Forged in America

Al and Ravin reflect on why they continue doing this podcast, and the lessons gleaned from the stellar roster of guests thus far.They discuss the value of learning to communicate in the "YouTube Era" using podcasting, and how sharing public opinions changes your thinking in interesting and unexpected ways.The value of reading, and lifelong learning is emphasized. As always, a few war stories about painful deals are shared.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

Tony Davis shares his origin story with Ravin and Al, from being fired at age 33 to building the worlds largest dedicated healthcare private equity fund LINDEN PARTNERS. He shares the key to being a stellar fundraiser, along with the biggest challenges he faced.The American healthcare system is discussed in depth, from high quality to bad incentives to insurance fraud. RFK's polarizing policies are discussed.Also the value of setting high expectations for raising kids, and Tony's amazing effort to start a Jewish day school in Chicago.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

Sam Nazarian shares his journey with Al and Ravin from immigrant roots to building a global hospitality empire. He discusses the importance of brand building, ecosystem creation, and navigating the challenges of the nightlife and hotel industries. He discusses his ventures in luxury hotels, restaurants, and his latest focus on longevity and healthcare, offering valuable insights for aspiring entrepreneurs. Also, he discusses Iran, immigration, and his health journey.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

Tom Gimbel joins Al and Ravin to converse and debate the current job market, and the impact of AI on employment. Political dynamics, particularly regarding military actions in Iran and Venezuela, are discussed, alongside the implications for the future of the Middle East. They explore the complexities of political corruption, healthcare fraud, and the challenges faced by moderate Democrats. The conversation also touches on immigration, voter ID laws, and the importance of reading in education, while addressing systemic issues related to race and family structure. Ultimately, the hosts express a hopeful outlook for America's future despite the challenges it faces.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

In this engaging conversation, Al Goldstein and Ravin Gandhi sit down with Ali Hamed, founder and CEO of Traville Capital Management. They explore Ali's unique journey from aspiring baseball player to successful entrepreneur, discussing the importance of networking, building credibility, and the evolution of his investment firm. Ali shares insights on navigating the private credit landscape and the interplay between venture capital and credit strategies, emphasizing the need for creativity and rigor in business. In this conversation, Ali Hamed also drills down on the evolution of media and the creator economy, and the emotional challenges of entrepreneurship. He shares insights on identifying talent, overcoming early career challenges, and navigating ageism in the workplace. Hamed also reflects on the importance of growth for investment firms, the impact of political climates on business, and market predictions. He emphasizes the future of private markets and the significance of technology in shaping the next generation of entrepreneurs.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

Rylan Hamilton, the founder of BLUE WATER AUTONOMY, shares his gritty story with Ravin and Al. Rylan started off in the Navy, then went to Harvard Business School, and founded 6 River Systems which he sold to Shopify for $450M. He went on to raise $65M for Blue Water Autonomy with Google Ventures as the lead. The episode drills into the future of war, the effort to curb spending, the use of AI in the military, and how the military helps build character.NOTE: Al and Ravin want to thanks Alex Goldstein for his technical assistance with processing this episode!Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

Lior Div, who raised over $1B in founding Cybereason and 7AI, shares his insights with Ravin and Al on the intersection of cybersecurity and AI, emphasizing the importance of innovation in the face of evolving cyber threats. He discusses his background in the elite 8200 unit of the IDF and how it has shaped his entrepreneurial journey in the tech industry. The discussion also highlights Israel's unique position as a leader in cybersecurity innovation and the challenges that lie ahead for companies in this rapidly changing landscape. They delve into Israel's high rate of startup founders, including the role of military training and cultural differences in talent selection. They discuss the evolution of the cybersecurity landscape, the integration of AI into business models, and the implications of dyslexia on personal success. The conversation touches on the future of education, the impact of crypto on cybersecurity, and the recent intelligence failures in Israel.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

