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Life-changing study abroad experiences help students find themselves, UF research shows

Studying abroad is about more than just enrichment for college students; it’s often about personal transformation, UF researchers have found. Every year, UF sends nearly 2,600 students overseas to become immersed in diverse cultures, gain international perspectives, and create social bonds with fellow Gators – experiences so profound that UF researchers recently published a study about their long-term impact in Leisure Sciences. And this week, the UF International Center is hosting a Study Abroad Fair from 10 a.m. to 3 p.m. Wednesday, Jan. 29 on the Reitz North Lawn to generate even more interest in these life-changing programs. “You’ve got to look at travel as not a frivolous thing because it’s part of your life story,” said Heather Gibson, Ph.D., a professor in the UF College of Health & Human Performance’s Department of Tourism, Hospitality & Event Management, who co-authored the study. “The impact isn’t just for the semester when they return; it’s now shown to be over 20 years or more. Very few studies focus on this formative phase of adult development, and these emerging adults are very malleable to be shaped. They’re searching for different sources of identity and different directions.” Conducting this research with Gibson was Hongping (HP) Zhang, Ph.D., a UF graduate of 2020 and clinical assistant professor at the University of Tennessee, Knoxville’s Department of Retail, Hospitality, and Tourism Management. Zhang said that, in 2019, tourism literature began focusing on memory theories, but research primarily looked at memorable tourism experiences and how to better attract tourists. Zhang wanted to dive deeper into how travel memories affect a person’s development and identity. This retrospective longitudinal study examined 115 alumni who traveled as part of the College of Health & Human Performance’s South Pacific program, or the Florida Down Under Program, from 2007 to 2019. The program, led by Gibson, brings students to Australia for four weeks, New Zealand for four weeks, and/or Fiji for 10 days to study sustainability, with trips including a snorkeling expedition to the Great Barrier Reef and to Mungalla Station (a land occupied by the Nywaigi Aboriginal Land Corporation). These students’ memories of studying abroad proved to be positive and an “important building block to enhance the existing feeling of self,” Zhang said. For example, one study participant shared that reflecting on her experience in Australia was a conversation starter that sparked an initial social connection with her now husband, who had also traveled to Australia on a separate trip. Other students said the program impacted their travel behaviors such as spending money, as well as their eco-conscious behaviors like using coral-reef-friendly sunscreen. Overall, Gibson believes that experiential learning like studying abroad plays a significant role in helping students find themselves at pivotal times in their lives. In fact, research from the Consortium for Analysis of Student Success through International Education shows that students who participate in study abroad programs may earn higher grades, be more likely to graduate, and be better positioned for the global workforce. “Getting students out of the classroom and pushing them out of their comfort zone is where they learn,” Gibson said. “We need to think about the undergraduate experience as more than earning credits for a degree. Study abroad provides students with friends, experience, and direction, and that’s very crucial, especially at a large university. Study abroad allows students to find their tribe.”

Black Friday 2025: Earlier, Bigger and More Digital Than Ever

Black Friday is no longer just a day – it’s becoming an entire season. In 2025, shoppers are starting earlier, spending more and relying heavily on technology to find the best deals. With online shopping now the dominant force, an estimated 71% of consumers plan to browse and buy from their screens rather than stand in long lines. Baylor University consumer behavior expert James A. Roberts, Ph.D., said this year’s sales stretch well beyond Thanksgiving weekend. Top 5 Black Friday Trends from Dr. James A. Roberts Retailers have pushed promotions into early November – and in some cases, late October – creating what many now call “Black November.” And for the true procrastinators, “Desperate in December” is the new reality, with next-day delivery extending holiday shopping right up to the last minute. Even as shoppers plan to spend up to 10% more, they’re extremely price sensitive, Roberts said. Inflation, rising living costs and ongoing economic uncertainty – including concerns over tariffs – are prompting consumers to hunt for deeper discounts and compare prices more closely than ever. That caution is also fueling another trend: increased use of buy-now-pay-later plans. While convenient, Roberts urges shoppers to approach them carefully to avoid overspending. Technology also is accelerating the shift. AI tools and retail chatbots are helping customers track deals and make purchases, while influencers and social media ads continue to shape buying habits. Cost-conscious platforms like Temu and Shein are poised for another strong season. Clothing, electronics and home goods remain top categories, Roberts said, with gift cards still the go-to for last-minute buyers. Walmart, Target and Kohl’s are expected to be the most popular in-store destinations, while Amazon – unsurprisingly – continues to dominate Cyber Monday. Overall spending remains robust. Shoppers are expected to spend roughly $20 billion across online and in-store purchases, split almost evenly between the two. The best bargains will be toys discounted about 25 percent, phones and computers discounted around 30 percent and TVs discounted an average of 23 percent. The typical shopper will spend about $650 this holiday weekend. How to navigate the shopping frenzy Roberts offers some simple advice for navigating the frenzy: Set a budget, stick to it, choose thoughtful gifts and keep the season in perspective. After all, the most meaningful gifts are the ones that show how well you know the people you love. ABOUT JAMES A. ROBERTS, PH.D. James A. Roberts, Ph.D., is The Ben H. Williams Professor of Marketing at Baylor University’s Hankamer School of Business. A noted consumer behavior expert, he is among the Top 2% Most-Cited Researchers in a database compiled by Stanford University. In addition to journal citations, Roberts has often been called upon by national media outlets for his consumer expertise and latest research. He has appeared on the CBS Early Show, ABC World News Tonight, ABC Good Morning America, NBC’s TODAY Show and NPR’s Morning Edition, as well as in articles in The New York Times, USA TODAY, The Wall Street Journal, TIME and many others. Roberts’ research has focused on how individual consumer attitudes and behavior impact personal and collective well-being, including investigating the factors that drive ecologically and socially conscious consumer behavior, the impact of materialism and compulsive buying on well-being and the effect of smartphone and social media use on personal well-being. He is the author of “Shiny Objects: Why We Spend Money We Don’t Have in Search of Happiness We Can’t Buy” and “Too Much of a Good Thing: Are You Addicted to Your Smartphone?”

