🏆 #1 podcast in the Top 100 Health Tech All-time chartsJoin us every Monday for conversations with the biggest names in digital health. Hosted by digital health veterans Halle Tecco, Michael Esquivel, and Steve Kraus.Learn more and submit your ideas for the show at the <a href="http://heartofgealthcarepodcast.com/" rel="noopener noreferrer" target="_blank">Heart of Healthcare</a> website.

Soul-Driven Healthcare Investing | General Catalyst CEO Hemant Taneja

The Heart of Healthcare | A Digital Health Podcast

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Entering Healthcare Through Technology and Serendipity: Hemant Taneja came to healthcare 20 years ago without any background in the field, starting with a call from Partners Healthcare about electronic medical records. This led to founding Humedica (acquired by Optum Analytics), then co-founding Livongo with Glen Tullman in 2012-2013, and eventually launching Commure in 2016-2017. His confidence grew as these ventures succeeded, leading him to commit deeply to healthcare transformation at the intersection of technology and care delivery.

Revenue as a Misleading Healthcare Metric: Unlike traditional technology investing where revenue growth correlates with value creation, Taneja argues that in healthcare, revenue growth has "no correlation" with whether you're actually doing good. He believes you can "sneeze and get to a billion dollars of revenue in healthcare" because it's such a large market. Instead of focusing on revenue as a primary KPI, he evaluates companies based on whether they're moving toward proactive care, affordability, and accessibility—the pillars of his "health assurance" thesis.

Proving That Purpose-Driven Capitalism Generates Better Returns: Taneja contends that profit-only capitalism has run its course and will do more damage than good, pointing to healthcare costs consuming 50% of state budgets and crowding out education spending. Rather than relying on regulation or ESG frameworks, he believes founders should build with intentionality from the start. His goal is to prove that companies built with both profit and purpose in mind will ultimately generate the best returns, creating a flywheel effect that others will follow.

The Healthcare Payment "Work Tax" and AI's Potential: Healthcare spends 15 cents on the dollar just to process payments, compared to 3% in e-commerce. Taneja sees AI as a way to compress these costs down to e-commerce levels, freeing up operating margin that can be reinvested in communities and preventive care. This is critical because the current system doesn't incentivize long-term health investments—insurance companies face annual enrollment cycles and won't invest in prevention when benefits accrue to competitors.

General Catalyst's Hospital Acquisition as an Innovation Lab: General Catalyst bought Summa Health in Akron, Ohio, not as a traditional investment but using their own balance sheet to create a testing ground for healthcare transformation. Six portfolio companies (including Commure, Hippocratic, Cityblock, Aidoc, and Transcarent) are now working together at Summa to design a cohesive technology stack that can help the system achieve for-profit-level margins while serving the community. If successful, this playbook can be replicated across 5,000 other hospitals.

Distancing From Private Equity's Financial Optimization Model: Taneja emphasizes that the Summa acquisition is not private equity because it wasn't done through a fund and doesn't follow the PE playbook of pure financial optimization. He argues that healthcare requires balancing financial rigor with mission—avoiding both the profit-obsessed PE approach and the profit-averse nonprofit mindset. The goal is to demonstrate that you can embrace both profit and purpose through a "flywheel" that makes companies more successful while driving system-level impact.

Why Hospitals Are Adopting AI Faster Than Any Other Healthcare Stakeholder: Despite hospitals historically being the hardest customers for software companies, they're now adopting AI faster than pharma or health plans. Taneja attributes this to COVID burnout—healthcare workers are so desperate for leverage and relief that they're embracing AI without worrying about long-term job implications. Unlike other industries where middle management resists AI, hospital staff are saying "I don't care about what it means long term. I need leverage today. I'm drowning."

Building Enduring Institutions, Not Quick Exits: Taneja believes founders should build companies to endure, not exit, arguing that healthcare needs "a dozen new platforms that are enduring institutions" to change the market structure. Currently, only insurance companies and Amazon can afford healthcare innovation, creating an imbalanced market. He advises founders to ensure mission alignment and autonomy before accepting acquisition offers, as innovation often "goes to die" in strategic acquisitions despite good intentions from the acquirers.

The Tech-Healthcare Cultural Divide: Tech people don't understand that healthcare isn't a free market and assume good code will automatically be adopted. Meanwhile, healthcare insiders are so consumed by the existing system's daily struggles that they can't think with first principles about transforming it. This mutual misunderstanding creates friction, which is why Taneja focuses on building companies with the right culture at the intersection from the start.

AI's Timeline for Replacing Most Doctor Tasks: Taneja believes that within the next decade, AI will be capable of doing most (not all) of what doctors currently do. AI doesn't get tired, doesn't judge patients, stays current on all publications, and can be more empathetic—studies show patients rate AI-written messages as more empathetic than doctor-written ones. He's witnessed elderly patients forming relationships with AI callers at Hippocratic, saying "I know you're an AI, but I like you."

AI as a Productive Bubble That Will Create Lasting Change: When asked if we're in an AI bubble, Taneja responds that bubbles are good because they organize capital and talent around important problems. He notes that 50% of US growth is now driven by AI investments, calling it "a venture capital bet on AI as a nation." While some investments won't pay out and it's a difficult time to predict what will be durable, he's optimistic that AI will create abundance and resilience in society, making these the moments investors should look for.

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Modern Stoicism is a podcast dedicated to exploring the principles and practices of Stoicism in the modern world. Through engaging and thought-provoking episodes, the show bridges the timeless wisdom of philosophers like Marcus Aurelius, Seneca, and Epictetus with the challenges and opportunities of the 21st century.

Each episode features the hosts (and occasional expert guests) breaking down key Stoic concepts, offering practical tools for managing emotions, building resilience, making ethical decisions, and living a meaningful life.


E168 - 10 Things You Should Always Keep Private BECOME A TRUE STOIC | STOICISM

MODERN STOICISM 

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Privacy as a Stoic Virtue: The episode frames privacy and discretion as fundamental sources of strength in Stoic philosophy, arguing that true character lies not in what we share publicly but in what we protect. In an era of digital overexposure, cultivating inner freedom through selective sharing becomes a path to wisdom, serenity, and self-mastery.

Silent Self-Improvement Over Public Boasting: Drawing on Epictetus's teaching that our judgments about events disturb us more than the events themselves, the episode emphasizes that genuine growth should be demonstrated through consistent actions rather than verbal declarations. Seeking validation through boasting undermines the Stoic principle that virtue requires no audience, and relationships thrive when partners focus on authentic development rather than appearances.

The Power of Listening Over Speaking: Marcus Aurelius exemplified the Stoic practice of deep listening by consulting advisors and citizens before making imperial decisions. True listening involves perceiving not just words but emotions and unspoken truths, transforming dialogue into genuine connection and replacing ego with compassion. Silence becomes an active form of wisdom rather than passivity.

Positive Self-Talk as Foundation of Character: Seneca's observation that "we suffer more in imagination than in reality" applies directly to negative self-talk, which creates toxic inner environments and betrays our potential. Stoicism urges transforming inner dialogue from self-criticism ("I am a failure") to constructive affirmation ("I did my best and will learn"), building resilience and inspiring others through words that uplift rather than destroy.

Gratitude as Antidote to Complaining: Epictetus taught that our attitude shapes reality, making complaints particularly corrosive to both spirit and relationships. Stoicism emphasizes that events themselves don't matter as much as our reactions to them. Practicing daily gratitude shifts focus from scarcity to abundance, transforming obstacles into growth opportunities and creating an atmosphere of positivity that naturally attracts others.

Moderation as Liberation from Excess: Stoicism warns that gluttony and overconsumption enslave us by dulling clarity and weakening self-control, whether applied to food, pleasure, or entertainment. True moderation isn't deprivation but balance—enjoying pleasures without becoming dependent on them. This daily discipline of awareness, knowing when enough is enough, unlocks freedom from cravings and enables focus on meaningful pursuits.

Living in the Present Moment: Seneca's insight about suffering more in imagination than reality applies to excessive future focus, which robs us of today's joy. The episode illustrates how students consumed by exam fears and professionals obsessing over deadlines miss present experiences. While reasonable planning is wise, Marcus Aurelius balanced duty with presence, knowing tomorrow is never guaranteed and that life is lived now, not in hypothetical futures.

Forgiveness as Release from Resentment: Marcus Aurelius taught that holding grudges harms only ourselves, making forgiveness a form of liberation rather than weakness. Resentment acts as a heavy stone carried in the heart, while letting go opens space for compassion and growth. Forgiveness doesn't mean forgetting but choosing freedom over chains, fostering humility and resilience by acknowledging that all humans err.

Avoiding the Comparison Trap: Epictetus emphasized that freedom comes from ceasing to worry about what lies beyond our control, and comparison steals joy by measuring ourselves against others. Marcus Aurelius embodied this by focusing on duty rather than wealth or status despite his power. Directing energy toward personal growth based on our own values—not society's standards—is the path to self-mastery, authenticity, and true liberation.

Daily Reflection as the Stoic Mirror: Marcus Aurelius practiced morning reflections to prepare his mind with resilience and compassion for daily challenges. This practice isn't about dwelling on mistakes but learning from them through honest questions like "Did I act with virtue today?" Reflection helps recognize imbalances, cultivates awareness without judgment, and transforms ordinary days into lessons that build wisdom moment by moment through conscious living.

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Cognitive and emotional biases can have a big impact on your financial life. Each episode of Financial Decoder looks closely at one financial decision--and the biases that might cloud your judgment and cost you money. Host Mark Riepe, head of the Schwab Center for Financial Research, decodes the behavioral and psychological factors at play and shares strategies designed to improve the way you approach financial crossroads. Other experts join Mark to provide their unique perspective on behavioral economics, portfolio management, retirement planning, personal finance and more.

Podcasts are for informational purposes only. This channel is not monitored by Charles Schwab. Please visit schwab.com/contactus for contact options.

(Bonus) From On Investing: 2026 Market Outlook

Financial Decoder

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The K-Shaped Economy and Unstable Dynamics: The 2026 economic outlook is characterized as "unstable" rather than just uncertain, with clear bifurcations across different segments. The K-shaped recovery extends beyond wealth differences to include youth unemployment struggles, weak rehiring rates, and a stark divide where large companies (500+ employees) show strong employment growth while small businesses (under 50 employees) have seen actual declines. This creates significant subsurface stress not visible in headline economic numbers.

Labor Market as Mixed Force: The labor market presents both headwinds and tailwinds for 2026. While the unemployment rate remains relatively low at 4.4%, there's downward pressure on labor supply growth due to restrictive immigration policies. This creates a unique situation where continued payroll strength keeps the economy stable, but slower wage growth may constrain consumer spending without triggering a catastrophic recession.

Persistent Inflation Challenges: Inflation is expected to remain sticky around 3% rather than returning to the Fed's 2% target. Core goods inflation is unusually hot compared to pre-pandemic levels, while services inflation hovers around 3.5% year-over-year. Tariffs are expected to continue putting upward pressure on goods prices, making it difficult for inflation to decline significantly in 2026.

