Podcasts about tmt

Welcome to The Money Trench! This week, Mark is joined by Josh Mateer, Head of A&R for Europe, Middle East and Africa at SoundOn, TikTok's artist and label services platform. From his teenage days playing in punk bands and promoting shows in Belfast, to stints at Warner and Sony, and working with the legendary Seymour Stein, Josh has built a career that bridges grassroots music culture and the cutting edge of global artist services. In their chat, the pair discuss how TikTok is shaping the future of music discovery, why data and instinct must work hand in hand, and what it means to nurture sustainable artist careers in a world of viral hits and streaming economies. NEWSLETTER ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for the TMT newsletter - featuring each week's hottest music industry stories. SOUNDON The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. TIXEL The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. PPL  The Money Trench is sponsored by the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. KEEP UP TO DATE For the latest podcast and music business updates, make sure to follow us on:  Instagram:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@the_money_trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ GET IN TOUCH If you have any feedback, guest suggestions or general comments? We'd love to hear from you! -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Get in touch here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Thanks to our partners ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Earth/Percent⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tom A Smith⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Aimless Play⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fourth Pillar⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sennheiser⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Junkhead Studio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tape Notes⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Executive Producer: Mike Walsh Producer: Tape Notes 

How is AI impacting our jobs, careers, and sense of purpose at work? Who stands to win or lose as the pace of change accelerates? In this episode Helen Beedham chats to Rob Garlick, author, consultant, and former Head of Innovation & Technology at Citi Global Insights, to unpack how artificial intelligence is reshaping opportunities, job quality, and the very skills we need to succeed, whether you're just starting out or a seasoned leader.Together, Helen and Rob explore:⭐️ How AI is already altering job availability, job quality, who's most affected and why graduates and tech workers may be the ‘canaries in the coal mine' for wider workplace shifts;⭐️ The “conditional optimism” case: why AI's full benefits might be realised only after navigating painful disruptions;⭐️ The reality behind the hype around massive productivity gains and job substitution;⭐️ How younger workers are both disadvantaged and empowered by AI, and why older workers may bring stability and ethical oversight through turbulent times;⭐️ Practical strategies for pro-human leadership: upskilling and reskilling with purpose, leveraging AI for augmentation (not just substitution), and creating stability and agency at every career stage.About Rob Garlick:Rob is an Author, Speaker, Consultant and Coach focused on the implications of AI on work and leadership. His experience includes: 1000's of meetings with C-suite and top investors globally; a front row seat for most innovation areas in the last 30 years, publishing over 60 papers on innovation topics; and over 100 talks delivered around the world in recent years on the Future of Work. Rob was promoted to Managing Director at Citibank in 2006, and managed, mentored and coached for 20+ years.With over 30 years of experience in Investment Banking and Fund Management, Robs' roles included: Head of Innovation & Technology at Citi Global Insights; Head of Citi Research EMEA, leading the team's (of c.200) rise in the Institutional Investor surveys, from: #7 to #1 in UK, #9 to #2 in Western European, and #7 to #1 globally; Global Product Head at Citi Research; Head of Citi's US Equity Sales desk; TMT sales; Fund Manager. Rob passed the AIIMR (Associate of the Institute of Investment Management & Research) as a prize-winner in Interpretation of Accounts & Corporate Finance. Among other qualifications, Rob holds a BSc (Econ) degree in Accounting and Management, an MSc in Coaching and Behavioural Change and is a qualified Executive Coach. Links:Visit Helen's website www.helenbeedham.com.Check out Helen's award-winning business book: The Future of Time: how 're-working' time can help you boost productivity, diversity and wellbeing.Leave a book review on Amazon here.Get in touch about Helen's Time-Intelligent Teams workshops or view/download a flier here.Join her mailing list here.What does freedom at work mean to you? Take my short survey here.Pre-order my new book People Glue: hold on to your best people by setting them free  (out Jan 2026) and become a book supporter to gain exclusive book-related invitations and offers. Follow Rob Garlick on Linked In here.Loved this episode?  Follow The Business of Being Brilliant, rate and review the show, and share it with friends and colleagues who care about building brighter, fairer workplaces.

Welcome to The Money Trench! This week, Mark is joined by Matt Riley, the newly appointed president of AWAL UK. With a background that spans from DJing and promoting club nights, to cutting his teeth at Hospital Records, and then playing a pivotal role in shaping AWAL's rise, Matt's career reflects the evolution of the modern independent music business. Now at the helm of one of the UK's most exciting label and distribution companies, he shares insights into what it takes to break artists in today's rapidly shifting landscape. NEWSLETTER ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for the TMT newsletter - featuring each week's hottest music industry stories. SOUNDON The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. TIXEL The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. PPL  The Money Trench is sponsored by the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. KEEP UP TO DATE For the latest podcast and music business updates, make sure to follow us on:  Instagram:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@the_money_trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ GET IN TOUCH If you have any feedback, guest suggestions or general comments? We'd love to hear from you! -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Get in touch here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Thanks to our partners ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Earth/Percent⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tom A Smith⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Aimless Play⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fourth Pillar⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sennheiser⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Junkhead Studio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tape Notes⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Executive Producer: Mike Walsh Producer: Tape Notes 

Send us a textIn this episode of The Missions Table, host Nathan Harrod sits down with Global Missions Director Adam Hunley for a powerful conversation about the global vision of Pentecost Every Day. Together, they explore what this vision means for the church worldwide and the practical steps Global Missions is taking to see it fulfilled—mobilizing disciples, equipping leaders, and reaching every nation and people group. Bro. Hunley also shares insights about the upcoming Global Missions Service at General Conference, highlighting what to expect and how this moment will further propel the mission forward. This episode will inspire you to see the bigger picture of what God is doing globally and how we can each be a part of advancing His Kingdom.As always, you can connect with our TMT team via social media:Nathan Harrod, @NathanHarrod (Twitter)Joshua Tingley, @TingleyJoshua (Twitter)Samuel Zenobia, @ZenobiaMissions (Instagram)

"We understand each other, and we are saying we share the same humanity." In this episode, Drew sits down just outside Shanghai with Rao Rao,  Hoffman China teacher trainee, co-founder and CEO of the Hoffman China Center, and seasoned business leader. In June of 2024, life pushed Rao Rao in the direction of Hoffman. She'd been doing healing work after a series of events that caused her to turn inward. Already immersed in the world of Vipassana meditation when she came to the Process, she was determined to end her suffering and felt that would happen if she could get to the ego-less state. But at her Process, her teacher told her she needed to be messier. That she needed to let herself grow, to speak up for herself, to do what she wants rather than what she thinks she should do. This was the beginning of her big internal transformation. Listen in to hear the beautiful, embodied stories of this transformational shift, including a moment with a hawk while seated on Guardian Rock at the Petaluma retreat site. This is exciting news about the establishment of the first Hoffman Process center in China. Rao Rao describes why there is a great need for Hoffman in China at this time. She shares that we are all the same in our capacity to feel and be present in our hearts. More about Rao Rao: Rao Rao holds an M.Sc. in Management Research from Saïd Business School, University of Oxford. She also holds master's and bachelor's degrees in Materials Science and Engineering from Tsinghua University. She is the co-founder and CEO of the Hoffman China Center and a Hoffman teacher trainee. She is a seasoned business leader with nearly two decades of experience in consulting, marketing, strategy, and operations across industries such as consumer goods, TMT, and internet ventures. Driven by her passion for human consciousness and organizational transformation, she transitioned from corporate leadership in 2022 to pursue this mission. Since April 2024, she has served as a consultant for Evolve Foundation Fund and has spearheaded the launch of the Hoffman Process in China. Rao Rao resides in Shanghai with her husband, Yuekui, their two daughters, Yaoyao and Nannan, and their golden hamster, Xiaobai. Listen on Apple Podcasts As mentioned in this episode: About Bo Shao: Bo Shao is a successful serial entrepreneur and venture capitalist. In 2018, he stepped away from all commercial activities to devote himself entirely to philanthropy. Bo invested his own money to start the Evolve Foundation. Evolve aims to increase the happiness of the entire society and raise the consciousness level of humanity. Hoffman teachers: Raz Ingrasci - Listen to Raz on the Hoffman Podcast: Husband, Father, Son Volker Krohn - Listen to Volker on the Hoffman Podcast: Re-Initiated Into the Family of Humanity Caroline Guan - General Manager for Evolve Institute in China More on the research done on the Hoffman Process Vipassana meditation and retreat Ego death "The way out is through." (From the Hoffman Process Integration Manual) Guardian Rock, photo by Drew Horning Guardian Rock Hoffman Process Retreat Center, Petaluma, California Guardian Rock can be accessed by following a hiking trail up one of the hills on the site. It overlooks a stunning valley. Petaluma's name originates from the Miwok village of Péta Lúuma, located on the banks of the Petaluma River. read more... Eagles in Petaluma, California - Bald Eagles and Golden Eagles.    

