Podcasts about TPG

You wouldn't look at Anthony Geisler today and guess he was 145 pounds at six feet tall, a burned-out kid working too hard, eating too little, and sleeping less. Then a doctor gave him three pieces of advice, and Anthony drove home and joined a boxing gym that same day. That moment is where this episode starts, and it's why he and I ended up partners in the Ultimate Longevity Centers two decades later. Follow the Ultimate Longevity Center page to learn more and follow the journey in real time: https://bit.ly/4e8snbx  Connect with Anthony Geisler Website: https://bit.ly/4tIRneb  YouTube: https://bit.ly/4usN2wL  Instagram: https://bit.ly/4eQiX5s  CLICK HERE TO BECOME GARY'S VIP!: https://bit.ly/4ai0Xwg Thank you to our partners A-GAME: “ULTIMATE15” FOR 15% OFF: http://bit.ly/4kek1ij  AION: “ULTIMATE10” FOR 10% OFF: https://bit.ly/4h6KHAD  AIRES: "ULTIMATE20 " FOR 20% OFF: https://bit.ly/4a3Duze  BAJA GOLD: "ULTIMATE10" FOR 10% OFF: https://bit.ly/3WSBqUa  BODYHEALTH: “ULTIMATE20” FOR 20% OFF: http://bit.ly/4e5IjsV  COLD LIFE: THE ULTIMATE HUMAN PLUNGE: https://bit.ly/4eULUKp  CYMBIOTIKA: "ULTIMATE10" FOR 10% OFF: https://bit.ly/4tjyluP  GENETIC METHYLATION TEST (UK ONLY): https://bit.ly/48QJJrk  GENETIC TEST (USA ONLY): ⁠https://bit.ly/3Yg1Uk9  GOPUFF: GET YOUR FAVORITE SNACK!: https://bit.ly/4obIFDC  H2TAB: “ULTIMATE10” FOR 10% OFF: https://bit.ly/4hMNdgg  HEALF: 10% OFF YOUR ORDER: https://bit.ly/41HJg6S  PEPTUAL: “TUH10” FOR 10% OFF: https://bit.ly/4mKxgcn  SNOOZE: LET'S GET TO SLEEP!: https://bit.ly/4pt1T6V  WHOOP: JOIN & GET 1 FREE MONTH!: https://bit.ly/3VQ0nzW  Watch  the “Ultimate Human Podcast” every Tuesday & Thursday at 9AM EST: YouTube: https://bit.ly/3RPQYX8 Podcasts: https://bit.ly/3RQftU0 Connect with Gary Brecka Instagram: https://bit.ly/3RPpnFs TikTok: https://bit.ly/4coJ8fo X: https://bit.ly/3Opc8tf Facebook: https://bit.ly/464VA1H LinkedIn: https://bit.ly/4hH7Ri2 Website: https://bit.ly/4eLDbdU Merch: https://bit.ly/4aBpOM1 Newsletter: https://bit.ly/47ejrws Ask Gary: https://bit.ly/3PEAJuG Timestamps 01:29 - Introduction: Resilience, entrepreneurship, and the ULC mission 03:28 - The $100 bill and seeing two kinds of families 06:19 - 145 pounds and the doctor who saved his life 07:41 - Buying LA Boxing and the first franchise sale 09:28 - The UFC acquisition and running UFC Gym 10:50 - On the couch, then Club Pilates lands 11:32 - Scaling Club Pilates from 18 to over 1,000 stores 12:27 - The TPG exit and going public 13:40 - Why industry data matters before you build 15:40 - Pilates Addiction and 300 franchises in months 17:18 - Mass-scale wellness vs. the top 2% 18:42 - Secrets to scaling without diluting culture 26:11 - Childlike fascination and the InBody story 28:19 - Fear, Navy SEALs, and the bug that never leaves 30:00 - Advice for anyone starting late 31:48 - The $8 trillion longevity opportunity 38:52 - COVID, citizen scientists, and Gen Z dropping alcohol 39:24 - Community, connection, and run clubs as medicine Disclaimer: This podcast is for informational purposes only and does not provide medical advice. It is not intended for diagnosing or treating any health condition. Always consult a licensed healthcare professional before making health or wellness decisions. Gary Brecka is the owner of Ultimate Human, LLC which operates The Ultimate Human podcast and promotes certain third-party products used by Gary Brecka in his personal health and wellness protocols and daily life and for which Ultimate Human LLC and / or Gary Brecka directly or indirectly holds an economic interest or receives compensation.  Accordingly, statements made by Gary Brecka and others (including on The Ultimate Human podcast) may be considered.  Learn more about your ad choices. Visit megaphone.fm/adchoices

Der Weg zur neuen Eigentümerstruktur bei Techem war alles andere als geradlinig. Der ursprünglich geplante Verkauf an TPG und GIC scheiterte zunächst an der EU-Kommission, erst im zweiten Anlauf fand sich eine neue Lösung. „Die Partner sind dieselben, nur die Konstellation ist jetzt etwas anders. Für uns ist das eine klare Demonstration des Interesses am Unternehmen“, sagt Finanzvorstand Carsten Sürig bei FINANCE TV.Nun muss der Energiedienstleister mit der Wertsteigerung Gas geben, denn das „Nachsitzen“, wie es der CFO charmant beschreibt, hat wertvolle Zeit gekostet. Und das Transformationsprogramm ist ambitioniert: Es beinhaltet neben gezielten Zukäufen das erklärte Ziel, ein Ökosystem für alle relevanten Energiedaten in einer Immobilie zu schaffen, mit dem die Dekarbonisierung maßgeblich vorangetrieben werden kann.Das erwartet Sie in diesem Talk:Wie CFO Sürig das Transformationsprogramm von Techem noch vor der Sommerpause wieder in Schwung bringen willWie Techem mit rund 200 Millionen Euro Infrastrukturinvestitionen pro Jahr die Digitalisierung des Kerngeschäfts vorantreibtWelche M&A-Strategie Techem verfolgt und für welche guten M&A-Ideen immer Geld vorhanden istOb ein Börsengang für Techem in Zukunft eine realistische Option istDie Gesprächsteilnehmer:Moderatorin: Olivia Harder (FINANCE Magazin)Gast: Carsten Sürig (CFO, Techem)_________________________________________Bei FINANCE TV ist die Finanzwelt im Gespräch! Jede Woche erwarten Sie hier exklusive Interviews mit CFOs, führenden Bankern und Experten aus Corporate Finance. Wir unterhalten uns über alles, was Finanzentscheider wissen müssen: von M&A und Finanzierung bis hin zu Private Equity, Wirtschaftsprüfung, Karriere, Gehalt und aktuellen Finanzskandalen.Kompakt, direkt und auf den Punkt!Mehr Infos gibt es hier: https://www.finance-magazin.de/tv/

The Watson Weekly for May 18, 2026. Amazon launched a 30-minute delivery to take on DoorDash. eBay shuts down GameStop's bid. OpenAI puts $14 billion behind an enterprise AI play. The Watson Weekly is sponsored by Avalara. For ecommerce brands, tax compliance gets more complicated with every new channel, state, product, and market. Avalara Agentic Tax and Compliance helps automate the work behind the scenes, so merchants can deliver a smoother customer experience — with accurate tax calculation at checkout, clearer visibility into tariffs and duties, and fewer surprises for customers when their order arrives.Avalara works with ecommerce platforms like Shopify, BigCommerce, WooCommerce, and more, helping teams manage compliance faster and scale with more confidence. To learn more about Avalara's ecommerce compliance solutions, and explore resources built for growing ecommerce brands go to avalara.watsonweekly.com for more details.Amazon Now is live. Thirty-minute delivery for groceries and household essentials, starting in Atlanta, Dallas, Fort Worth, Philadelphia, and Seattle, with seven more cities queued up. Prime members pay $3.99 an order. Non-Prime pays $13.99. The strategy is direct. Smaller fulfillment centers in residential zones, aimed straight at DoorDash, Uber Eats, and Instacart.eBay's board said no to GameStop. Chairman Paul Pressler called the unsolicited bid "neither credible nor attractive." The rejection wasn't really about price. OpenAI launched the OpenAI Deployment Company, valued at $14 billion, with $4 billion freshly raised under TPG's lead. The investor list reads like a consulting roster: McKinsey, Bain, Capgemini. The mission is forward-deployed engineers embedded inside enterprises to rebuild workflows. We also break down the Watson Weekly's Shopify three-part June webinar series, The Big Green Bag of Promise, with operators from Stanley 1913, Reitmans, and Marine Layer talking honest numbers on enterprise migration. The webinars are not sponsored by Shopify but by Avalara, Domaine, and Pattern, Register here: https://streamyard.com/watch/ibqNx46Z88BfAnd the Investor Minute: Co-pilot Kit ($27M for an AGUI protocol), Cognizant's roughly $600M Australian acquisition, District's $14.7M seed for community marketplaces, Recharge buying Skio for $105M, and PayPal splitting into three new business units.

Paulo Passoni, Managing Partner at Valor Capital, and Olga Maslikhova break down the two forces reshaping tech and capital markets right now — the end of 40 years of global integration as the US-China tech split hardens, and the collapse of the services moat as AI lets companies scale from $0 to $100M in revenue in 24 months by replacing labor. This is the May 2026 edition of TJC Debrief — a monthly show covering tech, venture, and capital markets through a global lens.We cover why China blocked Meta's $2 billion Manus acquisition and what the new US-led versus China-led ecosystem split means for global M&A, how SoftBank's blocked Arm-NVIDIA sale cost half a trillion dollars in value creation and why deals like it will keep happening, Anthropic's $50B round closing in 48 hours with secondary markets pricing ahead of the primary and what it reveals about AI's escape velocity, why Anthropic and OpenAI are forming joint ventures with Blackstone, TPG, Apollo, Sequoia, General Atlantic, and GIC to lock in compute capacity and guaranteed revenue, Plata's $5B round and why Qatar Investment Authority, US endowments, and long-only funds piled in alongside Valor Capital — and what mispriced Russian and Eastern European talent has to do with it, why data is becoming the last real moat and how Nubank, Revolut, CloudWalk, Mercado Libre, and JPMorgan are racing to train proprietary models on their own customer data, the radiologist paradox and what it predicts for tax accountants, lawyers, and every services job AI is supposed to kill, the legal AI startup Enter and the wild story of prompt injections hidden in PDFs filed to courts, why humanoid robots at $600/month today and $100/month in ten years will reshape global labor markets, Elon Musk and SpaceX as the "build potential, then monetize" playbook, and the $0 to $100M in 24 months phenomenon — why early movers in vertical AI are already hitting this scale and where the next opportunities will emerge across legal, wealth management, healthcare, and security.Subscribe to The J Curve Insider newsletter for deeper insights and follow Olga on LinkedIn and Instagram.

EinBlick – nachgefragt Podcast mit Interviews und Diskussionsrunden mit Expert:innen des Gesundheitswesens Digitale Pflege aus dem Kohlerevier – wie eine Innovationsregion zur Blaupause für Deutschland wird Fachjournalist und EinBlick-Redakteur Christoph Nitz spricht mit Professor Patrick Jahn, dem wissenschaftlichen Leiter der Innovationsregion für die digitale Transformation von Pflege und Gesundheitsversorgung (TPG) an der Universitätsmedizin Halle, über den Aufbau eines Innovationsökosystems im ehemaligen Mitteldeutschen Kohlerevier. Im Mittelpunkt stehen die Entwicklung digitaler Versorgungsmodelle für eine alternde Bevölkerung, konkrete Projekte wie die Arzneimitteldrohne und die Digitale Residenzpraxis sowie der Aufbau von Maker- und Education-Labs im südlichen Sachsen-Anhalt. Außerdem erklärt Jahn, was andere unterversorgte Regionen vom Ansatz in Sachsen-Anhalt lernen können. Patrick Jahn ist Inhaber der Professur für Versorgungsforschung mit Schwerpunkt Pflege im Krankenhaus an der Medizinischen Fakultät der Martin-Luther-Universität Halle-Wittenberg. Als ausgebildeter Krankenpfleger verbindet er Pflegepraxis und Wissenschaft. Er studierte Pflege- und Gesundheitswissenschaften an der Universität Halle sowie an der McMaster University im kanadischen Hamilton. Vor seiner Berufung nach Halle hatte er einen Lehrstuhl für Pflegewissenschaft mit Schwerpunkt Versorgungsforschung an der Eberhard Karls Universität Tübingen inne. Die Innovationsregion für die digitale Transformation von Pflege und Gesundheitsversorgung (TPG) ist eines der größten Versorgungsforschungsprojekte Deutschlands. Das Bundesministerium für Forschung, Technologie und Raumfahrt (BMFTR) fördert das Vorhaben bis 2033 mit rund 140 Millionen Euro. Im Fokus steht das südliche Sachsen-Anhalt – eine Strukturwandelregion, in der der Anteil der über 65-Jährigen teilweise bei bis zu 32 Prozent liegt, während der Bundesschnitt bei rund 21 Prozent steht. Über die Projektlaufzeit sind etwa 85 Forschungs- und Entwicklungsprojekte geplant, koordiniert an der Universitätsmedizin Halle.

Send us Fan MailPrivate credit is the crisis everyone's watching, but the real story -- and the one no one has been focused on -- is what private equity is doing behind the scenes.In Part 1 of our 3-part series, Kristen and Jen break down the $30 billion leveraged buyout of Caesars by Apollo and TPG, the deal that became the blueprint for what we now call "creditor-on-creditor violence" and flipped everything everyone thought they knew about the relationship between debt and equity investors on its head.This also happens to be the ultimate Private Equity & LBO deep dive as we start with the basics: what an LBO actually is, how it works, why private equity firms started to do club deals back in 2006/7 (hint...size) and how capital structures work at a high level.From there, Jen and Kristen walk through the actual structure of the Caesars deal — $6B in equity from Apollo, TPG, and 30+ co-investors (everyone from Goldman Sachs to the Michael J. Fox Foundation to Bob Kraft), $7B in bank loans, $6B in bridge-to-high-yield bonds, and $6.5B in commercial mortgage-backed securities sitting at the PropCo level. They explain what an OpCo/PropCo mean in laymen's terms, why it let Apollo juice leverage, why club deals fell out of favor in favor of co-invest structures, and how today's mega-LBOs (Electronic Arts, the Ellison family's Warner Bros. Discovery play) stack up against what was historic in 2007.This series is based on The Caesars Palace Coup by Sujeet Indap and Max Frumes — not sponsored, just genuinely one of the best case studies out there on LBOs and distressed debt investing. Stay tuned for Part 2, where Jen and Kristen get into everything that went wrong, the asset-transfer shenanigans, and the birth of creditor-on-creditor violence and how Britney Spears was the linchpin that kept it all together...until it all unraveled with the biggest names in investing, Apaloosa, Eliott, Oak Tree, Oak Hill, Paulson and more got in the ring. In Part 3, we sit down with Sujeet Indap of the Financial Times to talk about what the Caesars deal means for the private credit market today, and what exactly is going on with Caesars who is back in the news with Carl Icahn and billionaire Tilman Fertitta out with competing offers.For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses:Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HEREWealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others' experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE. 

