Prof G Markets: Has a Global Market Rotation Begun? + Inside the Ultra-Luxury Hotel Industry

26:08We'll be right back.

26:27back. The new season is bigger than ever. Bigger hopes. I keep waiting for this moment when he says, Mom, I get it. I'm sorry. Bigger dreams. Tom Hanks wants to meet with you. This is a real chance. And bigger heartbreaks. I thought it would be my movie moment. And maybe he would even whisper in my ear, I've always been in love with you. Check out new episodes of Heavyweight on Apple Podcasts.

27:01Mercury knows that to an entrepreneur, every financial move means more. An international wire means working with the best contractors on any continent. A credit card on day one means creating an ad campaign on day two. And a business loan means loading up on inventory for Black Friday. That's why Mercury offers banking that does more, all in one place, so that doing just about anything with your money feels effortless. Visit mercury.com to learn more. Mercury is a financial technology company, not a bank. Banking services provided through Choice Financial Group Column N.A. and Evolve Bank and Trust members FDIC.

27:45We're back with Prof. G. Markets. German lawmakers approved a major boost in defense and infrastructure spending. The plan removes borrowing limits for defense spending above 1 % of GDP and creates a$533 billion infrastructure fund. It's a major shift for Germany, which is historically cautious on defense spending and on debt. Previous borrowing limits were capped at 0.35 % of GDP. Now, this move could drive up to$1 trillion in investments over the next decade. We've discussed on this show how increased defense spending in Europe may boost their equity markets. right as investors are looking for an exit strategy from the U.S.

28:25It does appear that that rotation is already starting to materialize, and I have some data we can go through. But first, Scott, I want to get your reaction to this news from Germany. Massive defense spending, a big increase in infrastructure spending too, and also the German stock market on that news hit a record high. I think this is overdue, and just to call balls and strikes, I think that this is a benefit that we've derived from the Trump administration. I don't like the way they're going about it, but, you know, for a long time, everyone has been saying that Japan and Germany and Europe have been freeloading or free riding off of the military umbrella and expenditure of the United States.

29:03And finally, it looks like they're stepping up. And I do think that that is a direct function of Trump's withdrawal or basically saying you can no longer count on us. I mean, this will be good, I think, for the German economy because they're outstanding in manufacturing. So you would think that they would make great weapons systems. And I like the idea. I think Germany is a well-run, well-governed place. And like I said, I think defense spending could be the stimulus. And also, I'm trying to play this trade. I think the Europe and defense trade is going to be a big one. And I've just recently made an investment in a European aviation company that I think has some defense opportunities.

29:45And I'm doing it based on two things. I'm hoping to get sort of a double whammy of capital flows into Europe and also the increase in defense spending. Yeah, if you just look at the stock market, the DAX, D-A-X, the German stock market, it rose around 2%. It's now up 15 % year to date. It's one of the best performing stock markets in the world right now. You compare it to the S &P, which is down 4%. It's outperforming the US. It's also outperforming emerging markets. And, you know, I think the question is, why is it doing this well? Because 500 billion in stimulus, it's a lot, but it's not that much.

30:25And I don't think it's the sole explanation for why you're seeing this explosion in values. And I think what's really driving this rally right now is the story that this spending decision tells about what is going to happen in Germany. Because we've discussed this before. This is a country that hates debt. I mean, they have a 60 % debt-to-GDP ratio. It's the lowest of the G7 by far. You look at the UK, it's like 100%. The US, obviously, really high, 120%. And in addition to simply not taking on debt, they also have all of these rules and these controls that prevent them from borrowing in the future.

31:08This is just the way their economy works. And I think a lot of that is sort of a post-traumatic stress from the Second World War, where they realized, we can't really trust ourselves. We need to take extreme measures. We need to make sure we never dig ourselves into these kinds of holes. And one way we can do that is by stringently limiting our ability to borrow money. As a result, as we've talked about, their economy has been, eh, you know, fine, but compared to the US, pretty sluggish. And so I think last week was this pivotal moment in the narrative where the government said, by a huge majority, by the way, okay, we're going to dramatically change our approach to spending.

31:48And in addition to that spending bill, they also stripped out these debt limits I talked about, these controls that they have on how much they can borrow, which are literally enshrined in their constitution. So, you know, I mentioned that 0.35 % number. It used to be that the deficit was only allowed to hit 0.35 % of GDP. That was the max. And last week, they said, nope, we're going to get rid of that. We're going to make an exception here. So I think a lot of this is also a turning point in the story for Germany. They had this decades-long love affair with balancing the budget, with being fiscally conservative.

