Matt Farah and Zack Klapman sit down with automotive icons, pro drivers, comedians and other friends to discuss automotive industry news, racing, projects and whatever else comes to mind. 
Watch our car reviews at www.youtube.com/thesmokingtire

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Parts Site Nightmare; Plane Lands on Car; Volvo Review;

The Smoking Tire

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Plane Landing on a Car on Highway: The hosts discuss a viral video of a Beechcraft Baron plane making an emergency landing on a highway and bouncing onto a Toyota Camry. The plane weighed approximately 5,500 pounds and came down fast with no power. Remarkably, no one died in the incident, though the car's roof was badly damaged with cuts from the propeller. They joke about the odds of the driver having dash cam footage of this incredible moment.

Parts Geek Customer Service Nightmare: Matt details his nearly month-long ordeal trying to get a refund for $46 worth of lug nuts he ordered but never received. Despite being given a tracking number, the package never shipped. The company repeatedly told him to wait for various investigations (warehouse, carrier) and refused to issue a refund or cancel the order. After multiple attempts via phone and chatbot—which turned out to be AI, not a human—he eventually disputed the charge with his credit card company and won.

Volvo V90 Cross Country Review: Zack spent a week and a half with the Volvo V90 Cross Country B6 trim ($72,000). While praising the exceptional seats, clear screens with Google Maps integration, smooth transmission, and great radar cruise control, he criticized the overly stiff ride quality that felt more like a sports car than a luxury wagon. The lane keep assist was aggressively intrusive, and climate controls being screen-only was inconvenient. Despite being a nice wagon, he questions its necessity when crossovers fulfill similar roles.

Backup Camera Quality Explained: An automotive camera engineer wrote in to explain why Porsche Taycan backup cameras are so poor. Porsche places the camera extremely low with a wide-angle lens, then warps and dewarps the image geometrically, exaggerating spatial relationships. The low placement also makes it prone to spray and dirt. The engineer notes that Rivian likely has better cameras because they designed their system in-house with dedicated imaging teams, while Porsche probably outsourced to Bosch as a non-priority system.

Porsche Taycan GTS vs. Used Taycan Value: While driving a $196,000 Taycan GTS with active ride suspension, they discuss how similar it feels to Matt's used Cross Turismo that cost around $60,000. The GTS has better suspension, more power (250+ hp more), ceramic brakes, and longer range, but the interior, seats, and basic experience are nearly identical. This demonstrates the exceptional value proposition of buying a 2-3 year old Taycan.

Active Ride Suspension Performance: The Taycan GTS's $7,000 active ride suspension option impressed Zack by keeping the car perfectly flat over multiple undulations that would normally cause significant body motion. While it doesn't completely eliminate harsh edges, its ability to control body motion over road irregularities is remarkable. Matt confirms it's worth every penny and is fully covered under warranty, unlike being a wear item.

Watch Recommendations and Collecting: Matt advises on various watch purchases, including explaining why a Vacheron Constantin Overseas costs $10,000 more than a Rolex Milgauss—it's a higher tier of watchmaking with smaller production numbers and more exclusivity. For Grand Seiko purchases, he recommends bold designs with bright colors and crazy textures like the bamboo or Lake Suwa dials, and suggests buying in Japan could avoid some tariffs.

China's Speed Regulation Proposal: They discuss China's proposed regulation that no car could accelerate 0-60 in under 5 seconds in default drive mode. Both hosts surprisingly support this, noting that most people don't need that performance regularly, and it could reduce accidents from unintended acceleration, particularly in parking lots. The regulation would still allow faster acceleration in sport modes while potentially improving safety for the general population.

Used BMW and Luxury Car Ownership: When asked about BMW 230i reliability, Matt shares that after witnessing how hard BMW 2 Series cars are driven at track rental companies with minimal maintenance issues, he wouldn't be concerned. He recommends considering extended warranties and prepaid maintenance plans, citing an example of a G-Wagon owner getting 5 years of maintenance for $5,000/year, which he considers excellent value.

Fuck, Marry, Kill Car Games: Multiple listener-submitted scenarios including 2006 luxury sedans (marry Audi S8, fuck Mercedes S65 for the sound, kill BMW 760Li for its terrible reliability), 1990s homologation specials (marry McLaren F1, the 911 GT1 and CLK GTR would both kill the driver), and 1960s classics (marry Porsche 356, fuck E-Type, kill C2 Corvette).

Toyota GR GT and Mr2 Revival Discussion: They discuss the upcoming $200,000 Toyota GR GT3 road car, which sounds good (like an AMG V8) and looks promising, though they're concerned about visibility and weight. For a potential MR2 revival, they suggest Toyota could use the GR Corolla's powertrain flipped 180 degrees to create a mid-engine, all-wheel-drive sports car, potentially called the "MR3" since it would have a three-cylinder engine.

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The Athletic's flagship hockey podcast delivers daily insights, prospect rankings, betting picks, and much more, Monday through Friday, all season long.

How will the NHL handle a last-minute Olympic pullout?

The Athletic Hockey Show

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Olympic Rink Size Crisis in Milan: The main arena for the 2026 Olympics in Milan is three feet shorter than standard specifications, measuring closer to NHL dimensions rather than international size. As of mid-December, ice-making equipment hasn't been installed yet, with the women's tournament set to begin February 5th. The discrepancy may have resulted from a miscommunication between metric and imperial measurements between the International Ice Hockey Federation and NHL stakeholders.

No NHL Plan B for Olympic Participation: The NHL has no backup plan if the Milan venue isn't ready in time. If the arena can't be completed properly, there simply won't be an Olympic tournament with NHL players rather than relocating to another venue. The league views itself as a guest at the Olympics and doesn't feel it's their place to intervene beyond sending ice-making experts to assist.

January Test Event as Critical Checkpoint: The scheduled test event on January 9-11 will be the key indicator of whether the venue is viable. If problems emerge at that point, there will be only two to three weeks before the tournament to fix issues, which may be insufficient. By comparison, the Sochi 2014 Olympics held a test event a full year in advance.

NHL's Push for World Cup Control: This situation reinforces the NHL's desire to prioritize the World Cup over Olympics, where they have more control and revenue generation. The league wants to establish a regular World Cup schedule in their own buildings to avoid the complications and lack of control inherent in Olympic participation, with the 2028 World Cup gaining more importance.

Players Unconcerned Despite Ice Size Issues: NHL players don't seem particularly worried about the situation, as this will be the first Olympics for most of them in 12 years (since 2014). Players would essentially play on a frozen lake for the opportunity to compete at the Olympics. The three-foot difference will primarily affect the neutral zone, with offensive zones remaining standard.

Quinn Hughes Trade Speculation Intensifies: The Vancouver Canucks captain is the subject of growing trade rumors, with teams including New Jersey making inquiries. While the Canucks' preference remains extending Hughes long-term (possible July 1st), they can't ignore the situation. Hughes' body language shows frustration, and there's open discussion about him eventually joining his brothers in New Jersey.

Vancouver's Unclear Direction on Potential Trades: The Canucks haven't determined what type of return they'd seek for Hughes or even pending UFA Kiefer Sherwood. They're struggling to decide between future-focused assets versus NHL-ready roster pieces, reflecting their resistance to committing to a true rebuild despite years of underperformance and now being in a losing leverage position with Hughes approaching UFA status in 2027.

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Pete Quiñones has hosted his show, The Pete Quiñones Show (formerly titled Free Man Beyond the Wall), since July 2017 and has concentrated on topics pertaining to liberation from the Progressive influence that has taken over Western governments. His current focus is on historical revisionism and how "local politics and activism" can help mitigate Progressive influence while starting to build what comes next. Become a supporter of this podcast: <a href="https://www.spreaker.com/podcast/the-pete-quinones-show--6071361/support?utm_source=rss&utm_medium=rss&utm_campaign=rss">https://www.spreaker.com/podcast/the-pete-quinones-show--6071361/support</a>.

Pete Reads 'Jewish History, Jewish Religion' by Israel Shahak - Complete

The Pete Quiñones Show

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Introduction to Israel Shahak's Critical Examination of Judaism: Pete Quiñones reads and comments on Israel Shahak's "Jewish History, Jewish Religion: The Weight of 3,000 Years." Shahak, a Holocaust survivor and former chemistry professor at Hebrew University, wrote this controversial 1994 book as a critique of Orthodox Judaism and Israeli policies. The book gained endorsements from figures like Noam Chomsky and Gore Vidal, though it was largely ignored or vilified by mainstream Jewish organizations.

Opening with a Provocative Sabbath Incident: Shahak begins by recounting a 1965-66 incident where an ultra-Orthodox Jew refused to let his phone be used on the Sabbath to call an ambulance for a collapsing non-Jew. When Shahak brought this to Jerusalem's Rabbinical Court, they confirmed the Jew had behaved correctly according to Halacha (Jewish religious law), as desecrating the Sabbath to save a non-Jew is forbidden. This scandal revealed the discriminatory nature of Talmudic law that Shahak would spend his career exposing.

The Dual Meaning of "Jewish" and Classical Judaism: Shahak distinguishes between different phases of Jewish history, focusing on "Classical Judaism" (roughly 800 AD to 1800 AD), when Jewish communities lived as closed, totalitarian societies within European and Middle Eastern countries. During this period, rabbis held absolute power over Jewish communities, enforcing religious law through physical punishment including flogging and execution. Individual Jews had no freedom until modern states began dismantling these internal Jewish power structures in the 18th-19th centuries.

Judaism as Non-Monotheistic Through Kabbalah: Contrary to popular belief, Shahak argues that Classical Judaism, heavily influenced by Kabbalah (Jewish mysticism), is not truly monotheistic. The Kabbalistic system involves multiple divine entities including male and female gods whose sexual union Jews are supposed to facilitate through prayers and rituals. The morning prayers are structured to promote divine sexual intercourse, and many religious acts are designed either to unite these deities or to deceive Satan and angels. This polytheistic system dominated Jewish thought from the 12th century onward.

The Talmud Supersedes the Bible: A fundamental misconception about Judaism is that it's a "biblical religion." In reality, the Talmud, not the Torah, is the ultimate authority in Judaism. Biblical verses are interpreted in ways that often contradict their plain meaning. For example, "Thou shalt not steal" is interpreted to mean only kidnapping Jews (not theft of property), and "eye for an eye" means monetary compensation. The famous verse "love thy neighbor as thyself" is understood to apply only to fellow Jews, not to humanity in general.

The Three Social Features of Classical Judaism: Shahak identifies three defining characteristics: (1) Classical Jewish society had no peasants—Jews formed part of the privileged classes, serving as middlemen, tax collectors, and estate managers; (2) Jewish communities were completely dependent on and loyal to kings and nobility who granted them autonomy and protection; (3) Classical Jewish society existed in total opposition to surrounding non-Jewish populations, whom they exploited economically while maintaining religious and social segregation.

The Jewish Role in Poland and Eastern Europe: The most extensive example of Classical Judaism's social system occurred in pre-1795 Poland, where Jews served as bailiffs, tax collectors, and liquor monopoly enforcers for Polish nobility, directly oppressing the enserfed peasant population. Jews controlled most towns in eastern Poland and Ukraine, while the countryside consisted of enslaved Christian peasants. This arrangement, beneficial to both Jewish communities and Polish nobles, created lasting resentment that exploded in events like the Khmelnytsky Uprising of 1648, which Shahak describes as a peasant revolt against extreme oppression rather than gratuitous antisemitism.

