Podcasts about valuations

This week's blogpost - https://bahnsen.co/4nZl7Sv Cautiously Pessimistic – Navigating Investment Expectations In this episode of The Thought Somebody Podcast, host Trevor Cummings and guest Blaine Carver discuss Trevor's latest article titled 'Cautiously Pessimistic.' They explore the concept of cautious pessimism in finance, explaining how it contrasts with the common term 'cautiously optimistic' often used by financial pundits. Trevor and Blaine delve into the importance of setting reasonable investment expectations, emphasizing the significance of understanding the purpose of investment funds and developing grounded, historically-informed perspectives. They also caution against misplaced optimism and the psychological impacts of investment decisions, explaining the potential pitfalls of reacting to market volatility and irrational exuberance. Through various analogies and historical instances, they underscore the value of asking the right questions, such as the purpose and time horizon of investments, to ensure alignment with financial goals and to mitigate the emotional scars of market fluctuations. 00:00 Welcome and Introduction 00:19 Cautiously Pessimistic: An Article Overview 02:29 The Importance of Context in Financial Advice 06:16 Understanding Investment Expectations 07:39 The Role of Time Horizon in Investment Strategy 16:12 Reasonable Expectations for Bonds and Stocks 24:46 Understanding Premiums and Historical Correlations 26:16 The Impact of Valuations on Future Returns 28:09 The Concept of Market Bubbles 29:42 Setting Realistic Expectations 32:27 Lessons from Historical Market Trends 34:50 The Role of Emotions in Investing 42:02 The Importance of Groundedness in Investing 48:08 Concluding Thoughts and Listener Engagement Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com

Recording date: 8th July 2025Olive Resource Capital's impressive 33% first-half return demonstrates the potential for focused mining investment strategies. The fund's success with three key holdings—Omai Gold Mines, Troilus Gold, and Sailfish Royalties—each delivering over 100% returns, validates the selective positioning approach within the mining sector. Troilus Gold's appreciation from the $30-39 range to $60-70 exemplifies the re-rating potential when mining companies execute development plans or benefit from improved market conditions.Recent transactions, particularly Royal Gold's acquisition of Sandstorm Gold and Horizon Copper, provide concrete valuation frameworks that reveal substantial upside in undervalued royalty companies. The Royal Gold-Sandstorm transaction establishes a concrete methodology for valuing royalty companies at approximately 88% of attributable gold ounces at current spot prices. This approach, focusing on deliverable resources with reasonable certainty, provides more reliable metrics than complex net present value calculations. Historical precedent supports this framework, with similar transactions ranging from 60% to 100% of spot gold value.The 88% valuation metric to Sailfish Royalties reveals approximately 150% upside potential. Based on estimated deliverable resources from San Albino and Spring Valley projects, the company's fair value approaches $350 million, while currently trading at just under $150 million enterprise value. The presence of tier-one development assets may command premium valuations, as royalty companies particularly value growth opportunities on the path to production.Understanding why more M&A doesn't occur reveals both challenges and opportunities. The complex process involves multiple failure points: unrealistic valuations, excessive management compensation demands, structural complexity, and hidden liabilities discovered during due diligence. These challenges protect against hostile takeovers but also create opportunities for investors who can identify logical consolidation candidates before market recognition.The consolidation imperative creates specific investment opportunities: targeting royalty companies with tier-one development assets trading below M&A comparables, identifying management teams with proven M&A experience, and focusing on logical consolidation candidates in established mining districts. Failed transactions often create attractive re-entry opportunities, as companies trade down despite unchanged fundamentals.The sector's fragmentation necessitates fewer, stronger companies rather than the current proliferation of small, poorly capitalized entities. Companies with experienced management teams capable of executing transactions may command premium valuations, while potential targets trading below fair value based on M&A comparables represent attractive opportunities.The mathematical framework demonstrated by recent royalty M&A transactions provides investors with concrete tools for identifying undervalued assets and understanding catalysts that drive substantial returns. While M&A complexity creates execution risk, it also ensures that successful transactions often command significant premiums, benefiting investors who understand these dynamics and position appropriately.Learn more: https://cruxinvestor.comSign up for Crux Investor: https://cruxinvestor.com

Harrison Thomas, Chief Growth Officer at Beacon Specialized Living Services, Inc. In Part 2 of our conversation, we go deep into how Beacon is operationalizing M&A. Harrison reveals how they reduced their request list by over 65%, why they require third parties to use their DealRoom, and how integration now begins before the deal is even signed. He also dives into the organization's AI roadmap, their internal CRM transformation, and the surprising challenges of acquiring non-profit organizations. If you want a behind-the-scenes look at building a scalable, tech-forward M&A machine in healthcare, don't miss this episode. Things you will learn: How to build a centralized M&A system across CRM, diligence, and integration Why Beacon embeds integration planning before close—and the real cost of waiting What it takes to acquire and integrate nonprofit healthcare organizations Episode Chapters [00:02:30] Using third-party compliance audits and chart reviews in diligence [00:06:00] Evolving the deal process from relationship-building to IOI to close [00:12:00] Reducing diligence requests from 474 to 147 using DealRoom [00:14:00] Enforcing platform accountability for both internal teams and sellers [00:16:00] Managing deal fatigue and broker feedback in seller-heavy processes [00:21:00] Beacon's shift from siloed M&A to One Beacon integration strategy [00:26:00] Running diligence and integration in parallel, starting pre-close [00:29:30] Valuation risks of integration backlog and how Beacon is addressing it [00:35:00] Centralizing the full M&A lifecycle—from CRM to integration—in one platform [0:41:00] How to approach acquiring nonprofit organizations (and why it's worth it) _______________

Sam Vadas and Diane King Hall kickstart Thursday's trading day with a recap of the latest tariff actions taken by the Trump administration. With tariff hikes revealed via Truth Social letters, 21 countries have now been targeted with 20%-40% rates and Sam posits the thought: Could hikes on countries like Brazil push it closer to China for trade? Later, she examines yesterday's significant market cap milestone for Nvidia (NVDA) as the chipmaker crossed a $4 trillion valuation.======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

H.C. Wainwright gave a double downgrade to Coinbase (COIN) over its ballooning valuation from a staggering run higher. However, as Sam Vadas notes, the firm sees Coinbase being a "best in breed" for crypto exchanges. She talks about how improved regulation and greater adoption of crypto is bullish for Coinbase long-term despite today's downgrade. Joe Tigay turns to an example options trade for the stock.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-...Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-...Watch on Sling - https://watch.sling.com/1/asset/19192...Watch on Vizio - https://www.vizio.com/en/watchfreeplu...Watch on DistroTV - https://www.distro.tv/live/schwab-net...Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

In today's Cloud Wars Minute, I look at the ongoing relevance and success of so-called "legacy" organizations in the Cloud Wars Top 10.Highlights00:16 — Now interesting to see across the 10 companies in the Cloud Wars Top 10, we've got four that would fall under the sort of goofy legacy title. They've been around about half a century or more. And then we've got six companies that we referred to as cloud native. Interesting to see that right now the Cloud and AI revolution is fully underway.00:49 — Because if you take the valuations of those four companies, Microsoft plus Oracle plus SAP plus IBM, it comes to a little over $5 trillion, which is almost exactly the same as the combined valuations of the six cloud native companies. My point is not just to play some goofy arithmetic game, but rather to say that there is a lesson here about the power of incumbency, right? 01:20 — If you've been in a market for a certain amount of time, something new comes along. You can try to ignore the new thing and say "No, no, we'll just power through this on our own." Or you can say, "Let me take the capabilities I currently have as an incumbent ... and then blend that in with his cool new stuff here." 02:11 — I mentioned the four legacy, so-called legacy tech vendors, Microsoft is say 52, no 50 years old this year, $3.71 trillion market cap. Oracle is about 47-years-old this year, $667 billion, SAP is 53-years-old, $370 billion, and IBM 114-years-young, and combined those four add up to $5.02 trillion. 03:14 — I'm not taking away anything from either side, but this is a remarkable example of how it's not just the bright shiny objects that are going to determine who's going to win or lose or start up with the cool new stuff. 04:10 — It also shows us that the mindset of companies is so important these days. We can't say, "Well, I can't make it. I am caught in the old world." But instead, "How do I take the new things that are happening, weave that into what I h Visit Cloud Wars for more.

