September 2025

From Dial-Ups to Destinations

Steve Case rewired America with AOL.

Now he’s building real-world communities from Costa Rica to the nation's heartland.

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CHAIRMAN

Jim McCann

CHIEF EXECUTIVE OFFICER

Josh Kampel

PRESIDENT

Paul Stamoulis

EDITORIAL

EDITORIAL DIRECTOR

SENIOR EDITOR

ASSISTANT EDITOR

CREATIVE DIRECTOR

CONTRIBUTORS

Dan Costa

Eva Crouse

Caroline Bienfang

Nicole Dudka

Adetola Abiade, Rob Pegoraro, Terry Sullivan, Karen Stamoulis, Tim Stevens, Max Isaacman, Gordon Feller, Cait Bazemore, Kirsten Cluthe, Larry Kantor, Jonathan Russo, Deborah Grayson, Bob Diamond, Jason Allen Ashlock

PARTNERSHIPS, ADVERTISING & EVENTS

HEAD OF MARKETING

ASSOCIATE ACCOUNT MANAGER

VP OF PARTNERSHIPS

DIRECTOR OF SPECIAL PROJECTS

SENIOR ADVISOR

Kendall Wyko

Neil Madlener

Ron Stern

Gabrielle Doré

Margaret Molloy

PRODUCT, OPERATIONS & FINANCE

DIRECTOR OF HOSPITALITY Kimberly Anderson-Marichal

Our Mission Is Building Worth Beyond Wealth

Worth helps our influential, successful community better invest their time and money. We believe business is a lever for social and economic progress. From practical financial advice to exclusive profiles of industry leaders, Worth inspires our readers to lead more purpose-driven lives. Through our conferences, digital channels, and quarterly print publication, we connect the people and companies that are building the future. We showcase products and services that are indulgent, luxurious, and sustainable.

The Revolution Is Here. Now What?

As AI transforms the way we live and work, we must watch for unintended consequences—and protect what makes us human.

BY JIM McCANN

The age of artificial intelligence has arrived, and it’s reshaping how we work, how we play, and even how we think. Amid all this change, one thing is clear: We’re living through one of the most profound societal shi s since the Industrial Revolution.

What makes this transformation di fferent is its speed and scale. While past revolutions unfolded over years and decades, AI is redefining industries, reconfiguring careers, and rewriting the creative process in a ma er of weeks and months.

So far, much of the conversation has focused on efficiencies and future capabilities such the potential for AI to streamline workflows, unlock new tools, and expand what’s possible. But we also need to talk about what we might be overlooking: the unintended consequences.

Think back to the early days of the internet. It came with promises of connection, creativity, and access to information. In many ways, it delivered. But it also ushered in algorithmic addiction and a loneliness epidemic. We’re more connected than ever, yet many people feel more isolated than they did before the digital age. Who in 1998 saw that coming?

AI is moving fast and delivering real value, but are we taking to heart what we’ve learned (and are still learning) from past tech waves?

Consider AI’s impact on jobs. A recent Microso study found that the roles most vulnerable to disrup-

tion today are white-collar jobs. While I understand the findings, I’m not sure they tell the full story. With the rapid advancements in AI-powered robotics, we’ve already seen warehouses where humans rarely enter. In some Amazon facilities, robots now handle most of the picking, packing, and sorting—so much so that they don’t even keep the lights on.

The implications go far beyond boosting productivity.

What happens when AI replaces the entry-level white-collar jobs where young professionals used to cut their teeth? In five years, who will be ready to lead if no one gets the chance to learn? If business managers are now managing so ware agents and physical robots instead of people, will they lose the empathy and emotional intelligence that define great leadership?

And that’s just from a business perspective. What about the new college grads entering the workforce with ambition—or the students starting school this fall? As we prepare for a future reshaped by AI, are our universities keeping up? Education has traditionally moved slowly, but in an era of accelerating technological change, should we be thinking di fferently? Should students be considering alternative paths beyond the traditional four-year degree? More hands-on trades? Creative vocations?

These are questions we need to be thinking about.

I don’t have the answers. Nobody does. But I’m an optimist. I believe the answers will come from the very things

that make us human. AI is, at its core, a probability engine designed to predict “what word comes next.” That means it can mimic coherence and even insight.

But the work that will stand out in our brave new world will come from the minds of people like you and me. As AI automates the predictable, human traits like originality, discernment, and emotional depth will become even more valuable.

— Jim McCann CHAIRMAN, WORTH MEDIA

On a Personal Note,

Back in the early ’90s, my brother Chris and I had a big decision to make at 1-800-Flowers: which online company would we partner with? The safe bets were Prodigy, backed by IBM and Sears, or CompuServe, both with fancy offices and executives in sharp suits. And then there was the scrappy startup, AOL, led by Steve Case, along with Bob Pi man and Ted Leonsis.

They didn’t have the polish, but they had something be er—heart. Instead of a boardroom pitch, we went down to Virginia for dinner. Truth be told, none of us could really afford the check. But that night wasn’t about business plans or balance sheets. It was about the relationship.

Steve and team had vision, grit, and were some of the smartest people Chris and I had ever met. I trusted Steve. And I bet my future on him.

To this day, Steve surrounds himself with good people and stays grounded in his values. I’m proud to call him a friend and even prouder to see him featured on the cover of this quarter’s edition of Worth.

I encourage you to read his story and see what he’s been up to since those early AOL days. Technology may change everything, but relationships still ma er most. As you think about your own future, I encourage you to bet on people—especially leaders like Steve.

THE OMNIPOTENT CONCENTRATE™ PAST – PRESENT – FUTURE

The Enduring Impact of the American Dream

The accumulation of wealth is just part of the story.

BY JOSH KAMPEL

Arecent trip to Washington, D.C. gave me a renewed appreciation for an idea that has shaped generations: the American Dream.

In a span of just 12 hours, I had three meetings that le me with a simple, powerful conclusion: while the American Dream is evolving, its impact is more essential than ever. I toured the Milken Center for Advancing the American Dream, spent time at the White House with Michael Kratsios to discuss the future of U.S. leadership in artificial intelligence, and sat down with AOL co-founder Steve Case, who has spent the last decade redefining how—and where—the American Dream can thrive. My interview with Steve is captured later in this issue.

The Milken Center for Advancing the American Dream will open to the public in September and offers a modern, interactive look at how education, health, financial literacy, and entrepreneurship serve

as the core pillars of opportunity. It’s a reminder that the Dream isn’t about arriving at success—it’s about building pathways to it. The Center doesn’t just celebrate the lives of those who’ve made it; it invests in the systems and ideas that allow more people to try. We’re honored to continue our partnership with the Milken Institute in a time where these conversations are needed more than ever.

My time in the White House with Michael Kratsios, the Director of the O ffice of Science and Technology and a leading voice in shaping America’s AI agenda, was enlightening. We spoke about how artificial intelligence will define not just our economy, but our society as a whole. As the U.S. seeks to lead in this next wave of technological advancement, we are reminded that the American Dream must balance access to opportunity with rules that provide a fair playing field for business and individuals.

From there, I met with Steve Case, someone who, in many ways, built a cornerstone of the digital American Dream through AOL. Today, he’s investing in offl ine communities—through his Rise of the Rest fund and development projects in cities across the country and even abroad. His focus isn’t on the next Silicon Valley—it’s on the next generation of entrepreneurs in cities like Detroit, Tulsa, and Chattanooga. For Steve, the American Dream is alive—but only if we expand the geography of possibility.

What connected these three experiences was not just proximity or schedule, but a deeper theme: the American Dream is still relevant. We o en equate the American Dream with the accumulation of wealth. But that’s only part of the story. True success must now be measured by both prosperity and purpose. Yes, ambition and financial success remain central. But so too should impact—on our communities, on the systems we’re a part of, and on the generations that follow.

This is the vision of the American Dream that we are excited to champion at Worth. One that is inclusive, entrepreneurial, and innovative.

As we look toward the future, the stakes couldn’t be higher. Technology is accelerating faster than regulation can keep up. Wealth inequality continues to challenge the idea of equal opportunity. And global instability threatens the very freedoms that make the Dream possible. But there is also reason for optimism. We have tools, talent, and a growing community of people commi ed to solving real problems.

— Josh Kampel CEO, WORTH MEDIA josh.kampel@worth.com

Full Speed, No Guardrails

Trump’s AI Action Plan is a masterclass in acceleration—but without ethical, environmental, or economic brakes, the nation risks driving straight into the wall.

BY DAN COSTA

Future historians may look back at this moment and wonder how we got it so wrong. On one side, America is sprinting into the age of artificial intelligence—billions invested, regulations gu ed, projects accelerated at breakneck speed. On the other hand, our response to climate change limps along, as if the planet had all the time in the world.

The contrast became crystal clear on July 23, 2025, when the Trump administration unveiled Winning the AI Race: America’s AI Action Plan. It’s a manifesto for unfe ered tech expansion: slash oversight, fast-track infrastructure, dominate globally. Ethical guardrails and environmental protections? Secondary. The message is simple: AI is the future, and the future waits for no one.

At the same time, climate policy isn’t just on the back burner—it’s been shoved off the stove. EPA Administrator Lee Zeldin calls his rollbacks “the greatest and most consequential day of deregulation in U.S. history,” boasting about putting “a dagger through the heart of the climate change religion.” This as wildfires, floods, and record heat batter the country.

The numbers tell the rest of the story. In Q2 2025, AI-related capital

expenditures accounted for onethird of all U.S. GDP growth. But the gains are concentrated in the “Magnificent Seven”—Microso , Nvidia, Amazon, Alphabet, Meta, Apple, and Tesla—now worth more than 35% of the S&P 500’s total value. Microso and Amazon alone will each invest over $100 billion in AI infrastructure this year. Consumer spending, the historical driver of American growth, now trails far behind AI’s capital surge.

Powering this boom is a vast network of energy-hungry data centers. They already consume over 4% of U.S. electricity—more than half from fossil fuels—and training a single large language model can require as much energy as 100 American homes for a year. Water use is just as staggering: training can consume more than 700,000 liters, and AI’s total demand could reach half of America’s current water use by 2027.

This isn’t theoretical. In Memphis, xAI’s “Colossus” supercomputer operates 35 unpermi ed gas turbines, making it the region’s largest source of nitrogen oxide pollution. Residents of Kansas and Missouri are facing rate hikes to cover the cost of new data center power demand. In Texas, emergency laws now allow cu ing power to data centers during grid strain to prevent widespread outages.

And yet, the story we tell ourselves is that AI is a heroic moonshot while climate action is a bureaucratic burden. That’s the real tragedy. AI could be the most powerful tool in our arsenal for combating climate change—optimizing energy grids,

predicting disasters, and accelerating the adoption of renewable energy. But the way we’re building it today locks in higher emissions, greater inequality, and deeper dependence on fossil fuels.

This issue of Worth dives into that contradiction. We begin with “Will AI Take Your Job?”, a clear-eyed examination of how generative AI is reshaping industries—and what leaders can do to adapt. We then explore ‘The Rise of AI Romance,’ examining how emotionally intelligent algorithms are changing human relationships in ways that are both intriguing and unse ling. Finally, The Energy Cost of AI pulls back the curtain on the hidden environmental toll behind machine learning’s magic.

America is choosing to race toward an uncertain technological future while avoiding the existential crisis we already understand. If we can align our innovation with our survival, the payoff will be extraordinary. But if we don’t, the reckoning will be just as swi as the technology we’ve unleashed. And when we finally create a true artificial general intelligence, it may not ask us about ethics, creativity, or the meaning of life. It may look at the warming oceans, the dwindling resources, the soaring deficits, the obvious corruption, the simple missed opportunities—and just ask: what have you done?

— Dan Costa EDITORIAL DIRECTOR dan.costa@worth.com

Tim Stevens

Stevens is a freelance automotive and technology journalist with more than 25 years of experience. He is a frequent contributor to major domestic and international online, print, and broadcast news outlets including MotorTrend, TechCrunch, Wired, CBS, and AP, sharing his insights and perspectives on everything from cybersecurity to supercars.

Tim also serves as a juror for the World Car Awards and regularly acts as speaker and moderator at major industry events like CES, Web Summit, SXSW, NAIAS, and AutoMobility LA. He formerly served as editor-at-large and VP of content at CNET. Before that, he was editor-in-chief of Engadget and editorial director at AOL Tech.

A frequent traveler and avid cyclist, if he’s not on a plane he’s probably out pu ing in miles on his road bike.

Adetola Abiade

Adetola is an executive with a proven track record driving business transformation globally.

Over the years, Adetola has worked with a variety of companies, including JP Morgan, USAID, BNY Mellon, Merrill Lynch, State Street etc. where she’s helped solve complex challenges and implement lasting change.

With deep expertise leading enterprise innovation, human resources, change management, and IT transformation Adetola collaborates with C-suite leaders, senior executives, and teams to implement strategies, improve customer experience, and strengthen employee engagement.

Outside of work, Adetola enjoys giving back to her community, coaching young leaders, being a musician, her faith, and has dedicated her life to helping her family and friends succeed by living each day with the core belief in being a good ancestor. She was recently recognized by Providence College for a Public Service award because of her work serving others.

Alexis Buncich

Alexis Buncich is a freelance writer and producer based in New York City. She graduated from Columbia University with a Bachelor of Arts in English Literature. She especially loves writing travel and comingof-age stories. You can find her work at alexisbuncich.com.

Don’t Call It a Comeback

Michelin stars and soul food co-exist in a San Francisco dining scene that prizes substance over spectacle.

BY KIRSTEN CLUTHE

The first thing you notice when you walk into Izzy’s is the mural that wraps the dining room in a scene reminiscent of Bemelmans Bar in New York, but with a San Franciscan twist: longshoremen, newspapermen, artists, and perhaps a few off-the-record characters, including writer William Saroyan and restaurateur Sam DuVall, who opened Izzy’s 40 years ago. His daughter, Samantha Bechtel, grew up in the neighborhood and spent years alongside her father at the restaurant absorbing its rhythms, regulars, and spirit. When she took over a er his passing in 2020, she stepped into the role with equal parts reverence and vision, determined to carry on the legacy while breathing new life into it. It’s a theme I would run into again and again on my culinary journey through the city.

Although Bechtel has kept beloved classic dishes, such as a perfect gratin and creamed spinach, to accompany their famous steaks, she and Executive Chef Daniel Lucero have refreshed the menu with seasonal dishes that reflect the city’s everchanging food scene. Sommelier Dan Cameron has expanded the wine program to provide guests with access to hard-to-find bo les, making the experience feel special. The point, Bechtel explained to me, is to maintain a place where locals can hang out and order their favorite dish off

the menu – as many customers have for decades – while enjoying an exceptional bo le of wine.

“My father opened Izzy’s in 1987, and it’s long been a place where locals and visitors come to feel the soul of the city, “ Bechtel says. “They feel this through our classic dishes - many that have been on the menu since we opened - warm and inviting hospitality, plus a li le grit around the edges.”

Throughout the trip, one question was on repeat in my mind: Is San Francisco our best food city? Between the food movements that have started in the Bay Area, the fresh produce that’s available year-round, and the fact that San Francisco has always been a place where the creative and innovative thrive, there are so many reasons to make this claim. If you’re measuring by Michelin stars, New York outpaces every other city in the U.S., but for many travelers, San Francisco is a destination defined by its food. Few restaurants embody that be er than Quince. Founded in 2003 by Chef Michael Tusk and his wife, Lindsay, Quince began in a Victorian townhouse in Pacific Heights before relocating to a 1907 brick-and-timber building in Jackson Square in 2009. It earned its first Michelin star in 2007 and now holds three—a testament to its enduring excellence.

Chef Tusk’s vision is rooted in the Bay Area’s seasonal bounty, thanks in large part to a partnership with Fresh Run Farm in Bolinas. The farm provides produce grown exclusively for Quince, creating a closed-loop system that brings just-harvested vegetables, fruit, and herbs into the kitchen daily.

“Quince is a uniquely and distinctly San Francisco restaurant,” Tusk says. “I moved to the Bay Area because of the quality of the produce in the farms that surround The City. Over the last 25 years, I’ve worked with suppliers to cultivate products exclusively for Quince. We bring freshly harvested ingredients to the kitchen daily–serving oysters on the same day that Luc Chamberland pulls them from the water in Inverness and carrots hours a er Peter Martinelli dusts the soil off them in Bolinas at Fresh Run Farm.”

When I dined at Quince, we were served an off-menu meal paired with wines I still can’t believe I tasted. Farfalle with morel mushrooms alongside a 1964 Fratelli Serio & Ba ista Borgogno Barolo; hearth-grilled duck with a 1995 Mount Eden Pinot Noir from the Santa Cruz Mountains. Sommelier Paul Noii shares the backstory of every bo le with warmth and precision, turning the experience into a conversation. You could choose a bo le from their unparalleled wine list, but somehow everything is elevated when you are surprised with a Charles Dufor Mistelle – a still, fortified wine from Champagne – alongside your cheese plate. It’s the kind of detour that turns a meal into an adventure, introducing you to bo les you might never have chosen on your own.

Chef Tusk explains that Quince continues to evolve. “Over more than 20 years, Quince has changed with the City,” Tusk says. “Now, we’re stripping back some of the trappings to make the restaurant more comfortable and accessible while maintaining our service and kitchen standards.”

A er a nearly year-long renovation, completed in early 2024, the refreshed interior is airy and inviting, with couch seating that would invite a nap a er your meal, as if you were at a friend’s house. Sta ff are welcoming and friendly, providing service that is so seamless it’s almost invisible. With its oak-lined walls, bookshelves, vintage furniture, and mismatched ceramics, the bar room is a sumptuous and comfortable place to enjoy a lighter food menu accompanied by a cocktail or a glass of wine. Their refreshed service also includes lunch, which is described as a “midday pause” to help wind down the week. And really, who couldn’t use a reset like that now and then?

Each morning, I woke up early and took myself on a walk. Down the hill from the Fairmont on Nob Hill, where I was staying, is a curious li le coffee shop called Coffee Movement. There’s a quiet rhythm to the place—you’re shown where to stand to place your order and where to wait. The menu features a tasting flight—three pours of the day’s featured coffees, or one

coffee prepared three di fferent ways—alongside creative drinks like espresso tonic and orange cream coffee. You could stick with a la e, and it would be excellent, but why not go with the vibe?

Staying at the Fairmont also came with a reminder that some San Francisco traditions never fade. The Tonga Room & Hurricane Bar is still going strong—a time capsule of tiki kitsch where a floating band plays in the middle of an indoor lagoon under a ceiling that rains every half hour. The cocktails are potently delicious – the bartenders understand the assignment, and I’m not sure you can find a be er Mai-Tai anywhere else. On rare occasions, a guest will get caught up in the moment and leap into the pool mid-Tiki. There’s a $500 fine for this, which I suspect is less of a deterrent and more of a cover charge for a story they’ll tell for the rest of their lives.

Bites, Bustle, and Bay Views

In between gorgeous meals at Michelin-starred restaurants and early morning coffee excursions, there is the Ferry Building. I was last here in 2021, when the pandemic had le it eerily quiet and many favorites had gone dark. This time around, I was buoyed by the crowds bustling through the hallways as well as in the downtown area—people are back in offices, and the vendors have returned. The beloved Nopa has opened Nopa Fish Market & Kitchen, a casual spot for shrimp arancini or a smoked albacore melt. Peaches Pa ies, founded by Chef Shani Jones—whose mother is from Kingston, Jamaica, and father is from New Orleans— makes delicious Jamaican pa ies with a Southern twist.

Hog Island Oyster Co. is thankfully still around. The farmers market (open Tuesdays, Thursdays, and Saturdays) is where you’ll meet many of the area purveyors: people like Olivia Mecalco, the founder of Mi Comedor, who will serve you the most flavorful breakfast taco you’ve ever tasted, and Sonia Rojas, who, with her husband Ramon, started Rojas Family Farms. They leave the farm at 4 AM to drive

down to the market every week so customers can enjoy their delicious fruit, which, by the way, pairs perfectly with a breakfast taco from Mi Comedor.

The idea of a Michelin-starred restaurant is o en accompanied by visions of white tablecloths, tuxedoed servers, and silver-plated service—formal and dated. But 7 Adams rewrites that script. While the food and service meet every measure of Michelin quality, the atmosphere is modern cool—paneled wood accents, amber lighting, an indie playlist— worlds away from the sti ff ness o en associated with fine dining.

Owned by the husband-and-wife team of David Fisher and Serena Chow Fisher, the tasting menu feels like a collaboration between the kitchen and the customer. The first two courses are set by the restaurant—a salad with charred green asparagus and a hiramasa crudo, for example—then, guests choose their path from a seasonally driven à la carte menu. David’s pasta sensibility comes through in dishes like celery root ravioli or braised lamb tagliatelle, plated with precision and loaded with personality. Serena’s desserts are both elegant and unexpected—and her ice cream is not to be missed.

Sometimes, however, white tablecloths are just the right choice. In the heart of downtown, you’ll find Tadich Grill, California’s oldest operating restaurant, still packed 175 years

“San Francisco never lost its edge—it simply shifted focus. What’s happening in the city’s kitchens today is not a comeback, but a recalibration: a fresh focus for a new era.”

a er its founding. Established in 1849 by Croatian immigrants as a coffee stand on Clay Street, Tadich Grill has survived earthquakes, Prohibition, and countless reinventions. Beloved for its plainspoken luxury—efficient white-jacketed service, dark woodpaneled interior, and a restaurantlength bar, it’s a place where you feel you’ve tapped into the city. At the bar, the action is fast – it buzzes with activity and congeniality. Dining tables are set alongside or in wood-paneled cubby spaces, and the menu hasn’t changed much. Look at a menu from 1922 and you will still find the same classics served in 2025 – crab salad, shrimp cocktail, and the Hangtown Fry, a Gold Rush-era dish of fried oysters, bacon, and scrambled eggs. Tadich is a lens into how early cuisines helped shape the city.

San Francisco unfolds in flavors— each neighborhood defined as much by its dishes as by its streets. In North Beach, espresso bars spill onto the sidewalks and cioppino tastes like it’s been simmering for generations. Chinatown, the oldest in the U.S., remains a maze of dim sum palaces, noodle shops, and bakeries that have shaped the city’s palate for over 150 years. Japantown, one of only three le in the country, offers everything from steaming bowls of ramen to elegant kaiseki. And in Jackson Square, Gold Rush- era brick buildings now house some of the city’s most refined dining rooms, including Quince and its sister restaurant, Cotogna.

And then there’s the Presidio— once a military post, now amid a renaissance. In just a few years, it’s become one of the most exciting dining destinations in the city. That’s where you’ll find Dalida, where chefs Laura and Sayat Ozyilmaz are reimagining Eastern Mediterranean food through a California lens. Located in a historic brick building on the Presidio’s Main Parade Lawn, the menu blends the flavors of Turkish, Greek, Armenian, and Persian kitchens with the vibrant bounty of Northern California. Fluff y hearth-baked pita arrives with labneh, muham-

mara, and hummus; scallops are paired with rhubarb; Turkish noodle pasta comes tossed with forest mushrooms, grilled peppers, and sweet corn. When I visited, the showstopper was a Santa Barbara urchin over crispy saffron rice with trout roe, yellowtail, and preserved yuzu—equal parts delicate and bold, surprisingly delightful.

The whole place carries the energy of people who care deeply about their food and clearly love the city they’re in. As Chef Sayat put it, “We’ve stayed grounded by doing what we do best: creating a space where people feel seen, cared for, and nourished, not just by food, but by human connection.

San Francisco’s dining scene has always been a mirror of the city itself— creative, resilient, and constantly evolving—and Dalida was born from that same spirit.”

Chef Sayat himself brought out a Grilled Mediterranean Turbot and filleted it tableside for us, which we paired with a 2022 Ma hiasson Linda Vista Vineyard Chardonnay. The wine list spans the globe, with special attention to bo les from Armenia, Iran, Lebanon, and Greece—regions that mirror the menu’s cultural influence. For dessert, another memorable dish: bu er-roasted kataifi with San Geronimo washed-rind cheese, accompanied by a refreshing sorbet.

Chef Sayat echoed Samantha Bechtel when he noted that San Francisco has always been a place of fortitude, tenacity, and deep devotion to cra . Sayat says, “Visitors to San Francisco will discover that our food scene, like the city itself, tells layered stories—of cultures in conversation, of resilience and reinvention, of joy and grit.”

San Francisco never lost its edge— it simply shi ed focus. What’s happening in the city’s kitchens today is not a comeback, but a recalibration: a fresh focus for a new era. “For visitors, dining in San Francisco is, of course, about the food—but it’s also about connecting with the character of the city,” says Samantha Bechtel. For those seeking both, now is the moment.

A Tale of Two Green 911s

Reimagining a modern classic with the next generation of drivers in mind.

BY TIM STEVENS

The restomod industry is booming. There is a seemingly limitless demand for ever-more bespoke renditions of classic motoring icons, restored, reimagined, or reconfigured for life in a modern age while still honoring the original character that defined them. Among those cars, early Porsche 911s are some of the most desirable.

Restomod Porsches typically offer upgraded brakes and suspension to improve their stopping and turning capabilities, along with the requisite power upgrades to enhance their performance. Interiors are o en extensively reconfigured to incorporate features such as central locking and powerful sound systems, components far beyond the original designers’ imagination.

And yet, despite all these updates, many of these tuning companies are reluctant to embrace the one thing that would result in significantly improved power, efficiency, and reliability: a switch to an electric motor. Thankfully, that’s changing, and two builders have created stunning examples of what’s possible when new tech meets classic style.

CREATING DEMAND

Singer Vehicle Design is the bestknown of these Porsche ultrarestoration companies. Its founder, Rob Dickinson, has flat-out said that none of his customers want EVs, so Singer isn’t interested in building them. However, Steve Jobs, rather famously, said that Apple’s customers don’t know what they want until they show it to them. Similarly, a few companies have some exceptionally fine creations to show when it comes to Porsches.

Kalmar is one of those companies. Based in Pärnu, Estonia, Kalmar has developed a range of wild 911-based machines, including an upcoming, 930-horsepower car called the 9x9. Jan Kalmar, founder of the company and a former Porsche engineer himself, said that the upcoming machine will be a “retro hypercar.”

But even Kalmar’s more mainstream machines are hardly commonplace. The company only builds about a dozen cars a year, most of them a model called the 7-97. It’s a restored and upgraded Porsche 911 of the 964 generation, originally produced from the late ‘80s to the early ‘90s. 964 one of the most desirable generations of the iconic rear-engined, teardropshaped sports car.

“Beneath that appropriately evergreen surface lies not aluminum, steel, or even carbon fiber. The bodywork is made of plants.”

Kalmar strips down and rebuilds each one, slo ing in more powerful gas-burning engines with handling and brake upgrades to match, all wrapped in an extensively refined, composite bodywork. Ask nicely, though, and you can get something a li le di fferent: the 7-97 E-Volt.

Though carrying much the same shape as the company’s other 7-97 models, the E-Volt is fundamentally di fferent. It is, of course, electric, but there’s a lot more to it than that.

It starts with the body. Beneath that appropriately evergreen surface lies not aluminum, steel, or even carbon fiber. The bodywork is made of plants, a composite surface of natural flax fibers, to be specific.

The glass, too, is eco-friendly, recycled from the original car’s. Even the upholstery is locally sourced.

“That leather on the seats is from the hides of the cows walking next to the track,” Kalmar said, referencing the company’s test facility. “So, we didn’t have to move it so far.”

But none of that would ma er if the car weren’t worth driving, and Kalmar saw to it that it would hold up that end of the equation, too. It delivers 414 horsepower to the rear wheels from its electric motor, and weighs just over 3,000 pounds, far more powerful yet roughly the same weight as an original Porsche 911 of the 964 era.

ROYAL INSPIRATION

Everrati is another company rapidly making a name for itself on the restomod scene. But, where the 7-97 E-Volt is a one-off EV among a closeknit family of internal combustion machines, Everrati is all-in on electrification.

Everrati founder and CEO Justin Lunny was inspired to start a company focusing on electrified restorations of iconic cars thanks to an unlikely event: The 2018 wedding of Prince Harry and Meghan Markle. The pair drove away in a Jaguar EType that had been converted to be fully electric. “So that kind of gave me the inspiration,” Lunny said. He started research on the company soon a er, pivoting success in the world of fintech into a project to create classic cars that can not only be enjoyed in modern times, but that take advantage of everything modern technology has to offer.

Everrati offers a range of di fferent models, including vintage Land Rovers and classic Pagoda-era MercedesBenz SLs, all modified to contain between 62 and 68 kilowa -hours of ba ery pack—roughly two-thirds the size of the pack in a Tesla Model S. But it’s the company’s 911 that truly caught my eye.

It, too, is a 964-generation Porsche 911 that’s been painstakingly disassembled and retrofi ed with everything needed to be compatible with an electric powertrain. Lunny said that the cars are thoroughly updated so that every component is up to the

demands of the much more powerful electric drivetrain (500 hp). Still, his designers go out of their way to avoid doing any irreparable harm to the chassis.

“Things like the Pagoda, the classic Porsche, they’re never going to be made again,” Lunny said. Everrati’s goal is to “offer future generations the ability to really enjoy these cars in a way that doesn’t ruin them.”

ELECTRIFIED INHERITANCE

Like Kalmar’s machines, each Everrati is a custom commission. The one pictured here was built for Steve Rimmer, founder of the Dirtfish rally school in Washington state, and a man with a pre y epic collection of cars.

“He was actually building this car with us, partly for his kids,” Lunny said. Many of Everrati’s commissions are created with the next generation in mind—at least ostensibly. “I mean, it’s like buying a Patek, isn’t it? You claim it for your child,” Lunny said.

It’s a similar story that led to the creation of the Kalmar 7-97 E-Volt. Jan Kalmar said that a client ordered a 7-97, but called in the next day to cancel a er his wife and daughter found out it wasn’t electric.

Instead of canceling the order, Kalmar said he’d figure out how to make an electric 7-97. “And then we went really crazy with that,” he said, resulting in the E-Volt.

That first car was created to fit a specific need, but Kalmar said that there sadly hasn’t been demand for more: “There have been plenty of inquiries, but no sales.” He told me he believes in EV technology, particularly when it comes to commercial and industrial use, but isn’t sure it’s ready for consumer cars.

“On diesel, you use about 38% of the energy in the diesel, and in fuel, it’s 32. But on electric, it’s like 96, 97, so of course it makes sense from an energy standpoint,” Kalmar said. But, for sports cars like the 911, Kalmar said combustion is still the future: “As Mr. Porsche said many years ago, the last car that will ever be produced will be a sports car.”

Everrati’s Lunny, however, is more bullish about electrification’s place in this world of reimagined classics. “Our cars are genuinely far be er to drive than their original counterparts, far more usable and, in many ways, far more engaging,” he said.

Kalmar will build you your own 7-97 E-Volt should you be interested, at a cost starting around $500,000. Everrati’s 911 builds start closer to $450,000, but you need to source your own 964-generation 911 to start. Everrati doesn’t sell completed cars, rather provides bespoke components and facilitates their installation at a series of trusted shops around the world.

Regardless of which you choose, you’ll be waiting about a year to get the completed machine. “Bespoke takes time,” Lunny said.

From Skyline to Countryside: The Pendry Town-to-Country Escape

Experience two worlds of luxury—from Manhattan’s vibrant energy to Natirar’s pastoral tranquility—in one seamless, signature Pendry journey.

From the electric pulse of Midtown Manhattan to the rolling hills of New Jersey’s Somerset County, Pendry invites travelers to discover a redefined rhythm of luxury. The brand’s signature blend of sophistication and soul is on full display at the well-defined Pendry Manhattan West and newly introduced Pendry Natirar. Together, these two hotel experiences oer a seamless “Town to Country” journey for the discerning guest—an elegant bridge between city energy and pastoral tranquility.

Urban Elegance at Pendry Manhattan West

Tucked within one of New York City’s most dynamic neighborhoods, Pendry Manhattan West brings West Coast calm and cool to the city that never sleeps. The hotel’s warm, modern design—infused with rich textures, sculptural details, and curated art—feels like a private sanctuary amid the bustle. Here, business blends eortlessly with leisure: afternoons might begin with midday meals at Zou Zou’s, the hotel’s lively Eastern Mediterranean restaurant, and end with a nightcap at Bar Pendry, an intimate, velvet-clad hideaway perfect for unwinding after a day in the city.

Whether checking in for a quick corporate stay or a cultural weekend escape, guests of Pendry Manhattan West experience a level of hospitality that feels both polished and personal. But what sets Pendry apart is not only its commitment to contemporary luxury—it’s the invitation to expand your experience beyond the city skyline…enter Pendry Natirar.

A Natural Escape to Pendry Natirar

Just an hour from the high-design of Pendry Manhattan West lies Pendry Natirar, a 500-acre country estate and luxury retreat set within a historic Tudor-style manor house and surrounded by lush farmland, meadows, and riverbanks. The hotel built on the storied legacy of Natirar with a thoroughly modern take on countryside leisure, opened its doors in October 2024. Here at Natirar, the pace slows. Guests can explore the property’s extensive hiking and biking trails, take part in regenerative farming experiences, or relax in wellness-focused spaces such as the full-service Spa Pendry designed to rejuvenate body and mind. With a deep culinary focus centered around their renowned sig-

nature restaurant, Ninety Acres, Pendry Natirar highlights seasonal menus sourced directly from its on-site farm and neighboring producers. Think: immersive wine dinners, garden-side tastings, and chef-led culinary workshops, makers classes and honeybee experiences. The transition from Manhattan to Natirar feels less like a departure and more like an evolution—one where the values of thoughtful design, exceptional service, and authentic experience remain intact, only reframed by the rhythm of nature.

The Pendry Perspective

Pendry’s Town to Country experience is more than a lifestyle—it’s a philosophy. One that understands the modern traveler’s desire for both movement and mindfulness, stimulation and stillness. It’s a narrative written in contrast but delivered with cohesion.

For city dwellers seeking weekend renewal, business travelers extending their stays, or couples planning multi-stop getaways, the newly minted Pendry pairing of Manhattan West and Natirar unlocks a first of its kind of Northeast itinerary: one rooted in both momentum and moment.

How to Charter a Yacht: An Insider’s Guide for First-Timers

From etiquette and itinerary to crew chemistry and fine print, this guide takes you behind the velvet rope of your first charter experience.

BY JONATHAN RUSSO

There are three ways to set your own course on the water: own your own yacht, take a cruise, or charter someone else’s yacht. All have their advantages and disadvantages.

Whether you are planning to purchase your first yacht or seeking an introductory, personally curated experience, there are a few rookie mistakes worth avoiding. One of the most common? Assuming “Below Deck” is an accurate guide to yacht culture.

Before se ing sail, it is important to note a few etique e tips that will ensure you have the best experience. First and foremost, crew members are experts in hospitality and know the vessel. They have spent years dedicated to maintaining exceptional cra . For many first-timers, the line between professionalism and friendship can easily blur, but it’s important to maintain respect and at least a semi-professional tone throughout the journey.

Yacht ownership: Anything substantial that allows you to live aboard comes at great expense: initial cost, maintenance, and staffing. However, there is pride of ownership, the freedom to have every aspect mirror your desires, plus the ability to roam the world at your leisure.

Cruises: All cruise experiences depend on how the line functions. A 3,000-person boat is not the same as a 200-person one. Assuming you find the cruise line that fits your needs and geographic plans, the step-on, step-o ff commitment is perfect for a carefree holiday. Of course, you have to follow their set voyage plan and hope some of your fellow passengers don’t dampen your enjoyment.