Halachic Laws Discriminating Against Non-Jews: The Halacha contains extensive laws treating non-Jews as inferior. Murder of a Gentile by a Jew is not a capital crime (only a "sin against heaven"), and causing a Gentile's death indirectly is permitted or even encouraged. The paradigmatic example: if a Gentile falls into a pit, a Jew should not help them out, though also not push them in. These laws apply in full force to Christians and somewhat less strictly to Muslims, but are suspended or hidden when Jews fear Gentile hostility.

Saving Gentile Lives and Sabbath Desecration: Jewish religious law mandates saving Jewish lives even if it requires breaking the Sabbath, but forbids saving Gentile lives. The only exception is when refusing help might provoke dangerous hostility from powerful Gentiles. Maimonides, though Saladin's personal physician, wrote explicitly that treating Gentile patients is forbidden except for payment (to ensure it's not an act of charity) or when fearing hostility. Modern Israeli rabbinical authorities have reaffirmed these principles, instructing Jewish doctors that they may treat Gentiles on weekdays to avoid hostility, but on the Sabbath they should use Sabbath observance as an excuse to refuse treatment.

Deception and Dispensations in Religious Practice: A dominant feature of Halacha is the use of elaborate legal fictions (dispensations) to circumvent religious prohibitions while technically maintaining the letter of the law. Examples include: (1) selling all leavened products to a Gentile before Passover in a fictitious transaction; (2) the Chief Rabbi "selling" all of Israel to a non-Jew every seventh year to avoid agricultural restrictions; (3) dying milk blue on the Sabbath so it's not "white milk" and can be used for cheese-making; (4) having three different Jews sequentially handle Saturday cow-milking so each can claim they're not actually "milking." These deceptions are designed primarily to deceive God himself.

Sexual Laws and the Status of Gentile Women: Halacha presumes all Gentiles to be "utterly promiscuous" and equates Jewish sexual relations with Gentile women to bestiality rather than adultery, since "there is no matrimony for a heathen." If a Jew has intercourse with a Gentile woman, even if she's married or he's a minor, she must be executed "as is the case with a beast, because through her a Jew got into trouble." The Jew receives flogging but not capital punishment. This reflects the fundamental Halachic principle that Gentiles exist on a lower ontological level than Jews.

Laws Regarding Gentiles in the Land of Israel: Special discriminatory laws apply to non-Jews in the Land of Israel (defined maximally to include parts of Syria, Lebanon, Turkey, and all of Cyprus). Jews are forbidden to sell land or lease more than two adjoining houses to Gentiles. The underlying principle is that Gentiles should have no permanent presence in the Land of Israel. When Jews have sufficient power, it becomes a religious duty to expel Palestinians. Numerous Israeli rabbis have cited these laws to oppose any Palestinian autonomy or the display of non-Jewish sovereignty symbols.

Genocidal Interpretations and Military Applications: Israeli military rabbis have applied biblical commandments to exterminate the Canaanites and Amalekites to contemporary Palestinians. Religious soldiers receive guidance that in wartime, they are "allowed and even enjoined" to kill Arab civilians, including women and children, if there's any possibility they might assist the enemy. One soldier's exchange with his rabbi, published in a prestigious religious college yearbook, explicitly asks whether to treat Arabs like Amalekites (to be utterly exterminated) and receives confirmation that in war, it's a religious duty to kill all Gentiles unless they clearly have no hostile intent.

Daily Prayers Expressing Contempt for Non-Jews: Orthodox Jews recite prayers thanking God for not making them Gentiles and stating that non-Jews "bow down to vanity and nothingness." A special curse in the eighteen blessings originally prayed for Christians to "perish instantly," which was softened under pressure but has been restored in many Israeli congregations after 1967. Religious Jews must curse when passing Gentile cemeteries (while blessing Jewish ones) and traditionally spit three times when seeing churches or crucifixes. It's forbidden to praise Gentiles except when the praise implies even greater praise for Jews.

The Profit Motive and Interest-Taking: While lending money at interest to Jews was severely restricted, extracting maximum interest from Gentile borrowers was mandatory according to most authorities. A complex dispensation system (heter iska) was developed to allow interest-bearing loans between Jews while technically avoiding prohibition. Shahak notes that Marx was correct in characterizing Judaism as "dominated by profit-seeking," though this applied specifically to Classical Judaism rather than biblical Judaism. The combination of hypocrisy, legal fictions, and profit motivation created a corrupting influence that persists in Israeli religious establishments.

Modern Antisemitism versus Historical Anti-Judaism: Shahak distinguishes between pre-modern anti-Jewish persecution (which came from below, from oppressed classes who faced Jews as bailiffs and exploiters, and was opposed by ruling elites who found Jews useful) and modern antisemitism (which developed after 1800 as a reaction to Jewish emancipation and modernization, based on racial theories rather than religious or economic grievances). Classical antisemitism was actually a byproduct of popular rebellions against feudal oppression, where Jews served as visible agents of aristocratic power.

Zionism's Alliance with Antisemitism: Zionism emerged as both a reaction to and an alliance with antisemitism. Zionist leaders like Herzl allied with notorious antisemites, and early Zionists welcomed Hitler's rise to power because they shared his belief in racial segregation and opposition to Jewish assimilation. Dr. Joachim Prinz, later a major American Jewish leader, published a book in 1934 celebrating Hitler's "German revolution" and the "defeat of liberalism," stating that a state built on racial purity principles "can only be honored and respected by a Jew." Zionism essentially represents Classical Judaism's attempt to reimpose its closed, totalitarian social structure on a national scale.

The Influence of Jewish Ideology on Israeli Policy: Israeli policies cannot be understood through standard frameworks of imperialism or settler colonialism because they're fundamentally driven by Jewish religious ideology. Unlike other imperial powers that governed through local intermediaries, Jewish ideology forbids granting any authority or sovereignty symbols to non-Jews within the Land of Israel. This explains why Israel cannot offer Palestinians even the symbolic sovereignty that South Africa offered Bantustans. Israeli political crises are more often caused by religious disputes than security issues, and the Hebrew press devotes more space to religious quarrels than to any other subject except during wars.

The Role of Diaspora Jews and American Support: American Jewish organizational support for Israel mirrors the loyalty communist parties once showed to the USSR. The influence of organized American Jewry, particularly in supporting even the most extreme Israeli policies, cannot be explained by US imperial interests alone. Many Jews who advocate for human rights and adopt progressive positions on other issues display "remarkable totalitarianism" regarding Israel. Shahak argues this is because Jews who cannot openly express Classical Judaism's anti-Gentile attitudes in America (where they're 2% of the population) compensate by supporting Israel's treatment of Palestinians with even greater fervor than Israeli Jews themselves.

The Hypocrisy of Selective Human Rights Advocacy: Shahak compares American Jewish support for civil rights movements to Stalinist propaganda that condemned racism while committing atrocities. Many Jewish leaders who supported Martin Luther King showed no concern for Palestinian rights, revealing that their human rights advocacy served Jewish self-interest—specifically, capturing political support for Israeli policies. Any support for human rights that excludes the rights of non-Jews oppressed by the Jewish state is as "deceitful as the support of human rights by a Stalinist." The real test is self-criticism that includes honest confrontation with Judaism's past attitudes toward non-Jews.

The Necessity of Critique and the Impossibility of Reform: Shahak concludes that the struggle against Jewish chauvinism and exclusivism, including a thorough critique of Classical Judaism, is now of equal or greater importance than the struggle against antisemitism. The most important part of such critique must be honest confrontation with Jewish attitudes toward non-Jews, just as Jews rightly demand that others confront their history of persecuting Jews. However, Pete emphasizes throughout his reading that such self-critique is almost impossible within Jewish culture, which is trained from childhood to believe Jews have never done anything wrong and are always victims, making genuine dialogue about these issues nearly impossible to achieve.

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Currents is a podcast published by Norton Rose Fulbright that features in-depth discussions on the latest developments in project finance. The podcast is hosted by partner Todd Alexander, who interviews key business leaders and policy makers to investigate important trends affecting the energy and infrastructure space.

Ep327: Market Dynamics in Tax Credit Insurance

Currents

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Tax Credit Insurance Market Overview: The tax credit insurance market is dynamic and healthy, with approximately $1 billion in capacity available for single transactions (down from $1.5 billion last year). The market has insured billions in credits overall and covers a wide range of tax credits including ITCs, PTCs, 45Z, and 45Q. While some carriers have reduced their maximum limits and one or two have exited, new carriers are entering the space to fill gaps.

Upward Pricing Pressure: Premium pricing has shifted upward from the historically stable 2-3% range to around 3% and above over the past six months. This increase is primarily driven by supply and demand dynamics—high transaction volume combined with limited underwriter capacity has led carriers to become more selective and charge higher rates, particularly impacting smaller deals.

Limited Claims History and Basis Step-Up Concerns: Tax credit insurance has been highly profitable for carriers with minimal claims activity. However, most IRS audit activity and claims have focused on basis step-ups, particularly those exceeding 25%. While there's no formal IRS campaign against step-ups, this audit focus has caused insurers to reduce their appetite for covering step-ups above the 25% threshold.

Administrative Changes Have Neutral Impact: The current administration's impact on the insurance market involves two competing factors: reduced IRS staffing and audit activity (favorable for insurers) versus executive orders directing strict interpretation of renewable energy tax credit rules (creating uncertainty). These factors have largely offset each other, resulting in a relatively neutral overall impact on the market.

Beginning of Construction Coverage Stabilized: After initial uncertainty following the "one big beautiful bill" and related executive orders, IRS guidance on begun construction requirements was viewed as highly favorable. The insurance market, which has been covering begun construction thresholds for about a decade, remains comfortable and active in insuring this area following the clarifying guidance.

FEOC Coverage Still Evolving: The market readily provides insurance for projects that don't need to satisfy Foreign Entity of Concern (FEOC) requirements due to begun construction timing. However, coverage for projects that must actually comply with FEOC requirements is still developing and will require additional Treasury guidance. Any current FEOC coverage would be highly conditional, and the market is working with law firms, accounting firms, and other advisors to develop proper diligence frameworks.

ITC Versus PTC Coverage Differences: Tax insurance is used more frequently for Investment Tax Credits (ITCs) than Production Tax Credits (PTCs), largely because ITCs carry five-year recapture risk. PTC coverage focuses on different risks like prevailing wage compliance, which may be under contractor or subcontractor control. The relatively new 45Z credit has become an area where insurance is used as a standard practice due to lack of regulatory guidance.

Market Certainty Driving Deal Activity: Despite concerns about the current administration's stance on renewable energy, the legislation, executive orders, and guidance have provided clarity and a runway for the next few years. This certainty has actually increased deal activity compared to the previous year, with transactions occurring across a wide variety of project types.

Timeline and Process for Obtaining Coverage: Obtaining tax credit insurance typically takes two to five weeks, though faster timelines are possible for urgent situations. The process involves working with specialized brokers who can help both sellers and buyers use insurance strategically to facilitate transactions by providing comfort that an A-rated insurance company stands behind the credit's validity.
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An entrepreneur channel created by Serial Entrepreneur, Patrick Bet-David. Valuetainment is referred to as the best channel for entrepreneurs with weekly How To's, Motivation and interviews with unique individuals. 

