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I am Rolf Claessen and together with my co-host Ken Suzan I am welcoming you to episode 169 of our podcast IP Fridays! Today's interview guest is Prof. Aloys Hüttermann, co-founder of my patent law firm Michalski Hüttermann & Partner and a true expert on the Unified Patent Court. He has written several books about the new system and we talk about all the things that plaintiffs and defendants can learn from the first decisions of the court and what they mean for strategic decisions of the parties involved. But before we jump into this very interesting interview, I have news for you! The US Patent and Trademark Office (USPTO) is planning rule changes that would make it virtually impossible for third parties to challenge invalid patents before the patent office. Criticism has come from the EFF and other inventor rights advocates: the new rules would play into the hands of so-called non-practicing entities (NPEs), as those attacked would have few cost-effective ways to have questionable patents deleted. The World Intellectual Property Organization (WIPO) reports a new record in international patent applications: in 2024, around 3.7 million patent applications were filed worldwide – an increase of 4.9% over the previous year. The main drivers were Asian countries (China alone accounted for 1.8 million), while demand for trademark protection has stabilized after the pandemic decline. US rapper Eminem is taking legal action in Australia against a company that sells swimwear under the name “Swim Shady.” He believes this infringes on his famous “Slim Shady” brand. The case illustrates that even humorous allusions to well-known brand names can lead to legal conflicts. A new ruling by the Unified Patent Court (UPC) demonstrates its cross-border impact. In “Fujifilm v. Kodak,” the local chamber in Mannheim issued an injunction that extends to the UK despite Brexit. The UPC confirmed its jurisdiction over the UK parts of a European patent, as the defendant Kodak is based in a UPC member state. A dispute over standard patents is looming at the EU level: the Legal Affairs Committee (JURI) of the European Parliament voted to take the European Commission to the European Court of Justice. The reason for this is the Commission’s controversial withdrawal of a draft regulation on the licensing of standard-essential patents (SEPs). Parliament President Roberta Metsola is to decide by mid-November whether to file the lawsuit. In trademark law, USPTO Director Squires reported on October 31, 2025, that a new unit (“Trademark Registration Protection Office”) had removed approximately 61,000 invalid trademark applications from the registries. This cleanup of the backlog relieved the examining authority and accelerated the processing of legitimate applications. Now let's jump into the interview with Aloys Hüttermann: The Unified Patent Court Comes of Age – Insights from Prof. Aloys Hüttermann The Unified Patent Court (UPC) has moved from a long-discussed project to a living, breathing court system that already shapes patent enforcement in Europe. In a recent IP Fridays interview, Prof. Aloys Hüttermann – founder and equity partner at Michalski · Hüttermann & Partner and one of the earliest commentators on the UPC – shared his experiences from the first years of practice, as well as his view on how the UPC fits into the global patent litigation landscape. This article summarises the key points of that conversation and is meant as an accessible overview for in-house counsel, patent attorneys and business leaders who want to understand what the UPC means for their strategy. How Prof. Hüttermann Became “Mr. UPC” Prof. Hüttermann has been closely involved with the UPC for more than a decade. When it became clear, around 13 years ago, that the European project of a unified patent court and a unitary patent was finally going to happen, he recognised that this would fundamentally change patent enforcement in Europe. He started to follow the legislative and political developments in detail and went beyond mere observation. As author and editor of several books and a major commentary on the UPC, he helped shape the discussion around the new system. His first book on the UPC appeared in 2016 – years before the court finally opened its doors in 2023. What fascinated him from the beginning was the unique opportunity to witness the creation of an entirely new court system, to analyse how it would be built and, where possible, to contribute to its understanding and development. It was clear to him that this system would be a “game changer” for European patent enforcement. UPC in the Global Triangle: Europe, the US and China In practice, most international patent disputes revolve around three major regions: the UPC territory in Europe, the United States and China. Each of these regions has its own procedural culture, cost structure and strategic impact. From a territorial perspective, the UPC is particularly attractive because it can, under the right conditions, grant pan-European injunctions that cover a broad range of EU Member States with a single decision. This consolidation of enforcement is something national courts in Europe simply cannot offer. From a cost perspective, the UPC is significantly cheaper than US litigation, especially if one compares the cost of one UPC action with a bundle of separate national cases in large European markets. When viewed against the territorial reach and procedural speed, the “bang for the buck” is very compelling. China is again a different story. The sheer volume of cases there is enormous, with tens of thousands of patent infringement cases per year. Chinese courts are known for their speed; first-instance decisions within about a year are common. In this respect they resemble the UPC more than the US does. The UPC also aims at a roughly 12 to 15 month time frame for first-instance cases where validity is at issue. The US, by contrast, features extensive discovery, occasionally jury trials and often longer timelines. The procedural culture is very different. The UPC, like Chinese courts, operates without discovery in the US sense, which makes proceedings more focused on the written record and expert evidence that the parties present, and less on pre-trial disclosure battles. Whether a company chooses to litigate in the US, the UPC, China, or some combination of these forums will depend on where the key markets and assets are. However, in Prof. Hüttermann's view, once Europe is an important market, it is hard to justify ignoring the UPC. He expects the court's caseload and influence to grow strongly over the coming years. A Landmark UPC Case: Syngenta v. Sumitomo A particularly important case in which Prof. Hüttermann was involved is the Syngenta v. Sumitomo matter, concerning a composition patent. This case has become a landmark in UPC practice for several reasons. First, the Court of Appeal clarified a central point about the reach of UPC injunctions. It made clear that once infringement is established in one Member State, this will usually be sufficient to justify a pan-European injunction covering all UPC countries designated by the patent. That confirmation gave patent owners confidence that the UPC can in fact deliver broad, cross-border relief in one go. Second, the facts of the case raised novel issues about evidence and territorial reach. The allegedly infringing product had been analysed based on a sample from the Czech Republic, which is not part of the UPC system. Later, the same product with the same name was marketed in Bulgaria, which is within UPC territory. The Court of Appeal held that the earlier analysis of the Czech sample could be relied on for enforcement in Bulgaria. This showed that evidence from outside the UPC territory can be sufficient, as long as it is properly linked to the products marketed within the UPC. Third, the Court of Appeal took the opportunity to state its view on inventive step. It confirmed that combining prior-art documents requires a “pointer”, in line with the EPO's problem-solution approach. The mere theoretical possibility of extracting a certain piece of information from a document does not suffice to justify an inventive-step attack. This is one of several decisions where the UPC has shown a strong alignment with EPO case law on substantive patentability. For Prof. Hüttermann personally, the case was also a lesson in oral advocacy before the UPC. During the two appeal hearings, the presiding judge asked unexpected questions that required quick and creative responses while the hearing continued. His practical takeaway is that parties should appear with a small, well-coordinated team: large enough to allow someone to work on a tricky question in the background, but small enough to remain agile. Two or three lawyers seem ideal; beyond that, coordination becomes difficult and “too many cooks spoil the broth”. A Game-Changing CJEU Decision: Bosch Siemens Hausgeräte v. Electrolux Surprisingly, one of the most important developments for European patent litigation in the past year did not come from the UPC at all, but from the Court of Justice of the European Union. In Bosch Siemens Hausgeräte v. Electrolux, the CJEU revisited the rules on cross-border jurisdiction under the Brussels I Recast Regulation (Brussels Ia). Previously, under what practitioners often referred to as the GAT/LuK regime, a court in one EU country was largely prevented from granting relief for alleged infringement in another country if the validity of the foreign patent was contested there. This significantly limited the possibilities for cross-border injunctions. In Bosch, the CJEU changed course. Without going into all procedural details, the essence is that courts in the EU now have broader powers to grant cross-border relief when certain conditions are met, particularly when at least one defendant is domiciled in the forum state. The concept of an “anchor defendant” plays a central role: if you sue one group company in its home forum, other group companies in other countries, including outside the EU, can be drawn into the case. This has already had practical consequences. German courts, for example, have issued pan-European injunctions covering around twenty countries in pharmaceutical cases. There are even attempts to sue European companies for infringement of US patents based on acts in the US, using the logic of Bosch as a starting point. How far courts will ultimately go remains to be seen, but the potential is enormous. For the UPC, this development is highly relevant. The UPC operates in the same jurisdictional environment as national courts, and many defendants in UPC cases will be domiciled in UPC countries. This increases the likelihood that the UPC, too, can leverage the broadened possibilities for cross-border relief. In addition, we have already seen UPC decisions that include non-EU countries such as the UK within the scope of injunctions, in certain constellations. The interaction between UPC practice and the Bosch jurisprudence of the CJEU is only beginning to unfold. Does the UPC Follow EPO Case Law? A key concern for many patent owners and practitioners is whether the UPC will follow the EPO's Boards of Appeal or develop its own, possibly divergent, case law on validity. On procedural matters, the UPC is naturally different from the EPO. It has its own rules of procedure, its own timelines and its own tools, such as “front-loaded” pleadings and tight limits on late-filed material. On substantive law, however, Prof. Hüttermann's conclusion is clear: there is “nothing new under the sun”. The UPC's approach to novelty, inventive step and added matter is very close to that of the EPO. The famous “gold standard” for added matter appears frequently in UPC decisions. Intermediate generalisations are treated with the same suspicion as at the EPO. In at least one case, the UPC revoked a patent for added matter even though the EPO had granted it in exactly that form. The alignment is not accidental. The UPC only deals with European patents granted by the EPO; it does not hear cases on purely national patents. If the UPC were more generous than the EPO, many patents would never reach it. If it were systematically stricter, patentees would be more tempted to opt out of the system. In practice, the UPC tends to apply the EPO's standards and, where anything differs, it is usually a matter of factual appreciation rather than a different legal test. For practitioners, this has a very practical implication: if you want to predict how the UPC will decide on validity, the best starting point is to ask how the EPO would analyse the case. The UPC may not always reach the same result in parallel EPO opposition proceedings, but the conceptual framework is largely the same. Trends in UPC Practice: PIs, Equivalents and Division-Specific Styles Even in its early years, certain trends and differences between UPC divisions can be observed. On preliminary injunctions, the local division in Düsseldorf has taken a particularly proactive role. It has been responsible for most of the ex parte PIs granted so far and applies a rather strict notion of urgency, often considering one month after knowledge of the infringement as still acceptable, but treating longer delays with scepticism. Other divisions tend to see two months as still compatible with urgency, and they are much more cautious with ex parte measures. Munich, by contrast, has indicated a strong preference for inter partes PI proceedings and appears reluctant to grant ex parte relief at all. A judge from Munich has even described the main action as the “fast” procedure and the inter partes PI as the “very fast” one, leaving little room for an even faster ex parte track. There are also differences in how divisions handle amendments and auxiliary requests in PI proceedings. Munich has suggested that if a patentee needs to rely on claim amendments or auxiliary requests in a PI, the request is unlikely to succeed. Other divisions have been more open to considering auxiliary requests. The doctrine of equivalents is another area where practice is not yet harmonised. The Hague division has explicitly applied a test taken from Dutch law in at least one case and found infringement by equivalence. However, the Court of Appeal has not yet endorsed a specific test, and in another recent Hague case the same division did not apply that Dutch-law test again. The Mannheim division has openly called for the development of an autonomous, pan-European equivalence test, but has not yet fixed such a test in a concrete decision. This is clearly an area to watch. Interim conferences are commonly used in most divisions to clarify issues early on, but Düsseldorf often dispenses with them to save time. In practice, interim conferences can be very helpful for narrowing down the issues, though parties should not expect to be able to predict the final decision from what is discussed there. Sometimes topics that dominate the interim conference play little or no role in the main oral hearing. A Front-Loaded System and Typical Strategic Mistakes UPC proceedings are highly front-loaded and very fast. A defendant usually has three months from service of the statement of claim to file a full statement of defence and any counterclaim for revocation. This is manageable, but only if the time is used wisely. One common strategic problem is that parties lose time at the beginning and only develop a clear strategy late in the three-month period. According to Prof. Hüttermann, it is crucial to have a firm strategy within the first two or three weeks and then execute it consistently. Constantly changing direction is a recipe for failure in such a compressed system. Another characteristic is the strict attitude towards late-filed material. It is difficult to introduce new documents or new inventive-step attacks later in the procedure. In some cases even alternative combinations of already-filed prior-art documents have been viewed as “new” attacks and rejected as late. At the appeal stage, the Court of Appeal has even considered new arguments based on different parts of a book already in the file as potentially late-filed. This does not mean that parties should flood the court with dozens of alternative attacks in the initial brief. In one revocation action, a plaintiff filed about fifty different inventive-step attacks, only to be told by the court that this was not acceptable and that the attacks had to be reduced and structured. The UPC is not a body conducting ex officio examination. It is entitled to manage the case actively and to ask parties to focus on the most relevant issues. Evidence Gathering, Protective Letters and the Defendant's Perspective The UPC provides powerful tools for both sides. Evidence inspection is becoming more common, not only at trade fairs but also at company premises. This can be a valuable tool for patentees, but it also poses a serious risk for defendants who may suddenly face court-ordered inspections. From the perspective of potential defendants, protective letters are an important instrument, especially in divisions like Düsseldorf where ex parte PIs are possible. A well-written protective letter, filed in advance, can significantly reduce the risk of a surprise injunction. The court fees are moderate, but the content of the protective letter must be carefully prepared; a poor submission can cause more harm than good. Despite the strong tools available to patentees, Prof. Hüttermann does not view the UPC as unfair to defendants. If a defendant files a solid revocation counterclaim, the pressure shifts to the patentee, who then has only two months to reply, prepare all auxiliary requests and adapt the enforcement strategy. This is even more demanding than at the EPO, because the patentee must not only respond to validity attacks but also ensure that any amended claims still capture the allegedly infringing product. It is entirely possible to secure the survival of a patent with an auxiliary request that no longer covers the defendant's product. In that scenario, the patentee has “won” on validity but lost the infringement case. Managing this tension under tight time limits is a key challenge of UPC practice. The Future Role of the UPC and How to Prepare Today the UPC hears a few hundred cases per year, compared with several thousand patent cases in the US and tens of thousands in China. Nevertheless, both the court itself and experienced practitioners see significant growth potential. Prof. Hüttermann expects case numbers to multiply in the medium term. Whether the UPC will become the first choice forum in global disputes or remain one pillar in parallel proceedings alongside the US and China will depend on the strategies of large patentees and the evolution of case law. However, the court is well equipped: it covers a large, economically important territory, is comparatively cost-effective and offers fast procedures with robust remedies. For companies that may end up before the UPC, preparation is essential. On the offensive side, that means building strong evidence and legal arguments before filing, being ready to proceed quickly and structured, and understanding the specific styles of the relevant divisions. On the defensive side, it may mean filing protective letters in risk-exposed markets, preparing internal processes for rapid reaction if a statement of claim arrives, and taking inspection requests seriously. Conclusion The Unified Patent Court has quickly moved from theory to practice. It offers pan-European relief, fast and front-loaded procedures, and a substantive approach that closely mirrors the EPO's case law. At the same time, national and EU-level developments like the Bosch Siemens Hausgeräte v. Electrolux decision are reshaping the jurisdictional framework in which the UPC operates, opening the door for far-reaching cross-border injunctions. For patent owners and potential defendants alike, the message is clear: the UPC is here to stay and will become more important year by year. Those who invest the time to understand its dynamics now – including its alignment with the EPO, the differences between divisions, and the strategic implications of its procedures – will be in a much better position when the first UPC dispute lands on their desk. Here is the full transcript of the interview: Rolf Claessen:Today's interview guest is Prof. Aloys Hüttermann. He is founder and equity partner of my firm, Michalski · Hüttermann & Partner. More importantly for today's interview, he has written several books about the Unified Patent Court. The first one already came out in 2016. He is co-editor and author of one of the leading commentaries on the UPC and has gained substantial experience in UPC cases so far – one of them even together with me. Thank you very much for being on IP Fridays again, Aloys. Aloys Hüttermann:Thank you for inviting me, it's an honour. How did you get so deeply involved in the UPC? Rolf Claessen:Before we dive into the details, how did you end up so deeply involved in the Unified Patent Court? And what personally fascinates you about this court? Aloys Hüttermann:This goes back quite a while – roughly 13 years. At that time it became clear that, after several failed attempts, Europe would really get a pan-European court and a pan-European patent, and that this time it was serious. I thought: this is going to be the future. That interested me a lot, both intellectually and practically. A completely new system was being built. You could watch how it evolved – and, if possible, even help shape it a bit. It was also obvious to me that this would be a complete game changer. Nobody expected that it would take until 2023 before the system actually started operating, but now it is here. I became heavily interested early on. As you mentioned, my first book on the UPC was published in 2016, in the expectation that the system would start soon. It took a bit longer, but now we finally have it. UPC vs. US and China – speed, cost and impact Rolf Claessen:Before we go deeper into the UPC, let's zoom out. If you compare litigation before the UPC with patent litigation in the US and in China – in terms of speed, cost and the impact of decisions – what are the key differences that a business leader should understand? Aloys Hüttermann:If you look at the three big regions – the UPC territory in Europe, the US and China – these are the major economic areas for many technology companies. One important point is territorial reach. In the UPC, if the conditions are met, you can get pan-European injunctions that cover many EU Member States in one go. We will talk about this later in more detail. On costs there is a huge difference between the US and the UPC. The UPC is much cheaper than US litigation, especially once you look at the number of countries you