Podcasts about Soros Fund Management

Danny is joined by Michael Green, Chief Strategist for Simplify Asset Management. The conversation spans various pivotal moments including the 1987 stock market crash, the 'Big Short' trade during the 2008 financial crisis, and his insights as a portfolio manager at firms like Canyon Partners and Soros Fund Management. Michael also discusses his current role at Simplify Asset Management, where he leverages both active and passive investment strategies. The discussion delves into the dynamics of market flows, the implications of passive investing, and the critical role of market structure in understanding economic shifts. Michael's perspectives on gold, Bitcoin, and the future impacts of artificial intelligence on the economy round out this comprehensive dialogue. -- ABOUT THE SHOW For decades, Danny has seen it all on Wall Street and has built his reputation on integrity, curiosity and skepticism that he will bring with him each week. Having traded through the Great Financial Crisis and being featured in "The Big Short" is only part of the experiences Danny wants to share with the listener. This weekly podcast cuts through market noise, offering entertaining and informative discussions with expert guests giving their views of the financial world and the human side of it. Whether you're a seasoned investor or just getting started, On The Tape provides something for all listeners. Follow Danny on X: @dmoses34 The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in 'On The Tape' carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Send us a textGood Fortune Makes the Man, and The Man Retains the Fortune and Multiplies It...Welcome back to another transmission from paradise, broadcasting from the heavenly shores of St. Barts. The Acid Capitalist, beamed straight into your ears, sun-kissed and untamed. This week, I open the vault—pulling an old gem from my private paywall, unchaining it from Patreon and Substack for the first time. And trust me, this one is electric.The year is 2000. The stage is Wall Street. And our protagonist? Derek Wallis, The Kiwi Proton Bomb. Fresh off the boat, wide-eyed, an eager foot soldier on the trade floor. But what happens when the greenhorn is tasked with telling Stan Druckenmiller, the man, the legend, that he's just vaporized a billion dollars? Trial by fire? No—trial by inferno.And then there's George Soros—the erratic, the enigmatic, the Palindromic Genius. The man who stalks markets like a predator, who sees the bubbles before they even take shape, who vanishes for months only to reappear, calling the desk four times an hour. The hurricane around which entire fortunes rise and fall. And Derek? Derek's there. Watching. Learning. Surviving.Fast forward. 2005. The Acid Capitalist himself walks into Soros Fund Management—the room temperature drops, chairs scrape, portfolios tremble. Derek was there, they all were. And the chairman, in a moment of delirious clarity, utters the words: 'We've found the next George Soros.' Who was he talking about? Ah, that's where things get interesting…But it gets wilder—trading desks, chaos, the kind of madness that makes a market. You want the full story? You want to know about the topless woman who brought down the Bloomberg terminals? You want to hear the truth about how the world's greatest speculator saw bubbles, rode them, burst them? Then you'll want to listen to this one.Stay sharp,Hugh Hendry, The Acid CapitalistP.S. If you're asking 'What's the score?' every hour of the trading day, you're already lost. The markets whisper in static. But ask once a year, and if you're good—exceptionally good—the mirror, mirror on the wall might just reveal your genius.https://www.occupyajobonwallstreet.com/ ⬇️ Subscribe on Patreon or Substack for full episodes ⬇️https://www.patreon.com/HughHendryhttps://hughhendry.substack.comhttps://www.instagram.com/hughhendryofficialhttps://blancbleustbarts.comhttps://www.instagram.com/blancbleuofficial⭐⭐⭐⭐⭐ Leave a five star review and comment on Apple Podcasts!

Soros Fund Management Chief Investment Officer Dawn Fitzpatrick said investors who shifted to private from public markets are in a “world of hurt” in terms of returns and liquidity. She is joined by Bloomberg's Erik Schatzker.See omnystudio.com/listener for privacy information.

Bessent currently heads Key Square Capital Management and previously worked for Soros Fund Management. If confirmed, the billionaire hedge fund manager will have authority in areas ranging from the IRS to economic sanctions. Also on the show, World of Warcraft. Twenty years ago, Blizzard Entertainment launched the multiplayer online role-playing game that brought together millions of users from all over the world to the fictional planet of Azeroth. Since then, the video game has left its mark on the industry and an entire generation of gamers.

Bessent currently heads Key Square Capital Management and previously worked for Soros Fund Management. If confirmed, the billionaire hedge fund manager will have authority in areas ranging from the IRS to economic sanctions. Also on the show, World of Warcraft. Twenty years ago, Blizzard Entertainment launched the multiplayer online role-playing game that brought together millions of users from all over the world to the fictional planet of Azeroth. Since then, the video game has left its mark on the industry and an entire generation of gamers.

Scott Bessent is the CEO and CIO of Key Square Group and a renowned global macro investor. His 40-year investment career has included two stints at Soros Fund Management, the first for a decade under Stan Druckenmiller and the second for five as CIO. In between, Scott launched a hedge fund, retired, and joined me at Protégé Partners when he learned retirement wasn't for him.   Following his second tour at Soros, Scott started Key Square with $4.5 billion, one of the largest hedge fund launches in history. Scott has been profiled in two best-selling investment books, Steve Drobny's Inside the House of Money and Sebastian Mallaby's More Money than God.   Our conversation covers Scott's investment path learning research from Jim Rogers, short selling from Jim Chanos, global macro investing from George Soros and Stan Druckenmiller, and twice hanging his own shingle. We discuss high-conviction ideas, asymmetric asset selection, position sizing, risk management, a hub and spoke approach, and core challenges of the global macro hedge fund business.    I once told Scott that he could read the newspaper six months ahead of time because I had never encountered someone with his ability to connect dots and imagine investments others had not considered. His interest in improving the country's economic picture has led him to shed his publicity-shy nature, and I'm grateful for the opportunity to share his story. Take Capital Allocators Audience Engagement Survey Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Host: Tracy Shuchart via MicDropMarkets GuestsJeremy SchwartzCIO Wisdom Tree Jeremy Schwartz has served as the Global Chief Investment Officer since November 2021 and leads WisdomTree's investment strategy team in the construction of WisdomTree's equity Indexes, quantitative active strategies and multi-asset Model Portfolios. Jeremy joined WisdomTree in May 2005 as a Senior Analyst, adding Deputy Director of Research to his responsibilities in February 2007. He served as Director of Research from October 2008 to October 2018 and as Global Head of Research from November 2018 to November 2021. Before joining WisdomTree, he was a head research assistant for Professor Jeremy Siegel and, in 2022, became his co-author on the sixth edition of the book Stocks for the Long Run. He received his B.S. in economics from The Wharton School of the University of Pennsylvania and hosts the Wharton Business Radio program Behind the Markets on SiriusXM 132 Mike Green Michael is the chief strategist at Simplify Asset Management . Michael joined Simplify in April 2021 after serving as Chief Strategist and Portfolio Manager for Logica Capital Advisers, LLC. Prior to Logica, Michael managed macro strategies at Thiel Macro, LLC, an investment firm that manages the personal capital of Peter Thiel. Prior to Thiel, Michael founded Ice Farm Capital, a discretionary global macro hedge fund seeded by Soros Fund Management. From 2006-2014, Michael founded and managed the New York office of Canyon Capital Advisors, a $23B multi-strategy hedge fund based in Los Angeles, CA, where he established their global macro strategies, managing in excess of $5B of exposure across equity, credit, FX, commodity and derivative markets.DISCLAIMER: This material is presented solely for informational and entertainment purposes and is not to be construed as a recommendation, solicitation, or an offer to buy or sell / long or short any securities, commodities, or any related financial instruments. Please contact a licensed professional before making any investment or trading decisions

“America has gone the longest in our history without a recession. History would say we're getting closer to a problem,” warns legendary investor Jim Rogers, chairman of Beeland Interests and co-founder of the Quantum Fund and Soros Fund Management. Questions on Protecting Your Wealth with Gold & Silver? Schedule a Strategy Call Here ➡️ https://calendly.com/itmtrading/podcast or Call 866-349-3310

On today's podcast, Tara and Stephanie discuss how George Soros is in the process of purchasing over 200 radio stations in 40 markets in the U.S., and the FCC is trying to expedite the process by violating their own regulations in forgoing the national security review process of Soros' unvetted foreign interest holders. Your hosts also talk about Alex Soros taking over the Soros empire from his father and how his recent dinner with Tim Walz is a slap in the face to the American people.   Read the blog and connect with Stephanie and Tara on TikTok, X, Rumble, YouTube, IG, Facebook, Parler, and Truth Social. https://msha.ke/unapologeticallyoutspoken/ Want to support the podcast and join the conversation? Head over to our Etsy store and pick up a cool UO Podcast sticker. https://www.etsy.com/shop/UOPatriotChicks  

Uncover the secrets to mastering technical analysis in the financial market with our latest podcast episode starring John Roque! Prominent technical analyst and seasoned financial professional, our guest brings over three decades of expertise, having worked with industry giants like Lehman Brothers and Soros Fund Management. Together, we emphasize the elegance of simplicity in investment strategies and discuss the critical importance of focusing on natural market narratives instead of overwhelming complexity. Learn how past experiences from the early '90s to the present have shaped a grounded and effective investment approach.Our discussion takes a deep dive into the intriguing world of bond yield cycles, where we unravel historical patterns and their potential implications for today's market environment. We explore the dynamic relationships between oil prices, inflation expectations, and bond yields, and how these factors could drive future market trends. You'll also gain insights into the surprising resilience of gold and its performance in different economic conditions, along with a detailed analysis of gold, silver, and mining stocks like the GDX ETF. Whether you're curious about macroeconomic indicators or the unique behavior of precious metals, this episode offers valuable perspectives.Finally, the episode navigates the complexities of investing in China, dissecting the gap between its financial promise and reality. We also scrutinize various technical indicators such as moving averages, MACD, and rate of change, highlighting their simplicity and reliability. As we examine sector rotations and the anticipated corrective phase in tech, you'll discover which sectors might be primed for outperformance and why low beta stocks are currently in favor. From market trends to the nuances of investment risk management and sizing, this episode equips you with the knowledge needed to navigate the ever-evolving financial landscape confidently. Tune in to gather insights from seasoned experts and refine your investment strategy!The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Foodies unite…with HowUdish!It's social media with a secret sauce: FOOD! The world's first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

We're currently in the longest bull market in U.S. history as the government continues to print trillions of dollars. With this unprecedented situation, continued inflation and rising interest rates is unavoidable. Depending on what happens, it's possible that rates can go as high as the high teens, like they did in the 80's. This scenario will spur a declining stock market and depreciation on most assets. Jim Rogers, renown six-decade investor, author, and commentator, predicts choppy waters ahead and suggests that we take precaution. Jim was the co-founder of the Quantum Fund and Soros Fund Management with legendary investor George Soros. 

Guy Adami is flying solo this morning and bringing you three things he is watching this week in markets. Get a quick primer on what to look out for, from more S&P 500 price target upgrades to crucial manufacturing data set to release.  After the break, Guy Adami and Kaitlin Malin, COO of iConnections, are joined by Jim Shannon, founding partner and CEO of Indus Capital, to discuss global market trends and investment strategies. Jim shares his extensive career background, from his time at Soros Fund Management to founding Indus Capital. The conversation covers the current state of the Japanese and Asian markets, focusing on Japan's corporate governance reforms and the influence of macroeconomic factors such as the yen and interest rates. Jim elaborates on Indus Capital's long-short equity approach, team structure, and regional focus. The discussion also touches on the geopolitical risks concerning China and Taiwan, the impact of upcoming U.S. elections on global markets, and emerging investment opportunities in countries like Korea and India. Learn More About Indus Capital: IndusCap.com Reach out to Jim: JShannon@induscap.com Learn More about iConnections & Its Partnership with MFA Subscribe to our newsletter: https://riskreversalmedia.beehiiv.com/subscribe — About the Show: On The Tape is a weekly podcast with CNBC Fast Money's Guy Adami, Dan Nathan and Danny Moses. They're offering takes on the biggest market-moving headlines of the week, trade ideas, in-depth analysis, tips and advice. Each episode, they are joined by prominent Wall Street participants to help viewers make smarter investment decisions. Bear market, bull market, recession, inflation or deflation… we're here to help guide your portfolio into the green. Risk Reversal brings you years of experience from former Wall Street insiders trading stocks to experts in the commodity market. — Check out our show notes here See what adding futures can do for you at cmegroup.com/onthetape. — Shoot us an email at OnTheTape@riskreversal.com with any feedback, suggestions, or questions for us to answer on the pod and follow us @OnTheTapePod on Twitter or @riskreversalmedia on Threads — We're on social: Follow @GuyAdami on Twitter Follow Danny Moses @DMoses34 on Twitter Follow Liz Young @LizYoungStrat on Twitter Follow us on Instagram @RiskReversalMedia Subscribe to our YouTube page The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

What You Need to Know is George Soros is Trying to Take Over Your Radio. The Soros Fund Management has acquired the majority of the bankrupt company called Audacy, which runs the second largest network of local radio stations in the nation. Soros money has now bought hundreds of millions in their debt and they are trying to fast track the FCC into approving it. NO way! No foreign company majority ownership of radio!  Amber Smith, veteran helicopter pilot and author of How the Woke Left is Destroying the American Military, joins Ed to discuss her book. She explains how the military has lost sight of its mission and purpose, and instead has decided to focus on things like DEI, climate change, and “white extremism.” All of this has worn down the military and put America in a very dangerous situation. Josiah Lippincott, Marine veteran, PhD candidate at Hillsdale College, and author, joins Ed to discuss his recent piece, ‘Mass Deportations Would Lower Housing Prices'. Josiah walks through the numbers on record high illegal immigration, paired with record high mortgage rates. He points to how all we really need to do is to change a few of the incentives for immigration, and very quickly, the free-loading and repatriating immigrants would clear out. What You Need to Do is tell your friends about Biden's plan to ditch the Trump tax cuts - in effect, the highest tax hike we have experienced thus far. People need to see beyond the talking points and get what's at stake, and you and I have to help them understand! Be armed with information.See omnystudio.com/listener for privacy information.

Dr. Rachel Ehrenfeld, author of The Soros Agenda @rachelehrenfeldWhy is Soros Fund Management buying so many radio stations? Author of The Soros Agenda, Dr. Ehrenfeld's multidisciplinary approach encompasses economic warfare and Weapons of Mass Effect (WME), including disinformation, free speech, indoctrination, propaganda, PC coercion, lawfare, corruption, money laundering, Political Islam, terrorist financing, Narco-Terrorism, the links between global criminal and radical networks and Jihadi/terrorist groups. We also discuss Iran's attacks on Israel and get Dr. Ehrenfeld's thoughts. BOOK: The Soros AgendaBIO: Dr. Rachel Ehrenfeld, author of The Soros Agenda, is the Founder and President of the New York-based American Center for Democracy and the Economic Warfare Institute. Dr. Ehrenfeld's multidisciplinary approach encompasses economic warfare and Weapons of Mass Effect (WME), including disinformation, free speech, indoctrination, propaganda, PC coercion, lawfare, corruption, money laundering, Political Islam, terrorist financing, Narco-Terrorism, the links between global criminal and radical networks and Jihadi/terrorist groups. Dr. Ehrenfeld focuses on identifying patterns of seemingly unrelated domestic and foreign events as they link to threaten the U.S. political, social, and economic stability and its financial system and other matters related to U.S. and Western democracies' security.Dr. Ehrenfeld successfully challenged a lawsuit launched by a Saudi financier of al Qaeda in the UK as a weapon to silence her and others from exposing him and his ilk.  Dr. Ehrenfeld's initiative and efforts led to the passage of New York State's anti-libel tourism, aka "Rachel's Law, " and the SPEECH Act, signed into law by President Obama in August 2010. These laws protect American writers and publishers in print and on the Internet from the enforcement of foreign libel judgments in the US. She has more than 1,500 publications, five books, and many academic and policy papers. She was published by the Wall Street Journal, the New York Times, Forbes, Newsweek, FOX News, CNN, Los Angeles Times, Guardian, Herald Tribune, Huffington Post, New York Sun, and many others. Her Ph.D. in Criminology from the Hebrew University School of Law in Jerusalem, Israel.See omnystudio.com/listener for privacy information.