Host Amar Reganti is joined by head of financial reserves management Alyssa Irving to discuss the state of commercial real estate lending, focusing on CMBS, private credit, and evolving market dynamics.2:00 What is financial reserves management?3:05 Early days of the commercial real estate lending5:30 Similarities and differences with the current CMBS market7:45 Effect of private credit9:50 Valuations and risks of CMBS13:00 How can investors gain exposure?14:30 Esoteric securitizations

MRKT Matrix - Wednesday, July 9th S&P 500 rebounds after 2 days of losses, Nvidia leads gain as it reaches $4 trillion market value (CNBC) Google's Unloved Stock Makes It a Big Tech Bargain (WSJ) Tariffs are already squeezing corporate margins, new survey finds (Axios) Two Kevins Battle to Be Next Fed Chair in Trump's Apprentice-Style Contest (WSJ) Nvidia hits $4 trillion market cap, first company to do so (CNBC) Copper Market in Turmoil as Trump Touts 50% Tariff on US Imports (Bloomberg) Why Americans Can't Buy the World's Best Electric Car (NYTimes) Merck to Buy Verona for $10 Billion as Patent Cliff Looms (Bloomberg) Microsoft gets an upgrade from Oppenheimer, which says AI potential not fully priced in (CNBC) Starbucks China attracts bid valuing the coffee chain at up to $10 billion, sources say (CNBC) Meta Wants to Reboot the Metaverse. Why AI Glasses Could Hold the Key. (Barron's) Linda Yaccarino steps down as CEO of Elon Musk's X (CNBC) -- Subscribe to our newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://riskreversalmedia.beehiiv.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ MRKT Matrix by RiskReversal Media is a daily AI powered podcast bringing you the top stories moving financial markets Story curation by RiskReversal, scripts by Perplexity Pro, voice by ElevenLabs

In this episode, hosts Brad and Michael are joined by Arielle Schmeck a Partner at JTaylor. Drawing on her experience in health care consulting and valuations, Arielle shares the unintended consequences that arise when physicians assume a high valuation means a good deal. Tune in to understand the full scope of valuations, including the value of assets, minority interest discounts, private equity involvement, and the real cash flow implications for practice owners.Listen to the JTaylor Health Care Podcast for the latest health care industry trends: https://www.jtaylor.com/media/podcastsWatch full episodes of our podcast on our YouTube channel: https://www.youtube.com/@byrdadatto  Stay connected for the latest business and health care legal updates:WebsiteFacebookInstagramLinkedIn

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

i'm wall-e, welcoming you to today's tech briefing for wednesday, july 9th. today's discussions cover the following highlights: apple executive transition: apple coo jeff williams announces retirement after nearly three decades, with sabih khan stepping into the role. spacex funding ambitions: spacex aims for a $400 billion valuation through new funding and tender offer, allowing employees to sell shares to select investors. u.s.-china cyber conflict: arrest of chinese national xu zewei accused of email server hacks and theft of covid-19 research, highlighting international cyber tensions. european ai advancements: french ai startup mistral in talks to raise $1 billion, partnering with abu dhabi's mgx fund and nvidia to build europe's largest ai data center. langchain's unicorn trajectory: ai infrastructure startup langchain nears unicorn status with ivp-led funding round valuing at approximately $1 billion. that's all for today. we'll see you back here tomorrow!

What does it really take to succeed as a first-time CEO? In this episode of Behind The Numbers With Dave Bookbinder, we're cutting through the theory and getting real about leadership at the highest level. Dave Bookbinder talks with David Roche—former CEO, startup chair, and author of Become a Successful First-Time CEO—about the lessons no one teaches you before stepping into the top role. David shares his journey from working in a U.S. textile company to leading major retailers like HMV and Borders. Along the way, he opens up about the growing pains of leadership, including self-doubt, imposter syndrome, and the critical role that mentors and coaches played in his development. This episode dives deep into: What it really means to be CEO—not just in title, but in mindset How to lead with empathy and build high-trust teams The leadership traps that trip up even smart, driven people Why relationship skills often matter more than technical skills How gender dynamics shape leadership—and how to lead with awareness Whether you're already leading or preparing to, this conversation will challenge how you think about leadership—and give you the tools to lead with confidence and clarity. Subscribe to Behind The Numbers With Dave Bookbinder on your favorite podcast platform so you never miss an episode. If you enjoyed this conversation, please share it with your network and leave a review—it helps more business owners and advisors discover the show!   About Our Guest: David Roche is Non-Exec Chair of London Book Fair, Chair of the publishing tech start-up Libraro, and an ambassador and senior advisor to PEN International, the worldwide association of writers that defends freedom of expression and promotes literature globally. He is also a professional executive coach and mentor with his own company, Grey Area Coaching, and works with first-time CEOs across many sectors. David's latest book, Become a Successful First-Time CEO, was published in March 2024 and is an Amazon number one bestseller. He also lectures at the National Film and Television School. David has thirty years of board experience including as CEO of both Borders & BOOKS etc, Product Director of both Waterstones and HMV, and Group Sales and Marketing Director of HarperCollins Publishing. He was also President of the Booksellers Association of UK & Ireland, and co-founder and co-chair of the Publishers Association/Booksellers Association Liaison Group. David was Chair of the writing agency New Writing North for nine years, standing down at the end of 2024 when NWN won Trustee Board of the Year in the North East Charity Awards. David was also a long-term trustee and interim chair of UK's largest literary charity, BookTrust, and Chair of the Publishing Industry digital news service BookBrunch. David has also acted as a literary agent to a select few authors, sits on several advisory boards, and had two books of his own published.   About the Host: Dave Bookbinder is known as an expert in business valuation and he is the person that business owners and entrepreneurs reach out to when they need to know what their most important assets are worth. Known as a collaborative adviser, Dave has served thousands of client companies of all sizes and industries.  Dave is the author of two #1 best-selling books about the impact of human capital (PEOPLE!) on the valuation of a business enterprise called The NEW ROI: Return On Individuals & The NEW ROI: Going Behind The Numbers.  He's on a mission to change the conversation about how the accounting world recognizes the value of people's contributions to a business enterprise, and to quantify what every CEO on the planet claims: “Our people are this company's most valuable asset.” Dave's book, A Valuation Toolbox for Business Owners and Their Advisors: Things Every Business Owner Should Know, was recognized as a top new release in Business and Valuation and is designed to provide practical insights and tools to help understand what really drives business value, how to prepare for an exit, and just make better decisions. He's also the host of the highly rated Behind The Numbers With Dave Bookbinder business podcast which is enjoyed in more than 100 countries.

Increased ridesharing using robotaxis could bring down traffic levels, says Ivan Feinseth. He believes a car is an under-used asset by sitting around all day, and says an autonomous vehicle could provide more value for consumers by picking up packages and passengers. Ivan says it is the catalyst behind future valuations of both Uber (UBER) and Tesla (TSLA). In self-driving technology space, he likes Mobileye (MBLY) as another weigh to play the autonomous tech trend. Later, Tom White provides a pair of example options trades for UBER.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-...Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-...Watch on Sling - https://watch.sling.com/1/asset/19192...Watch on Vizio - https://www.vizio.com/en/watchfreeplu...Watch on DistroTV - https://www.distro.tv/live/schwab-net...Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about

In this in-depth interview with Maggie Lake, chockfull of investing advice, Peter Boockvar, CIO of Bleakley Financial and Editor of the popular Substack the “Boockvar Report” offers crucial insights into the markets and the U.S. economy. With significant concerns over the impact of tariffs and a belief that valuations haven't priced in the risk… he believes with Q1 and Q2 2025 GDP growth averaging a mere 1%, we're "knocking on the doors of a recession,” Peter highlights compelling opportunities in international equities and commodities including specifics on oil, precious metals and real estate. He also says the years of “set it and forget” it are passed and active portfolio management is the future as traditional S&P 500 returns are unlikely to be repeatable in the coming decade. Takeaways:Why Peter Is Concerned About TariffsWhy The Mag 7 Is Now The Mag 3.5International Equities Will Have Upside For YearsWhy Peter Believes We're In A Bond Bear MarketThe Commodities Peter Thinks Have Upside Now Hard Assets Alliance - The Best Way to Invest in Gold and Silver: https://www.hardassetsalliance.com/?aff=WTH Want Peter and Bleakley to review your portfolio? Go to wealthion.com/free, fill out the form, and ask Bleakley Financial :00 Tariffs and Taxes — Why Even a 10% Tariff is Troublesome3:50 Doing the Math on Tariffs & Growth5:00 Valuations & Risk, Retail vs Institutional Investors & Buying the Dip7:45 The Mag 7 Trade Has Turned into 3 and a Half10:40 The Upside to Investing Outside the U.S.16:39 Proof The U.S. Dollar Is Losing It's Reserve Currency Status And The Effects on Treasuries27:46 The Sectors Peter is Watching-OIL31:15 Hard Assets-Silver32:35 Hard Assets-Uranium35:45 Hard Assets-Real Estate and Peter's Picks42:45 What Peter's Worried About and What He Thinks Works44:06 Recession Is Knocking On The U.S.'s DoorConnect with us online: Website: https://www.wealthion.comX: https://www.x.com/wealthionInstagram: https://www.instagram.com/wealthionofficial/LinkedIn: https://www.linkedin.com/company/wealthion/ Learn more about your ad choices. Visit megaphone.fm/adchoices

