Fear Is Like Fire: Steph Davis on Separating Risk from Fear

Fear Is Like Fire: Steph Davis on Separating Risk from Fear

What does it take to step off a cliff in a wingsuit — and walk away calling it the most joyful thing you do? In this episode of True Alternatives, host Marc Feuerstein sits down with Steph Davis, one of the most renowned free climbers in history and one of the only people in the world to combine free solo climbing with wingsuit BASE jumping, for a conversation that has far more to do with discipline than daring. From a studious, piano-playing suburban childhood to her first climb at 18 and a life spent on the edges of mountains around the world, Steph traces the single thread running through it all: freedom. Steph dismantles the "adrenaline junkie" myth, walking through the preparation, precision, and patience behind every jump, and the critical difference between a safe environment, where you build skill, and a high-consequence one, where you intentionally hold a margin in reserve. She shares how her relationship with fear has evolved over decades — fear, she says, is like fire: enormously useful until it burns out of control — why uncertainty is the only real certainty, and how a lack of ego is what actually keeps you alive. The conversation moves through mortality, gratitude, and the lessons of a beloved dog named Fletch, before landing on the parallel that resonates with those in financial services: risk is like gravity. It's not going anywhere — but learn to manage it, and it stops being a threat and becomes a source of freedom. Whether you're an athlete, an investor, a parent, or simply someone trying to make peace with uncertainty, Steph's perspective is a masterclass in turning risk into a way of living more fully. Key Highlights: [00:51 [https://www.youtube.com/watch?v=VIDEO_ID&t=51s]] – An Unlikely Start A self-described studious, classical-piano-playing kid with "absolutely no seeds" of adventure recalls the campus invitation at age 18 that changed everything. [04:01 [https://www.youtube.com/watch?v=VIDEO_ID&t=241s]] – The Through Line: Freedom Steph explains the singular theme connecting climbing and flying — a "magical way to move in the world" — and why difficulty is part of what makes it worth doing. [06:08 [https://www.youtube.com/watch?v=VIDEO_ID&t=368s]] – Risk Manager, Not Adrenaline Junkie Why "scratching and sort of getting away with it" is a terrible feeling, and how meticulous preparation — not adrenaline — is the real source of the joy. [11:34 [https://www.youtube.com/watch?v=VIDEO_ID&t=694s]] – The Moment Before You Jump The mental difference between the rush of skydiving and the quiet calm of standing alone at the edge of a cliff, plus what it's like to text your husband, "I'm about to launch." [17:04 [https://www.youtube.com/watch?v=VIDEO_ID&t=1024s]] – Safe vs. High-Consequence Environments Steph's framework for sustainability: build skill where it's safe, then deliberately step it down and hold a margin where the consequences are fatal. [18:40 [https://www.youtube.com/watch?v=VIDEO_ID&t=1120s]] – Fear as Fire Her evolving relationship with fear across three distinct phases — and why she now opens the door to it instead of always pushing through. [23:15 [https://www.youtube.com/watch?v=VIDEO_ID&t=1395s]] – Embracing Uncertainty How a life dependent on weather, wind, and conditions taught Steph that the only certainty is uncertainty — and why that's a parenting and resilience lesson, too. [25:59 [https://www.youtube.com/watch?v=VIDEO_ID&t=1559s]] – Ego and Getting Lucky Why a lack of ego keeps you uninjured, and the "X factor" that should keep even the most skilled flyer humble. [28:08 [https://www.youtube.com/watch?v=VIDEO_ID&t=1688s]] – Mortality and "I Get to Do This" On death as a part of life, living without regret, and reframing it all through gratitude: "Isn't this the coolest thing ever?" [34:18 [https://www.youtube.com/watch?v=VIDEO_ID&t=2058s]] – Risk, Gravity, and the Stone Ridge Parallel Steph draws the line between managing risk on a cliff and managing it in finance: risk is like gravity — it's always there, and learning to work with it is what creates freedom. About Steph: Steph Davis is one of the most accomplished free climbers in the world and one of just a few people — and the only woman — to combine free solo climbing with wingsuit BASE jumping. She was the first woman to free climb the Salathé Wall on El Capitan, the second woman to free climb El Cap in under 24 hours, the first woman to free solo The Diamond on Longs Peak, and the first woman to summit all the major peaks of the Fitzroy Range in Patagonia, with first ascents from Yosemite to the Karakoram. In 2024 she received the American Alpine Club's Pinnacle Award for lifetime achievement. Her journey from a not-so-adventurous suburban childhood to a life lived on the edges of mountains is chronicled in her two memoirs, High Infatuation and Learning to Fly. Based in Moab, Utah, Steph is also a speaker and entrepreneur whose work centers on risk, resilience, fear, and change — and the idea that we don't choose what happens to us, but we always choose how we meet it. To learn more about Steph: https://stephdavis.co/ [https://stephdavis.co/]