10:05 – 10:15 (10 mins) Dr. Rachel Ehrenfeld, author of The Soros Agenda @rachelehrenfeldWhy is Soros Fund Management buying so many radio stations? Author of The Soros Agenda, Dr. Ehrenfeld's multidisciplinary approach encompasses economic warfare and Weapons of Mass Effect (WME), including disinformation, free speech, indoctrination, propaganda, PC coercion, lawfare, corruption, money laundering, Political Islam, terrorist financing, Narco-Terrorism, the links between global criminal and radical networks and Jihadi/terrorist groups. 10:41 – 10:56 (15mins) Weekly: "Vic Porcelli's East Coast Report with Douglas Blair" @DouglasKBlair Communications and Data Manager, Data Journalist @Harris_X_  See omnystudio.com/listener for privacy information.

Dr. Rachel Ehrenfeld, author of The Soros Agenda @rachelehrenfeldWhy is Soros Fund Management buying so many radio stations? Author of The Soros Agenda, Dr. Ehrenfeld's multidisciplinary approach encompasses economic warfare and Weapons of Mass Effect (WME), including disinformation, free speech, indoctrination, propaganda, PC coercion, lawfare, corruption, money laundering, Political Islam, terrorist financing, Narco-Terrorism, the links between global criminal and radical networks and Jihadi/terrorist groups. We also discuss Iran's attacks on Israel and get Dr. Ehrenfeld's thoughts. BOOK: The Soros AgendaBIO: Dr. Rachel Ehrenfeld, author of The Soros Agenda, is the Founder and President of the New York-based American Center for Democracy and the Economic Warfare Institute. Dr. Ehrenfeld's multidisciplinary approach encompasses economic warfare and Weapons of Mass Effect (WME), including disinformation, free speech, indoctrination, propaganda, PC coercion, lawfare, corruption, money laundering, Political Islam, terrorist financing, Narco-Terrorism, the links between global criminal and radical networks and Jihadi/terrorist groups. Dr. Ehrenfeld focuses on identifying patterns of seemingly unrelated domestic and foreign events as they link to threaten the U.S. political, social, and economic stability and its financial system and other matters related to U.S. and Western democracies' security.Dr. Ehrenfeld successfully challenged a lawsuit launched by a Saudi financier of al Qaeda in the UK as a weapon to silence her and others from exposing him and his ilk.  Dr. Ehrenfeld's initiative and efforts led to the passage of New York State's anti-libel tourism, aka "Rachel's Law, " and the SPEECH Act, signed into law by President Obama in August 2010. These laws protect American writers and publishers in print and on the Internet from the enforcement of foreign libel judgments in the US. She has more than 1,500 publications, five books, and many academic and policy papers. She was published by the Wall Street Journal, the New York Times, Forbes, Newsweek, FOX News, CNN, Los Angeles Times, Guardian, Herald Tribune, Huffington Post, New York Sun, and many others. Her Ph.D. in Criminology from the Hebrew University School of Law in Jerusalem, Israel.See omnystudio.com/listener for privacy information.

10:05 – 10:15 (10 mins) Dr. Rachel Ehrenfeld, author of The Soros Agenda @rachelehrenfeldWhy is Soros Fund Management buying so many radio stations? Author of The Soros Agenda, Dr. Ehrenfeld's multidisciplinary approach encompasses economic warfare and Weapons of Mass Effect (WME), including disinformation, free speech, indoctrination, propaganda, PC coercion, lawfare, corruption, money laundering, Political Islam, terrorist financing, Narco-Terrorism, the links between global criminal and radical networks and Jihadi/terrorist groups. 10:41 – 10:56 (15mins) Weekly: "Vic Porcelli's East Coast Report with Douglas Blair" @DouglasKBlair Communications and Data Manager, Data Journalist @Harris_X_  See omnystudio.com/listener for privacy information.

George Soros, through his firm Soros Fund Management, has strategically entered the radio industry, seeing it as beneficial for business and politics.  

Guests this weekEric Balchunas ERIC BALCHUNAS is a senior ETF analyst at Bloomberg, where he has over a decade of experience working with ETF data, designing new functions and writing ETF research for the Bloomberg terminal. He also writes articles, feature stories and blog posts on ETFs for Bloomberg.com and appears each week on Bloomberg TV and Radio to discuss ETFs. He is also the Author of The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors TrillionsCem Karsan Cem Karsan is the Founder, CIO, and Managing Principal of Kai Volatility Advisors. He is responsible for portfolio construction, and firm-wide management, as well as its Head of Research and Risk Management. Mr. Karsan formed Kai Volatility Advisors after over two decades of experience building industry-leading derivatives businesses. At its peak, during the Great Financial Crises, Mr. Karsan's proprietary market-making firm, Precision Capital Management, represented approximately 13% of the daily volume of S&P 500 Options. In 2010, Mr. Karsan divested his stake in Precision Capital to found his own investment management firm, now Kai Volatility Advisor Mike Green Michael is the chief strategist at Simplify Asset Management .Michael joined Simplify in April 2021 after serving as Chief Strategist and Portfolio Manager for Logica Capital Advisers, LLC. Prior to Logica, Michael managed macro strategies at Thiel Macro, LLC, an investment firm that manages the personal capital of Peter Thiel. Prior to Thiel, Michael founded Ice Farm Capital, a discretionary global macro hedge fund seeded by Soros Fund Management. From 2006-2014, Michael founded and managed the New York office of Canyon Capital Advisors, a $23B multi-strategy hedge fund based in Los Angeles, CA, where he established their global macro strategies, managing in excess of $5B of exposure across equity, credit, FX, commodity and derivative markets.This spaces is brought to you by MenthorQ Discover how Menthor Q is revolutionizing the way option traders trade and risk manage via Alternative Option data.Are you an options trader looking to get ahead of the market? Menthor Q is here to transform your trading experience with innovative alternative data and option trading models.Menthor Q Solutions Offers:- Gamma and Volatility Levels on Stock, ETFs, Futures and Crypto- Cutting-edge predictive models for options trading.- Expert insights and analysis for informed decision-making.- A Community of 15K professional tradersYou can find them at Menthorq.com or at their X account @methorqpro use code: chi20 to receive at 20% discount on any plan.

THE TIM JONES AND CHRIS ARPS SHOW  Radio and podcast company Audacy Inc. received court approval on Tuesday to emerge from bankruptcy and hand ownership to creditors including Soros Fund Management . https://newstalkstl.com/    FOLLOW TIM - https://twitter.com/SpeakerTimJones    FOLLOW CHRIS - https://twitter.com/chris_arps    24/7 LIVESTREAM - http://bit.ly/newstalkstlstream    RUMBLE - https://rumble.com/NewsTalkSTL   See omnystudio.com/listener for privacy information.

Soros Fund Management will become Audacy's principal shareholder after acquiring over $414 million of Audacy's senior debt. Soros' acquisition of Audacy, one of the most important private broadcast enterprises in the country, is bad news for the struggling radio industry and terrifying news for free speech advocates. 

* Guest: Eldon Stahl - Field Coordinator - The John Birch Society - JBS.org - TheNewAmerican.com * Guest: Bryan Rust, Over the past 50 years, Rust Coins has been working to educate customers about precious metals - RustCoinAndGift.com * Honest Money Report: Gold - $2014.45 Silver - $23.10. * Another Biden Gaffe Calls His Competence into Question - Rebecca Terrell, TheNewAmerican.com * Trump's Manhattan criminal trial to start March 25. * Super Bowl Viewership Grows to 123.4M, Breaking Ratings Records - The figure easily exceeded last year's 115.1M - Not! * Super Bowl LVII total viewing audience estimated at 200 million - NFL.com - Published: Feb 27, 2023. * It's a 9% increase compared with the nearly 183 million unique viewers initially reported to have watched at least one minute of Super Bowl LVII. The survey also revealed that the average minute audience was approximately 136 million viewers. * George Soros Set to Control Second-Largest Chain of Radio Stations - Court filings and sources close to the situation told the NY Post that Soros Fund Management has “bought up $400 million of debt in Audacy — the No. 2 US radio broadcaster behind iHeartMedia - BreitBart.com * Soros could than have control of more than 220 radio stations nationwide. One Republican insider close to the situation told the outlet that Soros could be trying to have media outlets to potentially influence public opinion during the 2024 election. “Under Audacy's current Chapter 11 bankruptcy plan, existing shareholders are expected to be wiped out,” it added. “High-ranking creditors like Soros would be repaid with stock in the restructured company.” * Audacy, which filed for bankruptcy on January 7 with $1.9 billion in debt, confirmed the investment from Soros. * The makers of Hershey and Cadbury chocolates are planning more price hikes to off-set a surge in cocoa prices!

This week on the Value Perspective, we're delighted to be joined by Joe Peta. Joe is the author of Moneyball for the Money Set, which explains how techniques gleaned from sport analytics can help to predict the returns of portfolio managers with startling accuracy. Before putting pen to paper, Joe started his career at Lehman Brothers before moving to Nomura. He then moved over to the buy side, working for Novus Partners, Kingsford Capital Management and Point72. To chat with Joe, Andy Evans from the Value Team is joined by Robert Donald, Chief Investment Officer of Schroder GAIA Helix. Robert's quant skills make him an ideal co-presenter for this episode. Robert, like Joe started on the sell side as an equity analyst before moving to GLG Partners where he ran a long-short strategy. He also worked for Soros Fund Management and Brummer and Partners before joining us as Schroders in 2017. In this episode we discuss: Joe's method for breaking down performance in a way that assesses skill, including hit rates, explosiveness, magnitude, scaling, and sizing; parallels with sports analytics and applicability for assessing skills for different types of investors; Goddard's Law; Managers' deficiency at sizing decisions; and finally, prediction tools and predicting power. Enjoy! NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider's consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.  

BIO: Tania Reif is the Founder and CIO of Senda Digital Assets. Prior to her cryptocurrency focus, she built her investment pedigree at top macro hedge funds, including Soros Fund Management, Laurion Capital, Citadel, and Alphadyne Asset Management.STORY: Around the end of 2017, Talia believed the dollar would stay strong and rally. Unfortunately, it tanked in January 2018. It only started rallying three or four months later, but by that time, Talia had taken her chips off the table and didn't profit from her view that played out a few months later.LEARNING: Reassess your investment model and make discretionary decisions to avoid getting into trouble. You can't always be on top of everything in the financial world. Don't fight the flow. “You actually can be right and lose money. This mostly happens when you're, funnily enough, too early to a trade.”Tania Reif Guest profileTania Reif is the Founder and CIO of Senda Digital Assets. Prior to her cryptocurrency focus, she built her investment pedigree at top macro hedge funds, including Soros Fund Management, Laurion Capital, Citadel, and Alphadyne Asset Management.She was profiled in the 50 Leading Women in Hedge Funds 2017 survey by The Hedge Fund Journal. Her career spans public policy beginnings at the International Monetary Fund and experience in the banking industry at Citgroup's Economic and Market Analysis team.She holds a Ph.D. in Economics with Distinction from Columbia University, where she earned the Jagdish Bhagwati International Economics Award for her work in currency dynamics.Worst investment everTania had a perfect model for trade currencies that had worked for many years. Then, in 2016, 17 and 18, it started to wobble. Around that time, she had a bunch of episodes where she'd put a trade on exchange rates, and it just wouldn't go her way, or it would take longer.Around the end of 2017, Talia believed the dollar would stay strong and rally. Unfortunately, it tanked in January 2018. It only started rallying three or four months later. By then, Talia had taken her chips off the table and didn't profit from her model that ended up playing out a few months later.Lessons learnedStay humble, and when things are not working, take a step back, reassess your investment model, and make discretionary decisions to avoid getting into trouble.Andrew's takeawaysYou can't always be on top of everything in the financial world.Don't fight the flow.Actionable adviceHave a smaller size until you understand what's happening. Be careful, and avoid the temptation to double down because you're convinced you're right.Tania's recommendationsTania recommends following Michael Howell for fantastic research and data on liquidity. He also has a substack for young and non-institutional investors that you can subscribe to.No.1 goal for the next 12 monthsTania launched a crypto fund in 2022, and her number one goal for the next 12 months is to get this young fund up and running into a more mature and established institution.Parting words “Please reach out if you're interested in learning more about...

