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Gen Z is treating the midterms like a market event. Boomers are treating them like weather



Gen Z investors are scrambling to protect their portfolios from political uncertainty as the midterms approach, but their anxiety could end up costing them.

A whopping 72% of Gen Z investors said they had already made changes to their retirement savings or investment portfolios in anticipation of the November elections, according to a survey from the Nationwide Retirement Institute. That’s far more than the 17% of Baby Boomers who reported doing the same.

But the gap isn’t a stampede for the exits. About as many Gen Z investors added money to take advantage of current conditions as moved into safer investments, according to the survey. The first generation to grow up with free trades on their phones is treating the election as a market event. 

Boomers’ decision to wait it out may be less about hard-won wisdom than about where they are in life. Most boomers are drawing down their savings or close to it, so a portfolio “change” for them usually means selling. They’re also more likely to already have an adviser — 43% do, according to Northwestern Mutual — and for shares held in taxable accounts, holding until death lets heirs skip the capital-gains bill entirely.

Across all generations, 40% of investors have made changes ahead of the election on Nov. 3, which will determine which party controls either chamber of Congress. 

Mark Hackett, the chief market strategist for Nationwide’s Investment Management Group, told Fortune that younger investors aren’t necessarily more fearful than older generations. Instead, they are changing the way they interact with financial markets as well as how they react to the massive amounts of financial information and trading tools at their fingertips.

“Younger investors came of age in an environment where investing is highly mobile, social and increasingly real-time, so adjusting a portfolio can feel less like a major decision and more like an ongoing process with almost no friction between a headline, an investing app and a potential portfolio adjustment,” Hackett said.

That accessibility can be both good and bad. While younger investors have unprecedented access to financial information, it also means they have more opportunities to make impulsive decisions based on breaking news instead of a company’s financials or an analysis of economic conditions.

“The question, therefore, is less about risk tolerance or volatility, and more about whether greater access to information is improving decision-making or simply increasing the temptation to trade,” Hackett said. “The latter can be fatal for portfolio longevity.”

“For younger investors, frequent portfolio changes can interrupt the power of compounding over decades,” he said.

Staying invested

The survey, conducted between late August and early September, included 2,029 American investors with at least $10,000 in investable assets and 538 financial advisers and financial professionals.

Despite the potential for turbulence caused by the midterms, the financial advisers surveyed recommend staying the course. More than half said maintaining an existing investment strategy is generally the best approach during an election year. 

The market’s previous performance helps explain their advice.

Since 1950 the S&P 500 has consistently risen in the 12 months following midterm elections and has returned gains of 15% on average, according to J.P. Morgan Asset Management. While the past doesn’t predict future performance, selling in times of uncertainty can be a gamble.

Hackett said he recommends investors maintain a diversified portfolio and rebalance their investments only periodically depending on their desired risk exposure.

That doesn’t mean investors should never make changes. Hackett said adjusting investments to reflect personal financial goals, changes in risk tolerance, or shifting income needs are good reasons to make changes. Still, they should exercise caution, he added.

“Investors should be careful not to mistake a source of uncertainty for a source of lasting impairment to long-term returns,” he said.

New Albertsons forU™ American Express® Card, Earn Up to 5% on Groeries


New Albertsons forU™ American Express® Card

Albertsons Companies, American Express and Imprint today announced the launch of the Albertsons forU™ American Express® Card, giving customers more ways to earn rewards on their everyday purchases. Available now, the new credit card lets customers earn rewards on groceries at more than 2,200 Albertsons Cos. stores, as well as on gas, dining, utilities and more, with access to American Express Network benefits. 

Each Albertsons Cos. store has its own unique card design, including Albertsons, Safeway, Jewel-Osco, Vons, ACME, Shaw’s, Star Market, Tom Thumb, Randalls, Haggen, United Supermarkets and Pavilions. Credit cards can be used at any Albertsons Cos. store and everywhere American Express Cards are accepted.