32:29And they literally just decided, we're not doing that anymore. You know, we're going to have this big fiscal spending package today. And I think investors are probably believing if they're going to do this now, they're probably going to do similar things in the future. They're probably going to spend even more tomorrow. And all of that government spending, of course, is going to, if we're being realistic, it's mostly going to go to German companies and all of that money is going to flow to their bottom line. The rivers are reversing. European equity funds registered their largest four-week inflows in nearly 10 years.

32:58And that's the most significant rotation out of U.S. into European equities since 1999. And a B of A survey showed that 60 % of investors expect stronger European growth in the next year, up 9 % from just two months ago. So 9 % of people thought Europe was going to grow, now it's 60%. The thesis I would have going into this is that they're estimating or they're proposing that the European Union is going to go from 1.9 % of GDP on defense to 3%, a$19 trillion economy, you're talking about$150 to$200 billion in additional capex that the market wasn't expecting just six months ago. And that's annual.

33:40And where is that going to go? And what companies are going to be in front of that tsunami of capital? And not only that, with the tension between the US and Europe, it used to be, okay, Europe, increase your defense spending. And by the way, please buy our submarines and our missiles. And there's no fucking way they're doing that now. Germany might say, in order to build these systems. We might buy some parts from UK and Italian companies or French companies, but no, we're not going to buy from the US. Sorry, guys. It'll be an intra-European stimulus. I think it's really fascinating. I'm also quite optimistic about it.

34:13I like the fact that Europe, what I think is kind of the home of a lot of progressive liberal thought and really has been kind of a beacon of light for, I don't know, philosophy and democracy and kind of modern civilization. I'd like to see them get their time in the sun outside of just Zara and LVMH. Yeah, I just want to emphasize that Bank of America data you mentioned right there, because it is pretty remarkable, especially in the context of everything you've been talking about. You've been saying for months that you want to rotate out of the US and into Europe. And I just want to emphasize this data.

34:50So this is the survey that Bank of America does of all of the fund managers. It's a very reliable survey to understand how capital flows are moving in the world. And they found that U.S. equity allocations, allocations into American companies in March, so this month, they dropped 40%. And that is the largest drop ever. Meanwhile, Eurozone stock allocations jumped 27%. And that shift from US equities into European equities, that transformation, that is the largest shift since 1999. So the thing that you've been talking about for months now, and which I've been kind of like, okay, maybe, yeah, okay, you're going to rotate out, you're going to trim your holdings.

35:39It's literally happening in record numbers now. And it does beg the personal question, how far into that rotation are you right now? I think the dream scenario would be that you sold immediately when you said you were thinking about it two months ago. But I know that these things take a little bit more time. The answer is not far enough. I started selling down Apple and Amazon. They started dropping. So I thought, I'll wait till they get back. They haven't gotten back. And this is one of my many flaws as an investor. Apple and Amazon are kind of 80 or 90 % of their all-time highs, but because they were at 100 % of their all-time highs 60 days ago, I'm kicking myself and I don't want to sell.

36:23So I wish I'd actually done what I said to do. My biggest investment is in real estate, but my second biggest is with a fund run by my friend Orlando Marchant, and he just invests in non-U.S. special sits. And he's up, it's Atlanta Partners, he's up 12 % year to date. And I like him because he's highly diversified. The last four years has been really difficult for him because he's not in U.S. growth, but he's been flat because he's good and he's been very diversified. Actually, we're actually a little bit up. I shouldn't say that. I think we've compounded at eight or 9%, but everything else has been compounding.

36:58And now that everything's going down, he's rocking and rolling. The bottom line is I didn't rotate as aggressively as I should have, But what my friend Orlando, who I've been talking to about this, says is that these cycles are usually multi-year cycles. And so we're kind of in the second inning. If you really believe our thesis is accurate, there's this great rotation of the rivers reversing flow. We're kind of, we're in inning one. Maybe we're in the bottom of the first inning. And you're going to see, because even if you look at Apple, all right, okay, it's lost 20 % of its value in the last whatever, two, three months.

37:32It's still at a P of 31. The hard part is when you think about, and the reason I've been a bit reticent, my two biggest equity holdings are Apple and Amazon is that I have about a, I'm up about somewhere between eight and 12 fold on each of them. So you got to ask yourself when you're selling a stock, what other equity do I want to buy at 77 cents on the dollar? Because I'll take a 23 % tax hit. But so I got to feel strong enough that there's an opportunity, a better opportunity with 77 cents on the dollar rather than just holding Apple and Amazon. And I got to that point a couple of months ago.

