Bloomberg News Now is a comprehensive audio report on today's top stories. Listen for the latest news, whenever you want it, covering global business stories around the world.

SpaceX Eyes Record Valuation, Dimon on Europe’s Problem, More

Bloomberg News Now

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- SpaceX Valuation and Potential IPO: SpaceX is preparing to sell insider shares in a transaction that could value Elon Musk's rocket and satellite company at up to $800 billion, potentially making it the world's most valuable private company. The company is also exploring a possible initial public offering as soon as late next year, though Musk denied the $800 billion valuation reports.

- Jamie Dimon's Warning on European Economy: JPMorgan Chase CEO Jamie Dimon criticized Europe's slow bureaucracy, noting that while European unity has promoted peace, decision-making requiring 27 nations has become bogged down. He warned that Europe has "driven business out, driven investment out, driven innovation out," and cited a fragmented Europe as a major global challenge.

- Trump's Birthright Citizenship Challenge: The U.S. Supreme Court will review President Trump's planned rollback of automatic birthright citizenship, setting up a high-stakes constitutional showdown. Lower courts have uniformly ruled that Trump's executive order violates the Constitution, federal immigration law, and Supreme Court precedent.

- New Border Crossing Fee Implementation: The Trump administration has begun charging a $5,000 "apprehension fee" to people 14 or older who enter the U.S. illegally and are deemed inadmissible. The fee, approved by Congress under the "One Big Beautiful Bill act," became a debt owed to the U.S. government for anyone who doesn't pay.

- Ukraine Diplomatic Meeting: The leaders of France, Germany, and the UK will meet with Ukrainian President Volodymyr Zelenskyy in London to discuss U.S. peace efforts following another round of massive Russian attacks. The U.S. has agreed with Kyiv on a framework of security arrangements, though there's little indication of a major breakthrough.

- Netflix-Warner Bros. Deal Details: Netflix's bid for Warner Bros. Discovery reportedly began taking shape around Thanksgiving, with the streamer assembling a $59 billion bridge loan for a mostly cash and stock offer. Netflix has agreed to pay a $5.8 billion penalty if the deal falls apart or fails to win regulatory approval—one of the biggest breakup fees ever.

- AI Investment Anxiety: Thoma Bravo founder Orlando Bravo noted that AI's rapid advancement is creating "enormous anxiety" among investors, particularly those responsible for significant capital. The constant messaging that "everything's changing" and "everything's changing really fast" has triggered a fear of missing out in private markets.
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Bro's "directory" website is doing $35k per month? | Starter Story

Starter Story

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Directory Success Story: The podcast features a conversation about a highly successful directory website called Cursor Directory, which was built in a weekend and now generates approximately $35,000 per month.

Cursor Directory Purpose: The directory was created for discoverability, specifically helping cursor developers explore and find new ideas in their field.

Impressive Growth Metrics: Since its launch, Cursor Directory has attracted 49,000 registered users and 2.2 million unique visitors, demonstrating significant traction in its target market.

Exceptional Profit Margins: The business boasts a remarkable 99.8% gross margin with operational costs of under $500 per month, creating an extremely profitable business model.

Minimal Maintenance: Being open source with all rules merged in GitHub, the directory requires only about three hours of maintenance per month, allowing the creators to focus on their main startup.

Building in Public Philosophy: The creators emphasize their commitment to building in public and testing ideas quickly, showing how even small weekend projects can evolve into significant revenue-generating ventures.
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A window into our world, through in-depth storytelling from the BBC. Investigating, reporting and uncovering true stories from everywhere. Award-winning journalism, unheard voices, amazing culture and global issues. From far-right voters in Europe, to the last Christians of Gaza, to the rise of the Myanmar resistance, to the Three Million mini-series on the Bengal Famine, The Documentary investigates major global stories. We delve into social media, take you into the minds of the world’s most creative people and explore personal approaches to spirituality. Every week, we also bring together people from around the globe to discuss how news stories are affecting their lives. A new episode most days, all year round. From our BBC World Service teams at: Assignment, Heart and Soul, In the Studio, OS Conversations, The Fifth Floor and Trending.

Steel from shipwrecks

The Documentary Podcast

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## Summary of "Steel from shipwrecks"

The Rare Value of Pre-War Steel: Pre-1945 or "low background" steel, uncontaminated by nuclear testing radiation, is one of the rarest substances in the world. This valuable material is essential for certain applications like Geiger counters, potentially making World War II shipwrecks targets for salvage operations.

The Targeted War Graves: HMS Prince of Wales and HMS Repulse, two British naval vessels sunk in 1941 off the coast of Malaysia with 850 sailors lost, have become victims of large-scale metal scavenging operations. These shipwrecks, lying at depths over 50 meters, are considered war graves and time capsules of history.

Modern Scavenging Operations: A Chinese vessel called Tian Hong 68 was implicated in salvage operations at the wrecks in 2023. This 100-meter vessel with a 500-ton crane would turn off its Automatic Information System when approaching the wreck sites, indicating deliberate concealment of its activities.

Destructive Salvage Methods: Scavengers use explosives, enormous chisels, and crane equipment to tear apart shipwrecks, often leaving little more than scars on the seabed. The destruction releases fuel and oil into the water, further damaging marine environments.

Legal Complications: While sovereign immunity ensures ownership of state vessels isn't contested, jurisdiction over crimes committed at sea is complex. There's no uniform international response to protect historic wrecks, despite laws recognizing land-based war graves.

The Human Impact: For families of the lost sailors, these shipwrecks represent the only graves of their loved ones. Reginald Greenham, whose father died on HMS Repulse when he was nine, expressed sadness that he "can't go to France and take some flowers and put on a grave" as these underwater graves are being desecrated.

Global Problem and Response: Similar scavenging has occurred in Indonesia where Dutch ships were targeted. Maritime archaeologists, heritage departments, and family members are working together to protect remaining wrecks and properly care for recovered artifacts, highlighting the need for better international protections for underwater cultural heritage.
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The 94WIP Morning Show with Joe DeCamara, Jon Ritchie, James Seltzer, and Rhea Hughes every weekday from 6-10am. 