Los titulares de la industria del deporte, con Patricia López, de 2Playbook. El fitness en Europa vive un momento dulce tras facturar 39.100 millones de euros y alcanzar los 75 millones de socios, con España destacando por encima de la media gracias a un crecimiento del 13%. En el ámbito del baloncesto, la Euroliga mantendrá su formato para la 2026-2027 mientras estudia la transición hacia un modelo de franquicias con licencias permanentes. Paralelamente, la FEB asegura su estabilidad médica renovando con HM Hospitales hasta el Eurobasket 2029. Al otro lado del Atlántico, el fondo TPG ha sacudido el mercado universitario al adquirir la agencia Learfield por 2.000 millones de dólares para liderar su nueva división deportiva. Por último, el Barcelona Open Banc Sabadell encara una edición de éxito con la previsión de elevar sus ingresos un 10% y generar un impacto económico de 75 millones de euros en la capital catalana.

A major shift coming in horse racing's Triple Crown? Cathy Engelbert speaks out, and TPG closes in on Learfield. Sign up for SBJ 360, our free, daily newsletter. SBJ 360 delivers a concise, high-level overview of the most important stories shaping the sports industry. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Welcome back to the People's Guild.This episode delivers another installment of Under the Hood, the newest show under the TPG banner — hosted by @keeegs. Under the Hood is where we zoom out from battles and cards to explore how ideas are formed and developed behind the scenes of Splinterlands.In this conversation, Keeegs is joined by @yabapmatt and @davemccoy to discuss upcoming changes to Production Power for Modern cards, the challenges of card inflation, and the philosophy behind introducing new systems rather than adjusting older assets.The discussion also offers an early look at buildings and expanded land production, along with updates to the land white paper and a proposed new financial structure between the company and the DAO.A concise look at the economic thinking and design decisions shaping the next phase of Splinterlands.Enjoy!