The Albertsons forU American Express Card benefits include:

  • Albertsons Cos. Rewards: Earn 5% back on online and app purchases from Albertsons Cos. stores, including pickup and delivery, plus 3% back on in-store and pharmacy transactions, including prescriptions, immunizations and eligible over-the-counter health products.1
  • Everyday Rewards: Earn 3% back on gas, dining, streaming services and utilities, and 1% back on all other eligible purchases.1
  • Welcome Offer: Earn a $50 statement credit after spending $1,000 on net purchases outside of Albertsons Cos. stores within the first 90 days of account opening.2
  • No Annual Fee: Cardholders can enjoy all the credit card benefits with no annual fee.3
  • American Express Network Benefits: Access Amex Offers for shopping, dining, travel and more, and Amex Experiences™ including ticket presales for select sports, music and theater events plus perks at some of the world’s most iconic venues.4
  • Reward Redemption: Rewards automatically applied as a statement credit each billing cycle.

America’s Scariest Job Isn’t Mortician or Ghost Hunter. It’s a Role That Pays Below the Median



A new ranking puts animal control officers ahead of paramedics and emergency physicians for exposure to bites, contaminants, and other on-the-job risks.

Best Crypto Trading Broker 2026 | Sabse Best Crypto Exchange Kaun Hai? | Best Trading App For Crypto



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Ran the Numbers but Nothing Cash Flows? What to Do Next (Rookie Reply)


So you ran the numbers and the cash flow shows negative? You don’t have to give up on rentals. With a few smarter assumptions, the right strategy, or the right market, you can turn “this will never work” into a deal that actually pays you!

Welcome back to another Rookie Reply! Today’s first rookie has analyzed three to four dozen small multifamily properties. Even at 20% below asking, almost none of them cash flow on day one. We narrow it down to three possibilities: are you being too conservative with your expenses, is the 1% rule out of reach in your market, or is it time to pivot? We show you how to stress-test your vacancy, maintenance, and CapEx numbers, and walk through the real fix.

If the numbers don’t work, don’t force them. There’s a better path to your first deal!

Ashley:
Today’s rookie reply is about knowing your constraints before you buy. Sometimes a deal looks bad because your assumptions are wrong. Other times your assumptions are right and the deal really does not work.

Tony:
We also have a TN visa holder who wants to invest without crossing legal lines and a rookie with limited capital, wondering when to bring in a lawyer, a CPA, and a property manager.

Ashley:
This is the Real Estate Rookie Podcast. I’m Ashley Kare.

