital Management, to unpack what investors need to know heading into the new year. After three consecutive years of double-digit returns, the conversation explores whether markets can sustain this momentum, the future of AI investing, and the opportunities emerging in small caps and private markets.Key Investment Topics:Market outlook after three straight years of 20%+ returns and where opportunities lie in 2026The Mag 7 dominance: Will small and mid-cap stocks finally see their rotation moment?Federal Reserve policy expectations and why current rates may be historically appropriatePrivate equity and IPO markets thawing after years of constrained liquidityGeopolitical shocks to watch: Iran, Venezuela, and international market divergenceAI's impact on productivity, employment, and whether we're entering a new economic eraNotable Quotes:"Breathless is probably one word. Just coming off three straight years like that, you always wanna protect on the downside. You wanna think about how things can go wrong. And when they don't for a third year in a row, you wanted to catch your breath and really take stock of what just happened." - Brandon Pizzurro"This is the Lord's capital that we're all stewarding, and we need to remember that as we kind of start the year off again. We have a charge here for our investors, but I think it's important to take a moment and be present, be thinking about why you're doing what you're doing." - Brandon Pizzurro"We are people under authority and it's easy to forget that sometimes. When we receive word from God, whether that be through scripture, whether that be through prayer or insight or inspiration, we are intended to execute against that will." - John ColemanAbout the Guests:Brandon Pizzurro serves as Managing Director at GuideStone Capital Management in Dallas, Texas, bringing sophisticated market analysis with a faith-driven perspective on stewardship and investing. John Coleman is a Managing Partner at Sovereign's Capital and regular co-host of the Marks on the Markets series, known for his thoughtful integration of economic analysis with Kingdom principles.This episode offers both tactical market insights and strategic wisdom for faith-driven investors navigating what promises to be a consequential year in financial markets.

Greenland, Iran and Mexico – OH MY Earnings season – yes it is here ! Markets re on fire – all systems go – Get your gold and silver too! And out guest – Benjamin Kahle – Managing Partner of Wellings Capital.  NEW! DOWNLOAD THIS EPISODE’S AI GENERATED SHOW NOTES (Guest Segment) Benjamin Kahle is the Managing Partner of Wellings Capital. He is responsible for the overall management of the firm and its investment offerings, including eight funds and multiple sidecar entities. In this role, Benjamin helps shape the company's investment strategy and guides asset management initiatives. Since joining Wellings Capital as an intern in 2015, Benjamin has played an instrumental role in the firm's growth, driving it from $0 to over $215 million in investor equity under management and over $450 million of assets under management. His leadership has helped establish Wellings Capital as a trusted name in the commercial real estate private equity space. Benjamin's real estate career began early—he became a licensed realtor during his junior year of college. He earned his Bachelor's degree in Business Administration from Liberty University and lives in Central Virginia with his wife and son. Learn More at http://www.ibkr.com/funds Follow @andrewhorowitz Looking for style diversification? More information on the TDI Managed Growth Strategy – https://thedisciplinedinvestor.com/blog/tdi-strategy/ Stocks mentioned in this episode: (SPY), (TSLA), (GOOG), (BIDU)

Chris Markowski delves into the deceptive practices of Wall Street, particularly focusing on hedge funds and private equity firms. He highlights how hedge funds often report inflated returns by excluding failed funds from their calculations, likening it to a baseball player omitting their worst games to boost their batting average. Markowski also critiques the private equity model, which he argues exploits companies by loading them with debt and extracting value, often leading to their decline. He shares a poignant example of how private equity negatively impacted the once-popular Sprinkles Cupcake brand, illustrating the broader consequences of these financial practices on American businesses and consumers. Markowski further discusses the implications of recent mergers and acquisitions, using Saks Fifth Avenue's bankruptcy as a case study to demonstrate how Wall Street's financialization leads to disastrous outcomes for companies. He emphasizes the disconnect between Wall Street's profit motives and the realities faced by everyday investors, warning listeners about the potential pitfalls of trusting financial advisors who may prioritize their own interests over those of their clients. The episode serves as a wake-up call for listeners to be vigilant about the financial narratives pushed by major institutions and to seek transparency in their investments.

