The future of energy, transport, sustainability and more, as told by BNEF analysts. Each week, Dana Perkins and Tom Rowlands-Rees sit down with BloombergNEF (BNEF) analysts to uncover the key findings and stories behind their latest research.

Heavy Industry’s Bumpy Path to a Low-Carbon Future

Switched On

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Investment in Industrial Decarbonization Rebounds in 2025: After a decline in 2024, investments in clean industrial projects recovered in 2025, with $22 billion committed in the first nine months—matching the entire previous year's total. This signals companies are pushing forward despite policy uncertainty and economic headwinds, demonstrating renewed momentum in the sector's transition.

US Policy Reversal Creates Major Setbacks: The Trump administration's May 2025 cancellation of $3.8 billion in grants, including $3 billion from the Industrial Demonstrations Program, dealt a significant blow to first-of-a-kind decarbonization projects in cement, chemicals, and glass sectors. This has effectively halted progress on carbon capture and hydrogen-based projects in the US, though some recycling projects continue where economics work without subsidies.

Europe and Asia Lead Policy Support: The European Commission's Clean Industrial Deal committed €100 billion to clean industry and manufacturing, while Germany introduced innovative carbon contracts for difference worth $5-6 billion. Australia announced $5 billion in new initiatives, and Asian markets including China, India, Vietnam, and Japan are integrating industrial sectors into carbon markets, creating future price signals for decarbonization.

Steel Dominates Investment with 80% Share: The iron and steel industry captured 80% of clean industrial funding in 2025, predominantly flowing to electric arc furnace projects—a mature, economically viable technology that can reduce emissions by 40-50%. About 70% of steel investments went to electric arc furnaces, with 30% allocated to hydrogen-ready direct reduction furnaces, though most will initially use natural gas.

Hydrogen Ambitions Face Reality Checks: While steel companies continue planning hydrogen-based direct reduction projects, some are delaying investments until hydrogen prices become viable. Companies like ArcelorMittal are building electric arc furnaces first while postponing direct reduction facilities. Only one major project—Stegra in Sweden—plans to use green hydrogen from day one, with results expected in the early 2030s.

Automakers Drive Green Steel Demand: About one-third of the 191 tracked agreements for low-emission steel are binding contracts, primarily signed by automakers with strict Scope 3 emissions goals. For these buyers, green steel adds only 1-2% to final vehicle costs, making premiums of 20-30% for 100% net zero steel economically palatable. Wind turbine manufacturers are also emerging as key offtakers.

Japan and Middle East Accelerate Steel Projects: Major Japanese steelmakers announced billions in electric arc furnace investments, including Nippon Steel's $4.4 billion Kyushu project and JFE Steel's $2.2 billion facility. Middle Eastern direct reduction plants are awarding construction contracts, while Vietnam's Schwantian Group committed $3.7-3.8 billion to integrated projects, all initially relying on natural gas rather than hydrogen.

Petrochemicals Lag Behind Other Sectors: The petrochemicals industry remains furthest behind on decarbonizing primary production processes. Investment totaled only $1.8 billion in 2025, well below the $5-6 billion tracked in 2023-2024, primarily flowing to plastic recycling and bio-based feedstock projects. Industry overcapacity and low margins are dampening investment appetite across the sector.

Aluminum Progress Through Clean Power Procurement: Aluminum companies contracted just under 2 gigawatts of clean power in the first three quarters of 2025, maintaining momentum at 2-3 gigawatts annually since 2022. Many smelters already operate on hydropower in regions like the Nordic countries and Canada, with new procurement driven by both decarbonization goals and the economics of cheaper solar and wind power.

Cement's First Commercial CCS Project Operational: Heidelberg's facility in Norway became the first commercial-scale carbon capture project at a cement plant in 2025, capturing 400,000 tons of CO2 annually. Several similar European projects are planned for the next 4-5 years. Cement manufacturers are also reducing emissions by substituting clinker with supplementary cementitious materials and increasing use of bioenergy and waste fuels.

Commercial Competitiveness Remains Distant: Technologies like carbon capture and hydrogen will likely remain more expensive than conventional fossil fuel pathways for the next 15-20 years. Progress depends on carbon pricing policies and customers willing to pay green premiums rather than purely economic competitiveness, with commercially deployable hydrogen-based steel expected in the early 2030s at the earliest.

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Everywhere around us are echoes of the past. Those echoes define the boundaries of states and countries, how we pray and how we fight. They determine what money we spend and how we earn it at work, what language we speak and how we raise our children. From Wondery, host Patrick Wyman, PhD (“Fall Of Rome”) helps us understand our world and how it got to be the way it is.Listen to Tides of History on the Wondery App or wherever you get your podcasts. You can listen to bonus episodes available exclusively and ad-free on Wondery+. Join Wondery+ in the Wondery App, Apple Podcasts or Spotify. Start your free trial by visiting <a href="http://wondery.com/links/tides-of-history/" rel="noopener noreferrer" target="_blank">wondery.com/links/tides-of-history/</a> now.

The Economic Life of Megakles, Farmer of Classical Athens

Tides of History

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Classical Athens's Exceptional Wealth and Economic Sophistication: Classical Athens stood out in the ancient world due to its extraordinary prosperity compared to most pre-modern societies where people lived at subsistence level. This wealth stemmed from local silver deposits at Lorion, access to the sea, dense population, the Athenian Empire's resources, and most importantly, strong institutions that created a favorable business environment with contract enforcement, legal remedies, and protection against fraud.

The Post-Persian War Baby Boom: After the Persian Wars ended around 480 BC, Athens experienced a massive demographic boom with population growth rates of 1.5-2.5% annually, comparable to modern baby booms. This created a generation of young people who shaped Athenian culture and economy, providing the military-aged men needed for campaigns while also driving economic productivity and consumption.

Megacles: A Composite Character Representing Average Athenian Life: The episode follows Megacles, a fictional but historically plausible Athenian citizen farmer born around 480 BC, to illustrate how ordinary people experienced economic changes. As the eldest of five surviving children on a farm near Cape Sunyon, his life trajectory demonstrates the gradual economic mobility possible in classical Athens.

Rural Attica's Commercial Agriculture: Rather than being a simple subsistence economy, rural Attica was deeply integrated into sophisticated trade networks. Farms didn't just grow food for family consumption but produced commercially—wool woven into cloth sold across the Mediterranean, wine exported to distant lands, and grain sold in Athens. This regional specialization and market orientation was key to economic growth.

Institutions Enabling Risk-Taking Beyond Subsistence: What made Athens exceptional was that farmers felt comfortable moving beyond bare subsistence farming. Strong civic institutions, guaranteed citizen rights, and multiple income sources (military pay, jury service, assembly participation) reduced perceived downside risk, allowing farmers like Megacles to shift from wheat cultivation to more profitable ventures like livestock, olives, and vineyards.

The Athenian Empire as Economic Driver: Military campaigns and the Athenian Empire (Delian League) were major sources of wealth for citizens. Campaigns brought silver, slaves, and trade goods home, while tribute payments from allies funded military service. This predatory state-building was an inherent economic driver in the ancient world, redistributing resources to Athenian citizens.

Slaves as Economic Investment: Slaves were a crucial component of economic advancement. Megacles's family gradually acquired slaves—Thracian women for household work and Illyrian men for shepherding and mining—purchased with military spoils. These slaves could be rented out for additional income or used to increase farm productivity, representing both labor and investment capital.

Monetization and Silver Mining: The availability of silver coins from Lorian mines enabled economic calculation and exchange. Megacles's father and later Megacles himself could lease mining rights from the state, purchase slaves to work the mines, and convert military rewards into tangible farm improvements, demonstrating how monetization facilitated economic planning.

Social Networks and Business Partnerships: Economic success depended on relationships formed through military service and civic participation. Megacles's partnership with Kallikratos, a merchant he met during naval service, created a guaranteed market for his wool. These connections, forged through shared citizenship duties, were as valuable as capital itself.

Generational Economic Transformation: Over Megacles's lifetime, his farm transformed from mixed subsistence agriculture to specialized commercial production. By the time his children grew up, the farm grew no wheat at all, focusing entirely on wine, olives, and sheep for wool. This shift—masked by apparent continuity of families living on ancestral land—represented a fundamental economic transformation.

Integration into Mediterranean-Wide Trade Networks: Individual farms that appeared isolated were actually nodes in vast trade networks stretching from the Black Sea to Egypt and beyond. Products from a single Attic farmstead could end up in Italy, Cyprus, or Carthage, while the farm consumed imported grain from the Black Sea, demonstrating the economy's sophisticated interconnectedness.

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This is a podcast about finding undervalued stocks, deep value investing, hedge funds, shareholder activism, buyouts, and special situations.

We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.

Value Stock Geek on the Magnificent 7, tech, $AZO, the Weird Portfolio | S07 E44

The Acquirers Podcast

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Value Stock Geek's Investment Philosophy: Value Stock Geek runs a Substack analyzing companies weekly using a quality-first approach similar to the Magic Formula, but with more qualitative analysis. He screens for quality companies and identifies the cheapest among them, looking at price-to-sales trends and earnings yields. He's found opportunities in beaten-down sectors like liquor companies (Brown-Foreman, Diageo) due to narratives about declining alcohol consumption, and previously picked up Meta and Taiwan Semiconductor at attractive valuations in 2022.

The Alcohol Industry Narrative: There's concern that younger generations drink less and that marijuana legalization is crowding out alcohol spending. However, Value Stock Geek believes the decline is overstated and mainly reflects normalization after COVID-era spikes in consumption. The narrative of secular decline may be exaggerated, presenting opportunities in quality spirits and liquor companies now trading at depressed valuations.

The AI Infrastructure Build-Out as Potential Hallucination: Jake Taylor presented a framework comparing neuroscience hallucinations to market behavior, arguing that brains, AI models, and markets all "hallucinate" when predictions outrun reality. The AI infrastructure boom may represent markets hallucinating future demand, similar to past cycles like fiber optics and railroads. Whether this proves visionary or delusional depends on whether useful infrastructure remains after the cycle ends.