Interview recorded - 10th of August 2023On this episode of the WTFinance podcast I have the pleasure of speaking with Michael Green - Chief Strategist at Simplify Asset Management. During our conversation we spoke about his thoughts on Michael's assessment, why the economy is holding up with interest rates, what this means for the markets for the rest of the year and how Michael is allocating for a recession. I hope you enjoy!0:00 - Introduction1:01 - Michael's assessment of global economy and financial markets?5:51 - Are the FED too narrow focused?10:53 - Why is the economy holding up with higher interest rates?14:40 - Fixed vs Variable Mortgages16:31 - Why has stock market been so strong in 2023?26:04 - Upside and downside volatility?28:56 - What will the catalyst for market stress be?33:56 - Michael's thoughts on emerging markets?40:06 - How is Michael allocating for recession?45:46 - One message to takeaway from our conversation?Michael has been a student of markets and market structure, for nearly 30 years. His proprietary research into the shift from actively managed portfolios and investment funds to systematic passive investment strategies has been presented to the Federal Reserve, the BIS, the IMF and numerous other industry groups and associations.Michael joined Simplify in April 2021 after serving as Chief Strategist and Portfolio Manager for Logica Capital Advisers, LLC. Prior to Logica, Michael managed macro strategies at Thiel Macro, LLC, an investment firm that manages the personal capital of Peter Thiel. Prior to Thiel, Michael founded Ice Farm Capital, a discretionary global macro hedge fund seeded by Soros Fund Management. From 2006-2014, Michael founded and managed the New York office of Canyon Capital Advisors, a $23B multi-strategy hedge fund based in Los Angeles, CA, where he established their global macro strategies, managing in excess of $5B of exposure across equity, credit, FX, commodity and derivative markets.In addition to his work as a market theorist and portfolio manager, Michael has been noted for his work as a public speaker and financial media participant. He is a graduate of the Wharton School at the University of Pennsylvania and a CFA holder.Michael Green - Substack - https://www.yesigiveafig.com/Twitter - https://twitter.com/profplum99LinkedIn - https://www.linkedin.com/in/michael-green-9a15142/Simplify - https://www.simplify.us/WTFinance -Instagram - https://www.instagram.com/wtfinancee/Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes - https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4Twitter - https://twitter.com/AnthonyFatseas

Shownotes and Transcript... George Soros is one, if not the most, dangerous person in the world. This may sound like an overstatement but our guest today will explain why.  Richard Poe is a bestselling author and respected journalist, sixteen years ago he co wrote the most comprehensive analysis of the web that Soros has spun worldwide.  Detailing the connections, control, influence and how the monster we see today was created by the British and nurtured by the Americans.  This will shine a light on one of the most secretive and powerful individuals and show how ignorance has allowed his ascent. Richard Poe is a New York Times-bestselling author and award-winning journalist. He has written widely on business, science, history and politics. His books include The Shadow Party, co-written with David Horowitz; The Einstein Factor, co-written with Win Wenger; Perfect Fear: Four Tales of Terror; Black Spark, White Fire; the WAVE series of network marketing books; and many more. Richard was formerly editor of David Horowitz's FrontPageMag, contributing editor of NewsMax, senior editor of SUCCESS magazine, reporter for the New York Post, and managing editor of the East Village Eye. Connect with Richard... WEBSITE:     https://www.richardpoe.com/ TWITTER:     https://twitter.com/RealRichardPoe?s=20 SUBSTACK:  https://richardpoe.substack.com/ 'The Shadow Party: How George Soros, Hillary Clinton, and Sixties Radicals Seized Control of the Democratic Party' Available in print, e-book or audio book from Amazon  https://www.amazon.co.uk/Shadow-Party-Hillary-Radicals-Democratic/dp/1595551034/ref=tmm_pap_swatch_0?_encoding=UTF8&sr=1-1 Interview recorded 21.6.23 *Special thanks to Bosch Fawstin for recording our intro/outro on this podcast. Check out his art https://theboschfawstinstore.blogspot.com/ and follow him on GETTR https://gettr.com/user/BoschFawstin and Twitter https://twitter.com/TheBoschFawstin?s=20  To sign up for our weekly email, find our social media, podcasts, video, livestreaming platforms and more...  https://heartsofoak.org/connect/ Please subscribe, like and share!   Subscribe now Transcript (Hearts of Oak) Hello, Hearts of Oak, and welcome to another interview coming up with Richard Poe. He has co-written a book with David Horowitz. This was back in 2006, but still as relevant today. And that is The Shadow Party, how George Soros, Hilary Clinton and 60s radicals seize control of the Democratic Party. George Soros is a huge figure, and this is the first book that actually delves into his life and how he's been involved in color revolutions, coups all around the world. His life story, moving to the States, his involvement with the left. So much packed in. I know you will really enjoy listening to Richard unpacking delve deep into the life of George Soros. Thankful to have you with us today. Thank you so much for your time. (Richard Poe) Thank you, Peter. Great to be here. Good to be. And we are going to discuss your book. We're also going to discuss some articles, but just for the viewers. Richard Poe's probably 10, 11 different books and here are a number of them that we are going to look, Hilary's Secret War, but we're actually going to look today at The Shadow Party, How George Soros, Hilary Clinton and 60s Radicals Seized Control of the Democratic Party and you wrote that along with David Horowitz, who we've had the privilege of having on before. And now you're a bestselling author, a journalist, investigative reporter, and people can find at Richard Poe, @RealRichardPoe on Twitter and RichardPoe.com. And of course, Substack is there as well @RichardPoe. And I, Richard, I've actually found your your kayak video strangely entertaining, off-topic. I've enjoyed watching them. You must be a kayaker yourself.  No, I'm not. No, I am not. I just, I was intrigued. It was a whole, something completely different. So I enjoyed watching your documentary on it. Well, there is something fascinating about the kayak role. And it took me many years before I finally committed myself to learning it after, but I always used to just be mesmerized to watch people do that, whether on videos or in person, there's something magical about it. And once you actually learn it, it doesn't feel any less magical. It's, you know, of course, it's just like anything else. You learn the moves, you learn how to do it, But there's magic in it. It's something that just feels so wonderful. And I just had to make a film. A short film, five minutes, just trying to convey to people as best I could what this feels like, what it's really like to capsize in a small boat where you're jammed into a cockpit, you know, by your waist, hang upside down in the water, and then turn yourself right side up. You know it's, in a small way, I guess it's like jumping out of a plane with no parachute, and then somehow lifting yourself back onto the plane. Maybe that's too dramatic, but, that's how I like to think of it.  It's fun watching, of course, it's on your website, people can people can see it and there I mean just in The Shadow Party going to source there's so much to cover we'll we'll not do one of your marathon sessions that you do with Noor Bin Laden, those are all available for the viewers to watch you've just started doing them in video I know and that's all on substack but probably the book it's been out 2006 it came out. What led you to write it because now this is part of the conversation, the whole thing with, money, with control, with Soros. What led you to actually putting pen to paper on the book? Well I had researched Soros for many years. I first wrote about him in 1993, in my very first published book. It was called How to Profit from the Coming Russian Boom, and I had some expertise in Russia and I had been there as a business writer for Success Magazine. I had gone there a number of times in the early 90s to, cover the fall of communism and Soros was there, you know, he was part of the party, a big part of it. And at that time, I wrote very positively about Mr. Soros because I felt he was one of us, whoever us are, you know, us Westerners who are... And at that time, I believed very much in the Cold War narrative that we of the West represented freedom and democracy and all those good things. And we had to overcome communism. Communism was the great dragon. And, so Soros, I felt, was just one more person helping us to dismantle the Soviet Empire and teach the Russians how to become capitalists, quote-unquote, and become like us. It all seemed like a very noble enterprise at the time, and I wrote very positively about Mr. Soros and everything he was doing in Russia. I wasn't unaware that there was a dark side to Soros and some of his activities, but well, let's just say I wrote positively about him. And my book was quite influential. It was praised by the London Financial Times as being the first book to explain the privatization process in Russia, which was done by means of a voucher system. The government issued vouchers to every Russian citizen, every Soviet citizen, which were worth 10,000, how did it work? Each one was worth, you could be traded for 10,000 rubles, I think, 10,000 rubles worth of shares in any of the state-owned companies that were being auctioned off. And what happened, of course, is that this happened after my book came out. No one had a clue that this was going to happen. Soros and his cronies, they convinced Yeltsin to do shock therapy, as they call it, to basically de-control all prices and currency values, all at the same time, which led to immediate hyperinflation at catastrophic levels. And so these vouchers became worthless overnight and all the Westerners bought them up, and used them to acquire eventually the crown jewels of the Soviet economy. So this was one of the things that actually led, this is back in the early 90s, but it led to a lot of the ill feeling, between the Russians and the West, which we're now dealing with today, because at that time, the Russians were really.... There was an innocence about them. They were really so grateful in many ways. They wanted this kind of help from Westerners, and especially Americans. They trusted us in a very special way, in a way that they didn't trust other Westerners. And unfortunately, thanks to Mr. Soros and Jeffrey Sachs, who was working with him on this project, and a lot of people at Harvard University, almost instantaneously with the image of America as friend and savior was destroyed and we were perceived as a gang of thieves who were coming to strip the country of all its wealth. And I don't think that perception has ever left. So I was aware of that as it was happening, but as I said, that happened after my book was published. So my book was totally positive about Soros, but... Please tell me if I'm going to too many details about this, but to me it's a very interesting story because, see, Soros himself had declined my request to be interviewed for the book, but he did kindly allow me to interview some of his people, and I had some expectation that maybe, you know, Soros would like the book, it might lead to some further talks, interviews, whatever. But instead what happened is, I think it was only two years after my book came out, a very similar book came out. And this happens a lot in publishing, by the way. If they, the aesthetic of a certain book, they actually replace it with a similar book. So my book was called How to Profit from the Coming Russian Boom. This other book comes out a couple years later, I think it was from the Free Press. And it was called The Coming Russian Boom. They basically took a fragment of my title and made this other book, which also looked kind of similar, the cover design. And on the back of this replacement book, this book that was meant to replace mine, was a big plug by George Soros himself saying, if you want to read a book by real Russia insiders who really know what's going on, read this book. And just to make it clear, a known Soros operative wrote a review saying, Richard Poe's book is now totally out of date. You should now read this new book, which has an almost identical title to his and a similar colour design and which was published only two years later. So you ask, how did I first come across Mr. Soros? Well, it was that. Was I particularly upset? No, not really. I was on to other things, you know, writing other books. I just thought, Well, that's a little curious. But I think the reason they did that, I think the reason my book was disliked is one for the very reason that the Financial Times had said, because I had given such a clear, explanation of the privatization process and how it worked, and then shortly thereafter Soros and his cronies had completely corrupted the privatization process. So I think that was one thing that I did bad. And another thing I did, was I told the truth about the corruption in the Moscow city government, and I was clued in by certain people in Russia that Mayor Lushkov, who I had accused by name, was very disturbed with me, and that sales of my book in Moscow, particularly in the crucial airport bookstores where foreigners would be likely to buy it had been banned. And so, this was my very first book. You know, it got a star for excellence from Publishers Weekly, got reviewed in all the right places but obviously Mr. Soros didn't like it. He endorsed this competing book which appears to have been manufactured for the express purpose of outdating mine. So anyway, I don't mean to go into all that except just to emphasize that me and Mr. Soros go back quite a ways. I first ran across him, one might say ran afoul of him in Russia in the early 90s, as did so many people. And so then much later in 2004, I got a phone call from Chris Ruddy, the founder and editor of Newsmax. I was one of the original columnists at Newsmax. It was started in 1998, I believe, and I started in 1999. And Chris called me up. He says, look, we wanna do a big expose about George Soros and put it on the cover of Newsmax magazine. Would you like to write it? I said, sure, let's do it. And so, that led to my next encounter indirectly with Soros. I never actually have met him or communicated with him in person or directly, but it seemed every time I ran across him, something ill-omened occurred, you know, it was strange. So, I wrote this article, which seemed a perfectly legitimate exercise of free speech in the home of the free and the brave, the United States of America as working journalists. Why shouldn't we write an expose of George Soros? After all, he was coming out very publicly, speaking out on political matters, saying he was going to donate $25 million to oust President Bush from office. And that's why Newsmax wanted to write about him, all seemingly fair game, you know, and the type of thing one would normally write about. Well, so I wrote, what I wrote about was the same subject I'm writing about now, all these years later, that what Soros was actually doing, and what he was boasting that he was going to do was to go outside of the normal bounds of political electioneering in the United States. And he said, what I have done in other countries, I am now going to do in the United States. And he said, actually, he was going to do a regime change, quote unquote, to remove President Bush. So I was familiar at that point in large part because I had some experience in Russia, in Eastern Europe. I knew what a colour revolution was. Most people didn't at that time. I knew that Soros was involved in these things, and I knew he had helped overthrow a number of governments, not only in Eastern Europe, but all over the world. People think he just does this in Eastern Europe. He's done it in Africa, Asia, everywhere. But, um...When I heard Soros saying these things, I knew exactly what he meant, and I felt I need to explain this to the American people. And so my article was called George Soros' Coup, and it basically explained this guy does color revolutions, and he seems to be implying that he's going to do that here in the United States. Well, it didn't quite happen in the election of 2004, although there were some strange goings-ons from the Democrat side. But for our story right now, what is interesting is that my Newsmax cover story was a big success. I was immediately called to appear on The O'Reilly Factor with Bill O'Reilly. And I did a seven-minute spot on The O'Reilly Factor. The very next day, a completely new outfit, called Media Matters for America, which George Soros had helped to found. It was it was something he and Hilary Clinton and John Podesta and a few others had been totally involved with from the ground floor. So, they attacked me, in a way I'd never been attacked. I mean, there must have been three, four different articles all all about little old me, and basically saying that I was a liar, that I got all my facts wrong. You know, saying exactly the things that if they were true, would completely disqualify me to work as a journalist ever again. They were in fact defamatory. And... Well, can I just step back a little bit just to continue now, but colour revolution, it's something you have mentioned as a phrase, and I know there's a great article, we might get into the British aspect of it, but How the British Invented Colour Revolutions, you wrote back May 2021, and that's available on your substack, but that term colour revolutions probably will not mean anything to many people. It's still a term which isn't widespreadly used. Do you want to just touch on that to let the viewers know what you mean by a color revolution? Sure. A color revolution is basically, it's just a term that's used to describe what is basically a fake revolution. When foreign intelligence services go into a country and create a fake revolution which is meant to look like a people's uprising, a spontaneous uprising of the people, but is actually a foreign-sponsored coup, hiding behind the facade of a people's uprising. And just to give an example, not to get into my recent articles, but I recently discovered and have argued in some recent articles that the French Revolution and the Russian Revolutions were, in fact, color revolutions. It is my contention that the British Secret Services were behind both. But that's just to give an example where a revolution that most of us until now, until recently, have assumed, entailed some kind of spontaneous uprising by an aggrieved population. Yes, to some extent they were, but this, whatever discontent among the people may have manipulated by foreign intelligence services, making it a fake revolution, making it a foreign-sponsored coup, and this type of revolution has been nicknamed in recent years a color revolution. It's called that because often these revolutions use team colours to identify themselves. That for example, there was a so-called orange revolution in the Ukraine in 2004. And if you look at pictures on Google, you'll see crowds in a sea of orange banners, orange everything. And interestingly, even going back to the French and the Russian revolutions, They too had their team colors, team symbols. The French, of course, had their tricolour badges and their so-called Phrygian caps that they wore. Which were red with the tricolour badge on it. In the Bolshevik Revolution, of course, the colour was red again, red for socialism, red for communism. And they also wore a distinctive cap called the Scythian cap, which looks strangely like the Phrygian cap that the French had worn, but whatever. So even in such details as the use of these kind of evocative coloured symbols, and they weren't always colours. Sometimes they were flowers or other kinds of symbols. But they're called colour revolutions for that reason, because somebody decided to name them that. Originally, the first one that came to wide public attention was the so-called Velvet Revolution in Czechoslovakia, during the fall of communism. And that too was, George Soros was heavily involved in that, as were many Western governments and intelligence agencies and so forth. And that was called the Velvet Revolution. It still is to this day. And that term Velvet Revolution actually caught on in Eastern Europe for quite a bit. Often these revolutions were called Velvet Revolutions, but somewhere along the line, they started calling them Colour Revolutions and that stuck. So I now use the term, it's not my favourite term, but that's what it means. A fake revolution generally orchestrated by a foreign intelligence agency or agencies, to masquerade as a popular uprising. And so George Soros has been involved in these, for many decades, funding them, being a public apologist for them, going before the press just to justify them and basically act as a propaganda voice to explain why it was necessary to do these. And the propaganda is very necessary because generally what happens in these so-called colour revolutions is that an election occurs, somebody wins, and that somebody is not the person whom the Western powers wanted to win. And so then they create an uprising saying the election was stolen, it was all fake, it doesn't match the exit polls, so let's bring all the people out into the street, often with quite a good deal of real violence. These things are often called bloodless coups, but I think they are rarely bloodless, and often they involve pretty significant violence. Certainly in 2000, when they overthrew Milosevic in Yugoslavia, there was very significant violence. They set fire to the parliament building. They had armed paramilitaries blocking all the roads around Belgrade, armed with military weapons. And... So, although they're considered bloodless, stereotypically, they're usually not. Any more than the Russian or French revolutions were. So, that's what it is. It seems like an exotic idea, but it's really not. Governments have been doing this for ages, but the British, in particular, I've learned in the last few years, have been doing this for centuries and really excel at it. It's often assumed that Americans are the ones who invented this and who are the best at doing it, but it's not true. Whatever we know, we learned from the Brits.  