What's your intellectual property truly worth when it's on the line? Not what you hope or what you feel, but what courts, investors, and negotiators will actually pay. This episode of Intangiblia dives deep into the high-stakes world of IP valuation, where patents, trademarks, and copyrights transform from abstract legal protections into concrete dollar amounts.We journey through landmark global IP disputes that have defined how creative assets are valued in courtrooms from California to Colombia. The Samsung v. Apple design patent battle set precedent for how much of a product's profit can be attributed to its appearance. Epic Systems v. Tata Consultancy Services revealed the billion-dollar worth of trade secrets when they cross into competitors' hands. Meanwhile, cases like Liffers in Spain demonstrate that even moral rights, the right to be credited for your work, carry financial value that courts will recognize and enforce.The podcast unpacks three essential valuation methodologies that every creator should understand: cost-based (what it took to create), market-based (what others pay for similar assets), and income-based (what future earnings it will generate). Through fascinating case studies across industries, from pharmaceuticals to streaming services, sneakers to smartphones, we see how these approaches play out in real disputes with massive financial implications.Beyond methodology, we explore how valuation strategies differ across borders, with emerging economies like India pushing back against one-size-fits-all licensing rates, and Mexico's courts mandating that IP damages reflect genuine commercial impact. The digital transformation adds another layer of complexity, as shown in Disney v. Redbox, where even access codes carried enforceable intellectual property value.Whether you're protecting your creative work, licensing your technology, or facing infringement, this episode delivers a crucial message: in intellectual property, real power lies not just in registration but in pricing. Because in the world of IP, value isn't what you feel, it's what you can prove.Send us a text

Nvidia (NVDA) has become the market darling once again. Diane King Hall notes Citi's new price target raise on the A.I. giant over data center and chip expansion prospects. However, Redburn downgraded another A.I. stock: Applied Materials (AMAT). Diane talks about why China is impacting the analyst's view. CrowdStrike (CRWD) also got a downgrade from Piper Sandler as the stock trades near all-time highs.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Seaport Research moved to the sidelines on Netflix (NFLX) after downgrading the stock to neutral from buy. It doesn't see shares gaining much traction as valuations swell. George Tsilis explains the "cautious" outlook from the analyst ahead of earnings next week. Prosper Trading Academy's Charles Moon also takes caution through his example options trade for Netflix. ======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

SummaryThis is part two of a two-part series where Christian Hassold and Ayelet Shipley demystify the complexities of agency valuations, exploring the interplay between buyer and seller motivations, and discussing real-world scenarios that illustrate various deal structures. They emphasize the importance of understanding the unique dynamics of the agency market, including the factors that influence valuations and the creative structuring of deals to meet the needs of both parties. Discussion HighlightsReviews a $3.4M revenue, $1.7M EBITDA agency valued at $10.2M (6x multiple). Creativity is needed for deals under $2M EBITDA due to higher perceived risk and sensitivity of margins.This deal involved a 50% cash consideration ($5.1M) and 50% rollover ($5.1M). The cash consideration was paid quarterly over three years, performance-based (not an earnout), with payments halted or reduced if revenue drops significantly (below 50% or 50-99% of the agreed-upon value).We also discussed a second deal involving a $40M revenue agency with $9M EBITDA commanding a 10x multiple ($90M EV) - a top of market multiple because of high gross retention (>85%) and >80% retainer-based clients. The challenge is managing the risk of large clients churning post-closing when the multiple is top of the market.Involved a 15% rollover. A significant earnout (up to an extra $9M) is offered to bridge the gap and incentivize the seller for growth.Beyond financial metrics, we discuss factors that influence valuations like the acquiring entity's need for specific capabilities, clients, talent, customer retention, and consistent growth (10-20% year-over-year).Chapters0:00 Introduction 2:06 Scenario D: Structuring a Deal Below $2M EBITDA3:10 Why Sub-$2M EBITDA Deals Are Hard4:53 Performance-Based Cash Payouts 6:18 Keeping Sellers Engaged Through Uncertainty7:52 Incentivizing Sellers Through Equity and Bonuses11:21 Scenario C: Challenges of Scaling a Large Agency12:57 Structuring a $40M, $9M EBITDA Deal at 10x15:28 Market View on Earnouts in EV19:25 When Growth and Retention Justify High Multiples20:50 Market Range for Cash-at-Close Offers21:20 How Strategic Buyers Compete with HoldCos22:53 Wrap-Up & Closing ThoughtsConnect with Christian & In/organic PodcastChristian's LinkedIn: https://www.linkedin.com/in/hassold/In/organic on LinkedIn: https://www.linkedin.com/company/inorganic-podcastIn/organic on YouTube: https://www.youtube.com/@InorganicPodcast/featuredConnect with E27 guest, Ayelet Shipley on LinkedInhttps://www.linkedin.com/in/ayelet-shipley-b16330149/ Hosted on Acast. See acast.com/privacy for more information.

Bringing back the podcast with a BANGER episode featuring Sam Korus of ARK Invest and Aaron Burnett of Mach33 research. They have teamed up to release potentially the most thorough and in-depth valuation model of SpaceX ever made public. Breaking down the value of Starlink vs the Launch business and how Mars takes the potential valuation to $10T and beyond. I learned a ton from their open-source model and would highly recommend checking it out. Sam Korus on X: https://x.com/skorusARKAaron Burnett on X: https://x.com/aarontburnettARK Invest SpaceX Valuation Model: https://www.ark-invest.com/articles/valuation-models/ark-expected-value-spacex-2030Mach33 SpaceX Valuation Blog: https://research.33fg.com/analysis/spacex-at-escape-velocity-ark-mach33-s-2-5t-2030-valuation-model0:00 Intro2:48 Are you invested in SpaceX?4:50 How is SpaceX worth $2.5T by 2030?7:00 Starlink Network Capacity & Global Pricing9:15 SpaceX Revenue Projections (Through 2030)10:28 Starlink Network Bandwidth12:19 Fiber vs Starlink15:15 Too Many Satellites?17:40 Starlink TAM20:42 Starshield Potential21:46 Laser Interconnects23:58 Starlink Cash Flow $70B by 203024:28 Starlink IPO?27:39 Starlink Profits Fund Mars29:59 What's the market cap of Mars?35:11 What's SpaceX plan for Mars?40:25 SpaceX Business MoonshotsMy X: https://twitter.com/gfilcheHyperChange Patreon :) https://www.patreon.com/hyperchange Disclaimer: I'm invested in SpaceX. This show is not financial advice.