About PBD: 

During the Iranian Revolution of 1978, Patrick's family had to escape to survive and ended up living at a refugee camp in Erlangen, Germany. At 12 years old Patrick found himself collecting cans &amp; beer bottles to raise money that could help his family and get him a Nintendo. Support this podcast: <a href="https://podcasters.spotify.com/pod/show/valuetainment/support" rel="payment">https://podcasters.spotify.com/pod/show/valuetainment/support</a>

"Oil Could Be 5 Cents A Barrel!" - Trump’s Tiny Car Pitch TRIGGERS Energy Reform FIRESTORM

Valuetainment

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Trump's Tiny Car Initiative and Its Purpose: Trump announced approval for tiny cars to be built in America, inspired by vehicles like the Fiat Topolino (8.5 feet, 28 mph max speed, 50-mile range). The goal is to create affordable starter cars that could potentially return the market to $5,000-$15,000 price points, addressing the affordability crisis where current new cars average $50,000. These cars could be gas, electric, or hybrid-powered.

Reagan-Era CAFE Regulations Created Perverse Incentives: Corporate Average Fuel Economy (CAFE) standards introduced under Reagan, combined with emission standards from 2008-2012, created a system where larger vehicles face easier emission requirements. The bigger a vehicle's footprint, the fewer miles per gallon it needs to achieve for EPA approval. This incentivized automakers to build larger, more profitable SUVs and trucks rather than affordable compact cars.

Market Dominance of Large Vehicles: Currently, 75% of car registrations in 2024 are SUVs or trucks, driven by regulatory incentives that make these vehicles more profitable for manufacturers like Ford. Companies prefer selling these high-margin vehicles rather than affordable compact options, contributing to rising vehicle costs.

Safety Concerns with Tiny Cars: Dan Pena raised significant safety issues, citing UK studies showing less than 50% survival rates in head-on collisions with tiny cars. He noted that Germany, despite historically building robust vehicles, backed away from tiny cars due to safety concerns. The stark contrast between someone in an SUV versus a tiny car in an accident presents a major safety disparity.

American Infrastructure Designed for Larger Vehicles: US roads feature wider lanes specifically designed to reduce accidents, in contrast to European roads with tight lanes that accommodate smaller vehicles. This infrastructure difference makes tiny cars potentially more dangerous in America, and the panel humorously recounted difficulties driving an Escalade through narrow Italian streets.

Massive Untapped Global Oil Reserves: Dan Pena revealed that official estimates of 15 trillion barrels of global oil reserves are likely understated by 3-5 times, as countries like Saudi Arabia, Kuwait, and Venezuela underreport their reserves. He argued that if true reserve numbers were known, oil could theoretically cost just 5 cents per barrel due to abundance. Saudi Aramco never provided verified reserve reports when attempting to go public internationally.

Oil Production Costs Vary Dramatically by Region: Production costs range from $1.40-$2 per barrel in Saudi Arabia (where oil is so abundant you can "pick it up with your hand") to $50 in East Texas, $120 in the Gulf of America, and $200 in the North Sea. This massive cost differential explains why Saudi oil is so profitable and why certain reserves remain untapped.

Venezuela's Paradox of Reserves Without Production: Despite having the world's largest oil reserves, Venezuela doesn't rank in the top 8 producers. While US sanctions play a role, Dan Pena noted Venezuela has been withholding production for 30 years, suggesting strategic reserve management in anticipation of future oil value appreciation.

US Oil Production Dominance: Despite having smaller reserves than countries like Venezuela and Saudi Arabia, the United States is the world's top oil producer. Texas alone produces more oil than Saudi Arabia and has a larger economy than the entire Saudi nation, demonstrating American production efficiency.

The $60-65 Per Barrel Threshold: Oil companies have a vested interest in keeping oil prices between $65-$80 per barrel, as $60-65 represents the break-even point for US production. This creates incentives to control supply and prevent prices from dropping too low, potentially explaining resistance to opening up additional reserves like Venezuela's.

Cultural Resistance to Tiny Cars in America: Adam argued the average American doesn't want tiny cars, contrasting American preferences (Ford F-150s) with European tastes. He shared personal experience with Miami's car-sharing tiny cars from 2012-2014, emphasizing they're impractical for highways and lack the backseat space that makes cars attractive to younger buyers.

Water as the Future Investment Opportunity: Dan Pena revealed that sophisticated investors are now focusing on water rights rather than oil, predicting that within 15-20 years, water will be more valuable per unit than oil. This represents a major shift in resource investment strategy among wealthy investors.
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The Athletic's flagship football podcast, hosted by Ayo Akinwolere and featuring the likes of David Ornstein, Phil Hay, Adam Crafton and Matt Slater will take you inside the biggest stories in football told by the best reporters in the business. We cut through the noise to tell you what’s really happening - and why it matters.

Is Alonso still facing Real Madrid sack?

The Athletic FC Podcast

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Xabi Alonso's precarious position at Real Madrid: Alonso survived immediate dismissal after Real Madrid's 2-1 home defeat to Manchester City, making it just two wins in their last eight matches. Despite being second in La Liga and well-positioned in the Champions League, mounting pressure following poor performances—particularly a shambolic display against Celta Vigo—has left his job hanging in the balance. He's been given at least three crucial matches to prove himself before the winter break.

Player power threatening Alonso's authority: Vinicius Junior publicly protested being substituted during the Clasico in October and subsequently told club president Florentino Perez he wouldn't renew his contract with Alonso as manager. Unlike at clubs like Liverpool where managers receive full backing, Madrid's hierarchy didn't sanction Vinicius or publicly support Alonso, undermining his authority. Other key players like Bellingham have also reportedly expressed tactical disagreements, though Bellingham publicly backed the manager after the City defeat.

The clash between project management and Madrid's star culture: Alonso was brought in specifically to implement more modern, organized methods after Ancelotti's more relaxed approach, including aggressive pressing and tactical discipline. However, getting superstars like Mbappe, Vinicius, and Bellingham to press systematically has proven extremely difficult. Madrid remains one of the few clubs operating on the old Galactico model—assembling the world's best players and expecting the coach to make it work—rather than giving managers time to build sustainable projects.

The stark contrast with his Leverkusen success: At Leverkusen, Alonso coached younger, developing players who were eager to learn from a Champions League and World Cup winner. There was minimal media pressure, no massive egos, and strong support from a simple executive structure. At Madrid, he faces experienced players who've already won Champions Leagues, intense media scrutiny, complex political dynamics with Florentino Perez, and superstars who believe they're already among the world's best—creating a completely different management challenge.

Defensive injury crisis compounding problems: Madrid are missing five defenders, including their best defender Eder Militao, who suffered a crucial injury just as he was hitting peak form. The absence of Carvajal, another leader, has left them relying on Asensio (considered below Real Madrid standard) and an aging Rudiger. This defensive crisis reflects questionable transfer policy, with signings like Alaba and Rudiger now past their peak, and it's a problem that won't disappear regardless of who manages the team.

Tactical mismatches in recent fixtures: Madrid's fixture list worked against them, facing teams like Rayo Vallecano, Elche, and Celta Vigo whose styles exposed weaknesses in Alonso's pressing system. These opponents expertly identified which superstars weren't pressing properly and quickly exploited those channels. Ironically, Madrid performed better at Athletic Bilbao—theoretically a harder fixture—because Athletic's direct style suited Madrid's setup better, showing how tactical matchups have gone against Alonso.

The NFL stadium decision's impact on form: Madrid played six consecutive away games due to hosting NFL matches at the Bernabeu for financial gain and exposure. While the club was delighted with the revenue and prestige, this extended away run made it harder for Alonso to implement his style without a supportive home crowd. Though they should have beaten teams like Rayo and Elche anyway, the lack of home advantage during this crucial period hasn't helped his cause.

Last year's parallels and systemic issues: Real Madrid faced remarkably similar circumstances last season under Ancelotti—two points off Barcelona, uncertainty over the coach, and a defensive injury crisis. This raises the question of whether sacking Alonso actually solves anything, as the underlying problems (defensive injuries, transfer policy failures, squad imbalances) will persist regardless of who's in charge. The recurring nature of these crises suggests deeper structural issues beyond just the manager.

Limited managerial alternatives available: The names being discussed as potential replacements—Zinedine Zidane (though it's unclear if he'd return) and Raul Arbeloa (current Castilla manager)—don't necessarily guarantee immediate success. Neither option seems likely to deliver trophies this season, making the case for sacking Alonso less compelling. The choice facing Madrid is between giving Alonso time to build something for the future or making a change for uncertain short-term gains.

Bellingham as a crucial ally amid the turmoil: Jude Bellingham has emerged as an important voice supporting Alonso, both publicly and within the dressing room. His influence matters because he's one of the "undroppable" stars alongside Mbappe and Vinicius. However, Madrid lack experienced leaders following the departures of Kroos, Modric, and Ramos, with only the injured Carvajal filling that void. This leadership vacuum makes player buy-in even more critical for Alonso's survival.

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Hosted by Chris Russell, online recruiting's mad scientist, the RecTech podcast covers all aspects of recruiting technology and recruitment marketing including interesting new tools & vendors. You'll also hear how recruiters leverage technology to find talent. A great listen for HR tech vendors, HR professionals and recruiters everywhere.

CONTACT: chris@rectechmedia.com

ProviderJobs.com Acquired

Rec Tech: the Recruiting Technology Podcast

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Beginly Health Acquires ProviderJobs.com: Portland-based healthcare recruitment startup Beginly Health announced the acquisition of ProviderJobs.com, a physician job discovery platform. The deal integrates ProviderJobs' video-first recruitment technology and brings founder Brian Forrester on board as Chief Product Officer. Founded in 2023 with $3.7 million in pre-seed funding, Beginly aims to accelerate its momentum in healthcare hiring innovation through this acquisition.

TikTok-Style Job Discovery for Physicians: The Provider Jobs app differentiates itself with a TikTok-inspired approach, allowing physicians to browse job opportunities through short recruiter-generated videos instead of traditional text listings. Users can filter roles by salary, location, and specialty, and apply using a simple swipe-right mechanic. Despite being in beta, the app reached number 17 in the App Store's business category and attracted over 3,000 users.

AI-Powered Interview and Screening Tools Launch: Several companies announced new AI capabilities, including CodeSignal's AI interview platform now supporting live phone interviews in over 20 languages, Cangrade launching Jules Job Simulation that transforms job descriptions into skills-based hiring simulations, and Karat introducing Karat Next Gen for identifying engineers who will excel in the human-plus-AI era.

Talent Acquisition Technology Advancements: Symphony Talent unveiled TALA, an AI-powered talent acquisition assistant with a Gen AI Email Builder that helps recruiting teams create personalized, on-brand emails quickly. WorkAI also announced AI for Work, positioning artificial intelligence at the core of the digital employee experience.

Executive Leadership Appointments: Multiple HR tech companies made significant leadership hires, including Accurate appointing David Miller as SVP of Sales, Cornerstone OnDemand naming Minnie Paris as CMO, Lattice bringing on Amy Christiansen as Chief Revenue Officer, and Greenhouse appointing Sharon Tipton as Chief People Officer to strengthen employee experience during growth.

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Three nerds discussing tech, Apple, programming, and loosely related matters.

669: Ternus, Take the Wheel

Accidental Tech Podcast

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Richmond's Snow Response: Casey recounts Richmond's inability to handle snow, with schools canceling for just 3 inches before any snowflakes fell. This prompted discussion about how different regions handle winter weather based on their infrastructure and preparation levels, with comparisons to Los Angeles drivers in rain being similarly unprepared for weather conditions.