can cover with one case if the patent has been validated widely. China is different again. The number of patent infringement cases there is enormous. I have seen statistics of around 40,000 infringement cases per year in China. That is huge – compared with roughly 164 UPC infringement cases in the first year and maybe around 200 in the current year. On speed, Chinese courts are known to be very fast. You often get a first-instance decision in about a year. The UPC is comparable: if there is a counterclaim for revocation, you are looking at something like 12 to 15 months for a first-instance decision. The US can be slower, and the procedure is very different. You have full discovery, you may have juries. None of that exists at the UPC. From that perspective, Chinese and UPC proceedings are more similar to each other than either is to the US. The UPC is still a young court. We have to see how influential its case law will be worldwide in the long run. What we already see, at least in Germany, is a clear trend away from purely national patent litigation and towards the UPC. That is inside Europe. The global impact will develop over time. When is the UPC the most powerful tool? Rolf Claessen:Let's take the perspective of a global company. It has significant sales in Europe and in the US and production or key suppliers in China. In which situations would you say the UPC is your most powerful tool? And when might the US or China be the more strategic battleground? Aloys Hüttermann:To be honest, I would almost always consider bringing a case before the UPC. The “bang for the buck” is very good. The UPC is rather fast. That alone already gives you leverage in negotiations. The threat of a quick, wide-reaching injunction is a strong negotiation tool. Whether you litigate in the US instead of the UPC, or in addition, or whether you also go to China – that depends heavily on the individual case: where the products are sold, where the key markets are, where the defendant has assets, and so on. But in my view, once you have substantial sales in Europe, you should seriously consider the UPC. And for that reason alone I expect case numbers at the UPC to increase significantly in the coming years. A landmark UPC case: Syngenta vs. Sumitomo (composition patent) Rolf Claessen:You have already been involved in several UPC cases – and one of them together with me, which was great fun. Looking at the last 12 to 18 months, is there a case, decision or development that you find particularly noteworthy – something that really changed how you think about UPC litigation or how companies should prepare? Aloys Hüttermann:The most important UPC case I have been involved in so far is the Syngenta v. Sumitomo case on a composition patent. It has become a real landmark and was even mentioned in the UPC's annual report. It is important for several reasons. First, it was one of the first cases in which the Court of Appeal said very clearly: if you have established infringement in one Member State, that will usually be enough for a pan-European injunction covering all UPC countries designated by the patent. That is a powerful statement about the reach of UPC relief. Second, the facts were interesting. The patent concerned a composition. We had analysed a sample that had been obtained in the Czech Republic, which is not a UPC country. Later, the same product was marketed under the same name in Bulgaria, which is in the UPC. The question was whether the analysis of the Czech sample could be used as a basis for enforcement in Bulgaria. The Court of Appeal said yes, that was sufficient. Third, the Court of Appeal took the opportunity to say something about inventive step. It more or less confirmed that the UPC's approach is very close to the EPO's problem-solution approach. It emphasised that, if you want to combine prior-art documents, you need a “pointer” to do so. The mere theoretical possibility that a skilled person could dig a particular piece of information out of a document is not enough. For me personally, the most memorable aspect of this case was not the outcome – that was largely in line with what we had expected – but the oral hearings at the appeal stage. We had two hearings. In both, the presiding judge asked us a question that we had not anticipated at all. And then you have about 20 minutes to come up with a convincing answer while the hearing continues. We managed it, but it made me think a lot about how you should prepare for oral hearings at the UPC. My conclusion is: you should go in with a team, but not too big. In German we say, “Zu viele Köche verderben den Brei” – too many cooks spoil the broth. Two or three people seems ideal. One of them can work quietly on such a surprise question at the side, while the others continue arguing the case. In the end the case went very well for us, so I can speak about it quite calmly now. But in the moment your heart rate definitely goes up. The CJEU's Bosch Siemens Hausgeräte v. Electrolux decision – a real game changer Rolf Claessen:You also mentioned another development that is not even a UPC case, but still very important for European patent litigation. Aloys Hüttermann:Yes. In my view, the most important case of the last twelve months is not a UPC decision but a judgment of the Court of Justice of the EU (CJEU): Bosch Siemens Hausgeräte v. Electrolux. This is going to be a real game changer for European IP law, and I am sure we have not seen the end of its effects yet. One example: someone has recently sued BMW before the Landgericht München I, a German court, for infringement of a US patent based on acts in the US. The argument is that this could be backed by the logic of Bosch Siemens Hausgeräte v. Electrolux. We do not know yet what the court will do with that, but the fact that people are trying this shows how far-reaching the decision might be. Within the UPC we have already seen injunctions being issued for countries outside the UPC territory and even outside the EU, for example including the UK. So you see how these developments start to interact. Rolf Claessen:For listeners who have not followed the case so closely: in very simple terms, the CJEU opened the door for courts in one EU country to rule on patent infringement that took place in other countries as well, right? Aloys Hüttermann:Exactly. Before Bosch Siemens Hausgeräte v. Electrolux we had what was often called the GAT/LuK regime. The basic idea was: if you sue someone in, say, Germany for infringement of a European patent, and you also ask for an injunction for France, and the defendant then challenges the validity of the patent in France, the German court cannot grant you an injunction covering France. The Bosch decision changed that. The legal basis is the Brussels I Recast Regulation (Brussels Ia), which deals with jurisdiction in civil and commercial matters in the EU. It is not specific to IP; it applies to civil cases generally, but it does have some provisions that are relevant for patents. In Bosch, a Swedish court asked the CJEU for guidance on cross-border injunctions. The CJEU more or less overturned its old GAT/LuK case law. Now, in principle, if the defendant is domiciled in a particular Member State, the courts of that state can also grant cross-border relief for other countries, under certain conditions. We will not go into all the details here – that could fill a whole separate IP Fridays episode – but one important concept is the “anchor defendant”. If you sue a group of companies and at least one defendant is domiciled in the forum state, then other group companies in other countries – even outside the EU, for example in Hong Kong – can be drawn into the case and affected by the decision. This is not limited to the UPC, but of course it is highly relevant for UPC litigation. Statistically it increases the chances that at least one defendant will be domiciled in a UPC country, simply because there are many of them. And we have already seen courts like the Landgericht München I grant pan-European injunctions for around 20 countries in a pharmaceutical case. Rolf Claessen:Just to clarify: does it have to be the headquarters of the defendant in that country, or is any registered office enough? Aloys Hüttermann:That is one of the open points. If the headquarters are in Europe, then it is clear that subsidiaries outside Europe can be affected as well. If the group's headquarters are outside Europe and only a subsidiary is here, the situation is less clear and we will have to see what the courts make of it. Does the UPC follow EPO case law? Rolf Claessen:Many patent owners and in-house counsel wonder: does the UPC largely follow the case law of the EPO Boards of Appeal, or is it starting to develop its own distinct line? What is your impression so far – both on substantive issues like novelty and inventive step, and on procedural questions? Aloys Hüttermann:On procedure the UPC is, of course, very different. It has its own procedural rules and they are not the same as at the EPO. If we look at patent validity, however, my impression is that there is “nothing new under the sun” – that was the title of a recent talk I gave and will give again in Hamburg. Substantively, the case law of the UPC and the EPO is very similar. For inventive step, people sometimes say the UPC does not use the classical problem-solution approach but a more “holistic” approach – whatever that is supposed to mean. In practice, in both systems you read and interpret prior-art documents and decide what they really disclose. In my view, the “error bar” that comes from two courts simply reading a document slightly differently is much larger than any systematic difference in legal approach. If you look at other grounds, such as novelty and added matter, the UPC even follows the EPO almost verbatim. The famous “gold standard” for added matter appears all over UPC decisions, even if the EPO case numbers are not always cited. The same is true for novelty. So the rule-based, almost “Hilbertian” EPO approach is very much present at the UPC. There is also a structural reason for that. All patents that the UPC currently deals with have been granted by the EPO. The UPC does not handle patents granted only by national offices. If the UPC wanted to deviate from EPO case law and be more generous, then many patents would never reach the UPC in the first place. The most generous approach you can have is the one used by the granting authority – the EPO. So if the UPC wants to be different, it can only be stricter, not more lenient. And there is little incentive to be systematically stricter, because that would reduce the number of patents that are attractive to enforce before the UPC. Patent owners might simply opt out. Rolf Claessen:We also talked about added matter and a recent case where the Court of Appeal was even stricter than the EPO. That probably gives US patent practitioners a massive headache. They already struggle with added-matter rules in Europe, and now the UPC might be even tougher. Aloys Hüttermann:Yes, especially on added matter. I once spoke with a US practitioner who said, “We hope the UPC will move away from intermediate generalisations.” There is no chance of that. We already have cases where the Court of Appeal confirmed that intermediate generalisations are not allowed, in full alignment with the EPO. You mentioned a recent case where a patent was revoked for added matter, even though it had been granted by the EPO in exactly that form. This shows quite nicely what to expect. If you want to predict how the UPC will handle a revocation action, the best starting point is to ask: “What would the EPO do?” Of course, there will still be cases where the UPC finds an invention to be inventive while the EPO, in parallel opposition proceedings, does not – or vice versa. But those are differences in the appreciation of the facts and the prior art, which you will always have. The underlying legal approach is essentially the same. Rolf Claessen:So you do not see a real example yet where the UPC has taken a totally different route from the EPO on validity? Aloys Hüttermann:No, not really. If I had to estimate how the UPC will decide, I would always start from what I think the EPO would have done. Trends in UPC practice: PIs, equivalents, interim conferences Rolf Claessen:If you look across the different UPC divisions and cases: what trends do you see in practice? For example regarding timelines, preliminary injunctions, how validity attacks are handled, and how UPC cases interact with EPO oppositions or national proceedings? Aloys Hüttermann:If you take the most active divisions – essentially the big four in Germany and the local division in The Hague – they all try to be very careful and diligent in their decisions. But you can already see some differences in practice. For preliminary injunctions there is a clear distinction between the local division in Düsseldorf and most other divisions. Düsseldorf considers one month after knowledge of the infringement as still sufficiently urgent. If you wait longer, it is usually considered too late. In many other divisions, two months is still viewed as fine. Düsseldorf has also been the division that issued most of the ex parte preliminary injunctions so far. Apart from one special outlier where a standing judge from Brussels was temporarily sitting in Milan, Düsseldorf is basically the only one. Other divisions have been much more reluctant. At a conference, Judge Pichlmaier from the Munich division once said that he could hardly imagine a situation where his division would grant an ex parte PI. In his words, the UPC has two types of procedure: one that is fast – the normal main action – and one that is very fast – the inter partes PI procedure. But you do not really have an “ultra-fast” ex parte track, at least not in his division. Another difference relates to amendments and auxiliary requests in PI proceedings. In one recent case in Munich the court said more or less that if you have to amend your patent or rely on auxiliary requests in a PI, you lose. Other divisions have been more flexible and have allowed auxiliary requests. Equivalence is another area where we do not have a unified line yet. So far, only the Hague division has clearly found infringement under the doctrine of equivalents and explicitly used a test taken from Dutch law. Whether that test will be approved by the Court of Appeal is completely open – the first case settled, so the Court of Appeal never ruled on it, and a second one is still very recent. Interestingly, there was another Hague decision a few weeks ago where equivalence was on the table, but the division did not apply that Dutch-law test. We do not know yet why. The Mannheim division has written in one decision that it would be desirable to develop an autonomous pan-European test for equivalence, instead of just importing the German, UK or Dutch criteria. But they did not formulate such a test in that case because it was not necessary for the decision. So we will have to see how that evolves. On timelines, one practical difference is that Düsseldorf usually does not hold an interim conference. That saves them some time. Most other divisions do hold interim conferences. Personally, I like the idea because it can help clarify issues. But you cannot safely read the final outcome from these conferences. I have also seen cases where questions raised at the interim conference did not play any role in the main oral hearing. So they are useful for clarification, but not as a crystal ball. Front-loaded proceedings and typical strategic mistakes Rolf Claessen:If you look at the behaviour of parties so far – both patentees and defendants – what are the most common strategic mistakes you see in UPC litigation? And what would a well-prepared company do differently before the first statement of claim is ever filed? Aloys Hüttermann:You know you do not really want me to answer that question… Rolf Claessen:I do! Aloys Hüttermann:All right. The biggest mistake, of course, is that they do not hire me. That is the main problem. Seriously, it is difficult to judge parties' behaviour from the outside. You rarely know the full picture. There may be national proceedings, licensing discussions, settlement talks, and so on in the background. That can limit what a party can do at the UPC. So instead of criticising, I prefer to say what is a good idea at the UPC. The system is very front-loaded and very fast. If you are sued, you have three months to file your statement of defence and your counterclaim for revocation. In my view, three months are manageable – but only if you use the time wisely and do not waste it on things that are not essential. If you receive a statement of claim, you have to act immediately. You should have a clear strategy within maybe two or three weeks and then implement it. If you change your strategy every few weeks, chances are high that you will fail. Another point is that everything is front-loaded. It is very hard to introduce new documents or new attacks later. Some divisions have been a bit generous in individual cases, but the general line is strict. We have seen, for example, that even if you filed a book in first instance, you may not be allowed to rely on a different chapter from the same book for a new inventive-step attack at the appeal stage. That can be regarded as late-filed, because you could have done it earlier. There is also case law saying that if you first argue inventive step as “D1 plus D2”, and later want to argue “D2 plus D1”, that can already be considered a new, late attack. On the other hand, we had a revocation action where the plaintiff filed about 50 different inventive-step attacks in the initial brief. The division then said: this does not work. Please cut them down or put them in a clear hierarchy. In the end, not all of them were considered. The UPC does not conduct an ex officio examination. It is entitled to manage the case and to tell the parties to limit themselves in the interest of a fair and efficient procedure. Rolf Claessen:I have the feeling that the EPO is also becoming more front-loaded – if you want to rely on documents later, you should file them early. But it sounds like the UPC is even more extreme in that regard. Aloys Hüttermann:Yes, that is true. Protective letters, inspections and the defendant's perspective Rolf Claessen:Suppose someone from a company is listening now and thinks: “We might be exposed at the UPC,” or, “We should maybe use the UPC offensively against competitors.” What would you consider sensible first steps before any concrete dispute arises? And looking three to five years ahead, how central do you expect the UPC to become in global patent litigation compared to the US and China? Aloys Hüttermann:Let me start with the second part. I expect the UPC to become significantly more important. If we have around 200 cases this year, that is a good start, but it is still very small compared to, say, 4,000 to 5,000 patent cases per year in the US and 40,000 or so in China. Even François Bürgin and Klaus Grabinski, in interviews, have said that they are happy with the case load, but the potential is much larger. In my view, it is almost inevitable that we will see four or five times as many UPC cases in the not-too-distant future. As numbers grow, the influence of the UPC will grow as well. Whether, in five or ten years, companies will treat the UPC as their first choice forum – or whether they will usually run it in parallel with US litigation in major disputes – remains to be seen. The UPC would be well equipped for that: the territory it covers is large, Europe is still an important economy, and the UPC procedure is very attractive from a company's perspective. On sensible first steps: if you are worried about being sued, a protective letter can make a lot of sense – especially in divisions like Düsseldorf, where ex parte PIs are possible in principle. A protective letter is not very expensive in terms of court fees. There is also an internal system that ensures the court reads it before deciding on urgent measures. Of course, the content must have a certain quality; a poor protective letter can even backfire. If you are planning to sue someone before the UPC, you should be extremely well prepared when you file. You should already have all important documents and evidence at hand. As we discussed, it is hard to introduce new material later. One tool that is becoming more and more popular is inspection – not just at trade fairs, where we already saw cases very early, but also at company premises. Our firm has already handled such an inspection case. That is something you should keep in mind on both sides: it is a powerful evidence-gathering tool, but also a serious risk if you are on the receiving end. From the defendant's perspective, I do not think the UPC is unfair. If you do your job properly and put a solid revocation counterclaim on the table, then the patentee has only two months to prepare a full reply and all auxiliary requests. And there is a twist that makes life even harder for the patentee than at the EPO. At the EPO the question is mainly: do my auxiliary requests overcome the objections and are they patentable? At the UPC there is an additional layer: do I still have infringement under the amended claims? You may save your patent with an auxiliary request that no longer reads on the defendant's product. That is great for validity, but you have just lost the infringement case. You have kept the patent but lost the battle. And all of this under very tight time limits. That creates considerable pressure on both sides. How to contact Prof. Hüttermann Rolf Claessen:Thank you very much for this really great interview, Aloys. Inside our firm you have a nickname: “the walking encyclopedia of the Unified Patent Court” – because you have written so many books about it and have dealt with the UPC for such a long time. What is the best way for listeners to get in touch with you? Aloys Hüttermann:The easiest way is by email. You can simply write to me, and that is usually the best way to contact me. As you may have noticed, I also like to speak. I am a frequent speaker at conferences. If you happen to be at one of the conferences where I am on the programme – for example, next week in Hamburg – feel free to come up to me and ask me anything in person. But email is probably the most reliable first step. Rolf Claessen:Perfect. Thank you very much, Aloys. Aloys Hüttermann:Thank you. It was a pleasure to be on IP Fridays again. Some of your long-time listeners may remember that a few years ago – when you were not yet part of our firm – we already did an episode on the UPC, back when everything was still very speculative. It is great to be back now that the system is actually in place and working. Rolf Claessen:I am very happy to have you back on the show.