Hey everyone, it's Nilay. We're settling back in here after the winter break and CES, and we'll have new episodes for you starting next Monday. In the meantime, we wanted to highlight one of our favorites from last year: an interview with journalist and author Megan Greenwell about her book Bad Company: Private Equity and the Death of the American Dream. My conversation with Megan last year was extremely illuminating as to why private equity does what it does to industries like healthcare, media and real estate — and just how deeply it's affecting the everyday lives of Americans everywhere. It's a really great conversation that feels just as timely today as it did last summer. Enjoy.  Links:  Bad Company | HarperCollins How private equity kills companies and communities | Decoder Private equity bought out your doctor and bankrupted Toys ‘R' Us | Decoder Private equity makes its first college sports play | Axios Private equity Is gutting America — and getting away with it | NYT I was fired from Deadspin for refusing to ‘stick to sports' | NYT Will private equity be the next ‘Big Short'? | Marketplace The profit-obsessed monster destroying American ERs | Vox Why your vet bill is so high | The Atlantic The investment firms leave behind a barren wasteland' | Politico Subscribe to The Verge to access the ad-free version of Decoder! Credits: Decoder is a production of The Verge and part of the Vox Media Podcast Network. Decoder is produced by Kate Cox and Nick Statt and edited by Ursa Wright. Our editorial director is Kevin McShane.  The Decoder music is by Breakmaster Cylinder. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode, Scott Becker examines how private equity and venture capital investments compare with index funds.

Raids replaced audits, and guns replaced spreadsheets. Blake and David connect the dots from Minnesota's sprawling public-assistance fraud to a decade of IRS budget cuts and ICE crackdowns. You'll learn why enforcement shifted from prevention to raids, what California's one-time billionaire tax really proposes, how new AICPA rules could hit PE-backed firms, and why a botched audit didn't cost PwC its client, plus one pro tip to level up your Excel game.SponsorsOnPay - http://accountingpodcast.promo/onpayTaxBandits - http://accountingpodcast.promo/taxbanditsUNC - http://accountingpodcast.promo/uncChapters(00:00) - TAP 470 (00:33) - Minnesota Fraud Scandal Overview (03:18) - Historical Context and IRS Budget Cuts (08:34) - IRS and ICE Collaboration Issues (10:39) - Impact of Budget Cuts on Fraud (20:56) - Current Events and Political Reactions (26:17) - California Billionaire Tax Act (27:58) - Billionaire Tax Proposal Discussion (29:01) - Challenges of Implementing Wealth Tax (29:58) - Practical Concerns and Comparisons (34:24) - VRBO's Legal Battle with Michigan (36:46) - Private Equity and CPA Firms (47:17) - UNC Master of Accounting Program (51:11) - Excel World Championships Insights (55:27) - Earmark App for CPE Credits  Show NotesJudge hits pause on IRS sharing taxpayer information with ICE https://www.nbcnews.com/politics/immigration/judge-issues-order-blocking-irs-sharing-taxpayer-information-ice-rcna245262Federal Agents Pepper Spray Protesters During Tucson Taco Giro Raid https://www.themarshallproject.org/2025/12/05/tucson-ice-raid-protests-taco-giroPoll: Nearly Half of Americans Think Their Financial Security Is Worsening https://www.cpapracticeadvisor.com/2025/12/29/poll-nearly-half-of-americans-think-their-financial-security-is-worsening/175587/California Billionaire Tax Act (2026 Billionaire Tax Act - PDF) https://oag.ca.gov/system/files/initiatives/pdfs/25-0024A1%20(Billionaire%20Tax%20).pdfVrbo Parent Company Sues Michigan Over $18.8 Million Tax