Need financing for your next investment property? Visit: https://www.academyfund.com/ Want to join us in San Francisco, CA on October 7th & 8th? Visit: https://www.10xvets.com/events ____ Richard Kenny is the founder of Falcon Capital Real Estate and Valuation Pro, bringing together decades of valuation expertise with a focus on innovation in commercial real estate. At Falcon Capital, he helps partners access institutional-grade deals by providing co-GP capital, underwriting support, and strategic insight on complex transactions. Valuation Pro, his AI-powered platform, delivers fast, accurate property valuations for investors, brokers, and assessors, helping streamline decision-making and reduce turnaround time. A U.S. Air Force Academy graduate and former Contracting Officer, Richard grew up in the appraisal world and has led valuation work across more than 35 states. His experience spans a wide range of asset types, from strip malls and solar farms to subsurface minerals and other complex properties. Now focused on scaling Valuation Pro, Richard brings a rare blend of field expertise and technology-forward thinking to the commercial real estate space. In this episode of the SABM podcast, Scott chats with Richard about: Accessible Real Estate Investing: Falcon Capital lowers entry barriers for real estate investors.  Fast, AI Powered Valuations: Valuation pro delivers AI-powered reports in under an hour.  Broad, Specialized Appraisal Experience: Appraisal work spans unique assets in 35+ states. Appraiser-Led Underwriting Insight: Appraiser insights lead to stronger investment decisions.  Launch-Ready Tech Platform: Valuation Pro is gearing up for a public debut.  Timestamps: 0:43 Richard's Background and Journey into Real Estate.  02:11 Founding Falcon Capital  04:27 Introduction to Valuation Pro  06:50 Appraisal Industry Insights  11:41 Valuation Pro's Functionality and Target Market 18:04 Future Plans and Goals Connect with Richard: LinkedIn Email: richard@richardkenny.com   If you found value in today's episode, don't keep it to yourself—share it with a colleague or friend who could benefit. And if you're a Service Academy graduate ready to elevate your business, we'd love for you to join our community and get started today. Make sure you never miss an episode—subscribe now and help support the show: Apple Podcasts Spotify Leave us a 5-star review! A special thank you to Richard Kenny for joining me this week. Until next time! -Scott Mackes, USNA '01

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3200: Vitaliy Katsenelson challenges the simplistic notion that value investing is about buying only the cheapest stocks. Drawing on insights from Ben Graham, Charlie Munger, and Warren Buffett, he reveals that true value lies not just in low prices but in the blend of quality, growth, and sound judgment proving that a Motel 6 mindset won't build a Berkshire Hathaway-sized portfolio. Read along with the original article(s) here: https://contrarianedge.com/values-value-investing/ Quotes to ponder: "I thought value investors were supposed to like cheap stuff." "A $36-a-night room at Motel 6 by the airport, overrun by cockroaches and bedbugs and with questionable plumbing, may be statistically cheap, but it's not a bargain." "Charlie is not a ‘sidekick'! Charlie changed Buffett's investment philosophy. Sidekicks don't do that." Episode references: The Intelligent Investor: https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661 Learn more about your ad choices. Visit megaphone.fm/adchoices

In this encore episode, Matthew Jarvis sits down with industry veteran Ted Jenkin to demystify practice valuations for financial advisors. Ted shares the common misconceptions and the stark difference between a valuation and the actual market price a business can command. Ted also discusses his wisdom on the critical factors that shape practice valuations, including the oft-overlooked elements of culture, money management prowess, and brand equity. He also sheds light on the pivotal role of cash flow velocity and stock growth trajectories, elements that can make or break a potential sale. Whether you're a financial advisor contemplating an exit strategy or simply seeking to futureproof your practice for sustainable growth, this episode is an absolute must-listen. Encore Episode: Accelerating Your Growth and Understanding Practice Valuations with Guest Ted Jenkin   Resources in today's episode:   – Matt Jarvis: Website | LinkedIn – Ted Jenkin: LinkedIn | Website

In this episode of Mining Stock Education, host Brian Leni interviews Michael Samis of SCM Decisions. The discussion delves into the intricacies of discounted cash flow (DCF) modeling, focusing on its applications in the mining industry. Key topics include the differences between static and dynamic DCF models, how to effectively deal with risks like metal price fluctuations, jurisdictional considerations, and inflation. Michael shares insights from his 35-year career in mining engineering and valuation, offering practical advice for both seasoned investors and newcomers on utilizing these models to evaluate the economic potential of mining projects. They also discuss the significance of real options and the importance of accurate cash flow risk assessment in making informed investment decisions. 00:00 Intro 00:27 Guest Introduction: Michael Samis 00:31 Understanding Discounted Cash Flow Modeling 02:10 Static vs. Dynamic Cash Flow Models 05:51 Application of Dynamic Models in Exploration 14:54 Challenges and Risks in Modeling 17:42 Learning and Resources for Investors 25:25 Importance of Dynamic Modeling in Modern Markets 32:47 Financing and Joint Ventures Insights 39:05 Final Thoughts and Contact Information Michael's website for course info: https://scmdecisions.com/ Sign up for our free newsletter and receive interview transcripts, stock profiles and investment ideas: http://eepurl.com/cHxJ39 This interview was not sponsored. Mining Stock Education (MSE) offers informational content based on available data but it does not constitute investment, tax, or legal advice. It may not be appropriate for all situations or objectives. Readers and listeners should seek professional advice, make independent investigations and assessments before investing. MSE does not guarantee the accuracy or completeness of its content and should not be solely relied upon for investment decisions. MSE and its owner may hold financial interests in the companies discussed and can trade such securities without notice. If you buy stock in a company featured on MSE, for your own protection, you should assume that it is MSE's owner personally selling you that stock. MSE is biased towards its advertising sponsors which make this platform possible. MSE is not liable for representations, warranties, or omissions in its content. By accessing MSE content, users agree that MSE and its affiliates bear no liability related to the information provided or the investment decisions you make. Full disclaimer: https://www.miningstockeducation.com/disclaimer/

In this episode of Around the Desk, Sean Emory sits down with three investors who have been closely following IREN — the Bitcoin miner now pivoting toward high-performance computing (HPC).We dig into the key questions:• Can a miner really become an AI infrastructure player?• What's happening on the ground with grid capacity, permitting, and capex?• Are they executing or just announcing?Guests Kama, Frans, and Dulce join anonymously (X-style) to break down their views — from land records and site visits to financial modeling and risk.This is a technical, high-conviction conversation for anyone trying to understand the shift from Bitcoin mining to AI compute infrastructure.0:00 Intro1:50 Backstory4:15 Kama view on the pivot to HPC8:15 HPC execution?9:20 Dulce adds in to HPC pivot thoughts...16:40 Frans adds in.52:20 Valuation views?62:45 Risks—Hosted by: Sean Emory, Co-Founder & CIO of AvoryPodcast: Around the Desk by Avory—⚠️ Disclaimer: This podcast is for informational purposes only and does not constitute investment advice. All views expressed are those of the individual participants and do not represent the opinions of Avory or its affiliates. Always do your own research before making investment decisions.$IREN $CORE $NVDA

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3200: Vitaliy Katsenelson challenges the simplistic notion that value investing is about buying only the cheapest stocks. Drawing on insights from Ben Graham, Charlie Munger, and Warren Buffett, he reveals that true value lies not just in low prices but in the blend of quality, growth, and sound judgment proving that a Motel 6 mindset won't build a Berkshire Hathaway-sized portfolio. Read along with the original article(s) here: https://contrarianedge.com/values-value-investing/ Quotes to ponder: "I thought value investors were supposed to like cheap stuff." "A $36-a-night room at Motel 6 by the airport, overrun by cockroaches and bedbugs and with questionable plumbing, may be statistically cheap, but it's not a bargain." "Charlie is not a ‘sidekick'! Charlie changed Buffett's investment philosophy. Sidekicks don't do that." Episode references: The Intelligent Investor: https://www.amazon.com/Intelligent-Investor-Definitive-Value-Investing/dp/0060555661 Learn more about your ad choices. Visit megaphone.fm/adchoices

David from Blockworks and Omar from Dragonfly join the show to debate Coinbase vs Robinhood, two companies racing to become the dominant financial super app. We break down their business models, growth strategies, tokenized asset plays, and how each is approaching crypto, equities, and infrastructure. Will Robinhood's slick UX and expanding product suite win the next generation? Or will Coinbase's onchain infra and stablecoin moat prove unbeatable? Omar & Dragonfly https://x.com/TheOneandOmsy https://x.com/Dragonfly_xyz David & Blockworks https://x.com/EffortCapital https://x.com/BlockworksAdv ---

Tony Zhang says Target (TGT) may be due for a comeback. After shedding 50% of its value over the past year, he says the stock has been trying to form a base which could signal it turning a corner. Tony believes the company offers an attractive valuation compared to peers Walmart (WMT) and Costco (COST) which trade at higher multiples. With TGT trading at 14x forward earnings, Tony sees upside potential to $130 and provides a bullish example options trade idea.======== Schwab Network ========Empowering every investor and trader, every market day.Options involve risks and are not suitable for all investors. Before trading, read the Options Disclosure Document. http://bit.ly/2v9tH6DSubscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/About Schwab Network - https://schwabnetwork.com/about

