Podcasts about Vanguard

Story of the Week (DR):Lachlan Murdoch Secures Control of Fox and News Corp, Ending Succession FightLachlan Murdoch is confirmed as Rupert Murdoch's successor, gaining control over the family's media empire (which includes Fox Corporation and News Corp). Prudence MacLeod, Elisabeth Murdoch, and James Murdoch—three of Rupert's older children—will each receive about US$1.1 billion. They will sell their holdings in Fox and News Corp and give up beneficial/trust rights in those companies.Apart from full siblings Elisabeth and James Murdoch, Lachlan has three half-siblings, an elder half-sister Prudence, and two younger sisters by his father's third marriage, Grace and Chloe. A new family trust will be set up benefiting Lachlan and Rupert's younger daughters, Grace and Chloe. That trust will hold controlling voting shares in Fox and News Corp. The three older siblings will no longer be beneficiaries in the trust(s) connected to Fox and News Corp. They also give up any voting rights held via those trusts. Rupert Murdoch, despite handing over the control structure, retains a role as Chairman Emeritus. The new trust arrangement secures Lachlan's control over the companies through 2050. One of Rupert Murdoch's concerns was the possibility that the more moderate siblings (Prudence, Elisabeth, James) could shift the political or editorial leanings of Fox/News Corp after he's gone. The new structure is designed to prevent that.Senators Call for Hearings About JPMorgan's Ties to Jeffrey EpsteinDemocrats want CEO Jamie Dimon to testify about keeping Epstein as a client until 2013Epstein had dozens of accounts at JPMorgan's private bank and communicated often with bank executives, connecting them to his wealthy contacts, ties The Wall Street Journal first reported in 2023 to be deeper than understood. Epstein was a JPMorgan client before and after he was convicted of soliciting a minor for prostitution in 2008 and forced to register as a sex offender.Trump Epstein letter and drawing from ‘birthday book' releasedEric Trump removed from the ALT5 board of directors after discussion with the Nasdaq Stock Market LLCTrump's second son, Eric Trump, was removed from the ALT5 board of directors. According to the SEC filing, the change was made after discussion with the Nasdaq Stock Market LLC, therefore, the change was in order to comply with Nasdaq's listing rules.It is still unclear which of the Nasdaq rules caused Eric Trump to be removed. The closest reason would be the rule that requires a majority of board members at listed companies to be independent. However, if Trump didn't qualify as independent, other members would have also been removed, which was not the case.after discussion with The Nasdaq Stock Market LLC … and in order to comply with Nasdaq's listing rules.” He is now a board observer: While he was originally announced as a full board member, Eric Trump has been reassigned to observer status — meaning he can attend meetings but doesn't have voting power.Larry Ellison's $100 billion day reminds us why David Ellison could buy ParamountLarry Ellison, co-founder of Oracle, recently saw his net worth jump by around US$100 billion in a single day due to a spike in Oracle's stock.Larry's wealth was a key factor enabling his son, David Ellison, to acquire Paramount.David Ellison's position is less pressured because his father's vast wealth gives him a kind of “cushion” — meaning that even if some deals don't go well, he can withstand the backlash more than many media owners could.Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. DiscoveryThe majority of the planned bid for Warner will be made up of cashA Key to Larry Ellison's Wealth Creation: Years of Oracle Stock BuybacksOracle has used aggressive stock buybacks over the past 15 years as a major lever to boost shareholder value—and especially to amplify Larry Ellison's personal wealth. Oracle has aggressively repurchased its own shares over roughly the last 15 years — reducing its outstanding share count by nearly 45%. Because Larry Ellison held roughly the same number of shares, his ownership percentage rose from ~23% to around 41% without buying more stock.This buyback strategy significantly boosted the value of Ellison's stake — Barron's estimates that without the buybacks, his stake might have been worth only $215 billion instead of the current ~$387 billion.Ellison didn't need to purchase additional Oracle shares to increase the value of his investment—he benefited from the shrinking pool of shares and the company's rising valuation.Vanguard Tries To Get Investors Interested In Proxy Voting MMVanguard's trying to get millions of its fund investors involved in big corporate decisions—but so far, most people are still tuning out. That's left folks wondering who really holds sway at America's largest companies.Vanguard's campaign faces a classic case of 'rational apathy', where most index fund investors skip shareholder votes because it feels like a hassle with little impact on their own wallets.Even though Vanguard's Voting Choice program doubled participation to 82,000 people and tripled the dollar value voted to $9 billion, that's tiny compared to the company's 50 million investors and $11 trillion in assets.Studies from Duke, Florida, and Columbia universities show just how overwhelming the sheer number of ballot measures can be—making most people pick broad voting policies, like mainstream or anti-ESG, instead of poring over each decision.While reformers hope wider voting can democratize the system, the early results point the other way: individuals often skip votes or side with management, letting company leaders keep their grip. In fact, last year's Tesla shareholder votes would have failed if Vanguard's index funds had voted like individuals.Financial Services Committee Examines the Shareholder Proposal Process and Proxy Advisory FirmsOn the Impact of Sarbanes-Oxley and Dodd-Frank on Annual Proxy Statements: “Together, these two laws [Sarbanes-Oxley and Dodd-Frank] have driven up costs, increased the length and complexity of proxy statements, expanded the disclosure and oversight process, and fundamentally changed much of the shareholder access to the proxy system,” said Chairman Hill.French Hill: founder, Chair, and CEO of Delta Trust & Banking Corporation from 1999 until 2014. A ninth-generation Arkansan, Hill is a direct descendent of slave plantation owner Creed Taylor who was among the wealthiest 1% of Americans in 1860.On the Cost of Unnecessary and Irrelevant Shareholder Proposals: “Under this flawed system, companies are too often forced to waste valuable time and resources fighting proposals that are irrelevant to the company's bottom line, hurting investors and workers alike,” said Capital Markets Subcommittee Chair Ann Wagner (MO-02)."Allowing a small group of left-wing activists to hijack the proxy proposal process to push social, environmental, DEI, or political objectives totally unrelated to the core business of a company does not advance the cause of capitalism. It undermines capitalism. It corrupts capitalism because it results in the misallocation of resources of the company. It undermines the profitability of the company. It hurts the shareholders,” stated Financial Institutions Subcommittee Chair Rep. Andy Barr (KY-06).Barr believes that abortion should be illegal, including in cases of rape and incestBarr, who's now running for Mitch McConnell's Senate seat, made it clear that he and Musk are joined at the hip. A few days after the “town hall” Barr released a photo of himself standing beside a shiny new Tesla, with a big smile, a thumbs-up, and the caption “Elon Musk sure knows what he's doing!”On How Proxy Advisory Firms Can Deter Businesses from Joining Public Markets: “For many small and medium private companies considering an IPO, the decision often comes down to whether the benefits of accessing public markets outweigh the risk of compliance. But as we have seen in recent years, the shareholder proposal process can be dominated by a small group of activist investors advancing niche political agendas that have little to do with long term value creation. At the same time, proxy advisory firms wield outsized influence over voting outcomes, and [are] operating with limited transparency and potential conflicts of interest. So together, these dynamics can create an uncertainty and additional cost that make public markets less attractive,” declared House Small Business Committee Chairman Roger Williams (TX-25).Williams was listed as the 22nd wealthiest member of Congress in 2018. Williams inherited the family's automobile dealership from his father, who founded the business in 1939.During the COVID-19 pandemic, Williams's Chrysler Dodge Jeep dealership in Weatherford, Texas, received a loan of between $1 million and $2 million as part of the Paycheck Protection Program (PPP);[28][29] the loan was later forgivenGoodliest of the Week (MM/DR):DR: Boone Electric Co-op members can cast drive-thru votes for directorsDR: New Mexico will be the first state to make child care free DR MMThe program, which will start in November and is expected to save families $12,000 per child annually, is available to all residents regardless of income. Gov. Michelle Lujan GrishamMM: Vanguard Finds ESG Voting Policy by Far the Most Popular Choice for Younger InvestorsAssholiest of the Week (MM):Asshole Speed Round! You rate the level of asshole for each, and the top scorers are assholes of the week:Paul Atkins 6SEC chief threatens ban on European accounting rules over sustainabilityThe US is thinking about banning IFRS, used everywhere else, because they don't like the data other countries want to use for investingWe already have feet, miles, and pounds, why not just have our own way to measure things that literally no one else uses?Sam Altman 7‘I haven't had a good night of sleep since ChatGPT launched': Sam Altman admits the weight of AI keeps him up at nightOMG, SHUT UP.Journalists who don't understand dual class shares 5Oracle CEO, one of the world's richest self-made women, just got $412 million richer in 6 hoursCharlie Scharf 10Wells Fargo CEO says Trump is entitled to be vocal about the FedScharf, also on the MSFT board for the enigma of successJamie Dimon 8Jamie Dimon says economy is ‘weakening' but he can't make sense of all the different data: ‘Maybe, one day, AI will fix that problem'JPMorgan processed over $1B for Jeffrey Epstein despite internal concerns over sex offender status: reportReverse justifying Zuck's feckless suckups 10Meta CFO explains CEO Mark Zuckerberg's $600 billion White House pledgeSusan LiBros 10The gender pay gap is getting wider, reversing progressThe pay gap is now back to where it was in 2017, when the burgeoning #MeToo movement drew wide attention to sex discrimination.Everything Charlie Kirk 10There are two things happening simultaneously that are probable root causes in political assassinations today:Hopelessness - Elon Musk is proposing to pay himself 68% of ALL THE WEALTH of the BOTTOM 50% OF US HOUSEHOLDS. If this pay package passes, he will have as much worth as ONE QUARTER of EVERYONE UNDER 40 - 166 million people in the US. We're convinced because he bought a car company and built some rockets using US subsidies he's singular. Combine that with the fact that he's one of 4 billionaire white men who control social media, which tells us EVERY DAY our life sucks and the reason is “the other side” and capitalism support is at a long term low, and people feel there are NO OTHER OPTIONS but to assassinate someone.Men - more than 99% of political violence is committed by men. Out of nearly 10,000 global public companies, 93% are lead by men. 73% of all country level parliamentary seats are male. You know who doesn't shoot people, engage in constant chest thumping, gun toting nationalism? Women. Step aside boys - investors, your opportunity is now, you get to vote on directors. Do some due diligence.Headliniest of the WeekDR: Hot mic catches Zuckerberg admitting his $600 bn vow to Trump was a guess: “Sorry, I wasn't ready… I wasn't sure what number you wanted to go with.”MM: Uber sued by DOJ for alleged discrimination against disabled riders - isn't this, like, SUPER WOKE?Who Won the Week?DR: Every Ellison everMM: Larry Ellison's facial hair - he can finally afford a razorPredictionsDR: David Ellison buys Lachlan's two younger half-sisters (from Rupert's third marriage), Grace and Chloe, and then immediately trades them for 30% ownership in the Winklevoss twins cryptocurrency-exchange company Gemini Space Station MM: THIS time, we won't get thoughts and prayers - we'll get ideological purges!

In this episode we answer emails from Adam, Private Cowboy, and Jose.  We discuss managed futures (again with references!), Bill Bengen's latest book and how it integrates into our approach, and the pros and cons of a Vanguard Personal Advisor-created portfolio and the hypocritical quandaries it creates with the gods of Simplicity.Links:Demystifying Managed Futures:  Demystifying Managed FuturesBloomberg Presentation On Investments In Inflationary Environments:  MH201-SteveHou-Bloomberg.pdfDunn Capital Analysis:  High-Vol-Trend-Following-Trend-Index-Edition-0825-DIGITAL.pdfKardinal Financial Video:  What is Alternative Investing?Interview of Bill Bengen:  Episode 195: The 4% Rule and Beyond: Retirement Strategies with Bill BengenWeird Portfolio:  Weird Portfolio – Portfolio ChartsAfford Anything Episode:  #618: How to Retire at 50 While Supporting Aging Parents, with Frank Vasquez - Afford AnythingCorey Hoffstein Interview:  Show Us Your Portfolio: Corey HoffsteinBreathless AI-Bot Summary:The perfect asset allocation isn't a formula—it's a framework built on uncorrelated assets that dance to different drummers during market storms. This episode dives deep into managed futures, one of the most powerful yet misunderstood portfolio diversifiers available to individual investors.Three listener questions explore how managed futures fit within retirement portfolios, particularly for those approaching their post-career years. Frank breaks down why managed futures have essentially zero correlation to stocks, bonds, and even gold, making them uniquely valuable during both inflationary crises (like 2022) and deflationary periods (like 2008). He references new research from Dunn Capital comparing various alternative strategies and explains how ETFs like DBMF have democratized access to institutional-quality diversification.Beyond managed futures, the episode synthesizes Bill Bengen's latest safe withdrawal rate research with Ray Dalio's "Holy Grail" principle of uncorrelated assets. While Bengen's new book doesn't explicitly analyze alternatives, Frank connects these complementary approaches to formulate practical guidelines: maintain 40-70% equity exposure divided between growth and value, use 15-30% treasury bonds for recession protection, allocate 10-25% to alternatives, and limit cash to under 10%.The discussion takes a critical look at cookie-cutter financial advice, particularly questioning whether paying 0.3% annually to a Vanguard advisor provides value when their recommendations often involve overlapping funds and questionable international bond allocations. Frank challenges the "worship of simplicity" that permeates financial discussions while exposing the irony that these same advisors often recommend complex multi-fund portfolios.What emerges is a call for "system two" thinking—the willingness to incorporate new information rather than clinging to outdated formulas out of consistency.Support the show