Bill https://www.cpapracticeadvisor.com/2026/01/02/vrbo-parent-company-sues-michigan-over-18-8-million-tax-bill/175675/AICPA Seeks Comment on Ethics Rules Update for Alternative Practice Structures https://www.aicpa-cima.com/news/article/aicpa-seeks-comment-on-ethics-rules-update-for-alternative-practiceWH Smith asks shareholders to support PwC despite audit error https://www.internationalaccountingbulleteen.com/news/wh-smith-support-pwc-audit-error/I won the Microsoft Excel World Championship. Here's what every office worker should know about Excel. https://www.yahoo.com/lifestyle/articles/won-microsoft-excel-world-championship-093001306.htmlNeed CPE?Get CPE for listening to podcasts with Earmark: https://earmarkcpe.comSubscribe to the Earmark Podcast: https://podcast.earmarkcpe.comGet in TouchThanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.SponsorshipsAre you interested in sponsoring The Accounting Podcast? For details, read the prospectus.Need Accounting Conference Info? Check out our new website - accountingconferences.comLimited edition shirts, stickers, and other necessitiesTeePublic Store: http://cloudacctpod.link/merchSubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/OvercastWant to get the word out about your newsletter, webinar, party, Facebook group, podcast, e-book, job posting, or that fancy Excel macro you just created? Let the listeners of The Accounting Podcast know by running a classified ad. Go here to create your classified ad: https://cloudacctpod.link/RunClassifiedAdTranscriptsThe full transcript for this episode is available by clicking on the Transcript tab at the top of this page

In this episode of Case Studies, Casey Baugh sits down with Dave Checketts, the youngest president in NBA history and former CEO of Madison Square Garden. From saving bankrupt franchises to leading iconic sports organizations, Dave shares the defining moments that shaped his career and his character.This conversation goes far beyond headlines and trophies. Dave opens up about faith, injustice, loss, and the unseen preparation behind opportunity. He reflects on how early rejection fueled resilience, how mentorship changed the trajectory of his life, and why building “championship culture” matters more than talent or capital alone.Now operating in private equity after decades in the global sports spotlight, Dave explains why influence without attention has become more fulfilling than power with a platform. This is a rare masterclass on leadership, readiness, and building a life of meaning long after the applause fades.⏱️ Episode Chapters00:00 | Admiration, Sports, and a Life in Leadership03:35 | Growing Up in Bountiful & Learning to Hustle Early08:34 | Rejection, Injustice, and Missing High School Basketball12:20 | Turning Setbacks into Fuel for Growth15:25 | Making the BYU Basketball Team Against the Odds20:14 | Faith, Obedience, and a Defining Spiritual Promise24:19 | Why That One Year of College Basketball Mattered28:19 | Ambition at 70 and Never Being Finished30:48 | Business School, Bain, and Early Career Acceleration35:27 | Clayton Christensen, Mentorship, and Consulting41:31 | Helping Danny Ainge and Entering Pro Sports47:26 | Walking into the NBA Office Unannounced52:58 | Sparring with David Stern—and Earning His Trust57:09 | Why the Celtics Deal Fell Apart59:17 | Being Chosen to Save the Utah Jazz at 2701:02:42 | Championship Culture vs. Winning Culture01:09:14 | Painful Partnerships and Hard Lessons01:16:21 | Tragedy, Loss, and Perspective01:20:04 | Faith, Gratitude, and the Experiences You Wouldn't Choose01:22:14 | Raising Capital to Save the Jazz01:27:00 | Legacy Beyond Sports and the Spotlight Hosted on Acast. See acast.com/privacy for more information.