Today's show:It's another blockbuster panel of insiders, as Alex sits down with Astasia Myers from Felicis, Matt Turck from First Mark Capital, and D.A. Wallach of Time BioVentures. AI is reshaping early-stage investing, with startups raising record-setting rounds adn chasing $100B+ markets. Meanwhile, biotech faces a “Great Depression” as public markets stay shut, putting added pressure on private capital. In healthcare, AI-powered virtual doctors promise to bring world-class medical advice to everyone, while fertility tech could revolutionize IVF by automating embryo handling and slashing costs. Hear our VC experts exclusive thoughts on these trends and much more!Timestamps:(2:21) The post-Q2 landscape and everyone's immediate reactions(05:00) Why biotech is in a “Great Depression,” even for AI companies!(9:36) CLA - Get started with CLA's CPAs, consultants, and wealth advisors now at https://claconnect.com/tech(12:14) Overpriced vs. high-performing: Do high prices ALWAYS mean low expected returns and vice versa?(14:50) Mega markets: how AI is different from past software shifts(18:58) Everyone's companies are CRUSHING IT: why genAI has crazy tailwinds right now(20:33) Sentry - New users get 3 months free of the Business plan (covers 150k errors). Go to http://sentry.io/twist and use code TWIST(21:46) Product-market fit and revenue durability in AI(24:29) Marketing and community development for early stage founders(25:14) AI advancements in humor, avatars, and healthcare(29:30) Public - Take your investing to the next level with Public. Build a multi-asset portfolio and earn 4.1% APY on your cash—with no fees or minimums. Start now at public.com/twist.(30:45) Healthcare innovation and AI foundation models(35:37) AI differentiation, OpenAI valuation, and infrastructure companies(43:08) User experience in LLMs and AI inference costs(51:21) AI healthcare applications and founding team trends(56:28) Hiring trends, burn rates, and outsourcing in biotech(1:01:51) Government investment in biotech and the European AI ecosystem(1:06:43) Academic founders and the Felicis Fellows program(1:09:10) Recent exits and the outlook for the upcoming quarters(1:12:27) Innovations in fertility treatments and prenatal testing(1:15:51) Summary of bullish trends and future outlook(1:16:14) Closing remarks and future check-in plansSubscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.comCheck out the TWIST500: https://www.twist500.comSubscribe to This Week in Startups on Apple: https://rb.gy/v19fcpFollow Lon:X: https://x.com/lonsFollow Alex:X: https://x.com/alexLinkedIn: ⁠https://www.linkedin.com/in/alexwilhelmFollow Jason:X: https://twitter.com/JasonLinkedIn: https://www.linkedin.com/in/jasoncalacanisThank you to our partners:(9:36) CLA - Get started with CLA's CPAs, consultants, and wealth advisors now at https://claconnect.com/tech(20:33) Sentry - New users get 3 months free of the Business plan (covers 150k errors). Go to http://sentry.io/twist and use code TWIST(29:30) Public - Take your investing to the next level with Public. Build a multi-asset portfolio and earn 4.1% APY on your cash—with no fees or minimums. Start now at public.com/twistGreat TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarlandCheck out Jason's suite of newsletters: https://substack.com/@calacanisFollow TWiST:Twitter: https://twitter.com/TWiStartupsYouTube: https://www.youtube.com/thisweekinInstagram: https://www.instagram.com/thisweekinstartupsTikTok: https://www.tiktok.com/@thisweekinstartupsSubstack: https://twistartups.substack.comSubscribe to the Founder University Podcast: https://www.youtube.com/@founderuniversity1916

In this conversation, T.J. van Gerven and Adam discuss the concept of self-directed IRAs, exploring their differences from traditional IRAs, the potential for investing in alternative assets, and the role of custodians. Adam shares insights on the benefits and risks associated with self-directed IRAs, including compliance issues and the importance of education. They also touch on investment strategies, Roth conversions, and the flexibility of various retirement accounts, emphasizing the long-term wealth-building potential of these financial tools. Takeaways   Self-directed IRAs allow investment in alternative assets beyond stocks and ETFs. The term 'self-directed IRA' is not defined in the tax code; it's a marketing term. Investors can use their IRAs to invest in real estate, hedge funds, and cryptocurrencies. There are only three prohibited transactions with IRAs: life insurance, collectibles, and self-dealing. Custodians play a crucial role in managing self-directed IRAs and ensuring compliance. Self-directed IRAs are not more popular due to lack of marketing from large financial institutions. Roth conversions can be a strategic way to manage tax liabilities on investments. Valuation of non-publicly traded assets is important for compliance and reporting purposes. Various types of retirement accounts can be self-directed, including HSAs and solo 401(k)s. Long-term investment strategies and starting early are key to building wealth.    Chapters   00:00 Understanding Self-Directed IRAs 02:53 Exploring Alternative Assets 05:49 The Role of Custodians in Self-Directed IRAs 08:54 The Popularity and Misconceptions of Self-Directed IRAs 11:56 Working with Financial Advisors 14:45 Investment Strategies and Success Stories 17:54 Roth Conversions and Tax Strategies 20:53 Types of Retirement Accounts 23:52 Valuation and Reporting of Private Assets 26:47 Navigating Required Minimum Distributions 29:53 Encouragement for Millennials  

AI stocks are soaring. Valuations are stretched and capital spending is off the charts. To many, it smells like a bubble. But what if it's not? What happens to markets if AI actually lives up to the hype? How could it reshape business models, transform economic growth, and change the way we invest? And in today's Dumb Question of the Week: Will index funds still work if the most successful companies stay private? --- Thanks to Raisin UK for supporting this episode. Raisin UK is a free, easy-to-use platform where you can access savings accounts from over 40 FSCS-protected banks and building societies — all in one place. What's more, for a limited time only, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please visit the link raisin.co.uk/pensioncraft ---Get in touch

Did you know practices with $1M–$3M in EBITDA see the highest demand and valuations in today's market? In this episode, Emmet Scott sits down with Brandon Moncrief, CEO & Principal of McLerran & Associates to unpack what actually drives practice value—and what silently holds it back. They talk owner-dependence, key man risk, and why growing same-store revenue matters more than adding new locations. If you're a dental entrepreneur looking to build a business with real value—whether you plan to sell or not—this one's for you.

In this episode of the Amicable Divorce Network podcast, Tracy discusses financial considerations during divorce with Laurie Dyke, a CPA forensic expert. They explore the misconceptions surrounding complicated finances in divorce, and the importance of amicable resolutions over court interventions. The conversation covers identifying and valuing marital assets, the differences between pensions and 401(k)s, and the importance of professional guidance when navigating stock options and restricted stock. They highlight the benefits, including cost savings and improved relationships post-divorce when you prioritize an amicable divorce.Connect with Laurie Dyke

What does it take to bring financial clarity to a growing business? In this episode of Behind The Numbers With Dave Bookbinder, we're cutting through the noise with Jim Emerich, founder and CEO of Backbone CFO, to talk about how businesses can move from financial chaos to control—and why a fractional CFO might be the key to making it happen. Jim shares hard-earned insights on when a company is ready for financial leadership beyond bookkeeping, and how strategic forecasting, cash flow modeling, and dynamic financial planning can transform operations. He breaks down his "chaos to control" framework, anchored by five core pillars: cash, profit, people, systems, and position. If you're advising business owners—or you are one—you'll want to hear this conversation. It's packed with practical guidance for creating a more stable, scalable, and ultimately more valuable company. About Our Guest: Jim Emerich is the founder of and CEO at Backbone CFO. His professional career boasts many accomplishments, including Chief Financial Officer at Parts Life Inc. During his time at PLI, he led efforts to acquire DeVal Life Cycle Support as well as LC Engineers, Inc. and successfully integrated both companies into the PLI family. He has closed financing deals including acquisition, real estate, working capital and equipment financing. Though he experienced an exciting career trajectory, in his heart he knew small business was always near and dear. This passion ultimately led him to focus on launching Backbone CFO with the primary purpose of creating clarity for growth-minded business owners. About the Host: Dave Bookbinder is known as an expert in business valuation and he is the person that business owners and entrepreneurs reach out to when they need to know what their most important assets are worth. Known as a collaborative adviser, Dave has served thousands of client companies of all sizes and industries.  Dave is the author of two #1 best-selling books about the impact of human capital (PEOPLE!) on the valuation of a business enterprise called The NEW ROI: Return On Individuals & The NEW ROI: Going Behind The Numbers.  He's on a mission to change the conversation about how the accounting world recognizes the value of people's contributions to a business enterprise, and to quantify what every CEO on the planet claims: “Our people are this company's most valuable asset.” Dave's book, A Valuation Toolbox for Business Owners and Their Advisors: Things Every Business Owner Should Know, was recognized as a top new release in Business and Valuation and is designed to provide practical insights and tools to help understand what really drives business value, how to prepare for an exit, and just make better decisions. He's also the host of the highly rated Behind The Numbers With Dave Bookbinder business podcast which is enjoyed in more than 100 countries.  