Vanguardistas have more fun—so if you don't already subscribe to the podcast, join the Vanguard today via Apple Podcasts or extratakes.com for non-fruit-related devices. In return you'll get a whole extra Take 2 alongside Take 1 every week, with bonus reviews, more viewing recommendations from the Good Doctors and whole bonus episodes just for you. And if you're already a Vanguardista, we salute you.  ‘Spinal Tap II: The End Continues' is finally out this week—but will it rock Mark's world or break his heart? He'll deliver his verdict in this week's Take—plus more reviews of the biggest movies hitting cinema screens this weekend. First up it's the final film instalment in everyone's favourite goes-down-nicely-with-a-cuppa-tea-missus period drama saga, Downton Abbey. On a much less civilised note, we've got ‘The Long Walk' too—a brutal death game drama adapted from Stephen King's novel. Plus we'll get your top takes on the Box Office Top 10 and whatever else is going on in your lovely listener lives.   Our very special and exceptionally well-dressed guest this week is Warren Ellis—musician of Nick Cave & the Bad Seeds and Dirty Three fame, and now the subject of new Justin Kurzel directed documentary ‘Ellis Park'. It follows the story of the animal sanctuary Ellis founded in Indonesia with Femke den Haas, and it's an intimate insight into the life and music of this very cool man too. He chats IRL in the studio with Mark and Simon—and this week we're filming the whole show in golorious technicolour, so you'll get the full effect of his excellent outfit. They talk all about the movie and plenty about music too—and just because Warren loves a lengthy natter we've got even more for you in Take 2—so listen up!     Timecodes (for Vanguardistas listening ad-free):  Downton Abbey Review: 06:35  Box Office Top Ten: 14:41  Warren Ellis Interview: 25:19  The Long Walk Review: 46:37  Spinal Tap: The End Continues Review: 1:00:48        You can contact the show by emailing correspondence@kermodeandmayo.com or you can find us on social media, @KermodeandMayo  Please take our survey and help shape the future of our show: https://www.kermodeandmayo.com/survey   EXCLUSIVE NordVPN Deal ➼ https://nordvpn.com/take Try it risk-free now with a 30-day money-back guarantee!  A Sony Music Entertainment production.      Find more great podcasts from Sony Music Entertainment at sonymusic.com/podcasts and follow us @sonypodcasts    To advertise on this show contact: podcastadsales@sonymusic.com  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Cookies are out, context is in. People Inc.'s Jonathan Roberts joins The Big Impression to talk about how America's biggest publisher is using AI to reinvent contextual advertising with real-time intent.From Game of Thrones maps to the open web, Roberts believes content is king in the AI economy. Episode TranscriptPlease note, this transcript  may contain minor inconsistencies compared to the episode audio.Damian Fowler (00:00):I'm Damian Fowler, and welcome to this edition of The Big Impression. Today we're looking at how publishers are using AI to reinvent contextual advertising and why it's becoming an important and powerful alternative to identity-based targeting. My guest is Jonathan Roberts, chief Innovation Officer at People Inc. America's largest publisher, formerly known as Meredith. He's leading the charge with decipher an AI platform that helps advertisers reach audiences based on real time intent across all of People Inc. Site and the Open Web. We're going to break down how it works, what it means for advertisers in a privacy first world and why Jonathan's side hustle. Creating maps for Game of Thrones has something for teachers about building smarter ad tech. So let's get into it. One note, this episode was recorded before the company changed its name. After the Meredith merger, you had some challenges getting the business going again. What made you realize that sort of rethinking targeting with decipher could be the way to go?Jonathan Roberts (01:17):We had a really strong belief and always have had a strong belief in the power of great content and also great content that helps people do things. Notably and Meredith are both in the olden times, you would call them service journalism. They help people do things, they inspire people. It's not news, it's not sports. If you go to Better Homes and Gardens to understand how to refresh your living room for spring, you're going to go into purchase a lot of stuff for your living room. If you're planting seeds for a great garden, you're also going to buy garden furniture. If you're going to health.com, you're there because you're managing a condition. If you're going to all recipes, you're shopping for dinner. These are all places where the publisher and the content is a critical path on the purchase to doing something like an economically valuable something. And so putting these two businesses together to build the largest publisher in the US and one of the largest in the world was a real privilege. All combinations are hard. When we acquired Meredith, it is a big, big business. We became the largest print publisher overnight.(02:23):What we see now, because we've been growing strongly for many, many quarters, and that growth is continuing, we're public. You can see our numbers, the performance is there, the premium is there, and you can always sell anything once. The trick is will people renew when they come back? And now we're in a world where our advertising revenue, which is the majority of our digital revenue, is stable and growing, deeply reliable and just really large. And we underpin that with decipher. Decipher simply is a belief that what you're reading right now tells a lot more about who you are and what you are going to do than a cookie signal, which is two days late and not relevant. What you did yesterday is less relevant to what you need to do than what you're doing right now. And so using content as a real time predictive signal is very, very performant. It's a hundred percent addressable, right? Everyone's reading content when we target to, they're on our content and we guaranteed it would outperform cookies, and we run a huge amount of ad revenue and we've never had to pay it in a guarantee.Damian Fowler (03:34):It's interesting that you're talking about contextual, but you're talking about contextual in real time, which seems to be the difference. I mean, because some people hear contextually, they go, oh, well, that's what you used to do, place an ad next to a piece of content in the garden supplement or the lifestyle supplement, but this is different.Jonathan Roberts (03:53):Yes. Yeah. I mean, ensemble say it's 2001 called and once it's at Targeting strategy back, but all things are new again, and I think they're newly fresh and newly relevant, newly accurate because it can do things now that we were never able to do before. So one of the huge strengths of Meredith as a platform is because we own People magazine, we dominate entertainment, we have better homes and gardens and spruce, we really cover home. We have all recipes. We literally have all the recipes plus cereal, seeds plus food and wine. So we cover food. We also do tech, travel, finance and health, and you could run those as a hazard brands, and they're all great in their own, but there's no network effect. What we discovered was because I know we have a pet site and we also have real simple, and we know that if you are getting a puppy or you have an aging dog, which we know from the pet site, we know you massively over index for interest in cleaning products and cleaning ideas on real simple, right?Damian Fowler (04:55):Yeah.Jonathan Roberts (04:55):This doesn't seem like a shocking conclusion to have, but the fact that we have both tells us both, which also means that if you take a health site where we're helping people with their chronic conditions, we can see all the signals of exactly what help you need with your diet. Huge overlaps. So we have all the recipe content and we know exactly how that cross correlates with chronic conditions. We also know how those health conditions correlate into skincare because we have Brody, which deals with makeup and beauty, but also all the skincare conditions and finance, right? Health is a financial situation as much as it is a health situation, particularly in the us. And so by tying these together, because most of these situations are whole lifestyle questions, we can understand that if you're thinking about planning a cruise in the Mediterranean, you're a good target for Vanguard to market mutual funds to. Whereas if we didn't have both investipedia and travel leisure, we couldn't do that. And so there's nothing on that cruise page, on the page in the words that allows you to do keyword targeting for mutual funds.(05:55):But we're using the fact that we know that cruise is a predictor of a mutual fund purchase so that we can actually market to anyone in market per cruise. We know they've got disposable income, they're likely low risk, long-term buy andhold investors with value investing needs. And we know that because we have these assets now, we have about 1500 different topics that we track across all of DDM across 1.5 million articles, tens of millions of visits a day, billions a year. If you just look at the possible correlations between any of those taxonomies that's over a million, or if we go a level deeper, over a hundred million connected data points, you can score. We've scored all of them with billions of visits, and so we have that full map of all consumers.Damian Fowler (06:42):I wanted to ask you, of course, and you always get this question I'm sure, but you have a pretty unusual background for ad tech theoretical physics as you mentioned, and researcher at CERN and Mapmaker as well for Game of Thrones, but this isn't standard publisher experience, but how did all that scientific background play into the way you approached building this innovation?Jonathan Roberts (07:03):Yeah, I think when I first joined the company, which was a long time ago now, and one of the original bits of this company was about.com, one of the internet oh 0.1 OG sites, and there was daily data on human interest going back to January 1st, 2000 across over a thousand different topics. And in that case, tens of millions of articles. And the team said, is this useful? Is there anything here that's interesting? I was like, oh my god, you don't know what you've got because if you treat as a physicist coming in, I looked at this and was like, this is a, it's like a telescope recording all of human interest. Each piece of content is like a single pixel of your telescope. And so if somebody comes and visit, you're like, oh, I'm recording the interest of this person in this topic, and you've got this incredibly fine grained understanding of the world because you've got all these people coming to us telling us what they want every day.(08:05):If I'm a classic news publisher, I look at my data and I find out what headlines I broke, I look at my data and I learn more about my own editorial strategy than I do about the world. We do not as much tell the world what to think about. The world tells us what they care about. And so that if you treat that as just a pure experimental framework where this incredible lens into an understanding of the world, lots of things are very stable. Many questions that people ask, they always ask, but you understand why do they ask them today? What's causing the to what are the correlations between what they are understanding around our finance business through the financial crash, our health business, I ran directly through COVID. So you see this kind of real time change of the world reacting to big shocks and it allows you to predict what comes next, right? Data's lovely, but unless you can do something with it, it's useless.Damian Fowler (08:59):It's interesting to hear you talk about that consistency, the sort of predictability in some ways of, I guess intense signals or should we just say human behavior, but now we've got AI further, deeper into the mix.Jonathan Roberts (09:13):So we were the first US publisher to do a deal with open ai, and that comes in three parts. They paid for training on our content. They also agreed within the contract to source and cite our content when it was used. And the third part, the particularly interesting part, is co-development of new things. So we've been involved with them as they've been building out their search product. They've been involved with us as we've been evolving decipher, one of the pieces of decipher is saying, can I understand which content is related to which other content? And in old fashioned pre AI days when it was just machine learning and natural language processing, you would just look at words and word occurrence and important words, and you'd correlate them that way. With ai, you go from the word to the concept to the reasoning behind it to a latent understanding of these kind of deeper, deeper connections.(10:09):And so when we changed over literally like, is this content related to that content? Is this article similar in what it's treating to that article? If they didn't use the same words but they were talking about the same topic, the previous system would've missed it. This system gets deeper. It's like, oh, this is the same concept. This is the same user need. These are the same intentions. And so when we overhauled this kind of multimillion point to point connection calculation, we drastically changed about 30% of those connections and significantly improved them, gives a much reacher, much deeper understanding of our content. What we've also done is said, and this is a year thing that we launched it at the beginning of the year, we have decipher, which runs on site. We launched Decipher Plus Inventively named right? I like it. We debated Max or Max Plus, but we went with Plus.(10:59):And what this says is we understand the user intent on our sites. We know when somebody's reading content, we have a very strong predictor model of what that person's going to need to do next. And we said, well, we're not the only people with intent driven content and intent driven audiences. So we know that if you're reading about newborn health topics, you are three and a half times more likely than average to be in market for a stroller. We're not the only people that write about newborn health. So we can find the individual pages on the rest of the web that do talk about newborn health, and we can unlock that very strong prediction that this purchase intent there. And so then we can have a premium service that buy those ads and delivers that value to our clients. Now we do that mapping and we've indexed hundreds of premium domains with opening eyes vector, embedding architecture to build that logic.Damian Fowler (11:56):That's fascinating. So in lots of ways, you're helping other publishers beyond your owned and operated properties.Jonathan Roberts (12:02):We believed that there was a premium in publishing that hadn't been tapped. We proved that to be true. Our numbers support it. We bet 2.7 billion on that bet, and it worked. So we really put our money where our mouth is. We know there's a premium outside of our walls that isn't being unlocked, and we have an information advantage so we can bring more premium to the publishers who have that quality content.Damian Fowler (12:24):I've got lots of questions about that, but one of them is, alright. I guess the first one is why have publishers been so slow out of the starting blocks to get this right when on the media buying side you have all of this ad tech that's going on, DSPs, et cetera.Jonathan Roberts (12:42):I think partly it's because publishers have always been a participant in the ad tech market off to one side. I put this back to the original sin of Ad Tech, which is coming in and saying, don't worry about it, publishers, we know your audience better than you ever will. That wasn't true then, and it's not true today, but Ad Tech pivoted the market to that position and that meant the publishers were dependent upon ad Tech's understanding of their audience. Now, if you've got a cookie-based understanding of an audience, how does a publisher make that cookie-based audience more valuable? Well, they don't because you're valuing the cookie, not the real time signal. And there is no such thing as cookie targeting. It's all retargeting. All the cookie signal is yesterday Signal. It's only what they did before they came to your site, dead star like or something, right? The publisher definitionally isn't influencing the value of that cookie. So an ad tech is valuing the cookie. The only thing the publisher can do to make more money is add scale, which is either generate clickbait because that's the cheapest way to get audience scale or run more ads on the page.(13:57):Cookies as a currency for advertising and targeting is the reason we currently have the internet We deserve, not the internet we want because the incentive is to cheap scale. If instead you can prove that the content is driving the value, the content is driving the decision and the content is driving the outcome, then you invest in more premium content. If you're a publisher, the second world is the one you want. But we had a 20 year distraction from understanding the value of content. And we're only now coming back to, I think one thing I'm very really happy to see is since we launched a cipher two years ago, there are now multiple publishers coming out with similarly inspired targeting architecture or ideas about how to reach quality, which is just a sign that the market has moved, right? Or the market moving and retargeting still works. Cookies are good currency, they do drive performance. If they didn't, it would never worked in the first place. But the ability to understand and classify premium content at web scale, which is what decipher Plus is a map for all intent across the entire open web is the thing that's required for quality content to be competitive with cookies as targeting mechanism and to beat it atDamian Fowler (15:15):Scale. You mentioned how this helps you reach all these third party sites beyond your properties. How do you ensure that there's still quality in the, there's quality content that match the kind of signals that makes decipher work?Jonathan Roberts (15:32):Tell me, not all content on the internet is beautiful, clean and wonderful. Not allDamian Fowler (15:36):Premium is it?Jonathan Roberts (15:36):I know there's a lot of made for arbitrage out there. Look, we, we've been a publisher for a long time. We've acquired a lot of publishers over the years, and every time we have bought a publisher, we have had to clean up the content because cheap content for scale is a siren call of publishing. Like, oh, I can get these eyeballs cheaper. Oh, wonderful. I know I just do that. And everyone gives it on some level to that, right? So we have consistently cleaned up content libraries every time we've acquired publishers. Look at the very beginning about had maybe 10 to 15 million euros. By the time we launched these artists and these individual vertical sites were down to 250,000 pages of content. It was a bigger business and it was a better business. The other side is the actual ad layout has to be good,Damian Fowler (16:29):ButJonathan Roberts (16:29):Every time we've picked up a publisher, we've removed ads from the site. Increase, yeah, experience quality,Damian Fowler (16:33):Right?Jonathan Roberts (16:36):Because we've audited multiple publishers for the cleanup, we have an incredibly detailed understanding of what quality content is. We have lots of, this is our special skill as a publisher. We can go into a publisher, identify the content and see what's good.Damian Fowler (16:54):Is that part of your pitch as it were, to people who advertisers?Jonathan Roberts (16:58):We work lots of advertisers. We're a huge part of the advertising market because we cover all the verticals. We have endemics in every space. If you're trying to do targeting based on identity, we have tens of millions of people a day. It'll work. You will find them with us, we reach the entire country every month. We are a platform scale publisher. So at no point do we saying don't do that, obviously do that, right? But what we're saying is there's a whole bunch of people who you can't identify, either they don't have cookies or IDs or because the useful data doesn't exist yet. It's not attached to those IDs. So incremental, supplementary and additional to reach the people in the moment with a hundred percent addressability, full national reach, complete privacy compliance, just the content, total brand safety. And we will put these two things side by side and we will guarantee that the decipher targeting will outperform the cookie targeting, which isn't say don't do cookie targeting, obviously do it. It works, it's successful. This is incremental and also will outperform. And then it just depends on the client, right? Some people want brand lift and brand consideration. They want big flashy things. We run People Magazine, we host the Grammy after party. We can do all the things you need from a large partner more than just media, but also we can get you right down to, for some partners with big deals, we guarantee incremental roas,Damian Fowler (18:26):ActualJonathan Roberts (18:26):In-store sales, incremental lift.Damian Fowler (18:29):So let's talk about roas. What's driving advertisers to lean in so heavily?Jonathan Roberts (18:34):Well, I think everybody's seen this over the last couple of years. In a high interest or environment, the CMOs getting asked, what's the return on my ad spend? So whereas previously you might've just been able to do a big flashy execution or activation. Now everybody wants some level of that media spend to be attributable to lift to dollars, to return to performance, because every single person who comes through our sites is going to do something after they come. We're never the last stop in that journey, and we don't sell you those garden seeds. We do not sell you the diabetes medication directly. We are going to have to hand you off to a partner who is going to be the place you take the economic action. So we are in the path to purchase for every single purchase on Earth.(19:19):And what we've proven with decipher is not only that we can be in that pathway and put the message in the path of that person who is going to make a decision, has not made one yet. But when we put the messaging in front of it of that person at the time, it changes their decisions, which is why it's not just roas, which could just be handing out coupons in the line to the pizza store. It's incremental to us, if you did not do this, you would have made less money. When you do this, you'll make more money. And having got to a point where we've now got multiple large campaigns, both for online action and brick and mortar stores that prove that when we advertise the person at this moment, they change their decision and they make their brand more money. Turns out that's not the hardest conversation to have with marketers. Truly, truly, if you catch people at the right moment, you will change their mind.Damian Fowler (20:10):They'll happily go back to their CFO and say, look at this. This is workingJonathan Roberts (20:15):No controversially at can. During the festival of advertising that we have as a publisher, we may be the most confident to say, you know what? Advertising works.Damian Fowler (20:27):You recently brought in a dedicated president to leadJonathan Roberts (20:30):Decipher,Damian Fowler (20:30):Right? So how does that help you take what started out as this in-house innovation that you've been working on and turn it into something even bigger?Jonathan Roberts (20:39):Yeah, I think my background is physics. I was a theoretical physicist for a decade. Theoretical physicists have some good and bad traits. A good trait is a belief that everything can be solved. Because my previous job was wake up in the morning and figure out how the universe began and like, well, today I'll figure it out. And nobody else has, right? There's a level of, let's call it intellectual confidence or arrogance in that approach. How hard can it be? The answer is very, but it also means you're a little bit of a diante, right? You're coming like, oh, it's ad tech. How hard can it be? And the just vary, right? So there's a benefit. I mean, I've done a lot of work in ad tech over the last couple of years. Jim Lawson, our president of Decipher, ran a publicly listed DSP, right? He was a public company, CEO, he knows this stuff inside a and back to front, Lindsay Van Kirk on the Cipher team launched the ADN Nexus, DSP, Patrick McCarthy, who runs all of our open web and a lot of our trade desk partnerships and the execution of all of the ways we connect into the entire ecosystem.(21:38):Ran product for AppNexus. Sam Selgin on the data science team wrote that Nexus bitter. I've got a good idea where we're going with this and where we should go with this and the direction we should be pointed in. But we have seasoned multi-decade experience pros doing the work because if you don't, you can have a good idea and bad execution, then you didn't do anything. Unless you can execute to the highest level, it won't actually work. And so we've had to bring in, I'm very glad we have brought in and love having them on the team. These people who can really take the beginnings of what we have and really take this to the scale that needs to be. Decipher. Plus is a framework for understanding user intent at Webscale and getting performance for our clients and unlocking a premium at Webscale. That is a huge project to go after and pull off. We have so many case studies proving that it will work, but we have a long way to go between where we are and where this thing naturally gets to. And that takes a lot of people with a lot of professional skills to go to.Damian Fowler (22:43):What's one thing right now that you're obsessed with figuring outJonathan Roberts (22:46):To take a complete left turn, but it is the topic up and down the Cosette this summer. There isn't currently any viable model for information economy in an AI future. There's lots of ideas of what it would be, but there isn't a subtle marketplace for this. We've got a very big two-sided marketplace for information. It's called Google and search. That's obviously changing. We haven't got to a point to understand what that future is. But if AI is powered by chips, power and content, if you're a chip investor, you're in a good place. If you're investing energy, you're in a good place of the three picks and shovels investments, content is probably the most undervalued at the moment. Lots of people are starting to realize that and building under the hood what that could look like. How that evolves in the next year is going to really determine what kind of information gets created because markets align to their incentives. If you build the marketplace well, you're going to end up with great content, great journalism, great creativity. If you build it wrong, you're going to have a bunch of cheap slop getting flooded the marketplace. And we are not going to fund great journalism. So that's at a moment in time where that future is getting determined and we have a very strong set of opinions on the publishing side, what that should look like. And I am very keen to make sure it gets done. You soundDamian Fowler (24:17):Optimistic.Jonathan Roberts (24:19):A year ago, the VCs and the technologists believed if you just slammed enough information into an AI system, you'd never need content ever again. And that the brain itself was the moat. Then deep seek proved that the brain wasn't a moat. That reasoning is a commodity because we found out that China could do it cheaper and faster, and we were shocked, shocked that China could do it cheaper and faster. And then the open source community rebuilt deep to in 48 hours, which was the real killer. So if reasoning is a commodity, which it is now, then content is king, right? Because reasoning on its own is free, but if you're grounding it in quality content, your answer's better. But the market dynamics have not caught up to that reality. But that is the reality. So I am optimistic that content goes back to our premium position in this. Now we just have to do all the boring stuff of figuring out what a viable marketplace looks like, how people get paid, all of this, all the hard work, but there's now a future model to align to.Damian Fowler (25:23):I love that. Alright, I've got to ask you this question. It's the last one, but I was going to ask it. You spent time building maps, visualizing data, and I've looked at your site, it's brilliant. Is there anything from that side of your creativity that helped you think differently about building say something like decipher?Jonathan Roberts (25:42):Yeah. So I think it won't surprise anyone to find out that I'm a massive nerd, right? I used to play d and d, I still do. We have my old high school group still convenes on Sunday afternoons, and we play d and d over Discord. Fantasy maps have been an obsession of mine for a long time. I did the fantasy maps of Game of Thrones. I'm George r Martin's cartographer. I published the book Lands of Ice and Fire with him. Maps are infographics. A map is a way of taking a complex system that you cannot visualize and bringing it to a world in which you can reason about it. I spent a lot of my life taking complex systems that nobody can visualize and building models and frameworks that help people reason about 'em and make decisions in a shared way. At this moment, as you're walking up and down the cosette, there is no map for the future. Nobody has a map, nobody has a plan. Not Google, not Microsoft, not Amazon, not our friends at OpenAI. Nobody knows what's coming. And so even just getting, but lots of people have ideas and opinions and thoughts and directions. So taking all that input and rationalize again to like, okay, if we lay it out like this, what breaks? Being able to logically reason about those virtual scenario. It is exactly the same process, that mental model as Matt.Damian Fowler (27:12):And that's it for this edition of The Big Impression. This show is produced by Molten Hart. Our theme is by loving caliber, and our associate producer is Sydney Cairns. And remember,Jonathan Roberts (27:22):We do not as much tell the world what to think about. The world tells us what they care about. Data's lovely, but unless you do something with it, it's useless.Damian Fowler (27:31):I'm Damian, and we'll see you next time.

Investi con ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Scalable⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, 3,5% di interessi sulla liquidità (*) (#adv). Ha fatto scalpore che Vanguard abbia suggerito un'allocazione di base con solo 30% di azioni. Quel che c'è dietro sono però una serie di idee più raffinate e istruttive su come prendere decisioni finanziarie. E conoscere se stessi può realmente essere fonte di maggior rendimento futuro. Vanguard, Time-Varying Asset Allocation J. Cochrane, New Facts in Finance J. Cochrane, Portfolio Advice for a Multifactor World =============================================== Investi con ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fineco⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, 60 trade gratis nei primi sei mesi⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Prova gratis la newsletter di ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠DataTrek⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ per 15 giorni. Naviga in totale sicurezza con ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠NordVPN⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Migliaia di libri audioriassunti su ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠4Books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. I link sono sponsorizzati e l'Autore potrebbe percepire una commissione. (*) fino al 31/12/2025, offerta valida per i nuovi clienti. Si applicano termini e condizioni. =============================================== ATTENZIONE: I contenuti di questo canale hanno esclusivamente finalità di informare e intrattenere. Le informazioni fornite sul canale hanno valore indicativo e non sono complete circa le caratteristiche dei prodotti menzionati. Chiunque ne faccia uso per fini diversi da quelli puramente informativi cui sono destinati, se ne assume la piena responsabilità. Tutti i riferimenti a singoli strumenti finanziari non devono essere intesi come attività di consulenza in materia di investimenti, né come invito all'acquisto dei prodotti o servizi menzionati. Investire comporta il rischio di perdere il proprio capitale. Investi solo se sei consapevole dei rischi che stai correndo. Learn more about your ad choices. Visit megaphone.fm/adchoices

Don and Tom break down the overhyped expectations around recent market returns, referencing Jason Zweig's analysis of 230 years of stock market data. They emphasize that spending and saving habits matter more than chasing 15% returns, and explain why realistic planning using a 3–6% real return assumption over 30-year rolling periods is more prudent. They also tackle questions about RMD strategies from Vanguard IRAs and the TSP's F and G bond funds. The show ends with a tongue-in-cheek breakdown of NFL team valuations—yes, the Raiders rank surprisingly high. 0:04 Welcome, fatuousness defined, and realistic investing begins 0:52 Why you shouldn't expect 15% returns forever—even if you got them 1:52 What Jason Zweig's long-term data reveals about stock returns 2:51 Bogle warned us not to expect high returns—now what? 4:16 Spending and saving: more important than investing performance 5:08 Don's “prepaid gains” analogy for future expectations 7:00 Real market returns since 1793—spoiler: they're not 15% 8:58 Stocks might only beat inflation by 3%—and that's still a win 9:45 Start saving early: waiting until 50 is a losing game 10:18 How to plan with lower expected returns (realistic scenarios) 11:56 Use expected return to guide your savings rate (3% = save 20%) 13:45 “You weren't smart. You were lucky.” Now diversify. 15:31 Tom's wife dreads football season—Don celebrates Chiefs loss 18:42 Listener RMD question: Which ETFs get tapped at Vanguard? 19:29 Bonds are back: fixed income up ~6% this year 20:24 Rebalancing vs. just selling: how to handle RMDs smartly 21:04 Raiders rank #4 in NFL valuations… but why? 24:36 Top NFL team values: Cowboys rule, Cardinals drool 27:27 Arizona sports: low attendance, low valuations 28:59 TSP question: F fund vs. G fund—what to use, when 30:25 Don favors the G fund for simplicity and ballast 31:45 Tom and Don disagree—F fund might return more, but… 32:26 Don's vegetable-spiked coffee and Justin's final TSP allocation 34:13 Listener Barbara has multiple annuities—Don and Tom say, “Yikes” 35:47 Why you probably talked to a salesperson, not a fiduciary 37:04 The free Appella consultation is steak-free and no-pressure Learn more about your ad choices. Visit megaphone.fm/adchoices

Dal prossimo 15 settembre, con il pagamento del corrispettivo dell’opas, Mediobanca diventerà controllata del Monte dei Paschi. Durante il periodo di adesione sono state consegnate 506,6 milioni di azioni, pari al 62,29% del capitale, e tra il 16 e il 22 settembre Siena potrebbe superare la soglia del 66,7% necessaria per il delisting e la fusione. Questo permetterebbe di accelerare le sinergie promesse da 700 milioni e sfruttare 2,9 miliardi di crediti fiscali in sei anni. Delfin e Caltagirone hanno aderito con il loro 30%, mentre il ritocco cash di 0,9 euro ha convinto casse di previdenza, Benetton, Amundi, Anima, Tages, Unicredit e grandi fondi come Vanguard, Fidelity e Blackrock. Anche alcune famiglie pattiste, come Tortora e Doris, hanno deciso di partecipare. Ora il consiglio del 18 settembre prenderà atto del cambio di controllo, e l’uscita di Nagel e del cda è attesa per l’assemblea del 28 ottobre. Si lavora a una lista di maggioranza Mps, con i nomi di Palermo e Morelli per la carica di ceo e di Grilli e De Vecchi per la presidenza. La nuova stagione segna la fine dell’autonomia storica di Mediobanca e apre scenari anche su Generali, dove Mps erediterà il 13,1% del Leone da Piazzetta Cuccia, in sinergia con Delfin e Caltagirone. Per Donnet e il cda di Generali si prospettano mesi difficili, con lo stop al progetto di fusione con Natixis. Intanto De Agostini ha completato la cessione delle sue quote, segno dei tempi nuovi. Ne parliamo con Luca Davi, Il Sole 24Ore.Le prospettive del Pnrr a un anno dalla scadenzaA un anno dalla scadenza del Pnrr, le difficoltà nell’attuazione emergono in tutta l’Unione europea, ma l’Italia resta tra i paesi più avanti. La Francia guida con l’82% delle scadenze già completate, seguita da Danimarca (57%), Germania (54%) ed Estonia (49%), mentre Italia e Lussemburgo si attestano al 43%. Considerando i traguardi del secondo semestre 2024, l’Italia salirebbe al 54%. Finora Roma ha ricevuto 122 miliardi su 194,4 complessivi, pari al 62,7%, e la Commissione ha dato il via libera alla settima rata da 18,3 miliardi, mentre è stata presentata la richiesta per l’ottava da 12,8 miliardi. L’Italia è quindi tra i paesi con la quota più alta di risorse già incassate, anche se il ministro con delega al Pnrr Tommaso Foti, ha annunciato per l’autunno una nuova revisione del piano. Interviene Carlo Altomonte, Associate Dean e Direttore PNRR Lab, SDA Bocconi, e membro CD Fondazione M&M.Rapporto Coop, 'italiani al risparmio, è l'era del deconsumismo'Secondo il Rapporto Coop 2025, il risparmio è il driver primario per il 42% degli italiani, segno che la società dei consumi lascia spazio al deconsumismo. La spesa delle famiglie cresce solo dello 0,5% rispetto a cinque anni fa, ma oltre la metà è assorbita da spese obbligate come abitazione, utenze, trasporti e cibo. I consumatori acquistano solo l’indispensabile, si orientano sul second hand, preferiscono riparare anziché sostituire e, quando spendono in tecnologia, cercano utilità più che gratificazione. Crescono le vendite di piccoli e grandi elettrodomestici, mentre calano gli acquisti di smartphone. Nei primi sei mesi del 2025 si registra una ripresa nei carrelli della spesa, con vendite in crescita del 3,8% a valore e del 2% a volume, trainate da frutta e verdura. Al contrario cala la spesa nella ristorazione fuori casa (-2,2%), con un terzo degli italiani che intende ridurla ulteriormente. La ricerca di convenienza resta alta: i discount crescono dell’1,8%, meno dei supermercati che segnano +2,7% grazie a promozioni e prodotti a marchio del distributore, oggi percepiti come equilibrio tra qualità e risparmio. Il commento è di Albino Russo, direttore generale Ancc-Coop (Associazione Nazionale Cooperative Consumatori), e curatore del Rapporto.Infermieri, fuga dalla laurea, ci sono più posti che candidatiGli infermieri restano l’emergenza numero uno della sanità italiana, con una carenza stimata di almeno 70mila unità. Per la prima volta però, al test di ammissione alla laurea triennale ci sono stati meno candidati rispetto ai posti disponibili: 19.298 domande contro 20.699 posti, con immatricolazioni effettive destinate a essere inferiori. Nei 41 atenei pubblici le domande sono scese da 19.421 a 17.215 su 18.918 posti, segnando un calo dell’11% in un anno, con punte oltre il 30% a Roma. Una parziale compensazione potrebbe arrivare dai corsi di Medicina: dopo la riforma del test di ingresso gli iscritti sono scesi a 54mila, ma il 20% ha indicato Infermieristica come alternativa nel caso di esclusione. Potrebbe quindi esserci un recupero, ma intanto la carenza di infermieri mette a rischio ospedali e avvio della sanità territoriale con le Case di comunità. Facciamo il punto con Marzio Bartoloni, Il Sole 24 Ore.