Let's go on Soros, because Soros, he obviously ended up in London as a refugee, then went to LSE, London School of Economics, went to the U.S. and it seemed to be that his desire was to to make money and return and something kind of happened on the way to the point where I think the midterms, I read somewhere what was a figure was a hundred and twenty eight million dollars I read and that made him the largest single donor in the midterms just past that election cycle and kind of something happened along the way for him just wanting to make money to actually being part of a mass funding campaign off the left?  Well I gave my theory on this very subject in a recent article called How the British Invented George Soros and basically the answer to your question, I think, is that Soros is not his own man. It is my contention that he was recruited as an asset of the British government, the British Foreign Office, and possibly of British intelligence agencies. The fact is that he has been from the beginning involved in activities such as regime change. In foreign countries, activities which, frankly, he would not be allowed to take part in unless, he were under the supervision of some intelligence agency or another. And it's often assumed that he works with the CIA and that he is a CIA asset, and that's generally the default position that most people take. But I believe that he is a British asset, and I made what I think is a pretty strong argument for it in my article. He came to England as a refugee from a communist Hungary when he was 17 years old. He lived in England for 9 or 10 years, during which he graduated from the London School of Economics. He started work in the city of London, learned the arbitrage trade. And during that time, it appears he was selected by a group of very powerful men who include some of the most famous names in global finance. And he was sent, I believe, to the United States to basically act as an agent for this group, this cabal, if you will, of British financiers. And one Lord William Rees-Mogg, who happens to be the father of Jacob Rees-Mogg, I have named him the man who created George Soros because he almost single-handedly created the legend or the myth of Soros as one, the greatest financial genius in the world, and two, as quote-unquote the man who broke the Bank of England. These myths, and I think both are myths, actually. Both of these myths were created and promoted by Lord Rees-Mogg and his colleagues at the Times of London. Rees-Mogg was the editor of the Times for I think 15 years and then he became a vice president of the BBC. But perhaps more importantly, he has a very unique position, or he had, he died in 2012, I call him a gateway or a bridge between worlds, because he was a man who was a very close personal friend of the British royal family, and he was also a very close personal friend of Lord Jacob Rothschild. And he was a bridge between the British aristocracy, you know, the British blue blood society, if you will, and the grubby world of City of London investment, where one had to rub shoulders with such characters as Hungarian refugees, such as George Soros. And Rees Mogg had that job. He moved between those worlds and he was a bridge between those worlds. And it's a little known fact that Soros' quantum fund, Soros actually leaked in one of his books, it was an authorized, and I think Soros actually commissioned this book, it was called George Soros, Messianic Billionaire, something like that by a guy named Kaufman. And in that book is a leak that the Queen of England, Queen Elizabeth II, was one of the investors in the Quantum Fund. Now, there's a great deal of secrecy, as you know, regarding investments by the royal family, this information is closely guarded, but quite often they leak information about where they're investing, such as famously in the mining company Rio Tinto. There were a number of quasi-official leaks about royal investments in that company. And I think they do this in order to pump the stock. I mean, I think when these leaks occur, it's because they're trying to pump the stock. And there was such a leak regarding Soros' quantum fund. So I think, and it appears to me that Soros was really an artificially created person. I don't believe at all that he was was the greatest genius in the financial world. I think he was built up into that by Lord Rees-Mogg. And for example, his greatest act of genius supposedly was breaking the Bank of England. Where in 1992, he supposedly shorted the Bank of England to such an extent that Britain was forced to devalue its currency by 20% And it was a huge catastrophe. But in reality. That story, actually, the story that Soros did it, comes from Soros himself. And it can't be proven because his operations are in the Netherlands Antilles, which is a secrecy jurisdiction, a banking haven. And there is no way to prove what he actually did in that operation. But it's come out that there were many, many players, including some of the biggest banks, biggest pension funds, biggest financial institutions in the world who were taking part in that run on the pound. And Soros was allowed by Rees-Mogg and his colleagues at the Times to take credit for it. And they actually named him in a big banner headline, the man who broke the Bank of England. But he was just one among many and by far not the largest. So, why did Rees-Mogg do this? Well, he quickly demonstrated that because Rees-Mogg's next move was then to write a series of articles explaining to the British people why Soros was a hero and that his devaluation of the pound had saved Britain from having to honour its commitment to enter the Eurozone because by devaluing the pound by 20%, Britain was no longer qualified to enter the European exchange rate mechanism and was no longer qualified to become part of the Eurozone, and that's why it still isn't to this day. And so Rees-Mogg just sang the praises of Soros, called him a hero. He said there should be a statue erected in front of the treasury of him and things like that. And other British journalists have said similar things, that he should get a knighthood and so forth and so on. So that's why I say it was all a myth. Soros himself didn't actually do it single-handedly. And moreover, far from being an attack on the British establishment, It appears to have been a British economic warfare operation which the British establishment deliberately inflicted on its own central bank for political purposes, and for which Soros was assigned to take the blame or to take the credit. So once he had done that operation, then he was very famous. He had become a celebrity overnight. The Times was doing everything it could to convince people he was a wonderful guy. And they immediately started saying what a genius and a financial prophet he was. And Rees-Mogg started saying, oh my goodness, Soros is buying gold. Let's pay attention to what he's doing because if he's buying gold, maybe we should buy gold too. So what happened was, I think this was in 1993, Soros's next assignment for this group around Rees-Mogg and Jacob Rothschild. His next assignment was to buy a large number of shares of Newmont Mining Corporation, I think was and is the largest gold mining operation in North America, and he bought them from Jacob Rothschild and Sir James Goldsmith. And so Rees-Mogg, was telling everyone from the Times, look, Soros is buying gold, but some people noticed, well, yes, but Rothschild and Goldsmith are dumping it. So what does that mean? Despite these ambiguities and puzzlements, they did succeed in hyping the price of gold. The price of gold skyrocketed. Rothschild and Goldsmith made a killing, as I think did some of their other associates in the St. James Capital Group, of which Rees-Mogg was an officer at the time. And strangely Soros himself supposedly lost money on that deal, which is very interesting because although his myth touts him as a lone wolf who only looks out for number one for himself. It really looks like he took one for the team in the great gold scam, as I call it, this gold hyping scam. It appears to have been done for the specific purpose of allowing Jacob Rothschild and Sir James Goldsmith to realize a profit on their previous purchases of Newmont Mining, which had been performing sluggishly. And so this operation appears to have been done for no other reason than to allow these two men, to make some money. And Soros took a hit on that one. He took a hit for the team. He was a team player. So based on these kinds of things, I mean it goes on and on. You could say it's kind of circumstantial evidence, but it's pretty clear that from the beginning, Soros, whatever his gifts and abilities may have been, I'm sure he's very smart, I'm sure he was selected because he was deemed to be a talented person and all that, but he certainly is not the greatest financial genius in the world, that's not how he made his money. He made his money by being adopted by this very powerful group in the city of London and serving them, being a good servant and being the public face of them and their operations. And so he went to America and the rest is history. But now today, he's presumably still alive, despite recent reports of his death, I mean, who knows anymore who's alive and dead. So true. But he has passed it over, we're told, to one of his sons. Do you think it's the end then of that era? Do you think the damage is already done? Do you think it's being passed over just to keep the financial side and it's not the political engagement? What are your thoughts as you kind of see that transfer? Well, I don't imagine that with all the investment which I will say which the British have done in building up the Open Society Institute, I can't imagine they'll simply abandon it. Obviously, it's not going to be the same without George Soros there. Alex Soros, I presume, is nothing more than a figurehead. The man who runs the Open Society Institute is its president, and he's a guy named Lord Mark Malloch Brown, a name with which you may be familiar. Malloch Brown has a similar career trajectory to Soros. He has been involved for decades in regime change operations in foreign countries, in rigging elections in places like the Philippines, and other such targets. And then in 2015, He had just, there was a British takeover of this company called Smartmatic, and by the way, Smartmatic is going around suing people for billions of dollars, so if you want me to shut up right now, I will. I won't say another word.  Feel free to give us your opinion, Richard. Well, whatever else one may or may not say about Smartmatic, what they did was sell voting, a voting system. And so in 2015, the same Lord Mark Malloch Brown, who had notoriously been doing regime change operations all over the world, obviously connected with intelligence. He was a high-level UN official under Kofi Annan. I mean, this guy was obviously, you know, had some role in the intelligence community, I would say. I would say it's obvious. But now he's running the Open Society Institute, but he was given that position right after the US election in 2020. And some people said that was his reward. I'm not gonna comment about that. But his Smartmatic machines and software became very controversial. And in 2015, he was openly trying to market his Smartmatic system to the United States. In the States, it's the state governments which purchase, you know, they each has its own policy for voting systems. So he was trying to sell these to state governments and people often say, well, he never succeeded. I mean, they have a few Smartmatic machines in LA, supposedly, and not nowhere else. All I can tell you is. And this I believe is the very subject of this multi-billion dollar lawsuit that's going on, but there were people in high places who seemed to be in the know, who were close to the Trump campaign. I believe Rudy Giuliani was one, Sidney Powell, others who were basically saying that the Smartmatic software was actually being used by other companies to run other voting machines and that in fact the Smartmatic software was the evil potion that enabled them to do all these alleged alterations of the vote. So, is any of that true? Well, I don't know. I can't prove it. And, you know, anybody who opened their mouth in public and spoke of it is now being sued. You know, defamation law is a very good thing. People should be allowed to sue for defamation. I do think it's very odd to have foreign companies providing voting software to the United States of America and then being able to sue people into silence who legitimately raise questions about the integrity of those systems. I find that very strange and disturbing. But that's what's going on. You know, back in 2000, I remember very well, there was a dispute, started by, you know, Gore. Gore challenged the election result, famously, and for weeks and weeks and weeks, the world watched in astonishment and horror as the United States seemingly descended into a third world country unable to count its own votes. But no one at that time ever suggested that people should not be allowed to have an opinion or to speak? About whether they thought that Bush or Gore had won. That would have been unthinkable. Suddenly that's the case. Suddenly that's the situation we're in. But anyway, whatever that means. So this Lord Mark Malloch Brown was right in the middle of that, right in the middle of that storm, right in the eye of the storm. And let me just remind you that he was a long-time friend and collaborator of George Soros. In fact he lived next door to Soros in a house provided by Soros in upstate New York when Malloch Brown was working as a UN official. He was some sort of aid to Kofi Annan and he was basically put up by Soros. And they're very good friends. And they've collaborated on many regime change operations throughout the world, which is not the sort of thing every normal person gets involved in. But these two, for them, that's a big part of their lives and has been for decades. So strangely, you know, this same Malloch Brown ends up as the CEO of Smartmatic. And then as soon as that operation is finished, he's appointed by Soros to be the president of the Open Society Institute. And now he's disappeared from sight. And everyone's pointing to Alex Soros saying, Alex Soros is now going to take over for George Soros, and that's fine, but I've got my eye on Malloch Brown. I mean, I doubt very much whether Alex Soros is actually running it. In fact, I remember some years ago, Soros actually tried to pass on the baton to, at that time, I think all his sons, If I remember correctly, he was trying to... He was trying to turn over Soros Fund Management, which is his investment arm, to his sons, and then he all of a sudden reneged and took it back. And people said, I thought you were going to give this to your sons, why did you take it back? And Soros, here's an interesting father figure for you. He said, well, I discovered that my sons didn't have the talent to run it. And the interviewer said, what sort of talent do you mean? He said the talent for making money. Wow.  So without going into all the Freudian or psychoanalytic aspects of it, I mean, whatever else one can say about Mr. Soros' sons, I can't imagine they're big fans of their father. Can I just finish off on the book. In 2010, Glenn Beck did a series, Puppetmaster, that was based on the shadow party on your book. I know he was cancelled soon after on Fox. I don't know whether it was linked to that, but this was probably the first book to expose sources funding off of color revolutions which we've discussed. It's not something that people are supposed to discuss and then you produce this book by a large publisher which I always find intriguing. Maybe it would be different if you redid it today but that with Glenn Beck putting that in and bringing it with Glenn Beck's reach on Fox and then getting cancelled this obviously is something that you're not supposed to discuss. Yes, at that time, it was an extremely sensitive subject. I did not realize how sensitive it was until after I put my foot into the punji steak, so to speak. But I knew I was pushing it, and that's part of the reason why I invited my then employer, David Horowitz. I actually invited him to co-write the book with me, hoping that his name would not only help promote the book, and make people take it seriously, but I thought maybe it might afford some protection for me. And I think it did all of those things to some extent. I think it would have been much worse for me if I had tried to write the book myself, I think it was a wise thing to do. But nonetheless, I was punished quite severely by the powers that be for daring to write about that, because these color revolutions, these are intelligence operations, and especially at that time when people were not writing about it, when to write about such things and to do it with a co-author of the stature of David Horowitz, and then to appear on Glenn Beck reaching you know an audience of millions, a national audience on Fox News. If you're in the national security establishment, if you're somebody who's involved with these operations and you're trying to project a certain image of their innocence and spontaneity and then someone comes along and puts out a narrative that says, oh actually this guy George Soros is pulling the strings behind these things. Well, you know, we can see now how sensitive, a lot of these intelligence people are to anyone tampering with their narrative, you know, with all the recent hysteria over misinformation and disinformation. And so forth. Well, they didn't used to speak so publicly about it, still pretending, that they weren't involved in media, that is, the intelligence community. Now they've dropped that pretence. Back then, we still were allowed to have this illusion that we are a free press, and we can say what we want and all that, but clearly I was interfering with a very important intelligence narrative. And I was doing so almost uniquely, and certainly the size of the platform that I had accessed was, and getting on national TV and all the rest, it was a challenge to the, It was a challenge to the national security establishment, whatever you want to call them, to the security forces, if you will. It was a direct challenge to them, and I was a small target, nobody else was writing about this. So it was a simple matter to silence me. And I want to say, you know, we talk a lot today about cancellation, and you know, people being cancelled and un-personed. And it's important to understand, you know, nowadays we see Tucker publicly thrown out of Fox News and we think that's what it means to be cancelled or Matt Taibi kicked out of The Intercept. And so we have this illusion that to be cancelled means that you're publicly punished for doing something good and thrown out and then everyone rallies to your rescue and you're even bigger and better than before. And supposedly that's what it means to be cancelled. But those are not real cancellations. The way cancellation is really done, and the way it's been done traditionally, and the way it's done usually, especially in free societies like ours, is very quietly, behind the scenes, very insidiously, so that nobody even knows it happened. And that's all I'm going to say about that.  Well, that's perfect end. And let's again just leave the viewers the shadow party, how George Soros, Hillary Clinton, and 60s radicals seized control of the Democrat Party. It's available. I listened to it. You can get his hardback, paperback. It is a huge subject that is relevant today, if not more relevant than it was in 2006 when you wrote it. Richard, I appreciate your time. Thank you so much for coming along, sharing your thoughts on the book. Thank you.  Thank you, Peter.