Pain is the Point: Charlie Engle’s Journey from Addiction to Ultrarunning

What does it mean to keep putting one foot in front of the other when the world keeps telling you to stop? My guest today is Charlie Engle, one of the most accomplished ultra-distance runners on the planet. In 2007, Charlie completed a 4,500-mile run across the Sahara Desert, a feat so incredible numerous Matt Damon simply had to make a movie documenting it—and perhaps equally as incredible, they raised more than $6 million dollars for clean water projects in Africa as part of this expedition. Other ultra-runners have completed Badwater, but I don’t think anyone did so while in prison. That’s Charlie, he’s an “n-of-1” in all aspects of life. Charlie spent years battling addiction, hitting rock bottom in ways that would have permanently derailed most people. He got sober, conquered some of the most incredible running challenges in the world, and then found himself in federal prison for charges you have to hear to believe. Today, Charlie is preparing for a major adventure that once again, only one person would dare to dream—running from the bottom of the Dead Sea to the top of Mount Everest. Charlie's honesty and perspective on overcoming adversity are genuinely inspiring–this is about resilience, redemption, and embracing the pain for personal growth–as Charlie says “ask me why afterwards.” To learn more about Charlie Engle: https://www.charlieengle.com/ [https://www.charlieengle.com/] To purchase Running Man: https://www.amazon.com/Running-Man-Memoir-Charlie-Engle/dp/1476785783 [https://www.amazon.com/Running-Man-Memoir-Charlie-Engle/dp/1476785783]

The Pursuit of Perfection with Vincent Hancock

What does it take to become the most decorated skeet shooter in history—and stay there? In this episode of True Alternatives, host Marc Feuerstein sits down with four-time Olympic gold medalist Vincent Hancock for a conversation that goes far beyond the shooting range. From a backyard training ground in Georgia to the global stage of the Olympic Games, Vincent shares the relentless process behind elite performance—mental conditioning, visualization, discipline, and the sacrifices required in pursuit of excellence. Vincent reflects on the difference between the prestige of Olympic medals and the grind of World Championships, the psychology of dealing with failure, and why teaching athletes to be “comfortable being uncomfortable” is core to his coaching philosophy. The discussion also explores the financial realities of Olympic athletes and how the newly launched Stevens Financial Security Awards—providing post-Games income and family support—represent a transformative shift for Team USA. Whether you're an athlete, parent, coach, or simply someone striving to achieve more, Vincent's journey is a compelling blueprint for the power of intentionality and mental resilience. Key Highlights: [05:20] – A Backyard Olympic Dream How Vincent’s father built him a personal shooting range, and what a day of training looked like starting at age 13. [08:37] – Mental Game & Visualization Vincent walks through his intense, perfection-driven visualization practice—imagining every target, movement, and result in slow motion. [14:22] – Handling Failure & Pressure Vincent explains the mental framework of “what happened, why, and how do I fix it?”—his method for processing both mistakes and successes. [18:32] – Distraction Training & Adrenaline How Vincent trains by creating chaotic environments on purpose—including heckling from friends and family—to simulate Olympic pressure. [20:57] – What Excellence Takes Advice Vincent gives to his daughters and athletes about what it really takes to pursue excellence: striving for perfection, knowing you’ll never reach it. [22:04] – The Financial Reality for Olympians The difference between NBA-level visibility and the economic struggles of most Olympic athletes. “We do it for the love, not the money.” [25:33] –The Stevens Financial Security Award Vincent’s candid perspective on how this new initiative provides long-overdue financial security and dignity for Olympians. [28:45] – Legacy & Final Reflections What Vincent hopes young athletes will take from his story—and why helping others grow is his true legacy beyond medals. [30:23] – The True Gold Medal Moment Vincent shares that his favorite moment wasn’t winning gold—it was walking into the Opening Ceremony, representing the United States. About Vincent: Vincent Hancock is a four-time Olympic gold medalist and the most decorated skeet shooter in history, with over 30 international gold medals and four World Championships titles. A lifelong student of excellence and discipline, Vincent began his shooting journey at age ten and soon built a backyard range with his father to train full-time. Known for his powerful mental game, innovative coaching style, and passion for youth development, Vincent is as committed to mentoring the next generation of athletes as he is to refining his own craft. Off the field, he’s a proud father, coach, and advocate for athlete financial security and longevity in sport. To learn more about Vincent: https://www.teamusa.com/profiles/vincent-hancock-848530 To learn more about The Stevens Financial Security Award: https://www.usopc.org/news/2025/march/04/united-states-olympic-paralympic-committee-and-united-states-olympic-paralympic-foundation-announce-100-million-gift-to-support-post-games-financial-security-for-team-usa-athletes [https://www.usopc.org/news/2025/march/04/united-states-olympic-paralympic-committee-and-united-states-olympic-paralympic-foundation-announce-100-million-gift-to-support-post-games-financial-security-for-team-usa-athletes] To get involved and support the US Olympians and Paralympians: https://www.flow.page/marchstevensevent