Is retirement really the most financially complex time of your life? That's what Fiona Greig, Vanguard's Global Head of Investor Research thinks. Mike Canet and Ryan Herbert dive into this question and unpack why the transition from saving to spending is more than just a financial shift—it’s an emotional and strategic overhaul. They explore how identity, income, taxes, estate planning, and long-term care all collide in retirement, and why working with a “phase two fiduciary” is critical to avoid costly missteps. Hear how one investor’s $14 million Bitcoin decision turned into a tax nightmare, and why timing and planning matter. Want to begin building your retirement and tax plan? Schedule a 15-minute call with us here:

Vanguard is looking 5 to 10 years into the future and seeing bad things for the stock market. Should you pull way back on risk? Like this episode? Hit that Follow button and never miss an episode!

Paul Jay joins Patrick Lovell to trace how Wall Street profiteering—from slavery and the Civil War to J.P. Morgan in World War I and today's BlackRock and Vanguard—created the militarized economy driving nuclear risk.

The diva that she is, Mariah Carey has received the Vanguard award at this year’s VMA Awards and some are left puzzled after her static performance. Plus, remember that awkward CEO/astronomer affair, well the wife’s now filed for divorce! (00:00) What happened at the VMAs? (02:30) Mariah Carey is an ICON (04:35) Pam & Liam are BACK ON (07:05) An update on that CEO Coldplay affair... See omnystudio.com/listener for privacy information.

A warning to pull back on risk in the market. Too many fees and too little performance. Does that describe your 401(k)? A new retirement risk to look out for. Like this episode? Hit that Follow button and never miss an episode!

In this Friday Q&A edition, Don fields listener questions on rolling over a large 401(k) after a layoff, whether IRA money should ever be used to buy real estate, Vanguard's new active ETF offerings, choosing between Vanguard and Schwab 2035 target-date funds, and whether to treat a foreign apartment purchase as part of an investment portfolio. Along the way, he highlights diversification benefits, cautions against high-cost self-directed IRAs, and emphasizes that homes are assets but not investments. 0:04 Friday intro, royal “we,” and reminder on how to submit questions 1:42 Scott from Louisiana: rolling over a $1M retirement account after layoff 4:07 Scott's follow-up: using IRA funds to buy real estate 5:42 Caller asks about Vanguard's new active ETFs and why indexes still win 8:02 Sylvia from Connecticut: comparing Vanguard vs Schwab 2035 target-date funds 11:12 Caller from Colombia: whether to factor a paid-off foreign apartment into portfolio allocation Learn more about your ad choices. Visit megaphone.fm/adchoices

Vanguardistas have more fun—so if you don't already subscribe to the podcast, join the Vanguard today via Apple Podcasts or extratakes.com for non-fruit-related devices. In return you'll get a whole extra Take 2 alongside Take 1 every week, with bonus reviews, more viewing recommendations from the Good Doctors and whole bonus episodes just for you. And if you're already a Vanguardista, we salute you.  Grab the popcorn, because we've got a load more sweet and salty reviews for you this week on the Take. We'll let you find out which are which. First up, ‘Honey, Don't', the neo-noir crime comedy from Ethan Coen that follows ‘Drive-Away Dolls' as the next in a soon to be trilogy. Plus, two new indie flicks: Cork-set drama Christy, following two brothers forging a new life outside the care system, and the odd-couple holiday drama ‘Signs of Life'. There's ‘The Conjuring: Last Rites' too... but is it really really the last one this time?   Our guest this week is the ever-excellent Sam Riley—a stalwart on British screens since his breakout role as Ian Curtis in the Joy Division singer's biopic ‘Control'. This time he's starring in ‘Islands', a mysterious sun-soaked thriller out next week. He plays tennis coach Tom—who seems to have the perfect life hitting rallies all day and chasing holiday flings all night—but things get complicated when he gets wrapped up in a dodgy family drama. Sam sits down with Simon to unpack his role in the movie, plus they talk middle-aged angst, holidays in the German Skegness, and that time he almost got arrested in Aberdeen... Keep an ear out for Mark's review of the film next week too.   There's top correspondence from you Wittertainees as always too, as we dive ever deeper into the cinema seating debate and beyond. Don't miss another top Take!      Timecodes (for Vanguardistas listening ad-free):  Honey, Don't: 08:15  Box Office Top Ten: 14:00  Sam Riley Interview: 26:15  The Conjuring: Last Rites: 38:49  Signs of Life Review: 52:33  Christy Review: 58:13        You can contact the show by emailing correspondence@kermodeandmayo.com or you can find us on social media, @KermodeandMayo  Please take our survey and help shape the future of our show: https://www.kermodeandmayo.com/survey   EXCLUSIVE NordVPN Deal ➼ https://nordvpn.com/take Try it risk-free now with a 30-day money-back guarantee!  A Sony Music Entertainment production.      Find more great podcasts from Sony Music Entertainment at sonymusic.com/podcasts and follow us @sonypodcasts    To advertise on this show contact: podcastadsales@sonymusic.com  Learn more about your ad choices. Visit podcastchoices.com/adchoices

TT: The Companies That Own it All: Part 2 In this show, the teenagers (Deven and Ethan) talk about how most of the news networks, defense manufacturers, and more are owned by BlackRock, Vanguard, and State Street. As well as how BlackRock, Vanguard, and State Street own large shares in Bayer, as well as most of the other large companies that are well known and very powerful. How much power do these 3 companies (BlackRock, Vanguard, and State Street) have? This is part 2 in the series of The Companies that own it all. Sponsors: American Gold Exchange Our dealer for precious metals & the exclusive dealer of Real Power Family silver rounds (which we finally got in!!!). Get your first, or next bullion order from American Gold Exchange like we do. Tell them the Real Power Family sent you! Click on this link to get a FREE Starters Guide. Abolish Property Taxes in Ohio: https://reformpropertytax.com/ Our Links: www.RealPowerFamily.com Info@ClearSkyTrainer.com 833-Be-Do-Have (833-233-6428)

Listen Now: Listen and subscribe to Morningstar's The Long View from your mobile device: Apple Podcasts | SpotifyOur guest on the podcast today is Joe Davis, global chief economist at Vanguard and global head of the firm's Investment Strategy Group. He chairs the firm's Strategic Asset Allocation Committee, which governs multi-asset class investment solutions. And he is a member of the senior portfolio management team of Vanguard's Fixed Income Group. Joe is the author of a new book called Coming Into View: How AI and Other Megatrends Will Shape Your Investments. Joe earned his B.A. from St. Joseph's University and his master's and Ph.D. in economics at Duke University.BackgroundBioComing Into View: How AI and Other Megatrends Will Shape Your InvestmentsTariffs and Treasury Bonds“Tariffs and Market Volatility: Perspectives for Investors,” by Joe Davis, vanguard.com, April 7, 2025.“Vanguard Warns of 9% Treasury Bond Yields if Deficits Keep Ballooning,” by Sam Bourgi, investorsobserver.com, June 17, 2025.“US Equity Outperformance,” video commentary by Joe Davis, vanguard.com, Feb. 4, 2025.Artificial Intelligence and Megatrends“America Needs an AI Boom to Grow Out of Our Debt Problem. There Is No Guarantee,” by Joe Davis, barrons.com, May 23, 2025.“AI's Impact on Productivity and the Workforce,” by Joe Davis, vanguard.com, March 4, 2025.“Active Investing? Don't Overlook Value in the Age of AI,” by Joe Davis, vanguard.com, Feb. 20, 2025.“Megatrends and the US Economy, 1890-2040,” by Joe Davis, Lukas Brandl-Cheng, and Kevin Khang, papers.ssrn.com, June 10, 2024.Other“Joe Davis: ‘We Will See China-Like Growth for a Time in the United States,'” The Long View podcast, Morningstar.com, April 14, 2021.

Aileen Gonsalves is an actor/director with the Royal Shakespeare Company in London. She speaks with Vanguard about how this led her to a business consultancy.

Dr. Beth Lorance joins Dr. Sandie Morgan as they discover how a high school coach gave one of his players expensive gifts, things her mother had refused to buy, with the mom posting online asking what to do, not realizing she was witnessing grooming behavior that creates the same vulnerabilities traffickers exploit in trusted spaces throughout our communities. Dr. Beth Lorance Dr. Beth Lorance is an adjunct professor at Vanguard University, where she teaches Family Violence and has also taught Introduction to Psychology and Psychology of the Family. She earned her PsyD in Clinical Psychology and previously served as the director of Vanguard's counseling center. In addition to her academic background, Beth is a licensed minister with the Assemblies of God, which allows her to bring both psychological expertise and theological insight into conversations about abuse, trauma, and healing. Her passion is deeply personal, rooted in her own family history of child sexual abuse, and she is committed to equipping others to use their voices to prevent abuse, protect the vulnerable, and walk alongside survivors. Beth also works to bring awareness into the church, encouraging faith communities to reflect Jesus' response to victims and to take seriously the call to protect those who are most vulnerable. Key Points Family violence creates deep vulnerabilities by teaching children harmful lessons that love is transactional, they're not enough, and there's something wrong with them that they can't overcome - wounds that become embedded in their brain chemistry when trauma happens at a young age. Traffickers don't create vulnerabilities but rather exploit existing wounds from family abuse, stepping into unmet needs and exploiting lessons already learned about intimacy being tied to exploitation. Statistics reveal that 90% of abusers are known to their victims with only 10% being strangers, and 31% of traffickers are actually family members of the victim, making "stranger danger" education insufficient. Grooming is a process of control and manipulation that builds trust, chips away boundaries, and creates dependency so victims willingly comply when lines are crossed into inappropriate behavior because they've been normalized to the perpetrator's actions. Training is essential for leaders, staff, pastors, volunteers, and teachers to recognize grooming signs like expensive gift-giving, requests for secrecy, and isolating language such as "your parents don't understand you, but I do." Clear boundaries and policies are crucial, including no one-on-one supervision between adults and children, with swift consequences when policies aren't followed to prevent grooming opportunities. Children need to be empowered to say no even to trusted adults, with parents and leaders respecting their boundaries and teaching them about "tricky people" rather than just strangers. Trauma-informed communities must stop asking "what's wrong with you?" and instead listen without judgment, sitting with broken people without requiring them to change or behave in prescribed ways to receive care. Parents should be vigilant about adults in their children's lives, knowing what interactions look like and requiring that any adult who wants to be friends with their child must be friends with the parent first. Breaking the cycle requires communities that believe victims, provide someone to stand up for those who can't yet stand up for themselves, and create new family structures when biological families fail to protect. Resources 204 – Is Your Organization Trauma Informed and Why Should It Be? 124 – Prevention: Trauma Informed and Transformational Schools Transcript [00:00:00] Sandie Morgan: Welcome to the Ending Human Trafficking Podcast here at Vanguard University's Global Center for Women and Justice in Orange County, California. I'm Dr. Sandy Morgan, and this is the show where we empower you to study the issues, be a voice,

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In this episode we answer emails from a Mysterious Visitor, Pal and Byron.  We review our approach to international stock funds and how to improve their diversification, try to help out a Canadian nomad and discuss some new Vanguard funds.And THEN we our go through our weekly and monthly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Additional Links:US vs International Stocks In Strong And Weak Dollar Markets (link from Episode 393:  us-dollar-strength-has-correlated-with-performance-03312023.pdfTestfolio Analysis of VXUS vs. AVDV and IDMO:  testfol.io/analysis?s=eDLfJ4jcFLKConstructing a Golden Ratio Portfolio with International Components:  We Built a 5% SWR Retirement Portfolio Using Fidelity in 48 Minutes (Golden Ratio Portfolio)Byron's Link:  Vanguard Launches a New Actively Managed Bond ETF | VanguardNew Wellington ETFs:  Vanguard to Launch First Stock-Picking ETFs With Wellington — at Its Highest Fees YetBreathless Unedited AI-Bot Summary:Conventional wisdom about international diversification gets turned on its head as we explore what truly drives the performance difference between domestic and international stocks. Far from being about different economies or company headquarters, approximately 40-50% of this performance gap stems directly from currency fluctuations between the US dollar and foreign currencies. When the dollar weakens, international stocks surge; when it strengthens, US stocks lead.For investors focused on building resilient portfolios with sustainable withdrawal rates, this revelation reshapes diversification priorities. Value versus growth diversification emerges as significantly more important than geographic diversification, followed by size factor (small versus large caps). This hierarchy challenges the simplistic notion that pairing a total US market fund with a total international fund provides meaningful protection.Large US companies already operate globally, selling into worldwide markets regardless of headquarters location. This makes traditional total international funds less diversified from US large caps than many investors realize. Instead of blanket international exposure, we explore more effective approaches using specific international value, small-cap, and emerging market funds that provide genuine diversification benefits.The episode also tackles practical implementation questions, including how expatriates and nomadic investors might construct globally resilient portfolios using Irish-domiciled ETFs for potential tax advantages. We briefly examine Vanguard's new ETF offerings and explain why their corporate bond funds hold limited appeal for investors seeking recession insurance rather than income.Our monthly portfolio review highlights gold's stellar performance (up 31.56% year-to-date) amid dollar weakness, demonstrating the principles discussed throughout the episode. These eight real-world portfolios showcase different approaches to implementing risk parity principles, with performance and distribution data available at riskparityreview.com.Support the show

¿Es preferible la gestión pasiva a la activa? En este vídeo, exponemos las tres razones por las que el fundador de Vanguard se decantaba claramente por la pasiva. Hosted on Acast. See acast.com/privacy for more information.

Rates & Fed Policy: Markets are overly optimistic on rate cuts; inflation remains sticky, keeping the Fed cautious (DeepMacro).Equity Positioning: Systematic funds are heavily tilted toward equities, with allocations at or near record highs (MenthorQ).China Equities: Narrowing gap between H-shares and A-shares signals opportunity; liquidity and household cash provide strong support (HSBC).Market Breadth: Short-term indicators are overbought, but long-term breadth remains healthy (Dantes Outlook).Fixed Income: Attractive yields unlikely to return to pre-pandemic lows; belly of the curve (5–6 year maturities) offers a balance of income and rate risk (Vanguard).Municipals & Credit: Municipal bonds and investment-grade credit stand out as high-quality, inexpensive options.Equities: Active managers struggle against the Magnificent Seven; indexing provides a strong foundation, while Industrials, Financials, and Healthcare offer selective momentum opportunities (Morningstar, Dantes Outlook).Takeaway: Stay disciplined, revisit bond allocations, and avoid overstretching for yield or risk.

See my $280,000+ Stock Portfolio: https://www.patreon.com/citizenoftheyear/posts Join the discord: https://discord.gg/AasPBy3KkyCheck out these AMAZING Deals: https://amzn.to/3NGmBPTToday we talk about VTI Vanguard Total Stock Market Index Fund ETF. By owning a share of this ETF, one instantly becomes an owner in over 3,500 fantastic companies. See why this may soon become an anchor position in my portfolio. Check out my favorite research tool Seeking Alpha! Premium: https://link.seekingalpha.com/3B2L85W/4G6SHH/Alpha Picks: https://www.sahg6dtr.com/3B2L85W/J8P3N/Disclaimer:This is not financial advice and I am not a licensed financial advisor. Always do your own research before investing and work with a licensed financial advisor. These are my opinions for informational purposes only and not to be taken as investing advice. Some of the links on this page are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. As an Amazon Associate, I earn from qualifying purchases. Affiliate commissions help fund videos like this one

On episode 206 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Jan Van Eck to discuss: Nvidia earnings, AI replacing jobs, future energy demands, why the national debt matters, the case for gold, private equity returns, and much more! This episode is sponsored by Public and Vanguard. Fund your account in five minutes or less by visiting: http://public.com/compound Learn more about Vanguard by visiting: https://www.vanguard.com/audio Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠ Public Disclosure: All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. Alpha is an experimental AI tool powered by GPT-4. Its output may be inaccurate and is not investment advice. Public makes no guarantees about its accuracy or reliability—verify independently before use. *Rate as of 6/24/25. APY is variable and subject to change. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Don fields listener questions from Asheville in this Friday Q&A edition. Topics include calculating investment returns with XIRR versus simple time-weighted methods, rebalancing U.S. vs. international allocations in a Vanguard portfolio, whether children can have multiple custodial accounts (and why 529s may be better), AVGE versus VT and why factor tilts matter long-term, and a skeptical look at Frank Vasquez's Risk Parity Radio strategy that leans on commodities and “golden ratio” portfolio construction. 1:03 How to calculate investment returns (XIRR vs. time-weighted) 4:19 Portfolio allocation: VTI + VT + BND vs. simpler mix 7:10 Custodial UTMA accounts vs. 529s 9:24 AVGE vs. VT: expense ratios, factor tilts, long-term logic 15:06 Frank Vasquez and Risk Parity Radio critique Learn more about your ad choices. Visit megaphone.fm/adchoices