Apple Fitness+ Expansion and AI Voice Dubbing: Apple Fitness+ is expanding to 28 new markets with AI-generated voices dubbed in Spanish, German, and Japanese based on actual trainer voices. The hosts found this particularly interesting given recent reports that Fitness+ was "under review," and noted similarities to the Workout Buddy feature which already uses quality AI voice generation for workout guidance.

Cloudflare Adventures and TLS Certificates: Following John's recent move to Cloudflare, discussion covered the impending shift to 47-day TLS certificate lifetimes (down from 400 days) driven largely by Apple to force automation. Ironically, Cloudflare experienced another outage shortly after the previous episode, though John's site stayed up. Alternative hosting options like GitHub Pages and Cloudflare Workers were also discussed.

iOS 26 Rollout Acceleration: After slower-than-expected adoption, Apple finally hit the "update everyone" button over a December weekend, resulting in rapid uptick in iOS 26 adoption. The delayed rollout compared to previous years may have been due to the buggier 26.0 release.

Intel Potentially Manufacturing Apple Chips: Discussion of rumors that Intel might manufacture M-series chips or handle advanced packaging for Apple, despite concerns about competitive intelligence. Intel's 18A node reportedly isn't suitable for low-power mobile chips, but their EMIB packaging technology may be attractive. New rumors suggest Intel could supply A22 chips for iPhone 20 starting in 2028 using the 14A process.

Gruber's Scathing Alan Dye Critique: John Gruber published harsh articles criticizing Alan Dye's tenure as design chief, reporting universal agreement among designers that Dye led Apple astray and caused talented designers to leave. Sources indicated everyone at Apple is "giddy" about his departure and optimistic about Stephen LeMay as replacement. The critique emphasized how recent OS design choices revealed fundamental misunderstandings of good UI design principles.

Executive Transitions at Apple: Apple announced Jennifer Newsted (formerly of Meta) as new General Counsel, while Lisa Jackson (VP of Environment) is retiring with her role being absorbed into other positions. Despite some controversy around Newsted's background with the Patriot Act and Meta, the hosts argued that for a general counsel position, winning cases matters more than moral considerations, though Jackson's departure is more concerning as the environment position essentially disappears.

Johnny Srouji Staying at Apple: After Mark Gurman reported Srouji was considering leaving, Srouji quickly sent a memo stating he loves his job and isn't leaving anytime soon. The hosts discussed how Tim Cook has historically worked to retain key executives and speculated on potential CEO succession scenarios involving John Ternus.

Optimism About Leadership Turnover: The hosts expressed tentative optimism about the wave of executive changes at Apple, viewing fresh leadership as an opportunity to address problems that festered under previous management (like Alan Dye's design direction). They noted that generational turnover is healthy and could bring new ideas that were previously blocked, though acknowledged the risk of losing institutional knowledge about "what Apple should be."

Concerns About Brain Drain: More concerning than top-level departures is the reported exodus of mid-level talent, particularly designers who left due to disagreement with Alan Dye's direction and engineers from Apple Silicon teams leaving for competitors. The hosts emphasized that retaining this level of talent is more critical than keeping executives.

The Tim Cook Era Ending: Multiple indicators suggest Tim Cook's departure as CEO is approaching, with John Ternus likely positioned as successor. The hosts discussed how CEO transitions typically trigger cascading changes in leadership, as people who don't get promoted often leave and those who don't want to work under new leadership retire earlier than planned.

Messages Thread Splitting Problem: John discovered his family group chat had split into two identical threads—one using Apple IDs and one using phone numbers—despite all participants being in each other's contacts. The hosts agreed this represents a fundamental failure of the Contacts system to properly associate multiple identifiers with a single person, with no apparent way to merge the threads.

Archive Contacts Feature Request: Marco proposed an "Archive Contacts" feature for people you don't want appearing in searches or autocomplete (ex-partners, deceased relatives, estranged family) but don't want to delete entirely. This would solve numerous problems with accidental calls, message threads, and photo identification while preserving historical associations.

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The PBD Podcast is a podcast that discusses, current events, trending topics and politics as they relate to life and business. Stay tuned for new episodes and guest appearances. Support this podcast: <a href="https://podcasters.spotify.com/pod/show/pbdpodcast/support" rel="payment">https://podcasters.spotify.com/pod/show/pbdpodcast/support</a>

“They Cut You Off From Everyone” - Cult Deprogrammer Breaks Down 764 Network, Scientology & NXIVM | PBD Podcast | Ep. 699

PBD Podcast

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Modern Cult Recruitment Through Social Media: Cult leaders today primarily operate online through platforms like X, Facebook, TikTok, YouTube, and streaming services. They recruit members, raise money through PayPal and Venmo, and even book retreats through Airbnb. Most established cults have rebranded themselves online, making it easier than ever for aspiring cult leaders to begin operations digitally rather than through traditional in-person methods.

Three Core Characteristics of Destructive Cults: Every destructive cult shares three defining elements: (1) a dictatorial leader who becomes an object of worship and the driving force of the group, (2) the use of identifiable techniques of coercive persuasion and thought reform to gain undue influence over followers, and (3) exploitation and harm of followers once under influence. Most cult leaders primarily seek cash, adulation, and sexual favors rather than mass suicide scenarios.

The Process of Social Isolation and Control: Cult leaders systematically take control of followers' critical thinking and decision-making by gradually isolating them from family, friends, and community. Once embedded in a bubble where everyone reinforces the leader's message, followers lose their frame of reference for reality. Leaders then characterize the outside world as evil, creating an "us versus them" mentality that can lead to extreme actions like the Tokyo subway attack by Aum Shinrikyo or the Kenyan starvation deaths of 400+ people in Paul McKenzie's Good News International Church.

NXIVM and Keith Raniere's Cult Empire: Keith Raniere built NXIVM as a self-help seminar company that consumed members' entire lives, requiring them to move to Albany, New York and disconnect from anyone critical of the group. Raniere plagiarized material from Scientology, Landmark Education, Ayn Rand, and Amway to create his training. Women were eventually branded with his initials using a cauterizing iron without anesthetic. The group received over $100 million from Seagram's heiresses Claire and Sarah Bronfman. Raniere is now serving 120 years in prison for sex trafficking and racketeering.

Scientology's Structure and Control Mechanisms: Scientology operates through a hierarchy with full-time Sea Org members at the bottom who sign billion-year contracts, work long hours with minimal pay and benefits, while celebrities like Tom Cruise and John Travolta receive special treatment at celebrity centers. The organization uses "auditing" sessions with E-meters (similar to polygraphs) to extract confessions that are documented in files used for control. Members are forced to "disconnect" from family and friends labeled as "suppressive persons" (SPs), a practice borrowed from Scientology's coercive playbook.

Warning Signs and Red Flags for Parents: Parents should watch for behavioral changes including social isolation, withdrawal from family and friends, preoccupation with a group, and spending excessive time alone in their room online. Check what websites children visit, what videos they watch, and consider restricting internet access until they're mature enough to understand manipulation tactics. Groups that lack financial transparency, stigmatize people who leave, cannot tolerate criticism, and demand exclusive devotion are major red flags.

The International Church of Christ (ICOC): Kip McKean built the ICOC through a "discipleship" system where every member was assigned a discipling partner in an ascending hierarchy with McKean at the top as the only person not being discipled. The group claimed to be the only path to salvation, required members to move to be near leadership, and demanded cutting off anyone critical of the organization. At its peak, the group had 250,000 members worldwide before McKean stepped down for undisclosed "sins" and the organization greatly diminished.

Distinguishing Between Influence and Manipulation: The key difference between legitimate motivation (like Tony Robbins seminars) and cult manipulation is whether the group consumes your entire life versus letting you take principles home. Legitimate organizations encourage balanced lives with family and outside relationships, while cults demand total commitment, social isolation, and characterize all other organizations negatively. Deception—a "bait and switch" where what you're told differs from reality—is a critical warning sign.

The Lev Tahor Jewish Cult Case: This ultra-Orthodox spinoff group, founded by Shlomo Helbrans, fled multiple countries to avoid child abuse investigations before establishing a compound in Guatemala. Authorities rescued 150+ children who were being sexually abused, physically beaten, starved, and denied medical care. Girls as young as 12 were forced into marriage. The group's leadership even attempted to seek asylum in Iran, writing letters pledging allegiance to Ayatollah Khamenei, demonstrating how far they would go to continue their abusive practices.

Diddy's Cult-Like Abuse Tactics: While not technically a cult leader, Sean "Diddy" Combs used cult-like techniques of coercive control to dominate and manipulate women. His pattern mirrors abusive controlling partners like OJ Simpson with Nicole Brown and Ike Turner with Tina Turner—women are "tricked and trapped," initially believing they're loved and cared for, then gradually degraded, isolated, and manipulated into believing abuse is their fault. Even strong, independent people can be slowly pulled into these traps.

The 764 Network Child Exploitation Cult: This nihilistic violent extremist group, started in 2021 and recently designated as a terrorist organization, targets vulnerable minors with depression or mental illness through gaming communities. Leaders like 20-year-old Prasan Nepal (known online as "Trippy") and co-defendant Leonidas Varajianis operated an international child exploitation enterprise, grooming children to produce sexual content and self-harm videos, often livestreamed as discipline or content for the group.

Belief Versus Behavior in Accountability: The critical distinction in evaluating groups isn't about their beliefs but their behavior. Groups may believe whatever they want, but when they cross into criminal behavior—fraud, abuse, exploitation—they must be held accountable. This principle, outlined in Robert J. Lifton's "Thought Reform and the Psychology of Totalism," separates legitimate religious indoctrination (where there's no deception about what you're joining) from destructive cult manipulation (where there's a mask hiding darker intentions).

Nixon's Impact as Political Betrayal: Both Rick Ross and Billy Graham experienced profound disappointment when Richard Nixon, whom they had supported and believed in, became embroiled in the Watergate scandal. As a teenager, Ross voted for Nixon and initially felt he was being persecuted, but watching the hearings unfold revealed Nixon's wrongdoing. This gut-wrenching experience taught the importance of how leaders respond to criticism—good leaders address issues directly with documentation rather than attacking messengers.

Vulnerability and Recruitment Patterns: People join cults during vulnerable periods in their lives—when things aren't going well and they're looking for help or answers. A trusted person (co-worker, friend, relative already in the group) approaches them without revealing the group's true nature. This mirrors how pedophiles target children without strong father figures and supportive family structures. The consistent pattern is exploitation of vulnerability combined with deception about true intentions.

Nuanced Thinking Versus Black-and-White Cult Mentality: Cults promote black-and-white thinking with no shades of gray, but real life is nuanced. For example, disagreeing with Israeli government policies doesn't make someone anti-Semitic, and not all Jewish people support every action of Israel. Similarly, just because someone disagrees with you doesn't mean they're brainwashed—they may simply hold different sincere beliefs. About half the people who contact Ross thinking a family member is in a cult are simply dealing with differing opinions, not actual cult indoctrination.

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If you are committed to continually working on yourself and your business, this podcast is for you. Always On is dedicated to and features relentlessly innovative, ambitious, and balanced business professionals who are motivated by personal and professional plateau avoidance. Join host Duncan MacPherson, best-selling author, thought leader, speaker, Business Coach, and CEO of Pareto Systems, as he interviews some of the top business professionals today.