Our strategists Michelle Weaver and Adam Jonas join analyst Christopher Snyder to discuss the most important themes that emerged from the Morgan Stanley Annual Industrials Conference in Laguna Beach.Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver, Morgan Stanley's U.S. Thematic Strategist.Christopher Snyder: I'm Chris Snyder, Morgan Stanley's U.S. Multi-Industry Analyst. Adam Jonas: And I'm Adam Jonas, Morgan Stanley's Embodied AI Strategist.Michelle Weaver: We recently concluded Morgan Stanley's annual industrials conference in Laguna Beach, California, and wanted to share some of the biggest takeaways.It's Tuesday, September 16th at 10am in New York.I want to set the stage for our conversation. The overall tone at the conference was fairly similar to last year with many companies waiting for a broader pickup. And I'd flag three different themes that really emerged from the conference. So first, AI. AI is incredibly important. It appeared in the vast majority of fireside conversations. And companies were talking about AI from both the adopter and the enabler angle. Second theme on the macro, overall companies remain in search of a reacceleration. They pointed to consistently expansionary PMIs or a PMI above 50, a more favorable interest rate environment and greater clarity on tariffs as the key macro conditions for renewed momentum. And then the last thing that came up repeatedly was how are companies going to react to tariffs? And I would say companies overall were fairly constructive on their ability to mitigate the margin impact of tariffs with many talking about both leveraging pricing power and supply chain shifts to offset those impacts. So, Chris, considering all this, the wait for an inflection came up across a number of companies. What were some of your key takeaways on multis, on the macro front? Christopher Snyder: The commentary was stable to modestly improving, and that was really consistent across all of these companies. There are, you know, specific verticals where things are getting better. I would call out data center as one. Non-res construction, as another one, implant manufacturing as one. And there were certain categories where we are seeing deterioration – residential HVAC, energy markets, and agriculture.But we came away more constructive on the cycle because things are stable, if not modestly improving into a rate cut cycle. The concern going in was that we would hear about deteriorating trends and a rate cut would be needed just to stabilize the market. So, we do think that this backdrop is supportive for better industrial growth into 2026.We have been positive on the project or CapEx side of the house. It feels like strength there is improving. We've been more cautious on the short cycle production side of the house. But we are starting to see signs of rate of change. So, when we look into [20]26 and [20]27, we think U.S. industrials are poised for decade high growth. Michelle Weaver: You've had a thesis for a while now that U.S. reshoring is going to be incredibly important and that it's a $10 trillion opportunity. Can you unpack that number? What are some recent data points supporting that and what did you learn at the conference? Christopher Snyder: Some of the recent data points that support this view is U.S. manufacturing construction starts are up 3x post Liberation Day. So, we're seeing companies invest. This is also coming through in commercial industrial lending data, which continues to push higher almost every week and is currently at now record high levels. So, there's a lot of reasons for companies not to invest right now. There's a lot of uncertainty around policy. But seeing that willingness to invest through all of the uncertainty is a big positive because as that uncertainty lifts, we think more projects will come off the sidelines and be unlocked. So, we see positive rate of change on that. What I think is often lost in the reassuring conversation is that this has been happening for the last five years. The U.S. lost share of global CapEx from 2000 when China entered the World Trade Organization almost every year till 2019 when Trump implemented his first wave of tariffs. Since then, the U.S. has taken about 300 basis points of global CapEx share over the last five years, and that's a lot on a $30 trillion CapEx base. So, I think the debate here should be: Can this continue? And when I look at Trump policy, both the tariffs making imports more expensive, but also the incentives lowering the cost of domestic production – we do think these trends are stable. And I always want to stress that this is a game of increments. It's not that the U.S. is going to get every factory. But we simply believe the U.S. is better positioned to get the incremental factory over the next 20 years relative to the prior 20. And the best point is that the baseline growth here is effectively zero. Michelle Weaver: And how does power play into the reshoring story? AI and data centers are generating huge demand for power that well outstrip supply. Is there a risk that companies that want to reshore are not able to do so because of the power constraints?Christopher Snyder: It's a great question. I think it's part of the reason that this is moving more slowly. The companies that sell this power equipment tend to prioritize the data center customers given their scale in magnitude of buying. But ultimately, we think this is coming and it's a big opportunity for U.S. power to extend the upcycle.Manufacturing accounts for 26 percent of the electricity in the country. Data center accounts for about 5 percent. So, if the industrial economy returns to growth, there will be a huge pull on the grid; and I view it as a competitive advantage. If you think about the future of U.S. manufacturing, we're simply taking labor out and replacing it with electricity. That is a phenomenal trade off for the U.S. And a not as positive trade off for a lot of low-cost regions who essentially export labor to the world. I'm sure Adam will have more to say about that. Michelle Weaver: And Adam, I want to bring robotics and humanoid specifically into this conversation as the U.S.' technological edge is a big part of the reshoring story. So how do humanoids fit into reshoring? How much would they cost to use and how could they make American manufacturing more attractive? Adam Jonas: Humanoid robots – we're talking age agentic robots that make decisions from themselves autonomously due to the dual purpose in the military. You know, dual purpose aspect of it makes it absolutely necessary to onshore the technologies.At the same time, humanoid robots actually make it possible to onshore those technologies. Meaning you need; we're not going to be able to replicate manufacturing and onshore manufacturing the way it's currently done in China with their environmental practices and their labor – availability of affordable cheap human labor.Autonomous robots are both the cause of onshoring. And the effect of onshoring at the same time, and it's going to transform every industry. The question isn't so much as which industry will autonomous robots, including humanoids impact? It's what will it not.And we have not yet been able to find anything that it would. When you think about cost to use – we think by 2040 we get to a point where to Chris's point, the marginal cost of work will be some factor of electricity, energy, and some depreciation of that physical plant, or the physical robot itself. And we come up with a, a range of scenarios where centered on around $5 per hour. If that can replace two human workers at $25 an hour, that can NPV to around $200,000 of NPV per humanoid. That's discounting back 15 years from 2040.Michelle, there's 160 million people in the U.S. labor market, so if you just substituted 1 percent of that or 1.6 million people out of the U.S. Labor pool. 1.6 million times $200,000 NPV; that's $320 billion of value, which is worth, well, quite a lot. Quite a lot of money to a lot of companies that are working on this. So, when we get asked, what are we watching, well, in terms of the bleeding edge of the robot revolution, we're watching the Sino-U.S. competition. And I prefer to call it competition. And we're also watching the terra cap companies, the Mag 7 type companies that are quite suddenly and recently and very, very significantly going after physical AI and robotics talent. And increasingly even manufacturing talent. So again, to circle back to Chris's point, if you want evidence of reshoring and manufacturing and advanced manufacturing in this country, look at some of these TMT and tech and AI companies in California. And look at, go on their hiring website and watch all the manufacturing and robotics people that they're trying to hire; and pay a lot of money to do so. And that might be an interesting indicator of where we're going.Michelle Weaver: I want to dig in a little bit more there. We're seeing a lot of the cutting-edge tech coming out of China. Is the U.S. going to be able to catch up?Adam Jonas: Uh, I don't know. I don't know. But I would say what's our alternative. We either catch up enough to compete or we're up for grabs. OK?I would say from our reading and working closely with our team in China, that in many aspects of supply chain, manufacturing, physical AI, China is ahead. And with the passage of time, they are increasingly ahead. We estimate, and we can't be precise here, that China's lead on the U.S. would not only last three to five years, but might even widen three to five years from now. May even widen at an accelerating rate three to five years from now.And so, it brings into play is what kind of environment and what kind of regulatory, and policy decisions we made to help kind of level the playing field and encourage the right kind of manufacturing. We don't want to encourage trailing edge, Victorian era manufacturing in the U.S. We want to encourage, you know, to skate to where the puck is going technology that can help improve our world and create a sustainable abundance rather than an unsustainable one. And so, we're watching China very, very closely. It makes us a little bit; makes me a little bit kind of nervous when we – if we see the government put the thumb on the scale too much.But it's invariably going to happen. You're going to have increased involvement of whichever administration it is in order to kind of set policies that can encourage innovation, education of our young people, repurposing of labor, you know. All these people making machines in this country now. They might get, there may be a displacement over a number of years, if not a generation.But we need those human bodies to do other things in this economy as well. So, we; I don't want to give the impression at all in our scenarios that we don't need people anymore. Michelle Weaver: What are the opportunities and the risks that you see for investors as robotics converges with this broader U.S. manufacturing story? Adam Jonas: Well, Michelle, we see both opportunities and risks. There are the opportunities that you can measure in terms of what portion of global GDP of [$]115 trillion could you look at. I mean, labor alone is $40 trillion.And if you really make humanoid that can do the work of two workers, guess what? You're not going to stop at [$]40 trillion. You're going to go beyond that. You might go multiple beyond that. Talking about the world before AI, robotics and humanoid is like talking about the world before electricity. Or talking about business before the internet. We don't think we're exaggerating, but the proof will be in the capital formation. And that's where we hope we can be of assistance to our clients working together on a variety of investment ideas. But the risks will come and it is our professional responsibility, if not our moral responsibility, to work with our partners across research to talk about those risks. Michelle, if we have labor displacement, go too quickly, there's serious problems. And if you don't, if you don't believe me, go look at, look at you know, the French Revolution or the Industrial Revolution, or Age of Enlightenments. Ages of scientific enlightenment frequently cohabitate times of great social and political turmoil as well. And so, we think that these risks must be seen in parallel if we want to bring forth technologies that can make us more human rather than less human. I'm sorry if I'm coming across as a little preachy, but if you studied robots and labor all day long, it does have that effect on you. So, Michelle, how do you see innovation priorities changing for industrials and investors in this environment?Michelle Weaver: I think it's huge as we're seeing AI and technology broadly diffuse across different segments of the market, it's only becoming more important. About two-thirds of companies at the conference mentioned AI in some way, shape, or form. We know that from transcripts. And we're seeing them continue to integrate AI into their businesses. They're trying to go beyond what we've just seen at the initial edge. So, for example, if I think about what was going on within AI adoption a couple years ago, it was largely adding a chat bot to your website that's then able to handle a lot of customer service inquiries. Maybe you could reduce the labor there a little bit. Now we're starting to see a lot more business specific use cases. So, for example, with an airline, an airline company is using AI to most optimally gate different planes as they're landing to try and reduce connection times. They know which staff needs to go to another flight to connect, which passengers need to move to another flight. They're able to do that much more efficiently. You're seeing a lot on AI being adopted within manufacturing to make manufacturing processes a lot more seamless. So, I think innovation is only going to continue to become more important to not only industrials, but broadly the entire market as well.Clearly the industry is being shaped by adaptability, collaboration, and a focus on innovation. So, Chris, Adam, thank you both for taking the time to talk. Adam Jonas: Always a pleasure. Michelle.Christopher Snyder: Thank you for having us on. Michelle Weaver: And to our listeners, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen to the show and share the podcast with a friend or colleague today.

A total of 62% of top Irish companies have adopted AI technologies to support their operations, according to new Deloitte research produced in collaboration with UCD Michael Smurfit Graduate Business School. Adoption is advancing fastest in technology-driven sectors, with 94% of technology, media and telecommunications (TMT) businesses surveyed saying that they use AI. The finding is included in a survey of 115 indigenous, private limited businesses participating in Ireland's Best Managed Companies programme. The top use cases for AI include employee support and internal productivity (28%), operational efficiency and automation (22%), and sales/marketing and customer engagement (15%). Separately, operational process improvements (55%) are the leading innovation priority across companies surveyed. One in three companies (33%) listed the cost of doing business as a top challenge and key strategic focus. This is particularly high in specific industries and sectors, with 41% of family businesses and 51% of companies in the consumer industry citing it as their foremost challenge. Talent acquisition and retention remain high on the agenda, with 23% of companies naming it as a key challenge, and the leading barrier to growth at 28%. When asked about their talent retention strategies, 95% of companies surveyed said they were prioritising the improvement of engagement between employees and management, 78% said they were increasing investment in professional development, while 72% are introducing wellbeing programmes, and 66% are increasing staff compensation. Geopolitical and regulatory challenges were also a significant barrier to growth and a priority area for respondents, with one in four companies (25%) closely monitoring policy changes and trading dynamics. Among the companies in the cohort, 57% of companies report that women make up at least 20% of their C-suite, while 16% have achieved gender balance with 50% or more female representation at this level. However, these figures tend to be lower in STEM-focused sectors. Developing new products and services emerged as the foremost growth strategy, with nearly two-thirds (65%) of companies indicating it will play a key role in their growth plans over the next five years. A total of 55% of respondents expect to grow their business through mergers and acquisitions (M&A), while international expansion and increasing headcount were each cited by 52% of companies. Only 9% of businesses said they would use third-party debt for growth. Over three-quarters (76%) of TMT companies cite M&A as a key growth strategy, and 71% are allocating resources to international expansion to accelerate growth and capture new market opportunities. Private equity-backed businesses are also prioritising international growth, with 57% of PE-backed companies identifying overseas expansion as a strategic focus. Brian Murphy, Lead Partner for Ireland's Best Managed Companies Awards Programme, said: "Rising costs continue to challenge businesses across the board, but Ireland's Best Managed Companies are powering through with remarkable resilience, unstoppable ambition, and an unwavering commitment to excellence. "Innovation is a key theme, and across every industry, launching new products and services is the top growth strategy for the next five years. These companies are not just talking the talk; they're walking the walk, with 62% already harnessing the power of AI to enhance productivity. "Talent acquisition and retention remain tough battles, but the Best Managed Companies are winning by putting their people first; focusing on employee engagement and investing heavily in professional development to boost overall performance. "This survey of Ireland's Best Managed Companies sends a clear message: we must champion our homegrown businesses, fuel their growth, and support their scaling journey to become the next wave of great Irish success stories." This year's winners of the Ireland's Best Managed Companies prog...