Story of the Week (DR):The Cracker Barrel BSCracker Barrel scraps new logo design, keeps 'Old Timer' after listening to customersRestaurant chain's stock price sank following removal of 'Uncle Herschel' from brandingUncle Herschel wasn't just a marketing creation, he was a real person. Born Herschel McCartney, he was the younger brother of Cracker Barrel founder Dan Evins' mother and served as an early goodwill ambassador for the brand. A salesman for Martha White Flour Company for over three decades, Herschel traveled through rural America, building relationships in small-town general stores — the very kinds of places that inspired Cracker Barrel's original design and ethos.When Cracker Barrel introduced its iconic logo in 1969, the old-timer sitting beside the barrel was long thought by fans to be based on Herschel himself, though the company later clarified that this wasn't the case.In 2004, the Justice Department (during the George W. Bush administration) sued the chain for discriminating against Black customers. In 2006, they settled a lawsuit involving three of their Illinois restaurants for “discriminatory practices, racially charged language, and inappropriate touching.”Cracker Barrel's inconvenient fact: all the customers who loved its old logo had stopped going to the restaurantFounder Dan EvinsHis tone was considerably harsher when it came to defending a January 1991 directive to all the company's restaurants to fire employees “whose sexual preferences fail to demonstrate normal heterosexual values.” Mr. Evins's explanation for the edict was that gay people made customers in rural areas uncomfortable. As many as 16 openly or suspected gay employees were promptly fired.“They actually put a policy like this in writing, which was, and still is, shocking,” David Smith, a spokesman for the Human Rights Campaign.The New York City Employees Retirement System, which owned more than $6 million of Cracker Barrel shares, led other stock owners in using their votes and other legal means to organize resistance. In March 1991, Mr. Evins apologized and said the policy had been rescinded. But New York and its allies fought until 58 percent of the shareholders in 2002 persuaded Cracker Barrel's board to vote unanimously to explicitly forbid antigay discrimination in its equal employment policy.In July 2001, shareholders replaced Evins as CEO with Michael A. Woodhouse, who at the time was serving as the company's chief operating officer. Evins maintained his position as chairman of the board.Prior to founding the company, Dan worked for Consolidated Oil, a company founded by his grandfather.Cracker Barrel took down Pride page after rebrand fiascoCompany faced criticism over modernist redesign and support for LGBT causes before stock reboundThe website link for Cracker Barrel's Pride page, which used to boast that the company was "bringing the porch to Pride," now redirects to its "Culture and Belonging" page.Cracker Barrel previously sponsored the Nashville Pride Parade in 2024 and unveiled a line of rainbow-colored rocking chairs for Pride month. The company also has an LGBTQ employee resource group called the "LGBTQ+ Alliance," along with groups for veterans and other communities.Despite claims it's 'too woke,' Cracker Barrel actually has a fraught LGBTQ+ historyCracker Barrel received a score of zero on the inaugural index in 2002. The chain was criticized in the 1990s for discrimination against gay employees. In 1991, the company adopted a corporate policy stating that any worker who failed to demonstrate "normal heterosexual values" would be fired. Eleven employees were terminated under the rule, leading to boycotts and protests nationwide. Over time, Cracker Barrel's HRC score improved, reaching 80 in 2021 after the company took several public pro-LGBTQ stances.58 percent of the shareholders in 2002 persuaded Cracker Barrel's board to vote unanimously to explicitly forbid antigay discrimination in its equal employment policy.Proud Representation: Business Resource Groups: These voluntary, employee-led organizations are open to all employees and provide opportunities to network, develop leadership skills, and serve as cross-functional resources for our teams.AMPT (Advancing Modern Professionals for Tomorrow) aims to connect and empower modern professionals by promoting a community of inclusive, ambitious, and diverse members that unify through the Cracker Barrel to equip our community and leaders for the future. This BRG provides networking, development, and community outreach opportunities that supplement the professional and personal lives of its members.The mission of Be Bold is to cultivate and develop Black Leaders within the Cracker Barrel organization utilizing allyship, mentorship, and education to create a path to continued excellence as well as a vibrant and diverse community.B-Well: Cracker Barrel's Wellness BRG partners with the Benefits Department to improve the employee experience by sponsoring health and wellness activities that nurture employees' physical, emotional, financial, and intellectual well-being. Balance in these areas reduces distractions and allows employees to improve their focus and productivity.HOLA's mission is to promote Hispanic and Latino culture through hiring, developing, and retaining talent within Cracker Barrel. To create a culture of inclusivity and awareness through community outreach.LGBTQ+ Alliance: Supporting Home Office and Field employees to bring their whole selves to work while strengthening Cracker Barrel's relationship to the LGBTQ+ community.NeuroVerse Collective is focused on advocacy and education around Neurodiversity.Our Veteran's BRG, SERVE, is dedicated to advocating for leadership and development opportunities for its members. We foster an environment of networking and volunteerism while focusing on recruitment, retention, and advancement of Veterans at this company.Women's Connect: Our mission & goal is to inspire the women of Cracker Barrel by empowering, educating and engaging to achieve the strategic initiatives of Cracker Barrel.The anti-DEI purge continues: MMFed emphasizes its commitment to 'independence' as Lisa Cook pledges to sue over Trump's 'illegal' firingWhite House fires CDC director [Susan Monarez] who says RFK Jr. is ‘weaponizing public health'White House names RFK Jr deputy Jim O'Neill as replacement CDC directorUnlike Monarez, O'Neill, a former investment executive, does not have a medical or scientific background. He served as a speechwriter for the health department during the George W Bush administration, and went on to work for the tech investor and conservative mega-donor Peter Thiel.Trump Fires Member of Board That Approves Railroad MergersRobert E. Primus received an email from the White House terminating his position, but he said he would continue his duties.The Oligarchy Rules!: Trump makes the government Intel's largest investorIntel has entered into an agreement with the U.S. government, specifically the Department of Commerce, for an $8.9 billion investment in the company. This investment is in the form of the government purchasing Intel common stock.The U.S. government will gain a nearly 10% stake in Intel.This funding is part of the CHIPS and Science Act and the Secure Enclave program, aimed at boosting the domestic semiconductor industry.The government's ownership will be passive, with no board representation or governance rights.Each Warrant represents the right to purchase one share of common stock at an exercise price of $20.00 per share.On August 18, 2025, Intel Corporation entered into a Securities Purchase Agreement with SoftBank Group Corp. pursuant to which SoftBank agreed to purchase 86,956,522 shares of the Company's common stock for an aggregate purchase price in cash of $2.0 billion, representing a price per share of $23.00 per share.Goodliest of the Week (MM/DR):DR: Korea passes boardroom reform, curbing chaebol power MM DRMM: Red Lobster Is Betting on Black Diners With Its Brand ComebackMM: Bluesky now platform of choice for science communityAssholiest of the Week (MM):Shareholder democracyFrom Mike Levin, host of Shareholder Primacy and writer of the Activist Investor newsletter: Followers here should recall ten current and former TSLA directors agreed to repay about $735 million in comp they received from 2017-2020 as part of a settlement of a derivative lawsuit, Detroit v. Tesla.February 25, 2025 - TSLA receives $735 million in cash and returned options from ten director defendants, five of which currently serve on the TSLA BoD, without specifying how much each defendant paidMarch 31 - We filed our opening brief, acknowledging that receipt of the damages and noting the five director defendants currently on the TSLA BoD had not filed SEC Form 4 showing a change in options holdings to reflect returned optionsApril 29 or 30 - TSLA BoD authorizes cancellation of options to reflect the settlementMay 1 - The five defendants currently on the TSLA BoD file Form 4 showing return of options as part of the settlement.It is impossible for Tesla to have received Settlement Options from Current Director Defendants by February 25, 2025 and for Current Director Defendants to have conveyed them to Tesla on May 1, 2025. Either Tesla misrepresented receipt of the Settlement Amount in a sworn affidavit or Current Director Defendants failed to timely file Form 4 with the SEC.From Kevin Barnes of K-Bar Holdings LLC, shareholder proponent at Eagle Materials:Files shareholder proposal to de-classify the board by amending the charter via Special Meeting in the June 23, 2025 proxy statementAt the AGM held August 4, 2025, Barnes wins the advisory vote… by a LOT - 92% in favor (92%!!!) - made more impressive given that 37.3% of shares are held by Fidelity, Vanguard, BlackRock, and JPM, not exactly communistsKevin emailed me Tuesday to say Eagle “has yet to notice a Special Meeting to formalize [the amendments]”On August 16th, 19 days after Samsara (where Marc Andreessen and Sue Wagner spend their time) held its AGM, the company added Gary Steele (whose company Shield AI is private and funded in large part by Andreessen Horowitz) to the boardQorvo, after John Cheveddan's shareholder proposal asking for the right of investors to call special meetings failed with 44% in favor and approved pay with just 59% in favor, ONE DAY after the annual meeting the board “approved” giant golden parachutes for the executivesMeritocracyRobert Primus: Trump Fires Member of Board That Approves Railroad Mergers“Robert Primus did not align with the president's America First agenda, and was terminated from his position by the White House.” He added, “The administration intends to nominate new, more qualified members to the Surface Transportation Board in short order.”Primus is a black man who went to Harvard and Hamton and has more than 20 year experience in politics - he was given the position originally by TrumpLisa Cook: Trump says he's removing Fed governor Lisa Cook, citing his administration's allegations of mortgage fraudLetitia Jones: Justice Dept. Abruptly Escalates Pressure Campaign on a Trump AdversaryMuriel Bowser, Karen Bass: Cities led by Black women are the first targets of Trump's political power grabKnow your surrendering boards DRCracker Barrel CEO Under Pressure To Resign After Logo U-TurnCarl Berquist (2019), Chair, ex Arthur AndersenJody Bilney (2022), ex HumanaSteve Bramlage (2025), Casey's GeneralGilbert Davila (2020), diversity marketing CEO (PoC!)John Garratt (2023), ex Dollar GeneralMichael Goodwin (2024), tech at PetSmart (PoC!)Cheryl Henry (2024), ex Ruth'sJulie Felss Masino, CEOGisel Ruiz (2020), ex Sam's Club (PoC!)Daryl Wade (2021), ex Union Square Hospitality (PoC!)Cracker Barrel board member under fire for DEI backgroundTrump makes the government Intel's largest investorFrank Yeary (2009), Chair, PE/VC tech guyJim Goetz (2019), SequoiaAndrea Goldsmith (2021), dean at PrincetonAlyssa Henry (2020), ex CEO of BlockEric Meurice (2024), ex ASML HoldingsBarbara Novick (2022), ex Blackrock founderSteve Sanghi (2024), Microchip TechnologyGreg Smith (2017), ex BoeingStacy Smith (2024), ex KioxiaDion Weisler (2020), ex HPHeadliniest of the WeekDR: Pork Industry Leader David Newman Selected as National Pork Board's Next CEOMM: Jeff Bezos Said He Would Have 'Felt Icky' Had He Taken Any More Shares Of Amazon: 'I Just Didn't Feel Good...'MM: Sam Altman says colleagues are glad he's a dad now, because they think raising a child will help him make ‘better decisions for humanity'Who Won the Week?DR: Hopeful Susan Collins slayer and oyster farmer Graham Platner: “I did four infantry tours in the Marine Corps and the army. I'm not afraid to name an enemy, and the enemy is the oligarchy. It's the billionaires who pay for it, the politicians who sell us out.”MM: Journalists who listen to Business Pants: Cracker Barrel's inconvenient fact: all the customers who loved its old logo had stopped going to the restaurant - where Dee Ann Durbin of the AP literally took my rant about foot traffic and stock movements part for partPredictionsDR: The following lines will be deleted from Cracker Barrel's next proxy statement:[The Public Responsibility Committee ] “Reviews the Company's progress in its diversity and inclusion initiatives and compliance with the Company's responsibilities as an equal opportunity employer”“ In addition, our nominees — including five (5) women and three (3) individuals who are racially or ethnically diverse — embody the diversity that we believe is critical to the effective functioning of any public company board today, particularly in a consumer-facing industry such as ours.”“Board Diversity Matrix”Or at least the following term from that matrix: “Non-Binary”“Gilbert R. Dávila, age 61, first became one of our directors in July 2020. Since 2010, Mr. Dávila has served as the President and Chief Executive Officer of DMI Consulting — a leading multicultural marketing, diversity & inclusion, and strategy firm in the United States.”Cracker Barrel board member under fire for DEI background after restaurant ditches traditional logo MM: Ramon Laguarta, the CEO of Pepsi, quietly scraps a plan for their brand Quaker Oats to remove the picture of the old white quaker guy from the cartons of oats and instead asks the marketing team to make the quaker guy even older and whiter and possible they should consider adding a shotgun in his hands with “boobs rule” written on the side of it

