Tech4Nature Kenya is protecting coral reefs in Kisite Mpunguti Marine Park with tech solutions that guide smarter conservation decisions. Retweet to show your support for marine conservation & for the 2026 Our Oceans Conference in Mombasa!

You guys know I have been interested in the rural health transformation efforts and whether things will be truly transformational. Well, CMS just dropped its first obligated funds report for the Rural Health Transformation Program, showing how each state has obligated RHTP funds (as reported by the states themselves) between December 29, 2025 through July 31, 2026. Year One officially closes on October 30 so there's more reporting to come. CMS plans to refresh the numbers once states submit their November 30 quarterly reports, then quarterly after that. Here's how I broke down the first report card in Tuesday's issue of Hospitalogy (for a look at some notable spending examples, check out the full article here: 1. How much has been obligated So far, states have obligated roughly $4B of the almost $10B awarded across all 50 states for Year One. 2. Pace varies widely by state 10 states had obligated at least 75% of their award by July 31; Georgia, Hawaii, and New Hampshire had committed 100%; and 15 states had obligated less than 10%, including New York and West Virginia at exactly $0. Texas, which received the largest Year One award ($281.3M), had obligated just 18.9% ($53.3M), a reminder that award size and obligation pace move independently. Six of the slowest states — Alabama, Arkansas, Florida, Idaho, New Mexico, and Wyoming — reported that every obligated dollar so far went to program operations (staffing, administration, grant management) rather than to any of their actual initiatives. 3. Where the money is going Technology-related categories (IT Advances, Consumer Tech Solutions, and the technology-relevant share of Innovative Care) account for roughly 22% of obligated dollars (about $876M), making technology the single largest theme in Year One spending so far, just ahead of workforce (about $651M, 16%). Within the technology bucket, three sub-areas stand out: • Telehealth and virtual care, approx. $143M obligated, with 20 states reporting activity • EHR/EMR modernization, approx. $154M obligated, with 15 states reporting activity • HIE and interoperability, approx. $141M obligated, with 18 states reporting activity Chronic disease prevention and management (about $481M, 12%) and capital expenditures/infrastructure (about $280M, 7%) round out the largest named categories. Meaningful obligated dollars also sit under categories like Appropriate Care Availability, Behavioral Health, and Program Administration. More than half of obligated dollars sit in line items that describe a use rather than naming a recipient type (state agency, contractor, hospital, etc.). Hospitals show up in some states' line items (38%), but very few name specific hospitals. 4. What's next Up to $40 billion more is scheduled to flow over the next 4 years of this 5-year, up-to-$50B program. But, per a companion GAO review of CMS's implementation, each state's share depends on demonstrating 'satisfactory progress' toward its approved initiatives, and CMS may withhold, reduce, or recover funding for noncompliance. States have limited ability to appeal those decisions under the program's authorizing legislation. CMS report PDF:

Want to know the ultimate test of a trader? Hint: It isn’t how much you make when the market is easy. It’s what you do after a devastating loss that completely defines your career. [02:39] This month, one of our top trading desks at SMB Capital took a tough loss. They were long a position when an unexpected, intervening event dropped out of nowhere and hammered the stock. The damage? Down over $3 million. [00:13] In prop trading, that plunges a desk straight into what we call "the hole" [00:13]. Before these guys see another dollar of payout, they have to grind back every single dollar of those millions just to get back to flat [00:23]. Bad beats happen. Losses happen. It flat-out sucks, you feel it right in the pit of your stomach, and the pain lingers [02:32]. It is what you do after the loss that matters—not the loss. [09:10] The $3M deficit matters very little in the long run compared to how the team and its individual contributors respond right now [02:49]. In our latest video, I broke down the exact 6-step blueprint this elite desk is using to climb out of their hole [03:26]: 1. Run a Forensic AAR (After Action Report): Stripping emotion from P&L [03:42]. The team leader didn't bury the loss in a large pepperoni pizza and a bottle of red wine [04:47]. He delivered a candid, constructive autopsy: owning his mistakes, analyzing hedge execution, and praising the quick-thinking put purchases that saved another $2M in damage [04:20]. 2. Collaborate Across the Desk: As Ray Dalio observed, viewing the market through one pair of eyes means missing critical information [05:04]. On our desk, an impressive junior 7-figure producer respectfully pushed back on the star's self-critique, arguing the entry add was technically sound and purely hit by an exogenous intervening shock [05:32]. That open debate is where real edge compounds [06:01]. 3. Bring the Trade to the Firm Crucible: The desk brought the trade to partners, risk managers, and mentors like @theonelanceb [06:13]. Risk reviewed limits, senior partners coordinated tech solutions for faster news execution, and coaches challenged the floor [06:23]. A painful rip becomes rocket fuel when your entire firm has your back [06:50]. 4. Chip Away with One Good Trade: As Market Wizard Marty Schwartz famously said, greatness isn't hitting home runs; it's stringing together singles and doubles [07:02]. No desperate YOLO swings. The team leader set the tone: "I am just going to chip away at these losses." One Good Trade. And then One Good Trade. And then One Good Trade [07:25]. 5. Grounded Veteran Optimism: As Colin Powell noted, "Perpetual optimism is a force multiplier." [07:49] The senior leader reminded the desk that drawdowns are temporary, he's clawed out of every hole before, and each slump made him a better trader [08:09]. Veteran leadership eliminates panic [08:26]. 6. Game Plan High-Conviction Catalysts: Don't predict—anticipate [08:37]. The team mapped out high-opportunity environments ahead (like the Anthropic IPO and potential Q4 momentum) to deploy asymmetric risk when the setup aligns [08:48]. The market will knock you down, but your career isn't defined by the brutal blow—it is defined by the grit, discipline, and character you display when you stand back up. It is what you do after the loss that matters. #DayTrading# #PropTrading# #SMBCapital# #TradingPsychology# #OneGoodTrade# How to Recover from a big loss (as quickly as possible) via @YouTube