Market Concentration and Valuation Concerns: The S&P 500 has dramatically outperformed equal-weight indices, with returns driven by the largest companies. The equal-weight S&P is up only 7% versus 17-18% for the market-cap weighted index. This size-driven market resembles previous bubbles like the late 1990s and Nifty Fifty. Small-cap value, particularly the Russell 2000, has significantly underperformed despite historical trends favoring small over large.

Corporate Margins at Unprecedented Levels: S&P 500 operating margins are running at 13-14%, well above historical norms of around 6%. Mid and small-cap margins are also elevated. The debate centers on whether this represents a permanent shift due to technology advantages and reduced antitrust enforcement, or whether mean reversion will eventually occur. AI-driven productivity gains could theoretically push margins even higher, though this assumes no competitive pressures.

The Yield Curve Finally Uninverting: After the longest inversion on record (since 2022), the 10-year/3-month Treasury spread has recently normalized. Historically, uninversion precedes recessions by 3-6 months. Interestingly, despite strong market performance, earnings per share for the S&P 500 haven't recovered to their early 2022 peaks, suggesting an earnings recession has been occurring even as stock prices rallied.

Stock-Based Compensation and Real Valuations: Michael Burry's new Substack argues that companies like Nvidia and Palantir look much more expensive when properly accounting for stock-based compensation. Nvidia might trade closer to 60x earnings rather than 30x when SBC is included as a real cost. While this hasn't mattered during the bull market, it represents a potential valuation risk that's being ignored.

Quality Companies and Patient Capital: The discussion highlighted how wonderful businesses like Cisco grew substantially from 2000-2010 but remained dead money for 25 years due to excessive starting valuations. The lesson is that buying quality companies at reasonable prices matters tremendously—better to buy the Nifty Fifty in 1975 than 1971, even if the businesses ultimately succeed.

Value Stock Geek's "Weird Portfolio" Strategy: VSG runs a risk parity-style portfolio combining Treasuries, gold, small-cap value funds, and real estate to handle multiple economic environments. The portfolio is up 20% this year thanks to gold and international small-cap value. The strategy emphasizes rebalancing uncorrelated assets (Shannon's Demon) to generate excess returns while controlling drawdowns, providing psychological comfort during market turbulence.

AutoZone's Working Capital Concerns: AutoZone has been a prolific share repurchaser, but questions arose about whether it has been financing buybacks partly through extending payables and managing working capital aggressively. The collapse of supplier First Brands may impact this strategy. Despite the recent stock decline, AutoZone and O'Reilly remain quality businesses that could appear attractive on value screens.

The Competition Narrative in AI: While tech giants like Google, Microsoft, and Apple currently enjoy high margins and reduced competitive pressures, AI may force them to compete more aggressively against each other. All are racing toward the same goal of winning in AI, which could lead to margin compression as competition intensifies, potentially triggering the mean reversion that hasn't occurred in recent years.
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The podcast authority for serious players of NFL fantasy. Whether you're grinding in the DFS trenches, building a home league champion, or looking to master the dynasty format, this show offers best-in-class fantasy analysis you won't hear anywhere else. Leading the charge is FantasyLabs and Action Network senior editor and host Chris Raybon, a top-ranked NFL expert and one of the most exciting and well-respected voices in the NFL fantasy space. He's joined by "The Oddsmaker," Sean Koerner, the Action Network's Director of Predictive Analytics and a godfather figure in the ranks of fantasy football. He's been recognized by FantasyPros as their #1 ranked NFL expert three times, and has been awarded most accurate NFL player projections four times by the Fantasy Sports Trade Association. When it comes to fantasy coverage from FantasyLabs, nobody does it better. To access Cris and Sean's 2024 NFL Draft Kit, click here and use code FLEX20 to receive $20 off!<hr> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.

Fantasy DFS Preview | NFL Week 15

Fantasy Flex

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DraftKings Cash Game Lineup Construction: The hosts build a DraftKings cash game lineup starting with quarterback Sam Darnold at $5,600, noting he's been consistently underpriced all season. They pair him with running backs Woody Marks ($5,600) and Devin Neal ($5,300), with the caveat that Neal only makes sense if Alvin Kamara remains out. Wide receivers include Puka Nakua ($8,700), Wandale Robinson ($5,900), and Jaden Reed ($4,500), with Travis Etienne Jr. ($6,500) in the flex. Tucker Fannin ($4,000) at tight end and the Eagles defense ($3,800) round out the roster.

Quarterback Decision Making for Cash Games: While CJ Stroud at $5,200 appears cheap and Lamar Jackson at $6,400 against the Bengals seems appealing, the hosts ultimately choose Darnold due to concerns about Stroud's potential game script issues and uncertainty around trusting Jackson in cash games despite the favorable matchup.

Running Back Contingency Planning: Multiple backup options are discussed for the running back positions, including Chris Rodriguez ($4,900) who appears too cheap, Devin Singletary ($5,000) who's been getting goal line touches, and Chuba Hubbard ($4,600) whose volatile usage makes him less ideal for cash. The hosts emphasize monitoring Alvin Kamara's status throughout the week.

Wide Receiver Tier Analysis: When comparing premium receivers, the hosts debate between Jamarr Chase ($8,100), Jaxon Smith-Njigba ($8,600), and Puka Nakua ($8,700), ultimately choosing Nakua because of his high floor in a favorable matchup where the Rams project for significant playing time and volume.

Budget Receiver Considerations: At the $4,500 price point, Jaden Reed emerges as the preferred cash game option over Xavier Worthy despite both being similarly priced boom-or-bust players. Reed's higher floor due to his ability to produce in limited playing time, plus the potential absence of Tucker Kraft, makes him more appealing.

Tight End Value Play: Tucker Fannin at $4,000 is identified as the top tight end play, having essentially become Cleveland's number one receiving option. The hosts compare him to Mark Andrews in his prime and prefer him over Colby Parkinson ($5,100) who offers more tournament upside but less cash game security.

FanDuel Defense Strategy: On FanDuel, the hosts select the Texans defense at $4,400 against the Cardinals as a value play, noting they're $200 cheaper than the Bears and $300 cheaper than the 49ers, allowing more salary allocation to other positions.

FanDuel Quarterback Pivot: Instead of paying up for Darnold at $7,600 on FanDuel, they opt for Marcus Mariota at $6,700, assuming Jayden Daniels remains out. This saves $900 compared to Darnold and $200 compared to CJ Stroud at $6,900, though they're already stacking the Texans defense with Woody Marks.

Christian McCaffrey Investment: Despite the Titans run defense improving with Jeffrey Simmons, the hosts lock in CMC at $9,000 on FanDuel, acknowledging the matchup isn't as automatic as it used to be but still viewing him as worth the premium price on a slate with no running backs priced above $9,500.

Jameson Williams Cash Game Debate: At $6,300, Jameson Williams presents an interesting dilemma as a typically boom-or-bust player who's coming off consecutive strong performances. The hosts discuss whether he's safer without T.J. Hockenson but ultimately lean toward avoiding him in cash games despite the Lions' expected pass volume against Buffalo.

FanDuel Lineup Flexibility: The FanDuel construction allows for multiple pivot options, including moving from Puka Nakua down to Amon-Ra St. Brown to upgrade Mariota to Darnold, or pivoting from Neal to Travis Etienne Jr. if Kamara returns, paired with downgrading from Jacoby Myers at wide receiver.

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Thoughts, aloud. Hosted by Michelle Cottle, Ross Douthat, Carlos Lozada and Lydia Polgreen. Every Friday, from New York Times Opinion.

Listen to this podcast in New York Times Audio, our new iOS app for news subscribers. Download now at nytimes.com/audioapp

Who Speaks for MAGA?

Matter of Opinion

Interesting Times with Ross Douthat

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Charlie Kirk's Assassination and Andrew Kolvet's New Role: Andrew Kolvet, who worked closely with Charlie Kirk for eight years as executive producer of the Charlie Kirk Show, describes the day Kirk was shot and killed at a campus event. Kolvet now hosts the show and helps lead Turning Point USA, viewing himself as a steward of Kirk's mission rather than a replacement. He discusses the robust security measures that were in place and how the assassination still occurred due to reliance on local campus police for perimeter security.

Turning Point USA's Expanded Infrastructure: What began as campus activism has grown into a massive conservative infrastructure including hundreds of thousands of students across campuses, extensive social media operations, a political arm, religious programming through TPUSA Faith, and the daily Charlie Kirk Show. Kirk's behind-the-scenes work involved constant texting, emailing, and relationship-building that helped bridge divides within conservatism.

The Conspiracy Theory Problem: Since Kirk's death, numerous conspiracy theories have emerged, including allegations that Kirk was betrayed by people close to him or influenced by foreign money. Kolvet expresses understanding for why conservatives are prone to conspiracism given institutional distrust and events like JFK, 9/11, and COVID, but his personal experience being targeted by false theories has given him new perspective on the need for fact-based conservatism.

Candace Owens and the Escalating Divisions: Former Turning Point personality Candace Owens, once Kirk's friend, now runs daily programming promoting conspiracy theories about Kirk's assassination that implicate his own team. Kolvet describes limited contact with Owens since Kirk's death and suggests the relationship became "not exactly safe to proceed with," illustrating the deep fractures on the right.

Israel as a Dividing Issue: Kirk increasingly wrestled with the Israel question as campus students persistently challenged him on U.S. funding and the relationship with Israel. While Kirk defended Israel's right to exist and defend itself, he was frustrated feeling he had to do more PR work for a foreign country than they did for themselves. Kolvet sees a generational divide, with younger conservatives more skeptical of the status quo despite not supporting Hamas.

Immigration as the Unifying Force: Immigration stands out as the issue with the most unity on the right. Kolvet describes Kirk's evolution from a more libertarian, pro-immigration position to becoming convinced that immigration restriction was among the most important issues animating the conservative base. He argues this position is more popular than people realize, extending beyond the hardcore base to moderates alienated by the Biden immigration wave.

Charlie Kirk's Evolution on Immigration: Kirk initially supported immigration based on his positive high school experience in a diverse Illinois suburb, but shifted dramatically after witnessing concerns about cultural cohesion, socialist ideas being imported, and the Biden-era illegal immigration crisis. Kolvet himself was the immigration hawk in early debates with Kirk, having seen cultural cohesion issues firsthand in California.