In this week's ASEAN Speaks, our host Thilan kicks off with the latest tailwinds driving Southeast Asia's internet and telecom sectors.Hussaini, our TMT analyst, breaks down Sea Limited's Shopee momentum and AI-driven gaming push, then explains why he's bullish on Singapore Telecommunications and Indosat.Finally, Seng Yeow from our Quant team reviews Malaysia's 2Q earnings season, highlighting positive market sentiment and key portfolio rebalancing signals.Edited by Shaina and Sheryl

Welcome to The Money Trench! This week, Mark sits down with a legend in the industry, Jo Charrington, president of Capitol Records. With a career spanning over three decades at labels including London, Virgin, BMG, Sony, EMI and now Universal, Jo has helped discover and break some of the world's biggest artists, from Sam Smith and Paloma Faith to 5 Seconds of Summer, Olly Murs, and now Olivia Dean. During their chat, the pair discuss the realities of artist development, the pressures and rewards of building global stars, and the evolving role of the major label in today's fragmented music business. NEWSLETTER ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for the TMT newsletter - featuring each week's hottest music industry stories. SOUNDON The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. TIXEL The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. PPL  The Money Trench is sponsored by the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. KEEP UP TO DATE For the latest podcast and music business updates, make sure to follow us on:  Instagram:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@the_money_trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ GET IN TOUCH If you have any feedback, guest suggestions or general comments? We'd love to hear from you! -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Get in touch here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Thanks to our partners ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Earth/Percent⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tom A Smith⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Aimless Play⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fourth Pillar⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sennheiser⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Junkhead Studio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tape Notes⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Executive Producer: Mike Walsh Producer: Tape Notes 

La tertulia semanal en la que repasamos las últimas noticias de la actualidad científica. En el episodio de hoy: Cara A: -Sobre el posible biomarcador en la roca marciana de Cheyava Falls (5:00) -Continúa Órbita Laika y se cancela El Cazador de Cerebros en TVE (21:00) -España apuesta por el TMT (45:30) Este episodio continúa en la Cara B. Contertulios: Borja Tosar, Francis Villatoro, Héctor Socas, José Edelstein. Imagen de portada realizada con Midjourney. Todos los comentarios vertidos durante la tertulia representan únicamente la opinión de quien los hace... y a veces ni eso

This week for TMT we wanted to take a minute to discuss one of the most common questions: how should we set a decoy spread for early goose season? We talk through the ins and outs of how we would set our early goose spreads depending on the weather and birds in your area. These are not the exact solution for everyone! Pay attention to your birds. Scout the way they eat, the way they travel, roost and behave. Play your hand! Thanks so much for listening and be sure to subscribe and review!   New Waterfowl Film out now! Flooded Timber Duck Hunting in Arkansas Stay comfortable, dry and warm: First Lite (Code MWF20) Go to OnXHunt to be better prepared for your hunt: OnX Learn more about better ammo: Migra Ammunitions Weatherby Sorix: Weatherby Support Conservation: DU (Code: Flyways) Stop saying "Huh?" with better hearing protection: Soundgear Real American Light Beer: Outlaw Beer Live Free: Turtlebox Add motion to your spread: Flashback Better Merch: /SHOP

In this week's ASEAN Speaks, our host Thilan looks at why Singapore continues to attract safe haven flows amidst regional uncertainty.Hussaini, our TMT analyst, shares why he thinks the telco sector still has more upside, with a new BUY on StarHub and higher target price on Singtel.Next, our transport analyst, Eric highlights ComfortDelGro's latest CityCab deal, explaining why this could close the performance gap with other midcaps.Across the Causeway, Desmond wraps up 1H results for Malaysian banks and explains why “no bad news is good news” for the sector heading into 2H.Edited by Wanzhen & Shaina

Welcome to The Money Trench! This week, Mark sits down with visionary British artist Jack Garratt. Jack first rose to prominence in 2016 after winning both the BBC Sound Of… poll and the BRIT's Critic's Choice Award, before earning a gold debut album with Phase. Almost a decade later, Garratt is back with his third album, Pillars. Throughout their chat, the pair discuss the struggles of a modern artist, the lack of mental health support within the industry, and why streaming your favourite artists just isn't enough anymore. NEWSLETTER ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for the TMT newsletter - featuring each week's hottest music industry stories. SOUNDON The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠⁠⁠. TIXEL The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠⁠⁠. PPL  The Money Trench is sponsored by the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. KEEP UP TO DATE For the latest podcast and music business updates, make sure to follow us on:  Instagram:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@the_money_trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ GET IN TOUCH If you have any feedback, guest suggestions or general comments? We'd love to hear from you! -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Get in touch here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Thanks to our partners ⁠⁠⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Earth/Percent⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tom A Smith⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Aimless Play⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fourth Pillar⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sennheiser⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Junkhead Studio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tape Notes⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Executive Producer: Mike Walsh Producer: Tape Notes 

Shares of Alphabet soar after a judge rules it won't have to divest its Chrome browser. A look at the impact of the ruling for other AI startups as well as Apple, which Google pays to be the default search engine on the iPhone. Then Macy's shares tracking for the best day since 2021. A breakdown of results and the company's turnaround efforts. Plus the CEO of HP Inc. is live from Citi's annual TMT conference. How tariffs and AI demand are impacting business.

In this week's ASEAN Speaks, our host Thilan goes through the many tailwinds boosting Singapore's market.Brian comes in to talk about Singapore's recent jump in manaufacturing numbers and why the economics team is forecasting a potentially higher GDP growth for Singapore.Hussaini, our TMT analyst talks about Singtel's recent investor day and the key takeaways that he believes supports his reiteration of a BUY on Singtel.Focusing on Indonesia, Etta goes through why he believes GoTo share price is likely to double after GoTo posts their 1H numbers amidst the chaos happening in Indonesia currently.Jarick also comes on to highlight ISOTeam's FY25 earnings, their future prospects and expected rebound as well as on Marco Polo Marine's interest on listing in Taiwan.Edited by Bruce

Welcome to The Money Trench! This week, Mark is joined by Mark Orr, founder of LAB Records. Starting the company while still at university and promoting DIY shows, Mark has grown LAB to hundreds of releases, while keeping a laser focus on artist development, physical retail, and sustainable growth. During their chat, Mark also breaks down how Indies compete on the biggest stages, what really moves the UK charts in 2025, and why location outside London can be a superpower rather than a handicap. NEWSLETTER ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for the TMT newsletter - featuring each week's hottest music industry stories. SOUNDON The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠⁠. TIXEL The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠⁠. PPL  The Money Trench is sponsored by the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. KEEP UP TO DATE For the latest podcast and music business updates, make sure to follow us on:  Instagram:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@the_money_trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ GET IN TOUCH If you have any feedback, guest suggestions or general comments? We'd love to hear from you! -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Get in touch here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Thanks to our partners ⁠⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Earth/Percent⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tom A Smith⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Aimless Play⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fourth Pillar⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sennheiser⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Junkhead Studio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tape Notes⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Executive Producer: Mike Walsh Producer: Tape Notes 

This week we wanted to take a minute to talk about but about early goose. We get lots of questions this time of year about best practices and how to be successful during early goose hunting. Every situation and group of birds is different, but hopefully this TMT will give you a few simple pointers to get the ball rolling! Thanks so much for listening and be sure to subscribe and review!   New Waterfowl Film out now! Flooded Timber Duck Hunting in Arkansas Stay comfortable, dry and warm: First Lite (Code MWF20) Go to OnXHunt to be better prepared for your hunt: OnX Learn more about better ammo: Migra Ammunitions Weatherby Sorix: Weatherby Support Conservation: DU (Code: Flyways) Stop saying "Huh?" with better hearing protection: Soundgear Real American Light Beer: Outlaw Beer Live Free: Turtlebox Add motion to your spread: Flashback Better Merch: /SHOP

Charlotte and Zack rewrite history to make this the best episode of MMY yet! On this episode we cover the following issues (all available via Marvel Unlimited): Journey Into Mystery #633-#636, 639-641 More like Journey into Mastery am I right? The Mighty Thor / Journey Into Mystery JiM #642, TMT #19, #643, TMT #20, #644, […] The post 2012 Pt. 1: More Kieron Gillen Asgard! appeared first on Comic Book Herald.

Welcome to The Money Trench!  This week, Mark sits down with Madeleine O'Gorman, General Manager for Mushroom Music Uk & Europe. Having grown up in Australia's thriving independent scene before relocating to London, Madeleine has built a career across journalism, agencies, and label management at Liberator and Ivy League before stepping into her current role at Mushroom. The pair chat about the unique challenges of breaking Australian artists internationally, how Mushroom balances independence with global ambition, and the strategies behind comeback campaigns for established acts like Pendulum and The Temper Trap. NEWSLETTER ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for the TMT newsletter - featuring each week's hottest music industry stories. SOUNDON The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠. TIXEL The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠. PPL  The Money Trench is sponsored by the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. KEEP UP TO DATE For the latest podcast and music business updates, make sure to follow us on:  Instagram:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@the_money_trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ GET IN TOUCH If you have any feedback, guest suggestions or general comments? We'd love to hear from you! -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Get in touch here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Thanks to our partners ⁠⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Earth/Percent⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tom A Smith⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Aimless Play⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fourth Pillar⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sennheiser⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Junkhead Studio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tape Notes⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Executive Producer: Mike Walsh Producer: Tape Notes 

In this week's episode of Top in Tech, Megan Stagman, Director for TMT, and Sourav Bhowmick, Director in Washington DC, deep dive into the newly published AI Action Plan from the Trump administration. They unpack the key components of the plan, and its associated Executive Orders, including its focus on shifting away from the flurry of recent state-level legislation on AI, the emphasis on preventing 'woke AI' and the long-term implications of delivering the Infrastructure Order. Megan and Sourav also touch on the interplay between the US's strategic priority of exporting AI while strengthening export control enforcement. Hosted on Acast. See acast.com/privacy for more information.

Welcome to The Money Trench! This week, Mark is joined by David Martin, CEO of the Featured Artist's Coalition (FAC). As a leading voice in championing fairness, transparency, and sustainability in the music industry, David is an expert in management, touring, and advocacy. The pair explore how the FAC is pushing for streaming reform, supporting artists post-Brexit, and fighting for artist-first structures across the music ecosystem. NEWSLETTER ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for the TMT newsletter - featuring each week's hottest music industry stories. SOUNDON The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠. TIXEL The Money Trench is sponsored by ⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠. PPL  The Money Trench is sponsored by the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. KEEP UP TO DATE For the latest podcast and music business updates, make sure to follow us on:  Instagram:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@the_money_trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ GET IN TOUCH If you have any feedback, guest suggestions or general comments? We'd love to hear from you! -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Get in touch here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Thanks to our partners ⁠⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Earth/Percent⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tom A Smith⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Aimless Play⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fourth Pillar⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sennheiser⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Junkhead Studio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tape Notes⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Executive Producer: Mike Walsh Producer: Tape Notes 

Es oficial: España quiere que el Telescopio de Treinta Metros se instale en la isla de La Palma. Este artefacto será una máquina ciclópea que necesitará una cúpula de 60 metros de altura y otros 60 metros de ancho para funcionar. Sólo tres telescopios en el mundo tendrán un tamaño comparable, y si se logra construir con éxito será uno de los instrumentos que marcarán la astronomía del siglo XXI. Lamentablemente, siendo todo esto verdad, el TMT también es uno de los proyectos más problemáticos de lo que llevamos de siglo. Inicialmente pensado para ser construido en la cima del volcán Mauna Kea, en Hawái, las obras llevan detenidas desde 2015 por la oposición de indígenas hawaianos, grupos ecologistas y nacionalistas de las islas. A esto se ha sumado la llegada de la administración Trump, que pretende hacer severos recortes en su presupuesto de ciencia y anunció hace dos meses que renunciaba a financiar la construcción del Telescopio de Treinta Metros. Ante esta situación es perfectamente factible que el proyecto haya de abandonarse, y el Gobierno de España se ha manifestado públicamente para tratar de ocupar ese vacío. En el programa de hoy os contamos los detalles de esta rocambolesca historia y analizamos qué posibilidades tiene España de llevarse el gato al agua y que uno de los artefactos científicos más importantes del siglo termine en suelo español. Los veteranos de la sección recordaréis que es la *segunda* vez que damos esta noticia. La primera fue en el año 2016 cuando, tras un año con las obras paralizadas en Mauna Kea, se aceptó a La Palma como emplazamiento alternativo para el TMT. Por aquel entonces no estaba claro qué ocurriría, pero ahora, casi diez años después y tras la cancelación de la financiación estadounidense, La Palma podría tener muchas más opciones. Si queréis recordar cómo os lo contamos entonces, lo tenéis en el episodio s06e12. Este programa se emitió originalmente el 25 de julio de 2025. Podéis escuchar el resto de audios de La Brújula en la app de Onda Cero y en su web, ondacero.es

GuestSeth Pinegar, West Coast Regional Director, The CFO CentreWebsitehttps://www.cfocentre.com/us/BioSeth has 25+ years' experience in helping companies successfully seed, develop, grow, finance, operate, strategize, execute, acquire, consolidate and/or enable investor exits – first with nearly a decade in TMT investment banking with JPMorgan and UBS Investment Bank, followed by Corporate Development and CFO roles in several successful technology and services companies. Since 2017 Seth has launched and run CFO Centre first in Shanghai, China and now the West Coast USA, having worked with dozens of clients to bring them the best of its global platform.A business-focused fractional CFO and adviser, Seth's work has included day-to-day operational work such as restructuring and leading Finance teams, to improving financial reporting and transparency, structuring and leading new business initiatives, operational restructurings and cost reductions, and directing company growth in a financially healthy and investor exit-friendly way.Seth has led over $7bn in equity and debt financings for companies in all stages of development, as well as structured and led M&A transactions (buy-side and sell-side) totaling over $5bn in aggregate value. Having done both numerous times at scale and involving sophisticated counterparties (i.e. institutional investors/lenders and publicly-traded companies), he has an acute awareness of requirements for successful deals, and thus provides exceptional strategic advice for optimizing numerous medium- and long-term outcomes.