In E16, Ravin and Al interview Edward Woodford, founder and CEO of ZeroHash, discussing his journey from the UK to the US, the founding of ZeroHash, and the evolution of the crypto landscape. Edward shares insights on the importance of stablecoins, the infrastructure behind crypto transactions, and the future of digital assets. He emphasizes the need for usability in the crypto space and the potential for stablecoins to revolutionize financial transactions globally. Woodford also shares insights on self-custody versus custodial solutions, the significance of hashrate in the Bitcoin ecosystem, and highlights influential figures in the crypto industry.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

Ravin and Al discuss the current state of the economy, exploring conflicting narratives around inflation, affordability, and consumer behavior. They reflect on insights gained from recent guests on their podcast and consider the impact of AI on future economic opportunities. They discuss perceptions of grift and favoritism in politics, the impact of populism on economic prosperity, and the complexities of racism and accountability in political discourse. The conversation also touches on immigration policies, voter ID laws, and the implications of global political shifts, culminating in a discussion about the Epstein scandal and its fallout.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

Al and Ravin speak with Don Edwards, founder and chairman of FlexPoint, about his journey from being a college athlete at the University of Illinois to a renowned career in private equity. They discuss the challenges along the way, including the importance of networking, the transition from investment banking to private equity, and the role of philanthropy in shaping one's identity. Don shares insights on the competitive nature of golf and how it parallels the business world, as well as the significance of mentorship and having a chip on one's shoulder in achieving success. Edwards also reflects on what makes a great private equity associate, his leadership role in higher education, and the challenges faced during the encampments at the University of Illinois. He emphasizes the disconnect within academia and the need for a reassessment of higher education's role in society.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

In this episode, Ravin Gandhi and Al Goldstein engage in a thought-provoking conversation with Rahm Emanuel, discussing the balance of political perspectives, the importance of education and accountability, the shifting demographics in America, and the implications of voter ID laws. They explore the impact of family structure on society, the complexities of immigration, and the current state of public safety. Emanuel emphasizes the need for a comprehensive approach to immigration reform and the importance of addressing societal issues through effective public policy. The discussion culminates in reflections on the future of American politics and the necessity for centrist voices in a polarized environment.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

Austin Berg is Executive Director of the Chicago Policy Center, and the Illinois Policy Institute. Austin is an award winning author, and has written a book called The New Chicago Way. He also made a documentary about Chicago Teachers Union called "Local One."Austin discusses with Ravin and Al the challenges facing Chicago, including its governance issues, economic decline, public safety concerns, and the failing education system. He emphasizes the need for reform in these areas, particularly the influence of the Chicago Teachers Union and the importance of school choice. The discussion also touches on the political dynamics in the city and the necessity for community engagement to drive change. Berg advocates for a more accountable and effective governance structure to revitalize Chicago and improve the lives of its residents.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

In this conversation with Ravin and Al, tech investor extraordinaire Rich Heise shares his journey from founding Magnitude Networks in 1995 to navigating the dot-com boom and beyond with Groupon. He discusses the importance of timing in business, the challenges of family dynamics, and the lessons learned from his experiences with Starbelly and Inner Workings. Rich emphasizes resilience, adaptability, and the impact of education on personal development, discussing the evolution of several companies including Echo, Media Bank, and Groupon. They explore the challenges and triumphs of navigating IPOs, the dynamics of partnerships, and the role of luck in business success. The discussion also touches on personal motivations, community building through sports, and reflections on political issues and media bias.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.NOTE: A few clarifications from E11 regarding points mentioned in this episode, brought to our attention after publication:Rich was not a co-founder of InnerWorkings (INWK), Echo Global Logistics (ECHO), or Groupon (GRPN). He was an early investor and board member in each company. Public filings for all three companies (including S-1s) list their respective co-founders. Andrew did not reach out to Rich, which Rich clarified during the conversation. Groupon’s peak market capitalization was approximately $18–19 billion, not $28 billion.