The Nick Fuentes Dynamic: Kolvet acknowledges that Fuentes tapped into real feelings among young people who felt betrayed and villainized by the establishment, creating a generation prone to reactionary politics. Kirk's mission was to channel this energy toward MAGA conservatism rather than toward grievance politics or more extreme alternatives, though this required presenting what some saw as a "tough pill to swallow."

Housing Affordability as a Key Issue: Beyond immigration, Kolvet identifies housing affordability as crucial for the populist right's future. He advocates for building 5-10 million new homes while preventing institutional investors and foreign buyers from purchasing them, arguing that homeownership gives people a stake in society and guards against radicalization. He acknowledges the controversial 50-year mortgage proposal was "probably a terrible idea."

The Supply vs. Demand Problem in Conservative Politics: Douthat challenges Kolvet on whether the right focuses too much on attacking institutions (like hedge funds buying real estate) rather than addressing structural issues like regulatory impediments to building. Kolvet concedes the need to address supply and regulatory problems but defers to policy experts on specific solutions.

Christianity as Kirk's Core Legacy: Kolvet emphasizes that Kirk wanted to be remembered primarily for his faith and courage, not just politics. Kirk believed America was founded as a Christian nation and that losing that heritage would destroy American identity. His Christian faith was what initially bonded him with Kolvet and what Kirk believed guarded against antisemitism and radicalization.

The Trump-Era Masculinity Question: Kolvet argues that evangelical churches had become "soft, feminized, weak" and that Trump injected "swagger" and masculine energy that the movement needed. He sees TPUSA Faith, founded during COVID when churches complied with lockdowns, as reasserting Christian political engagement in the public square rather than yielding to pastoral pressures toward conciliation.

The Erika Kirk vs. Donald Trump Spirit: At Kirk's memorial, his widow Erika spoke about forgiveness and loving enemies, while Trump joked he couldn't forgive Kirk's killer. This contrast highlights a tension in conservative politics between Christian principles of forgiveness and the Trumpian attitude of fighting enemies relentlessly. Kolvet acknowledges he's sometimes uncomfortable with harsh social media posts from federal agencies but sometimes appreciates the unapologetic reassertion of law and order.

Loving Your Neighbor Through Tough Policies: Kolvet argues that loving your neighbor can sometimes mean implementing hard policies on immigration or law and order, rejecting the idea that love always looks like sympathy and leniency. He criticizes legacy media for amplifying sob stories of those deported while downplaying tragedies caused by illegal immigration, arguing that proper enforcement is itself an act of love for one's community and country.

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If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.

A Quick History of the BBC

Stuff You Should Know

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The BBC's Origins and Founding Principles: The British Broadcasting Corporation began in 1922 as the British Broadcasting Company, a partnership between the Post Office and the Marconi Company to give people content to listen to on radios. In 1927, it became a state-owned monopoly. From the beginning, the BBC was designed to embody British culture and create a common national identity, especially important after World War I. The organization was funded by a license fee rather than advertising, requiring households to pay for the privilege of watching TV and listening to radio.

Early Broadcasting Innovations and Standards: The BBC blazed trails in broadcasting standards with founders Cecil Lewis, Arthur Burroughs, and first Director General John Reith. They established "received pronunciation" as the standard accent, a middle-class Southern English that became known as BBC English. The organization took its responsibility seriously as the sole provider of mass communication for Britain, starting with simple weather and news bulletins and quickly expanding to concerts, sports, and children's programming.

The License Fee System: British households must pay an annual license fee to watch television, currently £174.50 for 2025, generating about £3.8 billion. The system operates largely on an honor system, though the BBC can send representatives to homes to verify compliance. Non-payment can result in £1,000 fines. This funding model has become increasingly controversial, with many calling it a regressive tax and the current charter set to expire in 2027.

Early Conflicts with Government During the 1926 General Strike: The BBC's first major confrontation with government came during the 1926 General Strike when Winston Churchill, then finance minister, wanted to take control of the BBC to use it as propaganda. Director General Reith resisted, though the BBC was pressured into limiting opposition voices. Churchill was subsequently blocked from appearing on BBC until he resigned in 1938.

Television Launches and World War II: The BBC started experimental television in 1932 with a primitive 30-line system, then launched the world's first high-definition television service in 1936 from Alexandra Palace with 240 lines of resolution. However, TV broadcasting shut down from 1939 to 1946 during World War II due to fears the signal could be used to guide bombs, while radio continued as a crucial communication tool and propaganda outlet.

Post-War Expansion and Cultural Impact: Queen Elizabeth II's 1953 coronation became a watershed moment for BBC television, driving TV sales and demonstrating the organization's ability to cover major live events. The BBC developed rolling news coverage and new broadcast technologies specifically for this event, establishing standards for future coverage.

Breaking the Monopoly: The BBC's broadcasting monopoly ended in 1955 when ITV launched as the first commercial network, followed by Channel 4 in 1982. Pirate radio stations in the 1960s forced the BBC to launch Radio 1 in 1967, which became the most listened-to radio station in the world. By 1972, commercial radio was legalized, further breaking the monopoly.

Legendary Programming and Cultural Touchstones: The BBC produced numerous iconic shows including Doctor Who (1963), Monty Python's Flying Circus, Fawlty Towers, The Black Adder, EastEnders (1985), and Top of the Pops (1964). David Attenborough's Life on Earth (1979) revolutionized wildlife documentaries. However, the organization also aired deeply racist content like The Black and White Minstrel Show, which ran from 1957 to 1978 despite internal objections starting in 1962.

Conflicts with Margaret Thatcher: Prime Minister Margaret Thatcher, elected in 1979, strongly opposed the BBC's privileged status and wanted programming to align with government interests. The BBC's neutral coverage of the Falklands War and Northern Ireland troubles angered Thatcher, leading to accusations of treachery. This ultimately resulted in the 1987 ouster of Director General Alistair Milne, replaced by government-friendly Marmaduke Hussey.

The Iraq Dossier Scandal: In 2003, BBC correspondent Andrew Gilligan reported that the government had "sexed up" the Iraq WMD dossier. His source, UN weapons expert David Kelly, was exposed and found dead by apparent suicide shortly after. The scandal led to Director General Greg Dyke's resignation and remains one of the BBC's most controversial moments.

Digital Innovation with BBC Online and iPlayer: Director General John Burt launched BBC Online in 1997 after visiting the United States, with Princess Diana's funeral drawing 19 million viewers. The groundbreaking iPlayer launched in 2007, allowing viewers to catch up on shows for seven days—a revolutionary concept at the time. By 2012, iPlayer was voted the UK's best brand, though Netflix's 2012 UK launch significantly impacted its audience share, dropping BBC from 40% to 15%.

Recent Scandals and Controversies: The 2010s brought numerous problems including a failed £97 million digital media initiative, revelations of substantial gender pay gaps, and devastating sex abuse scandals. Jimmy Savile's death in 2011 opened floodgates of abuse allegations spanning decades involving hundreds of victims, many children, with evidence the BBC covered it up. Recent scandals include Hugh Edwards and Greg Wallace facing sex offense charges.

Current Crisis and Uncertain Future: The BBC faces an existential crisis heading into its 2027 charter renewal. A recent Trump lawsuit over edited footage and leaked internal memos acknowledging left-wing bias have damaged credibility. Critics call for ending the license fee entirely or forcing the BBC to compete in the free market with advertising. The organization is perceived as catering to older audiences while struggling to remain relevant in the streaming era, with its future genuinely uncertain.

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There’s a reason the History Channel has produced hundreds of documentaries about Hitler but only a few about Dwight D. Eisenhower. Bad guys (and gals) are eternally fascinating. Behind the Bastards dives in past the Cliffs Notes of the worst humans in history and exposes the bizarre realities of their lives. Listeners will learn about the young adult novels that helped Hitler form his monstrous ideology, the founder of Blackwater’s insane quest to build his own Air Force, the bizarre lives of the sons and daughters of dictators and Saddam Hussein’s side career as a trashy romance novelist.

Part Five: The Men Who Might Have Killed Us All

Behind the Bastards

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The Minuteman Missile System's Catastrophic Design Flaws: John Rubel, a Defense Department official in the late 1950s-early 1960s, discovered that the Minuteman nuclear missile system had terrifying vulnerabilities. Four men in a silo could launch 50 missiles without civilian oversight, the system could be set to fire automatically with a countdown as low as zero minutes, and simple power outages could potentially trigger launches due to how the electronic pulse system worked. The Air Force had deliberately designed it this way to remove choice from civilian leadership.

The Air Force's Resistance to Safety Measures: When Rubel tried to raise concerns about the Minuteman system's lack of safeguards, military officials were consistently dismissive and evasive. General Curtis LeMay told him that presidents were just politicians who didn't understand war, and that professional soldiers should make all wartime decisions. The Air Force lied to Rubel about system specifications and actively resisted implementing safety features because retrofitting would cost hundreds of millions of dollars.

SIOP-62: Planning for 600 Million Deaths: In 1960, General Power presented the Single Integrated Operational Plan (SIOP-62), which deliberately planned to kill 500-600 million people in the USSR and China through fallout alone. The plan was designed to remove operational control from the President and civilian leadership. When asked if they could exclude China from a war with just the Soviets, Power responded that he hoped no one would ask because "it would really screw up the plan."

General David Shoup's Lone Moral Stand: At a meeting of top military and defense officials reviewing SIOP-62, only one person objected to the plan to kill 600 million people—Marine Commandant General David Shoup, a Medal of Honor recipient. He stated: "Any plan that murders 300 million Chinese when it might not even be their war is not a good plan. That is not the American way." Everyone else remained silent and looked away.

Strategic Bombing's Consistent Failure: Curtis LeMay's philosophy of destroying civilian morale through bombing, influenced by Italian theorist Giulio Douhet, repeatedly failed throughout the Cold War. Despite massive bombing campaigns in North Vietnam (Operation Rolling Thunder), the strategy never broke enemy morale or achieved its objectives, yet military planners continued to advocate for these tactics.

