Transcript
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Many employees can't afford a hefty medical bill that pops up out of the blue. But it happens. And employees who are financially stressed are understandably more likely to be distracted at work, costing their employers greatly in lost productivity. Luckily, Aflac plans help with out of pocket expenses not covered by health insurance and can be offered at no direct cost to businesses. Learn more@aflac.com BrewMarkets that's aflac.com BrewMarkets for Friday, May 1.
B (0:26)
It's Brew Markets Daily and I'm Ann Berry. We almost called this episode succession because coming up is a rare conversation with a founder CEO who's taken their startup public, scaled it to a market cap of nearly $3 billion and now, at 60 years young, is handing over the big title to a 35 year old. And that transition literally happening today while the company is upstart ticker upst trading on the Nasdaq and at the heart of AI applications and finance with AI powered underwriting of consumer credit that uses non traditional variables like education and employment rather than just cred scores to evaluate borrowers and using private credit partnerships intertwined with an AI powered lending marketplace that involves banks and credit unions to offer personal home equity and auto loans. Now the aim is to improve credit access while lowering risks for lenders. Well, I last spoke with founder and CEO today turned executive chair Dave Gerard in November 2024 and a lot has changed since then. Upstart hit record revenue and profitability in 2025 and has aggressive growth targets for three years. But investors are watching closely as the company navigates this CEO transition, makes a strategic shift to seek out a national bank charter and drops quarterly guidance right at the moment where visibility is at a premium. So stay with us for that conversation with one guest who does not mince his words. Dave Gerard but first, this episode is brought to you by Charles Schwab.
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Is recency bias skewing your potential stock picks? And is attribution bias messing with your retirement plan? Overconfidence describes our tendency to overestimate our abilities. Loss aversion helps explain why losing a dollar hurts more than gaining a dollar. Financial Decoder, an original podcast from Charles Schwab explains how these cognitive and emotional biases can affect the decisions you make about your financial life.
B (2:21)
Host Mark Reape, head of the Schwab center for Financial Research, and his guests offer actionable insights on what you can do to help fight off these decision making biases. Download the latest episode and follow@schwab.com financialdecoder or wherever you Listen. And now my conversation with Dave Gerard, co founder and executive chair at Upstart. Dave, co founder and today CEO of Upstart. We're filming on April 30th. It's incredibly gracious of you to give us some time because it is your last day as CEO. Tomorrow, by the time this airs, you will be the executive chair. We last spoke, Dave, 17 months ago. I can't believe it has been such a long time. Because I follow you so avidly on X, I feel like I'm been speaking to you more recently. Talk to us if you don't mind, because this is a bit of a mystery move to a lot of investors. Talk to us about your decision to move out of the CEO role into the executive chair. 1.