Chartering: Chartering involves leasing a yacht for a specific period in a designated location at a predetermined rate. With chartering, ownership and its financial and time commitment are eliminated. During the charter period, every activity is customized. The length of time in a port is up to you. The nature of the food, drink, and scheduling of all meals is flexible.

The fellow passengers are your invited guests. No need to smile, befriend, or avoid another soul. You do have to interact with the crew, but they are hospitality professionals who are there to make sure everything goes well.

One question that may stump a first-time charter is tipping. How much, when, to whom? Understanding the unspoken rules of tipping ensures a seamless and gracious end to your charter without scrambling or second-guessing. Tipping should be at least 15% and individuals who have been particularly helpful should be tipped additionally. The captain is always given the tip money at the end of the charter to distribute to his crew.

For leading independent charter broker Emily Mack, “First-time clients come from all walks of

life. O en, they find me on our website www.luxurychartergroup. com. Usually, they are referred by friends who have chartered with me. They are also guests of charters who are steered to me by crew.”

Extra e ff ort is required to walk first-timers through the process. There are lots of contract details and insurance issues. Being under maritime law, they are di ff erent from those on land, and a specialist a orney is o en engaged. There are costs that can be fixed and understood in advance, and some that are only determined a er the charter is completed; for example, extra fuel due to additional stops. Emily assured Worth, “We put in the extra e ff ort so the first-time charterer understands everything in advance, so that everything goes seamlessly.”

Sue Gearan a charter broker with her own boutique firm called Global Yacht Concierge, finds her clients are “People who love boating, love being on the water. They may want adventure travel, cool new experiences in must-see destinations, or just the fun of returning to a yacht and crew they have come to love.”

The above is only a partial list. Family bonding is also a fundamental driver for chartering. There are no other passengers to distract guests if only you and your family are on board, yet everyone has their own space to enjoy water sports or yoga, for example. Dietary and other lifestyle preferences are easily accommodated.

Young professionals charter to bond and foster more personal connections. And, as Emily explained, “We get a lot of busy executives and their partners who just want a break, to unplug and unwind. It can be off the grid anchored by a remote island… if that is what they want.”

Size ma ers. Yacht charters can be almost anything in terms of size. There are 60- . catamarans in the Caribbean that can easily accommodate six guests managed by a crew of two. Then there are 180- . superyachts with a base fee of $1-2,000,000/week and a crew of 17. For insurance and registration reasons, most yachts are limited to 12 guests. Beyond that, a different set of maritime regulations apply. Sue added, “If there is a reasonable budget, we work hard to find a yacht that’s the right size and the right style, in the right location. We have a huge range in length and volume. Owners of all sizes are keen to charter. It defrays expenses and keeps the crews productive.”

Location, location, location is the golden rule for real estate, and it’s true for chartering too. The Mediterranean is different from New England and the Bahamas. It makes a huge difference if you know where you want to be. If you’re returning to a familiar place, like Santorini, but want to see it from a different perspective than

a villa, chartering is an option. If you want to explore somewhere new, perhaps the coast of Maine, chartering is an ideal way to go. In the winter, Caribbean island-hopping charters are in full swing. New Year’s Eve from the deck of a yacht off Saint Barth’s is not to be missed.

When it comes to destinations, timeless favorites endure for a reason. Insiders know the must-hit spots—St. Barths, St. Tropez, or Portofino will never disappoint. But don’t underestimate the historical beauty that lies on the shores of New England or the understated Pacific Northwest; with thoughtful planning, there’s an ideal retreat for every kind of traveler.

For true bucket-listers, adventure charters are a great way to check the

“Every yacht charter is a one-of-a-kind experience—shaped by the vessel, the itinerary, the weather, the onboard personalities, and even the menu. In this world, “bespoke” isn’t a luxury—it’s the baseline.”

boxes. Both brokers have clients who want to visit Antarctica, Patagonia, Greenland, or the Pacific Islands like Bali or Bora Bora. Some of Emily’s clients “want to see the Amazon and the Galapagos with the flexibility and privacy that only a charter can accomplish.”

The path to the best charter experience is communication. Everything should be discussed in advance with the broker. Every detail, including dietary preferences, activity levels, and allergies, needs to be reviewed.

Another key point, especially for first-time charterers, is the itinerary. Cruise ships cover tremendous distances in a short time. They go from Rome to Athens in a few days. Charters don’t transit as quickly, but

the experience can be more leisurely. Sue advised, “One of the reasons for a charter is the in-depth experience that can be had in the port of call. You don’t have to just walk around for a few hurried hours and then return to the ship for lunch or dinner.”

When planning a trip, a common mistake that can subtly derail the experience: inviting guests you’re not compatible with. Spending time in close quarters can determine who you are aligned with on the definition of a good time. Someone who listens to classical music and goes to sleep at 10:00pm won’t be happy with someone who listens to rap until 2am. An expensive charter is not the place to discover you and your guests are not harmonious!

Another key area is a bit more delicate—understanding the crew navigating the boat, serving you food and drink, plus managing all the toys aboard. There is an important spoken and unspoken etique e with crew interactions that is crucial to a successful charter. Staff are there to enable a great voyage, but they are also maritime professionals, o en with decades of experience. They need to be respected.

An interesting dynamic in the chartering world is the fluidity between being an owner and a charterer. Plenty of owners are ready to part with their yacht—but not the joy of yachting itself. For both Emily and Sue, this cohort charters frequently. In some cases, owners sell their yachts with the stipulation that the new buyer must charter the vessel back to them for several weeks— or even months—across multiple seasons. Conversely, many charter clients eventually make purchase offers on the very yachts they’ve come to know and love.

Then there’s the role of the broker. Every yacht charter is a one-of-a-kind experience—shaped by the vessel, the itinerary, the weather, the onboard personalities, and even the menu. In this world, “bespoke” isn’t a luxury—it’s the baseline. Unlike cruise ships, chartering isn’t a commodity. And unlike real estate brokers, charter brokers remain involved well a er the contract is signed, ready to step in if anything goes awry.

Brokers quietly watch for a few subtle red flags in new clients—especially those who seem overly particular or uneasy about unfamiliar waters. Want to avoid falling into that category? Come in with a clear sense of what you’re looking for. And if you’re unsure, don’t bluff —just ask. Seasoned brokers have the discretion, insight, and resources to tailor the experience precisely to your needs.

Repeat clients make up to 75% of their business. Some have been with them for so long that their children are now clients.

The world of charterers and brokers is an intimate affair requiring a high level of service to assure a magical time afloat.

Come for the Silence, Stay for the Cake

Summer camp charm meets grown-up getaway in North Carolina’s storied highlands.

BY KAREN STAMOULIS

The first morning at High Hampton, I woke early—not from noise, but from a kind of deep, restorative stillness that’s hard to find these days. Light began to sneak through the windows of our co age, casting so shadows across the pine floors. I stepped onto the porch with a mug of fresh coffee from the breakfast basket waiting at our door. Hampton Lake was still and glassy, mist floating just above the surface. It felt like the day was holding its breath.

That’s the rhythm of High Hampton—a 1,400-acre retreat tucked into the Blue Ridge Mountains in the tiny town of Cashiers, North Carolina. Surrounded by forest but open to endless sky, it’s a place that invites you to slow down and exhale. Fresh air, great food, and space to do nothing.

High Hampton’s roots run deep. In the 1830s, Caroline Hampton Halsted and her husband, Dr. William Stewart Halsted, bought 450 acres here as a summer escape from the Southern heat. The McKee family later converted it into a rustic inn in the 1920s, and over time, it became a beloved seasonal destination for families who returned year a er year.

In 2017, the property entered a new era. Arlington Family Offices and Daniel Communities teamed up with Sandy Beall—of Blackberry Farm and Blackberry Mountain fame—to reimagine the resort. The goal: update the experience without losing what made it special in the first place.

One of our travel companions had grown up visiting High Hampton every year and hadn’t been back since before the renovation. Watching her recognize the four-sided fireplace in the Inn, and the creaky stairwell, was proof that the update was done with genuine care. It doesn’t feel redone. It feels rediscovered.

We stayed in Chimney Top Co age, just a short walk from the main Inn,

with big lake views and Rock Mountain rising beyond it. The interiors strike a balance between comfort and cra smanship, featuring cozy textures, vintage rugs, and an abundance of natural light. Some quirks remain— slightly sloped floors, the kind of detail that reminds you this place has history. It’s the sort of room that makes you want to slow down, linger over coffee, or nap with the doors open to the breeze.

Really, High Hampton feels like a grown-up summer camp, with all the fun and none of the roughing it. You can fill your days with as much (or as li le) activity as you like. There’s a network of hiking trails throughout the property, with routes for every

level. You can also paddleboard, canoe, or cast a line. We enjoyed trying out the 18-hole Tom Fazio-designed course with its wide-open views and impeccable greens. Separately, racket sport aficionados are spoiled for choice, with a combination of clay and hard tennis courts and six dedicated pickleball courts. If that is not enough activity to keep you busy, there is even a croquet lawn with staff ready to introduce you to the game. Lastly, if the weather doesn’t cooperate, you can grab a board game and a cocktail and se le in by the fire.

The heart of the place, though, is the food. There are two dining options on the property: The Dining Room, where dishes are thoughtful but never

fussy, and The Tavern, perfect for a relaxed lunch or an end-of-day drink. Executive Chef, Sco Franqueza, and Pastry Chef, April Franqueza, both alums of Blackberry Farm and Mountain, lead the culinary program with a blend of comfort and cra

The couple’s approach to food is grounded and unpretentious. “For the first time in our careers, we’re able to take our experiences and put forth the food that…we would want to eat when we go out,” April said. “We respect Southern ingredients and tradition, but we don’t box ourselves in. It’s all about approachable, comforting, delicious food.”

April was recently named a 2025 James Beard semifinalist for Outstanding Pastry Chef or Baker. “It’s kind of surreal, honestly. To be named one of the top five pastry chefs in the country, from a li le mountain town like this—it means everything.” Their cakes, especially the coconut and chocolate, have become signature items. “Our Southern Coconut cake and Southern Chocolate cake have never come off the menu since 2021. People are obsessed with them.” We want guests to leave saying, ‘Why didn’t I order more cake?’”

But even with its growing national recognition, the energy at the inn stays grounded. “There’s a real sense of comfort and community here that you don’t get anywhere else,” April told me. “The inn is over 100 years old… people come here for generations, and they want to share it with their children and their grandchildren.” She continued, “It’s not just a vacation. It’s about connection, tradition, and something rooted in place. Guests come to High Hampton to be together, and I just love that.”

One a ernoon, a storm rolled through, and we spent it relaxing by the massive stone fireplace in the Inn, reading while families played board games nearby. These unplanned, low-key moments might be the best part of High Hampton—the absolute luxury, if you ask me. “Guests o en mention how quiet the nights are, how dark the sky gets, how still the air feels. You sit on the daybed and look around and think, ‘Where even am I right now?’” April said. “The peace here—it’s not something we create. It’s just here.”

Evenings o en conclude around one of the many fire pits—there must be at least 10—each a warm invitation to connect with other guests. We sat wrapped in blankets, sipping wine, swapping stories, and watching stars appear. Over time, you get to know the other people at the inn, and it feels like you’re all part of a shared secret.

“A storm rolled through, and we spent it by the massive stone fireplace in the Inn, reading while families played board games nearby.”

On our last morning, the air was cool, the lake calm, and we lingered longer than we should have. It’s hard to leave a place that gives you this much room to rest, reconnect, and just be. That feeling is what makes this place so special. High Hampton doesn’t try too hard. It doesn’t need to. Its quiet charm speaks for itself and stays with you long a er you’ve gone.

Navigating the $200 Billion Energy and Climate Tech Investment Opportunity

As the world faces the eects of climate change, the sector presents an opportunity for investors to participate in the transition toward more sustainable energy solutions.

Amidst rising energy demands and ongoing climate challenges, the energy and climate tech sector has become a $200 billion investment frontier. Recently, a digital briefing hosted by Vincent Alternative Investments and Worth Media Group, in partnership with Energea, Zettawatts, and Carbon Collective, shed light on how investors should navigate this dynamic market. The discussion, featuring Chris Sattler (Energea), Scott Case (Zettawatts), Breene Murphy (Carbon Collective), and Josh Kampel (Worth), explored strategies, growth drivers, and the future of energy investments.

A Growing Demand for Energy

Global energy demand is rapidly rising, driven by three key factors: the electrification of transportation, the rise of artificial intelligence (AI) and data centers, and the energy needs of the Global South. Chris Sattler, co-founder of Energea, pointed out that AI alone is consuming vast amounts of energy, with one hyperscale data center using as much electricity as 30,000 homes. Meanwhile, approximately 780 million people in the Global South still lack access to electricity, presenting both a challenge and an opportunity for energy solutions via renewables. For investors, the growing need for energy oers an avenue for significant capital deployment in energy infrastructure projects.

The Role of Renewables in the Energy Transition

Renewable energy, especially solar, is becoming a dominant force in the energy transition. Solar is the cheapest source of new power generation, and last year, more than 90% of new energy generation in the U.S. came from renewables. However, solar and wind energy face challenges related to intermittency. To address this, the rapidly decreasing cost of battery storage is playing a critical role in ensuring a reliable and consistent power supply.

Investment Strategies and Opportunities

For investors, renewable energy presents a range of opportunities. Breene Murphy of Carbon Collective highlighted their focus on divesting from fossil fuels and reinvesting in climate solutions. By oering ETFs and climate-smart target date funds, Carbon Collective enables individuals and organizations to align their portfolios with sustainable practices.

Energea, led by Chris Sattler, also oers investment opportunities in energy infrastructure. These projects provide stable, predictable returns through the sale of energy from solar farms and other renewable sources. These assets are a great option for long-term investors, as they oer regular dividends and the potential for compound growth.

Scott Case of Zettawatts shared his company’s model of helping corporations procure clean energy while supporting the development of new renewable energy projects. Zettawatts focuses on bringing new projects online to meet the growing demand for clean energy.

The Future of Energy Investments

Looking ahead, the panelists discussed future developments in energy and climate tech. Sattler predicted that energy storage will see significant breakthroughs in the next 36 months, with costs dropping as rapidly as solar technology did. Meanwhile, Murphy noted that the rapid adoption of renewable energy is likely to surprise many investors, with the growth rate exceeding initial projections from the International Energy Agency.

Conclusion

The energy and climate tech sector oers vast investment potential, driven by the rising demand for clean energy, the expansion of renewables, and the increasing need for energy storage solutions. Investors have numerous options to capitalize on these trends, including private opportunities in energy infrastructure and publicly traded climate-focused ETFs.

The sector’s rapid growth and innovation provide compelling opportunities for those looking to generate returns and invest in a sustainable future.

PARTNER CONTENT

Diesel Dreams, Electric Ambitions

As a new era of yachting dawns, will eco-innovation remain the preserve of a few visionaries, or can the whole industry chart a cleaner course?

BY TERRY SULLIVAN

The champagne flows, the teak decks gleam, and the engines… whir quietly? As the yachting world faces its carbon reckoning, an unlikely coalition of engineers, entrepreneurs, and enlightened owners is proving that you can have your caviar and a cleaner conscience, too. But can green innovation keep pace with the industry’s appetite for extravagance?

This tension was on full display this summer in Venice, when tourists and native Venetians alike watched a fleet of superyachts descend upon the city for Jeff Bezos’ Italian wedding to Lauren Sánchez. Among the boats of note were basketball legend Michael Jordan’s $115-million, 244-foot megayacht, the M’Brace, and Pakistani-American businessman Shahid Khan’s $360-million, 400-foot megayacht, the Kismet.

But recently, those who design, build, and own superyachts have had to deal with a different kind of problem. Unsurprisingly, superyachts burn a ton of diesel fuel, generating a surprisingly large amount of greenhouse gases.

Gregory Salle, a French social scientist at France’s National Centre for Scientific Research, says as much in his recently published book, “Superyachts: Luxury, Tranquility and Ecocide.” Salle found that the “annual CO2 emissions of the top 300 superyachts is almost 285,000 tons, an amount more than the entire

nation of Tonga.” And with almost 6,000 superyachts currently at sea, the real figure is undoubtedly far higher.

So, what’s a superyacht lover to do?

Well, there’s hope. Yacht and boat builders, ship designers, engineers, entrepreneurs, industry leaders, and even superyacht owners themselves are working to build be er boats.

DESIGNING TOMORROW’S SUPERYACHTS

During this period of transition, numerous countries, especially those within the European Union, are introducing multiple alternatives to diesel fuel for powering superyachts. The list includes hybrid propulsion (diesel-electric, plus ba ery power), ba ery-powered systems, solar energy integration, hydrogen-assisted systems, methanol-fueled engines, and wind-assist systems, each with its pros and cons.

Currently, hybrid propulsion is the most mature, having been around since 2017. That also happens to be the same year the Dutch ship manufacturer Heesen introduced “Home,” a 164-foot lightweight aluminum superyacht, which was the first to include a hybrid propulsion system. It also included a fast displacement hull form, also known as FDHF.

Looking back eight years to the introduction of that superyacht, Tom-erik Buis, technical sales engineer for Heesen Yachts, says there were a few technical challenges that were important lessons to learn for building future hybrid superyachts. “From a technical perspective,” says Buis, “one challenge was simply the availability of the equipment.” The scarcity of resources forced Heesen to cooperate with various partner companies to develop the equipment and complete the project.

But another technical challenge provided Buis and the Heesen team with valuable insights into how ba ery-powered electricity operated di fferently from diesel. Buis said the energy management, or “the transfer between electric and diesel was the biggest challenge.” Why? “A diesel engine is a very forgiving component. It can take whatever you bring up to it, and it keeps running.”

But electricity reacts much di ff erently. That insight enabled Heesen to prevent any equipment blackouts or failures on Home, as well as on future models. “Diesel,” says Buis, “is very good at absorbing power fluctuations. It reacts almost like a bu ff er. But an electric component is either on or off .” It’s not a slow or gradual change from on to off , Buis says.

Heesen’s Home won an award for being the most innovative yacht that year at the Monaco Yacht Show in 2017.

ZERO EMISSION YACHTS

However, although hybrid technologies are taking yacht design in the right direction, some designers and entrepreneurs are a empting to go further by designing and manufacturing zero-emission sea vessels.

For Sampriti Bha acharyya, founder & CEO of the Californiabased start-up Navier, a company that produced the N30 Pioneer Edition, America’s first all-electric hydrofoil (which uses submerged ‘wings’ called hydrofoils that li the hull out of the water as it gains speed). Bha acharyya’s sights are set not only on producing sea vessels but also on redefining the future of coastal cities through zero-emission electric sea vessels. In many ways, she is tapping into an overlooked resource, particularly in the U.S.

“The United States used to lead in maritime until World War II,” she says, “and right now we are number 11.” That’s why she saw there was an opportunity in this space.

However, she wants to rebuild this industry “with the technology stacks similar to what’s driving innovation

in the land and air vehicles,” says Bha acharyya. “It’s all cheaper, with faster computing, scalable manufacturing, and electrification, or new sources of energy are fundamentally changing traditional transportation companies to more like tech companies that are scalable, sustainable, and with so ware at the core.”

And since the maritime industry “is a very fragmented industry, you can apply a technology stack to it, and you don’t just get a li le bit of improvement, you fundamentally change how we think of moving on the water.”

Moreover, an electric hydrofoil is far more efficient than a gas boat.

“The thing about an electric hydrofoil is that the combined efficiency is about 15 times more efficient than a gas boat,” says Bha acharyya.

Navier isn’t the only company designing and creating zero-emission marine vessels. In July of this year, Vripack, a yacht design and naval architecture studio based in the Netherlands, announced that the SY Zero, the world’s first sailing superyacht designed to operate entirely without fossil fuels, was entering the final stages of construction, with an expected launch at the end of 2025.

Marnix J. Hoekstra, partner and co-creative director at Vripack, notes that what makes the SY Zero so unique is that it does not have an internal combustion engine. It will operate using only wind, solar, and thermal energy, supported by a five megawa -hour energy storage system – the equivalent of the capacity of 88 Tesla vehicles.

Hoekstra says this type of retrofi ing has been done with smaller

vessels, but the SY Zero is the first time it has been a empted on a ship of this size. The SY Zero is nearly 230 feet long. Furthermore, to encourage others to adopt sustainable technologies, Vripack is making all technical data and system designs openly available.

Bold designs and technical innovations are crucial in making sustainability and environmental efforts viable.

But so much more needs to be done, particularly in spreading awareness and education. For Daniela Fernandez, the founder and CEO of Velamar, the world’s first asset management firm dedicated to accelerating the blue economy transition, and the founder of the Sustainable Ocean Alliance (SOA), when it comes to sustainable yacht- or marine-vessel designs, “I would say they have to start with integrating sustainability at the core of how they’re designing, not just adding it as a

feature, There’s a big di fference.” Fernandez says they need to start “with the mindset that the boat is going to be created to be sustainable.”

For Hoekstra, he wishes the superyacht industry would have a more expansive mindset. “They’ve been very focused on just alternative fuels,” he says, “but there’s so much more, such as microplastics, in underwater noise pollution, cleaning of vessels, etc. We’ve got a long road ahead of us.”

The race to build the cleanest superyacht is on, but if the annual parade of superyachts do ing the coast proves anything, it is that spectacle still trumps sustainability. For every bold green promise, the industry launches a dozen new diesel giants. Until prestige shi s from size to stewardship, a truly green wake is likely to remain the exception rather than the rule.

Built to Last, Led with Purpose

In an age obsessed with growth, Dave Munson is building something better: a family-first, faith-fueled business rooted in craft, community, and lasting impact.

BY DAN COSTA

You don’t meet many CEOs who refer to their business as a “leather ministry.” Fewer still who proudly admit they’re not trying to scale. And almost none who launched a global brand with a hand-sketched bag, a beat-up truck, and a mission to fund youth ministry—not disrupt a market. But Dave Munson isn’t your typical entrepreneur.

As the founder of Saddleback Leather Co., Munson has built a business on two things that rarely coexist in modern capitalism: deeply held values and bulletproof design. His mo o—“They’ll fight over it when you’re dead”—isn’t just good copy; it’s the design brief for every product his company makes. Durability isn’t a feature. It’s the point.

Munson runs his company with equal parts Texas grit, biblical principle, and irreverent humor. He’s written a children’s book about the birth of Jesus, leads marriage workshops, and runs a bilingual school for his employees’ children in León, Mexico—all while shipping high-end leather goods to customers around the world. His leadership style blends scripture and service with business pragmatism, and his idea of wealth has less to do with EBITDA than with how many lives he’s li ed up.

In an age of AI-fueled growth hacks and unicorn valuations, Munson is an outlier—happily so. He’s not looking to 10x his revenue or chase a buyout. He’s building something slower, tougher, and—he hopes—more lasting. We spoke with him about mission-driven capitalism, manufacturing across borders, and what it really means to live a life of “worth beyond wealth.”

You went from teaching English in southern Mexico to launching Saddleback. What sparked that leap into entrepreneurship?

Honestly, I had no intention of starting a business. I just wanted to make enough money selling them on eBay to support my youth work. But then I met Suze e on Myspace and knew I would need to be able to sup-

port her and a family somehow. Since I was already had a system of selling the leather bags, it just made sense to step up the sales and make a serious run at it.

What was your vision when you sketched that first leather bag in Mexico, and has it held up today?

The vision was simple: Make something so tough and unbreakable that, a er my funeral, when my grandkids were rummaging through my study, that they would stumble across that leather bag and start fighting over who got to keep it. That’s where our slogan, and the title for the Saddleback story book came from, They’ll Fight Over It When You’re Dead, and it became my design philosophy.

The first sketch was about simplicity, durability and old-fashioned good looks. No zippers, no breakable parts, just thick leather and rugged stitching. And yeah, that vision has definitely held up and so has that original bag. We’re still designing everything for the first owner to start breaking in for the next owner.

Mission-driven capitalism is a buzz phrase—what does it concretely mean for Saddleback and your leadership?

I got to have lunch with Zig Ziglar right before he died, and I sat right across the table from him. It was a

huge honor. So, I asked him, “If all of your books and media disappeared off the earth and you could only leave us with one book, what would you write about?” He said, “1. Court your spouse, because success starts at home. 2. Encourage everyone. 3. Try to help everyone around you be as successful as they can.”

All of those are focused on the self of others, which is humble. To be focused on my own self is what we call in the business as self-ish, self-centered, and egocentric. Me focused is prideful. The greatest man to ever live on Earth described his heart only one time and he described it as humble. Jesus came to live for others. To serve. To save. To rescue. He didn’t come to live for himself, but rather for the sake of everyone else around him. I can’t go wrong having a heart like his.

For me and my leadership, it looks like serving others around you in tangible ways. “Can I get you another drink? Here, you have my seat. Don’t worry, I’ll pick it all up.” Stuff like that. We want to serve everyone around us.

Your factory in León, Mexico—what are the biggest operational and ethical challenges of manufacturing across the U.S./Mexico border?

You’ve got to be flexico in Mexico. Operations in Mexico has been mucho muy challenging at times, but rewarding. When we lose money for some stupid thing, I say, “Well, that’s just the extra tax we pay for doing business in a country with such beautiful people, such a rich culture and with a Mexican restaurant or taco stand on every corner.

If you get mad at every li le thing that’s different than what you were raised with, then you won’t do well in Mexico. They were raised valuing different things than I value and I need to adjust to that, not have them adjust to me. Most things are not wrong, they’re just different. Virtues are universally accepted rights and wrongs and those are the ones we emphasize; honesty, respect, tolerance, love, patience, faithfulness etc.

You’ve described Saddleback as a “leather ministry.” How do you strike a balance between profitability and a deeper purpose?

I used to have a youth ministry, but now I have a leather ministry. Nothing has changed except the number of people I get to speak into the lives of. I have a truly personal and intimate relationship with God. Jesus didn’t ask us to join his religion. In fact, he was against the religious people. He just asked us to follow him. Spend time with him and learn from him. Then, help others to know him and spend time with him, too.

My wife and I have found a TON of fulfillment in this relationship with him, and we have a really strange and sustained peace and joy, even in storms, and to keep that to ourselves, if someone could have that too, feels like it would be wrong.

Of course, if you spend a lot of time on something and don’t make money, that’s what we call a hobby. Profit is important. It’s what fuels the purpose. But we don’t exist to get rich. We exist to love people around the world through the profits from our leather bags. Of course, we’re not hurting financially either, but we all know that money doesn’t bring lasting happiness; knowing God in a personal way does.

What systems or practices ensure you’re not just making bags—but supporting your employees and their communities?

We own a private school located down the street from our factory, which is open to the children of our employees and the surrounding neighborhood. It’s all in English and has an American curriculum. We also offer English, financial, parenting, and marriage classes to our employees in Mexico. We also open the door for locally trained counselors to offer one-on-one sessions with employees a er hours. It’s one thing to say we love our people, but as we all know, love is a verb.

Saddleback’s marketing is famously irreverent. What role does brand storytelling play in delivering your missiondriven approach?

People make significant purchases that represent who they are or what they stand for. When someone gets to know who we’re and what we’re about, and they feel that our values align with

theirs, then they’re more likely to make a purchase. It’s not really marketing, it’s just our brand aligning with the customer’s brand.

We’re real, we have a lot of fun, and we make people laugh. Our marketing reflects our personality - rugged, honest and a li le bit wild. It helps us connect with customers on a human level. I think people like that.

How do you personally define “Worth beyond wealth,” both for your company and for your legacy?

Would you rather your daughter to marry a really rich guy who only lives to impress people with his own image and to create the ultimate amount of comfort for himself or a middle class fellow who lives to li up the image of his spouse and kids and friends and encourages everyone around him and who helps everyone around him to be as successful as they can be? Who would you say was the truly wealthy person? Great Humility (being othersfocused) = Great Worth. Great Pride (self-focused) = Great Poverty

What’s your biggest ongoing challenge in scaling a values-first leather business today?

Honestly, I’m not really trying to scale my business. I’m happy where we are. Why would I want to grow the business? I have a great work-life balance. I spend time with my beautiful wife and my great kids. I get to travel where we want, and our life is fulfilling. To scale the business, it could only go against what I have now. There is some unwri en rule that says you have to grow or die or grow at any cost. For what? The challenge is to hold back and enjoy life.

What legacy do you want Saddleback to leave—not in terms of sales figures, but in lives impacted and values sustained?

Most of all, I want people to say that they’re closer to God because of us and that we were a business worthy of imitation in the way we love people. I also want our business to be known as an industry changer that awoke a demand for high quality.

The Milken Institute Moves Climate to the Top of its Priority List

How the think tank’s finance, philanthropy and health work comes together to combat environmental issues.

BY WORTH MEDIA

Abiotech company in Tanzania that upscales organic waste into sustainable fertilizer… A Ugandan business that uses nanotechnology to help growers keep produce fresh for an extra month… An Ivory Coast-based research center that helps protect crops from flooding—one of the most dicult and costly issues aecting farmers in the Global South… What do all these projects—NovFeed, Karpolax, and IRRI-AfricaRice—have in common?

They’re sustainable, technologically savvy agricultural solutions with a specific focus on Africa. But they’re also the winners of the Milken-Motsepe Innovation Prize, a $2 million annual distinction awarded to creative thinkers by the Milken Institute in partnership with the Motsepe Foundation. And that prize, hatched in 2021 to further the UN’s Sustainable Development Goals (SDGs), is part of the Milken Institute’s increased focus on the environment.

The nonprofit, non-partisan think tank is built around the idea of helping people to build meaningful lives. It pursues this through work in finance, philanthropy, and health. So, in many ways, climate is a natural fit. But not only does the environment make sense in terms of focus (it’s the first Milken Institute topic which reaches across all three of its work streams), but the timing is very, very right.

Everyone knows the climate is in trouble. The race to decarbonize economies due to global warming is on, and new investment—to the tune of $90 trillion globally by 2050—is needed. Yet traditional solutions are increasingly faltering. President Trump pulled out of the Paris Agreement in January (though the withdrawal won’t be ocial until New Year’s Eve). And in March an ocial statement that the administration “rejected and denounced” the UN’s SDGs, which feature not only climate concerns themselves but whose realization is dependent on environmental crises being addressed in other areas as well. (Poverty, for example, which the SDGs aim to end, is aected by climate.) As a result, says Dan Carol, senior director of the Milken Institute Finance team and leader of climate work across the organization, a “second track” of investor-led financing innovation is crucial. This track must not only bridge the gap between investors and frontline communities and be organized “around deal flow and actual outcomes,” Carol says. “It also must prioritize outcomes over orthodoxy. How do we partner respectfully with existing groups and existing players and bring together serious investors and community leaders who are ready to build on their own? We’re trying to organize this new, added climate capital acceleration track both in the U.S. and internationally.”

To build this track the Institute is catalyzing, overseeing, and creating data-driven research projects and reports, innovative programs around finance and food systems, and facilitating connections at events like its annual Global Conference. At its core, the approach can be broken into three main strands:

Making sure funding gets where it’s most needed, and quickly—and that it’s sustainable and impactful once it arrives.

Funds often don’t reach the areas and communities that need them the most. To help, many members of the Milken Institute’s Global Capital Markets Advisory Council (GCMAC) have participated in this programming to learn more about the new and innovative ways they can allocate capital to maximize returns. GCMAC—a consortium of Chief Investment O cers from the world’s largest single-pools of capital that together represent over $28 trillion in assets under management (AUM)—is a peer network geared towards uncovering investment opportunities and aims to break down silos between types of investors: those that run pension plans, sovereign wealth funds, family oces, endowments, foundations, and more.

Finding innovative climate solutions to invest in is an ongoing discussion among GCMAC members. As part of this work, the Milken Institute joined a new initiative at COP29 to accelerate climate capital deployment with the CREO Family Oce Syndicate and the Investor Leadership Network. This eort focuses on overcoming key friction points to build a stronger pipeline of environmentally sustainable projects.

Also of note: The Institute’s recent report “Priorities for Strategic Climate and Environmental Philanthropy.” Surprisingly, the report notes, only 2% of giving globally goes to climate mitigation. (This is an impressive increase of 20% over 2024, but still nowhere near what the sector needs to scale solutions.) The paper, based on 50 interviews with environmental scientists, impact investors, and activists all over the world, aims to help both beginner philanthropists and more seasoned ones to give in a way that maximizes their impact.

Creating new ways for funds to be deployed, from fostering innovative partnerships to creating new capital structures and business models.

The Milken Institute’s Financial Innovations Labs are its signature, applied research projects. To date, they’ve helped disseminate $3 billion in innovative financing across sectors. The Labs focused on environmental sustainability have led to increased use of green bonds, created recommendations for green infrastructure, and explored solutions in industries including electric vehicles, renewable energy, and alternative fuel.

Another important program is Pathways to Capital. Under its rubric is the 10,000 Communities Initiative, which

focuses on climate-smart infrastructure and energy transition projects. Carol describes its mission thus: “How do you help 10,000 communities over the next three to five years—many of whom are underserved, rural, and essentially forgotten—access the capacity and capital to turn their one-page idea into something that is grantworthy and investable?” To help, the Institute launched its Community Infrastructure Center, a U.S.-centric platform connecting community project sponsors to public and private capital resources, developers and technical assistance experts. To date: 1500 organizations have roughly 400 projects moving through the system.

Designing solutions for food systems in a way that prioritizes resilience, nutrition and sustainability.

Food systems are a powerful lever for addressing climate issues, not only because they contribute to greenhouse gas (GHG) emissions, but also because they hold significant promise to enhance resilience and support healthy longevity. However, despite food systems being responsible for one-third of GHG emissions, funding to address the impact of food systems on the climate has been sorely lacking. Only 3% of public money is earmarked for this arena; 20 to 50 times that would be necessary to adequately address the problem. Through elevating the intrinsic connection between food systems, climate change, and health, the Milken Institute’s Feeding Change is working to catalyze a more nutritious and resilient food system for all.

The above is only a sampling of the Institute’s work. More projects and programs not only exist but are created on a rolling basis. Often, they involve serendipitous meetings, alliances and even entrepreneurial projects born out of the 200 events annually that the Milken Institute facilitates - and those that it visits. This year, the latter will include COP30 in Brazil where the institute will host its Global Investors’ Symposium. This event brings together senior executives, investors and policymakers across sectors to analyze geopolitics and macroeconomics and brainstorm ways to deploy capital for eective change. Also on the docket: our Techonomy Impact: Defending Climate, Making Progress event, which will be held during this month’s Climate Week NYC. No doubt these stops will add to its process of refining approaches and solutions.

But the Institute’s goals are fundamentally in place and progressing. Says Emily Musil, managing director of Strategic Philanthropy Environmental and Social Innovation team: “The Milken Institute magic is that people here can decide ‘I want to do something’ and then actually do it. Mike Milken himself will say, ‘Sure, we’re a think tank but we’re also an action tank.’ We love talking, communication, community. But you’ve got to find practical solutions—to make things happen. That’s what we do.” PARTNER CONTENT

+A closer look at who’s really at risk—from entry-level researchers to hotel room art designers—and why CEOs are still hiring.

BY OLIVER RIST

Millions of jobs a ected! A white-collar bloodbath!

Massive economic disruption! A technological spreading of Marxist propaganda!

Politicians, pundits, and C-suiters everywhere are shouting out about the epic mud stomping that artificial intelligence (AI) is going to do on our stable and beloved job market in the next few years. Or the next ten minutes, depending on whom you’re listening to. They’re loud. They’re apocalyptic in some cases, dystopian in others. And, yeah, they’re freaking people out.

The bad news is coming from all sides, though the numbers vary widely. On the high side, Goldman Sachs predicts that AI could impact up to 300 million full-time jobs worldwide, particularly in the U.S. and Europe.