Geoff Faux, Partner at Clearview Capital, shares the principles that shape his approach to private equity investing, from evaluating management teams and industry dynamics to navigating adversity when deals go sideways. He reflects on lessons forged through competitive athletics, a career built inside one firm, and a defining portfolio company crisis that tested every assumption about value creation. Geoff also explains Clearview's first-in institutional playbook and how focus, prioritization, and people decisions drive durable outcomes. This is a grounded, hard-earned perspective on what it really takes to build winning businesses—hit play. Episode Highlights 1:01 – How elite swimming shaped Geoff's discipline, focus, and investing mindset 4:17 – Growing up around lower middle market deals and choosing private equity early 13:02 – The four variables that matter most in private equity investment decisions 19:55 – Why industry stability and baseline management strength are non-negotiables 24:21 – A first deal gone wrong—and the crisis that nearly broke the investment 28:35 – Rebuilding through COVID and turning a near-zero into a top portfolio performer 47:29 – Advice to Geoff's 22-year-old self on teams, people judgment, and resilience For more information on Clearview Capital  go to https://www.clearviewcap.com/ For more information on Geoffrey Faux, go to https://www.linkedin.com/in/geoff-faux-27826518/

Adam Coffey is the Chairman and CEO of The Chairman Group, a high-level peer network for business leaders. Over his 25-year career as a CEO, he has built four companies for nine private equity firms, completed 58 acquisitions, and led exits totaling billions of dollars. A #1 best-selling author, US Army veteran, and international speaker, Adam shares actionable strategies in private equity, M&A, and building high-performance cultures, blending military discipline with cutting-edge business expertise. In this episode… Scaling a company to a billion-dollar empire requires strategy, discipline, and execution. Many entrepreneurs struggle to know which levers to pull, which pitfalls to avoid, or how to adapt under pressure. How can leaders combine strong leadership, operational excellence, and smart acquisitions to achieve lasting growth? According to Adam Coffey, a seasoned CEO and private equity expert, scaling a company requires disciplined leadership, operational rigor, and strategic acquisitions. He explains how mastering profit levers like pricing, margin expansion, and M&A strategy drives growth while avoiding pitfalls such as impatience or chasing "fixer-uppers." By applying lessons from his military service and GE experience, Adam shows how humility, adaptability, and relentless execution create lasting value, offering entrepreneurs and executives a clear blueprint for building and selling high-performing companies. In this episode of the Inspired Insider Podcast, Dr. Jeremy Weisz sits down with Adam Coffey, Chairman and CEO of The Chairman Group, to discuss scaling businesses through private equity and strategic acquisitions. They explore growth playbooks, high-stakes deal execution, and the frameworks Adam uses to help founders and leadership teams multiply company value. Adam also shares insights on team culture, disciplined leadership, and navigating mergers and acquisitions for extraordinary exits.

1. The Importance of Communication: During our discussion, we emphasize how critical it is for manufacturers to communicate recalls effectively. One listener from Kirksville, Missouri, shared their story about discovering a recall on their Triangle Tube Challenger, which they were never informed of. This raises concerns about the accountability of manufacturers in ensuring their customers are aware of potential hazards.2. Understanding the Triangle Tube Challenger: We delve into the specifics of the Triangle Tube Challenger and the issues that can arise with its hybrid heat exchanger design. Eric and Andy reflect on their own experiences with the unit, illustrating how a lack of awareness about recalls can lead to costly repairs and safety concerns for homeowners. The listener's $900 repair bill for parts due to a malfunctioning heat exchanger highlights the real financial implications of these issues.3. Navigating Warranty Issues: A significant part of the conversation centers around how contractors should handle warranty claims. Andy shares his approach of bypassing local sales chains when dealing with warranty issues, opting instead to communicate directly with manufacturers. This strategy can increase the chances of getting parts covered under warranty, a crucial tip for contractors managing similar situations.4. Checking for Recalls: As we discuss the process of checking for recalls, both Eric and Andy admit that they often rely on quick Google searches to find information. They acknowledge the importance of integrating recall checks into their regular service routines. Eric suggests creating a checklist for boiler servicing that includes a step for checking recalls, making it a standard part of their workflow.5. The Role of Manufacturers: The episode also touches on the role of manufacturers in ensuring product safety. We discuss how recalls can be categorized into voluntary and mandatory recalls and the importance of consumer safety organizations in monitoring these recalls. Understanding the government's role in product safety adds another layer to the conversation about consumer rights.Conclusion: In summary, staying informed about boiler recalls is essential for both contractors and homeowners. The story shared by our listener serves as a reminder of the potential dangers and financial burdens that can arise from overlooked safety notifications. By fostering better communication between manufacturers and consumers and incorporating recall checks into regular service routines, we can enhance safety in our homes. Key takeaways include the importance of being proactive about recalls, understanding warranty processes, and the responsibility manufacturers have in keeping their customers informed.Send us a textSend us your feedback or topic ideas over on our social channels!Eric Aune @mechanicalhub Andy Mickelson @mick_plumbNewsletter sign up: https://bit.ly/MH_email

In this episode, Amber Walsh, Partner at McGuireWoods LLP, discusses trends shaping hospital M&A, private equity activity, regulatory headwinds, and why many leaders expect renewed momentum in the year ahead.