Japanese trading house Sumitomo Corp. has announced its plan to make Tokyo-based major information technology service provider SCSK Corp. a wholly owned subsidiary through a takeover bid valued at some 882 billion yen.

Assemblymember Bill Conrad on Sumitomo's Tonawanda facility being sold to Hwa Fong Rubber full 135 Tue, 14 Oct 2025 15:24:00 +0000 eW536pzApsmxzlXLUsQofaXHa04FuJpg news & politics,news WBEN Extras news & politics,news Assemblymember Bill Conrad on Sumitomo's Tonawanda facility being sold to Hwa Fong Rubber Archive of various reports and news events 2024 © 2021 Audacy, Inc. News & Politics News False htt

Erie County Executive Mark Poloncarz reacts to the sale of the Sumitomo Rubber site in Tonawanda to Hwa Fong Rubber full 366 Tue, 14 Oct 2025 16:00:00 +0000 E1YFulpMMNsc93Fm7YGpXoh4DOmcyiss news,wben,mark poloncarz,sumitomo rubber,tonawanda,hwa fong rubber WBEN Extras news,wben,mark poloncarz,sumitomo rubber,tonawanda,hwa fong rubber Erie County Executive Mark Poloncarz reacts to the sale of the Sumitomo Rubber site in Tonawanda to Hwa Fong Rubber Archive of various reports and news events 2024 © 2021 Audacy, Inc. News False

In this KE Report Company Update, Zach Flood, President & CEO of Kenorland Minerals (TSX-V:KLD - OTCQX:KLDCF - FSE:3WQ0), joins us to discuss progress across the company's royalty and exploration portfolio. Kenorland continues to execute its prospect-generator model with active partners Sumitomo Metal Mining, Centerra Gold, Auranova Resources, and Newmont, while expanding its 100%-owned project pipeline across Canada. Key Discussion Highlights Frotet (Quebec) - Maiden resource estimate underway with 130,000+ meters drilled; Sumitomo Metal Mining as operator. High-grade orogenic gold system over 2 km strike and 1 km depth, open in all directions. Kenorland holds a 4% NSR (3.25% post buy-down). South Uchi (Ontario) - 6,000m Phase 2 drill program following visible gold discovery in Phase 1. Auranova can earn up to 70% with $10M in spending; Kenorland retains a 30% carried interest and 2% NSR Royalty. Centerra Partnership - $3.5M exploration program across 300,000+ha in NW Ontario targeting large regional gold anomalies for 2026 drilling. 100%-Owned Projects - Over 600,000ha staked in Ontario, Quebec, and New Brunswick; geochemical surveys ongoing to generate new joint-venture opportunities.   Any follow-up questions for Zach? Comment below or email Fleck@kereport.com.  Click here to visit the Kenorland website.     ------------------- For more market commentary & interview summaries, subscribe to our Substacks: The KE Report: https://kereport.substack.com/ Shad's resource market commentary: https://excelsiorprosperity.substack.com/ Investment Disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.

Japan's Sumitomo Mitsui Financial Group Inc. has said that it will additionally invest about 135 billion yen in Jefferies Financial Group Inc. of the United States.

Nano One Materials Corp Chief Operating Officer Alex Holmes joined Steve Darling from Proactive to provide an update on the company's growing partnership with Sumitomo Metal Mining, a leading integrated mining, refining, and cathode active material (CAM) manufacturing company headquartered in Japan and operating across 14 countries. SMM is a major supplier to international Tier 1 automotive companies and global battery cell manufacturers. Holmes shared that SMM has now publicly expressed a high degree of confidence in Nano One's patented One-Pot process for producing lithium iron phosphate (LFP) and other cathode active materials. This confidence comes after extensive due diligence, which included product evaluations, performance testing, economic modeling, intellectual property reviews, and process technology trials conducted in Japan. According to Holmes, SMM believes Nano One's One-Pot method has the potential to deliver high-quality, cost-effective CAM production while significantly reducing energy consumption, wastewater generation, and supply chain risk—factors that are increasingly critical to large-scale battery manufacturing. He noted that SMM has committed to investing in and advancing this production technology as part of its broader strategy to supply sustainable, low-cost materials to its global customer base. Nano One and SMM first entered into a strategic collaboration agreement in September 2023, with the shared objective of commercializing the One-Pot process. Over the past year, their collaboration has centered on developing and validating LFP materials for strategic customers. Holmes said this progress has not only strengthened the partnership but has also bolstered SMM's conviction that the technology is ready to move toward commercialization. Looking ahead, Nano One and SMM will expand their joint efforts to pursue targeted LFP production opportunities with key strategic customers in the EV and energy storage sectors. Holmes emphasized that this marks a significant step in Nano One's journey from technology development to commercial-scale manufacturing, positioning the company as a key player in the global clean energy supply chain. #nanoonebatterymaterialscorp #tsx #nano #otc #nnomf #BatteryTech #CleanEnergy #LFP #Innovation #RenewableTech #GreenTech #Sustainability #ElectricVehicles #FutureTech #MaterialsScience #TechNews #EnvironmentalImpact #EnergyStorage #TechInnovation #Cleantech #NanoMaterials #2024Updates #EcoFriendly #AdvancedMaterials #InvestmentOpportunity #SumitomoCollaboration #FeasibilityStudy

Um dos principais focos do produto é o controle residual duradouro para mais eficiência no combate à matocompetição nas fases iniciais da lavoura.

In today's episode, supported by Sumitomo, we spoke with Tanya B. Dorff, MD, about the use of androgen deprivation therapy (ADT) in patients with prostate cancer. Dr Dorff is section chief of the Genitourinary Disease Program, as well as a professor in the Department of Medical Oncology & Therapeutics Research at City of Hope in Duarte, California. In our conversation, Dr Dorff discussed the role of ADT in prostate cancer management, highlighting where this class of agents fits into National Comprehensive Cancer Network guidelines and how this class has evolved with the development of LHRH antagonists and agonists. She explained how the observational OPTYX study (NCT05467176), a registry of relugolix (Orgovyx) use, aims to address safety and efficacy in combination with androgen receptor pathway inhibitors in patients with advanced prostate cancer. She also noted how early data from OPTYX presented at the 2025 ASCO Annual Meeting showed relugolix's use in localized and metastatic settings. Dorff also talked through relugolix's safety profile, particularly regarding cardiovascular risk, as well as the quality-of-life effects associated with ADT. She also addressed strategies to mitigate financial toxicity, along with the potential for future ADT-sparing treatments.