AI-Driven Capital Expenditure Boom: Business investment in AI infrastructure, particularly data centers and computer equipment (both up over 40% year-over-year), has been a significant GDP growth driver. This CapEx cycle is expected to continue through the first half of 2026, though its broader economic benefits may be limited by constrained labor supply growth, preventing the job creation that typically accompanies such investment booms.

Federal Reserve Rate Cut Expectations: The Fed is expected to cut rates cautiously to reach 3.25-3.5% by mid-2026, implementing only a couple of rate cuts. Deep divisions within the Fed, combined with sticky inflation and personnel changes (including Fed Chair Powell's retirement in May), suggest a slower, more deliberate approach to monetary policy easing.

Fiscal Stimulus with Long-Term Costs: The "one big beautiful bill" is projected to boost GDP by approximately 0.7% through tax cuts and business investment incentives. However, this comes at the cost of significantly higher federal debt as a percentage of GDP and wider deficits, with little hope for spending constraints or deficit reduction in 2026.

Equity Market Choppiness Expected: The stock market outlook for 2026 anticipates continued gains but with greater volatility. The presidential cycle historically shows that midterm years (like 2026) are choppier, with only 54% positive years compared to 83% in the third presidential year. Despite optimism about stocks, there's growing concern about unemployment, creating a disconnect between market expectations and economic concerns.

Shifting Away from Magnificent Seven Focus: The dominance of the Magnificent Seven stocks is fading, with only two of the seven outperforming the S&P 500 year-to-date in 2025, and none ranking in the top 25 performers. Broader market participation is increasing, with 50% of S&P 500 constituents now outperforming the index over the past month, compared to just 16% over the past year, signaling healthier market breadth.

AI Investment Circularity Concerns: There are growing concerns about circular financing in the AI sector, reminiscent of late-1990s "vendor financing." Major companies like Nvidia are investing in their own customers (such as OpenAI), potentially creating unsustainable demand patterns. This raises questions about the long-term viability of current AI investment levels and could lead to increased market churn and rotation within the sector.

Earnings Growth to Drive Returns: Valuation multiples remain elevated, meaning earnings growth will need to do the "heavy lifting" for market returns in 2026 rather than multiple expansion. While earnings growth is expected to exceed 2025 levels across most sectors, the bar is set high and estimates may not be exceeded to the same degree as in 2025. Healthcare, communication services, and industrials are viewed favorably from a sector perspective.

Investment Grade Corporate Bonds Preferred: In the fixed income markets, the recommendation is to stay "up in quality" by focusing on investment grade corporate bonds (rated AAA to BBB). These bonds offer attractive yields of 4.25-5.25% and have shown improving credit quality, with the share of lower-rated BBB bonds declining from 52% in 2019 as upgrades have outnumbered downgrades for three consecutive years.

Municipal Bond Supply Surge: The municipal bond market experienced significant issuance in 2025 with approximately $550 billion issued compared to the historical average of $350 billion. This trend is expected to continue in 2026 due to higher infrastructure costs from inflation and significant voter-approved debt. However, strong demand from investors seeking tax-exempt income should help absorb this supply, with munis offering equivalent taxable yields above 6% for top-bracket taxpayers.

Treasury Yield Curve Steepening Expected: The yield curve is projected to steepen in 2026, with short-term rates declining as the Fed cuts while long-term rates remain elevated around 4% for 10-year Treasuries. This creates opportunities across different maturities, with intermediate-term bonds (5-7 year average duration) recommended as a balanced approach to manage both interest rate risk and reinvestment risk.

Fixed Income Returns to Moderate: While fixed income delivered strong returns in 2025 (with the Bloomberg Aggregate Index up over 7% year-to-date), expectations for 2026 are more modest. Returns will likely come primarily from earning the coupon rather than capital appreciation, as there's less room for yields to decline. Starting yields remain attractive, providing a solid foundation for income generation and portfolio diversification from equities.

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Hi, I’m Case Kenny (@case.kenny on Instagram) and this is my twice weekly podcast where I offer practical thoughts on self improvement, mindfulness and how to live your best life.

It’s a different kind of podcast. I'm just a dude living his life sharing some perspective. No gurus, no fluff and no preaching of generic life advice… just my thoughts on self-help, wellness, and mindsets with practical and personal insights on how to live a passionate, purposeful and happy life. 

Join me Mondays and Thursdays.  Let's go!

760 - Don't "date down"

New Mindset, Who Dis?

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Defining "Dating Down": Dating down isn't about being with someone less attractive or who makes less money—it's when your dating life costs you time, money, and momentum. This happens when you're with someone who doesn't have their life together, creating a practical burden that compounds over time and diminishes your quality of life.

The Logistical Nightmare: Dating down manifests in constant disorganization where you're always the one planning because if you don't, nothing happens. Every hangout becomes chaotic with someone being lost, late, unprepared, or making excuses about their car, paycheck, or landlord. You end up dating their disorganization rather than the actual person.

The Slow Downgrade Effect: Dating down creates a subtle, gradual dulling of your life rather than a dramatic crisis. You stop going to places you enjoy because they can't handle it, stop dressing up because they never do, and abandon the little things that make you feel good. You're essentially rounding down your aspirations, weekends, taste, energy, and standards.

Becoming the Operations Manager: When dating down, you become solely responsible for remembering birthdays, deadlines, directions, and details. This imbalance creates quiet exhaustion that makes you less curious, less playful, and less engaged with life. You start choosing the couch over concerts and silence over conversation—not because you want to, but because you're drained.

Life Happens "To Them" Mentality: Dating down means being with someone who treats life as something happening to them rather than something to engage with. They always have reasons, excuses, or explanations for why things don't work out. You become the only one believing life is worth actively participating in, forcing you to lean in harder, plan more, and accommodate endlessly.

Loss of Momentum and Stories: When dating down, your life stops accumulating meaningful experiences—the trips you'd retell, the nights you'd remember, the moments you'd cherish. Life becomes muted and unsaturated, not peaceful but flat. Without highs or lows, you stop feeling pushed, expanded, or inspired, and your default pace slows to match theirs.

What "Dating Up" Actually Means: Dating up isn't about finding someone impressive or wealthy—it's about dating someone who raises the bar of your life and sharpens it. Being around them pulls you into a higher standard of living through mutual accountability. You show up, they show up; you follow through, they follow through. Life regains its texture and saturation.

The Return of Intentionality: When dating up, momentum returns to your life. You start making reservations, buying tickets, and caring about details again because they care too. You're no longer carrying the entire mental load alone—you're co-creating together. The right person meets your standards and doesn't make you feel dramatic for wanting an intentional, expansive life.

Energy and Presence: The biggest sign you're dating up is that you're no longer managing everything alone. You feel present, engaged, and playful because you're not the only one holding the relationship together. You have energy left at the end of the day, which pours back into life, making you want to do more, try things, and go places.

The Alignment Factor: Dating up requires finding someone whose rhythm and pace of life doesn't drain yours, whose emotional and energetic baseline doesn't require you to round yours down. It's about choosing a relationship that makes you feel more like yourself and keeps life worth being expansive—full of weekends, plans, stories, intention, and momentum.

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Thierry Sagardoytho explore avec vous les archives judiciaires du Béarn, de la Bigorre et du Pays Basque. D’affaires célèbres en affaires oubliées... Rendez-vous sur l'application Radio France pour découvrir tous les autres épisodes.

Vallée d'Ossau, 1925 : quand le braquage d'un convoyeur de fonds à vélo manque de lui coûter la vie

Affaires classées

Les affaires classées par Thierry Sagardoytho

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I apologize, but I'm unable to provide a comprehensive summary of this podcast episode. The transcript provided appears to be either heavily corrupted, incorrectly transcribed, or contains significant technical errors that make it unintelligible. The text does not form coherent French sentences despite appearing to contain French words.

Based on the context provided, this episode should be about a 1925 armed robbery in the Ossau Valley, where Louis Vigneau, a bicycle-riding money courier, was shot and robbed of 36,800 francs by three unknown assailants while descending from Eaux-Bonnes to Laruns. However, the transcript itself does not contain this information in a readable format.

To provide an accurate and useful summary, I would need a properly transcribed version of the podcast episode audio.
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Welcome to the Business Made Simple Podcast where we are obsessed with helping you become a better business owner by coaching you to build your business like an airplane. The cockpit is your leadership. The body is your management and operations. The right engine is your marketing. The left engine is your sales. The wings are your products and the fuel tanks are your cash flow. 

If you build the six parts of your business correctly it will fly far and fast.

#50: You Don't Have to Be the Hero to Change the World

Business Made Simple

The StoryBrand Podcast

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From Hiding to Healing: Embracing Your Scars: John O'Leary spent 20 years hiding the scars from being burned at age 9, wearing long sleeves and tucking his hands away. He didn't start sharing his story publicly until his late 20s and early 30s. The turning point came when he realized his story wasn't about his recovery but about the ordinary people who showed up to save his life—a message that resonated deeply with audiences, including prisoners at his sixth speaking engagement.

The Movie That Focuses on Others, Not the Hero: Soul on Fire, the film based on John's life, deliberately avoids making him the hero. The movie poster shows his character's backside with a mosaic of all the individuals who saved his life. This approach reflects John's core belief that ordinary people can change the world for good, and the story is really about God working through all things rather than one person's triumph.

Share Your Story for the Right Reasons: When sharing your story publicly, authenticity is paramount—do it to elevate other people's lives, not for ego or money. John recommends starting small and humble: begin with journaling, work through your story personally, and write to a specific friend who might benefit rather than "dear ladies and gentlemen." What is most personal and private becomes most universal and sacred when shared authentically.

Redefining Worth Beyond External Validation: To find your worth, John advises removing social media as your judge and cutting cable news, which feeds 94% negative stories that infiltrate your worldview. These external influences prevent you from seeing your true value. From his Christian perspective, recognizing that we are intentionally created—not accidents or "cosmic clutter"—and loved unconditionally changes how we view ourselves and others.

Your Life Message Isn't About Business Metrics: John emphasizes that at the end of your life, people won't remember your revenue, employee headcount, or business achievements from any particular year. They'll remember how you loved your family, treated others (especially "the least among us"), and what kind of person you were. This perspective helps focus on what truly matters versus what doesn't.

The Film's Remarkable Success and Impact: Soul on Fire became the 93rd biggest box office film of the year and earned the number one audience score on Rotten Tomatoes with 98% positive reviews. Shot on location where the actual events occurred—including using John's wife's real wedding dress—the film resonates because it tells a true story of ordinary love and heroism that gives audiences hope they can do the same for others.

The Transformative Power of Saying Yes: At age 29, hungover and disillusioned in the back of a church, John heard a message about using your life as a gift for good. The next day he said yes to speaking to three Girl Scouts—his first time ever telling his story. That pathetic first speech led to a second, then a third, and eventually 2,700 speeches, multiple books, and a film, proving you have to start somewhere even when it's imperfect.
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The podcast dedicated to demystifying Venture Capital. Nick Moran and Nate Pierotti interview VC's & Startup Founders and on how they build great technology startups.