Our Chief Fixed Income Strategist Vishy Tirupattur is joined by Dan Toscano, the firm's Chairman of Markets in Private Equity, unpack how credit markets are changing—and what the AI buildup means for the road ahead.Read more insights from Morgan Stanley.----- Transcript -----Vishy Tirupattur: Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today is a special edition of our podcast. We are joined by Dan Toscano, Chairman of Markets in Private Equity at Morgan Stanley, and a seasoned practitioner of credit markets over many, many credit cycles. We will get his thoughts on the ongoing evolution and revolution in credit marketsIt's Wednesday, January 7th at 10am in New York. Dan, welcome.Dan Toscano: Glad to be here.Vishy Tirupattur: So, to get our – the listeners familiar with your journey, can you talk a little bit about your experience in the credit markets, and how you got to where we are today?Dan Toscano: Yeah, sure. So, I've been doing this a long time. You used the nice word seasoned. My kids would refer to it as old. But I started in this journey in 1988. And to make a long story short, my first job on Wall Street was buying junk bonds in the infancy of the junk bond market, when most of what we were financing were LBOs. So, if you're familiar with Barbarians at the Gate, one of the first bonds we bought were RJR Nabisco reset notes. And I've been doing this ever since, so over almost four decades now.Vishy Tirupattur: So, the junk bond market evolved into high yield market, syndicated loan market, CLO market, financial crisis. So, talk to us about your experiences during this transition.Dan Toscano: Yeah. I mean, one of the things these markets do is they finance evolution in industries. So, when I think back to the early days of financing leveraged buyouts, they were called bootstrap deals. The first deal I did as an intermediary on Wall Street as opposed to as an investor, was a buyout with Bain Capital in 1993. At the time, Bain Capital had a $600 million AUM private equity platform. Think about that in the scale of what Bain Capital does in private equity today. You know, back then it was corporate carve outs, and trying to make the global economy more efficient. And you remember the rise of the conglomerate. And so, one of the early things we financed a lot of was the de-conglomeration of big corporates. So, they would spin off assets that were not central to the business or the strengths that they had as an organization.So, that was the early days of private equity. There was obviously the telecom build out in the late 90's and the resulting bust. And then into the GFC. And we sit here today with the distinctions of private capital, private credit, public credit, syndicated credit, and all the amazing things that are being financed in, you know, what I think of as the next industrial revolution.Vishy Tirupattur: In terms of things that have changed a lot – a lot also changed following the financial crisis. So, if you dig deep into that one thing that happened was the introduction of leveraged lending guidelines. Can you talk about what leveraged lending guidelines did to the credit markets?Dan Toscano: Yeah, I mean, it was a big change for underwriters because it dictated what you could and couldn't participate in as an underwriter or a lender, and so it really cut off one end of the market that was determined by – and I think the thing most famously attributed to the leveraged lending guidelines was this maximum leverage notion of six times leverage is the cap. Nothing beyond that. And so that really limited the ability for Wall Street firms to underwrite and distribute capital to support those deals.And inadvertently, or maybe by plan, really gave rise to the growth in the private credit market. So, when you think about everything that's going on in the world today, including, which I'm sure we'll talk about, the relaxation of the leveraged lending guidelines, it was really fuel for private credit.Vishy Tirupattur: So private credit, this relaxation that you mentioned, you know, a few weeks ago, the FDIC and the OCC withdrew the leveraged lending guidelines in total. What do you expect that will do to the private credit markets? Will that make private credit market share decrease and bank market share increase?Dan Toscano: I think many people think of these as being mutually exclusive. We've never thought of it that way. It exists more on a continuum. And so, what I think the relaxation of those guidelines or the elimination of those guidelines really frees the banks to participate in the entire continuum, either as lenders or as underwriters.And so, in addition to the opportunity that gives the banks to really find the best solutions for their clients, I think this will also continue the blurring of distinctions between public market credit and private market credit. Because now the banks can participate in all of it. And when you think about what defines in people's minds – public credit versus private credit, in many cases it's driven by what terms look like. Customary terms for a syndicated bond or loan versus a private credit loan.Also, who's participating in it. You know, these things have been blurring, right? There's a cost differential or a perceived cost differential that has been blurring for some time now. That will