Tony:
And I’m Tony J. Robinson. And with that, let’s get into today’s first question. And so this question comes from Lee in the BiggerPockets Forums, and Lee says, “I’m looking at buying long-term buy and hold rentals in Northwestern Montana, and I’m fortunate enough to be about an hour’s drive from a college town in a tourist-driven market, one to my south, one to my north. Over the last couple of months, I’ve run BiggerPockets calculator analyses on three or four dozen small multifamily properties at list price, and then rerun them with progressively more aggressive offers, 5% off, 10% off, sometimes 20% below asking price, and almost none of them cash flow on day one. I want to make sure I’m not the problem before I conclude the market is the problem. Here’s one representative deal so you can see exactly what I’m working with. The property is an $860,000 duplex.
It rents for $4,700 a month with existing tenants, 25% down, 7.1 interest rate on a 30-year conventional note. Insurance is about 300 bucks per month. Taxes at 360, vacancy assuming 8%, maintenance at 10%, CapEx at 10%, and then there’s no HOA. At list price, the monthly cash flow is a negative $1,115, which is obviously not what we want. If I get the seller to take 10% off, cashflow goes to negative $687. If I want to get into the disrespectful offer or Hail Mary at a 635 offer, then I get to a cash flow basically breaking even, so negative 18 bucks per month. That’s the only scenario in my whole pipeline where the deal cash flows on day one and it requires the seller to cut $225,000 off their asking price. Every other property I’ve modeled tells the same story. Rents in this market are roughly 3,000 to 5,000 on multifamily properties priced between 650 and 900.
The 1% rule is a fantasy here. Most properties land between 0.5 to 0.8. So are my assumptions off? The eight, 10 and 10 for vacancy maintenance and CapEx feels standard, but my realtor tells me many investors run leaner. Am I being too conservative? Are my expectations off? Is day one positive cash flow at 25% down just not a realistic ask in 2026? Am I looking at the wrong deals? Should I be hunting for midterm rental, short term rental, house hack, conversions, things like that? Is the market just wrong for me right now? So these are all good questions, right? So I think for Lee, you hit the nail on the head. I think my initial reaction is that this isn’t necessarily a real estate investing doesn’t work problem. This is you might just live in a higher cost of living area. You’re saying the duplexes are going for eight, almost $900,000.
You got to command some pretty high rents in order for that to work. So if I’m you, there’s probably one or two things I’m doing. Either A, I’m moving to a different market because again, 20,000 cities in the United States, there are definitely markets across the country where we can get cashflow positive on day one. So can we move to a different market where it’s just simply easier to do that? Or to your other point, can we pivot our strategy in this existing market to then make the deal actually work in a way that produces cash flow? So instead of traditional long-term buy and hold rentals, to your point, can you do maybe renting by the room? Can you do a furnished midterm rental instead? Is there another strategy that you can layer on while staying in that market? But I think where rookie investors sometimes get themselves stuck or kind of fall into this feeling of like, man, real estate investing doesn’t work, it’s when they try and pair their goals with the wrong market.
The market simply doesn’t support what their goals are. You got to establish your goals and then identify if the market actually supports it. So that’s what comes to mind first for me, Ash, is either pick a new market or pick a new strategy within the existing market. What about you?

Ashley:
Yeah, I think your idea, and I didn’t even think of this as you were reading the question, but maybe changing the strategy of the property. I’ll give you an example. I had a property that I listed as a long-term rental for $1,000 per month, and we really didn’t get that much interest on it. So this was about two years ago and I decided to pivot that property to a short-term rental. So to rent that property, I listed it at a thousand, but it wasn’t really renting. We had some interest, but nobody acted on it and then we took it down and we pivoted to a short-term rental. And so really the market rent was probably less than a thousand since it wasn’t getting rented right away. But now last month, I just looked it up, we did $3,200 in revenue for that property as a short-term rental.
That is a huge difference from a thousand dollars. And now that property covers way more than the mortgage payment on the property. So I think that is the first thing I would look into is if there’s different ways to change the strategy on this property, rent by the room, midterm rental, short-term rental, all of these different things. That’s the first thing I would do is getting creative. And then the next thing I would do is look at your variable expenses. So I see for the maintenance, you put 10% of reserves that you are saving, and maybe that is a little too conservative. I’d be interested to know what is the age of this home? If this is an older home that hasn’t had the electric, the plumbing or anything updated in a long time, then you are spot on with the 10%. But if it is a property that is newer, was built pretty recently or was completely gutted and remodeled, then you probably don’t need 10% and you can bring that down a little bit.
So there are a little bit of ways you can manipulate those variable expenses, but you still want to be conservative. I would never ever go less than 5%, unless maybe you’re getting a home warranty on a brand new build and the home warranty is for the next three years and maybe I would knock it down to 3%. But I think that you do have a little room and maybe the maintenance to bring that down to less than 10%. Then also for the vacancy, you have 8%, which is pretty middle of the road. I like to go from five to 10%. So looking at your market, what is the vacancy rate? Is there a ton available and things aren’t renting? Are things renting good? But I would probably stay with 8%. Now your CapEx, your capital expenders that you have that as 10% of rent. Again, look at this home.
Was there a new roof put on last year? Was the HVAC installed two years ago? Is the hot water tank brand new? How many capital expenditures do you expect over the next five to 10 years that you’ll need to have this money for? So maybe those are things that you could look at that you are being a little bit more conservative, but I would also rather, especially your very first deal, for you to be more conservative than to end up realizing you didn’t account for as much as what ended up happening. Coming up, can you own US rentals while working here on a TN visa? We will separate passive ownership from active work and talk about the professional advice you need before buying. We’ll be right back.
Okay. So these numbers show why a clear investment constraint can save you from a bad deal. Our next rookie has a different constraint. He wants to buy long-term rentals in Austin while making sure the investment does not conflict with his TN status. So his question is, “Hey everyone, I’m currently living and working in Austin, Texas on a TN visa and looking to start analyzing and purchasing long-term rental properties throughout the Austin metro area. I’m curious if anyone here has personally owned long-term rentals in the US while simultaneously maintaining TN status. How has the experience been? Particularly when it comes to financing property management and making sure you stay within the rules of your TN status. If you’ve done this yourself or know someone who has, I’d love to hear about your experience and any advice you have. Thanks.” So I think my first initial reaction is going to go to Claude and I am going to put in my information and what I’m trying to do, what my TN status is, what I want to do with real estate, where I’m currently living, as much as information as I can and I’m going to put it into Claude and I’m going to see what kind of feedback I get.
The second thing is going to be talking to an immigration attorney who actually has worked with someone and real estate ownership. So if it is possible, they understand the process of how to do that. So I’m going to ask them, first of all, is it possible? Second of all, what is the process of buying real estate? And then third, how many people have they actually taken from start to finish where they’ve had the visa and they’ve helped them close on their first rental property or real estate property in the US? That would be my process. First, go to AI, get generic general information first, and then I’m going to actually go and do a call with an immigration attorney. A lot of the attorneys either do a free consult or you pay a couple hundred bucks to do a consult with them. And usually when I’ve done this before for different random things, you actually get quite a bit of information just during that consult and then you can decide whether to move forward or not.
But that couple hundred bucks you may have to pay for the consult, well worth it to get the correct and accurate information.