Featuring an interview with Dr Erika Hamilton, including the following topics: Optimal selection and sequencing of available antibody-drug conjugates for HR-positive metastatic breast cancer (0:00) Bardia A et al. Datopotamab deruxtecan versus chemotherapy in previously treated inoperable/metastatic hormone receptor-positive human epidermal growth factor receptor 2-negative breast cancer: Primary results from TROPION-Breast01. J Clin Oncol 2025;43(3):285-96. Abstract  Pistilli B et al. Datopotamab deruxtecan (Dato-DXd) vs chemotherapy in previously-treated inoperable or metastatic hormone receptor-positive, HER2-negative breast cancer: Final overall survival from the Phase III TROPION-Breast01 trial. ESMO Virtual Plenary 2025;Abstract VP1-2025. First-line use of sacituzumab govitecan in combination with pembrolizumab for advanced triple-negative breast cancer (8:02) Tolaney SM et al. Sacituzumab govitecan (SG) + pembrolizumab (pembro) vs chemotherapy (chemo) + pembro in previously untreated PD-L1–positive advanced triple-negative breast cancer (TNBC): Primary results from the randomized phase 3 ASCENT-04/KEYNOTE-D19 study. ASCO 2025;Abstract LBA109. Ongoing trials evaluating datopotamab deruxtecan in earlier lines of therapy (12:06) Dent RA et al. TROPION-Breast02: Datopotamab deruxtecan for locally recurrent inoperable or metastatic triple-negative breast cancer. Future Oncol 2023;19(35):2349-59. Abstract McArthur HL et al. TROPION-Breast04: A randomized phase III study of neoadjuvant datopotamab deruxtecan (Dato-DXd) plus durvalumab followed by adjuvant durvalumab versus standard of care in patients with treatment-naïve early-stage triple negative or HR-low/HER2- breast cancer. Ther Adv Med Oncol 2025;17:17588359251316176. Abstract Bardia A et al. TROPION-Breast03: A randomized phase III global trial of datopotamab deruxtecan ± durvalumab in patients with triple-negative breast cancer and residual invasive disease at surgical resection after neoadjuvant therapy. Ther Adv Med Oncol 2024;16:17588359241248336. Abstract Schmid P et al. TROPION-Breast05: A randomized phase III study of Dato-DXd with or without durvalumab versus chemotherapy plus pembrolizumab in patients with PD-L1-high locally recurrent inoperable or metastatic triple-negative breast cancer. Ther Adv Med Oncol 2025;17:17588359251327992. Abstract Available data with and ongoing trials of sacituzumab tirumotecan for HR-positive, HER2-negative and triple-negative breast cancer (16:53) Yin Y et al. Sacituzumab tirumotecan (sac-TMT) as first-line treatment for unresectable locally advanced/metastatic triple-negative breast cancer (a/mTNBC): Initial results from the phase II OptiTROP-Breast05 study. ASCO 2025;Abstract 1019. Xu B et al. Sacituzumab tirumotecan in patients with previously treated locally recurrent or metastatic triple-negative breast cancer (TNBC): Results from the Phase III Opti-TROP-Breast01 study. ASCO 2024;Abstract 104. Yin Y et al. Sacituzumab tirumotecan in previously treated metastatic triple-negative breast cancer: A randomized phase 3 trial. Nat Med 2025;31(6):1969-1975. Abstract Garrido-Castro AC et al. SACI-IO HR+: A randomized phase II trial of sacituzumab govitecan with or without pembrolizumab in patients with metastatic HR+/HER2-negative breast cancer. ASCO 2024;Abstract LBA1004. CME information and select publications

Welcome to The Money Trench! This week, Mark is joined by Alistair Norbury, President of UK, Europe and Asia-Pacific at BMG.  Together, they explore how one of the world's biggest music companies is rethinking deals, rights, and the artist-label relationship. From signing Kylie Minogue, Louis Tomlinson, and Craig David, to reviving classic catalogues from Black Sabbath, The Kinks, and Gary Numan, Alistair walks us through BMG's artist-friendly ethos and global strategy. NEWSLETTER ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up HERE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for the TMT newsletter - featuring each week's hottest music industry stories. SOUNDON The Money Trench is sponsored by ⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠. TIXEL The Money Trench is sponsored by ⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠. PPL  The Money Trench is sponsored by the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. KEEP UP TO DATE For the latest podcast and music business updates, make sure to follow us on:  Instagram:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@the_money_trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Website: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Money Trench⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ GET IN TOUCH If you have any feedback, guest suggestions or general comments? We'd love to hear from you! -⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Get in touch here!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Thanks to our partners ⁠⁠⁠⁠⁠SoundOn⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠Tixel⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠PPL ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Earth/Percent⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tom A Smith⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Aimless Play⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fourth Pillar⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sennheiser⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Junkhead Studio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tape Notes⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Executive Producer: Mike Walsh Producer: Tape Notes 

迎收听雪球出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。今天分享的内容叫盘点三次A股大牛市，我有了一些经验和感悟，来自超级定投家主理人。自2000年以来，A股市场上曾经历过3次主要的牛市，分别在2005-2007年、2014-2015年、2019-2021年。今年6月底以来，A股表现持续强势，这几天也站上了3600点的高地。在这个时间点上，或许大家都有点心潮澎湃，但也不免有些忐忑：这轮行情究竟能走多远？想要回答这个问题，不妨先从历史经验中寻找答案。因此今天来复盘A股过去的3次大牛市带来了哪些宝贵的经验和前瞻，以及本次行情下我们的一些感悟。今天的内容全是干货、满满回忆，无论你是刚入市的新手，还是经历过几轮牛熊的老股民，都可以来再次回顾、总结下当时的市场。1、3次大牛市复盘回顾前三次大牛的行情，我们可以发现领涨的、跟涨的、以及不怎么涨的行业，都各有差异：例如，在05-07年涨幅排在倒数的计算机行业，在14-15年却是领涨的第一名；而在14-15年排名倒数的食品饮料，在19-21年则是绝对的排头兵。这种行业表现上的差异，本质上都在于，每一轮牛市背后的驱动因素不同。每一次行情里，在宏观经济、市场政策、产业面发展情况等方向上，都有很大的不同。第一轮牛市：2005年-2007年从宏观上来看，当时的经济，正处于一种内生性的高速发展。自2001年中国加入世界贸易组织后，强劲的出口，为我们国家的各大企业带来了可观的盈利，名义 G D P 增速持续保持两位数增长，企业盈利与宏观经济同步改善为股市提供了较好的基本面支撑；当时的货币和财政政策并没有特别宽松的扶持。在2005年，政策面上也迎来了重大转机，也是启动行情的重要因素：股权分置改革+浮动汇率制度。2005年4月的股权分置改革，代表了一个更流通的市场。这个名词大家可能经常听说，但不太清楚它的具体意思和现实意义。简单来说，在改革之前，A股上市公司的股份被分成两类：- 流通股：社会公众持有，可自由交易，也就是股市上主要交易的股份类别，不过占总股本的比例较少。- 非流通股：国有股、法人股为主，暂不上市，占总股本的比例较多。这种制度形成的原因，主要是90年代证券市场初创时，为避免国有资产流失而规定的。但它也有一些不太完善的地方，例如：- 非流通股的成本很低（比如1元），而流通股成本较高（在股市里买入的，一般都比1元贵不少），但拿到的分红是一样的，这就带来了收益分配的问题，流通股的吸引力明显不高；- 非流通股不会因为股价波动而影响自身利益，但又占股东的大多数，具有决策权，这就导致了决策者的利益捆绑不足；- 与国外发达市场的全流通制度差异较大，资本市场的开放程度不足。总而言之，股权分置改革的核心，就是消除流通股和非流通股的制度差异，尽量建立全流通的市场。具体的措施有很多，我们不需要全部了解，只需要知道结果是：在改革之后，两种股的股东权益比之前更加平等了，可以在A股市场交易的流通股的吸引力大大增加。2005年7月的浮动汇率制度，代表着中国资产吸引力加强2005年7月之前的一段时间，人民币的汇率管控是相对严格的，基本上固定在1美对应8.23人民币左右。但当时，中国的出口贸易已经进入高速发展期了，外汇储备很多，人民币有比较强的升值动力，因此从2005年7月开始，央妈放松了汇率管控，让人民币汇率更加市场化。这样的结果是，处于高速发展期的中国资产吸引力很强，人民币汇率快速升值，也吸引了许多外资的投资兴趣。总结来看，这波行情，是坚实的基本面高速发展+两个非常重要的政策改革所带动的。现在，我们回到A股市场上：1. 当时市场情绪回暖，券商受益于交投活跃度增加，佣金收入大幅增长，板块率先开启上涨。2. 顺周期属性最强的银行和地产也跟进领涨。3. 经济持续上行，推动钢铁、有色金属等周期行业接力。不过，需要单独提一下，本轮行情中TMT板块看起来是表现较弱的，传媒、计算机、通信、电子恰好都垫底，而这主要是因为，那个时点我们的科技公司基本还都处于起步阶段，相对竞争力较弱。第二轮牛市：2014年-2015年在经历了十年左右的高速发展期之后，国内经济增长出现减缓，GDP季度增速下滑明显。作为应对措施的一部分，央行采取了宽松的货币政策：在2014年到2015年连续6次降息，并进行了3次降准，累计降准幅度达250BP。此外，2014年5月国家重磅发布资本市场政策“新国九条”，其中与股市相关的重要内容包括：- 推进股票发行的注册制改革，加大股权融资比例，重启IPO；- 开通沪港通渠道，扩大资本市场的开放。- 这些因素加在一起，导致了这样的现象：打新收益比较高+沪港通开通后市场情绪不错，吸引了许多散户入场；央行连续降息背景下，融资利率较低——融资加杠杆炒股，成为了当时比较常见的事情。截止到2014年末，融资融券规模破万亿（年初为3.5千亿，翻了三倍），2015年5月破2万亿，这也是一个到现在都没有再破过的记录。所以这一轮，也被很多人称为“杠杆牛”。我们再看回A股市场上：1. 当时市场的典型特征是交易活跃、两融等杠杆比较高，直接受益于此的券商行业走出领涨，开启年末单月翻倍的“狂飙”模式。2. 军工、银行、钢铁等板块后续也有显著表现。3. 2015年3月两会正式提出“互联网+”后，点燃了科创概念，TMT板块接力上涨。但，本轮行情中，消费相对较弱，食品饮料和美容护理在各行业中涨幅垫底。第三轮牛市：2019年-2021年受国内经济新旧动能转换+与美国第一轮贸易战的影响，国内经济增速有所放缓，社融增速有所下滑；在2020年新冠疫情刚爆发的一段时间，经济也面临了比较大的压力挑战。所以，为了应对经济内生性增速下降+新冠疫情的影响，央妈持续采取着宽松的货币政策。在2019年到2021年之间，央行连续四次降准，累积幅度达200BP（有点梦回2015年），连续三次降息，MLF由3.3%降至2.95。而且，那个时候的财政政策应对也是比较积极的。2019年3月两会推出大幅减税政策，强化了企业盈利改善的信心；2020年为尽快从疫情影响中复苏，政府开始大量发债。在内忧外患下，货币和财政政策都在积极大力宽松以扶持中国经济，带动基本面走好。而在资本市场上，其实还有一个重要的原因：2018年的资管新规推出后，非标投资（也就是非标准化债权类资产）受到严格限制，许多资金在原本投资到期后，就需要做别的配置。这时候，公募基金凭借信息透明、监管规范的优势，再加上互联网销售平台的助力，很大程度上接住了这一波资金。随着公募基金在市场中的影响力越来越大，甚至成为影响资产价格的重要边际力量，市场上表现比较好的行业，往往就是公募基金重点持仓的行业了。1. 2019年：科技股（计算机、电子）和消费股（白酒）领涨市场。2. 2020年初：疫情爆发后，医药板块接力上涨行情。3. 2020年9月：随着碳中和政策正式提出，也有多家龙头企业在技术和市场上取得突破，开启新能源产业趋势行情，电力设备、汽车行业表现亮眼。而本轮行情中周期股表现相对较弱，与公募基金低配周期板块有关。2、5个问题，看看现在的市场情况回顾完前三次的上涨行情后，我们再来看看当前市场情况如何。第一，经济基本面？——弱复苏是当前的主线目前工业生产和出口仍然有韧性，但内生融资需求仍不强，地产数据未有明显好转，物价持续偏弱，预计下半年维持弱复苏格局。第二，货币政策？——持续宽松2024年以来，央行降准三次，累计幅度150BP，降息三次，7天逆回购利率降至1.40%，创历史新低，带动贷款和存款利率同步下行，并创设货币政策创新工具（互换便利、回购增持再贷款）等。整体来看，央妈对实体经济和资本市场的流动性，都有比较强的呵护。第三，财政政策？——更加积极宽松2024年12月的中央经济工作会议上，首次提出“实施更加积极的财政政策”，25年3月的两会上将财政赤字率从去年的3%提高至4%，并持续扩大政府债券规模。第四，资本市场政策？—— 9 2 4 组合拳+反内卷去年924国新办上，央妈+财爸+证监会的三部门政策组合拳，毫无疑问是近几年“最靓的仔”。配合“国家队”的持续买入，体现了极强的稳住股市的政策意愿，极大扭转了之前市场的悲观预期，股市快速止跌反弹。近期的“反内卷”政策，虽然严格意义上不算资本市场政策，不过由于其涉及各行各业的基本面改善预期，直指当前经济中最重要的“通缩”问题，因而也带动了很强的市场情绪。此外，今年以来，在AI、创新药等科技领域的新兴产业，频频有重大技术突破发生，对于市场情绪也有重要的提振效果。第五，那现在的市场及板块情况呢？自从2024年9月末以来，A股市场已经离开了先前的疲弱态势，开启了上行的趋势。从板块启动顺序来看：2024年9月24日-2024年年底1. 政策组合拳后，券商作为习惯上的“牛市旗手”，又成为涨幅第一的板块；2. 政策利好比较多、且前期已经经过深度调整的房地产随后跟上；3. 商贸零售受到以旧换新政策的利好，在2024年四季度领涨；4. TMT板块也受益于风险偏好提升，受到资金青睐，涨幅也不错。2025年年初至今1. 行情呈现着比较明显的“哑铃”结构；2. 哑铃进攻的一端，是产业热点频出的高科技行业。从春节前后的DeepSeek、春晚机器人跳舞带来的TMT行情，到二季度大爆发的创新药产业行情，都曾经带领整个行业跑出一个月25%以上的夸张涨幅。全球地缘冲突升温的背景下，军工也有着不错的表现；3. 哑铃防守的一端，则是受益于金价猛涨的有色金属板块，以及资产荒背景下、以银行为典型的高股息主题；4. 7月以来，反内卷政策持续提出和落地，以钢铁、建材、煤炭等为代表的顺周期资源品板块领涨。不过，如果从今年4月8日开始计算的话，食品饮料和公用事业表现相对弱一些。3、关于未来，我们的几点感悟7月以来，大A确实很猛，一周稳住3500点，现在又开始在3600点关口上下反复博弈，市场情绪明显升温。但复盘完A股的3次大牛市，我反而有了另一些感悟：1. 没有永恒的“领涨板块”，只有不断轮动的市场风格三轮牛市，每次领涨的行业都截然不同——2005-2007年是金融地产，2014-2015年是券商和TMT，2019-2021年则轮到了消费和新能源。而那些曾经表现不佳的板块（比如2005年的计算机、2015年的食品饮料），后来却成了另一轮行情的主角。2. 牛市中市场情绪很重要，但基本面的驱动力也不可忽视每一轮牛市都伴随着高涨的市场情绪，但真正决定行情持续性的，始终是基本面支撑。经济高增长、政策宽松、产业升级，这些都是实实在在的驱动力。3. 市场永远在变，只要你的投资框架架得够稳，就有可能抓住更多胜率与其纠结“是不是牛市起点”，不如踏踏实实做另一件更关键的事：构建一个攻守兼备的组合——例如“哑铃结构”配置。根据上文的复盘，本轮行情，与此前的几次相比，还是有一些不同的地方。一个是，本轮行情中行业轮动速度非常快，而且科技成长板块热度很高，主要包括创新药、人形机器人、AI、军工等频频有突破性的产业热点推出的行业。——这指向的是，高科技行业可能成为未来行情的“旗手”。另一个是，本轮行情处在非常低利率、城投债融资减少的资产荒环境下，这是前几轮行情都没有的。目前10年期国债收益率已经回落到1.7%的较低水平，信用利差和期限利差也处在历史低位，以保险机构为典型的资产荒情况持续。——这指向的是，股票中的红利主题，很可能成为债券等固收类资产的替代选择，可能也会在资金持续流入下，带动一些行情。因此，攻受兼备的哑铃策略或许更适合现在这样一个快速轮动的行情。到这里，我们的框架基本就搭建出来了：- 攻的方面，关注产业热点频出的高科技类成长赛道；- 守的方面，酌情去配置一些高分红的红利主题；- 此外，结合产业趋势、性价比和市场情绪的微观差异，布局细分方向，灵活把握市场轮动机会，是更精细化的投资方向。总结一句话：牛市与否现在还不知道，但一个攻守兼备的策略，能让你在不确定性中握有更多主动权，这才是当下最该做的事。