38:10I'm still going to continue to sell down because while it's not the most expensive it's been, it's still expensive. And I am actively looking for a European. And I've always been somewhat remiss to invest in Chinese stocks, although I wish I had. But where I'm really starting to look now is at Latin America, where you haven't seen the same sort of run up. And I think there's a lot of great deals, specifically in Brazil. But I am going to, you know, I calculate I'm like 80 or 90 % in US related equities and investments in real estate, and I want to move down to 50 or 60. Yeah, I'm sure there are a lot of people listening who are trying to think, okay, what do I do?

38:49How do I get some European exposure? Well, I would say if you want to do this yourself, when we talk about this a lot, the safest way to do it, and probably the smartest way to do it, is just to buy a diversified portfolio of stocks in the form of an ETF. So some of the low-cost options you could look at, Vanguard has VGK, also iShares has one, I-E-U-R. That's their core Europe ETF. Those are just options that are low cost. I'm not saying you have to do those. I'm not being paid by Vanguard or iShares to say that. I think the point being, though, I wouldn't go in and try to find all of the gems in the European stock market.

39:28Don't go picking individual stocks. I think the best thing that you could do here is just look at the European stock market indexes, look at the ETFs and the index funds, and find the ones that are low cost and that make sense for you. In sum, you're exactly right. index funds, dollar cost average in. But keep in mind, if you're 100 % invested between your real estate, between your savings, and between your stocks in U.S. companies, you might think you're diversified or not. And Goldman just put out research saying that when stocks get this expensive, it usually indicates almost flat returns for the next decade.

40:06So, you know, we'll see. They've been wrong before. But absolutely, I think you want a little bit of exposure to some of the international markets. I mean, just think about the sentiment around Europe, how much has changed in the last 60 days and what it's overshadowed. China, as evidenced by the BYD story, is having a bit of a like, don't forget about us. Between DeepSeek, between BYD, China's like, I don't, you know, forget about us at your own peril, folks. We're still the second well-managed. I mean, I'm even thinking about going back. I didn't think I'd be back in China for another five or 10 years.

40:43And I'm thinking, oh, maybe it's time to do a trip there. We were talking to Alice Han about it. We got to do a trip and we got to do a live podcast there. And we got to meet with Xi Jinping and the Politburo. Oh, yeah, that's going to happen. We're such players. Yeah. Influence. You're more likely to stop in Seoul on your way back and join a K-pop band. I'll be the sullen one. I'll be the sullen one that gets addicted to heroin. You'll be the front man that everyone's crazy about. Anyways. We'll be right back after the break with a look at ultra luxury hotels. If you're enjoying the show so far, hit follow and leave us a review on Prof G Markets.

41:30in business they say you can have better cheaper or faster but you only get to pick two what if you could have all three at the same time that's exactly what cohere thompson reuters and specialized bikes have since they upgraded to the next generation of the cloud oracle cloud infrastructure OCI is the blazing fast platform for your infrastructure, database, application development, and AI needs, where you can run any workload in a high availability, consistently high-performance environment, and spend less than you would with other clouds. How is it faster? OCI's block storage gives you more operations per second.

42:09Cheaper? OCI costs up to 50 % less for compute, 70 % less for storage, and 80 % less for networking. Better? In test after test, OCI customers report lower latency and higher bandwidth versus other clouds. This is the cloud built for AI and all your biggest workloads. Right now, with zero commitment, try OCI for free. Head to oracle.com slash vox. That's oracle.com slash vox. The pumpkin spice latte is back at Starbucks. Crafted with our signature espresso and real pumpkin sauce. then topped with whipped cream, cinnamon, and nutmeg. The PSL. Get it while it's hot or iced. Only at Starbucks. What do walking 10 ,000 steps every day, eating five servings of fruits and veggies, and getting eight hours of sleep have in common?

43:02They're all healthy choices. But do all healthier choices really pay off? With prescription plans from CVS Caremark, they do. Their plan designs give your members more choice, which gives your members more ways to get on, stay on, and manage their meds. And that helps your business control your costs, because healthier members are better for business. Go to cmk.co.access to learn more about helping your members stay adherent. That's cmk.co.access.