Tony:
Yeah, I love that. Going to an attorney for sure. And obviously guys like Ash and I, neither one of us are visa holders, so we’re just saying what we’d do if we were in that situation. In addition to talking to an attorney, I’d maybe try and also find someone with the same visa status who has successfully purchased a rental property. If there’s anyone else that you work with who’s on a similar visa status and just get their experience. Okay, what did you learn as you went through this process? What are some of the gotchas that you didn’t think about before, but that are very clear to you now that you should have thought about beforehand? But I think getting someone else’s firsthand experience would be incredibly useful. And then the final thing I do is I’d probably also go talk to some lenders to try and understand what loan products are available to me.
Again, I’m not sure about the TN visa specifically, but maybe there could be some sort of restrictions on the type of products that a lender can actually give you. So I’d want clarity on that. Am I paying a premium on interest rate? Am I maybe limited on the amount of down payment that I can put down or getting that number lower per se? So I go talk to a few lenders and explain your visa situation, your visa status, and let them point you in the right direction on, “Hey, here are some options that you might want to consider.” So I think if you tackle all of those, you’re getting firsthand experience from other folks who’ve done this before, you’re talking to an attorney, you’re talking to a lender, those are probably the core team of people you’ll need to have clarity on what the right next steps are for your specific situation.
And the last piece, let’s talk about it from the management side. Let’s say that you do have to maybe leave the country, you’re going back home wherever it may be.
How do you do that remotely? And guys, I chuckle because for me, it’s like whether my property is 90 minutes away is my closest property or halfway across the country is my furthest property, our processes and systems for managing them are basically the same. There isn’t anything special that I do for the 3000 mile away property that I don’t also do for the property that’s 90 minutes away. I still have a really, really solid team. I still have all of my tools and software in place. I’m still managing it the same way. It doesn’t matter how close it is. So I don’t necessarily think that from a management perspective, even if you have to travel to a different country, different continent even, that you won’t be able to effectively manage your property wherever you are. It’s just all the foundational things. Good team, good systems, good processes, good tools, good software, and you can take it anywhere.
After the break, a rookie with limited capital is wondering how to assemble a lawyer, a CPA, a lender, and a property manager before buying anything. And we’ll explain what build your team really means at this stage.
All right guys, our final question is about a phrase that rookies hear all the time, build your team. Aurelio wants to know how that works when capital is limited and there is not a deal under contract yet. So here’s Aurelio’s question, “How do I go about getting a lawyer, property manager, CPA, et cetera, if my capital is limited? How does that actually work?” And Aurelio is reading through one of the BiggerPockets of books on getting your ducks in a row. So here’s my take guys on building your team. I think there are certain people that you need to engage at different parts of the process or depending on what your situation and what your challenges and what your goals are. I’ll give you an example from the short-term rental industry because a lot of folks kind of face the same thing where it’s actually their CPA that recommends they buy a short-term rental and it’s because they need to do that as a tax mitigation strategy.
So it’s your CPA who’s initially saying, “Hey, you should think about buying an Airbnb,” so that they become the first person on your team. Let’s say that isn’t the case. Maybe you’re not buying for that reason and your initial goal is, “Hey, I want to build some additional cash flow streams.” Well, then maybe the first person you need is an agent who can take you around town and give you all the ins and outs and help educate you on the best parts of town to buy and where to avoid. If you are really, really focused on flipping houses, well, maybe you need to go find a general contractor in your market first to understand, “Hey, what’s it actually going to cost for me to repair these types of properties?” So I think depending on what your goals are, depending on what your strategy is, that sometimes can dictate who the first person is on your team that you need to go build.
But I will oftentimes caution against… I get some rookie investors who are like, “Tony, I just spent $30,000 setting up this really elaborate entity structure for all of my rentals and I’ve got this trust that owns this trust and there’s this thing in Wyoming and I’ve got this thing over here, this offshore thing.” And it’s like, “Okay, well, how many properties do you own?” “Oh, nothing yet. I haven’t bought anything yet, but the structure’s there. And I feel like that’s kind of putting the cart before the horse. So for me, bringing in the expensive attorneys, bringing the expensive CPAs, I think I try and pull those levers as needed when it’s right in the sequence, like when you have a deal and not necessarily something you need to do on day one.