Avoiding the Reverse Mortgage Reflex

Every once in a while, an industry article really hits the mark. Recently, one did just that—Canadian Mortgage Trends' "Who Uses Mortgage Brokers Today and Why? (Part 2)" gave seniors their own category, not as an afterthought, but as a client segment worthy of attention. Bravo. It's about time someone acknowledged that older Canadians aren't just "another niche." But then… came the reverse mortgage section. Don't get me wrong—it's refreshing to see financial professionals finally acknowledge that Canada's aging population presents both opportunities and complexities. But suggesting that "helping seniors" automatically means "offering a reverse mortgage" is like telling everyone who's thirsty to drink espresso. Some will love it. Others will lie awake at 3 a.m. with regrets. Let's call it what it is: type-casting seniors into a product. The Reverse Mortgage Reflex There's a curious habit in our industry. Mention the word "senior" and watch what happens: eyes light up, marketing decks shuffle, and—as if on cue—the term "reverse mortgage" materializes like a pop-up ad from 2007. It's as if the entire profession has agreed that every retiree with a pulse and property must be yearning to re-mortgage their home. Except… most aren't. Most seniors spent decades teaching their kids to avoid debt and pay off mortgages as quickly as possible CBC Radio. Suggesting they should now joyfully jump back into one to "solve retirement" isn't just unappealing—it's borderline insulting. Here's the truth: no one dreams of retiring into debt. And the numbers bear this out. Debt Levels: While only about a quarter of people over 65 had debt in the late 1990s, that figure has climbed to more than 40% today (Source: CBC News). Anxiety Levels: Nearly 50% of retirees now worry about their debt, according to the Credit Counselling Society. Reverse mortgages can absolutely be valuable tools. The reverse mortgage market has exploded, with over $8.2 billion in outstanding debt as of June 2024—an 18.3% increase from the previous year (Source: MoneySense). But offering one before understanding the client's full picture isn't being a trusted advisor—it's running on sales autopilot. Brokers, You're Better Than This Brokers pride themselves on being client advocates—the ones who shop the market, decode fine print, and find creative solutions when banks can't. The very definition of a broker is someone who matches the right solution to the customer's needs. So why, when it comes to seniors, do many skip the most important part—the needs assessment—and leap straight to the product? It's backwards. While it may seem very simple, a proper financial conversation starts with identifying the problem, then illustrating a solution, and finally defining the intended outcome. • Why does this person need to access equity? • What problem are they really solving? • How do they define "financial comfort" The first step of solution selling isn't talking—it's listening. Start With the Need, Not the Product Before reaching for any rate sheet, it's critical to understand the client's true priorities. According to research from HomeEquity Bank, 9 in 10 Canadians want to age in place and live out their retirement years in the comfort of their home (Source: Canadian Mortgage Trends). But their financial needs are as diverse as their travel insurance policies. The reality is stark: A 2024 survey by the Healthcare of Ontario Pension Plan (HOOPP) found that 39% of Canadians aged 55-64 have less than $5,000 in savings, and 73% have $100,000 or less. More than half of Canadians over 60 who remain in the workforce do so out of financial necessity, not choice (Source: CBC Radio). Ask the right questions: • Do they need to eliminate high-interest debt? • Do they need cash flow to cover rising expenses? • Are they struggling to afford in-home care or medical support? • Do they want income stability—that pension-like feeling—rather than a lump sum? • Do they want to downsize, relocate, or age in place with dignity? Only after understanding the full financial picture can you propose the best, most robust solution. That's not just good practice. That's respectful advising. Solution Selling: Connecting the Dots Here's a classic example: A client walks in with a paid-off home and a stack of monthly bills that feel heavier than the Sunday paper. They're anxious about cash flow but debt-averse. The reflex answer? "Reverse mortgage!" Not so fast. Solution sellers focus on understanding customers' challenges and delivering ideas that address their daily needs, rather than pushing products. When clients can see exactly what they're getting, they make better decisions and advisors earn lasting trust through transparency, not sales pressure. Maybe downsizing to a more manageable property makes sense. Perhaps a small secured line of credit covers the gap without interest compounding as quickly. Maybe an annuity provides steady income with less long-term cost. Or maybe—just maybe—they don't need a mortgage at all. Consider that a $100,000 reverse mortgage balance can grow to $150,000 in just 5 years at current rates, with interest compounding annually. When you solve the real problem (not just the balance sheet), you build lasting trust and genuine loyalty. The Psychology of the Senior Client It's not just about the math; it's about the mindset. Here's where most brokers stumble: they treat all seniors as if they're cut from the same cloth. They're not. Let's get real: seniors aren't a monolithic group. A 55-year-old and an 85-year-old? They're separated by 30+ years of life experience, different communication styles, varying financial literacy, and completely different emotional triggers around money. Cookie-cutter advice doesn't cut it. The best advisors listen first. They ask questions. They assess each client's actual financial situation—not what they assume it is—and then deliver advice that fits that person's life, not some generic "senior strategy." Respect Is the Real Differentiator Understanding a client's lifestyle, fears, and goals isn't just good ethics—it's good business. Seniors have finely tuned radar for sincerity. They can smell a sales pitch faster than a Labrador finds bacon. Want to stand out? Lead with curiosity, not a contract A holistic, solution-based approach positions you as a trusted advisor—not a product pusher. Once you earn that trust, referrals flow like coffee at a church social. From Product Pushing to Purpose Selling Here's the shift our industry needs:  Stop viewing seniors as a market. Start viewing them as individuals with layered needs. Solution selling isn't anti-reverse mortgage—it's anti-assumption. It ensures the whole problem gets solved, not just the one that fits your product lineup. Yes, over 25% of Canadians aged 55 and older are considering a reverse mortgage (Source: Canadian Mortgage Trends), and it might eliminate a monthly payment—but if it doesn't solve for cash flow, health costs, or income stability, you've only done half the job. The real opportunity? Elevate the conversation from product placement to purpose-driven advising. Advisors, Reset Your Lens Seniors don't need to be sold. They need to be understood.  Give them the dignity of choice, the respect of time, and the power of informed decision-making. When advisors show prospective clients detailed solutions, it allows clients to properly assess the quality of advice and make fully informed decisions, supporting healthy long-term relationships The best brokers—the ones shaping the next chapter of this industry—don't just sell mortgages. They sell confidence, clarity, and control. And that, my friends, is how you truly help Canadians retire hip, fit, and financially free. Want to become an expert on serving the senior demographic? Just message me to be notified about the next opportunity to become a "Certified Equity Advocate" — mastering solution-based advising that transforms how you work with Canada's fastest-growing client segment.

Federal Budget 2025: What's In It for Canadian Seniors?