The SaaS multiples run was long, but it had to come to an end. Or Had it? Navigation: Intro Setting The Scene The Roots — This Didn’t Happen Overnight The Structural Thesis — Why This Isn’t Just A Sell-Off The Private Market Fallout The Bull Case — Is The Market Wrong? Separating The Wheat From The Chaff — Who Survives? Wrap-Up & Key Takeaways Conclusion Our co-hosts: Bertrand Schmitt, Entrepreneur in Residence at Red River West, co-founder of App Annie / Data.ai, business angel, advisor to startups and VC funds, @bschmitt Nuno Goncalves Pedro, Investor, Managing Partner, Founder at Chamaeleon, @ngpedro Our show: Tech DECIPHERED brings you the Entrepreneur and Investor views on Big Tech, VC and Start-up news, opinion pieces and research. We decipher their meaning, and add inside knowledge and context. Being nerds, we also discuss the latest gadgets and pop culture news Subscribe To Our Podcast Introduction Nuno Goncalves PedroWelcome to Episode 75 of Tech DECIPHERED, the SaaS Apocalypse: Why AI Breaks or has Broken or Broke the Software Business Model. In today’s episode, we will talk about what’s been going on in SaaS. SaaS, also known as Software as a Service, as a sector, has just had its worst month since the 2008 financial crisis. Give or take, around 1 trillion in software stock market cap has evaporated this year, and it was triggered in many ways by the rise of a lot of the things we’re seeing, in particular, agentic AI. We’ll talk about it later.One of the key triggers seems to have been the launch of Claude or Claude Cowork. There’s a lot of fears that the model that is taken as SaaS to be the darling of investors, both VCs, private equity funds, and also retail investors, has now evaporated. The sweetheart industry no longer works. Bertrand, what happened to SaaS? What’s happening? Bertrand SchmittSetting The SceneWe are in the middle of what some are calling the SaaSpocalypse. I think that was a coined term early this year. It’s pretty bad. We are recording that March 13th. Definitely January, February of this year, 2026, were really terrible. There is no question about it. Strangely enough, since the start of the war with Iran, there has been a small rebound, so we will see how it goes. But also to give some context, we are still not worse than what happened in 2022. We are still in a better place so far. I would say the difference, there is clearly a focus in terms of SaaS versus tech in general for that down term. Nuno Goncalves PedroWe’ve seen obviously a lot of things happening, right? A lot of announcements. The iShares expanded Tech-Software ETF down 25% year-to-date. Everyone seems to be running into panic, JPMorgan, Goldman Sachs. Basically, Jefferies, I think, as you said, originally termed this the SaaSpocalypse. But definitely, it seems like everyone’s trying to sell stock and saying, “Hey, SaaS is going to die.” We’ve seen a lot of interesting elements to this, we’ll talk about it later, around AI eats software. Software eats the world. AI now eats software. I guess AI eats the world.But the reality is, we’ll discuss it later in the episode, it might be just a lot of stuff that’s reacting to what’s actually happening in the market, that there was a couple of misses in terms of numbers, that the growth of some of the key SaaS players that are driving a lot of the public stock wasn’t that great recently. That adding to some launches like we mentioned, the Claude Cowork launch, et cetera, has led people to say, “Hey, maybe some entire spaces of SaaS don’t make much sense going forward.” Bertrand SchmittActually, I don’t know if you noticed, but I think it was yesterday, it was announced that the CEO of Adobe just resigned. I was shocked how bad they managed the transition to AI. I guess it’s one of the first victims of what has been happening. From my perspective, and I will go deeper, but there is a bit of an overreaction. Claude is amazing as a tool, but the launch of Claude Cowork, a few plugins decimating the market, I think that’s an overreaction in the sense that many of these SaaS companies will be able to actually benefit from AI as well. Or some of the new AI tools really, really depend on the existence of an underlying SaaS layer that’s controlling some processes, some data. So I think we have to be careful about the extremes.At the same time, what is true, the growth rate has been going down for SaaS. If you look in the 2021 to these days, we move maybe from 30-11%, 12% average growth rate. It’s a dramatic difference in growth rate, and you cannot keep the same valuation when your growth rate has been divided by three. I mean, that’s just not possible.I think that there might be some overreaction about what company like Claude can truly achieve. At the same time, the reality is there that while SaaS companies are usually relatively strong companies, the growth rate has diminished, and as a result, so should the valuation.The Roots — This Didn’t Happen OvernightBut maybe we can move deeper about what happened the past 2 years about SaaS. Nuno Goncalves PedroIndeed. Some things going back as much as 2024 when Salesforce had its worst trading day. By then, in 2 decades, and went down by 20% on a rare revenue miss. So some early people, a lot of analysts, see this as an early warning of what was to come. Late last year, a huge shift as the different labs of a bunch of different players started launching agentic solutions, which in some ways started eating into a lot of the functionality, not just of vertical SaaS, but also of horizontal SaaS. As a distinction for some of our listeners who are not familiar with that distinction, vertical SaaS is normally SaaS that’s very specific to a specific industry or sub-industry or specific arena, whereas horizontal SaaS is normally SaaS that doesn’t require much adaptation to work across industries. A good example of that might be HR management systems.But basically, because of some of the early developments in those labs and a lot of the solutions that we started seeing around agentic tools, the market started being less positive on SaaS players and trying to readjust it. Those are the historic moments, 2024, 2025. Then all of a sudden, we see the growth rates of SaaS companies coming down, because obviously this doesn’t only have manifestations in the public equity markets. This has manifestations in clients.People, at this moment in time, we’ll talk about it later, are reconsidering their options. They’re like, “Why should I have a SaaS tool? Should I buy it from another player? Should I have a more holistic solution or an integration with Claude, for example? Should I develop in-house?” We’ll talk at length on what’s in customers’ minds, but customers started changing their views and stop buying some solutions that were out there from the large players that are public equities today. Bertrand SchmittYeah, it’s clear that there has been also just overall industry-wide tendency to try to cut on the SaaS subscriptions. Maybe there was too much interest buying too many software solutions, not rationalizing enough, not being careful about the spend. It makes sense that this has hurt overall SaaS growth rate. At the same time, there has been a transfer from IT spending from SaaS tools to AI, so we create a smaller budget for buying SaaS software.But going back, when you look at the change in revenue multiples, it’s crazy. In 2021, we were close to 20X EV, enterprise value to revenues. Now we are talking about 6-7X entering 2026, and we will see later on it does crunch even more. Right now, we are at 4X revenues. So from 20 to 6 to 4, and that’s the lowest in terms of multiples since 2016. That’s 10 years ago. P/E multiple for what multiples also comprise from close to 40 to close to 20.Talking about Adobe, Adobe trades at 5-year average of 30X, now at 12X. No wonder the CEO resigned. I don’t want to be mean, but I think it’s clear some CEO were very strong leading their companies into a SaaS paradigm, but were not as strong leading their company to a new AI paradigm. I think the markets are going to be brutal. If you are good at showing that you can transition to AI, you’re an important piece of the puzzle for AI, that’s one thing. But if the markets believe your products have not kept up, then it’s truly big trouble.I mean, they are not the only one. Intuit 34% decline in a month. Atlassian, minus 35 in a week. ServiceNow also down a third. They are not the only one, but definitely companies have to show some proof of either the lack of vulnerability in an AI world or their capacity to really move strong to a brand-new AI world. Nuno Goncalves PedroThe Structural Thesis — Why This Isn’t Just A Sell-OffWhat are the structural issues? Why wasn’t this just a sell-off? Why is this structurally a problem? The first thing is really around monetization and business model. SaaS 1.0 or 2.0, however we want to call it, was based on seat-based licensing. Seat-based licensing was the notion that with more employees and more users on the platform, there would be more revenue for the SaaS company. Very simple, very clear, very lucrative.Now, obviously, AI agents don’t occupy seats. An agent can do the work of 10 people, can do the work of 20 people, 30 people, 100 people, whatever it is. Therefore, if I’m a company, and I’m using agents, and not necessarily a human user, I’m not going to buy 10 licenses for the work of 10. I have one license, and it’s used by an agent that basically has access to that tool. That’s the first issue. The first issue is that the seat-based pricing, assuming humans, assuming a certain degree of productivity, et cetera, all of a sudden is under stress. Bertrand SchmittMaybe to highlight some point, not every SaaS company was focused on per-seat pricing. Me, when I led App Annie, we didn’t have a per-seat licensing or pricing at all, so we were focused on value-based pricing. But that’s true that around us, we have seen that quite a lot of your typical SaaS business was run on a per-seat pricing. Anytime there is a market downturn, you pay a dear price for your per-seat pricing. On top of it, these days, as you said, we have AI. In an AI world, the per-seat pricing model breaks down. Nuno Goncalves PedroIndeed. Now people are asking for other kinds of pricing schema, right? Either flat pricing based on certain usage patterns or, for example, outcome-based pricing. So depending on the outcome of what I’m trying to achieve, is it a booking of a sales call, is it something else? Whatever it is, I pay for that. But I do not pay for seats because that doesn’t work anymore.There have been a lot of movements around these licensing agreements and these basic elements. Some have actually now tried to create agentic licensing agreements. It’s like, “Okay, I have licensing agreements now for your agents, not for your end users.” It used to be end user licensing agreements. It’s now agentic licensing agreements. Obviously, there’s a shift.Part of the shift is, I believe people want to be in a measurement scale that is different. They don’t want just to pay for a seat. They want to pay for either specific outcomes that are very clearly measurable or have flat fees across the board on a variety of things. I think we’ll see the emergence of a couple of these business models and these monetization models more significantly. I do think we’re still to see some innovation around some of these monetization models, which will occur over the next probably few years as people are getting used to it. Okay, now it makes more sense for me to pay by this rather than by that.Again, because it’s a disruption, we’re still getting and nailing down what effectively the new monetization models and business models will look like for some of these players, but it still will be served as a service. We’ll come back to that later as well. Agents can do a lot of stuff and whatever, but it’s like agents and AI are software. AI is software, whatever you want to call it. AI is software at its base and its profound meaning and what it does, et cetera. Bertrand SchmittSeat-based pricing, usage-based pricing, yes, it’s too simple. Yes, it has its flaw. But at the same time, when the industry started, it made a lot of sense. That’s easy to manage, easy to control, at least from the SaaS company perspective. But definitely now that the industry is maturing, I can see that rise and the benefit and value of moving to an outcome-based pricing or to a value-based pricing. What I like with that also, it’s more truly win-win for both sides, for the SaaS companies as well as for the customer of the SaaS company. If you are more win-win, more aligned, I think it’s a better situation, more frictionless. I think it would be a big change.Another interesting piece of the puzzle, obviously, of all the changes we’re seeing is that one of the best assumptions in SaaS was you have 80% to 90% gross margin. If you are below 80%, there were serious questions coming your way in terms of what’s wrong with your business model as a SaaS business. Below 80% was blinking yellow light, below 70, blinking red lights. But now, it’s very different because AI-native companies, you’re expecting more a 50-60% gross margin.Obviously, if you’re SaaS companies, you better move fast to more AI-native tools and services. That will impact your margin. When you decrease so much your margins, of course, it will impact your valuation. There is no other way around that. You cannot value the same way a 90% gross margin business and a 50% gross margin business. That’s simply not reasonable. I think that one is part of the change and part of a different way to value companies. It’s very reasonable. Nuno Goncalves PedroThe first two structural issues is, one, obviously the per-seat pricing piece is potentially dying or at least becoming less pervasive in the market, added to these emerging pricing and monetization models that we just discussed, value-based, outcome-based, some usage-based pricing, some hybrid models that are also out there with some base subscriptions and then other kinds of things and tiers on top of it, either usage or outcome-based.The third big structural shift that we are seeing is, and I already alluded to it earlier, this notion of build-versus-buy. In the past, I think the market went fully into buy. In some ways, even beyond the, “I will buy one” solution that solves all the problems, we went into best in class. We went to unbundled buying: I’ll buy the best solutions for what I need in my corporation and enterprise needs.Now we’re getting a shift back into building: I’ll build my own stuff. I think a lot of it is relating to two things. One, there’s coding agents out there like Claude Code, Codex from OpenAI, and a bunch of other coding agents that have emerged. There’s a lot of solutions out there, like we mentioned already, Claude Cowork, that really managed to have agentic solutions into workflows that are deeply embedded into some of the enterprises.At the end of the day, I think there’s a lot more of this notion of, I have all my data in-house. I want to really leverage all the data I have. I don’t want to just use a third-party solution that has generic data. I want to use my data set, I want to use my stuff, and I want to basically fit that into ongoing improvements in terms of workflow.The other piece, I think, what’s happening with IT departments in some large corporations that’s leading to this build mindset rather than this buy mindset is also the notion of maybe we have too many people. How do we really express our productivity if we don’t have solutions that are at the core of our processes? If we have solutions at the core of the processes that we develop ourselves or that we develop in partnership with integrators, et cetera, but using some of these new AI platforms, we also have more visibility on the people that we can let go.Now, I know this is quite negative, but I think this has also been leading to all the layoffs that we’ve been seeing across industries recently, where people are like, “Well, I can just extract productivity.” We’ve seen some of those very visible ones. We were talking about Amazon and what’s happening at Amazon with the layoffs recently. A significant amount of layoffs recently announced.Then some other issues on the other side where apparently the junior engineers that were still working on stuff using Claude and other tools that they were using internally started breaking platforms and breaking systems. Anyway, definitely there’s a lot of that going into this build mindset. I want to have control. I want to make sure I understand where the productivity enhancements are, and that will give me more visibility on the people that I need to keep and the people that I need to let go. Bertrand SchmittI’m not so convinced about this part of the puzzle. I think that for many, AI is a convenient demand, but I’m more thinking that some companies, Amazon included, Microsoft, truly, truly over-hired in 2020, 2021. Yes, they scaled back a bit, 2022, 2023. But I don’t think they ever scaled back to what was reasonable given their needs. So it’s quite convenient to say, “No, it’s not management mistake of efficiency, it’s something new AI, and we have to adjust to that.”What I believe is true, however, is that you cannot fund both at the same time in the sense of you cannot finance an over-bloated workforce, and two, significant extremely large AI investment. At some point, these companies were faced with a choice, and they took a reasonable decision on this to be more efficient with their workforce.But personally, I think that actually the ability to do so much more with AI will make more companies think more about their teams and building things because when suddenly your engineers can be way more efficient, can build way more, the value increases. So you could argue that there is an opportunity for companies to deliver more, and as a result, I can see if you’re a good engineer, then there will be opportunities to build more value, potentially across more companies.So we might see a shift where you have more growth in software-related jobs outside the core top 10 bigger software companies, but growing more widely across your typical S&P 500 and even SMBs who could never afford to really deliver value with typical software engineering. But now suddenly, software engineering equipped with AI can be more dramatic in terms of value for them. Nuno Goncalves PedroI agree this is a scapegoat. I agreed that there’s a lot of posturing as well. If someone can lay off a significant percentage of their… It’s almost like the percentage of people you can lay off becomes your new pattern as a CEO, your new, “Basically, I’m saying right now to the market, I can cut…” I mean, Block, I think, cut off 40% of their workforce.At this point in time, seems a bit dehumanized. I think the tech companies are the worst cases, in particular because AI also does disrupt them a lot in their own processes internally. But it feels to me right now, it’s a little bit this one-upmanship of, “Okay, I can lay off more people than you can, kind of thing.” It’s precisely all the fears that a lot of people have around AI. It’s like you’re dehumanizing work. It’s like at the end of the day, people are still needed to work, et cetera. Bertrand SchmittBut I think Block might be one of these companies that completely over-hired over the past few years and never took the pill to reoptimize the business. Nuno Goncalves PedroI think we mentioned it at a previous episode that there was an estimate at some point in time that… For example, even Google had more than double the number of engineers they needed at any given point in time. So obviously, they did hoard engineering resources in other capacities. But at this point in time, it feels a little bit like up to you since being a software engineer right now is a kiss of death kind of thing. Which is weird because at the same time, we are seeing tremendous reallocation of capital overall in the industry towards infrastructure and platforms, where hyperscalers are at 660-690 billion in infrastructure CapEx for this year alone, and 75% of that being AI, where we are seeing a lot of movements around how do I budget accordingly if I’m a corporation.To your point, I think you made that point earlier, Bertrand, how if I’m the CIO of a company, do I allocate my resources more clearly, in particular, if I’m taking into account that I need to spend more money on AI and AI tooling and AI platforms. Obviously, at the end of the day, the CFOs are still there, and the CFOs are basically saying, “Hey, guys, we went into an unbundled world. We had all these agreements with all these people. I want more concentration.” At the same time, the CEO is telling me we need AI, “So whatever it is, you guys tell me what it is, but we can’t increase our budget for this stuff. We need to decrease it, and there needs to be AI in it.” Obviously, there’s a lot of reallocation also at a micro level within the corporate world. Bertrand SchmittYes, you cannot say it will be more built versus buy. At the same time, we are going to need less engineers to do the build. You see what I mean? Even with AI helping you, building which still cost you more, require more software engineering than just a buy decision. For me, what’s interesting is that not so many of these stories can be true at the same time. You require a next workforce, but at the same time, you’re going to rebuild your whole software stack from zero just because of the AI God that you just brought in from cloud. This is not reasonable, simply not reasonable. Nuno Goncalves PedroI think the thesis is that your top engineer is I think, in particular, the more senior engineers, can now do the job of 10. Therefore, what I am switching in terms of cost, I’m not saying I’m agreeing with the thesis, but the thesis is that. What I’m reallocating in terms of budget is, I’m reallocating towards spend at infrastructure platform level, on tokens, et cetera. That’s basically, I think, the thesis of what we’re seeing happening right now. Bertrand SchmittYes, but if you were just, quote, unquote, buying software, you’re not building software. You didn’t need software engineering to just buy software. Your software engineer that becomes as valuable as 10, yeah, but you had zero if you were just buying software. You see what I mean? Nuno Goncalves PedroNo, IT departments have always had engineers, the larger corporations. Yeah, for sure. Bertrand SchmittIt’s a very different game if you are moving from buying to building. It’s my point, I guess. Nuno Goncalves PedroIt is. Just to be clear, Bertrand, this whole build-versus-buy, the build is going to be done with a lot of use of outsourcing and a lot of use of service providers and a lot of use of integrators, et cetera. This whole bullshit of build-versus-buy, in effect, it’s a misnomer because at the same time, you’re going to have to hire, to your point, you’re going to have to hire companies, et cetera, to help you do this. It’s not magically that you can do it off the existing IT departments that you have. Bertrand SchmittExactly. The question will also be, is your first priority of business to rebuild Salesforce from scratch so that it better fits your internal need as a corporation because you have rebuilt from scratch with AI? I don’t think so. That for me is total overhyped bullshit. Klarna was big on that, this is total BS, quite frankly. Not only it didn’t work, but it makes zero business sense. Zero business sense. You’re not going to rebuild a CRM just for the fun of it while your software engineering could be focused on your core value proposition as a business. If you’re a company just starting, you have processes from scratch, you still don’t have solution, yeah, maybe you could consider that.But even then, is it really your priority versus building your core value proposition? For me, that’s a big question. But what I would expect, however, is that this overall trend mindset and stuff is going to keep the pressure on two software companies in terms of reducing tiers of cost, in terms of delivering more value, in terms of being more aligned to the business, and in terms of overall growth rates that are simply not the same as they used to be. Nuno Goncalves PedroBefore maybe we move to another topic, I think it’s clear, we’ll come back to that later, that there are a lot of overblown elements in this. You can never disregard a couple of very, very core elements. A lot of these software companies have very deep tooling into significant enterprise customers. You can’t just rebuild it from scratch yourself to your point. Not only does it make sense, but you can’t. It would take you years to do it. Good luck to you.Secondly, they have also distribution. They are pervasive in the market. They have sales forces. They have people that are selling out there. They have go-to-market teams. Again, we’ll talk about that in maybe one of our penultimate sections today. But maybe to move forward, we talked a lot about the public equity markets and how there’s been a reckoning by institutional and retail investors, et cetera.The Private Market FalloutBut also there’s been a private market fallout. The first one is very obvious to understand. Private equity firms loaded themselves with SaaS. Some even went after roll-up strategies in SaaS, like bringing a bunch of companies together and trying to attack a market and really getting a significant part of that. Software accounts for roughly 25% of the private credit market, which is incredible. Just that’s private credit alone, significant again. They’re loaded with a bunch of companies that have nowhere to go. They can’t IPO, nobody else is interested in buying them unless it’s for a huge write-off or write-down. That’s the first problem right now that we’re seeing in this fallout, which is the private equity market itself. Not only the buyout market, but also we saw a lot of growth funds loading themselves with private equity stock, with a rather SaaS stock, private SaaS stock.Right now, there’s nowhere for that to go. They’re stuck between rock and a hard place with a lot of solutions that are not growing at the rates they were growing before, with a public market that’s not really interesting right now to IPO in, because as we were mentioning earlier, the multiples have gone downhill dramatically, so it’s not interesting. Basically, it’s a chicken-and-egg issue. I would love to sell this now, but I can’t because I have awful market. I can’t IPO it either, so what do I do with all these assets? That’s the first issue here. Bertrand SchmittIt’s clear that you have to be pretty delusional to think that what’s happening in the software public markets is not impacting the private markets. We don’t know why it will be in six months. In six months, it could keep getting worse in the public markets. Six months, at some point, maybe there is a recognition it went too far in terms of adjustment. It’s always tough. But at the same time, you have to be prudent. For sure, what it means is that if I’m a private equity investor in a SaaS business, you have to be a very, very, very special SaaS company to get more financing these days at good terms.Sometimes it’s a very simple math. If you fundraise at 20X, even 10X, how do you go to get to another round of financing if now your multiples are at 4X? That simply makes absolutely no sense whatsoever. Or you need to have grown into your valuation enough that it’s not crazy anymore. If you raise at 20X, and now you’re in 4X multiple, then you need to have grown 5X in your revenues so that you simply stay at the same valuation, or maybe you have to accept a different valuation. But again, quite frankly, the tough part would be convincing investors that it make any sense to put money in a SaaS business. Nuno Goncalves PedroJust to rub it in, just to make it even worse, the secondary market, which was a great market for exits or partial liquidations, et cetera, is demanding now huge discounts. There’s no way I’m going to buy into a stock if it’s not growing at the same pace. I’m like, “I’m sorry.” I will buy your stock at a significant discount. In some cases, it might be what would be a lesser price per share than your last round or your last two rounds. Not just, I want a discount on what you think you’re worth, but it’s like, I want a discount on your last round.Because there’s liquidity issues also in some parts of the market, we were talking just about the private equity firms, some of these deals will go through. If all of this wasn’t quite enough, we have what’s happening in venture capital, which is very close to my heart, of course, because that’s where I play. If you come to me, it’s like I’m a SaaS player immediately off the game. I’m like, “Really? You’re a SaaS, tell me more.” I was just talking to a player recently, SaaS play, there was nothing around AI in their pitch.It’s not just because you have AI in your pitch that I’m going to give you money, clear, but if you’re doing a SaaS play and there’s no AI in your pitch, I’m like, “Am I missing something?” If it looks very classic, I’m like, “Oh.” There’s been a huge, huge reduction in confidence in the VC space in investing in SaaS. There’s a tremendous hyper focus on AI, and in AI investing, AI apps, platforms, infrastructure by most VC firms at this moment in time. And so at this point in time, if you’re a non-AI SaaS player trying to raise money, where’s your AI play? I think that’s the question you’re going to get. It’s going to be very difficult to raise, very difficult to raise. Bertrand SchmittI agree with you. Myself, I saw that SaaS startups with absolutely no AI in their deck, and I was so shocked. I was like, “Guys, where are you living? Are you living in a parallel universe? Are you living under a rock? What’s going on?” Then they are like, “Yeah, but we’re preparing something like that, I come back and prepare.”But even then, as you say, it’s not just leaving AI in your deck. It’s what are your proof points? What have you delivered? How do you make sure that it’s truly differentiator? And how does it make sense versus a pure AI native companies? How are you going to find the new cloud tools that are going to get out in a few weeks and more or ChatGPT or whatever? You have to have a very different proof point. There is nothing new in the past. It’s how are you going to survive against Google? How are you going to survive against Salesforce? How are you going to survive against Microsoft? So nothing is new.Software universe is changing. There’s always that big guys that can destroy you in a matter of weeks. So the question is more, how are you going to be smart enough not to be killed too easily and to find your way in a space that’s probably moving faster than ever? That is probably the difference is that it’s weeks after weeks, you have big change. I’m pretty sure it didn’t happen in that space before because I’ve seen there, I’ve seen that, and it’s moving faster than ever. But it’s nothing new that there is this big company potentially destroying your business. You have to be smart.I feel in some ways, maybe it’s the 2020s, but people stopped being smart, quite frankly. They just raised easy at very large valuation and think that you just do something sometimes pretty basic in terms of software development and that’s good enough. Your GTM is traditional, and you think you made it, and you deserve some investment. I think you must have seen some of this. I have seen a lot of this. In some ways, it’s good. The market is becoming more discerning. Nuno Goncalves PedroThe Bull Case — Is The Market Wrong?But is the market wrong? Maybe shifting to that, at least my perspective is it’s wrong. It’s not fully wrong, but it’s wrong. There’s a right sizing of multiples, but maybe 4X is not the right multiple either. This whole 20X on actuals and 40X on forward stuff didn’t make any sense. There is an argumentation to say that the market is oversold. All the banks have come forward. Goldman Sachs, JPMorgan, Jeffries, Morgan Stanley. Everyone’s come forward and said there’s been definitely, Bank of America, whatever, there’s been an overselling of stock, a dramatic overselling of stock. There’s been a panic that wasn’t warranted. The price has gone down too dramatically for some of these key players.I think part of it, in some ways, is what we were alluding to earlier, the fact that some of these players have built really important stacks that are fitting their customers in a significant on core processes. You can’t just rip it off and put something new. Magically, it will work. It will be around building things around it rather than building things that replace it. Will there be over the long term potential disruption of some of these players around CRM and other solutions? For sure, we’ll see it.But definitely, some of the existing players, public companies that are large, are here to stay, and they themselves will buy into these markets. They’ll acquire positions into other service providers into toolmakers, into other platforms that allow them to be fully AI-enabled and to make their platforms more AI-enabled. I do think there was a huge amount of overselling. The second thing we already alluded to as well as go-to-market. If I’m selling something to someone, there’s a salesperson involved or there are a couple of salespeople involved, they’re not going anywhere. So in some ways, that relationship building with CIOs, with their teams, with procurement teams, all of that is still there.And a lot of the large SaaS players have been doing this for decades. So they have the surface of attack and go-to-market that will take a long time to build for even some of these startups that are disrupting, so to speak, the market. My view is there has been too much panic and the modes of the large players that are already public, in some cases, haven’t been considered at all. Bertrand SchmittThere’s definitely some truth in that. Another piece of the puzzle is that if SaaS is not growing as fast as it used to be, it’s still growing. Many companies are still very good cash generation machines. Many of these companies are moving to AI full speed, improving their tools, changing how you can search their data, how you can leverage their data. They are very close to the data, so they know best how to deliver value on this data. They can integrate existing AI tools. There are a lot of ways for them to capture part of the value that native AI companies are claiming they will get. I think it’s definitely going to, and we’ll talk more later on. I think there will be a question around how do you differentiate the best SaaS companies from the worst SaaS companies in that context.But maybe I just felt we moved a bit quickly on one big event that’s shaping the software industry, it’s the current crash in private credit. Do you have some thoughts about that? Because what’s happening there is pretty crazy, to be frank. Nuno Goncalves PedroYeah, we’ve seen a lot of these players like KKR and Apollo getting slaughtered. Basically, Blue Owl, TPG, Ares, KKR all fell double this in one day on private credit exposure fears. Overall, Apollo has fell 7% as the date of as we were recording BlackRock, 5%. These guys were walking on water and all of a sudden, there was like, “What happened?” And what happened was private credit exposure. A lot of the concerns in the market is private credit is super sexy, and for those who don’t understand what it means is I’m giving credit to a private company in exchange for something, either warrants in the company or revenue sharing in the future, or I’ll get your revenues in advance from you, or I’ll take, whatever it is. There’s over exposure.There’s this potential logic that all these guys are scaling, all the companies that they give private credit to are scaling. And now there are concerns that there might be some dramatic credit in the market, that some of these companies are actually going to die, they’re going to implode, or they’re not going to really fulfill their covenants in their private credit agreements. Bertrand SchmittIt was hidden in plain sight, but that some of these private credit funds at 25, 35% exposure to software, IT, and SaaS, so a huge chunk in an industry where you bet on the long term revenues and cash flow to pay back your loans, while at the same time there is a discovery that this business may be at risk in the next three, five years or even one year because of AI.I think that was the first big chink in the armor that suddenly the creditworthiness of these companies might not have been evaluated properly. But two, it looks like there is also fraud that has been happening. I was reading stories how three, four people, accounting companies, were valuing and estimating loans for hundreds of SaaS business. Good luck, this is crazy. It looks like there is another layer to that story. Nuno Goncalves PedroWhen there are industries building a lot of wealth or apparent wealth that’s coming a little bit from out of nowhere, the likelihood that there’s fraud and things that were not properly done is, it sadly increases dramatically or exponentially. I think we’re seeing just maybe the first effects of that. Bertrand SchmittI was reading, for instance, that one of these big funds was no haircut across the portfolio, ever seen value that was 100%, whatever. One quarter after that, one of their clients going out of business and they lost everything. In three months, you move from no haircut to 100% haircut, decent enough part of your portfolio. This is crazy for a credit business. Nuno Goncalves PedroIt’s ostrich syndrome. You just put your head under the ground, and you’re like, “Hey, whatever.” I don’t know. Bertrand SchmittYeah, it’s zero mark-to-market in an industry that should be relatively conservative. This is private credit. This is not VC, this is not startup, this is not equity, this is credit, so pretty scary. Another piece was like, some of them were supposedly senior on the debt, but they were not so senior after all, this is insane. You claim seniority, but you don’t have it.My point, I think what’s happening in private credit is maybe it all started with that what’s going on, a lot of software exposure. It’s risky because of AI, but the more investor dig into it, that’s when they started to realize that maybe there is more than just that software issue. I guess, all of this is going to be an issue for software business because if suddenly you cannot get loans anymore or the loans you add, you have to pay them back or when it’s time to pay them off, you cannot renew the loan. There is nobody else to turn yourself to get another loan to replace it. That’s not going to be fun and that’s going to impact your growth rates. That could potentially also even be worse than that, be dramatic for your own business survival. Nuno Goncalves PedroMaybe now switching back to the positive part for the bull case. We think the market’s wrong, not fully, but wrong. The other side is still things move on. We’ve also had the same issues in credits in several industries in the past when markets imploded and credit came back. In some cases, it took a while. In other cases, it came back relatively quickly. One great analogy on making a bull case on why all of this stock that was sold was oversold, there’s too much stock being sold on SaaS and at prices that don’t make any sense is an analogy, precisely, for example, with retail. Amazon was going to destroy everyone their mother in 2010, and it did not. It was going to destroy Walmart. Walmart passed the $1 trillion market cap. Bertrand SchmittNot too bad. Nuno Goncalves PedroSo what happened? They adapted. They had huge advantages. They had huge advantages in terms of their customer base, presence, relationship with their suppliers, with the offerings they had, et cetera. They had huge advantages of economies of scale, and they leverage those advantages. And those advantages ultimately materialized in tremendous increase in revenue, tremendous increase in market capital as well.Amazon has done really well as well. It’s not like Amazon didn’t do well. Again, I think this notion, people sometimes have this difficulty in separating the notion of disruption from the notion of replacement. Disruption doesn’t mean necessarily full replacement. You can disrupt industries, disrupt players in that industry, and still those players will exist 10, 20 years later, and they’ll be much bigger because they adapted. The ones that don’t adapt may be killed.But the disruption doesn’t necessarily mean replacement or killing. It means just that effectively the rules of the game, the business model, which we already talked about, monetization models, the way that capital flows in that industry, et cetera, all of that shifts. It doesn’t mean that necessarily the existing players are not going to exist tomorrow. In some cases, they will exist and they’ll be even stronger tomorrow. Bertrand SchmittI think what’s happening is truly a disruption of the SaaS business model, of the SaaS valuations, of the SaaS analysis, because now you need a new prism to analyze it. What are the markets doing in the meantime? They are just dumping it, waiting for, “Okay, how do we look at it in a different way? Who are going to be the winners and the losers?” For now, we don’t care, they’re all losers. But I think that the next piece of the puzzle for us in this episode, but for the market is, how are we going to separate the wheat from the chaff? Who is going to survive? Who is going to more than just survive? Who is going to thrive in that new industry. Nuno Goncalves PedroThere I feel the ones that survive, there’s a couple of obvious ones we can go into. Two that immediately come to my mind are data infrastructure, the Snowflakes, Databricks of the world, because this is the underpinning of everything that’s happening around AI. I don’t see the data infrastructure fundamentally shifting right now. It might in the future, but right now I don’t see it fundamentally shift. Those guys have, if anything, tailwinds rather than headwinds.Then the other one that’s very obvious to me is cybersecurity, where I think AI is very additive to it rather than just necessarily replacing everything that exists. In some ways, that already been used for a while, certainly by the top players. Definitely, those are two immediate categories and areas that come to mind that have maybe more headwinds and tailwinds where really AI is adding rather than subtracting to it. Bertrand SchmittNo, I totally agree with you concerning data infrastructure, cybersecurity. You could argue if you take cybersecurity, that with the rise of AI attacks, with AI making it easier than ever to generate attacks, you better build up your security. Nuno Goncalves PedroWith AI? No, but you have to have AI on your side defending as well. The only way to defend AI is AI. Bertrand SchmittThat’s my point. Your cybersecurity vendors will become AI-enabled, will leverage AI at scale in order to defend you, else they won’t be able to defend you, just quite frankly. Nuno Goncalves PedroCorrect. Bertrand SchmittThat’s part of the game. Data infrastructure, no questions. Again, I don’t think you want to redo your infrastructure with brand-new tools, brand-new stuff is the current tools are working great and doing the job. Maybe another piece of the puzzle is that vertical SaaS, domain-specific tools, healthcare, manufacturing, if you have proprietary data, regulatory modes, it will be much harder for AI to disrupt quickly. If you are not disrupted quickly, you have more time to readjust your business model, to adjust your business model, to leverage AI to improve your business model.Again, of course, some companies, we have seen with Adobe, for instance, have not proven great skills at adjusting to AI. Not everyone is going to get out as a winner. I think some categories have better chance to actually not just survive, but potentially thrive. Another piece are systems of record. If you are holding proprietary non-scrapable data that AI needs to function, that you have deep switching costs protecting you, you are not going to disappear right away. I think you will probably survive. If you are smart enough, you might be able to even adjust and leverage AI.But I can see some might just stick to their revenues and hold companies hostage and might not innovate a lot. I guess we’ll do well on the short run, but on the medium to long I would definitely more worried. Nuno Goncalves PedroOne point I would like to make is at the end of the day, there’s more than that. The algorithmic methodologies you should use for specific industries, for specific verticals, for specific use cases could vary. We’re still very early in a lot of the application of some of these AI methodologies. We’re not early in the development of the research around them. They’ve been around for decades, but the application of them is still relatively early. I think that’s one of the advantages why vertical SaaS companies and vertical SaaS solutions right now might have an advantage, because the domain in which you’re operating, even algorithmically, is actually different, and you need to really right purpose it for those environments and for those domains.For me, that’s an important point to make. It’s not just any vertical SaaS. I think vertical SaaS, where there’s algorithmic distinctiveness, definitely has a shot at it. Other might not. We just saw a lot of discussions around legal tech and how legal tech got slaughtered with the launch of Claude Cowork, for example. Definitely, it will depend a little bit on the verticals. Bertrand SchmittTake the legal side. There has been some interesting decision recently where basically, if you use AI for legal advice, then this data, this discussion is not privileged. You are at big risk of discovery. There is a lot of issues that if you are working with real lawyers, will not be there. Your data is not discoverable, your discussion stay private, so it cannot be used against you. I think companies have to be very careful and very worried about how some of these tools are being used because it’s creating new risk. Some of these tools are not going to get privileged in the coming few months, I don’t think so.You could argue most of these companies in the first place claim a right to access your data and leverage it. I think that even in legal, it would be interesting to see how it evolved. AI will be able to claim some privilege at some point? Maybe, I don’t know. But on the short run, I can imagine how the legal profession, for instance, will not let it happen too quickly, and how you have to be very careful. It’s great to move fast, but you have to be careful with what is it that you are getting into. Nuno Goncalves PedroLet me guess, the last company you’re going to say or the last type of companies that you’re going to say are like the survive, thrive are AI-first or AI-native companies. Is that correct? Bertrand SchmittYeah, I guess. Yes. They are going to be less disrupted by AI, given that they’re already AI native. Nuno Goncalves PedroThey are AI. Bertrand SchmittWe are going into another territory. Even if you are AI-native, are you going to still get killed by Claude because you don’t have enough technology or ChatGPT because you don’t have enough technology? You are just that basic rapper around another AI tools. Here my perspective and what I share more and more with some entrepreneurs is you have to be careful if you are just an AI native company, but ultimately you are a very AI light in the sense that, yes, you are a native, but you are just reusing other LLMs and stuff, and you have not built any proprietary tech or moat with your data or in your industry. That’s going to be trouble. That’s going to be trouble.I’m not sure the market discriminated well enough at this stage, but I think there will be quickly some premium around, have you built a real technology mode? Are you really in such a situation that you are not going to get killed by a Claude or ChatGPT in a few weeks? I think there will be some discrimination that’s going to happen. Ai native won’t be enough to save you, basically. Nuno Goncalves PedroI think there’s one thing. One is what you’re saying. Is there fundamental technology differentiation and/or product differentiation that will sustain itself as a moat? The second thing is, even if it’s an AI app at a higher level, the reality is the guys that are in the market today, the OpenAIs, the Googles, the Anthropics, etc., they’re not going to address all use cases. There are places where some use cases will still exist. We saw that in the mobile app economy.In some of these use cases, you’d be like, why hasn’t, for example, Apple addressed the need for this kind of solution, whatever, and maybe it took them a decade to do it. Then, when they did it, they almost killed the market. But you have some of these AI apps that I think will still be in the market that will emerge and will address use cases that for some time, for some reason, OpenAI, Anthropic, etc., won’t go after. To Bertrand’s point, and I think importantly, if you’re an entrepreneur, if you’re writing on a very specific use case, and there’s seemingly a high likelihood that any of these players are going to address at some point, you’re not in a sustainable place. You’re not going to be around very long. Bertrand SchmittOr you have to take that initial leadership position and transform it into a deeper technology mode, a business mode. You have to leverage that first mover advantage, maybe, to something deeper than that, something more defensible. Maybe you pivot also in term of industry. You started in industry A, but you realize industry B is really the good one. You have to really optimize your way and not take anything for granted. Nuno Goncalves PedroBertrand, do you remember when it’s like every release of iOS and whatever, we were like, what industry is Apple going to kill now? What are they integrating? There was a period of time where it was literally like every big release, every major release, the yearly one, you’d be like, what industry are they going to kill now? Bertrand SchmittTotally. Totally. I think the same is happening. Definitely, we say AI, but I think some players have been smart enough to zigzag around that onslaught from Apple, from Google. But some will stay put. We think it’s not going to happen to them. Yes, they got into trouble pretty quickly. I think also what we have seen is that a lot of value could be from players who are simply more neutral and independent vis-à-vis a platform. If you need someone in the middle, your three or four mobile platform, or now your three or four LLMs or AI platforms, there might be value you can extract because companies are not… That’s another piece of the puzzle.You don’t want to just depend on Claude. You don’t know in three months, ChatGPT has a better model. You will want to make sure that whatever you are running can adjust to a change of LLM providers, for instance, or tool providers. I think, for instance, one position could be that mutual player, the one gives you the ability to adjust quickly to different technical AI development. We will see. But I think there are different strategies you can go through to make sure you end up not being killed, and that will require smart entrepreneurs. Nuno Goncalves PedroSeparating The Wheat From The Chaff — Who Survives?We talked about who survives, who doesn’t survive. Let me start with one. Or where I think will be categories that will be incredibly under attack, so a lot of players, I think, will disappear or will become very, very small. One obvious for me is anything that relates to the small, medium business markets, so very SMB-focused SaaS, a lot of regional SaaS stuff that has emerged, copycatting in certain markets because the larger players didn’t want to expand in some of those markets.I think a lot of that stuff gets just replaced because a lot of the SMB markets are price sensitive. A lot of these markets are also best effort-driven. It’s like it doesn’t need to be perfect, it just needs to do the basic stuff. Therefore, I see that market as a market that’s going to get, in all honesty, over the next 3-5 years, slaughtered. It’s not going to be rapid death, but some of them are just going to be totally replaced. Bertrand SchmittI agree with you. If you don’t have a big enough moat, if it’s very shallow, if your clients are moving quickly, you can easily switch based on a small price difference. That’s definitely trouble. Nuno Goncalves PedroI’ll let an anecdote just so people I don’t understand. Because people say, but these regional SaaS solutions normally because of their specificities to the markets and stuff like that, whatever. I literally drafted the other day an agreement, a semi-agreement relating to Portuguese law on Claude in Portuguese, from Portugal, not Brazil and Portuguese. It drafted an agreement from scratch based on my prompting, and it took into account specificities of the Portuguese legal system and taxation. Guys, it’s like, this is a freaking consumer tool. Localization of what? The tax regime and whatever? Who gives a shit? It’s like, again, I think that’s the market that definitely will get a pretty significant beating. Bertrand SchmittAnother market for me, we talk about Adobe, but content creation tools. Here, I think there is a dramatic shift in how you use them. Before you use another Photoshop to replace something in a picture, change a slightly picture stuff. Now, you just say, hey, remove this guy from the picture. Hey, replace. Hey, create that picture from scratch. I have five photo IDs, put these guys in context, put them in your meeting room, and go for it. This is such transformational versus how you used to work before that I think some of this industry is getting destroyed.There will be simply no point of using these tools anymore because something else is just 10X better. That is not even a question. You could argue there is still a niche of professionals doing stuff in an always because it guarantees a bit more higher quality or this or that. Sure. But overall, this is getting disrupted big time and the much bigger business might be totally new and totally AI native. Nuno Goncalves PedroI will do a parochial comment. We have two investments in the content creation space, one more on the marketing side and the other one more on the hardcore content creation side. They’re both AI from inception, so they’re both AI native. One of them is called LetsEnhance, the other one is called blaze.ai. I feel it’s true that there’s going to be a lot of replacement of some of the content creation tools in certain markets like consumer and prosumer, driven by the Nano Bananas of the world and all that stuff.But on the top end and in enterprise and all that stuff, we feel that AI native content creation tools are there to be. It’s actually one of the areas of what I would call use cases or AI apps/platforms where I feel being AI native will give you an advantage. Just being a cross-cut play around the market being Anthropic or OpenAI, whatever, actually won’t solve the problem for some of the markets that need to be served in. Bertrand SchmittMakes sense. I agree with you. Maybe more quickly, some point solutions, relatively high risk. If you have a single function tool, then could be easily replaced potentially by an AI agent. We already talk about it. If you are too SMB-focused, that’s not the best segment of the market, typically. Maybe you can have a single test to check if that company is at risk. If you were to replace that tool, can a $20 a month AI agent do this task? If switch it cost are low, then maybe that’s not a good business opportunity. Maybe you should not invest, or you should sell the stock.Again, maybe you have to focus more on regulated niches, hardware dependent, critical private data, solutions where there is already outcome or value-based pricing in place. You have to put some rules and analysis to help you understand, is this business at risk of significant disruption or not? Not all business are the same. As an investor, that might mean that there would be some good opportunities. SaaS businesses that are going to emerge even stronger right now are at a cheap discount. Nuno Goncalves PedroAbsolutely. I think at the end of the day, certain basic workflow tools that are out there to simplify CRM, some very basic ERP modules, anything that’s very, very simple in terms of if this then that, all those tools are also going to be slaughtered relatively soon, sadly. If you’re in that space, maybe time, as Bertrand was saying earlier, to pivot, to go after some fundamental differentiation, or to do something else. You want to conclude, Bertrand? Bertrand SchmittConclusionSure. I guess we could see that from a trade perspective, from an investor perspective. I think it’s creating quite genuinely some opportunities. Some stocks are in the bargain, some of those are value traps, so you better get your investment skills in order. PE, private credit, definitely a lot of risk, not just from AI, I think from basic fraud as well.Secondary market, as you just say, it’s not an easy one. It’s a canary in the coal mine. I think you will agree, but this is before getting between AI native versus everything else these days, especially if you are more early stage. A more established business, it’s a different thing. But right now, just starting a regular SaaS company, that’s a tough one. From an investor perspective, you need to pivot as fast as you can from seed-based pricing, hybrid, outcome-based, value-based pricing. You have to do the move quickly. You don’t want to be pushed when it’s too late.Build-versus-buy is real, and that will only accelerate as coding agents mature. Vertical specialization, proprietary data are strong moat. They were before as well, so it’s nothing new. But I think the importance of having a true moat is more critical than ever. Lots of companies have received investment with not enough moat, and that’s the one getting destroyed in the private and public market. If you have strong matrix, there is a question of when is a good time to exit? I don’t know if the relations will ever come back. I think it truly depends as well on your business, a strategic fit with acquisition opportunities.Anecdotally, I have seen some businesses who look at exit opportunities and now are finding attractive options. It’s not all that dark, I would say. Maybe to answer to the question, do we have a SaaS apocalypse? Yes and no. Some companies are going to end badly, some companies are going to emerge stronger. I think that’s it for today. Thank you, Nino. Nuno Goncalves PedroThank you, Bertrand.