How Bitcoin Powers Freedom: From Afghanistan to Africa with Alex Gladstein

In this deeply personal and thought-provoking episode of True Alternatives, Marc sits down with Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation (HRF), to explore how bitcoin is revolutionizing human rights work. From smuggling films into Cuba to financing women's education in Afghanistan and powering entire communities in Africa, Alex shares gripping frontline stories that reveal bitcoin as an essential tool in the fight against authoritarianism. Together, they unpack how bitcoin is empowering freedom activists worldwide and how bitcoin mining is transforming stranded energy into economic opportunity. Whether you're a bitcoin enthusiast, human rights advocate, or impact-driven investor, this is an unforgettable conversation that redefines what it means to change the world through code. Highlights & Timestamps [00:00:00] Introduction: Alex’s journey into human rights work and founding days at HRF [00:01:59] Cuba, contraband cinema, and underground libraries: grassroots activism in authoritarian states [00:07:10] First encounters with bitcoin: from skepticism to mission [00:21:42] Roya Mahboob’s Afghanistan story: bitcoin as a lifeline for women and education [00:32:24] How Ross Stevens inspired Gladstein’s bitcoin mining epiphany [00:45:20] Bitcoin mining in Africa: Malawi, Congo, and Kenya’s hydro and geothermal revolutions [00:54:23] Bitcoin as a tool for the 5.7B living under authoritarian regimes [01:00:56] What you can do: using, teaching, donating, and building with bitcoin About Alex Gladstein Alex Gladstein is the Chief Strategy Officer at the Human Rights Foundation (HRF), where he has worked since 2007 to support civil liberties globally. He founded the Oslo Freedom Forum, a premier global event series for dissidents and reformers. A prominent advocate for financial and digital freedom, Gladstein is also the author of “Check Your Financial Privilege” and other essays on Bitcoin’s potential to disrupt tyranny. His work has been featured in Time, The Atlantic, and The New York Times. Follow Alex: - X (Twitter): https://x.com/gladstein/ [https://x.com/gladstein/] - Nostr profile: https://hrf.org/btc/ [https://hrf.org/btc/] - Financial Freedom Report: https://hrf.org/program/financial-freedom/financial-freedom-reports/ [https://hrf.org/program/financial-freedom/financial-freedom-reports/] Relevant Links * Human Rights Foundation: https://hrf.org/ [https://hrf.org/] * “Check Your Financial Privilege” book: Amazon [https://www.amazon.com/Audible-Check-Your-Financial-Privilege/dp/B0B9T7RRMB/ref=sr_1_1?crid=1JK641CCE8YZV&dib=eyJ2IjoiMSJ9.gWlP4iCF5fV7uTk2xglgTVzk1P-RZO-0uec7Kw2t2ls.E5orKc9mYp8kt62mO6J5hrnPfpTA6tFTt2Gzmhu8a48&dib_tag=se&keywords=Check+Your+Financial+Privilege+gladstein&qid=1751321450&sprefix=check+your+financial+privilege+gladstein%2Caps%2C120&sr=8-1] * Freedom Forum: https://oslofreedomforum.com/ [https://oslofreedomforum.com/] * Financial Freedom Report: https://financialfreedomreport.org [https://www.google.com/url?q=https://financialfreedomreport.org&sa=D&source=editors&ust=1751322270829810&usg=AOvVaw1tfZJSh8LRTItDXVxCKwHn] * NYDIG: https://nydig.com [https://www.google.com/url?q=https://nydig.com&sa=D&source=editors&ust=1751322270830149&usg=AOvVaw1eZ2QJ-kl30vIOHCXmZaT3] * Stone Ridge 2020 Investor Letter: https://www.nydig.com/research/stone-ridge-2020-investor-letter [https://www.google.com/url?q=https://www.nydig.com/research/stone-ridge-2020-investor-letter&sa=D&source=editors&ust=1751322270830625&usg=AOvVaw36TZoKMhrfj-EcO6FrPGde]