Built to Sell: The Advisor’s M&A Playbook with Scott Danner (Ep. 87)

Always On with Duncan MacPherson

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From Technical Expert to Business Architect: The financial advisory industry is experiencing a fundamental shift where advisors must evolve from being the indispensable technical expert (the "God") to becoming a prophet who can replicate systems and processes. Advisors who micromanage and centralize everything through themselves dramatically reduce their business valuation, while those who build scalable, process-driven practices create transferable enterprise value. The key question becomes: can your business operate successfully without you?

The Multiplier Method for Scaling Up: Successful scaling requires advisors to first build robust organic B2C (business-to-client) systems before pivoting to B2B (business-to-business) growth. This "franchise ready" approach enables advisors to attract other professionals, acquire partial or complete books of business, and replicate proven processes. The foundation must include defined client relationship management systems, investment models, and documented processes that demonstrate operational excellence to potential acquisition targets.

Process-Driven Practices Win Competitive Bids: When Scott's firm competed against 32 other bidders for a Charlotte practice, they won despite having no local presence because they had superior documented processes, multigenerational leadership, clear succession planning, and proven systems. This illustrates how buttoned-up operations with defined deliverables create competitive advantages in M&A transactions, even against more established firms with longer track records.

The Demographic Tsunami and Strategic Opportunity: The industry faces a critical transition point with eight advisors retiring for every three entering the profession, and 41% of the entire industry turning over in the next 10-12 years. The average advisor age remains over 60, creating unprecedented opportunities for younger advisors who focus on practice management and relationship management skills, not just technical wealth management competencies, as these are areas with bigger gaps and less commoditization.

Building Bench Strength Through the 80/20 Rule: Successful practices continuously apply the 80/20 principle by having younger advisors service the bottom 20% of clients under guidance from senior team members. This creates a training ground where hungry, curious advisors learn the business while contributing to growth, simultaneously building succession capability and freeing senior advisors to focus on their unique abilities and top-tier relationships.

Client-Centered Transition Strategy: Effective transitions require philosophical, strategic, and practical alignment (the PSP framework), leading with philosophy and strategic client benefits before discussing economics. Successful transitions involve staging the business like preparing a home for sale—decluttering, addressing issues proactively, and priming clients through incremental communication that frames moves as elevating the client experience rather than abrupt changes.

Technology Has Transformed the Transition Experience: Unlike the paper-driven, traumatic transitions of the past, modern technology including DocuSign and multi-custodial platforms enable firms to move thousands of households efficiently. The fear advisors feel about clients choosing the firm over them is typically unfounded—90% of the time, clients follow advisors who have established strong relationships, systems, and consistent service delivery over time.

Strategic Partnerships Over Simple Exits: The M&A landscape is evolving from advisors selling to exit toward selling to grow through strategic partnerships. Advisors increasingly seek to leverage the infrastructure and capabilities of larger organizations while maintaining client relationships and continuing to build their practices. This requires both parties to have their operations "buttoned up" and demonstrate strong cultural alignment.

Cultural Fit as the Primary Success Factor: Whether selling, transitioning, or partnering, cultural alignment emerges as the single most important factor for success. Advisors must conduct thorough due diligence on potential partners beyond just financial terms, ensuring alignment in values, client service philosophy, and long-term vision. Legal and ethical conduct throughout transitions—never "poking the bear" and celebrating past relationships while building toward the future—prevents costly disputes.

Video as Always-On Relationship Infrastructure: Video content serves multiple strategic purposes: establishing credibility through website presence (minimum three videos on people, practice, and process), creating high-touch client engagement, enabling referability through shareable content, and addressing the next generation's needs. Video testimonials provide powerful social proof, while regular video communication makes advisors feel present even when not meeting in person, similar to how social media creates familiarity.

The Four P's of Digital Presence: An effective digital strategy includes People (showcasing team roles and bench strength), Practice (defining the client experience and ideal client profile), Process (demonstrating proprietary methodologies), and Personal (revealing who you are beyond what you do). The personal element proves critical—clients want to work with advisors who share what matters to them as humans, not just technical experts focused solely on transactions.

The High Performance LIFE Model: Scott's framework for optimization includes four interconnected elements: Love (the who's in your life that matter most), Impact (what you do beyond your day job and your greater purpose), Faith (something bigger than yourself that provides meaning beyond ego), and Energy (how you show up through healthy mind, body, and spirit). The bottom two boxes (Faith and Energy) create the foundation for excellence in the top two (Love and Impact).

Avoiding the Advisor's Identity Crisis: A critical danger in the industry is advisors whose entire identity and impact revolves around their practice. When they exit or sell, they feel empty because they haven't developed purpose beyond their day job. Building impact outside the business and maintaining strong foundations in faith and personal energy creates sustainable fulfillment and makes advisors better at their professional roles.

The Shift from Synthetic to Authentic: In an increasingly synthetic world, the unmet need clients lack most is authentic relationships with professionals who genuinely care and where impact and fulfillment precede monetization. Success should never come at others' expense, and maintaining a centered decorum focused on serving rather than just succeeding creates the differentiation and loyalty that drives sustainable practice growth.

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A weekly podcast featuring the leading thinkers in business and management.

Future of Business: Mars CEO on How Business Can Be a Force for Good

HBR IdeaCast

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Family Ownership Enables Long-Term Thinking While Maintaining Short-Term Discipline: Mars, founded in 1911 and still family-owned, benefits from thinking in "generations not quarters," but CEO Paul Weihrauch emphasizes they still must deliver on short-term results. He describes running a business as running a marathon in sprints - you need both perspectives. The family ownership creates an obligation to behave well in society since their name is on the door.

Sustainability Goals Embedded in Executive Compensation: Mars has committed to halving greenhouse gas emissions by 2030 (baseline 2015) and achieving net zero by 2050. Remarkably, 40% of the CEO's compensation is tied to non-financial metrics including environmental goals. The company has grown 69% since 2015 while reducing emissions by 16%, demonstrating that growth and sustainability can coexist.

Scope 3 Emissions Present the Greatest Challenge: About 85% of Mars's environmental footprint exists outside the company in their supply chain, particularly with farmers growing cocoa, corn, and protein sources. This requires working on deforestation prevention in cocoa-growing regions, implementing regenerative agriculture practices, and transforming agricultural practices across operations in nearly every country worldwide.

Climate Action is Business Necessity, Not Politics: Weihrauch firmly rejects framing sustainability as political, arguing that as a food company with an environmental footprint equivalent to Finland, Mars fundamentally depends on converting crops. Climate impacts like water shortages affecting rice production in Northern Italy demonstrate that environmental stability is essential for affordable nutrition and business continuity.

Sustainability Integration Through Financial Systems: Rather than treating sustainability as separate, Mars moved responsibility into finance and integrated environmental reviews into standard business planning processes. When reviewing 2026 plans, they examine investments in green energy, packaging recycling, and regenerative agriculture alongside traditional P&L metrics, making sustainability part of daily operations.

Transparent Sustainability Marketing Drives Sales: Research shows that advertising specific, tangible environmental improvements near the product drives sales uplift - such as biodegradable packaging claims. However, the link must be immediate and concrete rather than general corporate sustainability messaging.

$700 Million Annual Investment in Sustainability: Mars invests approximately $700 million annually in sustainability activities. While this could theoretically be redirected to advertising for faster short-term growth, Weihrauch argues consumers will increasingly vote with their feet for responsible products, making this essential for long-term success.

Organic Growth Drives Majority of Business Expansion: Over the past five years, 80% of Mars's growth has been organic, with much coming from products incorporating sustainability improvements. Over ten years, the figure is 50% organic versus acquired growth, demonstrating the success of their innovation-driven approach.

Pet Business Transformation From Products to Healthcare: Mars evolved from pet food into therapeutic food, veterinary hospitals, and diagnostic labs to fulfill their purpose of creating "a better world for pets." They recognized that consumers project human healthcare behaviors onto pets, leading to services like dental cleanings that previous generations wouldn't have considered.

Resilient Supply Chains Critical in Uncertain Times: With regulatory and tariff changes, Mars focuses on manufacturing locally - 94% of US-sold products are produced domestically. However, crops like cocoa that can only grow 20 degrees north and south of the equator (disqualifying most of the US except Hawaii) create unavoidable supply chain vulnerabilities requiring careful management.

Empathy and Self-Awareness Now Essential Leadership Qualities: Modern workplace dynamics bring external societal issues inside companies, requiring leaders to demonstrate empathy and conduct civil conversations on divisive topics. Weihrauch emphasizes checking in with Ukrainian associates about family safety, acknowledging he can't solve problems but can express care, which matters more today than 15 years ago.

Classical Liberal Arts Education Crucial for AI Era: As technological change accelerates, generic knowledge in mathematics, literature, culture, and history becomes increasingly important. Major decisions around AI policy and responsible technology use require well-rounded classical education to navigate values and moral questions effectively.

Above-Average Employment Practices Drive Retention: Mars's principle of mutuality, established in 1947, commits to adding value to all stakeholders including employees. Their CPG business sees employees stay 3.8 times longer than industry average, representing a "brilliant investment" that delivers superior workforce quality and continuity.

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Welcome to the AI Hustle podcast, your go-to spot for blending the innovative world of artificial intelligence with the gritty hustle of entrepreneurial ventures. Every week, we bring you the latest in AI news, dive into tools that can fuel your side hustle, and chat with the top entrepreneurs who are making it big with a little help from AI. Tune in, get inspired, and discover how you can turn the AI wave into your next revenue adventure!

Unveiling Google's AI: The Data Dilemma

AI Hustle: Make Money from AI and ChatGPT, Midjourney, NVIDIA, Anthropic, OpenAI

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Google's Extensive Data Collection Through Gemini AI: Google's AI model Gemini has access to vast amounts of personal data through Gmail, Google Docs, YouTube history, Google Calendar, and even Google TV viewing habits. This consolidated data collection is more extensive than many users realize, as AI becomes increasingly integrated across Google's ecosystem of products and services.

Shocking AI Profiling Demonstration: An Instagram user conducted an experiment with Nano Banana 2, uploading only his face and name, asking it to generate a fake ID. The AI correctly identified his Albanian nationality, age, and even replicated the official Albanian government ID format with proper watermarks—all without being explicitly told any of this information, demonstrating the scary extent of AI's profiling capabilities.

Personalization Through Data Creates Better Results: According to Robbie Stein, Google's VP of Product for Search, Gemini receives more advice-seeking and recommendation-based queries that benefit from personalized responses. The AI can provide significantly better recommendations—like suggesting activities in Honolulu—when it knows user details like age, interests, and whether they have children, making data collection valuable for improving user experience.

Privacy Concerns Versus Practical Benefits: While Google's data collection enables more personalized and helpful AI responses, it raises significant privacy concerns about who has access to this information and how it might be shared with government agencies or other parties. Users must balance the convenience of personalized AI against the risk of comprehensive data profiling.

Control Options and the Reality of Data Privacy: Google allows users to control which apps Gemini can access through connected apps settings in Gemini, where features like Gmail integration can be disabled. However, the hosts acknowledge that for most people, it may be "too late" to maintain complete privacy, as government agencies and various organizations likely already have extensive profiles on individuals.

ChatGPT's Surprising Advantage in Personalization: Despite Google having access to significantly more personal data than competitors, ChatGPT currently appears to do a better job at personalizing responses based on what it knows about users, suggesting Google hasn't yet fully leveraged its data advantage in Gemini's personalization capabilities.