Former Mizzou Tiger and president of 329 Services, Kenge Stevenson, talks about how explosive pricing has grown for NBA teams. The Los Angeles Lakers just sold for $10 billion. Kenge offers his own experiences to explain why valuations for teams soared in recent years. Private investment firms are also capitalizing on the trend.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

A Enseada gere parte do patrimônio da família Larragoiti, fundadora da SulAmérica. Nesta entrevista ao Café com Investidor, Louis de Ségur de Charbonniéres explica a razão de investir diretamente em startups no Brasil Resumo de Episódio — Café com Investidor Entrevista sobre trajetória, investimentos e estratégias de gestão patrimonial 00:00 Abertura do programa e apresentação de um executivo responsável por um Family Office ligado a uma tradicional família brasileira. 01:00 Fundação do Family Office, motivada por complexidade patrimonial e organizacional familiar. Criação de estrutura profissional com apoio jurídico e financeiro. 03:20 Expansão para Londres, visando uma plataforma global de investimentos e maior aproximação com dinâmicas europeias. 04:30 História centenária da família. Início das atividades no Brasil com uma seguradora americana e criação da SulAmérica após mudanças regulatórias. 06:00 Atuação pioneira da família em diversos setores: capitalização, arte moderna e saúde pública. 07:00 Estratégia de investimentos: foco em diversificação setorial e geográfica para diluir o risco Brasil. 08:40 Investimentos diretos em startups no Brasil. Vantagem competitiva por conhecer o ecossistema local e ter contato com empreendedores. 10:00 Exemplos de empresas investidas: exames laboratoriais acessíveis, tratamento de autismo, astrologia, gestão de saúde, criptomoedas — com foco social e impacto. 17:00 Saídas parciais de investimento para gestão de risco. Valorização gradual e reaplicação de capital. 18:30 Participação relevante como investidor em grandes fundos internacionais. Priorização de casas com reputação sólida e visão de longo prazo. 20:00 Investimentos em Private Equity no Brasil são menos frequentes. Preferência por valores menores e acompanhamento estratégico. 22:30 Processo de análise criterioso: cheques entre R$ 500 mil e R$ 10 milhões. Ênfase em entender o histórico e os erros do empreendedor. 25:00 Liquidez internacional: maior presença fora do Brasil por conta da escala dos mercados americano, europeu e asiático. 26:45 Criação de vinícola em Portugal. Projeto pessoal arriscado que se tornou referência mundial, resgatando tradição familiar francesa. 30:00 Análise do mercado pós-pandemia. Valuations mais equilibrados e maior oportunidade para investimentos conscientes. 32:00 Postura cautelosa em 2021: foco na preservação de patrimônio e resiliência diante da incerteza. 33:00 Bate-bola final: - Arrependimento: investimento em direitos cinematográficos - Orgulho: projeto da vinícola - Livro favorito: Alegria Triunfo - Hobby: arte e colecionismo histórico - Mantra: “Temos que mudar tudo para continuar como estamos”

What happens when a founder-led sales strategy hits its limits? In this episode of Coach to Scale, Ken Grasso, veteran CRO, advisor, and founder of Catalyst Peak Ventures, pulls back the curtain on the messy, mission-critical transition from instinct-driven selling to structured, scalable revenue operations. With experience leading global go-to-market teams and helping companies grow from zero to IPO, Ken shares unfiltered insights on why founders often struggle to let go of sales, the costly myth of the “natural-born” sales leader, and how process, not personality, is the real growth engine.Packed with real talk for CROs, revenue leaders, and founders alike, this conversation explores the pivotal role of coaching cultures, how to hire for system-fit over resume flash, and the urgent need to professionalize sales before seeking investment or exit. You'll also hear Ken's candid reflections on career reinvention, building credibility as a fractional exec, and why planning for the next chapter before you need to is essential for long-term impact. Whether you're scaling your first team or rethinking what makes sales truly sustainable, this episode is a playbook in disguise.Top Takeaways1. Founder-led selling becomes a liability as you scaleEarly-stage founders may be the best sellers at first, but their instinctive, unstructured style can block repeatability and growth.2. Great sales reps don't automatically make great managersPromoting top performers without leadership skills or process discipline can stall team performance and create chaos.3. The sales process is the foundation, not a nice-to-haveA defined, teachable sales process enables forecastable growth, efficient onboarding, and higher valuations.4. CROs must earn trust and re-educate founders on go-to-marketTransitioning founder-led orgs to scalable operations requires a blend of credibility, patience, and strategic coaching.5. Hiring should prioritize system-fit and coachability.The best candidates align with your GTM model and are eager to operate within a defined system, not just shine as individual contributors.6. You can't outrun a broken foundation with short-term winsHeroics might save a quarter, but without an operational structure, you'll eventually burn out or break the model.7. Fractional leadership can unlock massive value for growth-stage teamsBringing in experienced operators part-time can help companies avoid costly misfires and build maturity without overextending budgets.8. Plan your career pivot before the market makes you do itKen urges seasoned leaders to proactively define their “Plan B,” emphasizing personal reinvention and long-term career resilience.9. Strong systems beat star power—ask the NFL.Drawing on sports analogies, Ken explains why team performance relies more on consistent playbooks than flashy individuals.10. Valuation depends on your GTM maturity.Investors and acquirers don't just buy your product they buy your ability to sell it repeatedly, predictably, and without founder involvement

David Keller on the juxtaposition between market highs and economic uncertainty (1:15). Technical perspective on S&P 500, Nasdaq (3:40). Macro economic themes (8:00). Tech a strong sector, but valuations have become extreme (14:30). The death of buy and hold has been greatly exaggerated (17:30). Tesla the outlier (20:30). Counterintuitive moves in the dollar and oil (23:25). Bitcoin's technicals and practical value (30:40).Show Notes:Taking Note Of Market PatternsMarket Sentiment Is A Powerful Thing - Joe Albano, Tech CacheDanielle DiMartino Booth On Jobs, Oil, Powell, Precious Metals, USDSPY, QQQ, And BitcoinEpisode transcriptFor full access to analyst ratings, stock quant scores and dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions

Many of your kind comments regarding last week's show were very well received. Thank you! We always appreciate your input, and your questions regarding the SECURE Act and its impact on distributions for beneficiary IRAs were fantastic. On this week's show, stats on the economy and what experts are saying about market valuations will be front and center. Also, Heidi will discuss an incapacity/emergency checklist that was presented at a recent Slott conference we attended a couple weeks ago in Atlanta, Georgia. This checklist is very practical and an exceptional reference source for you and your loved ones as you age. We are grateful for the many partners and advisors that disseminate information for us to share with you all!  Tune in and take control this Thursday or Saturday!

