Speaker 1: Welcome to Trance. I'm Joel Webber and I'm Eric Belcher. Eric,
Speaker 1: I am not alone in my love for you. I
Speaker 1: have to share my love with you with other people,
Speaker 1: and that Bloomberg. One of the people have to share
Speaker 1: my love with Thank you, is Scarlet Food, who you
Speaker 1: co host a show on Bloomberg TV with called E
Speaker 1: T F. I Q. Yeah, And for those who don't
Speaker 1: know Bloomberg TV, the shows on every Wednesday at one pm.
Speaker 1: It's only half an hour a week, but it is weekly.
Speaker 1: And like you, I mean, I'm in the weeds person
Speaker 1: and you guys are a little more mainstream. You're the
Speaker 1: Tony Romo to your Jim Nance. Yeah, exactly. That works well.
Speaker 1: You know, Scarlets like a kindred spirit of mine though,
Speaker 1: because she's not full. She's not an E T F junk,
Speaker 1: you're like full E T F. Absolutely, she's like half
Speaker 1: E T. I've pulled both you guys in pretty hard,
Speaker 1: Like there's some things you guys will pop out and
Speaker 1: I'm like, yeah, she's given in a little bit. You're
Speaker 1: three quarters nerds. I'd say at this point. You're not
Speaker 1: like me and Todd or or you know that gang,
Speaker 1: but you're you're getting there. Um. But you know what's
Speaker 1: interesting is the show is nearing its hundredth episode and congratulations,
Speaker 1: thank you. And there's a lot of crossover with this podcast,
Speaker 1: the show, and also my research. My main job is
Speaker 1: writing research, but those it's funny, like the guests on
Speaker 1: the show will say something and it will get my
Speaker 1: brain going and then I might use it here or
Speaker 1: in the research. And there's just nice synergy between all
Speaker 1: of these activities. UM and E t F i Q
Speaker 1: I think is a big part of it. And I think, um,
Speaker 1: it's different than this show because like, if I say
Speaker 1: something really crazy right now, we can just tell Magnus
Speaker 1: to edit it out. But on TV and there's no Yeah,
Speaker 1: they're a live Yeah. If you drop like an you know,
Speaker 1: an S bomb or something, it's so it's that's it.
Speaker 1: So in the spirit of that, we're gonna have Scarlett
Speaker 1: come on today and actually talk about some of the
Speaker 1: learnings that she's had about E t F S and
Speaker 1: also some highlights from the show. Yeah, I mean, Scarlett
Speaker 1: is so good at broadcast. I can tell you from
Speaker 1: somebody who's not in the broadcasting world, and neither of
Speaker 1: us are, but she is and it's a lot harder
Speaker 1: than it looks, but most broadcasters like Scarlett make it
Speaker 1: look easy the good ones, and so it has been
Speaker 1: a pleasure working with her. She's been very generous to
Speaker 1: just even let me hang around and be on the
Speaker 1: show every week. And we thought we'd go over some
Speaker 1: highlights of the first sort of one episodes that that
Speaker 1: stuck out to both of us. I get to watch
Speaker 1: it from time to time, but I've never actually asked
Speaker 1: you guys to to populate your favorite segments. I'm really
Speaker 1: looking forward to this one, and as we get into
Speaker 1: some of these clips, just know that from all different segments.
Speaker 1: But the way the show is kind of designed is
Speaker 1: starts with like a look at the flows, and then
Speaker 1: the A block. The first one is a guest who's
Speaker 1: sort of like how to play something. Bloomberg News is
Speaker 1: on there, so a lot of the guests we've had
Speaker 1: on are also on that show. Um. Then we have
Speaker 1: Passive Aggressive, which is where we look at the shots
Speaker 1: fired and the active and passive battle. And then the
Speaker 1: last segment is called the drill down, where we take
Speaker 1: one e TF throw it on the lab. I give
Speaker 1: my take, and then the issuers on there to sort
Speaker 1: of defend and get into, you know, the E t
Speaker 1: F and Y it's valuable little et dissection. This time
Speaker 1: on Trillions Showtime with Scarlet Food. Scarlett, Welcome to Trilliance. Thanks.
Speaker 1: I've been looking forward to this because I always hear
Speaker 1: about trillions from Eric on Mondays we have our conference
Speaker 1: call for E t F i Q, and he's always
Speaker 1: making references to trillions. So now I get to be
Speaker 1: a part of it. For the record, I'm still waiting
Speaker 1: for my invite to E t F i Q, but
Speaker 1: you know I won't hold that against either of you. Well,
Speaker 1: now that we've done this, I think that's the next No,
Speaker 1: don't don't. Let's let's keep it this way right. So, so, Scarlett,
Speaker 1: how did you discover the E t F Because you've
Speaker 1: been at Bloomberg longer than I've been at Bloomberg, I think,
Speaker 1: And how did this come to be that you got
Speaker 1: an interest in E t S. Well, I'd like to
Speaker 1: use a number of different functions to track what's going
Speaker 1: on in the stock market, and one of them is
Speaker 1: most us for and it looks at the most actively
Speaker 1: traded securities by value on any given day. And if
Speaker 1: you don't screen out anything. If you don't filter out anything,
Speaker 1: a bunch of E t F s are always at
Speaker 1: the top, and you know, um, around the financial crisis,
Speaker 1: it would be the same ones, the ones that bet
Speaker 1: against the finance chols and double inverse against the financials.
Speaker 1: And it was always kind of fascinating to me that
Speaker 1: there were these e t F s and that they
Speaker 1: were so heavily traded, and I was convinced that someone
Speaker 1: was losing a ton of money. I'm sure they were. Um.
Speaker 1: So I always had this idea that there's a lot
Speaker 1: more going on in the E t F world than
Speaker 1: we discussed, and every once a while we talked about it,
Speaker 1: but most of the focus was on individual companies, and
Speaker 1: at some point it seemed like we're missing the boat
Speaker 1: if we didn't talk about E t F and we
Speaker 1: only fixated on one or two companies. And how do
Speaker 1: you discover Eric? How did I discover Eric? That's a
Speaker 1: really good question. Um. At some point I think I
Speaker 1: gave him a call to find out how some E
Speaker 1: t F worked, and then he very he started talking.