Best of Interviews on 94WIP: Jason Kelce, Mike Mayock and more on reports Jalen Hurts doesn't a run first offense.

94WIP Morning Show with Joe DeCamara and Jon Ritchie

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Jalen Hurts and His Running Game Hesitation: Reports indicate Jalen Hurts may be reluctant to run as much as he has in previous seasons. As the first quarterback with a run-heavy style to win a Super Bowl, his reduced rushing attempts have noticeably affected the Eagles' offensive effectiveness. The hosts and guests discuss how the offense needs Hurts' running threat to create better angles and spaces for other plays, making the case that he should return to more designed quarterback runs.

Eagles Offensive Line Performance Concerns: Former Eagles player Seth Joiner criticized the Eagles offensive line for not "fighting" through plays and lacking the necessary aggression to sustain blocks. Jason Kelce responded that while he doesn't believe it's a lack of "want to," he acknowledged issues with communication, cohesion, and execution. Kelce noted that inexperience, injuries, and players rotating in and out of the lineup have contributed to the problems.

Eagles Defensive Collapse Against Chicago: Mike Mayock provided detailed analysis of the Eagles' defensive failures against the Bears, particularly in the run game. He identified scheme issues where the Bears effectively pulled linebackers out of position and exploited gaps. Mayock also highlighted concerning physical issues where Eagles defenders were getting "blasted out of holes" on double teams and demonstrated poor tackling technique in the secondary.

Kevin Patullo's Coaching Location Debate: Following Nick Foles' suggestion that offensive coordinator Kevin Patullo should move from the sideline to the coaching booth for a better field view, the hosts and Jason Kelce discussed the pros and cons of each location. Kelce expressed his preference for having the play-caller on the sideline for direct communication with players, while acknowledging that upstairs coaches have better visibility of formations and defensive alignments.

Justin Herbert's Injury Situation: The hosts discussed Chargers quarterback Justin Herbert's broken hand and how it might impact Monday's game against the Eagles. Despite having a plate and screws surgically inserted, Herbert may still play. Jason Kelce speculated that if Herbert plays, he'll likely wear a special glove to maintain grip, operate primarily from shotgun/pistol formations, and rely heavily on the running game – which could be problematic for an Eagles defense struggling against the run.

Darius Slay's Potential Return to the Eagles: After being waived by the Steelers and claimed by the Bills, there was discussion about whether Darius Slay might eventually return to Philadelphia. Slay indicated in an interview that he was uncertain about playing for Buffalo and might even consider retirement. The hosts debated the likelihood of Buffalo releasing him and whether he would specifically want to return to the Eagles.

Eagles' Penalty and Communication Issues: A recurring theme throughout the episode was the Eagles' pre-snap penalties and communication breakdowns, with Mayock expressing particular frustration about these problems persisting 13 weeks into the season. The hosts discussed how these issues should have been resolved in training camp, not still occurring at this stage of the season with players who have been together for multiple years.

The Eagles' Season Outlook: Despite recent struggles, Dick Vermeil expressed optimism about the Eagles' playoff chances, noting they've beaten six of nine winning teams they've faced. At 8-4, he believes they're still positioned well but acknowledges the disappointing loss to Chicago. The hosts discussed how the Eagles' trajectory appears to be heading downward while the Cowboys are trending upward, making upcoming games critical.

Cole Hamels' Hall of Fame Case: John Foley discussed Cole Hamels' Hall of Fame eligibility, arguing that despite having only 162 wins (traditionally considered low for HOF pitchers), Hamels ranks highly in strikeouts per nine innings and other metrics compared to current Hall of Famers. Foley noted that evolving standards for pitchers in modern baseball should be considered in Hamels' evaluation, though he estimated only a 30% chance of induction.

Nick Sirianni's Coaching Evaluation: The hosts debated Nick Sirianni's effectiveness as head coach amid the team's struggles. While some critics have questioned his job security, the hosts generally pushed back against this notion, though they acknowledged his responsibility for the team's inconsistent play and penalty issues. A Twitter poll asked listeners to rate Sirianni as great, good, average, or below average.
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Machine Learning Street Talk" is a dynamic podcast that delves deep into the ever-evolving world of machine learning and artificial intelligence. Each episode offers insightful discussions on a wide range of topics, from groundbreaking algorithms to the latest industry trends and news. Our hosts, armed with their extensive knowledge and passion for technology, guide listeners through complex concepts, making them accessible to both experts and enthusiasts alike. Join us as we explore the fascinating intersections of technology, society, and the future in the realm of machine learning.

Anthropic CEO Highlights Risks in OpenAI Expansion

Machine Learning Street Talk

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• Dario Amodei's Candid Assessment of the AI Bubble: Anthropic's CEO provided a nuanced view of the current state of AI investment at the New York Times DealBook Summit. Rather than simply labeling the sector as overvalued, he highlighted the uncertainty around when economic value will materialize, creating operational and financial dangers for companies making aggressive bets.

• YOLO Risk-Taking in AI: Amodei criticized unnamed competitors (implicitly OpenAI) for "YOLO" risk-taking approaches, particularly regarding massive infrastructure investments when future demand remains uncertain. He expressed concern about companies that are not managing risk responsibly while trying to compete both in the market and against "authoritarian adversaries" like China.

• The Timing Trap: A key challenge identified is the mismatch between fixed, capital-intensive data center construction timelines and the uncertain timing of economic returns. This creates a "timing trap" where companies must make infrastructure decisions years before knowing if demand will justify the investment.

• GPU Depreciation Concerns: While GPUs can physically function for many years, the rapid advancement of newer, faster, and cheaper chips can make older hardware economically obsolete before companies fully monetize their investments. Anthropic claims to take a conservative approach to chip assumptions to avoid being caught in this trap.

• Anthropic's Explosive Growth: Despite Amodei's cautious outlook, Anthropic has experienced remarkable growth, going from $0 to $100 million in 2023, then to $1 billion in 2024, with projections of $8-10 billion by the end of 2025. However, Amodei emphasized it would be "really dumb" to assume this trajectory will continue indefinitely.

• Uncertainty in Forecasting: Even as the CEO of one of the leading AI companies, Amodei admitted limited visibility on demand curves, enterprise adoption speed, and revenue durability. This candid acknowledgment contrasts with what he suggests is a more confident approach from competitors like OpenAI.