Ashley:
If you’re in a state like mine, like New York State, to actually close on a property, you need an attorney. So when you are going through the process of offering and then you go under contract, one of the immediate questions or answers that you have to put onto the contract is who is your attorney that’s representing you? So in a state like mine, it does make sense to have a lawyer in advance. So if you’ve literally used a lawyer for anything, my first initial reaction would be to call them and ask if they do real estate transactions. If not, if they can refer you to someone that does. And then it would just be a simple phone call, a simple email is to, “Hi, I was referred by so-and-so. I am planning on purchasing a property and I need an attorney to actually do the real estate transaction.
Can you let me know what your fees are and what the process is?” Or something like that. My real estate attorney charge or my attorney charges pretty much a flat rate every time for their work and then add in all the expenses that incur, like survey, things like that, depending. But I would at least have an attorney lined up to actually do the transaction for you. As far as a CPA, I would have somebody that’s maybe not at Walmart and has a little desk that’s at the checkout aisle where you can go in and get your taxes done. I would definitely have somebody who can advise you on your taxes and the tax advantages of real estate when you do purchase your property. So if you’re purchasing your property towards the end of the year, I would make sure you have that CPA, that accountant in place before the end of the year because you’re purchasing that property in that year and you want to make sure that you’re taking advantage of everything before the year end and doing everything correctly, even more importantly as far as reporting, especially if you have no idea about taxes at all or in general, having a CPA lined up that can help you with that.
And a lot of these things, you’re not charged until you actually use them. So just planning ahead because a lot of CPAs, like the CPA that Tony and I use for tax planning, Tony also uses her for his tax returns. I tried to get in last year and she’s like, “No, sorry, you’re too late. We’re full. You have to keep working with who you’re working with.” So if you want a really good person, sometimes it’s not as easy as just calling like, “Hey, can you help me right now? There is some time and some process to actually get into working with the companies too.” And then a property manager, if you intend to use a property manager, I would start looking now and start interviewing them, calling, finding out what their fees are, what their processes are for a maintenance request. You want to make sure the property manager is not only just great to you as the owner, but will also be great to your tenants and it’s just going to create a better relationship and relieve a lot of headaches for you yourself.
But I would do phone calls. I would at least have a little Rolodex of people that when you are ready to get that first deal, you already know who is going to be your first call to get lined up instead of having to… When you’re acquiring your first deal, there’s a ton of work you have to do on your own, get through the inspection, do the due diligence, get your financing set up. The last thing you want to be doing is conducting interviews with property managers to see who can hire. So as much as you can, do these phone calls and interviews ahead of time. Well, thank you guys so much for joining us today. And remember, if the numbers do not work, do not force them. Define legal boundaries and build relationships before buying services. Your first deal should fit your real financial, legal, and operational life.
The best plan is the one you can explain, afford, and execute without depending on a future rescue. I’m Ashley, he’s Tony, and we’ll see you guys in the next episode.