Let's be honest: the word "budget" probably makes you want to take a nap. Or pour a stiff drink. Maybe both. We spent decades pinching pennies, brown-bagging lunches, and watching every dollar so we could finally retire and stop thinking about money every waking minute. Now here I am, telling you to read about a government budget. I know. I'm sorry. But stick with me—I promise to make this as painless (and possibly entertaining) as possible. Why You Should Care About the 2025 Federal Budget (Even If You Really Don't Want To) Some of you hate talking about money. I get it. But here's the thing: information is power, and denial isn't just a river in Africa (give it a second to land)—it creates unnecessary ignorance and real missed opportunities to regain some control over your financial life. Plus, this budget affects your kids and grandkids too. So even if you're sitting pretty, the people you love might not be. The Economy Right Now: A Very Quick Explainer You've probably noticed everything costs more. A lot more. Welcome to inflation, courtesy of today's tariff-happy trade wars. (And if you want a deeper dive into how inflation affects more than just your wallet, check out my earlier piece: "Inflation: It's not just for prices anymore".) Here's the short version: When governments slap tariffs on imported goods (think: "You want to sell your stuff here? Pay up!"), Companies pass those costs directly to you at checkout. Your grocery bill goes up. Your heating costs rise. Even that new garden hose costs more because, apparently, everything comes from somewhere else now. So when you're living on a fixed income—CPP, OAS, maybe some RRIF withdrawals—and prices keep climbing while your income stays flat, that's a problem. A big one. Enter: the federal budget. It's basically Ottawa's financial to-do list: where they'll spend money, what they'll cut, and (theoretically) how they plan to make your life easier. Or at least less expensive. What's Actually In This Federal Budget Thing (The Good Parts Only) I've waded through the charts, jargon, and multi-billion-dollar announcements so you don't have to. Here's what matters to you: 1. Your House: Now it's a Potential ATM Remember when turning your basement into a rental suite sounded expensive and complicated? Ottawa heard you. The Secondary Suite Loan Program is expanded: Borrow up to $80,000 at 2% interest (15-year term) to build a basement apartment, garden suite, or in-law unit.  The refinancing rules are also relaxed: You can now refinance up to 90% of your home's post-renovation value to fund these projects. Translation: You can turn unused space into monthly rental income, house a caregiver, or create a spot for family—all while boosting your property value. It's like your house went to entrepreneurship school. For more on Additional Dwelling Units (ADUs), check out this post. 2. Slightly Less Painful Tax Season Ottawa is cutting the base federal tax rate for modest-income earners and cancelling the consumer carbon price on heating fuels. Translation: If you're still working part-time or living on CPP + OAS + RRIF withdrawals, expect slightly lower deductions and cheaper heating bills starting this winter. We're talking maybe $30–$50 more per month—not a windfall, but enough to buy groceries without wincing at the checkout. 3. Health Care: Maybe, Possibly, Getting Better The budget includes more money for provinces to spend on health care and long-term care reform. The goal? Shorter wait times and expanded home-care programs. Translation: The government says they're helping seniors age at home with dignity. Whether that actually happens depends on your province not blowing the money on consultants and photo ops. Keep your eyes on provincial announcements for new or expanded home-care subsidies. 4. Your Savings: Slightly Less Likely to Evaporate Budget 2025 confirmed Canada has the lowest debt-to-GDP ratio in the G7. They're also cracking down on bank fraud and scams targeting seniors. Translation: Lower national debt helps keep interest rates and inflation under control, protecting the real value of your fixed income. And Ottawa is finally recognizing that scammers love targeting retirees. (If you haven't already, read my piece on The Rise in Grandparent Scams—it's eye-opening.) About time. Watch for my upcoming article on a recent senior scam making the rounds—and my assessment of how banks can do much more to protect seniors.  5. $60 Billion in "Savings" (Don't Panic) You'll hear politicians bragging about cutting $60 billion. Before you worry they're gutting CPP or OAS, relax. They're trimming their own bureaucracy—less middle management, more digital tools, fewer wasteful meetings about meetings. Translation: They're supposedly spending less on themselves so they can spend more on things that matter—like housing, health care, and infrastructure. Whether they actually pull this off remains to be seen, but at least they're talking about it. So What Does All This Actually Mean? Look, I won't pretend this budget is a game-changer. It's not. But it does offer a few smart moves if you're willing to act. And let's remember: this is Carney's first budget. Changing financial policy and spending priorities takes time—and some patience on our part. Rome wasn't built in a day, and neither is a functional federal budget that actually helps everyday Canadians. Review your home equity. Could an ADU loan help you age in place and generate income? Audit your expenses annually. Cutting $100/month in spending equals roughly $1,500 in pre-tax income. That's real money. Stay vigilant against scams. Government protection is nice, but it starts with you not clicking sketchy emails and text messages. Ask about tax credits. Low-income seniors may qualify for increased refundable credits under provincial top-ups this year. This isn't a flashy budget. There are no big checks in the mail. But it does signal a shift toward pragmatism: help Canadians stay housed, healthy, and financially secure while Ottawa tightens its own belt. For Canadians 55+, that means: Slightly lower everyday costs More options to create income from your home Continued investment in health and home care A more stable economy to protect your savings Progress? Maybe. One cautious, bureaucratic step at a time. Your Next Move Take 30 minutes this week to think through how these programs could fit into your life. Could an ADU loan make aging in place possible? Could refinancing free up cash flow? Small adjustments now = big peace of mind later. And that's what being hit, fit, and financially free is all about. And hey—you just read an entire article about a government budget. Voluntarily. That deserves recognition. Go ahead, brag about it. You've earned it. Now go enjoy your retirement. You've definitely earned that too. Sue Don’t Retire…Re-Wire!!!