On today's show we are talking about distorted valuations. When you consider risk, I'm seeing what I can only describe as an atmospheric inversion in today's markets. Wall Street surged toward new record highs on Thursday, as the S&P 500 briefly topped its February 19 closing high of 6,144.15, extending a nearly $10 trillion rally from the brink of a bear market.On today's show I'm going to compare the risk free yield on US Treasuries as a baseline benchmark. In some ways, every other investment could be compared to that benchmark. I'm not going to get into the debate whether the US is going to default on its debt in the next decade or not. For the purpose of today's discussion let's take it as a given that the US will meet its debt obligations even if that means expanding the annual deficit and the global debt. We know that will eventually break down, but let's accept the US Treasury as a foundation for now. The reason I'm proposing that is that the reference for all of these investment returns is the US dollar. If the dollar is in question, then the value of all the other investments that a dollar denominated could be called into question as well. That includes Nvidia, Amazon, Walmart, United Airlines and so on. So let's call the risk free rate of return the yield on the US 10 year treasury. Today the market opened at 4.25%, pretty much in lock step with the Fed Funds rate. So whether you buy a 30 T-bill or a 10 year bond, your risk free rate of return today is at 4.25%.The argument is that if another investment is offering a lower yield, then it is somehow a better investment than the risk free rate of return. Does that make sense that the S&P 500 index would be more expensive than the risk free rate of return? --------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)  

Send us a text00:00 - Intro00:53 - Harvey Eyes $5B Primary Valuation Amid Legal AI Surge01:58 - Wealthfront Preps IPO After Strong $290M Revenue02:42 - Snyk Acquires Invariant to Secure AI Risks03:47 - PlayAI In Acquisition Talks With Meta04:46 - OpenAI and Microsoft Clash Over AGI Clause06:12 - Kalshi Hits $2B Primary Valuation Amid Legal Wins07:00 - Polymarket Nears $1B Valuation With $200M Raise07:49 - Melio Acquired by Xero at $2.5B

Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/podcastWe are live every Tuesday at 1.30pm E / 10.30am P.About Jake Jake's Twitter: https://twitter.com/farnamjake1Jake's book: The Rebel Allocator https://amzn.to/2sgip3lABOUT THE PODCASTHi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.SEE LATEST EPISODEShttps://acquirersmultiple.com/podcast/SEE OUR FREE DEEP VALUE STOCK SCREENER https://acquirersmultiple.com/screener/FOLLOW TOBIASWebsite: https://acquirersmultiple.com/Firm: https://acquirersfunds.com/ Twitter: ttps://twitter.com/GreenbackdLinkedIn: https://www.linkedin.com/in/tobycarlisleFacebook: https://www.facebook.com/tobiascarlisleInstagram: https://www.instagram.com/tobias_carlisleABOUT TOBIAS CARLISLETobias Carlisle is the founder of The Acquirer's Multiple®, and Acquirers Funds®. He is best known as the author of the #1 new release in Amazon's Business and Finance The Acquirer's Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam. He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).

Superpowers for Good should not be considered investment advice. Seek counsel before making investment decisions. When you purchase an item, launch a campaign or create an investment account after clicking a link here, we may earn a fee. Engage to support our work.Watch the show on television by downloading the e360tv channel app to your Roku, AppleTV or AmazonFireTV. You can also see it on YouTube.Devin: What is your superpower?Karl: Simplifying complex ideasCapitalism is due for a makeover. Karl Sjogren, author of The Fairshare Model, believes the key lies in a revolutionary approach to startup funding—one that reimagines IPOs with a performance-based structure to better align the interests of investors and entrepreneurs.As Karl explained in today's episode, the conventional approach to valuing startups is fraught with uncertainty. “No one knows how to value a startup reliably,” he said. This uncertainty creates two major risks for investors: failure risk, which includes market readiness and product viability, and valuation risk, which Karl describes as “the risk of overpaying for a position.” While venture capitalists often mitigate valuation risk with deal terms, Karl's Fairshare Model brings a similar approach to the IPO market, offering a fairer, more transparent system for everyone involved.The Fairshare Model introduces a dual-class stock structure. Investors receive tradable shares, while founders and employees receive performance-based shares that only convert to tradable stock upon achieving defined milestones. These milestones could vary widely, from reaching sales targets to demonstrating social impact, such as measurable environmental benefits. Karl explained, “The Fairshare Model doesn't reduce failure risk, but it dramatically can reduce valuation risk.”This model not only empowers investors but also incentivizes founders and employees to deliver results. Karl likened the conventional IPO structure to a balloon filled with uncertainty. In his analogy, traditional models place certainty on ownership, leaving performance uncertain. The Fairshare Model flips this dynamic, putting the weight of certainty on performance instead.The implications of this approach are profound. By creating a framework that ties rewards to outcomes, the Fairshare Model offers a path to reduce speculation and foster trust between entrepreneurs and investors. It's a bold vision that could reshape how startups raise capital—and how capitalism itself operates.Karl's book, The Fairshare Model, is available on Amazon, and he's actively sharing insights on LinkedIn. He's also working with a Bay Area company that plans to implement the Fairshare Model in an upcoming modular housing IPO.If you're as intrigued as I am, I encourage you to explore Karl's ideas and see how they might apply to your own ventures.tl;dr:Today's episode introduces Karl Sjogren's Fairshare Model, a performance-based structure for venture-stage IPOs.Karl highlights two major risks for investors: failure risk and valuation risk, and how to address them.The Fairshare Model uses dual-class stock, aligning rewards with performance milestones.Karl's superpower is simplifying complex concepts, making them accessible with analogies like a balloon metaphor.The episode underscores the potential of the Fairshare Model to reshape capitalism and startup funding.How to Develop Simplifying Complex Ideas As a SuperpowerKarl Sjogren's superpower is his ability to make complex, technical concepts accessible and engaging. As Karl explained, “My superpower is the ability to take something that's complex, somewhat differently than other people would, and to break it down in a way that is accessible to others.” This skill allows him to connect with audiences unfamiliar with the intricacies of capital markets, effectively translating his insights into actionable ideas.Karl shared a vivid analogy from his book to illustrate the Fairshare Model's novel capital structure. He described a balloon filled with uncertainty, where traditional IPOs place certainty on ownership, leaving performance ambiguous. The Fairshare Model reverses this, focusing certainty on performance outcomes. This analogy, he said, helped readers grasp the model's core idea. His ability to use relatable metaphors like this showcases his knack for making complex ideas intuitive and memorable.Tips for Developing This Superpower:Be specific about your goals and audience when explaining complex topics.Use analogies or metaphors to simplify abstract ideas.Write concisely—ensure every word serves a purpose.Address potential objections or concerns to anticipate your audience's questions.Break down problems into manageable parts, focusing on clarity and relevance.By following Karl's example and advice, you can make simplifying complex ideas a skill. With practice and effort, you could make it a superpower that enables you to do more good in the world.Remember, however, that research into success suggests that building on your own superpowers is more important than creating new ones or overcoming weaknesses. You do you!Guest ProfileKarl Sjogren (he/him):Author, Fairshare ModelAbout Fairshare Model: "The Fairshare Model" is Karl Sjogren's 2019 book. It describes a performance-based capital structure for raising venture capital via an initial public offering. Later this year, a startup in the modular housing space expects to be the first company to use it. Karl is eager to engage with accredited investors who may have interest in bridging the startup to its IPO. He also wants to connect with entrepreneurs that may want to consider having their own Fairshare Model IPO.Website: fairsharemodel.comBiographical Information: Karl Sjogren has been a consulting CFO in the SF Bay Area for over 30 years. From 1996 to 2001, he was CEO of Fairshare, Inc., an online community of average investors that sought to make it less expensive for companies to market investor-friendly IPOs. If a company had a legal offering, passed a diligence review, used the Fairshare Model deal structure, and allowed Fairshare members to invest as little as $100, Fairshare would let the company pitch its deal for free. A forerunner to the concept of "equity crowdfunding," Fairshare attracted 16,000 members and substantially more visitors to its education -oriented website before shutting down after the dotcom and telecom busts.Passage of the JOBS Act in 2011 led Karl to feel the time had come for something like Fairshare to do well, but did not have the energy to do so. Besides, he expected some of the new JOBS Act platforms to adopt some of Fairshare's ideas. But the innovation he saw focused on new ways to sell stock. He was more interested in new ways to structure a venture round. And so, he decided to write a book, The Fairshare Model. LinkedIn: linkedin.com/in/karlsjogrenSupport Our SponsorsOur generous sponsors make our work possible, serving impact investors, social entrepreneurs, community builders and diverse founders. Today's advertisers include FundingHope, Kingscrowd, Just Her Rideshare, and My Panda. Learn more about advertising with us here.Max-Impact MembersThe following Max-Impact Members provide valuable financial support:Carol Fineagan, Independent Consultant | Lory Moore, Lory Moore Law | Marcia Brinton, High Desert Gear | Paul Lovejoy, Stakeholder Enterprise | Pearl Wright, Global Changemaker | Ralf Mandt, Next Pitch | Scott Thorpe, Philanthropist | Matthew Mead, Hempitecture | Michael Pratt, Qnetic | Sharon Samjitsingh, Health Care Originals | Add Your Name HereUpcoming SuperCrowd Event CalendarIf a location is not noted, the events below are virtual.Impact Cherub Club Meeting hosted by The Super Crowd, Inc., a public benefit corporation, on July 15, 2025, at 1:00 PM Eastern. Each month, the Club meets to review new offerings for investment consideration and to conduct due diligence on previously screened deals. To join the Impact Cherub Club, become an Impact Member of the SuperCrowd.SuperCrowdHour, July 16, 2025, at 1:00 PM Eastern. Devin Thorpe, CEO and Founder of The Super Crowd, Inc., will lead a session on "Balance Sheets & Beyond: The Impact Investor's Guide to Financials." If terms like “income statement” and “cash flow” make your eyes glaze over, this session is for you. Devin will break down the fundamentals of financial statements in clear, simple language—perfect for beginners who want to better understand the numbers behind the businesses they support. Whether you're a new investor, a founder navigating financials, or simply curious about how money moves through mission-driven companies, you'll leave this session more confident and informed. Don't miss it!SuperCrowd25, August 21st and 22nd: This two-day virtual event is an annual tradition but with big upgrades for 2025! We'll be streaming live across the web and on TV via e360tv. Soon, we'll open a process for nominating speakers. Check back!Community Event CalendarSuccessful Funding with Karl Dakin, Tuesdays at 10:00 AM ET - Click on Events.Devin Thorpe is featured in a free virtual masterclass series hosted by Irina Portnova titled Break Free, Elevate Your Money Mindset & Call In Overflow, focused on transforming your relationship with money through personal stories and practical insights. June 8-21, 2025.Join Dorian Dickinson, founder & CEO of FundingHope, for Startup.com's monthly crowdfunding workshop, where he'll dive into strategies for successfully raising capital through investment crowdfunding. June 24 at noon Eastern.Future Forward Summit: San Francisco, Wednesday, June 25 · 3:30 - 8:30 pm PDT.Regulated Investment Crowdfunding Summit 2025, Crowdfunding Professional Association, Washington DC, October 21-22, 2025.Call for community action:Please show your support for a tax credit for investments made via Regulation Crowdfunding, benefiting both the investors and the small businesses that receive the investments. Learn more here.If you would like to submit an event for us to share with the 9,000+ changemakers, investors and entrepreneurs who are members of the SuperCrowd, click here.We use AI to help us write compelling recaps of each episode. Get full access to Superpowers for Good at www.superpowers4good.com/subscribe