• Competitive Positioning: While never explicitly naming OpenAI, Amodei took clear shots at competitors who "like big numbers" or are "constitutionally inclined to take enormous risks," positioning Anthropic as the more prudent and responsible player that will be "okay in basically almost all worlds."
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Stephanie Ganowski is a clinical sexologist and sex coach for men. In her podcast, “What I Love About Sex”, her mission is to take the pressure out of sex and put the pleasure in! She does this by helping men overcome their d*ck-related issues and improve their sex communication skills, so they can feel in control of their bodies and connecting deeply with their partners. Coaching clients 1:1 for 6+ years, with a background in psychology, relationship communication training and clinical sexology makes Stephanie the person you can trust to help you. She especially wants men to have a ‘go-to’ place for help here, so they feel they’re directly spoken to and supported. Stephanie is a firm believer that sex is like any other part of life in that we need to work to understand and improve it through practice, vulnerability and patience. And if we can do that while having fun and not taking ourselves so seriously, we can create the sex life we’ve always dreamed of. Stephanie’s style of coaching (and podcasting) is lighthearted, fun and action oriented. Her aim is to have her listeners leave her show feeling confident in what step to take next!

Your Sex Life Changes When You Do #416

What I Love About Sex

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- The Power of Choice in Self-Identity: You get to choose who you want to be at any moment. Instead of blaming others for your circumstances or hiding behind personality labels and tests, take ownership of your life. When you accept responsibility for the environment you create in relationships, you gain the power to change them.

- Breaking Free from Labels: Many people limit themselves with personality types, astrological signs, or other labels to excuse their behavior. These labels often serve as justifications for why someone "can't" do something. Instead of accepting these limitations, recognize that you're simply inexperienced in certain areas and need practice.

- Courage Before Confidence: Don't wait for confidence to take action - it doesn't work that way. Access courage first, take action despite your fears, and confidence will naturally follow from experience. This applies especially to sexual performance anxiety; when you prepare for difficult moments and face them with courage, your nervous system calms down over time.

- Leading Change in Your Sex Life: If you want changes in your relationship or sex life, take the lead. Don't wait for your partner to initiate improvements or for the "perfect moment" to arise. The person who wants change the most should be willing to guide the relationship through uncomfortable conversations and new experiences.

- Moving Through Discomfort Efficiently: Couples with great sex lives don't have fewer disagreements; they simply move through them more quickly. Developing the courage to address awkward moments, call out concerning comments, and have difficult conversations helps strengthen your relationship. Approach these situations with curiosity rather than defensiveness.

- Setting Boundaries as a Team: Effective boundary-setting isn't confrontational but collaborative. Have clear conversations about behaviors that hurt your relationship, like weaponizing past mistakes against each other. Create agreements about how you'll address boundary violations when they occur, and commit to growing together rather than remaining stuck in past versions of yourselves.

- Becoming the Man You Want to Be: Get clear on who you want to be as a man - emotionally connected, decisive, health-conscious, curious, optimistic, or courageous. When faced with difficult situations, ask yourself "who am I choosing to be right now?" Taking actions that align with your ideal self builds the life and relationship you want, even when it feels uncomfortable.
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The latest news from the fastest growing radio news network, FOX News Radio. Listen to the power of FOX News on radio! Updated hourly!

9PM ET 12/06/2025 Newscast

Fox News Hourly Update

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- Trump's Defense Secretary Declares End of Utopian Idealism: Secretary of War Pete Hagseth spoke at the Reagan National Defense Forum, stating that the "age of utopian idealism is over." He emphasized that the Trump administration is committed to maintaining and accelerating "the most powerful military the world has ever seen," while redirecting priorities to the Western Hemisphere and calling on allies to increase their own defense efforts.

- Questions Over U.S. Military Strikes on Suspected Drug Smugglers: The Trump administration is facing intense scrutiny over deadly strikes on suspected drug smuggling boats, with questions about whether these actions violated international law.

- Russian Attack on Ukrainian Infrastructure: Russia launched a major missile and drone attack targeting energy infrastructure in Ukraine, triggering air raid alerts while U.S.-sponsored peace talks continued. The assault injured at least eight people and temporarily cut power to the Zaporizhzhia nuclear power plant, though Ukrainian forces managed to shoot down many of the projectiles.

- Supreme Court to Rule on Birthright Citizenship: The Supreme Court has agreed to review President Trump's order denying automatic citizenship to children born to people in the U.S. illegally or temporarily. This marks the first Trump immigration policy to reach the high court for a final ruling, after being struck down by a lower court.

- January 6th Pipe Bomb Suspect Confesses: Brian Cole Jr., accused of planting bombs outside the RNC and DNC headquarters in Washington D.C. the day before the January 6th Capitol riot, has confessed to investigators. He reportedly stated he was disappointed in the 2020 election results.

- Global Billionaire Wealth Hits Record High: A UBS report indicates global billionaire wealth has reached an all-time high of $15.8 trillion, with nearly 2,900 billionaires worldwide. The United States leads with approximately one-third of the world's billionaires, followed by China at about 10%. The growth is attributed to a strong stock market and surging tech valuations.

- Early and Intense Flu Season Underway: Health officials are reporting an early surge in flu cases affecting both children and adults, with a new variant potentially contributing to the intensity of this year's illness. Low vaccination rates may also be exacerbating the severity of the flu season.
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Modern Musicology covers topics on rock and pop ranging mostly from 70s, 80s and 90s (with occasional excursions into 60s and 00s). Anything is fair game -- classic rock, R&B, folk, punk, prog, rap, metal, and more. Hosted by DJ and author Rob Levy, solo artist and former Aquanettas drummer Stephanie Seymour, drummer and author R. Alan Siler, and guy from London Anthony Williams.

#155 - 80s Movie Soundtracks

MODERN MUSICOLOGY

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The Evolution of Music in 80s Cinema: While pop music had long been used in films, the 1980s marked a significant shift in how music and cinema interacted. Films began incorporating contemporary pop music more extensively, creating a "supercharged atmosphere" where soundtracks became major revenue sources and marketing tools. This evolution began with late '70s films like American Graffiti and Saturday Night Fever, then exploded in the 80s with movies like Flashdance, which was criticized for being "too much like an extended music video."