Op-Ed: Stablecoin 'rewards' are a risk to financial stability

Congress has long recognized that stablecoins should not function as unregulated bank deposits. The intent of the recently enacted GENIUS Act is clear: to prohibit stablecoin issuers from paying interest or yield to holders, maintaining a distinction between payment instruments and bank deposits which are not only used for payment purposes but also as a store value. Yet loopholes have already emerged. Some crypto exchanges and affiliated platforms now offer “rewards” to stablecoin holders that work much like interest, potentially undermining the stability of the traditional banking system and constraining credit in local communities. Terminology matters. Credit card rewards are funded by interchange fees and paid to encourage spending — you earn points for using your card. Stablecoin “rewards” are different. They’re funded by investing the reserves backing stablecoins, typically in Treasury bills or money market funds, and passing that interest income to holders. You earn returns for holding the stablecoin, not for using it. Economically, this is indistinguishable from a bank deposit paying interest. When a platform advertises “5% rewards” on stablecoin holdings, it’s generally backing those tokens with Treasuries yielding about 4.5%, then passing that yield to users. Whether labeled rewards, yield or dividends, the function is the same: interest on deposits. Banks perform a similar activity — taking deposits, investing in loans and paying depositors a return — but face far higher costs, including FDIC insurance, capital requirements and compliance obligations that stablecoin issuers largely avoid. This dynamic has a precedent. In the 1970s and early 1980s, Regulation Q capped bank deposit rates at 5.25% while inflation and Treasury yields soared above 15%. Money market funds filled the gap, offering market rates directly to consumers. Deposits fled smaller banks, which lost their funding base, while large money-center institutions gained reserves. The result was widespread disintermediation, the collapse of the savings and loan industry and the farm-credit crisis of the 1980s. Stablecoin “rewards” risk repeating that history. Just as money market funds exploited the gap between regulated deposit rates and market rates, stablecoin platforms exploit the difference between what banks can profitably pay and what lightly regulated issuers can offer by passing through Treasury yields with minimal overhead. Some ask why banks can’t just raise deposit rates. The answer lies in structure. Banks operate under a fundamentally different business model and cost framework. They pay FDIC premiums, maintain capital reserves and comply with extensive supervision — costs most stablecoin issuers don’t bear. Banks also use deposits to make loans, which requires holding capital against potential losses. Stablecoin issuers simply hold reserves in ultra-safe assets, allowing them to pass through nearly all the yield they earn. To match 5% “rewards,” banks would need to earn 6% to 7% on their loan portfolios — an unrealistic target in today’s environment, especially for smaller community banks. The consequence is not fair competition, but a structural disadvantage for regulated depository institutions. The Consumer Bankers Association warns this loophole could trigger a massive shift of deposits from community banks to global custodians. Citing Treasury Department estimates, the Association notes that as much as $6.6 trillion in deposits could migrate into stablecoins if yield programs remain permissible. Because the GENIUS Act’s prohibition applies narrowly to issuers, exchanges and intermediaries may still offer financial returns under alternate terminology. This opens the door to affiliate arrangements that replicate the essence of interest payments without legal accountability. Those reserves don’t stay in local economies. The largest stablecoin issuers hold funds at global custodians such as Bank of New York Mellon, in money market funds managed by firms like BlackRock or — if permitted — directly with the Federal Reserve. When a community-bank depositor moves $100,000 into stablecoins, that capital exits the local bank and concentrates at systemically important institutions. The community bank loses lending capacity; the megabank or the Fed gains reserves. The result is disintermediation with a concentrated risk profile reminiscent of the money-market fund crisis. The Progressive Policy Institute estimates that community banks — responsible for roughly 60% of small-business loans and 80% of agricultural lending nationwide — could be among the most affected. In Louisiana, where local banks finance small businesses and family farms, that risk is especially relevant. If deposits migrate to unregulated digital assets, community-bank lending could tighten, particularly in rural parishes and underserved communities. Research from the Brookings Institution reinforces the need for regulatory parity. The label “rewards” doesn’t change the fact that these payments are economically interest. Allowing intermediaries to generate yield without deposit insurance or prudential oversight could recreate vulnerabilities similar to those seen during the 2008 money market fund crisis. To preserve financial stability, policymakers should move to close the stablecoin-interest loophole. Clarifying that the prohibition on interest applies to all entities— not just issuers — would uphold Congress’ intent. Regulators such as the Securities and Exchange Commission, Commodities Futures Trading Commission and federal banking agencies could also treat “reward” programs as equivalent to deposit interest for supervisory purposes. Stablecoins offer genuine efficiencies in payments, but unchecked yield features risk turning them into unregulated banks. History shows what happens when regulatory arbitrage allows competitors to offer deposit-like products without oversight: deposit flight, institutional instability and capital flowing away from community lenders. Acting now could help sustain stability, protect depositors and preserve the credit channels that support community lending — especially in states like Louisiana, where community banks remain the backbone of Main Street.