Scott Soshnick and Kurt Badenhausen discuss Sportico's recently released 2025 WNBA Valuations. The newly created Golden State Valkyries debuted at No. 1, with a $500 million valuation, ten times the price the franchise paid in expansion fees in October 2023. They also discuss how an ongoing expansion process plays into the numbers, and what impact rising team values could have on the WNBA's next CBA. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this re-run episode of the SaaS Revolution Show, originally recorded in 2022, our host Alex Theuma is joined by Ross Andrew Paquette, Chairman and CEO at Maropost, to talk about bootstrapping a B2C CRM to $100MM and a $1.7B valuation. Ross shares:

EXCLUSIVE - SAILY Deal ➼ https://saily.com/lwos ➼ Download SAILY in your app store and use our code LWOS at checkout to get an exclusive 15% off your first purchase. Spurs Kings TV Presents The Spurs YouTube Awards 2025 are LIVE! Vote for your favourite creators now

What separates effective leaders from those who stall out? In this episode of Behind The Numbers With Dave Bookbinder, we explore the answer with leadership strategist Liz Weber—author, speaker, and founder of Weber Business Services. Liz unpacks the core ideas from her latest book, Something Needs to Change Around Here: The Five Stages to Leveraging Your Leadership. She breaks down the leadership development journey, from “doing” the work to effectively “leading” others—and why most people get stuck in stage two. If you've ever struggled with delegation, role clarity, or stepping back to truly lead, this conversation offers a clear roadmap forward. Dave and Liz also explore: The most common leadership transition traps Why succession planning isn't about family—it's about fit The critical role of organizational culture in developing talent How self-awareness and strategy combine to drive performance Whether you're a business owner, advisor, or aspiring leader, you'll walk away with practical insights you can apply immediately. About Our Guest: Liz has been named a Top Leadership Influencer by LeadersHum, a Top HR Influencer to Watch by HR Exchange Network, and a Top HR Influencer by BambooHR. She is one of fewer than 100 people in the U.S. to hold both the Certified Speaking Professional (CSP) and Certified Management Consultant (CMC) designations; the highest earned designations in two different professions.  As the President of Weber Business Services, LLC, a management consulting, training, and speaking firm, Liz provides strategic and succession planning, executive coaching, and leadership training to boards, business owners and leadership teams, as well as to associations and government agencies.  Liz holds an MBA in International Business and has extensive association leadership experience. She has served six years as a national board director, and three years as a national foundation trustee and as the presidential appointee to the Global Speakers Federation. Liz has supervised business activities in 129 countries and has presented in over 20 countries. In addition to writing more than ten leadership books, and her monthly Leadership Insights blog, Liz posts to social media daily. Liz was also  named one of 2025 Top 30 Global Gurus for Leadership along with Simon Sinek and John Maxwell. So, when Liz Weber talks, her clients listen. Liz is an advisor to boards, owners, and C-Suite teams. She's a leadership, strategic and succession planning consultant, author, and speaker.  About the Host: Dave Bookbinder is known as an expert in business valuation and he is the person that business owners and entrepreneurs reach out to when they need to know what their most important assets are worth. Known as a collaborative adviser, Dave has served thousands of client companies of all sizes and industries.    Dave is the author of two #1 best-selling books about the impact of human capital (PEOPLE!) on the valuation of a business enterprise called The NEW ROI: Return On Individuals & The NEW ROI: Going Behind The Numbers.  He's on a mission to change the conversation about how the accounting world recognizes the value of people's contributions to a business enterprise, and to quantify what every CEO on the planet claims: “Our people are this company's most valuable asset.” Dave's book, A Valuation Toolbox for Business Owners and Their Advisors: Things Every Business Owner Should Know, was recognized as a top new release in Business and Valuation and is designed to provide practical insights and tools to help understand what really drives business value, how to prepare for an exit, and just make better decisions. He's also the host of the highly rated Behind The Numbers With Dave Bookbinder business podcast which is enjoyed in more than 100 countries.

This week, in Episode 252, David Barnett, Mel Gravely, and Kate Morgan discuss a somewhat unusual approach to succession, which is to not sell the business. Basically, it's about taking a step back from leadership while maintaining ownership, and both Kate and especially Mel are moving in this direction. The approach can pay off financially in part because businesses often are worth more to the owner than they would be to a buyer. Why is that? As David explains, the business that the buyer buys isn't really the same business that the owner sells: “If you've owned the business for a long time,” he says, “the balance sheet is probably pretty strong. You've had time to earn money, pay down debts. You've got a good equity position. This makes the business strong, and it makes it better able to weather storms. If I were to come along and buy Mel's business, I would come together on a price, and I would pay Mel. But a good chunk of that money would probably be borrowed. Now, I would have a much weaker balance sheet than what Mel enjoys today. And a big chunk of the cash flow that he currently enjoys, I would end up giving to my bank.” Of course, this approach to succession does have some challenging elements, including finding someone to run the business. Plus: We also discuss whether it's possible to sell a solopreneur business.

Marc shares his takeaways from attending the "Housingwire" event, where the speakers were the CEOs of top publicly traded real estate sales companies. Marc shares his reflections  revealing surprising details about brokerage profitability, the constant challenge of retaining quality agents, the overemphasis on ‘culture', and the real impact of technology on the industry. Discover why focusing on local, strong relationships remains your biggest competitive advantage in property management, even as the big players grapple with their own growing pains.   Lead Simple - manage more doors with less stress using LeadSimple   Property Manager Websites - the highest performing property management website in the industry   Rentvine - the property management software you can trust   NARPM Orlando Event: Register here   PMbuild - Marc's education for property managers   Join Marc's new property management Facebook group This podcast is produced by Two Brothers Creative.

BaHaCon - Interview with Jeff Brooks and Robert Barnes.  We discuss the date and many of the cool parts of this years convention.https://bahacon.com/Some spaces are still available.Correction on the Tesla charging network.Can atheism hurt your business?

Panthers win their second straight Stanley Cup; Mark Walter buys Lakers at $10+B valuation; Jax based developer may buy Rays for $1.7B and we review NBA Free Agents