MTV's Revolutionary Impact on Film: The launch of MTV in 1981 created a symbiotic relationship with cinema. Music videos exposed audiences to more avant-garde filmmaking styles, while major film directors like Scorsese and Landis crossed over to make music videos. Films started adopting MTV's visual aesthetics, quick cuts, and stylistic elements. Movies like Desperately Seeking Susan (1984-85) epitomized this peak MTV-influenced era and continue to find new audiences today.

The Rise of Pop Star Actors and Film Composers: The 80s saw numerous musicians transition into film careers. Prince made multiple movies (Purple Rain, Under the Cherry Moon) with accompanying soundtracks, Madonna became a legitimate film actress starting with Desperately Seeking Susan, and musicians like Danny Elfman transitioned to successful film scoring careers. This era saw traditional musicians crossing into film scoring, with rock bands like Queen doing Flash Gordon and Peter Gabriel creating innovative scores for films like Birdie.

John Hughes' Musical Legacy: Director John Hughes created a distinctive cinematic universe where music played a central role. Films like Breakfast Club, Pretty in Pink, and Ferris Bueller's Day Off featured carefully curated soundtracks that became inseparable from the movies themselves. Hughes was primarily a music lover who "made movies to build soundtracks," and his musical selections helped define 80s teen cinema.

The Golden Age of Movie Soundtracks: The 80s produced iconic film soundtracks that remain cultural touchstones. Top Gun's soundtrack with Kenny Loggins' "Danger Zone," Lost Boys' eclectic mix of songs, Pretty in Pink's alternative rock compilation, and Heavy Metal's diverse musical selections exemplify how film soundtracks became standalone commercial successes and cultural artifacts during this period.

The Business of Film Music: The 80s saw unprecedented synergy between film studios and record labels. Movies would use footage in music videos as free advertising on MTV, selling both theater tickets and soundtrack albums. The music and film industries became so aligned that music producers like David Geffen could become successful film producers. Studios began hiring dedicated music supervisors, and scoring films became a lucrative opportunity for recording artists.

The Cultural Peak of 80s Cinema (1984-1985): The period around 1984-85 represented the pinnacle of 80s film culture. This era saw the introduction of the PG-13 rating, landmark music movies like Purple Rain and Stop Making Sense, the rise of independent cinema with films from the Coen Brothers, and blockbusters like Ghostbusters. This convergence created a unique cultural moment that defined the decade's aesthetic in film and music.
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"AI Breakdown" dives deep into the world of artificial intelligence, exploring the latest advancements and trends shaping this rapidly evolving field. Each episode provides listeners with in-depth analysis of current AI technologies, ethical considerations, and the potential impact on various industries and everyday life. We cover a wide range of topics, from AI in healthcare and autonomous vehicles to AI's role in entertainment and beyond, keeping you informed and engaged with the news and developments in the AI landscape. 

AI Sector Debates OpenAI’s Aggressive Investments

AI Breakdown

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- The AI Bubble Question: Anthropic's CEO Dario Amodei offered a nuanced assessment of whether AI is in a bubble, arguing that while the long-term economic potential is strong, the timing of when value materializes remains highly uncertain, creating operational and financial risks.

- The "YOLO" Risk-Taking: Amodei criticized unnamed competitors (implicitly OpenAI) for "putting the risk dial too far" with aggressive investments in infrastructure and data centers without certainty about future demand, describing this approach as "YOLOing" rather than managing risk responsibly.

- Hardware Investment Challenges: The rapid pace of chip development poses a significant risk, as new hardware can make existing investments economically obsolete before companies fully monetize them, even if the older chips remain technically functional.

- Anthropic's Conservative Approach: Unlike competitors, Anthropic models weaker scenarios and takes a more conservative approach to hardware assumptions to avoid being caught in rapid depreciation cycles, though they're still experiencing extraordinary growth.

- Remarkable Growth Trajectory: Despite his caution, Amodei acknowledged Anthropic's incredible revenue growth from $0 to $100 million in 2023, to $1 billion in 2024, with projections of $8-10 billion by the end of 2025, making it one of the fastest-growing startups in history.

- Industry Uncertainty: Even as CEO of a leading AI company, Amodei expressed significant uncertainty about future demand, highlighting how little visibility exists regarding enterprise adoption speed and revenue durability in the AI sector.
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The latest news in five minutes. Updated hourly.

NPR News: 12-06-2025 9PM EST

NPR News Now

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- Trump's National Security Strategy Critical of Europe: The new strategy document criticizes Europe as being in economic decline and facing "civilizational erasure." It claims the EU undermines political liberty and sovereignty, and suggests some NATO countries will become "majority non-European" due to immigration. European leaders like former Swedish PM Carl Bildt called the document's focus on Europe as the only region facing democratic threats "bizarre."

- ICE Arrest Controversy Involving White House Press Secretary's Family: Court records revealed a past custody dispute between Michael Levitt (brother of White House Press Secretary Caroline Levitt) and Bruna Ferreira, a Brazilian woman who was recently arrested by ICE. While the Levitt family denies involvement in her arrest, court documents show Michael Levitt previously threatened to contact immigration authorities during their custody battle over their 11-year-old son.

- Hong Kong Holding "Patriots Only" Legislative Elections: Despite a recent devastating fire that killed at least 159 people, Hong Kong is proceeding with legislative elections where only 20 of 90 seats will be directly elected. The remaining seats are chosen by industrial committees or a Beijing-appointed committee, following election rule changes implemented in 2021. The election will test current executive John Lee's leadership amid calls for a transparent investigation into the deadly fire.

- South Africa Mass Shooting: At least 11 people, including children, were killed in a mass shooting at an unlicensed bar near Pretoria. Police are searching for three suspects. South Africa has one of the world's highest homicide rates, with firearms being the leading cause of death.

- Transgender Health Official's Portrait Altered: Admiral Rachel Levine's official portrait at the Department of Health and Human Services was modified to include a previous name under her photograph. Levine, the first transgender person confirmed by the Senate for a federal agency position, declined to comment on what she called a "petty action." HHS stated the change ensures that "biological reality guides public health."