This week we have a very special TMT for you guys. A Say What presented by Joey Vassallo himself. Joey came up with what he claims are the best questions ever. Carter and Cal play to see if Carter actually knows as much ball as he says he knows. Listen in for epic failure. At least for one side. Thanks so much for listening and be sure to subscribe and review! New Waterfowl Film out now! Flooded Timber Duck Hunting in Arkansas Stay comfortable, dry and warm: First Lite (Code MWF20) Go to OnXHunt to be better prepared for your hunt: OnX Learn more about better ammo: Migra Ammunitions Weatherby Sorix: Weatherby Support Conservation: DU (Code: Flyways) Stop saying "Huh?" with better hearing protection: Soundgear Real American Light Beer: Outlaw Beer Live Free: Turtlebox Add motion to your spread: Flashback Better Merch: /SHOP

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LionTree's Alex Michael chats with journalist Tara Palmeri, who, after reporting for everyone from the New York Post, CNN, Politico, Puck and ABC News, has struck out on her own with her substack, “The Red Letter,” as well as “The Tara Palmeri Show” on YouTube. The pair explores the entrepreneurial landscape for journalists, and how the confluence of media influencers and hard news is shifting the center of power in the news industry.This podcast is for information purposes only. The opinions and views expressed in this material are solely the participant's personal opinions and do not necessarily reflect the opinions of LionTree or its affiliates. This material should not be copied, distributed, published, or reproduced, in whole or in part, or disclosed by any recipient to any other person without the express written consent of LionTree. The information contained in this material does not constitute a recommendation, offer or solicitation from any LionTree entity to the recipient with respect to the purchase or sale of any security, and LionTree is not providing any financial, economic, legal, investment, accounting, or tax advice through this material or to its recipient. Neither LionTree nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this material and any liability therefore (including in respect of direct, indirect, or consequential loss or damage of any kind whatsoever) is expressly disclaimed. LionTree does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views, or opinions set forth in this material.Third-party content may be published on LionTree pages in response to this material. Such content is not reviewed by LionTree before it is displayed and LionTree cannot guarantee the accuracy or completeness of such content. The opinions and views expressed by the authors of such third-party content are solely the author's personal opinions and do not necessarily reflect the opinions of LionTree or its affiliates. LionTree reserves the right to remove, alter or edit any third-party content published on LionTree pages. LionTree expressly disclaims any liability (including in respect of direct, indirect, or consequential loss or damage of any kind whatsoever) arising out of, or in connection with, the access or use of any social media platform or LionTree page. Use of a social media platform or LionTree page is at your own risk.Securities of any investment funds managed by LionTree are privately offered to selected investors only by means of each such fund's governing documents and related subscription materials. Listeners and viewers should not assume that companies identified in this audio and/or video are representative of all investments made or recommended by LionTree on behalf of each firm's clients. An investment with LionTree is speculative and involves significant risks including the potential loss of all or a substantial portion of invested capital and the lack of liquidity of an investment. Past performance is not indicative of future results.For further information, please see: https://liontree.com/disclaimer/. If you have questions, please go to https://liontree.com/ and select “Contact.”See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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The Giant Magellan Telescope (GMT) is poised to become one of the most powerful ground-based observatories ever built. On June 12, 2025, the U.S. National Science Foundation announced that the GMT will enter its Major Facilities Final Design Phase, bringing it one step closer to full construction. This week on Planetary Radio, host Sarah Al-Ahmed speaks with Rebecca Bernstein, Chief Scientist for the Giant Magellan Telescope Organization and astronomer at the Carnegie Institution for Science, about the groundbreaking technology behind GMT and how it will transform our understanding of the Cosmos. Later in the show, Casey Dreier, chief of space policy at The Planetary Society, returns to discuss his new op-ed in Space News on the White House’s controversial Mars plan, and why a bold vision without political consensus is unlikely to succeed. As always, we wrap up with What’s Up with Bruce Betts, chief scientist at The Planetary Society. Discover more at: https://www.planetary.org/planetary-radio/2025-gmtSee omnystudio.com/listener for privacy information.

This week for TMT we were joined by our good friend and owner of Maxxed Out Guides, Graham Greseth. We talk a bit about some weird hides and some of the different ways they put big groups of clients in a field without being seen. One of those coolest hides we've seen is Graham's massive trailer blind. Listen in to learn more. Thanks so much for listening and be sure to subscribe and review!   New Waterfowl Film out now! Flooded Timber Duck Hunting in Arkansas Stay comfortable, dry and warm: First Lite (Code MWF20) Go to OnXHunt to be better prepared for your hunt: OnX Learn more about better ammo: Migra Ammunitions Weatherby Sorix: Weatherby Support Conservation: DU (Code: Flyways) Stop saying "Huh?" with better hearing protection: Soundgear Real American Light Beer: Outlaw Beer Live Free: Turtlebox Add motion to your spread: Flashback Better Merch: /SHOP

In the third edition of a special podcast series, CancerNetwork® spoke with Daniel Morgensztern, MD; Mary Ellen Flanagan, NP; and Janelle Mann, PharmD, BCOP, about optimal strategies for incorporating different therapeutic agents into lung cancer care. As part of the latest discussion, the group highlighted the relevant efficacy data, administration protocols, and toxicity management considerations associated with TROP2-directed antibody-drug conjugates (ADCs) in patients with non–small cell lung cancer (NSCLC). Morgensztern is a professor of Medicine and the clinical director of Thoracic Oncology in the Division of Oncology at Washington University School of Medicine in St. Louis. Flanagan is a nurse practitioner in the Division of Thoracic Oncology at Washington University. Mann is a clinical oncology pharmacist at Siteman Cancer Center of Washington University School of Medicine and manager of Clinical Pharmacy Services at Barnes-Jewish Hospital. Morgensztern opened the discussion by highlighting the characteristics of prominent TROP2-targeting ADCs in NSCLC management, which included sacituzumab govitecan-hziy (Trodelvy), datopotamab deruxtecan-dlnk (Datroway), and sacituzumab tirumotecan (sac-TMT). Additionally, he reviewed data from clinical trials assessing these ADCs across different NSCLC populations, including the phase 3 EVOKE-01 trial (NCT05089734) showing a numerical overall survival (OS) improvement with sacituzumab govitecan vs docetaxel. Regarding the safety profiles of these ADCs, Flanagan described the unique toxicities associated with the agents' payloads as well as potential off-target effects. On top of myelosuppression, fatigue, and diarrhea, she stated that these therapies may cause more visceral organ toxicities like keratitis of the eye and interstitial lung disease. According to Flanagan, some prophylactic measures in the event of certain toxicities include frequent salt and baking soda mouth rinses as well as oral dexamethasone.  Mann then outlined the dosing variability considerations and supportive care measures surrounding the use of agents like sacituzumab govitecan. She emphasized continuously re-educating patients about expected toxicities and supportive care strategies as they undergo these infusion-based therapies to help avoid surprise instances of ocular toxicity, diarrhea, and other adverse effects. Reference Paz-Ares LG, Juan-Vidal O, Mountzios GS, et al. Sacituzumab govitecan versus docetaxel for previously treated advanced or metastatic non-small cell lung cancer: the randomized, open-label phase III EVOKE-01 study. J Clin Oncol. 2024;42(24):2860-2872. doi:10.1200/JCO.24.00733