España está siendo quemada y hundida en la miseria y no lo digo como un eufemismo si no con el profundo dolor de ver que es real. Hemos vivido una terrible inundación en Valencia a la que denominaron como Dana el 29 de octubre de 2024, seis meses exactos pasaron y tuvimos un apagón en toda España el 28 de abril de 2025 y posiblemente tengamos otro evento terrible para el 27 de octubre de este año, un evento que tenga que ver con el aire, exactamente otros seis meses después del ultimo. Nos hundimos como pais con una deuda extraoficial del 170% del PIB. Roberto Centeno, junto con otros economistas independientes como Juan Carlos Barba, Juan Laborda y Juan Carlos Bermejo, ha argumentado en diversos análisis que la deuda pública real de España supera ampliamente el 170% del PIB, una cifra que contrasta drásticamente con las estimaciones oficiales que sitúan la ratio en torno al 101-103% en 2025. Llegando ellos a estimar un PIB real un 18-20% inferior al oficial debido a manipulación contable desde 2008. Producto interior bruto que esta dopado gracias a la introducción de mas de medio millón de inmigrantes entre legales e ilegales al año, cifra que se va incrementando exponencialmente y que muy pronto creara graves problemas de convivencia. Nuestro pais sigue colocando deuda al por mayor dado que aunque recientemente las principales agencias de calificación crediticia la han bajado de la nota A+ a simplemente A, este tipo de deuda sigue siendo reclamada en los mercados y se sigue comprando. Nuestro pais se mantiene gracias a las subvenciones encubiertas de la UE y a la emisión de deuda, deuda que jamas podremos pagar. ¿Cuánto necesita el Estado para mantenerse en pie? Para 2025, considerando el crecimiento sostenido, el gasto total anual en pensiones (incluyendo las de Clases Pasivas) podría rondar los 214.000 millones de euros que sumado a los 55.000-65.000 millones de euros que gastamos en los sueldos de los funcionarios y el gasto en otros apartados, excluyendo sanidad e infraestructuras, de unos 130.000-180.000 millones de euros hace un total de unos 460.000 millones de euros al año. Hay que sumar a esta cantidad los mas de 32.000 millones de euros del pago de los intereses de la deuda, no de la deuda propiamente dicha. Nuestra deuda oficial con ese PIB inflado es de aproximadamente 1.646.000 millones de euros en febrero de 2025, o sea casi 1,7 billones, con un crecimiento interanual del 2,6%. La proyección del Ministerio de Economía para finales de 2025 sitúa la deuda en un 101,4% del PIB, con una emisión neta de 60.000 millones de euros y una emisión bruta de 278.000 millones, o sea, vamos a pedir casi otros 300.000 millones de euros lo que implica que el stock total de deuda podría rondar los 1.8 a 1.9 billones de euros, dependiendo del PIB nominal, estimado en torno a 1.773.000 millones de euros para 2025 según el plan fiscal. Nuestro pais quebró en 2008 pero nadie nos lo ha contado. Somos un yonki que necesita cada vez una dosis mayor de deuda. Literalmente nadamos en un mar de papelitos de deuda que hace que hayamos perdido la soberanía y que el mejor postor se lo lleve todo. Los carroñeros como BlackRock, Vanguard y BlackStone, las tres grandes, manejan decenas de veces nuestro PIB y el 85% del IBEX35. El BCE sigue siendo un actor significativo, manteniendo aproximadamente el 25,7% de la deuda pública, el resto, cerca del 73,7%, recae en otros inversores, incluyendo instituciones financieras internacionales como las citadas antes y posiblemente países como USA y China, y digo posiblemente porque a ciencia cierta nadie lo sabe. Lo úrico cierto es que viendo en que sectores se invierte en este pais podemos aventurar quienes están detrás. Por ejemplo, sabemos que el 90% del comercio de tierras raras está en manos chinas y que estas son necesarias para construir molinos eólicos y placas solares. El lado oeste de nuestro pais es rico en esta clase de minerales y creo que alguien ha decidido que ya era hora de “meterles mano”. También tenemos minerales estratégicos como el wolframio, el uranio o el litio que serán extraídos masivamente en breve. España reduce a la mitad su inversión en prevención de incendios mientras 2025 se convierte en el año más devastador del siglo, veamos porque. En los últimos años, los incendios forestales han devastado regiones específicas de España, dejando tras de sí un paisaje de cenizas y promesas rotas. Precisamente desde la semana 33 del 2025, en pleno agosto y durante el periodo mas caliente de este año hemos tenido unos terribles incendios en la parte oeste de nuestro pais. Parece que el archifamoso “cambio climático” solo afecta a la parte del pais supuestamente mas húmeda, ¿raro, no? Pero, ¿y si estos desastres no fueran simples tragedias naturales o descuidos humanos? ¿Y si, en las sombras, intereses económicos y políticos estuvieran orquestando un juego donde el fuego es solo el primer acto de un plan mucho más ambicioso? En una región concreta del país, donde los montes arden con sospechosa recurrencia, se teje una narrativa especulativa que apunta a un beneficiario inesperado: el propio gobierno, o al menos ciertos sectores con acceso privilegiado a sus políticas y recursos. A través de una combinación de reforestación, bonos de carbono, y la instalación de placas solares, molinos eólicos y explotaciones mineras, los terrenos quemados se convierten en un negocio redondo, disfrazado de sostenibilidad. Con el terreno aún humeante, la Junta de Castilla y León ha otorgado la Declaración de Impacto ambiental para la futura mina "Mesa de Reis" en el Bierzo, una mina de cuarcita cuyos tramites llevaban parados desde 2023 precisamente por el rico bosque de la zona. Una vez que ya no hay bosque ya no hay impacto ambiental negativo y se pueden extraer las casi 10.000 toneladas de cuarcita al año. El cuarzo o la cuarcita no es una tierra rara ni tiene presencia de minerales como torio, lantano o cerio, que son más comúnmente asociados con rocas alcalinas o carbonatitas, no con cuarcitas, que son rocas metamórficas de cuarzo. España tiene la mayor cantidad de tierras raras de Europa después de Finlandia. Las reservas de España se estiman en 70.000 toneladas, según el Instituto Geológico y Minero de España. Se consideran interesantes tres yacimientos de tierras raras: uno en Monte Galineiro, en Galicia, otro en la provincia de Ciudad Real el sitio de Matamulas y el ultimo en una amplia zona de la región de Castilla y León. Los tres sitios han sufrido incendios. Por ejemplo en El Payo o Cipérez (Salamanca), zonas que han sufrido graves incendios hay previsto un proyecto llamado “Salvaleón”, que abarca investigaciones minerales de litio, estaño y wolframio. Este yacimiento abarca tanto El Payo como Navasfrías, también en Salamanca, así como municipios colindantes en Cáceres. Otro punto de interés es el yacimiento de Barruecopardo, también en Salamanca, que produce wolframio (tungsteno) y se considera la única mina activa de este mineral crítico en Europa, con reservas de 8,69 millones de toneladas. Sufrio un incendio el 9 de julio de 2025, que afectó 1,4 hectáreas de pasto, curiosamente una zona que posiblemente será una ampliación de la explotación minera. La Ley 21/2015 de Montes, en su artículo 50, establece una aparente salvaguarda: los terrenos forestales incendiados no pueden cambiar su uso, como convertirse en suelo urbanizable, durante al menos 30 años. Este precepto, presentado como una medida para proteger la naturaleza y frenar la especulación urbanística, parece noble en la superficie. Sin embargo, un análisis más profundo revela fisuras que podrían ser explotadas. La ley no prohíbe explícitamente otros usos "compatibles" con la naturaleza forestal, siempre que se obtengan autorizaciones y se cumplan requisitos ambientales. Aquí comienza el primer hilo de la madeja conspirativa: ¿qué tan estrictos son estos requisitos cuando el terreno ya ha sido reducido a cenizas? Un monte quemado, desprovisto de su biodiversidad original, se convierte en un lienzo en blanco, fácil de moldear para proyectos que, bajo el paraguas de la "sostenibilidad", generan jugosos beneficios económicos. La instalación de molinos eólicos y placas solares en estos terrenos quemados es no solo posible, sino sospechosamente conveniente. Clasificados como usos "excepcionales" o "complementarios", estos proyectos se benefician de la etiqueta de "interés público" que les otorga la Ley 7/2021 de Cambio Climático y Transición Energética y decretos como el RD 1183/2020. Estos instrumentos legales han simplificado los trámites administrativos, agilizando la aprobación de proyectos renovables incluso en suelos forestales sensibles. Lo que podría parecer un avance hacia la descarbonización adquiere un matiz más oscuro cuando se considera la facilidad con la que una empresa puede cumplir los requisitos ambientales tras un incendio. Si, además, esa misma empresa se encarga de reforestar una porción del terreno circundante, el proyecto gana una pátina de legitimidad ecológica que silencia las críticas. Pero, ¿quién verifica la calidad de estas reforestaciones? ¿Y qué impide que estas iniciativas sean meros gestos cosméticos para justificar la ocupación de los terrenos? Los fondos NextGenerationEU, presentados como el gran salvavidas de la economía postpandémica, añaden otra capa a esta trama. Estos fondos, canalizados a través del Plan de Recuperación, Transformación y Resiliencia (PRTR), pueden cubrir hasta el 70% de los costos de proyectos de reforestación y hasta el 50% o más para instalaciones de energías renovables, como autoconsumo colectivo, agrivoltaica o almacenamiento a gran escala. La primera fase de estas subvenciones se agotó rápidamente en 2023, pero una Adenda al PRTR aprobada por el Consejo de Ministros ha abierto una segunda fase de financiación (2024-2026), con una dotación de 70.000 millones de euros. Este flujo de dinero, que debe gastarse antes de 2026, crea una ventana de oportunidad inquietante: los veranos de 2025 y 2026 se convierten en el momento perfecto para que un terreno forestal arda "accidentalmente", dejando el camino libre para proyectos rentables. Imagina el escenario: un incendio arrasa un monte en una región estratégica, como ciertas áreas de Galicia, Castilla y León o Zamora, conocidas por su riqueza forestal y, casualmente, por su potencial para proyectos renovables y mineros. Una vez quemado, el terreno se reforesta parcialmente con especies autóctonas, generando bonos de carbono que se venden en mercados voluntarios a precios de 5 a 25 euros por tonelada (o 70 euros o más en mercados regulados). Al mismo tiempo, se instalan placas solares o molinos eólicos, financiados en gran parte por los fondos europeos, y se aprovechan bonificaciones fiscales como reducciones del IBI (hasta 50%), el ICIO (hasta 95%) o deducciones en el IRPF (20-60%). Pero la trama no termina ahí. En algunos casos, estos terrenos quemados abren la puerta a explotaciones mineras, especialmente en áreas ricas en minerales como las tierras raras o el litio, crucial para baterías de almacenamiento energético. La combinación de reforestación, renovables y minería crea un cóctel económico irresistible, donde el incendio inicial parece menos un accidente y más un catalizador planificado. El mecanismo de los bonos de carbono es la joya de esta corona especulativa. Un bosque sano y antiguo, con su capacidad de absorción de CO2 ya estabilizada, no genera nuevos créditos de carbono. Sin embargo, un terreno quemado, despojado de su vegetación, es un candidato ideal para la reforestación estratégica. Según el Registro de Huella de Carbono del Ministerio para la Transición Ecológica y el Reto Demográfico (MITECO), un proyecto de reforestación debe cumplir requisitos estrictos: permanencia mínima de 30 años, uso de especies autóctonas y exclusión de cultivos de ciclo corto, como olivos hiperintensivos o árboles ornamentales. Pero aquí radica el truco: la reforestación no necesita abarcar todo el terreno. Una empresa puede plantar árboles en una fracción del área quemada, obtener los certificados de captura de CO2 (cada bono equivale a 1 tonelada métrica de CO2 equivalente) y destinar el resto del terreno a placas solares, molinos o incluso minería, maximizando los ingresos. Los árboles absorben CO2 de la atmósfera a través de la fotosíntesis, almacenándolo en su biomasa (troncos, ramas, hojas y raíces) y en el suelo. La cantidad de CO2 capturado depende del tipo de especie, la densidad de la plantación y las condiciones del terreno. La cuantificación de la captura de CO2 es un proceso técnico, basado en metodologías de estándares como Verra, Gold Standard o el MITECO. En promedio, se necesitan entre 30 y 80 árboles para capturar una tonelada de CO2, un proceso que puede tomar años, pero que asegura un flujo constante de bonos. Una vez verificados por auditores independientes, estos bonos se registran y se venden en mercados voluntarios, donde empresas con grandes emisiones los compran para cumplir objetivos de neutralidad de carbono. La ironía es devastadora: un incendio, lejos de ser una pérdida, se transforma en una inversión a largo plazo. Y si el gobierno, o ciertos actores cercanos a él, tienen conocimiento previo de estas oportunidades, ¿qué les impediría mirar hacia otro lado mientras el fuego consume los montes? Curiosamente la ley de montes del 2015 surge tras la implementación de estos créditos del carbono en el año 2010 y ampara a los incendios desde el año 2012. El hilo conspirativo se refuerza al considerar el contexto político y económico. El gobierno español, comprometido con los objetivos climáticos de la Unión Europea y el Acuerdo de París, enfrenta presiones para acelerar la transición energética y reducir emisiones. Los incendios, aunque públicamente lamentados, podrían ser un mal menor para ciertas élites si abren la puerta a proyectos que generan empleo, atraen inversión extranjera y cumplen metas internacionales. En una región concreta del país —digamos, una zona con alta incidencia de incendios y recursos naturales estratégicos—, los beneficios económicos de esta triple jugada (reforestación, renovables y minería) podrían superar con creces el costo político de un desastre ambiental. Más aún cuando los fondos NextGenerationEU, con su urgencia de ejecución antes de 2026, actúan como un incentivo para acelerar proyectos en terrenos "convenientemente" disponibles. La narrativa oficial habla de sostenibilidad, de lucha contra el cambio climático, de restauración ecológica. Pero bajo esta fachada, se susurra una verdad más incómoda: los incendios podrían no ser solo tragedias, sino oportunidades orquestadas. ¿Es casualidad que ciertas áreas ardan año tras año, mientras empresas con conexiones políticas obtienen autorizaciones rápidas para instalar infraestructuras? ¿O que los mismos actores que financian la reforestación sean los que instalan placas solares y explotan minas, todo bajo el paraguas de los fondos europeos? La Ley de Montes, con su aparente rigidez, podría ser un telón de fondo perfecto para un juego donde el fuego no destruye, sino que construye un nuevo orden económico, con el beneplácito —o la complicidad— de quienes deberían proteger los bosques. ¿Quién se beneficia realmente cuando un monte arde? ¿Por qué las autorizaciones para proyectos renovables y mineros en terrenos quemados parecen fluir con tanta facilidad? Y, sobre todo, ¿hasta qué punto el gobierno, o ciertos sectores privilegiados, están dispuestos a sacrificar la naturaleza en nombre de una "transición verde" que huele más a beneficios económicos que a compromiso ambiental? Mientras los montes arden, las respuestas se desvanecen en el humo, dejando tras de sí un paisaje de cenizas, turbinas y promesas de un futuro sostenible que, tal vez, nunca fue el objetivo real. ………………………………………………………………………………………. Datos sobre inmigración y emigración de españoles desde los años 80. España pasa de ser un país de emigración a un receptor de inmigrantes tras su integración en la Comunidad Económica Europea en 1986. La mejora económica y las oportunidades laborales comienzan a atraer flujos migratorios. En 1981, la población extranjera en España era de aproximadamente 198,042 personas (0.5% de la población total). Hacia 1998, esta cifra creció a 637,085 extranjeros (1.6% de la población total). Los inmigrantes provenían principalmente del entorno mediterráneo (Marruecos), Europa (Reino Unido, Alemania) y, en menor medida, América Latina. En los 90 el flujo migratorio creció lentamente. Hacia el año 2000, esta cifra aumentó a 895,720 personas (2.2%). Hablaríamos de casi 100.000 inmigrantes al año mientras que se estima que entre 50,000 y 100,000 españoles emigraron anualmente, muchos por motivos laborales o familiares. Las gallinas que entran por las que salen que decía aquel. En 1998 éramos 39.8 millones. Entre el 2000 y 2008 tuvimos un crecimiento espectacular de la inmigración debido al auge económico, especialmente en construcción y turismo creado por la burbuja inmobiliaria. En 2008, la población extranjera alcanzó 5,268,762 personas (11.41% de la población total). En 2010, llegó al 12.2% (5.7 millones de extranjeros). Pasamos de los 100.000 inmigrantes por año a los mas de 250.000. La inmigración latinoamericana, colombianos y ecuatorianos, se disparo, mientras que la emigración de españoles siguió a buen ritmo. Por ejemplo, en 2015, 94,645 españoles emigraron al exterior, muchos de ellos jóvenes cualificados en busca de empleo en países como Reino Unido, Alemania y Estados Unidos. Ya entraban muchos mas inmigrantes que españoles se marchaban. Cambiábamos gente joven universitaria por trabajadores con baja o nula cualificación. Para 2010 ya éramos 46 millones de personas. Hablo siempre de personas registradas en el censo legalmente, por supuesto siempre hay mas. Desde 2015, la inmigración repuntó con la supuesta recuperación económica. En 2023, la población extranjera alcanzó 8,257,260 personas (16.8% de la población total). Para enero de 2025 teníamos 9,379,972 nacidos en el extranjero (19.1%) de la población total del pais. Los principales países de origen en 2023 fueron Colombia (170,722 llegadas), Marruecos (123,468) y Venezuela (88,361). También hubo un aumento notable de ucranianos (+45.8%), peruanos (+20.1%) y colombianos (+19.1%) en 2022. La población latinoamericana representaba casi el 60% de los inmigrantes en la Comunidad de Madrid en 2022. Nuestros jóvenes siguen marchándose del pais al ritmo de unos 100.000 al año. Sin embargo y con una de las tasas de reproducción mas bajas de todo el mundo, por debajo de 1,2 hijos por mujer hemos llegado a 49,315,949 habitantes según los datos más recientes del Instituto Nacional de Estadística (INE), a 1 de julio de 2025. A continuación voy a proporcionar los datos sobre población extranjera en España según países salvo ingleses y franceses que son unos 500.000 para que veamos su origen. Hablamos de inmigrantes con residencia legal en España, obviamente habrá una gran cantidad de ilegales también. Marruecos 1.092.892, Colombia 856.616, Venezuela 599.769, Rumanía 532.456, Ecuador 448.643, Argentina 415.987, Perú 378.924, Cuba 223.532, Ucrania 215.700, Honduras 201.319 y Rep. Dominicana 201.162. Estos datos provienen del Informe sobre Población de Origen Inmigrado en España 2023 del Servicio Jesuita a Migrantes y el Instituto Nacional de Estadística (INE). Solo de esos 9 países teníamos 5,161,000 personas en España. Muy posiblemente si los sumamos a la inmigración ilegal pasemos fácilmente de los 10 millones en la actualidad. Hemos importado 10 millones de personas pobres para aumentar nuestro PIB artificialmente y solo de manera momentánea ya que dichas personas generan mucha menos riqueza en el largo plazo de lo que aportan con su entrada. ………………………………………………………………………………………. Desde los años 80, la clase media en España ha experimentado un progresivo deterioro que ha transformado su capacidad adquisitiva y su calidad de vida, marcado por el estancamiento de los sueldos y el encarecimiento de bienes y servicios esenciales como la comida, el combustible, la electricidad y, especialmente, la vivienda. En las décadas de 1980 y 1990, España vivió un periodo de crecimiento económico tras su entrada en la Comunidad Económica Europea (1986), lo que permitió a muchas familias de clase media acceder a un nivel de vida más elevado, con mejoras en el empleo y el consumo. Sin embargo, los sueldos, aunque crecieron en términos nominales, comenzaron a perder poder adquisitivo frente al aumento de los costes de vida, un problema que se agudizó en las décadas posteriores. Por ejemplo, en los años 80, el salario medio mensual rondaba las 100,000 pesetas (unos 600 euros), mientras que en 2023, según el INE, el salario bruto medio era de 2,128 euros, pero ajustado a la inflación, el crecimiento real ha sido mínimo o incluso negativo en muchos casos. El encarecimiento de los bienes esenciales ha sido un factor clave en el hundimiento de la clase media. La comida, aunque más accesible en términos de variedad gracias a la globalización, ha visto incrementos constantes en su precio. Entre 2000 y 2023, los precios de los alimentos básicos subieron un 30-40% más que la inflación general, según datos del INE. El combustible, por su parte, ha experimentado alzas significativas, especialmente tras la liberalización del mercado energético y las crisis internacionales (como la de 2022 por la guerra en Ucrania), con precios que pasaron de 0.80 euros/litro en los años 90 a picos de 2 euros/litro en 2022-2023. La electricidad, uno de los gastos más gravosos para los hogares, se disparó tras la liberalización del sector eléctrico en los 2000, con incrementos de hasta el 100% en la factura media entre 2008 y 2023, según la Organización de Consumidores y Usuarios (OCU). Estos aumentos han superado con creces el crecimiento salarial, erosionando el poder adquisitivo de la clase media. El precio de la vivienda ha sido, sin duda, el factor más devastador para la clase media. Durante el boom inmobiliario (1997-2007), los precios de la vivienda en España se triplicaron, pasando de un promedio de 1,000 euros/m² en los años 90 a 3,000 euros/m² en 2007. Aunque la crisis de 2008 redujo temporalmente los precios, desde 2015 se han recuperado, alcanzando en 2023 un promedio de 2,100 euros/m², según Idealista. En grandes ciudades como Madrid o Barcelona, los precios superan los 4,000 euros/m², mientras que los alquileres se han disparado un 50% desde 2015. Esto ha hecho que el acceso a la vivienda, ya sea en propiedad o alquiler, sea prácticamente inalcanzable para muchos hogares de clase media, especialmente para los jóvenes, que destinan más del 40% de sus ingresos al alquiler, frente al 20% que se consideraba sostenible en los años 80. Mientras tanto, los sueldos no han acompañado este ritmo: el salario mínimo interprofesional (SMI) pasó de 424 euros en 1990 a 1,134 euros en 2023, pero sigue siendo insuficiente para hacer frente a estos costes. La combinación de sueldos estancados y el aumento desproporcionado de los costes de vida ha generado una precarización de la clase media, que se ve obligada a destinar una proporción cada vez mayor de sus ingresos a necesidades básicas, dejando poco margen para el ahorro o el consumo discrecional. La crisis económica de 2008-2014 agravó esta situación, con un aumento del desempleo (que llegó al 26% en 2013) y la proliferación de contratos temporales y mal remunerados. Incluso en la recuperación posterior a 2015, la calidad del empleo no ha mejorado significativamente, con un 15% de trabajadores en riesgo de pobreza en 2023, según Eurostat. Este escenario ha llevado a un sentimiento generalizado de inseguridad económica, donde la clase media, que antes era el pilar de la estabilidad social en España, se encuentra cada vez más vulnerable, atrapada entre unos ingresos insuficientes y un coste de vida que no deja de crecer. ………………………………………………………………………………………. Desde los años 80, los incendios forestales en España han causado la pérdida de millones de hectáreas de bosques, con un impacto significativo en el medio ambiente, la economía y la biodiversidad. Según datos del Ministerio para la Transición Ecológica y el Reto Demográfico (MITECO) y el Sistema de Información Europeo de Incendios Forestales (EFFIS), entre 1980 y 2025 se han quemado aproximadamente 4,5 millones de hectáreas en España, con una media anual de unas 100,000 hectáreas afectadas. La década de los 80 fue especialmente devastadora, con un promedio de 200,000 hectáreas quemadas anualmente, debido a la falta de políticas efectivas de prevención y al uso tradicional del fuego en actividades agrícolas. Los años 90 y 2000 mostraron una ligera disminución en la superficie quemada (alrededor de 120,000 hectáreas/año), gracias a mejoras en la gestión forestal y la concienciación ciudadana. Sin embargo, curiosamente ha aumentado significativamente en las últimas dos décadas, con picos como el de 2022, cuando se quemaron 306,000 hectáreas, y 2025, que batió récords con 382,607 hectáreas calcinadas hasta agosto, según Copernicus. Galicia, Castilla y León y Andalucía han sido las regiones más afectadas, con incendios como el de Molezuelas de la Carballeda (2025, 50,000 hectáreas) o el de A Rúa o Larouco (2025, 44,424 hectáreas) destacando por su magnitud. Estos incendios no solo han destruido ecosistemas, sino que también han liberado cantidades masivas de CO2, con un promedio anual de 1,4 millones de toneladas en la última década y un pico de 5 millones de toneladas en 2022, según el Global Wildfire Information System. Este aumento significativo coincide con la introducción de los créditos de carbono como incentivo para la reforestación de superficies quemadas en España que comenzó a tomar relevancia a partir de la década de 2010, con el establecimiento del Registro de Huella de Carbono, Compensación y Proyectos de Absorción de Dióxido de Carbono por parte del MITECO en 2014. Este registro permite inscribir proyectos de reforestación que generen créditos de carbono, siempre que cumplan con requisitos como una permanencia mínima de 30 años y que las plantaciones se realicen en áreas afectadas por incendios posteriores a la campaña 2012-2013. Los créditos de carbono representan una tonelada equivalente de CO2 (tCO2e) absorbida o evitada, y su mercado voluntario ha crecido significativamente en España, impulsado por empresas que buscan compensar su huella de carbono. Parece que somos muy verdes, pero podría estar detrás de todo esto el vil metal. Calcular el dinero generado por los créditos de carbono en España desde 2014 es complejo debido a la variabilidad de los precios y la falta de datos agregados precisos, pero se puede estimar con base en la información disponible. Según fuentes como la Asociación Forestal de Galicia y estudios internacionales, el precio medio de un crédito de carbono en el mercado voluntario en España ha oscilado entre 15 y 25 euros por tonelada de CO2 en los últimos años, con un promedio de 20 euros/tCO2e en 2023. Se estima que los proyectos de reforestación en España, especialmente en áreas quemadas, pueden capturar entre 70 y 150 toneladas de carbono por hectárea a lo largo de su vida útil (30-50 años), dependiendo de la gestión forestal. No hay una cifra agregada que indique cuántas hectáreas han sido reforestadas específicamente tras incendios entre 2014 y 2023 pero podrían rondar entre 100.000 y 300.000 hectáreas en España. Según datos de MITECO y organizaciones como ClimateTrade, que reportan 133,000 toneladas de CO2 compensadas en más de 40 proyectos forestales hasta 2024. Asumiendo que estas hectáreas generan un promedio de 100 toneladas de carbono por hectárea (un estimado conservador), esto equivale a 10 millones de toneladas de CO2 absorbidas. A un precio medio de 20 euros/tCO2e, el valor económico generado sería de aproximadamente 200 millones de euros desde 2014. Sin embargo, esta cifra es una estimación, ya que no todos los proyectos están registrados en el mercado de carbono, y los precios varían según la demanda y la calidad del proyecto. Si estimamos que son 300.000 las hectáreas reforestadas a un precio medio de 50 euros estaríamos hablando de varios miles de millones de euros. El precio medio de un crédito de carbono en 2025 varía según el tipo de mercado (regulado o voluntario) y el tipo de proyecto. En el mercado regulado de la Unión Europea (EU ETS), el precio medio de un crédito de carbono (una tonelada de CO2 equivalente) es de aproximadamente 73,68 euros por tonelada, según datos de marzo de 2025. Por lo tanto podríamos estar hablando de miles de millones de euros generados tras quemar los bosques. ¿Creen que no serian capaces de quemar el bosque para generar miles de millones de euros? ………………………………………………………………………………………. Bueno, y me despido por hoy recordando que el próximo martes 2 de septiembre no se pueden perder una tremenda presentación que haré en el canal de Youtube El hilo Rojo sobre el régimen del 78. Van a conocer los entresijos de la partitocracia, los pelos y las señales…muy, muy interesante. No deben perderse el video. Publicare el audio en Ivoox. Y nos vamos ya con unas frases UTP, la primera es de JM Goig: "Cuanto más usen los politicuchos el 'delito de odio' para censurar, más grande será el odio contra ellos.” Esta desconozco al autor: “La capacidad creadora de su cerebro es infinita, usted es quién pone los limites.” Y la ultima es mia: “El despertar de la consciencia no es un camino, sino un reencuentro con tu esencia más profunda. No se trata de avanzar sin rumbo, sino de desandar el olvido para recordar quién eres.” ………………………………………………………………………………………. Conductor del programa UTP Ramón Valero @tecn_preocupado Canal en Telegram @UnTecnicoPreocupado Un técnico Preocupado un FP2 IVOOX UTP http://cutt.ly/dzhhGrf BLOG http://cutt.ly/dzhh2LX Ayúdame desde mi Crowfunding aquí https://cutt.ly/W0DsPVq Invitados Ira @Genes72 ………………………………………………………………………………………. Enlaces citados en el podcast: AYUDA A TRAVÉS DE LA COMPRA DE MIS LIBROS https://tecnicopreocupado.com/2024/11/16/ayuda-a-traves-de-la-compra-de-mis-libros/ Calificación crediticia deuda España https://www.tesoro.es/deuda-publica/calificacion-crediticia Siete de cada diez euros de gasto público se destinan a pensiones y sueldos de los funcionarios https://www.lavozdegalicia.es/noticia/economia/2024/02/04/siete-diez-euros-gasto-publico-destinan-pensiones-sueldos-funcionarios/0003_202402G4P30992.htm España - Gasto público https://datosmacro.expansion.com/estado/gasto/espana Insostenible: PIB 18% menor; deuda 24% mayor https://blogs.elconfidencial.com/economia/el-disparate-economico/2016-07-04/insostenible-pib-18-menor-deuda-24-mayor_1227235/ ESTADÍSTICA GENERAL DE INCENDIOS FORESTALES (EGIF) https://www.miteco.gob.es/es/biodiversidad/temas/incendios-forestales/estadisticas-datos.html Tierras raras. REE mineralisation in Spain and Portugal https://www.eurare.org/countries/spainAndPortugal.html La Junta autoriza la explotación de la cantera de cuarcita 'Mesa de Reis' en Oencia con un estricto plan de restauración ambiental https://www.infobierzo.com/bierzo-noticias/junta-autoriza-explotacion-ambiental-cantera-cuarcita-mesa-reis-oencia_1027309_102.html Spain's rare earths pit greens against tech security—and profit https://phys.org/news/2021-10-spain-rare-earths-pit-greens.html ¿Cuánto vale el CO2? Los créditos de carbono de la UE https://blog.co2mpensamos.com/post/cuanto-vale-el-co2-los-creditos-de-carbono-de-la-ue Futuros emisiones de carbono - Dic 2025 (CFI2Z5) https://es.investing.com/commodities/carbon-emissions La fijación del precio del carbono a nivel mundial moviliza más de USD 100 000 millones para presupuesto público https://www.bancomundial.org/es/news/press-release/2025/06/10/global-carbon-pricing-mobilizes-over-100-billion-for-public-budgets España reduce a la mitad su inversión en prevención de incendios mientras 2025 se convierte en el año más devastador del siglo https://www.eldiariodemadrid.es/articulo/medio-ambiente/espana-reduce-mitad-inversion-prevencion-incendios-mientras-2025-convierte-ano-mas-devastador-siglo/20250820150706107781.html Población en España hoy: inmigrantes, emigrantes y otros datos sobre los habitantes de España https://www.epdata.es/datos/poblacion-espana-hoy-inmigrantes-emigrantes-otros-datos-habitantes-espana/1/espana/106 Movimientos migratorios https://atlasnacional.ign.es/wane/Movimientos_migratorios Población extranjera de España en 2024, por país de nacimiento https://es.statista.com/estadisticas/472512/poblacion-extranjera-de-espana-por-nacionalidad/ ………………………………………………………………………………………. Música utilizada en este podcast: Tema inicial Heros Epílogo Fuerza que no se apaga - Siete Melódico https://youtu.be/FEn7XdRVuJs?feature=shared

This episode of Talking Real Money digs into recency bias—our human tendency to expect the future to look like the recent past—and how it's quietly reshaping retirement portfolios. Don and Tom examine rising stock allocations in 401(k)s and target-date funds, even among older investors, and why this performance-chasing is dangerous. They highlight the risks of target-date fund managers pandering to investors, the importance of rebalancing, and the need to stick to long-term allocation plans based on risk tolerance, not market trends. Listener questions cover immediate annuities, 529-to-Roth transfer rules, and whether paying an advisor's 1% fee is worth it compared with DIY investing. 0:04 Recency bias explained and why it drives poor investment decisions 1:05 Stock allocations hitting record levels in 401(k)s across all age groups 2:48 Risk of higher stock exposure for investors in their 60s 3:33 Target-date funds increasing equity exposure and chasing performance 5:00 Example of an investor going from 60/40 to 90% stocks 7:00 Post-2008 shifts: investors moved into bonds when they should've been buying stocks 7:26 Importance of rebalancing twice a year to avoid creeping U.S./large-cap overweight 9:00 Why boring diversification still works long-term 11:26 How to check your target-date fund allocation on Morningstar 12:41 Active vs. index target-date funds: Vanguard vs. T. Rowe/Nuveen 14:03 Listener Q: Fixed immediate annuity trade-offs (“wizards of odds”) 17:49 Why insurers win: payout math vs. life expectancy 18:59 Why Don & Tom dislike most annuities but tolerate immediate annuities in some cases 20:52 DIY alternative: 5% bond/CD ladder vs. annuity payout 21:25 What if you get 6%? Extending sustainable income to 23 years 21:37 Listener Q: Rules for rolling 529 funds into a Roth IRA 23:00 Key 529 limits: 15-year account age, 5-year holding period, $35k lifetime cap 23:14 Listener Q: DIY investing vs. hiring an advisor at 1% AUM 24:22 Why a good advisor's value is about more than returns—taxes, withdrawals, estate planning 25:42 Vanguard's Advisor Alpha and why behavior coaching adds value Learn more about your ad choices. Visit megaphone.fm/adchoices

Missouri State Treasurer Vivek Malek joins the conversation to discuss a growing nationwide push by financial leaders, more than 20 state financial officers, to urge the SEC to prohibit China-based firms from receiving special regulatory relief. As part of this broader effort, Malek has been a leading voice for reducing reliance on China in public finances. He successfully steered Missouri's pension fund toward divestment from Chinese investments, even prompting Vanguard to file for a new Emerging Markets ex-China ETF after his outreach and lobbying.  In addition, he's backed legislation banning investments in adversarial countries within Missouri's public retirement systems, echoing his commitment to safeguarding state funds from geopolitical risk

 Jeff Clark, head of defined contribution research  at Vanguard, says the firm's latest "How America Saves" report for 2025 shows that consumers are doing a better job of setting money aside for their future, helped by rules that have made it easier for employers to help. The average total savings rate — including both worker contributions plus employer contributions — is now up to 12 percent, a potential target for all investors to try to achieve. Todd Rosenbluth, head of research at VettaFi, turns to the first active bond ETF — a 15-year-old iconic fund from PIMCO — as an ultra-safe alternative to cash with his "ETF of the Week." In the Market Call, Jed Ellerbroek, portfolio manager for Argent Capital and the Argent Large Cap ETF — which launched just as the market was bottoming out after the tariff announcements in April —  discusses looking for enduring business models. Plus, Chuck talks about the Federal Reserve and why its independence is so important to the long-term functioning of the economy and the ability to keep inflation controlled.