- Florida Resumes Black Bear Hunting: Florida has authorized black bear hunting for the first time in a decade, issuing only 172 permits for hunters using rifles and crossbows. Some opponents of the hunt have reportedly applied for permits with no intention of using them, after failing to stop the hunting in court.
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We interview and study famous financial billionaires, including Warren Buffett, Ray Dalio, and Howard Marks, and teach you what we learn and how you can apply their investment strategies in the stock market.
We Study Billionaires is the largest stock investing podcast show in the world with 180,000,000+ downloads and is hosted by Stig Brodersen, Preston Pysh, William Green, Clay Finck, and Kyle Grieve.
This podcast also includes the Richer Wiser Happier series hosted by best-selling author William Green. William regularly interviews legendary investors such as Mohnish Pabrai and Guy Spier, exploring what they can teach us about how to succeed in markets and life.
And finally, our Bitcoin Fundamentals series is hosted by Preston Pysh, where he interviews prominent figures in the Bitcoin and macroeconomic space. To learn more about TIP, you can visit theinvestorspodcast.com or subscribe to our free daily newsletter here.
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP775: Why Your Valuation Metrics Might Be Lying to You w/ Kyle Grieve

We Study Billionaires - The Investor’s Podcast Network

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• The BIN Framework for Combating Forecasting Errors: Michael Mauboussin created a framework called BIN (Bias, Information, Noise) to help investors reduce forecasting errors. Noise—the variability in judgments—is considered the most important factor. Techniques to reduce noise include combining independent judgments from diverse sources, using algorithms and checklists for consistent decision-making, and implementing the Mediating Assessment Protocol (MAP) which structures evaluation into defining attributes, gathering data, and making decisions based on objective assessments.

• Checklists as Decision-Making Tools: Checklists force investors to research less interesting but impactful aspects of investments, illuminate areas requiring deeper understanding, help build conviction through thorough analysis, and encourage doing work that others might skip—potentially leading to variant perceptions. Mauboussin suggests that algorithms (structured decision rules) frequently outperform experts across domains.

• Challenging the Short-Termism Myth: Despite popular belief that markets are short-term focused, Mauboussin argues the market is actually long-term oriented. Higher valuations indicate investors are paying for cash flows many years into the future. A study of five Dow Jones stocks showed 89% of their share value reflected cash flows beyond five years. Additionally, market turnover has declined over the last 20 years to levels not seen since the mid-1970s.

• The Reality About Dividends and Returns: The myth that dividends play a significant role in equity returns misses an important point—dividends only contribute to total shareholder return (TSR) if fully reinvested. Most investors use dividends for income or face transaction fees and taxes when reinvesting, causing their actual returns to lag the theoretical TSR. Price appreciation is ultimately the only source of investment returns that increases accumulated capital.

• Redefining "Money-Losing" Businesses: Investing in businesses showing GAAP losses isn't necessarily bad. Many high-performing companies appear unprofitable due to accounting rules that expense intangible investments (R&D, brand building) rather than capitalizing them on the balance sheet. Research shows "GAAP losers" with high intangible investments outperformed both "real losers" and profitable companies between 1997-2017. Amazon is a prime example—adding back R&D expenses reveals much higher profitability than GAAP numbers suggest.

• Why Active Management Has Gotten Harder: Contrary to the belief that index investing makes active management easier, Mauboussin argues it's become more difficult. As weak managers ("closet indexers") move to passive strategies, only the stronger stock pickers remain in the active space, creating more formidable competition for a limited pool of ideas.

• The Limitations of Traditional Valuation Metrics: Valuation multiples like PE and EV/EBITDA have become less informative as businesses shift from tangible to intangible investments. When intangible investments are properly capitalized rather than expensed, valuations can change dramatically—Microsoft's PE drops from 35 to 30 and EV/EBITDA from 24 to 17 when adjusted. Conflicting signals from different metrics require investors to understand why a company has a particular multiple rather than accepting it at face value.

• The Rule of 40 for Evaluating Growth: Businesses that can grow revenue while maintaining healthy margins deserve premium multiples. The Rule of 40 (revenue growth percentage + EBITDA margins ≥ 40%) helps identify companies with sustainable growth trajectories. Companies improving margins while maintaining strong growth are particularly valuable even if they don't currently meet the rule.

• Understanding Corporate Mortality: The half-life of a public company is about 10 years, with only 5% of listed companies surviving 50+ years. Companies "die" through acquisition (58% of delistings), bankruptcy or regulatory delisting (39%), or voluntary delisting. Investors using DCF models should remember most companies don't last forever, despite the perpetuity assumption in traditional valuation models.

• The Uneven Distribution of Market Returns: About 60% of companies underperform one-month Treasury bills, while just 2% of stocks account for 90%+ of market wealth creation. For investors unable to identify these rare winners, index funds ensure exposure to the biggest value creators while mitigating downside risk, though this means also owning many mediocre businesses.
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Award-winning podcast of true stories of the paranormal, supernatural, legends, lore, the strange and bizarre, true crime, conspiracy, mysterious, macabre, unsolved and unexplained -- seven days a week! Hosted by professional voice actor Darren Marlar, named one of the “Best Storytellers in Podcasting” by Podcast Business Journal.

ADVENT OF EVIL: Saturday, December 06 – Mason’s Impossible Knowledge

Weird Darkness: Paranormal & True Crime Stories

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The Advent Calendar's Deadly Pattern: In this chapter of "Advent of Evil," Officer Matt Klein (formerly known as Norris) continues to deal with a mysterious Advent calendar that appears to predict or cause deaths. After finding a bloody cross behind door five, Matt is initially confused when Pastor Hart remains unharmed, making him think the calendar's pattern had been broken.

Mason's Disturbing Knowledge: Matt's young son Mason reveals troubling insights, claiming he smells burning toast (echoing the burning smell Matt has experienced) and shockingly states that the Advent calendar "killed someone." This knowledge is inexplicable as neither parent had discussed these events with their children.