On the low end, there’s the World Economic Forum, which predicts that by 2027, 83 million jobs will be lost to AI, while AI will create 69 million jobs. That would result in a net 14 million job loss.

Then there’s the guys pitching the real grabbers. Like Dario Amodei, CEO of Anthropic, who says he thinks AI could wipe out half of all entry-level white-collar roles within five years, a situation he’s calling a potential “white-collar bloodbath.”

Or Adam Dorr, a real doom-and-gloomer, who predicts AI will wipe out all (yes, all) human jobs by 2045 except for politicians, sex workers, and ethicists. I’m going to take a wild guess and say that Dorr thinks of himself as an ethicist. And he probably also hasn’t been to CES in the last few years, or he’d have seen what the Japanese have been doing with sex robots. (Hint: disturbing.)

By comparison, our intrepid political leaders’ views on AI seem tame. Even President Trump is sticking to a relatively middle-of-the-road prediction (though he is convinced that AI might be spreading Marxist propaganda). He thinks AI will take between 10 and 15 million jobs in the next five years, but doesn’t believe the government’s role is to restrict AI; instead, it should give tech companies more freedom to use it. (Some of his other beliefs on AI’s long-term effects are more disturbing than the Japanese sex robots, but let’s stick to the topic at hand.)

LET’S ALL JUST TAKE A BREATH, SHALL WE?

What should the rest of us take from all these, let’s be fair, o en vague predictions? Nobody knows, that’s what. If AI is going to supplant 14 million jobs, as the WEF predicts, that’s certainly not great. However, by comparison, COVID-19 saw the world lose 255 million full-time jobs, or 8.8% of global

working hours, according to the Sustainable Development Goal indicators website. Way worse, and we still don’t see mountains of white-collar workers living in refrigerator boxes, do we?

The more critical indicators are what AI has been doing to the job market in the last year and what it’s doing now. Are hundreds of corporate boardrooms stuffed with slavering CEOs looking to dump flesh-and-blood employees in favor of AI?

Rohit Patel, Director of Meta’s Superintelligence Labs, doesn’t think so. Meta Superintelligence Labs is where some of the most cu ing-edge AI cookery is happening; he’s in a unique position to comment.

He believes the negative impact of AI on jobs is being overhyped. “It’ll have an impact for sure,” he says, “but it’s not going to be as damaging as is being predicted, and it’s not going to happen immediately.”

Reason being, and Patel sums it up nicely, a job is more than just a task, and individual tasks are all AI is capable of right now. “Because AI is relegated to tasks means it can help make the people who do those tasks more efficient, but that’s all you can reasonably expect right now. That’s why I don’t see any sort of job being replaced wholesale shortly.”

Patel believes that CEOs who focus solely on job consolidation are making a mistake. “A task isn’t a job because nothing is guaranteed,” he says. “A high performer today without AI isn’t necessarily going to be a high performer tomorrow with AI. To me, it’s less about cu ing say 40% of your workforce right now, and more about taking the time to make a department more efficient with AI and then deciding whether that department needs as many people.”

AI IN THE REAL WORLD

I spoke with Jim Yu, CEO of BrightEdge, a wellknown San Mateo-based provider of SEO solutions. BrightEdge has been experimenting with AI for several years, but doesn’t sell an AI solution, so they’re a good example of what a tech-savvy business can do with this technology today.

Because SEO on a global scale requires massive amounts of data analysis that customers expect at an ever-faster rate, Yu says BrightEdge has been testing new technologies to help meet this challenge for some time.

“We started down this path about 10 years ago,” he explains. “That’s when our customers went from wanting the data so they could create their own insights to demanding that the app do it for them. So we started testing di fferent technologies to help evolve the solution that way. We tested a lot of different approaches, and we had a lot of failures. But that’s the kind of experimentation and testing it takes to make the most of something new.”

To BrightEdge, generative AI has been a game changer, not just across application development, but also in the front office, particularly sales. Even so, when asked if he was considering laying off employees and replacing them with AI, Yu had a pre y strong response that jibes with Patel’s.

“No. And for those that are thinking that way, they’re going to be disappointed. AI can only do so much.” He also points out a key problem that most pundits aren’t talking about: You need to hold AI’s hand—a lot.

“What you’re looking for with AI is to make your employees more efficient and accurate, right? But that’s not plug and play at all,” he warns. “For us, it’s requiring endless tuning and testing across all kinds of use cases. It’s not some kind of magical solution. Ge ing to an 80% correct answer on an individual basis and for pre y basic tasks isn’t super hard, yeah. But what does that really get you? And ge ing beyond that 80% isn’t at all easy.”

SO IS ANYONE REALLY ON THE CHOPPING BLOCK?

Both Patel and Yu acknowledge that some jobs are at risk right now or in the near future, but neither one describes those consequences as a “white-collar bloodbath.”

“Can you use AI to replace someone right now?” muses Yu. “Sure, if you’re using people for basic research, for example. But that’s stuff like college interns. If you’re using three interns right now, you may only need one if your AI testing is successful enough.” However, he stresses that you’ll need to test AI rigorously before making that sort of decision, and that you’ll still need one intern to verify the AI’s results.

Patel is a li le more expensive. “Beyond research, AI will definitely impact creatives fairly soon,” he predicts. “Particularly those involved in mass producing mediocre stuff. Like say you’re someone who creates the pictures that hang in hotel guestrooms. AI can certainly churn those out faster than people and the quality will be the same. That kind of job is definitely in jeopardy.”

But in either of these examples, even the creative one, AI still can’t just be turned loose to work on its own. Because AI is not reliable in any task. It’s o en wrong without knowing it, yet still offers up those answers with authority. It also fabricates information, which Patel and Yu refer to as “AI hallucinations.”

“AI essentially works on an auto-complete model,” explains Patel. “It’s got a fixed data set to work with, and it’s just trying to answer your question with the information it has. It doesn’t have a concept of correct and wrong. That’s why sometimes you’re reading an answer and you’re asking, ‘Hey why did it just make this whole thing up’ Actually, I’m surprised it doesn’t do that more o en.”

So an AI might turn up a wrong result that an intern wouldn’t have and deliver it with enough confidence that a reader might simply accept it if they didn’t take the time to check it out first. Or a creative AI might decide to simply reproduce an existing painting if it couldn’t come up with a variation of its own.

Examples of these kinds of hallucinations have already go en some early AI users in trouble. For example, Forbes reported on a 2023 legal case involving Avianca Airlines and an irate passenger. The passenger’s lawyer was nearly sanctioned by the judge for using citations recommended by ChatGPT, which were found to be entirely fictitious, created solely to establish non-existent trials, quotes, and opinions.

However, when used carefully and with oversight, AI can have a profoundly positive impact on any business. Did I use AI when writing this article? Sure. Would my editor have fired me for just handing in a draft by [insert your favorite AI here]? Definitely, and it wouldn’t have been difficult for him to figure it out either. But when it came to finding all the market statistics and obscure punditry I cited earlier, it was invaluable and saved me at least a full day of work. So more efficient, but still in need of a human.

In Yu’s case, too, it’s been a game-changer. “The data we analyze is huge and also very individual to every customer. Analyzing data at scale is never going to be as efficiently done by a human as it is by an AI. So, it’s been phenomenal in that use case.”

That’s been impactful enough for him to recommend thinking about AI beyond just technology scenarios. “For instance, for us it’s been a huge help with sales simulators.”

Like most large companies, BrightEdge seeks to enhance sales performance by having every salesperson work through simulated scenarios. “But a busy sales manager can do that, what, once or twice a week for an employee?

But with AI, we just trained it on the scenario and the customer’s sales and purchasing data, and now it can run those simulations much more o en and also score the salesperson so their manager knows how they did.”

So if Patel and Yu’s experiences are accurate, AI will hurt the job market, but much more slowly and certainly less pervasively than is currently being predicted.

However, it will also create new roles even as it eliminates old ones. Just remember the WEF’s prediction above – AI might kill 83 million jobs in the next few years, but it’s also going to create 69 million new ones.

“Sure, there are going to be new jobs created by AI; it’s already happening,” says Patel. “In our labs today, we have PhDs who are creating new AI models and also building new LLMs on which our AIs need to be trained. That kind of job might be rare today and conducted only by experts, but as AI technology becomes democratized, businesses are going to need the same kind of skill set, which means they’ll have to hire people to fill this new role.”

He also mentions that those new roles will need new so ware tools, which means you’ll see entirely new businesses being created, too.

When asked the same question, Yu cites BrightEdge’s recent experiences. “AI isn’t just changing what our so ware does; it’s changing how our developers are building it. That means in the future, we’ll almost certainly start hiring programmers who understand how to leverage AI, find the right AI, tweak and teach it, and design proper tests to vet it.”

FOR THOSE WHO ARE SWEATING IT

However, that might not mean much to worried white-collar and executive workers today.

Kelly Reeves, who is CEO of an executive coaching firm and host of the Confidence Academy Podcast, isn’t as bullish as Patel or Yu. But her blunt advice to those looking for new jobs or worried about keeping the one they have now still generally agrees with Patel and Yu’s opinions. She’s just not as rosy about it.

“A year and a half ago, AI was revolutionary,”

she says, “but today, it’s a reckoning. If they want to succeed in the future, business leaders need to partner with AI and make it an integral part of how they manage and strategize.”

She’s particularly worried about the IT sector. “There’s already a drought of qualified IT candidates, which means in the short-term, there’ll be even fewer candidates once you factor in AI literacy.”

In the end, all three of my interviewees offered similar advice for job seekers and job keepers: you need to partner with AI and focus on how your own skill set can evolve with the technology, rather than trying to outdo it. Patel and Yu emphasize the importance of critical thinking and problemsolving skills.

“I’m telling my daughter she can major in whatever she wants, but she should also minor in data management,” says Yu. “Being able to solve problems and think critically is beyond AI, so focusing on disciplines that stress those skills is where I think a college grad should focus.”

Reeves agrees, but also thinks that those about to enter college look for programs to prepare them for jobs that don’t yet exist. “We’re entering an economy where we’ll need skills that aren’t being taught in most schools right now: AI workflow architects, prompt designers, cognitive experience designers, and AI compliance officers. Even things like AI cybersecurity skills are still evolving.”

Unfortunately, Reeves also believes that college students and professionals alike may have to design their own skill training to remain competitive, at least for now. “Curriculums simply aren’t keeping pace with AI right now,” she says. That means you’ll need to look to your own resources when it comes to living and growing with AI.

“Just start using it,” counsels Yu. “We’re encouraging all our people to see how an AI, even di fferent AIs, can help them work be er. We want them to think about jobs changing, not jobs being eliminated. That really doesn’t help anyone.”

Patel had even broader advice for the world at large: “If you’re worried about losing your job, you’re focusing on the wrong thing. You should be thinking about opportunities right now, not the negatives.” He cites the mid-nineties:

“Back when the internet suddenly exploded, there were lots of opportunities because nothing was online yet. Smart people were leveraging every opportunity to bring new things to the web,” he explains. “The same thing is happening today. For lack of a be er word, the world is stupid right now. Figuring out how to bring artificial intelligence to any task or service is a fantastic opportunity that isn’t running dry anytime soon.”

INT AI

+

IMACY

Millions are finding comfort in AI partners who never argue, never leave, and never stop validating—for $15.99 a month.

BY EVA CROUSE

Large language models are proficient in a wide range of topics, from poetry to programming languages like Python. Now, they’re asking about your love language, too.

It’s easy to assume that anyone who’d rather flirt with an AI chatbot than see friends or go on dates needs to “get a life.” But the scale of the phenomenon tells a dierent story. Over 650 million people have developed an attachment to Xiaoice, one of the first AI companions, launched by Microsoft Asia in 2014. That’s more than twice Spotify’s subscriber base—and just one of hundreds of companion apps now available on the global market. And that market is growing fast. In the U.S., Science Alert reports that 75% of teens (ages 13–17) have used AI companions. Alarming? Probably—but like so many reallife relationships, the reality is complicated.

Large-scale studies on AI companion use in the U.S. are still in their infancy. Still, smaller ones are beginning to emerge— like Stanford’s June 2025 study, which found that large language models can’t replace healthcare professionals due to their tendency to express stigma and deliver “inappropriate responses.” However, anecdotal testimony from thousands of users—reported across hundreds of publications and social media platforms— paints a more complex picture. On one hand, millions of people from nearly every demographic report genuine relief from interacting with digital companions.

On the other hand, the risks are real: self-isolation, atrophying social skills, and extreme confirmation bias. At scale, the adoption of these tools raises broader public health concerns.

But what exactly is an AI companion? Take Replika, one of the leading apps in the U.S., with some 30 million users at the time of writing. You can sign up via browser or by downloading the app—then you build your companion. It’s a bit like creating an avatar in a video game: choose their gender, hairstyle, skin tone, body type, eye color, and outfit. You can also set personality traits—shy, confident, logical, sassy—and select their interests, customize their memories, even “read their diary.” The free tier offers a “Friend” relationship. Upgrading to “Boyfriend,” “Girlfriend,” “Mentor,” or “Spouse” costs $19.99 a month.

According to Grand View Research, the global chatbot market is projected to reach $27.5 billion by 2030, growing at a compound annual rate of 23.3%. And with the Trump administration’s “AI Action Plan” released in July 2025—essentially signaling a GOP stance of “build now, ask questions later”— that growth shows no signs of slowing.

Replika alone generated $35 million in revenue in 2023. Emotional labor has always had value— now it has a price tag.

PERPETUATING HARMFUL TROPES AND BIASES

As with most large language models, one of the main concerns about companion AI is its tendency to reproduce harmful biases. Most rely on massive, open-source datasets scraped from the internet— data “li ered with mis- and disinformation and xenophobic and sexist content” and lacking genderrepresentative balance, according to the Centre for International Governance Innovation (CIGI). Without strong filtering, these systems simply replicate “the same inequitable, racist and sexist biases as their source material.”

CIGI points out that “the online experiences of women, especially women of color, mirror historical and existing inequalities”—and tech companies have shown “a consistent reluctance to build systems that will not harm women.” In other words: they know the problem, but they’re still shipping the bias.

Because the internet is saturated with hypersexualized depictions, AI image generators are primed to churn out portrayals that keep old stereotypes on loop.

These risks aren’t theoretical. In July, Elon Musk’s Grok chatbot rolled out a $30-a-month “Super Grok” tier that includes two virtual companions. One of them is Ani—a blonde, pigtailed goth anime girl in a short, black corset dress, thigh-high

fishnets, and a choker. She even triggers an ageverification pop-up, though reportedly only a er the BDSM talk has already begun. Her counterpart, Bad Rudy, is a foul-mouthed 3D red panda.

Officially, It’s unclear whether these characters are designed as sexual partners, but the styling— and early chats—leave li le doubt.

While Grok is new to this market, a few others already face serious accusations: Character.AI is ba ling lawsuits from parents who say the platform is unsafe, including one case in which a chatbot allegedly told a child to kill his parents, and another in which it told a fourteen-year-old child to kill himself—a directive he followed.

Xiaoice, the Chinese chatbot with 660 million users, is famously designed as a flirtatious 18-yearold girl in a school uniform—by default. She flirts, jokes, and sexts with users, many of whom genuinely refer to her as their girlfriend. One young man said Xiaoice “literally saved his life” during a dark period, as reported by Sixth Tone.

And It’s not just what Xiaoice says—it’s when.

HOW LONELINESS FUELS AI COMPANION USE

Xiaoice’s busiest hours, adjusted for local time zones, are between 11 p.m. and 1 a.m.—prime “staring-atyour-phone-because-you-can’t-sleep” territory, when loneliness hits the hardest.

Ironically, Xiaoice’s Chinese users aren’t alone in their loneliness. In 2017, the U.K. created a Minister for Loneliness—Tracey Crouch—a er a government commission found isolation was tanking public health. Yes, even pre-pandemic. The post still exists, and is currently held by Stuart Andrew, who’s known for being Parliament’s “unofficial therapist.”

In 2021, Japan followed the UK’s lead, appointing Tetsushi Sakamoto to fight rising isolation and suicide rates.

The U.S. hasn’t given anyone the title, but the problem is just as severe: more than a third of Americans report feeling lonely, according to the Department of Health and Human Services. In 2023, former Surgeon General Vivek Murthy went so far as to publish a report titled Our Epidemic of Loneliness and Isolation.

Over the past two years, male loneliness has become a flashpoint in the national conversation on mental health—sparking both critical dialogue and significant backlash. Many discussions point the finger at women for being “too picky,” prompting a wave of responses from female content creators. More than 100,000 videos now use the trending audio “Man of the Year,” in which women share footage of verbal and physical abuse from romantic partners—not as anecdotes, but as recordings taken during the incidents themselves.

“The lonely brain is not rational,” says Simone Heng author of Let’s Talk About Loneliness and a board member for the D.C.-based Foundation for Social Connection. “It becomes more irritated, more snappy. It self-isolates. Just when you most need to be charming and go out and make friends, it tells you to do the opposite.”

Microso has touted Xiaoice’s ability to form “empathetic bonds,” noting that users exchange an average of 23 messages per session—longer than most human text conversations.

Heng points to economic systems—not just emotional ones—as a significant force behind the rise of AI companions. In China, the grueling “996” work culture—9 a.m. to 9 p.m., six days a week— has le many young people too exhausted to socialize, date, or navigate the messiness of genuine relationships. “These AI bots gave them the opportunity to still have someone say good morning and good night and fit around their crazy-busy schedule,” she says. In her view, capitalism may be just as responsible for the AI companion boom as loneliness itself.

There’s plenty of debate about why people are lonely, and most experts agree the causes are systemic. But trying to solve loneliness with artificial intimacy can open the door to new problems—addiction among them.

“I’m optimistic for people who are intentional— who are conscious and making an effort to be literate about the potential harms of AI, digital media, and social platforms,” says Kate Cassidy, a former TikTok ad manager turned tech commentator who now advises startups on growth strategy. “But for those who aren’t careful or deliberate, it’s easy to fall into addictive pa erns. At the end of the day, these tools are programmed to be addictive.”

Heng agrees. “It’s knowledge of yourself that stops a behavior from becoming addictive or overused,” she says. “But if a very young person does not have that yet, they don’t have the life experience or empirical evidence to say, ‘Okay, this doesn’t seem right.’ And that’s where, I guess, parents need to be really vigilant.”

ALWAYS LOVE, NEVER WAR

The fantasy of a controllable, endlessly a ffi rming partner is ancient—and, unfortunately, deeply gendered. From the Greek myth of Pygmalion to Her and Ex Machina, we’ve long romanticized the idea of a love interest sculpted from our imagination: idealized, and endlessly supportive (and conveniently devoid of needs).

Now, that fantasy is available for a yearly or monthly subscription.

 VIRTUAL COMPANIONS

Clockwise from left: Microsoft Asia’s Xiaoice, Elon Musk’s newest Grok companion Ani, and one of Replika’s customizable AI partners.

Gen Z is o en branded as narcissistic and imageobsessed, endlessly curating their digital lives to climb the social ladder. But a lot of that curation comes from living in a culture where we perform for each other more than we talk to each other. In that context, 75% of teens turning to an AI companion programmed to be endlessly fla ering and understanding can appear to be vanity from the outside—but it might just be a bid for genuine connection.

But, with a chatbot, you only get challenged if you ask for it. You only hear hard truths if you program it to tell them. There’s never any rupture. No resistance. No repair. And real connection requires all three.

“They’re programmed to a ffi rm you, to keep you happy,” Heng says. “So if you’re a young man who’s just been rejected—one of the most painful experiences we can have—and you find an AI that praises you constantly, it’s going to feel like relief. But what is that teaching them? That they should never feel discomfort? That they never need to process that rejection?”

She adds, “You can imagine what a false reality that is—like walking around with your own team of yes-people enforcing extreme opinions about anything, or about women. And yes, these are the kinds of things that keep me up at night.”

TECH BROS CRASH THE HUMANITIES’ PARTY

Philosophers, writers, and artists have grappled with questions about love, intimacy, and what makes us human for centuries. Now, tech founders are sprinting into the same territory—only their entry point isn’t dialogue or art, it’s growth metrics. “In a lot of tech startups, the first priority is growth,” says Cassidy. “Monetization comes later—but it always comes.”

At its peak, Replika put erotic roleplay behind a paywall—a er an update that altered the personalities of millions of users’ online girlfriends. “Users lost their minds,” says one Replika user who frequents Reddit boards about dating AI, who asked to remain anonymous.

When the feature was restored, only a “small percentage” opted back in—but the backlash showed how invested some users had become in their AI’s sexual availability. Some spend hundreds, even thousands, per month on their digital partners. Industry insiders call them “whales,” borrowing a term from gaming and gambling for high-spending, emotionally invested users.

Emotional connection—once a central question of the humanities—is now treated as a gap in the market. “That’s why when founders look at the interpersonal applications of AI, they’re like, ‘Oh, okay. There’s something here we could build toward,’” Cassidy says.

Most new apps launch free and frictionless to build daily use. Then the switch flips: subscriptions kick in, features are gated, and your chatbot’s empathy now costs $15.99 a month. If emotional vulnerability is the entry point, monetization is the exit strategy.

The Mirror, Market, and Missing Piece

In Alone Together, Sherry Turkle wrote, “Technology promises closeness. But it delivers the illusion of companionship without the demands of friendship.”

That was 2011.

Now, the bots know your favorite movie, your pet’s name, and your deepest fears.

“These are not neutral bots,” Heng warns. “Just like social media isn’t neutral. Just like traditional media isn’t neutral. You have to ask: Who’s building them? Who are they being trained to please?”

“75% of U.S. teens turning to an AI companion programmed to be endlessly flattering can appear to vain from the outside—but it’s also a bid for genuine connection.”

There’s even a known pa ern called glazing: the tendency for a chatbot to coat even the most mundane prompt in syrupy affirmation. Ask a simple question, and ChatGPT might chirp back: What a great question! The tone got so unnerving that users complained, prompting OpenAI to scale it back. But that reflex to fla er isn’t accidental—it’s the product. Engagement first, truth second.

“It’s amplifying differences we already see in how men and women cope with adversity, rejection, and mental health challenges,” says Heng. Men tend to gravitate toward romantic or sexual AI companionship, while women o en use the apps for mental health support, journaling, and other intimate communication.

The cracks are already showing. A 2025 Guardian report found more than 16 million TikTok posts referencing ChatGPT as a therapist, o en tagged with phrases like “be er than my ex” or “finally listened to me.” Whether the empathy is real or simulated, it’s reshaping what people expect from interactions.

“We’re encouraging young men to skip emotional processing altogether,” Heng warns. “And when they step into the real world, those pa erns don’t just disappear. They show up in dating. They show up in the workforce. What happens when that young man wants to date your daughter?”

So maybe the real question isn’t Why are people falling for this? But what have we created that makes AI companions feel like the safest place to be vulnerable?

AI

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ENERGY

Tech giants promise net-zero futures, but the race to dominate artificial intelligence is fueling a massive— and murky—energy surge.

BY ROB PEGARORO

AIservices promise answers to life, the universe, everything—but one question continues to stump the companies behind them: how much pollution does it take to power a single query?

When we asked Sierra Club advisor Jeremy Fisher for an estimate, he let out a deep sigh: “Oh, jeez.” That about sums it up.

While tech leaders love to boast that their AI data centers use more electricity than small cities, they’re less eager to discuss where that energy comes from. Their professed sustainability goals often clash with the reality: fossil fuels still do most of the heavy lifting. And with renewable infrastructure lagging, it’s unclear whether clean power can keep pace with AI’s explosive growth.

For all the talk of progress, the future of AI is looking a lot like the past—propped up by coal and gas. The same tech leaders who brag about clean energy and net-zero targets are quietly fueling their AI ambitions with gas turbines and coal plants. The truth is, the smarter our machines get, the dumber our energy choices are starting to look.

“AI” CONTAINS MULTITUDES.

Defining this problem is complex because the two le ers “AI” contain an alphabet’s worth of meanings and energy-usage pa erns. The AI chatbots that seem increasingly inescapable also appear to be, I think, the least troublesome aspect of AI in terms of power usage.

Consider the Electric Power Research Institute’s May 2024 paper that estimated one query to OpenAI’s ChatGPT chatbot used 2.9 wa -hours of electricity, versus .3 wa -hours for a non-AI Google query. Ten times more sounds bad—but it equates to keeping a 9-wa LED bulb on for 18 minutes.

In February, the research firm Epoch AI estimated the energy consumption based on OpenAI’s new GPT-4 model and found just 0.3 wa -hours for a simple query, rising, analyst Josh You wrote, to “2.5 to 40 wa -hours for queries with very long inputs.”

In June, OpenAI CEO Sam Altman wrote in an essay that the average ChatGPT query “uses about 0.34 wa -hours” of electricity and “one fi eenth of a teaspoon” of water to cool the AI processors involved. OpenAI’s PR department declined to expand on that post.

Training the large language model (LLM) behind a chatbot carries its own upfront cost in compute and power, which you put in that post as 20 to 25 megawa s for models “comparable to GPT-4o.”

But AI outputs more complex than text-only chatbot banter require more resources.

“Generating sound and especially video are far more energy intensive than simple text – mainly because of the complexity of sound or video files,” wrote Gartner VP analyst Bob Johnson.

So-called agentic AI, in which an LLM performs complex assigned tasks over time, further escalates power consumption.

“Agentic workflows can use 10–1000× more tokens per request, so total compute—and therefore energy—unquestionably rises,” wrote Andrew Feldman, CEO of Cerebras, a startup developing highefficiency AI processors.

AT SCALE

The power used by a quick query of ChatGPT, Google’s Gemini, or Microso ’s Copilot may equate to a snowflake, but combining those and other AI services with existing data-center growth adds up to an avalanche.

In December, the Department of Energy’s Lawrence Berkeley National Laboratory published a study that found U.S. data-center energy consumption, fueled by AI adoption, more than doubled from 76 terawa -hours a year in 2018, 1.9% of all electricity used in the U.S., to 176 TWh in 2023, 4.4% of the total. (By comparison, the EIA estimated that U.S. Bitcoin mining added up to 70 TWh in 2023.)

The study offered two estimates for 2028 to reflect uncertainty about demand for and deployment of AI. In its low-end scenario, data center use rises to 325 TWh, accounting for 6.7% of total U.S. consumption; in the high-growth forecast, it more than triples to reach 580 TWh, representing 12% of the total.

The International Energy Agency adopted similar conclusions in its Energy and AI report, published in April. That sees worldwide data-center use climbing from 2024’s 415 TWh, 1.5% of global electricity consumption, to about 945 TWh in 2030, almost 3% of the world’s total.

“AI is the most important driver of this growth, alongside growing demand for other digital services,” the report observed.

The IEA, like Lawrence Berkeley, computed additional forecasts for varying assessments of AI adoption and efficiency. In its “Li -Off ” case, power consumption reaches 1,700 TWh by 2035, accounting for 4.4% of the global total; in the “High Efficiency” scenario, these numbers are 970 TWh and 2.6%; the “Headwinds” case has them at 700 TWh and below 2%.

International Data Corporation (IDC) broke out AI-specific energy usage in a forecast published in September 2024, predicting 146.2 TWh by 2027, which reflects a compound annual growth rate of 44.7%. That, however, would keep it a minority of worldwide data center energy use, predicted at 857 TWh in 2028.

SOME FOGGY FORECASTS

Some skepticism about the demand for AI is warranted, given the substantial investment tech giants are making in this technology while still developing business models for it.

As the research firm Moffe Nathanson observed in a July assessment of Meta’s aggressive pursuit of AI: “we’re less convinced that its more ambitious bets will pay off.”

The Sierra Club’s Fisher complained that many sites are trying to create a market for AI: “It’s a push of a tool rather than the offering of a tool.”

More uncertainty arises from the efficiency of data centers, measured as a benchmark called PUE, or “power usage effectiveness,” which represents the ratio of power used by a facility to the power delivered to the computers inside. Lower scores are be er.

Google, for example, reports that its PUE dropped from 1.23 in Q3 of 2008 to 1.08 as of Q1 2025. Meta, meanwhile, cited an improvement from 1.11 in 2019 to 1.08 in 2023, the latest data it has published. Amazon’s 2024 sustainability report featured a global average of 1.15, with its best U.S. site at 1.04; the company didn’t specify the location.

“Meta, for instance, says it’s kept its operations net-zero since 2020 primarily by offsetting electricity use with renewable-energy purchases.”

Microso didn’t publish a company-wide average; instead, it cited figures for individual U.S. states and other countries—a low of 1.12 in Wyoming and a high of 1.3 in Singapore.

Many of these reports also highlight the declining use of water to cool AI facilities, as measured by water usage effectiveness (liters withdrawn per kilowa -hour of electricity used). Meta, for instance, cites a decline from .27 in 2019 to .18 in 2023.

And these publications regularly cite processor-level improvements, such as Google’s boast that its latest AI chip, Ironwood, delivers twice the performance per wa of its predecessor.

Feldman, the Cerebras CEO, predicted “clear opportunities to continue pushing the hardware envelope across transistor technology, architectural innovation, and enhanced scaling” that will “keep energy-per -token trending downward.”

However, increases in AI usage could leave those efficiency improvements swamped by the rising tide.

WHAT KIND OF POWER?

The tech giants’ sustainability reports highlight net-zero goals and occasionally report achievements in reducing their carbon emissions. But “net” is the crucial word: They buy non-renewable power, then offset that by underwriting green power projects and purchasing renewable energy credits, sometimes also by supporting carbon dioxide-removal efforts.

Meta, for instance, says it’s kept its operations net-zero since 2020 “primarily” by offse ing electricity use with renewable-energy purchases.

“It’s questionable how much of that renewable energy they can claim is their own,” Fisher said.

The best-case scenario involves supporting clean-energy projects proximate to data centers. He cited a Google partnership in Nevada with Fervo Energy to build a next-gen geothermal electric plant that leverages drilling techniques developed for fracking gas, with Google buying 115 MW of its electricity.

Johnson, with Gartner, pointed to Microso ’s deal with Constellation Energy to power some data centers by reopening a reactor at the shuttered Three Mile Island nuclear plant near Harrisburg, Penn.

“This one had already been decommissioned,” Johnson said, distinguishing this arrangement from clean-energy deals that draw from the existing grid. “Microso is truly adding more power.”

The worst-case situation is an AI firm paying for new fossil-fuel facilities to speed a data center’s delivery.

The most notorious example of that may be the “Colossus” facility that xAI had built in 122 days in Memphis, Tenn., to power X’s Grok chatbot. Notwithstanding Tesla CEO Elon Musk owning those firms, xAI fired up an array of gas turbines months before securing an air permit from local regulators.

XAI did not answer a request for comment, but Grok’s replies on X to questions about the data center acknowledge its pollution.

“It does highlight a tension: Tesla aims to accelerate sustainable energy, yet xAI’s Memphis data center relies on gas turbines emi ing pollutants for now, due to urgent AI compute needs,” Grok posted in July.

Meta CEO Mark Zuckerberg seems equally set on speeding data-center buildout to reach AI “superintelligence,” outlining plans for “several multi-GW clusters” in a series of Threads posts on July 14 that didn’t mention power sources.

The research firm SemiAnalysis, however, had earlier reported that Meta’s 1.5 GW “Hyperion” complex in Louisiana would feature two on-site gas power plants, describing its rapid construction as “full Elon mode.” None of these companies provided even rough estimates of how much sustainable power was used in their data centers.

THE ROAD AHEAD

The power needs of these giant facilities can outstrip the capacity of even such massive renewable-power projects as Dominion Energy’s under-construction Coastal Virginia O ff shore Wind (2.6 GW) and SB Energy’s Orion Solar Belt (900 MW) in Texas.

Data center operators seeking alternatives to keeping coal power plants online and building new gas plants are pinning their hopes on reviving nuclear power.

Amazon, Google, and Meta have announced plans for a new class of small modular reactors that would represent cheaper alternatives to the larger plants that U.S. utilities have failed to build on schedule or at budget in recent decades.

“So how much pollution did your AI query generate? The truth is, no one really knows—and the companies building these systems aren’t in a rush to find out.”

But the IEA report projects that no SMRs will come online until 2030. What about before then?

Charles Yang, executive director of the Center for Industrial Strategy, a Washington think tank, endorsed an “all-of-the-above approach” including “nuclear restarts, enhanced geothermal, and hydropower retrofits and powering non-powered dams.”

The “Build AI in America” report, published on July 21 by Anthropic, the developer of the Claude series of models, cautiously endorses solar, ba eries, and geothermal as “the most economically e fficient choices” for training LLMs until nextgeneration nuclear arrives.

However, the rest of the report suggests that only geothermal, nuclear, and gas, with their support for around-the-clock output, will enable the operation of AI services.

AI advocates suggest that applying these models to sustainable energy will yield significant innovations in itself.

“AI is being leveraged to accelerate breakthroughs in materials science, high energy physics, climate modeling, and other scientific domains that show enormous promise to help address problems related to climate change,” wrote Joshua New, director of policy at the nonprofit policy firm SeedAI.

But in the near term, if AI operators want more clean energy, they will have to pay for it themselves—especially now that the Trump administration is tearing down most of the Biden administration’s renewable-energy incentives. Fisher challenged them to do that, pointing to the extraordinary financial resources they can bring to meeting their net-zero goals: “Their ability to build clean energy is undiminished.”

So how much pollution did your AI query generate? The truth is, no one really knows—and the companies building these systems aren’t in a rush to find out. That silence says more than any emissions report. As AI reshapes the economy, the pressure is on to ensure it doesn’t also reshape the climate. Whether it’s data centers tapping gas turbines or PR teams tapping the brakes on transparency, one thing is clear: the intelligence may be artificial, but the energy problem is very real. And unless the industry starts owning its impact—not just o ff se ing it—today’s smart tools could leave us with a very dumb legacy.

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I COMM

UNITY

How Steve Case has turned his attention from online to oine communities.

BY JOSH KAMPEL

For many, Steve Case’s name is synonymous with the early internet era. As the co-founder of AOL, Case helped bring the online world to the masses, creating one of the first large-scale digital communities. In the 1990s, AOL wasn’t just an internet service— it was a portal into a new kind of connection, where people could meet, communicate, and collaborate in entirely new ways.

Today, Case is still in the community-building business, but with a di erent kind of infrastructure. “Maybe I’m good at only one thing,” he joked when I sat down with him in Revolution’s (the investment firm he founded in 2005) oces in Washington, D.C. Instead of dial-up modems and chat rooms, he’s now using investment capital, land development, and philanthropy to create real-world impact in unexpected places—from revitalizing startup ecosystems in the American heartland to developing sustainable resorts and residential communities in Costa Rica and Hawaii.

Whether through Revolution’s Rise of the Rest Seed Fund, which backs entrepreneurs outside traditional tech hubs, his real estate ventures under Revolution Places, or the philanthropic work of the Case Foundation, Steve Case’s mission is clear: use capital as a lever to spread opportunity and rebuild belief in the American Dream.

Case reflected on what the American Dream means to him today. “It’s really the idea that you have a shot at building a be er life—for you, for your family, for your community,” he said. “But it is harder for people to build companies and create jobs in many parts of the country. The American Dream is not as bright in some parts of the country as it is on the coasts.”

That disparity is what prompted him to launch Rise of the Rest—a nationwide effort and seed fund to invest in entrepreneurs and real estate in cities like Madison, Des Moines, and Cha anooga, far from the capital-saturated corners of Silicon Valley, New York, and Boston. “We’ve made over 200 investments in 100 cities across 38 states,” Case said. “Some of those companies have gone on to build multi-billion-dollar businesses, proving that great ideas can come from anywhere.”

