If you've had a gnawing feeling that your tax professional prepares your return but doesn't plan ahead to make you money, this episode is for you. This week, we unpack what happens when a comfortable CPA relationship stops being a strategic one: a founder two weeks from signing a $25 million roll-up whose firm never mentioned Section 1202, a $5 million earner researching the Augusta rule with an AI chatbot at night, and two clients with the same breakout year and very different tax bills. The conversations that never happened: 1. A founder was two weeks from rolling roughly $25 million of businesses into one new company. His CPA firm of 20 years first told him it would be a taxable sale. He found the Section 351 route himself with an AI chatbot, and nobody had raised Section 1202, the qualified small business stock rule that, if the structure qualifies, could keep potentially hundreds of millions of dollars of his future gain tax-free. 2. A financial advisor earning about $5 million a year, headed for a $2 million-plus tax bill, was asking an AI chatbot about the Augusta rule to shelter $15,000 to $30,000. Small strategies like that snowball over 10 to 15 years, but the first conversation should be about the big moves, and the client shouldn't be the one doing the research. 3. Two long-term clients who had been earning $1 million to $2 million a year both broke out in the same year, to well over $5 million of taxable income. One was too busy to meet. The other called in March, again in the summer, and again in October, when a railroad took the $2 million property he'd just bought, by eminent domain, for $6 million. Kevin estimates the tax at around $3.5 million with no planning. Because we'd been talking all year, we're tracking closer to a 3% effective rate. 4. By Mike's estimate, about 95% of the people who prepare tax returns are preparers, not strategists. If you're the one bringing ideas to your CPA every year, or no ideas are coming at all, that gnawing feeling is worth trusting. Get in touch: https://www.revotaxpayer.com/?utm_source=revo-taxpayer&utm_medium=podcast&utm_campaign=s4e31-i-dont-believe-my-cpa-anymore&utm_content=show-notes#contact-1 Connect With Us • Website: https://www.revotaxpayer.com/ • Facebook: https://www.facebook.com/revotaxpayer/ • Instagram: https://www.instagram.com/revotaxpayer/ • LinkedIn: https://www.linkedin.com/company/revo-taxpayer-advocacy • YouTube: https://www.youtube.com/@HiddenMoneyPodcast Chapters [00:00] "I Don't Believe My CPA Anymore" [01:00] Preparers vs. Strategists: It's Not the CPA's Fault [01:42] A $25 Million Roll-Up and a 20-Year CPA Relationship [04:31] "Did Your CPAs Ever Talk to You About 1202?" [06:29] The CPA's Reply: Does That Sound Like a Partnership? [10:00] A $5 Million Earner, an AI Chatbot and the Augusta Rule [13:03] Why Tax Planning Is a Two-Way Street [14:30] Two Clients, One Breakout Year and an Eminent Domain Surprise [19:21] What Proactive Planning Costs, and What It Saves [20:37] Preparer or Strategist? Trust Your Gut

Premium travelers make up a small share of international passengers, yet they generate roughly a quarter of global airline passenger revenue. So airlines keep raising the bar: lie-flat seats, direct aisle access, private doors, bigger lounges. Now basic business fares and lounge access through premium credit cards are bringing a slice of premium to far more travelers, and the question gets harder to dodge. When nearly everyone can buy premium, what still sets an airline apart? Rachel Satow and Jessica Steinberg dig into the commoditization of premium travel, from 30-minute lounge lines and fare rules that confuse even industry insiders to the premium paradox of cabins that push budget travelers upmarket. They make the case for investing in what travelers remember most: simple fares, frontline teams with the tools and autonomy to solve problems, better recovery when flights are canceled, small moments of care that cost almost nothing, and partners who extend the experience beyond the aircraft. Their advice for airline and loyalty leaders is to take the long view and invest in consistency across the entire journey. Connect with Switchfly Website: https://www.switchfly.com/ LinkedIn: https://www.linkedin.com/company/switchfly/ X: https://twitter.com/switchfly