Speaker 1: But that's just like, oh, let me tell you about myself,
Speaker 1: Jesus Christ. Yeah, Um, yeah, I remember I don't remember
Speaker 1: the first time we met or what happened, but I
Speaker 1: think I remember going on with you and Alex. You
Speaker 1: guys used to host a show in the afternoon or Yeah,
Speaker 1: Alex Steele and Um you were you guys were both
Speaker 1: pretty into it, like you would ask me back, because
Speaker 1: unless you're covering a company, it's very difficult to get
Speaker 1: asked on Bloomberg TV unless you're fed person or a
Speaker 1: company person. If you cover funds, it just doesn't come
Speaker 1: into their mindset often. So I was, you know, kind
Speaker 1: of the squeaky wheel, and some were more receptive than
Speaker 1: others to having somebody come on talk E T S.
Speaker 1: I think when E T S had, like um, when
Speaker 1: there was a real problem in the market, I think
Speaker 1: sometimes that's when you could really see because I would
Speaker 1: come over the trading volume, and I think going over,
Speaker 1: like you said, the trading volume started to sink into
Speaker 1: people that while these things trade more than Microsoft, you know,
Speaker 1: we really should incorporate them. So I I think I
Speaker 1: kind of maybe sold you a little bit. You were
Speaker 1: very nice to ask me back. Uh, you know, I
Speaker 1: think even said come back weekly at one point exactly
Speaker 1: what you said. So you start having an Eric on
Speaker 1: what what did you What did you learn about E
Speaker 1: T s um that it's a huge, vast world and
Speaker 1: there are a lot of crazy acronyms, and people say
Speaker 1: it in a way that you don't expect. So when
Speaker 1: did that become normal for you? Because there's the thing
Speaker 1: about the E T F thing that I felt like
Speaker 1: was like all these things I didn't understand and didn't know,
Speaker 1: and then all of a sudden it was like, oh,
Speaker 1: maybe on the other side and I know more than
Speaker 1: I thought I knew. Yeah, when when the acronyms start
Speaker 1: making sense to you and when you can reel them off?
Speaker 1: And you know, Eric has his three amigos right a
Speaker 1: spy voo and it was the last one. Oh, let's
Speaker 1: test your nerd them here spy voo And god, what
Speaker 1: is the last one? I can't remebv i vv Yeah,
Speaker 1: it's the three spfs. There's only three. I knew you
Speaker 1: you were deeper, more deeper in than you thought. The
Speaker 1: other the other day when she goes it was some
Speaker 1: kind of a I think it was the price competitive,
Speaker 1: the price ters ETF. She goes, this is a lot
Speaker 1: like mote, and I'm like, you know, that's dropping it, Yeah,
Speaker 1: dropping the knowledge. And also what's really amazing about Scarlett
Speaker 1: is especially in the B block, which is called passive aggressive.
Speaker 1: I came up with that name. By the way. It's
Speaker 1: so perfect, I know, uh, And it's so perfect about
Speaker 1: passive people coming on and you know they are there's
Speaker 1: an aggressive undertone, but everything sticks to her brain, even
Speaker 1: minute things, and she'll just figure out a way to
Speaker 1: put it into this perfect sentence that comes right back
Speaker 1: out and it's an amazing thing to watch. Decades of
Speaker 1: TV training at work. Okay, so let's go through a
Speaker 1: few of the different moments that you guys have had
Speaker 1: on E t F, I Q and and contextualize them
Speaker 1: so that there are some takeaways. So the first one
Speaker 1: you picked, um, we picked up about four or five.
Speaker 1: So you picked Ed Lopez talking about E s p O,
Speaker 1: which is the E sports to E t F. Why'd
Speaker 1: you pick this? Well, because thematic etms are fun and
Speaker 1: they're what makes sense to people. It's hard to explain
Speaker 1: a multi factor E t F to someone who doesn't
Speaker 1: know what E t F s are. But if you
Speaker 1: tell someone, hey, there's an there's an E t F
Speaker 1: of that trades like a stock and it's made up
Speaker 1: of all these companies that engage in or the business
Speaker 1: of e sports and video games. People can get their
Speaker 1: head around that. It's like, oh, it's a mutual fun
Speaker 1: but it trades like a stock. Okay, that's interesting. The
Speaker 1: thing with this, of course, is that you know, as
Speaker 1: a parent of two boys and eric, you can relate.
Speaker 1: You know, you see how much time your kids spent
Speaker 1: on video games. So you're thinking, there's definitely huge business
Speaker 1: prospects here. If you can isolate this segment of the
Speaker 1: market and just make it its own product, this thing
Speaker 1: will take off. You know. I think we're going towards
Speaker 1: the interactive media or this idea of a metaverse where
Speaker 1: people get their social entertainment and entertainment in general. There
Speaker 1: might be perception problem, but a lot of the advisors
Speaker 1: that we have talked to they have clients that have kids,
Speaker 1: and they have kids themselves that are playing video games,
Speaker 1: and so they really that the idea really resonates with them.
Speaker 1: And also interesting on this one is a recurring theme,
Speaker 1: which is trying to figure out when a product should
Speaker 1: work and doesn't and and vice versa. So that's where
Speaker 1: that came from. Because the video game ETF has just
Speaker 1: been an incredible warmer, but the assets haven't followed. Like
Speaker 1: with robotics and cybersecurity, the performances there and the numbers
Speaker 1: are massive. I mean I looked this up before I
Speaker 1: came on because I spent a lot of time prepping
Speaker 1: everything so that I don't sound dumb or look dumb
Speaker 1: on TV around podcasts. The video game industry was worth
Speaker 1: one thirty seven point nine billion dollars. The global film
Speaker 1: industry is worth a hundred thirty six billion dollars. So
Speaker 1: video games is bigger business than global Hollywood. But we
Speaker 1: don't treat it that way, we don't talk about it
Speaker 1: that way. This is serious money. This is a serious business,
Speaker 1: and yeah, it deserves And the biggest complaint I've heard
Speaker 1: on Twitter from tweeting up questions of why is the
Speaker 1: most advisors say I just can't have something with video
Speaker 1: game in it on a client statement. That's why we
Speaker 1: have to add that they're embarrassed about it. Yeah, career risk.
Speaker 1: Career risk of advisors, as you can tell, drives a
Speaker 1: lot of our contentment um speaking of esoteric and kind
Speaker 1: of unique theme products. The next I picked this one,
Speaker 1: which was John Bogel. We had yeah, rest in peace.
Speaker 1: Um we at him on and he obviously talks a
Speaker 1: lot about passive when he had when we had him on.
Speaker 1: But I picked a clip here where he kind of
Speaker 1: talks about some of these wacky theme ETFs and it's
Speaker 1: fascinating he knows these things are launching, like these are
Speaker 1: some really tiny products, and he was aware of this.