Kennedy's Reform of Nuclear Command and Control: The Cuban Missile Crisis and interactions with military leaders convinced President Kennedy that Air Force generals were "out of their minds." He began the process of shifting nuclear launch authority away from the military and toward presidential control, including implementing locks on nuclear weapons and creating the "nuclear football" system, though the Air Force strongly resisted these changes.

Launch-on-Warning Remains U.S. Policy: Since 1964, the United States has maintained a "launch on warning" policy, meaning if our systems detect incoming missiles, the President has only 3-6 minutes to decide whether to launch a retaliatory strike that could kill hundreds of millions. No president is truly prepared for this decision, and many are poorly informed about nuclear protocols because they avoid thinking about it.

The Impossibility of Adequate Presidential Preparation: No president, regardless of party or competence, is qualified to make the decision to launch nuclear weapons under the conditions they would face—being physically grabbed by Secret Service, told Washington D.C. is about to be destroyed, and given 3-6 minutes to decide while military advisors shout to launch everything. Even combat veteran JFK barely managed during the Cuban Missile Crisis.

Current Missile Defense Systems Are Inadequate: Modern missile interception technology is unreliable at best. Systems like THAAD can potentially stop single missiles but cannot defend against massive ICBM attacks or new hypersonic weapons. Russian early warning systems can't distinguish between missile chaff and actual warheads, meaning even a limited strike could be misinterpreted as a massive attack.

The Lack of Technical Oversight: John Rubel pointed out that in 1960 there was no standardized technical auditing practice for examining launch controls of nuclear weapons systems, and there still isn't one today. This means there's no systematic way to prevent another catastrophically flawed system like the original Minuteman design from being deployed.

Why the System Remains Dangerous: The fundamental problems identified in the 1960s—overcomplicated systems vulnerable to malfunction, pressure to automate responses, military leaders who prioritize striking back over preventing war, and inadequate time for rational decision-making—persist today. The integration of AI and machine learning into early warning systems introduces new potential failure modes that designers may arrogantly dismiss.

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A pop culture comedy podcast hosted by Erin Gibson and Bryan Safi who cover LGBTQ+ and gender issues of the moment with both hilarity and healthy doses of absurdity.
 
 Sales and Distribution by Lemonada Media <a href="https://lemonadamedia.com/" data-stringify-link="https://lemonadamedia.com/" data-sk="tooltip_parent" aria-describedby="sk-tooltip-5842">https://lemonadamedia.com/</a>

LinkedIn Algorithm, Lavender Scare, Bad Haircuts and Truffle Pigs

Attitudes!

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Travel Stories and Cultural Observations from Italy: Erin shares experiences from her recent trip to Italy, including visits to Bologna and Turin. She describes the incredible food scene, particularly truffles (though she learned restaurants that bring scales to your table will overcharge), and drinks like vermouth spritzes and bicerin (a chocolate-coffee drink). She also recounts uncomfortable encounters with Italian machismo, including a driver making sexist comments and Spanish flight attendants mocking her braided hairstyle by comparing it to Dutch children's hair.

Gender Bias in LinkedIn's Algorithm: Women on social media discovered that changing their gender marker to male on LinkedIn and using more masculine-coded language resulted in dramatic increases in profile views and engagement—some seeing 1600% jumps in visibility. When LinkedIn claimed their algorithm doesn't factor in gender, critics pointed out that if gender doesn't matter, why does the platform even collect that information? The company's leadership consists of 12 executives with only 4 women, none of whom are in product development roles.

The Modern "Lavender Scare" in Government: Far-right influencer Laura Loomer, despite holding no official government position, has significant influence in the Trump administration and is orchestrating what experts call a "second lavender scare"—reminiscent of the Cold War era purge of 5,000-10,000 federal workers suspected of being LGBTQ+. She and other MAGA activists are targeting federal employees who are LGBTQ+ or display Pride symbols, leading to numerous firings and forced resignations.

Laura Loomer's Outsized Political Influence: Loomer, who is banned from most social media platforms and even rideshare and food delivery apps due to her extreme behavior, has become a McCarthy-like figure. She brought a stack of names to the White House accusing National Security Council staff of disloyalty, resulting in over half a dozen senior officials being fired within 48 hours. She regularly demands removals of government officials she deems not sufficiently loyal to Trump.

Targeting LGBTQ+ Federal Employees: Government workers are being fired for displaying Pride flags or having LGBTQ+-related language in their job descriptions. Dr. Janelle Mara was fired after Pete Hegseth tweeted "pronouns updated: she, her, fired." David Maltinsky, an FBI specialist, was terminated for displaying a Pride flag that the FBI itself had given him, while colleagues displaying "thin blue line" and "Don't Tread on Me" flags faced no consequences.

The Historical Context of LGBTQ+ Persecution: During the original Lavender Scare of the 1940s-50s, between 5,000-10,000 federal workers were purged for being or being suspected of being gay or lesbian, as it was considered both sexual perversion and a security risk linked to communism. Organizations like GLYPHA (Gays and Lesbians in Foreign Affairs Agencies) that were founded to support LGBTQ+ federal employees have now been forced to disband their boards to comply with Trump's anti-trans executive orders.

The Role of Social Media Influencers in Government: The hosts discuss how unprecedented it is that social media influencers like Loomer and "Libs of TikTok" are directly influencing federal hiring and firing decisions in the 21st century, representing a new form of political power that operates outside traditional government structures while wielding significant impact on policy and personnel.

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A daily show for everyone who works a regular job and wants to start an income-earning project on the side. In each episode, listeners will hear a different story of someone who's started a side hustle—along with what went well, how that person overcame challenges, and what happened as a result. The show is written and hosted by Chris Guillebeau, the New York Times bestselling author of The $100 Startup, The Happiness of Pursuit, and other books.

Ep. 3267 - TBT: Hand-Written Recipes Become Kitchen Wall Art

Side Hustle School

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Transforming Family Recipe Cards Into Personalized Art: A woman discovered a business opportunity when she digitized and cleaned up her grandmother's deteriorating handwritten recipe cards, turning them into gallery-quality kitchen prints. What started as a simple housewarming gift for herself attracted immediate attention from visitors, leading to her first paid commission when a neighbor offered $50 for a similar print of her mother's biscuit recipe.

The Product Is Nostalgia, Not Recipes: After listing generic recipe prints on Etsy for $19 (instant downloads using public domain fonts), the business took off when the creator realized customers were buying emotional connection rather than cooking instructions. She added custom options where clients could send photos of their own family recipe cards to be digitized and enhanced, priced at $59 for digital files and $129 for printed and shipped versions.

Strategic Imperfection as Part of the Appeal: Rather than making the recipe cards look perfect, she intentionally preserved small imperfections, stains, and smudges because these details carry the emotional weight and authenticity that customers value. The processing involves tidying up the image, adjusting contrast, and scanning at high resolution (600dpi) while maintaining the character of the original handwriting.

Emotional Support as an Unexpected Service Component: The business became more than just image editing when customers began sharing deeply personal stories, like one woman whose father wrote a recipe while in hospice. By validating the emotional significance of shaky or imperfect handwriting, the creator builds strong connections with customers, resulting in detailed reviews and social proof that drive additional sales.

Smart Operational Improvements Over Time: She invested profits strategically by purchasing a better scanner to eliminate shadows from phone photos, created a two-minute instructional video for customers on how to photograph recipe cards properly (reducing email back-and-forth), and perfected her shipping method using rigid mailers with cardboard protection to achieve zero damage rate.

A Sustainable and Meaningful Side Hustle: With strong profit margins (materials cost under $8 per printed order), the business generates steady income averaging six custom jobs monthly while fitting comfortably around a day job. The creator describes the work as "peaceful, unstressful and fun," having completed over 150 orders and viewing each sale as helping another family preserve their history.

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Get the latest from the most-trusted travel industry news source.
Skift sits down with creatives, executives, and entrepreneurs from across travel to discuss their insights and perspectives on the hows and whys of travelers’ habits, industry patterns, and the seismic changes happening across the industry.
Listen for exclusive conversations with travel leaders and Skift's own in-house editors and analysts.
Read the latest news every day at skift.com/news

How Pyramid Global Is Rethinking Hotel Management

The Skift Travel Podcast

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Pyramid Global's Mission and Scale: Warren Fields, CEO of Pyramid Global Hospitality, oversees approximately 170-180 hotels with 18,000 associates worldwide. The company positions itself in the "value creation business," specializing in taking over underperforming hotel assets and fixing operational, financial, or service issues rather than managing already successful properties.

Navigating Current Industry Headwinds: Hotel operators face stagnant revenues coupled with rising costs in 2025, creating significant pressure. Fields points to governmental indecision, tariff uncertainty, and the surprising absence of Canadian travelers (who traditionally visit Florida and Arizona) as key challenges impacting performance, particularly in the first quarter.

Cost Control Through Strategic Partnerships: Pyramid has successfully managed rising expenses by negotiating favorable deals across multiple areas. Healthcare costs have been limited to 3-4% annual increases, significantly below industry averages. The company also secures better property insurance rates and leverages group purchasing organizations like Avendra to reduce supply costs at scale.

The Talent Crisis and Work-Life Balance: Fields acknowledges hospitality's perennial talent challenges but rejects the outdated "badge of honor" mentality of working 60-80 hour weeks. The company now focuses on giving general managers and staff the flexibility to attend family events like soccer games while still meeting business needs, recognizing that modern workers demand better work-life balance.

Technology as the Labor Solution: Pyramid has dramatically reduced administrative burden through technology, cutting weekly report preparation from 3-5 hours down to 30 minutes. Managers can now access P&L statements and performance data instantly on their phones, freeing them to make decisions rather than compile data, which helps address staffing constraints while improving efficiency.

AI Implementation in Hotel Operations: The company uses AI in two primary ways: ensuring their hotels appear in results from large language models like ChatGPT and Gemini when travelers plan trips, and deploying off-the-shelf AI tools to help sales teams prospect for business, evaluate opportunities, and expedite customer responses. Fields emphasizes they're not trying to become a tech company, just smart users of existing tools.

The Rise of Non-Alcoholic Beverages: Fields confirms the mocktail trend is real and significant, reflecting broader health and wellness priorities post-Covid. This shift represents one of many consumer behavior changes that emerged suddenly after the pandemic, alongside reduced wine consumption and changing attitudes about California wine country tourism.