YouTube: https://www.youtube.com/@SwitchflyOfficial Chapters [00:00] When yesterday’s luxury becomes today’s table stakes [01:25] The small group behind a quarter of airline passenger revenue [02:10] Keeping up with the Joneses and the commoditization of premium [04:10] Base fares, basic business, and an expanding definition of premium [05:40] Premium seat growth and the cabin that flips [07:40] Why simplicity belongs in the premium experience [09:15] Crowded lounges and benefits that lose their shine [11:05] Premium features have a life cycle [13:55] Small gestures that create lasting brand memories [16:15] Canceled flights, disruption, and premium partnerships on the ground [17:40] Giving frontline teams the tools and autonomy to serve [19:40] Why seat upgrades are easier to fund than service [21:30] Challenging the boardroom to invest in people [23:45] Memorable moments that cost nothing [25:30] Putting passenger data to work, and premium demand in 2026 [26:50] The premium paradox: are airlines creating their own demand? [31:15] What happens when democratizing premium succeeds [33:40] Route, network, and arrival time as the next tiebreaker [34:30] Two paths: elevate the whole brand or build true exclusivity [36:40] Investing in consistency and looking off the plane [38:10] Closing thoughts Links mentioned J.D. Power 2026 North America Airline Satisfaction Study: https://www.jdpower.com/business/press-releases/2026-north-america-airline-satisfaction-study Avis First premium rental service: https://www.avis.com/en/avis-first JetBlue BlueHouse lounge at JFK: https://www.jetblue.com/bluehouse

Paul Shannon has been a general partner, a fund manager, and a limited partner in nearly 45 private real estate deals across 10 years. In this episode, Paul Bennett sits down with him to discuss his new book, Both Sides of the Table, a practical guide to passive investing built from all three perspectives. They cover the difference between thinking like an investor and thinking like a consumer, why the pro forma is rarely the outcome, how to read the market cycle, how to evaluate a sponsor's character and alignment, and how IRR partitioning and yield on cost can reveal when a value-add deal carries development-level risk. Paul Shannon closes with his core advice for LPs: lead with risk, not returns, and build a diversified portfolio over time. Get the book: Both Sides of the Table by Paul Shannon: https://www.amazon.com/Both-Sides-Table-Paul-Shannon/dp/B0H568RKLJ/ Ready to talk about your investment strategy? Reach out at aaastorageinvestments.com New episodes every two weeks. Subscribe on Apple Podcasts, Spotify, or wherever you listen to podcasts, and send this to an investor in your network who needs to hear it. Download our free guides to take your investing to the next level: • CRE Investors Sector Reference Guide: https://www.aaastorageinvestments.com/info/cre-investors-reference-guide?utm_source=aaa-storage&utm_medium=show-notes&utm_campaign=ep-47-both-sides-of-the-table&utm_content=guide-cre-reference • Ground-Up Investor Field Guide: https://www.aaastorageinvestments.com/guides/ground-up-investor-field-guide?utm_source=aaa-storage&utm_medium=show-notes&utm_campaign=ep-47-both-sides-of-the-table&utm_content=guide-ground-up-field-guide Chapters [00:00] Introduction: Paul Bennett welcomes Paul Shannon, author of Both Sides of the Table. [01:49] Why This Book Is Different: Moving from the principles of passive investing to the practice. [03:23] Three Seats at the Table: What the LP, GP, and fund manager seats each taught Paul about risk. [07:31] Investor vs. Consumer: Urgency marketing, the joy of missing out, and the allocator mindset. [11:08] Second-Level Thinking: Real diversification, personal goals, and why passive investing isn't passive. [14:22] Getting the Market on Your Side: The market-cycle pendulum and being paid enough for the risk. [22:16] Character Over Track Record: The worst-deal question, LP empathy, and 50 questions for sponsors. [27:55] Skin in the Game: Why meaningful sponsor co-investment creates alignment. [31:02] Value-Add vs. Development: IRR partitioning, yield on cost, and development spread. [38:30] Lead With Risk, Not Returns: Paul's hopes for readers and how to build a diversified LP portfolio.