Beyond the Repo Headlines: What the Liquidity Signals are Really Saying

In late October and early November 2025, usage of the Federal Reserve's Standing Repo Facility (SRF) reached elevated levels exceeding $50 billion at month-end -- the highest utilization since March 2020. Simultaneously, the Overnight Reverse Repo (ON RRP) facility has collapsed to approximately $24 billion, down from peak levels exceeding $2 trillion in 2023. This combination signals structural stress in U.S. money markets extending beyond seasonal factors. These two facilities serve opposite functions in the Fed's monetary policy framework. The SRF is an emergency lending facility where banks can borrow reserves overnight by pledging Treasury or agency securities as collateral, paying the SRF rate (currently 4.50%). It acts as a ceiling on overnight rates. The ON RRP works in reverse: money market funds and other institutions lend cash to the Fed overnight, earning the ON RRP rate (currently 4.30%). It provides a floor on rates. The depletion of ON RRP removes a critical shock absorber. When the facility held trillions in 2021-2023, it functioned as a deployable liquidity reservoir. During stress events, as repo rates in private markets rose above the ON RRP rate, money market funds would withdraw their cash from the Fed and deploy it into higher-yielding private repo markets. This automatic flow of liquidity would stabilize rates without Fed intervention. With ON RRP now depleted to $24 billion, this reservoir is empty. When liquidity shocks occur, there is no pool of cash to flow into stressed markets. Instead, all pressure falls directly on bank reserves, currently at approximately $2.8 trillion. The elevated SRF usage indicates that despite aggregate reserves appearing adequate, banks are unable to efficiently reallocate liquidity across the system. The core problem is that banks with surplus reserves face prohibitive costs to intermediating due to post-2008 regulations, particularly the Supplementary Leverage Ratio (SLR) and G-SIB capital surcharges. The SLR requires capital against all balance sheet assets, including reserves. For a large bank to lend $1 billion overnight, it expands its balance sheet by that amount, increasing SLR denominators and potentially triggering higher surcharge brackets. The capital costs of holding additional assets on the balance sheet often exceed repo market spreads, rendering arbitrage unviable. Banks with surplus reserves therefore park them at the Fed rather than lending to institutions that need them. Current conditions reveal that while dealer behavior around period-ends follows established patterns, the magnitude of rate effects has grown substantially. Recent Federal Reserve research documents that SOFR rose as much as 25 basis points above the ON RRP rate at recent quarter-ends, far exceeding the 5-10 basis point moves typical in 2017. The Fed's analysis attributes this to "growing tightness in the repo market and a diminishing elasticity of supply and demand" as reserves decline. Critically, the research shows that dealer quarter-end behavior -- reducing triparty borrowing and shifting to central clearing -- has remained "remarkably stable," yet rate impacts have intensified. This indicates the problem is not changing behavior but deteriorating underlying conditions. The pattern mirrors 2018-2019, when similar dynamics preceded the September 2019 crisis. Academic work from that episode documented that foreign banks reached minimum reserve levels while domestic G-SIBs maintained surpluses but declined to intermediate due to balance sheet constraints.¹ November 2025 differs critically from September 2019: the ON RRP buffer is now depleted. In 2021-2023, that buffer absorbed surpluses and prevented repo rate collapse. Its near-zero level means the system lacks this stabilizer precisely when QT has reduced reserves and Treasury issuance remains elevated. Additional liquidity pressure falls directly on reserves, leaving repo markets vulnerable to quarter-end dynamics, tax payments, or Treasury settlement volatility. Chairman Powell announced that QT will slow dramatically, with Treasury runoff ending while mortgage-backed securities continue maturing. However, this addresses only aggregate levels, not the structural issues driving period-end stress. The question remains whether current reserve levels are sufficient given elevated post-pandemic deposits, outstanding credit line commitments, tighter balance sheet constraints, and the expired Bank Term Funding Program. What do these signals indicate? Three interpretations emerge. The most likely is that quarterend and month-end rate effects will continue intensifying as reserves decline further, with the spread between SOFR and ON RRP at period-ends serving as a barometer of underlying tightness. Federal Reserve research suggests that as Treasury issuance continues and reserves decline, "the repo market is likely to tighten further and the effects of quarter- or month-ends on repo rates may grow, providing another potential indicator that reserves are becoming less abundant." This would manifest as larger SRF usage at period-ends and persistent elevated Fed facility usage, though system functioning would remain generally stable between these events. A more adverse interpretation sees a triggering event during an already-stressed period-end causing broader repo market seizure, forcing the Fed to resume asset purchases and confirming that meaningful balance sheet normalization is impossible under current structures. An optimistic interpretation requires regulatory reform -- SLR exemptions for reserves or changes to quarter-end reporting requirements -- to reduce incentives for balance sheet window dressing, though this appears politically unlikely. For banks, the implication is that reserve buffers need to be higher than pre-2019 benchmarks, and the ratio of demandable claims to liquid assets requires closer monitoring. For investors, continued volatility in short-term interest rates should be expected, particularly around periodends. The Fed's weekly H.4.1 release tracking SRF and ON RRP levels provides leading indicators. Money market fund flows have outsized impact as their allocation decisions directly affect system liquidity buffers. The transformation underway represents a fundamental shift from bank-intermediated to partially Fed-intermediated money markets. Post-2008 regulations strengthened individual bank resilience but broke private intermediation chains. The central bank now serves as both lender and borrower of last resort, with private markets unable to efficiently connect flows. September 2019, March 2020, March 2023, and November 2025 episodes demonstrate a pattern: reserves appear adequate until buffers thin, after which modest events trigger outsized disruptions. 1. Bostrom, E., Bowman, D., Rose, A., and Xia, A. (2025), "What Happens on Quarter-Ends in the Repo Market," FEDS Notes, Board of Governors of the Federal Reserve System; Copeland, A., Duffie, D., and Yang, Y. (2021), "Reserves Were Not So Ample After All," Federal Reserve Bank of New York. 2. Du, W. (2022), "Bank Balance Sheet Constraints at the Center of Liquidity Problems," Jackson Hole Economic Symposium.

Simple display changes in grocery stores could cut food waste while boosting profits

New research from the University of Florida suggests that supermarkets could significantly reduce food waste while increasing their profits through smarter product display and pricing strategies. The study found that retailers could cut food waste by more than 20% while increasing profits by 6% on average. “It’s rare to find solutions that benefit both business and the environment, but this appears to be one of them,” said Amy Pan, study co-author and associate professor at the UF Warrington College of Business. “Our findings highlight that strategically selling older products alongside fresh ones can simultaneously boost profits and minimize waste by leveraging the right product display, discounting rate and discount time.” The findings provide crucial insight into a growing global challenge. Recent estimates suggest that 17% of global food production goes to waste, with retail accounting for 13% of that waste. In the United States alone, up to 40% of food produced is wasted, while one in eight Americans faces food insecurity. The researchers identified two effective strategies for retailers, depending on the predictability of store traffic. When store traffic is predictable, the researchers find two optimal solutions: Unsold products are swapped with a new batch when the current products are due to be replaced, so that there is only one batch on shelves at a time Newer batch products are displayed on shelves alongside older products that are sold at a discount In contrast, when store traffic isn’t predictable, the product display depends on the characteristics of the product, store and consumers. Specifically, the researchers find: For products that spoil quickly and have a low disposal cost, like fresh pastries, the best approach is to remove unsold items when new stock arrives However, for items with longer shelf lives and high disposal cost, like dairy products, stores can sell older items at discounted prices at the front of shelves while keeping fresher items at their full price on the back of shelves Even stores that prefer not to discount their products can benefit from simply optimizing their display strategies. The study found that thoughtful product placement alone can significantly improve profits while reducing waste. The researchers emphasize that while their findings focus on retail-level waste, the benefits extend throughout the supply chain. Farmers benefit from increased orders, retailers save money by reducing waste and consumers get more affordable access to healthy food options. “What’s particularly exciting about these findings is that everyone wins,” Pan said. “Retailers make more money, consumers get more affordable options and we reduce the environmental impact of food waste.” Looking to know more about this topic or connect with Amy Pan?  Simply click on her icon now to arrange an interview today.