欢迎收听雪球出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。今天分享的内容叫股市北上，商品南下，到底谁错了？来自思想钢印9999。924后的“分手”上半年的股市可谓有惊无险，赚钱机会多多，但隔壁的商品市场就是完全两样的风景，大部分工业品都是“一路南下派”，几乎被空头力量主导，偶尔借停产检修或宏观利好反弹一把，也成为“每涨卖机”。国内上市的67个商品期货品种中，主力合约价格年初以来下跌的有39个，看上去没有那么惨？你再看上涨的28个品种中，几乎都是金银和农产品，工业品只有铜、铝、锡三个国际定价的有色品种和尿素这个严格出口管制的农化产品。像焦煤、玻璃、甲醇、塑料、橡胶、纯碱、螺纹钢这一类重要的大宗商品，都是跌幅巨大。上半年这一轮工业品的下跌，实际上是在延续21年以来的商品熊市：焦煤主力合约上半年跌了34%，从21年最高点跌了80%；玻璃主力合约上半年跌了25%，从21年最高点跌了68%；甲醇主力合约上半年跌了16%，从21年最高点跌了46%；螺纹钢主力合约上半年跌了10%，从21年最高点跌了52%。A股也是2021年见顶的，也就是说，从2022到2024年前三季度，大部分工业品和股市的大方向是一致的，但924行情以后出现了大分化，大部分商品在924暴涨后，又重归漫漫熊途，而股市却留在3300点左右的高位震荡了9个月。股市北上，商品南下，到底哪一个体现了真实的中国经济呢？结构性牛市与工业品熊市924以来，股市上涨的核心动力是“宽财政”，但这一轮“宽财政”不是“大撒币”，也不是“大基建”，而是投向新旧基建、科技、消费和出口多个领域的重点项目，利用低利率环境去覆盖一些投资周期较长的民生项目。主要包括4个方向：1、重大基础设施和重点领域安全能力建设：基建仍是专项债资金的绝对主力方向，但与十年前以地产为核心的基建相比，方向有较大差异，主要投向城市燃气、排水等地下管网、城镇老旧小区和城中村改造、城市更新、水利工程、交通物流重大基础设施等，对应的钢铁和建材用量不算太大，最终也体现在相应的受益行业和大宗商品品种上。2、以旧换新，促内需方向，从汽车、家电、家装、电动自行车扩展至手机、平板、智能手表手环等数码产品，以及服务消费3、新兴产业：设备更新、新型基础设施、算力、产业园区等；4、民生保障和房地产托底所以本轮“宽财政”不太典型，规模只是相对“宽”，意在托底而非刺激，方向并非针对宏观经济，而是以点带面，导致从数据上看，通缩继续，CPI、PPI仍然在负区间，企业风险偏好不变，PMI一直在50上下徘徊，社融规模中的中长期贷款增长乏力，只有政府负债独撑大梁。但毕竟是财政发力了，“宽财政”下就不太可能有熊市，只不过板块之间的结构性冷热不均就非常明显了。所以财政发力方向与股市的结构性牛市，大致是统一的，924以来，上涨明显的行业有两大类：1、TMT类行业，半导体、软件、游戏、机器人等，反映了国内重点投向科技高端制造战略，以及全球的人工智能大趋势2、部分消费品行业，主要在新零售、个护用品、游戏、电商、IP经济和休闲食品等具有“个性化和高性价比”特征的板块这两类行业都避开了需要强刺激的总量经济行业，前者是有政策重点支持的方向，后者是财政托底后，消费有自发韧性和创新的方向。而924以来，重归漫漫熊途的行业也有两大类：1、传统总量经济下的典型行业，主要是地产基建链各行业、煤炭、白酒、造纸、炼化2、产能过剩的行业，主要是21年以来各地疯狂投资上产能的新能源前一类体现地产下行周期的惯性，后一类体现了每一轮产业政策都留下的产能过剩的老毛病，也是高层不愿再进行大规模财政刺激的原因之一。再看财政发力方向与商品市场的牛熊格局，也是一致的。工业品本轮下跌主要是三大方向：第一个方向是黑色系，焦煤、玻璃、纯碱、螺纹钢，下游主要是建筑地产行业，主要体现了房地产下行周期的拖累。第二个方向是能化系，烧碱、纯碱、甲醇、塑料、苯乙烯、乙二醇、PVC等等，都是前几年石化产能大扩张，导致产能过剩的行业，再加上原油煤炭价格下跌，成本崩塌。第三个方向是新能源系，多晶硅、工业硅和碳酸锂，下游需求很好，纯粹是因为过度投资导致的产能严重过剩。商品走熊的三大方向，跟股市走熊的两大方向，还有国民经济的通缩方向一致。再看今年唯一表现较好的是有色的三个品种，铜、铝和锡，除了供给因素外，其下游主要行业与财政发力的方向都有一定关系：铜下游的汽车家电机械行业，受益于国补以旧换新，电力和新能源也是新一轮基建投资的重点方向，而地产建筑国内已经下降到个位数，影响较小。铝的下游行业占比结构发生显著变化，建筑用铝占比降至20-25%，工业铝型材、电力、交通运输等新兴领域占比提升，后者是财政发力的主要方向，有效抵消了地产周期下行。锡的下游主要是半导体，受益于全球AI基建投资和半导体周期。事实上，有色中与房地产关联程度最高的锌，与新能源产能过剩相关的镍、硅、锂，今年也是一直在下跌。当然，上面的分析都是定性的，还是很难说明，差异为什么那么大，比如螺纹、热卷价格年初至今下跌10%以上，但钢铁行业涨幅1.5%，玻璃跌了25%，但玻璃玻纤行业上涨2.96%；碳酸锂跌了21%，但锂矿行业涨了2.03%，反而是下游的电池行业跌了4.4%？还有，这一轮通缩，为什么主要体现在工业品而不是农产品的价格上？工业品价格的下跌，有商品期货市场的内在因素。真正的“大空头”很多研究周期品较少的投资者，常常有这样一个疑问：相当多的工业品种已经跌到了成本附近，加上费用，根本不赚钱，甚至很多能化品种在成本线下两三年了，为什么大量的企业还在源源不断地生产？商品期货市场的参与者中，生产企业和贸易商是绝对的主力，理论上说，他们都是天然的商品多头，牛市中不需要参与市场，也能自然从商品价格的上涨中获利，反之也说明，熊市中，他们必须积极的参与期货市场，做空头套保，对冲现货的损失。这种参与者结构与利益诉求，造成期货市场中国内定价商品的大行情上涨大多是尖顶，下跌大多是圆弧底。因为上涨行情的推动者以投机资金为主，手里没有货，又时刻提防产业资本的套保盘，所以高价站不稳；而下跌行情的推动者主要是产业的套保资金，用期货市场的收益对冲一部分或全部产品跌价的损失，心态上比较放松，每次反弹都成为加空的机会，涨多了，就注册仓单，准备交割现货，形成盘面上的阴跌与磨底，有时会持续一两年。这种参与者结构，加上国内大部分行业产能过剩的现状，导致国内定价商品，下跌时，成本并不重要。主要玻璃企业一季度没有一家亏损，耀皮玻璃、旗滨集团竟然净利润是同比上涨的。中国的商品期货近十年发展很快，很多品种都只有国内有，拥有了全球定价权，体现了中国制造业大国应有的地位。但商品期货市场的快速发展，也改变了很多生产型企业的经营行为。比如一个产能100万吨，产能利用率50%的企业，遇到商品熊市时，由于下游拿货谨慎，销售下降到30万吨，还多了20万吨成为库存，承受继续跌价的风险。以往的方法，企业应该开始减产，但这种做法对很多生产刚性的行业并不友好，一旦销售转好，产品又会脱销。而现在的方法是保持产能利用率，对这20万吨库存进行套保，保证企业的平稳运行。以前“现货微利+库存跌价”时，企业在成本线上就实际亏损了，但现在“现货微利+库存套保无损失”，就能够长期在成本线附近保持正常生产，成本线以下咬牙挺几个月现金流也能撑住。以前商品价格下跌过快时，生产企业就会搞停线检修、联合减产等，但效果往往不好，因为每家企业生产成本不同、经营目标不同、市场占有率不同，自然各怀鬼胎，最终该怎么跌还是怎么跌。但有了商品期货就不一样了，期货就是服务于产业，套保是期货市场的重要职能，能用套保挺过去的下行周期，还搞个毛的联合减产？不减产不挺价，还可以逼迫成本高的企业出清，提高自己的市占率，何乐而不为呢？套保运用到了一定程度，甚至可以根据期货价格调整产能利用率，不但为库存套保，而且为正常销售量、甚至多余产能配空单，如果期货价格上涨，就提升产能利用率，虚盘变实盘，增加的产量用于交割而非销售。只要能顺利交割，既有现货，又有产能的企业是风险最小的空头。对企业个体而言，熊市中套保就是最有利的选择。但市场的悖论在于，对个体最理性的选择，对整体而言，却绝非理性。整个行业中，只要有一家主要的企业做套保，其他企业就不能不跟进；整个上下游产业链中，有一个环节做套保的比较多，其他环节也是能做则做。价格在经济学上的核心作用是调节供需，通过价格下跌减少供给、增加需求，如果大部分厂家都通过套保增强成本线附近保持产能的能力，如果宏观经济本身的下行导致价格下降也不能新增需求，那商品的价格就不可能在成本线附近止住，而是一跌再跌。就算是跌到企业现金流成本附近，部分企业退出，由于实际产能仍然高于需求，价格只会长期磨底，而难有反转。以大家最熟悉的养猪企业来说，21年生猪期货上市后4年，传统意义上的猪周期就没有起来过，肉价波动一年比一年低。大中型企业普遍建立专业套保团队，做空生猪远月期货合约，锁定出栏价格，甚至把套保范围扩展至饲料端，实现全产业链风险管理；就连中小养殖户也可以通过保险公司旗下的期货子公司购买看跌期权，形成风险分散闭环，“兜底”生猪价格——没有人去产能了，哪里来的猪周期？有了产业资本这个最中坚的“空头司令”后，相关的做空商品需求的资金就会增加，而且基本面越差，越弱的商品，被其他空头选中的概率越高。今年就是玻璃和焦煤，撇开纯投机的资金不谈，太多资金有利用这两个品种做空的动机了：持有煤炭股的，可以空焦煤对冲；看好经济复苏但看空房地产的人，可以多股票空黑色系商品；做原材料套利的可以多铁矿空焦煤玻璃……金融为实体经济作贡献总结一下本文的三个结论：1、股市和商品在涨跌结构上是一致的，与本轮行情“宽财政”的发力方向有直接关系。2、股市的强势体现了新兴产业的景气度和消费的韧性，而商品的弱势主要体现了房地产下行周期和传统行业产能过剩。3、商品的弱势本身也是参与者结构造成的，往往通过金融市场形成过度超跌。最后一点与产能过剩的大背景有直接的关系，这次将是一个长期的问题，所以再展开补充几句：股票更多体现预期，商品更多体现现实，特别是产能过剩的现实。不过，期货市场预期也可以部分扭曲现实，现在的现货成交也要参考期货价格。而生产商积极套保，体现的是严重产能过剩下，企业的价格战从实体经济打到金融市场。期货市场是零和游戏，空方必定对应多头，有人赚钱必定对应有人亏钱，实体企业在期货市场的做空收益，对应金融市场的投机多头的亏损，特别是那些喜欢“逆势抄底”的散户。交易所虽然是中介机构，但在金融为实体经济服务的大方针下，服务地方经济，也尽可能方便生产企业交割。不要看玻璃跌到1000元一吨，碳酸锂跌到6万，实际参与交割的企业，销售价格在三个月前就定在了1200元和7万。所以商品的“超跌”，也算是金融市场参与者均摊实体经济在通缩下的损失，从好的地方说，也就是金融为实体经济作贡献吧。只不过，去产能就更加遥遥无期了。