The Lion Behind Door Six: Matt opens the sixth door of the calendar to find a miniature lion figure, reminding him of the lion mask worn by Zach Welch during his attack at the Joe and Go Cafe earlier in the week. This prompts Matt to check on Karl Martin, the cook who was previously attacked.

The Missing Barista: At the cafe, Matt discovers that Gwen, Karl's pink-haired daughter and a barista, hasn't shown up for work and isn't answering calls - completely out of character for her. Karl asks Matt to check on her apartment.

A Gruesome Discovery: At Gwen's apartment, Matt discovers her murdered body with a metal cross buried in her chest - directly connecting to the bloody cross from door five of the Advent calendar. This confirms the calendar wasn't wrong; it had predicted Gwen's death rather than Pastor Hart's.

The Lion Mask Attacker Returns: While in the apartment, Matt is ambushed by someone wearing a lion mask and wielding a crowbar, mirroring the earlier cafe attack. Matt escapes and calls police, who apprehend the masked assailant who turns out to be Zach Welch again, appearing disoriented.

The Calendar's Deadly Accuracy: The connections between the calendar's items (the bloody cross and lion) and real-world events (Gwen's murder and Zach's attacks) confirm that the calendar is predicting or causing deaths in Marshport, with 18 doors still remaining to be opened before Christmas.
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The Hodgetwins known for their political humor from social media discuss current political events in the greatest country ever created. Support this podcast: <a href="https://podcasters.spotify.com/pod/show/hodgetwins/support" rel="payment">https://podcasters.spotify.com/pod/show/hodgetwins/support</a>

Somali Woman Makes BOLD Claims About Trump and America — You Won’t Believe It!

Hodgetwins

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- Discussion of viral TikTok by Somali woman: The podcast examines a viral TikTok video where a Somali woman claims that racism against Somalis stems from jealousy of their success in America, particularly noting that many Somalis drive nice cars despite being recent immigrants.

- Fraud allegations: The hosts strongly criticize the Somali community in Minnesota, referencing a major fraud case involving taxpayer money meant for children's programs that was allegedly diverted, with claims that around a billion dollars was fraudulently taken.

- Cultural differences in wealth building: The TikTok creator suggests Somalis are successful because they work together as a community, save money, avoid frivolous spending, and function as family units rather than individualistically like mainstream American culture.

- Hosts' counter-narrative: The hosts reject the woman's claims about racism, arguing that criticism of the Somali community is based on legitimate concerns about fraud and lack of assimilation, not jealousy of their success.

- Comments on community responsibility: The hosts suggest that the Somali community as a whole was aware of the fraud and criticize them for not having whistleblowers come forward, implying collective responsibility rather than just "a few bad apples."

- Cultural assimilation debate: The hosts argue that white Americans don't care about immigrants' race but want them to assimilate and maintain American cultural norms, contrasting this with what they perceive as the Somali woman's divisive rhetoric.
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For thousands of years, Kabbalists have been studying on a daily basis for their and humanity's spiritual progress. Continuing this tradition into today's globally connected world, the Bnei Baruch Kabbalah Education & Research Institute, studies daily from authentic Kabbalistic sources, with commentary by Dr. Michael Laitman. (Audio)

07 Dec 25 00:56 UTC; Preparation to the Lesson

Daily Kabbalah Lesson (Audio)

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• The Importance of Collective Spiritual Work: The podcast emphasizes that before one can receive spiritual illumination individually, they should seek like-minded people who are also working to enhance their connection with the Creator. When multiple people support each other in this spiritual endeavor, each person can receive assistance from their friends.

• The Power of Unity: Even just two friends sitting together to contemplate how to enhance the importance of the Creator already have strength to receive enhancement of the Creator's greatness. This creates an "awakening from below" that is followed by an "awakening from above," allowing participants to begin sensing the Creator's greatness.

• Strengthening the Foundation: The episode focuses on a special "Unity Day" event where friends from Sydney and Asia gathered to strengthen the spiritual foundation of their society. This unity creates a stronger atmosphere of the Creator's greatness and importance.

• The Collective Amplifies Spiritual Perception: According to the teaching shared from Rabash Article 17, "in the multitude of people is the King's glory." The greater the number in the collective, the more effective is the collective's power to produce a stronger atmosphere of the Creator's greatness.

• Workshop Exercise: Participants were instructed to "produce an atmosphere of the greatness and importance of the Creator" within their groups (tens). This practical exercise reinforces the theoretical teaching about collective spiritual work.

• Gratitude for Spiritual Opportunity: Several speakers expressed appreciation for the opportunity to connect with like-minded individuals dedicated to spiritual growth and the search for the quality of bestowal (giving).
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Asking your lawmakers your UAP questions at your US Capitol. <a href="https://www.askapoluaps.com?utm_medium=podcast">www.askapoluaps.com</a>

Secrets Task Force getting extension in New Year, Oversight Chair says — just with a tweak or two

Ask a Pol uaps

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Secrets Task Force Renewal: House Oversight Committee Chair James Comer (R-KY) confirmed the committee plans to continue the Secrets Task Force, which deals with UFO-related investigations, beyond its current term. The task force has already been renewed once for a six-month stint.

Procedural Limitations: Comer mentioned there are rules limiting how many times they can renew the task force in its current form, stating "you can only renew them like one time." This procedural constraint is driving the need for modifications.

Planned Modifications: To continue the task force's work, Comer indicated they will make slight changes, specifically mentioning they might "change a word or so" in the name of the task force to allow it to continue operating.

Continued UFO Investigations: Despite the need for technical changes to the task force structure, Comer affirmed that "there's gonna be some more UFO stuff," indicating ongoing congressional interest in unidentified aerial phenomena investigations.

Declining Public Attention: There was a brief mention that there seems to be less public and congressional attention on UFO/UAP issues compared to previous periods, suggesting a potential shift in priorities or focus.
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Master visualization and make your adult brain better at Chess. Featuring science-backed exercises, insights, and lessons from Aiden at Don't Move Until You See It. Brains are awesome, yours included.


🧠🧠🧠 Kashdan Kashd-in (Game Exercise)

Chess Visualization with Don't Move

Chess Visualization with Aiden Rayner

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Chess Visualization Exercise: This podcast episode presents a challenging visualization exercise where listeners are asked to follow a complete chess game mentally, without visual aids, to improve their board visualization skills.