Personalization as the New Standard: Pyramid operates a CRM platform with 10.5 million customer profiles that tracks guest preferences across their independent hotel portfolio. When a guest who prefers specific pillows, wines, or amenities stays at one Pyramid property, that information follows them to the next, creating memorable experiences that differentiate independent hotels from branded chains.

The Future of Independent vs. Branded Hotels: Fields sees continued growth for both segments but notes they serve different purposes. Branded hotels offer consistency, safety, and convenience for transient travelers, supported by powerful loyalty programs. Independent hotels excel at creating personalized, memorable experiences for travelers seeking specific destinations or "sense of place," with flexibility that brands cannot easily replicate.

Post-Covid Hospitality Transformation: The pandemic fundamentally changed what hotels must offer. Properties now need to accommodate hybrid work patterns, with guests expecting spaces to work remotely while on leisure trips. The traditional separation between pure leisure and business travel has blurred, requiring hotels to provide work-friendly environments even in resort locations.

Technology Adoption in Guest Services: Fields initially found robot delivery systems for room service and amenities "corny" but now acknowledges they work effectively. However, he emphasizes the industry remains somewhat archaic in technology adoption, and properties like the 100-year-old Colony Hotel in Kennebunkport prove that sometimes no TVs or air conditioning can be part of the charm.

Guest Behavior and Service Tips: Fields offers insider advice for travelers: always be polite to front desk staff (kindness often results in better rooms or upgrades), always tip housekeeping (the hardest job in hospitality), and remember that hotel employees see guests at their worst moments but rarely caused the problems guests are upset about. The "do you know who I am?" approach never works.

Defining Great Hotel Experiences: The ultimate hotel stay feels effortless and non-intrusive, where service is present but not forced, allowing guests to feel at home. This applies to both branded and independent properties, achieved through seamless operations from curbside arrival through checkout, proper investment in the property, and management teams that effectively use available tools and technologies.

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Dennis Prager is one of the most respected and influential thinkers, writers, and speakers in America. Each day, he tackles topics of politics, faith, and culture with ease and expertise. His motto is, "I prefer clarity to agreement.” He is deeply passionate about preserving America, the West, and the Judeo-Christian value system.
You can also <a href="https://salemnewschannel.com/host/dennis-prager/">watch Dennis Prager on Salem News Channel</a>

Timeless Wisdom : Why Lead a Religious Life?

Dennis Prager Podcasts

Timeless Wisdom with Dennis Prager

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Hebrew School and Bar/Bat Mitzvahs Fail to Teach Religious Substance: Hebrew school focuses on teaching the Hebrew language rather than religiosity, God, or meaningful Jewish concepts. Bar and bat mitzvahs have devolved into elaborate parties where children chant Hebrew they don't understand to audiences who also don't understand, with no emphasis on the holy or meaningful aspects of becoming responsible to God as an adult.

Jewish Community Life Has Become Secularized: Jewish institutions like community centers focus on amenities like fancy gyms and racquetball courts rather than religious substance, reflecting how Jewish life has generally become godless and unable to keep Jews connected to their faith.

Western Education Indoctrinates Students into Godlessness: Modern schools, both public and private, immerse students in a universe where God and religion are treated as irrelevant. This intensifies at the college level, where students essentially earn degrees in secularism. Historically, theology was considered essential to education (as at Columbia University's founding), but now it's completely absent from curricula.

The False Claim That Religion Causes More Violence Than Secularism: A common argument taught in schools is that more people have been killed in the name of God than anything else. This is demonstrably false—the secular ideologies of Nazism and communism killed more people in the 20th century alone than all Christian violence throughout history, including events like the Spanish Inquisition.

Atheist Philosophers Admit Life Has No Meaning Without God: Philosophy professor David Benatar's book "The Human Predicament" honestly acknowledges that without God, our lives are meaningless—we're just "blips in cosmic time and space." He even advocates antinatalism, arguing it's a misfortune to have come into existence and people should not procreate, which is the logical conclusion of atheism.

Secular People Delude Themselves About Finding Meaning Without God: While atheist philosophers are honest about meaninglessness, most secular people convince themselves they can have meaning through earthbound pursuits like raising children or composing symphonies, without acknowledging these are manufactured meanings with no ultimate significance.

There Is No Objective Morality Without God: Good and evil cannot exist objectively if there is no God—they become merely subjective opinions. You cannot measure morality like you can measure temperature or show it in a test tube. Only with God's existence can murder be objectively wrong rather than just someone's opinion.

The Cultural Association of Atheism with Intellectualism: Modern culture equates atheism and secularism with reason and intelligence, while portraying religious belief as primitive and anti-intellectual. College students are taught that intellectuals are atheists and believers are "dummies," despite many brilliant scientists and thinkers believing in God.

Science Cannot Answer the Most Fundamental Questions: Darwinian evolution has no explanation for how life came from non-life, and science has no answer for how something came from nothing. When confronted, even prominent scientists like Lawrence Krauss resort to redefining "nothing" rather than addressing this fundamental impossibility.

Atheism Violates Human Rationality: Charles Krauthammer, a Harvard Medical School-educated psychiatrist and quadriplegic, stated that atheism is "the least plausible of all theologies" and "a violation of human rationality." The idea that the universe created itself from nothing or always existed defies reason more than belief in God.

Jewish Suffering and the Holocaust Have Driven Jews from Faith: Historical traumas, particularly the Holocaust but also earlier pogroms like the Khmelnytsky massacres of the 1660s, led many Jews to conclude there is no God. Christian persecution of Jews also left a bad taste about religiosity, contributing to widespread Jewish secularism.

Simple Religious Practices Can Transform Lives: Saying grace before meals—just taking a minute to thank God and acknowledge blessings—is life-changing for children and families. Observing Shabbat by having Friday night meals instead of watching TV or movies, and attending synagogue, fundamentally changes one's experience of life for the better.

Living Religiously Is Entirely a Choice: God will not appear in a divine revelation to most people. Everything in life—marriage, children, work, religious practice—is a choice. If you choose to incorporate God into your life through study, prayer, and behavior, it can be done. Living as if God exists will lead to genuine belief, and this is the best choice one can make for meaning and fulfillment.
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Find your purpose, build your network and make money doing what you love with Earn Your Happy, a motivation-packed podcast! You’ll think bigger, dig deeper and gain the confidence to go for your (world dominating) goals.
Each week, learn how to get to the next level personally and professionally with host Lori Harder, best-selling author, investor, multi-passionate entrepreneur, and founder of Glōci, for which Lori raised over $2 million through the strong network she has built.
Lori will give you a vulnerable, behind-the-scenes look at the challenges of growing a business, the toll it can take on your relationships and mental health, and how to support yourself through it all so you can reach your massive goals. Be mentored through your earpods on the topics of starting and scaling a company, building a personal brand, manifestation, boundaries, money, fear, relationships and taking the next big leap in life. Get the inside scoop on who you need in your circle, how to find them and the lies you need to stop believing to be successful. You’ll laugh, cry and feel like you’re not alone in the journey.
Follow Lori @loriharder on Instagram for more inspiration and behind-the-scenes of how she is building Lite Pink. This podcast is sponsored by GrowthDay and part of the GrowthDay Podcast Network: https://growthday.com/podcasts.

4 Things to Do NOW to Make 2026 Your Breakthrough Year

Earn Your Happy

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Slow Down to Speed Up: The key theme for transitioning from 2025 into 2026 is slowing down to build a strong foundation before accelerating. Rather than sprinting into the new year with more offers, content, or effort, success requires pausing to refine your messaging, tighten systems, and clean up what isn't working. Think of it like a race car—the speed you see on the track comes from countless hours of precise tweaking and testing behind the scenes.

Learning from Challenging Years: The difficult aspects of 2025 weren't failures but opportunities to identify cracks in your foundation. Challenging years force you to dig deeper into who you are, what you believe, and what your systems are. When you can no longer get by on "just okay," you're pushed to refine your message, skillset, and business structure, ultimately making you more secure and expert in what you do.

Snake Energy to Fire Horse Energy: The Year of the Snake (2025) was about shedding what's unsustainable and revealing what won't work moving forward. The Fire Horse year (2026) brings momentum, speed, visibility, and bold moves—but only if you have the precision, systems, and sustainability of snake energy already in place. Without the right foundation, fire horse energy will burn everything down rather than propel you forward.

Build Systems Before Scaling: Scaling doesn't break businesses, but scaling something unprepared does. If you can't handle five times your current traffic tomorrow, you're not ready to scale. Building infrastructure and systems before chasing viral moments or driving massive traffic is essential, because eyeballs without conversion just expose more cracks in your foundation.

Clarity Over Volume: Success comes from going deep on one clear offer rather than spreading yourself thin across multiple offers. People need to be able to repeat your message back to you. If your messaging requires decoding or uses cutesy language and spiritual jargon that people don't understand, it won't convert. Your brand identity should feel cohesive, not chaotic, across all platforms.

Clean Up All the Leaks: Address money leaks, energy leaks, and team issues before entering the new year. One bad team member can change the entire dynamic and drain everyone's energy. As a business owner, you must protect your team culture and ensure every person is holding up their end of the bargain. Your A-players won't stay if you're not willing to fight for the culture.

Test Your Messaging Before Investing: Don't put massive dollars behind ads or messaging until you've tested and confirmed it converts. You can't fully know your message until you put it out in the world and people reflect back how they're experiencing you. If your branding isn't dialed in and your back end isn't ready, driving more traffic just exposes problems.

Congruency Creates Trust: Your brand must look and feel the same everywhere—podcast, website, social media, bios, pitches. People buy what they understand, not what they have to decode. Your messaging should allow potential customers to clearly spot themselves in it and understand exactly what you do in one sentence, with the path from follower to buyer being obvious.

The Proximity Power Move: If you're between $500K and $1M and feeling stuck, you've likely outgrown your current circle. You can't scale by asking advice from people who haven't built what you want. Getting into rooms where people discuss investments, systems, and scale like CEOs—not just hustling harder—collapses timelines and changes everything. Being the most successful person in the room is terrible for business growth.