Ravin and Al discuss entrepreneurship, market dynamics, and personal journeys with Vishal Garg, the founder of Better.com. The discussion covers Vishal's early life, his experiences in the fintech industry, and the challenges he faced while building his company. The conversation emphasizes the importance of risk management, the value of meritocracy, and the impact of cultural identity on personal and professional growth. He reflects on the challenges faced during the financial crisis, the resilience built through partnerships, and the invaluable lessons learned from family and mentorship. The discussion also covers the inception of Better.com, the impact of COVID-19 on the business, and the strategic decisions made during market fluctuations which created public blowback. Vishal's vision for the future highlights the role of technology and innovation in transforming the financial industry.Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.

In the world of elite military training, few experiences are as grueling and transformative as that of a Navy SEAL. In episode 9 of the podcast "Forged in America," hosts Ravin Gandhi and Al Goldstein had an insightful conversation with Rick Kaiser, a former Navy SEAL with an impressive 34-year career, including 25 years in SEAL Team Six. As a Silver Star recipient for his leadership during the Battle of Mogadishu, Rick's story is not just about physical endurance but also about the mental toughness that defines true leadership.Main Content:1. The Journey of a Navy SEALRick Kaiser’s journey began in a challenging environment where only the strongest survive. He recalls the infamous Hell Week, part of the rigorous Basic Underwater Demolition/SEAL (BUD/S) training, where 150 recruits began, but only 30 emerged as SEALs. During one particularly demanding night, Rick faced his lowest moment when he fell into a mindset of self-pity. "That was my lowest moment because that's when I actually felt sorry for myself," he shared, emphasizing that overcoming negativity is key to pushing through hardships.2. The Power of TeamworkRick highlights that the SEAL teams operate on a foundation of teamwork. "There are seven or eight or more support folks for every one SEAL," he explains, stressing that every member's contribution is vital. This philosophy extends beyond military operations; it applies to any organization where teamwork is crucial for success. When individuals attempt to take shortcuts or shirk responsibilities, it not only affects their performance but also impacts the team dynamic. Rick notes, "If that's their mindset going into something like this, it's just going to reflect on everything else they do."3. Mental Toughness Over Physical StrengthThe podcast delves into the mental versus physical aspects of training. Al Goldstein shares his experience at a mini Hell Week for CEOs, where he observed that the best athletes struggled as the challenges became more mental than physical. Rick agrees, stating, "Individual sports like wrestling or swimming, where it's really just you out there competing, are more successful at going through training like BUD/S." He emphasizes that understanding one’s limits and pushing through them is essential for both military and civilian leaders.4. Cultivating Leadership SkillsRick believes that leadership is a skill that can be developed over time. He states, "If you don’t believe you’re the best SEAL, there’s no sense in being there." This mindset fosters resilience and accountability. As young recruits, they take on significant responsibilities early, such as managing weapons and ammunition, which builds their leadership abilities. Rick emphasizes, "You have to make sure that they know what they’re doing and can accomplish the mission."Conclusion:Rick Kaiser's experiences as a Navy SEAL offer profound insights into leadership, resilience, and the power of teamwork. His journey underscores the importance of mental toughness and the ability to overcome adversity. For aspiring leaders and entrepreneurs, the key takeaways are clear: embrace teamwork, cultivate resilience, and never underestimate the power of the mind in achieving success.Key Takeaways:- Mental toughness is as crucial as physical strength in overcoming challenges.- Teamwork is essential for success; every member plays a vital role.- Leadership skills can be developed through responsibility and accountability.- Embracing a positive mindset can help one push through adversity.Tags: Navy SEAL, Leadership, Resilience, Teamwork, Mental Toughness, Entrepreneurship, Personal Development, Podcast Insights