498. The Crypto x AI Convergence, the Truth About Stablecoins, Tokens vs Equity, and Whether NFTs Will Make a Comeback (Arianna Simpson)

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

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Stablecoins as Crypto's Breakout Use Case: Stablecoins have emerged as the clearest product-market fit in crypto over the past 18 months, driven primarily by infrastructure improvements that drastically reduced transaction costs. Layer 2 solutions like Optimism and Arbitrum, along with scaling improvements in Layer 1 blockchains, have made international money transfers dramatically cheaper and faster than traditional methods. Traditional financial institutions are now using stablecoin transfers daily, representing a significant shift from just a few years ago when high transaction fees made crypto impractical for payments.

Crypto as the New Financial Rails: After a decade of searching for various use cases including NFTs, metaverse, and Web3 applications, crypto is demonstrating its strongest utility as a new version of the financial system. This includes stablecoins for payments, prediction markets, perpetual futures markets, and other financial instruments. While other use cases may emerge over a 10-20 year horizon, the near-term adoption is overwhelmingly centered around financial applications.

The Convergence of Crypto and AI: An emerging area involves using crypto's financial incentives to solve AI's data hunger problem. Companies are leveraging stablecoins or native tokens to incentivize people to collect novel data sets (like wearing GoPros while performing tasks) that can be sold to AI companies building robotic agents. This represents a practical intersection where crypto's strength in creating financial incentives meets AI's need for high-quality training data.

Agentic Payments and the Redesign of the Internet: The Internet was historically built to serve humans and actively prevent bots, but this is reversing as AI agents increasingly interact with online services. Stablecoins are positioned to become the primary payment method for agents because it's easier to give an agent a wallet with spending parameters than a credit card designed for human use. This shift will require re-architecting websites and business models that were originally designed for human interaction.

Tokens vs. Equity Investment Strategy: A16z crypto invests in both tokens and equity, viewing tokens as the critical atomic unit required for crypto networks to function properly. Without tokens providing value at stake, there's no incentive for network participants to remain honest, making it essentially just a database. However, some crypto-adjacent companies that need centralization are better suited for equity investments. The firm has been a longtime token investor with strong returns from this approach.

Regulatory Landscape and ICO Evolution: Rather than wanting ICOs to return in their original form, the focus is on compliant token launches. The Genius bill passed earlier in 2025 was a significant step forward, and the industry is hopeful for comprehensive legislation within six months that would clarify token classification and the path to progressive decentralization. The current administration is notably friendlier to crypto than previous ones.

Institutional Adoption Driving the Current Cycle: Unlike previous crypto cycles driven primarily by retail enthusiasm, the current cycle is characterized by institutional adoption and participation from traditional financial players. There's notably less retail "taxi driver" level of speculation, and financial institutions are moving beyond innovation pilots to actual production usage, representing a more mature and sustainable market dynamic.

Founder Quality as the Key Investment Signal: When evaluating investments, especially at early stages (sometimes just "two guys and a pitch deck"), the primary focus is on finding founders with exceptional depth in their specific domain. Pattern examples include Talos founders who built financial infrastructure at Broadway Technologies before bringing that expertise to crypto, and Blackbird's Ben Leventhal who spent his entire career in restaurant tech before applying blockchain to solve industry pain points.

The Importance of Domain Expertise Match: The type of domain expertise required varies dramatically by use case. Building infrastructure for traditional financial institutions requires deep understanding of financial markets, reliability requirements, and enterprise sales, while building an NFT marketplace requires completely different knowledge. Successful founders demonstrate they've thoroughly explored the "idea maze" and understand the constraints, problems, and opportunities of their specific sub-industry.

Compute Constraints are Temporary: While AI data centers competing for chips and infrastructure will create compute constraints in the near term, history suggests this scarcity will resolve within about five years. Historically, scarce digital resources become abundant and cheap, which then enables new forms of innovation—similar to how cheap blockchain throughput enabled the stablecoin payment revolution.

NFTs are Dormant, Not Dead: NFTs are currently "on hiatus" but expected to return with entirely different utility than the initial digital art use cases. The concept remains interesting and useful, but the next iteration may look completely different and seem obvious only in retrospect, as often happens with successful technology applications.

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Superclusters is a podcast designed to help the emerging LP think like an established LP allocating to venture capital as an asset class. Our goal is to answer one question: How do the world's wealthiest institutions and individuals pick VC firms to invest in?

Timeless VS Just-In-Time Lessons | Earnest Sweat & Alexa Binns | Superclusters | S6PSE1

Superclusters - The Emerging LP Podcast

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Origin Stories with Money: Alexa's first investment experience came from her grandmother gifting her money to pick a stock. She chose Nestlé (avoiding copying her sister's Hershey pick), which then faced a PR crisis over baby formula in Africa, teaching her early lessons about market volatility. Ernest's earliest memory involved counting birthday money at age 6 in front of everyone at McDonald's, associating money with freedom and choice.

First Major Purchases Reveal Different Priorities: Ernest bought a 45-inch LCD TV in 2007 after his first Wall Street job, timing it at peak pricing before costs dropped dramatically. Alexa took an opposite approach, maintaining extreme frugality by using hand-me-down furniture until age 39, with her first major purchases being either an angel investment or furniture—both representing similar leaps of faith for her.

The Intersection of Public Speaking and Interviewing: Both hosts came to podcasting with TEDx talk experience—Ernest on non-linear career paths and Alexa on entertainment. Alexa views interviewing as respecting others' expertise rather than providing answers herself, while Ernest sees the two skills as complementary, preferring minimal preparation to avoid perfectionism and drawing confidence from growing up as a pastor's son who was regularly called to speak publicly.

Swimming with Allocators Was Born from Frustration: Ernest and Alexa met through their mutual friend Kira in 2020 as three junior partners trying to navigate the industry. They started having regular Zoom sessions to discuss challenges, negotiations, and opportunities. The podcast idea emerged when both were transitioning firms and having fascinating LP conversations, wishing they could share these insights more broadly when LP introductions became unsustainable.

The Name "Swimming with Allocators" Sealed the Deal: After months of hesitation while watching others launch LP-focused podcasts, Alexa came up with the name, which Ernest found so brilliant it finally pushed them to launch in November 2023. The name references Ernest's investment philosophy around "stresswood"—a concept he learned from guest Sarah Samuels that became the name of his firm.

Intentionally Creating Evergreen Content: The podcast deliberately focuses on timeless tactical insights rather than trending news. This means listeners can tune in years later and still extract valuable lessons. The content serves as a library helping people understand key players in the ecosystem and recognize how cycles repeat themselves, rather than being a hits-driven, clickbait approach.

Episode Titles Have Evolved Toward Brevity: Initially longer and more descriptive, episode titles have shortened significantly. This reflects experimentation with engagement, but also recognition that their audience isn't driven by individual episode titles—people interested in LP/GP dynamics will find and listen to multiple episodes relevant to their fundraising process regardless of catchy headlines.

Target Audience: Creating for Themselves First: Rather than explicitly choosing between LPs and GPs as their core audience, Ernest and Alexa focused on addressing the "black box" of a critical but unheard stakeholder group in innovation. They created content they wished existed when they were coming up, assuming other allocators, GPs, and emerging managers would find value. Some GP teams now assign episodes as required listening before meetings with featured LPs.

Sarah Samuels' Investment Philosophy Framework: A standout guest lesson came from NEPC's Sarah Samuels, who emphasized that many GPs fail by not being able to clearly articulate their investment philosophy in under six minutes. This insight prompted Alexa to develop her own three-bucket framework: a "let it ride" index bucket (90%+), a selective GP/angel investing bucket where her experience gives edge, and a "petty" bucket for investments that make life richer in non-financial ways.

The Pandora's Box of LP Connections: The podcast's success created an unintended consequence—more people now know about Alexa's LP investments and connections, leading to increased introduction requests. Her rule is simple: unless she's investing herself, she won't make intros, as LPs naturally want to see her memo and understand her conviction before taking meetings.

In-Person Content Remains Experimental: While they hosted their first live episode at Capital Summit during Chicago Tech Week and organize quarterly LP/GP lunches and dinners in various cities, the technical logistics of in-person recordings are still being refined. Ernest hypothesizes that in-person interviews yield richer content because guests forget they're being recorded and have more natural conversations.

Ernest's "Annoyingly Optimistic" Approach Shapes Everything: Raised by a tech-savvy pastor and public school teacher, Ernest's defining characteristic is persistent optimism even in difficult times, viewing challenges as refining experiences. This philosophy directly influenced the "stresswood" naming—wood that grows stronger under environmental stress. His upcoming podcast "Exceptions" will interview non-founder operators at storied startups to help founders understand who to hire and how to create environments where exceptional talent thrives.

Alexa Represents the Democratization of Private Markets: Without a Wall Street background, Alexa came from managing her own capital before professionalizing her approach. She sees herself uniquely positioned at the intersection of increasingly accessible private market opportunities (noting VC Lab's 3,000 applicants per cohort) and helping regular investors avoid getting burned by understanding the critical question: "Why is this deal coming to me?"

Crossover Episodes Create Meta Value: The episode itself represents a "multiverse traversal" between two LP-focused podcasts, with David Zhou also appearing on Swimming with Allocators. This cross-pollination serves audiences interested in the LP/GP ecosystem while celebrating content creators who act as "rising tides that raise all ships" in the capital allocator space.
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The world is on fire. There's a coup. Inflation is through the roof, and AI is taking our jobs. What does it all mean? Each week, Matt Bevan explains the biggest story in world news while hiding in his basement from assassins and authoritarian regimes.

Recent episodes include an exploration of the relationship between India and China, a closer look at the Saudi Arabian city of NEOM, the conflict in the Middle East, the assassination of Hamas leader Ismail Haniyeh in Iran, and Ukraine's incursions into Vladimir Putin's Russia. Matt Bevan draws connections between stories from the past and the events of the present to help listeners understand world news and international affairs.

The podcast also features series about big moments in world news; previous series have focused on the United States presidential election, the United Kingdom's 14 years of Conservative Party leadership, Donald Trump's relationship with Russia, Donald Trump's presidency and promise to Make America Great Again, the Mueller Report, Vladimir Putin's scheme to destroy western democracies, how the relationship between Australia and China came to the verge of collapse, and Australia's turbulent history with climate change.

There's a new episode of If You're Listening every Thursday.

24 hours after the Bondi shooting

If You're Listening

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The Bondi Beach Hanukkah Celebration Attack: On Sunday, December 14th, two men—a father and son—opened fire on a large Hanukkah celebration at Bondi Beach playground using multiple firearms. At least 16 people were killed, including one gunman and a 10-year-old girl, making it Australia's worst terrorist attack and second-deadliest mass shooting. The attack targeted Sydney's Jewish community during a family religious celebration.