Dawn Fitzpatrick, CEO and Chief Investment Officer at Soros Fund Management speaks with Bloomberg New Economy Editorial Director Erik Schatzker from the Bloomberg Invest conference.  See omnystudio.com/listener for privacy information.

VICE Media, una conocida cabecera de prensa digital dirigida a los llamados “millenials” declaró este lunes la quiebra y se acogió al capítulo 11 para reestructurar la compañía y salvar lo que se pueda. Lo más seguro es que termine en manos de Fortress Investment Group y Soros Fund Management, que se harán con VICE a un precio muy barato, especialmente si lo comparamos con la valoración que tenía hace unos pocos años. En su mejor momento VICE llegó a valer 5.700 millones de dólares, hoy se estima que Fortress y Soros pagarán por ella tan sólo 225 millones de dólares. El periódico es la parte más reconocible de un conglomerado mediático que reúne un magazine, una productora de televisión y un canal de YouTube con 8,5 millones de suscriptores que ofrece una serie de formatos propios muy populares, pero también muy caros de producir. Hace sólo unos años VICE era sinónimo de éxito. Grandes inversores se interesaron por el medio revelación e inyectaron dinero en la compañía. La cabecera se internacionalizó abriendo ediciones en diferentes idiomas, entre ellos el español, y redacciones por medio mundo. Era el medio de moda y todos se peleaban por su cobertura. Pero no han sabido madurar y convertirse en un medio de comunicación a la altura de lo que decía valer. En 2021 empezaron en serio los problemas. La empresa gastaba mucho más de lo que ingresaba y su modelo de negocio informativo, basado en noticias virales, hacía aguas por los cuatro costados. VICE dependía de los algoritmos de las principales redes sociales que muestran y recomiendan contenido a sus usuarios. Tan pronto como el algoritmo cambiaba, las estadísticas de VICE se desplomaban agravando los problemas y empujando a la redacción a doblar la apuesta. Todo en nombre del tráfico, el célebre “clickbait”, noticias llamativas, pero sin contenido y cuyo titular ejerce como anzuelo. A partir de 2018 y tras varios escándalos por las llamadas noticias falsas, redes sociales como Facebook aplicaron cambios de envergadura en sus algoritmos de recomendación. Eso afectó directamente VICE y a otros medios de corte similar como Buzzfedd, Mashable o Playground, elaborados con la misma filosofía editorial. Hace cinco o seis años todo el mundo hablaba de ellos y los había incluso que les señalaban como el futuro del periodismo. Estaban concebidos para gente joven y contaban con buena parte de su contenido en formato audiovisual. La idea era buena, pero también extraordinariamente cara ya que exigía fuertes inversiones muy dependientes del tráfico y de grandes acuerdos publicitarios. Ambas cosas se esfumaron en los dos últimos años poniendo en serios apuros la cuenta de resultados de todas estas empresas. Para tratar este asunto vuelve La ContraCrónica Rubén Arranz, redactor del diario Vozpópuli, un digital a la antigua usanza donde lleva la sección de medios de comunicación. Rubén ha seguido de cerca las andanzas de estos nuevos medios y los conoce bien. Con él vamos a desentrañar las claves de una muerte anunciada desde hace, como poco, un par de años. · Canal de Telegram: https://t.me/lacontracronica · “Hispanos. Breve historia de los pueblos de habla hispana”… https://amzn.to/428js1G · “La ContraHistoria de España. Auge, caída y vuelta a empezar de un país en 28 episodios”… https://amzn.to/3kXcZ6i · “Lutero, Calvino y Trento, la Reforma que no fue”… https://amzn.to/3shKOlK · “La ContraHistoria del comunismo”… https://amzn.to/39QP2KE Apoya La Contra en: · Patreon... https://www.patreon.com/diazvillanueva · iVoox... https://www.ivoox.com/podcast-contracronica_sq_f1267769_1.html · Paypal... https://www.paypal.me/diazvillanueva Sígueme en: · Web... https://diazvillanueva.com · Twitter... https://twitter.com/diazvillanueva · Facebook... https://www.facebook.com/fernandodiazvillanueva1/ · Instagram... https://www.instagram.com/diazvillanueva · Linkedin… https://www.linkedin.com/in/fernando-d%C3%ADaz-villanueva-7303865/ · Flickr... https://www.flickr.com/photos/147276463@N05/?/ · Pinterest... https://www.pinterest.com/fernandodiazvillanueva Encuentra mis libros en: · Amazon... https://www.amazon.es/Fernando-Diaz-Villanueva/e/B00J2ASBXM #FernandoDiazVillanueva #vice #prensa Escucha el episodio completo en la app de iVoox, o descubre todo el catálogo de iVoox Originals

In this interview, we speak with Rob Johnson, the President of the Institute for New Economic Thinking, about the state of the U.S. economy in 2023 and the recent closure of Silicon Valley Bank. Johnson shares his insights on a range of topics, including: - The overall health of the U.S. economy and its prospects for growth in the coming year - The impact of inflation on consumers and businesses, and whether it is likely to persist - The role of the Federal Reserve in shaping economic policy and its response to recent events - The closure of Silicon Valley Bank and what it says about the state of the tech industry and the broader economy Johnson brings a wealth of experience to these topics, having served as Chief Economist of the Senate Banking Committee and as a Managing Director at Soros Fund Management. He is a leading voice on economic policy and has been featured in numerous media outlets. #economy2023 #economicpolicy #techindustry —

Meg welcomes Inna Plumb, Co-Founder and COO of MedArrive. MedArrive enables healthcare providers to seamlessly extend care services into the home, unlocking access to high-quality healthcare for more people at a fraction of the cost. MedArrive's fully integrated care management platform allows providers and payors to bridge the virtual care gap by marrying physician-led telemedicine with hands-on care from EMS professionals.MedArrive has more than 20k highly-skilled EMS providers in its national network, and services span dozens of clinical use cases, including chronic condition management, transitional care, readmission prevention, urgent care, vaccinations, palliative care, and more.In this exciting conversation, Meg and Inna discuss MedArrive's unique approach to care in the home, the inspiration behind the company, Inna's unusual path to a career in healthcare, her immigration to the US, her dedication to mentoring, and much more. Inna Plumb is the COO and Co-Founder of MedArrive. She was a founding partner at Redesign Health, where she helped to build a variety of healthcare companies including Calibrate and Vault, while also leading the Venture Building team. She has a strong background in Operations and Finance, having led the Supply Chain team at Blue Apron and starting her career as a banker at Evercore Partners and subsequently an investor at Soros Fund Management.More on Things DiscussedBlue ApronReDesign HealthEpisode Credits: The Game-Changing Women of Healthcare is a production of The Krinsky Company. Hosted by Meg Escobosa. Produced by Meg Escobosa, Calvin Marty, Chelsea Ho, Medina Sabic, and Wendy Nielsen.Edited, engineered, and mixed by Calvin Marty. All music composed and performed by Calvin Marty. ©2023 The Krinsky Company

Check out our daily newsletter: https://www.cmcmarkets.com/en-gb/opto/newsletterToday we have Michael Green on the show, Chief Strategist at Simplify Asset Management, Simplify offers a range of innovative options-based ETFs tackling today's biggest portfolio challenges.Michael has been a student of markets and market structure, for nearly 30 years. Highlights in his career include managing macro strategies at Thiel Macro, an investment firm that manages the personal capital of Peter Thiel, founding Ice Farm Capital, a discretionary global macro hedge fund seeded by Soros Fund Management, and founded and managed the New York office of Canyon Capital Advisors, a $23B multi-strategy hedge fund based in Los Angeles, CA.In this interview we discuss whether or not we've hit peak oil even with China re-opening, are we witnessing the end of passive investing, and how to use Options-based ETFs as part of your portfolio.Enjoysimplify.us@profplum99Thanks to Cofruition for consulting on and producing the podcast. Want further Opto insights? Check out our daily newsletter: https://www.cmcmarkets.com/en-gb/opto/newsletter------------------Past performance is not a reliable indicator of future results.CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment, or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person.The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.CMC Markets does not endorse or offer opinions on the trading strategies used by the author. Their trading strategies do not guarantee any return and CMC Markets shall not be held responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.

Our conversation in this episode is with Tania Reif, founder and CIO of the crypto investment fund, Senda Digital Assets.   Tania has a deep understanding of macro markets having built a distinguished career at some of the world's best known macro hedge funds, including Soros Fund Management, Laurion Capital, Citadel and Alphadyne Asset Management.   Hailing from Venezuela, she saw first-hand one of the most severe cases of hyperinflation in modern history before moving to NYC to earn a PhD from Columbia University – writing her dissertation on currency crises.   In this discussion, which was recorded end-July (a time the crypto community was reeling from the collapse of Terra-Luna), Tania digs into her concerns of lax risk management practises in the crypto space and the importance of having a detailed understanding of where exactly yield comes from.   Everything Tania discusses in this conversation still rings true today, post-FTX collapse.

Today's guest is the legendary Jim Rogers, co-founder of the Quantum Fund and Soros Fund Management and creator of the Rogers International Commodities Index. In today's episode, Jim gives us his take on the global markets today. We touch on inflation, commodities, central banks, and why he believes the next recession will be the worst in his lifetime. Jim also shares what countries he's bullish on, and some of the names may make you a little queasy. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- This episode is sponsored by AcreTrader. AcreTrader is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit acretrader.com/meb. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

Interview Recorded on - 04/10/2022On todays episode of the WTFinance podcast I had the pleasure of speaking with Jim Rogers, an absolute legend in the investing world and well known as being the co-founder of the Quantum Fund with George Soros. During the interview we talk about if the markets are really as bad as we have seen, whether we could experience the worst recession in a century, weakest link in assets and potential opportunities to be aware of. I hope you enjoy!0:00 - Introduction0:30 - Key indicators that Jim searches for when looking for a great investment opportunity?1:39 - Any asset classes that look interesting?2:50 - Are we heading towards a disaster?3:47 - How will we know when the disaster has come?4:30 - Any similarities between today and other periods?5:20 - Weakest link in assets?6:00 - The macro outlook as bad as it seems?7:03 - Governments making financial mistakes7:55 - Any markets which are underrated?9:30 - Greatest mistakes you see both professional and beginner investors make?11:35 - Risk management12:44 - Will the next crisis be worse than 2008? 13:40 - Similar inflation as after World War 2?15:20 - One message to take away from the interview?James Beeland Rogers Jr. is an American investor and financial commentator based in Singapore. Rogers is the chairman of Beeland Interests, Inc. He was the co-founder of the Quantum Fund and Soros Fund Management. He was also the creator of the Rogers International Commodities Index.Jim Rogers - Website -  https://www.jimrogers.com/Twitter - https://mobile.twitter.com/iamjimrogers

Jim Rogers is an American investor, co-founder of the Quantum Fund and Soros Fund Management, and creator of the Rogers International Commodities Index.

Today's episode features Whitney Baker reading her piece, Put Down. Whitney is the founder of Totem Macro, which leverages extensive prior buyside experience to create unique research insights for an exclusive client-base of some of the world's preeminent investors. Previously, Whitney worked for Bridgewater Associates as Head of Emerging Markets and for Soros Fund Management, co-managing an internal allocation with a dual Global Macro (cross-asset) and Global Long/Short Financial Equity mandate. The Best Investment Writing series features top research pieces that we've shared via The Idea Farm in the past year. Subscribe here so you get these sent to you each week. Check out the past series of The Best Investment Writing below: Volume 5 Volume 4 Volume 3 Volume 2 Volume 1 ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today's episode is sponsored by Stream by AlphaSense. Stream is an expert transcript library used by people just like you to quickly perform preliminary diligence on new ideas related to their target companies in the tech, media, telecom, healthcare, consumer and industrial sectors; avoiding the time, hassle, and cost of traditional expert network calls. With over 15,000 on-demand expert call interviews, 100+ new transcripts added each day, AI smart search technology, and 70% of our experts unique to our network, it's no wonder the world's leading financial firms choose Stream. Sponsor dollars for the entire Best Investment Writing series are being donated to the charity of the guest's choice. Today's sponsor dollars are being donated to the American Society for the Prevention of Cruelty to Animals (ASPCA) on behalf of Whitney Baker. ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! 

The world is opening, but not to calm and stability.  Rather, COVID has left a trail of destruction. And I'm not talking about the health implications. The pandemic has left economies and markets rattled by supply chain problems, inflation, and rate hikes.  Big tech has been hit the hardest as investors flee long-duration stocks.  However, despite sharing an acronym, the big tech stocks have been split down the middle. Some companies are awash with cash and trading at extremely attractive multiples. Others look like emperors with no clothes.   This is one of the topics Livewire's David Thornton tackles with Mary Manning from Alphinity Investment Management. Mary is a Portfolio Manager for the Alphinity Global Fund and Alphinity Global Sustainable Fund. She's been investing in global markets for over 20 years with stints working for Ellerston Capital, Oaktree Capital and Soros Fund Management. We also go deep on US-China relations and compare the two starkly different markets, as well as Mary's interesting take on the ESG challenges brought about by Artificial Intelligence.  Timestamps 1:00 - Back on the road and takeaways 2:00 - low-end vs high end-consumer 3:30 - Diverging FAANGS 8:20 - Big tech profitability 13:20 - US-China hostilities 16:00 - Operating in China 19:00 - Weaponised trade 25:30 - Investing in China 29:00 - Sustainability and AI 37:00 - 3 favourite questions

On today's Manager Meeting, David Huang interviews Howard Smith. David is an Associate Director at UTIMCO, the $66 billion investment company that manages the largest public endowment fund in the country. Howard is a Partner and Portfolio Manager of the Japan strategies at Indus Capital, an Asia-focused investment firm that manages $3.5 billion, including $1 billion focused on Japan. Indus was founded in 2000 by its Non-Executive Chairs, Sheldon Kasowitz and David Kowitz, upon spinning out of Soros Fund Management. David and Howard's conversation covers Howard's upbringing in the rural United Kingdom, experience in Japan, and investment philosophy. They discuss Indus's investment approach, global team structure, corporate governance in Japan, and opportunities on the horizon. Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership 

A group associated with far-left billionaire George Soros is taking over 18 Spanish-language radio stations, including the iconic conservative talk station Radio Mambi. “It's a stab in the heart of the community,” says Lourdes Ubieta, a former host at Radio Mambi. Radio Mambi gained a reputation “as a station that serves the Cuban exile community,” Ubieta says, because it spoke openly about the harms of socialism and communism. When Ubieta and her colleague Dania Alexandrino learned that Radio Mambi was going to be part of the new Latino Media Network, they determined it was time to leave. The new network reportedly is funded primarily by Lakestar Finance, an entity affiliated with Soros Fund Management."These people from the left, these Democrats, they believe that [by] buying these 18 radio stations, somehow they can control the opinion they deliver [to] the Hispanic community," Ubieta says.Ubieta and Alexandrino join this episode of "The Daily Signal Podcast" to explain why the left is targeting conservative Spanish-language media and how Americano Media is working to furthering the values of faith, family, and patriotism.Also on today's show, we cover these stories:The Senate prepares to vote on a bill that would enshrine same-sex and interracial marriage in federal law.A bipartisan group of senators reach a deal to clarify the language of an old election law. The median sales price of an American home hit $416,000 in June.Enjoy the show! See acast.com/privacy for privacy and opt-out information.