 

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How commercial brokers use AI to find borrowers with maturing loans


“Banking data is only from sources that we allow it,” he said. “So we’ll restrict where it actually searches its data. It’s internal data, certain public data that we purchase that we know is relatively accurate, a high degree of accuracy. Trust and verify hasn’t changed.”

Brokers also can’t count on AI to replace their paid data sources, he said. Bergman used a search for rental comps as an example.

“You can’t just say, ‘Okay, I’m going to cancel all my subscriptions to data because I can get everything from AI,’” Bergman said. “You’re not going to get a complete set of data. So you have to realize that just because you query AI, whichever agent you’re using, does not mean that it’s 100% complete. Even if it’s 100% accurate, it doesn’t mean it’s 100% complete.”

Tools are also changing faster than the firm can plan around them. Bergman said that has already changed what the firm builds.

“We’ve seen where we put on the schedule tools we want to have the developers develop over the last few months,” he said. “And countless times, by the time it got to that, 3, 4, 5 weeks later, we got, ‘Okay, we’re ready for this.’ We don’t need to develop it anymore. It’s been done for us.”

AmEx Offers: Virgin Atlantic, Spend $2,500 & Get $200 Statement Credit


Update 10/23/26: Deal is back through 12/13/26. This time it’s for $200 after $2,500 in spending. 

Update 6/2/26: Deal is back through 7/31/26

Update 2/2/26: Deal is back through 3/29/26. (ht MtM)

Update 7/25/25: Deal is back through 9/23/25. This time it’s for $2,000 spend gets you $250 statement credit. 

Update 4/13/25: Deal is back through June 30, 2025.

Update 1/6/25: Deal is back through 3/30/25. It’s $1,800/$250 this time.

The Offer

Check your AmEx Offers for the following deal:

  • Get a one-time $300 statement credit by using your enrolled eligible Card to spend a minimum of $2,000 in one or more purchases online at virginatlantic.com by 1/12/2024. Flight must originate in US and be charged in USD to qualify.

The Fine Print

  • Offer valid for one way and round trip purchases made directly with Virgin Atlantic Airways, online at virginatlantic.com, or through the Virgin Atlantic Airways mobile app only.
  • Flights must originate in the US. Valid only for purchases where Virgin Atlantic Airways is the merchant of record.
  • Excludes desk ticket and call center bookings, in-flight purchases, luggage charges and meals.
  • Valid only on purchases made in US dollars.

Our Verdict

A little savings here.

View more Amex offers here & if you have any questions about American Express offers then read this post.

Deal History:

  • Update 11/26/24: Deal is back through 12/30/24. This time it’s spend $2,000 and get $300. (ht MrSoupSox)
  • Update 10/7/24: Deal is back until 11/30/2024. This time spend $1,200 and get $200 statement credit.
  • Update 7/15/24: Offer is back and valid until 9/30/24. This time it’s $250 back on $1,800 spend.
  • Update 3/18/24: Deal is back and valid until 6/16/24.