I am in conversation with Deepak Mittal, CEO of FFTalos Technologies. In this insightful episode, Deepak Mittal shares his career journey from coding to consultative selling, reflecting on his evolution from a tech enthusiast to a sales leader driving large-scale digital transformation. He explores solution-based selling, the importance of understanding customer needs, and why sales is more about facilitation than persuasion.More specifically, he covers: His Origin Story: From engineering and coding in the early IT days to discovering his passion for customer interactions. Tech vs. Sales: The shift from writing software to understanding business problems and shaping solutions. Consultative vs. Product-Based Selling: The difference between pitching features vs. uncovering customer pain points. Customer Empathy & Industry Knowledge: Why asking the right questions & listening is more powerful than a polished pitch. Building Relationships in Sales: The role of trust, collaboration, and stakeholder engagement in long-term success. The Modern Buyer: How the digital era has transformed customer research & purchasing behavior. Enterprise Selling Strategies: The contrast between RFP-driven sales and proactive relationship-building. Navigating Internal Trust in Sales & Delivery Teams: Why sales & delivery alignment is critical for customer success. The Human Side of Selling: Managing rejections, pressures, and the art of influencing without being pushy.Deepak has over his career, worked in IT sector focusing on Technology, Media & Telecommunication(TMT) businesses, in sales, business development & practice leadership roles. His experience across IT Services Companies, Managed Services Providers and Product Vendors, has given him a unique 360 degrees insight into IT solutions and how they fit into larger business landscape.He has worked across global markets and delivered significant results, in a period of great technological flux and business volatility within TMT sector. His experience has given him a good exposure & proficiency in the following areas–1. Understanding and managing digital transformation and its impact on business strategies as well as on the workplace.2. Understanding business drivers and their correlation with IT and Technology strategies.3. Execution of IT & Technology strategy on-ground.4. Understanding & enabling eco-systems to drive business outcomes.5. Building & motivating high performing global teamsHe has always tried to anchor his work in business fundamentals like customer experience, profitability & market share and leveraging technology into driving business outcomes.https://www.linkedin.com/in/demittal/

Joe Heintz is back with us in the new studio as our most recurring guest. Joe has been busy designing and building his new call company, Northline Calls. If you listened to TMT this week then you got to hear Joe blow those calls on the podcast and they sound awesome. We talk about a bunch of different topics including crazy people online, Joe's favorite migrator hunts, and Egyptian geese. Joe breaks out his new lanyard extension for 2025 and talks about how long the thing can really get. Thanks so much for listening and be sure to subscribe and review!   New Waterfowl Film out now! Flooded Timber Duck Hunting in Arkansas Stay comfortable, dry and warm: First Lite (Code MWF20) Go to OnXHunt to be better prepared for your hunt: OnX Learn more about better ammo: Migra Ammunitions Weatherby Sorix: Weatherby Support Conservation: DU (Code: Flyways) Stop saying "Huh?" with better hearing protection: Soundgear Real American Light Beer: Outlaw Beer Live Free: Turtlebox Add motion to your spread: Flashback Better Merch: /SHOP

Join Rachel Kraus and Caryl Stern as they examine the intersection of purpose and business. In this episode, our hosts hear from James Turk, CEO & Founder of The Turk Group. With more than 25 years of experience developing leaders at companies such as Spotify, Squarespace, and Goldman Sachs, James helps people move from managing tasks to truly inspiring others. Tune in to hear insights from James's recently published book, “The Giving Game: Becoming The Leader That Others Want To Follow.”This podcast is for information purposes only. The opinions and views expressed in this material are solely the participant's personal opinions and do not necessarily reflect the opinions of LionTree or its affiliates. This material should not be copied, distributed, published, or reproduced, in whole or in part, or disclosed by any recipient to any other person without the express written consent of LionTree. The information contained in this material does not constitute a recommendation, offer or solicitation from any LionTree entity to the recipient with respect to the purchase or sale of any security, and LionTree is not providing any financial, economic, legal, investment, accounting, or tax advice through this material or to its recipient. Neither LionTree nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this material and any liability therefore (including in respect of direct, indirect, or consequential loss or damage of any kind whatsoever) is expressly disclaimed. LionTree does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views, or opinions set forth in this material.Third-party content may be published on LionTree pages in response to this material. Such content is not reviewed by LionTree before it is displayed and LionTree cannot guarantee the accuracy or completeness of such content. The opinions and views expressed by the authors of such third-party content are solely the author's personal opinions and do not necessarily reflect the opinions of LionTree or its affiliates. LionTree reserves the right to remove, alter or edit any third-party content published on LionTree pages. LionTree expressly disclaims any liability (including in respect of direct, indirect, or consequential loss or damage of any kind whatsoever) arising out of, or in connection with, the access or use of any social media platform or LionTree page. Use of a social media platform or LionTree page is at your own risk.Securities of any investment funds managed by LionTree are privately offered to selected investors only by means of each such fund's governing documents and related subscription materials. Listeners and viewers should not assume that companies identified in this audio and/or video are representative of all investments made or recommended by LionTree on behalf of each firm's clients. An investment with LionTree is speculative and involves significant risks including the potential loss of all or a substantial portion of invested capital and the lack of liquidity of an investment. Past performance is not indicative of future results.For further information, please see: https://liontree.com/disclaimer/. If you have questions, please go to https://liontree.com/ and select “Contact.”See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As technology continues to evolve at lightning speed, the workplace of the future is being redefined by artificial intelligence (AI) and seamless collaboration. How are organizations adapting to these changes? And what role do AI and connectivity play in enhancing workplace efficiency and fostering a culture of innovation? Tune in for more.

John De Fries, executive director of the Mauna Kea Stewardship and Oversight Authority, responds to TMT funding cuts; State Comptroller Keith Regan provides an update on repairs to the Hawaiʻi Convention Center's leaky roof

LionTree's Louis Kenna is joined in the company's UK office by Lionel Assant, Global Co-Chief Investment Officer of Blackstone. Lionel came to Blackstone in 2003, four years prior to the firm going public; in that time, their AUM has risen from ~$27 Billion to around $1.1 Trillion. Executing on 70 plus strategies across four divisions, Lionel details how Blackstone's scale enables them to make bold investments, and, via their long-standing involvement with Impetus, to apply time-tested Private Equity methodology to effect social good.This podcast is for information purposes only. The opinions and views expressed in this material are solely the participant's personal opinions and do not necessarily reflect the opinions of LionTree or its affiliates. This material should not be copied, distributed, published, or reproduced, in whole or in part, or disclosed by any recipient to any other person without the express written consent of LionTree. The information contained in this material does not constitute a recommendation, offer or solicitation from any LionTree entity to the recipient with respect to the purchase or sale of any security, and LionTree is not providing any financial, economic, legal, investment, accounting, or tax advice through this material or to its recipient. Neither LionTree nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this material and any liability therefore (including in respect of direct, indirect, or consequential loss or damage of any kind whatsoever) is expressly disclaimed. LionTree does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views, or opinions set forth in this material.Third-party content may be published on LionTree pages in response to this material. Such content is not reviewed by LionTree before it is displayed and LionTree cannot guarantee the accuracy or completeness of such content. The opinions and views expressed by the authors of such third-party content are solely the author's personal opinions and do not necessarily reflect the opinions of LionTree or its affiliates. LionTree reserves the right to remove, alter or edit any third-party content published on LionTree pages. LionTree expressly disclaims any liability (including in respect of direct, indirect, or consequential loss or damage of any kind whatsoever) arising out of, or in connection with, the access or use of any social media platform or LionTree page. Use of a social media platform or LionTree page is at your own risk.Securities of any investment funds managed by LionTree are privately offered to selected investors only by means of each such fund's governing documents and related subscription materials. Listeners and viewers should not assume that companies identified in this audio and/or video are representative of all investments made or recommended by LionTree on behalf of each firm's clients. An investment with LionTree is speculative and involves significant risks including the potential loss of all or a substantial portion of invested capital and the lack of liquidity of an investment. Past performance is not indicative of future results.For further information, please see: https://liontree.com/disclaimer/. If you have questions, please go to https://liontree.com/ and select “Contact.”See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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Send us a textBeatrice reveals herself to the party, ready for the justice she has so long craved. But the heroes have yet to see how far her hatred has dragged her into the abyssGet in touch with us! Shoot an email to TheMadnessTable[at]gmail.com or shoot us a DM over on Discord, Twitter, Instagram, or Facebook!Enjoying the show? Buy us a cup of ko-fi! Loving the show? Become a monthly supporter over on Patreon and receive exclusive access to digital TMT content!Dungeons and Dragons 5th Edition playthrough of Out of the Abyss adventure module, written by Wizards of the Coast.Dungeon Master: William JohnstonAll NPCs: William JohnstonIndigo Honeydew: Andrew WalkerSephel: Brendan ProalScylla / Lara Whippen: Sam ConklinAUDIO:Ice Cavern | Tabletop AudioLatin Electro #10 | DmyraCosa Peluda | DmyraEndgame | Tabletop AudioBlackberry's Hedge | Secret JaneNerbuldar | Ambient MixerAnd Darkness Grew Like a Tree | Doctor TurtleNight Sky | Jar of FliesKevin Macleod | Air PreludeKevin Macleod | Dreams Become RealFind us on social! https://linktr.ee/TheMadnessTableor on our our website: https://themadnesstable.buzzsprout.com

Send us a textBack to reality at last, the party reconvenes at Sekerak's tower. Now they just need to locate their captor, their belongings and their IndigoGet in touch with us! Shoot an email to TheMadnessTable[at]gmail.com or shoot us a DM over on Discord, Twitter, Instagram, or Facebook!Enjoying the show? Buy us a cup of ko-fi! Loving the show? Become a monthly supporter over on Patreon and receive exclusive access to digital TMT content!Dungeons and Dragons 5th Edition playthrough of Out of the Abyss adventure module, written by Wizards of the Coast.Dungeon Master: William JohnstonAll NPCs: William JohnstonIndigo Honeydew: Andrew WalkerSephel: Brendan ProalScylla / Lara Whippen: Sam ConklinAUDIO:Ice Cavern | Tabletop AudioLatin Electro #10 | DmyraCosa Peluda | DmyraEndgame | Tabletop AudioBlackberry's Hedge | Secret JaneNerbuldar | Ambient MixerAnd Darkness Grew Like a Tree | Doctor TurtleNight Sky | Jar of FliesKevin Macleod | Air PreludeKevin Macleod | Dreams Become RealFind us on social! https://linktr.ee/TheMadnessTableor on our our website: https://themadnesstable.buzzsprout.com