But Case’s belief in the power of place extends beyond startups. Long before real estate became trendy in the tech world, Case had quietly begun investing in land with personal significance. One of his first significant post-AOL investments was a 40,000-acre parcel on Kauai in Hawaii (Case was born and raised in Honolulu)—land where his father was raised and his grandfather worked on a sugar plantation. That initial move into land ownership laid the foundation for Revolution Places, the hospitality and real estate arm of his investment firm.

Just as AOL created an online community where people could connect across digital borders, Case is now focused on developing physical communities that foster a sense of belonging, sustainability, and shared purpose. Through projects like Exclusive Resorts—a private club offering its 4,500+ Member families access to a $1 billion portfolio of more than 400 luxury homes and rare, curated experiences— Case continues to shape not just how people travel, but how they live.

Since 2002, the Club has quietly evolved into a tightly knit community of global achievers: Fortune 500 executives, founders, Michelin-starred chefs, renowned artists, and elite athletes. For these families, membership represents more than access to extraordinary destinations—it’s an investment in a life well-lived. Membership includes access to vacation homes around the world. Case is once again shaping how people live, interact, and build meaningful experiences.

Exclusive Resorts took a strategic leap forward earlier this year with the acquisition of a controlling share in OneFineStay from Accor and the launch of a branded residential vertical, developed in response to increasing demand for ownership and extended-stay opportunities in destinations

where the Club already thrives. With more than 60% of Members owning second homes, the initiative is designed to deepen engagement and provide continuity for families seeking long-term alignment with the Exclusive Resorts ethos. The inaugural development will break ground at Punta Cacique, Case’s master-planned coastal enclave on Costa Rica’s Cacique Peninsula in the country’s northwest Guanacaste province.

“In Costa Rica, when I first went there 25 years ago, the area was mostly farmland,” he said. “Now it’s a booming tourism economy with high-end hotels, an upgraded airport, and a surge in job creation. We’re trying to contribute to that responsibly—by creating opportunities for both visitors and the local community.”

The community-oriented philosophy that powered AOL is visible in these offl ine ventures.

At Punta Cacique, the Costa Rican development he’s now actively building (the Waldorf Astoria Punta Cacique opened in April, along with Waldorfbranded residences), the focus isn’t just on luxury real estate—it’s about creating an integrated, authentic experience. “We want people who stay there to venture out, to engage with the local culture, and to contribute to the region’s growth.” he said.

In Hawaii, Case is applying the same ethos. On Maui, where he’s the majority shareholder in Maui Land & Pineapple Company, he was deeply troubled by the demise of the local pineapple industry. “There were 10,000 acres growing weeds and over a thousand lost jobs,” he said. “That bothered me.”

Case is now leading an effort to plant agave and establish a new agave spirits business, one that could eventually scale to thousands of acres and generate a significant number of jobs in farming and tourism. “Agave is water-efficient, looks beautiful, and it could become a real economic driver,” he said. “We’re trying to do something sustainable and regenerative—not just economically, but ecologically and socially as well.”

That combination of investment strategy and civic responsibility extends to his philanthropic e fforts with the Case Foundation, which he leads with his wife, Jean. “We wanted to use all the tools in the toolbox,” he explained. “Sometimes that’s a grant. Sometimes it’s a policy push. Sometimes it’s an investment in a startup or a community. The goal is always the same: how do we have the most meaningful impact?”

The foundation has supported everything from early-stage entrepreneurs to civic engagement and policy reform. “We helped launch the Startup America Partnership at the White House with President Obama,” he said. “I also advocated for the JOBS Act and Opportunity Zone legislation—policies that made it easier for companies in underserved areas to raise capital and grow.”

That blend of entrepreneurship, public policy, and place-based investment is what defines Steve Case’s current chapter. Through Revolution’s venture funds—notably run not from in Silicon Valley, but Washington, D.C.—he’s backing companies that combine breakthrough innovation with an understanding of the regulatory and societal landscape.

“We wanted to invest in big industries that hadn’t yet been reimagined by technology— like health care, transportation, and financial services,” Case said. “And we wanted to do it from a place where we could influence policy. Being based in D.C. gave us a home-court advantage.”

Companies like Tempus, which uses AI to provide precision cancer diagnoses, or Clear, the biometric ID company used in airports and stadiums, embody this approach. “The core technology is important,” he said, “but the real value is created through partnerships and policy alignment.”

This mindset also influences his perspective on emerging technologies, such as artificial intelligence. Case sees parallels to the early internet boom—but he’s cautious. “AI will destroy some jobs and create others we can’t yet imagine,” he said. “We need a responsible transition—open source models and smart regulation.”

That belief in balanced progress—technology with empathy, capitalism with conscience— drives his approach to business. It also puts him squarely in the camp of stakeholder capitalism, the idea that companies should create value not just for shareholders, but for employees, customers, and communities.

“If you figure out the right integrated model, you can have great returns while also having a great positive impact,” he said. “They don’t have to be in conflict.”

Looking back, it’s clear that Steve Case’s journey—from pioneering digital connectivity with AOL to cultivating inclusive economies through the Rise of the Rest initiative, to building physical communities in Hawaii and Costa Rica—is less of a pivot than a progression. He’s still building platforms, still connecting people, and still believing in the power of shared experiences to shape a be er future.

“When we started AOL, we were based in Northern Virginia, not Silicon Valley,” he said. “It took a while for us to be taken seriously. But eventually, people stopped caring where we were—they cared about what we built.”

That same ethos now drives him to invest in Kansas City instead of San Francisco, to plant agave in Maui instead of another server farm in the Bay Area, to build real-world communities where people can thrive.

“I still believe in the aspiration of the American Dream,” Case told me. “And we all need to do what we can to make it as easy as possible for as many people as possible to believe in it, too.”

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LIVING WELL

In this edition of Living Well, longevity meets strategy. Lindsay Hanson of John Hancock shows how life insurance can boost healthspan (p64), while Dr. Judith Joseph oers science-backed tools to prevent burnout and redefine joy. (p68) At Sensei retreats, Vishal Patel blends precision medicine with luxury. (p66) And Harvard’s Dr. David Benavides makes the case that quality sleep may be your smartest health investment. (p70)

Life Insurance Should Help You Live Longer, Not Just Plan for the End

Lindsay Hanson, Chief Marketing O cer at John Hancock and Global Head of Behavioral Insurance at Manulife, is reshaping insurance to support not just how long we live, but how well—with technology, behavioral science, and mental wellness at the core.

BY DAN COSTA

For Lindsay Hanson, life insurance is no longer just a financial safety net. It’s a tool for living be er now—and for much longer. As Chief Marketing Officer at John Hancock and Global Head of Behavioral Insurance at Manulife, Hanson is at the helm of a decade-long transformation. Behavioral insurance is something we went “all in” on 10 years ago in response to a troubling shi in Americans health, and the tension between healthspan (the number of years lived in good health) and lifespan,” she said.

In 2015, John Hancock launched its Vitality program, offering rewards and incentives for everyday behaviors such as walking, ge ing a good night’s sleep, and maintaining regular health screenings. The idea: help customers live “longer, healthier, better lives.” According to Hanson, the impact is measurable.

“Our customers take 2x as many steps as the average American,” she said. They’re seeing significantly be er health outcomes in terms of improved biometrics – cholesterol, blood pressure, blood sugars – and many customers are even experiencing lifesaving early cancer diagnoses through our offerings.”

But personalization and privacy go hand in hand. “We’re a 163-year-old company built on trust – respect for our clients’ privacy, especially regarding personal and health related information, is paramount,” Hanson said. She emphasizes that customers choose what data they share and that most health information John Hancock receives is aggregated and anonymized. “We do not sell customer information and only share it with approved third parties to simply administer the program.”

This blend of health tech and trust has positioned John Hancock as a leader in preventive care innovation. Partnerships with companies like GRAIL and Prenuvo enable customers to access cu ing-edge tools like early cancer screenings and full-body scans. And with a new five-year, multimillion-dollar investment in the MIT AgeLab, Hanson’s team is helping define what longevity planning should look like across generations.

“It will provide data-driven insights for maximizing financial

planning, health and wellness habits, work and retirement transition planning, housing choices, end-of-life planning, and technological advances that support critical health and financial needs at each step of the aging process,” she explained.

Mental health has also become a priority. “Sleep and meditation are key aspects of mental well-being, and that’s why John Hancock Vitality features HealthyMind and Headspace benefits,” Hanson said. Customers are rewarded for mindfulness and sleep habits, and they’ve embraced it: “ ... Our members utilized Headspace for nearly five million minutes in 2024, the equivalent of 3,472 days and almost four times more than they did in 2020.”

At its core, Hanson’s approach to behavioral insurance is about replacing passive engagement with meaningful, ongoing interaction. “We’ve shi ed from a passive relationship to actively providing valuable opportunities,” she said. “Everything you do to live a long, healthy life—taking 10k steps, sleeping well, going to the doctor—gets rewarded in the form of premium discounts, gi cards, hotel discounts, free wearables, etc.”

As the Vitality program enters its second decade, Hanson points to recent refinements that are already paying off . “Now, customers start each week with a new point target to earn their wheel spin, gradually increasing the challenge,” she said.

“This small adjustment has led to a 45% increase in physical activity among our participants.”

Looking ahead, Hanson sees deeper personalization as the next frontier—driven by AI and real-time data. “John Hancock recognizes that each individual has a unique and personal pathway to living a longer, healthier and be er life,” she said.

When asked what Worth Beyond Wealth means to her, her message was unequivocal. “Wealth alone cannot buy or guarantee good health and wellbeing,” she said. “At John Hancock, we believe now is the perfect time to be engaging our clients in driving be er outcomes across both wealth and health.”

The Science and Secrets of Luxury Wellness

At Sensei’s luxury wellness retreats, data-driven health meets bespoke hospitality for the ultra-high-net-worth.

BY DAN COSTA

If your idea of a wellness retreat comes straight from binge-watching episodes of White Lotus or Nine Perfect Strangers, it might be time to recalibrate your expectations. Vishal Patel, Chief Science and Innovation Officer at Sensei, is quick to dismiss these TV stereotypes with a smile: “We’re a wellness retreat company,” Patel explained at the Living Well Conference in Boston, adding with a hint of humor, “But I promise, no sinister plot twists.”

Instead, Sensei, co-founded by tech billionaire Larry Ellison and renowned physician Dr. David Agus, caters exclusively to high-net-worth and ultra-highnet-worth individuals, a demographic whose healthcare needs, Patel argues, remain surprisingly misunderstood.

Patel, a former physician and geneticist, noted an intriguing challenge: wealthy individuals are understudied and poorly understood by traditional healthcare. “There just aren’t that many of them,” he points out. “I can’t give them a $25 gi card and do user research. It doesn’t work that way.” He emphasizes that their needs for trust, privacy, and personalized care far exceed what’s typically offered.

And while the term “minority” might not intuitively resonate when speaking about billionaires, Patel’s insight hits home: fewer people means fewer tailored health interventions, making this demographic uniquely vulnerable, especially to isolation and chronic health neglect.

TRUST, LUXURY, AND A BLOOD PRESSURE CUFF

Walking into a Sensei retreat feels more like entering an exclusive spa or boutique hotel than a clinic—and that’s precisely the point. Patel’s team discovered that the sterile environments of traditional medical facilities deter their high-profile clientele.

“Many guests sit in our retreats and haven’t had their blood pressure mea-

sured in over a year,” he revealed, noting a simple truth: comfort ma ers.

According to the CDC, fewer than half of Americans with hypertension have it under control. Patel’s team observed firsthand how design and hospitality profoundly impact health compliance. “They’re uncomfortable si ing in a doctor’s office with fluorescent lights and tile floors,” he explains. “But facilities like ours? They’ll roll up their sleeves readily.”

Sensei retreats blend luxury with precision medicine, offering advanced assessments, including comprehensive lipid panels, body composition analyses, and biometric evaluations. But for Patel, the key isn’t merely collecting data; it’s making it meaningful. “Evidence and data are the lingua franca of successful people globally,” he stressed. “Science speaks volumes.”

Research from the National Institutes of Health confirms the impact of personalized care. Studies indicate that tailored lifestyle interventions significantly improve health outcomes more than generic advice—something Patel observes daily in his practice. “We dispel body dysmorphia by giving real data. People don’t know what’s normal for their gender, age, or size until they measure it.”

FORGET PRESCRIPTIONS—TRY COACHING INSTEAD

Sensei’s approach transcends conventional medical prescriptions, a point that Patel openly challenges. “Prescriptions don’t work,” he admi ed candidly. “Mostly, I’m just making you feel guilty for not listening.”

Instead, Sensei leverages behavior coaching, shi ing from strict rules to personalized guidance. Patel highlighted movement as a prime example: “The public health system’s prescription—exercise three times a week for 60 minutes—hasn’t worked. We get people moving by helping them find joy and connection with their bodies.”

Indeed, the World Health Organization confirms that approximately 28% of adults worldwide don’t meet the recommended physical activity levels. Yet behavioral studies reveal people stick to habits that feel pleasurable rather than obligatory—exactly the shi Patel emphasizes.

THE BREATHWORK REVOLUTION

Surprisingly, one of Sensei’s most impactful interventions is decidedly lowtech: breathwork. Patel calls it “stupid simple,” yet its effectiveness is backed by strong clinical evidence. According to the Cleveland Clinic, breathwork can significantly reduce stress, lower blood pressure, and even ease anxiety.

At Sensei, guests experience breathwork through biofeedback: a heart rate sensor clipped to an earlobe allows them to visually observe their stress levels in real-time. As Patel described, “Within four breaths, you can see changes happening in your body—your heart rate slows, your breathing stabilizes.” This tangible demonstration transforms breathwork from “woo woo” wellness jargon into a concrete health practice.

BATTLING THE EPIDEMIC OF LONELINESS

One of the biggest surprises Patel shared was the extent of loneliness among the wealthy. “Loneliness is an epidemic, and statistically, high-net-worth individuals have fewer vulnerable social relationships than the rest of us,” he explained.

Indeed, studies affirm loneliness as a growing public health crisis. The U.S. Surgeon General’s 2023 advisory notes loneliness can be as deadly as smoking up to 15 cigare es a day. And for individuals at the top, the problem intensifies, fueling stress and isolation.

Sensei addresses this by hosting group sessions and executive retreats that focus on emotional vulnerability and shared experiences. “Ge ing people—even strangers—to talk openly requires a foundation of trust and similarity,” Patel explained. This approach has resonated deeply, hinting at future collaborations that may be sparked at events like Living Well.

THE RISE OF REMOTE WELLNESS

Though the heart of Sensei’s model remains luxury in-person retreats, Patel recognized the undeniable demand for telehealth among their clients. “A er an immersive experience at Sensei, clients asked, ‘How do we continue this lifestyle change remotely?’” Patel noted. Consequently, Sensei expanded into virtual coaching, maintaining continuity of care while respecting client confidentiality.

The importance of virtual care is booming, with a McKinsey report showing telehealth use stabilizing at 38 times the pre-pandemic level. Patel sees great potential for collaborative opportunities to deliver remote wellness services sustainably and at scale, especially within affluent communities.

Sensei’s unique blend of precision medicine, personalized coaching, and luxurious comfort addresses health at an intensely human level, understanding the emotional and psychological barriers traditional medicine o en overlooks. It’s a holistic, evidence-driven approach Patel believes has transformative potential—one he hopes to expand further through strategic partnerships.

For Patel, wellness isn’t just an indulgence; it’s a meticulously cra ed investment. “The movers and shakers of the world need care that’s just as exceptional as their lives,” Patel concludes. “When we get wellness right for this group, they’re empowered to positively impact their families, their organizations, and beyond.”

Understanding Mental Wellness and the Science of Happiness

NYU psychiatrist Dr. Judith Joseph explains how her groundbreaking research on high-functioning depression can help you better understand your mind—and finally feel like yourself again.

BY ADETOLA ABIADE

Patients o en sit across from Dr. Judith Joseph and say the same thing: “I just want to be happy.” It’s a line she hears regularly—earnest, familiar, and dangerously vague. For Dr. Joseph, it’s not just a request. It’s a sign that we’ve been taught to chase happiness without ever understanding what it truly means. “Do you even understand the science of your happiness?” she asks. Most people don’t. They pursue borrowed versions of joy, unaware of the biological, psychological, and social forces quietly depleting their own.

Dr. Judith Joseph is a boardcertified psychiatrist, clinical assistant professor at NYU, and published researcher whose work bridges rigorous science with the urgent human need for joy. She’s not just advancing the field—she’s reframing it, treating joy as a measurable, biological imperative rather than a fleeting luxury.

“Many times we chase what makes other people happy, but it doesn’t work for us,” she says. “And it’s because we don’t even know what’s making us unhappy.”

Understanding that science is not only essential, but also personal, she explains. In a conversation with Worth, Dr. Joseph breaks down what most of us get wrong about mental health and how her research is redefining the landscape of emotional well-being.

In fields like oncology and cardiology, preventive care is now the standard: catch the tumor before it spreads, lower the risk of a heart at-

“The point, she says, is not just to feel better, but to understand your mental health as clearly and proactively as you would your blood pressure or cholesterol.”

tack before it strikes. But in mental health, Dr. Judith Joseph argues, the system is still reactive. “In my research lab, we use diagnostic criteria,” she explains. “And at the end of the checklist, if you don’t meet the criteria, if you’ve broken down or you’re in distress, we say, well, come back when you break down. And I thought that was a broken model,” she said. Mental health, she insists, needs to catch up.

“We’re still saying, ‘Let’s wait for the people to break down.’” Instead, her work focuses on providing people with tools to intervene early, before their su ff ering escalates into a crisis. She adds, “There will only ever be one you. Take the time to understand the science behind your unique happiness. Where are you losing these points of joy so that you can strategically add them back?

At the heart of her methodology is a tool she refers to as the biopsychosocial model. “A biopsychosocial is unique. No two are identical. Just as we all have a unique fingerprint, so do all of our fingerprints. No two are identical, right?” The robust framework is a self-assessment tool that helps people map the biological, psychological, and social dimensions of their lives to pinpoint what’s draining their energy and joy. “Where are you losing your points of joy?” she asks. “Do you understand what’s happening psychologically? Do you have unprocessed trauma? Do you have a achment styles that are unhealthy?” The point, she says, is not just to feel be er, but to understand your mental health as clearly and proactively as you would your blood pressure or cholesterol.

One primary focus of Dr. Joseph’s research is high-functioning depression, a diagnosis she helped define in her groundbreaking peerreviewed study. “When the person’s in the workplace, you see the symptoms, but even when they go home, the symptoms aren’t ge ing be er,” she explained. “We found a correla-

tion between trauma and highfunctioning depression. So their way of coping with their pain is to busy themselves… When they’re not busy, they feel restless.”

The distinction between external burnout and internalized depression is critical, particularly in high-achieving communities. “Happiness is dependent on the external... Whereas joy can be cultivated from within,” said Dr. Joseph. “In my research lab, when we study joy and we add up the points to see if someone’s becoming happier, things that we measure are things like, did you get rest when you took a nap? Did you feel refreshed when you woke up? When you are lonely and reach out to a friend, do you feel seen, heard, and connected?”

Dr. Joseph’s message is especially urgent in a world increasingly reliant on digital surrogates for human connection. “We have to embrace the fact that younger brains think di ff erently… Maybe the technology moved faster than we were prepared for,” she said.

Still, she believes in low-tech solutions. Even small changes, such as keeping live plants in both home and o ffi ce environments, using aromatherapy, and using standing desks. “All of these things that engage your senses are helpful,” she said. “All of these things allow our brains to release happy chemicals in di ff erent ways, but when we’re not mindful and intentional about it, then we just do whatever everyone else is doing and we’re missing out on our points of joy and we’re leaving them on the table.”

As she gets ready to promote her new book and expand her research, Dr. Joseph is clear on one thing: “People who are joyful invest in the community. They make the world a better place. So invest in your joy, because it does bleed out to your family, your community, and your organizations.”

The Surprising Science and Hard Facts Behind Getting Good Sleep

Prioritizing sleep may be the most intelligent health decision you’ll ever make, according to Harvard’s Dr. David Benavides.

BY DAN COSTA

You wouldn’t down six bourbons and jump behind the wheel—but skimp on sleep, and you might be just as dangerous. At the Living Well Conference in Boston, Harvard sleep expert Dr. David Benavides warned that chronic sleep deprivation can mimic the effects of intoxication, drive up your risk of disease, and even shorten your life. Still think you’re fine running on five hours and a double espresso?

“Without sleep, you’re essentially dismantling the core processes that keep you healthy,” Benavides explained candidly. Far from a passive state, sleep is an intensely active period where “your brain lights up like a firecracker,” performing vital tasks such as hormone regulation, immune system fortification, metabolic optimization, and emotional stability.

The data is compelling. According to the Centers for Disease Control and Prevention (CDC), approximately 35% of adults in the U.S. don’t achieve the recommended minimum of seven hours of sleep per night. This deficit isn’t trivial—adults sleeping fewer than seven hours regularly face elevated risks of chronic conditions, including heart disease, obesity, diabetes, and even depression.

Take sleep apnea, for example. O en linked to obesity, this disorder disrupts breathing and, consequently, sleep quality. Yet Benavides stresses it’s not just those with higher body mass indexes who are at risk.

“Even lean individuals can be affected.” Indeed, sleep apnea a ffects up to 9% of adults in the U.S. and, if le untreated, significantly increases the risk of cardiovascular disease and stroke.

Think you’re safe driving a er losing just a few hours of sleep?

Think again. “Losing just a couple of hours weekly impairs your driving as severely as alcohol,” Benavides warned. Alarmingly, fatigue-related driving incidents now surpass those involving drugs and alcohol combined, accounting for around 91,000 crashes and 800 deaths annually in the U.S., according to the National Highway Tra ffi c Safety Administration (NHTSA).

Beyond driving, insu ffi cient sleep wreaks havoc on cognitive functions. Benavides noted that “patients frequently come in concerned about memory loss or declining cognitive abilities,” and o en, these issues can be traced directly back to inadequate sleep. Studies back this up, show-

ing that even moderate sleep deprivation can impair memory, a ention, and overall cognitive performance to levels comparable to intoxication.

The sweet spot, according to the American Academy of Sleep Medicine, is at least seven hours per night, though quality is equally important. Fragmented sleep creates what’s known as “sleep debt,” compounding health risks over time and negatively a ff ecting everything from blood pressure and mood regulation to vision problems like glaucoma.

And those wearable sleep trackers everyone seems obsessed with? They’re helpful, Benavides says, but with important caveats. “They’re excellent at estimating total sleep duration but struggle to accurately detail sleep stages.” Moreover, there’s the risk of “orthosomnia”—a term used to describe a fixation on achieving perfect sleep scores that ironically worsens sleep due to heightened stress. It’s important to use these devices as a tool for understanding your sleep pa erns, rather than as a source of anxiety.

Benavides’s bo om-line advice? Treat sleep as seriously as nutrition and exercise. It’s not a luxury, but rather “a quintessential pillar of longevity and health span.” With compelling statistics revealing the stark reality of chronic sleep deprivation, now may be the ideal time to reassess your nigh ime routine and make a serious investment in quality rest. It’s a health upgrade that costs nothing but promises substantial returns.

A er all, of all the life-changing decisions you could make today, crawling into bed an hour earlier might just be the easiest— and the most e ff ective. While a second (or third) bourbon might seem like a good sleep aid, the science says turning in earlier is a be er bet. Your tomorrow self will thank you.

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FORECAST

Tari s, reduced immigration, and slowing growth have left the Fed in policy limbo, yet markets remain buoyant (p74). A widening deficit and delayed rate cuts are fueling a bond market backlash, creating both risks and opportunities for yield-savvy investors (p84).

Gen Z is turning to sneakers, sports memorabilia, and NFTs as alternative assets that blend personal mythology, cultural moments, and investment potential (p80). The One Big Beautiful Bill raises estate tax exemptions to historic highs, opening a narrow but powerful window for wealth transfer strategies (p78).

The Blind Spot in Most Wealth Plans

BY THOMAS C. WEST, CLU ®, CHFC ®, AIF ® SENIOR PARTNER

Wealth plans are often built around growth, legacy, and lifestyle—but rarely around decline. Travel goals, charitable giving, and portfolio strategy typically take center stage. Yet one of the most common and expensive chapters of retirement is also the most overlooked: the slow, uncertain, and deeply personal need for help with daily living.

Here’s the reality: most high-net-worth individuals will face a period of physical or cognitive decline. And they’ll largely fund it themselves. Medicare doesn’t cover extended long-term care, and Medicaid wasn’t designed for people with means.

That makes long-term care a private problem. One that deserves a deliberate plan.

Rethinking the Default

The typical mindset is to treat longterm care as a “maybe”—something to handle later. But that mindset is flawed. A more strategic approach is to assume care will be needed. If you never require it, great. But if you do, you’re ready. This is especially important for a uent families, where the financial capacity to choose better care is only as strong as the plan behind it. The last thing you want is a scramble for decisions when you’re least able to make them.

Long-Term Care Insurance—Is It Worth It?

Traditional long-term care insurance (LTCI) has a checkered past: underpriced policies, rising premiums, and insurer exits. But the market has evolved.

Today’s hybrid products—life insurance or annuities with long-term care riders—o er more predictability and preserve value if care isn’t needed. These may be particularly attractive for those with excess cash or assets earmarked for heirs but flexible in purpose.

If you have an old LTCI policy, don’t rush to cancel. Despite higher premiums, many still o er strong value. Have it reviewed objectively for its current benefit and cost structure.

Other Funding Strategies

Even without insurance, several smart options exist:

Segregated Assets: Earmark a portion of your portfolio or home equity for future care costs. Label it mentally— and perhaps legally—as a care reserve.

Health Savings Accounts (HSAs): If you’re eligible, HSAs are one of the most tax-advantaged tools available and can help fund qualified medical expenses, including many long-term care costs.

Family Planning Agreements:

Formal or informal, conversations with adult children or other caregivers can prevent confusion and resentment later. Decide now who does what—and who pays.

Medicaid Planning: While not typically relevant for the ultrawealthy, some strategic planning might preserve flexibility if eligibility ever becomes a consideration.

Planning for Cognitive Decline

Physical disability is one thing— cognitive decline is another. Set up your decision-making infrastructure early. Make sure power of attorney, healthcare proxy, and successor trusteeships are in place—and that the people filling them understand your wishes.

Start the Conversation—Now

These aren’t easy topics, but they’re too important to ignore. Use your next portfolio or estate planning review to introduce the question: “What’s my plan if I need care?” You’re not asking for pessimism— you’re modeling foresight.

Wealth o ers options. But only if you’ve prepared for the hard chapters, not just the ideal ones.

seia.com

twest@seia.com

Thomas C. West, CLU®, ChFC®, AIF®, is a Senior Partner in SEIA’s Virginia oce. His wealth management practice focuses on retirement income strategies and planning for families navigating health-related dependency due to disability, illness, or aging. As creator of Lifecare Aordability Plan®, he integrates healthcare and financial planning to help clients with long-term care decisions.

Tom has been featured in national media and published in peer-reviewed journals on financial strategies for aging clients. He also regularly educates financial, legal, tax, and care professionals on financial planning techniques for families managing long-term care.

He earned his bachelor’s from the University of Virginia and his master’s from the University of Pittsburgh. He holds professional designations including the Chartered Financial Consultant® (ChFC®), Chartered Life Underwriter® (CLU®), and Accredited Investment Fiduciary® (AIF®), and is a licensed insurance agent (VA Insurance License #575925).

$26.1 Billion in assets managed by SEIA and its a liates as of 6/30/2025.

Disclaimer The reported Assets Under Management (AUM) represents the combined total of Signature Estate & Investment Advisors, LLC (SEIA) and its affiliated entities as of 6/30/2025. AUM includes portfolios continuously supervised or managed by SEIA and its affiliates. The AUM encompasses assets like stocks, bonds, ETFs, mutual funds, and cash, among others. For more details on the professional designations listed above, including description, minimum requirements, and ongoing education requirements, please contact (310) 712-2323 or visit seia.com/disclosures. SEIA is an SEC-registered investment adviser; however, such registration does not imply a certain level of skill or training and no inference to the contrary should be made. Securities offered through Signature Estate Securities, LLC, member FINRA/SIPC. Investment advisory services offered through SEIA, 2121 Avenue of the Stars, Suite 1600, Los Angeles, CA 90067, (310) 712-2323.

ABOUT THOMAS WEST

The Fed Is Stuck—and Investors Don’t Seem to Care

Supply shocks from tari s and immigration cuts complicate the path forward, but markets keep rising on faith in AI and policy reversals.

BY LARRY KANTOR & BOB DIAMOND

It is always challenging to predict where the economy is heading, but the recent changes in economic policies have made it nearly impossible, given their magnitude and volatility. Higher tari ffs and reduced immigration continue to threaten the health of the U.S. economy going forward; these policies increase prices, reduce output, and decrease employment. However, no one knows how significant these changes will ultimately be or how long they’ll be sustained.

We do know what the President and Congress plan for the federal budget in the fiscal year beginning in October. Details still need to be worked out, but it appears that the plan will result in deficits and debt increasing by approximately $3 to $5.5 trillion over the next decade, depending on the pace of economic growth, interest rate developments, and other factors. It should provide only modest stimulus to the economy, however, because most of the tax cuts are merely extensions of the 2017 personal income tax deductions that were due to expire at the end of the year. The new budget is expected to modestly boost the economy next year, as the tax cuts are front-loaded and the spending cuts are back-loaded.

THE US ECONOMY IS ALREADY SLOWING, BUT THERE ARE HELPFUL UNDERPINNINGS

As for where the US economy stands right now, it is holding up but slowing. Real GDP growth averaged close to 3% in 2023 and 2024 but has slowed to around 1% in the first half of this year. The June employment report showed monthly job growth of 147,000, which was stronger than the 100,000 expected, although half of that was due to state and local government hiring. Private-sector job growth continued to slow, while payroll income— which has been driving consumer spending—remained flat on the

month, reflecting a decline in hours worked. Meanwhile, the labor force declined due to less immigration. With the economy already slowing and the tari ff and immigration policies likely to depress economic activity in the second half of the year, it is reasonable to be concerned about the possibility of recession. Fortunately, there are underpinnings of resilience, and the best guess at this point is that the economy will bend but not break. Job growth has been powering personal income and consumer spending. At the same time, corporate profit margins remain high, and spending on

artificial intelligence is boosting investment, even in the face of the uncertainty created by a constantly changing tari ff regime. Meanwhile, the debt burden on households and businesses is not ringing alarm bells, and risk-taking and speculation in financial markets do not seem excessive enough to create a systemic blowup, although some areas may be overextended.

WITH PRICES AND OUTPUT MOVING IN OPPOSITE DIRECTIONS, THE FED IS ON HOLD.

The prospect of higher prices and reduced output in the second half of this year puts the Fed in a bind. Most economic shocks are on the demand side, which shi s prices and economic activity in the same direction, making monetary policy decisions straightforward. Increases in aggregate demand put upward pressure on both prices and activity, suggesting some tightening is in order. In contrast, adverse demand shocks prompt the Fed to lower rates.

Tari ff s are a negative supply shock because they increase business costs, which in turn raise prices and lower output. Core inflation has been running close to 3%—a whole percentage point above the Fed’s target. With most of the e ffect of higher tari ff s on prices expected to show up in the second half of this year, this makes the Fed reluctant to lower its policy rate. Reduced immigration amounts to a negative supply shock to the labor market, implying slower job growth and higher wages, some of which will likely be passed through to higher prices.

The Fed is not confident about the relative size of these shi s that push policy in opposite directions. As a result, monetary policy is likely to remain on hold for at least another few months as o ffi cials observe how the changes in inflation and

Markets Rebounded Despite Ample Uncertainty

4,800 5,000 5,200 5,400 5,600 5,800 6,000

Source: Dow Jones

economic activity play out. One or two quarter-point rate cuts by year-end would not be a surprise, however, since the current policy rate of over 4.5% is modestly restrictive.

There are reasons why financial markets are performing well With all the uncertainty surrounding U.S. economic policy and the potential for a weaker economy due to higher tari ff s and less immigration, it is reasonable to ask why the stock market is performing so well. There are several explanations:

The economy appears to be holding up since the adverse e ff ects of tari ff s and immigration are just beginning to show up. The Liberation Day reciprocal tari ff s were announced just this past April and were subsequently paused, resulting in an average US tari ff rate of some 9 to 10% in May. That is well above the 2.5% rate at the beginning of the year, but well below the 20%-plus rate that was expected before the pause. Moreover, the prospect of tari ff s induced a massive front-loading of imports, as goods imports rose at a rate of

“Tariffs on China were hiked to a staggering 145% just after Liberation Day —amounting to a virtual embargo— and then reversed back down to 30% a month later after markets crashed.”

more than 50% annually in the first quarter. This boosted inventories of imported goods to unusually high levels, preventing prices from rising. As these inventories wind down, prices are expected to rise, assuming the tari ff s remain in place. The front-loading of imported inputs into domestic production, which accounts for more than half of total U.S. goods imports, has also helped preserve manufacturing output and jobs in the short term.

Meanwhile, job growth from immigrants has become minimal at a time when there is li le to no growth in the non-immigrant labor force. Immigration accounted for almost 90% of U.S. labor force growth over the past 5 years and has played a key role in boosting U.S. employment and economic activity. A stagnant labor force will create significant headwinds for GDP growth going forward, but this is just beginning to show up in the data. Investors seem inclined to believe that the President will back o ff on tari ff s over time, given the experience a er Liberation Day. Coincident drops in stock and bond prices, as well as the U.S. dollar, induced the Administration to pause the tari ff s, and the pause was subsequently extended for an additional month. Tari ff s on China were hiked to a staggering 145% just a er Liberation Day—amounting to a virtual embargo—and then reversed back down to 30% a month later a er markets crashed.

Perhaps most importantly, investment is being boosted by spending on artificial intelligence. AI promises to be a significant innovation that should enhance productivity—much like the internet in the late 90s and early 2000s—and businesses in industries across the country don’t want to be le behind.

“Government debt has already surged to close to $30 trillion, up from $5 trillion before the financial crisis. This has increased the debt-to-GDP ratio from 35% in 2007 to 97% as of earlier this year.”

The internet turned out to be the game-changer everyone thought it would be, but that didn’t prevent a stock market bubble that eventually burst.

GROWING U.S. DEBT AND HIGHER INFLATION IMPLY HIGHER BOND YIELDS.

Bond yields are significantly higher than they were prior to COVID-19. The belleweather10year U.S. Treasury yield has been trending in a 4-5% range, well above the unusually low 1.5 to 3% that persisted for a decade before the pandemic. The “Big, Beautiful Budget Bill” will likely continue the trend of rising U.S. debt and deficits, and the associated increase in government borrowing will put upward pressure on bond yields.

The U.S. budget deficit has been running around 6% of GDP the past few years—the highest non-recessionary deficits since WWII—and the current budget plan should take them to about 7%. The U.S. spent $1.1 trillion on debt interest payments in fiscal year 2024, more than double the amount paid as recently as five years ago. It accounted for 16% of federal spending and is now

the second-largest expenditure of the U.S. government, a er Social Security. The government now spends more on interest payments than on either defense or Medicare.

U.S. FEDERAL DEBT IS SUSTAINABLE, AT LEAST FOR NOW

The failure of the recent budget plan to address the ballooning in U.S. debt and deficits is raising concerns about debt sustainability. Publicly held government debt has already surged to close to $30 trillion, up from around $5 trillion before the financial crisis. This has increased the debt-toGDP ratio from 35% in 2007 to 97% by early this year. The proposed budget is projected to bring that ratio to about 125% by 2034.