In this week's episode of Energy Transition Today, we unpack a turbulent period for offshore wind and renewable energy policy across the world.We begin with Orsted's plan to raise nearly €8 billion to fund its US offshore wind projects after investor pullback and a 30% share price drop, as the company signals plans to scale back in the US.In Estonia, Sumitomo has withdrawn from a joint offshore wind venture in Estonia, citing unclear government support, which casts uncertainty over the project's future.The Dutch government has also reshaped the 2 GW IJmuiden Ver Beta project, delaying its green hydrogen phase and splitting delivery into two stages.There's better news from Romania, where the latest CfD auction awarded 2.75GW of onshore wind and solar with 15-year support.But in Poland, a presidential veto threat could block reforms to ease onshore wind restrictions.We close with France's ongoing delay to its multi-annual energy program, which is stalling major offshore auctions.Across the board, renewable investment is increasingly caught in political crossfire, with shifting policies and investor caution shaping the sector's trajectory.Hosted by:Maya Chavvakula – Head of NewsMathilde Dorbessan – ReporterDan Burge – Commercial Reports LeadReach out to us at: podcasts@inspiratia.comFind all of our latest news and analysis by subscribing to inspiratiaListen to all our episodes on Apple Podcasts, Spotify, and other providers.Music credit: NDA/Show You instrumental/Tribe of NoiseSend us a textReach out to us at: podcasts@inspiratia.comFind all of our latest news and analysis by subscribing to inspiratiaListen to all our episodes on Apple Podcasts, Spotify, and other providers. Music credit: NDA/Show You instrumental/Tribe of Noise©2025 inspiratia. All rights reserved.This content is protected by copyright. Please respect the author's rights and do not copy or reproduce it without permission.

Fala Carlão conversa com Nairo Rojas, Presidente LATAM da Sumitomo Chemical, durante o Congresso da ANDAV. Ele falou sobre a migração estratégica da empresa para o modelo B2C, reforçando a proximidade com revendas e cooperativas em todo o país. Nairo destacou as intenções e objetivos da companhia, sempre com foco em resolver os problemas dos produtores, investindo em produtos de alta qualidade e soluções que geram resultados reais no campo. Também ressaltou a sustentabilidade como um compromisso central nas ações da Sumitomo Chemical para o presente e o futuro do agronegócio. Fala aí, Nairo!

Fala Carlão conversa com Luciano Jaloto, Diretor de Marketing Brasil na Sumitomo Chemical, durante o Congresso da ANDAV. Ele falou sobre o trabalho que a empresa vem realizando no país, destacando a distribuição e as soluções oferecidas ao produtor rural. Apresentou o Programa Yen, iniciativa que busca fortalecer as relações com distribuidores parceiros em todo o Brasil, justamente no ano em que a Sumitomo Chemical celebra 50 anos de atuação no Brasil e cinco anos no varejo de insumos. Luciano também ressaltou a importância da sustentabilidade como pilar estratégico para o futuro da empresa e do agronegócio. Fala aí, Jaloto!

Fala Carlão conversa com Everson Zin, Gerente Sênior de Estratégia de Acesso ao Mercado na Sumitomo Chemical, direto do estande da empresa no Congresso da ANDAV. Ele destacou a importância de participar do evento e reforçou o valor da parceria entre a Sumitomo e a ANDAV para fortalecer o setor. Com mais de 30 anos de experiência no mercado, Everson compartilhou sua trajetória profissional, falou sobre seu trabalho na companhia e a relação próxima da empresa com seus parceiros comerciais. Também apresentou um novo programa de relacionamento, pensado para estreitar ainda mais os laços e gerar valor para todos os envolvidos. Fala aí, Zin!

Fala Carlão conversa com Roberto Motta, CEO da AgroAmazônia e Diretor Conselheiro na ANDAV, e Alison Rampazzo, Diretor Comercial da Sumitomo Chemical, direto do estande da Sumitomo Chemical no Congresso da ANDAV. Eles falaram com entusiasmo sobre a parceria sólida entre a AgroAmazônia e a Sumitomo, destacando como essa união fortalece o atendimento e as soluções oferecidas ao produtor rural. Também comentaram sobre a importância e o sucesso do evento, elogiando a organização e a relevância das conexões geradas. Além disso, compartilharam um pouco de suas jornadas profissionais e conquistas dentro das empresas. Fala aí, amigos!

O Fala Carlão, em cobertura especial para o Canal do Boi, marcou presença no Congresso da ANDAV, em São Paulo, durante a coletiva de imprensa da Sumitomo Chemical. O entrevistado foi Mauro Alberton, Diretor de Marketing e Desenvolvimento de Negócios LATAM, que possui uma trajetória sólida, construída com passagens de destaque no Brasil e no exterior. Ao longo da conversa, ele apresentou sua visão sobre as principais tendências de marketing no setor, ressaltando a importância de estratégias inovadoras, conectadas à realidade do produtor e ao cenário global do agronegócio. Uma troca rica de experiências e perspectivas que reforça o papel do Brasil como protagonista no campo e nos mercados internacionais.

Kenorland Minerals CEO Zach Flood provides an update on the new gold discovery at the South Uchi project in Ontario, where Kenorland's maiden drill program confirmed a large footprint gold system. Zach highlights the company's unique prospect generator business model, talks about their partnership with Auranova Resources, and discusses upcoming exploration plans. This MSE episode also touches on Kenorland's strategic holdings, including significant positions in Auranova Resources and other marketable securities, and their ongoing projects with partners like Sumitomo, Centerra Gold, and Newmont. Kenorland looks to identify gaps in exploration maturity within prospective districts based on large scale compilation and integration of geological, geochemical and geophysical data. Kenorland's management team and advisors have extensive experience in project and target generation from continent-wide area selection to deposit scale exploration across the globe. Combining the team's extensive exploration experience with an integrated approach places Kenorland in an optimal position to generate shareholder wealth through JV partnerships, generated royalties, equity positions and new discoveries. https://www.kenorlandminerals.com/ TSXV: KLD | OTCQX: KLDCF | FSE: 3WQ0 0:00 Intro 00:33 Rule Symposium insights 01:36 South Uchi Project: A New Gold Discovery 04:56 Exploration Strategies and Partnerships 13:37 $7M marketable securities 15:24 Centerra Gold deal 17:48 JV partners & industry insights 19:45 Tanacross project 22:55 Gold-focused 25:38 Catalysts Recent press release: https://www.kenorlandminerals.com/news/kenorland-minerals-provides-2025-exploration-update Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 Sponsor Kenorland Minerals pays Mining Stock Education a United States dollar ten thousand per month coverage fee. Kenorland's forward-looking statement found in the company's presentation applies to the content of this interview. MSE offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. If you buy stock in a company featured on MSE, for your own protection, you should assume that it is MSE's owner personally selling you that stock. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

Summit Cosmetics Europe, filiale du groupe japonais Sumitomo, est un acteur clé de la distribution d'ingrédients cosmétiques en Europe. Fort de son ADN français et de l'excellence nippone, l'entreprise allie rigueur, innovation et accompagnement technique sur-mesure pour les plus grands noms du secteur. Avec un chiffre d'affaires de 60 M€ et une équipe de 43 collaborateurs, elle se distingue par ses formulations primées et une capacité à s'adapter aux standards internationaux les plus exigeants. Son DAF, Eric Drulang, incarne une fonction transversale pilotant finance, RH, SI et ESG.Hébergé par Ausha. Visitez ausha.co/politique-de-confidentialite pour plus d'informations.

In today's episode of The Hydrogen Podcast, Paul Rodden covers three powerful developments reshaping the hydrogen economy:♻️ Raven SR's Revolutionary Waste-to-Hydrogen Tech

Sumitomo Corp. said Thursday that it has signed a memorandum with the British government to promote clean energy investment.