Here's a full-length episode from Real Vision's original series, The Next Big Trade - be sure to subscribe. Quantum Fund and Soros Fund Management co-founder Jim Rogers joins Harry Melandri for a special episode of The Next Big Trade. Rogers, discussing the possibility of a bear market, notes that he doesn't have much confidence in the Federal Reserve. He also explains why he sees a lot of value in precious metals and agricultural commodities. Learn more about your ad choices. Visit megaphone.fm/adchoices

Quantum Fund and Soros Fund Management co-founder Jim Rogers joins Harry Melandri for a special episode of The Next Big Trade. Rogers, discussing the possibility of a bear market, notes that he doesn't have much confidence in the Federal Reserve. He also explains why he sees a lot of value in precious metals and agricultural commodities.

“Where is the yield coming from?” is what Tania Reif wants people to ask themselves before they invest. Reif, the chief investment officer at Senda Digital Assets, says the recent drama in the crypto market is not unlike episodes she's seen in “traditional markets for the longest time.” She spent years in old-school finance, studying currencies and running portfolios for Soros Fund Management. Now, Reif has her own digital asset fund. Recorded on June 27, 2022. Learn more about your ad choices. Visit megaphone.fm/adchoices

Back in April, digital asset infrastructure provider PolySign acquired top fund administration firm MG Stover as reported by CoinDesk. At the time of acquisition, MG Stover had more than $40 billion in digital assets under administration.  This move coincided with PolySign completing its Series C fundraise, which included new powerhouse investors such as Soros Fund Management, Brevan Howard and GSR, along with former investors including Cowen Digital, who led PolySign's $54 million Series B last year. In this episode of The Scoop, Jack McDonald, chair and CEO of Polysign, and Matt Stover, CEO of MG Stover, sit down with host Frank Chaparro to record their first-ever podcast together, and to discuss the unwavering demand for digital asset-related products they are seeing from their clients. As Stover explained, while crypto prices may be down, there is still plenty of private funding flowing toward building out digital asset infrastructure: “We get to see both the liquid and illiquid on the investment side and there's so much capital still flowing into the private companies building infrastructure around this new asset class.” Although the recent market downturn has many market participants on edge, McDonald says the long-term view institutions from traditional finance have when it comes to digital assets make short-term market movements irrelevant. As McDonald said during the interview: “The long-term view that these traditional asset managers make in investing in this sort of way is really unaffected by the recent market downturns. They're taking a long-term view and they've done the work to make these decisions.” Episode 54 of Season 4 of The Scoop was recorded remotely with The Block's Frank Chaparro, Jack McDonald, Chair & CEO of PolySign, and Matt Stover, CEO of MG Stover. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com This episode is brought to you by our sponsors Fireblocks, Coinbase Prime & Cross River Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com. About Coinbase Prime Coinbase Prime is an integrated solution that provides institutional investors with an advanced trading platform, secure custody, and prime services to manage all their crypto assets in one place. Coinbase Prime fully integrates crypto trading and custody on a single platform, and gives clients the best all-in pricing in their network using their proprietary Smart Order Router and algorithmic execution. For more information, visit www.coinbase.com/prime. About Cross River Cross River is powering today's most innovative crypto companies, with banking and payments solutions you can rely on, including fiat on/off ramp solutions. Whether you are a crypto exchange, NFT marketplace, or wallet, Cross River's API-based, all-in-one platform enables banking as a service, ACH & wire transfers, push-to-card disbursements, real-time payments, and virtual accounts and subledgers. Request your fiat on/off ramp solution now at crossriver.com/crypto.

Shahin Vallée is the Head of the Geo-Economics Program at the German Council on Foreign Relations, as well as a Senior Economist at Soros Fund Management, where he also served as a personal advisor to George Soros. Prior to this, he was the Economic Advisor to Emmanuel Macron at the French Ministry for Economy and Finance, where he focused on European economic affairs.

“In the case of Putin we are in this very dangerous place. We have reacted so aggressively and moved so far, so fast that he is personally humiliated under anything other than absolute victory in Ukraine. That makes it impossible for him to back down. It's a very dangerous negotiating position to have put yourself into.”In the latest New Money Review podcast, Mike Green, chief strategist at Simplify Asset Management, discusses geopolitics, game theory, market structure and risk.Green believes our policymakers have created dangerously unstable financial, political and social systems by preventing diversity—whether that's opinions on coronavirus, the Ukraine war or the way equity markets are structured.“No-one wins in these unstable systems,” Green says in the podcast. “Human society depends on relative stability to flourish but we're creating conditions of extraordinary instability. And those marginally past the point of subsistence are the most likely to be damaged.”Green is a former hedge fund manager, having worked for Peter Thiel's family office and in a start-up seeded by Soros Fund Management.His work on the changing structure of equity markets has been presented to the Federal Reserve, the BIS, the IMF and numerous other industry groups and associations.Listen to the podcast, ‘the future of money in 30 minutes', to hear Green discuss:How the rise of index investing has changed marketsThe risks of momentum-driven tradingCoyotes and rabbits—how we've destroyed market heterogeneityGrowing absolute scarcity in the world's raw materialsCold War revisited—the new global competition for client statesThe rise of China—are we at the end of the dollar regime?Are any asset markets cheap?The sanctions craze and the lost art of diplomacyWhy cornering Putin is dangerousWhy the marketing of cryptocurrencies has been criminalWhy decentralised finance is promising but needs proper governance 

Commodities are unique in that they represent the intersection of key areas of the market—production and consumption. Adding them to a private investment portfolio can provide diversification and stability that may be missing in more traditional asset choices.  In today's episode, Tommy talks with Tom Holliday, Founder of Holliday Investment Partners and former Co-Founder and CIO at Titan Advisors. Tom brings more than 30 years of experience in alternative investments. Prior to co-founding Titan Advisors in 2001, Tom was responsible for identifying and recommending investment managers for Soros Fund Management. Today, Tom leads Holiday Investment Partners, which cultivates partnerships with hedge fund managers for the development and marketing of niche strategies. The firm is now launching a new fund in the alternative investment industry. Tommy talks with Tom about why futures trading is a great starting point for hedge funds, how commodities fit into the private investment space, and what the investment thesis of Holliday Investment Partners is. Key Takeaways [01:38] - How Tom got started in the private investment space. [02:40] - What commodities are and how they are traded on the market. [06:49] - What it's like to work at Soros Fund Management. [09:18] - Why futures trading makes a great starting point for hedge funds. [13:20] - The biggest break that enabled Tom to enter the finance industry. [15:31] - Tom's motivations for co-founding Titan Advisors. [23:07] - Four ways in which people can invest in commodities. [30:32] - A deep dive into the investment thesis of Holliday Investment Partners. [42:48] - Tom's favorite investment. Quotes [06:13] - "The job of the futures market is to balance supply, demand, and price. Sometimes it does it really well. Sometimes it does it a little less well. But that's where it creates the opportunities for commodity traders to profit from inefficiencies and dislocations from their view of supply, demand, and price." - Tom Holliday [28:35] - "The futures markets were designed in order to marry the cash in the futures of these commodities. They're liquid. They're exchange-traded. They trade off the supply, demand, and price that these commodities are supposed to function around." - Tom Holliday [40:39] - "If you want to be a part of this green energy transition, metal is where you gotta go through. And if you're worried about inflation, this actually could kind of potentially help with as well." - Tom Holliday Links  Tom Holliday on LinkedIn Tom Holliday Email Titan Advisors Stanley Druckenmiller George Soros Goldman Sachs JP Morgan Ivanhoe Mines Ltd. BlackRock Larry Fink Connect with our hosts Mammoth Tommy on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify Google Podcasts Learn more about Mammoth Scientific's Health & Tech Fund 1 When you move beyond the point of making sure your retirement goals are on track, your investment opportunities are wider than just publicly traded funds. Step into the world of investing in venture capital by learning more about Mammoth Scientific's Health & Tech Fund 1. Curated by some of the leading medical and fintech experts, Mammoth's Fund 1 is paving the way for health science and tech innovation. If you're interested in helping patient care, provider insight, and instrumentation go beyond possibility and into reality, check it out today at Mammoth.vc. Visit Mammoth.vc today!

Our guest for today's podcast is David Chiang, Chief Investment Officer of Pritzker Family Foundations where he leads Ganesh Investments, the company that provides investment advisory services to the Funds and Partnerships group of PSP Partners and its affiliates. Ganesh Investments also provides investment advisory services to multiple Pritzker families and their foundations. Prior to joining Ganesh Investments in 2021, David was the Founder and Chief Investment Officer of Idyllic Partners, an outsourced CIO firm. Previously, David served as Head of External Funds at Soros Fund Management, Managing Director at Wilshire Private Markets and has also worked for GIC.   David earned dual BA degrees in Business Economics and Psychology from Brown University and an MBA from UCLA's Anderson School Management. He currently serves on the Board of The Opportunity Network, a non-profit focused on helping underrepresented students gain access to high quality education and career opportunities. Without further ado, here is our conversation with David Chiang.

On this episode of Investor Connect, Hall welcomes Peter Bruce Clark, Partner at Social Impact Capital.Headquartered in New York, New York, Social Impact Capital specializes in impact investing, which they define as investments that can deliver top decile returns in addition to a positive social impact. They focus on the "essentials of human need"​ — energy, water, food, health, environment, education, housing, access to capital, and social justice.Having co-built the firm from early inception, Peter now oversees the development and management of key venture capital relationships, partnerships, advisors, limited partners, and portfolio support. Prior to joining the firm, Peter was Head of Business Development at Real Capital Innovation (acquired by Addepar), an investment technology platform backed by 8VC and Soros Fund Management. Peter started his career in Silicon Valley by creating an early-stage venture capital firm focused on high-impact areas of AI application, and institutional investor strategy consultancy, Kalytix Partners (acquired).In his spare time, Peter is an advisor to global funds focused on the environment, health, and sustainability, such as Tyson & Blake in Sweden, Extantia in Berlin, Andon Okapi in Africa, and Brace VC in Greece. Peter is also an active angel investor in over 20 global impact startups. In addition to his work, Peter is a volunteering Ambassador to the Rockefeller family's BankFWD initiative, which is focused on climate justice in global banking, and a Counsel Member of the Saïd' family's Toucan Project, which cultivates future leaders from across the world. He is also a member of Rebalance VC, Impact Capital Managers, TTI, and GBx. Peter has an MPhil in Business Administration and Finance from the Judge Business School, University of Cambridge, and a first-class honors BA in English and Critical Theory from Queen Mary, University of London.Peter advises investors and startups, discusses the state of impact investing, and some of the changes he thinks we will see in the next 12-24 months. You can visit Social Impact Capital at , via LinkedIn at , and via Twitter at .  Peter can be contacted via email at , via LinkedIn at , and via Twitter at .   ____________________________________________________________________ For more episodes from Investor Connect, please visit the site at:    Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact info@tencapital.group    Please , share, and leave a review. Music courtesy of .

