Hello everyone, and welcome to Sailing in the Mediterranean and Beyond.

This is going to be a very short episode, and it's a little different from my usual sailing stories.

First, I want to thank all of you for listening over the years. It's been a pleasure sharing my sailing adventures, whether crossing the Atlantic, chartering in the Mediterranean, or just passing along things I've learned along the way.

Many of you know me as a sailor, but before retirement I spent more than forty years in the investment business as a financial advisor and portfolio manager. Throughout that time, I became fascinated by a simple question:

Why do financial markets behave the way they do?

The more I studied markets, the more I became convinced that the answer often comes down to one word: incentives.

That led me to launch a brand-new podcast called Markets Without Spin. (this is a link to apple podcasts)

This isn't a show about stock tips or trying to predict what the market will do next. There are already plenty of podcasts that do that.

Instead, I look at the forces operating behind the scenes. Why do companies buy back their own stock? Do executive compensation plans really align management with shareholders? How is passive investing changing today's markets? What really happens when market liquidity disappears? And what can history teach us about the financial system we have today?

My goal is simply to help listeners better understand how markets work and why intelligent people sometimes make decisions that produce unexpected results.

I've always believed that good sailors and good investors have something in common. Both have to understand the forces they can't control, avoid emotional decisions, and think several moves ahead. That's really what Markets Without Spin is all about.

If those topics sound interesting, I'd love for you to give the podcast a try. I'll put a link in the show notes, or you can simply search for Markets Without Spin wherever you listen to podcasts.

And don't worry—Sailing in the Mediterranean and Beyond isn't going anywhere. I'll still be sharing more sailing adventures in future episodes. In fact, I'm currently organizing a new sailing sub-club at the Alta Club here in Salt Lake City, and we're planning a charter in Greece or Turkey next August.

If you're interested in learning more, while you can't join the Alta Club itself, there's always the possibility of organizing a separate charter for listeners. I'd love to hear from you. Listen to the podcast for my email address.

Thanks again for listening. Whether I see you on the water or over at Markets Without Spin, I appreciate your support.

Until next time, fair winds and following seas

Episode 6 — The Illusion of Risk Management: How Corporate Boards Fail Shareholders

In this episode, Franz breaks down one of the most persistent myths in investing: the belief that corporate boards protect shareholder interests. Through personal experience, historical examples like Bonneville Pacific and Enron, and a deep look at board incentives, Franz explains why boards often fail — and what investors should focus on instead.

Topics Covered:

• Why boards are structurally incapable of true oversight
• The Bonneville Pacific fraud and what it taught about board "prestige"
• How Enron's highly credentialed board approved disaster
• Information asymmetry between management and directors
• The social culture of boards and why dissent dies
• Boards approving executive compensation — and their own
• Why no one is held accountable when boards fail
• What real oversight would look like (but will never be)
• What investors should watch instead of governance "theater"

Next Episode (in two weeks): Why internal corporate forecasts fail — and why companies keep producing them anyway.

This podcast cuts through the noise to focus on what actually drives markets—economics, incentives, and reality.

In this pilot episode, we introduce the core philosophy behind the show: follow the incentives. Markets aren't random, and they're not driven by headlines—they're driven by behavior, capital flows, and decision-making under pressure.

If you want a clear, no-nonsense perspective on investing and the forces shaping the economy, you're in the right place.

New episodes will break down market trends, challenge common narratives, and focus on what actually matters.

Subscribe and follow along.

This podcast cuts through the noise to focus on what actually drives markets—economics, incentives, and reality.

In this pilot episode, we introduce the core philosophy behind the show: follow the incentives. Markets aren't random, and they're not driven by headlines—they're driven by behavior, capital flows, and decision-making under pressure.

If you want a clear, no-nonsense perspective on investing and the forces shaping the economy, you're in the right place.

New episodes will break down market trends, challenge common narratives, and focus on what actually matters.

Subscribe and follow along.

This podcast cuts through the noise to focus on what actually drives markets—economics, incentives, and reality.

In this pilot episode, we introduce the core philosophy behind the show: follow the incentives. Markets aren't random, and they're not driven by headlines—they're driven by behavior, capital flows, and decision-making under pressure.

If you want a clear, no-nonsense perspective on investing and the forces shaping the economy, you're in the right place.

New episodes will break down market trends, challenge common narratives, and focus on what actually matters.

Subscribe and follow along.

This podcast cuts through the noise to focus on what actually drives markets—economics, incentives, and reality.

In this pilot episode, we introduce the core philosophy behind the show: follow the incentives. Markets aren't random, and they're not driven by headlines—they're driven by behavior, capital flows, and decision-making under pressure.

If you want a clear, no-nonsense perspective on investing and the forces shaping the economy, you're in the right place.

New episodes will break down market trends, challenge common narratives, and focus on what actually matters.

Subscribe and follow along.

This podcast cuts through the noise to focus on what actually drives markets—economics, incentives, and reality.

In this pilot episode, we introduce the core philosophy behind the show: follow the incentives. Markets aren't random, and they're not driven by headlines—they're driven by behavior, capital flows, and decision-making under pressure.

If you want a clear, no-nonsense perspective on investing and the forces shaping the economy, you're in the right place.

New episodes will break down market trends, challenge common narratives, and focus on what actually matters.

Subscribe and follow along.

This podcast cuts through the noise to focus on what actually drives markets—economics, incentives, and reality.

In this pilot episode, we introduce the core philosophy behind the show: follow the incentives. Markets aren't random, and they're not driven by headlines—they're driven by behavior, capital flows, and decision-making under pressure.

If you want a clear, no-nonsense perspective on investing and the forces shaping the economy, you're in the right place.

New episodes will break down market trends, challenge common narratives, and focus on what actually matters.

Subscribe and follow along.