The Crash Everyone Is Waiting For

Host Richard Cunningham and co-host Luke Roush sit down with Hank Bowen, who helps lead investor relations and capital formation at Sovereign's Capital, for a conversation that reads the market from the allocator's chair and grounds it in Scripture.

Investors have been saying "this can't go higher" for years, and markets keep proving them wrong. Hank's explanation is simple: it's hard to get a dramatic repricing when everyone is waiting for one. Meanwhile, private market distributions are flowing again for the first time in years, yields sit at multi-year highs, and AI is reshaping productivity faster than anyone can price it.

Hank spends his days with pensions, foundations, endowments, family offices, and investment consultants, the deep pools of capital making decisions over decades. On this October edition of Marks on the Market, he shares what those allocators are watching. Luke brings a sobering look at the federal deficit and the future of Christian higher education. The episode opens with a tribute to Ryan Asonto, a champion of the faith driven movement in Austin.

Key Topics:

- Why institutional allocators are seeing cash-flow positive distributions for the first time in five years

- The "tale of two cities" between institutions finding steady footing and those building cash reserves

- Why private equity hold periods are stretching from four or five years to six or seven

- The AI productivity boom and what it could mean for the S&P 493

- A $2 trillion structural deficit, weaker Treasury auctions, and the case for fiscal discipline

- Why as many as half of small Christian colleges may not survive the next decade

- Psalm 44, Proverbs 7, and where our success actually comes from

For faith driven investors, this conversation offers a clear-eyed read on liquidity, rates, and AI, without losing sight of the One who holds every market. Listeners will walk away with sharper questions about their own allocations and a steadier posture for an uncertain season.

Watch the full episode on YouTube or continue to stream audio on your favorite podcast platform.

Discipleship of the Balance Sheet

Host Justin Forman sits down with Aimee Minnich, Co-Founder of Impact Foundation, for a conversation that traces the shift from writing checks to deploying capital as an act of discipleship.

Aimee Minnich says the donor-advised fund era taught a generation of Christians how to give money away. It didn't teach them how to invest it. Nearly two decades into building one of the fastest-growing platforms for faith-driven capital, she's convinced the next chapter of generosity isn't about writing bigger checks — it's about learning a whole new language.

Aimee co-founded Impact Foundation with her husband Jeff, a platform that lets donor-advised fund holders move beyond grants and deploy capital into impact investments — from foster care housing initiatives to entrepreneurs across the developing world. Trained as a lawyer with a philosophy degree, she has spent nearly two decades at the intersection of faith, generosity, and capital markets, helping shape the modern infrastructure of Christian giving.

Key Topics:

• The founding story of Impact Foundation and the "three customers" test that shaped it
  
  
• Why $1.4 trillion sitting in donor-advised funds and private foundations represents an untapped opportunity
  
  
• The "ring around the neck" — why deployed-but-undeployed capital creates spiritual tension
  
  
• Cross-cultural investing and why proximity changes how we steward capital
  
  
• A foster care housing initiative blending public, private, and nonprofit capital
  
  
• Why institutional-scale capital, not just individual deals, is the next frontier
  
  
• The call for a modern "discipleship of the balance sheet"
  
  
  

For investors who've mastered the discipline of giving but feel stuck when it comes to deploying capital with purpose, this conversation offers both a framework and an invitation to think differently about the whole balance sheet, not just the checkbook.

Watch the full episode on YouTube or continue to stream audio on your favorite podcast platform.

What Comes After You Win

Scott Highmark has spent two decades watching high achievers reach the very top of their field — competitively great, by any definition — and arrive there lonely. That question sits underneath this month's Marks on the Market, too: what does a market pricing in near-5% rates, a resilient jobs report, and an AI-fueled earnings boom actually ask of the people stewarding capital through it?

Hosts Richard Cunningham and Luke Roush sit down with Scott Highmark, Co-Founder, President & Principal of Mosaic Family Wealth in St. Louis, for a conversation that moves from Fed policy and AI valuations to the framework behind his new book, The Significance Pyramid — out September 16th.

Key Topics:

• Whether "higher for longer" rates are a new normal or just a return to historical normal
• Reading the August jobs report and earnings data for signs of real economic resilience
• The AI investment cycle — "pricing in magic," and whether we're in the third inning or the seventh
• Overlooked risks behind the AI boom: grid capacity, commodity shocks, and geopolitical black swans
• Why the financial advisor's role is shifting from information access to emotional and spiritual guidance
• Scott Highmark's new book, The Significance Pyramid, and the four dimensions of true wealth
• Ephesians 2:10 and what it means to align time, talent, and treasure with a meaningful pursuit

For investors trying to make sense of a market that feels both historically normal and unusually uncertain, this conversation offers something rarer than a hot take — a way to hold market discipline and soul-level purpose in the same hand.