43:40We're back with Prof. G Markets. Ultra-luxury hotel group Arman is seeking$2 billion from investors to drive its global expansion, with plans to grow its presence across the Middle East and Africa. The funds will support 23 ongoing hotel projects and the development of Arman residences, a collection of lavish homes offering hotel-level amenities. Additionally, the company plans to launch a new hotel line tailored to a younger clientele. This is not groundbreaking news. it's not earth shattering from an economic perspective but we got to cover it because Scott you are the expert the world-renowned expert on luxury hotels you've stayed at probably every Armand property in the world and so you know anytime that the Armand shows up in in the headlines for any reason I think we got to cover it I think we got to look at the luxury hotel market.

44:37So Scott, please take it away. What is your reaction to the Armand Group going out and raising$2 billion to expand across the globe? So I'm fascinated by this industry, as you referenced. I spend a disproportionate amount of my money on, you know, I wrote that book on happiness. And one of the things I took away from it, I struggle with happiness. And one of the things I took away from writing a book on it is that every piece of research says that we overestimate the happiness things will give us and underestimate the happiness that experiences will give us. So I spend a disproportionate amount of my income on travel.

45:12And I don't travel to cities, I travel to hotels. I'm obsessed with those hotel lists. And I just find it absolutely fascinating. And if there's a great new hotel, I'll travel to the hotel. I didn't go to the PSG game with my son in Paris. I went to the new Cheval Blanc. That's how I travel. I go to hotels, I don't go to cities. And I'm fascinated by the business. So first off, the business model, let me back up. Peter Drucker said demographics are destiny. And that is every major business trend can be predicted by demographics. And what you want to do is you want to get in front of a demographic trend.

45:46It's like surfing when the waves are perfect, right? It's easy to be a great surfer with great waves or a great skier with great powder. And demographics are the great powder and great waves. And one of the biggest demographic trends, quite frankly, is just the wealthy. The number of millionaires in the U.S., Ed, get this, has doubled since 2020. So it's just, it's staggering. One in 15 Americans is now considered a millionaire and a projected 16 % growth to 25 millionaires by 2028. So the fastest growing demographic group is not even the 1%, it's the 0.1%. And if you think about the brands in the hotel space, the nicest brands were the Ritz Carlton and the Four Seasons.

46:28They were kind of the duopoly for rich people. And then Mandarin Oriental kind of saw an opportunity out of Hong Kong, came in, tapping into wealthy Asians and the great brand halo of Asian service. And then the explosion in mega kind of centimillionaires and billionaires, not even, but just the super wealthy, so to speak, I'd say that's probably people$10 million and above. A whole raft of brands have come in above those luxury brands. Rosewood, Almond, as we're talking about, Cheval & Blanc, Six Senses. And they basically have come in and they've leveraged a lot. They've leveraged demographics.

47:07They've leveraged the new means of branding. And that is only the Four Seasons of the Ritz-Carlton or Marietta Hilton had the money to develop very expensive reservation systems and do branding. And now branding isn't a function of advertising. It's a function of Instagram. And these hotels are literally an Instagram orgy. They are so over the top. They have such a beautiful clientele. They're in such beautiful locales that basically their entire marketing is on. At the Hotel Du cap at any given moment, there are a thousand Instagram postings in an hour just saying, look at this place. Look how incredible this place is.

47:47Look at how incredible the food is. If you go to, you know, whatever it might be, I'm trying to think of the Rosewood Mayakoba, or these things are just built for Instagram. So they've taken advantage of the new kind of content creation, usurping marketing spend or replacing or obviating the need for marketing spend. And you have also post-COVID a sort of a YOLO mentality where people are saying, for the first time, I'll spend$5 ,000 a night on a hotel. And even rich people never would have thought of that. They never would have considered it. But now they're like, okay, maybe I know someone who's died.

48:24Maybe I'm in my 60s. I've got the money. This place is just extraordinary. I will pay$5 ,000 a night. The business model is also incredible because what they do is they find a local billionaire that wants to say, I own the Four Seasons in Hawaii, Michael Dell. They pay for the construction. They then enter into a management agreement with the flag of Four Seasons or Rosewood, who manages it, does the service, does the training, does the standards, the decorations, the interior design, has the reservation system. And they take, say, between 8 % and 12 % a year, which doesn't sound like a lot, but most of it hits the bottom line because the cost of the employees is funded out of the revenue, and then they take an additional 8 % to 12%.