Last time we spoke about Operation Chahar. In the turbulent year of 1935, tensions surged in North China as the Kwantung Army defied Tokyo's orders, encroaching deeper into Chahar province. This period was marked by widespread anti-Japanese sentiments, fueled by local revolts and the assassination of pro-Japanese figures, which infuriated Japanese authorities. On May 20, the Kwantung Army launched an offensive against a bandit group led by Sun Yungqin, seeking to exert control over the demilitarized regions established by earlier agreements. Their swift victory forced the resignation of local officials opposing Japanese interests. As chaos escalated, the Chinese government, under pressure to appease Japan, dismantled anti-Japanese factions and dismissed key leaders. The climax in this saga came with the signing of the He-Umezu Agreement, stripping China of authority in Hubei and Chahar, signaling Japan's increasing dominance and setting the stage for further exploitation of the region.   #150 The February 26 Incident Welcome to the Fall and Rise of China Podcast, I am your dutiful host Craig Watson. But, before we start I want to also remind you this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Perhaps you want to learn more about the history of Asia? Kings and Generals have an assortment of episodes on history of asia and much more  so go give them a look over on Youtube. So please subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry for some more history related content, over on my channel, the Pacific War Channel where I cover the history of China and Japan from the 19th century until the end of the Pacific War. While this podcast is supposed to be given through the Chinese perspective, I apologize but yet again I need to jump over to the Japanese side. You see, a very pivotal moment during the Showa era would occur in the year of 1936. I think it's crucial to understand it, and the underlying issues of it, to better understand what we will be stuck in for the unforeseeable future, the Second Sino-Japanese War. I've briefly mentioned the two factions within the Japanese military at this time, but now I'd really like to jump into them, and a major incident that made them collide. In the aftermath of WW1, 2 prominent factions emerged during this tumultuous period: the Kodoha, or Imperial Way Faction, and the Toseiha, or Control Faction. Each faction represented distinct visions for Japan's future, deeply influencing the nation's course leading up to World War II. The Kodoha rose to prominence in the 1920s, driven by a fervent belief in Japan's divine destiny and its right to expand its imperial reach across Asia. This faction was characterized by its adherence to traditional Japanese values, rooted in the samurai ethos. They viewed the Emperor as the embodiment of Japan's spirit and sought to return to the moral foundations they believed had been eroded by “Western influence”. The Kodoha was often critical of the West, perceiving the encroachment of Western thought and culture as a threat to Japan's unique identity. Their ideology emphasized a robust military force, advocating for aggressive campaigns in regions like Manchuria and China to assert Japan's dominance. Contrasting sharply with the Kodoha, the Toseiha began to emerge as a more dominant political force in the late 1930s. The Toseiha embraced a pragmatic approach, advocating for a disciplined military that could engage effectively with the complexities of modern warfare. They recognized the importance of retaining some traditional values while also integrating Western military techniques. Rather than rejecting Western influence entirely, the Toseiha believed in adapting to global shifts to ensure Japan's strength and security. The Toseiha's moderation extended to their governance strategies, as they prioritized political stability and control over radical ideology. They saw this approach as crucial for creating a robust state capable of managing Japan's expansionist ambitions without provoking the backlash that Kodoha tactics elicited. Their more calculated approach to military expansion included securing partnerships and pursuing diplomatic solutions alongside military action, thereby presenting a less confrontational image to the world. Now after Manchuria was seized and Manchukuo was ushered in, many in the Japanese military saw a crisis emerge, that required a “showa restoration' to solve. Both factions aimed to create military dictatorships under the emperor. The Kodoha saw the USSR as the number one threat to Japan and advocated an invasion of them, aka the Hokushin-ron doctrine, but the Toseiha faction prioritized a national defense state built on the idea they must build Japans industrial capabilities to face multiple enemies in the future. What really separated the two, was the Kodoha sought to use a violent coup d'etat to make ends meet, whereas the Toseiha were unwilling to go so far. The Kodoha faction was made up mostly of junior and youthful officers, typically country boys as we would call them. These were young men whose families were not the blue bloods, farmer types. They viewed the dramatic changes of Japan in light of their own family experiences, many were impoverished by the dramatic changes. A very specific thing these Kodoha boys hated were the Zaibatsu. The Zaibatsu were large Japanese business conglomerates, primarily active from the Meiji period until WW2. They combined various industries, including banking, manufacturing, and trading. Prominent examples included Mitsubishi and Sumitomo. The reason they hated the Zaibatsu was because they believed they were influenced by western thought and that they super succeeded the authority of the emperor. More or less you can think of it as “we hate the fat cats who are really running things”.   Now the Toseiha faction were willing to work with the Zaibatsu to make Japan stronger. Basically they believed them to just be a necessary evil, you had to play ball to get things rolling. Random note, Hirohito's brother Prince Chichibu sympathized with the Kodoha faction and repeatedly counseled his brother that he should implement direct imperial rule even if it meant suspending the constitution, aka a show restoration. Hirohito believed his brother who was active in the IJA at the time was being radicalized. Now I cant go through the entire history of it, but this time period is known as the “government by assassination” period for Japan. Military leaders in the IJA, IJN and from within the Kodoha and Toseiha factions kept assassinating politicians and senior officers to push envelopes forward. Stating all of that, I now want to talk about the February 26th incident and I will add I am using a specific source, simply because it's my favorite. That is Herbert P Bix's Hirohito and the Making of Modern Japan. In late 1934, several officers from the Imperial Way faction at the Army Cadet School were arrested for plotting a coup. Although there were no immediate repercussions, the following year, two of the same Kodoha officers, named Isobe Asaichi and Muranaka Takaji were arrested again for distributing a document accusing Toseiha faction officers, like Major General Nagata Tetsuzan, of previously drafting coup plans against the government. This time, the army's upper echelons responded firmly, condemning Isobe and Muranaka's accusations as acts of disloyalty, resulting in both officers losing their commissions. Meanwhile, other Imperial Way officers sought retaliation against Nagata, who was rumored to be planning a major purge to eliminate factionalism within the army. Tatsukichi Minobe was a Japanese statesman and scholar of constitutional law and in the 1930s he began a movement bringing up the very real issue with the Meiji constitution in relation to the role of the emperor. In August 1935, amid a populist movement denouncing Minobe's interpretation of the constitution, Lt colonel Aizawa Saburo from Kodoha faction entered Nagata's office and fatally attacked him with his katana. This marked a significant escalation in the military struggle over state reform and the push for increased military funding, which was intertwined with the movement against Minobe. Meanwhile anti- Prime Minister Okada factions within the army, continuing to use slogans like “kokutai clarification” and “denounce the organ theory,” intensified their attacks on the emperor's advisers and hereditary peers. Senior generals from the Kodoha faction arranged a public court-martial for Aizawa, held by the 1st Division, a group heavily populated by Kodoha officers based in Tokyo. When Aizawa's trial commenced on January 12, 1936, his defense team transformed it into an emotional condemnation of the Okada cabinet, the court entourage, and Minobe's constitutional theories. This strategy garnered support across the nation, even reaching unexpected places like the imperial palace, where Dowager Empress Teimei Kogo, a staunch rightist, expressed sympathy for Aizawa. However, before the trial could progress, a military mutiny disrupted proceedings in the capital. Shockwaves rippled through the army after Army Minister Hayashi dismissed Kodoha member General Mazaki from his position overseeing military education and ordered the transfer of the 1st Division to Manchuria, which ignited the largest army uprising in modern Japanese history. The uprising was orchestrated through a series of meetings held from February 18 to 22 by key individuals including Nishida, Yasuhide Kurihara, Teruzō Andō, Hisashi Kōno, Takaji Muranaka, and Asaichi Isobe. Their plan was relatively straightforward: the officers would assassinate the most prominent adversaries of the kokutai, seize control of the administrative center of the capital and the Imperial Palace, and present their demands, which included the dismissal of certain officials and the establishment of a new cabinet led by Mazaki. They did not establish long-term goals, believing that those should be determined by the Emperor. However, it is suspected that they were prepared to replace Hirohito with Prince Chichibu if necessary. The young Kodoha officers felt they had at least implicit support from several influential Imperial Japanese Army officers after making informal inquiries. This group included figures such as Araki, Minister of War Yoshiyuki Kawashima, Jinzaburō Mazaki, Tomoyuki Yamashita, Kanji Ishiwara, Shigeru Honjō, as well as their immediate superiors, Kōhei Kashii and Takeo Hori. Later, Kawashima's successor as Minister of War remarked that if all the officers who had endorsed the rebellion were forced to resign, there would not have been enough high-ranking officers left to replace them. To articulate their intentions and grievances, the young officers prepared a document titled "Manifesto of the Uprising" “Kekki Shuisho”, which they intended to present to the Emperor. Although the document was authored by Muranaka, it was written under the name of Shirō Nonaka, the highest-ranking officer involved in the plot. The document aligned with Kokutai Genri-ha ideals, criticizing the genrō, political leaders, military factions, zaibatsu, bureaucrats, and political parties for jeopardizing the kokutai with their selfishness and disregard for the Emperor, and emphasized the need for direct action: “Now, as we face immense foreign and domestic challenges, if we do not eliminate the disloyal and unjust who threaten the kokutai, if we do not remove the villains obstructing the Emperor's authority and hindering the Restoration, the Imperial vision for our nation will come to naught [...] Our duty is to purge the malevolent ministers and military factions surrounding the Emperor and eradicate their influence; we shall fulfill this mission.” Seven targets were selected for assassination for "threatening the kokutai". Keisuke Okada served as Prime Minister, where he notably advocated for the London Naval Treaty and supported the "organ theory" of the kokutai. His actions reflect a commitment to international agreements and specific ideological principles at the time. Saionji Kinmochi, a Genrō and former Prime Minister, also supported the London Naval Treaty. However, his influence extended further, as he played a role in prompting the Emperor to establish inappropriate cabinets, impacting political stability. Makino Nobuaki, the former Lord Keeper of the Privy Seal and Foreign Minister, was another key figure who supported the London Naval Treaty. He notably prevented Prince Fushimi from voicing protests to the Emperor during this period, and he established a court faction in collaboration with Saitō, further entrenching political alliances. In his capacity as Grand Chamberlain, Kantarō Suzuki supported the London Naval Treaty but faced criticism for "obstructing the Imperial virtue," suggesting tensions between political decisions and traditional values. Saitō Makoto, who served as Lord Keeper of the Privy Seal and former Prime Minister, was involved in advocating for the London Naval Treaty and played a significant role in Mazaki's dismissal. He, too, formed a court faction with Makino, indicating the intricacies of court politics. Takahashi Korekiyo, as Finance Minister and former Prime Minister, engaged in party politics with the aim of diminishing military influence. His approach was focused on maintaining the existing economic structure amid the shifting political landscape. Finally, Jōtarō Watanabe, who replaced Mazaki as Inspector General of Military Education, supported the "organ theory" of the kokutai yet faced criticism for refusing to resign, despite being considered unsuitable for his position. On the night of February 25, Tokyo experienced a heavy snowfall, which uplifted the rebel officers as it evoked memories of the 1860 Sakuradamon Incident. During this event, political activists known as shishi assassinated Ii Naosuke, the chief advisor to the Shōgun, in the name of the Emperor. The rebel forces, organized into six groups, began mobilizing their troops and departing from their barracks between 3:30 and 4:00 AM. At 5:00 AM, they launched simultaneous attacks on key targets, including Okada, Takahashi, Suzuki, Saito, the Ministry of War, and the headquarters of the Tokyo Metropolitan Police. At around five o'clock on the morning of February 26, 1936, a rebellion erupted, fueled by the long-standing tensions surrounding the kokutai issues that had plagued 1935. Twenty-two junior officers led over 1,400 armed soldiers and non-commissioned officers from three regiments of the 1st Division and an infantry unit of the Imperial Guards in a mutiny in snow-covered Tokyo. The attack on Okada involved a contingent of 280 men from the 1st Infantry Regiment, commanded by 1st Lieutenant Yasuhide Kurihara. The troops encircled the Prime Minister's Residence and compelled its guards to open the gates. Upon entering the compound, they attempted to locate Prime Minister Okada but were met with gunfire from four policemen stationed there. All four policemen were killed, wounding six rebel soldiers in the process. However, the shots served as a warning for Okada, prompting his brother-in-law, Colonel Denzō Matsuo, to help him find refuge. Matsuo, who closely resembled Okada, was eventually discovered by the soldiers and killed. After comparing Matsuo's wounded face to a photograph of the prime minister, the attackers mistakenly believed they had accomplished their mission. Okada managed to escape the following day, but this information was kept confidential, and he did not play any further role in the events. After Matsuo's death, Kurihara's men took up guard positions around the compound, reinforced by sixty soldiers from the 3rd Imperial Guard. In another key operation, Captain Kiyosada Kōda led a group of 160 men to seize control of the Minister of War's residence, the Ministry of War, and the General Staff Office. Upon entering the Minister's residence at 6:30 AM, they demanded to see Minister Kawashima. Once admitted, they read their manifesto aloud and presented a document detailing several demands, including: A prompt resolution to the situation that would further "advance the cause of the Restoration." A call to prevent the use of force against the Righteous Army. The arrest of Kazushige Ugaki (Governor-General of Korea), Jirō Minami (commander of the Kwantung Army), Kuniaki Koiso (commander of the Korean Army), and Yoshitsugu Tatekawa for their roles in undermining military command. The immediate dismissal of Lieutenant Colonel Akira Mutō, Colonel Hiroshi Nemoto, and Major Tadashi Katakura from the Imperial Japanese Army for promoting "factionalism." The appointment of Araki as the new commander of the Kwantung Army. Ugaki, who served as Minister of War during two separate terms, had overseen significant reductions and modernization efforts within the army. He had also failed to support the March Incident plotters, who had hoped to install him as Prime Minister. Minami, Mutō, Nemoto, and Katakura were all influential members of the Tōsei-ha faction; Katakura had been partly responsible for reporting on the Military Academy Incident. Later that morning, Isobe encountered Katakura outside the Ministry of War and shot him non-fatally in the head. During this tumultuous period, several officers sympathetic to the rebels, including General Mazaki, General Tomoyuki Yamashita, and General Ryū Saitō, joined the uprising. Saitō praised the young officers' spirit and encouraged Kawashima to accept their demands. Shortly before 9:00 am, Kawashima indicated he needed to speak with the Emperor and left for the Imperial Palace. Meanwhile, Captain Hisashi Kōno led a team of seven, comprised mostly of civilians, to attack Makino Nobuaki, who was staying at Kōfūsō, part of the ryokan Itōya in Yugawara, Kanagawa Prefecture, with his family. Arriving at 5:45 am, they stationed two men outside while entering the inn with weapons drawn. Inside, policemen opened fire, leading to a lengthy exchange of gunfire. A policeman managed to alert Makino and his party of the danger, guiding them to a rear exit. Although the assassins fired at the escaping group, Makino successfully evaded capture. Kōno sustained a gunshot wound to the chest, and one policeman, Yoshitaka Minagawa, was killed. As Kōno was evacuated from the scene, the assailants set fire to the building. Hearing a gunshot, Kōno assumed that Makino had shot himself inside. After his recovery at a nearby military hospital, Kōno and his team were arrested by military police. Around 10:00 am, Kurihara and Nakahashi loaded a fleet of three trucks with sixty men and drove from the Prime Minister's Residence to the offices of the Asahi Shimbun, a significant liberal newspaper. They stormed the building, ordering the evacuation of employees and declaring their actions as "divine retribution for being an un-Japanese newspaper." The rebels then overturned and scattered the newspaper's type trays, containing 4,000 different characters, temporarily halting its publication. Following this attack, the men distributed copies of the uprising's manifesto to nearby newspapers before returning to the Prime Minister's Residence. On another front, 1st Lieutenant Motoaki Nakahashi of the 3rd Imperial Guard gathered 135 men and, under the pretext of paying respects at Yasukuni Shrine, marched to Takahashi Korekiyo's residence. There, he divided his forces, sending one group to attack while the other remained to guard the entrance. After breaking into the compound, Nakahashi and Lieutenant Kanji Nakajima found Takahashi in bed, where Nakahashi shot him while Nakajima delivered a fatal sword strike. Takahashi died without waking. Once his target was eliminated, Nakahashi regrouped with the soldiers and proceeded to the Imperial Palace, aiming to secure it. Entering through the western Hanzō Gate at 6:00 am, Nakahashi informed Major Kentarō Honma, the palace guard commander, that he had been dispatched to reinforce the gates due to earlier attacks. Honma, already aware of the uprisings, accepted Nakahashi's arrival. He was assigned to help secure the Sakashita Gate, the primary entrance to the Emperor's residence. Nakahashi planned to signal nearby rebel troops at police headquarters once he controlled access to the Emperor. However, he struggled to contact his allies, and by 8:00 am, Honma learned of his involvement in the uprising and ordered him, at gunpoint, to vacate the palace grounds. Nakahashi complied and returned to join Kurihara at the Prime Minister's Residence, while his soldiers remained at the gate until relieved later that day, preventing their inclusion in the government's official count of rebel forces. Elsewhere, 1st Lieutenant Naoshi Sakai led a detachment of 120 men from the 3rd Infantry Regiment to Saitō Makoto's home in Yotsuya. After surrounding the policemen on guard, five soldiers entered the residence and found Saitō and his wife, Haruko, in their bedroom. They shot Saitō dead, prompting Haruko to plead for her life, saying, "Please kill me instead!" While they pulled her away, she was unwittingly wounded by stray gunfire. Following Saitō's assassination, two officers directed another group to target General Watanabe, while the remaining men moved to strategically position themselves northeast of the Ministry of War. In Kōjimachi, Captain Teruzō Andō commanded 200 men from the 3rd Infantry Regiment to assault Suzuki's residence across from the Imperial Palace. After disarming the police on duty, they located Suzuki in his bedroom and shot him twice. When Andō moved to deliver the coup de grâce with his sword, Suzuki's wife implored to be allowed to do it herself, believing her husband to be fatally wounded. Andō obliged and, apologizing for the act, explained it was for the nation's sake. After saluting Suzuki, the soldiers left to guard the Miyakezaka junction north of the Ministry of War. Following the assault on Saitō, a party of twenty men, led by 2nd Lieutenants Tarō Takahashi and Yutaka Yasuda, headed to Watanabe's residence in Ogikubo after 7:00 AM. Despite the two-hour delay since previous attacks, no measures had been taken to alert Watanabe. As they attempted to storm the front entrance, military police inside opened fire, wounding Yasuda and another soldier. The troops then gained entry through the rear, confronting Watanabe's wife outside their bedroom. After shoving her aside, they found Watanabe using a futon as cover. He opened fire, prompting one soldier to retaliate with a light machine gun. Takahashi then rushed in and fatally stabbed Watanabe, witnessed by his nine-year-old daughter, Kazuko, who hid nearby. The soldiers departed, taking their wounded to a hospital before positioning themselves in northern Nagatachō. In a significant move, Captain Shirō Nonaka led nearly a third of the rebel forces, comprising 500 men from the 3rd Infantry Regiment, to assault the Tokyo Metropolitan Police headquarters. Their objective was to secure communication equipment and prevent dispatch of the police's Emergency Service Unit. Meeting no resistance, they quickly occupied the building, possibly due to a strategic decision to leave the situation in the military's hands. After securing the police headquarters, 2nd Lieutenant Kinjirō Suzuki led a small group to attack Fumio Gotō's residence, the Home Minister's, but found that Gotō was not home, thus allowing him to escape. This attack appeared to result from Suzuki's independent decision, rather than a coordinated effort among the officers. Despite all of these actions, the Kodoha boys had failed to secure the Sakashita Gate to the palace, which allowed the palace to maintain communication with the outside world, and they neglected to address potential naval interventions. At the Yokosuka naval base, Rear Adm. Yonai Mitsumasa and his chief of staff, Inoue Shigeyoshi, positioned marines to defend the Navy Ministry and prepared warships in Tokyo Bay to suppress the rebellion. By the morning of February 28, after unsuccessful negotiations through sympathetic officers at army headquarters, the commander under martial law transmitted an imperial order to disperse. Most troops returned to their barracks, one officer committed suicide, and the remaining leaders surrendered, resulting in the uprising ending with minimal further violence. Nevertheless, martial law in Tokyo continued for nearly five months. The rebel officers had initially planned for General Kawashima, a staunch ally of the Kodoha, to relay their intentions to the emperor, who they assumed would issue a decree for a “Showa restoration.” Despite their radical objectives of overthrowing the political order, the mutineers, like other military and civilian extremists of the 1930s, sought to operate within the imperial framework and maintain the kokutai. They believed the emperor was under the control of his advisers and lacked a genuine will of his own. Once the Lord Keeper of the Privy Seal and the Grand Chamberlain were removed, they expected the emperor to appoint General Mazaki as prime minister, a leader they believed would reinforce the military and effectively address the China issue. At the onset of the insurrection, they had a real chance of success. The Tokyo military police commander, General Kashii Kohei, sympathized with their cause, and the emperor's chief aide, General Honjo, was related to rebel officer Capain Yamaguchi Ichitaro. Support for the mutineers was present at military bases nationwide. Historian Hata Ikuhiko notes that the rebels contacted General Honjo by both phone and written message before attacking the Okada cabinet. As the first in the imperial entourage to learn of the mutiny, Honjo could have warned the intended targets but chose not to do so. By the time he arrived at court at 6:00 am. on the 26th, key advisors like Chief Secretary Kido, Imperial Household Minister Yuasa Kurahei, and Vice Grand Chamberlain Hirohata Tadakata were already aware of the potential danger. Suzuki was murdered, and the emperor was deeply affected, awakening to the news at 5:40 am from the chamberlain on night duty, Kanroji Osanaga. He learned that his old ministers had been attacked and a coup was underway. Upon receiving this information, Hirohito resolved to suppress the uprising. He was outraged by the killing of his ministers and feared that the rebels might use his brother, Prince Chichibu, to force him to abdicate. He donned his army uniform and summoned Honjo, ordering him to “end it immediately and turn this misfortune into a blessing.” Hirohito adopted a strategy proposed by Kido, who had acted swiftly earlier that morning, instructing Honjo to assess the Imperial Guard Division's potential actions if the mutineers advanced on the Palace. Kido aimed to prevent the establishment of a new provisional cabinet until the mutiny was fully quelled. At 9:30 am Army Minister Kawashima, who had previously met with one of the rebel officers, arrived at court. He urged the emperor to form a cabinet that would “clarify the kokutai, stabilize national life, and fulfill national defense.” Surprised by Kawashima's tone, Hirohito reprimanded him for not prioritizing the suppression of the mutiny. He also expressed his frustration to Chief of the Navy General Staff Prince Fushimi, dismissing him when he inquired about forming a new cabinet. Later that day, Kawashima met with the Supreme Military Council, consisting mainly of army officers sympathetic to the rebels. The council decided to attempt persuasion before relaying the emperor's orders a move contrary to Hirohito's directive. According to historian Otabe Yuji, an “instruction” was issued to the rebel officers at 10:50 am, acknowledging their motives and suggesting the emperor might show them leniency. This message was communicated to the ringleaders by martial law commander General Kashii. That evening, when members of the Okada cabinet came to submit their resignations, Hirohito insisted they remain in power until the mutiny was resolved. On February 27, the second day of the uprising, Hirohito announced “administrative martial law” based on Article 8 of the Imperial Constitution. This invoked his sovereign powers to address the crisis while freeing him from needing cabinet approval for his actions. Hirohito displayed remarkable energy throughout the subsequent days, sending chamberlains to summon Honjo for updates and threatening to lead the Imperial Guard Division himself when dissatisfied with the reports. Honjo, however, resisted the emperor's demands and exhibited sympathy for the rebels. During the uprising, Hirohito met with Prince Chichibu, who had recently returned from Hirosaki. Their discussions reportedly led Chichibu to distance himself from the rebels. However, rumors of his sympathy for them persisted, leading to concerns about potential conflicts within the imperial family. On the second day, Rear Admiral Yonai and his chief of staff demonstrated their loyalty to Hirohito. By February 29, the fourth day of the uprising, Hirohito had reasserted his authority, troops were returning to their barracks, and most rebel leaders were captured. Seventeen of these leaders were court-martialed and executed in July without legal representation. Shortly after, during the obon festival, Hirohito allegedly instructed a military aide to secure seventeen obon lanterns for the palace. This action, though secret, may have provided him some personal comfort amidst the turmoil. An investigation following the mutiny revealed that the rebels' sense of crisis was amplified by the recent general elections, which had shown an anti-military sentiment among voters. Despite their populist rhetoric, most ringleaders were not motivated by the agricultural depression; their goal was to support the kokutai by advocating for increased military rearmament. During this period, military spending steadily rose from 3.47% of GNP in 1931 to 5.63% in 1936. Intriguingly, the ringleaders and their senior commanders shared a desire for state control over production to mobilize resources fully for total war. While united in this goal, their ideas about how to achieve a “Showa restoration” varied greatly, with some leaders, like Isobe, calling for complete economic consolidation and a return to strong state power. The February mutiny reinforced Hirohito's belief in the constitutional framework that underpinned his military authority. He became increasingly cautious about decisions that could compromise his command and developed closer ties to the army's Control faction, justifying military spending increases. Yet, the memory of the mutiny left him feeling uncertain about the throne's stability. Now you know me, whenever I can bring up Hirohito's involvement in the war related times I gotta do. After WW2, in an apparent effort to downplay his role as supreme commander, Hirohito provided a deliberately distorted account of the February events. “I issued an order at that time for the rebel force to be suppressed. This brings to mind Machida Chuji, the finance minister. He was very worried about the rebellion's adverse effect on the money market and warned me that a panic could occur unless I took firm measures. Therefore I issued a strong command to have [the uprising] put down. As a rule, because a suppression order also involves martial law, military circles, who cannot issue such an order on their own, need the mutual consent of the government. However, at the time, Okada's whereabouts were unknown. As the attitude of the Army Ministry seemed too lenient, I issued a strict order. Following my bitter experiences with the Tanaka cabinet, I had decided always to wait for the opinions of my advisers before making any decision, and not to go against their counsel. Only twice, on this occasion and at the time of the ending of the war, did I positively implement my own ideas. Ishiwara Kanji of the Army General Staff Office also asked me, through military aide Chojiri [Kazumoto], to issue a suppression order. I don't know what sort of a person Ishiwara is, but on this occasion he was correct, even though he had been the instigator of the Manchurian Incident. Further, my chief military aide, Honjo, brought me the plan drafted by Yamashita Hobun, in which Yamashita asked me to please send an examiner because the three leaders of the rebel army were likely to commit suicide. However, I thought that sending an examiner would imply that they had acted according to their moral convictions and were deserving of respect. . . . So I rejected Honjo's proposal, and [instead] issued the order to suppress them. I received no report that generals in charge of military affairs had gone and urged the rebels to surrender.”  On February 26, when Hirohito ordered the immediate suppression of the rebels, his anger was directed not only at the insurgents who had assassinated his closest advisors but also at senior army officers who were indecisive in executing the crackdown. The following day, in addition to his role as Minister of Commerce and Industry, Machida took on the responsibilities of finance minister. Concerns over economic panic and confusion contributed to the emperor's sense of urgency, despite not being the primary motivation for his actions. Hirohito believed that every hour of delay tarnished Japan's international reputation. Since the Manchurian Incident, the emperor had frequently clashed with the military regarding encroachments on his authority, though never about fundamental policy issues. At times, he had managed to assert his political views during policy discussions, similar to his earlier influence under the Hamaguchi cabinet. The February 26 mutiny highlighted to Hirohito and Yuasa his privy seal from March 1936 to June 1940, and the first lord keeper of the privy seal to attend court regularly the necessity of fully exercising the emperor's supreme command whenever the situation demanded it. Even when faced with opposition from Honjo, Hirohito managed to gain support and assert his authority through a decisive approach. His resolution marked the end of a period during which alienated “young officers” attempted to leverage his influence as a reformist figure to challenge a power structure they could not manipulate effectively. However, Hirohito learned how to adeptly manage that establishment in most situations. The decision-making process within the government was characterized by secrecy, indirect communication, vague policy drafting, and information manipulation, creating a landscape of confusion, misunderstanding, and constant intrigue aimed at achieving consensus among elites. This was the modus operandi in Tokyo and a reflection of how the emperor operated. Once again, Hirohito reminded the tightly-knit elite that he was essential to the functioning of the system. On May 4, 1936, during his address at the opening ceremony of the Sixty-ninth Imperial Diet, while Tokyo remained under martial law, Hirohito closed the chapter on the February mutiny. Initially, he contemplated sending a strong message of censure to the military, but after considerable deliberation over three months, he ultimately chose to issue a brief, innocuous statement: “We regret the recent incident that occurred in Tokyo.” The response from his audience of Diet members and military officials was one of startled awe, with some privately expressing disappointment. Once again, at a critical juncture, Hirohito avoided an opportunity to publicly rein in the military through his constitutional role. Nonetheless, due to his behind-the-scenes actions, the drift in domestic policy that had characterized Japan since the Manchurian Incident came to an end. In the following fourteen months, the emperor and his advisors largely aligned with the army and navy's demands for increased military expansion and state-driven industrial development. I would like to take this time to remind you all that this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Please go subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry after that, give my personal channel a look over at The Pacific War Channel at Youtube, it would mean a lot to me. So some very unruly young Japanese officers got the bright idea of forcing a showa restoration by killing all the culprits they believed held their emperor hostage. Little did they know, this event spelt the end of the Kodoha faction and rise of the Toseiha faction. Henceforth the military was even more in charge and would get even more insane.   

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Zach Flood, President and CEO of Kenorland Minerals (TSX.V:KLD - OTCQX:KLDCF - FSE:3WQ0), joins me to dive into the company's active exploration programs and extensive generative work across Canada and Alaska.   Key exploration updates:   Multiple drill programs ongoing across Quebec and Ontario, including Frotet (Kenorland has a 4% royalty, owned by Sumitomo Metals Mining), Hunter (option agreement with Centerra), South Uchi (optioned with Auranova Resources), and recently completed work at Chebistuan (funded by Newmont). Up to 12 drills active earlier this year, with results expected over the coming weeks to months. Generative strategy and land expansion:   Over 700,000 hectares staked in the past year across Ontario, Quebec, Saskatchewan, and Manitoba. Kenorland continues to build early-stage gold targets through large-scale till geochem surveys, particularly in underexplored belts. Flow-through funds (~C$4M) to support first-pass exploration, with potential for a small self-funded drill program in Alaska. Strategic partnerships and industry sentiment:   Strong backing from majors including Newmont, Sumitomo, Centerra, and Auranova Resources. Core focus remains on gold, with conventional exploration methods proving effective.   If you have any follow up questions for Zach or want more information on any project or partnership that Company has with majors please email me at Fleck@kereport.com.   Click here to visit the Kenorland website.

Sumitomo Mitsui Financial Group (SMBC), a Japanese banking and financial services conglomerate, have signed an agreement to explore a framework for commercializing stablecoins in Japan using Avalanche. Recently, Warren Buffet's Berkshire Hathaway raised its stake in Sumitomo.~This Episode is Sponsored By Coinbase~ Buy $50 & Get $50 for getting started on Coinbase➜ https://bit.ly/CBARRON00:00 Intro00:15 Sponsor: Coinbase00:30 XRP Banks00:50 New CEO01:11 Toru's Vision For Shanghai in 10 Years (2035)01:36 Japan chooses Avax02:10 Sumitomo bought 14% stake in SBI02:31 Warren Buffet02:53 Warren Buffet on purchasing Japan companies03:27 Not just Stablecoins04:13 RWA Partners04:30 China using Avax too?04:47 Trump signs executive order on ticketing05:32 Tixbase05:55 Trump Wednesday TikTok Announcement?06:15 Blackstone + Sumitomo06:47 Nubank + Warren Buffet08:00 Outro#XRP #Bitcoin #Avalanche~Warren Buffett Bank Chooses AVAX For Japan!

In Episode 17, of Season 5 of Driven by Data: The Podcast, Kyle Winterbottom is joined by Steve Green, Chief Data & Analytics Officer at Sumitomo Mitsui Banking Corporation (SMBC) where they discuss the self-inflicted barriers to CDO success, which includes:Transitioning from being a true technologist into a change agent. Setting up a chief data office from scratch. The 6 pillars of the data office. Why he built an advisory team and how it delivers value daily. The benefit of having a holistic view of the D&A industry from his time at the FCA. The struggle to meet operational needs as well as the needs of the regulator. Why data offices create problems by building point solutions. Thinking 5 years ahead to balance long-term strategy with immediate needs.Building to answer questions that you don't yet exist.To deliver value on strategic outcomes, you have to be in the strategy conversations. How data teams are constantly delivering what businesses ask for but not what they need. The lesson that most data offices are still learning, the hard way.Navigating your way into the right conversations if you're not already in them.Setting the correct expectations with your business.Why how you run the data office is more likely to dictate success than where it sits.Why it can't only be the CDO who's capable of engaging with the business.How the interview process should tell you what type of expectations the firm has. The importance of building relationships with people before you need to engage with them.Why learning how to make stuff happen beats generic data or leadership skills. The importance of effective and intentional hiring. Why data offices need to be better at blowing their own trumpet. Pushing the boundaries of why data offices exist.Transitioning from defensive to value generating. Why many data offices create barriers for themselves and end up behind the curtain. Thanks to our sponsor, Data Literacy Academy.Data Literacy Academy is leading the way in transforming enterprise workforces with data literacy across the organisation, through a combination of change management and education. In today's data-centric world, being data literate is no longer a luxury, it's a necessity.If you want successful data product adoption, and to keep driving innovation within your business, you need to start with data literacy first.At Data Literacy Academy, we don't just teach data skills. We empower individuals and teams to think critically, analyse effectively, and make decisions confidently based on data. We're bridging the gap between business and data teams, so they can all work towards aligned outcomes.From those taking their first steps in data literacy to seasoned experts looking to fine-tune their skills, our data experts provide tailored classes for every stage. But it's not just learning tracks that we offer. We embed a deep data culture shift through a transformative change management programme.We take a people-first approach, working closely with your executive team to win the hearts and minds. We know this will drive the company-wide impact that data teams want to achieve.Get in touch and find out how you can unlock the full potential of data in your organisation. Learn more at www.dl-academy.com.

