<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[Compounding Machines: Market Swings]]></title><description><![CDATA[A show about investing and markets, filmed during a round of golf. Always free.]]></description><link>https://joshbaylin.com/s/market-swings</link><image><url>https://joshbaylin.com/img/substack.png</url><title>Compounding Machines: Market Swings</title><link>https://joshbaylin.com/s/market-swings</link></image><generator>Substack</generator><lastBuildDate>Wed, 11 Nov 2026 01:11:27 GMT</lastBuildDate><atom:link href="https://joshbaylin.com/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[Josh Baylin]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[joshbaylin@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[joshbaylin@substack.com]]></itunes:email><itunes:name><![CDATA[Josh Baylin]]></itunes:name></itunes:owner><itunes:author><![CDATA[Josh Baylin]]></itunes:author><googleplay:owner><![CDATA[joshbaylin@substack.com]]></googleplay:owner><googleplay:email><![CDATA[joshbaylin@substack.com]]></googleplay:email><googleplay:author><![CDATA[Josh Baylin]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block><item><title><![CDATA[Josh Hansen on Taking Over a Legendary Family Surf Business | 19th Hole]]></title><description><![CDATA[Post-round with Josh Hansen of Hansen Surfboards on what it takes to run a legendary family business.]]></description><link>https://joshbaylin.com/p/josh-hansen-on-taking-over-a-legendary-family-surf-business-19th-hole</link><guid isPermaLink="false">https://joshbaylin.com/p/josh-hansen-on-taking-over-a-legendary-family-surf-business-19th-hole</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Wed, 18 Mar 2026 07:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/583daf15-a568-4627-8a71-370cdfd967f0_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings 19th Hole episode released March 18, 2026.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!3em0!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6abfeb-fad7-4c15-99a3-818cf795760b_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!3em0!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6abfeb-fad7-4c15-99a3-818cf795760b_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!3em0!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6abfeb-fad7-4c15-99a3-818cf795760b_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!3em0!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6abfeb-fad7-4c15-99a3-818cf795760b_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!3em0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6abfeb-fad7-4c15-99a3-818cf795760b_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/dc6abfeb-fad7-4c15-99a3-818cf795760b_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!3em0!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6abfeb-fad7-4c15-99a3-818cf795760b_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!3em0!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6abfeb-fad7-4c15-99a3-818cf795760b_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!3em0!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6abfeb-fad7-4c15-99a3-818cf795760b_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!3em0!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc6abfeb-fad7-4c15-99a3-818cf795760b_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>After a not-so-perfect (but very competitive) scramble with $100 and a couple of martinis on the line, I sat down with Josh Hansen of Hansen Surfboards.</p><p>We get into what it is really like to take over and run a legendary family business, in a post-round conversation that goes well beyond golf.</p><p><a href="https://www.youtube.com/watch?v=T1o3zDVXzZ8">Watch on YouTube &#8594;</a></p>]]></content:encoded></item><item><title><![CDATA[Why Surf Retail Is Getting Crushed (While We Golf for $100)]]></title><description><![CDATA[Josh Hansen of Hansen Surfboards on what's squeezing surf retail, over a round at Omni La Costa.]]></description><link>https://joshbaylin.com/p/why-surf-retail-is-getting-crushed-while-we-golf-for-100</link><guid isPermaLink="false">https://joshbaylin.com/p/why-surf-retail-is-getting-crushed-while-we-golf-for-100</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Wed, 11 Mar 2026 07:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/633b0f47-e05a-4195-9d09-315a1b1fee7f_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings episode released March 11, 2026.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!9zAg!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2773fcd3-e0b4-4952-855e-3611dc84e5b0_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!9zAg!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2773fcd3-e0b4-4952-855e-3611dc84e5b0_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!9zAg!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2773fcd3-e0b4-4952-855e-3611dc84e5b0_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!9zAg!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2773fcd3-e0b4-4952-855e-3611dc84e5b0_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!9zAg!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2773fcd3-e0b4-4952-855e-3611dc84e5b0_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2773fcd3-e0b4-4952-855e-3611dc84e5b0_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!9zAg!