Ranking in AI Search Results: As AI search becomes more prominent through Gemini and ChatGPT search results, businesses need to understand how to optimize their presence in these new formats. The hosts created a dedicated video on this topic for their AI Hustle School community, emphasizing the importance of adapting to this shift in search behavior.
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Join reality TV queen, entrepreneur and chronic over-sharer, Abbie Chatfield each week as she tackles the deep stuff - from abandonment issues and mental health to important social discourse around feminism and politics.
Plus there’s a reliable dose of sex tips, bad dating stories, and interviews with funny, clever, and wickedly cool people. For guest and topic suggestions or to submit your own Nightmare Fuel email hello@itsalotpodcast.com. Follow Abbie at <a href="https://www.instagram.com/abbiechatfield/">@abbiechatfield</a> and follow the podcast at <a href="https://bit.ly/itsalot-instagram">@itsalotpod</a> on Instagram <a href="https://bit.ly/itsalot-instagram">https://bit.ly/itsalot-instagram</a> .

NMF: My Roommate Stole...

It's A Lot with Abbie Chatfield

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Identity Theft Attempt by Roommate: A listener shares her experience of living with a roommate named Jeanette who attempted to steal her identity. After returning from an overseas trip, the listener discovered something was off with her car (which she'd left keys for) and that Jeanette had gone missing while owing rent money. The situation escalated when the Australian Federal Police (AFP) showed up at the house with a search warrant.

Federal Police Investigation and House Search: Officer Woodcock contacted the listener to investigate her relationship with Jeanette. The AFP arrived with a search warrant, and when they opened Jeanette's locked bedroom door, they found her hiding in bed. The police searched the house looking for evidence related to multiple fraud, deception, theft, and robbery charges under various name spellings and variations.

Discovery of Stolen Mail and Identity Documents: Inside Jeanette's room, the listener discovered piles of letters, including her own bank statements and official correspondence from the Australian Sports Commission with the coat of arms. Jeanette had been collecting these documents to accumulate 100 points of identification needed to open fraudulent credit cards and bank accounts in her victims' names.

Multiple Identity Fraud Scheme: The search warrant revealed Jeanette was operating under numerous name variations and spellings, all similar to her actual name (Jeanette Lee, Jeanette Lee Wan, Jeanette Tan Wan Khan, etc.). She had even included the other roommate Jamie's name in her fraudulent activities, putting both innocent housemates at risk.

Awkward Post-Arrest Living Situation: In an absurd turn of events, Jeanette was released on bail and returned to live in the same house. The situation became incredibly uncomfortable as she accused her roommates of stealing her makeup while simultaneously being the one facing criminal charges. The house was under police surveillance with unmarked cars watching the property.

Long-term Impact and Escape: The listener had to freeze her accounts, pay for 12 months of scam watch monitoring, and deal with severe stress while trying to complete her final year of university. She eventually found a new living situation through a chance encounter during a placement, escaping what she describes as a traumatic and paranoia-inducing experience that she had largely dissociated from until prompted by a podcast discussion about housemate issues.
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Fantasy football at an elite level. We break down all of the latest NFL news and gives you the analysis and unique insights you need to dominate your season-long fantasy football leagues and DFS contests. With cutting-edge stats and information from Pro Football Focus, get ready to take your game to another level. If you want to be the BEST, this fantasy football podcast is a must.

Week 15 IDP Start or Sit

PFF Fantasy Football Podcast

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This episode provides comprehensive IDP (Individual Defensive Player) fantasy football start/sit advice for Week 15 of the 2024 season, which marks the beginning of the fantasy playoffs. The host goes game-by-game through the entire NFL schedule with detailed matchup analysis and player recommendations.

Fantasy Playoff Stakes and Preparation: With the fantasy playoffs beginning, the episode emphasizes making optimal lineup decisions to advance toward a championship. The host announces plans for a live show the following Thursday at 10am Eastern and encourages listeners to use code HOLIDAY30 for 30% off PFF+ subscriptions to access rankings and advanced metrics.

Atlanta-Tampa Bay Thursday Night Matchup: Jesse Bates and Xavier Watts are recommended despite poor Week 14 performances, as usage remains strong and the matchup improves. Kaden Ellis offers big play upside but limited tackle floor. Tyche Smith is doubtful with a stinger injury, making Christian Izzy a streaming safety option. The Buccaneers linebackers suffer from poor tackle efficiency despite the volume.

Buffalo-New England Key Decisions: Terrell Bernard may return from injury, requiring managers to monitor his status with Shaq Thompson as backup. Cole Bishop should be fine after cramping issues. The Patriots' linebacker situation remains uncertain with Robert Spillane the safest option, while Christian Ellis and Jack Gibbons share the LB2 role efficiently despite limited snaps.

Chargers-Chiefs Linebacker Considerations: Daiyan Henley continues to disappoint with inefficient tackling despite the volume, though a neutral matchup offers hope for improvement. Nick Bolton gets a solid matchup to maintain momentum after a 12-tackle performance. George Karloftis and Chris Jones face an excellent pass rush matchup against the Chargers' struggling offensive line.

Jets-Jaguars Defensive Storylines: Jamien Sherwood delivered 15 tackles but faces a tough matchup against a Jaguars team that limits linebacker production. The Jets safeties get a top-5 tackle matchup with Tony Adams questionable, potentially elevating Isaiah Oliver. Devin Lloyd continues living off big plays despite below-average tackling, creating regression concerns during the playoffs.

Raiders-Eagles Impact Players: Devin White is coming off a season-high 19 tackles but faces the Eagles' league-worst linebacker matchup (11.9 tackles per game allowed). Jeremy Chinn remains locked in as a safety despite a neutral matchup. The Eagles' defensive line should dominate regardless of whether Geno Smith or Kenny Pickett starts at quarterback for Las Vegas.

Washington-Giants Monday Developments: Bobby Wagner delivered 16 tackles and a sack in Week 14, and gets an elite matchup against the Giants who allow the second-most tackles to linebackers. Abdul Carter finally recorded his first sack after being guaranteed by the host, and should continue progressing against Miami's poor offensive line.

Cleveland-Chicago Linebacker Chaos: The Bears created confusion with TJ Edwards playing only 62% of snaps despite being active, while Noah Sewell barely played and DeMarco Jackson was the lone full-time linebacker. This uncertainty makes all Bears linebackers risky playoff starts. Carson Schlesinger continues his five-game double-digit tackle streak for Cleveland in a favorable matchup.

Baltimore-Cincinnati Defensive Line Focus: Trey Hendrickson is officially done for the season, eliminating the Bengals' best IDP defensive lineman. Baltimore's pass rushers get an advantageous matchup, though the Bengals' offensive line performed better recently. Both Geno Stone and Jordan Battle rank as top-12 safeties despite a below-average matchup.

Arizona-Houston Safety Streaming: Cody Simon faces the best tackle matchup of the year against the Texans, making him highly playable if Mack Wilson doesn't return. Buddha Baker and Jalen Thompson get excellent matchup, while Garrett Williams offers solid cornerback streaming value. Will Anderson and Danielle Hunter remain must-starts despite recent quiet games.

Indianapolis-San Francisco Injury Complications: The 49ers' linebacker situation requires close monitoring with Tatum Bethune nursing an injury and Eric Kendricks signed as a free agent. If Kendricks gets activated from the practice squad, it creates uncertainty for the entire group. Philip Rivers reportedly coming out of retirement for the Colts creates an unusual pass rush matchup dynamic.

Detroit-Los Angeles Key Performers: Brian Branch suffered a torn Achilles, ending his season, with Devonte Maddox the replacement if Kirby Joseph or Thomas Harper remain out. Jack Campbell remains a must-start despite a poor matchup after elite production all season. Nate Landman gets an excellent tackle matchup and should bounce back after garbage time limited his Week 14 production.

Minnesota-Dallas Sunday Night Considerations: Blake Cashman and Eric Wilson face another favorable tackle matchup, with Wilson offering sack upside. Overshown continues slowly increasing his snap percentage to 76% but remains a deep league option until reaching full-time status. Byron Murphy Jr. and Isaiah Rogers get great cornerback matchups.

Miami-Pittsburgh Monday Night Risks: Tyrell Dodson left Week 14's game with an injury, creating uncertainty for a Monday night matchup. Managers should roster K.J. Britt as insurance since he's the immediate replacement over Willie Gay. Patrick Queen returned to action, frustratingly limiting Peyton Wilson's opportunities despite Wilson's superior play. T.J. Watt and Alex Highsmith face an excellent matchup against Miami's poor offensive line and Tua Tagovailoa's high pressure-to-sack conversion rate.

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Seeking Alpha's flagship Wall Street Breakfast provides investors an overview of key investment news every morning and afternoon. Transcripts: seekingalpha.com/wsb

Oracle tumbles on revenue miss

Wall Street Breakfast

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Oracle's Mixed Q2 Results and Stock Decline: Oracle shares fell more than 10% in pre-market trading despite beating earnings expectations with $2.26 per share versus $1.64 consensus. Revenue of $16.06 billion rose 14% but missed estimates, with cloud revenue climbing 36% to $8 billion, also falling slightly short. The company's remaining performance obligations (RPO) surged 438% to $523 billion from major deals with Meta and Nvidia. Analysts expressed concern that despite massive capex spending, revenue can still miss targets, with potential margin compression ahead as revenue growth slows.

Oracle's Strategic Chip Neutrality Shift: Oracle sold its stake in Ampere for a $2.7 billion pre-tax gain following SoftBank's $6.5 billion acquisition of the chip company. CTO Larry Ellison explained that Ampere is no longer strategic as Oracle pivots to "chip neutrality," working with all major CPU and GPU suppliers while maintaining purchases of Nvidia GPUs but wanting flexibility to deploy any chips customers require.

SpaceX Positioning for Potential IPO: Elon Musk confirmed reports about SpaceX planning to go public, with the company potentially pursuing an IPO as early as mid-2026 targeting a valuation north of $1 trillion, possibly up to $1.5 trillion. The offering would support over $30 billion in capital needs for AI-driven projects including space-based data centers and lunar satellite factories. Musk noted that valuation depends on progress with Starlink, Starship, and securing global direct-to-cell spectrum, and mentioned finding ways for Tesla shareholders to participate in SpaceX equity.

Internal Tensions at Meta Over AI Strategy: Alexander Wang, recently hired to lead Meta's superintelligence group, has reportedly clashed with longtime executives including product chief Chris Cox and CTO Andrew Bosworth. Cox and Bosworth want Wang's team to use Instagram and Facebook data to train AI models for improving feeds and advertising, while Wang argues the priority should be catching up to OpenAI and Google first. Additional disputes involve computing resource allocation, with sources reporting that $2 billion may have been redirected from Reality Labs to Wang's team, though Meta's spokesman disputed this characterization.

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Actionable insights on building wealth from the top experts in money &amp; the markets

Hosted by Adam Taggart Support this podcast: <a href="https://podcasters.spotify.com/pod/show/thoughtful-money/support" rel="payment">https://podcasters.spotify.com/pod/show/thoughtful-money/support</a>

Stocks Are "As Expensive As I've Ever Seen Them" | Ted Oakley

Thoughtful Money with Adam Taggart

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Based on the transcript, here is a comprehensive summary of the key points discussed:

Market Valuations at Extreme Levels: Ted Oakley states that stocks are "as expensive as I've ever seen them" in his long career, with the CAPE ratio at 40 and current earnings at 24.5. While prices could potentially go higher, he believes we're in the "eighth or ninth inning" of this bull market cycle and investors should be cautious.