Speaker 1: This was maybe a year ago. And when you get
Speaker 1: into e t S and their rapid growth, it's become
Speaker 1: kind of a well, certainly become a marketing business where
Speaker 1: new ideas. You've seen the new funds that are coming out.
Speaker 1: We now have one that is, let's see short retail
Speaker 1: and long electronic marketing. Yeah, that's talk about the time
Speaker 1: of the product of the times. And we've got the
Speaker 1: Republican and the Democratic, a t S, drinkers, e t F,
Speaker 1: the distillers, and where it ends nobody knows. I love
Speaker 1: that he dropped the drinkers and distillers. That's the whiskey
Speaker 1: E t F. The fact that Bogel even knows that
Speaker 1: exists is fascinating because he is a legend and he's
Speaker 1: that that saw so interesting insight into just how closely
Speaker 1: watched watched it right. He had never lost a step
Speaker 1: every time we interviewed him. He was acute as ever,
Speaker 1: sharp whenever we talked to him. And of course he
Speaker 1: invented the index one. He wasn't a fan of e
Speaker 1: TF so the fact that he knows all these obscure
Speaker 1: e t fs, including Whiskey, which ended up folding right,
Speaker 1: I mean it shut down later on, is pretty amazing.
Speaker 1: My only regret about that interview is that we had
Speaker 1: all these technical difficulties and you know, Jack Bogel sitting
Speaker 1: in some room in Vanguard in Malvern, Pennsylvania, and the
Speaker 1: audio and kept cutting out, So we started the conversation
Speaker 1: that we had to stop it. We had to go
Speaker 1: to commercial break, we had to come back, and we
Speaker 1: started the conversation again, and then he disappeared again. It
Speaker 1: was a little bit of a technical snaffo. This was
Speaker 1: our third show or something, and I've been done segments,
Speaker 1: but I've never dealt with something like this live. And
Speaker 1: I remember you we had to do something, so you
Speaker 1: just started asking me about the Democrat Republican ETF and
Speaker 1: we just shot the breeze on this for about three
Speaker 1: or four minutes, just because something had to get filled
Speaker 1: and he came back. Then we put Kathy Wood somewhere
Speaker 1: in there. The whole show was a bit disjointed, but
Speaker 1: Tim uh Andreacchi fixed it in post work. I think
Speaker 1: it looked pretty natural when you saw it later. Yeah,
Speaker 1: the whole thing with live TV is that you kind
Speaker 1: of have to tap dance until someone tells you what
Speaker 1: to do, and the people who tell you what to
Speaker 1: do in the control room and they're trying to fix
Speaker 1: everything and they're talking to the directors, and until then
Speaker 1: you just keep talking. What's the secret to tap dance?
Speaker 1: You have to have a good co pilot. So you know,
Speaker 1: Eric and me up on the set, that was not
Speaker 1: a problem. We could talk about something anything for hours,
Speaker 1: as long as you just keep going. He used to
Speaker 1: tell me the same thing. I sent some hostility, Okay.
Speaker 1: Next next I picked was Kathy would Um. We had
Speaker 1: her on the podcast recently. She is probably the guest
Speaker 1: we've had on the most. Yeah, how many appearances Remember
Speaker 1: on SNL when Tom Hanks was on and he he
Speaker 1: called the five timer Club. Alex Baldwin was on more though,
Speaker 1: I think, Yeah, this was back in the nineties, that
Speaker 1: before Alec Baldman at all the show in our age.
Speaker 1: So I think she might be a four timer, like
Speaker 1: she's been on a lot. And the reason is because
Speaker 1: she's she knows how to say things that she's just
Speaker 1: good on TV and provocative and provocative, and her product
Speaker 1: is is a is a hit. You know that helps,
Speaker 1: but um, you know, to me, she's embodies what you
Speaker 1: want out of a guest. I picked a clip of
Speaker 1: her calling Amazon deep value. We believe if you look
Speaker 1: at our portfolio and you do a correct analysis a
Speaker 1: long term time horizon discounted cash flows, that we actually
Speaker 1: are a deep value portfolio. I know that sounds crazy,
Speaker 1: but given the opportunities and these innovation platforms and the
Speaker 1: kind of growth they're going to generate during the next
Speaker 1: fifteen years, we think that market does is not pricing
Speaker 1: our stocks even now efficiently. You know, I shouldn't have
Speaker 1: just said I shows that what that's kind of your
Speaker 1: version of that, Like usually I subdued that. I can
Speaker 1: do the mapping, and you definitely react did more than
Speaker 1: you did on that. I mean, anybody would have. She
Speaker 1: called Amazon at deep valley stock, which I don't think
Speaker 1: I've ever heard anyone to. I mean but he speaks
Speaker 1: to I think Kathy, who can make really bold things
Speaker 1: and then sort of back it up with her performance. Well,
Speaker 1: the interesting thing about Kathy is that, and Eric and
Speaker 1: I were talking about this earlier, she's a bull. She's
Speaker 1: an unabashed bull. But it's hard to be a bull,
Speaker 1: and it's hard to sound smart when you're a bull.
Speaker 1: All the bears sound really smart, right, because you're poking
Speaker 1: in people's arguments. But if you're making the case and
Speaker 1: you're speaking with conviction and you're enthusiastic and optimistic, you
Speaker 1: get invited back to et f I Q that if
Speaker 1: you're articulate. But also it's easy for people to to
Speaker 1: say to be to say you don't know what you're
Speaker 1: talking about, like that doesn't make sense, that doesn't make sense,
Speaker 1: and like tear you apart. In markets, if you know
Speaker 1: the market is going to go down eventually, and it's
Speaker 1: a tire wind for the naysayers, and it's a weak
Speaker 1: place to go in my opinion, and no one ever
Speaker 1: comes back and says, hey, you said the market was
Speaker 1: going to go down, and it's now five years later
Speaker 1: it's up a hundred percent. My opportunity costs for listening
Speaker 1: to you is a lot. Nobody ever rates that article
Speaker 1: and hits the naysayers over the head with that. I
Speaker 1: don't know why Opportunity Costs is left it, but I
Speaker 1: agree with you it's harder to be a Kathy. What
Speaker 1: other thing about Cathy that's interesting to me is and
Speaker 1: we talked about this a lot. If the person is
Speaker 1: at the top of the food chain of the company,
Speaker 1: whether that's a one person shop or bogel at like
Speaker 1: you know, thousands of employees, they're the best guests because
Speaker 1: they do not have anyone to answer to. It's the
Speaker 1: mid level they come in. You can see the lawyers
Speaker 1: in their head as they're answering a question. Now you
Speaker 1: can see the pr people on this side. They're literally
Speaker 1: on the side. So that's what makes Cathy also good
Speaker 1: is that she's running the shop there and is very
Speaker 1: much looser with what she's saying. You can say whatever
Speaker 1: she wants. No one's gonna stop her. Next up, we
Speaker 1: have this is a good one. Remember x I V.