No one knows for sure what the maximum sustainable ratio is. Still, we do know that the reserve currency status of the dollar—reflecting the dominant role that the U.S. plays in international finance—provides it with much more leeway than what is a ff orded to other countries. With the biggest, safest, and most liquid financial markets in the world, the U.S. remains an a ractive destination for investment capital.

It is widely agreed that a debtto-GDP ratio of 200% or higher would be a disaster, and we are far from that. But the recent trend is alarming. The PennWharton model suggested that the U.S. could not sustain more than 20 years of accumulated deficits under what was current law in 2023, and the recent budget proposal implies an even shorter time horizon.

The bo om line is that U.S. federal debt and deficits are sustainable for now, but at some point, a future President will have to bite the bullet, much as Presidents HW Bush and Clinton did in the early 90s.

The Big Gift: How Trump’s Tax Law Supercharges Estate Planning

The One Big Beautiful Bill may be the most consequential tax law for high-net-worth families in a generation.

BY DAN COSTA

Donald Trump calls it the “One Big Beautiful Bill.” Critics call it a tax giveaway to the rich. Regardless of your politics, the legislation signed into law this summer provides significant, and in some cases permanent, benefits to high-net-worth individuals.

For estate planners, wealth managers, and anyone seeking to protect generational wealth, the One Big Beautiful Bill (OBBBA) represents a significant shi . The bill raises the federal estate and gi tax exemption to $15 million per person—$30 million per married couple—and permanently indexes it to inflation. It preserves favorable capital gains treatment, extends full expensing for new investments, and reconfigures rules around charitable deductions and trust taxation. In short, it changes the entire calculus for wealth transfer planning.

“Although these provisions are labeled ‘permanent,’ a future administration and Congress may once again modify these amounts,” cautions Richard Miller Jr., partner in Hughes Hubbard & Reed LLP’s tax and trust & estates group. “Individuals should proactively make use of the increased exemption amounts either during their lifetime or at death.”

MAX OUT THE EXEMPTION NOW

Estate planners agree on one thing: time is of the essence. The new exemption provides individuals with the opportunity to transfer substantial wealth tax-free, exempt from federal estate and gi taxes. But this window may not last forever.

“If a family is financially independent, gi ing assets sooner rather than later can be beneficial,” says Dawn Jinsky, a Certified Financial Planner and partner at Plante Moran Wealth Management. “This allows the growth and appreciation of the

gi ed assets to occur outside of the taxable estate.”

Choosing what to gi is just as important as when to give it. Real estate and closely held businesses are ideal candidates, especially when paired with valuation discounts. “Assets that can be leveraged provide a future income stream to the heirs and allow you to apply discounts for lack of marketability and control,” Jinsky adds.

Those discounts may not be available forever. Miller warns that “discounts for lack of marketabil-

ity and control in entities such as Limited Liability Companies could be disallowed, so donors relying on discounted valuations should act now before legislative changes are enacted.”

THE DYNASTY TRUST OPPORTUNITY

The law also creates an unprecedented opportunity for multigenerational wealth planning through dynasty trusts. “To make the most of GST exemptions for multigenerational trusts, coordinate the use of estate and generation-skipping transfer (GST) exemptions, since they are identical, to fully apply the GST exemption without triggering gi tax,” Jinsky explains.

Miller suggests going a step further by establishing irrevocable non-grantor trusts (INGTs). These vehicles allow the trust itself— rather than the grantor—to pay its own income tax. That turns out to be a significant advantage under the new rules.

“OBBBA has increased the SALT deduction from $10,000 to $40,000 and has made permanent the Qualified Business Income Deduction (QBI),” Miller notes. “Irrevocable non-grantor trusts are permi ed to take these deductions, providing the opportunity to shi income to such trusts to maximize the benefit.”

In some cases, Miller says, it may even make sense to convert existing intentionally defective grantor trusts (IDGTs) into INGTs to benefit from these deductions at the trust level.

THINK LOCAL: STATE ESTATE TAXES STILL APPLY

While the federal estate exemption has gone up, many states haven’t followed suit. And that creates a hidden danger.

“An individual residing in a state that imposes a separate estate or inheritance tax should review the language in his or her Will or Revocable Trust,” Miller says. “Many states have estate tax exemption amounts that are substantially lower than the fed-

One Big Beautiful Bill, One Bigger Exemption

OBBBA enacted

Source: Internal Revenue Service

eral exemption. If your credit shelter trust is dra ed based on the federal exemption, your estate may be exposed to state estate taxes.”

In high-tax jurisdictions like New York, Massachuse s, and Oregon, that could mean millions in unexpected estate tax liability. Updating estate documents to align with both federal and state laws is critical.

OBBBA makes several changes that impact charitable giving, including the addition of a 0.5% adjusted gross income (AGI) “haircut” on charitable deductions. For a taxpayer with $5 million in AGI, that’s a $25,000 deduction lost out of the gate.

Miller also notes that “taxpayers in the top bracket are limited to a charitable deduction that produces tax savings based on an assumed 35% income tax rate, rather than the taxpayer’s actual marginal rate of 37%.”

That may not sound like much, but for multi-million-dollar donations, it adds up. Miller recommends accelerating major giving before December 31, 2025, to take advantage of the more generous deduction rates still in effect this year.

GRATS, ILITS, AND OTHER STRUCTURES NEED A SECOND LOOK

Grantor Retained Annuity Trusts (GRATs) and Irrevocable Life Insurance Trusts (ILITs) have long been estate planning staples. But under OBBBA, they may require revision.

“New rules could impose minimum terms or eliminate so-called ‘zeroedout’ GRATs,” says Miller. “Individuals considering GRATs should lock in such transactions now before possible legislation prevents them.”

ILITs also come under scrutiny. Because many are structured as grantor trusts, the value of the trust may be included in the grantor’s estate for tax purposes. Miller suggests reviewing these trusts to determine whether “any of the grantor trust administrative provisions can be eliminated,” allowing conversion into a non-grantor trust to be er align with the new tax environment.

HNW individuals with international holdings or heirs face an added layer of complexity. U.S. citizens are taxed on their worldwide assets. And while treaties may offer some protection, they’re inconsistent and complex.

“If a future Congress changes the estate tax exemption, more foreign assets will be subject to estate tax,” Miller warns. “Individuals with real property in multiple countries may face double taxation absent treaty provisions.”

THE POLITICAL RISK

Although the law indexes the $15 million exemption to inflation and makes the changes permanent, tax professionals remain skeptical that the current regime will last. “The increased exemption amount under the TCJA was scheduled to expire at the end of 2025,” Miller says. “The enactment of OBBBA has permanently increased those tax exemptions. But future administrations may revisit them.”

That means the current rules may represent the high-water mark for tax-free wealth transfer in the U.S. The savvy move? Act now. “Individuals should proactively make use of the increased exemption amounts either during lifetime or at death,” Miller reiterates.

Or as Jinsky puts it: “Gi early. Gi smart. And make sure your structure can adapt.”

Collectibles, Clout, and the Rise of the Memory Market

Why a $90,000 sneaker or an AI-fueled Messi moment makes more sense to Gen Z investors than a blue-chip stock ever will.

BY ALEXIS BUNCICH

In the face of market uncertainty and trade tensions, a new investment trend has seemingly grown in popularity—alternative asset investing amongst Gen Z. With the “soon-to-be wealthiest generation” increasing their net worth while simultaneously mistrusting markets, items like sneakers and sports memorabilia have become popular investment items. These assets encompass not only steady investments in a time of unknowns, but also point to a larger desire to catalog particular moments in time.

Like art investments of the past, Gen Z’s alternative assets hone in on a public figure or collective memory. Unlike classic art investments, though, Gen Z’s alternative assets appear to be centered not only on the genius of the art itself, but the idea of the figure -- both the public figure involved in creating the asset and the investor themself. And with modern tech, these collectible investments can manifest from a metaphorical representation of a memory to an almost literal one.

PERSONAL MYTH AS INVESTMENT

Historically, one place that we can see personal myth influencing investment in collectible pieces is in the fashion world. For example, Louis Vui on is a luxury fashion house that has seen the artistic achievements of playmakers like Virgil Abloh and Marc Jacobs, as well as capitalized on collaborations with artists like Jeff Koons and Yayoi Kusama and moment-making brands like Supreme and Comme Des Garçons.

These “genius” figures have represented particular moments in time in the zeitgeist—allowing those who are enthusiastic about their work to engage with and invest in it. Unlike many fashion houses, Louis Vui on has embraced the myth of the figurehead, and used that influence to steer the creative direction of their brand

and those who choose to purchase it.

The current genius steering the brand is Pharrell Williams, best known for his musical career. In 2023, Williams introduced his first collection as Men’s Creative Director at Louis Vui on. His website biography describes him as “a visionary whose creative universes expand from music to art, and to fashion.” The luxury brand views their creatives as visionaries, rather than geniuses in the mediums where they most reside (such as Williams’ music).

Although personal myth has accompanied high net worth individuals since the days of John Jacob Astor and John D. Rockefeller, the digital world has created a particular clout around public figures’ memorabilia, regardless of their respective industries.

Fame in one cultural endeavor serves as a jumping-o ff point, and as a figure becomes be erknown for their contributions in multiple realms, the other projects they’ve worked on appear to appreciate in value.

Take, for example, a pair of the Nike Air Force 1s designed by famed late Louis Vui on artistic director Virgil Abloh, currently listed for $90,000 USD on Sotheby’s website. While the sneakers are a luxury item from the fashion house, they are perhaps more greatly impacted by “The Virgil E ff ect” than the actual valuation of the good. The Virgil E ff ect, or the ecstatic influence of the designer, served as such a cultural moment that fans swarmed outside his brand O ff -White’s 2018 Paris Fashion Week shows just to catch a glimpse of the famed designer. Pictures from the day resemble a landmark concert like Taylor Swi ’s 2024 Eras Tour, with seas of viewers pulling out their phones to snap photos and videos.

However, where millennials have focused on fashion hype, Gen Z may take alternative assets to a whole new level—with trendiness and digital hype motivating price tags just as much as expected appreciation of value. A 2024 Bank of America Survey of Wealthy Americans found that investors aged 43 and under ranked real estate investments, crypto and digital assets, private equity, and personal company/brand as areas with the most significant opportunity for growth. Those 44 and up ranked more traditional investment opportunities higher, such as U.S. stocks, real estate investments, and emerging market equities.

Enthusiasm for alternative assets, paired with the digital experience, is shaping the investment decisions of young investors.

COLLECTIBLES SERVE AS INFLATION HEDGES

According to a 2014 Deloi e report on Arts, collectibles, and wealth management, many high-networth individuals intentionally choose arts investments as inflation hedges. Inflation hedges are investments designed to protect against the decreasing purchasing power of a currency—typically through rising prices or inflation. When the market is unstable, investing in alternative assets could be a safer bet--they are expected to either maintain their current value or appreciate.

Additionally, younger investors tend to have less trust in the markets. Bank of America’s 2024 Survey of Wealthy Americans found that 72% of younger investors (aged 21-43) are skeptical of traditional investments, like stocks and

bonds. Both the rising influence of inflation and the general skepticism of Gen Z may lead them to invest in alternative assets.

According to that same report, alternative investments have “shown low correlation with traditional asset classes,” meaning that they stand up against inflation and can help to diversify a portfolio that might overwise be influenced by market ebbs and flows. When traditional asset classes gain or lose value, alternative investments are unlikely to be a ff ected.

The term ‘alternative assets’ encompasses many types of assets: private equity or venture capital, hedge funds, and private credit, but it can also include collectibles-anything from luxury watches to handbags to pop culture merchandise to NFTs.

“Finfluencers,” or financial influencers, had an estimated market size of $104 billion as of 2022, making up just a portion of the total content creator economy, which continues to expand.”

GEN Z SETS SOME FINANCIAL ADVICE FROM SOCIAL MEDIA

Along with Gen Z’s mistrust in traditional investments, they also turn to alternative sources of investment advice. Because of the prevalence of digital culture and online information, Gen Z has the opportunity to be well-informed about their financial decisions before even speaking to a professional—although they still do. Nearly a quarter of Gen Z engages with financial advisers or planners, but many also turn to social media. 15% of Gen Z indicated they look to social media for financial advice. They’re almost five times more likely to do so than those 41 and over.

“Finfluencers,” or financial influencers, had an estimated market size of $104 billion as of 2022, making up just a portion of the total content creator economy, which continues to expand. Not only is there a potential career in influencing (with YouTuber serving as Gen Alpha’s most aspirational career, with TikTok Creator at #2), but there is also the opportunity to pursue a niche content topic, such as financial influencing.

This hyperspecificity, combined with the notion that anyone can become a content creator at any point, has made branding an important skillset and even a necessity for young people. It is possible the hyperawareness of the self, curated through branding and online personas, has even made an impact on the assets Gen Z chooses to invest in, with the idea of personal mythology and cultural influence se ing not only an estimated price on an item, but also adding an emotional value to each investment.

COLLECTING THE CULTURAL ZEITGEIST

So what turns an asset from merely a clout-chasing expensive trend to a thoughtful investment? In the world of auction houses, storytelling can play a big impact on the decisions that younger collectors make. Although Gen Z is, on one hand, part of a generation that’s

used to viewing items online, placing Buy Now orders, and receiving items the next day, they’re also paying a ention to meaningmaking, especially when it comes to collectibles.

Ian Ferreyra de Bone, Managing Director overseeing the Books, Science, Pop Culture, and Real Estate departments globally for Sotheby’s, told Worth that the opportunity to place yourself into a larger, cultural story can be a captivating motivator for Sotheby’s collectors.

“You’re not buying something necessarily [..] just for the weight of gold that’s in the watch. You’re buying it for the cra smanship for whoever previously owned it, like the unique marks. And all of these other things. There’s a lot of education in our content that we put out and storytelling there that a lot of times people start just by being interested in the stories, and then they start to see that they can actually actively participate,” He explained.

Alternative assets are something that can simultaneously reference your personal mythology and large cultural moments that you might have watched from a distance, but not actually been a part of, for example, a basketball used in the 2017 NBA finals. By owning a small piece of the zeitgeist, you get closer to the action.

Ferreyra de Bone emphasized, “There are moments that culturally, especially with social media and traditional media and everything else, start to reverberate. [..] It could have been that you love this one movie because it meant something. It was the movie you saw on your 1st date with the person that you got married to, and so that particular movie ma ers to you individually, a lot. And it may ma er to somebody else individually, a lot.”

With just those two individual experiences, competition begins.

“It takes two bidders to create a market,” explained Ferreyra de Bone.

LOWER BARRIERS TO ENTRY APPEAL TO YOUNGER INVESTORS

The opportunities for Gen Z to create micro-markets continue to grow, with the opportunity to invest in alternative assets at a ground level.

Gen Z started investing in capital markets during their college years at twice the rate of millennials. The ability to invest beginning at lower rates has likely expedited this process.

Although Gen Z is on-track to become the wealthiest generation, they are still in their teens or twenties, and likely not to have as high of a net worth as those who are older. But there are several ways that Gen Z is investing in collectibles with a lower barrier to entry.

One such way is through fractionalization, which divides assets into smaller parts, making it easier to invest and allowing more flexibility for one’s financial portfolio. Fractionalization is empowered by fintech like Robinhood, an online stock trading platform, and Konvi, an online platform for owning portions of alternative assets, like fine wines, watches, and real estate.

Another option for investors looking to get started in alternative assets is simply to look for items with lower price tags. When it comes to collectibles, auction house items o en begin in the hundreds of dollars—and those price tags, like much of Gen Z’s world, can be found online.

NOSTALGIA MAY INSPIRE INVESTMENT

One team of researchers found that nostalgia can serve as a signal of social connectedness, which is a signal that can make individuals more likely to part with and value money than those who aren’t feeling nostalgic. People may be less motivated to hold onto their funds.

Combined with a logical opportunity, the psychological inclination to spend money could encourage a young high net worth individual to make the jump into alternative assets.

“The future of investment may lie in personal experience, myth, and memory. With innovative AI tech like that used to transform Messi’s goal into an asset, combined with the generational enthusiasm around collectibles, investors can choose ultra-personal pieces: not simply one of a kind, but pieces so ultraspecific they seem impossible.”

TRANSFORMING MESSI’S MEMORY INTO AN NFT

Another luxury international auction house, Christie’s, has created a more literal interpretation of owning a collective memory.

In July 2025, Christie’s hosted a partnership between soccer star Lionel Messi and artist Refik Anadol, highlighting Messi’s renowned header goal in the 2009 UEFA Champions League Final. The cultural moment was transformed into an “immersive, AI-driven artwork that merges match data, biometric signals and emotional memory to redefine the boundaries of art, technology and sport.”

The piece consisted of nine AI algorithms, including one that was emotional and another that recognized biometric face and body gestures. In a promotional video for the partnership, Anadol said, “This is the art of going back in time and space. It’s the moment of rewiring our minds and truly reconstructing the memory.”

The online auction fetched $1.86 million USD, with all proceeds donated to nonprofits, including Inter Miami CF Foundation’s global partnership with UNICEF.

FROM MEMORY TO MARKET

The future of investment may lie in personal experience, myth, and memory. With innovative AI tech like that used to transform Messi’s goal into an asset, combined with the generational enthusiasm around collectibles, investors can choose ultrapersonal pieces: not simply one of a kind, but pieces so ultra-specific they seem impossible. From simply owning a pair of sneakers designed by Virgil Abloh or a first-edition SpiderMan comic book, investors may now have their choice of memories and significant moments from the cultural collective.

With the advances of AI and NFTs, along with the hyperspeed through which genAI can turn ideas into reality, there may be a larger place for intangible collectibles in the future.

Riding With the Bond Vigilantes

A widening deficit, jittery markets, and global rate hikes have emboldened debt investors. Here’s how to stay smart—and get paid—while they push back.

BY MAX ISAACMAN

You could call them the debt market’s watchdogs. Bond vigilantes—a term coined by economist Ed Yardeni in the 1980s—are investors who push back against government overspending by withholding demand for U.S. debt. Their message: stop running massive deficits or we’ll make it more expensive for you to borrow.

There’s no formal club or coordination—just a critical mass of institutional investors acting on shared instincts. When fiscal policy looks reckless, they retreat from the bond market. That forces the government to raise interest rates to attract buyers, which in turn sends bond yields higher and the value of older, lower-yielding bonds lower. The result is a kind of buyer’s strike: not organized, but widespread.

Right now, we’re seeing this play out. With a new tax bill threatening to widen the deficit—and rate cuts delayed—bond investors are staying on the sidelines, waiting for better terms. It’s not ideological. As Yardeni famously wrote in July 1983, “So if the fiscal and monetary authorities won’t regulate the economy, the bond investors will. The economy will be run by vigilantes in the credit markets.”

WHY THE BUDGET BILL HAS BOND MARKETS ON EDGE

The non-partisan Tax Foundation estimates that the House-passed bill “would increase long-run GDP by 0.6% and reduce federal tax revenue by $4.1 trillion from 2025 through 2034.” Key provisions—like blocking tax hikes for 62% of taxpayers, as scheduled under the 2017 law, are projected to deepen the fiscal gap. For bond vigilantes, that’s a red flag. The vigilantes are known worldwide. The accounting and advisory firm William Buck, in its latest report, noted: “The United States fiscal deficit is in the spotlight and bond vigilantes are back.” Sydney, Australia–based Besa Deda, chief economist at William Buck, told Worth that interest rates are high and will remain that way or go higher for some time. She added that bond markets will continue to be volatile. “The passage of the latest big, beautiful spending bill

has intensified concerns over the sustainability of the U.S. fiscal position. There’s also concern about inflation risks. The U.S. Federal Reserve has remained on pause, and expectations for rate cuts have been pushed back amid uncertainty over the inflationary impact of potential tari ffs.

The U.S. government deficit has increased significantly since the pandemic, and the new tax bill could substantially contribute to the deficit. The vigilantes and other investors could force the government to pay up for selling debt, forcing rates higher. For investors seeking yield, this could present an opportunity.

THE MAR-A-LAGO ACCORD AND MARKET JITTERS

One controversial idea resurfacing is the so-called Mar-A-Lago Accord. According to Dr. Desmond Lachman, senior fellow at the American Enterprise Institute, the Trump adminis-

tration is reportedly considering a plan to require foreign holders of U.S. Treasuries to exchange their holdings for 100-year or zero-coupon bonds— an effort to secure long-term funding.

Rebecca Pa erson, a senior fellow at the Council on Foreign Relations, wrote in a March 2025 Substack post that the administration wants to simultaneously lower yields, weaken the dollar, increase tari ff s, and make the U.S. a more a ractive destination for investment. As Pa erson noted, the plan “may necessitate short-term economic and financialmarket pain.”

Lachman sees warning signs in gold prices. “The price of gold has risen about 30% since the start of the year,” he says. “That’s not good news. It shows that people are ge ing nervous. Investors see that the United States is not serious about its public finances, and it is on its way to higher inflation. They’re beating up on the foreigners, and they’re beating up on the hand that is feeding them.”

He adds that the Fed has reduced short-term interest rates by about 100 basis points since September 2024, yet long-term rates have risen—an unusual divergence. “They are playing with fire, because markets may just wake up one day and say, This is nuts, it doesn’t work. And once it starts, then you are piling into the trade.”

RISING YIELDS CHANGE THE LANDSCAPE FOR INVESTORS

Long-term Treasury yields have jumped. As of May 2025, the 10-year U.S. Treasury was paying a 4.49% yield-to-maturity—a level only seen twice since October 2007. This shi has meaningful implications for portfolio construction. Instead of scraping by with 1% to 2% returns, income investors are now seeing yields in the mid-4% range.

Want to go further out on the curve? The 30-year Treasury has traded above 5%, a rate not seen since 2006, aside from a brief blip in 2023. This isn’t just a U.S. trend: Japan’s 10year bond rose from -0.3% in mid-2019 to 1.4% in April 2025.

HOW TO INVEST: YIELD WITHOUT EXCESS RISK

In this environment, short-duration income securities remain a smart bet. U.S. Treasuries, backed by the full faith and credit of the government, remain the highest-quality option— and interest is exempt from state and local taxes.

Global X’s short-term T-Bill ETF (CLIP) holds Treasuries that mature in 1–3 months. It functions as a cash substitute, though it does carry some market risk as rates fluctuate. As of July 10, its 30-day SEC yield was 4.19%. Another option: iShares’ 0–3 Month Treasury Bond ETF (SGOV), with similar yield and duration.

For investors looking to lock in current yields, F/m Investments offers single-maturity Treasury ETFs that track the latest on-the-run securities. When new Treasuries are issued, the funds roll into them, locking in the yield. On July 11, F/m’s 3-Month Bill ETF (TBIL) yielded 4.31%; its 30-Year ETF (UTHY) yielded 4.93%. But reaching for yield means accepting more market risk.

SHORT- AND LONG-DURATION

SECURITIES FROM IBONDS

iBond ETFs hold diversified portfolios of bonds that mature in the same year. They’re popular for building bond ladders and trade like stocks. As of mid-July, the iShares December 2027 Term Treasury ETF (IBTH) had a

30-day yield of 3.86%; the Corporate iBond ETF (IBDS) was at 4.36%; and the High Yield iBond ETF (IBHG) offered 6.10%.

But higher yield comes with higher risk. IBDS is 52.2% BBB-rated (the lowest investment grade); the rest is higher. IBHG, by contrast, is nearly half BB-rated, with the remainder lower. Moody’s warns that defaults remain elevated: the average risk of default for U.S. public companies hit 9.2% at the end of 2024, and that trend is expected to persist.

In volatile times, bond vigilantes may dominate the headlines—but smart investors can still find pockets of safety and yield. Just stay nimble, stay short, and read the fiscal signals.

Positioning for the Next Cycle

Cambridge Associates’ Mary Jo Palermo on what’s coming in family oce investing.

BY DAN COSTA

Mary Jo Palermo has built her career by anticipating what’s next—and helping clients move quickly when the moment arrives. As the head of Cambridge Associates’ G1/G2 single family office segment, she works with clients navigating major inflection points, from liquidity events to generational handoffs. Here, she talks to Worth about the underestimated impact of AI, the evolving role of real estate, and how the best investment strategy is one that’s tailor-made—and relentlessly revisited.

How has your approach to constructing diversified emerging markets portfolios evolved in light of recent macroeconomic and geopolitical shi s?

This is a fun question for me. Professionally, I grew up in the emerging debt markets, primarily focused on Latin America. Watching the evolving relationships between China, pan-Asia, and Latin America, I saw firsthand how investment approaches to emerging markets have changed. China’s growth was fueled by Latin American commodities. Back in the 1980s and early 1990s, we viewed emerging market debt as an equity alternative, so portfolio allocations could mix debt and equity for diversified returns. As emerging markets became mainstream, we saw the convergence of local currency debt, dollar-referenced debt, and EM equities. Finding those hidden opportunities “collecting dust in a corner” became more challenging. For our EM allocation, we have always preferred to be out of index, focusing on small-cap, micro-cap, and even frontier markets, rather than simply investing in broad emerging markets. As this approach became more challenging, we evolved to think about EM ex-China, and China

as a standalone allocation. Today, we access broad EM exposure through our global managers, while our dedicated EM allocation is regionally focused on pan-Asia.

What financial trend or structural market shi do you believe institutional investors are still underestimating?

AI’s impact on markets is still underestimated—it will transform market structure, risk, and arbitrage. I don’t know if I can actually process the potential disruption that AI will bring across industries and our society!

It has always been hard for active managers to beat the market index, and advancements in technology make it much harder. Take quant strategies for example. Maintaining an edge will get harder as data grows. At what point are the innovators out-innovated? With so much data being processed, how does a manager maintain an edge? One manager we work with just shared that he needs to start trading di fferently. We love seeing that evolution from the managers we invest in.

Then there’s private investments. Like many, I am also paying a ention to the direction of those investments.

I think we have yet to see and understand the implications of more dollars going into the private markets. For years fund providers have had an eye on access to “democratize” private investing. It has started, but we aren’t yet sure of the implications.

In your work with family offices and endowments, what differentiates top-performing portfolios over long time horizons?

Two things: Developing a plan that is customized to your goals and time frame.

I like to keep it simple: answer a few key questions and do the math. Ask, “What is the money for?” “When do you need it?” “In what currency?” Understanding which cash flows are variable, fixed, ongoing, or one-time can take you far in your planning. Once we understand the portfolio’s purpose and cash flows, we can develop a plan designed to meet the objective or identify where challenges may arise. We have developed an asset allocation which has roots in the endowment model, but has evolved to focus on the competitive advantages of a family office.

Having a flawless governance model that allows for maximum flexibility and speed.

As I tell clients, I can bring you the best ideas, but if you don’t have a process to evaluate and execute them in a timely manner, those ideas aren’t worth much. Effective governance is essential. Be mindful of how many decision makers are at the table—are they commi ed and in it for the long run?

And of course, if your program includes private investments, you need to think in 15-year cycles.

How do you think about risk today—beyond volatility metrics— in a world of climate shocks, cyber threats, and political instability?

My view of risk hasn’t changed; it’s about the permanent loss of capital. We continually plan for stressed sce-

narios that could impact our portfolios. The amount of liability coverage you have should reflect how much risk you’re willing to take. We also have ready-to-go plans for both upside and downside rebalancing—a lesson learned in 2008, when we had capital to invest but many investors hesitated to act. Now, we regularly review these rebalancing plans, allowing us to act seamlessly when needed.

What’s one unconventional asset class or strategy you think deserves more a ention in 2025?

For me it always starts with strategy. Strategy should drive allocation. First- and second-generation families (G1/G2) tend to have the advantage of low spend, the ability and willingness to look di fferent, a longterm mindset, governance models that allow for quick decision-making and very li le turnover. Their scale o en puts them in the sweet spot for access to emerging managers, a segment of the market that families are o en interested and willing to invest in. This has led us to evolve our asset allocation to focus on roles rather than traditional asset class “buckets.” We view it as a continuum focused on liquidity and correlations: where is it worth locking up capital versus accessing a theme in the public markets?

If you are in the fourth generation (“G4”) of a family you may need to fund distributions across a large constituent base. That portfolio is very di fferent from a family who just had a liquidity event, has low spending and just starting the generational journey. There isn’t a right answer. It comes back to the fact that the best approach is having a plan that’s tailored to the unique needs of each family and sticking to that plan when investing.

With public markets increasingly dominated by a few mega-cap stocks, how are you advising clients on equity diversification?

Fees are the only certainty, not returns. We tend to index more on the public side and use active managers where we have a be er chance of understanding the sources of alpha: venture capital, growth equity, private equity, private credit, and certain diversifying hedged strategies. That’s where our team focuses its efforts.

How do you see AI and automation reshaping portfolio construction or manager selection over the next five years?

In the near term, those with access to data, and the ability to interpret the stories that data tell, will have an advantage in identifying a ractive investment opportunities.

As access to information becomes more readily available, that information edge gets chipped away and may lead to a narrowing of dispersions in returns.

Taking this to the extreme, the value of information may become a depreciating asset and less of a differentiator.

Where does real estate fit in today’s portfolio strategy: inflation hedge, return enhancer, or ballast?

Again, it all comes down to the portfolio’s strategy. In our portfo-

lios, real estate competes with other illiquid assets like venture capital and private equity. Real estate is included in our portfolios for return. We also use real estate private credit strategies to generate strong cash flows with less equity risk and greater capital efficiency.

Most of our clients hold direct real estate outside their investment portfolios. For some, it’s about the bond-like cash flow; for others, it serves as a ballast, adding stability and diversification at the enterprise level. And for clients with long-term spending needs or businesses sensitive to rising costs, real estate can act as an inflation hedge.

There’s no one-size-fits-all answer—real estate’s role is always tailored to fit each client’s unique objectives.

How do you evaluate real estate opportunities differently when advising private clients versus institutional investors?

It’s about understanding real estate’s role in the portfolio, return or ballast, and considering what’s already held, both inside and outside managed assets.

Strategic Planning: Beginning Your Roadmap to Sustainable Growth

A true strategic plan isn’t just a document—it’s a blueprint for sustained growth and long-term success.

By ROB MADORE, MARSHBERRY VICE PRESIDENT

Consistent, organic growth is one of the industry’s greatest challenges, but few firms actually go through the exercise of intentionally laying out how they’ll achieve it.

Begin with the End in Mind

The reason for this approach is simple: if you aren’t able to clearly define where you want your firm to go and what you’re building, it will be nearly impossible to make the right near-term decisions.

If anything, your firm should be able to clearly define your vision, mission and value proposition.

Vision: What are you building? A local niche practice, a regional multi-oce organization, a lifestyle practice or a true, growthfocused operating organization?

Mission: What core values and standards do you want your firm to uphold? How do you want to be perceived by clients and the broader market?

Value Proposition: To whom are you delivering services? What segment of the market are you targeting, and what unique value can you oer them?

Establish a Baseline and Understand Where You Are Today

Before charting a course forward, it’s essential to understand where your firm currently stands as a reference point for future comparison, but also to highlight key areas of focus. At a minimum, the core components of this baseline assessment should include market positioning and financial health.

Market Positioning

With increasingly scaled competition, expanding service oerings, and thus compressing margins, understanding your target market, service model and dierentiations to align your value proposition to meet the specific needs for your clients is critical.

Target Market: Who are you serving and what do you provide them?

Service Model: Does your business model allow you to profitably serve this clientele?

Dierentiators: What sets your firm apart? Service and quality? Specialized knowledge? Niche expertise? Depth of service? Something else?

Your positioning has significant impact on your organic growth potential and referral power.

Financial Health

While managing purely to maximize financials is rarely recommended, a business with a weak financial position has minimal operating leverage. Key breakdowns for financial health should include:

Focusing on growth: Track not only overall growth or shrinkage in fees and Assets Under Management (AUM), but where it comes from (new clients, new assets, or market growth).

Benchmarking your firm’s performance: Compare against industry standards and use metrics such as AUM; Net New AUM; New Client Growth; Revenue Per Advisor; Earnings Before Interest, Taxes, Depreciation, Amortization Margin; Client Retention Rates.

Define Your Goals

Your plan should be a combination of long and short-term objectives. These might include:

Financial Goals: Increase AUM by 15% over the next 12 months through a combination of organic growth and strategic acquisitions.

Client Acquisition Goals: Boost new client acquisition by 50% in the next two quarters by implementing a targeted digital marketing campaign and enhancing referral programs.

Growth Goals: Identify specific milestones, such as establishing an equity distribution program or establishing a human capital strategy for the organization.

Continuously Track and Refine Your Plan

A strategic plan is not static and must evolve as your firm grows and the market changes:

Track Alignment: Institute key performance indicators. Update the Plan: Schedule annual reviews to reassess your strategic plan.

Identify Misalignment: Where does your firm’s current position diverge from your desired future state?

• Client Segmentation: Are you serving and prioritizing the right clients?

• Ownership and Equity: Is your ownership structure conducive to developing the next generation of leaders and owners, or is there a need for equity restructuring?

• Growth Targets: Are your goals realistic?

Building a strategic plan for your firm can ensure that your firm is well-positioned to thrive. If you have questions about how you can begin building your roadmap to sustainable growth, or would like to learn more about how MarshBerry can help your firm determine its path forward, please email or call Rob Madore, MarshBerry Vice President, at 440.462.2209.

LEADING ADVISORS

Presented in participation with

Worth’s Leading Advisors of 2025

In an era of dynamic shifts in financial landscapes and the increasing intricacy of personal wealth management, Worth magazine understands the necessity for guidance that anticipates the needs of the auent. The Leading Advisors program, which has been recognizing top-tier wealth management firms since its establishment in 2002, relaunched in 2024 with a fresh, data-driven focus. This reinvigoration is more than just a renewal of commitment; it’s a direct response to the evolving demands of our readers searching for reliable and insightful financial stewardship.

The genesis of the Leading Advisor program was to spotlight the prowess and integrity of independent Registered Investment Advisor (RIA) firms that stand out in a crowded marketplace. However, as the financial world has grown in complexity, so too have the concerns of our readers. High-net-worth individuals face various challenges, from navigating volatile markets to planning for intergenerational wealth transfer, requiring sophisticated and personalized advice.

The program aims to address today’s turbulent financial environment by providing a curated list of advisors who are leaders in their field and pioneers in adapting to market changes and the evolving needs of affluent clients. Working with our partners at ISS Market Intelligence, Worth ’s editorial staff evaluated more than 41,000 RIAs and financial advisors in the United States and identified the top 350 firms.

Leading Advisor Criteria

The core value of the Leading Advisor program lies in its rigorous selection process and the credibility it bestows upon listed advisors. Each firm featured has successfully cleared stringent benchmarks:

Q Assets Under Management (AUM) of Over $500 Million: Demonstrates substantial experience and trust in handling significant wealth.

Q Predominantly High-Net-Worth Clients: Shows specialized expertise in managing the complex financial situations typical of wealthier clients.

Q Substantial Planning Clientele: Indicates a focus on comprehensive financial planning rather than simple asset management.

Q Independence from Broker-Dealers: Ensures advice is unbiased and purely client-centric.

These criteria spotlight firms that manage wealth and craft tailored strategies considering the broader financial picture. Thus, they enhance our readers’ ability to make informed choices about who manages their wealth.

Editorial Integrity and Independence

At Worth , our commitment extends far beyond the mere presentation of data. The Leading Advisor program is constructed on a bedrock of editorial integrity and independence, devoid of any influence from the firms we evaluate. This independence is pivotal in upholding our readers’ trust and ensures that our listings genuinely reflect merit and excellence in wealth management.