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2773fcd3-e0b4-4952-855e-3611dc84e5b0_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!9zAg!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2773fcd3-e0b4-4952-855e-3611dc84e5b0_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!9zAg!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2773fcd3-e0b4-4952-855e-3611dc84e5b0_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!9zAg!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2773fcd3-e0b4-4952-855e-3611dc84e5b0_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>I teed it up with Josh Hansen of Hansen Surfboards on the North Course at Omni La Costa in Carlsbad.</p><p>Between shots, we get into why surf retail is getting squeezed and what it takes to keep a legendary family business going.</p><p><a href="https://www.youtube.com/watch?v=qwLny5Flx8E">Watch on YouTube &#8594;</a></p>]]></content:encoded></item><item><title><![CDATA[Playing Through Volatility with Alissa Kacar | 19th Hole]]></title><description><![CDATA[Santa Ana winds, bad lies and big bets: Alissa Kacar on building a loyal following by showing every shot.]]></description><link>https://joshbaylin.com/p/playing-through-volatility-with-alissa-kacar-19th-hole</link><guid isPermaLink="false">https://joshbaylin.com/p/playing-through-volatility-with-alissa-kacar-19th-hole</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Wed, 04 Mar 2026 08:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/82316eda-a32f-458a-9bde-3e0e53eb02b9_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings 19th Hole episode released March 4, 2026.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!RWpv!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F06a0eea4-c5f6-4057-a497-d602794f7ee6_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!RWpv!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F06a0eea4-c5f6-4057-a497-d602794f7ee6_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!RWpv!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F06a0eea4-c5f6-4057-a497-d602794f7ee6_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!RWpv!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F06a0eea4-c5f6-4057-a497-d602794f7ee6_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!RWpv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F06a0eea4-c5f6-4057-a497-d602794f7ee6_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/06a0eea4-c5f6-4057-a497-d602794f7ee6_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!RWpv!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F06a0eea4-c5f6-4057-a497-d602794f7ee6_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!RWpv!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F06a0eea4-c5f6-4057-a497-d602794f7ee6_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!RWpv!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F06a0eea4-c5f6-4057-a497-d602794f7ee6_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!RWpv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F06a0eea4-c5f6-4057-a497-d602794f7ee6_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>After a hot, windy scramble in Southern California (Santa Ana winds, tough lies and a short game that showed up), I sat down with Alissa Kacar, aka @newladygolfer.</p><p>She explains how she built such a loyal following by documenting every shot of her golf journey, including the ones most people would delete.</p><p><a href="https://www.youtube.com/watch?v=cMvm_MHocBo">Watch on YouTube &#8594;</a></p>]]></content:encoded></item><item><title><![CDATA[How Social Media Made Alissa Kacar a PGA Tour Insider]]></title><description><![CDATA[From high school teacher to the face of a PGA Tour event: a seven-year reinvention, told on the course.]]></description><link>https://joshbaylin.com/p/how-social-media-made-alissa-kacar-a-pga-tour-insider</link><guid isPermaLink="false">https://joshbaylin.com/p/how-social-media-made-alissa-kacar-a-pga-tour-insider</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Thu, 26 Feb 2026 08:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/f3587b09-6e3d-446b-a086-c35d6ae61478_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings episode released February 26, 2026.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!McY7!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c7b4a0d-9e0a-4fda-a54f-e48ff917c07e_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!McY7!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c7b4a0d-9e0a-4fda-a54f-e48ff917c07e_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!McY7!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c7b4a0d-9e0a-4fda-a54f-e48ff917c07e_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!McY7!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c7b4a0d-9e0a-4fda-a54f-e48ff917c07e_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!McY7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c7b4a0d-9e0a-4fda-a54f-e48ff917c07e_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/4c7b4a0d-9e0a-4fda-a54f-e48ff917c07e_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!McY7!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c7b4a0d-9e0a-4fda-a54f-e48ff917c07e_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!McY7!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c7b4a0d-9e0a-4fda-a54f-e48ff917c07e_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!McY7!