Speaker 1: We've talked about. We had the maker of x I V,
Speaker 1: Nick Turney, on the show two weeks before x I
Speaker 1: V imploded, And I'm proud to say we handled it
Speaker 1: with a lot of caution. We we use it in
Speaker 1: the drill down, we talked, we showed the drawdowns. And
Speaker 1: then here's Nick answering Scarlett's question about, you know, how
Speaker 1: safe is this product so it holds up? It does?
Speaker 1: I mean, I wouldn't have if I'll be the judge
Speaker 1: of that, Nick, how dangerous is this et F going
Speaker 1: to be when the VIX spikes and stays high? Yeah,
Speaker 1: I mean obviously, selling volatility, as Eric mentioned, is designed
Speaker 1: for trading um. It's it's certainly not a buy and
Speaker 1: hold strategy. If you want to look back in history,
Speaker 1: you can really the last real volatility event we had
Speaker 1: was two thousand eleven UM, and since then it's been
Speaker 1: pretty unexciting in the ball markets. Uh. In two thousand eleven,
Speaker 1: shorting Vic's futures with a daily reset you would have
Speaker 1: been down about but even if you bought at the
Speaker 1: peak just before that, you're up about seven despite that
Speaker 1: draw down. So UM, there's very significant drawn risks in
Speaker 1: in shorting volatility, But as Eric mentioned, there's quite a
Speaker 1: significant premium that comes from rolling those futures and being
Speaker 1: willing to sell that. Two weeks later, the Eagles win
Speaker 1: the super Bowl and x I V goes away that
Speaker 1: you were out of work that day. I did. I
Speaker 1: took the Monday off after the super Bowl because I
Speaker 1: was gonna. I was up till four in the morning
Speaker 1: and I wanted to watch all the sports shows to
Speaker 1: just relish and wop. And something happened. Yeah. I started
Speaker 1: to get a call from I think Luke Kawa emailed
Speaker 1: me to see if I could come, and I was like,
Speaker 1: what's going on? And then the whole rest of the
Speaker 1: week was like all hands on deck. I did get
Speaker 1: a lot of TV asks that week, because that's the
Speaker 1: good news about some of those emplosions, you know, high
Speaker 1: you know, I mean x I V did exactly what
Speaker 1: it said it was gonna do. It had the termination
Speaker 1: event written in there. You know, just because something goes
Speaker 1: down doesn't mean it's bad. I think sometimes people associate
Speaker 1: that. That That said, and E t F is so easy
Speaker 1: to access. You just hit by and then now all
Speaker 1: of a sudden you own this highly complex, complex strategy.
Speaker 1: That is why X I V is why we came
Speaker 1: up with the rating system. So we think X I
Speaker 1: V s are okay, they just need to be rated R.
Speaker 1: Then then everybody can kind of feel for what they're
Speaker 1: getting into. But that's part of the argument. There is X,
Speaker 1: I V the E t F that your dad bought. No,
Speaker 1: that was t VX that that's product. Also that bets on.
Speaker 1: Did your dad of a t VIX tattoo? Yet? No?
Speaker 1: I mean, poor poor t VIX has the opposite problem.
Speaker 1: On that day it did great, probably up six or something, um,
Speaker 1: But every other day it just bleeds money quickly. And
Speaker 1: dad had one of those. Yeah, he bought and hold
Speaker 1: it like an idiot, and I told him not to. Yeah,
Speaker 1: very clearly, Nick Turney said, this is not a buy
Speaker 1: and hold investment. UM. Next up is John Davy, who
Speaker 1: is a We've had him on a couple of times now.
Speaker 1: He's the perfect A block guest. He's what they call
Speaker 1: an E t F strategist advisors and EF strategist invest
Speaker 1: in ETFs. So we have these issues on all the time,
Speaker 1: and of course they're just pitching and pitching and pitching.
Speaker 1: He comes in and all he does is pick ETF.
Speaker 1: So he he goes through he's like a you know,
Speaker 1: you ever go to the video store, editors employees picks
Speaker 1: these strategies will come on with products that are way
Speaker 1: beyond SPY and i WM, And that's why we like
Speaker 1: having them. So they can talk macro about like oh
Speaker 1: the fed and then they can work in the products
Speaker 1: stuff at the same time. He he and other strategies
Speaker 1: are the only ones who can like spit out names
Speaker 1: of E t F and acronyms the way that you can.
Speaker 1: Others may not be able to do that. They can
Speaker 1: do it for their own E t F s, but
Speaker 1: you know, if you bring up other ones, they might
Speaker 1: scratch your heads a little bit. Also, John Davy, by
Speaker 1: the way, told me his cousin is Robert Davy, who
Speaker 1: was one of the foretelling brothers in the Goonies movie.
Speaker 1: So yeah, which one not the other guys? Wow? Yeah,
Speaker 1: that was See this is some of the conversation you
Speaker 1: have before the show starts, when the guest sits down.
Speaker 1: Can you can we figure out a way to do
Speaker 1: a Goonies episode about et s? I mean it's got
Speaker 1: we got data rules. Yeah, yeah, totally. There's a little
Speaker 1: organ in filmed on the Oregan Coast. I can come
Speaker 1: up with this. We can do this. Yeah, that's what
Speaker 1: that movie was. There's an anniversary figured out. Oh yeah,
Speaker 1: it's Oregan. Yeah, that's where I'm from. Oh, I love
Speaker 1: that movie. I watched it to say, I watched it
Speaker 1: maybe three times at the movie theater. It holds up.
Speaker 1: All right. Let's let's hear the clip from John. So,
Speaker 1: I think you know inflation, you know, on the margin
Speaker 1: is rising. This is a coal that we had earlier
Speaker 1: in the year. And if you look at the New
Speaker 1: York Fed inflation gas, you know it's been taken up
Speaker 1: and so so calmed by is basically a third towards energy,
Speaker 1: a third towards precious metals, and a third towards agriculture. Um.