Outlook for 2026 and Potential Market Top: Oakley expects momentum could continue into Q1 2026 due to 401(k) contributions, but anticipates a significant high sometime in 2026, followed by a more substantial setback. He suggests a generational market top could occur in 2026 or 2027, nearly a generation past the 2008 lows.

Unprecedented Investor Complacency: The level of complacency today rivals or exceeds even the late 1990s bubble. Most investors and advisors don't remotely consider anything bad happening in the next year or two, simply staying the course and adding more money. This universal positioning on one side creates vulnerability for a reversal.

Demographic Headwinds from Baby Boomers: By 2027, the average baby boomer will be 72 years old, transitioning from contributing to markets to withdrawing funds for healthcare and assisted living costs. This demographic shift could create sustained selling pressure, potentially flipping passive capital flows negative after decades of positive inflows.

Portfolio Allocation Strategy: 30-30-30-10: Oxbow recommends a 30-30-30-10 allocation: 30% in short-term Treasuries (under 30 months), 30% in commodities or commodity-based investments, 30% in stocks (value or growth), and 10% in cash for opportunistic trading. This replaces the traditional 60-40 stock-bond portfolio.

Avoiding Long-Term Bonds: Oakley strongly advises against buying 20-30 year bonds, viewing them as a bet that the government can control inflation long-term, which he doubts. While short-term rates may decline, he doesn't expect long-term rates to follow, with the 10-year Treasury stuck around 4.15-4.20% despite rate cut discussions.

Energy Sector as Major Opportunity: Energy is viewed as the best potential investment for the next 2-3 years, with many companies offering 7-10% dividends. Oxbow significantly increased energy holdings this year, including oil and gas producers, midstream MLPs (Energy Transfer, Enterprise Products), and international names like Petrobras (12% dividend). Even at current depressed prices, these holdings are up for the year.

Silver and Precious Metals Momentum: Oxbow has owned silver and silver miners for several years, recognizing that inflation-adjusted silver prices remain far below previous peaks. While institutions haven't yet chased the rally, significant institutional buying could drive miners much higher. The firm took some profits after 100-200% moves but maintains core positions.

Value-Based Stock Selection: Rather than buying indexes, Oxbow focuses on individual company analysis, buying quality businesses at attractive valuations. Recent purchases include Domino's, Gildan, Mercado Libre, Autodesk, Bristol Myers, Vale, and Rio Tinto. This approach removes dependence on macro predictions and focuses on intrinsic value.

Federal Reserve Policy Concerns: Oakley criticizes the Fed for cutting rates when most other central banks are raising them, viewing this as politically motivated rather than economically justified. He warns this could lead to a 1970s-style scenario where inflation repeatedly resurges, requiring a Volcker-type cleanup eventually.

The Importance of Scaling In and Out: Average investors struggle with knowing when markets are truly cheap versus just experiencing a correction. Professional guidance helps with proper scaling—taking profits on huge winners and gradually deploying capital during severe downturns like the 2008-2009 decline from 14,700 to 6,600 on the Dow.

Succession Planning for DIY Investors: Many DIY investors, particularly in their 70s and 80s with 85-90% stock exposure, haven't planned for incapacity or death. The firm is hosting a webinar on succession planning, emphasizing that even if you want to maintain control now, establishing relationships and backup plans is an act of love and prudence for family members.

Manufacturing and Economic Skepticism: Despite administration claims about economic improvement, Oakley notes manufacturing jobs may have actually declined this year. He's skeptical of tariff policies that take from consumers to give back to farmers, viewing it as political grandstanding rather than sound economic policy.

Potential for Mean Reversion: After three consecutive years of double-digit returns—a rare occurrence—the market is extremely extended above long-term averages (two standard deviations plus). History suggests these extremes don't last indefinitely, and a true bear market with capitulation hasn't occurred since 2008, setting up the current generation of investors for a humbling experience.

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Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.

The Chopping Block: Web3 Dies, L1 Valuations Clash & Crypto Burnout - Ep. 977

Unchained

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Farcaster's Pivot and the Death of Web3 Social: Farcaster announced a strategic shift away from its social media product after stagnating at 25-30K daily active users, choosing instead to focus on wallet functionality. Tarun declares this marks the end of "Web3" as A16Z defined it—the ownership economy narrative around NFTs and owning your social posts. The panel agrees that crypto social platforms like Farcaster and Bluesky failed because they were essentially Twitter clones with minimal UX innovation, and the only people who found value in features like frames and blinks were airdrop farmers. Network effects proved impossible to overcome without genuinely superior products.

Prediction Markets as the Real Crypto Social Network: Tarun argues that Polymarket and Kalshi represent the actual evolution of crypto social networks, not traditional posting platforms. These prediction markets function as social news networks where millions consume content without necessarily trading, creating value through market-driven information aggregation rather than posts or videos. Polymarket ranks third among fintech apps in recent metrics, demonstrating genuine product-market fit where traditional Web3 social failed.

Revealed Preferences Trump Stated Preferences: The group discusses how users claim to want decentralization, privacy, and ownership of their posts, but their actual behavior shows they prioritize convenience and existing network effects. Even early adopters who philosophically supported decentralized social media eventually abandoned these platforms when faced with spam and inferior user experience. This gap between what people say they want and what they actually use is a fundamental challenge for Web3 social products.

The Financial Core of Crypto's Success: Haseeb emphasizes that crypto's beating heart has always been finance and money, from Bitcoin's origins through Ethereum's emergence. Products that stray too far from financial use cases struggle to find adoption—no one has actually asked for decentralized social media, only VCs have promoted that narrative. The further crypto ventures from its financial core, the less compelling the value proposition becomes to actual users.

Farcaster as Narrative Cover for VCs: The panel suggests Farcaster served as a "Mott and Bailey" for the industry, particularly A16Z, allowing VCs to point to utopian use cases like democratizing social media while actually investing in less palatable but more profitable ventures like perpetual exchanges. This created a respectable public face for the industry while the real money flowed to financial products.

L1 Valuation Debate: PE Ratios vs. Forward-Looking Growth: Following Haseeb's debate with Santiago, the group discusses whether L1s are overvalued. Santiago argues Ethereum's PE ratio of 380 and similar metrics show absurd valuations. Haseeb counters that these are growth technologies comparable to early Amazon or Uber, where forward-looking potential matters more than current profitability. The debate centers on whether L1 tokens should be valued like equities or as a hybrid of commodity, currency, and equity.

The Competition Problem for L1 Valuations: Robert argues L1s are slightly overvalued not because the total market pie is wrong-sized, but because competition will never end—smart teams will continue launching new L1s indefinitely. He suggests knocking 50% off current L1 market caps to account for future dilution from new chains. The barrier to entry remains low despite increasing coordination costs for new entrants.

Concentration vs. Fragmentation of L1 Activity: Tarun applies Coase theorem-style thinking to argue that activity will concentrate on a small number of chains due to liquidity network effects and the multiplicatively increasing costs for the nth L1 to catch up. He estimates the sustainable number of L1s is closer to 10 than to hundreds, as the carrying capacity depends on actual on-chain activity and liquidity, not just technology.

The L1 Premium and Dino Chains: Tom notes market perplexity around "dino chains" from 2016-2017 still trading at billions while newer, better-funded chains with interesting tech get rejected. The "L1 premium" meme persists where identical products receive 10x valuations if packaged as a chain versus an application token. The market has been correcting this misallocation over recent years, though it remains present.

Ken Chan's "I Wasted Eight Years" Post: Ken Chan, founder of Avo (a perp dex backed by Dragonfly), wrote a viral post claiming he wasted eight years building in crypto, having entered for libertarian ideals but finding only gambling and speculation loops. The timing struck the panel as odd given strong current fundamentals, though they empathize with founder burnout, particularly from being early but losing to later competitors—a painful pattern in crypto.

Sugar Water vs. Real Building in Crypto: Robert distinguishes between "sugar water crypto" (points, tokens, and circular incentive loops with no fundamental value) and "real things crypto" (transforming financial markets, improving efficiency, increasing transparency). The space is wide enough to choose which corner to work in, and burnout often stems from spending too long in the sugar water section rather than tackling genuinely transformative problems.

The Unique Opportunity of Crypto's Newness: Robert frames crypto as this generation's equivalent of the 1990s internet boom—a rare chance to innovate with genuinely new technology before others figure it out. Despite being over a decade old, crypto still hasn't exhausted its potential applications, making this an optimal time to build rather than exit due to disillusionment.

ADL Research: Exposing Systemic Flaws: Tarun published research on auto-deleveraging (ADL) mechanisms used by exchanges to handle bad debt. October 10th exposed how existing ADL algorithms assumed isolated, one-time events rather than cascading liquidations. His mathematical analysis shows better strategies could have saved hundreds of millions of dollars, with public on-chain data from Hyperliquid enabling this innovation for the first time.

Transparency Enabling Innovation: The ADL research became possible only because Hyperliquid made order book data fully public during deleveraging events, unlike centralized exchanges like Binance where users only saw their own liquidations. This transparency allows the crypto community to identify and fix systemic issues that remained hidden in traditional finance, demonstrating a key advantage of open systems.

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Democracy Now! is an independent daily TV & radio news program, hosted by award-winning journalists Amy Goodman and Juan González. We provide daily global news headlines, in-depth interviews and investigative reports without any advertisements or government funding. Our programming shines a spotlight on corporate and government abuses of power and lifts up the stories of ordinary people working to make change in extraordinary times. Democracy Now! is live weekdays at 8am ET and available 24/7 through our website and podcasts.

Democracy Now! 2025-12-11 Thursday

Democracy Now! Audio

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US Seizure of Venezuelan Oil Tanker Amid Military Escalation: US forces seized a large oil tanker off Venezuela's coast, with President Trump boasting it was "the largest one ever seized." Attorney General Pam Bondi released video showing troops rappelling from helicopters and pointing weapons at sailors, claiming the tanker transported sanctioned oil from Venezuela and Iran. Venezuela condemned the action as "international piracy" and "blatant theft." This seizure follows US fighter jets flying over Venezuelan airspace and represents the Pentagon's largest military buildup in the Caribbean in the 21st century.

Trump Threatens Colombia and Broader Latin American Targets: President Trump threatened Colombian President Gustavo Petro, saying "he better wise up or he'll be next," accusing Colombia of producing cocaine despite the country being a stable US partner in drug interdiction. Professor Alejandro Velasco explains this represents an ideological campaign against leftist governments in Latin America rather than genuine drug concerns, noting Trump recently pardoned convicted narco-trafficker Juan Orlando Hernandez.

Controversial Nobel Peace Prize Award to Venezuelan Opposition Leader: Maria Corina Machado received the Nobel Peace Prize despite supporting Trump's military threats against Venezuela and advocating for armed intervention in her own country. Hundreds protested in Oslo against the award, with critics noting the Nobel Committee's problematic history of awarding politicians like Obama and Aung San Suu Kyi. Machado had been in hiding in Venezuela but traveled to Oslo with apparent US support.

Democratic Upset in Miami Mayoral Race Signals Shift: Eileen Higgins won Miami's mayoral race with 59% of the vote, becoming the first Democratic mayor in 30 years and the first woman mayor. The decisive victory in the traditionally Republican Cuban-American stronghold suggests voters are more focused on domestic economic issues than Cold War-era foreign policy rhetoric, representing a significant warning to the Trump administration.