Journalist's Firsthand Account of the Chaos: Sydney Morning Herald crime reporter Perry Duffin received a call from a friend at the scene who said "Perry, I've been shot" while the attack was unfolding. Via FaceTime from inside the North Bondi Surf Club, Duffin witnessed absolute chaos with crowds screaming, people falling, and children injured. His friend initially thought he'd been hit with rubber bullets but paramedics confirmed they were shotgun pellets.

Scene of Pandemonium and Emergency Response: When Duffin arrived at Bondi Beach, he found thousands of people running, bodies covered with white sheets on the grass, and the area being used as a triage center. The scene was approximately 50 meters from the footbridge where the two gunmen had stood and fired. Witnesses wearing just board shorts and latex gloves had been administering CPR, and a rabbi sat brushing sand off a sheet covering a body, not wanting to leave them alone.

Improvised Explosive Device Discovery: Police discovered an improvised explosive device (pipe bomb) inside the shooters' car parked near the footbridge where they had opened fire. The bomb squad was called in, and police had to secure and inspect every vehicle within a certain radius while managing the chaotic scene and pushing crowds back from the beach.

The Shooters' Background and Planning: The attackers were identified as a 24-year-old son and his father. CCTV footage shows them leaving a backpacker-style rental home in Campsie at 5:15 PM Sunday, less than 90 minutes before the shooting began. The younger shooter had been on ASIO's radar since 2019 due to connections with radical ISIS supporters, though there wasn't enough evidence to charge him at the time. The father had no intelligence red flags, which shocked authorities.

False Alibi and Family Deception: The mother of one shooter told reporters she believed her husband and son were on a fishing trip in Jarvis Bay, as they had called her that afternoon saying they were swimming to escape the heat. In reality, they were preparing for and executing the attack at Bondi Beach, having deliberately misled their family about their whereabouts.

Distinction from Previous Anti-Semitic Attacks: This attack appears distinct from other recent anti-Semitic incidents in Sydney, which ASIO has linked to the Iranian Revolutionary Guard Corps and involved recruited individuals paid to deface synagogues and Jewish businesses. This Bondi attack appears to be a "lone wolf" operation without evidence of recruitment by external groups.

Police Response Under Pressure: Police were on scene quite quickly, possibly due to additional resources already deployed for the large community gathering. Two police officers were shot while trying to neutralize the offenders, with one gravely injured and in touch-and-go condition. After securing the Bondi scene, police had to rapidly respond to multiple other locations including the shooters' homes.

Gun Control Questions and Weapons Accessibility: The older shooter had a legal firearms license, raising questions about how someone on a terror watch list could legally possess weapons used in a mass casualty event. While Australia is known for strict gun control following Port Arthur, Duffin notes that military-style weapons including AK-47s, M16s, and grenades have been appearing in Sydney's underworld, though this case is unusual as legally owned weapons were used rather than illegally imported ones.

Impact on the Jewish Community: The attack occurred during the first night of Hanukkah at a family celebration with over 1,000 attendees. It follows a series of violent incidents near Bondi Beach, including the April stabbing at Bondi Junction shopping center and multiple attacks on Jewish homes, synagogues, and businesses involving anti-Semitic graffiti and arson, creating an atmosphere of fear and requiring visible police presence at Jewish community events.

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The creators of BibleProject have in-depth conversations about the Bible and theology. A companion podcast to BibleProject videos found at bibleproject.com

Joy: Responding to God’s Goodness

BibleProject

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Four Hebrew Words for Joy: The Hebrew Bible uses four main words to describe joy, each with distinct nuances. "Sameach/simcha" is the most general word for happiness or joy. "Gil/gilah" emphasizes outward demonstrations of joy. "Ranen/rinnah" specifically means shouts of joy or loud celebration. "Sus/sasson" is used about 20 times but is harder to define distinctly. These terms appear together throughout Scripture, showing the richness of joy in biblical culture.

Joy in Israelite Temple Worship: The highest concentration of joy vocabulary appears in Psalms, typically describing celebrations at the temple. Ancient Israelites would bring thanksgiving offerings to God after experiencing his goodness, and these occasions were communal parties—not somber rituals. People would process to Jerusalem in groups, singing and playing instruments, then offer sacrifices and feast together, telling stories of what God had done.

Annual Pilgrimages as Joyful Community Events: Israelites made annual pilgrimages to Jerusalem for festivals like Passover, Pentecost, and Tabernacles. These journeys involved caravans of families and friends traveling together, singing, playing flutes, and celebrating into the night. These shared experiences would become life-shaping memories and the annual highlights of people's lives, creating a culture deeply formed by communal joy.

The Song of the Sea as Anticipatory Joy: After crossing the Red Sea, Moses, Miriam, and the Israelites sang and danced with tambourines, celebrating God's deliverance. Significantly, their song anticipated reaching God's holy mountain—something that hadn't happened yet. This established a pattern of celebrating not just what God has done, but what he will do, singing as if the story has already reached completion even while still in the wilderness.

Joy Connected to God's Presence: Throughout Scripture, joy is consistently linked to experiencing God's presence and activity. Whether at weddings, harvest celebrations, or temple worship, joy emerges as a response to encountering God's goodness. This pattern explains why joy vocabulary in the New Testament is often paired with references to the Holy Spirit—God's presence with his people.

Luke's Gospel Overflows with Joy: The Gospel of Luke uses joy vocabulary more than the other gospels, saturating the narrative with rejoicing. The angel announces Jesus' birth as "good tidings of great joy." Mary's song exalts and rejoices in God. The shepherds, disciples, and even Jesus himself are described as rejoicing, particularly when God's presence and power are manifestly at work through healings and the proclamation of the kingdom.

Joy in the Midst of Suffering: In Acts and the New Testament letters, followers of Jesus experience joy even during persecution and hardship. When Peter and the apostles are beaten and humiliated by the Sanhedrin, they leave "rejoicing because they had been considered worthy to be dishonored for the sake of the name." When Paul and Barnabas are expelled from cities, the disciples are "filled with joy and with the Holy Spirit." This represents choosing joy based on the bigger story rather than present circumstances.

The Kingdom as Righteousness, Peace, and Joy: Paul defines the kingdom of God not as disputes about food, drink, or sacred days, but as "righteousness, peace, and joy in the Holy Spirit" (Romans 14). This connects joy to doing right by God and neighbor, experiencing wholeness (shalom), and celebrating as if new creation has already begun—all enabled by God's Spirit.

Joy as an Advent Posture: The concept of anticipatory joy ties directly to the Advent season's purpose—cultivating hope while waiting. Just as the Israelites sang before reaching the promised land, Christians rejoice in what Christ has already accomplished (his birth, death, resurrection, and gift of the Spirit) while anticipating the full realization of new creation. This makes joy a choice to let the larger story of God's faithfulness define our perspective rather than letting present difficulties tell the whole story.

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In need of a good read? Or just want to keep up with the books everyone's talking about? NPR's Book of the Day gives you today's very best writing in a snackable, skimmable, pocket-sized podcast. Whether you're looking to engage with the big questions of our times – or temporarily escape from them – we've got an author who will speak to you, all genres, mood and writing styles included. Catch today's great books in 15 minutes or less.

'The Heir Apparent' asks existential questions about Britain and its beloved crown

NPR's Book of the Day

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The Heir Apparent explores the modern monarchy through fiction: Rebecca Armitage, a journalist who reported on the British royal family for the Australian Broadcasting Corporation, has written a debut novel called "The Heir Apparent." The book follows Lexi Villiers, a member of the British royal family who leaves that life behind to become a doctor in Tasmania, only to become heir to the throne after family tragedy strikes.

The protagonist grapples with purpose and identity in royal life: Lexi's journey begins when her mother dies in a mysterious boat accident when she's 17, transforming her from trying to be "the most perfect aristocratic girl in the world" to rethinking everything and moving to Australia. The novel explores the existential question of what the purpose of modern royalty really is—beyond being a symbol and tourism draw—when they no longer have actual governmental power.

Female body scrutiny and eating disorders under the royal spotlight: Armitage deliberately made her protagonist a woman to explore what it's like to have a female body on constant public display. Drawing inspiration from Princess Diana's struggles, the book examines how the intense tabloid focus and pressure to be physically perfect creates crushing expectations, with eating disorders being one of the first things Lexi escapes when she leaves royal life.

The challenge of finding authentic love amid fame and duty: The novel explores whether genuine, unconditional love is possible under royal circumstances. Lexi, dealing with unacknowledged trauma and PTSD from losing her mother, struggles with whether she needs a "pure and unconditional" love with her Australian best friend Jack (a winemaker) or a practical "business arrangement" with someone who can cope with the pressures of fame.

The monarchy's uncertain future in modern society: Armitage questions whether the royal model is outdated, noting that while Scandinavian "bicycle monarchies" have evolved to be low-key and low-cost, the House of Windsor has not. She speculates that Prince William may pursue reforms, but there are no guarantees the monarchy will maintain its constitutional role in 20-50 years as people increasingly question inherited power.
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Interviews with Anthropologists about their New Books
Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/anthropology

Yasmin Cho, "Politics of Tranquility: The Material and Mundane Lives of Buddhist Nuns in Post-Mao Tibet" (Cornell UP, 2025)

New Books in Anthropology

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Conceptualizing Yachen Gar as an Encampment Rather Than a Monastery: Dr. Cho deliberately frames Yachen Gar not as a traditional monastery but as a continuously evolving "encampment" or shantytown. This conceptual shift emphasizes the dynamic, unstructured nature of the site and makes visible the contributions of young Tibetan nuns who actively built and sustained this religious community. The fluid, unruly spatial environment facilitated rapid expansion and allowed thousands of nuns to participate in creating a contemporary Tibetan Buddhist space.

The Politics of Tranquility as Alternative Political Agency: The book introduces "politics of tranquility" as a form of quiet, material political agency distinct from overt resistance. Rather than directly confronting state power, the nuns exercise sovereignty through persistent everyday practices—building, repairing, continuing their religious lives—while remaining indifferent to how the state attempts to define them. This approach generates significant political outcomes through the simple, powerful act of carrying on.

Inverse Migration of Young Tibetan Women to Religious Life: Cho traces the journeys of young Tibetan women who migrate from rural areas to the even more remote Yachen Gar, comparing this inverse migration to Han factory workers moving to cities. These women often escape family resistance rooted in cultural beliefs about female unreliability and face limited economic opportunities due to language barriers and the hukou system. Becoming a nun represents both sincere spiritual commitment and a survival strategy in a society offering few alternatives.

The Material Infrastructure Built by Nuns' Labor: The nuns physically construct and maintain Yachen Gar through constant building, repairing, and rebuilding of structures. This gendered labor—where nuns rather than monks are mobilized for communal infrastructure projects—constitutes the actual material production of the site. Cho argues that while official narratives frame Yachen's emergence through the spiritual power of male lamas, empirical observation reveals the nuns' physical labor as the true engine of the community's development.