Anthropic’s Revenue Surged to $16.3 Billion in the First Half of 2026, Up From $1.1 Billion a Year Ago


Anthropic could IPO as early as mid-November, and prospective investors have been eagerly awaiting its S-1. While that document still isn’t publicly available, The Wall Street Journal recently reported seeing disclosures from a draft IPO prospectus, many of which haven’t been publicly reported before.

The disclosures provide the best look to date at Anthropic’s financials and cover the many risk factors the AI lab has flagged.

Image source: Getty Images.

Anthropic’s financials over the first half of 2026

Anthropic saw significant sales growth over the six months ended June 30, generating around $16.3 billion in revenue, up from $1.1 billion a year prior. The revenue is impressive, but it also comes with massive computing demand, as the AI lab spent nearly $9 billion on computing capacity.

Computing costs will only accelerate from here. Anthropic has committed to around $450 billion in computing agreements over the next seven to 10 years, most of them noncancelable, and it has an obligation of more than $160 billion to lease Alphabet‘s Google-designed chips in a deal with Broadcom. The disclosures also revealed that Anthropic is negotiating additional computing deals, and commitments could rise by up to $150 billion. Total commitments for the next decade already top $600 billion and could rise to more than $750 billion.

Anthropic also recorded a net loss of $80.7 billion over H1 2026. While that number will receive considerable attention, it merits a disclaimer. Most of the loss, $72 billion, came from accounting charges tied to the value of convertible notes and other fundraising instruments. The higher Anthropic’s valuation goes, the bigger these paper losses become. In a way, the loss is a by-product of Anthropic’s success.

Anthropic highlighted some serious risks

About a third of the draft prospectus covered risk factors, and these ranged from standard issues to concerns that would have seemed unbelievable a decade ago.

Of Anthropic’s $16.3 billion in revenue, around one-fifth came from just two customers, and the AI lab expects a significant portion of revenue to come from a “limited number of customers for the foreseeable future.” Anthropic also highlighted data center backlash as a potential problem, given its computing needs, and this is an issue affecting many AI companies right now.

Another risk factor was that misaligned models could cause real-world harm, and that Anthropic may be liable. It pointed out that AI models can exhibit self-preserving behaviors and generate responses that resemble blackmail to avoid being shut down by humans. The prospectus even mentioned that Anthropic may not be able to obtain sufficient insurance to cover “harm that could result from a catastrophic AI-related incident.” Even AI labs can’t predict with complete certainty what their models could be capable of, and that creates liability risks investors haven’t seen at this scale before.

What to watch

The next step for Anthropic is to file a public S-1, which must be published at least 15 days before a roadshow begins. That will give prospective investors a detailed look at the company’s audited financial results.

If you’re thinking of investing in Anthropic when it goes public, consider the final IPO valuation. The company is reportedly targeting a valuation of up to $2 trillion, which means it will already trade at a premium. Annualizing its H1 2026 revenue would mean a valuation of over 60 times trailing sales. It may be worth waiting to see if the price comes down before investing, or starting with a small position.

How to Build an AI-Native Business That Actually Saves Time


Catch the Full Episode

Overview

Most small businesses think they’re using AI the moment they open ChatGPT. That’s a tool habit. Building your marketing processes around AI is a business model, and the gap between the two shows up in your results long before anyone can explain why.

In this episode of the Duct Tape Marketing Podcast, John Jantsch talks with Jérémy Jarry, CMO of Bookipi, about what happened when he rebuilt his marketing team around AI over the past year. Jarry explains what AI native means in practice, why his team started with one person and one dreaded task, and how they learned to measure AI by hours saved and revenue earned.

This conversation is for small business owners, marketers, and agency leaders who are using AI tools but haven’t seen the payoff yet. You’ll hear how to pick your first process, what human in the loop looks like day to day, when to scale AI back, and how to keep up with constant change without chasing every new model.