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c7b4a0d-9e0a-4fda-a54f-e48ff917c07e_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!McY7!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F4c7b4a0d-9e0a-4fda-a54f-e48ff917c07e_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>Alissa Kacar, better known as @newladygolfer, went from teaching high school to becoming the face of a PGA Tour event.</p><p>We went inside the ropes to see how she built that reinvention over seven years, and what it says about where attention and money in golf are heading.</p><p><a href="https://www.youtube.com/watch?v=8TIuI3YdISg">Watch on YouTube &#8594;</a></p>]]></content:encoded></item><item><title><![CDATA[Clubs Down, Drinks Up: 19th Hole Rapid Fire]]></title><description><![CDATA[A private nine on a closed course, a few robots in the background, and rapid-fire takes on where golf is headed.]]></description><link>https://joshbaylin.com/p/clubs-down-drinks-up-19th-hole-rapid-fire</link><guid isPermaLink="false">https://joshbaylin.com/p/clubs-down-drinks-up-19th-hole-rapid-fire</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Wed, 18 Feb 2026 08:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/ad812e2e-2249-4a41-a991-86665bf319ca_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings 19th Hole episode released February 18, 2026.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!FTPk!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F995c4243-0764-4135-950f-8697bb10c7cf_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!FTPk!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F995c4243-0764-4135-950f-8697bb10c7cf_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!FTPk!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F995c4243-0764-4135-950f-8697bb10c7cf_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!FTPk!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F995c4243-0764-4135-950f-8697bb10c7cf_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!FTPk!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F995c4243-0764-4135-950f-8697bb10c7cf_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/995c4243-0764-4135-950f-8697bb10c7cf_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!FTPk!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F995c4243-0764-4135-950f-8697bb10c7cf_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!FTPk!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F995c4243-0764-4135-950f-8697bb10c7cf_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!FTPk!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F995c4243-0764-4135-950f-8697bb10c7cf_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!FTPk!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F995c4243-0764-4135-950f-8697bb10c7cf_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>We recap a private nine-hole round on a closed course, with a few robots quietly working in the background.</p><p>The post-round hang turns into rapid-fire takes: GOAT debates, a dream foursome with Scottie Scheffler and Tiger Woods, and whether autonomous carts are where the game is headed. Walk or ride? Music or silence? Early tee times or sunset shadows? We settle all of it.</p><p><a href="https://www.youtube.com/watch?v=gVpZ2HQDl_I">Watch on YouTube &#8594;</a></p>]]></content:encoded></item><item><title><![CDATA[24/7 Autonomous Mowers: Inside a Fully Robotic Golf Course]]></title><description><![CDATA[$200,000 robots, zero gas, mowing around the clock. Are they ready to run golf course maintenance?]]></description><link>https://joshbaylin.com/p/24-7-autonomous-mowers-inside-a-fully-robotic-golf-course</link><guid isPermaLink="false">https://joshbaylin.com/p/24-7-autonomous-mowers-inside-a-fully-robotic-golf-course</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Wed, 11 Feb 2026 08:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/a5b52bd6-4035-47d4-a062-af46de0c5c12_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings episode released February 11, 2026.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!zGmf!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23c16cde-3535-4280-ad4e-2df03f9d4e7e_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!zGmf!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23c16cde-3535-4280-ad4e-2df03f9d4e7e_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!zGmf!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23c16cde-3535-4280-ad4e-2df03f9d4e7e_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!zGmf!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23c16cde-3535-4280-ad4e-2df03f9d4e7e_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!zGmf!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23c16cde-3535-4280-ad4e-2df03f9d4e7e_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/23c16cde-3535-4280-ad4e-2df03f9d4e7e_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!zGmf!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23c16cde-3535-4280-ad4e-2df03f9d4e7e_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!zGmf!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23c16cde-3535-4280-ad4e-2df03f9d4e7e_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!zGmf!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23c16cde-3535-4280-ad4e-2df03f9d4e7e_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!zGmf!