Vanguardistas have more fun—so if you don't already subscribe to the podcast, join the Vanguard today via Apple Podcasts or extratakes.com for non-fruit-related devices. In return you'll get a whole extra Take 2 alongside Take 1 every week, with bonus reviews, more viewing recommendations from the Good Doctors and whole bonus episodes just for you. And if you're already a Vanguardista, we salute you.  It's a lovely highlights show for your summer holiday this week, where mark and Simon will be bringing back all the highlights of the year in film so far. You'll hear all the greatest hits from our guest interviews with Justin Kurzel, Craig Mazin and Domhnall Gleeson.  And reviews of Sinners, Bring Her Back, The Ballad of Wallis Island, Adolescence, Death of a Unicorn (oy!), Jurassic World: Rebirth (yeesh!) and Another Simple Favour.  Reminisce and relive it all with us—and it's back to school with a brand new pencil case, more new reviews and shiny starry guests next week.      Timecodes (for Vanguardistas listening ad-free):  Bring Her Back: 03:43  Sinners: 07:45  The Ballad of Wallis Island: 13:17   Justin Kurzel: 18:20  Death of a Unicorn: 25:44  Another Simple Favour: 31:09  Jurassic World: Rebirth: 36:41   Domhnall Gleeson: 41:32  Adolescence: 46:57  Craig Mazin: 58:02      You can contact the show by emailing correspondence@kermodeandmayo.com or you can find us on social media, @KermodeandMayo  Please take our survey and help shape the future of our show: https://www.kermodeandmayo.com/survey   EXCLUSIVE NordVPN Deal ➼ https://nordvpn.com/take Try it risk-free now with a 30-day money-back guarantee!  A Sony Music Entertainment production.      Find more great podcasts from Sony Music Entertainment at sonymusic.com/podcasts and follow us @sonypodcasts    To advertise on this show contact: podcastadsales@sonymusic.com  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Tom Cock takes the reins while Don visits family, leading a live call-in show that covers liquidity risks in private investments and university endowments, skepticism over deferred income annuities, housing sale costs, Vanguard ETF gaps, the importance of diversification beyond the S&P 500, and why long-term investing discipline beats reacting to short-term volatility. Callers ask about annuities, real estate commissions, balanced ETFs, 100% stock allocations, and Wellington vs. total market strategies, with Tom stressing global diversification, risk awareness, and building portfolios for real life rather than chasing products or peer pressure. 0:04 Tom hosts solo, Don away visiting his mom 0:51 Liquidity lessons from elite college endowments and alternatives 2:56 Why liquidity matters for retirement and emergencies 6:21 Caller Rich: $2M assets, pension, Social Security, annuity concerns, Tom warns against deferred income annuities 11:46 Caller Will: real estate commissions after lawsuits, Tom says budget ~10% of sale price 15:09 Tom warns about too-good-to-be-true “8% guarantees” 16:26 Caller Catherine: asks why Vanguard lacks a balanced ETF; Tom suggests DIY mix or wait for rollout 21:40 Tom stresses ignoring TikTok “advice” and staying the course; examples of small-cap rebounds 25:31 Global small/value stocks outperform S&P this year—own them all 26:49 Caller Joe: 100% S&P 500 allocation in retirement accounts; Tom warns about concentration, suggests global diversification 32:56 Caller Alan: Wellington Fund vs. more equities; Tom favors index funds and broader global exposure 37:28 Risk quiz, portfolio planning, and building for your own needs vs. peer influence Learn more about your ad choices. Visit megaphone.fm/adchoices

There are far too many examples in history when a man has overshadowed a woman's achievements. Our guests this week, Lori Zimmer and Maria Krasinski, authored and illustrated a book which highlights the achievements of 31 women artists and visionaries who experienced this.  I'M NOT YOUR MUSE: Uncovering the Overshadowed Brilliance of Women Artists & Visionaries, shares stories of women in music, art, architecture and more whose achievements were either muted or stolen by the men of their time.   Women including: Louise Blanchard Bethune, the first professional female architect in the United States • Clara Driscoll, glass artist and designer of the most famous Tiffany lamps ever made  Belle da Costa Greene, librarian and visionary behind the Morgan Library  Pan Yuliang, the first woman in China to paint in the Western style  Clara Rockmore, pioneer of electronic music  Baroness Elsa von Freytag-Loringhoven, Vanguard of the American Dadaist movement Lori and Maria are working hard to refocus the narrative in the right direction and we are all for it. Show Notes/Links: www.hotflashescooltopics.com Book: I'M NOT YOUR MUSE  Find Us Here! Website I [http://hotflashescooltopics.com/] Mail I [hotflashescooltopics@gmail.com] Instagram I [https://www.instagram.com/hotflashesandcooltopics/] Facebook : [www.facebook.com/hotflashescooltopics] YouTube I [https://www.youtube.com/@HotFlashesCoolTopics] Pinterest I [https://www.pinterest.com/hcooltopics/] Want to Leave a Review for Hot Flashes and Cool Topics? Here's How: For Apple Podcasts on an iPhone or iOS device: Open the Apple Podcast App on your device. Click on the “search” icon Type into the search bar “Hot Flashes and Cool Topics” and click on the show Towards the bottom, look for “Ratings and Reviews” Click on “Write a Review” and leave us your thoughts and comments! For Apple Podcasts on a computer: On the Apple Podcasts website, go to the search bar and type “Hot Flashes and Cool Topics” After clicking on the show, find the “Listen on Apple Podcasts” button and click on it The “Hot Flashes and Cool Topics” podcast should open on the Apple Podcasts application Keep scrolling on the page until you see “Ratings and Reviews” Click on “See All” If you want to give us a five-star rating, hover over the empty stars! If you want to leave your thoughts and comments, click on “Write a Review”!

Cracker Barrel has long been a roadside favorite, a place for biscuits, rocking chairs, and a slice of nostalgia. But today the chain is at the center of a high-stakes corporate fight. Activist investor Sardar Biglari is challenging Cracker Barrel's leadership, arguing that the company has wasted money, lost touch with its customers, and needs a drastic overhaul. His plan is blunt: cut waste, sell off weak side ventures, fix operations, and return money to shareholders.At the same time, customers are grumbling about smaller portions, slower service, and management that seems disconnected from the brand's roots. Analysts have turned cold, with no buy ratings left on the stock. And looming over it all are the power brokers at BlackRock and Vanguard, whose votes will decide the outcome.Lena Marlowe and Graham Calder unpack what this battle means for Cracker Barrel and for the future of legacy American brands.

TT The Companies That Own it All: Part 1 In this show, the teenagers (Deven and Ethan) talk about how most of the large companies such as Hershey's, Kellogg's, Coca-Cola, and many more, are owned by one company. In this show, you will learn how most of the things that you eat, drink, and use in your everyday life are owned by Bayer. As well as how BlackRock, Vanguard, and State Street own large shares in Bayer, as well as most of the other large companies that are well known and very powerful. How much power do these 3 companies (BlackRock, Vanguard, and State Street) have? You will find out more in the part 2 of this show, coming next week. Sponsors: American Gold Exchange Our dealer for precious metals & the exclusive dealer of Real Power Family silver rounds (which we finally got in!!!). Get your first, or next bullion order from American Gold Exchange like we do. Tell them the Real Power Family sent you! Click on this link to get a FREE Starters Guide. Abolish Property Taxes in Ohio: https://reformpropertytax.com/ Our Links: www.RealPowerFamily.com Info@ClearSkyTrainer.com 833-Be-Do-Have (833-233-6428)

Host Tara argues that American corporations, including Cracker Barrel, have been taken over by a "woke" agenda that is "erasing" white men and pushing a political narrative. She uses a viral clip of Snoop Dogg expressing discomfort with LGBTQ+ content in a children's movie as a starting point. Tara alleges that Cracker Barrel has adopted a number of policies, including working with the Human Rights Campaign to push LGBTQ+ and DEI initiatives, in order to boost its corporate "score." The monologue claims that this trend is driven by investment firms like BlackRock and Vanguard, which allegedly penalize companies that do not conform to their political agenda. Tara asserts that white men are being systematically removed from commercials and movies because they are a demographic that tends to vote Republican, and she cites a recent Cracker Barrel logo change as evidence of this cultural shift.