The Hidden Workforce of "Half-Nuns": Cho identifies a category of women called "half-nuns"—sisters of ordained nuns who maintain celibacy, take basic vows, and perform household labor that enables their siblings to practice full-time, all while harboring hopes of eventually joining the monastery themselves. These women, who lack a fixed social category or label, exemplify the politics of tranquility through their quiet perseverance and ability to carve out autonomy within restrictive family systems.

Gendered Visibility and the Monument to Male Authority: The construction of the Padma Sambhava statue dramatically illustrates gender inequality in the Buddhist revival. Nuns performed the heavy, invisible labor of building the statue's foundation, yet the finished gold-plated monument faces the monks' quarters with its back to the nuns. This physical arrangement visualizes how women's contributions are rendered invisible while men receive spiritual credit and recognition.

Interior Decoration as Claiming Sovereignty: Tibetan nuns meticulously decorate their cramped huts with wallpaper and personal items, contrasting with the bare spaces of Chinese nuns. This isn't spiritual immaturity but reflects that Yachen is a terminal destination for Tibetan nuns who intend to die there, while Chinese nuns view it as temporary training. In a landscape dominated by state surveillance, the decorated interior represents one of the few zones of autonomy where nuns claim sovereignty over their space.

Emotional Confessions and Moral Reaffirmation: Nuns frequently confessed to Cho about secret romantic relationships with monks—almost exclusively emotional rather than physical. These confessions weren't about revealing sin but about reaffirming their choice of monastic life. The practice demonstrates that morality in Yachen isn't about perfect rule-following but about the messy human struggle of repeatedly choosing the Dharma over temptation.

Bodily Transformation Through Exams and Medical Training: Annual oral examinations and medical training programs created moments where nuns' traditional habitus of modesty and self-effacement was inverted. During exams, nuns took center stage with authority and boldness. The medical training program produced 80 trained nuns who became expert practitioners, reshaping their corporeal reality and creating new forms of excellence within the community.

Food as Ethnopolitics and Biopolitics: Unlike formal monasteries with communal kitchens, every nun at Yachen must be self-sufficient, with meal preparation involving arduous labor like hauling heavy gas cylinders and fetching water. Chinese nuns constantly discussed nutrition and viewed Tibetan nuns' diets as unhygienic, using dietary rigor to assert civilizational and spiritual superiority. Food became a vehicle for ethnic hierarchy and judgments about who qualifies as a legitimate practitioner.

Immersive Ethnography and Somatic Engagement: Cho's methodology involved total immersion—living at 4,000 meters without heating, building her own hut, and experiencing its eventual collapse. This radical proximity, made possible by the nuns' inclusiveness and the site's porous boundaries, allowed her to understand impermanence not abstractly but through physical endurance. The research demonstrates how the nuns' lived sense of impermanence both shaped and permitted the ethnographic work.

The 2017 Demolition and Persistent Resilience: Cho returned to Yachen after half the encampment was demolished in 2017 following state intervention. Despite the traumatic reduction, the remaining thousands of nuns continued their practices—still conducting examinations, building, decorating, and carrying on. This persistence affirms that the politics of tranquility is fundamentally resilient, with the nuns simply navigating demolition as another challenge within their lifelong practice.

Non-Linear Academic Journey to Anthropology: Cho's path to anthropology moved through Chinese literature as an undergraduate, political science at Peking University, and finally to anthropology in the United States. Her initial fascination with Tibet was constrained by official government discourses and policy analysis frameworks, driving her pivot to anthropology to pursue the ground-level fieldwork she craved to understand contemporary Tibet.

Buddhism as Infrastructure in New Research: Cho's next project investigates whether and how Buddhism functions as infrastructure, following Tibetan lamas' teaching activities in sub-saharan Africa and studying a major Taiwanese NGO running boarding schools there. The research continues her focus on material and everyday aspects while exploring Buddhist internationalism, cross-strait geopolitics, and the relationship between faith and charitable action.

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Welcome to This Week in Carbon, your go-to podcast for all things related to the dynamic world of carbon markets. Join moderator Edward Smith and his weekly guests as they delve into the latest news, emerging trends, and evolving regulations shaping the carbon landscape.

From Corporate Funds to Policy Signals and CDR Reality - Robert Höglund

This Week in Carbon 

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Milkywire Climate Transformation Fund's Catalytic Approach: The fund, launched in 2021 with Klarna as anchor donor, has allocated $17 million across 68 projects through five funding rounds, with 28 contributing donors. The strategy splits investments across three pillars: durable carbon removal, decarbonization/emission reductions, and nature restoration/protection. Many donors use internal carbon fees (typically $100/ton for scope 1-2, $10 for business travel) to generate budgets. The fund focuses on maximizing long-term climate impact rather than being limited to specific interventions, often serving as first buyer for emerging CDR solutions.

Weakening VC Investment in Durable CDR: Venture capital funding for durable carbon removal peaked in 2023 and has declined since, creating a challenging financing environment. The core problem is a mismatch between near-term market reality and long-term demand signals—carbon removal is cheaper than many hard-to-abate emission reductions, but industries won't pay for it until forced to by regulation. The EU and UK have phase-out plans for emissions allowances by 2039-2040, but this timeline is too distant and uncertain to drive current investment decisions.

Concentration of CDR Buyers and Market Growth: Microsoft dominates the durable CDR market with approximately 75% of all contracted volume, as they're essentially the only major company pursuing a near-term net-zero target (2030) across all scopes. While new buyers enter the market monthly, it's a slow trickle rather than the rapid expansion needed. The buyer base is gradually diversifying but remains highly concentrated, with most corporate sustainability teams focused only on interventions they can directly account for in emissions reporting.

Push for Operational Net-Zero Claims: Companies are increasingly prioritizing actions they can account for in their emissions reporting, creating a shift toward scope 1 and 2 reductions rather than broader scope 3 interventions. The recommended strategy is for companies to pursue "operational net-zero" (scope 1, 2, and business travel) by 2028-2030 using carbon removal, which would create near-term demand signals. The argument that companies need to buy CDR now to ensure future supply hasn't resonated with CFOs, necessitating this shift to shorter-term targets.

Strategic Framework for Removals Versus Avoidance: When industries willfully continue using fossil fuels because it's economically efficient (like aviation burning kerosene versus expensive electrofuels), they must offset with durable carbon removal rather than nature-based solutions due to permanence concerns. However, when simply trying to maximize climate impact per dollar spent, nature-based solutions and emission avoidance projects can be extremely cost-effective. This distinction clarifies when durable CDR is essential versus when other interventions are appropriate.

SBTi Net-Zero Draft Represents Step Backward for CDR: The latest SBTi draft weakened requirements for durable carbon removal compared to previous versions. Most critically, any climate finance requirements only begin in 2035—effectively never given how much will change by then. The draft also diluted neutralization criteria by introducing a 41% threshold mixing IAMS model assumptions rather than requiring fossil emissions be counterbalanced with permanent removal. The positive element is mandatory reporting on climate finance, requiring companies to justify if they don't fund climate action.

Critical Supply-Demand Timing Gap: The lack of near-term demand signals means insufficient supply will exist when the world needs it most. Physical CDR infrastructure takes decades to build—example projects like Stockholm Exergy's 800,000 ton/year BECCS plant require nine years of planning and multiple construction years. To reach gigatons by 2050 would require building several such facilities weekly, an impossibility without starting now. This path dependency means current purchasing decisions lock in supply availability for at least five years ahead.

EU 2040 Climate Deal Creates Major Potential Demand: The EU's 90% reduction target from 1990 to 2040 allows 5% to be met through international credits—representing approximately 190 million tons per year or cumulatively potentially gigatons. This translates to roughly 7+ million tons per member state if split equally (though it won't be). The credits will reference Article 6.4 and likely include some carbon removal despite cost considerations. These purchases will be outside the EU ETS system, focusing on distributed emissions in agriculture and other non-ETS sectors.

EU Buyer's Club and Credit Guarantees: The EU is planning a buyer's club for durable CDR that could include credit guarantees to dramatically reduce cost of capital for projects. Lowering financing costs from typical 15% to around 5% through state-backed guarantees would massively impact project economics. This approach, combined with potential state budgets for credit purchases (like Sweden's deal with Ghana), represents a significant policy development, though implementation details around corporate versus government purchasing remain unclear.

Core Carbon Principles Gaining Market Traction: While CCP hasn't been a major topic in durable CDR space (which relies more on specialized registries like Isometric and Puro), it's becoming the quality standard for nature-based and emission reduction credits. Secondary market traders and corporate buyers are gravitating toward CCP-labeled credits, creating observable price premiums. Recent developments include Isometric methodologies receiving CCP labels, suggesting broader adoption across the CDR space. The combination of CCP labeling and strong ratings from agencies creates highest buyer confidence.

Rating Agencies' Role and Limitations: For geologically stored carbon with high permanence (especially mineralized), ratings shouldn't theoretically be necessary if registries properly verify no fraud. However, ratings prove valuable for methodologies that may evolve over time, project-specific risks, and assessing financial stability of developers—particularly important for large offtakes and pre-purchases. The challenge is that expecting "rock solid" methodologies ignores that science continuously evolves, similar to how technology advances, making some degree of uncertainty inherent and acceptable.

Aviation's CDR Economics and Radiative Forcing: Aviation currently finds continuing fossil kerosene use and offsetting with carbon removal cheaper than producing electrofuels with hydrogen and captured CO2. However, this calculation ignores the radiative forcing multiplier effect (2.7-3x intensity) from high-altitude emissions including contrails. While sustainable aviation fuel (SAF) dominates industry discussion, market penetration remains below 1%, and economics don't support transition without universal policy signals. Most aviation and shipping plans assume SAF rather than carbon removal, which needs to change.

Need for Reputational Cover and Incentive Structures: Companies need legitimate frameworks allowing operational net-zero claims using carbon removal to overcome greenwashing fears that have paralyzed action. An EU-regulated label for products using CRCF-certified credits could restore consumer trust after voluntary labels failed. The fundamental barrier is that carbon removal can't be counted toward emission reporting targets—changing this through standards like SBTi and ISO would recognize CDR as valid mitigation, especially for sectors planning long-term removal use anyway.

Outlook: Challenging Years Ahead for Durable CDR: The 2026-2027 period will be particularly difficult for durable carbon removal as the sector has passed the peak of the hype cycle and expectations are being adjusted downward. The key challenge is ensuring good ideas and companies survive these "lost years" without adequate demand. Success requires expanding the buyer base beyond current concentrated purchasers while policy signals slowly materialize, though the pendulum is beginning to swing back from extreme greenwashing concerns toward more balanced approaches.

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Do military true crime headlines leave you hungry for every detail? Dive into your next mystery with Military Murder.