In this episode, we cover: 00:00:00 - Reflections on the Episode 00:03:15 - What is Mortgage Servicing 00:13:20 - Impact of the Great Financial Crisis  00:18:40 - Andrew's Background 00:24:10 - Valon's Technological Innovations  00:31:06 - Relationship with the Consumer  00:36:00 - Regulations and Regulators  00:40:40 - Valon's Future/Outro Links:Website: Valon TranscriptJason: Welcome to the Perfectly Boring podcast. Today we have Andrew Wang, CEO of Valon, on the show, and today we're taking on the topic of mortgage servicing. So quickly, what is mortgage servicing?Well, a mortgage is obviously a loan for a home. And mortgage servicing is the institutions that actually take care of paying off that loan over the 10-, 20-, 30-year timeline. So, that digital interface where you pay your bill, et cetera, that is not always your originating bank. And Andrew is building a fascinating business in this space. We learned a lot about the mortgage, the evolution of the mortgage servicing space over time, the impact of the great financial crisis, and the interesting approach Valon is taken, not only just with technology, but changing the relationship with the end customer. So, what were some of the interesting touch points that we got during the conversation, Will?Will: It was a really wild discussion because I started with a fairly preliminary understanding of what mortgage servicing was. And in part of the wind up that listeners are going to get an opportunity to hear, Andrew really gives us a perspective as to how critical mortgage servicing is to the underlying health of the US, and therefore global, economy, and how much of an afterthought mortgage servicing has historically been, and why that should not necessarily be the case, and why now is the, sort of, unique moment in time to be able to use advanced technology and a reorganization of the overall stack for mortgage servicing to bring a better product to market for both consumers, for originators, for investors, and for regulators. And so, I mean, really badass discussion, really cool company, a space most people never think about, definitely a boring space, but with a just immense amount of value to be created.Jason: Yeah, and hopefully our listeners go through kind of the same increase in excitement that I had during the conversation, which is you kind of over time just realize this entire industry of mortgage servicing, not only is it critical, but how much they're missing the actual point which is, if you really just focus on the homeowner and creating a great experience for them, this is a huge relationship, it's a multi-decade relationship, and there's probably not just one product you can offer them. But they're stuck in the staid and stodgy technology of yore, and haven't been able to move as quickly and break through to open that aperture and open that relationship with their customer. So, before we get too deep into the weeds, let's just jump into the interview. Here's Andrew.Will: Andrew Wang, founder and CEO of Valon, thank you for being on the podcast with us today to talk about the very boring, very large industry of mortgage servicing. For the benefit of our listeners, it would be good to start at a really high level and give people kind of a baseline for what mortgage servicing is, and maybe a little just on the history of the mortgage servicing industry, you know, before we dive in a little bit on the specifics of your background and Valon.Andrew: So, mortgage servicing is a sort of pervasive thing that exists throughout the mortgage ecosystem and in the lives of most American homeowners, but it is also just not very well understood in terms of the dynamics that are involved with mortgage servicing in terms of who's involved, how they're involved, and exactly what they do. But again, nonetheless, it's something where it's within every part of the mortgage ecosystem today. But to give you some background on mortgages and how mortgage servicing even is a real thing, let me first talk about the mortgage industry as a whole. When you think about the mortgage industry, it's obviously a very large component of the American economy today. When people look at it, they say, “Hey, 20% of GDP in terms of housing,” something that the US government often uses in order to boost spending; they lower our mortgage rates in order to cause people to have more savings and then spend on other things. It's just a very, very core piece of the American ecosystem.But it actually came into play really, during the depression, the Great Depression, were effectively pre the Great Depression, mortgages weren't really regulated all that much, and as a result, there were kind of weird, funky structures, even crazier than what people saw in 2007. And as a result of that and as a result of all these people who weren't able to pay their mortgages due to these balloon loans being in place, which are basically loans that don't amortize, and basically become due and payable at a certain point in time, what the US government did as a function of the New Deal was put these government institutions into place to create more affordable housing structures, to create these institutions who would really regulate the housing market, or really add liquidity into the housing market so Americans could actually own a home.Will: And that kicked off the current, almost philosophical ideal that we have today about homeownership kind of being the epitome of the American dream. This was—the mortgage was almost an invention to bring that to fruition after World War Two?Andrew: That's exactly right. So, after World War Two, it became more and more core to the American dream. When everybody talks about, “Hey, what is the American dream?” It's obviously being able to get further in life based on your own merits, it's about owning a home, and starting a family, building a community, all of those different things, and the home is just so central to that dream. But exactly to your point, it started from post-World War Two.By the 1990s, it became such a large component of how the US economy even functioned and worked that there was more and more so this focus on affordable housing, putting people in homes, putting people in sort of a structure that creates the ability, creates stronger communities, and create a more robust ecosystem within cities, within neighborhoods, and everything else. So, that's how mortgages became so intertwined in the American system versus, you know, other countries, which may have relatively high homeownership rates, but just not nearly as high as the United States. That's, like, the genesis of how mortgages became a big component of it. The mortgage servicing aspect of it actually wasn't as relevant of a thing, that became more of a thing, actually, after the great financial crisis, the GFC. So pre-2008, what ended up happening was actually that most people when they got a mortgage were serviced by the same people who gave them that mortgage. So, you had Countrywide, you had some of these older institutions which have since gone bankrupt or have been acquired by more older financial institutions, servicing the mortgages. So, it wasn't really a separate thing, for the most part, at that point in time, and it wasn't really an important topic, actually.Jason: Before we go too deep, maybe you can define servicing. Like, how does that show up in the average American's life? What is servicing when it comes to an individual?Andrew: So, mortgage servicing specifically is what happens right after you get a new mortgage. So, when you get a new mortgage, you go to your originator. It can be someone who works at a bank, it could be mortgage broker that is a family friend of yours, it could be someone on Main Street who has a sign out that says, “I'm a mortgage lender. Come inquire about rates.” Once you get that mortgage from them, you have to make the payments back because you've got the mortgage to buy your home.That entire process of making those payments and the institution that you make those payments towards, that is the mortgage servicer. Now, when you look at that very simply, that is similar to a debt collection agency where you're effectively making payments, they're collecting on the debt and they're making those payments back to the person who made that mortgage. Now, what's actually more complex about mortgage servicing, as opposed to normal general debt collection is the fact that one, there's a lot of more regulation associated with it, right, because there is a home involved, and there's a lot of regulation around how you deal with homes; there's a second component which is, as per the government agencies and as per many state regulatory agencies, you are considered the trusted financial advisor to the homeowner along the homeownership journey. So, when a homeowner says, “Hey, I'm unable to make a payment; I need some help,” the mortgage servicer isn't allowed to just say, “I don't care. Deal with it,” they're often required to go through all these interactive processes to make sure that the homeowner can actually get the right solution and continue owning their home.Long story short, just jumping quickly back to what we were just talking about, it's really core, and part of the thesis, really, of the American economy that they want to keep people in homes, they want to keep people getting homes, increase the homeownership rate, make it part of the American dream. So, what they did was they made mortgage servicers responsible for keeping people in homes.Jason: Gotcha. And this was on the back of the great financial crisis?Andrew: Correct. Actually, it was there before but what I was trying to really get into was that pre the great financial crisis, it wasn't as really hot of a topic because homes were honestly increasing prices all the time; anyone who bought a home basically made money on their home, so just not really a big worry throughout the entire ecosystem. So, when people thought about mortgage servicing back then, it existed but it wasn't really a concern. It wasn't a focus of both regulators, politicians, really anyone in the entire ecosystem. But when the great financial crisis happened, what ended up happening was, well, people weren't able to get out of their homes, they weren't able to pay for their homes, their homes were less valuable than the mortgage that they took out.And as I mentioned just right now, the mortgage servicing process is actually also the process of helping the homeowner stay in that home. And that's why home mortgage servicing became such a large topic and became such a large focus because post the great financial crisis, it became all about making sure that people who took out these mortgages were able to put themselves in a position where they were able to keep their homes. Obviously, there was a lot of difficulty with respect to it. Obviously, there were a lot of people who were unable to actually pay for their mortgages on an ongoing basis, so there were a lot of what's called modifications, basically changes to the underlying mortgage in order to make it affordable. But that entire ecosystem really exploded both from a regulatory scrutiny perspective, from the amount of activity that was happening in it because of the great financial crisis.Jason: So Andrew, why does mortgage servicing even exist to begin with?Andrew: Yeah. So, this is one of those really long archaic, sort of, pieces of knowledge that people have to understand the ecosystem, understand the history, understand all the different dynamics before they end up realizing why it's even a piece of the entire pie. And if you look at other countries out there, like Great Britain, Asian countries where there's tons of mortgages, as well—China, Japan—but mortgage servicing as a separate concept, it's just not really a thing. So, it's really, for the United States, a concept that is tied to Fannie, Freddie, FHA, VA—which are basically Ginnie—these government institutions. So, the long story short, but still very long story, is that when the government put these different institutions in place, they created a concept where basically the underlying person who they wanted to interact with the mortgage was still the originator.So, I make a mortgage, my business isn't to hold this mortgage because the government wants to buy the mortgage and make it more liquid, and therefore more people can make mortgages, and therefore the cost of a mortgage is lower, but I still want you to be the person who interacts with the homeowner. So, I want to split this concept out. I'm going to own the mortgage, you're going to service the mortgage. And let's stick with that for now. So, that was, like, phase one of it.Then phase two of it was the fact that well, if that's going to happen, then every single person who makes a mortgage needs to be able to service the mortgage, so that's not fair to mom and pop shops across Main Street. If I originate whatever, 10, 20, 50, 100 mortgages a month, I'm not going to be at a place or a scale where I can run a true mortgage servicing operation. It just doesn't work. So, how am I going to deal with it? So, the government, again, to try to incentivize mortgage lending to incentivize liquidity in the space, said, “Fine. You can sell that servicing to another guy who then will deal with the relationship.”And boom, thus mortgage servicing is born, the idea of mortgage servicing is born, and this entire ecosystem then diverges. And really, not just diverges, it converges really to an efficient model of saying who is the best at mortgage servicing? Who are these cheap cost providers who are in the Midwest, who do it poorly, but thus can pay the highest price for mortgage servicing, and thus that's where all of the capital and all of the assets, sort of, flow? And that's why we live in the world we live in.Will: So, servicing is kind of an afterthought for the majority of the existence of a mortgage industry at large. Until, '08, '09. In '08, '09, everybody starts fixating on the servicing process as what it should always have been looked at, which is this really critical interface between the borrower and the lender, to a degree. And as a part of all of the regulation and the ongoing focus on servicing during that period of time, as we almost reworked the entire housing market, the cost to serve as a mortgage also changed a lot. Maybe you could just touch on that because there are a lot of compliance and regulatory framework aimed at servicing actually dramatically increased the complexity of doing servicing, which I think had a pretty profound impact on the cost to do so, right?Andrew: Yep. So, to elaborate further on these points that you're mentioning, the mortgage servicing ecosystem was really underdeveloped, both from one technology perspective as well as an understanding perspective, pre-2008. Again, people were not really afraid of being able to pay mortgages because naturally whenever you couldn't, you just sold your home and you probably made money on it. So, it's debatable as to whether or not [unintelligible 00:14:48] people are fully compliant back then whether the cost of servicing would be higher, but nonetheless, it is based on the data that people can see in the financials of mortgage servicing companies. Mortgage servicing became extremely expensive and really double, tripled in costs post-2008.And the way that it played out was basically the great financial crisis happened; people were unable to pay their mortgages; the traditional way would be to just put people out of homes, and as I mentioned earlier, the government's very incentivized to keep people in homes. And in order to make sure that the servicers were doing the right things, they basically put a bunch of different regulations both on the federal level and the state level to ensure that mortgage servicers were following the right processes in order to determine whether or not someone could make a payment for the mortgage, make sure that they're offered the right plans, and to make sure they were provided the right disclosures before they actually got through a process of foreclosing. So, when they put these regulations in place, normally you would think, “Well, these things can be somewhat automated. These things can be provided as part of the process.” But as I mentioned because it was so under-focused, there was just really not that much technology in the space, really not that many technological providers even involved in the industry.There's one main one, named Black Knight. So, when this all happened, these servicers went to Black Knight and basically asked them, “Hey, well, we are running into these issues. Can you help us?” And the answer was, quite frankly, “We will try, but we can't really guarantee all that much to you because there's a lot of changes, there's a lot of code that needs to change, and we just can't get it all done that quickly.” So, the only way that the mortgage servicers could handle these different regulatory requirements was basically to put people in place.You basically replaced what you would like to use, or what like to get done with technology, with people. So, you basically have this explosion of people cost in the number of people required to service a mortgage, and basically got to a place where today, there's two to three times as many people who need to be involved in a mortgage, versus pre-2008.Jason: What does the actual structure and distribution of mortgage servicers look like today, and how has that changed since the great financial crisis?Andrew: It's one of the things that honestly, the government focuses a lot on. There's a term, which is systematically relevant of financial institutions. So pre-2008, like I mentioned, there wasn't really that much of a concept of mortgage servicing. There were mortgage servicers out there, but most of the servicing was still held by the originators who made the mortgages. So, as a function of that, the ownership and really the people or entities that were servicing the mortgages was distributed quite similarly to the origination volumes.The guys who made the mortgages were the guys who serviced the mortgages, and as a result, there was a good split between bank who were very involved in mortgage space, as well as non-bank entities became more relevant, you know, probably post-2005. Today, we've gone into a world that is more and more non-bank-oriented, meaning the regulations have stepped up to such a dramatic degree that the underlying institutions who were originally involved had really substantially changed. I'll give you some simple examples. CitiMortgage, one of the largest originators previously, still a very large originator probably top five, now no longer services its own mortgages. It's completely outsourced—I think as of 2017—all of their mortgage servicing to Cenlar.Similarly, US Bank is no longer servicing their mortgages. The folks at JPMorgan Chase, Jamie Dimon has, you know, publicly stated that they want to get out of this business and they've been working with other sub-servicers to slowly migrate to a place where they're not servicing their mortgages anymore. So today, you are in a world now, where it's basically 70% non-bank dominated versus pre-2008, we were in a world that was probably 70% bank dominated.Jason: You're painted a really stark picture of an increasingly disjointed, highly regulated, under-digitized, mortgage servicing market. This sets the table really well, I'm sure, to start to talk about how you're changing those dynamics with Valon. But before we dive into the company, maybe you can give us a bit of background as to how you personally got involved with mortgage servicing to begin with.Andrew: I like to coin—or use the term that I am an accidental operator because my background is actually on the investment side. I started out, really, in my career focusing on investing in some of these legacy mortgages. So, my first job out of college was working at Goldman. I was on what's called the short-term products [unintelligible 00:19:24], did some stuff with mortgages, I did some stuff with aircraft, but I quickly moved over to a Soros Fund Management where my primary job was actually to look at mortgages. So, I started out actually looking at the legacy, what's called non-agency residential mortgage-backed securities, and looking at the data underneath and seeing what was going on with these mortgages.Naturally, as with much of the market, we went from buying these securities to a place where we started buying the underlying home loans, the actual mortgages as opposed to the securities that you can buy on an exchange. And as a function of that, I ended up having to work with the servicers because when you buy the whole loan, unlike a security where everything's packaged up for you, you don't have to think about the accounting, the servicing, whatever else, when you buy the whole loan, you have to go find the guy who's selling the whole loan, you got to understand what he's doing, so he's not selling us stuff that you didn't want to buy, he's running the processes the right way, and you also have to go work with the servicer to actually get the servicing to happen, because it's a licensed activity. So unsurprisingly, the way I got about it was I started calling all my friends who had owned whole-loan portfolios before, and I asked them, “Who do you guys work with? Who should I be talking to you?” And the answer was, very simply, “They all suck.” Like, nobody likes your servicer.Now, you would think that would be an answer purely from one perspective, one angle like it'd be the perspective of an investor, maybe they charge too much. But it turns out it's because they aren't liked by the consumer, extremely low NPS scores of on average about 16; they aren't liked by their investors, they're extremely commoditized and extremely poor customer service, and they're most certainly not liked by the regulators who just keep fining them over and over again. You search mortgage servicing [unintelligible 00:21:07], you basically have, like, thousands of pages about this. And it's still even happening today. And it's not even entities that, you know, are foreign and pretty small and not understood; it's even large institutions like Citibank which is—like I said—why they got out of mortgage servicing.So naturally, my view on it was, well, this seems like something that technology can solve. This is something that we should be able to do better. This seemed insane that in the 21st century, that we're still dealing with this type of stuff. But as you start to dig in more and you start to pry into the actual underlying business, you start to understand both the complexities from an execution perspective and the actual underlying technological challenges. So, I ended up trying to find a couple of venture companies to invest in to go do this, but I actually couldn't find anyone who had the right idea, the right setup, the right vision in terms of how to build this company.So, you know, I went about my way, kind of left this on the side, and focused on other things at the time. But actually came back to it when I started looking at mortgage servicing rights which, at the time, I didn't understand nearly as well because I bought what are called whole loan mortgages, this entire mortgage. Mortgage servicing rights are basically the contractual relationship between the person who owns the right to service the mortgage—like I said, to collect, to interact, to really deal with the data of the mortgage borrower—and the person who actually services the mortgage. So, it's the contractual right that allows you to sub-service a mortgage out. What's interesting about that is that is basically a way to own that relationship and contract that relationship long-term.And for me, as someone who had started looking more and more into FinTech, the way I sort of saw it was, here is a way and here is an asset class, and here's a space that actually allows the mortgage servicer to own these relationships and do have these long, sticky monthly engagement type relationships that they can have over 7, 10, 30 years. And that's a very unique thing to have. More importantly and most interestingly, it's in a situation where actually in this ecosystem, people pay you to own that relationship, people pay you monthly fees to say, “Hey, actually work with the borrower. Hey, actually interact with them, help