Speaker 1: So right now, commodities, Um, you know there's uh, we're
Speaker 1: in a period where there's we're in backguidation. So that's
Speaker 1: positive roll yal, It's a couple that would historically commandis
Speaker 1: have had positive skewness. So you know, if there's a
Speaker 1: bad corn season, you know, corn kind of explodes to
Speaker 1: they upside. So different from equities which have like, you know,
Speaker 1: negative skewness. Um. So you know, we think that they're
Speaker 1: a play on inflation. They're very uncorrelated to equities. Um.
Speaker 1: Certainly you know against bonds. So I think you know,
Speaker 1: they work well in a multi asset portfolio. And when
Speaker 1: you heard him say calm B, he's not saying calm B,
Speaker 1: He's saying c O M B as a ticker. See
Speaker 1: that's where he nerded out. I was I was impressed there.
Speaker 1: I was like, whoa, I actually call it comb because
Speaker 1: it's spelled c M course you do. Yeah, See that
Speaker 1: can be confusing that call it different things. So she's right.
Speaker 1: I think it's a it's a lesson that you should
Speaker 1: dwell on a little bit of like, you know, you're
Speaker 1: you're speaking in a language that the rest of the
Speaker 1: world doesn't always understand. This is why both of you
Speaker 1: are good to mix it to balance it out. Absolutely.
Speaker 1: I mean, you know, I definitely on the highway we
Speaker 1: were talking about how ETF strategies like John are the
Speaker 1: perfect a block GAFT because they kind of set the
Speaker 1: scene and they can talk about what's going on and
Speaker 1: you have to unravel it and then you have to
Speaker 1: unravel it. But it's also a challenge to get these
Speaker 1: guys on a lot of the times. Eric can attest
Speaker 1: to this because the f O m C, the Federal
Speaker 1: Reserve meets on Wednesdays every six weeks and our show
Speaker 1: airs on Wednesdays as well. Our show is at one pm.
Speaker 1: The f o MC announcement is at two pm. So
Speaker 1: we have to avoid talking about the FED and what
Speaker 1: it's going to do every six weeks on our show.
Speaker 1: And how do you avoid talking about the FED that
Speaker 1: the central influence on I'm not talking about God. I
Speaker 1: ship a weekly magazine Business Week every Wednesday. After not knowing, Yeah,
Speaker 1: I know, I know the pain that you speak of. Um.
Speaker 1: Also this comes into play with the charting. So like
Speaker 1: when John speaks, I get tickers he's going to cover
Speaker 1: and I put you know, John's top five ETFs and
Speaker 1: calm By is right up there to help people understand
Speaker 1: and sort of map out what he's saying. That's the
Speaker 1: elements are a crucial part, and that's some painful to make,
Speaker 1: but it really helps. I think Eric is on top
Speaker 1: of all of that. He's like spitting out acronyms left
Speaker 1: and right, and Tim is trying to keep up with him. Yeah. Well,
Speaker 1: I usually try to pick a chart or two that
Speaker 1: is going to wow the insiders, like a Nature Racey
Speaker 1: or a Todd Rosenbluth, something that just would be like
Speaker 1: even amazing to an analyst. Our goal is to get
Speaker 1: Todd to live. This is really I've I've learned to
Speaker 1: like it. We notice when he doesn't, Yeah, it feels
Speaker 1: a little little emptier. Where our fan Todd's been a
Speaker 1: great guest on the untrillion. He's he is so he
Speaker 1: makes it fun. I gotta say he's very animated and
Speaker 1: and very good about it. But like and then some
Speaker 1: other charts are just give me something that's simple that
Speaker 1: somebody who's I don't know in Florida and retired can
Speaker 1: just like not be completely lost with. Okay, Next up
Speaker 1: is that we have the Assula's. This was really I
Speaker 1: think sometimes all kid with Scarlett and saying you do
Speaker 1: you went Mike Wallace on them where she goes like
Speaker 1: sixty minutes. This was We had these people who track
Speaker 1: four or three B plans which teachers use, and we
Speaker 1: I think we were first nobody's had them on TV
Speaker 1: or and then Barons were in an article a couple
Speaker 1: of weeks later about this topic, which is blowing the
Speaker 1: lid off of how teachers are getting screwed over by
Speaker 1: these annuities. Why would you have a four oh one
Speaker 1: K plan and a four oh three B plan with
Speaker 1: completely different rules. It makes no sense. The principle is
Speaker 1: to accumulate wealth for your retirement, correct, So how can
Speaker 1: you how how could you accumulate wealth if you're paying
Speaker 1: three or four percent in fees? It's virtually impossible after inflation.
Speaker 1: This is a common theme on the show, but this
Speaker 1: was an extreme case. I mean, it's funny sometimes we'll
Speaker 1: talk about flows going to a fund because it's two
Speaker 1: basis points cheaper. Now he's he's talking about three hundred
Speaker 1: basis points and you forget that. The advisor world is
Speaker 1: definitely tuned into those bibs, but most regular people, a
Speaker 1: lot of them are definitely forget it, and they and
Speaker 1: they don't realize it absolutely, And that's why this thing
Speaker 1: is probably in the second or third inning only in
Speaker 1: my opinion. And he was in a unique situation because
Speaker 1: he was a former teacher. Before he was a teacher,
Speaker 1: he traded FX, so he clearly understood how markets worked,
Speaker 1: he understood how fees worked. Then he went to become
Speaker 1: a teacher and he was looking at all these four
Speaker 1: or three B plans and thinking this is insane. I
Speaker 1: can't believe that they're trying to sell this to us,
Speaker 1: and there's what six two seventy vendors come ing to
Speaker 1: teachers and saying, my mind, my mind, my mind, and
Speaker 1: no one knows how to do it. So teachers would
Speaker 1: ask him and he took a closer look at it,
Speaker 1: and he was saying, this is this is crazy, this
Speaker 1: is highway robbery. Were the perfect victim, and it was
Speaker 1: finds me those commercials you see, how would you like
Speaker 1: to make ten percent a year with no downside risk?
Speaker 1: And that those those are how those are pitched? This
Speaker 1: was this one was just interesting and to so many people,
Speaker 1: because a lot of a lot of my colleagues came
Speaker 1: up to me afterwards and said their spouses a teacher,
Speaker 1: and you know they would they would come home with
Speaker 1: these four or three B plans and not be able
Speaker 1: to make sense of it. And you know, we finally
Speaker 1: laid it all out there. Why it's wrong, Why everything
Speaker 1: that goes into it is is flawed. Okay, next up, Scarlet,
Speaker 1: you picked this one. This is Jamie Catherwood. He is
Speaker 1: a millennial. He's very active on Finn twit Um. He's
Speaker 1: a financial historian by passion. He worked i think at
Speaker 1: Gallagher at the time. He's now at O'Shaughnessy Asset Management.