In this episode of Medsider Radio, we sat down with Massimiliano (Max) Colella, CEO of CMR Surgical.CMR Surgical is developing Versius, a surgical robot designed to make minimally invasive procedures more accessible across specialties.Max brings more than three decades of healthcare leadership experience spanning medtech and hospital systems. He previously held leadership roles at Johnson & Johnson and Smith & Nephew across Europe, Asia Pacific, and the Middle East, and later served as CEO of Evercare Group, a TPG portfolio company.In this interview, Max discusses how to prioritize capital allocation between platform development and product line expansion, when internal processes need restructuring, the importance of having the right culture, and why undertaking market research ahead of launching into a new market is crucial. He also shares his approach to hiring — and on maintaining clear board governance boundaries.Before we dive into the discussion, I wanted to mention a few things:First, if you're into learning from medical device founders and CEOs and want to know when new interviews are live, head over to Medsider.com and sign up for our free newsletter.And if you're ready to level up your medtech game, you should check out Medsider Courses — 8-week masterclasses covering topics like fundraising, M&A and exit planning, design and development, clinical and regulatory strategy, and commercialization.These courses, featuring hard-earned lessons from elite medtech CEOs, can be purchased individually or come free with our All-Access Pass.If you'd rather read than listen, here's a link to the full interview with Max Colella. KEY MOMENTS FROM THE INTERVIEW(03:08) - An overview of Max's background and the journey that led him to CMR Surgical (06:53) - Why Max chose surgical robotics — and how Versius is designed to differentiate from existing systems (16:18) - How Max restructured internal processes at CMR to eliminate large-company bureaucracy (21:09) - How market research reshaped CMR's U.S. strategy beyond ambulatory surgery centers (28:48) - Max's capital allocation philosophy: prioritize system performance and stability before expanding capabilities (32:19) - Max's take on Techmed and the future of robotics (36:36) - Why clearly defined roles between board and management are critical for governance (41:10) - Max's philosophy around hiring for mindset over skill