them find what they need, whatever else, and we'll pay to do it, and you're allowed to market additional things to them.” So, to me, that seems like such an interesting situation because not only can you have a business that is built to really improve the margins of the business and build automation around it, but you have this sticky relationship with the homeowner that you can really use to build trust, and really sell future financial products to.And that just seems like a very interesting business in my mind. So ultimately, I decided, hey, investing is interesting but this seems like too big of an opportunity to give up. So, I decided I wanted to go start a business, and this was the business I started, you know, right after.Jason: And one of the most interesting things to me is that it's not just a software component, right? Because you had looked at a number of other software providers and decided to do something a little bit more full-stack, which we don't typically see in the venture space. People tend to just want the software component and tend to steer clear of the services component. Maybe you can talk a little bit about why you still decided to include services as a part of what Valon offers.Andrew: There's an understanding amongst most venture investors that you want to be in the software business because it has a high margin business, it's defensible business, and it's less subject to changes in terms of margin profile because of the large amount of margin you have. Which, you know, is understandable. And that's ultimately actually where we thought we were going to get to, until we dug into and, sort of, operating this business, the actual origin of starting a mortgage servicing company as opposed to just the technology company was the fact that we realized that existing players were hamstrung by their current software in such a crazy degree that they weren't even able to migrate off of their existing systems to a new system. It's also a super-regulated space so anybody who wants to do it, wanted or needed to see clear performance, clear audits, really regulatory buy-in before they even made those things. So, it actually started out originally as an execution [ploy 00:25:31] where we said, “Well, we can execute faster, we can learn faster, we can dogfood our own product so much faster, and come back to people later on once we've been able to show these numbers.”But as we started doing this business more and more, we began to further understand that there's actually a really, really great opportunity running the mortgage servicer because you have that direct customer relationship. And that's such a valuable thing because even if we had automated all of the backend processes and even if we were focused on just making these margins more efficient, it's not really fundamentally changing how the borrower perceives it. It's changing the financial profile of these businesses. And additionally, a lot of the things that we wanted to do was build trust, and that's a front-facing thing; that's something that you need to be invested in as a business, which a lot of the existing mortgage servicers didn't have that perspective and that view. So, for us, it became more and more of a consumer story versus an enterprise SaaS story where we can say, “Hey, not only can we get this cash flow machine by doing servicing well and build really good software around it, but we can really build a great partnership with the homeowners that are being serviced by us and really build longer-term relationships with them.” So, that's where I think the turning point change from, “Hey, we're doing this out of necessity,” to, “Hey, we're doing this because we think it's the best thing we can be doing for people.”Jason: I love also that because the existing system isn't able to migrate off, their slow and outdated solutions and they're a highly fragmented space, it's effectively a commodity; you can come in, build a whole new tech stack, still put humans against the problem, but undercut on price. But you kind of used that extra cost as a way to broker a relationship directly with the consumer and offer a more expansive and holistic product over decades, which is a fascinating inversion of what the traditional mortgage servicing mantra and MO is. Maybe you can talk to us about how you actually convinced the originators and loan purchasers, mortgage purchasers, to trust you and your new small startup to actually service those loans? Because it feels like a difficult business to really get your foot in the door and get those initial loans through the platform so that you can build that trust with the originators and the loan owners as well.Andrew: To your exact point, it's a business that's extremely difficult to get into, [again 00:27:52], a lot of regulatory scrutiny, there's a lot of requirements to get into the business. And just name a couple here, you need—generally speaking—all 50 states licensed for you to be a quote-unquote, “Scaled servicer.” You need to have what's called agency approval, Fannie and Freddie approval, to be able to service most mortgages in the United States. So, between those different aspects, it's really hard to even get the legal requirements to be involved in this business, let alone get commercial contracts.But the way we approached this was really two-fold. The first part of it is, we were fortunate going into this space knowing that the existing players were so bad and so commoditized that actually, people were willing to work with different servicers. I'll give you a really simple example here: there's a company out there that we partnered with, it was one of our big investors, it's called to NRZ, and they're one of the largest owners of these mortgage assets. They own, like, 7% of the entire market. They own their own servicer, it's called Shellpoint.But even as an owner of that servicer, they don't actually give all of their business to their own business. And that's because they're trying to keep them competitive, that's because they're trying to diversify their risks, but the very fact that they don't give all their business to the entity that they are most financially incentivized to work with gives you a little bit of insight into how everybody thinks about this space, which is, “I'm not married to my vendor. I'm going to work with anybody who seems to be better. And there's a lot of things that are lacking, so you can try to convince me in a variety of different perspectives.” Obviously, if you've increase the bar because you've improved everything, that will no longer be the case, but today as it stands, that's how the ecosystem works.The second part of it, which is we actually went into this knowing that if we need these portfolios, we don't want to just have to convince people, we want to guarantees. So, we actually made sure that the initial investors in this company, the people who would take the benefits and the fruits of the technology that we built are some of the largest players in the space. So, we actually got folks like for example, Soros, NRZ, Jefferies, and a couple of other guys later on, to invest in the company with the belief that, “Hey, if I give you some mortgages to service and you actually are able to improve these margins, our business will be that much better off for it.” In some sense, they view this as, “Hey, this is an outsourced R&D effort. We can't hire good enough technical talent internally; we'll give you guys that through an equity investment, and if you guys win, we also win.”If you think about it as an example, NRZ spends something like, eh, on order of a billion dollars a year on servicing fees. If we can truly save them 10% on it and give that back to them—and let's say we save more than that, but we're just getting ten—well, that's $100 million a year that they're saving. And the way that their investments, or really their fund is really valued, that's a billion dollars of value that was just created. So, that's what's so interesting about this space which is, you have these players who are very incentivized for our success and we just made sure that we went to them very early on and said, “Hey, we're going to get this done. This is a very low risk for you; we're going to ask for a small portfolio, but if you give it to us and we succeed, we can both be big winners at the end of the day.” It's really about incentive alignment.Will: Andrew, I think one of the more profound things that you brought up here is that you're being paid to have a direct relationship with a consumer, a home-owning consumer, and that historically, I think mortgage servicers were happy being collection agents and not thinking about the long-term relationship that they had with the consumer, thinking about themselves as a commodity. How do you think about the relationship that you have with a consumer over the arc of your relationship with them and the types of products and services that you can start to bolt onto that relationship?Andrew: This is a really crucial point for us as a business, which is fundamentally and philosophically different from preexisting and the incumbent mortgage servicers. So today, the way people view this industry is that they view the extraction of value from the consumer as how they are still in business, the way that they generate margin. Meaning if there's a way I can extract an extra dollar from the consumer, for example, if I charge them a fee for making a payment online or for convenience, that's how they are continuing to make profits. Which is a very foreign and crazy concept, obviously, for people who are in venture and tech, et cetera. We take the approach that we want everything that we can do to make the consumer happier.a happier customer and investment towards making their experience better is how we actually make money. Because if you remember, at the outset, we don't actually make money from the consumer directly; we make money from servicing mortgages. And to us, the most efficient way to service the mortgage is a borrower who wants to use our automated products, who trusts us, and who doesn't call us with a lot of difficult questions. So, to do that, you have to really make sure you do everything right for the consumer so they are willing to trust you with that large financial ticket item that is their home. Now, I'll give you a couple of cool examples as to what you can do if you're a mortgage servicer who's really focused this way.So, really simple example; today, a lot of homeowners actually don't even use autopay, and you get a variety of different explanations. One of the really good explanations is that many people actually have lumpy incomes, so they don't really know when they'll get paid. Now, they want to use autopay, but the problem is because they don't know when they'll actually get paid, they need to make sure that they're paying when there's money in their bank. They don't want NSF fees, they don't want overdraft fees. We can use integrations with folks like Plaid to check their bank account and make sure that they have enough funds in their bank account before we pull, basically guarantee to them that you'll never get these type of fees.Now, that increases the convenience for the homeowner and allows them to put themselves on autopay, reduces actually for us the amount of times we have a call to make sure that they remembered to pay, and then overall, it actually results in a situation where we save more money and thus we make more profits at the end of the day. That's a really, really simple example.Another deeper layer you could go for example would be to tell people, “Hey, instead of just paying your mortgage through bill pay or whatever else that you're using, why don't you set up autopay and when you set up autopay will take $1 every time you use autopay and we'll actually pay it towards the next delinquent borrower.” Meaning it's a charitable donation; we're taking money out of our pockets to pay a delinquent borrower. Now, that doesn't seem like a big impact when you just think about the dollar, but when you think about the percentage of people who are current, and then people all do this, we actually can generate enough money that we can donate to delinquent borrowers. It actually reduces our overall delinquency rate and therefore our overall costs as a mortgage servicing company. That's virtually unheard of.Lower delinquency rates look better for agencies, for regulators, for investors, and we can do in a way which really doesn't take any money out of our own pockets, it just reduces costs because we're servicing with a lower friction way, but actually generates a lot of goodwill with the homeowner. Which then leads us into the second part, which is, well, we can actually cause people to stay on our platform because as the servicer, we actually can offer them the lowest rate possible. If you look at a world that we service the mortgage as well as originate, we don't care that much about making money on originations because we own the consumer, we own that relationship. And we know everything about them; we also have most of the information, so it's easily preprocessable. Which means that we can go to the homeowner and say, “You know, you're usually going to try to refinance right now, but I'll give you the best rate because I have zero marketing costs, and I just want to keep working with you.”So, you don't even need to shop with everybody else because I'm going to preload it, I'm going to give you the best rate, and you're going to have a very smooth origination process and servicing process because nothing will move off. So, you get more and more into these type of conversations around, hey, because of our relationship, because of the trust we build, we can offer people more and more products that honestly make them happier, and ultimately that will drive them towards using us more longer-term, which is exactly what we want. And that's what we find so interesting about the mortgage servicing space because while it's not understood this way today, it is the perfect setup to be in a situation where you're really building a long-term financial platform, and the mortgage is that linchpin to getting into that consumers life and really trying to build that trust relationship with them long-term.Jason: I've got to imagine the regulators absolutely love what you're doing. I'm curious if you're thinking through feeding that data loop back into the regulators because I can't imagine the regulation has gone down since a great financial crisis. I'm curious what relationship you have with the government on this front.Andrew: So, our relationship is primarily with the agencies. When you think about regulators, there are regulators who are the state regulators—they manage their own department of financial services in each state—there's obviously the CFPB, and then there's Fannie and Freddie who are called regulators, but really they're investors by and really regulate the mortgage market through their buying of mortgages. But from Fannie and Freddie's perspective, yeah, this is—you hit the nail on the head; this is exactly what they want, this is what they've been seeking for. When you look up on Fanny's website, “Hey, what is a servicer?” They literally write, “Trusted financial advisor.” That's what they want.But nobody does it today, and there's not much that they can do about it. So, from their perspective, they love this outcome where the servicer is thinking about this; they love an outcome where if the homeowner gets a stay with their originator, they have that continuity of relationship; and then they lastly love the outcome where if we are providing this platform on a greater scale, they then don't have to worry as much about the volatility of earnings for originators because they have this blended financial profile. It basically turns in originator from a company that basically has highs and lows based on how much origination is happening to a customer relationship management company. And that is honestly where they want this stuff to go long-term.Jason: And do individual homeowners get any say in the decision on who gets to service their mortgage? Or is it entirely up to the originals?Andrew: Unfortunately, it's buried on page whatever—probably, like, ten—on your closing disclosure, and then later on your mortgage documents, you get put to whoever your mortgage originator wants you to be serviced by.Jason: So, the way you'll… [laugh] coming into a home near you will be through your success with the people who are originating the mortgages and paying for that mortgage servicing contract?Andrew: Today, that is the case, but in very short order, by the end of the year, you can get a Valon mortgage. And when you're with Valon, you stay with Valon. We won't sell your mortgage, we'll keep your mortgage on our platform, and we'll build that long-term trust-based relationship with you.Jason: Tell us more about that.Andrew: Yeah, so we—I mean, we would love for a world—and this is something, by the way, plenty of people have gripes about where they want to be able to have a mortgage that they transfer the servicing based on their own discretion, based on who they want to work with, but that's a longer-term conversation, that's a highly regulator-based conversation. So, it's something that's not going to happen tomorrow. The easiest way that we can become partners with people who actually want to work with Valon is that we offer them a highly competitive mortgage. Again, the fact of the matter is, we don't need to make money off of mortgage origination; we make money off of having the consumer stay with us. So, we'll be happy to offer them possibly the lowest rates that they can get.So, when they come to Valon, they can get their mortgage refinanced, or if they're getting a new mortgage, they can just get a mortgage from Valon, and then thereafter, they'll continue to stay with Valon. There'll be serviced by Valon, when rates drop, we'll just be proactive and we'll preempt any sort of refinance that they want to do. They can log onto our webpage, they can log onto their app, and they will exactly know how much they can refinance it for, what the costs are, all those different things. But again, the nice part here is because we don't really need to make money on originations, like a Quicken, like a [loanDepot 00:40:13], or any of these other players out there—even Better Mortgage—they know that we have an incentive just to keep them on a platform and we can offer that lowest rate. And we can do that. So, that's what's so unique about it which is, you get that relationship, you get that great service, but you also get really priced competitive results, which we believe ultimately will build longer-term trust.Jason: I mean, it's an amazing and powerful refocus where you've effectively created alignment with all the major players in such a way that's made it difficult for any other competitors to compete with you. It's a pretty [laugh] amazing approach to the market that you've developed here. What gets you most excited about the future? Like wh—you know, obviously, you've got origination coming up; you know, in five, ten years, if you're massively successful, what's the impact you've had on the US economy and the US mortgage space?Andrew: So, there's obviously elements where we're helping consumers, right, so we can reduce the delinquencies in the system, like I mentioned, through different mechanisms. We offer people really cheaper financial products, which we believe they deserve, but I think the long-term most impactful thing is that we can provide, really, researchers as well as government regulators the right tools to make the right decisions. When you think about what basically happened recently with COVID, now the government went about and offered everybody forbearance, which is extremely expensive for both players in the industry as well as the government, but they don't really have a good way to address the crisis at hand. So, they used the very blunt-edged solution to it. As the platform that hopefully ends up winning the market, we can provide that information to the government; we can provide that implementation to them.So, they can be much more, with a sharp knife and really a small pencil, start to draw exactly what they want to end up happening. So, instead of giving a forbearance for every single person—which is what happened; they said, “You didn't have to pay a mortgage for nine months, twelve months,” instead of giving a forbearance to every person out there, you could say, “Let me check your bank account. Let me see that you're actually running into a crisis. And if you are, actually I will give you even longer. I will give you 18 months, I will give you until you figure out what to do next.”And for the people who didn't actually have a crisis, we're not going to give it to you. So, you actually can help the right people in this sort of situation. Alternatively, you might have a situation where the government wants to test a different modification program. Usually, it gets into a large argument about does this work; does it not work? There's not much data out there.But with a technological platform like us, you can actually go as far as to say, let's actually A/B test these results. If the government buys-in will test it with [unintelligible 00:42:54] portfolios, and we'll report these results. So, this is kind of where we believe government policy and really, American policy around housing can be really shaped if you had the right system and the right sort of infrastructure. So, while we are very focused on trying to build that long-term vision and build out a trust relationship with homeowners across the United States, we believe the longer-term impacts of doing something like this really come from the fact that we can leverage this infrastructure to help so many different people.Will: Aside from going deeper in the value chain on the mortgage lifecycle, are their orthogonal products—I know before we jumped on the call, we were sort of talking about insurance a little bit—are there other orthogonal products that are correlated to homeowners that from a product standpoint that you see Valon being able to bolt on to the platform over time?Andrew: I think the big new products that we'll be focused on outside of insurance as an example that we talked about where offering property insurance is a very natural next step, which we're already going to look to do by the end of this year is actually getting into things like for example, credit card debt consolidation. So, it's a very well-known thing that people when they get credit card debt sometimes want to refinance it with a HELOC because it's cheaper to pay a HELOC than a credit card. Now, that's not a very simple process today because getting a HELOC is a painful thing because you have to work with the servicer or you have to work with a HELOC originator. So, making it really easy where someone who has credit card debt, move it quickly over to their HELOC and pay less interest is obviously a quick next step. But that really actually speaks a lot more towards long-term financial management because again, we are dealing with such a large purchase and a large component of their daily—their monthly cash flows.So, as we look to what we do going forward, there probably will be a lot more around financial literacy, financial advisory, around all these different components. And if we can build that trust really leading the homeowner to make these right decisions and being able to forecast for them different outcomes based on what they want to do. So, I'd say that's probably the direction we'll ultimately take with this business. We need some time to work on all the different sort of initiatives that we have, but we're really hopeful that we can really make a difference here.Will: Andrew, congratulations. This is an unbelievably badass business and a very, very boring, esoteric industry that you are transforming. We really, really appreciate you taking the time to hang with us today and to give our listeners a look inside the mortgage servicing industry.Andrew: I appreciate it. Thanks for letting me talk. I went on a very, very long rant.Will: Thank you for listening to Perfectly Boring. You can keep up the latest on the podcast at perfectlyboring.com, and follow us on Apple, Spotify, or wherever you listen to podcasts. We'll see you next time.