Why Brokers Are Canada’s New Mortgage Rockstars

There’s a quiet revolution happening in Canadian mortgage lending—well, as “quiet” as anything can be when two-thirds of Canadians are shouting, “We’d rather deal with a broker than a bank!” According to the most recent Mortgage Professionals Canada (MPC) Consumer Survey, 67% of Canadians now say they’d rather work with a mortgage broker than a bank. Among those who already have? A whopping 81% would do it again. That’s not just a statistic. That’s a standing ovation. The Great Mortgage Broker Boom According to recent MPC data, broker market share reached 33% in 2024—a four-point increase in just two years. Nearly half of all borrowers now choose brokers. The message is clear: Canadians are tired of sales reps; they want advocates who speak human, not policy manual. And who can blame them? With 1.2 million mortgages renewing in 2025 and average payments increasing by $513 a month, people aren’t just rate-shopping anymore—they’re seeking guidance, reassurance, and maybe a bit of hope. Let’s face it: they want their cake and still be able to heat their home too. Why This Matters—Especially for Seniors I work with Canadians aged 55+ every day, and about three-quarters of them are homeowners. They’ve done everything right: worked hard, paid off debt, raised families, and built wealth through their homes. But now, many feel… trapped by them. Here’s the reality: Mortgage renewals are costing hundreds more monthly (some facing 15–20% jumps) Inflation is eating into fixed incomes; and downsizing, aging in place, or tapping into home equity all feel like high-stakes decisions. Almost 80% of Canadians over 55 say their savings and pensions aren’t enough. (Source: Home Equity Bank Ipsos Survey) According to this same survey, half of respondents believe home equity is crucial for retirement—yet 76% feel pressured to downsize even if they’d rather not trade their garden for a balcony (or their favourite hairdresser for whoever’s closest to the condo). What they don’t need: A one-size-fits-all sales pitch from someone who thinks “retirement” means early-bird specials and Sudoku marathons. What they do need: A mortgage broker who listens, educates, compares options, and helps them sleep at night—not just sign on the dotted line. The Missing Link: Transactional vs. Conversion Sales Traditional mortgages are what we call commodities, sold using a transactional method. In this approach, the need is obvious—the customer wants a mortgage—and the focus is on competing for the best price and terms. It’s fast, efficient, and, let’s be honest, a little impersonal. It’s the classic hammer-and-nail approach: every client looks like a nail, and the broker just keeps swinging rates and terms until something sticks. That may work for a first-time buyer chasing the cheapest five-year fix—but for seniors? It’s about as effective as putting a Band-Aid on a broken arm. The 55+ demographic doesn’t want a hammer. They want a conversation. They want to understand how to stretch their pension income, cover rising expenses, and prepare for life’s curveballs—like healthcare costs or home repairs—without feeling like they’re going backwards financially. That’s why this is not a transactional sale; it’s a conversion sale. A transactional sale happens when someone already wants what you’re selling—you’re just facilitating the purchase. A conversion sale, however, is when the client doesn’t yet believe they need or want what you’re offering. You’re not closing a deal; you’re changing a mindset. And that’s the secret sauce for brokers working with older Canadians. You’re not selling debt—you’re offering financial flexibility. You’re helping people reframe home equity from a “last resort” into a retirement resource. How Brokers Can Shift the Conversation Lead with empathy, not economics. Ask about life goals, not loan size. Do they want to age in place, help kids, or reduce financial stress? Start with why, then move to how. Rebrand the conversation. Words matter. “Mortgage” can feel like failure. Try “home-equity strategy” or “retirement cash-flow plan.” You’re not adding debt—you’re unlocking options. Talk cash flow, not contracts. Focus on income versus expenses, inflation resilience, and emergencies. Discuss how home equity can supplement pensions, create predictable, guaranteed income (like our parents had), and—most importantly—boost that all-important sleep score. Include the family. Adult children often play a major role. Involve them early—these are emotional, multi-generational conversations, not just financial ones. Educate, don’t sell. Show examples, calculators, and real-life case studies. Transparency earns trust—and trust is the true currency in a conversion sale. When brokers shift from “rate pitching” to “retirement planning,” they go from hammer-swingers to problem-solvers—and that’s where the real magic (and business growth) happens. What Mortgage Brokers Bring to the Table The broker market is projected to grow at a 5% CAGR through 2030, driven by consumers demanding personalization over cookie-cutter lending. And the reverse-mortgage space just got a serious glow-up. Home Trust Bank has just entered the market, announcing its new Equity Access Reverse Mortgage product at this week's Mortgage Professionals Conference in Ottawa. That brings the total to four active lenders in Canada’s reverse-mortgage space: HomeEquity Bank, Equitable Bank, Home Trust Bank, and Bloom Finance Company. More lenders mean more credibility—or, as I like to call it, street cred for seniors. The kind that lets retirees walk down the street (or the fairway) with a little swagger, knowing their financial toolkit has options. With more players in the mix comes more choice, sharper pricing, and—most importantly—a sense that reverse mortgage products have finally crossed over from “fringe” to financially fashionable.  Reverse mortgages are no longer the “we-don’t-talk-about-that” cousin at the financial family dinner—they’re sitting proudly at the adult table. The product is being normalized—treated as the legitimate, strategic retirement tool it has always been. So, brokers—be honest. Isn’t it time you caught up to the trend? Reverse mortgages have gone from taboo to totally credible. And if your clients still say, “We’re just not reverse-mortgage people,” that’s your cue to help them unpack that posture of financial marginalization. Because what they often mean is, “We don’t want to feel old, desperate, or dependent.” That’s not who they are—and that’s not what this product is. It’s not about retreating; it’s about reframing. Helping them see home equity as strength, not surrender. Because empowering clients to live comfortably, confidently, and cash-flow secure isn’t just good business—it’s the kind of advocacy that gives everyone involved a little swagger. Older Canadians Need Advocates—Not Just Advisors As a spokesperson for this group, I urge brokers to master Equity Literacy—the ability to explain complex tools like reverse mortgages and HELOCs in plain language. It’s about helping retirees access equity wisely, preserve benefits, and create peace of mind. Canadian reverse-mortgage debt reached $8.2 billion in mid-2024—an 18.3% year-over-year increase. (Source: Office of the Superintendent of Financial Institutions - OSFI). Canadians are catching on: their house can help them, not haunt them (could not resist the Halloween joke). Help seniors understand the range of uses for Reverse Mortgages like paying off high-interest debt, helping family through early inheritance or gifting, and supplementing retirement income to maintain independence. And here’s where brokers can really shine—by guiding family conversations about inheritance, housing, and aging in place. According to CMHC’s 2025 Mortgage Consumer Survey, 41% of first-time buyers used a gift or inheritance to cover mortgage costs.  That's up from 30% the year before. Those gifts averaged nearly $80,000. The Bank of Mom & Dad just got promoted to Wealth Management HQ. To the Canadian mortgage broker industry You’re not just in the mortgage business—you’re in the dignity business. You help Canadians stay in their homes, reduce stress, and live comfortably in retirement. With home sales slowing and fewer purchase deals, this is your moment. Building expertise in the 55+ market isn’t just good karma—it’s good business. How to start: educate your database about equity-release benefits and tax-free cash flow; host workshops on “Aging in Place with Equity”; partner with financial planners, lawyers, healthcare providers—and yes, Realtors—to build a holistic approach to retirement housing. Involve adult children in every conversation; they’re tomorrow’s clients. The data says Canadians need you more than ever. And I’ll say it louder: so do I. Let’s make retirement planning better, smarter, and more human—one conversation at a time. So here’s the truth: the 55+ crowd doesn’t need rescuing—they need respect. They’re not clinging to the past; they’re funding their future. They don’t want pity; they want power—and they’ve earned it. This generation built Canada’s equity base—literally—and now it’s time they get to use it wisely, proudly, and on their own terms. Whether that means a new roof, a family gift, or finally taking that long-postponed trip to Italy, it’s not about borrowing money—it’s about buying freedom. So, brokers, financial pros, and anyone guiding retirees—remember: your role isn’t to sell products. It’s to spark possibilities. To help older Canadians move from fear to freedom, from “we’re not those people” to “why didn’t we do this sooner?” Because the real revolution in retirement isn’t about rates or renewals. It’s about reclaiming confidence, creating financially viable futures, and knowing you’ve made a real difference—something your clients will remember long after the ink dries. Trust me, that’s far more gratifying than handing out a 4.99% five-year fixed. I want to know what you think.  Send me your feedback.  Want more insights like this? Subscribe to my free newsletter here, where I share practical strategies, real-world stories, and straight talk about navigating retirement with confidence—not confusion. Plus, all subscribers get exclusive early access to advance chapters from my upcoming book. For Canadians 55+: Get actionable advice on making your home equity work for you, understanding your options, and living retirement on your terms. For Mortgage Brokers and Financial Professionals: Learn how to become the trusted advisor your 55+ clients desperately need (and will refer to everyone they know). This isn't just another revenue stream—it's your opportunity to build lasting relationships in Canada's fastest-growing demographic. Sue Don’t Retire…Re-Wire!