Ohne Aktien-Zugang ist's schwer? Starte jetzt bei unserem Partner Scalable Capital. Alle weiteren Infos gibt's hier: scalable.capital/oaws. Aktien + Whatsapp = Hier anmelden. Lieber als Newsletter? Geht auch. Das Buch zum Podcast? Jetzt lesen. Deutschland setzt auf Thyssenkrupp & BAE. SFC & Steyr Motors feiern. Intel feiert neuen CEO. Affirm feiert Klarna-Deal mit Walmart gar nicht. Buffett kauft bei Mitsui, Mitsubishi, Sumitomo, Itochu und Marubeni nach. Pepsi kauft Darmgesundheit, BYD will Deutschland. Viper Energy (WKN: A3EYBR) verdient Geld mit Öl, aber hat keine Arbeit mit Öl. Das perfekte Business? Nicht ganz so perfekt wie Texas Pacific Land (WKN: A2QL4H), aber dafür deutlich günstiger. Beiersdorf (WKN: 520000) hat Zolldruck aus USA und Konsum-Druck aus China. Aber Beiersdorf hat auch zwei Milliardäre und ein Jahr nur für Indien. Diesen Podcast vom 18.03.2025, 3:00 Uhr stellt dir die Podstars GmbH (Noah Leidinger) zur Verfügung.

Chief Economic Development Officer for Erie County, Zaque Evans on the second meeting of the Sumitomo Rubber Closure Task Force in Tonawanda on Thursday full 347 Thu, 06 Mar 2025 15:45:44 +0000 T1iJsBk0pZdk8BvET7AJL3h5I8ijxRzM news,wben,erie county,town of tonawanda,sumitomo rubber WBEN Extras news,wben,erie county,town of tonawanda,sumitomo rubber Chief Economic Development Officer for Erie County, Zaque Evans on the second meeting of the Sumitomo Rubber Closure Task Force in Tonawanda on Thursday Archive of various reports and news events 2024 © 2021 Audacy, Inc. News

Second meeting of the Sumitomo Rubber Closure Task Force in the Town of Tonawanda full 2345 Thu, 06 Mar 2025 16:00:04 +0000 eHuAJvgZEe2m38bgheXtukNrtU8nIqJB news,wben,erie county,town of tonawanda,sumitomo rubber WBEN Extras news,wben,erie county,town of tonawanda,sumitomo rubber Second meeting of the Sumitomo Rubber Closure Task Force in the Town of Tonawanda Archive of various reports and news events 2024 © 2021 Audacy, Inc. News False https://pla

Erie County Executive Mark Poloncarz following the second meeting of the Sumitomo Rubber Closure Task Force in Tonawanda on Thursday full 764 Thu, 06 Mar 2025 16:45:34 +0000 R4UYd9xYV4rmIBQAEw1nkFDVOIqsv8SG news,wben,mark poloncarz,erie county,town of tonawanda,sumitomo rubber WBEN Extras news,wben,mark poloncarz,erie county,town of tonawanda,sumitomo rubber Erie County Executive Mark Poloncarz following the second meeting of the Sumitomo Rubber Closure Task Force in Tonawanda on Thursday Archive of various reports and news events 2024 © 2021 Audacy, Inc. News

Tonawanda Town Supervisor Joe Emminger following the second meeting of the Sumitomo Rubber Closure Task Force on Thursday full 177 Thu, 06 Mar 2025 17:00:17 +0000 d0aUD92mr2B4wZ4WLjxURByuNhw2vbE4 news,wben,erie county,town of tonawanda,sumitomo rubber,joe emminger WBEN Extras news,wben,erie county,town of tonawanda,sumitomo rubber,joe emminger Tonawanda Town Supervisor Joe Emminger following the second meeting of the Sumitomo Rubber Closure Task Force on Thursday Archive of various reports and news events 2024 © 2021 Audacy, Inc. News False

State Assemblyman Bill Conrad following the second meeting of the Sumitomo Rubber Closure Task Force in Tonawanda on Thursday full 239 Thu, 06 Mar 2025 17:15:12 +0000 dEzyrcCH26kfr30NzZpqh6qDVuO4lFVs news,new york state,wben,erie county,town of tonawanda,sumitomo rubber,bill conrad WBEN Extras news,new york state,wben,erie county,town of tonawanda,sumitomo rubber,bill conrad State Assemblyman Bill Conrad following the second meeting of the Sumitomo Rubber Closure Task Force in Tonawanda on Thursday Archive of various reports and news events 2024 © 2021 Audacy, Inc. News Fal

Interview with Andrew Penkethman, MD & CEO of Ardea Resources Ltd.Our previous interview: https://www.cruxinvestor.com/posts/ardea-resources-asx-arl-bigger-than-the-picture-they-framed-us-to-see-238Recording date: 24th February 2025Ardea Resources (ASX: ARL) is making significant progress on its Goongarrie Hub, part of the Kalgoorlie Nickel Project, which contains 4.1 million tons of nickel and represents Australia's largest nickel-cobalt resource.The company has secured a strategic partnership with Japanese industrial giants Sumitomo Metal Mining and Mitsubishi Corporation, who will collectively invest $98.5 million to earn a 35% stake in the project. The final 15% will be issued upon a successful final investment decision, expected in Q1 2027.According to CEO Andrew Penkethman, the Goongarrie Hub is projected to produce approximately 30,000 tons of nickel and 2,000 tons of cobalt annually as a mixed hydroxide precipitate (MHP), with an estimated 40-year mine life. The project's Definitive Feasibility Study (DFS) is currently about 50% complete and expected to be finalized by late 2025, with production targeted to begin in 2029.The initial capital expenditure was estimated at AU$3.1 billion (approximately US$2 billion) in the 2023 Pre-Feasibility Study. Despite current low nickel prices of around $15,000 per ton, Penkethman emphasized that the project remains economically viable due to its scale, grade, and strategic location with existing infrastructure access.The partnership with Sumitomo and Mitsubishi brings more than just capital. It secures offtake agreements, with 75% of production allocated to the consortium partners, significantly enhancing bankability for future project financing. The company is also exploring financing tools including export credit agencies from both Australia and Japan, offtake prepayments, and potential government grants.Ardea's timing for production aligns with independent forecasts predicting a return to market deficit for nickel around 2029-2030. The company positions itself as an alternative to Indonesian production, which is dominated by Chinese-funded operations. Penkethman noted that major economies including Japan, the United States, South Korea, India, and the European Union are actively seeking diversity of supply and supply chain security.Despite the substantial strategic investment, Ardea's market capitalization remains around AU$100 million. The company maintains a concentrated shareholder base, with approximately 60% of shares held by about 40 shareholders, including Golden Energy and Resources, which holds more than 5%.Beyond the six deposits included in the current DFS, Ardea retains growth potential with three additional deposits within the Goongarrie Hub and 100% ownership of other projects containing approximately 2 million tons of nickel within the broader Kalgoorlie Nickel Project portfolio.View Ardea Resources' company profile: https://www.cruxinvestor.com/companies/ardea-resources-limitedSign up for Crux Investor: https://cruxinvestor.com

Joe Emminger on Sumitomo Task Force full 238 Mon, 27 Jan 2025 20:21:23 +0000 zg8xNmnajBFpm1pUjG5qYngAOPw6ueaM news WBEN Extras news Joe Emminger on Sumitomo Task Force Archive of various reports and news events 2024 © 2021 Audacy, Inc. News False https://player.amperwavepodcasting.com?feed-link=https%3A

Mark Poloncarz on Sumitomo Task Force full 516 Mon, 27 Jan 2025 20:21:51 +0000 fnKgCKwSG9e75Kz2sNNAfKMnE6lVfFHo news WBEN Extras news Mark Poloncarz on Sumitomo Task Force Archive of various reports and news events 2024 © 2021 Audacy, Inc. News False https://player.amperwavepodcasting.com?feed-link=https%

Jim Briggs on Sumitomo Task Force full 276 Mon, 27 Jan 2025 20:22:19 +0000 jUuSRYj6rxK65UufD1xf9mRsKLSdpH9k news WBEN Extras news Jim Briggs on Sumitomo Task Force Archive of various reports and news events 2024 © 2021 Audacy, Inc. News False https://player.amperwavepodcasting.com?feed-link=https%3A%2

Sumitomo Task Force Meeting full 3828 Mon, 27 Jan 2025 20:23:04 +0000 3oO8rhpx1G6HsjTKuWEUTHrfQ2K78NyP news WBEN Extras news Sumitomo Task Force Meeting Archive of various reports and news events 2024 © 2021 Audacy, Inc. News False https://player.amperwavepodcasting.com?feed-link=https%3A%2F%2Frs

This week's Buffalo Beer Buzz at Step Out Buffalo has stories on a new low ABV, low cost lager at 42 North Brewing, Ten Lives Club Beer For Cats fundraiser at Mr. Goodbar, tickets on sale for Collabeeration V, annual Santa's of Swig homebrew fundraiser at Buffalo Iron Works, Magic Bear Beer Cellar 3rd anniversary, a new First Line Brewing pilsner to benefit former Sumitomo employees and a new brewery coming to the Town of Niagara. Hosted on Acast. See acast.com/privacy for more information.

In this CME podcast, Dr. Andrew Cutler interviews Dr. Jonathan Meyer about the history of muscarinic receptor science in schizophrenia and how that informs the mechanisms of action of novel muscarinic-targeting drugs for this disorder. They also discuss the efficacy and safety of these drugs and provide practical strategies for prescribing xanomeline-trospium.  Target Audience: This activity has been developed for the healthcare team or individual prescriber specializing in mental health. All other healthcare team members interested in psychopharmacology are welcome for advanced study. Learning Objectives: After completing this educational activity, you should be better able to: Discuss the history of muscarinic receptor science and the role of muscarinic receptors in schizophrenia treatment Differentiate novel and in-development muscarinic-targeting treatments for schizophrenia based on their unique mechanisms of action, efficacy, and tolerability data   Accreditation: In support of improving patient care, Neuroscience Education Institute (NEI) is jointly accredited by the Accreditation Council for Continuing Medical Education (ACCME), the Accreditation Council for Pharmacy Education (ACPE), and the American Nurses Credentialing Center (ANCC), to provide continuing education for the healthcare team. Activity Overview: This activity is available with audio and is best supported via a computer or device with current versions of the following browsers: Mozilla Firefox, Google Chrome, or Safari. A PDF reader is required for print publications. A post-test score of 70% or higher is required to receive CME/CE credit.   Estimated Time to Complete: 1 hour Released: November 27, 2024*   Expiration: November 26, 2027 *NEI maintains a record of participation for six (6) years. CME/CE Credits and Certificate Instructions: After listening to the podcast, to take the optional posttest and receive CME/CE credit, click: https://nei.global/POD24-SCHIZ01  Credit Designations: The following are being offered for this activity: Physician: ACCME AMA PRA Category 1 Credits™ NEI designates this enduring material for a maximum of 1.0 AMA PRA Category 1 Credit™. Physicians should claim only the credit commensurate with the extent of their participation in the activity Nurse: ANCC contact hours NEI designates this Enduring Material for a maximum of 1.0 ANCC contact hour Nurse Practitioner: ACCME AMA PRA Category 1 Credit™ American Academy of Nurse Practitioners National Certification Program accepts AMA PRA Category 1 Credit™ from organizations accredited by the ACCME. The content in this activity pertaining to pharmacology is worth 1.0 continuing education hour of pharmacotherapeutics. Pharmacy: ACPE application-based contact hours This internet enduring, knowledge-based activity has been approved for a maximum of 1.0 contact hour (.10 CEU). The official record of credit will be in the CPE Monitor system. Following ACPE Policy, NEI must transmit your claim to CPE Monitor within 60 days from the date you complete this CPE activity and is unable to report your claimed credit after this 60-day period. Physician Associate/Assistant: AAPA Category 1 CME credits NEI has been authorized by the American Academy of PAs (AAPA) to award AAPA Category 1 CME credit for activities planned in accordance with the AAPA CME Criteria. This internet enduring activity is designated for 1.0 AAPA Category 1 credit. Approval is valid until November 26, 2027. PAs should only claim credit commensurate with the extent of their participation. Psychology: APA CE credits Continuing Education (CE) credits for psychologists are provided through the co-sponsorship of the American Psychological Association (APA) Office of Continuing Education in Psychology (CEP). The APA CEP Office maintains responsibility for the content of the programs. Social Work: ASWB-ACE CE credits As a Jointly Accredited Organization, NEI is approved to offer social work continuing education by the Association of Social Work Boards (ASWB) Approved Continuing Education (ACE) program. Organizations, not individual courses, are approved under this program. Regulatory boards are the final authority on courses accepted for continuing education credit. Social workers completing this internet enduring course receive 1 general continuing education credits. Non-Physician Member of the Healthcare Team: Certificate of Participation NEI awards hours of participation (consistent with the designated number of AMA PRA Category 1 Credit(s)™) to a participant who successfully completes this educational activity. Interprofessional Continuing Education: IPCE credit for learning and change This activity was planned by and for the healthcare team, and learners will receive 1 Interprofessional Continuing Education (IPCE) credit for learning and change. Peer Review: The content was peer-reviewed by an MD specializing in psychiatry and psychopharmacology — to ensure the scientific accuracy and medical relevance of information presented and its independence from commercial bias. NEI takes responsibility for the content, quality, and scientific integrity of this CME/CE activity. Disclosures: All individuals in a position to influence or control content are required to disclose any relevant financial relationships. Faculty Author / Presenter Andrew J. Cutler, MD Clinical Associate Professor, Department of Psychiatry and Behavioral Sciences, Norton College of Medicine, State University of New York Upstate Medical University, Syracuse, NY Chief Medical Officer, Neuroscience Education Institute, Malvern, PA Consultant/Advisor: AbbVie, Acadia, Alfasigma, Alkermes, Axsome, Biogen, BioXcel, Boehringer Ingelheim, Brii Biosciences, Cerevel, Corium, Delpor, Evolution Research, Idorsia, Intra-Cellular, Ironshore, Janssen, Jazz, Karuna, Lundbeck, LivaNova, Luye, MapLight Therapeutics, Neumora, Neurocrine, NeuroSigma, Noven, Otsuka, Relmada, Reviva, Sage Therapeutics, Sumitomo (Sunovion), Supernus, Takeda, Teva, Tris Pharma, VistaGen Therapeutics Speakers Bureau: AbbVie, Acadia, Alfasigma, Alkermes, Axsome, BioXcel, Corium, Idorsia, Intra-Cellular, Ironshore, Janssen, Lundbeck, Neurocrine, Noven, Otsuka, Sumitomot (Sunovion), Supernus, Takeda, Teva, Tris Pharma, Vanda Data Safety Monitoring Board (DSMB): COMPASS Pathways, Freedom Biosciences Faculty Author / Presenter Jonathan M. Meyer, MD Voluntary Clinical Professor, Department of Psychiatry, University of California, San Diego School of Medicine, La Jolla, CA Consultant/Advisor: AbbVie, Alkermes, Bristol Myers Squibb, Intra-Cellular, Neurocrine, Sumitomo, Teva Speakers Bureau: AbbVie, Alkermes, Axsome, Bristol Myers Squibb, Intra-Cellular, Neurocrine, Teva The remaining Planning Committee members, Content Editors, Peer Reviewer, and NEI planners/staff have no financial relationships to disclose. NEI planners and staff include Caroline O'Brien, Gabriela Alarcón, PhD, Meghan M. Grady, BA, Andrea Zimmerman, EdD, CHCP, and Brielle Calleo. Disclosure of Off-Label Use: This educational activity may include discussion of unlabeled and/or investigational uses of agents that are not currently labeled for such use by the FDA. Please consult the product prescribing information for full disclosure of labeled uses. Cultural Linguistic Competency and Implicit Bias: A variety of resources addressing cultural and linguistic competencies and strategies for understanding and reducing implicit bias can be found in this handout—download me. Accessibility Statement Contact Us: For questions regarding this educational activity, or to cancel your account, please email customerservice@neiglobal.com. Support: This activity is supported by an educational grant from Bristol Myers Squibb.

Sumitomo Rubber's sudden shutdown at its New York plant has left over 1,500 workers without jobs right before the holidays. Despite signs of trouble, employees weren't warned about the closure, discovering the news from local media. Many have dedicated decades to the plant, some spanning generations, only to be blindsided as management had allegedly planned the shutdown for months. With the rise of low-cost Chinese imports undercutting U.S.-based manufacturing, companies like Sumitomo have struggled to compete. This abrupt closure reflects the larger economic challenges now facing American workers and manufacturers.Link to the featured videos:https://www.youtube.com/watch?v=DaHibRsQxOMhttps://www.youtube.com/watch?v=Yuj5e9s1xdAhttps://www.youtube.com/watch?v=tQA558BM_X4Buy me a coffee! https://www.paypal.com/paypalme/partsmanagerproGrab a copy of my book:https://partsmanagerpro.gumroad.com/l/qtqax"The Parts Manager Guide" - https://www.amazon.com/Parts-Manager-Guide-Strategies-Maximize-ebook/dp/B09S23HQ1P/ref=sr_1_4?crid=3UZYOGZJUNJ9K&keywords=parts+manager+guide&qid=1644443157&sprefix=parts+manager+guid%2Caps%2C244&sr=8-4Please remember to like, share and leave your comments.Videos are uploaded weekly.Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use. No copyright infringement intended. ALL RIGHTS BELONG TO THEIR RESPECTIVE OWNERS*This video is for educational and entertainment purposes only.Become a supporter of this podcast: https://www.spreaker.com/podcast/the-auto-review-podcast-w-host-chris-clarke--4960744/support.

In continuing the coverage of the sudden closure of the Sumitomo Rubber plant in Tonawanda, we speak with Dave Wyse, who spent 25 years working at the plant and attended a rally this morning at Aqua Lane. Also, in the back half of the program, we re-visit the topic of the American diet and how the food we are eating is slowly poisoning us.

Dave Wyse, an employee of 25 years of the Sumitomo Rubber plant, joins the show to give an update on how he and his former coworkers are doing, and describing the rally that took place on Aqua Lane this morning.

Today, we received the terrible news that the Sumitomo Rubber plant in Tonawanda closed it's doors, leaving in excess of 1,500 people without a job. Have you been impacted by this, whether you worked there yourself or had a family member that did? We also hear from David Bellavia and Robert Boreanaz on the matter.

"Blizzard Jay" shares his perspective on the Sumitomo Rubber Plant closure.

Medal of Honor recipient and weekday 10a-2p host David Bellavia joins the show to discuss with Bauerle the closure of the Sumitomo Rubber plant in Tonawanda from the political perspective, is there anything that President-elect Trump and his administration can do to help or reverse or remedy this situation?

Episode 23 is here, and it's chock-full. Alex Kingsbury, nLIGHT Market Development Manager and, not to mention, co-creator of the Printing Money podcast, re-joins Danny and the result is 60 minutes of additive manufacturing (AM) deals and analysis. First, we jump right in to cover Nano Dimension's in-progress deals with Desktop Metal and Markforged. Then, we cover services bureaus, major public-private funding news, and a lot of venture capital (VC) raises and financings. Last, we touch on the recent news of the postponement of Formnext Chicago. Here are just a few companies that get mentioned in this episode: Incodema, I3D, KAM, ADDMAN, Sintavia, Stifel North Atlantic, ASTRO America, Summers Value Partners, Stellantis, In-Q-Tel, Embedded Ventures, SpaceX, nTop, Seurat, NVIDIA, AE Ventures, HorizonX, Nimble Partners, AM Ventures, Breakthrough Victoria, Finindus, Sumitomo, and more. Please enjoy Episode 23, and see you later this month at Formnext in Frankfurt, or, as Danny so well puts it, “The Super Bowl of 3D printing." This episode was recorded October 29, 2024. Timestamps: 00:14 – Welcome to Episode 23, and welcome to Alex Kingsbury 01:37 – We have a lot to cover! 02:03 –AMS was a telling preview of 2024 02:53 – Nano Dimension (NNDM) acquiring Desktop Metal (DM) 05:21 – NNDM-DM last steps before closing in Q4 2024 08:04 – Nano Dimension (NNDM) acquiring Markforged (MKFG) 10:25 – An enormous amount of efficiencies 12:09 – How will NNDM, DM, and MKFG integrate? 14:19 – Markforged settles litigation from Continuous Composites 15:41 – ADDMAN acquires KAM 19:18 – AM service bureau markets: All boats are floating in the US, and all boats are sinking in Europe (Or, “Europe makes the printers, The USA prints the parts”) 20:02 – Sandvik divesting investment in BEAMIT 20:26 – Proto Labs closing metal LPBF facility in Germany 23:36 – AM Forward fund is approved by SBIC 26:26 – Restor3d closes $70m financing ($55M equity, $15M debt) 27:56 – 6K $82M Series E round 31:17 – Chromatic3D closes $6M round 32:55 – Freeform raises $14M 35:15 – NVIDIA backs 3D printing! 38:11 – nTop receives investment from NVIDIA 40:34 – AM Ventures' portfolio companies get a boost 40:53 – Conflux raises $11M Series B for heat exchangers 43:58 – Fortius Metals raises $2M from Finindus 45:15 – Sun Metalon raises $21M Series A led by Sumitomo 47:49 – UpNano raises EUR 7M 48:33 – NematX raises EUR 1.5M 50:33 – Mosaic Manufacturing raises CAD 28M 52:01 – Formnext Chicago is postponed 56:55 – See you at Formnext Frankfurt in a few weeks! Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information.