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F23c16cde-3535-4280-ad4e-2df03f9d4e7e_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>We went to The Santaluz Club to see whether autonomous mowers are ready to take over maintenance across the 20,000-course golf industry.</p><p>Having helped build autonomous robots at Brain Corp, I wanted to see whether the payback math actually works on a real course.</p><p><a href="https://www.youtube.com/watch?v=WIJAh_gUr88">Watch on YouTube &#8594;</a></p>]]></content:encoded></item><item><title><![CDATA[Golf, Business, and Deals: An Uncut CEO Conversation | 19th Hole]]></title><description><![CDATA[Post-round in Las Vegas: rapid-fire questions on deals, risk and why the fairway is the most honest boardroom.]]></description><link>https://joshbaylin.com/p/golf-business-and-deals-an-uncut-ceo-conversation-19th-hole</link><guid isPermaLink="false">https://joshbaylin.com/p/golf-business-and-deals-an-uncut-ceo-conversation-19th-hole</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Wed, 04 Feb 2026 08:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/35d77bf1-6fe5-4bfd-af16-7d73f15461df_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings 19th Hole episode released February 4, 2026.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!gjNu!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F094d95bd-5125-411e-ab95-6bd913c40d40_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!gjNu!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F094d95bd-5125-411e-ab95-6bd913c40d40_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!gjNu!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F094d95bd-5125-411e-ab95-6bd913c40d40_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!gjNu!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F094d95bd-5125-411e-ab95-6bd913c40d40_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!gjNu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F094d95bd-5125-411e-ab95-6bd913c40d40_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/094d95bd-5125-411e-ab95-6bd913c40d40_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!gjNu!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F094d95bd-5125-411e-ab95-6bd913c40d40_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!gjNu!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F094d95bd-5125-411e-ab95-6bd913c40d40_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!gjNu!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F094d95bd-5125-411e-ab95-6bd913c40d40_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!gjNu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F094d95bd-5125-411e-ab95-6bd913c40d40_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>After a scramble round in Las Vegas, we put our guests in the hot seat with rapid-fire questions on golf, business, money and life.</p><p>The post-round banter turns into a real conversation about how relationships get built on the course, why deals get done between shots and why the fairway might be the most honest boardroom there is.</p><p><a href="https://www.youtube.com/watch?v=MxlM1kAdPQY">Watch on YouTube &#8594;</a></p>]]></content:encoded></item><item><title><![CDATA[Thrive Cannabis CEO Tried to Pay the IRS $2.3 Million in Cash. They Turned Him Away.]]></title><description><![CDATA[The real economics of legal cannabis, from a CEO who couldn't pay his taxes the normal way.]]></description><link>https://joshbaylin.com/p/thrive-cannabis-ceo-tried-to-pay-the-irs-2-3-million-in-cash-they-turned-him-away</link><guid isPermaLink="false">https://joshbaylin.com/p/thrive-cannabis-ceo-tried-to-pay-the-irs-2-3-million-in-cash-they-turned-him-away</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Wed, 28 Jan 2026 08:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/a9e1e995-c384-493a-b7a4-a3bb6cd7a19a_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings episode released January 28, 2026.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!Cftb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94b889f9-f463-4e5c-8cea-de76b5c8e6a2_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!Cftb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94b889f9-f463-4e5c-8cea-de76b5c8e6a2_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!Cftb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94b889f9-f463-4e5c-8cea-de76b5c8e6a2_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!Cftb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94b889f9-f463-4e5c-8cea-de76b5c8e6a2_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!Cftb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94b889f9-f463-4e5c-8cea-de76b5c8e6a2_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/94b889f9-f463-4e5c-8cea-de76b5c8e6a2_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!Cftb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94b889f9-f463-4e5c-8cea-de76b5c8e6a2_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!Cftb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94b889f9-f463-4e5c-8cea-de76b5c8e6a2_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!Cftb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94b889f9-f463-4e5c-8cea-de76b5c8e6a2_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!Cftb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F94b889f9-f463-4e5c-8cea-de76b5c8e6a2_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>I played Southern Highlands in Las Vegas with Mitch Britten, CEO of Thrive Cannabis.