For Trump’s Perceived Enemies, the Process may be the Punishment

This article is republished from The Conversation under a Creative Commons license. Read the original article here. Former FBI Director James Comey pleaded not guilty to two criminal charges in a federal court in Alexandria, Virginia, on Oct. 8, 2025. The charges allege that Comey lied to Congress in September 2020 when he stood by earlier testimony that he did not authorize a leak of an FBI investigation involving Hillary Clinton. Numerous legal commentators on both the left and right have argued that Comey’s indictment is little more than the Trump administration seeking vengeance on one of the president’s perceived enemies. They allege that the president has it out for Comey, who investigated Russian interference in the 2016 presidential election and was fired by Trump in 2017. The president’s own words support the idea that the Trump administration is targeting Comey. In a social media post on Sept. 20, 2025, Trump directed Attorney General Pam Bondi to move forward with prosecutions against Comey, Democratic U.S. Sen. Adam Schiff and New York Attorney General Letitia James: “They’re all guilty as hell, but nothing is going to be done. …JUSTICE MUST BE SERVED, NOW!!!” If the case against Comey is exceedingly weak – and little more than a political prosecution – then, in my view as a scholar of the U.S. legal system, it should result in the dismissal of charges by the judge or a not guilty verdict by the jury. But even when an individual is not convicted, the process of defending against charges can itself be a form of punishment, as renowned legal scholar Malcolm Feeley pointed out almost 50 years ago. Here’s how the criminal justice process punishes even innocent people. The criminal justice process The criminal justice process is complex. After a grand jury returns an indictment at the request of a prosecutor, the accused appears in court for their arraignment. They are informed of the charges against them and typically enter a plea. During what’s called “discovery,” the prosecution and defense investigate the evidence the other side plans to rely on. There are also pretrial motions in which the parties ask judges to dismiss charges and accept or exclude evidence. The defense and prosecution may also meet to discuss a plea bargain, wherein the accused may plead guilty in exchange for a lesser sentence or reduced charges. If there is no plea bargain, then the case moves to trial, which is itself a complicated process. If a defendant is found guilty, they can mount an appeal to higher courts in an attempt to have their conviction overturned. To help navigate this process, criminal defendants typically hire a lawyer. And good lawyers don’t come cheap. Money and time Indigent defendants, who do not have the financial resources to pay their own legal fees, can rely on public defenders paid for by the government. But individuals who can afford to pay for their own lawyer face a substantial financial burden for attorney services and court fees. An experienced criminal defense lawyer can charge more than US$1,000 per hour, with fees quickly adding up. This means that mounting a legal defense can easily cost tens of thousands of dollars. On top of this, it takes a great deal of time to prepare for a criminal case. While lawyers and their staff do much of the legwork for trial preparation, a client works with their attorneys to help formulate a defense. As a result, criminal defendants lose one of the most precious commodities in the world: their time. And this time can come at a tangible cost in the form of lost wages, which harms their day-to-day lives. Put simply, every hour spent preparing for trial is an hour defendants could spend working or enjoying their lives. Stress and embarrassment It’s not pleasant being charged with a crime. The criminal process, which typically lasts months, takes a toll on one’s mental health. This is largely driven by the uncertainty surrounding the outcome of a criminal trial and the possibility of losing one’s freedom if convicted. In addition, there is a social stigma that comes with being accused of a crime. This can result in reputational damage, anxiety and embarrassment. The Trump administration appears to recognize this reality. Several media outlets have reported that FBI leadership had planned a public perp walk for Comey. According to a CBS News report, this was to have included “‘large, beefy’ agents … ‘in full kit,’ including Kevlar vests and exterior wear emblazoned with the FBI logo.” Apparently, the plan was aborted after several FBI supervisors refused to cooperate, viewing it as inappropriate. One agent was disciplined for insubordination after refusing to go along with the plan to embarrass Comey in this way. Not all criminal defendants suffer the same The extent to which criminal defendants experience the criminal justice process as a form of punishment varies from person to person. For high-status people like Comey, lost wages and attorneys’ and court fees may not be that big of a deal. But these costs may be incredibly significant for other people who have been, or are likely to be, targeted by the Trump administration. The high costs of lawyers’ fees are well known to the president. For instance, his political action committee spent millions of dollars on attorneys’ fees in an unsuccessful effort to defend Trump from criminal charges in New York. In addition, people no doubt experience the psychological stress and stigma of a possible criminal conviction differently. But regardless of one’s wealth, the lost time spent preparing a criminal defense is something that cannot be replaced. The recognition that the criminal process is itself a form of punishment is one of the reasons that the Department of Justice has maintained independence from the president. By violating the tradition of staying out of politics, the Justice Department in the Trump administration has opened the door for the president to seek retribution on his perceived political enemies. The mere act of putting them through the criminal process ensures that they suffer, regardless of their guilt or innocence.