US equity futures are pointing sharply lower to start the week, with Asian markets broadly higher and European equities trading a weaker open. Markets are reacting to Friday's Supreme Court ruling striking down the IEEPA tariffs, followed immediately by President Trump announcing a new global tariff rate of 10%, later raised to 15% under a different authority. The move has injected fresh uncertainty into the trade landscape, with expectations that the administration will pursue additional trade investigations to restore its effective tariff rate. Questions also remain around potential tariff refunds after the court offered no clear guidance. The ruling and subsequent policy shift come against a backdrop of mixed macro data, including softer flash PMIs, hotter-than-expected core PCE, and below-consensus fourth-quarter GDP. Fed commentary leaned hawkish, with officials highlighting upside inflation risks and signaling that further tightening could return to the table if price pressures reaccelerate. Geopolitical tensions remain elevated amid discussions of a potential limited US strike on Iran, though risk assets had largely shrugged off the headlines late last week.Companies Mentioned: Netflix, TPG, KKR, Fortune Brands Innovations

In der heutigen Folge sprechen die Finanzjournalisten Lea Oetjen und Nando Sommerfeldt über die Drohkulisse der USA, den Titel-Verlust von Walmart und das große Rätselraten, um die Lagarde-Nachfolge. Außerdem geht es um Airbus, Freenet, Flatexdegiro, Krones, Knorr-Bremse, Ares, Apollo, KKR, Blackstone, TPG, Blue Owl, Air France-KLM, Amazon, Deere & Co, Meta, Toto, Samsung, SK Hynix und Kioxia. Wir freuen uns an Feedback über aaa@welt.de. Noch mehr "Alles auf Aktien" findet Ihr bei WELTplus und Apple Podcasts – inklusive aller Artikel der Hosts und AAA-Newsletter. Hier bei WELT: https://www.welt.de/podcasts/alles-auf-aktien/plus247399208/Boersen-Podcast-AAA-Bonus-Folgen-Jede-Woche-noch-mehr-Antworten-auf-Eure-Boersen-Fragen.html. Der Börsen-Podcast Disclaimer: Die im Podcast besprochenen Aktien und Fonds stellen keine spezifischen Kauf- oder Anlage-Empfehlungen dar. Die Moderatoren und der Verlag haften nicht für etwaige Verluste, die aufgrund der Umsetzung der Gedanken oder Ideen entstehen. Hörtipps: Für alle, die noch mehr wissen wollen: Holger Zschäpitz können Sie jede Woche im Finanz- und Wirtschaftspodcast "Deffner&Zschäpitz" hören. +++ Werbung +++ Du möchtest mehr über unsere Werbepartner erfahren? Hier findest du alle Infos & Rabatte! https://linktr.ee/alles_auf_aktien Impressum: https://www.welt.de/services/article7893735/Impressum.html Datenschutz: https://www.welt.de/services/article157550705/Datenschutzerklaerung-WELT-DIGITAL.html

Welcome back to the People's Guild. This episode delivers another installment of Under the Hood, the newest show under the TPG banner — hosted by @keeegs. Under the Hood is where we zoom out from battles and cards to examine how ideas are formed, tested, and brought to life behind the scenes of Splinterlands and the broader Web3 ecosystem. In this conversation, Keeegs is joined by @blazekos for a wide-ranging discussion that blends marketing strategy, Web3 realities, and the challenges of building in an emerging, still-undefined product space. They explore what it means to navigate an undiscovered market, how to communicate value to both gamers and collectors, and why experimentation and iteration matter so much when you're operating at the edge of innovation. From blockchain-native collectibles to playful, forward-looking ideas that don't exist anywhere else yet, this episode highlights the fun — and the friction — of creating something genuinely new. It's a thoughtful, exploratory look at growth, storytelling, and innovation in a space that's still writing its own rules.Enjoy!

Welcome back to the People's Guild.We're back with another episode of TPG, and this time we're joined by @ourfadedglory — better known to many as OFG — for a wide-ranging, boots-on-the-ground conversation about land, strategy, streaming, and where Splinterlands is headed next. From his early days discovering the game in 2020 to navigating land economics, wildcard strategies, Modern vs. Wild dynamics, and the ever-evolving reward system, OFG brings a thoughtful, player-first perspective shaped by real experimentation and long-term commitment. We dig into pack strategy, voucher distribution, new rule sets like Outsider, and ideas that could meaningfully improve the experience for smaller accounts.It's equal parts meta talk, economic theory, and community vibes — the kind of episode that reminds you why this ecosystem is still so compelling.Enjoy the show!

This week, we revisit our conversation with Keith Grossman. Keith has been a leader in the medical technology industry for more than 35 years. He was the Chairman of the Board of Nevro Corporation (NVRO) until April 2025, having previously served as President and CEO from 2019 to April 2023.  Prior to Nevro, he was named President and CEO of Thoratec Corp. (THOR) for the second time in 2014. He led the company's return to growth, a 2.5x increase in company value, and its $3.4 billion acquisition by St. Jude Medical in 2015. He previously served as the CEO, President, and Director of Conceptus, Inc. (CPTS) from 2011 to 2013, where he took the company from negative sales growth to over 20% growth, tripled EBIDTA, and led the company's sale to Bayer Healthcare for over $1.1 billion, a 3x increase in the company's value before his arrival.  Prior to Conceptus, Keith served as managing director of TPG (Texas Pacific Group), a private equity firm, as a member of its healthcare investment team. Prior to TPG, Mr. Grossman served as Thoratec's President, Chief Executive Officer, and director for the first ten years of its growth as a commercial company. Prior to Thoratec, he held a number of commercial and general management roles with companies including SulzerMedica and American Hospital Supply Corp.  He currently also serves as Vice Chairman of Alcon, Inc., and is on the board of Outset Medical, Inc. and previously served as a member of the Board of Directors of Intuitive Surgical, Inc., Kyphon, Inc., ViewRay, Inc., Zeltiq, Inc, and a number of privately held medical device companies. Keith received a B.S. in life sciences from The Ohio State University and an M.B.A. from Pepperdine University.  

What happens when addiction, loss, and uncertainty collide with discipline, honesty, and trust. In this episode, I sit down with David Price, a visionary CEO who shares his journey from growing up with addicted parents and battling his own drug addiction to building a multi-million-dollar insurance organization in less than a year. David opens up about hitting bottom, finding clarity through recovery, and learning how mindset, patience, and consistency reshaped his life and business. We explore what it really takes to build trust, lead people well, and stay focused when growth feels uncomfortable. This conversation is about resilience, personal responsibility, and why an Unstoppable mindset is built one honest decision at a time. Highlights: 00:10 – Hear how David Price's early life with addicted parents shaped his resilience and stress tolerance03:18 – Learn how growing up unstable planted the seed for David's drive to become a business owner05:01 – Discover the moment David realized addiction was no longer something he could manage alone15:51 – Hear the unexpected reason David walked into a recovery meeting that changed everything24:16 – Learn how small, achievable habits helped David rebuild his life after getting clean37:50 – Understand the hard business lesson David learned after choosing the wrong partner44:34 – Hear how losing six figures of monthly income overnight forced David to rebuild from zero53:49 – Learn why David believes trust is more valuable than money when building an unstoppable business About the Guest: David Price – CEO & Founder, The Price Group IMO David Price is the visionary CEO and Founder of The Price Group IMO, one of the fastest-rising organizations in financial services. His journey to success was anything but ordinary. Growing up in a broken home and battling drug and alcohol addiction for years, David hit rock bottom more than once. In 2013, he made the life-changing decision to get clean and rebuild his life. That moment of clarity became the foundation for everything that followed, teaching him resilience, grit, and an unshakable drive to create a better future. In 2018, David discovered the insurance industry. With no prior experience, he earned his license and built a simple, scalable system that allowed everyday people—single moms, career changers, and those just looking for a side income—to succeed. Within 36 months, he became a millionaire, and by his fourth year he was generating more than $1 million annually. In October 2024, he launched The Price Group IMO, partnering with top carriers and introducing a superior lead program that created even greater opportunities for people to work from home and build real financial freedom. In less than 350 days, the organization produced over $10 million in sales, cementing itself as one of the fastest-growing IMOs in the country. Today, David's mission extends far beyond personal success. He is dedicated to helping people reinvent their lives, showing them how to earn an income, work flexibly from home, and build businesses of their own. Many of the agents and agencies he mentors are already on track to reach six and seven figures, proving the power of his model. Beyond business, David is a member of the Forbes Business Council and an active voice on Instagram, Facebook, LinkedIn, Twitter, and YouTube, where he shares transparent insights, strategies, and motivation for people seeking more freedom, flexibility, and purpose in their careers. Ways to connect with David**:**

In this episode, we speak with Trevor Clark, Founder and Managing Partner of Twin Brook Capital Partners, TPG's middle-market direct lending business. Founded in 2014, Twin Brook provides tailored, cash flow–based financing solutions to middle-market private equity–backed companies across North America.  Based in Chicago, Twin Brook has approximately 125 dedicated professionals and offers a flexible product suite supporting leveraged buyouts, recapitalizations, add-on acquisitions, growth capital, and other financing needs for companies typically generating between $3 million and $50 million in EBITDA. TPG Credit is part of TPG, a leading global alternative asset management firm with $286 billion in assets under management. Prior to founding Twin Brook, Trevor was a Co-Founder and CEO of Madison Capital Funding, a subsidiary of New York Life Investments, where he led the firm's middle-market lending platform. Earlier in his career, he held underwriting and origination roles at Antares Capital, GE Capital, and Bank of America. TPG Twin Brook was recognized as a Top Private Credit Firm of 2025 by GrowthCap. Trevor support Culinary Care. To learn more about this organization click here. I am your host, RJ Lumba. We hope you enjoy the show. If you like the episode, click to follow.

In this episode, Scott Becker reviews the YTD performance of the largest private equity and alternative asset managers, ranking Carlyle, Apollo, Blackstone, TPG, and KKR from best to worst.

In this episode, Scott Becker reviews the YTD performance of the largest private equity and alternative asset managers, ranking Carlyle, Apollo, Blackstone, TPG, and KKR from best to worst.