Foundation Work for Glo and Personal Brand: Even the host is currently working on foundational cleanup for her CPG brand Glo and personal brand, spending the next three months tightening messaging and creating brand congruency. This includes everything from making sure the story is aligned across all platforms to ensuring systems are repeatable and team members could be replaced without losing institutional knowledge.

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How is global warming shaping our lives? And what can we do about it? We connect the dots, from fossil fuels to extreme weather, clean energy to public health, and more. Join Dr. Anthony Leiserowitz of Yale University for a daily 90-second podcast about climate change, where we confront reality and share inspiring stories of hope.

You don't need a fancy title to be a climate leader at work

Climate Connections

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Climate Leadership Is Accessible to All Employees: You don't need to be a sustainability manager or hold a fancy title to drive climate action at your workplace. Lucy Piper from the nonprofit Work for Climate emphasizes that anyone in any role has the capacity to become a climate leader, regardless of their position in the company hierarchy.

Work for Climate Provides Resources for Internal Advocacy: The nonprofit organization Work for Climate offers resources and training to help employees influence their companies from within. Employees use these tools to push for various environmental initiatives, including switching to clean energy, advocating for climate-safe 401k investment options, and improving supply chain sustainability.

Behind-the-Scenes Influence Is Just as Powerful: Initial assumptions that effective climate leaders needed to be extroverted, confident, and have direct access to CEOs proved wrong. Many people exert significant influence through behind-the-scenes work, such as evaluating business cases for solar energy, identifying waste reduction opportunities, and amplifying the efforts of other climate advocates.

Internal Courage and Finding Allies Are Key: Successful climate leadership within companies requires internal courage and commitment to assess what actions are possible from your current position. The key is finding allies within the organization and creating the initial spark to get climate initiatives started, rather than waiting for a perfect opportunity or higher position.
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Bruce Feldman and Stewart Mandel discuss the latest in college football, interview the biggest names in the sport and give insight into the most relevant topics dominating the discussion. From National Signing Day to the National Championship, Bruce and Stew have you covered year-round.

Notre Dame vs. The ACC, Heisman Thoughts

The Audible with Stew & Bruce: A show about college football

The Audible with Stew, Bruce & Ralph: A show about college football

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Michigan Coaching Situation Disclaimer: Ralph opens by explaining they recorded the episode before major breaking news about Michigan firing coach Sherrone Moore for an inappropriate relationship, and Moore being detained by law enforcement. They decided to let the story develop further before addressing it, planning a potential follow-up episode rather than speculating on incomplete information.

Notre Dame's War with the ACC: Notre Dame AD Pete Bavacqua went on a three-day media blitz claiming the ACC "permanently damaged" their partnership by advocating too strongly for Miami over Notre Dame in playoff selection. The ACC repeatedly tweeted head-to-head comparisons and replayed Miami's win over Notre Dame, which Bavacqua viewed as inappropriate given Notre Dame's status as a non-football member that contributes significantly to the conference.

Big 12 Commissioner's Shocking Rebuke: Brett Yormark publicly called Bavacqua's behavior "egregious" at an industry event, noting the ACC saved Notre Dame during COVID by letting them compete in the conference in 2020. This represents a stark departure from the traditionally collegial relationships among conference commissioners, reflecting how TV executives have replaced career college athletics administrators in these roles.

The Financial Reality Behind the Feud: A key issue is that Notre Dame keeps all its CFP revenue while ACC schools split theirs among conference members. Miami making the playoff would have earned $4 million for the ACC, with potential for $20 million if they won the championship. This fundamental difference makes it unrealistic to expect the ACC to equally advocate for Notre Dame versus full member Miami.

Changing Dynamics in Conference Leadership: The composition of conference commissioners has shifted dramatically from career college athletics professionals like Jim Delaney and Mike Slive to TV executives like Pete Bavacqua (from NBC) and Tony Petiti. This has made negotiations more cutthroat and less collegial, with commissioners now willing to publicly criticize each other.

Playoff Format Changes on the Table: The commissioners face a January 23rd deadline to notify ESPN of format changes. Potential modifications include expanding from 12 teams, capping automatic bids for lower-ranked conference champions (possibly requiring teams be in the top 16-20), and eliminating or reducing the controversial weekly ranking shows that create ongoing playoff narrative problems.

Big Ten and SEC Hold All the Power: Any major format changes require agreement between the Big Ten and SEC, who will control decision-making in the next contract. The SEC wants no automatic bids while the Big Ten favors many automatic qualifiers, making consensus difficult and expansion to 16 teams unlikely for next year despite widespread discussion.

The Weekly Rankings Problem: Multiple commissioners, including Jim Phillips of the ACC, now publicly acknowledge the weekly ranking shows cause "great anxiety" and are "incredibly disruptive." Even ESPN's Kirk Herbstreit called them "a mistake" and "misleading." These shows may be easier to modify than expansion since they don't affect the number of games ESPN must schedule.

SEC vs. Big Ten Debate Continues: Despite three of the top five playoff teams being from the Big Ten, the argument persists that the SEC is deeper and tougher. Metrics show the SEC's worst teams (Kentucky at #63) rank higher than multiple Big Ten bottom-dwellers. The top of both conferences is comparable, but the SEC has fewer "layups" in conference play, making every game more difficult.

Heisman Race Surprisingly Tight: The four finalists are Cal's Fernando Mendoza, Vanderbilt's Diego Pavia, Notre Dame's Jeremiah Love, and Ohio State's Julian Sayin. Athletic staff polling shows Mendoza with 64 points to Pavia's 61 points—potentially one of the closest Heisman votes ever. Mendoza likely has the edge due to beating Ohio State with 18 million viewers watching and leading Indiana to a 13-0 record.

Group of Five Playoff Access Under Scrutiny: With two G5 teams making the playoff (JMU and Tulane) due to unusual circumstances, debate has intensified about whether they deserve automatic access. The gap between Power 4 and G5 programs has grown with realignment removing top G5 schools, raising questions about whether these teams can realistically compete or simply provide easy first-round matchups.

Transparency Versus Trust in the Selection Process: Joel Klatt argues for less transparency in committee rankings, comparing it to making hot dogs—nobody needs to see the process. However, the committee could adopt basketball's approach of publishing metrics and criteria without weekly ranking shows. Growing public distrust suggests no level of transparency may satisfy conspiracy theorists who believe the process is rigged.

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      Join Jennifer Welch and Angie “Pumps” Sullivan and their special guests on “I’ve Had It” and let this comedic, feel-good podcast expose you to all the things you didn’t know you’ve HAD IT with!
    

Dumb People Love Dictators

I've Had It

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Political Evolution from Establishment to Progressive Democrats: The hosts describe their journey from being establishment Democrats who trusted MSNBC and corporate media to becoming more progressive after realizing how the Democratic Party's defensive strategy and attempts to appeal to Republicans contributed to losing elections twice to Trump. They've become disillusioned with corporate media narratives they once believed.

Democratic Party's Defensive Posture and Failure to Fight: Sam Seder discusses how Democrats have operated from a "defensive crouch" for decades, citing John Kerry's 2004 campaign as an example where he failed to defend his actual war hero status against Swift Boat attacks from draft dodgers. Democrats consistently fail to fight effectively and don't even know how to lose well while making clear policy distinctions.

The Malpractice of Courting Republican Voters: Kamala Harris's campaign strategy of appearing with Liz Cheney exemplified Democrats' failed approach of seeking approval from establishment Republicans who will never support them. In change elections, this messaging actually reinforces that Democrats are the establishment while Trump is the outsider, which is precisely what voters don't want.

The Worship of Billionaires and Wealth: A major discussion centers on how American culture gives billionaires unearned credibility and assumes wealth equals intelligence and expertise. This "billionaire bootlicking" extends from Joe Rogan's obsequious interviews to the prosperity gospel teachings in evangelical churches that equate wealth with moral righteousness, creating a system where rich people can act with impunity.

The Case Against Billionaires as Policy Failures: Seder argues that every billionaire represents a policy failure, noting that America's greatest economic expansion and lowest wealth disparity occurred in the 1950s-60s when the top marginal tax rate was 90%. He uses Bill Gates's education experiments as an example of how unchecked billionaire power is anti-democratic, allowing individuals to reshape entire systems without accountability to stakeholders.

Trump's Administration as a Money-Making Operation: Rather than viewing Trump's cabinet and foreign policy through the lens of Russian compromise, Seder suggests they're simply there to enrich themselves. He compares it to small-town corruption where business people treat government as an extension of their personal interests, with Trump operating like a mafia boss ensuring he gets his cut.

The Filibuster as a Test of Democratic Commitment: Getting rid of the filibuster serves as a crucial litmus test for politicians regardless of ideology, because it forces them to own their votes. Republicans avoid taking responsibility for unpopular policies by hiding behind "fraud and abuse" rhetoric when cutting social programs rather than admitting they're simply kicking people off healthcare and food assistance.

Understanding Zionism and the Israeli-Palestinian Conflict: Seder explains that Zionism fundamentally means supporting a Jewish ethnostate in Palestine, which creates an apartheid system at best. He traces his own evolution from being raised with pro-Israel views after the Holocaust to becoming disillusioned, particularly after learning about the Nakba and the actual history of Palestinian dispossession that was hidden or misrepresented.

The Trauma and Supremacy Behind Israeli Policy: While emphasizing that what Israel is doing is not identical to the Holocaust but is still horrible and constitutes ethnic cleansing and genocide, Seder discusses how trauma from the Holocaust, combined with Soviet immigrants who learned authoritarianism, and missed opportunities for peace have led Israel down a destructive path where the oppressed became oppressors.

Weaponizing Anti-Semitism Claims to Silence Criticism: The discussion addresses how conflating criticism of Israel with anti-Semitism is dangerous for Jews and factually wrong. Groups use anti-Semitism accusations to silence legitimate criticism of Israeli war crimes, including attacks on figures like Miss Rachel. Meanwhile, actual anti-Semitism from MAGA supporters and Elon Musk goes relatively unaddressed.

Hillary Clinton's Moral Inconsistency on Human Rights: The hosts express disappointment that Clinton, who famously said "women's rights are human rights," appeared at an event with groups that weaponize anti-Semitism accusations. They note Liz Cheney's role in spreading the lie about "post-birth abortions" and anti-LGBTQ policies, arguing she should have atoned before being embraced by Democrats.