Every NFL player has made choices that shaped his future: the college he signed with, the team he picked in free agency, the person he married. The 1Hundred Year Family series continues with the choice that decides whether wealth lasts a hundred years: who you hire to manage it. Riccardo Stewart opens with a story from a Mayo Clinic speaker about the "second hour," the extra time that turns a standard checkup into an accurate diagnosis, and what it means for financial advice. Jeff Locke explains the difference between a track home and a custom home when it comes to your investments. Sam Acho breaks down the suitability standard versus the fiduciary standard, and why "fiduciary" comes from the Latin word for trust. Zach Miller asks the question most players never think about: will your advisor still be there for your kids and grandkids? Jeff closes with practical resources to help you choose wisely. Connect with Us • Call or text us: 602-989-5022 • Website: https://www.athletefamilyoffice.com/?utm_source=awm-capital&utm_medium=streaming&utm_campaign=ep-77-choosing-wisely&utm_content=show-notes • YouTube: https://www.youtube.com/channel/UCc1NxpK21N1vKWEExC45YEA • LinkedIn: https://www.linkedin.com/company/awmcapital/ • Instagram: https://www.instagram.com/awmcapital/ • X: https://twitter.com/awmcapital • Facebook: https://www.facebook.com/awmcapital/ Article to Read • The Decision Is Hard — Especially When You Don’t Know What You Don’t Know, by Travis Chick, CFP®, CPWA®, AEP®: https://www.athletefamilyoffice.com/resource/the-decision-is-hard-especially-when-you-dont-know-what-you-dont-know?utm_source=awm-capital&utm_medium=streaming&utm_campaign=ep-77-choosing-wisely&utm_content=show-notes Chapters 00:00 Welcome: The 1Hundred Year Family And The Choices That Build It 01:17 The Second Hour: What A Mayo Clinic Story Teaches About Advice 03:04 Broker Or Family Office: The Two Choices Most NFL Players Face 03:55 Track Home vs Custom Home (Jeff Locke) 05:55 Suitability vs Fiduciary: Who Is Your Advisor Working For? (Sam Acho) 08:20 Built For 100 Years: Will Your Advisor Outlast Your Career? (Zach Miller) 10:35 Three Resources To Help You Choose Wisely (Jeff Locke) 11:31 Closing: The Decisions We Make Today

In this episode of "In the Interim…", Dr. Scott Berry shares the framework he presented at a CSRC regulatory science hackathon on digital twins and synthetic controls in cardiovascular clinical trials. He separates three kinds of models that are often given the same name: population-level statistical models (a historical control rate), patient-level statistical models (propensity matching, Cox models, hot-deck imputation, and black-box machine learning predictions), and system-level digital twins of human biology. Drawing on ARPA-H's CIRCLE program for ICU immune modulation, the Framingham risk model, the EMA-qualified use of AI-generated prognostic scores as covariates, and Novartis's recent Lp(a) outcomes trial, Scott examines what each type of model can and cannot replace in a trial. Dr. Berry argues that virtual controls should provide a full predictive distribution for each patient rather than a single forecast, and that Bayesian hierarchical models with prospectively enrolled controls allow a trial to verify those predictions as it runs. He closes with how much smaller trials could become, and why clinical trial science must adapt as natural history models improve. Key Highlights Reserving "digital twin" for system-level models of biology, not statistical predictions such as the Framingham risk model. ARPA-H's CIRCLE program: immune-system digital twins to guide ICU therapy, targeting a 25% reduction in ICU stay. Why a validated system-level digital twin would remove the need for a clinical trial. Prognostic scores as covariates versus virtual controls, and the counterfactual a control group is meant to supply. From a single historical control rate to patient-specific predictions built on patient-level data. Predictive distributions, not point forecasts, as the basis for comparing treated patients with virtual controls. Bayesian hierarchical models, MAP priors, and prospective controls to verify and calibrate virtual controls during the trial. For more, visit us at https://www.berryconsultants.com