Last time we spoke about the Battle for South Sakhalin and the Kurile Islands. In August 1945, as Japan teetered on the edge of destruction following the atomic bombings, a desperate situation unfolded. The Soviet Union launched a sudden invasion of Manchuria, catching Japanese forces off guard. On August 14, Japan's decision to surrender was made, announced to the world the following day. However, the Kwantung Army resisted fiercely, engaging in frantic evacuations. In South Sakhalin, Japanese defenders clashed with advancing Soviet troops, facing overwhelming odds. By August 18, chaos reigned on the Japanese side, with forces surrendering and civilians in panic. As the Soviets pushed forward, the situation became increasingly dire for Japan. Despite valiant resistance, the imminent defeat became clear. In a moment of critical decision, Emperor Hirohito accepted the surrender terms, officially sealing Japan's fate and marking the end of the Pacific War. However the Soviets had not yet stopped their onslaught.  This episode is the Soviet Victory in Asia Welcome to the Pacific War Podcast Week by Week, I am your dutiful host Craig Watson. But, before we start I want to also remind you this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Perhaps you want to learn more about world war two? Kings and Generals have an assortment of episodes on world war two and much more  so go give them a look over on Youtube. So please subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry for some more history related content, over on my channel, the Pacific War Channel you can find a few videos all the way from the Opium Wars of the 1800's until the end of the Pacific War in 1945.  We are drawing near to the real conclusion of this series! Japan has officially surrendered, however the Soviets are not done just yet. East asia is a delicious piece of cake, laid wide open and Stalin intends to take every piece he can grab before the curtain falls. Now as we last left off it was August 18, and General Yamada's Kwantung Army had surrendered to the Soviet forces led by Marshal Vasilevsky, who were advancing rapidly through Manchuria. Yet, some Japanese units, like those at Kalgan, continued to resist occupation until the month's end. On August 19, following Yamada's announcement that all military operations had ceased, a Soviet delegation arrived at Hsinking.  A daring operation took place, where a 225-strong detachment from the 6th Guards Motorized Rifle Brigade, part of the 5th Guards Tank Corps, was airlifted to the city's main airfield. This mission, along with others, was carried out under orders from Marshal Vasilevsky on August 18, following the commander's initial offer of surrender from the Kwantung Army. Vasilevsky's directive was urgent: “The Japanese resistance is broken, and the challenging road conditions hinder the swift advance of our main forces. We need to deploy specially formed, fast-moving, and well-equipped units to capture Changchun, Mukden, Jilin, and Harbin immediately. These units should remain flexible for future missions, regardless of their distance from the main forces.”The push to accelerate operations came directly from Stalin himself. In Kulichkin's biography of Marshal Vasilevsky, he recounts a pivotal phone call on August 15. Stalin was informed that the Japanese had “lost command and control” and were unable to mount a strong defense, with their forces divided into several fragmented groups. Vasilevsky confidently stated, “Even a miracle cannot save the Japanese from total defeat,” stressing the need to maintain the momentum of the offensive. Stalin's response was straightforward: “Good. We need to increase the pace. What proposals do you have?” Vasilevsky revealed plans to use airborne assault forces against larger cities like Harbin, Changchun, Jilin, and Mukden, alongside advanced mobile units across all combined arms armies. These units, consisting of tanks and assault guns, were fully equipped with desantniki, ready to engage firmly in the ongoing operations. The landing at Shenyang revealed a remarkable twist of fate. Waiting at the airfield for evacuation to Japan was none other than the recently abdicated Emperor Puyi of Manchukuo. On August 15, 1945, Puyi tuned in to the radio and listened to Emperor Hirohito's address announcing Japan's surrender. In this historic speech, the Showa Emperor referred to the Americans' use of a "most unusual and cruel bomb," which had just devastated Hiroshima and Nagasaki. For Puyi, this was the first revelation of the atomic bombings, information that the Japanese had conveniently withheld from him until that moment. The aircraft carrying Major Chelyshev's force, escorted by fighter planes, landed at 1:15 PM without any opposition and captured him. This small unit's survival hinged on remaining unchallenged, and they successfully secured the airfield. They also freed several Allied personnel held at the nearby Hoten prisoner-of-war camp. As soon as the landing was secured, additional reinforcements were airlifted in later that day, led by General Kravchenko, the commander of the 6th Guards Tank Army. He formally accepted the city's surrender, and the Soviets then transported Puyi to the Siberian town of Chita.  Meanwhile, Vasilevsky's ground offensive pressed on, mostly unopposed, though some resistance persisted. In the Transbaikal Front, Marshal Malinovsky's General Pliyev led his cavalry-mechanized units against the Japanese forces at Kalgan. Other units reached Jehol and accepted the surrender of the 108th Division. General Danilov's 17th Army secured the Shanhaiguan coast, while General Managarov's 53rd Army pushed towards Kailu. The main force of General Kravchenko's 6th Guards Tank Army regrouped at Tungliao and Kaitung, preparing to advance south toward Mukden. General Lyudnikov's 39th Army steadily approached Changchun, confronting the bypassed 107th Division, and General Luchinsky's 36th Army occupied Tsitsihar, accepting the surrender of the 136th Independent Mixed Brigade. At the same time, on General Purkayev's 2nd Far Eastern Front, General Teryokhin's 2nd Red Banner Army continued its siege of the Aihun fortified region. Meanwhile, a forward detachment moved slowly south through the Lesser Khinghan Mountains. General Mamonov's 15th Army began capturing and processing prisoners from the many retreating Japanese units after a successful amphibious assault secured Sansing. The Amur Flotilla supported the army's push towards Harbin, while General Pashkov's 5th Rifle Corps finally reached Poli, which had already been occupied by other Soviet units. In Marshal Meretskov's 1st Far Eastern Front, forward detachments of General Zakhvatayev's 35th Army began arriving at Linkou, focusing on the surrender of Japanese units in the area. Rear elements effectively eliminated the last traces of enemy resistance in the Hutou fortified area.  After a challenging struggle through the wetlands and the capture of Mishan on August 12, advanced detachments of the 35th Army's main force, the 66th and 363rd Rifle Divisions, continued their advance against minimal opposition. The situation was starkly different to their rear, where the 1056th Rifle Regiment of the 264th Rifle Division, supported by the heavily reinforced 109th Fortified Region, worked to dismantle the now-isolated Hutou fortified area. Despite the dire circumstances, the garrison refused to surrender. Thus, the focus shifted to systematically eliminating their defenses, which became a painstaking task. The attackers deployed an artillery destruction group, secured air supremacy, and utilized well-trained assault formations. Their techniques included pouring kerosene or gasoline into ventilation shafts of underground structures, sometimes in alarming quantities. For instance, two tonnes of gasoline were recorded being poured into a single installation before ignition was applied. Despite the brutal and methodical obliteration of their positions, the defenders continued to ignore orders to surrender. Notably, on August 18, a Japanese prisoner was sent under a flag of truce to inform those still holding out that the war was officially over; tragically, he was hacked to death by a sword-wielding officer. Ultimately, this stubbornness led to catastrophic consequences: about 3,000 defenders were killed, blasted and burned, before a small number finally capitulated. Additionally, advanced detachments of General Beloborodov's 1st Red Banner Army reached Shangzhi before continuing towards Harbin, and forward elements of General Krylov's 5th Army pushed on toward Jilin. General Chistyakov's 25th Army commenced disarming General Murakami's 3rd Army, while the 10th Mechanized Corps advanced rapidly westward, crossing the Laoilin Mountain passes to arrive at Tunhua by nightfall. Over in North Korea, the 335th Rifle Division successfully landed in Chongjin, as General Kabanov's Southern Defense Region prepared for an assault on Gensan. In South Sakhalin, despite the surrender of the 125th Regiment and ongoing negotiations with General Mineki's 88th Division, Soviet forces opted to proceed with the planned landing at Maoka. Consequently, Admiral Andreyev's Northern Pacific Flotilla departed from Sovetskaya Gavan in the morning, carrying the bulk of the 113th Rifle Brigade along with a battalion of marines for the long and challenging voyage to Maoka. On Shumshu Island, as General Gnechko's forces were landing their artillery to renew their assault, Japanese officers unexpectedly approached the Soviets under flags of truce, carrying a letter from General Tsutsumi proposing negotiations for surrender. Representatives from both sides began discussions, and by 6 PM, the 91st Division formally surrendered the garrisons of Shumshu, Paramushir, and Onekotan. On August 20, Gnechko dispatched a small detachment on six vessels to seize control of the airfield at Kataoka. However, as they crossed the Second Kuril Strait, batteries on both sides of the narrow waterway opened heavy fire on the Soviet ships, forcing them to withdraw. This breach of the surrender agreement sparked a renewed offensive at 1 PM, coordinated with air strikes. The bases at Kataoka and Kashiwabar were bombed by 61 aircraft, which dropped over 200 bombs, enabling ground troops to push forward up to six kilometers. It was not until General Tsutsumi intervened that the Soviets were assured the Japanese would indeed lay down their arms. Meanwhile, Andreyev's convoy arrived at Maoka harbor on the morning of August 20, successfully landing the first wave of marines amid heavy fog. They quickly spread out and secured the area while the second and third waves of infantry followed behind. By noon, the port area was secured, and the marines began advancing eastward into the city, supported by infantry on their flanks. Taken by surprise, the Japanese defenders were ultimately compelled to retreat, with the 113th Rifle Brigade pursuing them through the mountains to the villages of Futamata and Osaka. In Manchuria, between August 20 and 21, Vasilevsky's units continued their advance to occupy the region's main centers. Stalin urged for greater speed, fearing that any delay might prompt President Truman to order General MacArthur's air-naval assault forces to land there. Notably, Pliyev's first column successfully captured Kalgan, while his second column moved south toward Beijing, securing Gubeikou at the border. Located in one of the passes through the Great Wall, marking the border between Manchukuo and China, the town was garrisoned by Japanese units. These forces surrendered upon the approach of the Soviet troops, who then quickly advanced toward Beijing, about 100 kilometers away. Although not the former capital itself, this area was under the control of Chinese Communist forces known as the 8th Route Army, who aligned with the Soviets. Generalissimo Chiang Kai-Shek was acutely aware that any Japanese capitulation to the Communists in northern China would allow the latter to occupy vital territories, making their removal difficult. Consequently, he commanded the 8th Route Army not to accept any Japanese surrenders, insisting they only surrender to Nationalist forces, with dire punishments threatened for defiance. Adding to the complexity, the Soviet Union and China had signed the Sino-Soviet Treaty of Friendship and Alliance, discussed at Yalta, just six days earlier on August 14. This treaty promised mutual respect for sovereignty and non-interference in each other's internal affairs. The Soviets had also committed to providing “moral support and aid in military supplies and other material resources” exclusively to the National Government as the legitimate central authority of China. Thus, a significant political and military predicament loomed. However, the Soviets quickly extricated themselves from this situation when Malinovsky issued an order forbidding Pliyev's forces from crossing the border. As Pliyev recounted, his formations were poised just halfway between Chengde and Beijing, needing “only one 'leap' to the Chinese capital.” He noted, “I had to suspend the offensive and move north beyond the Great Wall.” Units from the 6th Guards Tank Army occupied both Changchun and Mukden, initiating a rail movement towards Port Arthur and Dairen. For those curious, at Pingfan and Changchun, General Shiro Ishii and the remaining personnel from Units 731 and 100 were captured by Soviet forces. In a tragic turn of events, all test subjects were murdered and cremated, while the Japanese attempted to destroy evidence of their facilities but were unable to do so in time. Following their capture, the Soviets launched an extensive campaign to uncover the secrets behind Units 731 and 100, leading to the Khabarovsk Trial. If you want to learn more about what I would call “japans operation paperclip”, the secret dealings between Unit 731 and the Allies after the war, I did make an episode about it over on my patreon. Its pretty gruesome stuff so big disclaimer there.' The Soviets arrived to Dairen on 24 August, although these places had surrendered to air-landed forces two days earlier. This was, no doubt, much to the relief of Stalin, as these were amongst the main locations where he most feared American intervention. Indeed, on the day of the landing he had told Vasilevsky to ‘keep in mind' the fact that any delay could mean ‘Truman will order General MacArthur to land his naval assault forces'. The long-resisting 135th Independent Mixed Brigade finally surrendered at Aihun, while advanced units of the 2nd Red Banner Army secured Nencheng and Peian before pushing towards Tsitsihar and Harbin. Forward detachments from the 15th and 1st Red Banner Armies also reached the already-occupied Harbin. Furthermore, advanced units of the 5th and 25th Armies arrived in Jilin to reinforce the air-landed detachment there. Additionally, units from the 88th Rifle Corps and the 10th Mechanized Corps began their southward movement into Korea, heading toward the 38th Parallel. In North Korea, Kabanov dispatched a marine battalion and other units, totaling around 2,000 men, to occupy the fortified port of Gensan on August 20. The following morning, the landing force arrived and disembarked without opposition. However, the Japanese garrison refused to surrender until orders from higher command were received. Meanwhile, Japanese troops began to peacefully surround the harbor area, while Soviet sailors and marines, in a similarly calm manner, took up their defensive positions. As Kabanov noted, “An incomprehensible situation arose, neither peace nor war. The enemy has numerical superiority, but he neither fights nor wants to capitulate.” Unsurprisingly, he added, “the night passed in suspense.” The surreal situation was resolved when Rear Admiral Hori Yugoro and Colonel Tado boarded the frigate EK-3 to meet with Captain Studenichnikov on the morning of August 22. During their discussions, they attempted to negotiate terms, but the Soviet captain issued a bold threat of an immediate large-scale air strike and the initiation of hostilities at the port unless they surrendered unconditionally. While the latter was likely an empty threat, the Japanese officers signed the surrender agreement nonetheless. The process of surrendering the garrison began that evening and continued until August 26. In total, the Soviets captured more than 7,000 officers and men, along with all their military equipment. Looking toward the northern Kuriles, Japanese forces on Shumshu finally began to lay down their weapons on the afternoon of August 22, as Gnechko's units spread out to secure the island. In Manchuria, airborne detachments were also landed at Dairen and Port Arthur to secure these key administrative centers before the Americans could take control. Vanguard units of the 6th Guards Tank Army arrived to reinforce them two days later. Meanwhile, in South Sakhalin, heavy fighting persisted at Futamata despite Mineki's ceasefire agreement on August 22. Soviet air strikes supported the ground forces when weather conditions allowed, and the Japanese finally surrendered by the nightfall of August 23. At the same time, Andreyev dispatched three marine battalions on a small convoy to capture Otomari. However, a fierce storm forced the flotilla to seek refuge in the port of Honto on the morning of August 24. Once the storm subsided that evening, the force left a company of marines to garrison the port and resumed their voyage to Otomari, arriving there on the morning of August 25, just as elements of the 113th Rifle Brigade reached the eastern outskirts of the city. By noon, the 88th Division surrendered, and the city was secured. Shortly after, the 214th Tank Brigade arrived at Toyohara to secure South Sakhalin's administrative center. Thus, the South Sakhalin operation concluded with nearly 18,320 Japanese soldiers taken prisoner. Yet, this wouldn't mark the end of operations for General Cheremisov's 16th Army. Stalin pushed for the 87th and 135th Rifle Brigades, along with three marine battalions, to assemble at Otomari and execute amphibious landings on the southern Kurile Islands, specifically, Etorofu, Shikotan, and Kunashiri, and the islets of the Habomai group. The failure to include the Kuril Islands in the areas designated for surrender to Soviet forces in Truman's General Order No. 1, originally issued on August 15, exacerbated Stalin's inherent suspicions regarding American intentions. Consequently, Vasilevsky was instructed to organize landings on the Kurils, ensuring that, similar to Port Arthur, Soviet occupation would manifest physically through boots on the ground. Despite Truman's subsequent correction of the omission, mistrust endured, as did the directive to occupy the islands. However, where Stalin hesitated was concerning Hokkaido. Truman's somewhat abrupt rejection of Stalin's demand for a portion of Hokkaido undoubtedly irritated the Soviet dictator, yet he chose not to take further action. Scholarly debates have arisen around the rationale behind Stalin's ‘retreat.' When viewed within the framework of his stated geostrategic goal of securing the Soviet Union's sea lines of communication in the Pacific, it becomes understandable. Churchill once likened the Soviet Union's challenges in this regard to those of a “giant with his nostrils pinched.” A look at the map reveals that control of the Kurils would significantly alleviate this pressure in the Far East, making their acquisition crucial. Similarly, occupying southern Sakhalin would allow the Soviet Union to control the northern side of the La Pérouse Strait, which connects the Sea of Japan to the Sea of Okhotsk. The strait's opposite shore is formed by the northern coast of Hokkaido, and possessing this area would undeniably enhance the security of communications and is therefore highly desirable. However, any unilateral action in this regard would incur a significant and public breach with the Americans, the consequences of which could not be easily predicted. Given that Stalin's claim to the Kurils was firmly based on the agreement reached at Yalta, an agreement which Truman honored, his choice to avoid completely rupturing relations with the U.S. was motivated by strategic self-interest. Consequently, Andreyev's flotilla, carrying these units, departed Otomari on August 27, reaching the west coast of Etorofu at 3:15 AM on August 28. The landing, conducted using small boats, went unopposed and was met by the surrender of General Ogawa's 89th Division. The occupation of the other islands was also peaceful, with the Soviets securing Kunashiri by September 2, and Shikotan and the Habomai islets by September 5. The remaining northern Kurile Islands surrendered without incident as elements of Gnechko's Kamchatka forces arrived at Paramushir on August 24, Onekotan and Shiashkotan on August 25, Matsuwa by August 26, Shimushiru on August 27, and Uruppu by August 29. In total, 63,840 prisoners were taken throughout the Kuriles. On August 24, air-landed detachments arrived at the cities of Pyongyang and Kange to secure the last administrative centers in North Korea. Two days later, units of the 25th Army reached Gensan. With this move, albeit with some geographical liberties, Chistyakov asserted that "the troops of the 25th Army, on the orders of Marshal Meretskov, reached the 38th Parallel.” In the days that followed, units of General Kushibuchi's 34th Army gradually began to surrender and disarm. Finally, in Manchuria, most of Yamada's units had surrendered and were being disarmed. However, one unit continued to resist until the end of the month. The bypassed and encircled 107th Division was engaged in fierce fighting for survival against the 94th Rifle Corps. Due to a lack of communication with Kwantung Army Headquarters, they did not receive any ceasefire orders. As a result, a staff officer from General Iida's 30th Army was dispatched by plane to locate the division and deliver the ceasefire orders. The 107th Division was found near Chalai, and the plane made a forced landing between the Japanese troops and the opposing Soviet forces. The staff officer successfully delivered the orders terminating hostilities in that sector on August 30, which the Japanese troops promptly complied with. By September 1, units of the 53rd Army occupied Kailu, Chaoyang, Fuhsin, and Gushanbeitseifu, while forward detachments secured the Chinchou area on the Liaotung Peninsula. This marked the conclusion of the Manchurian campaign, with the Soviets claiming to have captured between 594,000 and 609,000 prisoners of war across Inner Mongolia, Manchuria, and North Korea. The captured Japanese military personnel were subjected to forced labor in Siberian internment camps, as well as camps in Sakhalin, Manchuria, Kazakhstan, Uzbekistan, and Mongolia. A significant number were assigned to the construction of the Baikal-Amur Mainline. Unfortunately, the treatment of prisoners of war was deemed inhumane and mishandled. Many suffered from malnutrition, overwork, cave-ins, floods, unsanitary working conditions leading to epidemics, harsh winter weather, violent guards, and brutal suppression of even mild resistance. Disturbingly, some Japanese prisoners were even lynched by their fellow captives. Estimates suggest that between 60,000 and 347,000 Japanese died in captivity. Although 18,616 prisoners were released in 1946, the process of repatriating prisoners of war extended into the 1950s. Those who remained after 1950 were detained for various convictions. However, their release began in 1953 under different amnesties. Following Josef Stalin's death and the subsequent Khrushchev Thaw, the Soviet attitude toward the remaining Japanese prisoners shifted significantly. Accompanied by Soviet officials, they were taken on tours of cities and allowed to purchase gifts for their families. Before repatriation, a banquet in Khabarovsk, hosted by Nikolai Gagen, included high-ranking prisoners such as Jun Ushiroku as attendees. The last major group of 1,025 Japanese POWs was released on December 23, 1956. After that, some Japanese POWs were released in small groups, with some only returning in the 1990s following the collapse of the Soviet Union. Interestingly, some prisoners who had been held for decades, many of whom had married and started families during their captivity, chose not to return permanently to Japan. The Soviets committed numerous war crimes during their invasion and occupation of Manchuria and other Japanese territories. During the invasion, Soviet soldiers killed and raped Japanese civilians and looted civilian property. Following the Soviet invasion of Manchuria on August 9, 1945, a large number of Japanese citizens residing in the region sought to repatriate to Japan. The Supreme Commander for the Allied Powers supervised this mass movement and, in October 1945, delegated responsibility to Japan's Ministry of Health and Welfare. The Kwantung Army, which was meant to protect the Japanese settlers in Manchuria, quickly retreated and abandoned them. With most able-bodied men drafted into the army, the majority of those left behind were women, children, and the elderly, rendering them highly vulnerable to attacks from Soviet soldiers and local Chinese seeking revenge.In Soviet-occupied Manchuria and North Korea, the repatriation of Japanese civilians was characterized by violent expulsions, accompanied by widespread looting, mass killings, and rampant sexual violence perpetrated by both Soviet soldiers and local populations seeking retribution. Many Japanese civilians succumbed to starvation, disease, mass killings, and mass suicides. Approximately 223,000 Japanese civilians residing in the Soviet-occupied zones died, most within a year and a half after August 9, 1945. Regarding the extensive rape of Japanese women and girls by Soviet soldiers, a former Japanese soldier, Wakatsuki Yoshio, detailed these grim experiences in his memoir, The Records of Postwar Repatriation “What word can possibly describe the violence committed by the Soviet soldiers on Japanese women? I can only think of the word “hideous”. The victim could be a girl of twelve or thirteen years old or an old lady of almost seventy years old. These soldiers did not choose the sites where they raped them, in public, in broad daylight, even on snow-covered roads”. The Soviet invasion of Manchuria in 1945 left many Japanese women stranded after their male family members were either conscripted or killed. These women, including young girls, endured severe hardships, facing gang rapes by Soviet soldiers and local Chinese militia groups. In a desperate effort to survive, many were forced to marry Chinese men, either out of necessity or in exchange for assistance in repatriating their remaining family members. Disturbingly, some victims were as young as thirteen. Some women were held in groups and subjected to repeated sexual violence over extended periods. In certain instances, to ensure the safety of the group, members of the Japanese community offered women to their perpetrators. There were also reports of women voluntarily submitting themselves to protect their families, younger peers, or others in their communities. After Japan's defeat in 1945, leaders of the Kurokawa Settler Group in Manchuria offered approximately 15 young women, aged 17 to 21, to Soviet soldiers in exchange for protection. This tragic practice continued from September to November 1945, with some of the women later being offered to Chinese soldiers as well. With no protection from Japanese soldiers, Japanese women often had to devise unique strategies to avoid rape. Memoirs from female repatriates detail various escape tactics. Some women hid in attics every night, narrowly avoiding capture or even gunfire. Others managed to trap intruders in rooms before fleeing or bribed Soviet soldiers with valuables, such as wristwatches, to secure their escape. Notably, some women, particularly former geisha and bar workers, voluntarily went with Soviet soldiers to protect others. These women were referred to as tokkōtai (kamikaze) for their self-sacrifice. Additionally, it wasn't just Japanese women who suffered; Korean and Chinese women were also victims of sexual violence at the hands of various perpetrators in Manchuria. British and American reports indicate that Soviet Red Army troops looted and terrorized the local population in Shenyang, a city in Manchuria. A foreign witness described how Soviet troops, formerly stationed in Berlin, were permitted by the Soviet military to enter Shenyang for "three days of rape and pillage." In Harbin, Soviet forces ignored protests from leaders of the Chinese Communist Party regarding the widespread mass rape and looting committed by their troops. In the immediate aftermath of the war in 1945, in areas of Manchuria occupied by the National Revolutionary Army, 176 Koreans were killed, 1,866 were injured, 3,468 were detained, and 320 were raped by armed Chinese mobs. The attacks against Korean residents in Manchuria were believed to stem from a perception of Korean collaboration with Japanese colonial rule. One of the most infamous instances was the Gegenmiao massacre. On August 10 and 11, Xing'an was bombed, nearly destroying its urban functions. It is estimated that 3,000 of the 4,000 civilians. Anticipating the Soviet invasion, Xing'an had prepared an evacuation plan divided into three groups based on residential area and workplace. The Kwantung Army, however, failed to inform the General Office officials about their retreat. As a result, residents in the eastern area, many of whom were self-employed or office workers, had difficulty obtaining information and securing transportation, while those in the western area had military personnel who were first to learn of the situation. Some of the civilians with a handful of armed men had proceeded on foot towards Gegenmiao Township, about 35 kilometers southeast of Xing'an Street, to wait for a train at Gegenmiao Station and then evacuate to Baichengzi. They aimed to receive protection from the Kwantung Army in Baichengzi. Around 11:40 AM on August 14 in the vicinity of Gegenmyo Hill, where a Lamaist temple was located, they encountered an infantry unit consisting of 14 Soviet medium tanks and 20 trucks. The column reportedly stretched for two kilometers, with about a hundred survivors among them. Soviet troops launched an attack from the hilltop, deploying tanks with machine-gun fire. The tanks attacked multiple times, and when they ceased, Soviet soldiers disembarked and ruthlessly shot and bayoneted survivors. Many who escaped death from gunfire were still severely injured or witnessed family members being killed. Some were left holding their loved ones or chose to commit suicide. It is estimated that only about a hundred survivors were later confirmed, including nearly 200 schoolchildren from the Xing'an Street Zaiman National School. Kwantung Army units, which were supposed to escort the civilians and counterattack, had already retreated southward. Even after the Soviet soldiers left, sporadic gunfire continued, presumably due to suicides. Local residents began to plunder the bodies, stripping them of clothes and valuables. Others drowned in the river while attempting to escape. Reports tell of one woman who had her child killed by Soviet soldiers, only to later face an attack from Chinese militia, who stripped her of her clothes and mutilated her. Surviving mothers and children were also attacked, and those separated were often taken by the Chinese. At the time, it was common for Japanese boys to be sold for 300 yen and girls for 500 yen. Some survivors gathered together and began committing mass suicide, killing those who wished to end their lives. Others expressed intentions to form a death squad with rifles for revenge but ultimately did not resist.   After the war ended on August 15, attacks on displaced persons continued. A 12-year-old girl who joined a group of about ten women after the incident reported that they were attacked and robbed, taking over a week to reach Zhenxi Station, 10 kilometers from Gegenmiao Station. The women sought shelter in an abandoned house near the station but were discovered by Soviet soldiers that night who assaulted them until midnight. Afterward, the soldiers piled dry grass into the house, setting it ablaze in an attempt to burn the women alive. The girl and her sister managed to escape through a window, but many others could not flee in time due to the fire's rapid spread. The girl was forced to live as a residual orphan afterward. Fortunately, some Chinese, Mongolians, and Koreans provided food for the survivors, with some Chinese showing kindness towards the children. Those orphaned children, whose parents had been killed, became known as residual orphans, with about 30 in this unfortunate situation. Many women were forced to become residual women as well. Tragically, around 200 students from a local school, including the headmaster and his wife, were killed during this chaos. Some historians believe the attack stemmed from Soviet soldiers mistaking the refugees for armed Japanese troops because men within the group were carrying firearms for protection. In general, displaced persons at this time often carried small weapons like rifles, and some groups were even armed with light machine guns. In the pioneer groups, women sometimes participated in fighting against bandits, and in the Sado pioneer group incident, children above the fifth grade were forced into combat, regardless of gender. There may also have been prior skirmishes with other Japanese civilian groups before the war's end, further complicating the situation as the Soviet Army, which included female soldiers, may have regarded these mixed civilian and armed groups as a threat. According to Soviet military combat records, on August 14, the Soviet 17th Guards Rifle Division, 19th Guards Rifle Division, 91st Guards Rifle Division, and 61st Tank Division were stationed northwest of Gezhne Temple, but there was no combat activity in the area. On August 15, this unit advanced toward Bai Chengzi and occupied Bai Chengzi Station, which was then taken over by tanks from the 61st Tank Division. Despite extensive documentation, nothing about this incident was revealed until 2014 during the process of perestroika. Reports from British and American sources indicate that the 700,000 Soviet troops occupying Manchuria also terrorized and looted the local population in Mukden. They were not deterred by Soviet authorities and engaged in what was described as "three days of rape and pillage," with similar atrocities occurring in Harbin and across the country. Amid the mass repatriation of Japanese civilians living in the region, Japanese women in Manchuria faced repeated sexual violence at the hands of Russian soldiers every day. In North Korea, it was similarly reported that Soviet soldiers raped both Japanese and Korean women. Additionally, Soviet soldiers looted the property of Japanese, Chinese, and Koreans residing in Manchuria and North Korea. I would like to take this time to remind you all that this podcast is only made possible through the efforts of Kings and Generals over at Youtube. Please go subscribe to Kings and Generals over at Youtube and to continue helping us produce this content please check out www.patreon.com/kingsandgenerals. If you are still hungry after that, give my personal channel a look over at The Pacific War Channel at Youtube, it would mean a lot to me. Amid chaotic surrenders, Emperor Hirohito accepted defeat, but Soviet advances continued relentlessly. As they pushed deeper, the Soviets captured key cities, including Harbin, while Japan's soldiers and civilians struggled for survival against the onslaught. War crimes committed by Soviet troops added to the tragedy, with rampant violence against Japanese civilians. Amidst political tensions, the Soviets secured territory, culminating in the surrender of remaining Japanese forces. The grim conclusion of this campaign marked a profound shift in the power dynamics of East Asia and paved the way for post-war ramifications.

Today's show features: Jason Villa, General Manager of Vanguard Kia of Arlington Cliff Banks, President & Founder of The Banks Report & AUTOVATE.org This episode is brought to you by: Haig Partners – Public retailers cite it. National media trusts it. Dealers rely on it. The Haig Report® sets the standard for dealership M&A data and trends in auto retail. Read it at https://haigpartners.com/Haig-Report/. — Check out Car Dealership Guy's stuff: CDG News ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://news.dealershipguy.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ CDG Jobs ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://jobs.dealershipguy.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ CDG Recruiting ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.cdgrecruiting.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ My Socials: X ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.twitter.com/GuyDealership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/cardealershipguy/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.tiktok.com/@guydealership⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/company/cardealershipguy/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Threads ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.threads.net/@cardealershipguy⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Facebook ➤ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.facebook.com/profile.php?id=100077402857683⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Everything else ➤⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ dealershipguy.com

Can you lower your tax burden with a trust? Tax is a large detractor from your total return, can this structure help? Mark and Shani discuss the investors that it may suit and those that it won't. Listen to this before committing, as the establishment and maintenance fees for trusts can put you on the back foot if it doesn't suit your circumstances.You can find the full article here.A message from Mark and ShaniFor the past five years, we've released a weekly podcast to arm you with the tools to invest successfully. We've always strived to provide independent, thoughtful analysis, backed by the work of hundreds of researchers and professionals at Morningstar.We've shared our journeys with you, and you've shared back. We've listened to what you're after and created a companion for your investing journey. Invest Your Way is a book that focuses on the investor, instead of the investments. It is a guide to successful investing, with actionable insights and practical applications.The book is currently in presale which is an important time to build momentum. If anyone would like to support this project you can buy the book now. Thanks in advance!Purchase from Amazon or Purchase from BooktopiaIn this week's edition of Unconventional Wisdom, Mark explores whether dividends are the answer for investors, and specifically retirees. Many members of the Morningstar community have shared that the reliable passive income provides them peace of mind. He explores how dividends can bring this for investors, but also improve living standards and provide retirement certainty by reducing longevity and sequence of returns risk. In the next instalment of Bookworm, Joseph turns to the writing of value investing legend Marty Whitman for insight. Joseph highlights Whitman's unusually consistent approach to stock selection over the decades, and looks at how ignoring short-term performance versus benchmarks could unlock a long-term investing edge. In this week's edition of Future Focus, Shani looks at new research from Vanguard regarding how you can improve your retirement income by up to 50%. Many retirees focus on overspending in retirement, but there is a real risk of underspending. Shani runs through the factors that investors need to consider to find the right balance between quality of life and longevity of retirement savings.To submit any questions or feedback, please email mark.lamonica1@morningstar.com or leave us a voicemail to feature on the podcast here.Audio Producer and mixer: William Ton. Hosted on Acast. See acast.com/privacy for more information.

