What's Your Number?

📈Our WYNDEX (What’s Your Number Index) update for today:
Markets moved higher this week, with the S&P up 0.73% and the NASDAQ up 1.55%, but the WYNDEX moved in the opposite direction, slipping 0.97%. Still, as January wraps up, the WYNDEX remains ahead, up 2.61% YTD compared to 1.12% for the NASDAQ and 1.02% for the S&P.
🔎 Our Long Play today takes a deep dive into Israel Aerospace Industries and the bigger question it raises about defense tech, ownership, and growth. Yael and Yonatan are joined by Natti Ginor, Managing Director and Head of Israel Investment Banking at Jefferies, to unpack reports that Israel Aerospace Industries is exploring an IPO. They explore IAI’s unique role as a government-owned defense giant, what going public would actually require, how global investors view Israeli defense tech, and who stands to win or lose if one of Israel’s most strategic companies makes the leap to the public markets.
This episode was sponsored by SAPIR: Sign up for the SAPIR journal at sapirjournal.org/whatsyournumber
01:12 – Numbers of the Week
03:43 – The Wyndex
05:21 – Big Short #1: Wix and the AI Talent Narrative
08:12 – Big Short #2: Lemonade, Tesla, and AI-Driven Insurance
10:56 – Long Play: Natti Ginor on Israel Aerospace Industries and a Potential IPO
35:12 – Words of the Week
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A little bit of housekeeping:
Michal is away for the month of January. In her stead, Yonatan will be joined by the incomparable Yael Wissner-Levy, Chief Communications Officer at Tenzai, as co-host.
New episodes drop on Wednesdays
LEGAL DISCLAIMER
This podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. 
CREDITS:
Hosts - YONATAN ADIRI & YAEL WISSNER-LEVY
Executive Producer - ADAAM JAMES LEVIN-AREDDY
Production Manager - BRITTANY COHEN
Sound and Video editing - MARTIN HUERGO
Music - MIDNIGHT GENERATION

📈Our WYNDEX (What’s Your Number Index) update for today:
Market weakness overall impacted the WYNDEX as well. Shedding 1% on a pretty flat S&P and a 0.26% decline in NASDAQ. 
🔎Our Long Play today looks at what happens to the economy as Israel emerges from the morass of war into the mess of an election year. With sights set on reelection, the policy makers in Jerusalem seem unwilling to stir the pot with dramatic-but-necessary reforms, opting instead for big headline-grabbing but fiscally irresponsible electioneering tactics. Yontatan and Yael unpack these developments and spotlight the winners and losers. They discuss how the current budget (or lack thereof), combined with reckless populist and a strong shekel, can increasingly burden Israel’s middle class and businesses. But on the bright side, getting a rideshare from the airport might become a lot easier soon. 
Find us on:
YouTube
Instagram
LinkedIn
Michal on X
Yonatan on X
Write to us here
A little bit of housekeeping:
Michal is away for the month of January. In her stead, Yonatan will be joined by the incomparable Yael Wissner-Levy, Chief Communications Officer at Tenzai, as co-host.
New episodes drop on Wednesdays
LEGAL DISCLAIMER
This podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. 
CREDITS:
Hosts - YONATAN ADIRI & YAEL WISSNER-LEVY
Executive Producer - ADAAM JAMES LEVIN-AREDDY
Production Manager - BRITTANY COHEN
Sound and Video editing - MARTIN HUERGO
Music - MIDNIGHT GENERATION

📈Our WYNDEX (What’s Your Number Index) update for today:
WYNdex is back with a whopping 5.56% green performance, outperforming both S&P and NASDAQ by 4.59 and 4.71% respectively. Elbit, NOVA, Lemonade, and PANW in the green. EToro, FIVERR, and WIX in the red.
🔎Our Long Play today is a conversation with Ariel Karlinsky. Ariel, who’s a PhD student at Hebrew University’s economics department and the Center for the Study of Rationality, has recently co-authored a paper thoroughly examining how different populations in Israel engage with the welfare state. What makes a segment of the population a net contributor versus net dependent? His study reveals a stark reality: under the hood of Israel’s seemingly-robust economy there are actually 3 different economies: while one is highly productive and prosperous by first world standards, the other two resemble the developing world. Ariel, Yonatan, and Yael discuss: how did Israel get here? What happens if the incentives don’t change? And can Israel make the necessary reforms?
Read the paper here. On Taxes and Wonders: Complete Fiscal Accounts at the Household Level in Israel, published in the Israeli Economic Review, authored by Ariel Karlinsky, Tom Sadeh, Eran Yogev & Michael Sarel (2025).
 