49:08So even in 2008, when the market crashes, the Four Seasons still makes money because they're taking 8 % to 12 % off the top. And they have a services agreement where the owner of the Four Seasons in Midtown Manhattan basically has to declare bankruptcy because he has to maintain certain levels of service per his agreement with the Four Seasons. So the Four Seasons only actually owns one of their hotels. The rest, they get other people to finance and they take a very high margin management fee to kind of run the place. So they outsource the capital risk, they manage or they train or they create the service standards, and they just get all high margin, incredible revenue.

49:48In addition, they found another way to make a shit ton of money. And that is they said, okay, let's take a 5 million or an$8 million condo in a high rise on the beach in South Beach. And we branded the almond residences and we can charge$12 million for it because they get hotel amenities and the branding. And the owner, when he or she is not there, can put it back into the rental pool and they rent it out and they split the revenue. The owner gets 50 % and the brand gets 50%. So I get someone else to finance the construction of something, ridiculously overpay for it, And then it continues to make revenue for me because of the brand.

50:27I mean, this really is a lesson in the power of brands, a lesson in the power of demographic trends, and a lesson in kind of business models around. You don't want to be in the business of owning the capital. You want to be in the business of managing it and taking revenue off of the top. One thing I often think about, Scott, we've addressed what the world looks like when it's ruled by the mega-rich. You know, we've seen huge monopolies form. Money and lobbying power starts to take hold in the government. You start to see these populist movements. You also start to see the rise in these luxury brands and these luxury items and these businesses that specifically service extremely rich people where you can charge these incredibly high prices.

51:13My question is what is going to happen when all these billionaires and multimillionaires start dying? Because they're all getting old-ish. And what's going to happen when all of that wealth is transferred on to, I mean, if we had to guess, their children and their grandchildren? What happens to a society that is dominated by people not who made obscene wealth, but who inherited obscene wealth. Just to keep it real, I want to talk about a couple other hotel stories. When I was right out of business school, I started a company called Profit, and we did consulting, and we would just take any engagement.

51:56And I took an engagement with a pager company, helping them figure out their customer service, and it was in Minneapolis. And I went with my friend Lee Lotus, and I remember it because it was the day of the Clinton-Bush-Perot debate. And we got a hotel for 39 bucks a night, I think at the Minneapolis airport. And we had to go out and try and buy nose plugs or some weird Vaseline to put under our, or weird scent to put under our noses because it stank so badly of smoke. It literally felt like someone had fallen asleep and been burned alive by their own smoke. And then the other one was I was at, I had a client, I think it was Roots or some Canadian company in Montreal and it was this, you know, it was my own company, we're a small business.

52:45So it was like, I think it was like 70 Canadian. And I checked in and it was 1993 and you know, whatever, I was your age. So the first thing that I do, I settle in and I turn on porn and it's not working. So I called down to the front desk. I'm like, the TV is not working. So this Asian woman comes up. It's the white lotus scene again. Yeah, it turns on the TV And of course, the porn comes up and it's like going in and out. So she sits there and starts banging on the TV. And occasionally the porn comes in and it comes out, comes in, comes out. Were you not ashamed? Oh, it was fucking humiliating.

53:17It was like crazy. And I remember thinking, and then this couple, this family of like five is looking for the room. They come into my room and start going, where's room 308? As my porn is coming on and off my TV. She's banging on the TV. and I looked at the couch. I remember the exact moment I looked at the couch and it was covered in plastic. And I thought, this is where people come to kill themselves. This is that kind of place you said, I want out. I can't fill this void in my chest. I'm going to go check into this hotel. Anyway, so I've had, I've seen, I've seen hotels from all ends of the spectrum.

53:54I'm sorry, what was the question, Ed? What was the question? My question is, what is going to happen when the wealth transfer finally occurs? Look, I believe in a really aggressive inheritance tax. I don't believe in dynastic wealth. One, it's bad for society. So rich kids get into the best schools and also inherit the money so they can start businesses. And there's a myth that the middle class is a naturally occurring organism. It isn't. It requires additional redistribution of income. And Republicans and the incumbents would like us to believe that, oh, no, the middle class is a naturally occurring organism and it'll come back on its own.

54:36No, if you don't take money from corporations and the most fortunate among us and redistribute it into the middle class, the middle class throughout history eventually goes away. And what you have with dynastic wealth is you're taking capital that should go back into the ecosystem and just creating these dynasties of unproductive rich people. Now, the good news is that most of them aren't very happy. And so for me, the reason that you can justify an exceptional inheritance tax is that additional capital or inheriting more than, say, 10 million bucks, that doesn't increase the happiness of your kids.