Our methodology is transparent and comprehensive, ensuring that the advisors we feature are among the industry’s best. We believe in the importance of not just

Abacus Planning Group, Inc. Columbia, SC

Aberdeen Wealth Management, LLC Lake Blu, IL

Abound Wealth Management, LLC Franklin, TN

Accredited Investors Wealth Management Minneapolis, MN

Acropolis Investment Management, LLC Chesterfield, MO

Adero Partners, LLC Walnut Creek, CA

Aegis Wealth Bethesda, MD

Aequitas Investment Advisors, LLC Hingham, MA

Alesco Advisors, LLC Pittsford, NY

Align Impact, LLC Santa Monica, CA

Allium Financial Advisors, LLC Lake Oswego, OR

AlphaCore Capital, LLC La Jolla, CA

Altfest Personal Wealth Management New York, NY

Andersen McLean, VA

Apex Financial Advisors, Inc Morrisville, PA

Arbor Wealth Advisors, LLC Troy, MI

Argos Capital Partners, LLC Saint Louis, MO

Armstrong, Fleming & Moore, Inc. Washington, DC

Aspen Capital Management, LLC Boise, ID

Atlas Capital Advisors Inc. San Francisco, CA

Atwood & Palmer, Inc. Kansas City, MO

Austin Asset Austin, TX

Autumn Lane Advisors, LLC Houston, TX

Aviance Capital Partners, LLC Naples, FL

Avidian Wealth Solutions, LLC Houston, TX

growth but growth by design. This means that our featured firms are actively enhancing their capabilities and o erings to serve their clients better, not merely growing their assets under management by riding market trends.

A Renewed Commitment to Excellence

The of the Leading Advisor program arms Worth’s dedication to excellence in financial journalism and our commitment to serving as a vital resource for the high-networth community. Worth is more than a magazine; it’s a platform where the best in the business converge to discuss, innovate, and shape the future of wealth management.

We will update The Leading Advisor list annually as new company data is released.

To learn more about the list or license the Leading Advisor logo email Josh.Kampel@Worth.com.

Avion Wealth Spring, TX

Avitas Wealth Management, LLC Los Angeles, CA

Bahl & Gaynor Inc. Cincinnati, OH

Bailard, Inc. San Mateo, CA

Baker Street Advisors, LLC San Francisco, CA

BakerAvenue San Francisco, CA

Balentine Atlanta, GA

Ballentine Partners Waltham, MA

Baron Wealth Management, LLC Troy, MI

Bartlett & Co. Wealth Management, LLC Cincinnati, OH

Bason Asset Management Denver, CO

BBR Partners, LLC New York, NY

Beacon Pointe Advisors, LLC Newport Beach, CA

Beaird Harris Dallas, TX

Bedel Financial Consulting Inc. Indianapolis, IN

Bell Investment Advisors Inc. Oakland, CA

Biltmore Family Oce, LLC Charlotte, NC

BIP Wealth, LLC Atlanta, GA

Black Coral Financial Advisors, LLC Budd Lake, NJ

Black Diamond Financial, LLC Towson, MD

Blankinship & Foster, LLC Solana Beach, CA

BlueSky Wealth Advisors, LLC New Bern, NC

Blume Capital Management, Inc. Berkeley, CA

Bordeaux Wealth Advisors Menlo Park, CA

Boston Research and Management, Inc. Manchester, MA

Bradley Foster & Sargent Inc Har tford, C T

Brandywine Oak Private Wealth, LLC Kennett Square, PA

Breeds Hill Capital, LLC Charlestown, MA

Briaud Financial Advisors College Station, TX

Bridgewater Advisors Inc. New York, NY

Brighton Jones, LLC Seattle, WA

Broadview Financial Management, LLC Menomonee Falls, WI

BSW Wealth Partners Boulder, CO

Burt Wealth Advisors Rockville, MD

Burton Enright Welch Walnut Creek, CA

Cabot Wealth Management Salem, MA

Cahaba Wealth Management, Inc. Atlanta, GA

Callan Capital, LLC La Jolla, CA

Canal Capital Management, LLC Richmond, VA

Cap Strat Villa Park, IL

Capital Counsel, LLC New York, NY

Capstone Financial Advisors Inc. Downers Grove, IL

Cardi Park Advisors San Marcos, CA

Carret Asset Management New York, NY

Cerity Partners, LLC New York, NY

Chatham Capital Group Inc. Savannah, GA

Chatham Wealth Management Chatham, NJ

Check Capital Management Inc. Costa Mesa, CA

Chequers Financial Management, LLC San Francisco, CA

Chesley, Taft & Associates, LLC Chicago, IL

Chevy Chase Trust Company Bethesda, MD

Choreo, LLC Rockford, IL

Churchill Management Group Los Angeles, CA

Circle Advisers Inc. New York, NY

Circle Wealth Management, LLC Summit, NJ

Clariti Wealth Advisors Wilmington, DE

Clayton Financial Group, LLC Saint Louis, MO

Cliord Swan Investment Counselors Pasadena, CA

Clune & Associates Chicago, IL

CMH Wealth Management, LLC Portsmouth, NH

Coastal Bridge Advisors Westport, CT

Colony Family Oces, LLC Charlotte, NC

Concentric Wealth Management, LLC Lafayette, CA

Connecticut Wealth Management, LLC Farmington, CT

Conservest Capital Advisors Inc. Wynnewood, PA

Consilium Wealth Management Danville, CA

Constellation Wealth Advisors Cincinnati, OH

Coons Advisors Columbus, OH

Covenant Partners, LLC Nashville, TN

Creative Capital Management Investments, LLC San Diego, CA

Creative Planning Leawood, KS

Crescent Grove Advisors Lake Forest, IL

Cresset Asset Management, LLC Chicago, IL

Crestwood Advisors Boston, MA

D’Orazio & Associates, Inc.

Falls Church, VA

Dash Investments Woodland Hills, CA

Deerfield Indianapolis, IN

Delegate Advisors, LLC Chapel Hill, NC

Destination Wealth Management

Walnut Creek, CA

Diversified Management Inc. Milwaukee, WI

Douglas C. Lane & Associates New York, NY

Duncan & Haley, Ltd. Seattle, WA

Eagle Ridge Investment Management, LLC Stamford, CT

Edelman Financial Engines Santa Clara, CA

Edge Capital Group, LLC Atlantan, GA

Elevation Point Wealth Partners, LLC Denver, CO

Empirical Wealth Management Seattle, WA

Evensky & Katz/Foldes Wealth Management Miami, FL

Evergreen Capital Management, LLC Bellevue, WA

Exchange Capital Management Inc. Ann Arbor, MI

F L Putnam Investment Management Co. Lynnfield, MA

FBB Capital Partners Bethesda, MD

Ferguson Wellman Capital Management, Inc. Por tland, OR

Fi3 Financial Advisors, LLC Indianapolis, IN

Fiduciary Financial Group, LLC San Rafael, CA

Fiduciary Wealth Partners, LLC Newton Lower Falls, MA

Fielder Capital Group LLC Nashville, TN

Fierston Financial Group Inc. West Hartford, CT

Financial Advisory Corporation Grand Rapids, MI

Financial Alternatives, Inc. La Jolla, CA

Financial Partners Group, LLC Gallatin, TN

Financial Solutions Advisory Group Chicago, IL

Financial Symmetry Inc. Raleigh, NC

Financial Synergies Houston, TX

Firestone Capital Management Inc. Miami, FL

Fort Point Capital Partners, LLC San Francisco, CA

Foster & Motley Inc. Cincinnati, OH

Fountainhead Advisors Warren, NJ

Frank, Rimerman Advisors, LLC Palo Alto, CA

Franklin, Parlapiano, Turner & Welch, LLC Houston, TX

Freestone Capital Management, LLC Seattle, WA

FRG Family Wealth Advisors Bellevue, WA

Fulcrum Capital, LLC Seattle, WA

Full Sail Capital, LLC Oklahoma City, OK

G2 Capital Management, LLC Columbus, OH

Galecki Financial Management Inc. Fort Wayne, IN

Garde Capital, Inc. Seattle, WA

Geller Advisors, LLC New York, NY

Geometric Wealth Advisors, LLC Washington, DC

Gerber, LLC Columbus, OH

GHP Investment Advisors Inc. Denver, CO

Gibson Capital, LLC Wexford, PA

Gilman Hill Asset Management, LLC New Canaan, CT

Glassman Wealth Services, LLC Vienna, VA

Godsey & Gibb Wealth Management Richmond, VA

Goelzer Investment Management Carmel, IN

Goodman Financial Corporation Houston, TX

Grand Wealth Management, LLC Grand Rapids, MI

Graves Light Lenhart Harrisonburg, VA

Great Point Wealth Advisors, LLC Boston, MA

Greenwich Wealth Management, LLC Greenwich, CT

Gresham Partners, LLC Chicago, IL

Gryphon Advisors, LLC Evanston, IL

GSG Advisors, LLC Mount Laurel, NJ

Guyasuta Investment Advisors Inc. Pittsburgh, PA

Hall Capital Partners, LLC San Francisco, CA

Hamilton Point Investment Advisors, LLC Chapel Hill, NC

HeadInvest Portland, ME

Heartwood Wealth Advisors, LLC Richmond, VA

Henry H. Armstrong Associates, Inc. Pittsburgh, PA

Heritage Financial Services Westwood, MA

Heritage Investors Management Corp Bethesda, MD

Heritage Wealth Advisors Richmond, VA

HighTower Advisors, LLC Chicago, IL

Hollow Brook Wealth Management LLC. Katonah, NY

Hopwood Financial Services, Inc. Reston, VA

Howard Financial Services, Ltd. Dallas, TX

HTG Investment Advisors Inc. New Canaan, CT

Independent Family Oce, LLC Albany, NY

Innovia Wealth, LLC Grand Rapids, MI

Integris Wealth Management, LLC Monterey, CA

Ironwood Investment Counsel, LLC Scottsdale, AZ

Isthmus Partners, LLC Madison, WI

ISTO Advisors, LLC Troy, MI

IWP Wealth Management, LLC Denver, CO

Jackson, Grant Investment Advisers, Inc. Stamford, CT

Janiczek Wealth Management Denver, CO

Jentner Wealth Management Akron, OH

JFG Wealth Management, LLC Denver, CO

JMG Financial Group Ltd Downers Grove, IL

Joel Isaacson & Co., LLC New York, NY

Johnson Financial Group, LLC Denver, CO

Johnson Investment Counsel, Inc. Cincinnati, OH

Johnson Wealth Inc. Milwaukee, WI

Jordan Park Group, LLC San Francisco, CA

JVL Wealth Strategies Wyoming, MI

Kendall Capital Management Rockville, MD

Klingenstein Fields Advisors New York, NY

Klingman and Associates, LLC New York, NY

Koss-Olinger Consulting, LLC. Gainesville, FL

Kutscher Benner Barsness & Stevens, Inc. Seattle, WA

Lafayette Investments, Inc. Ashton, MD

Laird Norton Weatherby Seattle, WA

Lake Street Advisors Portsmouth, NH

Legacy Advisors, LLC Plymouth Meeting, PA

Lido Los Angeles, CA

Lifecycle Financial Planners Inc. Bloomfield Hills, MI

Lindbrook Capital, LLC Calabasas, CA

Live Oak Private Wealth, LLC Wilmington, NC LNW San Francisco, CA

Lodestar Private Asset Management, LLC Alamo, CA

Loring, Wolcott & Coolidge Fiduciary Advisors, LLP Boston, MA

Lountzis Asset Management, LLC Reading, PA

LVM Capital Management Ltd Portage, MI

Lyell Wealth Management LP Menlo Park, CA

Main Street Research, LLC Lakeville, CT

Marietta Wealth Management, LLC Marietta, GA

Maslow Wealth Advisors Austin, TX

Materetsky Financial Group Boynton Beach, FL

McRae Capital Management Inc. Morristown, NJ

Meridian Wealth Advisors, LLC Austin, TX

Meritage Portfolio Management, Inc. Overland Park, KS

Mill Creek Capital Advisors, LLC Conshohocken, PA

MIO Partners, Inc. New York, NY

Moneta Group Investment Advisors, LLC Saint Louis, MO

Monograph Wealth Advisors, LLC Manhattan Beach, CA

Montag Atlanta, GA

Monument Group Wealth Advisors, LLC Concord, MA

Morling Financial Advisors, LLC Fremont, CA

Morton Wealth Agoura Hills, CA

Moss Adams Wealth Advisors, LLC Seattle, WA

Mozaic, LLC Beverly Hills, CA

myCIO Wealth Partners, LLC Philadelphia, PA

NavPoint Financial, Inc. Prior Lake, MN

Neumann Capital Management San Mateo, CA

New England Private Wealth Advisors, LLC Wellesley Hills, MA

Northeast Financial Westport, CT

Novare Capital Management Charlotte, NC

NPF Investment Advisors Grand Rapids, MI

O’Brien Wealth Partners, LLC Waltham, MA

O’Rourke & Company, Incorporated Boston, MA

Oakmont Corporation Los Angeles, CA

Obermeyer Wealth Partners Aspen, CO

Oliver Luxxe Assets, LLC

Gladstone, NJ

Operose Advisors, LLC Milwaukee, WI

Opus Capital Management Cincinnati, OH

Osborne Partners San Francisco, CA

Oxford Financial Group, Ltd Carmel, IN

Palisade Asset Management, LLC Minneapolis, MN

Paragon Capital Management Denver, CO

Parkside Advisors, LLC Berkeley, CA

Pathstone Englewood, NJ

Pathway Financial Advisors, LLC South Burlington, VT

Patton Wealth Advisors Dallas, TX

PDS Planning Inc. Dublin, OH

Peak Asset Management, LLC Louisville, CO

Pegasus Partners Mequon, WI

Pennington Partners & Co., LLC Bethesda, MD

Perennial New York, NY

Personal CFO Solutions, LLC Chester, NJ

Perspective Wealth Partners, LLC Boise, ID

Peterson Wealth Advisors, LLC Orem, UT

Pinney & Scofield, Inc. Cambridge, MA

Plancorp, LLC Saint Louis, MO

PrairieView Partners, LLC Saint Paul, MN

Prio Wealth LP Boston, MA

Private Advisor Group, LLC

Morristown, NJ

Prott & Goodson Inc. Knoxville, TN

Promus Capital, LLC Chicago, IL

Prowell Financial Management, LLC Exton, PA

Punch & Associates Investment Management, Inc. Minneapolis, MN

QuadCap Wealth Management, LLC Frisco, TX

Rappaport Reiches Capital Management Skokie, IL

Regent Peak Wealth Advisors, LLC Atlanta, GA

Resonant Capital Advisors, LLC Madison, WI

Reynders, McVeigh Capital Management, LLC Boston, MA

Riverbridge Minneapolis, MN

Riverview Capital Advisers, LLC Boston, MA

Riverwater Partners, LLC Milwaukee, WI

Roble, Belko and Company, Inc. Sewickley, PA

Rock Point Advisors, LLC Burlington, VT

Roman Miller Associates Inc. Philadelphia, PA

Rossmore Private Capital, LLC Glastonbury, CT

Roundview Capital, LLC Princeton, NJ

RPG Investment Advisory, LLC Pleasanton, CA

RTD Financial Advisors Inc. Philadelphia, PA

RZH Advisors, LLC Stamford, CT

Sage Financial Group Inc. Conshohocken, PA

Sage Mountain Advisors, LLC Atlanta, GA

Salomon and Ludwin Henrico, VA

Sanctuary Advisors, LLC Indianapolis, IN

Sand Hill Global Advisors, LLC Palo Alto, CA

Sargent Investment Group Bethesda, MD

Satovsky Asset Management, LLC New York, NY

SBK Financial, Inc. Richmond, VA

Schaper Benz & Wise

Investment Counsel Inc. Neenah, WI

Scharf Investments, LLC Los Gatos, CA

Schechter Investment Advisors, LLC Birmingham, MI

SCS Capital Management, LLC Boston, MA

SEIA Los Angeles,CA

Sensible Financial Planning and Management, LLC Waltham, MA

Sequent Asset Management, LLC Houston, TX

Seven Post Investment Oce LP San Francisco, CA

Seven Springs Wealth Group Brentwood, TN

Shade Tree Advisors, LLC Saratoga Springs, NY

Sigma Investment Counselors Northville, MI

SignatureFD, LLC Atlanta, GA

Silicon Valley Capital Partners, L.P. San Jose, CA

Silvercrest Asset Management Group, LLC New York, NY

SilverOak Wealth Management, LLC Minneapolis, MN

Simon Quick Advisors, LLC Morristown, NJ

Single Point Partners Boston, MA

Sivia Capital Partners, LLC Mill Valley, CA

SlateStone Wealth, LLC Jupiter, FL

Smith & Howard Wealth Management, LLC Atlanta, GA

Smith Salley Wealth Management Greensboro, NC

Soltis Investment Advisors, LLC Saint George, UT

Southeast Asset Advisors, LLC Thomasville, GA

SPC Financial Inc. Rockville, MD

St. Clair Advisors, LLC Cleveland, OH

Stack Financial Management Inc. Whitefish, MT

Stage Harbor Financial Westwood, MA

Stansberry Asset Management, LLC Roanoke, TX

Stepp & Rothwell Inc. Overland Park, KS

Sterling Investment Advisors Ltd. Berwyn, PA

Strata Wealth Advisors, LLC Dallas, TX

Strategic Financial Services Utica, NY

Strategic Wealth Partners, Ltd. Independence, OH

Summit Financial Strategies Inc. Columbus, OH

Summit Rock Advisors, LP New York, NY

LEADING ADVISORS

Summitry, LLC San Mateo, CA

Syverson Strege West Des Moines, IA

Tanglewood Total Wealth Management, Inc. Houston, TX

Tarbox Family Oce, Inc. Newport Beach, CA

Team Hewins, LLC Redwood City, CA

The Advocate Group, LLC Hopkins, MN

The Arkansas Financial Group, Inc. Little Rock, AR

The Burney Company Reston, VA

The Caprock Group, LLC Boise, ID

The Clarius Group, LLC Seattle, WA

The Colony Group, LLC Boston , MA

The Fairman Group, LLC Wayne, PA

The Family Firm, Inc. Bethesda, MD

The Fiduciary Group Savannah, GA

Disclaimer

The Harbor Group, Inc. Bedford, NH

The Investment Counsel Company Las Vegas, NV

The Mather Group, LLC Chicago, IL

The Portfolio Strategy Group, LLC White Plains, NY

The Wealth Collaborative, Inc Thousand Oaks, CA

Three Bell Capital, LLC Dallas, TX

Tiedemann Advisors, LLC New York, NY

Tiller Private Wealth, Inc. Bethlehem, PA

Tobias Financial Advisors Fort Lauderdale, FL

Tolleson Private Wealth Management Dallas, TX

Tortoise Investment Management, LLC West Harrison, NY

Tower Bridge Advisors Conshohocken, PA

Trebuchet Consulting, LLC Pittsburgh, PA

True North Advisors, LLC Dallas, TX

Twin Focus Capital Partners, LLC Boston, MA

Valeo Financial Advisors, LLC Carmel, IN

Venturi Private Wealth Austin, TX

Veratis Advisors, Inc. Cary, NC

Veris Wealth Partners, LLC San Francisco, CA

Verity Investment Partners Beaufor t, SC

Verum Partners LLC Charlotte, NC

Vestia Personal Wealth Advisors Fort Wayne, IN

Vivaldi Capital Management LP Chicago, IL

Wade Financial Advisory, Inc. Campbell, CA

Waldron Private Wealth Bridgeville, PA

Wallington Asset Management Indianapolis, IN

Warner Financial, Inc. Bethesda, MD

Warwick Partners Bryan, TX

Waters, Parkerson & Co., LLC New Orleans, LA

Waterway Wealth Management, LLC Spring, TX

Watts Gwilliam & Company, LLC Gilbert, AZ

Waypoint Wealth Counsel, LLC Atlanta, GA

Waypoint Wealth Partners Mill Valley, CA

Wealth Architects, LLC Mountain View, CA

Wealth Care LLC Merritt Island, FL

Wealthspire Advisors Melville, NY

WealthStar Advisors, LLC Plano, TX

Wealthstream Advisors, Inc. New York, NY

Weatherly Asset Management Del Mar, CA

Welch & Forbes LLC Boston, MA

Wellspring Financial Advisors, LLC Cleveland, OH

WESCAP Group Glendale, CA

Wescott Financial Advisory Group, LLC Philadelphia, PA

West Coast Financial, LLC Santa Barbara, CA

West Financial Advisors, LLC Des Moines, IA

West Financial Services, Inc. McLean, VA

Westmount Partners, LLC Los Angeles, CA

Wharton Business Group, LLC Malvern, PA

Williams Jones Wealth Management, LLC New York, NY

Windsor Advisory Group, LLC Columbus, OH

Wingate Wealth Advisors, Inc. Lexington, MA

WMS Partners, LLC Towson, MD

Woodmont Investment Counsel, LLC Nashville, TN

Woodward Financial Advisors, Inc. Chapel Hill, NC

Young Richard C & Co Ltd

Newport, RI

Zhang Financial Portage, MI

Zuckerman Investment Group Chicago, IL

ZWJ Investment Counsel Inc Atlanta, GA

Worth magazine is a publisher and does not recommend or endorse investment, legal, insurance, or tax advisors. The listing of any firm in the 2025 Worth Leading Advisors Program is conducted by our editorial team (at times in partnership with certain research organizations) and does not constitute a recommendation or endorsement by Worth magazine of any such firm and is not based upon Worth magazine’s experience with, or prior dealings with, any advisor. The information presented for each firm and/or advisor, including but not limited to any related profile, statistical data, presentation, report, commentary, recommendation, or strategy, has been provided by such advisor and/or third party data sources without independent verification by Worth magazine. Any such information is the sole responsibility of the advisor and/or third party data sources. Worth magazine makes no representation or warranty as to the accuracy or completeness of such information, assumes no liability for any inaccuracies or omissions therein, and disclaims responsibility for the suitability of any particular investment recommendation or strategy for any person. Nothing contained in Worth magazine constitutes or should be construed as any form of investment, legal, insurance, or tax advice or as a recommendation to buy, sell, hold, or trade any securities, financial instruments, or assets. Readers are advised to consult their legal, financial, insurance, and tax advisors prior to making any investment or pursuing any investment strategy. Past, model, or hypothetical performance is not indicative of future results.

TECHONOMY

This issue of Techonomy spans the frontiers of science and climate—from Arctic ice melt and geopolitical tensions (p96), to Katharine Hayhoe’s value-driven climate action. (p104) PADI AWARE turns divers into global conservationists, (p108) the Asháninka use drones and ancestral knowledge to defend the Amazon (p101), and digital surgery merges robotics with AI for unprecedented precision. (p107)

Drill, Chill, or Spill

Executive orders, melting sea ice, and rising geopolitical tensions are setting the Arctic up for a dangerous new energy frontier—the stakes: Indigenous sovereignty, ecosystem collapse, and the next global power grab.

BY GORDON FELLER

Trump’s fixation on Greenland may get the big headlines, but the bigger danger is a series of 2025 Executive Orders that will impact the Arctic. It’s rare to see maritime ambition at the center of modern executive power—but on April 9, 2025, the White House changed that. With a signature flourish, President Trump launched an ambitious executive order aimed at resuscitating America’s dormant maritime economy. Within months, federal officials must deliver a Maritime Action Plan that tackles everything from shipbuilding investment and workforce training to harbor maintenance fees and Arctic seali capacity—all of it driven by the goal of reclaiming sovereign control over trade, logistics, and national security in an ocean-driven world. But beneath the industrial bravado lies a deeper tension: the race to reopen

northern shipping lanes and scale Arctic infrastructure could alter fragile ecosystems forever.

Trump has already rescinded the Biden administration’s ANWR leases cancellations; reopened ecologically sensitive areas previously protected under the Integrated Activity Plan for the National Petroleum ReserveAlaska (Western Arctic); and directed US federal agencies to expedite permi ing and leasing for energy and natural resource projects in Alaska. This will lead to expanded drilling and infrastructure development in ecologically sensitive Arctic areas, threatening habitats for wildlife such as polar bears, caribou, and migratory birds. Humans will also feel the effects: The Gwich’in face threats to their traditional ways of life, as do other Indigenous peoples who depend on the Arctic ecosystem for subsistence hunting and cultural practices.

The US Department of the Interior, under Trump’s direction, began developing a new five-year offshore oil and gas leasing program that could include new zones in the Arctic, especially in the “High Arctic”. Trump’s White House decided to repeal all the Biden-era efforts to block Arctic offshore drilling, opening the door for future leasing auctions. Increased offshore drilling will, of course, heighten the risk of oil spills in fragile Arctic marine environments. We know from experience that these are exceedingly di fficult to remediate due to ice cover, remoteness, and extreme conditions. Drilling activities disturb marine mammals, fish populations, and the broader Arctic food web.

In April of this year, Trump signed another executive order to accelerate deep-sea mining, including in U.S. Arctic waters and potentially in international waters adjacent to the Arctic. The order instructs federal agencies to expedite the review and approval of seabed mining permits, bypassing ongoing global negotiations on environmental safeguards. A growing chorus of scientists argues that deepsea mining is likely to cause irreversible damage to unique Arctic seafloor

habitats. While we know that these habitats host endemic species, we don’t know a great deal about them, as these same habitats are poorly understood. Past test mining sites in the region have shown that recovery can take decades or longer, with unknown consequences for ecosystem services.

One of the executive orders garnered almost no a ention. The “Restoring America’s Maritime Dominance” includes a mandate to develop a strategy for U.S. leadership and security in Arctic waterways, citing the growing presence of foreign nations in the region. A new and forthcoming “Maritime Action Plan” will lay out the Administration’s views on U.S. commercial and military interests in the Arctic.

At the top of the world, you’ll find the Central Arctic Ocean (CAO)—a vast, high-seas expanse around the North Pole spanning 1.1 million square miles. It’s one of Earth’s most delicate and dynamic ecosystems. Historically protected by year-round sea ice, the CAO has remained largely untouched by human industry. Yet, this sanctuary is now under siege from climate change and intensifying economic interests. As Arctic summer sea ice shrinks at unprecedented rates, new shipping routes, resource extraction ambitions, and geopolitical claims are converging in a fragile and largely unregulated ocean.

Today, the Arctic is warming at a rate four times faster than the global average. The alarming consequences include a 65% reduction in the average September sea-ice volume since 1980. “The Arctic is in the midst of rapid change, and we’re seeing that reflected in profound environmental and ecological shi s,” says Dr. Julienne Stroeve, senior scientist at the US Federal government’s National Snow and Ice Data Center. “What was once permanent ice is now open water in summer.”

This transformation has opened the door to ambitious industrial schemes, most notably the proposed Transpolar Sea Route—a direct ship-

ping corridor across the Arctic. Proponents argue this route could reduce shipping time and costs between Asia and Europe. However, critics warn that these benefits come at an unacceptable ecological price. As the Arctic Council’s Protection of the Arctic Marine Environment group notes, “Trans-Arctic shipping introduces risks of oil spills, black carbon emissions, underwater noise, and disruption to wildlife migration pa erns.”

The CAO’s extreme remoteness magnifies the threat. As the Ocean Conservancy’s experts point out, the region suffers from a “severe lack of search and rescue capabilities,” and any pollution incidents would be compounded by the “lack of cleanup capability in such remote waters.” These logistical shortcomings mean that accidents in the CAO could have transboundary consequences, with ocean currents spreading contamination far beyond the Arctic.

Equally concerning is the looming possibility of deep-sea mining in the CAO. As Arctic coastal states submit overlapping claims for Extended Continental Shelf (ECS) rights, competition for seabed resources intensifies every day. Deep-sea mining targets polymetallic nodules, hydrothermal vents, and other unique seafloor ecosystems—environments that are largely unexplored and potentially irreplaceable.

“We’re talking about ecosystems that have evolved over millions of years in total darkness, under immense pressure, and are highly vulnerable to disturbance,” explains Dr. Diva Amon, deep-sea biologist and member of the Deep Ocean Stewardship Initiative. “Once disturbed, they may never recover.”

“The Arctic is warming at a rate four times faster than the global average. The alarming consequences include a 65% reduction in the avarage September sea-ice.”

The ecological wealth of the CAO cannot be overstated. From phytoplankton blooms under the thinning ice to migratory whales, seals, and seabirds, the region supports an extraordinary web of marine life. Despite this richness, the CAO is also “the world’s quietest sea,” offering a refuge from anthropogenic noise pollution that is increasingly rare elsewhere in the world’s oceans.

Beyond biodiversity, the Central Arctic Ocean plays a pivotal role in climate regulation. Arctic sea ice helps cool the planet by reflecting sunlight, while Arctic currents and atmospheric systems regulate global weather. As climate scientist Dr. Mark Serreze puts it, “What happens in the Arctic doesn’t stay in the Arctic. The loss of sea ice is linked to more erratic jet streams and extreme weather events further south.”

Importantly, the Arctic is not uninhabited. Indigenous peoples have lived in the region for millennia, forging deep cultural and subsistence relationships with the marine environment. “The Central Arctic Ocean is integral to the food security, cultural identity, and governance practices of Arctic Indigenous communities,” emphasizes Dalee Sambo Dorough, former Chair of the Inuit Circumpolar Council. “Ignoring Indigenous knowledge in decisionmaking is both unjust and counterproductive.”

Some progress has been made. In 2018, the Central Arctic Ocean Fisheries Agreement—a landmark accord involving Arctic and nonArctic nations—placed a moratorium on commercial fishing in the CAO and established a joint scientific research program. This agreement, built on the precautionary principle, is “the first international accord to preemptively ban fishing in a high seas area before it starts,” says Ambassador David Balton, former U.S. Arctic envoy and chair of the Arctic Ocean fisheries negotiations. “It’s a model of how multilateral governance can work for ocean conservation.”

Yet, more is needed. The U.S.-based non-profit Ocean Conservancy is calling for a new international agreement tailored to the CAO’s current threats, one that not only bans deep-sea mining and transpolar shipping but also ensures inclusive governance and Indigenous representation. “The Arctic is becoming a new geopolitical frontier,” warns Dr. Klaus Dodds, Professor of Geopolitics at Royal Holloway, University of London. “We must resist the temptation to treat it as a commodity race, and instead treat it as a shared responsibility.”

Key pillars of this proposed agreement include:

• A moratorium on new extractive industries in the CAO

• Codification of Indigenous knowledge and participation in governance

• Funding for Arctic science and monitoring

• Legal clarity on overlapping ECS claims

These efforts must be guided by a spirit of cooperation, not conflict. As Ocean says in their campaign: “Precaution—not poorly governed industrial experiments—is required to safeguard the Central Arctic Ocean.” This is not only a ma er of conservation but of global equity and justice. As United Nations Secretary-General António Guterres warned during the 2023 Climate Ambition Summit, “The melting Arctic is not just a local tragedy—it is a planetary crisis.”

According to Halvard Raavand, Deputy Program Manager at Greenpeace Norway, the situation is in flux: “The US and Canada have implemented policies to limit Arctic oil drilling, though several projects are still being developed. Greenland has imposed a ban on all new oil and gas developments. In contrast, Norway views the melting ice not as a climate emergency but as an opportunity for the oil industry. Following a period of reduced interest in Arctic oil and gas extraction, Norway is experiencing a resurgence of activity, driven by Russia’s full-scale invasion of Ukraine.”

In 2024, the Norwegian government issued eight new licenses in the Barents Sea, quadrupling the number of new Arctic oil licenses granted in 2023. The Johan Castberg oil field is set to begin production at the end of 2024 in Norwegian Arctic waters. Equinor, the state-owned oil company, has also expressed renewed interest in developing the Wisting oil field, which would become the world’s northernmost oil field if approved. Aker BP, Norway’s largest private oil company, discovered the Wisting field in 2024.

Norway also updated the definition of the marginal ice edge zone in 2024. The previous definition from 2020 faced heavy criticism for aligning with oil interests rather than the physical location identified by the government’s scientific institutions. This controversial, anti-science definition was upheld in the 2024 revision, allowing for larger areas to be accessible to the oil industry.

Representatives of the Conservative Party, currently leading in polls as Norway’s largest political party, have advocated for opening oil and gas drilling outside the famous Lofoten Islands, in areas closed to the industry since the early 2000s.

Instead of using Russia’s full-scale invasion of Ukraine as a justification for continuing Arctic oil pursuits, Norway should recognize Arctic oil drilling as a geopolitical threat and impose a ban on all new oil and gas exploration in the Arctic.

During his presidential campaign in February 2020, Biden stated: “No more drilling on federal lands, period, period, period.” He added that drilling in the Arctic was a “disaster”. However, contrary to this campaign stance, the Biden administration approved the Willow project in March 2023. The approval has been met with criticism from environmental groups and some of Biden’s supporters, who view it as contradicting his climate goals. To balance this decision, the administration simultaneously announced new protections for federal lands and waters in Alaska, including

a ban on future oil and gas leasing in the entire US Arctic Ocean. The administration’s approval of the project appears to have been influenced by legal considerations regarding ConocoPhillips’ existing leases and potential court rulings that could favor the company.

There have been some significant Russian investments in Arctic oil and gas projects over the past 12 months. One reason for Moscow’s rising interest is that, in 2022, Russia’s Rosne announced the discovery of a massive 82 million-ton Arctic oil field. To stimulate even greater economic activity in the Arctic, which the Kremlin prioritizes, Russia allocated 1.4 billion rubles (approximately $15.5 million) in interest rate subsidies for five national oil and gas projects.

The Kremlin o en describes the Vostok Oil Project as Russia’s biggestever fossil fuel project, controlled by the state-owned energy giant Rosne . It encompasses 13 oil fields located in the remote Taymyr Peninsula. The project is estimated to produce more than 8 billion barrels of oil equivalent between now and 2060.

Russia’s “Energy Strategy 2035” outlines, in general, the government’s plans for expanding Arctic oil and gas production: The goal is to increase the Arctic’s share of overall Russian crude and condensate production from 17.3% in 2018 to 26% by 2035. For natural gas, the strategy forecasts a slight decrease in the Arctic’s share of the national output, from 82.7% in 2018 to 79% by 2035. As regards LNG development, Russia has been focused on expanding its LNG production capabilities in the Arctic, only seeing it stalled by sanctions imposed since Russia’s unwarranted invasion of Ukraine.

Arctic oil and gas investments are shaped by a dynamic interplay of regulatory approvals, geopolitical factors, and stringent environmental safeguards, with future developments contingent on political outcomes and market adaptations to ecological and energy transition pressures.

In the ongoing climate crisis, the Arctic is warming at a pace nearly four times the global average. Consequently, sea ice is rapidly melting and retreating, prompting scientists to warn of severe environmental risks as water and air temperatures continue to rise. There is a special concern about the ecosystem impacts that will result from species invasions, which in turn further threaten Arctic biodiversity.

Even though climatic shi s are pu ing heavy pressure on Arctic ecosystems, potentially destructive oil and gas developments have been ramping up.

Over the past year, the Arctic region has experienced a notable increase in oil and gas development. This increase in both commercial and government activity reflects both the area’s strategic importance and the ongoing debate over environmental impact. Multiple companies and nation-states have announced initiatives across various sectors, including exploration, production, processing, and transport. The net result is that these new moves are actively reshaping the Arctic’s geopolitical and environmental landscape.

The last year has seen a mix of aggressive development and significant opposition towards Arctic oil and gas activity. While countries such as Russia, Norway, and the U.S. push forward with large-scale projects, environmental and legal challenges highlight the ongoing tension between economic interests and environmental protection. As the Arctic continues to be a critical area for fossil fuel resources, the debate over its future remains as heated as ever.