Speaker 1: He actually got his job at O'Shaughnessy because he was
Speaker 1: active on Twitter and hooked up with Jim O'Shaughnessy. I
Speaker 1: think he found an opening. People are so caught up
Speaker 1: between eighty seven and today. Yeah, he tracked stuff that
Speaker 1: happened in like seven and figures out ways they are
Speaker 1: relevant today and no one was doing that, and it
Speaker 1: seems fresh and original, And he's kind of carved a
Speaker 1: Niche shot as the historian guy. What do you have
Speaker 1: to say. He's talking about passive investing in how it
Speaker 1: goes all the way back, the roots of it go
Speaker 1: all the way back to medieval Italy. And Jamie, what
Speaker 1: about liquidity? In your essay you mentioned there was an
Speaker 1: iron chest with three different locks, so liquidity was an
Speaker 1: issue back then. Yeah. So for this unity to create
Speaker 1: Strength fund, once you bought shares of the mutual fund,
Speaker 1: those could be freely traded on a secondary market to
Speaker 1: other investors, So that was liquid. But the underlying securities,
Speaker 1: the actual bonds that the fund was invested in, those
Speaker 1: were held safe in an iron chest with three separate locks.
Speaker 1: So if ever an active decision was to be taken
Speaker 1: three separate commissioners would have to come together agree on
Speaker 1: the you know, cell decision and unlock at the same time.
Speaker 1: So to me, rather than a quant fund, the fun
Speaker 1: represents an early kind of bond index fund because they're
Speaker 1: so little room to maneuver and make active decisions. Wow,
Speaker 1: that's awesome. It is you know, indexes every now and
Speaker 1: then change, but they do take that level of So
Speaker 1: that is just such a visual thing to think of
Speaker 1: this three lock box. We're only going to get it
Speaker 1: out if we all three show up with our special gy.
Speaker 1: The amazing thing about all of that was no one
Speaker 1: called it a mutual fund. I mean, he referred to
Speaker 1: as mutual hunt because he said it's like a modern
Speaker 1: day mutual fund. But he went back in time and
Speaker 1: like went to some database and figured this all out
Speaker 1: and writes these long essays about it. And he also
Speaker 1: had the ancient roots of active investing as well, so
Speaker 1: he's got a whole series of this. I love the
Speaker 1: tech involved to like going to the locksmith. So you're
Speaker 1: gonna make this thing, and you're gonna do it one
Speaker 1: way and then a different way in a different way,
Speaker 1: and the laxmith is like WHOA. I'm not gonna ask
Speaker 1: any questions. I'm just gonna do it. Also with Jamie Um,
Speaker 1: he what is I don't want to graduate from college?
Speaker 1: Maybe less than five years ago. He is easily the
Speaker 1: youngest guest that the show has ever had. And I
Speaker 1: mean just trying to have tomorrow stars on today. You know.
Speaker 1: Um there's a show on MTV back in the day
Speaker 1: called dred and twenty Minutes and it was on that
Speaker 1: with Dave Kendall. It was on Sunday nights from like
Speaker 1: ten to twelve, and it's like maybe the late they
Speaker 1: play new wave music. They played um early alternative like
Speaker 1: the Cure Order all that kind of stuff, and then
Speaker 1: when grunge broke that became mainstream. So I kind of
Speaker 1: feel like the ETF industry definitely attracts younger people. A
Speaker 1: lot of new hires go there. And I also think that,
Speaker 1: you know, the a lot of the people who are
Speaker 1: making these products is more assets come in, they'll they'll
Speaker 1: probably get more stature. So I feel like we are
Speaker 1: trying to catch them earlier. So we're gonna be a
Speaker 1: hundred twenty minutes. We're only thirty minutes. I know, we
Speaker 1: didn't we did another nine. Yeah, Tim is going to
Speaker 1: rip out his hair. He cares about this. Okay, Who's next?
Speaker 1: Next is what we try to do once every six months,
Speaker 1: which is get big like a list guest, and um,
Speaker 1: Scarlett deserves all the credit here. Howard Marks. We got
Speaker 1: Howard Marks double two blocks, so he was like A
Speaker 1: and B and who's Howard? Just for people who don't know,
Speaker 1: he's a very well known investor, very well respected, very
Speaker 1: good track record, very very smart. Writes these really easy
Speaker 1: to understand investor newsletters that lays out what he's doing,
Speaker 1: why he's doing it, and he's a hedge fund manager
Speaker 1: predominantly right. So and he's a billionaire I believe. Yeah, Well,
Speaker 1: I mean they all are, right, So we're talking about
Speaker 1: somebody who doesn't really need ETFs, but he wrote about
Speaker 1: them a couple of times, and he you know, had
Speaker 1: some issues with passive in general, called it called an autopilot.
Speaker 1: And then he's also talked about h y G liquidity,
Speaker 1: which has come up over and over um. But now
Speaker 1: Howard Mark says that it makes you know, the Financial
Speaker 1: Times Bloomberg people write about it attention. So we had
Speaker 1: him on and we asked him about passive investing. Let's
Speaker 1: see what you have to say. They're good for investing.
Speaker 1: And I think that if if you and and they
Speaker 1: and most of them have low fees, which is a
Speaker 1: good thing, and if you want to invest in the
Speaker 1: kinds of things that the E t F UH invests in,
Speaker 1: then I think it's a good vehicle for you. Uh.
Speaker 1: The issue, Scarlett, in my opinion, the main issue is liquidity.
Speaker 1: I think the people turned to e t f s
Speaker 1: and away from mutual funds because with a mutual fund
Speaker 1: you can only trade at the end of the day,
Speaker 1: uh and uh at the prices set at the end
Speaker 1: of the day. With an e t F you can
Speaker 1: trade any time. So it's easy to say, oh, it's
Speaker 1: more liquid, it's more flexible, I can do more things. Um.
Speaker 1: And that should be true. But on the other hand,
Speaker 1: as it should, so he brings up the the this
Speaker 1: this thing about e t f s being very liquid,
Speaker 1: and some of them track holdings that are don't trade
Speaker 1: every day or less liquid. In this liquidity mismatch is
Speaker 1: a constant, recurring theme, and we've addressed it head on,
Speaker 1: and then we do this thing now because we can't
Speaker 1: get two people like on Fox news to just like argue.