continue to happen, in my opinion anyway.Vishy Tirupattur: I totally agree with you, Dan, on that. I think not only the distinction between public credit and private credit, but also within the various credit channels – secured, unsecured, securitized, structured – all these distinctions are also blurring. So, in that context, let's talk a little bit more about what private credit's focus has been and where private credit focus will be going forward. So, what we'll call private credit 1.0. Focused predominantly on lending to small and medium-sized enterprises. And we now see that potentially changing. What is driving private credit 2.0 in your mind?Dan Toscano: Well, the elephant in the room is digital infrastructure. Absolutely. When you think about the scale of what is happening, the type of capital that's required for the build out, the structure you need around it, the ability to use elements of structure. You mentioned several of them earlier. To come up with an appropriate risk structure for lending is really where the market is heading. When you think about the trillions of dollars that we anticipate is needed for the technology industry to complete this transformation – not just around digital infrastructure, but around everything associated with it.And the big one I think of most often is power, right? So, you need capital to build out sources of power, and you need capital to build out the data centers to be able to handle the compute demand that is expected to be there. This is a scale unlike anything we have ever seen. It is the backbone of what will be the next industrial revolution.We've never seen anything like this in terms of the scale of the capital needed for the transformation that is already underway.Vishy Tirupattur: We are very much on board with this idea as well, Dan, in terms of the scale of the investment, the capital investment that is needed. So, when you look ahead for 2026, what worries you about the ind ustrial revolution financing that is underway?Dan Toscano: Given all that's going on in the world, this massive capital investment that's going on globally around digital infrastructure, we've never seen this before. And so, when I look at the capital raising that has been done in 2025 versus what will be done in 2026, I think one of the differences that we have to be mindful of is – nothing's gone wrong while we were raising capital in 2025 because we were very much in the infancy of these buildouts. Once you get further into these buildouts and the capital raises in 2025 that are funding the development of data centers start to season, problems will emerge. The essence of credit risk is there will be problems and it's really trying to predict and foresee where the problems will be and make sure you can manage your way through them.That is the essence of successful credit investing. And so there will definitely be issues when you think about the scale of the build out that is happening. Even if you look just in the U.S., where you need access to all sorts of commodities to build out. And you know, people focus on chips, but you also need steel and roofing, and importantly labor.And as we talk to people about the build outs, one of the concerns is supply of labor supply and cost of labor. So, when you run into situations where maybe a project is delayed a bit, or the costs are a bit more than what was expected, there will be a reaction. And we haven't had that yet. We will start to see that in 2026 and how investors and the markets react to that, I think will be very important. And I'm a little bit worried that there could be some overreaction because people have trained themselves in 2025 to think of like, ‘I'm operating in a perfect environment,' because we haven't really done anything yet. And now that we've done something, something can and will go wrong. So, you know, we'll see how that plays out.I am very fixated in 2026 on the laws of supply and demand. When I think about what's going on right now, we usually have visibility on demand. And we usually have some level of visibility on supply. Right now, we have neither – and I say that in a positive way. We don't know how big the demand is in the capital world to fund these projects. We don't know how big that can be. And almost with every passing day, the supply – and what we're hearing from our clients about what they need to execute their plans – continues to grow in a way that we don't know where it ends. And the scale, we're talking trillions of dollars, right? Not billions, not millions, but trillions.And so, I look at that – not so much as something I worry about, but something I'm really curious about. Will we run out of money to fund all of the ambitions of the Industrial Revolution? I don't think so. I think money will find great projects, but when you think about the scale of what we're looking at, we've never seen anything like it before. And it will be fascinating to watch as the year goes on.Vishy Tirupattur: Thanks Dan. That's very useful. And thanks for taking the time to speak to us and share your wisdom and insights. Dan Toscano: Well, it's great to be here.Vishy Tirupattur: And to our audience, thanks for listening. If you enjoyed the show, please leave us a review wherever you listen and share thoughts on the market with a friend or colleague today