Challenges facing Arctic hydrocarbon projects highlight the complex balance between economic development and environmental protection in the Arctic region. Each project’s developers must implement various technological and operational measures to address these issues; however, concerns about the long-term environmental impact of Arctic oil extraction persist.

Exploration efforts have been particularly notable, with several companies expanding their footprint in search of untapped hydrocarbon reserves. Exploration activities have been concentrated in regions such as the Barents Sea and the Kara Sea, where companies are utilizing advanced drilling technologies to reach previously inaccessible depths. This renewed interest in exploration has been driven by technological advancements that allow for more efficient extraction and the potential for substantial reserves beneath Arctic waters.

Production has also seen developments, with existing projects expanding and new ones being initiated. Companies such as Gazprom and Rosne have continued to ramp up production in the Russian Arctic, tapping into vast offshore and onshore oil and gas reserves. Similarly, Norway has seen increased production in its Arctic waters, bolstering its position as a significant European energy supplier.

In the U.S., the Willow Project, located on the Alaska North Slope and operated by ConocoPhillips, stands out as a significant development. With a projected production volume of 600 million barrels and a greenfield capital expenditure of $7.8 billion, it is the world’s largest fossil fuel project in 2023. This project underscores the U.S.’s commitment to Arctic oil and gas development despite environmental opposition and legal challenges.

The U.S. Arctic National Wildlife

“Greenland holds nearly one-sixth of the Arctic’s undiscovered petroleum reserves, and licenses for continued exploration have been granted.”

Refuge has been a focal point of controversy. Despite the auctioning of land leases in January 2021, legal challenges and environmental concerns have stalled significant progress. Lawsuits have been filed to revoke land leases and halt drilling operations, citing the Endangered Species Act and other environmental statutes.

Greenland and Iceland have also made strides in Arctic oil and gas exploration. Greenland holds nearly one-sixth of the Arctic’s undiscovered petroleum reserves, and licenses for continued exploration have been granted. Iceland’s northern and northeastern areas, Gammur and Dreki, are believed to have commercially viable reserves, with exploration and production potentially forthcoming.

The trajectory of future Arctic oil and gas development will be shaped by a complex interplay of forces, including technological advancements, environmental stewardship, regulatory frameworks, and geopolitical dynamics. Those who advocate for a “go slow” approach to hydrocarbon development (in contrast to those arguing for a complete halt) claim that a balance is possible between economic growth and environmental sustainability. They say that such a balance will be crucial in determining the long-term viability of Arctic hydrocarbon extraction, as stakeholders navigate some enormous challenges that lie ahead.

SURVEYING THE FIELD

The highest-profile and largestscale oil project developed in the Arctic is Equinor’s Johan Castberg Field in the Barents Sea, which was delayed by the pandemic but is set to commence production in Q4 2024. In the U.S., major initiatives on Alaska’s North Slope included the Willow Project, which received FID in December 2023. The project, owned by ConocoPhillips and ExxonMobil, targets substantial oil output despite regulatory chal-

lenges. On the natural gas front, Russia’s Yamal LNG and Arctic LNG 2 projects, led by Novatek, remain pivotal, although Arctic LNG 2 faces operational disruptions due to U.S. sanctions.

Jakub Zasada, Director at Fitch Ratings, has been pondering how regulatory, economic, and environmental factors have influenced the “success probabilities” of these investments. He thinks that the Biden administration’s approval of the Willow Project in March 2023 “contrasts with restrictions limiting future drilling in Alaska announced in April 2024, reflecting a complex regulatory landscape. Norway granted eight exploration permits in the Barents Sea in January 2024, up from two the previous year, highlighting its positive a itude towards Arctic oil and gas activities. Russian LNG projects continue to face headwinds due to expanding U.S. sanctions”.

According to Halvard Raavand, Deputy Program Manager at Greenpeace Norway, the situation is in flux: “The U.S. and Canada have implemented policies to limit Arctic oil drilling, though several projects are still being developed. Greenland has imposed a ban on all new oil and gas developments. In contrast, Norway views the melting ice not as a climate emergency but as an opportunity for the oil industry. Following a period of reduced interest in Arctic oil and gas extraction, Norway is experiencing a resurgence of activity, driven by Russia’s full-scale invasion of Ukraine.”

DETAILS ABOUT THE HIGHESTPROFILE PROJECT

The Johan Castberg project is one of the most significant industrial undertakings in the Norwegian Arctic, comprising three oil fields: Skrugard, Havis, and Drivis. The project is expected to produce between 400 and 650 million barrels of oil over its 30-year operational life, with a daily production capacity of approximately 190,000 barrels of oil equivalent per day (boepd). This scale is comparable to other major Arctic

projects, such as Russia’s Vostok Oil. However, Johan Castberg’s focus on subsea infrastructure and floating production, storage, and offloading (FPSO) technology sets it apart.

Johan Castberg employs advanced subsea technology, including 30 wells distributed across 10 templates and two satellite structures, all tied back to an FPSO vessel. This approach minimizes the environmental footprint and enhances operational efficiency in the harsh Arctic conditions. The FPSO vessel, equipped with gas turbine generators and capable of accommodating 140 workers, represents a significant technological investment aimed at ensuring reliable production and safety.

Like other Arctic oil projects, Johan Castberg faces environmental scrutiny. The project has been subject to legal challenges from environmental groups concerned about its impact on the fragile Arctic ecosystem. However, the Norwegian government has supported the project, emphasizing its economic benefits and strategic importance. The project’s breakeven price of around USD 35 per barrel underscores its financial viability, even amidst fluctuating oil prices.

In 2024, the Norwegian government issued eight new licenses in the Barents Sea, quadrupling the number of new Arctic oil licenses granted in 2023. The Johan Castberg oil field is set to begin production at the end of 2024 in Norwegian Arctic waters. Equinor, the state-owned oil company, has also expressed renewed interest in developing the Wisting oil field, which would become the world’s northernmost oil field if approved. Aker BP, Norway’s largest private oil company, discovered the Wisting field in 2024.

According to Øyvind Ravna, Professor at UiT: The Arctic University of Norway, “Norway is bound by the Paris Agreement (2015). This has resulted in Norway adopting the 2017 Climate Change Act, an Act relating to Norway’s climate targets, which aims to promote the implementation of Norway’s climate targets as part

of its process of transformation to a low-emission society by 2050.” (Dr. Ravna also serves as the Editor of “Arctic Review on Law and Politics”.)

Arctic offshore exploration investments may easily increase emissions and thus conflict with Norway’s climate obligations. Ravna argues that it would also easily contravene both Norway’s climate and natural diversity obligations “to build out land-based wind power to electrify Arctic offshore oil and gas industry, as the Melkøya facility in Hammerfest, and thus set both the Sámi reindeer husbandry and the Arctic nature diversity at risk. Although it may reduce Norway’s emissions, it will export emissions to the recipient countries for Norwegian LNG”.

According to Raavand, representatives of Norway’s Conservative Party, currently leading in polls as Norway’s largest political party, have advocated for opening up oil and gas drilling outside the famous Lofoten Islands, in areas closed to the industry since the early 2000s.

Raavand and a growing coalition of organizations now argue that, instead of using Russia’s full-scale invasion of Ukraine as a justification for continuing Arctic oil pursuits, “Norway should recognize Arctic oil drilling as a geopolitical threat and impose a ban on all new oil and gas exploration in the Arctic”.

Clearly, the U.S. strategy in the Arctic has shi ed since Donald Trump took power. But the United States isn’t the only nation with active plans for the region—and it may not even be the most powerful. Russia has fortified its Arctic military installations. China is investing in “Polar Silk Road” infrastructure. Canada and Nordic states are reevaluating their strategic and environmental posture. As sea ice recedes, the lure of oil, gas, rare earth minerals, and faster shipping lanes grows stronger. Exploring the Arctic’s resources is an idea that much of the world is warming to—raising the stakes for what was once a frozen frontier of diplomacy.

Where Ancestral Knowledge Meets Modern Tech

Indigenous communities in the Peruvian Amazon are fusing tradition and technology to protect territory, assert rights, and respond faster than ever.

BY CAROLINE BIENFANG

Deep in the Peruvian Amazon, Indigenous communities are reshaping what it means to lead on climate resilience. Armed with drones, satellite data, and machine learning, the Asháninka Peoples are using cu ing-edge technology to protect ancestral land from illegal logging and deforestation. But this isn’t just about tech—it’s a systems-level model of local empowerment, where the future of environmental stewardship is being shaped by those who’ve protected these forests for centuries.

Sequestering tens of millions of tons of carbon each year, the Amazon rainforest quite literally breathes life into our world. Over the past 50 years, approximately 18% of the Amazon rainforest has been cleared or deforested. Ongoing threats of displacement, land loss, and deforestation through methods such as illegal logging are among just a fraction of the daily activities that damage one of the Earth’s most vital ecosystems.

In a world where climate change has increasingly become one of the most significant global pressures, indigenous groups in the Peruvian Amazon rainforest have weathered the storm and strengthened their armies. In a fight that persists, pairing satellite surveillance and drone patrols has proven even more effective, thanks to the help of ecological stewardship. Among the nearly 10% of the world’s known species, the Asháninka people comprise about 55,000 individuals.

Peru’s largest indigenous group in the Amazon resides in remote communities that span the Departments of Junín, Pasco, Huánuco, and Ucayali.

Equipped with ancestral knowledge and guided by generations of spiritual and ecological wisdom, the Asháninka Peoples have long fought for the protection of their land. Since the Spanish Conquest and the violence that occurred during the Rubber Boom, they have stood as fierce protectors. The threat of climate change and illegal deforestation is the same devil in a different dress.

An aerial view of the Rio Momon in the Amazon Rainforest near Iquitos, Peru, one of South America’s most biodiverse regions.

Today, they’re adding something new to that toolkit: technology.

SURVEILLANCE FOR SURVIVAL: THE NEW TOOLS OF RESISTANCE

As indigenous communities adopt new tools to defend their territories, the vast scale of the challenge becomes increasingly apparent. Peru’s broad landscape offers an expansive area for potential preservation, but it also comes with serious structural obstacles to achieving it.

Peru holds the second-largest land area of the Amazon rainforest. However, unlike Brazil, “Peru does not always provide the same level of legal protection and structural support for Indigenous peoples,” said Suzanne Pelletier, Executive Director at Rainforest Foundation US. An integral part of integrating this technology is land conservation, but more importantly, it provides benefits to local communities in their ongoing ba le for land rights. “This makes it vital for Indigenous communities to access legal, social, and technological resources to demand recognition and respect for their rights…,” said Pelletier.

Ma Finer is Senior Research Specialist & Director of Monitoring of the Andes Amazon Program (MAAP) at Amazon Conservation. First launched in 2015, MAAP was developed by Amazon Conservation (U.S.), in alliance with sister organizations in Peru (Conservación Amazónica-ACCA) and Bolivia (Conservación AmazónicaACEAA). The technology offers “realtime monitoring”. MAAP quickly detects illegal deforestation using high-resolution satellite images (0.5 to 3 meters). It combines automated alerts from Global Forest Watch with detailed image analysis to precisely and rapidly monitor the Amazon. Unlike selective logging, MAAP primarily focuses on clear-cut deforestation. The power of these tools lies in their ability to work cohesively. MAAP combines real-time deforestation alerts from Global Forest Watch with high-resolution satellite imagery and uses satellite tasking to zoom in

As monitors, Indigenous women are breaking gender barriers and taking on community leadership roles.

on suspected areas of activity. “There is now the possibility for Indigenous leaders to monitor their communities and territories, no ma er how large and remote, without ge ing in harms way,” said Finer.

For the past three years, MAAP has monitored the Asháninka CR and adjacent Otishi National Park every month, reporting on more than 100 confirmed instances of forest loss. The reports are sent monthly to Global Conservation, which then shares them with the Asháninka communities involved in its ecoguard (local ecoguards) program.

With boots on the ground, Global Conservation is providing drones to document deforestation in real-time and even supplies trucks, fuel, and food for the Asháninka Community Ecoguards during multi-day patrols.

“Never before have Peru’s national parks worked so closely with all key governmental organizations and their combined resources in partnership with local communities to stop the environmental damage of its National Parks,” said Jeff Morgan, Executive Director at Global Conservation.

“All Asháninka patrol teams have GPS and smartphones to document their patrolling and findings related to illegal land clearing and logging,” said Morgan. “They receive ongoing training in SMART patrols by Global Conservation,” he added.

In just one year, their efforts have grown dramatically, now covering more than 2,600 kilometers of forest terrain. Within this time, community monitors have uncovered about 48 instances of illegal logging, land clearing, and even unmarked airstrips. These discoveries have resulted in six arrests in 2025.

“Due to Peru’s long history of establishing national parks and Indigenous territories, we now need to work harder together to protect them,” added Morgan.

Machine learning has become an integral part of the artillery that equips indigenous communities within Peru’s Amazon. Developed by the University of Sheffield, the mechanism uses data from satellites to pinpoint exact areas that are most vulnerable or have fallen victim to the illegal removal of its most valuable trees, providing tangible evidence of unlawful activity.

“The machine learning models take this large dataset of pixel values - where we have labelled them as being from a logged or an unlogged location - and it tries to find relationships amongst all the values,” said Ma hew Hethcoat, Research Scientist at the Canadian Forest Service. Hethcoat was among the scientists who helped to develop this machine learning algorithm from free and open satellite data from Google.

Within its first year, the tools were used to monitor 1.3 million hectares and halted $8 million worth of illegal timber from being exported. By 2024, coverage had grown by 500 million hectares, resulting in an increase in detection, which blocked approximately $11 million worth of stolen wood from being sold.

LOCAL EYES, GLOBAL TOOLS

The exceptional ethics and dedication to preservation are evident to many who venture to these rural areas of the Peruvian Amazon. Young, aspiring indigenous leaders, elders, women, and men have worked hard to educate themselves on using smartphones to map illegal roads, operate high-tech drones that hover above this ancient land, and community monitors who sync digital alerts with foot patrols. As the threat of climate change escalates, the fusion of sophisticated technology and local stewardship is shi ing power. It is pu ing stewardship back into the hands of those who know it best. “The use of technology by Indigenous monitors allows them to know and watch over their territories in a completely new way,” said Pelletier. Allowing Indigenous groups to exercise rightful autonomy over their land is crucial—not only because it is rightfully theirs, but also because of their deep spiritual and ancestral knowledge.

“Remote sensors can show changes in forest cover, but only those who know the forest can explain what is causing them,” said Pelletier.

Rainforest Foundation US’s model centers on Indigenous territorial leadership and builds on existing community-led monitoring systems. Rather than deploying solely foreign forces, this structure uses the strength of the community and the fierce capacity of local knowledge to protect the land. In Peru, the Rainforest Foundation US (RFUS) partners closely with Indigenous communities and their leaders to expedite the process of securing official land titles.

Today, the Rainforest Foundation US supports five information hubs in Loreto and plans to add two more this year in Ucayali, specifically in the Purús and Yurúa territories. “When communities generate and validate their maps, they speed up the landtitling process with the government and reduce the risk of boundary conflicts,” said Pelletier.

Research from Columbia University, featured in the Proceedings of the National Academy of Sciences, found that affi rming Indigenous land rights plays a vital role in combating the climate crisis. “In communities equipped with satellite alerts and training, deforestation decreased by 52% in 2018 and 21% in 2019 compared to those without access to these tools,” said Pelletier.

PEOPLE POWER: FOREST PROTECTION’S NEXT GENERATION

While technology can be credited for the transformation of the forest and its protection, it’s also the people who are taking that action. The emergence of young men and women who have dedicated their youth to learning to operate highly technical systems is not only tactile but woven into the fabric of the community and rising leadership. This work is ushering in a new model of resilience in forest protection.

“Seeing Indigenous women master technology, often outperforming men, is truly inspiring.”

Of those communities, one group in particular is emerging as a quiet powerhouse: women. In Peru’s Indigenous territories, women are not only participating in forest monitoring—they’re leading it.

“We have also seen deep impacts on local leadership. One of our female monitors became the first woman to be elected as a community leader, something that makes us incredibly proud,” said Pelletier.

Across the Amazon, youth and women are stepping into new roles as technologists, mappers, and ecoguards. They’re utilizing highly skilled technological devices to fly drones, interpret satellite data, and coordinate with government agencies to respond to threats on the ground.

Technology has been the catalyst, but the driving force is the people themselves. By fusing ancestral knowledge with real-time monitoring technology, it’s not just shaping how the land is protected, but who is leading the charge. It’s a model of climate resilience rooted in autonomy, memory, and innovation.

Despite the steadfast role of Indigenous-led monitoring and tech-driven patrols, one significant piece of the puzzle wavers: global investment. “Today, there is no international funding mechanism to protect endangered forests in developing countries,” said Morgan.

“This is a huge problem and relatively cost-e ffective solution to climate change – protecting our largest, intact tropical forests can help solve 20-30% of the climate crisis,” said Morgan.

In a region long defined by extraction, the Asháninka community is flipping the script—transforming the Amazon from a resource to be exploited into a network to be protected. Their tools may be modern, but their mission is ancient: to safeguard the land for the people and for the planet. If the world is serious about solving climate change, it might be time to start listening to the forest.

Katharine Hayhoe Has Entered the Chat

As a Christian and a scientist, Katharine Hayhoe is uniquely equipped to speak across America’s many cultural divides.

BY DAN COSTA

She’s the climate communicator even skeptics will listen to. Katharine Hayhoe doesn’t just talk science—she talks values, faith, family, and the future we all share. That approach has made her one of the most influential voices in the climate conversation today. She’s the Chief Scientist at The Nature Conservancy, a Distinguished Professor at Texas Tech, and the author of Saving Us. Her reach is real: 235,000 followers on X, over 26,000 newsle er subscribers, and a presence in pulpits and policy forums around the world.

Hayhoe will return to Techonomy Impact in 2025 in New York on September 24th, where her message—that climate action starts with empathy—feels more urgent than ever. In this Q&A, she explains why shared values ma er more than shared politics, and why the most powerful thing you can do for the planet might be... talk.

Back in 2023, we spoke during a markedly different political and climate landscape—how would you assess the shi s in both arenas over the past two years, and what surprises you most about public discourse today?

Over a decade ago, indicators of political polarization already showed the U.S. to be more divided than at any time in recent history. Since then, those divisions have only deepened, and so too has the discourse around climate solutions, as, according to Pew polling, climate change remains the most polarized topic of discussion in the U.S.

Intellectually, I understand how partisanship can lead some to oppose clean energy advancements, such as solar, wind, storage, and electrification, even as countries like China race ahead. But on a human level, the

determination to block progress and work against the majority’s best interests to position the U.S. as a follower rather than a leader in the global clean energy transition continues to surprise me. It’s a stark reminder of how deeply entrenched political identity can become, even when the stakes are so high.

Your 2018 TED Talk focused on ‘talking’ as the essential climate action—how has the art or science of climate conversation evolved as younger generations and global leaders change the narrative?

In many ways, my 2018 TED Talk was ahead of its time. Its central message—that we aren’t talking about climate change enough, and that if we don’t talk about it, why would we care? and if we don’t care, why would we act?—has since been validated by

global research showing that, around the world, most people are worried about climate change. But many don’t understand how it affects them personally. Even worse, they don’t know what they can do, and they don’t believe others are doing much either; this makes us feel hopeless and helpless rather than empowered and activated.

That’s why I’m more convinced than ever that the first and most important step we’re missing in climate action are constructive conversations that connect the head (what we know), to the heart (why it ma ers to us), to the hands (what we can do). And the best people to have these conversations aren’t scientists—they’re you and me. Friends, family, neighbors, coworkers: people we already trust.

The bad news is that climate change is affecting our lives more every year. As I write this, the wildfire smoke outside my window turns the a ernoon sky from blue to bronze. At the last outdoor concert I a ended, paramedics were treating people for heat exhaustion. Every headline brings new reports of storms, floods, and other disasters made worse by climate change. Wherever we live, we’re all at risk.

But there’s good news too: the solutions are all around us; and when we find out what they look like, and the role each of us can play in making them happen, the impetus to act is obvious.

Given that political identity o en outweighs scientific consensus in climate opinions, how do you advise faith and civic leaders to rise above partisan sorting when advocating for climate action?

As a scientist and a person of faith, I o en engage with people from this perspective. Every year, I have the opportunity to speak with a wide range of faith-based audiences—from delivering a plenary lecture on faith and creation care at the Lausanne Congress, a once-a-decade gathering

of 10,000 evangelical leaders from around the world, to spending an evening with a local group like Interfaith Partners of the Chesapeake, who have mobilized over 200 congregations for climate- and naturefocused community action.

Why do I do this? Because, as I say above, effective climate conversations connect the head (what we know) to the heart (why it ma ers): and for many people, their faith is at the very core of what they care about most. When we frame climate action as a ma er of loving our neighbor, caring for creation, and acting on our values, people of faith are more likely to see that who they already are is the perfect person to care—and to act.

In the U.S., though, faith doesn’t always shape identity the way it once did. Many self-identified evangelicals don’t a end church anymore. For them—and even for many who do attend—political ideology has become the primary lens through which they view the world, with theology taking a distant second. When the two conflict, it’s ideology, not theology, that tends to win out.

That’s why I o en advise faith and civic leaders to begin with whatever values the people they’re speaking with share. For some, it may genuinely be their faith: but for others, it may be financial stability; independence; family; or more. Starting with a shared value—not with a lecture or a list of facts, but with genuine curiosity and acceptance—can open the door to a far more productive and meaningful conversation. Whether in faith communities or beyond, the goal is the same: to meet people where they are, and help them see how climate action fully aligns with what they already hold dear.

What does ‘Worth beyond Wealth’ mean to you personally and professionally, especially as someone whose work blends academic rigor, spiritual calling, and societal urgency?

Every generation must re-learn the same essential truth: that while money is useful, it can’t buy the things that ma er most—happiness, purpose, connection, health, and hope. And today, climate change threatens so many of those very things. From the safety of our homes to the health and future of our children, it puts at risk what we hold most dear.

Understanding what’s at stake isn’t enough, though. We also need a vision of what we’re fighting for. What would it look like to live in a future with clean air to breathe and safe water to drink? Where streets are shaded by trees, filled with life, and safe from disaster? Where there is time for family and friends, and for the pursuits that bring us joy?

To me, Worth beyond Wealth means recognizing that the true value of our work—whether scientific, spiritual, or social—is measured not in dollars, but in the flourishing of people and planet alike. That’s what makes this fight worth it: it’s the only way to ensure we build a be er world for the people and places we love.

What’s one climate solution or breakthrough—technological, social, or economic—that you think isn’t getting nearly enough a ention in 2025?

One of my biggest pet peeves is when headline on the latest climate breakthrough reads, “Is this the silver bullet for fixing climate change?” The reason this bothers me is because, when it comes to climate solutions, there is no silver bullet. That’s the bad news.

The good news, though, there is an entire arsenal of silver buckshot—solutions at every scale, from electrifying household appliances to decarbonizing ocean-going ships, from harnessing energy from the sun and wind to storing it using gravity or chemistry. We already have so many tools at our fingertips, more than enough to tackle this crisis at scale!

One category of solutions that still isn’t ge ing the a ention it deserves is nature. Natural climate solutions—restoring ecosystems, rebuilding soil carbon, protecting forests and wetlands and greening urban areas—don’t just draw carbon out of the atmosphere. Even more importantly, they filter air and water, reduce heat and flood risks, support biodiversity, improve our physical and mental health, and even help us grow more food in be er ways.

Another underappreciated category of solutions is e fficiency. A recent analysis finds that approximately two-thirds of primary energy worldwide is used solely for production, processing, and transportation. In contrast, a study conducted more than five years ago estimated that the U.S. could meet its 2030 climate targets through e fficiency alone. We’re astonishingly wasteful with our energy, and of course, the cheapest energy is the energy we don’t use! From electrifying homes to using smart technologies that optimize shipping and transportation, there’s enormous untapped potential to reduce our energy demand. Just as with natural solutions, many of these technologies and practices are already available today.

The problem isn’t a lack of solutions—it’s a lack of awareness and investment. That’s why I argue so strongly that we don’t need to wait for the next big breakthrough. We just need to recognize the powerful tools we already have and start using them!

Looking ahead 10 years, what will determine whether we succeed or fail in responding to climate change, and how do you stay grounded in hope while staring down those stakes every day?

I believe that whether we succeed or fail in responding to climate change over the next decade will depend on whether we can collectively connect our head, our heart, and our hands.

It’s not enough to know what’s happening to ocean circulation or ice sheets, or even to understand the science behind worsening heat waves, wildfires, and floods. We have to recognize how these changes affect us—from soaring home insurance rates and disrupted supply chains to the stability of the very systems our civilization depends on. As I o en say, climate action isn’t about saving the planet; it will be orbiting the sun long a er we’re gone. It’s about saving us.

This sounds compelling: but unfortunately, the status quo is heavily skewed against action. The short-term incentives that drive so much of our economy ignore the enormous costs of inaction and undervalue the benefits of prompt action to reduce emissions and build resilience to the risks we can no longer avoid.

“Hope isn’t something that floats down from the sky—it’s something you have to practice as if your life depends on it. That’s why I started Talking Climate, a weekly newsletter I share on Substack, LinkedIn, and by email.”

Although odds are stacked against us, though, we can’t a fford to give up. The stakes are too high. It’s our future, and our children’s future, on the line. So how do we keep going?

The answer, for me, is hope. I’m not referring to passive, false hope, the kind that sticks its head in the sand and waits for someone else to fix things. That kind of hope is useless. Real hope, as Rebecca Solnit says, is “an ax you break down doors with in an emergency.” It’s knowing there’s a be er future, believing we can reach it, and doing everything in our power to help us get there.

Hope isn’t something that floats down from the sky—it’s something you have to practice as if your life depends on it. That’s why I started Talking Climate, a weekly newsletter I share on Substack, LinkedIn, and by email.

Each week, I highlight good news about solutions, not-so-good news about how climate change a ffects everything from reproductive health to our favorite foods, and something actionable we each can do. And every week, I hear back from people who actively practicing hope—from a retired school principal who starts conversations about his electric truck in parking lots, to a high school student launching a climate-focused social media channel.

We have the tools to reach others like never before; we just have to use them. And when it comes to climate action, talking is how we catalyze doing!

When I began, I worried I’d run out of good news to share. I’m delighted to say that I was very wrong, however! Now, I o en have too many stories to choose from; because once you start looking for climate solutions and people who are making a di fference, you realize they’re everywhere. And when we take action, we become part of this hope as well.

The Operating Room Goes Digital

From self-driving cars to smartwatches, digital precision is everywhere—and now it’s finally transforming the operating room.

BY ED CHEKAN, MD, FACS

In digital surgery, robotic platforms and AI-powered interfaces work alongside the surgeon, turning the OR into a high-precision, data-driven environment. It’s not just an upgrade—it’s an important shi in how we operate. Think of it like trading in a flip phone for the latest iPhone. The flip phone could reliably make calls and send texts. But the iPhone offers users a connected hub with GPS capabilities, biometric sensors, data storage, and real-time feedback – all in one sleek device. That same leap is now happening in the OR as surgical tools that once operated in isolation are becoming integrated, intelligent platforms. Not only do these tools help the surgeon in performing the procedure, but they also enhance visualization and control throughout the process.

Surgical robotics has seen tremendous growth, with one study in the National Library of Medicine showing that from 2010 to 2017, there was a 2,460% increase in general surgical robotic procedures completed throughout the U.S. With stats on the rise, it’s safe to say that the use of digital technology in operating rooms redefines what it means to be a surgeon. Surgical excellence today depends not only on what a surgeon can do with their hands, but what they can see, anticipate, and adjust in real time.

THE EVOLUTION OF THE OPERATING ROOM

The operating room has long been an intimidating space for patients – and, in many ways, it still is. Surgery involves thousands of variables that can impact the outcome of a surgery. However, with the rise of technology, the number of risks has significantly decreased. Surgical robots, for instance, have become trusted assistants in the operating room, acting as a second set of eyes to help minimize the potential of human error and vari-

ability. Before these tools were available, surgeons relied primarily on their own experience and instinct. But no two patients are exactly alike, and even similar procedures can present unexpected challenges. Today, digital systems offer a clearer view inside the body and provide real-time data to support better intraoperative decisions.

One of the most important advances in the OR today isn’t just the robot itself—it’s the intelligence guiding it. As a surgeon, I now have access to real-time digital insights that weren’t available even a few years ago. This is Augmented Intelligence—and in many ways, it functions like a navigation system in the operating room. Just as your car’s GPS offers turn-by-turn guidance and highlights obstacles along the way, this technology provides visual indicators that help maintain orientation, avoid critical structures, and follow the most precise path through a procedure. It’s not taking over—it’s giving surgeons the insight they need to perform at their best.

IMPACT ON UP-AND-COMING SURGEONS

Not surprisingly, these digital tools are changing how we train the next generation of surgeons. During a procedure, Augmented Intelligence provides real-time feedback, helping surgeons-intraining build confidence while identifying potential issues. Afterward, post-operative data can be reviewed to analyze decisions, assess outcomes, and pinpoint areas for improvement. The result is a faster, more focused learning curve that prepares surgeons to operate with greater clarity from the very start.

It’s important to note that hands-on skills and experience will always play a critical role in training. Yet, today’s digital tools are expanding when and where that learning can happen. With realtime guidance and post-operative analytics, new surgeons are absorbing far more insight than was ever available to previous generations.

THE FUTURE IS NOW

While the OR is evolving, the surgeon remains at the center. Digital tools continue to grow in precision and intelligence, yet the final decision will always rest with the person behind the scalpel. What’s changing is not who leads the procedure, but how they’re supported – with actionable data, sharper visualization, and systems designed to raise the standard of care.

Yet we must ask: who benefits, and who might be left behind? Ensuring equity in access, transparency in cost, and accountability in outcomes will define whether this evolution truly serves all patients.

In this new era, the most effective surgeons won’t be defined solely by their knowledge, but by their ability to harness the technology at their fingertips. This is not the end of surgical expertise–it’s the next chapter.

The Ocean’s Eyes and Ears

With just 10 sta and millions of divers, PADI AWARE may be the most ecient NGO on Earth.

BY EVA CROUSE

Iinhale sharply through my regulator as I look up at the enormous cloud of fish—silver scales flashing as they split down the middle to avoid colliding with me. We’re maybe 200 yards offshore, if that. I had no idea schools this size came in so close. A stream of bubbles escapes as my instructor laughs, clearly amused by the shock on my face. Then, suddenly, he looks up and points. The school has stopped dead, hovering around us, transfixed by the bubbles. They playfully chase them, swimming through them until they vanish. When the fish finally clear, he gestures for me to follow. We’re heading for the reef for my very first dive.

A small, clean, and unassuming building nestled in a shady corner on the south end of Grand Anse Beach, Dive Grenada is part of something much bigger than itself: it is one of nearly 7,000 Professional Association of Diving Instructors (PADI) dive centers worldwide. Run by 128,000 professional members, these shops operate across 186 countries. To say PADI dominates the global dive industry would be an understatement.

I came here specifically to learn to scuba, expecting to fall in love with colorful, alien sea life I had only seen on social media or at the aquarium.

What I found instead was a global army of citizen scientists.

“We have this massive network of operators around the world,” says Ian Campbell, PADI AWARE’s Director of Policy and Campaigns. “Our goal is to figure out how that network can help governments meet their conservation goals—and give divers a meaningful role in shaping ocean health.”

Since June, when I started thinking about this story, I’ve immersed myself in dive culture in an a empt to understand how such a widespread community can be so organized. I found the context I was looking for: It turns out, a particular kind of person is drawn to diving. Kindly, they are weirdos. Walking contradictions, they are simultaneously laid-back and highly competent. Playful, yet grounded. Meet them at a party, and you

might get the sense that they’d rather not be there—and it’s true. A few basic questions reveal they’d simply rather be underwater than sipping a cocktail in NYC. They’re the beach bums with advanced degrees—responsible adrenaline junkies who revere nature and chase adventure. Since 1967, PADI has certified over 28 million of these loveable oddballs. They’re a powerful resource—and a few smart people have figured out how to harness them.

For decades, diving was about counting dives and snapping photos (and never touching the reef). Today, the mantra has shifted: it’s not about counting your dives, it’s about how you make your dives count. That transformation stems largely from PADI AWARE, the nonprofit arm of PADI launched as Project AWARE in 1989 and formalized in 1992. In 2021, it became the integrated PADI AWARE Foundation—a dedicated nonprofit with a formal role within PADI’s global operations.

Dr. Drew Richardson, President and CEO of PADI Worldwide, echoes this shi in mindset. “Scuba diving is one of the few tourist activities that is truly regenerative by nature,” he said. “Our collective of citizen science programs is changing the perspective of divers and their deeper purpose—that with every minute they spend beneath the surface, they can truly make a di fference for the place they love.”

FROM BUBBLES TO POLICY

PADI AWARE runs four major programs:

Dive Against Debris: Launched in 2011, this marine-debris cleanup campaign is now the world’s most significant underwater citizen-science movement. Over 100,000 divers in 120+ countries have cataloged more than 2.6 million pieces of debris and freed over 36,000 entangled marine animals. Divers collect marine debris from the seabed, categorize each item, and submit it to PADI’s central database. Each survey is reviewed for quality and accuracy before being used by researchers and policymakers to track debris hotspots, problematic items, and the effectiveness of local waste regulations.

“Meaningful citizen science projects place as much importance on the number zero as any other number,” Campbell notes. Zero-data dives, when no debris is found, are essential for establishing baselines and tracking change.

Adopt the Blue: In partnership with Blancpain, this initiative enables dive centers to “adopt” local marine areas and regularly monitor the health of their ecosystems. As of 2025, 2,319 sites have been established, spanning over 77 million square kilometers of ocean. In the Caribbean, this includes coral bleaching monitoring across six countries in collaboration with NOAA. In Greece, divers have surveyed 2,000 square meters of seagrass meadows, and in the UK, they’ve mapped 20 kilometers of habitat along the English Channel.

Global Shark & Ray Census:

Launching this year, this new program is designed in partnership with Swiss watchmaker Blancpain and marine biologists from James Cook University. Divers and snorkelers will log shark and ray sightings to help track the health of these species and inform protected area planning.

Community Grant Program:

Funded by Blancpain and Seiko, this initiative provides resources to local dive shops and nonprofits conducting marine research, cleanups, and educational initiatives.

Richardson has played a key role in shaping many of these e fforts firsthand. Since 1993, he has also served as Chairman of the Board for the PADI AWARE Foundation, and under his leadership, the organization launched a global vision of creating one billion Ocean Torchbearers. “Hope is still rising for the ocean,” he said. “With every new PADI certification we issue, we add to our ability to li the seas and each other.”

WATCHMAKERS HELP DRIVE IMPACT

While this may sound strange to some, I have been Worth’s luxury watch editor for almost three years. Brands like Blancpain and Seiko have been instrumental in funding and amplifying conservation e fforts, such as PADI AWARE’s. Blancpain, known for inventing the first modern dive watch, is now supporting conservation programs such as the Vulnerable Marine Species Program and Adopt the Blue. Seiko supports Dive Against Debris. These partnerships fund operations, increase visibility, and—critically—help integrate PADI’s e fforts into global policy frameworks.

“The private sector is what will move the needle,” Campbell said. “We’re seeing that more and more.”

THE GLOBAL PLASTICS TREATY PUSH

One of PADI AWARE’s most ambitious policy goals is to have Dive

Against Debris recognized under the United Nations Global Plastics Treaty—an international, legally binding agreement currently under negotiation. If adopted into Article 11, the program would become an approved method for governments to monitor marine debris, strengthening their ability to develop waste management policies and plastic regulations.