The Bush-Cheney Era's Lasting Damage to Red States: The "compassionate conservatism" and "family values" politics of the Bush-Cheney era, including the constitutional amendment attempt against gay marriage and using marriage amendments to drive evangelical turnout, created psychological soil for current anti-LGBTQ, anti-woman, and xenophobic policies that particularly harm the poorest people in red states who cannot flee.

Hope in New Progressive Leaders Like Zoran Mamdani: Seder expresses enthusiasm for New York mayoral candidate Zoran Mamdani, who ran an impeccable campaign against billionaire opposition while linking all human rights issues together—treating anti-Semitism, Islamophobia, and homophobia as equally important rather than prioritizing one over others, demonstrating how progressive politicians should operate.

Social Media's Double-Edged Sword for Information Access: While acknowledging problems with screen time and social media's negative aspects, they recognize that diverse information sources make it harder to "corner the truth" the way three television networks once could. Hillary Clinton's claim that people only changed their views on Israel because of TikTok ignores that they're simply seeing actual footage of atrocities.

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Bay Curious is a show about your questions – and the adventures you find when you go looking for the answers. Join host Olivia Allen-Price to explore all aspects of the San Francisco Bay Area – from the debate over "Frisco", to the dinosaurs that once roamed California, to the causes of homelessness. Whether you lived here your whole life, or just arrived, Bay Curious will deepen your understanding of this place you call home.

SFO's One-of-a-Kind Art Museum

Bay Curious

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SFO Museum's Unique Status and Scale: San Francisco International Airport is home to the only airport museum accredited by the American Alliance of Museums. Created in 1980, SFO Museum now features 25 exhibition sites throughout the airport terminals, with over 30-40 full-time staff managing all aspects of production. The museum showcases diverse exhibits ranging from vintage telephones to Chinese ceramics, women in Afrofuturism, and aviation history.

The AIDS Memorial Quilt Exhibition: Curator Daniel Calderone installed six blocks of the AIDS Memorial Quilt in two 50-foot galleries in the International Terminal. The quilt was born in San Francisco in 1987 when activists, frustrated with the federal government's response to the AIDS epidemic, created 1,920 panels that were sewn into 12-foot blocks and displayed on the National Mall. Each panel measures 3 by 6 feet—the approximate size of a human grave—and today the quilt contains over 50,000 panels representing 110,000 names.

Women of Afrofuturism Exhibit: Curator Nicole Mullen created this exhibition in Harvey Milk Terminal 1, featuring local Oakland artist Celia C. Peters and San Francisco-based artist Afitasi. The show explores Afrofuturism as a social, political, and artistic movement that examines the past, questions the present, and envisions future possibilities through the eyes of Black women. The exhibit includes animated films, lenticular prints, and futuristic fashion designs including space helmets decorated with bright flowers.

Free Tours Available Behind Security: SFO Museum offers free scheduled tours once a week for visitors who want to see post-security exhibitions without flying. Led by associate curator of Public Engagement Baoli, these tours require advance notice and paperwork but allow people to experience art throughout the terminals. The museum receives visitor feedback through QR code surveys, with many people reporting being moved by stumbling upon exhibitions they didn't expect.

Design Considerations for Airport Art: The museum faces unique challenges displaying art in an environment open 24/7 with 54 million annual passengers. Art pieces are constantly exposed to light and potentially touched by millions of people, so curators favor durable materials like mosaics that are resilient and easy to clean. The curators aim for visually colorful and engaging exhibits that can capture the attention of rushed travelers while also providing meaningful educational content.

Upcoming Lowrider Bicycle Exhibition: A new exhibition on lowrider bicycles will open in April, replacing the AIDS Memorial Quilt in the long cases. Curator Daniel Calderone describes it as a special exhibition that speaks to community and family, promising surprises for people unfamiliar with lowrider culture and reflecting the Bay Area's diverse communities.
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The podcast dedicated to demystifying Venture Capital. Nick Moran and Nate Pierotti interview VC's & Startup Founders and on how they build great technology startups.

Investor Stories 446: What Experience Teaches Investors: When to Trust Conviction, How to Read Founders, and Why Coachability Matters (Rizik, Wang, Agarwal)

The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified

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This special segment features three venture capital investors discussing how their investment philosophies have evolved throughout their careers:

Chris Rizik on Investing with Conviction: The most significant change in Rizik's approach has been developing confidence to invest only in opportunities he genuinely believes in, rather than following the crowd. He's learned that missing a good deal doesn't keep him up at night, but investing in something he didn't believe in—only to have his doubts proven correct—is far worse. This conviction-focused approach extends to his fund investments, where he specifically looks for managers who demonstrate strong conviction through concentrated portfolios rather than spray-and-pray strategies.

The Importance of Coachability in Fund Managers: When evaluating fund managers post-investment, Rizik emphasizes the critical trait of coachability. While acknowledging that fund managers are experts in their technology domains, he brings valuable perspective from seeing 60 funds and talking to 300 annually. The best managers listen to feedback about market norms and incorporate those insights, even if they ultimately choose a different path. Warning signs appear early when managers aren't receptive to input or overestimate their market understanding based on limited experience.

Casper Wang's Shift to Founder-Centric Evaluation: Wang's biggest evolution has been spending significantly more time evaluating founders and their personal journeys rather than focusing solely on controllable metrics and data. Early in his career, he prioritized black-and-white metrics and customer feedback because they felt more tangible, but now recognizes the founder as the most critical variable in a company's success.

Assessing Founder Evolution Over Time: Wang emphasizes that successful companies evolve multiple times before reaching major exits, requiring founders to evolve alongside their organizations. He now focuses on whether founders can scale from managing 10 employees to 1,000, how they hire, and whether they remain true to their philosophy. This has led him to build relationships with founders much earlier—sometimes at seed stage—so he can observe their consistency and growth over extended periods before investing at Series B.

Medha Agarwal's Journey from Metrics to Intuition: Agarwal describes how early in her career she had intuition but didn't trust it, leading her to over-index on metrics, traction, and intellectual analysis. This approach caused her to make mistakes—both passing on companies she should have backed and investing in ones she shouldn't have. She's since learned to focus more on the founder's unique insight, right to win, and ability to learn and iterate quickly.

The Reality of Startup Constraints: Agarwal shares a key insight from a previous partner: with infinite time and money, many more startups would succeed, but neither resource is infinite. The critical question becomes whether a specific team can learn, iterate, and create customer value within realistic time and capital constraints—a determination that requires trusting judgment about people rather than just analyzing data.

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Every Wednesday, longtime pals David Spade and Dana Carvey take you behind the curtain of showbiz as they hang out and chat with friends (old and new) from all corners of the entertainment world. Be a “Fly on the Wall” as the guys and their guests share stories, tell jokes, do characters and talk SNL lore – there’s a little something for everyone.
On Fridays, join Dana and David for Superfly, this time with or WITHOUT guests, to riff on current events, pop culture, trending clips, and audience submissions. Kick back, relax, and enjoy the comedy, absurdity, and impressions from your favorite duo. Full video episodes of Superfly are available on YouTube.
Fly on the Wall and Superfly with Dana Carvey and David Spade are presented by Audacy.

RE-RELEASE - Chris Rock

Fly on the Wall with Dana Carvey and David Spade

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SNL Junior Varsity Team That Became Legends: Chris Rock joined Saturday Night Live alongside David Spade, Adam Sandler, Rob Schneider, and Chris Farley in what they jokingly called a "junior varsity" team. Despite being hired when the existing cast was already strong, this group went on to become hugely successful. Rock notes the difference between standup comics and improv performers at SNL - standups were more mentally prepared because they write their own material and live and die by audience response, making them less caught up in office politics.

The Challenge of Being SNL's Black Cast Member: Rock was hired nine years after Damon Wayans (not immediately after Eddie Murphy as many assume), during a time when In Living Color was dominating and SNL faced criticism for being too white. He was immediately pressured to do "Eddie Murphy type stuff" despite not doing impressions or voices. His first sketch, a Confederate soldier piece written by Al Franken, was particularly intimidating as a rookie working with such a demanding writer.

Childhood Trauma and Suppressed Anger: Through intensive therapy, Rock discovered he'd been "scared to be angry" his entire adult life. As the oldest of seven children who was smaller than his younger brothers, he experienced constant bullying - both for being small and for being black when bussed to school. He had to protect younger brothers despite being physically smaller, which created a lifetime pattern of suppressing anger and being overly nice because he feared what might happen if he let his anger out.

Learning to Set Boundaries Through Therapy: Rock's therapist helped him realize that his fear of anger caused him to let everyone walk over him - friends, family, and romantic partners. People sensed an invisible "force field" holding him back from standing up for himself. Only in the past year has he learned to express how he feels without losing control, which represents a major breakthrough after years of therapy.

The Apartment Purchase as Self-Care Milestone: Rock's current apartment was the first significant purchase he'd made for himself in 28 years, since buying a Corvette during his SNL days. Both he and Dana Carvey discussed struggling with the same issue - always buying things for other people while having difficulty spending on themselves, a pattern their therapists identified as problematic.

The 70% Divorce Settlement: Rock jokes that his ex-wife "has made more money off of comedy than Robert Townsend," noting that his divorce didn't just cost him 50% but closer to 70% when including alimony. He quips that he's "the only comedian that has to drive an Uber at night," updating his old cab driver joke for modern times.

Changed Dating Approach After Therapy: Rock explains he's no longer "desperate" in relationships like he was before. He used to have the mentality of "I can't believe someone's paying attention to me," which created lopsided relationships where both people had one thing in common - they both adored her. Now he's more balanced in his approach to dating and relationships.

Adam Sandler's Unstoppable Creative Force: The group marveled at Sandler's endless stream of original ideas at SNL. Spade recalls a turning point around "Crazy Spoon Head" when he realized Sandler "does not run out of ideas" and was crushing it week after week. They describe him as the "original Pete Davidson" in terms of likability and charm, noting how he'd crawl on all fours down hallways to gently ask Dana to introduce Opera Man from Weekend Update.