In this conversation, CEO Zach Flood of Kenorland Minerals discusses the company's recent developments, including the Frotet and South Uchi projects, strategic partnerships with Sumitomo and Centerra, and the overall exploration strategy. The discussion highlights the transition of the Frotet project towards development, the establishment of royalties, and the potential for future exploration successes. Zach emphasizes the importance of grassroots exploration and the company's focus on generating new targets and discoveries.

In dieser Podcast-Episode spreche ich mit Sebastian Hasenack, Experte beim digitalen Vermögensverwalter Solidvest, einem Angebot von DJE Kapital. Gemeinsam beleuchten wir, wie die Anlagephilosophie von Dr. Jens Erhard in der Praxis umgesetzt wird und welche fundamentalen, monetären und markttechnischen Faktoren dabei im Fokus stehen. Außerdem schauen wir uns einige der Top 10 Aktien der extraETF Community und der DJE Fonds an - darunter Sumitomo Mitsui Financial Group, Apple und Allianz. Sebastian gibt Einblicke in die Gründe für die Auswahl dieser Aktien und wir diskutieren, wie aktive Aktienauswahl im Vergleich zu ETFs Mehrwert schaffen kann. Ein spannendes Gespräch für alle, die sich für intelligente Anlagestrategien interessieren! Viel Spaß beim Anhören! Risikohinweis: Auszug: Top 10-Positionen DJE - Multi Asset & Trends Web Seminar extraETF x DJE Kapital AG / Solidvest Sumitomo Bank Apple Allianz Dies ist eine Marketing-Anzeige. Bitte lesen Sie den Verkaufsprospekt des betreffenden Fonds und das Basisinformationsblatt (PRIIPs KID), bevor Sie eine endgültige Anlageentscheidung treffen. Darin sind auch die ausführlichen Informationen zu Chancen und Risiken enthalten. Diese Unterlagen können in deutscher Sprache kostenlos auf www.dje.de unter dem betreffenden Fonds abgerufen werden. Eine Zusammenfassung der Anlegerrechte kann in deutscher Sprache kostenlos in elektronischer Form auf der Webseite unter Www.dje.de/zusammenfassung-der-anlegerrechte abgerufen werden. Die in dieser Marketing-Anzeige beschriebenen Fonds können in verschiedenen EU-Mitgliedsstaaten zum Vertrieb angezeigt worden sein. Anleger werden drauf hingewiesen, dass die jeweilige Verwaltungsgesellschaft beschließen kann, die Vorkehrungen, die sie für den Vertrieb der Anteile Ihrer Fonds getroffen hat, gemäß der Richtlinie 2009/65/EG und Art. 32 a der Richtlinie 2011/61/EU aufzuheben. Alle hier veröffentlichten Angaben dienen ausschließlich Ihrer Information, können sich jederzeit ändern und stellen keine Anlageberatung oder sonstige Empfehlung dar. Alleinige verbindliche Grundlage für den Erwerb des betreffenden Fonds sind die o.g. Unterlagen in Verbindung mit dem dazugehörigen Jahresbericht und/oder dem Halbjahresbericht. Die in diesem Dokument enthaltenen Aussagen geben die aktuelle Einschätzung der DJE Kapital AG wieder. Die zum Ausdruck gebrachten Meinungen können sich jederzeit, ohne vorherige Ankündigung, ändern. Alle Angaben dieser Übersicht sind mit Sorgfalt entsprechend dem Kenntnisstand zum Zeitpunkt der Erstellung gemacht worden. Für die Richtigkeit und Vollständigkeit kann jedoch keine Gewähr und keine Haftung übernommen werden. Stand: 17.09.2024 ++++++++ Tipp: Bis zum 16. Oktober 2024 findet die Umfrage zu den ETP-Awards 2024 statt – und deine Stimme zählt. Mach also gleich bei der Umfrage mit und wähle deine Favoriten! Unter allen Teilnehmenden ein iPhone 15 & viele weitere tolle Preise. Jetzt abstimmen: https://go.extraetf.com/etpaward2024 ++++++++

A prominent Florida Builder and #1 Wall Street Journal Best-Selling Author joins us to discuss the benefits of build-to-rent properties, including affordable housing and attractive mortgage rates. He has already done all the work for investors, offering new build income properties that are sometimes rented. We discuss the importance of median value and affordability index in choosing profitable areas for long-term real estate investments. Learn about new build income properties with rate buydowns as low as 3.75%. Important market dynamics and investor strategies, including the trade-offs between cash flow and equity growth. Show Notes: GetRichEducation.com/518 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 For advertising inquiries, visit: GetRichEducation.com/ad Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation   Complete episode transcript:   Automatically Transcribed With Otter.ai    Keith Weinhold  00:01 Welcome to GRE. I'm your host. Keith Weinhold, a great way to forecast the future of the real estate market is to look at the level of new building. I've got a surprise to reveal there then a focus on one of the hottest in migration states. That's popular because it promises cash flow for real estate investors today on Get Rich Education.   00:24 Since 2014 the powerful Get Rich Education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors and delivers a new show every week since 2014 there's been millions of listener downloads in 188 world nations. He has a list show guest top selling personal finance author Robert Kiyosaki. Get Rich Education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the Get Rich Education podcast. Sign up now for the Get Rich Education podcast, or visit getricheducation.com     Corey Coates  01:09 You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get Rich Education.   Keith Weinhold  01:25 Welcome to GRE from Plains Georgia to White Plains New York and across 188 nations worldwide, you are listening to Get Rich Education. I'm your host. Keith Weinhold, we are an educational platform. And if you haven't yet, I really suggest that you spend 100 hours learning how to invest in real estate. The average person works 2000 hours a year for 40 years. That's 80,000 hours of working for money. I implore you to spend 100 hours learning how to keep it and grow it and leverage it and create income and tax advantages from it. 80,000 hours of lifetime work, 100 hours learning real estate investing. Now, when someone like a presidential candidate produces, still vague talk about building 3 million starter homes in four years. That actually appears just about impossible. Within the existing structure. We would need 2 million housing starts per year from 2025 to 2028, in order to overcome our existing shortfall. And we haven't exceeded 1.8 million in any year in the moderate era, and that's even when demand was extraordinary and interest rates were low. Just you know, look at the reality of what home builders need to actually do, and this is even if they don't have any excessive not in my backyard. Pushback, builders have to procure land, meaning they need to lay out cash far before building, and then they need to jump through zoning and building hoops in counties and cities, in towns, in communities, and sometimes those hoops can reach preposterous levels with substantial delays. Builders need to secure financing, and for most, interest rates are still in the 9% plus range. And then builders need to acquire a whole local network of contractors and subcontractors, and then they need to keep those contractors and subcontractors busy, or else they're gonna lose those workers. So builders have to work to maintain their teams once they found them. And if that's not enough, this is all amidst a historically bad skilled labor shortage, meaning those workers can be enticed to go work for somebody else. As you know, skilled worker demand far exceeds skilled worker supply. So for builders, it takes years of planning and development. In a lot of cases, they sit on land for many years before the market conditions are right for the actual build. Well, look, at least there is finally acknowledgement among our highest elected officials that we do need to address the core problem, but our elected officials proposals aren't really so good, and our country's housing problem is largely a regulatory issue. Later today, we'll talk to a builder that's already done all of this for you, so it's not preconstruction that has new build income properties complete, available sometimes even rented already, and they help you buy down your mortgage rate to a level that's really low. You'll soon learn about it. But first, let's talk more about adding new housing supply in the larger apartment segment. It's something that can help you see the future here, but it isn't getting enough tension outside of multifamily industry circles, and that is the fact that apartment starts are plummeting to 11 year lows. And this is a real surprise to some people, multifamily completions are outpacing starts by the widest margin since 1975 and I mention this because, you know, you probably keep hearing and reading about how apartment construction is at all time highs, but really, that is a story from two years ago. It takes about two years to go from an apartment construction start to a completion. Well, today we're seeing that huge surge of apartment starts two years ago morph into completions. That's the piece to be aware of here. And to give you some idea about the new apartment building, slow down through July, we have completed 314,000 multifamily units, and we started just 193,000 units. That's all according to census stats that year to date. Start total is the nation's lowest since 2013 when we were just building our way out of the global financial crisis. Also a larger share of apartment supply. In this next cycle, it's likely to be affordable housing, because that's where the tax incentives are in the last wave of apartment construction a few years ago, it was more higher end stuff, and the result is today, apartments are oversupplied in a lot of markets, leading to falling apartment rents, or just somewhat stable and frozen apartment rents in heavily overbuilt places like Austin, Texas and a lot of others. But this slowdown in New Starts of larger apartments is why some have bullishness on the multifamily outlook for 2026 and beyond supply is the biggest headwind for apartment investors today. While it is an enormous tailwind for renters, it's good for them, but those dynamics appear likely to shift again. It took an almost perfect storm of variables to push apartment construction to 50 year highs, and it's difficult to see a scenario where construction could re-accelerate back to those peaks. Today's apartment completion levels could mark a high. It's generational. You may never see it again. So to summarize, in the world of large apartments, supply is still up, even outpacing demand in a lot of markets. It all came from a big building wave that began when interest rates were low two years ago. They're mostly upper end places. Apartment syndicators also got hit with higher rates that reset on them, and you've seen the value of some apartment buildings fall 30%. It is bad. But long term, I expect that apartments are going to be fine. New lease ups are absorbing what's out there. The demographics show that renters will continue occupying apartments. Interest rates have already fallen and they're expected to keep falling, and you don't have very many new apartment starts, it's that last piece that a lot of people aren't aware of. So that's the forecast over the next few years for five plus unit apartments. When it comes to the market dynamics for one to four unit properties. I'm going to discuss this with one of the voices of GRE marketplace today. They are a build to rent provider building new construction, single family homes, duplexes and fourplexes for tenants that they sell to investors. Hey, I'd like to welcome in a home builder and property provider serving Florida, basically statewide, known as North America's leading build to rent property developer, and he believes in what he builds and offers others, because he's been a real estate investor himself for more than two decades. Hey, Jim, welcome back onto the show.   Jim Sheils  09:45 Keith, good to be here. Thanks for having me.   Keith Weinhold  09:47 Jim, we have a lot of exciting things to talk about. What you're doing in Florida. You've really helped out a lot of our investors and followers so far. You have some really interesting things to tell us about. Rate buydowns and just how low those rate buydowns are on some new build properties. And I sure want to get to that. But first, why don't we just pull back big picture, and from the 30,000 foot national view, before we talk about Florida, what are some of the important dynamics you see in the real estate market here in late 2024   Jim Sheils  10:16 Yeah, it's been interesting. The media is always late to the party, as you know, Keith, I've seen some interesting stats. You know, affordability nationwide has gone from 480,000 about eight months ago, and now it's down to about 405, so we've already seen the affordability index come down nationwide, and it's hit really well here in Florida. One of the reasons why is there's definitely been some price adjustments on higher priced property in Maine markets, Miami, Orlando, Tampa, areas that we don't build because the numbers didn't work. So that's been really good to see that affordability also, rates are just starting to drop. But here's an interesting thing. A year ago, Keith, the average mortgage payment for the average person buying a home, was 57% of their total income. Now that has dropped to about 44% of their total income. So I'm always looking at affordability and overall median pricing, and that's been a really, really good thing for us. As I had said, second tier markets where you can get affordability, but also great amenities, great lifestyle is where we've always focused on building, and it seems like that is really continuing to have a solid pulse. I love visiting some of those bigger markets, you know, taking my kids to Disney, but I'm glad we stayed out of there, because it seemed a little more temperamental, and we're glad we're in the more second tier markets.   Keith Weinhold  11:39 You cited an affordability index there earlier. Now, affordability still, historically, is not that good, but it's not as bad as it used to be. Tell us more about that index.   Jim Sheils  11:49 Yeah, I always have looked at, you know, the affordability index. Let's just use an example, Orange County, California. I think the median value of a home there is $1.1 million. In Jacksonville it's 305, and so you get a score for based on what is the average family income per price of the home. And it's kind of like your report card. And there's certain areas that have an A, and there's certain areas that have an F. You know, we have lots of investors come to us with you guys too, from New York or Seattle or Orange County. And this is something I look at, what is the affordability index, and just know how they figure out the score on your affordability index. What's the average price of the home in that area, and what is the average family income for that area? And the correlation of those two numbers shows whether you have a good score or bad score.   Keith Weinhold  12:39 And now that we've looked at the national picture somewhat, you mentioned some of the major metro markets in Florida, some of which you specifically stay out of, and that's simply because the numbers don't work for long term rentals. They don't provide cash flow. Tell us more, just in general, about some of the areas that you've chosen and why is there profitable for long term real estate investors?   Jim Sheils  13:03 Yeah, this median value, this affordability index, is so key when we're able to get into home still, you know, Jacksonville is barely over 300,000 as the media now, we're able to cash flow right off the bat. So like Jacksonville is still as the population growth, the economic growth is occurring. It's desirable coastal community, and supply and demand is in our favor. We don't have enough housing, so that's where we focus all of those factors, not only here, but on a smaller scale, in Palm Coast, in Ocala, where we've done a ton with the GRE community. And then southwest Florida. We don't go to Southeast Florida, too expensive, too overbuilt, too high on insurance, but that Greater Fort Myers area, which did experience the highest growth anywhere in the country during the pandemic, which was interesting to watch, we're still seeing a lot of good fundamentals down there. And again, at that affordable range, it makes a big difference when you're buying at a medium priced home is, let's say 320,000 opposed to 580,000 makes a huge difference to whether it will cash flow off the bat or have a negative cash flow. And as you know, Keith, even though we're doing new construction high growth areas, we want to see app cash flow right away.   Keith Weinhold  14:13 Now, you are a builder, you are adding much needed inventory to the national housing supply, where we've had a shortage of millions of units per years, depending on what source you cite in quote there, a lot of the estimates as to the housing shortage really are all over the place. But many sources state that Florida inventory levels just statewide. Here they are back about to pre pandemic levels. So they have recovered. They are back to about 2019 levels. And I think one important thing for people to remember is, well, 2019 was a pretty good, balanced housing market.   Jim Sheils  14:50 It was a normal market. We liked 2019 you know, that was a good market. There was growth, but it was sustainable, more predictable, steady. So I'm happy to be back in 2019. You know, 2020 21 levels there were, there was less than a month's worth of inventory on the MLS that it was dire. Yeah, it was just such a skewed thing. And you've studied this for a long time. So everyone if you say, Oh well, it went from this to this. I love how you talk about 2019 because by all statistics that was a very normal market here in Florida. So we're happy to get back to that, because you have to have a certain amount of inventory level to balance the playing field. We want to see growth, but I'm more of a long term player, as you know, we don't need to see huge spikes, because that can get a little volatile.   Keith Weinhold  15:36 Now, as a builder, talk to us about builder sentiment since, like we talked about before, we are in a falling interest rate environment, mortgage rates are already down about one and a half percent from the recent highs, and the Fed hasn't even begun lowering rates yet. So talk to us more about what those lower rates do to build their sentiment. And we're not just talking about rates for buyers here, which matter, but it's the rate that builders like you that have to pay the typically factory in here too.   Jim Sheils  16:06 Yeah, it's an interesting market right now, Keith, and here's something I want to give great encouragement from as you know, we do build some for the institutions and the larger groups. The little guy, the small investor, has the guerrilla warfare advantage over them right now, because, as you know, we right now have announced financing. We're able to have this builder forward commitment where we're buying large tranches of money for residential mortgages. That means, you know, individuals like we work with all the time, Keith, that buy a few properties, we can get them this incredible financing right now, at 3.75 we're beating the market. You know, you go into a B of A and try to get a duplex finance, you're probably looking at six and three quarters. And we're able to do that because it's residential real estate. Some of our bigger guys, they would buy all of our inventory. But we can't get a institution qualified for these individual investor loans for residential real estate. They have to go to the commercial world. And as you know right now, Keith, the commercial world is screwy. People aren't lending. The rates are really high, and even these big guys have to sharpen their pencils and do their numbers and they go, Gosh, it's not panning out until rates drop. So that means these bigger groups are on the sidelines. And we all hear the complaints, all the big guys are buying all the properties they own 40% well, they're on the sidelines, and our little troopers and investors are building their portfolios in ways they cannot so it's exciting to see now for us too. What's lucky and unlucky is a lot of good builders out there that we're friends with. They can't get financing. The banks have gotten so stringent. So they might even have a good balance sheet and a good track record, but the banks are getting really stringent where Chris and I are. As you know, we were partially acquired by Sumitomo forestry about a year and a half ago. They're a 331 year old company, and when we decided to team up with them, they said, We love Florida and we love build to rent, go, and so now we have zero bank debt, and they've given us a green light to build out all of our inventory. We have five, over 5000 lots in Florida, and we don't have the bank slowdowns. So to find a good builder, you have to make sure they have financing in place, because they're going to be a great builder out there that just can't get the funding to do the job for you. So that's another thing you want to look for.   Keith Weinhold  18:16 Right. And last time I checked, you've got more than 925 current independent income property investors, many of those whom are GRE listeners. Well, we're going to talk more about just how low those rates are. Who participates in the buy down? I already know that most of it's the builder, and just part of it is you, the investor. You're listening to get residuation. We're talking about Florida, build to rent property more when we come back, I'm your host. Keith Weinhold Hey, you can get your mortgage loans at the same place where I get mine, at Ridge lending group  NMLS 42056, they provided our listeners with more loans than any provider in the entire nation because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. You can start your pre qualification and chat with President Caeli Ridge personally. Start Now while it's on your mind at ridgelendinggroup.com That's ridgelendinggroup.com  Your bank is getting rich off of you. The national average bank account pays less than 1% on your savings. If your money isn't making 4% you're losing your hard earned cash to inflation. Let the liquidity fund help you put your money to work with minimum risk, your cash generates up to an 8% return with compound interest, year in and year out, instead of earning less than 1% sitting in your bank account, the minimum investment is just 25k you keep getting paid until you decide you want your money back. Their decade plus track record proves they've always paid their. Investors 100% in full and on time. And I would know, because I'm an investor too, earn 8% hundreds of others are text FAMILY to 66866, learn more about Freedom Family investments Liquidity Fund on your journey to financial freedom through passive income. Text, FAMILY to 66866.     Garrett Sutton  20:28 This is Rich Dad advisor, Garret Sutton, to grow your wealth. Listen to the always valuable. Get Rich Education.   Keith Weinhold  20:45 Welcome back to Get Rich Education we're talking about half of progress real estate investing in high growth Florida, with a renowned build to rent provider there. And I think a lot of this really comes down to trust with the fluctuating interest rate environment that we've had, some people don't trust certain builders or that investor to go ahead and put down a deposit on a vacant lot and wait 12 months or more for it to be built. But we're not talking about pre construction here.   Jim Sheils  21:16 No, no. Since we steamed up with Sumitomo, you know a lot of good builders again, they can't even start the project until they have a a buyer with a deposit down. That's the requirement for the bank to give them the money to start building. We don't have bank requirements, so we're building on our own dime, and so we are having properties completed before you even have to make an offer on them. So these are finished properties, sometimes a tenant already in place. I know just this month, there's been a few GRE people very happily stepping into pre rented homes. So you don't have to wait that period. If you're ready to move your money or have a 1031 exchange, we can fulfill those no problem, and close within 30 days Our in house financing, Keith, which I know we're about to go over, I want to make sure people know this is for not only our single families, but our duplexes and our quads as well.   Keith Weinhold  22:02 Tell us more about that in house financing that's something of great interest to people, and especially with these mortgage rate buyouts.   Jim Sheils  22:09 Yeah, everyone says, Oh, I wish I had locked into a mortgage before June of 2022 right? I mean, for every time we heard that, Keith, well, now you can and what we're able to do since we have the balance sheet we have now, with teaming up with this bigger company, banks will allow us to do what's called a builder forward commitment and buy large tranches of money. We're in the money buying business, I guess, now, and we have to commit to large amounts of money, but by doing that, we're able to pay fees upfront to buy down the mortgages. So right now, our most popular rate is 3.75. You as the buyer, and these are called discount points, which I've heard Keith talk about. You're bringing in a little under two discount points to get the 3.75 rate. And you say, Okay, well, Jim, we're bringing in a little less than two points. What are you bringing in? We're not really supposed to talk about that, but here's what I can tell you, do this test, go to one of your mortgage friends, or your B of A or Wells Fargo, and ask it what it will take for you to pay to buy down a rate for 3.75. Now, first of all, they will not allow you to do that much. We are on a more high volume schedule that will allow us to do that, but let's say, if they would, here's what the feedback we've got. If you were to try to do this on your own, Keith, you or I just walking into our bank, you would have to pay anywhere from 12 to 15 points to make this happen. Gosh, and that was the advantage of working as a collective group like we do together, you and I in our investor community, because now that we're able to do volume, it benefits us   Keith Weinhold  23:39 all. No one really knows where interest rates are going to go. I think it's pretty foolish to try to predict them, but very few people think they're ever going to drop to the levels that we saw during the depths of the pandemic, 3.75% if you get locked in there, it's pretty unlikely that the future market is going to meet that down the road at all and tell us more about that product type, the single family homes, duplexes and fourplexes that this is available on. And of course, they're all new build.   Jim Sheils  24:09 Yeah, we do a combination of new build on all of these. We found, Keith, a lot of build to rent. Companies really only focused on the single family home, but we found, you know, to increase rental yield and overall returns. There was really a lack in the market for duplexes in residential areas and quads, again, and those are close to commercial deals, without the commercial financing, they allow more affordable rent in more residential areas that people can afford and want to be in. And we found through the pandemic, these had a greater calling to them than, let's say, a large apartment complex. You know, people want to be a little more spread out, have their own yard, like in a duplex, and they get that there, but they get it at a fraction of the price that a complete single family home would be at. So we found, as you know, most of our investors, our average client, buys three to eight properties with us, and no surprise, they. Buy a mixture of single family duplex and quads. I know we agree on this. Keith, the single family home has had the best history of all of great equity appreciation, and the duplex might lag behind that a little bit, but it's got a better cash flow. So I will always do little trade offs and combo my own portfolio to make up for two of those. And that's what our counselors usually coach our people. I know yours do as well.   Keith Weinhold  25:23 Yeah, the economies of scale for the real estate investor really can be there long term with duplexes and fourplexes, and you're really helping fill a need. Some months ago, I talked about the mmm multi families, missing middle, about how so few duplexes, triplexes and fourplexes are being built today, as compared to when you had about three times as much construction in those property types that you did in the 1980s a lot of that's really gone away. You're really bringing it back. We talk about some of the areas where these are built. You know, Jim years ago? Well, really about 10 years ago, when I began this show, I was often talking about how I want to be invested in Metro statistical areas that have a population of at least 500,000 to 1 million people, in order to get a diversity of economic situations there, because you do need rent paying tenants. But so much has changed since then, starting four to five years ago, with the work from home movement, I'm more open to more outlying areas than I had been previously. So tell us about some of these areas that you choose to build in. In Florida.   Jim Sheils  26:29 yeah, you know our hub market where we started doing rehabs many, many, many years ago was Jacksonville, Florida. Yeah, and we still are headquartered here, but Jacksonville, again, is the most affordable coastal city, I believe, still on the East Coast, which brings great fundamentals. It hits both of your things, Keith, where it is larger, but it has more of a sprawl and that larger population and the fundamentals look really well again, that overall median price is still very low. And we branch down to Palm Coast, which is a little more of a higher end area, but a bedroom community, to Jacksonville, the silent soldier, the one that really surprised us the most. I think you remember, this was Ocala. In fact, when Christopher said, Do you want to go start building Ocala, and this is about a decade ago, I said, Wow, Ocala, isn't there only, like, some horses out there? Yeah, now he's a horse guy. So he laughed, and he said, Oh, sure enough, I put my foot in my mouth. But Ocala, the amount of growth that we've seen out there has been incredible. And Ocala is really well placed because it's just below Gainesville, where the, you know, there's the medical centers, the university, and it's just north of the villages, which is the second largest retirement community and growing. Not only that, it has its own economic infrastructure, but it's really well placed in the difference of a price of a home for a starter family in Ocala compared to like Northern Tampa. There is no comparison. You're talking half. So we like that. And also with rents, it's got a great lifestyle. And then southwest Florida again, Southwest Florida, Keith, we're very lucky that we took some risk there. A lot of builders would like to be building down there, but as you remember, we took some big risks in 2020 we talked to some of our friends and said, this can be really good or really bad for real estate. We went with the really good and we loaded up on, well, a lot, over $20 million worth of land at the pre jump prices. Now we're into land right down there so we can get them built right for you guys still make a margin for ourselves that other people that they're trying to get land today, they just can't do and Southwest Florida has been a really good market for us. Had that hurricane there a few years ago, and all of our new construction properties did well. In fact, of almost 300 properties that were under construction, we had four that needed insurance claims, and those four, Keith, well, we had just put up the freestanding walls. We hadn't been able to tie the roof on before the winds and the winds knocked the walls over, and that's it. But there was no flooding, and that's why you get an insurance break. And all the markets that we're in, we always hear, Oh, you can't get insurance in Florida. And I kind of giggle and say, on which properties? Because there is a very different treatment for a new construction property built 2004 or newer, compared to a property built 1957 on lower ground.   Keith Weinhold  29:02 Yeah this is such an important thing to bring up. Property insurance premiums have been hiked substantially on Florida, existing, older build properties, not the post 2004 ones like Jim is talking about here and yeah, for those that don't know, Ocala, there in Central Florida is known as an equestrian area for horses and your business partner, Chris, that's his big hobby. So yeah, when you first went there, you were with Chris. You were like, are you just trying to get there because you want to be around horses more and what? But now there's actually a good fundamental reason for this, where it makes sense to build there. Well, Jim, why don't you talk about how you've specifically helped one of our listeners, or the typical buyer there in how that process looks, including an approximate timeline to get them from the time where they submit an offer all the way through to closing.   Jim Sheils  29:52 Yeah. Well, you know, our team and your team work together. We want to make sure we set people's goals and expectations. Up front. What are you looking for? What are you trying to get into? If someone says to me, Look, I'm looking to get into a great starter home with the lowest basis and highest cash flow, I'm gonna say, Okay, let's look at Ocala. They say, Look, we're looking more long term. I'm more of an equity growth player. Yeah, I want cash flow. I'm gonna say, Okay, let's look at Palm Coast, or southwest Florida. Together with our teams and our property counselors, we try to assess what are your needs and where are you wanting to go. Now, all of our vehicles will get through there, but some a little better than others, depending on the plan you want to put together. And so once we do do that, what we like to do is go through properties that seem to match what they're most wanting. We'll go through the performance. We'll look up the site maps, we'll go through the different fundamentals of that direct area, and then, if it seems to make sense, first thing we got to do is get you pre qualified with our in house lender. All is that a go? Well, then we can make an offer, get it in. We have a whole onboarding process. You know that we've done hundreds and hundreds and hundreds of time, and now we're over. I know I laugh because we talked recently and you said, I think you're at a 925. Investors, we're over 1000 now, so we're continuing to grow. But again, we've tried to make it fluid, where our people are part of the process, but never alone. We answer the questions on the financing help get you the directionals on the insurance now, you can use whatever insurance company you want. 99% of them use the company that we recommend. We have no financial affiliation with them. But everyone asked years ago when Chris and I started this, well, who do you use for insurance? Who do you use? So we just gave them who we used, and this person usually undercuts and better coverage than most. So all those pieces Keith with going through that and again, this is about a 30 day process of getting qualified, once you pick the property, submitting the contract with your 10% deposit, doing your onboarding for Property Management and Insurance pieces. And then, obviously you don't have to come here to see us for closing. We do all of our traveling closings for you. And most important thing I like to set up with PM is, where do you want the money wired?   Keith Weinhold  31:59 That's a great question. Well, yeah, I mean, this is a great answer for so many of our listeners, those super attractive rate buy downs. And then the big thing is, is, in many cases, you're not waiting and waiting and waiting months for the build to take place. Well, Jim, before I tell our listeners how they can connect with you over there, do you have any last thoughts overall with anything that we did touch on or did not.   Jim Sheils  32:22 I want to encourage people, if they're not looking to get in the next to real estate in the next two to three years, not a big deal. But if you're looking to get in sometime over the next year, then I would really look at what's happening, things you talk about with the rates and the interest, because I do believe that institutional money within the next six months, it'll be interesting when we reconnect, Keith, that are going to start coming in and buying up more residential real estate. However, their hands are tied right now. They cannot get the financing that the smaller guy can. So whether it's with us or someone else, take advantage. Take advantage. David and Goliath, this is a great opportunity where the big guys cannot keep up with you, because they can't get the financing and insurance rates that you can so take advantage.   Keith Weinhold  33:03 Well, I specifically wanted to have you on today because it is an opportunistic time. They serve Florida with new builds. Learn more about their properties and even get some under contract. If you so wish, you can do so by contacting your GRE investment coach. If you don't have one yet, you can do so at GREmarketplace.com it is free or at GREmarketplace.com/florida. Jim, it's been great having you back on the show.   Jim Sheils  33:32 Thanks having me. Keith, good seeing you.   Keith Weinhold  33:39 Yeah, an excellent update on Florida build to rent properties. A lot of our listeners are asking about these new build properties with 3.75% mortgage interest rates, and you are not the majority participant in the rate buy down either. Next week, who I consider the foremost tax authority in the entire world will be back here with us. Tom Wheelwright is going to discuss presidential candidates, tax plans, whether you should be scared about a tax on unrealized gains and a lot more. Also on a future episode, I'm going to talk about the land that is the vacant land that comes along with your rental property, what to look out for and what to avoid. It's really a little discussed subject that we haven't talked about here before. To learn more about Florida, build to rent property with those attractive rate buydowns, start at GRE marketplace.com Until next week, every host, Keith Weinhold, Don't Quit Your Daydream.   34:45 Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have. Potential for profit or loss. The host is operating on behalf of Get Rich Education LLC, exclusively.   Keith Weinhold  35:13 The preceding program was brought to you by your home for wealth building. Getricheducation.com