Mahmoud Mamdani on Decolonization and Uganda's Post-Colonial Experience: Columbia professor Mahmoud Mamdani discusses his new book "Slow Poison," which examines how Uganda's post-colonial leaders IDI Amin and Yoweri Museveni approached nation-building. The book explores "decolonization in practice" rather than theory, showing how both leaders dealt with inherited colonial divisions and the policy of divide-and-rule that created fragmented identities.

British Colonial Divide-and-Rule Strategy in Uganda: Mamdani explains how British colonialism deliberately fragmented Uganda's population along ethnic and racial lines, designating some as "indigenous" and others as "migrants" (particularly people of Asian descent). This division prevented the formation of unified nationalist movements and created the foundation for future conflicts over citizenship and belonging in post-independence Uganda.

IDI Amin's Transformation from British Proxy to Anti-Colonial Leader: Amin was recruited as a child soldier and trained in counterinsurgency by the British, coming to power in 1971 with direct British and Israeli assistance. However, after humiliating state visits to Israel and Britain, he underwent a political transformation, attempting to create a "black nation" that excluded people of Indian descent, ultimately expelling tens of thousands of Asians including Mamdani's family.

Mamdani's Personal Journey from Racialized Uganda to Civil Rights Activism: Growing up in highly segregated colonial Uganda where Asians had separate schools, hospitals, and living quarters, Mamdani came to the US on a scholarship in the 1960s. He joined SNCC's civil rights marches in Montgomery, was arrested, and told the Ugandan ambassador: "You sent me here as a gift for our freedom. They are fighting for theirs. It's one and the same."

Zoran Mamdani's Historic Victory as New York City Mayor-Elect: Mahmoud Mamdani's son Zoran will become New York's first African mayor of South Asian descent, first Muslim mayor, and youngest mayor in a century. His campaign focused on affordability and maintained unwavering criticism of Israel despite millions in opposition funding and condemnation from President Biden, demonstrating principle over political expediency.

Catastrophic Conditions in Gaza During Winter Storm: Winter storm Byron brought torrential rains and freezing temperatures to Gaza, flooding and washing away makeshift tents housing displaced families. Eight-month-old Rahaf Abu Jahaz died from hypothermia in Khan Younis. Maureen Kaaki from GLIA International reports that families have no respite from cold, wind, and rain, with tents along the beach washed away by rising tides.

Israeli Violations of Gaza Ceasefire Continue: Despite the October cease-fire agreement, Israel has killed 383 Palestinians since the truce began, with four bodies and ten injured brought to hospitals in the last 24 hours alone. Drone strikes continue, including the killing of two children aged 9 and 10 who were collecting firewood. GLIA International's Maureen Kaaki states: "It is not really a ceasefire, it's just a slower form of death."

Israel Blocking Humanitarian Aid to Gaza: Israel continues preventing vital aid from entering Gaza, particularly medical supplies and shelter materials. Hospitals remain critically short of supplies with conditions unchanged since the ceasefire. Children face ongoing malnutrition because Israel isn't allowing the agreed-upon amount of aid, and available food in commercial markets is unaffordable for families who've been out of work for two years.

Congress Passes $901 Billion Defense Authorization Act: The House passed the NDAA with a vote of 312-112, which combined with earlier supplemental bills expands the military budget to over $1 trillion. Representative Ilhan Omar opposed it, stating "Congress cannot continue writing blank checks for endless war while millions of Americans struggle to afford housing, health care and basic necessities."

NTSB Warning on Weakened Aviation Safety Near Reagan Airport: The NTSB chair condemned provisions in the defense bill allowing military aircraft to turn off enhanced tracking technology near Washington DC airspace during "national security missions." This follows the January collision between an Army helicopter and commercial jet that killed 67 people, with investigators finding the helicopter wasn't using enhanced tracking technology.

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Don’t go broke trying to get rich… Entrepreneurs face so much pressure to grow their companies that it ends up bankrupting them in other areas of life such as their family, faith, and health. The Wealthy Way Podcast highlights other paths to success without sacrificing everything. The host, Ryan Pineda, interviews top experts in business, health, faith, and relationships while sharing his own experiences. Ryan has founded 7 different companies. In addition to that he owns 500+ rental properties, has received 1B+ views on social media, and is a retired pro baseball player. Go to WealthyWay.com to get access to free courses, planner app, blogs, and more. For inquiries email media@ryanpineda.com This podcast was formerly “The Ryan Pineda Show”.

Born With It or Built? The Faith + Science Behind Human Potential

Wealthy Way

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God-Given Talents vs. Learned Skills: The conversation opens with a discussion about whether abilities are innate or developed, exploring how God-given talents interact with skills that can be learned and spiritual transformation. The conclusion is that while everyone receives different talents from God (as illustrated in the parable of the talents), the key is using and expanding what you've been given rather than burying it.

The Four Categories of Achievement: People in any profession fall into four groups: "wingers" who never learn anything, "dabblers" who remain average, "know-it-alls" who think they've arrived and never reach their potential, and those "committed to mastery" who represent the top 1% in any field. The best athletes, parents, surgeons, and leaders all fall into this last category because they continuously expand their talents.

Taking the Seed and Growing It: Using Oprah Winfrey as an example, the discussion emphasizes that circumstances don't have to define outcomes. Despite growing up during segregation, being raped, and having a stillborn baby as a teenager, Oprah chose not to be a victim and expanded her God-given seed of talent into extraordinary success through commitment to mastery.

Epigenetics: Science Meets Scripture: Epigenetics is a relatively new field showing that the life you live—the trauma or success you experience—actually changes your DNA and affects the next few generations. This scientific discovery validates Old Testament scriptures about blessings and curses passing through generations, demonstrating how modern science often confirms ancient religious teachings.

Overcoming Generational Patterns Through Faith: While people may inherit predispositions to addiction, depression, or other challenges through both genetics and epigenetics, God's transformative power can overcome anything. When someone overcomes inherited trauma or addiction, they pass that strength onto future generations, creating a positive epigenetic change rather than continuing a negative pattern.

The Power of Identity and Self-Talk: Identity shapes behavior because people make decisions based on who they believe they are. Alcoholics Anonymous has a high relapse rate partly because constantly saying "I'm an alcoholic" reinforces that identity, leading to decisions an alcoholic would make. Changing your words and reframing your identity—saying "I used to drink" or "I don't like alcohol"—literally rewires your brain to believe and act differently.

Life Happens For You, Not To You: The perspective shift from victim to victor is crucial. Whether it's reframing investor meetings from something dreaded to something energizing, or choosing to view challenges as opportunities rather than setbacks, changing your perspective changes your reality and ultimately your destiny.
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He’s a former Secret Service Agent, former NYPD officer, and New York Times best-selling author. Join Dan Bongino each weekday as he tackles the hottest political issues, debunking both liberal and Republican establishment rhetoric.

President Trump Found Oil In The Ocean! | Episode 186

The Dan Bongino Show

VINCE

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US Military Seizes Venezuelan Oil Tanker: President Trump announced that the US military seized a massive oil tanker off the coast of Venezuela, the largest ever seized. The vessel was carrying 320,000 tons of crude oil and was being used to transport sanctioned oil from Venezuela and Iran as part of an illicit black market network supporting foreign terrorist organizations. The oil was being routed through Cuba to destinations including China, with proceeds funding the Maduro narco-terror regime.

Blue Slips Blocking Trump's Prosecutors: President Trump publicly called for the termination of Senate "blue slips," a procedural rule allowing individual senators to block judicial and US Attorney nominations in their states. Trump specifically called out Senator Chuck Grassley for being the main obstruction preventing the president from installing prosecutors to go after criminals. Trump asked Senate Majority Leader John Thune to eliminate this practice, arguing it's unconstitutional and gives Democrats veto power over Republican appointees.

Indiana Republicans Fighting Over Redistricting: Indiana Republicans are divided over redistricting efforts that would eliminate two Democrat-held congressional seats and replace them with Republican-leaning districts. Old guard Republicans, including former Governor Mitch Daniels, are opposing the changes citing "fair play," while Trump and MAGA Republicans argue this is necessary to counter Democrats' aggressive nationwide redistricting that has rigged numerous seats through gerrymandering, census manipulation, and importing illegal aliens.

Democrats' Nationwide Election Rigging Through Redistricting: Democrats have systematically rigged congressional seats across multiple states including Illinois (14 of 17 seats despite 50/50 voter split), Maryland (7 of 8 seats with plans to eliminate the last Republican), New Jersey, New Mexico, and Oregon. Additionally, Democrats are attempting to eliminate Republican seats in California (5 seats), Virginia, New York (6 seats), and Illinois (3 more seats), totaling 20-30 seats being stolen or targeted through manipulated districting.

Venezuelan Opposition Leader Escapes: Maria Corina Machado, Venezuela's opposition leader and Nobel Peace Prize winner, successfully escaped Venezuela in disguise just hours before the US tanker seizure. She navigated 10 military checkpoints over 10 hours before taking a small boat across the Caribbean to Curacao. She described Venezuela as "the criminal hub of the Americas" controlled by Russian agents, Iranian agents, Hezbollah, Hamas, drug cartels, and guerrilla groups who use oil sales and drug trafficking to fund the Maduro regime's terror operations.

Cartel de los Soles Designated as Terror Organization: The State Department designated Venezuela's "Cartel of the Sun" as a foreign terrorist organization. The cartel is headed by Maduro and other regime officials who have corrupted Venezuela's military, intelligence, legislature, and judiciary. They work with other terror organizations including Tren de Aragua and Sinaloa Cartel to traffic drugs into the US and Europe, using proceeds to maintain their illegitimate grip on power.

Cutting Off Taliban Funding: Congress has been sending $40-45 million per week (over $5 billion total) to the Taliban through NGOs since the Biden administration. Congressman Tim Burchett passed legislation in the House to stop this, but the Senate cannot get 60 votes to ban Taliban funding. Secretary of State Marco Rubio reportedly committed to cutting off all funding after pressure from Representatives Anna Paulina Luna and Burchett, though questions remain about why it took this long.

Charlotte Light Rail Hero Stabbed by Illegal Alien: Kenyan Doby was stabbed multiple times while defending an elderly woman from assault by Solorzano, an illegal Honduran immigrant with a violent criminal record, on Charlotte's light rail system. Doby, a black American, said he had no regrets and would do it again, but local Democrat officials released the attacker back onto the streets. A GoFundMe for Doby has raised over $108,000, while mainstream media largely ignored the story.

National Guard Troops Harassed in DC: National Guard troops deployed to secure Washington DC's Union Station are facing constant harassment from left-wing protesters. Video footage shows agitators verbally accosting soldiers for extended periods. This harassment is partly attributed to the "Seditious Six" Democratic Congress members who released videos encouraging troops to ignore President Trump's orders as commander in chief.

Pentagon Investigating Senator Mark Kelly: The Department of Defense launched an investigation into Senator Mark Kelly after he told military members to ignore orders from President Trump. Senate Democrats are calling this a "threat to politicize our military justice system," but supporters argue the investigation is designed to depoliticize Kelly's seditious encouragement of troops to disobey their commander in chief.

NGO Corruption and Government Funding: The discussion highlighted how "non-governmental organizations" are actually funded by taxpayer dollars and used as vehicles for corrupt practices, including funneling money to the Taliban and other bad actors. The question was raised why organizations receiving government funding can still be called "non-governmental" when they're essentially extensions of the government, similar to the corruption found in USAID.
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