Game Context: The featured game is Kashdan vs Taube (The Hague, 1928), a classical chess match with interesting tactical elements.

Caro-Kann Defense Opening: The game begins with the Caro-Kann Defense (1.e4 c6), followed by moves that lead to an exchange variation where Black captures on e4 and White recaptures with the knight.

Middle Game Development: Both players develop their pieces with Black fianchettoing the bishop to g6 and castling for safety, while White positions for an attack with moves like Ng5 targeting Black's kingside.

Tactical Complexity: The game features several piece exchanges and positional maneuvers, requiring listeners to track multiple pieces simultaneously and visualize changing board structures.

Endgame Sequence: The game concludes with a decisive attack by White, involving a bishop sacrifice on g7, after which Black's king is exposed and ultimately resigns on move 28 when faced with Rg1.

Mental Training Approach: The episode emphasizes the importance of pausing, repeating, and taking time to properly visualize each move, reinforcing that this challenging mental exercise builds crucial chess skills over time.
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Listen to "NBC Nightly News," providing reports and analysis of the day's most newsworthy national and international events. This audio podcast, updated each evening, brings you the day's show in its entirety. For more from "Nightly News", visit NBCNightlyNews.com.

Saturday, December 6, 2025

NBC Nightly News with Lester Holt

NBC Nightly News with Tom Llamas

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Winter Weather Alerts Across the U.S.: A fast-moving winter system is putting 20 million people under winter weather alerts, with heavy snow in the Northern Rockies and dangerous cold throughout the Midwest. Wind chills in Chicago have dipped lower than expected, with temperatures 10-25 degrees below average across regions. Parts of Minnesota and the Dakotas will struggle to reach above single digits on Sunday.

Pentagon Defends Caribbean Boat Strikes: Defense Secretary Pete Hegseth is defending controversial U.S. military strikes on boats in the Caribbean, vowing to continue operations against alleged drug trafficking vessels. A September 2nd strike has drawn scrutiny from Capitol Hill, particularly regarding the killing of two survivors who were seen waving their arms before follow-up strikes. Democrats are questioning the legality of these operations, which have reportedly resulted in 86 deaths across 22 strikes.

Russia-Ukraine Conflict Updates: Russian drone strikes hit a rail station in central Ukraine amid a major assault involving over 700 drones and missiles that knocked out power in several regions. Meanwhile, diplomatic efforts continue with the U.S. Ambassador to the UN stating they're closer than ever to peace. Ukrainian President Zelenskyy is expected to meet with leaders from Germany, France, and the UK in London.

Off-Duty Pilot Incident Details Released: New video and audio reveal the terrifying moments when off-duty Alaska Airlines pilot Joseph Emerson attempted to shut down engines during a 2023 flight. Emerson told police he "was trying to wake up" and "didn't feel like it's real," admitting to taking psychedelic mushrooms two days prior and going without sleep for 48 hours. A federal judge sentenced him to time served plus three years of supervised release.

Inspiring Good News Stories: The broadcast highlighted several uplifting stories, including the Grafton High School Blackhawks winning their first Wisconsin state championship in over 40 years, young cancer patient Lily Santisi dancing with the Radio City Rockettes through the Make-A-Wish Foundation, bone marrow donor Carissa Piccione meeting four-year-old William Jones whose life she saved, and seven-year-old cancer survivor Sutton Bullock celebrating the end of her treatment with Washington Capitals hockey player Logan Thompson.
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Research psychologist Angela Duckworth (author of "Grit") and tech and sports executive Mike Maughan really like to ask people questions, and they believe there’s no such thing as a stupid one. So they have a podcast where they can ask each other as many “stupid questions” as they want. New episodes each week. "No Stupid Questions" is a production of the Freakonomics Radio Network.

Join the Freakonomics Radio Plus membership program for weekly member-only episodes of Freakonomics Radio. You’ll also get every show in our network without ads. To sign up, visit our show page on Apple Podcasts or go to freakonomics.com/plus.

51. What Separates Humans From Other Animals?

No Stupid Questions

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Pigs Playing Video Games: Stephen and Angela discuss a research paper about pigs learning to manipulate video game joysticks with their snouts. The study, conducted at Penn State University, involved four pigs (though two had to be removed from the study because they grew too large). The pigs showed some ability to learn and respond not just to food rewards but also to social encouragement from trainers.

What Separates Humans from Animals: Angela suggests the key difference between humans and other animals is our ability to set abstract, future goals that may not be realized in our lifetime. Stephen shares various perspectives, including a sociologist who argues there is no qualitative difference between humans and other animals - only differences in degree. Animals demonstrate rudimentary versions of traits we consider uniquely human (tool use, language, self-recognition).

Intelligence and Moral Consideration: The hosts discuss whether more intelligent animals deserve greater moral consideration. They explore the ethical inconsistency in how we treat different animals - for example, being willing to eat pigs but not baboons or dogs, despite evidence of pig intelligence. Angela admits to wanting to be vegetarian in principle while continuing to eat meat in practice.

Vegetarianism in America: Only about 5% of U.S. adults consider themselves vegetarian, though the percentage is higher (8%) among 18-34 year olds and significantly higher among non-white Americans. Angela shares that her daughter once predicted everyone would be vegetarian in 100 years, viewing current meat consumption as a moral horror.

Pacing While on Phone Calls: A listener writes about his habit of pacing during phone calls, especially stressful ones. Angela suggests this may be a "stereotypy" - a rhythmic, repetitive movement that helps relieve anxiety. Both hosts reassure the listener that pacing is a harmless and potentially beneficial habit that might help with concentration and stress management.

Benefits of Movement for Thinking: Movement like walking or pacing can improve cognitive function by increasing blood flow and potentially helping people focus. The hosts recommend embracing pacing rather than trying to suppress it, suggesting it might be helping the listener's performance on calls rather than hindering it.

Reframing Stress as Positive: Angela introduces the concept of "eustress" (good stress) and explains that the stress response is an evolved adaptation that helps us rally resources to meet challenges. Research suggests that mentally framing stress as excitement rather than anxiety can improve performance.