55:11I know a lot of rich kids, and I know a lot of kids who are not rich, and the levels of happiness are not greater among the rich kids. So if the whole point is to create a society where people can have purpose and meaning and live a happy life, and they're getting no additional happiness, if you let them inherit more than, say,$10 or$20 million, then what's the point when you could redistribute that capital to other people and give them more of a shot? So I hate dynastic wealth, but what you're seeing, and I see it, I mean, I think I've always resented rich kids because I'm not one of them and I was always jealous of them.

55:47But what you're talking about is already happening, Ed. I mean, when you go to these nice hotels, there's people in their 50s and 60s, and you can tell it's probably their money. And then there's a whole raft of a younger generation. To be clear, some of them, whether it's tech, some of them, you know, whatever it is, but a lot of them are there with their parents' credit card. It's already happening. By the way, this funding round by Arman, they're looking for investors as we speak, and they're specifically looking for high net worth individuals to invest. If you got the call from Arman tomorrow, inviting you, say, to an SPV into the new Arman residency, would you invest?

56:30100 % no. The returns are shitty because it's a vanity investment. So there's a lot of people that love it. I'm sure they have some sort of deal. People love the idea of investing in Amman. So that means they can extract, they can get very cheap capital, which spells shitty returns. So I would bet that it's just not a great investment. It's like timeshares or I would, I would, I don't, I haven't seen the paperwork on the underlying dynamics, but because so many people love the idea of investing in Amman, they're going to get a disproportionate amount of capital such that they will be able to offer really shitty terms.

57:04I would bet the returns will be awful, but maybe there's some psychic return of saying, oh, I'm an owner of almond and I get 10 % off of rates. I remember, more hotel stories, back when I remember taking my girlfriend I was trying to impress to a nice hotel in Cabo, but I signed us up. The reason I got to go is I signed us up for a timeshare tour. And it was at a turn on when I told her we had to take a two-hour tour in the middle of the day to look at timeshare opportunities. That's what happens when you roll Oh, the dog. When I laid that on her, I got her down to Mexico. I'm like, oh, I got this free cocktail thing for us.

57:43She's like, oh, I'm not going to go. I'm like, you need to go. It's a timeshare pitch. We have to go. Otherwise, I can't get this room right. That's so brutal. Do you think that's a turn on? God damn, that doesn't work. Let's take a look at the week ahead. We'll see the Personal Consumption Expenditures Index for February, as well as earnings from GameStop and Lululemon. Do you have any predictions for us, Scott? Yeah, my prediction is that the flows of capital into Europe begin to infect not just the defense contractors, but start to infect the other sectors in the economy. And that we're going to see, I think so far, European markets are up 13 or 16 percent.

58:23I think they're going to be up 30 percent plus this year. I think this is a trade, a momentum trade. And I think there's probably a lot of fund managers right now thinking, OK, I miss this, but it's not too late. And you're going to see just an entirely different willingness and promiscuity around allocating big pools of capital to European stocks that haven't been there for 20 years. I quite frankly, I just think we're getting started. To that point, we made the point that US stocks have come down, but they're still expensive. You make the same case with Europe. European stocks have gone up, but they're still cheap.

58:55I think you're probably right there. This episode was produced by Claire Miller and engineered by Benjamin Spencer. Our associate producer is Alison Weiss. Mia Silverio is our research lead. Isabella Kinsel is our research associate. Drew Burrows is our technical director. And Catherine Dillon is our executive producer. Thank you for listening to Prof G Markets from the Vox Media Podcast Network. Join us for a fresh take on markets on Thursday.

59:43And the dark flies In love

1:00:13For every success, there are even more almosts. So what if there was a breakthrough sitting at this crossroads right now? SAF, or sustainable aviation fuel, could forever change the future of flight. Learn more about how Airbus is contributing to accelerate this journey at fly.airbus.com slash theflightpath.

1:00:43Richmond Raceway. October 14th. And the biggest names in tech are in the driver's seat. Apple, AWS, Meta. It's the main event for education, government, healthcare, manufacturing, and enterprise leaders ready to hit the gas on innovation. Time's running out. Claim one of the last few spots at daily.com slash VA25 before the checkered flag waves. For businesses ready to launch their own debit card rewards program, trust in Galileo Financial Technologies. Galileo provides the foundation to launch, scale, and grow your next card program. Visit us at Galileo-FT.com slash contact-us.