Every Monday, host Mama Margot - lawyer by day, storyteller by night - brings you in-depth accounts of infamous and underreported military crime cases. With over 15 years of active military service, Margot bridges the gap between the battlefield (or just basic military life) and the courtroom, so you won't have to hunt down details across countless sources - Margot does the digging for you.

Since its debut in 2019, Military Murder has been the destination for 100s of gripping stories that illuminate the darker side of military service. On the show, you'll hear about cold cases, unsolved cases, and cases which received little, if any, media coverage. If you're passionate about true crime with a military twist, welcome home!

Follow along and join a community of dedicated Military Murder listeners.

Fort Hood Soldier Found Dead Miles From His Blazing Jeep // PFC Brandon Rosecrans

Military Murder

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The Murder of PFC Brandon Rosecrans: On May 18, 2020, 27-year-old Fort Hood soldier Brandon Scott Rosecrans was found shot to death on Fuller Lane in Harker Heights, Texas. Minutes later, his distinctive orange Jeep Renegade was discovered burning several miles away. Brandon, who was days away from his 28th birthday, had been shot four times execution-style in the head and neck at close range. The Jeep, which he had recently bought for himself as a birthday gift, would provide crucial evidence in solving his murder.

Brandon's Background and Character: Brandon grew up in Kimberlin City, Missouri, and was known as a friendly, generous young man with an "old spirit" who was always willing to help others. He enlisted in the U.S. Army in May 2018 at age 26 and was assigned to Fort Hood by November 2018, where he served as a quartermaster and chemical equipment repairer with the 3rd Armored Brigade Combat Team, 1st Cavalry Division.

Initial Investigation and Evidence: Investigators quickly connected the two crime scenes when they discovered a bullet hole in the Jeep's back passenger door and found the front passenger seat reclined nearly flat. Surveillance footage showed the orange Jeep entering the neighborhood where Brandon's body was found at 7:16am and leaving just five minutes later. Witnesses reported seeing two people walking away from the burning vehicle, and cell phone records would prove crucial in identifying the suspects.

The Suspects Emerge: Cell phone records revealed that Brandon had been in communication with 28-year-old Brandon Michael Olivarez on May 17th into the early morning of May 18th. Both phones traveled together to the area where Brandon's body was discovered. Olivarez, a convicted felon, and his 37-year-old girlfriend Estrellita "Star" Falcon had reportedly been staying with Brandon and "mooching off" him in the week before his murder. Brandon's father revealed that someone had pulled a gun on his son about a week before the killing.

The Motive: A Gun Deal Gone Wrong: The murder stemmed from a dispute over the price of a gun sale between Olivarez and Brandon. Olivarez had been trying to sell Brandon a 9mm Ruger pistol for more money than Brandon was willing to pay. A photo on Olivarez's phone from May 17th showed his distinctly tattooed hand holding the gun. According to the investigation, this price disagreement over a gun sale ultimately led to Brandon's execution.

The Brutal Killing: Based on testimony from Falcon, who eventually cooperated with authorities, Brandon was shot while asleep in the passenger seat of his own Jeep with the seat reclined flat. Falcon allegedly taunted Olivarez, calling him a "punk" and egging him on to shoot Brandon. When Olivarez hesitated, Falcon continued to encourage him until he finally pulled the trigger four times, killing Brandon as he slept. Brandon never had a chance to defend himself.

The Brazen Cover-Up: After killing Brandon, Olivarez and Falcon dragged his body out of the Jeep and left him on the side of Fuller Lane in broad daylight. In one of the most twisted aspects of the case, the couple then used Brandon's cell phone to message his friends asking for gas money, claiming "Brandon" had run out of gas. One friend sent $10 via Cash App, which the killers used to buy gasoline to set Brandon's Jeep on fire.

Physical Evidence Seals the Case: During a search of Olivarez's property on June 4th, investigators found a burned Jeep key in a fire pit in his backyard. Combined with the cell phone photo of Olivarez holding the gun, GPS data showing the phones traveling together, surveillance footage, the bullet hole in the Jeep, and witness statements, the evidence against Olivarez was overwhelming.

Olivarez's Multiple False Stories: After his arrest on June 5, 2020, Olivarez told three different stories: first claiming he left Brandon alive after buying drugs together; then blaming an unnamed man from San Antonio who had bought the gun; and finally alleging he killed Brandon because Brandon attempted to sexually assault Falcon. All three stories were debunked by investigators using phone records, alibis, and Falcon's own testimony denying the sexual assault claim.

Falcon's Controversial Plea Deal: Despite encouraging the murder and helping cover it up, Estrellita Falcon was never charged with murder. She took a plea deal and was convicted only of unauthorized use of a vehicle, receiving just 19 months in prison. By the time Olivarez was prosecuted in 2023, Falcon had already served her time and was released, having avoided any murder charges in exchange for her cooperation with investigators.

Justice for Brandon: In March 2023, nearly three years after the murder, Brandon Olivarez pleaded guilty to first-degree murder rather than face trial. He was sentenced to 40 years in prison for the murder, plus an additional 10 years (running concurrently) for being a felon in possession of a firearm. Brandon's father, Thomas Burge Sr., who had vowed at his son's funeral to find the killer, was able to see justice served in court.

A Father's Promise Fulfilled: Throughout the investigation, Brandon's father was vocal in the media, pleading for information and keeping pressure on the case through social media campaigns with the hashtag #JusticeForBrandonRosecrans. At Brandon's funeral, he promised his son that he would find out who did this and make them pay, a promise he ultimately kept when Olivarez was sentenced.
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The Art of Charm is where self-motivated people, just like you, come to learn from the company’s coaches about to how to master human dynamics, relationships, and becoming your best self with the help of Johnny and AJ, the company’s founders. Johnny and AJ bring their 11 years of coaching experience from their famous Bootcamps, where they host clients in Los Angeles from all over the world and they share their stories, best practices and themselves on this weekly podcast. Not only does The Art of Charm help everyday people, including active members of the military, learn how to become higher performers, better spouses, partners, and coworkers, they dig deep into human behavior, the science behind it, and demystify what we do and why we do it.

Friendship Fuels Achievement | Matt Ritter

The Art of Charm

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The Male Loneliness Crisis and Man of the Year Origin: Matt Ritter co-hosts the country's number one friendship podcast after creating a 22-year tradition with nine childhood friends. Every Tuesday before Thanksgiving, they gather at Peter Luger steakhouse to vote on who had the best year, with the winner getting their name engraved on a trophy. This ritual organically revealed a widespread problem: many men wake up in their 40s with no real friends, prompting Matt to turn his friendship expertise into actionable advice.

Friendship as the Ultimate Life Hack: While everyone optimizes physical fitness, dating, and investments, friendship offers the highest ROI of all these pursuits combined. The Harvard 85-year longitudinal study found that quality relationships—not wealth, diet, or exercise—are the number one indicator of health and happiness. Having a strong friendship circle makes you show up better as a partner, parent, and professional, yet most people treat it as a luxury rather than a strategic necessity.

The Lone Wolf Myth Destroys Connection: High achievers wrongly believe they must compete alone to succeed, but confidence should allow you to build a wolf pack of other ambitious men. Your wife cannot and should not be your only friend—she needs you to have outlets for energy, venting, and vulnerability that don't all fall on her. Men need spaces where they don't have to perform or curate their "best self" like they do at work or on dates.

The TCS Framework for Maintaining Friendships: Text once a week, Call once a month, See in person quarterly. This simple structure removes guesswork from friendship maintenance and ensures you never lose touch. Friendship doesn't run on motivation alone—it requires duty and obligation. Two or three consistent touchpoints can revive a years-dormant friendship within weeks.

Proximity Beats Long-Distance Every Time: Either live near your friends or make friends with people you live near. Life doesn't exist only in the highs of annual boys trips—it lives in who you can grab coffee with, take a walk with, or talk to about daily frustrations. Moving somewhere for work without a friendship strategy leaves you isolated, no matter how successful your career becomes.

Be Someone Worth Knowing: Loneliness isn't just lacking people to hang with—it's not feeling needed or valued. Combat this by making others feel known: remember their coffee order, celebrate their wins, know precise details about their interests. Ask better questions like "Where do you take friends or family when they visit?" instead of generic restaurant recommendations. Standing out socially requires showing up with curiosity and passion.

The Power of the Invite and Habit Stacking: Friendship is the easiest habit to stack into existing activities. Invite someone to cold plunge, take a Pilates class, or grab coffee after yoga. Don't take rejection personally—persistent inviting makes you top of mind, and people who say no four times will eventually invite you to something. The host never has a bad social life, so create events around things you're already doing.

The Social Sales Funnel Strategy: Meet lots of potential friends (marketing), qualify them through hosting events you love (sales qualification), then invite the best fits to one-on-one hangs (closing the sale). Always offer a plus-one to events—people are more likely to show up with a buddy, and friends of friends are the most overlooked source of new friendships. Focus on celebrating who shows up rather than dwelling on the nos.

Third Places and Consistency Are Essential: When moving to a new city, commit to one third place—a gym, run club, coffee shop, or community organization—and show up consistently. People need to see you're sticking around before investing in friendship. Don't just exist in that space; create "fourth place" opportunities by inviting people to brunch after the run club or coffee after the workout. Use propinquity (repeated exposure) to your advantage.

Rituals Make Friendships Sticky: Name your group texts, create annual traditions, and build physical artifacts like trophies or hats that give identity to your crew. Rituals running on obligation and duty outlast those running purely on motivation. Schedule the next gathering while you're still together, and use calendar events (end of season, holidays, New Year) as natural excuse points to organize hangouts.

Celebration and Recognition Combat Isolation: Men need credit and recognition for their contributions. Celebrate everything—promotions, freelance articles, even getting laid off. Move beyond social media likes to actual texts and calls. Remember birthdays with personal messages, not Facebook posts. Send photos from your camera roll that capture peak moments together. These small acts make people feel known and valued.

Moving Acquaintances to Friends Requires Strategy: Treat acquaintances like they're already your friends—invite them into your world, introduce them to your partner, do them five-minute favors. Use interest-based connections and be precise with compliments. Bring them their coffee order, remember details they've shared, and create easy yeses for initial hangouts. Delegate roles on group trips so people feel invested and needed.

Buy to Build a Crew and Low-Key Hangs: Get season tickets or buy concert tickets for things you're doing anyway, then invite people who share those interests. This isn't transactional—it's strategic self-interest that benefits everyone. Embrace low-key hangs like "just come over" or walks in the neighborhood. These reduce pressure and allow you to be your authentic self without performing.

Invisible Boundaries Are All in Your Mind: We create arbitrary rules about where friendship can happen—school drop-off, yoga class, the coffee shop. Cross these boundaries by simply asking someone to grab a smoothie after class or coffee while waiting for pickup. If you're new somewhere, be honest about it—people love showing newcomers their favorite spots and being helpful.

Communication Without Overthinking: Friendship is remarkably resilient—you can ghost your job or marriage for months and face consequences, but friends will usually welcome you back after years. Don't get stuck in "who texted last" competitions. Create a weekly 15-minute habit to scroll your contacts, check LinkedIn, and reach out to people who've fallen down your text list. Text when you pass places where you made memories together.