Taking discoveries to the real world for the benefit of human health

It takes about a decade and a lot of money to bring a new drug to market—between $1 billion to $2 billion, in fact. University of Delaware inventor Jason Gleghorn wants to change that. At UD, Gleghorn is developing leading-edge microfluidic tissue models. The devices are about the size of two postage stamps, and they offer a faster, less-expensive way to study disease and to develop pharmaceutical targets. These aren’t tools he wants to keep just for himself. No, Gleghorn wants to put the patented technology he’s developing in the hands of other experts, to advance clinical solutions in women’s health, maternal-fetal health and pre-term birth. His work also has the potential to improve understanding of drug transport in the female reproductive tract, placenta, lung and lymph nodes. Gleghorn, an associate professor of biomedical engineering, was named to the first cohort of Innovation Ambassadors at UD, as part of the University’s effort to foster and support an innovation culture on campus. Below, he shares some of what he’s learned about translating research to society. Q: What is the problem that you are trying to address? Gleghorn: A lot of disease has to do with disorganization in the body’s normal tissue structure. My lab makes microfluidic tissue models, called organ-on-a-chip models, that have super-tiny channels about the thickness of a human hair, where we can introduce very small amounts of liquid, including cells, to represent an organ in the human body. This can help us study and understand the mechanism of how things work in the body (the biology) or help us do things like drug screening to test therapeutic compounds for treating disease. And while these little microfluidic devices can do promising things, the infrastructure required to make the system work often restricts their use to high-end labs. We want to democratize the techniques and technology so that nonexperts can use it. To achieve this, we changed the way we make these devices, so that they are compatible with standard manufacturing, which means we can scale them and create them much easier. Gleghorn: One of the problems with drug screening, in general, is that animal model studies don’t always represent human biology. So, when we’re using animal models to test new drugs — which have been the best tool we have available — the results are not always apples to apples. Fundamentally, our microfluidic devices can model what happens in humans … we can plug in the relevant human components to understand how the mechanism is working and then ask questions about what drives those processes and identify targets for therapies to prevent the dysfunction. Q: What is innovative about this device? Gleghorn: The innovation part is this modularity — no one makes these devices this way. The science happens on the tiny tissue model insert, which is sandwiched between two pieces of clear acrylic. This allows us to watch what’s happening on the tissue model insert in real time. Meanwhile, the outer shell’s clamshell design provides flexibility: if we’re studying lung tissue and we want to study the female reproductive tract, all we do is unscrew the outer shell and insert the proper tissue model that mimics the female reproductive tract and we’re off. We’ve done a lot of the engineering to make it very simple to operate and use, and adaptable to common lab tools that everyone has, to eliminate the need for financial investment in things like specialized clean rooms, incubators and pumps, etc., so the technology can be useful in regular labs or easily deployable to far-flung locations or countries. With a laser cutter and $500 worth of equipment, you could conceivably mass manufacture these things for maternal medicine in Africa, for example. Democratizing the technology so it is compatible and useful for even an inexperienced user aligns with the mission of my lab, which focuses on scaling the science and the innovation faster, instead of only a few specialized labs being a bottleneck to uncovering new mechanisms of disease and the development of therapies. We patented this modularity, the way to build these tiny microfluidic devices and the simplicity of how it's used as a tool set, through UD’s Office of Economic Innovation and Partnerships (OEIP). Q: How have you translated this work so far? Gleghorn: To date, we've taken this microfluidic system to nine different research labs across seven countries and four continents — including the United States, the United Kingdom, Australia, France, Belgium and South Africa. These labs are using our technology to study problems in women’s health and collecting data with it. We’re developing boot camps where researchers can come for two or three days to the University of Delaware, where we teach them how to use this device and they take some back with them. From a basic science perspective, there is high enthusiasm for the power of what it can tell you and its ease of use. As engineers, we think it's pretty cool that many other people are using our innovations for new discoveries. Q: What support and guidance have you received from the UD innovation ecosystem? Gleghorn: To do any of this work, you need partners that have various expertise and backgrounds. UD’s Office of Economic Innovation and Partnerships has built a strong team of professionals with expertise in different areas, such as how do you license or take something to patent, how do you make connections with the business community? OEIP is home to Delaware’s Small Business Development Center, which can help you think about business visibility in terms of startups. Horn Entrepreneurship has built out impressive programs for teaching students and faculty to think entrepreneurially and build mentor networks, while programs like the Institute for Engineering Driven Health and the NSF Accelerating Research Translation at UD provide gap funding to be able to do product development and to take the work from basic prototype to something that is more marketable. More broadly in Delaware is the Small Business Administration, the Delaware Innovation Space and regional grant programs and small accelerators to help Delaware innovators. Q: How have students in your lab benefited from engaging in innovation? Gleghorn: Undergraduate students in my lab have made hundreds of these devices at scale. We basically built a little manufacturing facility, so we have ways to sterilize them, track batches, etc. We call it “the foundry.” In other work, graduate students are engineering different components or working on specific system designs for various studies. The students see collaborators use these devices to discover new science and new discoveries. That's very rewarding as an engineer. Additionally, my lab focuses on building solutions that are useful in the clinic and commercially viable. As a result, we've had two grad students spin out companies related to the work we've been doing in the lab. Q: How has research translation positively impacted your work? Gleghorn: I started down this road maybe five years ago, seriously trying to think about how to translate our research findings. Being an entrepreneur, translating technology — it's a very different way to think about your work. And so that framework has really permeated most of the research that I do now and changed the way I think about problems. It has opened new opportunities for collaboration and for alternate sources of funding with companies. This has value in terms of taking the research that you're doing fundamentally and creating a measurable impact in the community, but it also diversifies your funding streams to work on important problems. And different viewpoints help you look at the work you do in new ways, challenging you to define the value proposition, the impact of your work.