</p><p>He tried to pay a $2.3 million tax bill in cash, and the IRS turned him away. That one story says a lot about how strange the economics of legal cannabis still are.</p><p><a href="https://www.youtube.com/watch?v=GrfmxfpmPd0">Watch on YouTube &#8594;</a></p>]]></content:encoded></item><item><title><![CDATA[Inside the $1.7 Trillion Retirement Business]]></title><description><![CDATA[Autonomous golf carts, a few bunker disasters and a frank talk about risk, money and AI.]]></description><link>https://joshbaylin.com/p/inside-the-1-7-trillion-retirement-business</link><guid isPermaLink="false">https://joshbaylin.com/p/inside-the-1-7-trillion-retirement-business</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Wed, 14 Jan 2026 08:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/1d69de71-c88a-4e2b-b6ec-5af371b21b9c_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings episode released January 14, 2026.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!K2rR!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2bec76af-b90c-45c2-b637-d2ce1d34be1b_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!K2rR!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2bec76af-b90c-45c2-b637-d2ce1d34be1b_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!K2rR!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2bec76af-b90c-45c2-b637-d2ce1d34be1b_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!K2rR!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2bec76af-b90c-45c2-b637-d2ce1d34be1b_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!K2rR!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2bec76af-b90c-45c2-b637-d2ce1d34be1b_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/2bec76af-b90c-45c2-b637-d2ce1d34be1b_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!K2rR!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2bec76af-b90c-45c2-b637-d2ce1d34be1b_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!K2rR!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2bec76af-b90c-45c2-b637-d2ce1d34be1b_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!K2rR!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2bec76af-b90c-45c2-b637-d2ce1d34be1b_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!K2rR!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2bec76af-b90c-45c2-b637-d2ce1d34be1b_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>Pete Katkov, Mitch Mammini and Orlando Quevas join me for 18 holes of competitive golf and candid talk about entrepreneurship, financial literacy, insurance and AI.</p><p>Along the way, we get a rare look inside a $1.7 trillion retirement business.</p><p><a href="https://www.youtube.com/watch?v=WT8hPBJtp3U">Watch on YouTube &#8594;</a></p>]]></content:encoded></item><item><title><![CDATA[Why Pro Golfers Take the LIV Money: Kevin Kisner Explains]]></title><description><![CDATA[Part 2 with Kevin Kisner: LIV, TV ratings and the new ways golfers keep score.]]></description><link>https://joshbaylin.com/p/why-pro-golfers-take-the-liv-money-kevin-kisner-explains</link><guid isPermaLink="false">https://joshbaylin.com/p/why-pro-golfers-take-the-liv-money-kevin-kisner-explains</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Wed, 31 Dec 2025 08:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/f1af0d77-cd48-476f-b287-147f60bb8f2e_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings episode released December 31, 2025.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!gDWq!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca01429-f49c-41e3-ad5b-88ef1a70404a_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!gDWq!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca01429-f49c-41e3-ad5b-88ef1a70404a_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!gDWq!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca01429-f49c-41e3-ad5b-88ef1a70404a_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!gDWq!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca01429-f49c-41e3-ad5b-88ef1a70404a_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!gDWq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca01429-f49c-41e3-ad5b-88ef1a70404a_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/dca01429-f49c-41e3-ad5b-88ef1a70404a_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!gDWq!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca01429-f49c-41e3-ad5b-88ef1a70404a_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!gDWq!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca01429-f49c-41e3-ad5b-88ef1a70404a_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!gDWq!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca01429-f49c-41e3-ad5b-88ef1a70404a_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!gDWq!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdca01429-f49c-41e3-ad5b-88ef1a70404a_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>In part two of our round at Sage Valley, Kevin Kisner explains why so many players took the LIV money.</p><p>He also explains why he now tracks NBC's TV ratings the way he used to track the world rankings. The scoreboard in pro golf is changing, and the money is following it.</p><p><a href="https://www.youtube.com/watch?v=UWUwbJgmKcg">Watch on YouTube &#8594;</a></p>]]></content:encoded></item><item><title><![CDATA[Kevin Kisner Reveals the REAL Economics of the PGA Tour]]></title><description><![CDATA[Only about 30% of PGA Tour winnings make it home. Kevin Kisner explains where the rest goes.]]></description><link>https://joshbaylin.com/p/kevin-kisner-reveals-the-real-economics-of-the-pga-tour</link><guid isPermaLink="false">https://joshbaylin.com/p/kevin-kisner-reveals-the-real-economics-of-the-pga-tour</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Wed, 24 Dec 2025 08:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/bc5c2dc9-d539-42a2-b976-f2158540b62a_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings episode released December 24, 2025.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!nZix!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0ef10fb9-063d-486d-a73c-3d1fe597ae05_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!nZix!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0ef10fb9-063d-486d-a73c-3d1fe597ae05_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!nZix!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0ef10fb9-063d-486d-a73c-3d1fe597ae05_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!nZix!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0ef10fb9-063d-486d-a73c-3d1fe597ae05_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!nZix!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0ef10fb9-063d-486d-a73c-3d1fe597ae05_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/0ef10fb9-063d-486d-a73c-3d1fe597ae05_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!nZix!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0ef10fb9-063d-486d-a73c-3d1fe597ae05_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!nZix!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0ef10fb9-063d-486d-a73c-3d1fe597ae05_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!nZix!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0ef10fb9-063d-486d-a73c-3d1fe597ae05_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!nZix!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0ef10fb9-063d-486d-a73c-3d1fe597ae05_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>I walked Sage Valley with four-time PGA Tour winner Kevin Kisner to talk about the business side of the Tour.</p><p>Only about 30% of tour winnings actually make it home. Kevin breaks down where the rest goes and what it takes to run a pro career like a business.</p><p><a href="https://www.youtube.com/watch?v=KBBBDW7BzA8">Watch on YouTube &#8594;</a></p>]]></content:encoded></item><item><title><![CDATA[Dylan Menante Exposes the Harsh Economics of the Korn Ferry Tour]]></title><description><![CDATA[$185K in earnings and still living at home. The debut episode of Market Swings.]]></description><link>https://joshbaylin.com/p/dylan-menante-exposes-the-harsh-economics-of-the-korn-ferry-tour</link><guid isPermaLink="false">https://joshbaylin.com/p/dylan-menante-exposes-the-harsh-economics-of-the-korn-ferry-tour</guid><dc:creator><![CDATA[Josh Baylin]]></dc:creator><pubDate>Wed, 17 Dec 2025 08:00:00 GMT</pubDate><enclosure url="https://substack-post-media.s3.amazonaws.com/public/images/de333f85-3905-45af-a3e2-82a484dfdab8_1280x720.jpeg" length="0" type="image/jpeg"/><content:encoded><![CDATA[<p><em>Market Swings episode released December 17, 2025.</em></p><div class="image-link image2" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!1sft!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09de4d93-a987-409c-a86e-c717fb183013_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!1sft!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09de4d93-a987-409c-a86e-c717fb183013_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!1sft!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09de4d93-a987-409c-a86e-c717fb183013_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!1sft!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09de4d93-a987-409c-a86e-c717fb183013_480x360.jpeg 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!1sft!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09de4d93-a987-409c-a86e-c717fb183013_480x360.jpeg" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/09de4d93-a987-409c-a86e-c717fb183013_480x360.jpeg&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:null,&quot;width&quot;:null,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:&quot;&quot;,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" title="" srcset="https://substackcdn.com/image/fetch/$s_!1sft!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09de4d93-a987-409c-a86e-c717fb183013_480x360.jpeg 424w, https://substackcdn.com/image/fetch/$s_!1sft!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09de4d93-a987-409c-a86e-c717fb183013_480x360.jpeg 848w, https://substackcdn.com/image/fetch/$s_!1sft!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09de4d93-a987-409c-a86e-c717fb183013_480x360.jpeg 1272w, https://substackcdn.com/image/fetch/$s_!1sft!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F09de4d93-a987-409c-a86e-c717fb183013_480x360.jpeg 1456w" sizes="100vw" fetchpriority="high"></picture><div></div></div></div><p>In the first episode of Market Swings, Korn Ferry Tour player Dylan Menante walks through what it really costs to chase a PGA Tour card.</p><p>Six figures in earnings sounds great until you add up what it costs to play. It is a candid look at professional golf as a small business.</p><p><a href="https://www.youtube.com/watch?v=f0GcUmbEJpg">Watch on YouTube &#8594;</a></p>]]></content:encoded></item></channel></rss>