Stand-Up Comedy as Modern Philosophy: Rock argues that comedians have become "the last of the speakers and thinkers" in society. A hundred years ago philosophers were famous, fifty years ago people went to church weekly to hear speakers, but now stand-up is the only place people can hear original thoughts expressed. He watches preachers as much as other comics when writing material, drawing from his family lineage of preachers including his grandfather.

The "Drake Years" of Peak Fame: Rock and Chappelle joke about Rock's period of maximum heat from 1996 to 2000, when he had four consecutive hit specials and was as hot as Drake is today. He distinguishes between being "famous" (which he is more now than ever) and having "heat" - that peak period when "there were Million Dollar Nights." He notes that while he's more famous now due to accumulated work, the intense heat of that era was unique.

Music Versus Comedy as Art Forms: Rock believes stand-up comics have become the real artists because music has become a "producer's medium" with fewer singer-songwriters. He argues that Tom Segura is a better artist than Rihanna in the "nerdy tradition of coming up with your own stuff," even though Rihanna is amazing. The respect for stand-up as high art that always existed in Europe is finally happening in America.

The Iconic "Man's Only As Faithful As His Options" Line: This signature bit, which Rock credits to one of his uncles, has followed him everywhere with both positive and negative consequences. Women he dates inevitably throw it back at him, asking if he's out of options. The line became so quotable and resonant that it's become inseparable from his public persona.

The Burden and Joy of Creating New Material: Rock expresses envy of the Rolling Stones who can perfect the same songs for decades while comedians must constantly create new hours of material. He describes the best feeling as being 45 minutes into a set, killing, and knowing "you motherfuckers ain't heard shit yet" - having loaded material ready to go. At the time of recording, he was preparing for 10 shows in a row at a club to develop a new hour for touring.

Managing Expectations and Stage Introductions: Rock prefers MCs to just say his name with no credits when introducing him at clubs. He can't escape being Chris Rock, and over-hyping creates impossible expectations. The group discusses how intimidating it is for newer comics to meet their heroes, with Dana recalling Joe Koy tearing up when meeting him years ago, illustrating the different levels of the comedy food chain.

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Patrick J. McGinnis, creator of the term FOMO (Fear of Missing Out), talks to leaders in business, entrepreneurship, politics, and culture. How do they choose from among the many opportunities in their busy lives and find the courage to miss out on the the rest? Patrick is the author of "The 10% Entrepreneur."

S14 E13 Goldie Chan: How to Build Your Personal Brand Online

FOMO Sapiens with Patrick J. McGinnis

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Personal Branding Defined Through Reputation and Storytelling: Personal branding is the story you tell when you're in the room (physical or digital), while reputation is the story others tell when you're not present. The goal isn't bragging—it's communicating the value you create and how you live in the world so others can better understand what you do. This approach emphasizes authenticity over self-promotion.

Goldie Chan's Rise as the "Oprah of LinkedIn": During a one-month career break in 2017, Goldie joined LinkedIn's video beta and began creating daily consecutive videos—eventually producing over 800 videos across two years. This commitment to consistency on an unproven platform opened major doors, including features in Huffington Post, Forbes mentorship opportunities, and her own Forbes column. The key was starting small (10 videos on pop culture branding) and building momentum.

Ego vs. Confidence in Online Presence: Ego is shouting in the room that you're in, while confidence is simply being in the room. Confident people give value to their audience without constant self-promotion. This distinction is especially apparent on LinkedIn, where authentic content stands out against performative posts. The goal is to be memorable without being obnoxious.

Starting Your Personal Brand with Audience Definition: Before defining your brand, identify who you want to talk to across three buckets: your peers (same job level), one level up (clients, bosses, board members), and your general audience (podcast listeners, newsletter subscribers). Choose which bucket to speak to first, then build your messaging around delivering the right value to that specific audience.

Personal Branding for Introverts Isn't About Fixing Yourself: Goldie's book was written by an introvert for introverts, rejecting the clinical or prescriptive tone of most "how-to" books for introverts. Instead of treating introversion as something to fix, the book reads like a friendly conversation with someone who wants you to succeed. This approach resonated strongly with readers who typically avoid business books.

The Importance of Narrowing Your Focus: The biggest mistake in personal branding is trying to showcase every interest and skill you have. While humans are multifaceted, being remembered requires narrowing down your message. The more specific you are about what you do, the more memorable you become—like being known as "a horse trainer" rather than a generalist.

Optimizing Your LinkedIn Profile Photo: Use proper framing that shows your face with some upper chest visible—avoid "serial killer framing" (too zoomed in on eyes and nose) or "grandpa framing" (too far away and blurry). The photo should demonstrate you're a real person whom others would want to work with. Modern tools like smartphones and AI make professional-looking headshots accessible without expensive photographers.

Leveraging AI Without Creating Generic Content: Gen AI posts are obvious because they're wordy and unselective—often 12 paragraphs with endless bullet points. To use AI effectively, generate basic ideas or outlines, then rewrite in your own voice with personality and selectivity. Add imperfection and remove telltale signs like excessive em dashes. People respond better to content that feels human and slightly imperfect.

Consistency Over Intensity in Content Creation: The biggest LinkedIn mistake is dropping 10 posts in one day then disappearing for six months. Posting even once per month consistently is better than sporadic bursts. Use scheduling tools to maintain regular presence without burnout. Frequency matters, but sustainability matters more.

Not Every Post Needs to Be Perfect: During her 800-video streak, not every video was a gem—some were just 10 seconds of running onto an airplane while trying to upload. Without a massive team, daily content can't all be magical. The key is maintaining momentum and experimenting to discover what resonates, as viral success is often unpredictable.

Value Creation as the Core of Personal Branding: The point of personal branding isn't self-expression—it's giving value to your target audience. Content should focus on sharing knowledge and providing takeaways rather than bragging about achievements. Understanding what your specific audience wants to hear, learn, or see ensures your efforts create meaningful connections rather than noise.

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Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

This Is What It Takes to Get a Data Center Financed

Odd Lots

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Data Center Financing Complexity: Data centers represent a convergence of multiple complex sectors - they're simultaneously high-tech facilities housing advanced GPUs, real estate plays involving securitization, and major energy infrastructure projects requiring grid connections or on-site power generation. Morgan Stanley forecasts $2.9 trillion in global data center spending through 2028, compared to just $16 billion in current generative AI revenue, highlighting a significant gap between investment and returns.

Sequencing Capital at Different Development Stages: Data center projects require three distinct types of financing corresponding to development phases: equity-funded development capital for early planning, construction loans once permits and power are secured, and takeout financing (often securitization) after completion. This staged approach helps manage the uncertainty around interconnection timelines, which can stretch five years or more for grid connection approval alone.

Securitization as a Financing Tool: The data center securitization market draws on decades of experience with cell tower and residential solar asset-backed securities. These structures bundle long-term contracted cash flows from data center leases into special purpose vehicles, typically with 40-50% loan-to-value ratios and investment-grade ratings. The deals often have 5-7 year anticipated repayment dates despite 25-30 year final maturities, providing cushion against lease rollover risk.

Why Tech Companies Finance Off-Balance Sheet: Cash-rich hyperscalers like Google and Microsoft choose off-balance sheet financing for data centers because their return on invested capital is far higher in core technology businesses than in infrastructure. Infrastructure offers lower margins but long-term reliability, making it attractive to outsource while retaining higher-margin tech operations in-house.

Private Credit's Role and Advantages: Private credit has become prominent in data center financing because it offers non-dilutive capital with more flexible underwriting standards than traditional bank lending. While private credit lenders typically target 15% IRRs with 10-12% upfront costs, they can underwrite riskier projects that bulge bracket banks might reject, providing crucial capital when other sources aren't available.

GPU Obsolescence and Useful Life Debates: The question of GPU lifespan affects different financing structures in distinct ways. For securitizations focused on the physical data center shell rather than equipment, GPU life matters less. However, for private credit deals and equity stories, GPU useful life directly impacts accounting - extending depreciation from three to six years significantly reduces expense and improves earnings per share for operators.

Power Interconnection as the Primary Bottleneck: Power remains the number one constraint for data center development, requiring separate interconnections for both drawing power from the grid and for generation capacity. The interconnection queue process typically takes five years, though developers often receive multiple delays, creating significant timeline uncertainty that affects project financing and delivery schedules.

The Value of "Powered Land": Land with secured grid interconnection has become extremely valuable, leading REITs and real estate developers to pivot toward simply providing powered sites rather than building complete facilities. Some developers with years-old interconnection studies for other projects are now reallocating those connections to data centers, which offer higher returns than originally planned uses.

Political and Community Pushback: Public awareness and opposition to data centers has increased dramatically during 2025, with communities organizing around concerns about water usage, electricity prices, and local impact. While some states are considering moratoriums, Texas and Virginia are actively promoting development with tax incentives, recognizing the significant tax revenue these facilities generate for schools and public services.

Water Access and District Navigation: Water infrastructure represents both a supply and wastewater challenge requiring specialized legal expertise. In Texas alone, there are 98 different water districts, each with varying regulations and timelines. Experienced developers know which districts facilitate quick approvals versus those to avoid, making water district selection a critical early-stage decision.

Behind-the-Meter Versus Grid-Connected Trade-offs: While building data centers with on-site power generation "behind the meter" avoids some regulatory hurdles, developers still prefer grid interconnection to prevent stranded assets. If a data center closes or pivots away from AI, grid-connected generation capacity can continue serving other purposes rather than becoming worthless infrastructure.

Tenant Quality and Investment Grade Requirements: Most investment-grade data center securitizations focus on wholesale facilities with single investment-grade tenants on 10-15 year leases, rather than diversified pools of non-investment-grade tenants. Rating agencies are unlikely to provide investment-grade ratings on pooled non-investment-grade tenants unless there are thousands of tenants across hundreds of facilities providing true diversification.

Infrastructure Queue Inflation and Speculation: The actual number of viable data center projects is significantly lower than interconnection queue statistics suggest, as five to ten different parties often file applications for the same project. When speculative "PowerPoint projects" are filtered out, the remaining infrastructure-grade projects with serious investment-grade backing represent the deals most likely to reach completion, especially if economic conditions deteriorate.

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