The Simplicity of Security: Nate Conrad’s Solution to Purposeful Wealth Building

In this episode of True Alternatives, Marc talks with Nate Conrad, Head of LifeX at Stone Ridge, about transforming fixed income into a purpose-built tool for retirement planning. Nate shares how personal experiences led him to challenge conventional strategies in fixed income, replacing bond funds with tailored bond ladders. He unpacks how this shift provides predictable, intuitive cash flow that empowers retirees to spend confidently and live with purpose. From why traditional glide paths fall short to the distinct advantages of preparing over predicting, Nate makes a compelling case for reframing how we think about financial security in retirement. When we talk about helping people plan to and through retirement, we have very real people in mind – ourselves, our family, our friends – this is not a podcast simply on fixed income, it is a reflection of our collective passion under Nate’s vision and leadership to do our part in giving Americans the financial tools to live the retirement they have earned. Key Highlights: [00:00:00] The philosophy of “prepare, not predict” and its relevance to retirement planning. [00:02:28] Nate’s personal journey and motivation for focusing on retirement income solutions. [00:04:27] The limitations of traditional bond funds and the case for bond ladders [00:08:19] How to structure a retirement lifestyle with bond ladders. [00:12:25] The shift from accumulation to distribution and its impact on investment strategy. [00:13:04] Challenging the traditional 60/40 glide path model. [00:14:48] The critical distinctions between bond ladders and annuities. [00:16:58] When and how to implement a bond ladder strategy. [00:20:11] Purposeful wealth: why even the ultra-wealthy need reliable cash flow. [00:21:42] Bond ladders as an alternative, uncorrelated source of income. [00:23:17] Using bond ladders to support intentional, intergenerational giving. [00:25:18] The role of bond ladders in supporting a mindset of purposeful wealth. [00:26:01] Parallels between financial and physical longevity. [00:26:23] Integrating bond ladders with social security planning. [00:27:31] The flaws of relying solely on bond interest and not tapping principal. [00:28:55] Unlocking more meaningful life experiences through optimized cash flow. Nate Conrad is Head of LifeX at Stone Ridge. Prior to this role, Nate was President of NYDIG and previously led Markets at Stone Ridge. Nate started his career at Goldman Sachs after receiving his BS in Engineering from University of Pennsylvania. To learn more about LifeX: https://www.lifexfunds.com/ [https://www.lifexfunds.com/] To learn more about Stone Ridge: https://www.stoneridgeam.com/ [https://www.stoneridgeam.com/] Follow Nate on LinkedIn: https://www.linkedin.com/in/nate-conrad-41b0b4173/ [https://www.linkedin.com/in/nate-conrad-41b0b4173/]