In this episode of "Forged in America," hosts Ravin Gandhi and Al Goldstein welcome Dmitry Balyasny, founder and CEO of Balyasny Asset Management (BAM), to discuss his remarkable journey from a young immigrant to leading a multi-strategy hedge fund managing over $30 billion. The conversation begins with the impact of Ayn Rand's philosophy on his entrepreneurial mindset. Dmitry shares insights on the importance of perseverance, the challenges of building a successful business, and the unique culture at BAM that fosters collaboration and innovation among partners and employees.Dmitry elaborates on the intricacies of managing a hedge fund, including the balance between risk and reward, the significance of hiring the right talent, and the evolving landscape of the financial markets. He emphasizes the need for a strong psychological foundation in traders, the importance of humility, and the value of continuous learning. The episode continues with Dmitry's thoughts on the current state of the market, the influence of technology, and his commitment to nurturing young talent through various programs at BAM. Dmitry shares his experiences navigating the tumultuous financial landscape during the 2008 crisis, emphasizing the importance of liquidity and investor trust. He reflects on the competitive nature of the industry, the role of AI in enhancing decision-making, and the importance of maintaining a balance between personal and professional life, especially as a father of six.The conversation delves into the future of finance, touching on the potential of AI and blockchain technology. Dmitry expresses a nuanced view on cryptocurrencies, recognizing their utility in emerging markets while remaining skeptical about their value in developed economies. He concludes with an optimistic outlook on technological advancements and their potential to drive progress, while cautioning against philosophical shifts that could hinder innovation. The episode wraps up with a light-hearted lightning round, revealing Dmitry's favorite books and movies, and his thoughts on fitness and family life.

In Episode 7, Ravin and Al discuss the current economic outlook, the implications of credit card debt, immigration, and the public's perception of fraud.  They highlight the significance of social skills in raising children, how AI may change the landscape of education and employment, and the necessity of taking risks in both personal and professional life. They discuss how self-belief and responsiveness can lead to success, the challenges of navigating relationships as one becomes successful, and the significance of being a 'force of nature' in achieving goals. The conversation also touches on the future of elder care through technology, economic growth, and the importance of preventative health care. They also delve into the importance of voter ID laws and the role of family structure in society.

Founder and CEO of Madison Industries Larry Gies chats with Ravin and Al about building a business, finding purpose, raising kids, donating 250M to University of Illinois, and fixing the USA.Forged in America is a conversation between longtime friends and entrepreneurs Ravin Gandhi and Al Goldstein who have built and sold numerous businesses. Al founded fintech unicorn Avant, real estate firm Pangea, and Stoic Lane. Ravin founded GMM Nonstick Coatings, a $100M supplier to the USA housewares industry that serves 40M Americans each day. Al and Ravin are also experienced early stage investors, investing in deals such as Apptronik, KeyMe, Morning Consult, Kin Insurance, Hester Biosciences, Throne Labs, Natrion and Patient IQ that collectively have raised billions in funding.

Ted Koenig, Founder and CEO of Monroe Capital, joins Al and Ravin for a candid discussion about seeing around corners, building a $25B empire in private credit, city and national politics, parenting, and leadership.Forged in America is a conversation between longtime friends and entrepreneurs Ravin Gandhi and Al Goldstein who have built and sold numerous businesses. Al founded fintech unicorn Avant, real estate firm Pangea, and Stoic Lane. Ravin founded GMM Nonstick Coatings, a $100M supplier to the USA housewares industry that serves 40M Americans each day. Al and Ravin are also experienced early stage investors, investing in deals such as Apptronik, KeyMe, Morning Consult, Kin Insurance, Hester Biosciences, Throne Labs, Natrion and Patient IQ that collectively have raised billions in funding.

U.S. Congressman Dan Crenshaw joins Forged in America for a raw conversation with Ravin and Al on media bias, populism, and why America is harder to break than people think. Also the challenges of running for office, losing an eye, and staying sane in the most politicized era of our lifetimes.Forged in America is a conversation between longtime friends and entrepreneurs Ravin Gandhi and Al Goldstein who have built and sold numerous businesses. Al founded fintech unicorn Avant, real estate firm Pangea, and Stoic Lane. Ravin founded GMM Nonstick Coatings, a $100M supplier to the USA housewares industry that serves 40M Americans each day. Al and Ravin are also experienced early stage investors, investing in deals such as Apptronik, KeyMe, Morning Consult, Kin Insurance, Hester Biosciences, Throne Labs, Natrion and Patient IQ that collectively have raised billions in funding.