Speaker 1: I'd love to do that. By the way, I don't
Speaker 1: think that that adds any value. I'm sorry you would anyway.
Speaker 1: So because we can't get people on like together arguing,
Speaker 1: we'll take the clip of like Matt Tucker from Black
Speaker 1: Rock and play him talking about why you have nothing
Speaker 1: to worry about with HyG and get hit marks to react.
Speaker 1: Then when the next Black Rock persons on will play
Speaker 1: marksist clip. That's the best closest we can come to
Speaker 1: try to getting the debate in real time. Yeah, no,
Speaker 1: no, no no, I mean this is one of the limitations
Speaker 1: of a thirty minute show. I mean, if you're going
Speaker 1: to have an argument or debate, that's going to take
Speaker 1: a good fifteen minutes, and there's half your show right there.
Speaker 1: Actually more than half because we have commercials as well.
Speaker 1: But yeah, this whole idea of liquidity everybody's favorite knock
Speaker 1: it is like, how many times have you talked? I
Speaker 1: think I figured that out like within the first sort
Speaker 1: of month of putting my head in the et F space.
Speaker 1: It's like with the knock oh liquidity and oh h
Speaker 1: y G. I've heard this argument before. If you want
Speaker 1: to sound smart, just bring up liquidity and it's like
Speaker 1: literally like you can find yourself in a room full
Speaker 1: of et F nerds just be like you guys worried
Speaker 1: about liquidity? You right now And it's logical. It's like
Speaker 1: you know, Wall Street evinced things that blow up all
Speaker 1: the time and I but time and time again, we've
Speaker 1: had these crazy, awful sell offs and the ETF does
Speaker 1: fine and starting to turn a little people, so say, actually,
Speaker 1: maybe the ad liquid We had Chrystom Money and Aaron
Speaker 1: Brown from a q R both came on and said, actually,
Speaker 1: at least you'll get a price in an ETF. You
Speaker 1: may not like it, but it's going to trade. And
Speaker 1: so I think it's turning a little bit. I don't know.
Speaker 1: I don't I don't see it going away anytime suit either.
Speaker 1: I want to go back to what you're saying, which
Speaker 1: is how to sound smart in a group of nerds. Presidian,
Speaker 1: this is real. What's that non transparent active wrappers? Oh wow,
Speaker 1: what do you think of that? That is the biggest
Speaker 1: one up drop that in the room. And like Chrisidian,
Speaker 1: discuss what happened when you've done that? That will make
Speaker 1: you the hit of the cocktail party. I don't well,
Speaker 1: I mean it's a little too nerdy. But because you
Speaker 1: want to warm up to that point, you gotta be
Speaker 1: careful with that because then the people flee from you. Yeah,
Speaker 1: they're a little bit like, wait, wait, why why are
Speaker 1: you saying this? Yeah, that's like like you can you
Speaker 1: can be like you know, fifteen minut it's into a
Speaker 1: conversation and then it's like, oh, well, I just did
Speaker 1: myself a favorite into this conversation. Yeah, but I mean
Speaker 1: that one's another one that we we talked about quite
Speaker 1: a bit because Presidian is how Active is hoping to
Speaker 1: turn the tide, and um, that's obviously a huge debate point.
Speaker 1: So this stuff doesn't come up a lot on the
Speaker 1: rest of the network here and there. So Minus will
Speaker 1: dive into it. Get thirty minutes, so we'll go into
Speaker 1: you know, how can Active make it? Because normally we
Speaker 1: have Active manager on Bloomberg Television, they're picking stocks, they're
Speaker 1: just talking about what they think of the fed in
Speaker 1: the market, and here we're gonna ask them like, what
Speaker 1: do you think of the prosidium? Are you going to
Speaker 1: use it? What do you think of ETF? You just
Speaker 1: added value to this this episode of True thank you,
Speaker 1: thank you. All right. Next up we have West Gray,
Speaker 1: who is um a PhD out of Chicago, smart guy,
Speaker 1: ex military guy, but plane spoken, and his e t
Speaker 1: F q VAL is deep value. I mean he holds
Speaker 1: like like mall stocks. Right, we're talking p of like
Speaker 1: half the S and P and so we asked them
Speaker 1: how it's like to try to sell this to advisors. Well,
Speaker 1: it's scarce advisors because if if you look at the
Speaker 1: performance of say QVL last year, it got absolutely destroyed
Speaker 1: by the SMP. So if I'm sitting here as advisor
Speaker 1: and I'm showing them this weird ticker called c VAL
Speaker 1: and how it owner performed index by whatever, I don't
Speaker 1: even know, ten twenty points, They're gonna be like, you're
Speaker 1: an idiot, You're fired. Right Where, it's much safer telling
Speaker 1: something that essentially closet index and has very low tracking
Speaker 1: er and it doesn't really ever deviate too much from
Speaker 1: the SMP. But I can still tell the story to
Speaker 1: my client, Oh, we own value. We're we're we're cool
Speaker 1: like the other guys. But most people just realistically can't
Speaker 1: do or really I can't own c vouts. It's insane
Speaker 1: career suicide. Almost what he just said explains so much
Speaker 1: of the questions you have in flows and assets, like
Speaker 1: why would people buy a mutual fund that that basically
Speaker 1: gives it the SMP and it's very close to it's
Speaker 1: called closet indexing. That's why career risk of advisors is
Speaker 1: the answer to a lot of the questions where the
Speaker 1: flows don't really seem natural. And not only was that
Speaker 1: a honest answer, most people would come and say, yeah,
Speaker 1: advisor should use Cuba. He's like, it's career suicide. Actually,
Speaker 1: I heard some people later go actually like that. I
Speaker 1: got interested in the product because he was so honest
Speaker 1: from Georgian opposite day, like just saying the opposite of
Speaker 1: what you should say. Um, so I actually think that
Speaker 1: might work for him. I liked it because his backstory
Speaker 1: is fantastic. You said he was a former military guy
Speaker 1: who's in the Marine Corps, and we asked him about
Speaker 1: how he went from being in the military, or how
Speaker 1: does he have the intestinal fortitude to ride out the
Speaker 1: pain in years where c VOT does really badly and
Speaker 1: he keeps such a great answer. Being a marine is
Speaker 1: about being different and engaging in things that suck. If
Speaker 1: you can do that with a lot of discipline and
Speaker 1: outfight the enemy, you can win over the long term. Okay,
Speaker 1: we got a kick, who's the last one? It's what?