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Optimal Finance Daily, hosted by Diania Merriam, the innovative mind behind the personal finance conference EconoMe, takes you on an enlightening journey through the world of personal finance. Each episode brings to life the most compelling and practical advice from leading financial bloggers and experts. Diania’s engaging narration and insightful commentary transform complex financial concepts into relatable, actionable insights. Whether it’s budgeting, investing, debt management, or money mindfulness, she covers it all, making financial wisdom accessible to everyone.
Gain not just knowledge, but also the motivation to apply it in your daily life. It's not just a source of personal finance tips; it’s a daily companion that guides you towards financial independence and savvy money management, all delivered with Diania's trademark enthusiasm and expertise. By focusing on early retirement, financial independence, and saving money, each episode provides you with the tools needed to achieve your financial goals.
This podcast is designed for those passionate about personal finance, early retirement, financial independence, and saving money. It’s your go-to source for practical advice on managing your finances, saving money, and working towards early retirement. Each episode offers actionable steps to foster financial independence and secure your financial future.
Listen now, and become an OLD friend--your optimal life awaits...

3388: The Risks and Rewards Of International Bonds by Robert Farrington of The College Investor on Global Bond Market

Optimal Finance Daily - Financial Independence & Money Advice

Optimal Finance Daily - Financial Independence and Money Advice

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Global Bond Market Size and Portfolio Role: The global bond market is significantly larger than the stock market—about 79% larger on average over the past 25 years. Bonds provide stability against stock volatility, with traditional portfolio allocation using a 60/40 split between stocks and bonds, shifting to higher bond allocations as investors approach retirement to preserve capital for withdrawals.

Portfolio Diversification Through International Bonds: Foreign bonds offer diversification benefits beyond domestic holdings. When the U.S. economy declines, bonds from thriving European and Asian countries can help offset losses, limiting the negative impact on your overall bond portfolio. This geographic diversification protects against country-specific economic downturns.

Risk Considerations Between Developed and Emerging Markets: Bonds from developed countries like the UK, France, and Germany are generally safer investments than those from emerging markets such as Indonesia, Malaysia, and Kenya. If you invest in emerging market bonds at all, they should represent only a small portion of your foreign bond holdings due to their higher risk profile.

Currency Exchange Impact on Returns: Foreign bonds denominated in their issuing country's currency have an inverse correlation with the dollar. When a foreign currency strengthens against the dollar, your bond value increases, but when the dollar strengthens, your bonds lose value. This currency risk is a double-edged sword that can work for or against investors.

Multiple Factors Affecting Foreign Bond Prices: Beyond currency fluctuations, several factors influence foreign bond values including interest rate direction, inflation expectations, issuer creditworthiness, currency markets, economic growth, and the monetary and fiscal policies of the issuing country.

Investing Through ETFs and Mutual Funds: Rather than purchasing individual foreign bonds directly (which can be complex), investors can access international bonds through mutual funds and ETFs. These options provide built-in diversification and professional management, with expense ratios now commonly below 0.5%, and many platforms offering commission-free trading.

Vanguard Total World Bond ETF (BNDW) Analysis: This ETF charges only a 0.06% expense ratio and provides global exposure with 48% North America, 31.9% Europe, 14.1% Pacific, 3.3% emerging markets, and smaller allocations to other regions. However, with 44.1% U.S. holdings, it may not provide sufficient foreign diversification for investors who already hold U.S. bond funds.

Vanguard Total International Bond ETF (BNDX) for Greater Foreign Exposure: BNDX offers better foreign bond diversification with only 3.4% U.S. allocation and a 0.08% expense ratio. This makes it a strong choice for investors seeking meaningful exposure to international bond markets while maintaining low costs.

Personal Portfolio Strategy: 100% Stocks: The host shares a contrarian approach of maintaining a 100% stock portfolio instead of following the traditional "own your age in bonds" rule. With no plans to touch investments for 10-15+ years, the emotional benefit of smoothing volatility through bonds isn't necessary, especially when maintaining a strong cash position and avoiding frequent portfolio monitoring eliminates the need for rebalancing.

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Rob Reiner Stabbed to Death, Brown "Person of Interest" Released, Aussie Terrorism: AM Update 12/15

The Megyn Kelly Show

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Rob Reiner Death Investigation: Director Rob Reiner, 78, and his wife Michele Singer Reiner, 68, were found stabbed to death at their Brentwood mansion. While People magazine reported their son Nick was responsible, LAPD Deputy Chief Alan Hamilton declined to confirm this, maintaining it's an active death investigation. Nick has previously been open about struggles with drug abuse and mental illness. Paramedics were called around 3:30pm Sunday, and actors Billy Crystal and Larry David were spotted at the home, with Crystal appearing distraught.

Brown University Shooting Person of Interest Released: Rhode Island authorities released a person of interest who had been detained in connection with the Brown University mass shooting that left two dead and nine injured. The individual was found in a hotel with firearms, but after 24 hours of investigation, evidence pointed in a different direction. Attorney General Peter Nerona expressed frustration that the person's name had been leaked to the public, calling it unfortunate as the actual shooter remains at large.

Brown Shooting Details and Response: The Saturday afternoon shooting occurred in Brown's Engineering and Physics building, with a gunman dressed in black firing over 40 rounds with a handgun. Teaching assistant John Oduro described making direct eye contact with the shooter who entered his classroom, screamed something unintelligible, and began firing. Six victims remain in critical but stable condition, with one additional person in critical condition. One deceased victim was identified as Ella Cook, vice president of the College Republicans. The university canceled all remaining classes and exams for the semester.

Bondi Beach Hanukkah Terror Attack: A father and son, identified as 50-year-old Sajid Akram and 24-year-old Navid Akram, opened fire on hundreds of Jewish celebrants at Sydney's Bondi Beach during the first night of Hanukkah, killing 15 people ranging in age from 10 to 87. The elder Akram, a licensed firearms holder, was killed by police while the younger remains in critical condition. The attack lasted approximately 20 minutes with witnesses describing the shooters changing magazines and firing continuously while police initially appeared frozen. A black ISIS-style flag was reportedly draped over their vehicle.

Australian Terror Attack Response: Australian Prime Minister Anthony Albanese called it a deliberate attack targeting the Jewish community, vowing to stamp out anti-Semitism. Among the victims were Rabbi Eli Schlanger, 41, who organized the event, and Alex Kleitman, a Holocaust survivor who died shielding his wife. One bystander, Ahmed Al Ahmed, 43, successfully wrestled a rifle from one of the shooters. Israeli PM Netanyahu criticized Albanese for not doing enough to stop anti-Semitism in Australia, which has experienced multiple anti-Semitic incidents since October 7th.

ISIS Attack Kills U.S. Soldiers in Syria: Two U.S. Army soldiers from the Iowa National Guard and a civilian interpreter were killed in Palmyra, Syria, by what's believed to be an ISIS infiltrator within Syrian security forces. Three more U.S. soldiers and two Syrian security force members were wounded when a lone attacker opened fire with an automatic weapon from a nearby building. The attacker, reportedly a Syrian security force member about to be fired for extremist views, was killed by return fire. President Trump vowed retaliation, stating the U.S. will "hunt you, find you, and ruthlessly kill you."

University of Michigan Coach Scandal and Arrest: Head football coach Sharon Moore was fired for cause from his $27.5 million contract and arrested following revelations of an inappropriate relationship with his executive assistant, 32-year-old Paige Shiver. After the relationship ended and Shiver confirmed it to investigators with evidence, Moore allegedly broke into her home with butter knives, threatening to kill himself and telling her "I'm going to make you watch. My blood is on your hands." He faces felony home invasion charges carrying up to five years in prison, plus misdemeanor stalking and breaking and entering charges.

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Bestselling author, professor and entrepreneur Scott Galloway combines business insight and analysis with provocative life and career advice.
On Mondays, Prof G Markets breaks down what’s moving the capital markets, teaching the basics of financial literacy so you can build economic security.
Wednesdays, during Office Hours, Scott answers your questions about business, career, and life.
Thursdays, Scott has a conversation with a blue-flame thinker in the innovation economy.
And Scott closes the week on Saturdays with his Webby Award–winning newsletter, No Mercy / No Malice, as read by actor and raconteur George Hahn.
To resist is futile…
Want to get in touch? Email us, officehours@profgmedia.com

How to Think About Stock Options, Healthcare Without Insurance, and Handling Rejection

The Prof G Pod with Scott Galloway

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Understanding Incentive Stock Options (ISOs) for Early Career Professionals: A mechanical engineering graduate asks about evaluating stock options from an aerospace startup. ISOs allow you to buy company stock at a predetermined price in the future, with significant tax advantages—they're not taxable when granted and receive favorable long-term capital gains treatment if held properly. The key insight is that equity is how you build wealth, not salary. While most people spend their entire salary, equity compounds tax-deferred and grows unimpaired by annual taxation. When negotiating job offers, focus on asking for more stock options rather than higher salary, as employers are receptive to candidates who want to be owners.

The Healthcare Insurance System as Wealth Transfer: Scott explains his controversial decision to forego traditional health insurance and pay out of pocket, emphasizing he's only able to do this because he can absorb any economic shock. The fundamental problem with insurance is that for every $100 paid in premiums, only $55 comes back in reimbursements—the rest goes to profits and administration. Insurance companies exploit fear, getting people to accept guaranteed small losses (premiums) to avoid potential catastrophic losses. He pays $60,000 annually for concierge medical service but has saved $300,000-400,000 over eight years by avoiding traditional insurance.

America's Broken Healthcare Economics: The U.S. healthcare system isn't designed to make Americans healthier—it's designed to make healthcare company shareholders wealthier. Americans pay an average of $13,000 per year for healthcare compared to $6,500 in other G7 countries, yet receive lower life expectancy and worse health outcomes. This difference amounts to $2 trillion annually, which equals the entire federal deficit. The top 10% get world-class care while the bottom 90% receive inferior service compared to other developed nations. Healthcare costs are a form of wealth transfer from those who can't afford economic shocks to those who can.

Reforming Healthcare Through Medicare Expansion: The path to fiscal responsibility requires attacking the healthcare industrial complex. Scott proposes reducing Medicare eligibility by two years annually for a decade until it reaches age 45, effectively socializing three-quarters of U.S. healthcare by expenditure. He recounts his personal motivation stemming from his mother being discharged early from the hospital due to costs, creating a traumatic situation where he couldn't provide adequate care. In other countries like the UK, a cancer diagnosis doesn't also mean potential bankruptcy, which is unfortunately a reality for many Americans.

Building Resilience Through Rejection: The key to professional success is developing the ability to endure rejection. Scott applied to nine business schools and was rejected by eight, pitched hundreds of investors while raising several hundred million dollars, and has been fired from nearly every job. The commonality among successful people (who weren't born rich) is they've endured enormous numbers of rejections to reach their goals. Developing calluses through repeated rejection is like building strength—you can't lift heavy weights without first developing the necessary resilience.