Welcome back to the People's Guild.We're kicking off Season 5 of TPG with a wide-ranging conversation alongside @davemccoy, touching everything from Survival Mode and Frontier experiments to skins, dynamic cards, AI-generated music, and the growing list of systems quietly reshaping Splinterlands under the hood.We dig into upcoming Vinny and Mags skins, early thoughts on Survival Mode and its bracketed structure, the evolution of Frontier as a true sandbox for new mechanics like Overlords and Boss Monsters, and the launch of SplinterVibes — a tokenized, in-game music experiment that feels straight out of classic gaming nostalgia.It's one of those episodes that captures where Splinterlands is right now: experimenting, iterating, and slowly layering new pillars onto an already deep ecosystem. Lots of forward-looking ideas, plenty of community integration, and no shortage of “what's coming next” energy.Enjoy the show!

In this episode, Eli Cahan ('19 cohort) speaks with Rex Woodbury ('19 cohort) who imagines a world where technology and startups are a force for good.Rex reflects on his decision to leave the world of investment to attend business school and on how he began sharing his ideas on social media. He discusses how writing on Substack helped him pivot from private equity to venture capital, where he now supports early-stage founders as they develop their ideas. Rex believes technology can have a positive impact on society, and he describes how this work has given him a sense of meaning and purpose. He explains how Knight-Hennessy expanded his understanding of impact, situating impact entrepreneurship within broader structural issues. The episode concludes with Rex sharing his favorite memories from his time at Stanford and offering thoughtful advice to prospective students.Highlights from the episode(3:21) Deciding to leave TPG and come back to school(7:54) A typical day in an investing career(12:10) Daybreak Ventures and how he got there(18:30) On sharing his ideas with the world(27:58) How does social media influencing fit in?(29:53) Knight-Hennessy Scholars changing his understanding of impact(35:33) Favorite Knight-Hennessy Scholars memories(39:45) Advice for prospective applicants

In this second Best Of compilation, our team distilled the most powerful insights from 2025, and some from 2024—of Investing in Integrity. Spanning leadership, culture, and purpose-driven finance and investing, this special edition brings together defining moments from more than 40 conversations with some of the world's most thoughtful executives, investors, and builders.Rather than a simple highlight reel, this episode revisits key voices across multiple dimensions of leadership — reflecting how the same principles show up differently in how we lead, how we build culture, and how we deploy capital. Selecting these moments was no easy task, but each was chosen for its ability to inspire us to think more deeply our lives and our work. It's divided into three sections:Leadership That Transforms: We begin with reflections on leadership at its core — how leaders think, grow, and show up when stakes are high. Featuring Howard Marks, Co-Founder and Co-Chairman of Oaktree Capital Management; Bill George, former Board Director at Goldman Sachs, Executive Education Fellow at Harvard Business School, and author of True North; Doug Kimmelman, Senior Partner at ECP; and Steve Ellis, Co-Managing Partner of The Rise Fund at TPG, this section explores humility, self-awareness, conviction, and the evolving nature of values. Together, these insights illuminate what it truly means to lead with character in complex environments.Culture, Purpose & Integrity: We shift into the essential work of shaping organizational culture through the experiences of Bei Ling, CHRO at Wells Fargo; Pamela Alexander, Head of Corporate Citizenship at KKR; and Howard Marks (returning), this section reveals how trust is built, how purpose is operationalized, and how integrity becomes a guiding force inside the world's most influential institutions.Finance as a Force for Good: Finally, we explore how leadership and culture translate into action — particularly in the world of finance. Featuring Steve Ellis (returning), Trae Stephens, General Partner at Founders Fund, and Greg Shell, Partner at Goldman Sachs, this closing section demonstrates how capital, when aligned with long-term thinking and human impact, can be a powerful force for good. These voices challenge us to move beyond profit alone toward outcomes that expand opportunity and strengthen communities.In closing, Howard Marks shares a final reflection on generosity, underscoring the importance of giving back as a cornerstone of purposeful leadership.Whether you're leading a team, shaping culture, entering finance, or striving to grow personally and professionally, this episode is designed to accelerate your development and deepen your sense of purpose.This compilation isn't just a highlight reel — it's a blueprint.A blueprint for leadership anchored in character.A blueprint for careers aligned with purpose.A blueprint for a financial system that lifts society up.We've curated this episode to equip you with actionable insights you can carry into your work, your relationships, and your life.

David Clark sits down with Ben Forman, Founder and Managing Partner of ParaFi Capital, one of the world's leading institutional investors in blockchain and digital assets. Ben's path into digital assets is anything but conventional. Trained in traditional private equity and credit at firms such as KKR and TPG, he began his career analysing businesses through a deeply fundamental, cash-flow-driven lens. Like many experienced investors, his initial reaction to crypto was sceptical. What changed was a growing conviction that blockchain technology could fundamentally reshape how value moves through the global financial system. For listeners unfamiliar with blockchain or digital assets, this conversation serves as a clear, grounded introduction. Ben explains blockchain in practical terms, comparing its potential impact on finance to what the internet did for information—reducing friction, cost and reliance on intermediaries. We explore why financial services, despite decades of digitisation, remain inefficient, and how technologies such as stablecoins, tokenisation and on-chain settlement are beginning to change that. The discussion also demystifies ParaFi's role in the ecosystem. Ben outlines how ParaFi operates as a multi-strategy investment firm—spanning venture capital, liquid markets and non-directional strategies—and why institutional process, risk management and governance matter just as much in digital assets as they do in traditional markets. We also examine real-world examples of blockchain in action, including prediction markets, stablecoin-based payments, and the growing involvement of major global institutions. Importantly, Ben shares lessons from both successful investments and ideas that were simply too early—offering rare insight into how emerging asset classes evolve over time. This episode provides a clear framework for understanding one of the most important structural shifts underway in global finance and why digital assets are increasingly part of institutional portfolios, what risks remain, and how to think about the opportunity with discipline rather than speculation.

Excerpt from Beyond Markets Podcast, originally published on 24.08.2025.This episode is part of a special two-week series featuring highlights from Julius Baer's recent Beyond Markets podcasts. Our regular show that starts with daily market news returns on Monday 5th January.Investing in private markets has the potential to create long-term value in portfolios. But how can qualified and professional investors navigate the current marketplace? What does the private equity market look like today? Which factors are driving potential opportunities? And where might the risks lie? In this episode of the Beyond Markets podcast, Fiona Kenyon, Head of Private Markets Specialists at Julius Baer talks to Jack Weingart, Chief Financial Officer at the global alternatives firm TPG, to discuss these questions as they evaluate the current landscape and reflect on the potential risks and rewards.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:40) - Private equity: Jack Weingart, Chief Financial Officer at TPG and Fiona Kenyon, Head of Private Markets Specialists (08:43) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

호주 이동통신사 TPG가 삼성 휴대전화의 트리플제로 통화 실패와 관련해 두 번째 사망 사례가 보고됐다고 밝혔습니다.

Welcome back to the People's Guild.Today's episode brings another deep-dive installment of Under the Hood, the newest show under the TPG banner — hosted by @keeegs. This series breaks down the systems, structures, and decision-making processes behind the Splinterlands DAO, giving the community a clearer look at how governance, funding, and long-term planning actually take shape.In this conversation, @keeegs sits down with @mattclarke and @bjangles to unpack the inner mechanics of the DAO Foundation, the multi-sig structure, and how legal responsibilities intersect with on-chain governance. They explore the origins of the Foundation, how directors are selected, the challenges of maintaining trust and transparency, and the future direction of Chairman bounties. From there, the discussion moves into the ongoing effort to define a DAO constitution or governance framework — what it should do, what it shouldn't do, and how it could help guide proposals without restricting community creativity.The episode also touches on the role of the DAO in game development, the boundaries between community voting and team authority, and the importance of clearly defining jurisdiction so the DAO's efforts remain focused and impactful. Finally, the group explores long-term contract stability for Splinterlands development, DEC volatility, and ways to improve the proposal experience for players.Below is everything that went down in the newest episode of Under the Hood.Enjoy!

Welcome back to the People's Guild.We're back with a brand-new episode of TPG, and today we're joined by a fresh face in the Splinterlands community: @teammtgjedi. Many will know him from the Grand Prix, where he first dipped his toes into the game — but he's also a long-time strategy gamer, seasoned content creator, and now… a budding Splinterlands convert.In this episode, we walk through his first impressions of the game, the learning curve, rental strategies, Ghost Modern exploration, the rating system, and what it feels like for a new player to step into our ecosystem. We also dive into the broader gaming world he comes from, including his work as a board game designer. His latest project — a fast, fantasy-themed math-strategy title — is currently live on Kickstarter, and you can check it out here:Kickstarter: https://www.kickstarter.com/projects/alariaquest/alaria-quest-the-goblin-kings-dungeonSideQuest Games: https://sidequestgamesllc.com/It's a fun conversation, a fresh perspective, and a great reminder of how Splinterlands can feel through new eyes.Enjoy!

In this episode of the Investing in Integrity podcast, Ross Overline, CEO and co-founder of Scholars of Finance, welcomes Steve Ellis, Co-Managing Partner of The Rise Fund at TPG Capital, a global investment firm with $269 billion in assets under management. As leader of the RISE Fund, the world's largest impact investing platform, Ellis shares how purpose and profit can reinforce each other. He unpacks the Colinearity Principle, a framework aligning financial success with measurable social impact, and discusses how AI can expand global access to education, healthcare, and financial services. From redefining leadership through empathy and vulnerability to navigating career “giving back deserts,” Ellis offers candid lessons on sustaining integrity amid rapid change. The conversation highlights the roadmap for balancing conviction with curiosity, and revealing how finance professionals can lead with purpose while delivering exceptional returns and driving meaningful social progress.Meet Steve EllisSteve Ellis is a Co-Managing Partner at TPG and leader of the RISE Fund, the world's largest impact investing private equity platform. Before joining TPG in 2015, Steve was the CEO of Asurion, the world's leading provider of technology protection services with over $6B in revenues. Before Asurion, Steve served as a Global Managing Partner for Bain & Company. Steve is a graduate of UC Berkeley and Stanford Business School, where he is a regular guest lecturer. He is a trustee for the UC Berkeley Foundation and serves on the boards of Charles Schwab, LiveKindly, InStride, Hayden AI, Greenhouse Software, UBQ Materials, Renaissance Learning, Persefoni, and Teachers of Tomorrow.

The devastating Optus outage that was linked to three deaths revealed we can't always trust we can get through when we call Triple Zero.More than two months later, surely the system has been fixed.Today, consumer affairs reporter Michael Atkin on why some people still can't get help when they need it most.Featured: Michael Atkin, ABC consumer affairs reporterEditor's note: On Monday, WA Police said the death of a Perth man initially linked to the Optus Triple Zero outage was not connected to the failure. As of Tuesday 25th November two deaths are believed to be related to the outage. 

Welcome back to the People's Guild.This episode brings another installment of Under the Hood, the newest show under the TPG banner — hosted by @keeegs. Under the Hood takes a closer look at the inner workings of the Splinterlands DAO: how decisions form, how proposals evolve, and how the systems shaping the game's future continue to improve.In this conversation, Dave and Keeegs dive into the early foundation of a potential DAO constitutional framework — discussing how to protect the ecosystem, support DEC/SPS, and keep entry affordable for new players. They explore the idea of community representatives and voting delegation to better balance the needs of whales and smaller players. The discussion moves into proposal-process improvements, including draft phases, clearer communication, and how a standardized, recurring set-development contract could provide stability for both the DAO and the company.All told, it's a deep, detail-rich look at how the DAO, the team, and the community can continue building a healthier, more transparent governance and gameplay ecosystem.Enjoy!

2025年11月18日下午：澳大利亚通讯公司TPG表示，悉尼一名用户在11月13日尝试拨打紧急求救号码000时，因使用的三星手机运行的系统软件版本过旧，电话未能成功接通，随后该用户死亡（收听播客，了解详情）。

Gurmesh Singh raug xaiv ua tus coj pab nom Nationals ntawm NSW, Coalition yuav txo visa kom muaj neeg tuaj tsawg ntawm Australia thaum xaus xyoo 2025, Chile cov kev xiav tsa, Rooj sab laj COP30, Bangladesh cov kev rau txim tuag, nqe siv NSW tus choj Harbour Bridge thiab M6 Highway, Trump yuav kos mem tes rau ib tsab cai kom qhia tej ntaub ntawv cuam tshuam txog Jeffrey Epstein cov sex offending, Germany thiab Netherlands tau mus koom 2026 FIFA World Cup, TPG telecom hais tias muaj ib tug neeg tas sim neej vim siv xov tooj Samsung qub uas siv tsis tau Triple Zero, Jess Wilson yog thawj tug poj niam tau ua tus coj pab nom Liberal Party ntawm Victoria, Sussan Ley hais tias cov kev tsis siv tsab cai net zero yuav ua rau muaj teeb meem rau Australia lub fwj chim ntawm Pacific, Cob tsib koom lagluam tech thiab digital payment thiab blockchain nrog Switzerland, Nplog tib los siv cov system kawm 6, 3, 3, Thaksin yuav raug coj mus hais plaub vim raug liam tias tau hais lus thuam huab tais Thaib, thiab Thaksin kuj raug Supreme Court hais kom them se tshaj 17 billion baht rau cov kev muag nws lub tuam txhab, tej nyiaj khwv tau thiab tej se yuav tau them..,

Today's headlines include: A TPG customer has died after they were unable to call Triple Zero due to "a Samsung device that was operating out-of-date software," according to the telco. Lachlan Young has been sentenced to 28 years in jail for the murder of his former partner, Hannah McGuire. The UN Security Council has voted in favour of U.S. President Donald Trump’s peace plan for Gaza. And today’s good news: Researchers in the UK are using AI to predict early signs of brain cancer recurrence. Hosts: Emma Gillespie and Lucy TassellProducer: Emma Gillespie Want to support The Daily Aus? That's so kind! The best way to do that is to click ‘follow’ on Spotify or Apple and to leave us a five-star review. We would be so grateful. The Daily Aus is a media company focused on delivering accessible and digestible news to young people. We are completely independent. Want more from TDA?Subscribe to The Daily Aus newsletterSubscribe to The Daily Aus’ YouTube Channel Have feedback for us?We’re always looking for new ways to improve what we do. If you’ve got feedback, we’re all ears. Tell us here.See omnystudio.com/listener for privacy information.