Guest Bio

Jérémy Jarry is the Chief Marketing Officer of Bookipi, an international SaaS platform that millions of small businesses use for invoicing, proposals, contracts, websites, and getting paid. Over the past year, he rebuilt Bookipi’s marketing team around AI from the ground up and wrote about the experience for Entrepreneur. His work centers on growth, go-to-market execution, and applying AI across marketing so lean teams can compete with much larger companies.

Key Takeaways

  • Jarry defines AI native as redesigning a process from scratch with AI’s capabilities in mind. He describes it as a mindset change for the whole team.
  • Start with your calendar. Look for the work that eats the most time and the work your team dreads, then see where AI fits.
  • Prove it with one person first. Bookipi started by automating one marketer’s reporting, which freed that person to explain the numbers instead of gathering them.
  • The same thinking applies outside marketing. A plumber with an AI receptionist can keep fixing the leak while the next job gets booked.
  • In a Bookipi survey of more than 2,000 customers, the top reason for skipping AI was a knowledge gap. The team expected cost to top the list.
  • AI still needs your direction. A prompt like “write an email for John” goes nowhere until you define the topic and the outcome you want.
  • Give people time to adopt. Bookipi let slower adopters keep their old processes, and they came around after seeing teammates spend more time on creative work.
  • Human in the loop means real review steps. Bookipi feeds AI a central knowledge base for brand voice, and nothing launches until a person checks every asset.
  • Measure hours saved and revenue. Counting how many agents the team built each week told Bookipi very little.
  • Review time has to be shorter than build time. If checking AI’s work takes longer than doing it yourself, pull the process back and rethink it.

Great Moments (Timestamps)

  • [00:02] – John on the difference between a tool habit and a business model
  • [01:11] – The moment Bookipi decided to rethink its marketing processes
  • [02:04] – What AI native means, and why Jarry calls it a buzzword worth defining
  • [04:12] – Where small teams should start: your calendar
  • [05:08] – Automated reporting and the plumber with an AI receptionist
  • [07:23] – The 2,000-customer survey and the real barrier to AI adoption
  • [10:44] – Where adoption stalled and how the team handled it
  • [12:43] – What human in the loop looks like at Bookipi
  • [14:46] – Measuring agents built versus hours saved
  • [16:35] – Keeping up with the pace of AI without chasing every tool
  • [17:55] – How Bookipi started with a tradie’s invoicing app

Memorable Quotes

“Most small businesses think they’re using AI the moment they open ChatGPT at their desk. And that’s a tool habit, not a business model.” – John Jantsch

“Look at your calendar. Look at what is actually taking a lot of time. Look at what you don’t like doing and see if you can integrate AI within it.” – Jarry

“I don’t know many marketers that like to create reports.” – Jarry

“We need to make sure that the time that the human is actually going to spend to review the campaign is actually less than the time it would take them to actually create a campaign from scratch themselves.” – Jarry

Resources

 

Explain Only Three Times #training #business #management #businessgrowth @GrowYourBusinessBig



If you’ve ever
explained the
same job three times,
don’t explain it
a fourth.
Instead,
watch them do it.
When somebody keeps
getting a task wrong,
it’s easy to assume
they need
more training,
so you explain it
again and again,
and maybe you
make a checklist,
or maybe you
start writing
a procedure for
the entire thing.
But they
may understand
most of the job
perfectly well.
There may be
one point where
things fall apart.

So the next time
they do the task,
resist the urge
to teach.
Just watch.
Look for the
first place
they hesitate.
Maybe they stop
and ask a question.
Maybe they have
to choose between
two options
and guess.
Maybe they’re
missing a piece
of information
you didn’t realize
they needed.
Or maybe the process
makes perfect sense
to you because
you’ve done it
a thousand times,
but there’s one step
you do automatically
and never actually
explained.
That moment is useful
because now you
don’t have to
retrain the
entire job.
You have something
specific to fix.
And sometimes
the person
doesn’t need
more instructions
at all.
The process does.
Helping Grow
Your Business Big,
I’m Paul Boomer @GrowYourBusinessBig

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