Communication Medium Preferences: Stephen shares how he initially resisted video calls but now prefers them to phone calls because the visual dimension creates more connection and efficiency. He finds a focused 12-minute video call can be more productive than a 45-minute phone call due to the additional visual cues.
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Ben, Brett and Jordy Meiselas are three brothers with very unique backgrounds! Ben is a top lawyer and Colin Kaepernick’s business partner. Brett is a two-time Emmy award winning video editor from the world of film and television. Jordy, the fan favorite, was an award-winning advertising executive in New York. The brothers' unique approach at covering news by combining hilarious brother banter with an unapologetic support of democracy has earned them millions of supporters in America and across the globe and made them social media icons. The MeidasTouch Podcast combines brotherly love, comedy, news coverage, and deep discussions about supporting our democracy and is the go-to destination for top political leaders who view the podcast as a pivotal stop for their interviews. Join the Meiselas brothers and their loyal following — the self-described MeidasMighty — with new episodes featuring all three brothers released every Tuesday and Friday morning, and breaking news updates every single day! Catch the MeidasTouch Podcast with the brothers LIVE on video every Monday and Thursday night at 8p ET/5p PT on the MeidasTouch YouTube channel!

Furious Canada Strikes Back at Trump Over War Crimes

The MeidasTouch Podcast

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- Alleged War Crimes Off Venezuela's Coast: The podcast discusses what it characterizes as "extrajudicial killings" carried out by U.S. forces off the coast of Venezuela, describing them as war crimes that violate international law and the U.S. military code.

- Pete Hegseth Controversy: Charlie Angus criticizes Pete Hegseth (apparently a Trump administration official) for allegedly celebrating these killings on social media, including posting a cartoon version of Franklin (a Canadian children's character) depicted as a "happy, murderous killer."

- Shift in Canadian-U.S. Relations: According to the podcast, Canada now views the United States differently - no longer as an ally, partner or friend due to these actions, marking a significant shift from their historical alliance during the World Wars.

- Dehumanization in Modern Conflicts: Angus draws parallels between current events and historical atrocities, arguing that the dehumanization of enemies is enabling violence in multiple contexts, including Russia's actions in Ukraine, Israel's operations in Gaza, and now U.S. actions near Venezuela.

- Accountability and International Law: The podcast emphasizes the importance of holding accountable those who commit war crimes, referencing the International Criminal Court and stating that "the work of the Criminal Court goes on" despite attempts to evade responsibility.

- Historical Context of Canadian Values: Angus cites the 1918 sinking of the hospital ship Landovery Castle and subsequent machine-gunning of survivors as a formative incident that set Canada on a path of upholding international humanitarian law and opposing violence against defenseless people.
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New podcast: Ex-Navy Seal and CIA specialist Michael Jaco teaches you how to tap into your Intuition and Unleash the Power within, so you can become the Master of your Reality.

✨ The Spectrum Balance Diet Protocol That Has Helped Over 10,000 People with Brain & Neurological Issues | Michael Jaco & PHD Shauna K. Young

Unleashing Intuition Secrets

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• Manganese-Iron Imbalance and Neurological Disorders: Dr. Shauna Young discovered that excessive manganese in the body, coupled with insufficient iron, can cause various neurological disorders including autism spectrum disorders. Manganese and iron compete for the same receptor sites in the brain, and when manganese dominates these sites, it disrupts proper neurological function, causing sensory overload and various behavioral symptoms.

• The Spectrum Balance Protocol Origins: Dr. Young's discovery began when she noticed a connection between a child's food sensitivities and high manganese foods. Her research led her to historical reports of manganese miners exhibiting symptoms similar to autism. She developed what was initially called the Popeye Protocol (now the Spectrum Balance Protocol), which focuses on removing high-manganese foods and increasing iron intake to restore neurological balance.

• Diet Modification as Treatment: The protocol requires complete elimination of certain foods, particularly grains (which chelate iron), soy products, and other high-manganese foods. Dr. Young emphasizes that 100% compliance is essential during the therapeutic phase, as even slight deviations can prevent progress. Once symptoms improve, some foods can be gradually reintroduced, though certain items like grains should remain permanently restricted.

• Rapid and Significant Results: Many patients experience dramatic improvements within days or weeks of starting the protocol. Dr. Young shared several success stories, including non-verbal children who began speaking, violent behaviors resolving, and sensory processing issues diminishing. The improvements often extend beyond the primary patient to family members following the same diet.

• Modern Dietary and Environmental Factors: Dr. Young identifies numerous sources of excess manganese in modern life, including fortified cereals and vitamins, baby formulas (especially soy-based ones), unleaded gasoline (which contains manganese), and groundwater contamination in urban areas. These environmental factors may explain the rising rates of autism and related disorders.

• Resistance from Medical Establishment: Despite documented success with over 10,000 patients, Dr. Young has faced significant resistance from mainstream medical organizations and autism advocacy groups. Some professionals have appropriated her work without credit, while others reject it because successful treatment disrupts established business models centered on managing symptoms rather than addressing root causes.

• Symptom Variations and Personalized Responses: The same manganese-iron imbalance manifests differently depending on the individual's personality and coping mechanisms. Dr. Young explained how the same sensory overload might lead one person to hyper-focus (Asperger's-like symptoms), another to become easily distracted (ADD-like symptoms), and another to completely shut down (classic autism symptoms).

• Testing Limitations and Practical Approach: Standard tests for manganese levels don't measure individual sensitivity to the mineral. Dr. Young advocates for trying the protocol rather than extensive testing, as the dietary changes are healthy regardless and pose no risk. She emphasizes that the protocol's simplicity sometimes makes people skeptical, as they expect effective treatments to be more complex.

• Parental Psychological Barriers: Some parents resist the protocol due to the difficulty of changing established dietary habits or because they've developed identities around having a child with special needs. Dr. Young encourages parents to "raise the bar" and reclaim their original dreams for their children rather than settling for minor symptom improvements.

• Complementary Approaches: Dr. Young endorses combining her dietary protocol with other supportive treatments, specifically mentioning Lifewave patches as a beneficial adjunct therapy. She emphasizes the importance of addressing multiple factors in healing and maintaining optimal health through both diet and complementary therapies.
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