What if the real key to exploding your business isn't just innovation—but mastering the art of pivoting through change?   In this episode of Sharkpreneur, Seth Greene interviews Blair LaCorte, CEO at LaCorte Ventures. Blair is a leader who has guided multiple companies from startup to IPO and through major industry disruptions. Blair's career includes C-level roles at ExoJet Vista, TPG, Autodesk, Sun Microsystems, and the world's largest live entertainment production company. He's currently training as an astronaut for Virgin Galactic, serves as Vice Chairman of the Buck Institute for Research on Aging, and has collaborated with icons like Richard Branson, Elon Musk, and Bill Clinton. In this candid conversation, Blair shares how to recognize when to pivot versus double down, why change is the ultimate business opportunity, and how to build lasting connections that fuel personal and professional growth.   Key Takeaways: → The two essential skills every entrepreneur needs: fact-finding and quick-start decision-making. → How to tell if you're pivoting too much—or not enough. → Why change should be viewed as a profit opportunity, not a threat. → The biggest mistakes leaders make when reacting to disruption—and how to avoid them. → Why restructuring and scaling have more in common than most think.   Blair LaCorte is a dynamic business executive with a diverse career spanning entertainment, aviation, AI, technology, aerospace, consulting, investing, and military logistics. Raised by entrepreneurs, he has held CEO and C-level roles at major companies like PRG, XOJET/Vista, TPG, Autodesk, and Sun Microsystems/Oracle. Blair has helped lead multiple startups to successful IPOs, including AEye Technologies and VerticalNet. Currently, he is an astronaut-in-training for Virgin Galactic and serves as Vice Chairman of the Buck Institute, a leader in longevity research. He also co-founded and facilitates a Mastermind group of 40 global CEOs. Known for his engaging leadership and strategic vision, Blair has served on nonprofit boards alongside luminaries like Steve Kerr, Phil Jackson, Richard Branson, Elon Musk, and Bill Clinton.   Connect With Blair LaCorte: Website: https://mastermindinnovate.com/ LinkedIn: https://www.linkedin.com/in/blair-lacorte-68084/ Learn more about your ad choices. Visit megaphone.fm/adchoices

What if the real key to exploding your business isn't just innovation—but mastering the art of pivoting through change?   In this episode of Sharkpreneur, Seth Greene interviews Blair LaCorte, CEO at LaCorte Ventures. Blair is a leader who has guided multiple companies from startup to IPO and through major industry disruptions. Blair's career includes C-level roles at ExoJet Vista, TPG, Autodesk, Sun Microsystems, and the world's largest live entertainment production company. He's currently training as an astronaut for Virgin Galactic, serves as Vice Chairman of the Buck Institute for Research on Aging, and has collaborated with icons like Richard Branson, Elon Musk, and Bill Clinton. In this candid conversation, Blair shares how to recognize when to pivot versus double down, why change is the ultimate business opportunity, and how to build lasting connections that fuel personal and professional growth.   Key Takeaways: → The two essential skills every entrepreneur needs: fact-finding and quick-start decision-making. → How to tell if you're pivoting too much—or not enough. → Why change should be viewed as a profit opportunity, not a threat. → The biggest mistakes leaders make when reacting to disruption—and how to avoid them. → Why restructuring and scaling have more in common than most think.   Blair LaCorte is a dynamic business executive with a diverse career spanning entertainment, aviation, AI, technology, aerospace, consulting, investing, and military logistics. Raised by entrepreneurs, he has held CEO and C-level roles at major companies like PRG, XOJET/Vista, TPG, Autodesk, and Sun Microsystems/Oracle. Blair has helped lead multiple startups to successful IPOs, including AEye Technologies and VerticalNet. Currently, he is an astronaut-in-training for Virgin Galactic and serves as Vice Chairman of the Buck Institute, a leader in longevity research. He also co-founded and facilitates a Mastermind group of 40 global CEOs. Known for his engaging leadership and strategic vision, Blair has served on nonprofit boards alongside luminaries like Steve Kerr, Phil Jackson, Richard Branson, Elon Musk, and Bill Clinton.   Connect With Blair LaCorte: Website: https://mastermindinnovate.com/ LinkedIn: https://www.linkedin.com/in/blair-lacorte-68084/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Synopsis: Host Rahul Chaturvedi sits down with Geoffrey Duyk, Chief Executive Officer of Grove Biopharma, for a wide-ranging conversation on navigating today's biotech macro headwinds and building companies that can translate breakthrough science into real patient impact. Dr. Duyk traces his journey from Harvard/Millennium/Exelixis operator to TPG investor and back to company creation, explaining how board dynamics, capital cycles, and policy shifts shape execution. They dig into why this cycle feels uniquely tough—patent cliffs, reimbursement uncertainty, NIH pressures—and who funds innovation in the meantime. Duyk outlines root causes of R&D inefficiency (misaligned capital vs. 20-year timelines, shaky preclinical predictability, costly trials, underused real-world data) and makes the case for rebuilding public trust and STEM education. Then, a deep dive on Grove Biopharma: precision polymer science that creates antibody-like, fully synthetic, cell-permeable protein mimetics to tackle historically “intractable” intracellular protein–protein interactions. Duyk shares design principles, why modular/orthogonal chemistry matters, predictable pharmacology, and lessons from fundraising and board management—plus why he's helping grow a Chicago-centered biotech ecosystem. Biography: Geoffrey M. Duyk, M.D., Ph.D. is the Chief Executive Officer of Grove Biopharma. Dr. Duyk has spent 30 years in the biotechnology industry as an entrepreneur, executive, and investor. Most recently, he was the Managing Partner at Circularis Partners, an investment firm he co-founded, focused on advancing the circular economy and promoting sustainability. Prior to that, Dr. Duyk was Managing Director and Partner at TPG Alternative & Renewable Technologies (ART)/TPG Biotechnology. Before joining TPG, Dr. Duyk served as a board member and President of R&D at Exelixis and was one of the founding scientific staff members at Millennium Pharmaceuticals, where he served as Vice President of Genomics. Earlier in his career, Dr. Duyk was an Assistant Professor in the Department of Genetics at Harvard Medical School (HMS) and an Assistant Investigator at the Howard Hughes Medical Institute (HHMI). While at HMS, he served as a co–principal investigator in the Cooperative Human Linkage Center, which was funded by the National Institutes of Health (NIH). Dr. Duyk is a trustee of Case Western Reserve University, where he serves on the executive committee. He previously served on the Board of Trustees of Wesleyan University and the Board of Directors of the Moffitt Cancer Center. He currently serves on the IR&E (Institutional Research and Evaluation) Committee at Moffitt, a key component of its External Advisory Committee (EAC). He was also a member of the Board of Directors of the American Society of Human Genetics (ASHG), and served as its treasurer. He is a member of the Life Sciences Advisory Board at Innovatus Capital Partners and the Scientific Advisory Board (SAB) for Lawrence Berkeley National Laboratory (DOE). Dr. Duyk previously served on the board of the Jackson Laboratory and on numerous NIH advisory committees. He is currently a Senior Advisor at Qiming Venture Partners (USA) and serves on the boards of Enno DC, Oobli, and Melanyze Dr. Duyk earned both his M.D. and Ph.D. from Case Western Reserve University and completed his medical and fellowship training at the University of California, San Francisco (UCSF). While at UCSF, he was a Lucille P. Markey Fellow and an HHMI postdoctoral fellow. He is a fellow of the American Association for the Advancement of Science.

Amazon Web Services suffered an overnight outage disrupting sites including Disney+, Perplexity, and Coinbase. Apple's newest generation of iPhones has outsold previous models in its first 10 days on the market, China is accusing the U.S. of a hacking campaign, shares of Hologic were boosted by reports of a potential Blackstone and TPG takeover, and proxy advisory ISS is recommending Tesla shareholders vote against Elon Musk's $1 trillion pay plan. Squawk Box is hosted by Joe Kernen, Becky Quick and Andrew Ross Sorkin.  Follow Squawk Pod for the best moments, interviews and analysis from our TV show in an audio-first format. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Story of the Week (DR):Blowhard CEOs:Cerebras CEO Andrew Feldman says you can't 'build something extraordinary' working 38 hours a weekSam Altman Says If Jobs Gets Wiped Out, Maybe They Weren't Even “Real Work” to Start WithMarc Benioff Says Trump Should Send Guard Troops to San FranciscoRon Conway skewers Mark Benioff in board resignation after 25 years: ‘I now barely recognize the person I have so long admired'Peter Thiel says he warned Elon Musk to ditch donating to The Giving Pledge because Bill Gates will give his wealth away ‘to left-wing nonprofits'JPMorgan CEO Jamie Dimon Says There's a 'Heightened Degree of Uncertainty'Best Buy's CEO says growing spending power gap between affluent and poor ‘keeps me up at night'Billionaire bosses like Jeff Bezos and Reid Hoffman denounce work-life balance—and some think working nonstop is key to successLogitech CEO Hanneke Faber says she would consider adding an AI agent to her board of directorsPlaid CEO says 'it's inevitable AI will drive our financial lives'Perret graduated from Duke University (BS, Chemistry, Biology) and previously served on the board of trusteesVerizon exec tells unemployed Gen Z they can always volunteer to stand out in the current bleak job market: ‘No one's going to say no to free work'chief talent officer Christina SchellingFigure AI CEO Brett Adcock says the robotics company is building 'a new species'Adcock received a Bachelor of Science in Business Administration from the University of FloridaLendingTree founder and CEO dies unexpectedly in weekend ATV accident at age 55Douglas Lebda: Chair/CEO, 20% shares, 78% influenceLead Independent DIrector Steven Ozonioa: Chairs Audit Committee and Chairs Compensation Committee; now the longest-tenured director (2011)SEC To Discourage ESG Shareholder Proposals MMGlass Lewis to End Share Voting Guidance Opposed by RepublicansGlass Lewis & Co. is ending its decades-long practice of providing recommendations for shareholder votes after receiving criticisms from Republican leaders for promoting pro-environmental, social and governance issues.Starting with the 2027 annual shareholder season, Glass Lewis will no longer give a “house view” on how investors should vote, according to a paper released by the firm.Instead, the firm's more than 1,300 clients who oversee a combined $40 trillion will be making their own decisions on corporate resolutions.Glass Lewis had previously given voting recommendations for more than 30,000 annual meetings on everything from executive pay to climate goals. The research firm said 55% of US investors voted based on its guidance. In Europe, about a quarter followed the house view.Meta removes Facebook page allegedly used to target ICE agents after pressure from DOJDuke University Has Officially Ended Its Full-Ride Scholarship For Black Students In Need Of Financial AssistanceBoard of Trustees (34: 14F20M)Duke President and Students (4):Vincent E. Price, President, Duke UniversityAndrew Greene*Sydney HuntRickard StureborgGod people from the same church (2):*Gregory V. Palmer – Retired Bishop, The United Methodist Church*Connie Mitchell Shelton – Bishop, United Methodist ChurchA journalist who also sits on the board of an insurance company (1):Ann Pelham – director of Canal Insurance Company since 2004Business Bros (27)Adam Silver – Commissioner, National Basketball AssociationMary T. Barra – Chair and CEO, General Motors CompanyEddy H. Cue – SVP of Services, AppleAmy Abernethy – Co-Founder, Highlander HealthMelissa Bernstein – Co-Founder, Melissa & Doug; Co-Founder, LifelinesMichael J. Bingle – Vice Chairman, Silver Lake Group*Lisa M. Borders – CEO, LMB Group, LLCTim Cook – CEO, AppleNancy-Ann DeParle – Managing Partner & Co-Founder, Consonance Capital PartnersAndrew H. Dillon – Attorney and Shareholder, Nathan Sommers Gibson DillonAnne Faircloth – President, Faircloth Farms*Grant H. Hill – Chairman, Hill VenturesKathryn A. Hollister – Retired Partner, Deloitte*Karen M. King – Managing Director & COO, Silver LakeGarheng Kong – Founder & Managing Partner, HealthQuest CapitalThomas H. Lister – Retired Senior Partner and Co-Managing Partner, PermiraSharon Marcil – Managing Director & Senior Partner & North America Regional Chair, Boston Consulting GroupPatricia R. Morton – formerly of JPMorgan and Deutsche BankDavid R. Peeler – Senior Advisor, Berkshire PartnersJ.B. Pritzker – Governor, State of Illinois (public official, but also billionaire businessman)Michael G. Rhodes – CEO, Ally FinancialNancy M. Schlichting – Retired CEO, Henry Ford Health System (corporate/health system executive)Michael R. Stone – Firm Partner, TPG (private equity executive)L. Frederick Sutherland – Retired EVP & CFO, ARAMARK CorporationDavid S. Taylor – Senior Advisor, Clayton Dubilier & Rice LLCJeffrey W. Ubben – Founder & Managing Partner, Inclusive Capital PartnersJames C. Zelter – President, Apollo Global ManagementGoodliest of the Week (MM/DR):DR: CEOs get something right?Mark Cuban Urges Companies To Share Stock Options With Employees Amid Rising CEO Pay GapHome Depot founder Arthur Blank donates $50 million to Atlanta's historically Black colleges and universities via foundationHoward Schultz said he's Worried — 'with a big W' — about AIHe drew parallels between the speed at which social media progressed, how regulation around social media lagged behind, and warned that AI is on the same trajectory.MM: Ron Conway skewers Mark Benioff in board resignation after 25 years: ‘I now barely recognize the person I have so long admired' DRMM: Houston American Energy Declassifies Board of Directors MMAssholiest of the Week (MM):Marc Benioff DRMarc Benioff Says Trump Should Send Guard Troops to San FranciscoDemocrat, Republican - is there an off switch for billionaires?He said it at the Dreamforce conference - the Salesforce conference where they talk about AI and stuffIn 2023, he threatened to take the conference to another city because of homelessness and drug use in the cityAt the time he made the threat, he was worth 8bnPOPULIST MATHThere are an estimated 8,000 or so homeless people in SFThe median home price in Oakland is 800kIf he bought EVERY homeless person a house, including the children, in cash, he would still be worth 4bn todayHe posted this last night - “safest Dreamforce ever” with a picture of him and a cop… so, national guard?: Maybe he meant he needs the National Guard at Salesforce's offices: Salesforce linked security breach fallout escalates with qantas leak - an estimated 1 BILLION records were hackedThe labor con jobVerizon exec tells unemployed Gen Z they can always volunteer to stand out in the current bleak job market: ‘No one's going to say no to free work'Yeah, just work for free, it'll be good for you!Gen Z's misery is real: Most workers in this economy lack a voice and are stuck in low-quality jobs, a massive Gates-backed study findsYeah, but just work for free!There's a shocking disparity between how high-income and low-income earners feel about the economyWhy? Working for free is like, really good for your resume and gap time!Sam Altman Says If Jobs Gets Wiped Out, Maybe They Weren't Even “Real Work” to Start WithRight! Your work was fake, so go work for free! Starving is much realer than your job was.Gavin NewsomGavin Newsom Vetoes Bill to Protect Kids From Predatory AISam AltmanSam Altman says OpenAI isn't 'moral police of the world' after erotica ChatGPT post blows upHeadliniest of the WeekDR: Divorced Tesla Fan Admits That His Cybertruck Is Repulsive to WomenDR: Lay's drastically rebrands after disturbing finding: 42% of consumers didn't know their chips were made out of potatoesMM: DirecTV screensavers will show AI-generated ads with your face in 2026I mostly find it funny that DirecTV still existsMM: Victoria's Secret Fashion Show Is Back to Featuring Hot Women After Failed Woke RebrandNow women of every size and color can be reminded how ugly they are because finally Victoria's Secret's won't put them on a runwayWho Won the Week?DR: Ugly or non-ugly women who divorce men who own CybertrucksMM: Men without cybertrucksPredictionsDR: Glass Lewis rebrands itself simply as GlassMM: Sam Altman is elected Moral Police Sergeant