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Immigrants keep pouring into the US' southern border.  How are we going to house them? We're already millions of housing units undersupplied. Some migrants get free housing. Yet there are homeless veterans. Here's what to expect from more immigration: more rental housing demand, more multigenerational dwellings, more homelessness, higher labor supply. Get a simple explanation about title insurance. Our in-house Investment Coach, Naresh, joins us with a real estate market update.  Two popular investment markets are Memphis BRRRRs and Florida new-builds. He provides free coaching at GREmarketplace.com. Timestamps: The immigrant crisis worsens (00:00:01) Discussion on the increasing number of immigrants and the housing shortage crisis in the United States. Housing supply shortage (00:02:44) Analysis of the shortage in housing supply, estimated to be around 4 million units, and the decline in available housing units. Impact of immigration on housing demand (00:05:07) Forecasted impacts of immigration on housing demand and the expected population growth due to immigration. Challenges and solutions for housing immigrants (00:09:03) Discussion on the challenges of housing immigrants and potential solutions, including easing construction restrictions and promoting the building of entry-level housing. Title insurance explained (00:17:29) Explanation of title insurance, its types, and its significance in real estate transactions. Update on property manager's situation (00:15:08) An update on the property manager's situation involving stolen rent payments and the tenant's agreement to compensate for the loss. Mortgage rates and inflation (00:21:52) Discussion on the current mortgage rates and their correlation with inflation, as well as predictions for future rate movements. Mortgage Rates and Fed's Strategy (00:22:54) Discussion on the impact of the Fed's decision to hold rates and its potential effect on mortgage rates. Incentives and Real Estate Markets (00:25:08) Explanation of incentives offered in Memphis and Florida real estate markets, including the BR method and new build properties. Real Estate Investment Strategies (00:29:04) Comparison of the Memphis BR method and Florida new build as investment strategies, emphasizing the benefits of each approach. Property Investment Insights (00:32:16) Discussion on the impact of property ownership and the potential for life-changing outcomes through real estate investment. Economic Uncertainty and Real Estate (00:37:07) Anticipation of potential economic volatility and its impact on real estate investment decisions, emphasizing the stability of real estate during uncertain times. Resources mentioned: Show Page: GetRichEducation.com/487 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  Top Properties & Providers: GREmarketplace.com GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Keith's personal Instagram: @keithweinhold   Complete episode transcript:   Keith Weinhold (00:00:01) - Welcome to GRE. I'm your host, Keith Weinhold. Hold. The immigrant crisis worsens. Where are we going? To house all these people. A simple explainer on what title insurance is. Then where do you find the best real estate deals in this market today on get Rich education. If you like the get Rich education podcast, you're going to love our Don't Quit Your Daydream newsletter. No, I here I write every word of the letter myself. It wires your mind for wealth. It helps you make money in your sleep and updates you on vital real estate investing trends. It's free! Sign up and get rich education.com/letter. It's real content that makes a real difference in your life, spiced with a dash of humor. Rather than living below your means, learn how to grow your means right now. You can also easily get the letter by texting gray to 66866. Text gray to 66866.   Speaker 2 (00:01:06) - You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold (00:01:22) - Welcome to jewelry heard in 188 world nations from Lima, Ohio to Lima, Peru. I'm your host, Keith Weinhold. Get rich education founder, Forbes Real Estate Council member and longtime real estate investor. Our mission here. Let's provide people with good housing, help abolish the term slumlord and get paid five ways at the same time. Immigrants keep pouring into our southern border. In fact, federal agents encountered roughly 2.5 million migrants there just last year alone. Now, though, not all will become permanent residents. Understand? 2.5 million. That's the population of the city proper of Chicago or Houston. All in just one year. How are we going to house all these migrants? This crisis has only worsened in that 2.5 million migrants in a year figure is, according to US Customs and Border Protection data. Now, understand first that America has about 140 million existing housing units. That's what we're dealing with today. By every estimate out there, we already have a housing shortage. The layperson on the street knows that and estimates about its magnitude.   Keith Weinhold (00:02:44) - I mean, they're all over the map, some as high is America is already 7 million housing units undersupplied in order to house our current population. And you have other estimates as low is that we're only 1.5 million housing units. Undersupplied. So let's interpolate and kind of be conservative, or just use a figure closer to a common consensus and say that we are 4 million housing units. Undersupplied. All right. But if that's our given, here's what that means. 4 million housing units undersupplied to merely reach a balanced housing supply, we'd need to build enough homes to meet population growth, plus 400,000 on top of that. And we'd have to do that every single year for an entire decade. Just astounding. And to be clear, that's not to be oversupplied with housing. That's just to reach an equilibrium between supply and demand. Now, the supply of available housing, and this is basically what I'm going to talk about next, is the number of homes for sale at any given time, right. That began gradually descending in 2016.   Keith Weinhold (00:04:02) - And back then it was one and a half to 2 million available units. And in the spring of 2020, like I've talked about before, the housing supply just crashed to well below 1 million, and it still hasn't gotten up from its mighty fall. In fact, it's only about 700,000 units available today. All right, that is the Fred active listing count and Fred's sources there. Statistics from Realtor.com. All right, so that's what we're dealing with. That's a dire situation. All right, well, how do housing starts? Look, are we building up out of the ground enough to maybe start getting a handle on this sometime in the next decade? I mean, is there anything that could be more encouraging than more housing starts? Well, really, there's nothing encouraging there at all. In fact, new housing construction starts have hit a ten month low. My gosh. So that's the supply side. All right. What about the housing demand side? Well America's population grew by 1.6 to 1.8 million people between 2022 and 2023.   Keith Weinhold (00:05:07) - And that number is forecast to climb during the next few years, worsening the housing shortage crisis. And with US births falling and deaths rising, it's immigration, immigration is what is going to fuel the majority of population growth for the next decade. Immigrant related growth that is going to impact local housing markets across the country. And it's expected to hit especially hard in the northeast, Florida, California, Nevada and Texas. And what's happening is outraging some people. Some cities are housing migrants in public places, even arenas, including ones that Texas Governor Greg Abbott has bused to the northeast. And, of course, New York City Mayor Eric Adams has been outspoken about how to handle the migrant crisis. Understand that there are homeless veterans out there in America, yet the state of Maine is giving migrants up to two years of free rent for new apartments. In that right there has made a lot of people. And there are a lot of other cases out there like that of migrants getting free housing. Now, just consider this John Burroughs research and consulting.   Keith Weinhold (00:06:31) - They provide a lot of good information to the real estate market, and they have for a long time credit to them. And by the way, if you'd like us to invite John Burns onto the show here or if you have any other comments or questions or concerns, feel free to write into us through get Rich education. Com slash contact. So you can send either an email or leave a voice message. Well, according to their industry respected data, some of which is compiled through the US Census Bureau back in 2021, that's when we reached an inflection point where the US population grew more through immigration than it did through natural increase in natural change. That is simply the births minus deaths, and that is continued each year since there is more US population growth through immigration than there is through natural increase. In fact, bring it up to last year, our population grew by 1.1 million through immigration and just 500,000 through natural increase, more than double more than double the increase through immigration as natural change. And John Burns makes the forecast through the year 2033.   Keith Weinhold (00:07:47) - So the next nine years, the growth through immigration will outstrip that some more and become double to triple that of natural growth overall. Every single year through 2033, we'll add 1.7 to 2 million Americans. And they all need to be housed somewhere. So the bottom line here is that immigration fueled growth already outstrips natural growth. And that should continue and only be weighted more heavily toward immigrants every single year for the next decade, probably beyond the next decade. We just don't have projections that far yet. Well, how are you going to house all these people when we're already badly undersupplied and understand I'm not making any judgments on saying who or who should not be able to enter our nation. That is for someone else to decide. And in fact, I'm the descendant of immigrants. They're my ancestors. And you may very well be too. And over the long term, immigrants can be an asset. I am simply here asking where and how are we going to house them for the next decade and what that means to you.   Keith Weinhold (00:09:03) - Tiny homes, 3D printed homes, shipping container homes none of them seem to be the answer. And of course, population forecasts. When you look out in the future like that, they're going to vary based on the percentage of successful asylum seekers in the 2024 presidential election winner, and more. So, the figures that I shared with you, they are only the average case. In any case, the crisis is poised to worsen because now you've seen that there is a terrible mismatch between population growth and housing starts. How are you going to solve this? The government needs to ease construction restrictions and promote the building of entry level housing. More up zoning should be allowed. Do you know what up zoning is? It means just what it sounds like increasing the housing density, often by building taller buildings. So up zoning is taller building heights. All right. Well let's look at really.   Speaker 3 (00:10:02) - Four.   Keith Weinhold (00:10:03) - Big impacts that this immigration wave is having on America's already scarce supply of housing. New immigrants typically rent property. They don't buy property.   Keith Weinhold (00:10:16) - So that's higher rental housing demand. Secondly, expect more multigenerational and family oriented dwellings. That's what's needed with additional bedrooms and affordable price points like entry level single family rentals. If you want to own rental property, that right there is the spot for durable demand. And thirdly, I'm sorry, another impact is expect to see more homeless people in your community like I've touched on before. In fact, homelessness is already up 12% year over year. That's partly due to inflation, and that is already the biggest jump. Since these point in time surveys have been used. The biggest ever jump in homelessness are ready. Those stats only go back to 2007. That's when they begin measuring it. And that's according to HUD and federal officials. And then the fourth and final impact of all this immigration is that builders and manufacturers will probably see a small uptick in labor availability these next. Few years. Okay, that part could help. America could help with this labor shortage crunch. But all the other major impacts put more demand and strain on what's already a paucity of American housing supply.   Keith Weinhold (00:11:36) - And the bottom line is that there are too many people competing for too little housing, driving up prices and driving up rents this decade. I've been talking about lots of people moving north across borders. Me, I've recently moved south across borders, though for only a few weeks here. I'm joining you from here in Medellin, Colombia today, where in between doing my real estate research here, I'll be trekking in the Colombian Andes this week and the Ecuadorian Andes next week, when I'll be based in Ecuador's national capital of Quito. And, you know, there's a real estate lesson in this itself. Really? Okay, me traveling to Colombia and Ecuador, people often label and mischaracterize areas that they haven't been to or say they hear of the drug trade in Colombia or of some of the more recent, I guess, civil unrest in Ecuador, where I'll be next week. And they think, sheesh, isn't it dangerous in those places? Oh come on, I mean, sheesh, Colombia is a nation of 52 million people and it's almost twice the size of Texas.   Keith Weinhold (00:12:44) - The question is where? Where in Colombia do you think is dangerous? Don't you expect there would be great variability there? Now you the great listener. You're smarter than the average American. So I think that you get it with last month's continued civil uprising in Ecuador, seeing that story in the news that actually reminded me to book a trip there, the opposite of staying away when they held up all the people at that TV station that was way out in Guayaquil, Ecuador. To tie in the real estate lesson here. Back to your home nation. If you do live in the US or wherever you live like I do, see our investment coach, Andrea. She moved from Georgia to the Detroit Metro a couple of years ago. I don't think you'd want to invest in real estate in Andrea's neighborhood, where she lives in Detroit, because it's too nice. The property prices are high and the numbers wouldn't work for you in an upper end neighborhood of metro Detroit. But people that haven't been to Detroit don't think about areas being too ritzy for investment.   Keith Weinhold (00:13:49) - Well, of course, some of the areas are. Some of my point is, stereotypes are hard to shake. I encourage you to get out and see the world now. I've got an interesting and really an unlikely update on my property manager that had the tenant rent payments stolen from his drop box, meaning I didn't get paid the rent. The property manager, he didn't make good on that and pay me the rent. He wanted me to take the loss from the rent payment that he failed to secure from the paper money order stolen from his overnight drop box. So the manager doesn't want to take the loss. I don't want to take the loss well, and I can hardly believe this, but apparently the tenant has agreed to make the property manager hold. The tenant would effectively pay rent twice for that month, and then the property manager will apparently finally pay me the missing rent after it flows through him. The manager. I don't know if the property manager had to convince the tenant that it's the tenant's responsibility to put the payment right into the manager's hands, or what? So the tenant, what they're going to do is pay an extra $200 a month until the $1,950 stolen rent is compensated, I guess what, eight months of stepped up rent.   Keith Weinhold (00:15:08) - And so I was just really surprised that the tenant would agree to do that. And, you know, in this saga that I've been describing to you for, I guess, the third week in a row now, you know, one Jerry listener, they asked me something like, doesn't your property manager know that you're rather influential in the real estate world? Like thinking maybe I'd get preferential treatment? Oh, to that I say, no, I don't want preferential treatment. I mean, few things are more annoying in society than people that position themselves like that. But I will tell you that I actually did meet this property manager in person before he started managing my properties, and he did wear a suit and tie in the conference room for meeting me, which I thought was interesting. Later today on the show, we've got a guest that's familiar to you. He was somewhat bearish on real estate when he was here with us back in November. That's when he talked about how activity was slow, and you might even want to sit on the sidelines of adding more property to your portfolio.   Keith Weinhold (00:16:10) - We'll see if that's changed today. Now over on YouTube, you might very much like watching me in our explained. Video series because in a video format, I can show you where the numbers come from at. Very simply, break down an investing term like net worth for one video or cash flow, or your return on amortization in another one. There's also a new video in our explained series about title insurance, and this is what you'll hear over there. The title to a house is the document that proves that the owner owns it. Without that proof, the house can't be bought or sold, and title insurance is written by title insurance companies. What a title insurance company does is research the history of the house to see if there are any complications, also known as clouds, in its ownership issues that cloud the title could be like an outstanding old mortgage that the prospective seller has on the property. A previous deed that wasn't signed or wasn't written correctly and unresolved legal debt or a levy by a creditor, like an old lien placed by a contractor who once did some work on the windows and was never paid for it.   Keith Weinhold (00:17:29) - They're all examples of clouds on a title, and make transferring the property ownership difficult or impossible. But if the title appears to be clean, no clouds, then the title insurer writes a policy promising to cover the expenses of correcting any title problems if they would happen to get discovered after the sale. Title companies may refuse to insure a clouded title to be transferred, so it's important to know about any potential issues as soon as possible. Now there are two types of title insurance. There is lender's title insurance and owner's title insurance. First, lenders title insurance. In most areas of the country, the mortgage lender requires that the property buyer purchase a lender title insurance policy to protect the lender's security interest in the real estate. Lender's title insurance is issued in the amount of the mortgage loan and the amount of coverage decreases and finally disappears as the mortgage loan is paid off. And then secondly, owner's title insurance. It protects the homebuyers interest and is normally issued in the amount of the purchase price of the property. Coverage means that the insurer will pay all valid claims on the title as insured, and in most real estate transactions, separate title policies are purchased for the lender and the buyer, and although it can vary by location, the buyer typically purchases the policy for the lender, whereas the seller often pays for the policy for the buyer.   Keith Weinhold (00:19:12) - And that's title insurance, if you like. Simple to the point education by video like that, and you'd want to get a really good look at me for some inexplicable reason. Uh, for more, check out the new explained series. It is now on our get Rich education YouTube channel or next. I'm Keith Reinhold, you're listening to get Rich education. Render this a specific expert with income property you need. Ridge lending Group Nmls 42056. In gray history, from beginners to veterans, they provided our listeners with more mortgages than anyone. It's where I get my own loans for single family rentals up to four Plex's. Start your pre-qualification and chat with President Charlie Ridge personally. They'll even customize a plan tailored to you for growing your portfolio. Start at Ridge Lending group.com Ridge lending group.com. You know, I'll just tell you, for the most passive part of my real estate investing, personally, I put my own dollars with Freedom Family Investments because their funds pay me a stream of regular cash flow in returns are better than a bank savings account up to 12%.   Keith Weinhold (00:20:35) - Their minimums are as low as 25 K. You don't even need to be accredited for some of them. It's all backed by real estate and that kind of love. How the tax benefit of doing this can offset capital gains and your W-2 jobs income. And they've always given me exactly their stated return paid on time. So it's steady income, no surprises while I'm sleeping or just doing the things I love. For a little insider tip, I've invested in their power fund to get going on that text family to 66866. Oh, and this isn't a solicitation. If you want to invest where I do, just go ahead and text family to six, six eight, six, six.   Speaker 4 (00:21:21) - Anybody? It's Robert Elms with a Real Estate Guys radio program. So glad you found Keith White old and get rich education. Don't quit your day dream.   Keith Weinhold (00:21:40) - Hey. Well, I'd like to welcome in someone that you might have met by now. That is one of our terrific investment coaches. Narration. The race. Hey, welcome back onto the show.   Naresh Vissa (00:21:49) - Keith. It's a pleasure to be back on race.   Keith Weinhold (00:21:52) - I know you've got mortgage rates on your mind. It's been such an interesting topic lately, since they peaked at about 8% back in October of 2023, and almost everyone this year anticipates that now that embedded inflation is lower, that rates of all types are going to fall, rates in inflation are typically correlated. And why don't you talk to us with your thoughts about where mortgage rates are currently and where they go from here?   Naresh Vissa (00:22:19) - Like you said, mortgage rates peaked around October. The fed did their last rate hike in July 2023, so that's why the lagging effect caused rates to rise a little. And then they've been slowly creeping down since October. And what does that mean? Or where do we go from here in this new year 2024? I've been pretty spot on with what the Fed's going to do. I think they made some mistakes. I think they should have done 2 or 3 more 25 basis point hikes in 2023 because we're seeing inflation creep back up.   Naresh Vissa (00:22:54) - And that's a huge problem for the fed because their target is 2%. But that's a completely different topic. We get Monday morning quarterback the fed all we want. The fed has essentially come out and said that their rate hiking campaign is over. They've hiked enough and it's a take it or leave it. They're just going to hold and hold and hold until inflation reaches that 2% target. So what does that mean for mortgage rates? If we know that the fed isn't going to raise rates anymore, that means we are. We've already seen it. Mortgage rates have slowly creeped down. And there is a legitimate chance that the inflation rate that the CPI hits 2% by this summer, there is a chance of that. Right now we're at 3.3 or 3.4%, but there is a good chance that by the end of this summer, let's say August, we hit that 2% target, which means the fed will immediately start cutting rates after that whenever the next meeting is, I think September 2024, they'll start cutting rates, which means that's going to have an effect on mortgage rates.   Naresh Vissa (00:24:00) - We can see mortgage rates plummet even more later this year going into 2025. Now, this is just a prediction. There's a chance that inflation could go up if there is a middle East crisis or World War three or whatever you want to call it, there's a chance that inflation spikes back up and the fed just they could hold rates where they are for two years. I don't have a crystal ball in front of me. There was a black swan event that happened in 2020. Obviously, there could be a black swan event that happens in 2024. We won't know. But what we do know is the fed is done hiking rates and they're going to hold as long as possible until we get to that 2% inflation target. What does that mean for real estate? If mortgage rates are going back down, you're getting a better deal today than you were in October 2023 or November 2023. So it's almost 100 basis points lower from the peak that we saw in October. So interest rates have gone down. They've somewhat normalized to a level that digestible for investors, still not quite digestible for the average homeowner.   Naresh Vissa (00:25:08) - And the best part about this, Keith, is that the providers who we work with are still offering amazing incentives, the same amazing incentives, if not better, with the lower interest rates. So previously we brought up a 5.75% interest rate incentive program, one year free property management, another program that was two two for two years of free property management, 2% closing cost credit, $4,000 property management credit, all sorts of incentives. And those incentives are still in play while interest rates have gone down. So instead of 5.75% incentive that these providers are offering, they're now offering 4.5% interest rate. So that's why I think if there were no incentives, hey, you know what? We should probably wait until the fed starts cutting again. But with these incentives, this is incredible because they're going to be gone again the moment the fed starts cutting aggressively. These incentives are all gone. So you may as well get in. Now when home values have somewhat corrected and some markets are seeing precipitous declines, home value declines, real estate declines.   Naresh Vissa (00:26:20) - So right now it's still an excellent time to invest. Given this economic landscape.   Keith Weinhold (00:26:26) - Gray listeners are pretty savvy. And you the listener, you realize that changes in the fed funds rate don't have a direct change, and they don't move in lockstep with the 30 year fixed rate mortgages. The fed has really loaded up with the fed funds rate near 5%. Now they basically have a whole lot of ammo in the cartridge where they can go ahead and lower rates if the economy begins to get into trouble. One reason mortgage rates are higher than other long term rates is that US mortgages can be prepaid without any penalty. The anomaly in what's been different and what's been happening here is that typically there's a spread of about 1.75% between the ten year note, which has been 4% or so recently. And the 30 year mortgage rate is about 1.75% higher, which. She would put it at 5.75, but instead mortgage rates have been almost 7%. So a greater than usual historic spread between the ten year teno, which is more what mortgage rates are based off of and what that rate actually is, and the reason that that spread has been so high as this perceived greater credit risk or anticipated economic changes like this recession that is always just perpetually around the corner.   Keith Weinhold (00:27:44) - So we don't really know where mortgage rates are going to go. We know that they're not high. They're actually below their long term average. But of course, they just feel high because the only thing that was unusual is the rate at which they've increased. With that in mind here as we talk about mortgage rates nowadays. Why don't you tell us more about the incentives that are being offered right now?   Naresh Vissa (00:28:03) - The incentives are still being offered. The question is, Keith, I want to share two different strategies or two different markets. It's kind of a mix of strategy and market. The two most popular markets we are seeing right now are in Memphis, Tennessee, and in Florida. Still, Florida continues to be hot. Why is that? Why these two markets? Well, number one, Memphis still has a lot of rehab properties that you can purchase in the 100 to $150,000 range. Before the pandemic, it was common to see properties selling for 60 to $80,000. Those properties are a dime a dozen now, because of what we've already talked about the inflation, the home values, rising real estate going up.   Naresh Vissa (00:28:51) - Memphis still offers those options. Now we work with a provider in Memphis who specializes in the BR method, the B or R r. So it's for cause the BR.   Keith Weinhold (00:29:04) - It's not the February temperatures. BR yes.   Naresh Vissa (00:29:07) - Yeah. It's not the February temperatures. It stands for you buy rehab rent then you refinance and then you repeat it with the next property. So buy rehab rent refinance repeat. So this is a little different from your traditional real estate investing where you're just buying. It's already rehabbed. So you're buying renting it out. And then end of story here. It's a strategy that is meant to build equity. Almost immediately. You rehab it. And look we're not going to get into the details of this right now. I highly recommend that, folks, they can go to the GRE marketplace and set up a meeting with me if they want to talk some more about BR or if their experience and they know about BR, they may not know that we offer BR properties. But our investors have loved Memphis, BR.   Naresh Vissa (00:30:02) - They have loved it. They have bought more and more is one of our hottest asset classes or strategies right now. Memphis BR so highly recommend it. What are the incentives? There actually no incentives that our Memphis, BR provider is offering, because the incentive of the BR strategy is enough to get people to keep buying. They keep getting inventory, they don't run out. They find ways to make it work. Now in Florida, we work with a provider who we've featured on this show a couple of times before, and they're owned by the largest Japanese real estate developer called Sumitomo Forestry. They're one of the largest Japanese companies in the world. Warren Buffett owns a huge stake, Berkshire Hathaway in Sumitomo. So I highly recommend this Florida provider because they're able to offer properties that values that other providers can't compete with at prices that other providers can't compete with. They're offering the incentives that I told you, the 4.5% program, in some cases, you can buy down the rate all the way down to 4.25% if you want.   Naresh Vissa (00:31:10) - They have two years free property management or one year free property. It just depends on the package that you choose. They're offering closing cost credits. You can negotiate the list price. These are the two most popular partners we are currently working with, and I highly recommend if you are liking this real estate market, you're seeing lower interest rates. You're seeing that there's been a correction in home values and you want to get in right now. Contact your investment coach. If you don't have an investment coach, go to the marketplace. You can select me if you want, or you can select the other investment coach Andrea, it's up to you and we can share more information.   Keith Weinhold (00:31:52) - You're talking about two different strategies here, the Memphis BR and the Florida Newbuild. And I think of the Memphis burger is something that's lower cost. It's for an investor with a more aggressive disposition where it will take some of your involvement, even though it's still only going to be remote involvement. And then on the flip side, with the Florida new build, you're going to benefit from those low bought down rates that the builder will buy down for you.   Keith Weinhold (00:32:16) - The longer you plan to hold the property, the more the rate buy down is going to benefit you. And then also think of the Florida new build is kind of being a low noise investment.   Naresh Vissa (00:32:29) - You're absolutely correct, Keith. So I highly recommend those who are sitting on the fence. I've come on this podcast before and said, hey, Keith, you know, right now I'm not really sure where things are going. Like it's a little dead. Maybe investors should hold off.   Keith Weinhold (00:32:44) - Yeah, back in November, that was your guidance?   Naresh Vissa (00:32:46) - Yep. That was. And now I think because we've seen the lower interest rates, you can just get in at a much better deal. Everyone can be happy. I think our investors would be happy. And it's a great time to start investing in real estate again. Don't put it off. I remember when I first got into real estate, I was putting it off, putting it off, and I look back and I say, man, I should have gotten in four years earlier or five years earlier.   Keith Weinhold (00:33:13) - How many properties do you think it took for you to buy until it changed your life? For me, it was probably when I bought my second fourplex and I had eight units. But I think if you're buying single family homes, it takes probably fewer units than that to really start changing your life.   Naresh Vissa (00:33:30) - Yeah, one units aren't going to change your life. Two units aren't going to change your life. In my case, it's just a personal story. I bought one the first year, another one the second year, and then my third year I scaled from 2 to 7. That was the life changing experience right there. And the last two properties I bought were new construction. So number seven and number eight were new constructions. And that also changed my strategy too, because I said, hey, new construction is just so much better than these older rehab properties, just less headache. We've talked about this before on previous episodes, and so moving forward, I'm actually saving up right now to buy my next new construction property.   Naresh Vissa (00:34:13) - New construction. Me personally, I think that's a way to go, there's no doubt about it. And because I went from 2 to 7, that was the game changer for me, at least on the taxes on the passive cash flow. And look, I'm relatively young. I'm in my mid 30s. But when I think about retirement, which I don't think about much, but sometimes I do, and when I do think about it, I'm like these eight properties, if I hold on to them, that's a nice retirement that I have in retirement. That's a great passive cash flow. By then the mortgages will be paid off. Although we believe in refi til you die. Just to get a little more specific about some of these incentives, I'm looking at the Florida ones right in front of me. Option one, for example, is a 4.25% interest rate. That's where the buy down the 2.75% buyer paid point buy down. But it comes with two years of free property management. I think the best deal if you want zero buy down it's two years of free property management seller paid closing costs of 1.5%.   Naresh Vissa (00:35:19) - So that's a 1.5% closing cost credit and a 5.75% interest rate that you'll be locked into. I think that's a pretty darn good deal.   Keith Weinhold (00:35:30) - There are some attractive options there. Yeah. It's interesting you raised when you talk about how many properties does it take to change one's life. Yeah. You're right. When you buy your first property, your second property, it isn't life changing. You probably haven't own property long enough yet to benefit from leverage, and surely not cash flow just off 1 or 2 properties. But what happens is you accumulate more is sometimes you don't have to use and save up your own money to buy a new property. You might want to do that, but at the same time, the properties that you bought a few years ago have built up enough equity. So now that rather than your money buying new properties, it's like your properties, buy your new properties for you as you do these cash out refinances. And that's where you really get things rolling. So it can take a few properties and a few years.   Keith Weinhold (00:36:16) - But nowadays you're so right about the opportunity really being with New Build. Today I'm a guest on other shows and a lot of people are just an economics host. They think about real estate investing, they think about higher mortgage rates, and they're like, you know, where's the opportunity for an investor today? And that's usually what I tell him. It's with these builder rate buy downs on new build properties. Take advantage of that this year.   Naresh Vissa (00:36:38) - Absolutely. So like I said great marketplace. You can get more information set up meetings with Andrea or me or whoever you're assigned investment coaches. If you don't have an assigned investment coach, take your pick and let's get your real estate investment journey either started or on cruise control.   Keith Weinhold (00:36:57) - If you have any last thoughts, whether that's this year's direction of prices or rents or the economy as it relates to real estate or anything else at all.   Naresh Vissa (00:37:07) - Well, Keith, I think we're about to see and we don't get political on here, but for whatever reason, we tend to see crazy financial markets during election years, whether it's presidential elections or midterm elections.   Naresh Vissa (00:37:22) - We saw the stock market drop wildly in 2022 during a midterm election year. Of course, 2020 will never forget the craziness of lockdowns and masking and social distancing and what the financial markets did. I mean, all the at least the stock market. President Trump lost all the gains that he had in the stock market as president, were lost in over a two month period in February and March 2020 because of pandemic. And then they came surging back. So the point that I'm making here is economically, I shared my vision of just systematically, I think inflation is going to hit the 2% by the end of the summer. The experts initially thought it would hit the 2% by March. In the latest CPI reading showed that inflation actually went up. I think we're going to see some type of, I don't want to call it a black swan, but this year is not going to go according to plan. Maybe the inflation plummets because something deflationary happens. Or maybe the inflation rises again because something inflationary happens. That's just not on our radar.   Naresh Vissa (00:38:30) - So how does that affect real estate. Well that doesn't change what we said five minutes ago, which is right now, today. Given all this uncertainty, today is still a great time to jump in, because if there is a deflationary event, you can always refinance your rate in a year or two when rates are much lower. And remember, mortgage rates are tax deductible.   Keith Weinhold (00:38:54) - A presidential election year brings more uncertainty than usual. You can buffer yourself from that volatility with real estate and investment that's more stable than most anything else out there. I encourage you, the listener, to check out Naresh and the other coach, Andrea at Great Marketplace, and it can really help you out and help you put a plan together. Hey, it's been great having your thoughts. I think the listeners are going to find this helpful. Thanks for sharing your expertise. Thanks, Keith. Yeah, there's some valuable guidance from Naresh on where the real deals are in this market today. Memphis Bears and Florida, new builds. They're really just two of the dozens of options from Gray's nationwide provider network.   Keith Weinhold (00:39:44) - Learn more, see all the markets or connect with a coach all at Gray marketplace.com. Enjoy the Super Bowl I'm Keith Weinhold. Don't quit your Daydream.   Speaker 6 (00:39:59) - Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get Rich education LLC exclusively.   Speaker 7 (00:40:27) - The preceding program was brought to you by your home for wealth building. Get rich education.com.