Find us on:
YouTube
Instagram
LinkedIn
Michal on X
Yonatan on X
Write to us here
A little bit of housekeeping:
Michal is away for the month of January. In her stead, Yonatan will be joined by the incomparable Yael Wissner-Levy, Chief Communications Officer at Tenzai, as co-host.
New episodes drop on Wednesdays
LEGAL DISCLAIMER
This podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. 
CREDITS:
Hosts - YONATAN ADIRI & YAEL WISSNER-LEVY
Executive Producer - ADAAM JAMES LEVIN-AREDDY
Production Manager - BRITTANY COHEN
Sound and Video editing - MARTIN HUERGO
Music - MIDNIGHT GENERATION

Our Long Play today is a conversation with Daniel Schreiber. In addition to being the co-founder and CEO of Lemonade, Daniel is the Founder and Chairman of the Mosaic Institute for AI Policy, an Israel-based nonprofit aiming to ensure that the AI revolution will be harnessed to shore up and grow the economy, rather than destroy it. With a look at history, Daniel, Yael, and Yonatan discuss how a future Israel economy might fare in an automated world between the risks of massive workforce displacement and the potential of turbocharged productivity.
Michal is away for the month of January. In her stead, Yonatan will be joined by Yael Wissner-Levy, Chief Communications Officer at Tenzai, as co-host.
LEGAL DISCLAIMER
This podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. 
CREDITS:
Hosts - YONATAN ADIRI and MICHAL LEV-RAM
Guest host: YAEL WISSNER-LEVY
Executive Producer - ADAAM JAMES LEVIN-AREDDY
Production Manager - BRITTANY COHEN
Sound and Video editing - MARTIN HUERGO
Music - MIDNIGHT GENERATION

Find us on:
📺 YouTube
📸 Instagram
💼 LinkedIn
𝕏 Michal on X
𝕏 Yonatan on X
📩 Write to us here
📈Our WYNDEX update for today:
It’s our last WYNDEX update of the year! On that note, here is our year-to-date comparison: 
WYNDEX - 20.78%
S&P - 15.77%
NASDAQ - 20.12%
Our best performers of the year were:
Lemonade with 125%
Elbit with almost 100%
Nova measurements up 64% 
TEVA up 24% (and is now a $35B company)
However, our WYN “babies” - the newcomers - were down for the year:
Etoro (~46% in the red) 
Via (32.74%).
Monday.com (35%) 
WIX was cut in half…
🔎And our Long Play today is a conversation with friend of the show investor Michael Eisenberg to talk about a recent piece he wrote in SAPIR Journal titled “Building Israel’s Trillion Dollar Economy.” Michael’s core argument is that Israel can (and must) double its GDP over the next 10 years, but that the growth drivers that got the economy to its current point won’t be enough to get it to this next milestone. We speak to Michael about his proposals and how he thinks Israel can continue to grow in the future. (And for more, please see the link to his article in SAPIR here: https://sapirjournal.org/money/2025/building-israels-trillion-dollar-economy/)
📅 New episodes drop every Wednesday
What’s Your Number? is hosted from Tel Aviv and Silicon Valley by Yonatan Adiri — Israeli entrepreneur and former advisor to President Shimon Peres — and Michal Lev-Ram, Israeli-born Silicon Valley-based tech journalist and contributing editor at Fortune. Together, they unpack the headlines, trends, and data driving Israel’s  economy and its future. 
⚖️ LEGAL DISCLAIMER
This podcast offers general business and economic information and is not a comprehensive summary for investment decisions. It does not recommend or solicit any investment strategy or security. 
🎧 CREDITS:
Hosts - YONATAN ADIRI and MICHAL LEV-RAM
Executive Producer - ADAAM JAMES LEVIN-AREDDY
Production Manager - BRITTANY COHEN
Sound and Video editing - MARTIN HUERGO
Music - MIDNIGHT GENERATION