Speaker 1: So at the end of every episode, we make these
Speaker 1: little videos that almost seemed like commercials, but we just
Speaker 1: make a one minute video called and this is your
Speaker 1: idea too, there's an e t F for that? Because
Speaker 1: I think a non e t F person is probably
Speaker 1: blown away time and time again, we're like, there's an
Speaker 1: e t F for that. This was and this was
Speaker 1: from when Eric used to come on Alex Steele and
Speaker 1: My show and he would preface things by saying, and
Speaker 1: by the way, there's an e t F for blank
Speaker 1: blank blank. And it always kind of stuck in my
Speaker 1: head that they were always coming up with these ridiculous ETFs.
Speaker 1: You know, video games, which we've discussed is not crazy
Speaker 1: at all and makes total sense. But you know, why
Speaker 1: not make this into an actual segment where you can say, wait,
Speaker 1: did you know there's an et F that tracks space
Speaker 1: companies even though there aren't any publicly traded companies that
Speaker 1: dabble in space. Of all those videos, um, I have
Speaker 1: my favorites, but the one I picked was for the
Speaker 1: Global X Millennials e t F m I l N.
Speaker 1: And the reason I picked this one UM isn't because
Speaker 1: it's my favorite or anything, but because I asked UM
Speaker 1: someone in production to pull the download hits on all
Speaker 1: the videos, because every time we do a clipp it
Speaker 1: gets put on the Internet. Which ones have people like
Speaker 1: clicked on the most? And after all we just went
Speaker 1: over all this hard hitting journalism. The Mike Wallace Moments
Speaker 1: the Millennial video is the most clicked on video the
Speaker 1: Global X Millennials. Thematic et F trades under the fitting
Speaker 1: ticker m i l N. The fund tracks US listed
Speaker 1: companies exposed to spending categories relevant to the millennial generation,
Speaker 1: those born between ninety and two thousand. The index is
Speaker 1: based on consumer spending data, consumer behavior, technology, and demographics.
Speaker 1: M i l N is weighted heavily in the Internet
Speaker 1: and retail sectors. It includes names from Amazon, Into It,
Speaker 1: Facebook and Netflix, to Nike, Starbucks, and Home Depot. The
Speaker 1: fund has some eighteen million dollars in assets, cost fifty
Speaker 1: basis points and has returned almost since launching two years ago.
Speaker 1: It's outperformed the broader market by about five percentage points
Speaker 1: thanks to a big overweight in Netflix. M I l
Speaker 1: N gets a green light in the Bloomberg Intelligence traffic
Speaker 1: light system because what you see is what you get.
Speaker 1: A long only basket weighted by market cap. I love
Speaker 1: the music and has three thousand clicks. Think, yeah, Scarlett
Speaker 1: has great voiceover abilities. Have you been approached for voiceovers? No?
Speaker 1: But I want that to be the thing I do
Speaker 1: after I retire. Yeah, I mean, like just sit back
Speaker 1: and like do voiceovers all day. I didn't Pixar movies
Speaker 1: or like anything. Yeah, call me. How about how about
Speaker 1: Eric just moves his mouth and then you can do
Speaker 1: voice over for that. By the way, did you like
Speaker 1: the shout out to the Bloomberg Intelligence traffic lights? Did?
Speaker 1: I did? Eric, You've hit the big time. Scarlett's talking
Speaker 1: about your traffic light system on your own show. It's
Speaker 1: this is a good place for it. Though it's not crowbarted.
Speaker 1: I think it fits nicely there because usually we're covering
Speaker 1: some far outs. That's it's called product placement. You know.
Speaker 1: Both of our kids come up with this one because
Speaker 1: the video because when this comes on the weekend occasionally
Speaker 1: will uh, my wife will watch it, and if my
Speaker 1: kids are around, they just they're bored, but sometimes the
Speaker 1: cartoon eight year old can can handle. He can actually,
Speaker 1: that was of Scarlett's voice. Yeah, well that's probably what
Speaker 1: it is. No, you know what it is. It's so funny.
Speaker 1: Speaking of the Bloomberg Intelligence Traffic Lights System, My kids
Speaker 1: watch all the videos because I show it to them
Speaker 1: because you know, we're we're looking at them every Monday
Speaker 1: and Tuesday before the show airs on Wednesday, to make
Speaker 1: sure that the graphics are correct and everything. And they
Speaker 1: actually turned to me and they said, is there ever
Speaker 1: an et F that scores a red light in the
Speaker 1: Bloomerk Intelligence Traffic Light system because we only get the
Speaker 1: ones that are green lights? And this is true. And
Speaker 1: I came back and we discussed how we can get
Speaker 1: some red light ones in. Yes, So the next week
Speaker 1: or the week after, we did fang D, which is
Speaker 1: triple leveraged. Uh, just the fing plus some of the
Speaker 1: stocks like Tesla, and it's it's inverse triple leverage inverse.
Speaker 1: It's this thing is hard read, I mean, so we
Speaker 1: went all out and just to prove that, hey, we
Speaker 1: do cover the red lights every once in a while.
Speaker 1: That was a cool one though. The red lights are
Speaker 1: that's like the best ones. And by the way, shout
Speaker 1: out to the art design team when you see these
Speaker 1: that what they come up with is amazing. For the
Speaker 1: fang d they had this cobra and like Neon, it
Speaker 1: looked like there's stuck a club and add for a
Speaker 1: cool club. All week It's like, oh yeah, and now
Speaker 1: we get to do We did um and then we
Speaker 1: did another good one. I thought the video game one
Speaker 1: was amazing. That was the first one. And then VCR
Speaker 1: VCR and they did like an eighties looking kind of format.
Speaker 1: We have a trip, We have a trip. Scarlett, thanks
Speaker 1: so much for joining us. Thank you, it was a
Speaker 1: lot of fun. Thanks for listening to Trillions until next time.
Speaker 1: We can find us on the Bloomberg terminal, Bloomberg dot com,
Speaker 1: Apple Podcast, Spotify, and wherever else you like to listen.
Speaker 1: We'd love to hear from you. We're on Twitter, I'm
Speaker 1: at Joel Webber Show, He's at Eric Caltunist, and you
Speaker 1: can find Scarlet at Scarlet Food. Trillions is produced by
Speaker 1: Magnus Hendrickson. Jessica Levy is the head of Bloomberg Podcast.
Speaker 1: Ye