Today, we are joined by Robert Glazer.Robert Glazer is a serial entrepreneur, award-winning executive, bestselling author, and keynote speaker. He has a passion for helping individuals and organizations build their capacity and elevate their performance.Bob is the founder and Board Chairman of global partnership marketing agency Acceleration Partners and was the co-founder and chairman of BrandCycle which was acquired by Stack Commerce and TPG.Bob has significant experience in leadership, affiliate & partner marketing, customer acquisition, e-commerce, and direct-to-consumer marketing, including experience with M&A on both the buy and sell side. He has served as a board member and advisor to many high-growth companies in the e-commerce and marketing verticals.Bob shares his ideas and leadership insights via Friday Forward, a popular weekly inspirational newsletter that reaches more than 200,000 individuals and business leaders across 150+ countries. He is a #1 Wall Street Journal, USA Today, and international bestselling author of five books: Elevate, Friday Forward, Performance Partnerships, Moving to Outcomes, and How to Thrive in the Virtual Workplace. He has also been a columnist for Inc., Forbes, and Harvard Business Review, and hosts the Elevate Podcast, a top leadership podcast for entrepreneurship in more than 20 countries.In this second part of our conversation, we dive deep into the practical application of core values in everyday life. Robert shares how to identify when your core values are misaligned, why having too many values dilutes their impact, and the critical difference between aspirational values and intrinsic qualities. Through stories and practical frameworks, he reveals how understanding our past wounds can actually illuminate our greatest gifts and guide us toward more authentic, fulfilling lives both personally and professionally.Key topics include:How to identify signs of core value misalignment and steps to realign yourselfWhy core values should be specific, actionable, and measurable rather than single wordsThe importance of limiting yourself to three to four core values for maximum impactHow to distinguish between aspirational values and true intrinsic qualitiesThe connection between past pain and present values in revealing your purposeThe six-question framework for discovering your authentic core valuesWhy road-testing your core values is essential before finalizing themLearn from Robert Glazer how to use core values as a practical decision-making tool rather than just inspirational wall art. Discover why the process of discovering your core values isn't about invention but rather uncovering what has always been true about you. Whether you're feeling stuck in your career, experiencing relationship struggles, or simply seeking greater clarity and fulfillment, Robert's framework provides a roadmap for aligning your actions with your authentic self.Robert Glazer's Book, “The Compass Within”: https://a.co/d/8iI0iqt Robert's Website: robertglazer.com Robert's Newsletter, Friday Forward: https://robertglazer.com/fridayfwd/ - Website and live online programs: http://ims-online.com Blog: https://blog.ims-online.com/ Podcast: https://ims-online.com/podcasts/ LinkedIn: https://www.linkedin.com/in/charlesgood/ Twitter: https://twitter.com/charlesgood99 Chapters:(00:00) Introduction(01:04) Tip: Identifying Signs of Core Value Misalignment(07:15) Tool: Making Core Values Specific, Actionable, and Measurable(09:45) Technique: Why Three to Four Core Values Are Optimal(11:16) Tip: Distinguishing Aspirational Values from Intrinsic Qualities(13:15) Tool: Understanding How Past Wounds Reveal Greatest Gifts(15:30) Technique: Using the Six-Question Framework for Discovery(18:00) Tip: The Core Validator for Testing Your Values(19:45) Tool: Road-Testing Your Core Values in Real-Life Situations(21:15) Technique: Separating Performance from Authenticity in Leadership(24:40) Conclusion

My guest today is Michael Etzel – a partner at Bridgespan, and one of the key architects behind a shift that's still unfolding: the effort to bring hard-nosed analytical discipline to a field once seen as closer to charity than capital.Michael came to this work from the social sector, back when “impact investing” wasn't yet a defined field. At Bridgespan, he began advising philanthropists and foundations – and over time, that work expanded to include some of the world's largest asset managers as they started asking how capital could solve problems philanthropy couldn't.His idea was pretty simple: to put impact first.Our conversation starts with that principle – and where it sits between two poles. On one side: traditional philanthropy willing to lose money in service of outcomes. On the other: finance-first investing chasing market-rate returns. Impact-first lives in the messy middle. The kind where the first diligence question isn't “What's the IRR?” – it's “What's the problem we're solving?”Michael was one of the architects of the Impact Multiple of Money, or IMM – a six-step process designed to estimate and compare the social or environmental value created for every dollar invested. It starts with what a business produces, connects those outputs to real-world outcomes, and draws on academic research to ground the analysis. The result is a dollar-based estimate of impact – not to put a price on people's lives, but to give investors a common language for understanding what value really means.Michael breaks it down in plain terms. He and his team actually put numbers to impact – they start with what a business produces, figure out what real-world benefits come from that, adjust for the risks, and then compare it to the money invested.The IMM framework is now used across TPG's Rise and Rise Climate funds, together managing tens of billions of dollars in assets. It's become part of how they underwrite investments, sitting right alongside financial measures like IRR and MOIC when evaluating performance.And the best part – it's open source. The full method and case studies are published in Harvard Business Review (“Calculating the Value of Impact Investing”), so anyone can see how the math works.But for Michael, this work has never been just about frameworks. It's about decision-making – what actually happens inside organizations when impact moves from a good idea to something real.In this conversation, we also got into some of the bigger questions shaping the future of the field:Fiduciary duty, and why that concept needs a serious resetHow much progress still depends on individuals, not market forcesAnd why one of the most overlooked disciplines in this work is simply knowing how to say noTune in!*** Impact investing services are provided by Bridgespan Social Impact, Inc., a wholly owned subsidiary of The Bridgespan Group.–About the SRI 360° Podcast: The SRI 360° Podcast is focused exclusively on sustainable & responsible investing.—Connect with SRI360°:Sign up for the free weekly email updateVisit the SRI360° PODCASTVisit the SRI360° WEBSITEFollow SRI360° on XFollow SRI360° on FACEBOOK—Additional Resources:- The Bridgespan Group website- Michael Etzel Biography- Michael Etzel LinkedIn- Calculating the Value of Impact Investing

Today, we are joined by Robert Glazer.Robert Glazer is a serial entrepreneur, award-winning executive, bestselling author, and keynote speaker. He has a passion for helping individuals and organizations build their capacity and elevate their performance.Bob is the founder and Board Chairman of global partnership marketing agency Acceleration Partners and was the co-founder and chairman of BrandCycle which was acquired by Stack Commerce and TPG.Bob has significant experience in leadership, affiliate & partner marketing, customer acquisition, e-commerce, and direct-to-consumer marketing, including experience with M&A on both the buy and sell side. He has served as a board member and advisor to many high-growth companies in the e-commerce and marketing verticals.Bob shares his ideas and leadership insights via Friday Forward, a popular weekly inspirational newsletter that reaches more than 200,000 individuals and business leaders across 150+ countries. He is a #1 Wall Street Journal, USA Today, and international bestselling author of five books: Elevate, Friday Forward, Performance Partnerships, Moving to Outcomes, and How to Thrive in the Virtual Workplace. He has also been a columnist for Inc., Forbes, and Harvard Business Review, and hosts the Elevate Podcast, a top leadership podcast for entrepreneurship in more than 20 countries.Bob speaks globally to companies and organizations on themes related to business growth, leadership, culture, building capacity, and partner marketing and has spoken on the TEDx stage.In this conversation, Robert explores how discovering and articulating your core values transforms both personal and professional leadership. He shares his own journey from patchwork leadership to values-driven success and provides practical frameworks for identifying the deeply embedded principles that should guide every major decision in your life.Key topics include:-How core values shape decisions in both personal and professional contexts-Why most people feel their values but can't articulate them consciously-Robert's epiphany moment and the transformative impact of discovering his core values-Why the parable format makes self-discovery more accessible and relatable-How leaders unknowingly operate from unexamined values with problematic consequences-The disconnect between stated values and actual behavior in organizations-Why great cultures don't try to appeal to everyone and should repel poor fits-How childhood experiences shape adult core values and leadership styles-The big three life decisions: choosing a spouse, career, and community-Why values alignment matters more than identical values in relationships and organizationsWhether you're leading teams, making career decisions, or navigating personal relationships, Robert's insights provide a practical roadmap for discovering your core values and using them as an internal compass for better decision-making and authentic leadership.Robert Glazer's Book, “The Compass Within”: https://a.co/d/8iI0iqt Robert's Newsletter, Friday Forward: https://robertglazer.com/fridayfwd/ -Website and live online programs: http://ims-online.comBlog: https://blog.ims-online.com/Podcast: https://ims-online.com/podcasts/LinkedIn: https://www.linkedin.com/in/charlesgood/Twitter: https://twitter.com/charlesgood99Chapters:(00:00) Introduction(01:00) Tool: How Core Values Shape Personal and Professional Decisions(02:30) Technique: Robert's Journey from Patchwork Leadership to Values-Driven Success(04:30) Tip: Why the Parable Format Makes Self-Discovery More Effective(09:00) Tool: Leading Authentically by Articulating Your Values to Your Team(14:00) Technique: Enron vs Netflix - When Stated Values Don't Match Behavior(18:30) Tip: How Childhood Experiences Shape Adult Core Values(20:30) Tool: Using Behavioral Questions to Assess Values Alignment(23:00) Technique: The Big Three - Spouse, Career, and Community Decisions(24:50) Conclusion

Welcome back to the People's Guild.We're excited to introduce a brand new show under the TPG umbrella — Under the Hood, hosted by @keeegs. This series takes a closer look at the inner workings of the Splinterlands DAO: how proposals are made, how decisions get funded, and how we can keep improving the systems that shape the future of the game.It all started with Keeegs' post, [Finding the Flow for the Splinterlands DAO](https://peakd.com/splinterlands/@keeegs/finding-the-flow-for-the-splinterlands-dao), which sparked deeper conversations about transparency, structure & community engagement. From there, the idea for a dedicated show was born — a space to dig into the details, challenge assumptions & bring DAO discussions to life in a way that's open, accessible & community-driven.

Blair LaCorte is the Vice Chair of the Board of Directors at the Buck Institute for Research on Aging—the world's first biomedical research institution dedicated solely to understanding aging and age-related diseases, and the largest independent scientific institute in the Bay Area. A seasoned leader and strategist, Blair has a track record of transforming companies across five industries, leveraging his expertise in change management to drive operational alignment, scale, and market leadership. Most recently, he led AEye's $1.5B IPO, advancing the company's mission to enable safe, reliable vehicle autonomy. Prior to that, Blair served as Global President of PRG, the world's largest live event technology and services company; CEO of XOJET, one of the fastest-growing aviation companies in history; and Senior Advisor and Operating Partner at TPG, a leading private equity firm managing over $97 billion in global investments. His earlier career includes executive roles at technology innovators such as VerticalNet, Savi Technologies, Autodesk, and Sun Microsystems. Blair is an active board member and advisor to organizations spanning science, business, and education, including the Positive Coaching Alliance, the Kairos Society, the Graduate Business Foundation, and alma maters Dartmouth College and the University of Maine. His leadership has been recognized by Fast Company, Ad Age, NASA, and the ITAS “100 Most Influential Leaders in Transportation” list. His insights have been featured in Forbes, Fortune, The Wall Street Journal, and on major networks including ABC, Bloomberg, CNN, and CNBC. Holding multiple patents across hardware, software, communications, security, and defense, Blair is also an astronaut-in-training and is scheduled to fly with Virgin Galactic. Outside of his professional pursuits, he is a dedicated father to three sons and the owner of a slightly anxious Weimaraner named Bella. Work With Us: Arétē by RAPID Health Optimization Links: Blair LaCorte on LinkedIn Anders Varner on Instagram Doug Larson on Instagram Coach Travis Mash on Instagram  

Could saying no actually be your best longevity strategy? Blair LaCorte reveals why avoiding over-optimization and focusing on system biology, compassion, and purpose instead leads to authentic biosynergy and lasting vitality. Meet our guest Blair LaCorte is a dynamic business executive whose career spans entertainment, aviation, AI, technology, aerospace, consulting, investing & military logistics. He has held CEO & C-level roles at leading companies like PRG, XOJET/Vista, TPG, Autodesk & Oracle, while also taking startups such as AEye Technologies & VerticalNet to IPO. Currently an astronaut-in-training with Virgin Galactic & Vice Chairman of the Buck Institute, Blair continues to drive innovation, growth & global impact. Thank you to our partners Outliyr Biohacker's Peak Performance Shop: get exclusive discounts on cutting-edge health, wellness, & performance gear Ultimate Health Optimization Deals: a database of of all the current best biohacking deals on technology, supplements, systems and more Latest Summits, Conferences, Masterclasses, and Health Optimization Events: join me at the top events around the world FREE Outliyr Nootropics Mini-Course: gain mental clarity, energy, motivation, and focus Key takeaways Tech is for control, not a cure all Forgetting biology leads to problems, not progress Over optimizing health with gadgets causes new problems Step back & look at the whole picture Scientific knowledge & personal belief both affect your biology & well being more than most realize Staying healthy is better than only reacting to sickness Small daily choices matter more than silver bullets Focus on what works for you Test, observe, & stick with what fits your life & makes you feel good Relationships lower stress & boost your immune system Loneliness is a major health risk at any age Some stress helps growth Chronic unbroken stress harms your body Find ways to activate & calm yourself Knowing health tips isn't enough Build habits you enjoy, ideally with friends or community support, for lasting results No two people are alike Track your own changes & work out routines & diets that fit you specifically Modern testing makes it easier to spot issues early Keep personal health records to track your biomarkers over time Episode highlights 04:19 Why Technology Alone Won't Save Your Health 21:17 The Real Framework for Habit Change That Works 28:50 What Truly Multiplies Healthspan Results 36:44 Practical Ways to Strengthen Connection & Reduce Stress 46:28 How to Personalize Health in a Complex World Links Watch it on YouTube: https://youtu.be/U2QuhPEugq4 Full episode show notes: outliyr.com/223 Connect with Nick on social media Instagram Twitter (X) YouTube LinkedIn Easy ways to support Subscribe Leave an Apple Podcast review Suggest a guest Do you have questions, thoughts, or feedback for us? Let me know in the show notes above and one of us will get back to you! Be an Outliyr, Nick

Investing in private markets has the potential to create long-term value in portfolios. But how can qualified and professional investors navigate the current marketplace? What does the private equity market look like today? Which factors are driving potential opportunities? And where might the risks lie?In this episode of the Beyond Markets podcast, Fiona Kenyon, Head of Private Markets Specialists at Julius Baer talks to Jack Weingart, Chief Financial Officer at the global alternatives firm TPG, to discuss these questions as they evaluate the current landscape and reflect on the potential risks and rewards.(00:30) - Introduction (01:22) - Private equity market landscape (02:38) - Focus on sector frameworks (04:07) - The impact of tariffs (05:27) - Likely level of deal activity in H2 2025 (07:46) - Fund liquidity and distributions to limited partners (09:15) - What private equity can bring to a portfolio (11:21) - The risks investors in private equity should be aware of (13:22) - Innovations: Evergreen structures (15:29) - The question of liquidity (16:55) - Summary and conclusion Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

In this episode, Scott Becker shares updates on the rebound of major private equity firms after a tough start to the year, with Blackstone and KKR now showing positive gains while Apollo and TPG remain slightly down.