Join Rachel Kraus and Caryl Stern as they examine the intersection of purpose and business. In this episode, we hear from Raj Vinnakota, the President of the Institute for Citizens & Scholars. The organization's goal is to "equip young people with the civic skills necessary to navigate a divided country and become effective leaders," and Raj's first-hand experience in the corporate and non-profit world is a case study for productive engagement. As he works with leaders and educators across the country, Raj emphasizes the importance of developing your own skill of discernment, and not assigning equal value to every piece of information you come across. An insightful chat about the potential for reducing conflict in civic spaces everywhere.This podcast is for information purposes only. The opinions and views expressed in this material are solely the participant's personal opinions and do not necessarily reflect the opinions of LionTree or its affiliates. This material should not be copied, distributed, published, or reproduced, in whole or in part, or disclosed by any recipient to any other person without the express written consent of LionTree. The information contained in this material does not constitute a recommendation, offer or solicitation from any LionTree entity to the recipient with respect to the purchase or sale of any security, and LionTree is not providing any financial, economic, legal, investment, accounting, or tax advice through this material or to its recipient. Neither LionTree nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this material and any liability therefore (including in respect of direct, indirect, or consequential loss or damage of any kind whatsoever) is expressly disclaimed. LionTree does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views, or opinions set forth in this material.Third-party content may be published on LionTree pages in response to this material. Such content is not reviewed by LionTree before it is displayed and LionTree cannot guarantee the accuracy or completeness of such content. The opinions and views expressed by the authors of such third-party content are solely the author's personal opinions and do not necessarily reflect the opinions of LionTree or its affiliates. LionTree reserves the right to remove, alter or edit any third-party content published on LionTree pages. LionTree expressly disclaims any liability (including in respect of direct, indirect, or consequential loss or damage of any kind whatsoever) arising out of, or in connection with, the access or use of any social media platform or LionTree page. Use of a social media platform or LionTree page is at your own risk.Securities of any investment funds managed by LionTree are privately offered to selected investors only by means of each such fund's governing documents and related subscription materials. Listeners and viewers should not assume that companies identified in this audio and/or video are representative of all investments made or recommended by LionTree on behalf of each firm's clients. An investment with LionTree is speculative and involves significant risks including the potential loss of all or a substantial portion of invested capital and the lack of liquidity of an investment. Past performance is not indicative of future results.For further information, please see: https://liontree.com/disclaimer/. If you have questions, please go to https://liontree.com/ and select “Contact.”See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Send us a textThe last to break free from their mental prisons, Lara flees the church while Scylla resists drowningGet in touch with us! Shoot an email to TheMadnessTable[at]gmail.com or shoot us a DM over on Discord, Twitter, Instagram, or Facebook!Enjoying the show? Buy us a cup of ko-fi! Loving the show? Become a monthly supporter over on Patreon and receive exclusive access to digital TMT content!Dungeons and Dragons 5th Edition playthrough of Out of the Abyss adventure module, written by Wizards of the Coast.Dungeon Master: William JohnstonAll NPCs: William JohnstonIndigo Honeydew: Andrew WalkerSephel: Brendan ProalScylla / Lara Whippen: Sam ConklinAUDIO:Ice Cavern | Tabletop AudioLatin Electro #10 | DmyraCosa Peluda | DmyraEndgame | Tabletop AudioBlackberry's Hedge | Secret JaneNerbuldar | Ambient MixerAnd Darkness Grew Like a Tree | Doctor TurtleNight Sky | Jar of FliesKevin Macleod | Air PreludeKevin Macleod | Dreams Become RealFind us on social! https://linktr.ee/TheMadnessTableor on our our website: https://themadnesstable.buzzsprout.com

Welcome to another chaotic chapter of Submarine and A Roach, Nigeria's funniest podcast and Nigeria's #1 comedy podcast, hosted by Tmt and Koj—your favorite agents of unserious national commentary.This week's episode kicks off with a Mother's Day tribute to none other than the Mother of the Nation, Remi Tinubu. The boys officially crown her Remy Ma, and obviously, this leads straight to a breakdown of the music video for Fat Joe's “Lean Back.” Koj argues that Remy Ma had insane privilege because let's be real—Ciara wouldn't have survived that scene.From there, the conversation shifts to Remi Tinubu's recent visit to a nursing school, the cheeky reception she got from the students, and the queries that followed. Koj shares a similar memory from high school, where students clapped a guest off the stage—giving Tmt the idea for his next hit TV series: “The Clap,” because, as he reminds us, “Na from clap dance dey start.”And somehow—because this is Submarine and A Roach—this spirals into a conversation about wacking off. (Don't ask. Just listen.)Tmt calls Koj a piece of shit (as is tradition), then tells a story about his girlfriend being mistaken for a Marlian. Tmt also poses a true philosophical banger:“What clapped first—hands or cheeks?” A debate only ChatGPT can settle. The episode swerves again into a conversation about Canada's insane water reserves, the potential for U.S. annexation, and eventually lands on Nigeria's tribal complexity.Packed with hot takes, deep cuts, historical spirals, and unfiltered banter, this episode is everything you've come to love from Submarine and A Roach. Tune in on Spotify, Apple Podcasts, and wherever else you get your audio chaos..

Bob Kirshner and Brian Keating explore the future of the TMT and GMT telescopes in studying dark energy and exoplanets. They also consider recent controversies in cosmology regarding dark energy and the potential for astronomical measurements of neutrino mass. Learn more about your ad choices. Visit megaphone.fm/adchoices

Send us a textA surprising new face of villainy has revealed itself to Indigo, ready to end the reign of the so-called heroes. Sephel works to free himself with the aid of an estranged ally Get in touch with us! Shoot an email to TheMadnessTable[at]gmail.com or shoot us a DM over on Discord, Twitter, Instagram, or Facebook!Enjoying the show? Buy us a cup of ko-fi! Loving the show? Become a monthly supporter over on Patreon and receive exclusive access to digital TMT content!Dungeons and Dragons 5th Edition playthrough of Out of the Abyss adventure module, written by Wizards of the Coast.Dungeon Master: William JohnstonAll NPCs: William JohnstonIndigo Honeydew: Andrew WalkerSephel: Brendan ProalScylla / Lara Whippen: Sam ConklinAUDIO:Ice Cavern | Tabletop AudioLatin Electro #10 | DmyraCosa Peluda | DmyraEndgame | Tabletop AudioBlackberry's Hedge | Secret JaneNerbuldar | Ambient MixerAnd Darkness Grew Like a Tree | Doctor TurtleNight Sky | Jar of FliesKevin Macleod | Air PreludeKevin Macleod | Dreams Become RealFind us on social! https://linktr.ee/TheMadnessTableor on our our website: https://themadnesstable.buzzsprout.com

LionTree's Antal Runnebom sits down with FJ Labs Founding Partner Fabrice Grinda, whose long and successful career in the tech space includes co-founding wireless mobile company Zingy as well as global marketplace OLX. Fabrice gives fascinating perspective into the opportunities around vertical-specific marketplaces; the process by which he and his FJ Labs partners select the hundreds of start-ups they've invested in; why humanoid robots and AI-powered investors are coming faster than any of us realize; and an inspiring vision for how future energy abundance will enable us to “waste energy” inventing the next cool thing.This podcast is for information purposes only. The opinions and views expressed in this material are solely the participant's personal opinions and do not necessarily reflect the opinions of LionTree or its affiliates. This material should not be copied, distributed, published, or reproduced, in whole or in part, or disclosed by any recipient to any other person without the express written consent of LionTree. The information contained in this material does not constitute a recommendation, offer or solicitation from any LionTree entity to the recipient with respect to the purchase or sale of any security, and LionTree is not providing any financial, economic, legal, investment, accounting, or tax advice through this material or to its recipient. Neither LionTree nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this material and any liability therefore (including in respect of direct, indirect, or consequential loss or damage of any kind whatsoever) is expressly disclaimed. LionTree does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views, or opinions set forth in this material.Third-party content may be published on LionTree pages in response to this material. Such content is not reviewed by LionTree before it is displayed and LionTree cannot guarantee the accuracy or completeness of such content. The opinions and views expressed by the authors of such third-party content are solely the author's personal opinions and do not necessarily reflect the opinions of LionTree or its affiliates. LionTree reserves the right to remove, alter or edit any third-party content published on LionTree pages. LionTree expressly disclaims any liability (including in respect of direct, indirect, or consequential loss or damage of any kind whatsoever) arising out of, or in connection with, the access or use of any social media platform or LionTree page. Use of a social media platform or LionTree page is at your own risk.Securities of any investment funds managed by LionTree are privately offered to selected investors only by means of each such fund's governing documents and related subscription materials. Listeners and viewers should not assume that companies identified in this audio and/or video are representative of all investments made or recommended by LionTree on behalf of each firm's clients. An investment with LionTree is speculative and involves significant risks including the potential loss of all or a substantial portion of invested capital and the lack of liquidity of an investment. Past performance is not indicative of future results.For further information, please see: https://liontree.com/disclaimer/. If you have questions, please go to https://liontree.com/ and select “Contact.”See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, I get to spend time contemplating the essence of my service, my craft, and my devotions, which I feel run through the Chiron and Perceval stories.  The first 30 minutes are a traditional “dark moon download,” and then we pivot to a conversation with TMT alums Tara, Mariele, and Laurence. Bios below.  Remember that doors open THIS THURSDAY! You must be on the waitlist to get access to the application link this weekend.  This one is deep and weepy and sweet and sincere. Classic Moon to Moon for this one. Enjoy! And happy dark moon in Aquarius and new moon in Pisces! +++ Tara is a Libra Moon and Rising with a Pisces Sun, Venus, Jupiter, and Mercury. She is a word smith and musician who's rooted deeply in the belief that we were all made to spec by loving cosmos who wanted us this way. Her work with others is devoted to reflecting the miracles that they are back to them Tara is a wordsmith, musician, cat fosterer, and healer with massive Lunar, Venusian, and Jupiterian signatures. She specializes in healing wounds around the voice, as our voices bear the unique energetic burdens of acoustically putting our authenticity out into the world. She feels called to assist others in healing from the shaming that can follow expression, and to help restore the birthright that is connection to one's own voice. Her work is devoted to reflecting the miracle that we each are back to us.  Tara's Instagram: @VoiceAsThePortal +++ Mariele Kaiser-Kadiogullari is a 12th house Taurus Sun with Chiron and Venus right on her Gemini AC. She has more than recovered from a decade of intense depression and anxiety disorder - an experience that cracked her open to now share all that she learned/remembered on that journey in her work with clients. She considers herself an explorer of consciousness who loves to hold space for deep feeling. Her work supports people in reconnecting with their soul's true uniqueness beyond societal and personal conditioning and wounding. Translating deep spiritual transmissions into applicable and life-supporting practices, she inspires multidimensional self-responsibility and invites others to explore new perspectives beyond binaries. With a background in intercultural education, she weaves modalities such as Vedic philosophy, Astrology, Tarot, Human Design, and energy healing into interactive and personalized 1:1 and breathwork sessions. Her SACRED SELF GRAVITY framework helps transform the fullness of the Human experience into a pathway from victimhood to self-empowered freedom. +++ My name is Laurence, and I am a creatrix of bridges between worlds. My life is deeply rooted in devotion—devotion to the Earth, to my ancestors, to the planets, to Love, and to myself. My path leads me toward full aliveness, dancing with tension and befriending the unknown. In my practice, I weave together astrology, tarot, creative divination, and dream exploration to explore how the mystical languages of the subtle realms can deepen our trust in the unknown and support us in allowing the force of nature to move through us, fully expressing itself in our existence. I guide others in forging their own path, through a co-creative and individualized approach, involving their spirit teams and mine, knowing that magic arises from the interconnection of our worlds. French website: www.tonpourquoi.com English website: www.tonpourquoi.com/en Laurence's Instagram: @tonpourquoi +++ LEARN ABOUT THE MAGICIAN'S TABLE 2025 HERE! See who this year's three 13th Readers are and what the frequency and structure will be like for this year's iteration. Now in its 5th year - our Hierophant Year!  The discounted Early Bird pricing this year is ONLY AVAILABLE THROUGH THE TMT 2025 WAITLIST. Only those on that list will receive the link to apply on Feb 27. Applications will be taken Feb 27-March 2. Only applications received that weekend will be eligible for the EB discounted tuition. All scholarship requests must move through this process, so be sure you're on the waitlist.  It's highly possible that most cohorts will fill from applications submitted Feb 27-March 2. Joining the waitlist is not an application to apply. Applying is not enrolling. If you want to give yourself options, join the waitlist, then apply. Then decide upon receiving your acceptance.  The only applications I decline are those where it's very clear the applicant hasn't read the course page and doesn't understand the structure and intensity of this offering, or when the applicant reveals that they do not have the emotional or somatic capacity to hold the energy of this transformation right now.  Questions? Please read through the course page carefully, stay tuned for more podcasts and emails on this offering, and/or reach out to my team at info@brittenlarue.com.  +++ Join Burning Through the Freeze: A Magician's Table Mini-Workshop HERE. Grab it for $25 or for free if you are on the TMT 2025 waitlist. This workshop will expire on March 3, 2025, so be sure to watch it or download it before then!  +++ E M E R G E N C E  A S T R O L O G Y ⁠⁠https://brittenlarue.com/ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram: ⁠⁠⁠⁠⁠@brittenlarue ⁠⁠⁠⁠⁠⁠Order Living Astrology⁠⁠⁠⁠⁠⁠ Join my newsletter here Check out my new podcast CRYSTAL BALLERS on Spotify, Podbean, and Apple. +++ Podcast art: Angela George. Podcast music: Jonathan Koe.