[01:05:38] MIT: 95% AI FlopsMIT review finds most enterprise AI deployments failing; Hertz's AI “hallucinations” billed fake damages to customers. [01:25:42] Artificial-Womb RobotsPitch for “pregnancy robots” compared to Brave New World, raising transhumanist fears while basic biology remains unsolved. [01:40:08] FBI Raids John BoltonReports surface of FBI searching Bolton's files over leaks; segues into broader distrust of U.S. intelligence power. [01:42:19] Cracker Barrel ‘Bud Light' MomentRestaurant's Pride rebrand triggers backlash likened to Bud Light; BlackRock/Vanguard's influence cited as driving cultural surrender. [02:18:31] BlackRock, Vanguard & Housing ControlDiscussion on how financial giants like BlackRock and State Street manipulate markets, block ownership, and outbid families on homes. [02:19:10] Mosque Controversy & DNA DebateCriticism of mosque construction in neighborhoods and a deep dive into DNA as evidence of intelligent design versus evolution. [02:23:54] California's AB495 & Parental RightsPastor Jack Hibbs warns about legislation allowing non-parents to take children with affidavits, sparking fears of state-enabled trafficking. [02:33:58] Trump's War Plans on CartelsAnalysis of Pentagon orders for potential U.S. military strikes against Mexican cartels, linked to prohibition's failures and police-state expansion. [02:43:10] Gaza Starvation & Israel DebateCoverage of starvation in Gaza, Lindsey Graham's defense of Israel, and criticism of U.S. figures like Charlie Kirk and Mike Huckabee defending IDF actions. [03:03:17] Dot-Com 2.0 WarningGerald Celente predicts the AI boom will collapse like the 2000 dot-com bust, with major consequences for stocks and gold. [03:05:38] Rate Cuts, Gold PopPowell signals rate cuts; markets jump as gold surges, reflecting inflation fears and a weaker dollar. [03:20:15] NAFTA/WTO Job DrainNAFTA and China's WTO entry blamed for offshoring U.S. jobs; robots seen as a future, but slower, replacement threat. [03:22:35] Stablecoin Power PlayDiscussion of Trump-world's stablecoin push and new legislation seen as paving the way for a surveillance-ready digital economy. [03:39:49] Kushner ‘Desert' RemarkKushner quoted suggesting Palestinians be pushed into the desert; plans for a “Middle East Riviera” called genocidal. [03:41:04] Why Fund Harvard?Criticism of Harvard's massive endowment and federal subsidies while the university pivots investments into gold. [03:41:50] ‘Fascism' & Peace RallyClosing segment brands America as corporate-state fascism and promotes an upcoming peace and freedom rally. Follow the show on Kick and watch live every weekday 9:00am EST – 12:00pm EST https://kick.com/davidknightshow Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHTFind out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

[01:05:38] MIT: 95% AI FlopsMIT review finds most enterprise AI deployments failing; Hertz's AI “hallucinations” billed fake damages to customers. [01:25:42] Artificial-Womb RobotsPitch for “pregnancy robots” compared to Brave New World, raising transhumanist fears while basic biology remains unsolved. [01:40:08] FBI Raids John BoltonReports surface of FBI searching Bolton's files over leaks; segues into broader distrust of U.S. intelligence power. [01:42:19] Cracker Barrel ‘Bud Light' MomentRestaurant's Pride rebrand triggers backlash likened to Bud Light; BlackRock/Vanguard's influence cited as driving cultural surrender. [02:18:31] BlackRock, Vanguard & Housing ControlDiscussion on how financial giants like BlackRock and State Street manipulate markets, block ownership, and outbid families on homes. [02:19:10] Mosque Controversy & DNA DebateCriticism of mosque construction in neighborhoods and a deep dive into DNA as evidence of intelligent design versus evolution. [02:23:54] California's AB495 & Parental RightsPastor Jack Hibbs warns about legislation allowing non-parents to take children with affidavits, sparking fears of state-enabled trafficking. [02:33:58] Trump's War Plans on CartelsAnalysis of Pentagon orders for potential U.S. military strikes against Mexican cartels, linked to prohibition's failures and police-state expansion. [02:43:10] Gaza Starvation & Israel DebateCoverage of starvation in Gaza, Lindsey Graham's defense of Israel, and criticism of U.S. figures like Charlie Kirk and Mike Huckabee defending IDF actions. [03:03:17] Dot-Com 2.0 WarningGerald Celente predicts the AI boom will collapse like the 2000 dot-com bust, with major consequences for stocks and gold. [03:05:38] Rate Cuts, Gold PopPowell signals rate cuts; markets jump as gold surges, reflecting inflation fears and a weaker dollar. [03:20:15] NAFTA/WTO Job DrainNAFTA and China's WTO entry blamed for offshoring U.S. jobs; robots seen as a future, but slower, replacement threat. [03:22:35] Stablecoin Power PlayDiscussion of Trump-world's stablecoin push and new legislation seen as paving the way for a surveillance-ready digital economy. [03:39:49] Kushner ‘Desert' RemarkKushner quoted suggesting Palestinians be pushed into the desert; plans for a “Middle East Riviera” called genocidal. [03:41:04] Why Fund Harvard?Criticism of Harvard's massive endowment and federal subsidies while the university pivots investments into gold. [03:41:50] ‘Fascism' & Peace RallyClosing segment brands America as corporate-state fascism and promotes an upcoming peace and freedom rally. Follow the show on Kick and watch live every weekday 9:00am EST – 12:00pm EST https://kick.com/davidknightshow Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHTFind out more about the show and where you can watch it at TheDavidKnightShow.com If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

This episode is all about answering your investing questions. We start out by breaking down the financial details of a stock quote then discuss some good ways to track returns in your portfolio. We answer a question about investing in bonds for the first time, then discuss if it is worth investing in gold. We answer a questions about investing in private equity, then tackle tax loss harvesting and some changes at Vanguard regarding spec ID. Today's episode is brought to us by SoFi, the folks who help you get your money right. Paying off student debt quickly and getting your finances back on track isn't easy, but that's where SoFi can help — they have exclusive, low rates designed to help medical residents refinance student loans—and that could end up saving you thousands of dollars, helping you get out of student debt sooner. SoFi also offers the ability to lower your payments to just $100 a month* while you're still in residency. And if you're already out of residency, SoFi's got you covered there too. For more information, go to https://www.whitecoatinvestor.com/Sofi SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. Additional terms and conditions apply. NMLS 696891. The White Coat Investor has been helping doctors, dentists, and other high-income professionals with their money since 2011. Our free personal finance resource covers an array of topics including how to use your retirement accounts, getting a doctor mortgage loan, how to manage your student loans, buying physician disability and malpractice insurance, asset allocation & asset location, how to invest in real estate, and so much more. We will help you learn how to manage your finances like a pro so you can stop worrying about money and start living your best life. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you! Find 1000's of written articles on the blog: https://www.whitecoatinvestor.com  Our YouTube channel if you prefer watching videos to learn: https://www.whitecoatinvestor.com/youtube  Student Loan Advice for all your student loan needs: https://studentloanadvice.com  Join the community on Facebook: https://www.facebook.com/thewhitecoatinvestor  Join the community on Twitter: https://twitter.com/WCInvestor  Join the community on Instagram: https://www.instagram.com/thewhitecoatinvestor  Join the community on Reddit: https://www.reddit.com/r/whitecoatinvestor  Learn faster with our Online Courses: https://whitecoatinvestor.teachable.com  Sign up for our Newsletter here: https://www.whitecoatinvestor.com/free-monthly-newsletter 

Not all financial advisors are created equal. Before you hire one, make sure you're asking the right questions. Use my structured interview worksheet to compare advisors and avoid costly mistakes. Get it free.     Vanguard's Advisor's Alpha framework just turned 25—and few people know its impact better than Fran Kinniry, the study's original architect. In this episode, we explore how Advisor's Alpha reshaped the value of financial advice, why its lessons are more relevant than ever, and what it means for investors today. Listen now and learn: ► The hidden costs that quietly erode portfolio returns ► Why after-tax wealth matters more than pre-tax gains ► How advisors act as “behavioral circuit breakers” in volatile markets ► The overlooked complexity of turning a portfolio into retirement income   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   (02:30) The Origins of Advisor's Alpha  (05:00) Three Transformative Shifts in Financial Advice (15:00) Investment Selection and Market Cap Awareness  (22:00) The Complexity of Retirement Income Planning (26:00) Total Return vs. Income-Only Investing  (29:00) Why Professional Financial Advice Still Matters (33:00) Closing Thoughts    Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

When you think about making a Kingdom impact, your checking or savings account probably isn't the first thing that comes to mind. But what if it should be?Most of us view our bank account as a simple holding place for our money—a safe spot until we're ready to spend, give, or invest. However, the truth is that your money is never truly at rest. Banks utilize those deposits daily to fund loans, support business ventures, and invest in various projects. That's standard practice. But here's the exciting part: you can actually choose a banking institution that uses your money to support Kingdom work.Let's unpack how your everyday banking decisions could be part of something far bigger than you imagined.Banking That Builds the KingdomWhen you bank with a faith-based financial institution—one that's intentionally aligned with biblical stewardship—you allow your money to participate in Kingdom work, even when you're not actively spending or giving. Your checking account. Your savings. Even your emergency fund. All of it can be part of something bigger.Imagine this:A pastor receives a home loan.A new Christian school opens in an underserved community.A clean water project is funded overseas.And all of it is quietly supported by everyday people like you, simply choosing to bank where their values are reflected.That's the vision behind Christian Community Credit Union (CCCU)—a trusted partner of Faith & Finance. CCCU offers all the modern banking tools you'd expect: online access, mobile apps, competitive rates, and more. But their mission is different. It's rooted in biblical stewardship.When you open an account with CCCU, your deposits don't just sit—they serve. Since its founding, CCCU has helped fund:Church construction and renovationsMinistry and mission expansionsAffordable housing and clean water projectsLoans for pastors, missionaries, and Christian organizationsAnd they've donated more than $6.5 million to Kingdom causes around the world.Small Deposits, Big ImpactYou might be thinking, “That's great—but I don't have a lot in savings. Would it really make a difference?”Absolutely. In God's Kingdom, impact isn't measured by dollar amounts—it's measured by faithfulness.Remember the boy in John 6 who brought five loaves and two fish? It seemed small. But in the hands of Jesus, it fed more than 5,000. The same principle applies here: when you offer what you have—however modest—it becomes part of something miraculous. Banking with CCCU is a way to say, “Lord, use even this for your glory.”At Faith & Finance, we frequently discuss how we earn, give, and spend. But there's a space in between—where your money simply rests. And even that space matters.Because while your money is sitting, it's still doing something. The question is: what is it doing? Is it funding what you believe in—or what you don't? Aligning your bank account with your faith is a practical, quiet form of stewardship. It doesn't require financial expertise—just a desire to honor God in every area of your life.Ready to Take the Next Step?If you're looking for a simple yet meaningful way to bring your money into greater alignment with your faith, Christian Community Credit Union (CCCU) is a great place to start.They offer:Full-service bankingCompetitive productsA clear commitment to biblical valuesReal-world impact for the gospelTo learn more or open an account, visit: FaithFi.com/Banking. Your everyday banking can be more than routine. It can be redemptive.On Today's Program, Rob Answers Listener Questions:I'm retiring next year and want to know if I can still contribute to a Roth IRA, what income limits apply, and what taxes I'll owe when I start making withdrawals.I have significant credit card debt and want to know if debt relief programs align with biblical principles. Is there a way to get help paying off my debt without being unethical?I'm on disability and keep tapping my emergency fund for unexpected expenses. How can I actually build savings when something seems to come up every month?I have $4,000 in a Discover Bank savings account earning 3.5% interest. Should I move it to my Vanguard account? Also, what's the purpose of the settlement fund in Vanguard that doesn't seem to be doing anything?I receive my late husband's Social Security survivor benefits, and next year I'll begin receiving his pension. Will the pension reduce my Social Security benefit?I recently refinanced my home and paid off my credit cards. Is it better to make my mortgage payment once a month or split it into two payments each month?Resources Mentioned:Faithful Steward: FaithFi's New Quarterly Magazine (Become a FaithFi Partner)Christian Community Credit Union (CCCU)Christian Credit CounselorsWisdom Over Wealth: 12 Lessons from Ecclesiastes on MoneyLook At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

This lively episode of Talking Real Money features trivia-packed investing fun, smart listener questions, and sharp commentary from Don and Tom. They dive into a Wall Street Journal quiz on investing genius, exploring surprising historical returns and market myths. Listener calls span a range of financial planning topics—from special needs trusts and Roth IRAs for kids to emergency fund placement and ETF selection. 0:04 Don and Tom banter about working weekends and boomers in the office 1:55 Wall Street Journal quiz: Are you a stock market genius? 3:20 Which stock created the most wealth in 100 years? (Hint: it wasn't Apple) 4:19 Why Altria (Philip Morris) beat the rest 5:31 Berkshire Hathaway drops 99%—would Buffett still beat the market? 6:37 Show mission: make investing simple, not complex 8:28 Caller Valerie: Investing for a daughter with disabilities using Vanguard ETFs 10:24 Portfolio review and discussion of special needs trusts 11:20 Structuring brokerage accounts with trust beneficiaries 13:31 Caller Steve: Roth IRAs for sons, target date vs. all-equity funds 14:36 Tom critiques Schwab's target date funds—Vanguard preferred 16:20 Future value of $10K over 50 years at 10%—retirement math 17:20 Caller Sam: Can he gift stock into a Roth IRA? (Spoiler: No, but workarounds exist) 18:59 Economist “Felicity Foresight” exercise—guess the ending balance after 100 years of perfect timing 20:34 The shocking power of compound returns: $10 quintillion 22:15 Geography jokes, the U.S. “Middle East,” and why cruises go to Juneau 23:39 Written Question (Bruce): Keeping emergency funds in a Schwab money market fund 25:10 Online bank trust vs. FDIC insurance—why it's safe 27:51 Don calls Tom a “premature curmudgeon” 28:30 Caller West: Should he add SGOV to his BND bond portfolio? 29:52 BND vs SGOV explained—behavior during rate changes 30:37 Back to WSJ quiz: investing trivia and early company names 31:31 Bezos almost named Amazon “Kadabra”; Google was almost “Backrub” 33:20 What's a googol? And why Google isn't even the biggest number 34:48 Shoeshine story: how Joe Kennedy dodged the ‘29 crash 36:39 Caller Diana: Investing for four grandkids—gold coins vs stocks 38:41 Why diversified ETFs beat Boeing stock or gold coins Learn more about your ad choices. Visit megaphone.fm/adchoices

Communion After Dark - features the latest and best in Dark Alternative-Electronic Music. This week's show features music from Till Lindemann, Rotersand, Vanguard, Miss FD, Corlyx, and many more artists from around the world.

On this episode of Crazy Wisdom, host Stewart Alsop speaks with Michael Jagdeo, a headhunter and founder working with Exponent Labs and The Syndicate, about the cycles of money, power, and technology that shape our world. Their conversation touches on financial history through The Ascent of Money by Niall Ferguson and William Bagehot's The Money Market, the rise and fall of financial centers from London to New York and the new Texas Stock Exchange, the consolidation of industries and the theory of oligarchical collectivism, the role of AI as both tool and chaos agent, Bitcoin and “quantitative re-centralization,” the dynamics of exponential organizations, and the balance between collectivism and individualism. Jagdeo also shares recruiting philosophies rooted in stories like “stone soup,” frameworks like Yu-Kai Chou's Octalysis and the User Type Hexad, and book recommendations including Salim Ismail's Exponential Organizations and Arthur Koestler's The Act of Creation. Along the way they explore servant leadership, Price's Law, Linux and open source futures, religion as an operating system, and the cyclical nature of civilizations. You can learn more about Michael Jagdeo or reach out to him directly through Twitter or LinkedIn.Check out this GPT we trained on the conversationTimestamps00:05 Stewart Alsop introduces Michael Jagdeo, who shares his path from headhunting actuaries and IT talent into launching startups with Exponent Labs and The Syndicate.00:10 They connect recruiting to financial history, discussing actuaries, The Ascent of Money, and William Bagehot's The Money Market on the London money market and railways.00:15 The Rothschilds, institutional knowledge, and Corn Laws lead into questions about New York as a financial center and the quiet launch of the Texas Stock Exchange by Citadel and BlackRock.00:20 Capital power, George Soros vs. the Bank of England, chaos, paper clips, and Orwell's oligarchical collectivism frame industry consolidation, syndicates, and stone soup.00:25 They debate imperial conquest, bourgeoisie leisure, the decline of the middle class, AI as chaos agent, digital twins, Sarah Connor, Godzilla, and nuclear metaphors.00:30 Conversation turns to Bitcoin, “quantitative re-centralization,” Jack Bogle, index funds, Robinhood micro bailouts, and AI as both entropy and negative entropy.00:35 Jagdeo discusses Jim Keller, Tenstorrent, RISC-V, Nvidia CUDA, exponential organizations, Price's Law, bureaucracy, and servant leadership with the parable of stone soup.00:40 Recruiting as symbiosis, biophilia, trust, Judas, Wilhelm Reich, AI tools, Octalysis gamification, Jordan vs. triangle offense, and the role of laughter in persuasion emerge.00:45 They explore religion as operating systems, Greek gods, Comte's stages, Nietzsche, Jung, nostalgia, scientism, and Jordan Peterson's revival of tradition.00:50 The episode closes with Linux debates, Ubuntu, Framer laptops, PewDiePie, and Jagdeo's nod to Liminal Snake on epistemic centers and turning curses into blessings.Key InsightsOne of the central insights of the conversation is how financial history repeats through cycles of consolidation and power shifts. Michael Jagdeo draws on William Bagehot's The Money Market to explain how London became the hub of European finance, much like New York later did, and how the Texas Stock Exchange signals a possible southern resurgence of financial influence in America. The pattern of wealth moving with institutional shifts underscores how markets, capital, and politics remain intertwined.Jagdeo and Alsop emphasize that industries naturally oligarchize. Borrowing from Orwell's “oligarchical collectivism,” Jagdeo notes that whether in diamonds, food, or finance, consolidation emerges as economies of scale take over. This breeds syndicates and monopolies, often interpreted as conspiracies but really the predictable outcome of industrial maturation.Another powerful theme is the stone soup model of collaboration. Jagdeo applies this parable to recruiting, showing that no single individual can achieve large goals alone. By framing opportunities as shared ventures where each person adds their own ingredient, leaders can attract top talent while fostering genuine symbiosis.Technology, and particularly AI, is cast as both chaos agent and amplifier of human potential. The conversation likens AI to nuclear power—capable of great destruction or progress. From digital twins to Sarah Connor metaphors, they argue AI represents not just artificial intelligence but artificial knowledge and action, pushing humans to adapt quickly to its disruptive presence.The discussion of Bitcoin and digital currencies reframes decentralization as potentially another trap. Jagdeo provocatively calls Bitcoin “quantitative re-centralization,” suggesting that far from liberating individuals, digital currencies may accelerate neo-feudalism by creating new oligarchies and consolidating financial control in unexpected ways.Exponential organizations and the leverage of small teams emerge as another key point. Citing Price's Law, Jagdeo explains how fewer than a dozen highly capable individuals can now achieve billion-dollar valuations thanks to open source hardware, AI, and network effects. This trend redefines scale, making nimble collectives more powerful than bureaucratic giants.Finally, the episode highlights the cyclical nature of civilizations and belief systems. From Rome vs. Carthage to Greek gods shifting with societal needs, to Nietzsche's “God is dead” and Jung's view of recurring deaths of divinity, Jagdeo argues that religion, ideology, and operating systems reflect underlying incentives. Western nostalgia for past structures, whether political or religious, risks idolatry, while the real path forward may lie in new blends of individualism, collectivism, and adaptive tools like Linux and AI.

In this episode we answer emails from Postmaster, John, and Patrick.  We discuss the ins and outs of managed futures, the outs of international bonds and currency funds, and Risk Parity Chronicles.  Reborn!And THEN we our go through our weekly portfolio reviews of the eight sample portfolios you can find at Portfolios | Risk Parity Radio.Additional Links:Father McKenna Center Donations:  Donate - Father McKenna Center Demystifying Managed Futures Article:  Demystifying Managed Futures AQR.pdfDBMF Video (and link to YouTube channel):  DBMF in Four MinutesMorningstar Article re Alternatives:  How ETF Diversifiers Performed During Market Turmoil | MorningstarRisk Parity Chronicles Shannon's Demon Article:  Shannon's Demon Explainer - by JustinRPC Article re Rebalancings:  Does threshold rebalancing work with leveraged funds?RPC Portfolios:  Overview of the RPC Portfolios - by JustinRPC Subscription Link:  Risk Parity Chronicles | Justin | SubstackBreathless Unedited AI-Bot Summary:Ever wondered how managed futures work and why they're becoming increasingly popular in diversified portfolios? This episode delivers a comprehensive explanation of these powerful but often misunderstood investment vehicles.Managed futures use trend-following strategies (academically called "time series momentum") to profit from price movements across commodities, currencies, interest rates, and equity indexes. Dating back to the 1960s, these strategies challenge efficient market theory by capitalizing on the observation that when prices start moving in a direction, they often continue that trajectory for extended periods.What makes managed futures particularly valuable is their complete lack of correlation with traditional assets like stocks and bonds, combined with their positive skew. Unlike stocks that "go up the stairs and down the elevator," managed futures typically deliver modest returns during normal markets but can produce extraordinary gains during extreme market environments - precisely when conventional investments struggle most. This unique return profile was on full display in 2022 when many managed futures funds gained 20-30% while both stocks and bonds suffered.The democratization of managed futures through ETFs like DBMF, KMLM, and newer offerings from Fidelity and BlackRock has made these institutional-quality strategies accessible to everyday investors at reasonable costs. DBMF, in particular, uses an innovative replication approach to match the performance of the Société Générale CTA Index, functioning somewhat like a Vanguard for the managed futures space.We also discuss why international bond funds make less effective diversifiers than managed futures, share exciting news about the return of Risk Parity Chronicles blog, and review the performance of our eight sample portfolios.Support the show

In this episode, Clay shares John Bogle's timeless philosophy of passively investing in low-cost index funds. Bogle, the founder of Vanguard, helped spark a global movement that has made investing more accessible and cost-effective. Today, Vanguard manages over $10 trillion in assets, and Bogle's simple approach has been adopted by millions worldwide, collectively saving investors trillions of dollars in fees over the years. IN THIS EPISODE YOU'LL LEARN: 00:00 - Intro 03:34 - How John Bogle's index fund philosophy revolutionized investing. 05:46 - Why most active mutual fund managers underperform the S&P 500 over time. 25:11 - How to estimate realistic future returns for the S&P 500. 31:50 - How fees and taxes quietly erode investment returns. 50:23 - Why index funds are easier to hold onto during market crashes. 52:11 - Why Clay chose not to invest in index funds at this point in his investment journey. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. John Bogle's book, The Little Book of Common Sense Investing. Nick Magguilli's book, Just Keep Buying. Related Episode: MI167: The Bogle Effect w/ Eric Balchunas. Related Episode: TIP709: The Art of Long-Term Investing w/ Francois Rochon. Related Episode: TIP734: My Investment Philosophy w/ Clay Finck. Follow Clay on X and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. NEW TO THE SHOW? Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Check out our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠We Study Billionaires Starter Packs⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Follow our official social media accounts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Try our tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance Tool⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Enjoy exclusive perks from our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. SPONSORS Support our free podcast by supporting our ⁠sponsors⁠: SimpleMining Hardblock AnchorWatch Human Rights Foundation Cape Unchained Vanta Shopify Onramp Abundant Mines HELP US OUT! Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Support our show by becoming a premium member! ⁠⁠⁠⁠⁠https://theinvestorspodcastnetwork.supportingcast.fm⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm