Recorded on 10/31/25 In this episode, Roman Schweizer, TD Cowen’s WRG geopolitics & defense analyst, and an All-Star reporter lineup discuss the latest outlook and possible way out of the soon-to-be-longest USG shutdown, some read outs from President Trump's big trip around Asia, the Secretary of War's big meeting with defense CEOs in Washington, and a potential contract to SpaceX for Golden Dome satellites.

Recorded on 10/17/25 Retail Thrives With Creative Community Engagement + A.I. We host Brieane Olson, CEO of Pacific Sunwear ("PacSun") to discuss key findings from PacSun's proprietary Gen Z and Gen Alpha research. The research highlights these generations' emphasis on mental health and music and the scale of creator ambition. PacSun's creative engagement and adaptive merchandising execution are driving share gains. In our view, better retail builds with these generations, embraces the TikTokification of retail, and tests, reads, and adapts to the new world of agentic artificial intelligence. TD Cowen's PAD A.I. framework calls for Prescriptive, Adaptive, and Doing-It-All retail.

Recorded on 10/10/25 TD Cowen's The Future Is Now podcast series, hosted by health care analysts Dan Brennan and Brendan Smith, discusses emerging themes and critical investment topics across the life science tools and diagnostics sector. The series focuses on key takeaways from the team's proprietary conferences, unpacking the macroeconomic and geopolitical environment of the sector and the impact on emerging R&D spend trends across the health care industry. In this episode, Dan and Brendan highlight the biggest takeaways from TD Cowen's 14th Annual MedTools Conference. The team hosted 10 different key opinion leaders across four panel sessions, with more than 100 investors on site to discuss four main topics: 1) The AI Era of Tools/Dx; 2) The Future of Bioprocessing; 3) Pharma R&D Spending Trends; and 4) Multi-Cancer Early Detection (MCED). The discussion includes insights on how to contextualize key growth drivers in the sector today, expectations for 2026, and how innovation across the space is disrupting long-established tools spending paradigms.

Recorded on 10/03/25 TD Cowen financial policy analyst Jaret Seiberg hosts TD Cowen's Two Cents Podcast, which includes a discussion of the state of housing with Max Rakhlenko, TD Cowen equity analyst and author of TD Cowen's monthly Housing Blueprint. We also get a market update and earnings preview from Scott Smith, the TD Cowen specialty salesperson for financials.

Recorded on 10/03/25 In this episode, Roman Schweizer, TD Cowen’s WRG geopolitics & defense analyst, and an All-Star reporter lineup discuss the outlook for the USG shutdown impasse, the Secretary of War's big meeting in Quantico, the strong final Foreign Military Sales tally for FY25, and some program updates, including F-35 and Golden Dome.

Recorded on 06/24/25 TD Cowen's Machine Medicine: AI & Health Care podcast series takes on the cross-sector revolution in artificial intelligence and breaks it down one piece at a time. We highlight some of the biggest misconceptions about how AI is and can be used in different health care settings and aim to contextualize the latest and most impactful developments in a field defined by rapid innovation. In this episode, TD Cowen's health care analyst Brendan Smith hosts Alex Zhavoronkov, chief executive officer and founder of Insilico Medicine, to explore how Insilico is helping define some of the most important efficiency benchmarks and key performance indicators for AI in drug development. We discuss the difficulties investors face when assessing the relative productivity and competitive profile of different AI platforms and how important it is that AI players demonstrate and disclose quantifiable improvements that actually bend the curve on R&D efficiency.

Recorded on 09/18/25. TD Cowen analyst Yaron Werber speaks with Ron Renaud, a Wall Street biotech veteran who turned into a seasoned biotech CEO and chairman of boards, as he outlines his decision to helm Kailera Therapeutics as President and CEO. Ron lays out Kailera's vision in obesity, a field that underpins one of the key global healthcare challenges. Backed by a $400M Series A and a strategic partnership with Jiangsu Hengrui, a large global pharma based in China with deep peptide chemistry expertise, the company is advancing both an injectable dual GLP1/GIP1 agonist and an oral GLP1 program to create a comprehensive, leading, late-stage, metabolic portfolio. Ron emphasizes how the partnership with Hengrui accelerates data flow and strategic decision-making. He stresses that guiding Kailera's growth requires the same principles he applies broadly in biotech: transparency, trust, surrounding yourself with great people, and stimulating the best in innovation and cooperation from the team. Ron also shares lessons from his impressive career spanning equity research, multiple biotech CEO roles, and three successful acquisitions by pharma (Idenix, Translate Bio, Cerevel) for a total $16B in value. He emphasizes that companies “get bought, not sold” — meaning value comes from building strong, enduring organizations with the right people and differentiated foundations. On leadership, Ron highlights the importance of transparency with boards and employees, especially during turbulent times of strategic refocusing/change, pipeline reprioritization, and recognizing the importance of every employee within a company. He stresses that good decision-making often comes from admitting what you don’t know and being unafraid to ask. For aspiring CEOs, he recommends surrounding yourself with trusted mentors and collaborators, focusing on culture as much as science, and learning to navigate nonlinear processes. If he wasn’t a biotech CEO, Ron would opt to be a teacher. Lastly, on a fun note, when asked to choose between jumping out of a plane or scuba diving to the bottom of the ocean, Ron, an avid fisherman, says that he would pick scuba diving because of his deep love of the ocean, as he can always figure out a way back to the surface.

Recorded on 09/23/25. Northland Power is a large-scale developer and operator of renewable, battery storage, and gas-fired power, with 3.5 gigawatts of operating capacity and an additional 2.2 gigawatts under construction. President and CEO Christine Healy provides a detailed overview of the company's diverse platform and compelling growth prospects across technologies and regions.

Recorded on 08/01/25 How to Succeed in Sephora & Drive Longevity. We host Cassie Cowman, Co-Founder of View from 32, who explains why Sephora launches demand 9-18 months of planning, aligned KPIs, and flawless execution. We discuss Rare Beauty’s blush and Rhode’s lip as lessons in category ownership and highlight haircare’s styling wave. We also unpack how biotech + AI are key drivers amid rising market volatility and Ulta vs. Sephora dynamics. What's Next in Beauty and Wellness and What Will Work For the Long Term. In this episode, Cassie explains that longevity in beauty comes from owning categories and building replenishable hero SKUs, not chasing viral spikes, and highlights how Rare Beauty’s dominance in blush and Rhode’s lip play serve as case studies in the trade-offs between loyalty and virality. The discussion unpacks haircare’s next wave in styling, biotech and AI-driven skincare innovation, and the rise of “expert-led” brands driving category engagement. Cassie also contrasts Sephora’s disciplined brand-building with Ulta’s broader assortment, arguing that Ulta must sharpen curation, education, and services to compete in a market where consumer demand is more volatile than ever.

Recorded on 09/05/25 In this episode, TD Cowen's Consumer Finance analyst Moshe Orenbuch hosts Zip Co CEO Cynthia Scott to explore what Zip does and its value proposition to consumers and merchants. We believe this is very relevant to our coverage of consumer finance companies including Affirm, given the fast growing BNPL industry in the U.S., competitive landscape, as well as Klarna's recent IPO.

Recorded on 09/04/25 TD Cowen analyst Yaron Werber speaks with Ricky Sun about Bain Capital's collaborative edge with both the Life Sciences and Private Equity teams, their broader Asia strategy with a focus on Japan and China, advice for biotech CEOs and boards, and opportunities and challenges in the current life sciences investing landscape. Ricky shares his learnings from Bain’s recent carve-out/taking private of Mitsubishi Tanabe Pharma (valued at roughly $3.3B), and notably how leveraging deep scientific and operational expertise across the Life Sciences and Japanese Private Equity teams was crucial for deal execution. In what is one of the key underpinnings of this deal, he shares optimism that the streamlining of drug approvals within the Japanese PMDA, especially for orphan indications, will allow faster time to market, reduce requirements to conduct Ph1 studies in Japanese patients by employing data from Western patients, and facilitate earlier feedback to sponsors, which will expedite approvals. He also cites his experience from >80 deals that suggests that quality of management, sound decision making, and discipline in capital deployment are the key factors for success in biotech.

Recorded on 09/04/25 TD Cowen financial policy analyst Jaret Seiberg hosts TD Cowen's Two Cents Podcast, which includes a discussion of tokenized equity trading with Reid Noch, who follows U.S. market structure at TD Cowen. We also get a market update from Scott Smith, the TD Cowen specialty salesperson for financials.

Recorded on 06/23/25 TD Cowen's Machine Medicine: AI & Health Care podcast series takes on the cross-sector revolution in artificial intelligence and breaks it down one piece at a time. We highlight some of the biggest misconceptions about how AI is and can be used in different health care settings and aim to contextualize the latest and most significant developments in a field defined by rapid innovation. In this episode, TD Cowen's health care analyst Brendan Smith hosts Jeff Elton, Vice Chairman of ConcertAI, to explore how ConcertAI is rewriting the playbook for designing and enrolling clinical trials using AI and data-driven precision. We discuss how ripe the current process of running clinical trials is for this kind of innovation as well as how recent guidance from the FDA is shifting conversations with customers. We also aim to unpack what the path toward widespread AI integration could look like and where the field may go from here, especially as the push for faster and more precise trials continues to be a top priority for the entire health care sector.

Recorded on 07/30/25 Stem Cells To Skin: How Molecular Biology & AV Laboratories' SOM3 Molecule Drive Skin Wellness. We host AV Laboratories CEO Ami Mezezi and CMO Josh Smith to discover how they merge biotechnology and regenerative science with efficacious skincare. AV Laboratories is a biotech company first, differentiated by full vertical integration: developing, testing, and manufacturing all in-house. SOM3 is AV Laboratories' proprietary molecular nutrition system that delivers targeted amino acids and cofactors to support cell metabolism and longevity.

Recorded on 08/28/2025 In this episode, Roman Schweizer, TD Cowen’s WRG geopolitics & defense analyst, discusses the big must-do things in Washington and potential catalysts through the end of the year with an All-Star reporter lineup. We cover recent Administration comments about the Federal Government taking equity positions in defense companies and look at upcoming issues such as the FY26 National Defense Authorization Act, appropriations, Continuing Resolutions, shutdown risk, rescissions, plus some program milestones on General Atomics' Collaborative Combat Aircraft, Northrop Grumman's B-21 and SpaceX's Starship.

Recorded on 08/12/25 We spoke with QTS's Co-CEO Tag Greason at TD Cowen's 11th Annual Communications Infrastructure Summit. Mr. Greason discusses the evolution of QTS since being taken private by Blackstone in 2021, the state of hyperscale AI demand, and the bottlenecks for data center capacity delivery. In addition, Mr. Greason highlights his observations of the enterprise data center market, trends for data center development yields, and lessons from prior infrastructure buildout cycles.

Recorded on 07/09/25 From Trauma to Transformation, the Future Is Regenerative Skincare. Nicolas Travis intimately shares how failed facial reconstruction surgeries at 19 inspired him to build Allies of Skin, a global brand rooted in clinical science. Nicolas' mission is to make science-backed skincare more human and accessible for all skin journeys using regenerative actives including growth factors and peptides. How Recovery Inspired Allies of Skin's Regenerative Approach. In this episode, Nicolas Travis, CEO/Founder of Allies of Skin, highlights how the brand combines rigorous science with a deeply human approach to beauty. He details how he launched Allies of Skin with three science-backed products, including the Peptides & Antioxidants Advanced Firming Daily Treatment (which is still their #1 best-selling moisturizer today), the Retinal & Peptides Advanced Repair Night Cream, and the Molecular Saviour Probiotics Treatment Mist. Travis explains how he then introduced the breakthrough Multi Peptides & Growth Factor Advanced Lifting Serum, a $188 hero product that took five years to create and has sold out seven times with a 12,000-person waitlist. Nicolas discusses how growth factors and peptides act as “personal trainers for your skin,” strengthening collagen and cellular communication. Travis also shares how Allies validates every launch through 28- and 56-day clinical studies and is now advancing into custom exosome delivery for 40x deeper ingredient penetration. We explore how Allies of Skin has scaled to 36 countries in nine years, driving rapid growth across Amazon, direct-to-consumer, and Cult Beauty, while also expanding retail doors at Nordstrom, Neiman Marcus, and Violet Grey. Targeting mature customers with higher spending power and loyalty, Allies balances margin goals with accessibility, offering products like SPF at $45, and adopts a channel-agnostic philosophy, meeting consumers where they shop, from luxury retailers to TikTok Shop.

Recorded on 08/13/25 This episode features Tom Fitzgerald, TD Cowen's airline analyst, and Moshe Orenbuch, TD Cowen's specialty finance analyst, discussing major takeaways on the health of the consumer and outlook for travel demand as we approach the fall. Topics include the continued strength in premium product demand, divergences in spend by income cohorts and age demographics, the latest color on corporate travel demand, credit card commentary on spending categories, competition across loyalty programs, and an update on aircraft leasing.

Recorded on 07/07/25 Learn About Clinically Kind Skincare Powered by Goat Milk. Co-Founder and Chief Kindness Officer of Beekman 1802, Dr. Brent Ridge, shares how he grew Beekman 1802 from a rural goat farm into a global leader in sensitive skin care. Brent's medical background, clinical efficacy, storytelling, and kindness philosophy fuel Beekman's omnichannel growth strategy across DTC, Ulta, QVC, and Amazon. ­­ Where Kindness Meets The Microbiome: Beekman 1802's Science-Backed Secret to Loyalty. In this episode, Brent shares how he and his partner co-founded Beekman 1802 during a financial crisis by embracing the original act of kindness - taking in a neighboring farmer’s goats. That ethos of empathy now drives their company culture, product development, and community-building strategy. Brent unpacks how goat milk became the foundation for barrier-safe skincare and how the brand has leaned into science with its proprietary “Milk RX” exosome line, microbiome-friendly body care, and peptide-forward innovation. We also dive into goat milk's composition of 160bn+ exosomes/mL, and how these natural vesicles may serve as delivery systems for peptides that support barrier repair and microbiome health. Brent explains how Beekman leverages a statistically validated “Kindness Quotient” to screen its 7,000-person ambassador crew, and how emotional connection, not virality, is the true measure of customer loyalty. He discusses the brand’s omnichannel strategy and how being bootstrapped for 10 years shaped Beekman’s long-term growth approach. From aging science and microbiome research to AI’s role in accelerating product innovation, Brent offers an insightful perspective into what it means to scale with intention, empathy, and scientific rigor.

Recorded on 07/30/25 TD Cowen financial policy analyst Jaret Seiberg hosts TD Cowen's Two Cents Podcast, which includes a discussion with TD rates strategist Gennadiy Goldberg on the threat to interest on reserves as well as a broader recap of policy changes for financial companies, including expectations for bank capital reforms.