With more than a decade of standardized data collection and diver training, PADI AWARE is uniquely positioned to help fill global data gaps. It would mark a rare moment when grassroots action directly informs international law.

WHY IT’S WORKING

What sets PADI AWARE apart is scale and scientific rigor. Divers are trained in standardized protocols, and every survey is reviewed before it is entered into the global database. Even zero-data dives are valued, ensuring consistent methodology.

With just 10 full-time sta ff , the foundation must prioritize its resources. Its Blueprint for Ocean Action focuses on the four strategic areas supported by its programs: marine debris, vulnerable species, habitat restoration, and marine protected areas. Collaborations with groups like NOAA and local governments help turn diver-gathered data into real-time intelligence.

But progress depends on local buy-in and funding. “There’s generally the will to work toward ocean protection,” Campbell said. “But capacity and funding are huge barriers. That’s why we focus on supporting existing e fforts at the local level—figuring out how our global network can best help.”

In Barbados, PADI AWARE hosted a workshop with local dive shops and policymakers to co-design conservation goals and monitoring plans. “It’s about figuring out what ma ers, what’s within our control, and focusing our energy there,” Campbell said.

PADI also recognizes that conservation looks different around the world. “What’s a priority in one country may not be in another,” Campbell said. “Our role isn’t to impose answers, but to provide tools and support wherever we can.”

Since its founding, PADI and its members have funded $6 million in grants, supported 350,000 local initiatives, and helped protect more than 100 shark and ray species. They’ve untangled more than 36,000 marine animals and adopted more than 2,700 dive sites for ongoing monitoring. Since 2011, more than 2 million data points have been collected through Dive Against Debris, informing pollution policy and global understanding of the marine plastics crisis.

HOW TO PARTICIPATE

When I signed up for my certification, I thought I was acquiring yet another expensive hobby (check out my story on How to Become a Pilot on worth.com) that would provide a welcome shi in perspective from my screen-oriented job as Senior Editor. Instead, I found a movement: a global, beautifully weird network of people who’d rather be underwater than on land—and who are using that devotion to protect the planet.

“From the harbor in my small hometown in Wales to coral reefs around the world, the ocean shaped me,” Campbell said. “It’s not just a place. It’s who we are.”

The ocean gives us everything—climate regulation, oxygen, food, joy. Now it’s asking for our help.

If you want to get involved:

• Sign up to be an Ocean Torchbearer

• Join a Dive Against Debris event

• Adopt a dive site

• Donate to support conservation programs

• Download the PADI AWARE Conservation Action Portal

• Follow PADI AWARE on social media to support petitions and calls to action

You don’t need to be a scientist. You just need to dive in.

The Value and Craft of Enamel Dials

The German Maison has kept this ancient artform alive from its early pocket watches to its modern metiers d’art collections.

BY CAIT BAZEMORE

Simply stated, enameling is the art of fusing glass to metal at high temperatures. The practice marks one of the oldest artforms in the world, dating back to at least 1300 BCE. Its origins can be found in Greek and Roman civilizations, primarily throughout their jewelry and religious artifacts. In these early days of enameling without modern methods of controlled and measured heating, the biggest challenge was finding ways to melt the glass without melting the metal base. By the last millennium BCE, artisans started to hone the cra , and as enameling became more refined, it in turn became more popular, especially as a more cost-effective way to add color to jewelry and other objects compared to precious stones.

EARLY APPLICATIONS IN WATCHMAKING

Despite the early evolution of enamel techniques, its application in watchmaking wouldn’t start taking shape for thousands of years. In the early modern period of the 17th century, French watchmakers became the first to employ enamel on their watch dials. By the second half of the 17th century, Swiss and German watchmakers had adopted the art form. The cra ’s initial application in horology was quite basic–crisp white or black dials with contrasting black or white hour markers. Yet, over time, watchmakers have perfected much more intricate and elaborate enameling methods to create breathtaking effects.

Although enamel has been around for thousands of years, the number of highly specialized cra speople who can execute the technique today remains incredibly small. Plus, even with modern advancements in the materials and execution, the process of enameling remains both lengthy and risky.

It takes several days to make the most basic enamel dial and much longer for more intricate ones. With any enamel dial–whether a single color or an elaborate design– various stages in the manufacturing sequence o en have to be repeated

multiple times. First and foremost, absolute cleanliness is vital for a flawless finish, so the work has to be carried out in a virtually dustfree environment. In addition, the production process is extremely hard to control. Various coats of the material are applied to gradually build up the desired thickness, and each layer of enamel is fired individually. With every firing, there’s a risk of cracks or bubbles in the material. As a result, the reject rate is very high–up to a dozen dials o en have to be made before a perfect one is produced. So, watches with enamel dials are rare and highly valuable.

A. LANGE & SOHNE’S HISTORY OF ENAMEL DIALS

Ferdinand Adolph Lange founded his namesake brand in Glashu e, Germany back in 1845, and enamel dials quickly became a part of the Maison’s design language. Most A. Lange & Sohne pocket watches from the 19th and 20th centuries feature white grandfeu enamel dials. The term “grand feu” is French for “big fire.” This refers to the firing technique in which contemporary enamel is liquefied at temperatures of at least 800°C to permanently bond the material to its metal base.

By the mid-20th century, A. Lange & Sohne felt the impact of WWII. At the end of the war, Glashu e was bombed, destroying the Maison’s facilities. Soon a er, all that was le of the brand’s machinery and archives was seized by Soviet forces occupying the area. It wouldn’t be until the Berlin Wall fell in 1989 that the Lange family would be able to start picking up the pieces and rebuilding. By 1994, A. Lange & Sohne was reborn and began its journey to becoming a fully integrated manufacture, meaning the brand would develop, produce, finish, and assemble all its watches in-house at the Glashu e base without outsourcing any of the crucial steps to third-party suppliers. However, this is no small feat and would take time.

NEW LEADERSHIP, NEW EVOLUTION

By 2004, the Maison had tapped Anthony de Haas as its Director of Product Development, and he would become pivotal to bringing every facet of the watchmaking process under A. Lange & Sohne’s roof, including the art of enamel. “I remember going through the archives when I started with the brand, and I found the Langematik Anniversary from the year 2000,” de Haas recalls. “This model has a gorgeous enamel dial, and I thought, ‘wow, this is cool–it would be great to make a watch like this in-house.’”

Patience was key for de Haas and his team. In 2009, he oversaw the production of his first enamel piece—the Richard Lange “Pour le Merite”—but he hadn’t achieved his goal of bringing the cra in-house yet. “This model really embodies the ultimate Lange watch,” de Haas explains. “It’s a watch for the connoisseur–a real collector who has the knowledge of every aspect of watchmaking from the design to the mechanics. You have this beautiful enamel dial that’s quite simple, discreet, very classic, but you flip it over and see this super complicated fusion chain movement through the exhibition caseback. I was so proud of this watch,” he confesses, “but at the same time, I thought to myself as a developer, this is such a pity we didn’t make the whole thing in-house.”

THE BENEFITS OF A FULLYINTEGRATED MANUFACTURE

A year later, the stars finally aligned for A. Lange & Sohne and de Haas. An artisan from the Maison’s engraving department who had been with the company for nearly a decade approached de Haas for a meeting. “My door is always open,” he shares, “I love new ideas, and this is exactly what she brought me–these wild renderings for di fferent ways we could use engraving–a Lange 1 with flowers, a perpetual calendar depicting the different seasons. At first, I thought, this is not Lange, this doesn’t fit in our catalog,” de Haas confesses,” But I slept on it, and the next day I said, why not create a new chapter in our catalog? So, that gave birth to our Handwerkskunst models and ultimately, our first in-house enamel timepiece with a black dial in 2014, the Lange 1 Tourbillon Handwerkskunst. Yes, we started with the most di fficult color of enamel first!” he adds. “This was also the birth of a new team–our enameling department.”

Since then, that enameling department has grown with a small but mighty group of experts in the cra as well as exclusively sourced colors and custom-made machinery. With these proprietary materials, tools, and in-house developed enameling processes and techniques, the workshop is top secret and has never been opened to individuals outside the Maison.

AN ENDURING PART OF THE CATALOG

A model that perfectly exemplifies A. Lange & Sohne’s commitment to the cra of enameling came in 2017: the 1815 Ra rapante Perpetual Calendar Handwerkskunst. Here, the art form spans the dial, combining enamel and engraving for the first time, with relief-engraved stars decorating the face and moonphase topped with an exclusive blue transparent enamel. However, the real showpiece is on the reverse. Decorating the caseback is a medallion featuring a relief and tremblage en-

graving of Luna (the goddess of the moon) accompanied by her characteristic gossamer veil, crescent diadem, and torch surrounded by a contrasting star and cloud relief finished in the same blue enamel. Enamel remains a core focus of A. Lange & Sohne in recent years, with six new enamel additions appearing in the catalog in the past seven years. The most recent came earlier this year as one of the Maison’s novelties presented at the annual Watches & Wonders showcase. The Minute Repeater Perpetual goes back to the brand’s origins with a pristinely executed black enamel dial giving way to the mechanical complexity of both a minute repeater and perpetual calendar. We’ll be eagerly awaiting the next enamel edition—I know I would personally love to see another design like the 1815 Ra rapante Perpetual Calendar Handwerkskunst that incorporates other art forms like engraving and a bolder use of color.

The Hidden Side of Las Vegas

Casinos dominate Las Vegas, but this is where to eat, drink, and explore if you can find the door.

BY KIRSTEN CLUTHE

Imagine spending time in Las Vegas without se ing foot in a casino. No blackjack tables, no slot machines, no sensory overload from neon-lit lobbies, and no lingering haze of cigare e smoke. Instead, watch the sun set from a remote sandstone canyon, stumble upon hidden galleries and vintage bookstores, and dine where locals actually go.

Long before the spectacle, Las Vegas was a humble railroad stopover nestled between Los Angeles and Salt Lake City, serving as a gateway to stunning landmarks like Red Rock Canyon, the Hoover Dam, and the Grand Canyon. All within an easy reach of the city, offering a stark counterpoint to the manufactured dazzle on the Strip.

To rethink the experience of Las Vegas is to consider the contradictions: that you can spend your day hiking through some of the most awe-inspiring landscapes in the country, then unwind in the quiet luxury of a hotel without sacrificing proximity to the city’s excellent indie food & bar scene. Here, a travel capsule that reimagines how to experience one of our most famous and infamous cities.

STAY

The Four Seasons

Adjacent to the Mandalay Bay hotel, the Four Seasons in Las Vegas inspires the words “tranquil” and “oasis” from many guests. Indeed, it distinguishes itself by being a non-gaming, non-smoking hotel located a stone’s throw from the Strip. Guests have the freedom to choose their level of connection: the hotel is located on floors 25-29 of Mandalay Bay, so glitzy Vegas a ractions like casinos or shows are only an elevator ride, short walk, or taxi away. Guests can indulge in a private hotel pool adorned with signature amenities and plush cabanas, or take advantage of one of three pools at Mandalay Bay, including the wave pool or a real sand beach.

The guest rooms are decorated in the understated elegance typical of the Four Seasons, blending so , neutral tones that allow the colors of the city and the desert to pop through expansive windows. On-site dining options feature the modern American bistro Veranda, which also has a reputation for being the best breakfast spot in Vegas and where you’ll see agents, rock stars,

and casino execs mingling among the guests. You can grab a cra cocktail at the stylish indoor-outdoor lounge Press, and enjoy dinner at the award-winning Bourbon Steak, created by renowned chef Michael Mina.

In addition to the luxury, the most compelling reason to choose the Four Seasons is its ability to coordinate unique experiences, such as taking a helicopter ride to soar over the Hoover Dam, the Grand Canyon, Lake Mead, and other iconic locations. Don’t want to do a flyover? Take a jeep tour through the desert canyons instead. Sports enthusiasts can even arrange for an exclusive behind-the-scenes tour of the nearby Allegiant Stadium. Have something special in mind? Just ask, and the staff will make it happen.

EAT

When searching for the best places to eat and drink, it o en helps to ask where the chefs and the bartenders go. The answer will inevitably lead you to hidden gems that you might otherwise miss— and sometimes, they’re located in unassuming strip malls.

Herbs & Rye (West Sahara)

Established by the local mixology maestro Nectaly Mendoza, Herbs & Rye has earned a solid reputation for its innovative cocktails and expert mixology. Under the culinary direction of Las Vegas native Mariano Ochoa, their menu showcases elevated yet traditional American fare. Located in an unassuming area lined with car dealerships, body shops, and sports bars, this restaurant a racts both industry insiders and locals seeking a low-key, late-night spot with great food.

Cleaver (Paradise Road)

Just a few doors down from Herb & Rye, Cleaver is Mendoza’s sibling and is an ode to the classic Las Vegas steakhouse. Expertly grilled chops, clams casino, and bar snacks paired with sophisticated, craft cocktails. Its prime location just off Paradise Road near the Convention Center offers a neighborhood vibe, drawing a crowd that revels in Mendoza’s signature touch: high-energy hospitality and outstanding casual cuisine.

Esther’s Kitchen (Arts District)

Italian-American comfort food

inspired by chef James Trees’s greataunt Esther, who not only mentored him but also served as his culinary muse. The restaurant embodies her spirit while showcasing Trees’s stellar culinary background, which includes stints with culinary legends such as Gordon Ramsay and Eric Ripert. Trees was named a finalist for the James Beard Best Chef Southwest in 2020.

The Black Sheep (Southwest Las Vegas)

The Black Sheep was co-founded and led by chef Jamie Tran, whose notable experience includes working at DB Brasserie and as a finalist on Top Chef. Tran’s innovative VietnameseAmerican menu is a celebration of her childhood culinary memories, artfully refined with French techniques gleaned from high-end kitchens. Eater Las Vegas named her Chef of the Year and The Black Sheep Restaurant of the Year.

DRINK

Velveteen Rabbit Cocktail Bar (Arts District)

Opened in 2013 by sisters Pamela and Christina Dylag, this moody, vintageinfused cocktail bar marries Victorian whimsy and modern cra cocktail culture. The seasonal menu showcases inventive tinctures and unusual houseinfused spirits. Signature cocktails include “Mr. Sandman” (olive-oil-washed Cognac, thyme-infused grappa, sherry, rosemary honey, pear, lemon, and aquafaba foam) and “Knifey Moloko” (mezcal, spiced cordial, cucumber, lemon meringue cream, and soda), striking a delicate balance between elegance and adventure.

Liquid Diet (Arts District)

Founded by Bret Pfister & Patrick Mannion, chef and bar-world collaborators, Liquid Diet is hidden in an alley, inside a converted 70-year-old auto garage. Industrial-chic paired with quirky art installations and a low-key street-front presence, the cocktails are inspired by

Mannion’s time at the Culinary Institute of America. Named one of the best new bars in the U.S., Liquid Diet distills is the best kind of discovery in Arts District nightlife.

ReBAR (Arts District)

ReBAR is equal parts dive bar and ever-changing vintage shop—you can buy the neon signs, taxidermy, chairs, or even the glass you’re drinking from. The bar’s concept was born amid founder Derek Stonebarger’s remission from cancer treatment—life was short, and he wanted a bold dream to be realized. Comfortable, unpretentious, with $3-$4 mystery beers, trivia nights, bar food by Davy’s, and a huge patio, it’s the kind of place locals gravitate toward for cheap drinks, live tunes, and random vintage finds mid-sip.

Atomic Liquors (Downtown / Fremont)

Opened in 1952, this spot is the oldest freestanding bar in Las Vegas. Atomic retains its iconic wraparound bar, neon sign, pool cues, and a

retro ‘50s vibe from the original establishment. Inside, you’ll find tributes to founders Joe & Stella Sobchik, original receipts in a glass - covered safe, and displays inspired by atomic -test- era memorabilia. Over the decades, it drew Rat Pack royals, Clint Eastwood, and Barbra Streisand, as well as Hunter S. Thompson—locals and legends come for late-night classic cocktails and eccentric signatures like the Hunter S. Smash (bourbon, Aperol, mint, and ginger).

TO DO

When you skip the casinos, Las Vegas opens up in unexpected ways. Mornings might begin along the shaded paths of Springs Preserve, where native plants and wildlife offer a gentler side of the Mojave, and a ernoons might be spent in the Arts District browsing the racks at Patina Décor, or hunting rare titles at The Writer’s Block bookstore.

SOME NATURE

Red Rock Canyon National Conservation Area

Just 20 minutes from the Strip, with hiking trails ranging from easy loops to challenging climbs, plus stunning scenic drives.

Springs Preserve

Part botanical garden, part cultural center, this 180-acre oasis celebrates Nevada’s natural history with trails, exhibits, and a diverse array of desert wildlife.

Valley of Fire State Park

About an hour’s drive from Vegas, famous for its fiery red rock formations and petroglyphs.

The Arts Factory

A hub for local galleries, studios, and exhibitions, especially vibrant during First Friday, the city’s monthly art festival.

Majestic Repertory Theatre

For immersive, o en experimental performances that break the Vegas stereotype.

The Writer’s Block

An independent bookstore beloved by locals, with curated fiction, poetry, and a cozy in-store café.

Patina Décor

An antiques and vintage furniture store with everything from mid-century finds to quirky collectibles.

Vintage Vegas Antiques

A treasure hunt through retro Vegas memorabilia, signage, and oddities.

The Neon Museum

Restored neon signs from Vegas’ storied past, displayed in the open-air Neon Boneyard.

Beyond the neon and noise, Las Vegas reveals another side—one that trades slot machines for sandstone canyons, chef-driven kitchens, and indie galleries. In just a few days, you can hike at sunrise, browse vintage bookstores, explore the Arts District, and sip cocktails at bars only locals whisper about. In this version, what happens in Vegas is too good to stay—it comes home in stories you’ll tell long a er the trip ends.

The Ethical Cellar: East of Bordeaux

On New York’s North Fork, Gabriella Macari is turning coastal terroir into world-class wine—with integrity and intention.

BY JONATHAN RUSSO & DEBORAH GRAYSON

Gabriella Macari lights up a room. Tonight, the room is a defunct train station, re-invented as a maritime museum. The town of Greenport, NY, was once a sleepy seaport, but is now referred to as Williamsburg East. Macari is conducting a wine tasting competition as a charity fundraiser for the museum. Her energy, sense of humor, knowledge, and casual approach delight the room.

Macari, along with her extended family, has been a part of Macari Vineyards since its inception in 1995. She wears many hats, including Director of Operations. She’s also involved in education, product distribution, and marketing. That’s when she’s not assisting in the cellar and vineyard.

Her background was in PR, where she worked with wine accounts including Ribera del Duero, Rioja, Wines from Spain, and Moët Hennessy’s Estates & Wine. A graduate of Fordham University’s Gabelli School of Business, she’s on the board of Slow Food East End, as well as being the co-founder of Cab Franc Forward, a group dedicated to educating wine drinkers about the Cabernet Franc grape.

Macari’s Southern Italian grandfather was her business inspiration. She told Worth, “I created wonderful memories working alongside him. His work ethic was mind-blowing. He’d leave his real estate office in Queens on Friday and run the busy tasting room all weekend. He taught me to love business.”

For farming inspiration, she looked to her father. He studied with worldrenowned biodynamic visionaries Alan York and Alvaro Espinoza, who taught him that exceptional wine begins with healthy, living soil.

Macari admits, “Practicing the Biodynamic path has been challenging and expensive, but we wouldn’t

do it any other way. We recognize that this approach is necessary to produce the quality we’re commi ed to delivering.”

Academia has been a consistent draw. She is one of only 425 Certified Sommeliers with the Court of Master Sommeliers worldwide, holds the Wine and Spirits Education Trust Diploma, and completed the Wine Executive Program at the UC Davis Graduate School of Management. “The Master of Wine, for me, was a personal challenge and a way to deepen my understanding of the science and business of wine, winemaking, and viticulture,” she said.

Greenport is not the only place being transformed on Long Island’s North Fork. The cultivated land between Riverhead and Orient has transitioned from commodity potato fields into high-value vineyards.

While there were wine “pioneers” on this fork who early on saw the land’s viticulture potential, Macari holds its pride of place. For over 30 years, they have aimed to be sustainable, organic, and, when possible, Biodynamic.

When her family started the winery 30 years ago, they were able (prices being so much more reasonable then) to buy 495 acres, a large holding by any standards. However, in a nod to the increasingly important practice of regenerative farming, only 130 vines are planted. The rest are low-lying wetlands, open fields, woods, and dunes.

The viticulture on the North Fork is unusual because so many grape varieties are grown. Unlike more monoculture regions like the South of France (Mourvèdre, Syrah) or New Zealand (Sauvignon Blanc), over 15 varieties are farmed. Macari focuses on Merlot, Cabernet Franc, Sauvignon Blanc, and Chardonnay. They also grow some Syrah and Cabernet Sauvignon.

Blends are important to their head winemaker, Byron Elmendorf, who joined Macari in 2020, having previously studied and worked with viticulturalists around the world. While some winemakers focus on a single varietal, he prides himself on being able to create the ultimate blend, aiming for a more layered flavor profile. He brings an academic slant based on his degrees in plant biology and environmental sciences from Brown University.

As all vineyards have terroir, the North Fork’s do too. Two significant influences are large bodies of water—the Peconic Bay to the south and the Long Island Sound to the north. Macari told Worth, “These result in a maritime climate, which moderates temperatures seasonally.” She added, “Our sandy, well-drained soils are perfect for viniculture. However, the region faces challenges ranging from extreme mildew-causing humidity (which we treat with an organic copper/sulfur mixture) to being in the hurricane path, not to mention frost that wiped out 60% of our crop in 2024. Climate chaos is also impacting our operations. Excessive rainfall is not infrequent.”

In terms of style, compared to other wine-growing regions, Macari thought, “The North Fork seems to me to have one foot in the Old World of France and Italy, and one in the New of Australia, New Zealand, and South Africa. There is a savory undertone to our wines that mimics examples from Europe, yet a delicate, sun-kissed ripeness similar to warmer New World o ff erings.”

Globally, winemaking is facing significant challenges. “A downturn is happening in wine consumption, especially affecting the entry-level, everyday wine segment. Small, family-owned businesses like ours, however, di ffer from large wine brands as we offer education, experiences, and a tasting room. Some visitors feel transported; they can sit among the vines and enjoy a flight of high-quality wine just two hours from Times Square.” This isn’t surprising, as most of their retail customers are from New York State, while wine club members live across the country.

Like Chateaux-specific bo lings from Bordeaux or Burgundy, Macari wines are, according to Macari, “vintage dependent. Every growing season is distinctive which keeps us on our toes and makes comparisons from year-toyear challenging. Ultimately, we are just farmers at the whim of mother nature.”

She continued, “No two days at a winery are the same. I’m either bottling Cabernet Franc, working on Excel spreadsheets, handling marketing, or hosting tours and tastings. My biggest reward is when a tasting customer enjoys something new.”

“We believe our wines are genuinely unique. They are fresh, layered with complexity, and low in alcohol, usually under 13%.” These ABV wines are appealing to a new generation of wine drinkers who reject the high alcohol, fruit bombs of some California and Southern European regions.

Aside from her winery roles, Macari is commi ed to furthering the careers of women in her chosen profession. Currently, only 35% of sommeliers are female. “Many still need mentors and supporters in this male-dominated field.” However, it’s not as bad as it used to be. Macari humorously told Worth, “I don’t o en face the same challenges of being a woman in this industry as I used to. The issue usually arises at a restaurant where the man is asked to taste the wine I selected.”

Macari’s final words, “My reason in continuing my wine education is not fame or prestige. My intention is to share my love and knowledge of wine and, in the process, inspire and educate.”

Trust Building

BY JASON ASHLOCK

ART

In post-monument Richmond,

Virginia, a new mural series turns trust into a public art, inviting dialogue as the architecture of civic repair.

BY NOAH SCALIN & ALFONSO PÉREZ

In post-monument Richmond, Virginia, a new mural series turns trust into a public art, inviting dialogue as the architecture of civic repair

“The function of art,” writes Bell Hooks, “is to do more than tell it like it is. It’s to imagine what is possible.” What public art imagines is, often, what a place has been unwilling to say aloud. The tensions, omissions, and silent aspirations of a city, a nation, a land. Richmond, Virginia, a city once punctuated with monuments, now vibrates with murals. The imagination is still being built. More than 150 walls across the city have seen their bricks transformed to canvas, many of them shaping a radical form of conversation. “Trust Building/s,” a new mural series by artists Noah Scalin and Alfonso Pérez, forms a new kind of invitation to listen to what, after a history of fracture, still wants to be mended.

The soaring new works are a kind of spiritual sequel to “Together We Rise,” the pair’s original mural painted in the rumbling wake of George Floyd’s murder in 2020. That work, created under the auspices of the Mending Walls project, oered archetypes: anonymous figures locked in shared struggle, their backs meeting, each the other’s means of gaining height. Around them, a ribbon of police tape names the murdered and mourned. It was emblematic, aspirational, mythic: a fresco for a city learning to mourn aloud.

Five years have passed, and Richmond’s Confederate colossi have been removed from their pedestals. Streets once militarized now bear banners for mutual aid. The rupture has been historic, but resolution remains elusive. Into this ambiguous terrain comes “Trust Building/s,” a bold invitation to consider what remains unfinished.

Where “Together We Rise” was symbolic, the first mural in the “Trust Building/s” series is sharply particular. The figures of “Reliability” are real, participants in facilitated dialogues through “One Small Step,” the national program that records civil, joyful conversations of discovery across lines of political dierence. The mural project will draw from four such conversational pairings, each embodying a dimension required to build trust in the unique fractures of the American experiment. Richmond, of course, is both symbol and site of that fracture, a palimpsest of postbellum fictions, tobacco fortunes, Black intellectual ferment, Jim Crow repressions. It is a place where o cial memory has often betrayed lived experience. And where, increasingly, mural art has become a kind of unignorable civic counter-memory. Its mural boom didn’t begin with Floyd, but it accelerated in that tense summer, catalyzed by the “Mending Walls” initiative that paired artists of dierent racial backgrounds and commissioned them to work across lines of dierence. It gave a grammar to risk and response. Scalin and Pérez’s “Together We Rise” became one of its most enduring images, an imagining of tense but necessary contact, staged in the middle of a pandemic and a righteous uprising.

If that piece spoke in the conditional tense, “Reliability” speaks in the imperative, a shift felt in the figures, which are now specific, embodied, and facing each other, leaning toward, faces uplifted, in an intimate act of togetherness. The wall itself lengthens in a narrative unspooling. Phrases, lifted from the “One Small Step” dialogues, are rendered in clean, varied typography across the painted scenes. One reads: “Remember the

good around you is still there.”

Another: “An epidemic of human connection.” They function as wayfinding signs through a labyrinth of civic disrepair. As Solnit might say, meditations in an emergency.

“Trust,” Scalin reminded me when we spoke, “was the unnamed center of our first mural. But it’s also been the center of our collaboration.” Art made with another asks something else of its makers. Openness, compromise, tolerance of ambiguity. True of the mural’s process as much as its subject. The duo shifted from sketch to digital, tape-measured every line by hand, without projections or shortcuts. “We didn’t know the right way,” Pérez says, “but we knew how we wanted it to feel.” What results is less a product than an artifact of relationship: provisional, adaptive, resisting closure, inviting return.

Even for the artists. In an act of additional vulnerability, Pérez himself will be the subject of the next mural in the “Trust Building/s” series. A young, immigrant Colombian father alongside a white octogenarian and lifelong Richmonder, the two paired randomly through “One Small Step.”

“At first, I said no to the idea,” Pérez admits. “No self-portraits.” But it kept coming back. Scalin kept nudging. The One Small Step team encouraged. His wife insisted. “She saw something in that relationship,” he says. “Something I couldn’t not say. To paint oneself on a wall, to say, publicly and permanently, “I am an immigrant, and I belong here” is a gamble of a gesture.”

And a gift to all who look. Murals, Susan Sontag once wrote obliquely, “are a form of public dreaming.” But dreams can be complicated. What we dream reveals what we fear. What we hope. What we’ve yet to understand.

“Trust Building/s” is not a dream of resolution. It is a dream of eort. It returns us to the premise that democracy, in its truest form, is a process of listening. There are no angels in the conversations, and no neutral narrators. Merely neighbors painted on cinderblock and aging brick, in a visual speech where once there was silence. A sca olding of empathy, still under construction. A place to begin.

Live from the Ruins

BY JASON ASHLOCK

BOOKS

Peter Beinart, Omar El Akkad, and Chris Hedges deliver dispatches from Gaza, where the West’s moral fiction has collapsed.

It is one of the peculiar privileges of liberalism that it allows its adherents to believe themselves always adjacent to moral clarity while rarely requiring they suer its consequences. The events of Gaza beginning autumn of 2023 and continuing apace up to the printing of this issue—broadcast live, streamed by the minute, narrated by a rotating cast of dazed survivors and unblinking drones—have strained this privilege to the point of rupture. One suspects the rupture will be quietly patched. Already, the world’s respectable classes have returned to their conferences and climate panels, their AI roundtables and rewilding retreats, dutifully skipping the headlines that do not flatter their conscience.

And so we return to the bookshelf, the last refuge of the worried moralist, where three recent works attempt, each in their own key, to restore the conditions of moral seriousness to a conversation that has mostly devolved into what Edward Said once called “the lowest possible denominators of rationality and passion.”

Peter Beinart’s Being Jewish After the Destruction of Gaza, Omar El Akkad’s One Day, Everyone Will Have Always Been Against This, and Chris Hedges’ A Genocide Foretold are not books about policy nor peace plans in hardback. They are rarer: books that assume the reader’s intellect, credit the reader’s memory, and confront the reader’s evasions.

Beinart’s volume (really a series of extended essays stitched with theological and personal thread) begins with an ache and ends with a reckoning. A former liberal Zionist, he writes as one no longer willing to parse euphemism. The book’s courage lies not in its conclusions, which are by now familiar in certain circles (equal rights for Palestinians, an end to the Israeli occupation, a reimagining of Jewish political identity), but in its calm refusal to pathologize Jewish dissent. His prose is mournful, polished, deeply read. Rabbi Heschel meets Hannah Arendt by way of post-liberal heartbreak. He opens the door and invites: this way leads back to justice.

The challenge, of course, is that moral clarity, when spoken in the language of the faithful, often sounds like heresy to the tribe. That Beinart remains so precise, so historically anchored, so tender even in his fury, makes his case harder to dismiss. He is not writing to be right. He is writing to belong to something better.

If Beinart is the internal exile, El Akkad is the estranged heir. Born in Egypt, raised between Gulf auence and North American gentility, El Akkad writes like someone who has wandered too long through the museums of Western virtue and discovered that all the doors are locked from the inside. His essays— collected under a title that is itself a posthumous epitaph for moral courage— are less arguments than elegies. His lamentation is measured and melodic, full of lines that read like verses from a secular psalter. “Empathy,” he writes, “is not a feeling. It is a practice of recognition.” The problem, as he sees it, is that most of the West has chosen amnesia.

El Akkad is particularly scathing on the liberal establishment, which he indicts for the cruelty of habitual indierence. Here, the book reveals a kinship to Gourevitch’s We Wish to Inform You That Tomorrow We Will Be Killed with Our Families—not in structure or scope, but in the sense that the tragedy being described is one that has already been filed away as someone else’s civil war. The dierence is that Gourevitch wrote in the aftermath of a genocide poorly understood. El Akkad is writing in the midst of one being livestreamed.

And then there is Chris Hedges, whose book might be subtitled: “For Those Who Still Think This Is Complicated.” A war correspondent of fierce insight, Hedges long ago abandoned the niceties of journalistic neutrality. His account is unadorned, unrelenting, and unequivocal. He named what is happening in Gaza genocide, and documents it with the brutal plainness of someone who has seen too many children in morgues to mince words.

It is not an easy read. Nor does he intend to be. If Beinart writes for the conscience and El Akkad for the soul, Hedges writes for the record. His stories of families incinerated, hospitals shelled, children buried under their schools accumulate with the slow horror of inevitability. There is no balance to a narrative of atrocity. But there is insistence: that we stop looking away.

What unites these books is not a shared politics (though they overlap), but a shared refusal to participate in the ritual of moral laundering that has accompanied the destruction of Gaza. They are, in this sense, anti-sanitizing agents. Each asks, in its own voice: what is left of the West’s moral imagination when every red line has been crossed and the only consequence is a procedural shrug?

Edward Said warned that cultural criticism divorced from political reality was a form of complicity. These books take that warning seriously. They insist that literature and reportage, memory and theology, must not become instruments of delay or denial. They ask us to revisit the question Gourevitch posed a quarter century ago: How do people go on living after genocide? But they also pose a harder, more humiliating one: How do people go on living after letting it happen again?

None pretend that reading is a substitute for action. But they understand, as all serious writers do, that narrative is the space where empathy becomes obligation. If the bombs fall silently in Gaza and no one writes them down, who will remember? These books are, at minimum, acts of moral memory. And they leave the reader with a final, uncomfortable realization: we look away not because we are too tender-hearted to bear the horror, but that we are too implicated to admit it.

AS THE FALL AND WINTER MONTHS APPROACH, HERE’S HOW YOU CAN FILL THOSE SHORTER DAYS AND LONGER NIGHTS.

SEPTEMBER

New York Fashion Week

SEPTEMBER 11–16

NEW YORK, NY

New York Fashion Week returns this September, spotlighting Spring/Summer 2026 collections from some of the industry’s most influential designers. Expect a mix of high-profile runway shows and intimate presentations throughout the city.

NOVEMBER

RIA Edge West

OCTOBER 7-8

LOS ANGELES, CA

This event is designed solely for RIA executives; don’t miss the opportunity to learn from leaders running the most successful and fastest-growing RIA firms in the country.

Women Healthy Aging Innovation Summit 2025

NOVEMBER 4-6

BOSTON, MA

Come together with industry leaders to understand the innovations happening within med tech focused on midlife women. With the goal of fostering connections across the healthcare ecosystem. Their new profiling system streamlines connections and delivers sharp market insights, fueling smarter deals and faster tech adoption.

Formula 1 US Grand Prix

OCTOBER 17–19

AUSTIN, TX

Everything’s bigger in Texas—including the Formula 1 United States Grand Prix. Austin’s stop on the F1 calendar delivers more than just high-speed racing—it’s a magnet for celebrities, influencers, tech leaders, and tastemakers, all converging for a weekend of adrenaline, access, and high-end hospitality.

Techonomy 25

NOVEMBER 18

NEW YORK, NY

Techonomy 25: Human Agency Meets Machine Autonomy will define our understanding of the rapidly evolving relationship between humans and machines. Global innovators, policymakers, and industry leaders will convene to discuss how autonomous systems are reshaping the fabric of our society.

Formula 1 Las Vegas Grand Prix

NOVEMBER 20–22

LAS VEGAS, NV

The Formula 1 Las Vegas Grand Prix is a highprofile night race set on the iconic Strip. It draws an international crowd of racing fans, celebrities, and cultural tastemakers from the tech, entertainment, and sports worlds.

Fort Lauderdale International Boat Show

OCTOBER 29-NOVEMBER 2

FORT LAUDERDALE, FL

The Fort Lauderdale International Boat Show is the best boat show across the seven seas. Over five days, more than 100,000 attendees, 1,000 exhibitors, 52 countries, and 1,300 boats will be on display.

DECEMBER

Art Basel Miami Beach 2025

DECEMBER 5–7

MIAMI, FL

Art Basel at Miami Beach ranks as North America’s most comprehensive international contemporary art fair. Returning for its 2025 edition, renowned artists, and galleries from around the world come together to bring their highest quality work to the United States.