Practical Strategies for Moving Past Failure: Give yourself a defined mourning period with a clear statute of limitations—perhaps a week for job loss, longer for death of a loved one. Then take action: update your resume, send emails, schedule coffee meetings, and leverage your network. Remember that 70% of Google hires come through internal advocates, making social connection crucial. Action absorbs anxiety—staying active in your job search prevents paralysis. Talk openly about your struggles with friends and mentors who've experienced similar setbacks. Fitness, healthy eating, and maintaining social connections all contribute to recovery.

Personal Experience with Grief and Getting Stuck: While Scott handled professional and romantic rejection well, he struggled for 23 years after his mother's death, having trouble engaging in relationships and work. What helped was talking openly about grief rather than formal therapy. Being vulnerable about still grieving as a 61-year-old man helps him process it. The danger is getting stuck after your first major setback—many successful people who've only experienced upward trajectories struggle when first "beaned in the face" and can go sideways for years. If you can't move past grief or failure on your own, seeking professional help or community support is essential.
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Welcome to The Biotech Startups Podcast by Excedr. Join us as we speak with first-time founders, experienced scientists, long-time company operators, serial entrepreneurs, and biotech investors about the challenges and triumphs of running a biotech startup. Gain actionable insight into navigating the ever-changing life sciences industry in each episode as we explore the business of science, from pre-seed to IPO. With your host, Jon Chee.

🧬 The Mayan Negotiation Secret That Built A Biotech Company | Jake Glanville Re-Release (1/4)

The Biotech Startups Podcast

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Growing Up in Guatemala During Civil War: Jake Glanville grew up in a Tzʼutujil Mayan village on Lake Atitlán, Guatemala, where his parents ran a hotel and restaurant during a civil war. The village lacked reliable electricity, purified water, and access to good medicine, creating an environment where infectious diseases were common. As an asthmatic with family autoimmune disorders, Jake experienced firsthand how limited medical access could be life-threatening, fostering his belief that medicine could transform lives if it were available.

Grandfather's Influence and the "Impossible" Mindset: Jake's grandfather worked at Rocketdyne developing the J2 and F1 rocket engines that took humans to the moon. This legacy established a high bar for achievement while simultaneously lowering Jake's sense of what was impossible, creating a "can do" attitude that science could accomplish things that hadn't been done yet. This mindset became foundational to Jake's later work in developing breakthrough therapeutics.

Witnessing Medicine's Transformative Power: Jake observed dramatic improvements in his community's health as interventions like deworming medicine became available, with people literally growing a foot taller as a result. These experiences shaped his focus on developing vaccines and therapeutics, driven by the belief that eliminating disease would free people to spend time creating rather than fixing their "broken selves," representing a massive opportunity gain for humanity.

Restaurant Business as Entrepreneurial Training: Watching his father manage a thriving restaurant business in volatile conditions provided unexpected preparation for running biotech companies. Jake learned about inventory management, hiring, character assessment, protocol development, and the concept of "focus" as juggling multiple critical priorities while knowing which failures are acceptable—lessons that directly translated to building his first company, Distributed Bio.

Artistic Cross-Training and Creative Problem-Solving: Growing up with an artist mother in a community of Mayans and hippies prevented Jake from being forced solely into STEM early on. This artistic cross-training proved invaluable for three-dimensional visualization in crystallography, structural manipulation, and out-of-the-box thinking—skills essential for anticipating new biotechnology tools and creative solutions in the golden age of emerging biotech.

Mayan Negotiation Philosophy and Long-Term Relationships: The Tzʼutujil market culture taught Jake a negotiation philosophy opposite to winner-takes-all approaches. The goal was to strike fair deals that both parties felt good about, enabling lasting relationships and repeated transactions. This "pushy smooth" approach—being assertive without burning bridges—proved essential for fundraising, business development, and building a reputation of credible fairness in the biotech industry.

Cheap, Scrappy, and Adaptable Problem-Solving: Growing up in Guatemala where supply chains were unreliable and infrastructure unpredictable taught Jake to always have multiple backup plans and creative fallback solutions. This flexible, goal-oriented thinking became invaluable in biotech startups, where he observed that people from rigid environments like big pharma or academia often struggled to adapt to the dynamic startup environment.

Strategic Path to UC Berkeley: After Jake's father nearly died from an autoimmune disease when Jake was 15, he dropped out of high school to run the restaurant. For his final year, his father sent him to California to graduate from a California high school and establish residency, enabling in-state tuition at UC Berkeley. Jake applied only to Berkeley and UC Santa Cruz, getting into both and choosing Berkeley for its molecular cell biology program.

Discovering Computational Immunology: At Berkeley, Jake combined his self-taught programming skills (learned from the "C Bible" in Guatemala without access to a compiler) with his interest in immunogenetics. Working in Glenys Thomson's HLA Population Genetics laboratory, he realized that his computer science hobby could be applied to analyzing immune diversity using population genetics algorithms and statistics, creating a passion for computational immunology.

Cross-Training Strategy for Career Success: Jake emphasizes the importance of being attracted to general principles with many applications and cross-training in areas that are new enough to be interesting but close enough to fold in previous knowledge. This approach allowed him to be like "Johnny Appleseed," bringing insights from one field into another, particularly combining computer security, game programming, and statistical methods with immunogenetics and protein analysis.

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Hosted by David Beckworth of the Mercatus Center, Macro Musings pulls back the curtain on the important macroeconomic issues of the past, present, and future.

Martha Gimbel on the Impact of AI and the Trade War on Labor Markets

Macro Musings with David Beckworth

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The Budget Lab at Yale's Mission and Methodology: The Budget Lab was founded in April 2024 by Martha Gimbel, Danny Yagan, and Natasha Saron, all former Biden administration officials. The organization provides rapid, rigorous analysis of fiscal policies over 30-year windows (rather than the typical 10-year budget window), examining both economic impacts and long-term implications. The Lab emphasizes that policies can look very different in the out years—for example, extending the TCJA would lift short-run growth but drag down GDP by year 10 due to debt accumulation.

The Challenge of Missing Government Labor Market Data: During the government data blackout, the Fed and policymakers have been forced to rely on incomplete private sector data from companies like Indeed, DoorDash, and Challenger. This private data is not comprehensive, has selection biases, and is typically benchmarked against BLS data—making extended periods without government data increasingly problematic. The absence of real economic data during a potential turning point in the economy makes forecasting exceptionally difficult and leaves the Fed flying blind on crucial policy decisions.

AI's Current Limited Impact on Labor Markets: Research from the Budget Lab shows flat lines across multiple labor market measures since ChatGPT's release in late 2022. Despite widespread concerns, there's no evidence yet of substantial AI-driven labor market disruption in terms of occupational mix changes, unemployment duration, or employment levels in AI-exposed occupations. The reason is simple: it has only been three years since generative AI emerged, and technological change takes considerable time to impact labor markets—businesses and workers need time to figure out how to effectively deploy new technologies.

Technology Adoption Takes Time and Is Hard to Predict: Historical precedent shows that predicting technological disruption is extremely difficult. The example of elevator operators illustrates this—electricity created a job (elevator operator) that was later automated away by buttons, but no one could have foreseen this trajectory. Similarly, nobody in 1997 would have predicted "influencer" as a career path. The key lesson is that we can see jobs being displaced but struggle to imagine the new jobs that will emerge from technological change.

Young Workers and AI Concerns: While some research suggests a slight decline in employment for very recent college graduates in AI-exposed occupations, this effect appeared almost immediately after ChatGPT's release—too quickly to be purely AI-driven. The more likely explanation is weakness in the overall labor market during the Fed's hiking cycle. Current concerns about young workers should focus more on the macroeconomic cycle than on AI-specific disruption, at least for now.

The Productivity Benefits of AI in Practice: At the Budget Lab, AI has made staff more productive by automating routine tasks, allowing junior economists to work on more interesting, discrete projects rather than basic grunt work. This mirrors historical patterns like the decline of executive assistants from 4 million in the late 1990s to 500,000 today—technology automated routine tasks, but the economy adjusted and created different, often more interesting jobs. AI is enabling organizations to take on more work and fulfill more requests rather than simply eliminating positions.

The Poor Track Record of Managing Labor Market Transitions: While technological progress ultimately raises living standards, the United States has a poor track record of helping workers through periods of disruption. The unemployment insurance system doesn't work particularly well, and federal retraining programs often struggle to scale effectively. Looking at the Industrial Revolution, weavers who lost their jobs in the early 1800s likely never recovered personally—the benefits accrued to their grandchildren. Policymakers need flexible, adaptive policies rather than predetermined approaches that assume they know which jobs will emerge.

The Importance of Learning Foreign Languages Despite AI Translation: Translation remains incredibly challenging because languages carry cultural concepts and nuances that don't transfer cleanly across linguistic boundaries. The Italian phrase "tradutore traditore" (the translator is a betrayer) exemplifies this—even translating it into English loses the rhyme and passion of the original. Learning languages like Latin, Ancient Greek, or German remains valuable not just for practical skills but for intellectual engagement and accessing meanings that simply don't exist in English.

Challenges in Measuring and Communicating Economic Policy Effects: When economists say tariffs will slow growth and raise prices, they don't mean tomorrow—effects phase in gradually over time. The Budget Lab estimated that Liberation Day tariffs would reduce growth by about half a percentage point by the end of 2025, not immediately. Historical examples like Smoot-Hawley show that tariff effects take time to fully manifest. This communication gap leads to public skepticism when grocery prices don't spike immediately after tariff announcements.

Trump's Conditioning Strategy on Tariffs: Rather than facing static high tariff rates, Trump has effectively conditioned businesses and markets to accept tariff levels that would have caused panic if announced at the beginning of the year. By constantly changing rates and creating uncertainty, then pulling back from the most extreme proposals, the administration has engaged in what amounts to "frog boiling"—gradually raising effective tariff rates to around 15% when that figure would have triggered market meltdowns if announced upfront.

AI as the Bright Spot Offsetting Tariff Damage: Much of the economy's current strength comes from the AI sector, which the administration has specifically carved out from tariffs. If not for AI-driven growth, the economic slowdown from tariffs would likely be more severe and visible. This dynamic also explains stock market strength—remove AI companies from market indices and the picture looks considerably weaker. The counterfactual is complicated by the Fed's response, which would likely have cut rates more aggressively without AI strength.

The Treasury Market's Lack of Alternatives: Despite deteriorating long-term fiscal projections showing debt-to-GDP ratios potentially exceeding 120%, Treasury markets haven't reflected this risk because investors lack better alternatives. Europe shows limited growth, China is complicated, and smaller markets like Australia and New Zealand don't provide adequate scale. The United States remains "the fanciest girl at the ball" by default, but this creates dangerous complacency—if a better alternative emerges, capital flight could happen suddenly, like a bank run that occurs gradually then all at once.

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