Speaker 1: Welcome to Trillians. My name is Droll and I'm Eric Beltis.
Speaker 1: Last episode we talked about how ETFs have become such
Speaker 1: a big deal. This time we're going to try and
Speaker 1: make sense of the chaos that they've created. Because there's
Speaker 1: t these things. Some of them might blow up and
Speaker 1: make me rich, others might blow up and make me poor.
Speaker 1: One a Day launches in the US. Eric, how am
Speaker 1: I supposed to make sense of all that chaos? I
Speaker 1: don't know. No, I do know. I see you next week. Look,
Speaker 1: it's it's not easy. There's twenty Like you said, there's well,
Speaker 1: there's two thousand eighty seven. But he was counting. Who's
Speaker 1: got some good fact? Jack? Thank you? And my job
Speaker 1: at Bloomberg for half a decade was to make order
Speaker 1: out of this chaos. I looked at myself in data
Speaker 1: when I worked there before I got to research as
Speaker 1: the guy running a Walmart, and instead of stuff, it
Speaker 1: was E t F s, and I had to organize
Speaker 1: them in like a taxonomy so that when you walked
Speaker 1: into my proverbial et F store, you know exactly where
Speaker 1: to go and could find the E T F that
Speaker 1: you wanted and evaluate it within say ten to twenty seconds,
Speaker 1: and so I'll share it a little bit about what
Speaker 1: I did, but ultimately, you know, there are a lot
Speaker 1: of E t F s. Let's bring in one of
Speaker 1: the questions our listeners asked on Twitter because it was
Speaker 1: literally about one of the topics that we're gonna get
Speaker 1: to today. Yeah. So, and by the way, please tweet
Speaker 1: it at at Eric Beltnis or at Joel Webber Show
Speaker 1: if you have any questions. Will definitely pick some. This
Speaker 1: one was from Ken Natal, who's a financial planner in
Speaker 1: New York. He says, can you discuss the various structures
Speaker 1: and E t F s? And he says, for example,
Speaker 1: s P Y versus V O O versus IVV, which
Speaker 1: are all really basic plane vanilla s t F H.
Speaker 1: We actually touched on these in the first one, but
Speaker 1: even those three that check the same index and they
Speaker 1: do have small differences. We'll get to it later in
Speaker 1: the show when we get to the equity aisle, so
Speaker 1: to speak, but that I think is indicative of the
Speaker 1: fact that there are a lot of small differences even
Speaker 1: when you are in the same species. So this episode,
Speaker 1: meet the E t F s. Okay, So I just
Speaker 1: walked in to Eric's E t F store which looks
Speaker 1: a little bit like a Walmart. And I've got my
Speaker 1: grocery cart here and it's got a squeaky wheel. Can
Speaker 1: you help fix that? No, I work at Walmart. Okay,
Speaker 1: well maybe you can help me make sense at this store.
Speaker 1: What's your biggest department? Sure? So, if you think about
Speaker 1: a department in terms of organizing E t F s,
Speaker 1: we would say that mapping would be an asset class.
Speaker 1: So when you think of departments in this E t
Speaker 1: F store, think of them divided by asset classes. The
Speaker 1: biggest asset class, by far as equities. In terms of
Speaker 1: e t F S, about of the volume and assets
Speaker 1: are an equity TF so these are ones that hold stocks,
Speaker 1: and when you go to that section, there's different aisles
Speaker 1: for different types of equity t s. So when I
Speaker 1: think about how that responds for me, I think about
Speaker 1: walking in to a grocery store when I was a kid,
Speaker 1: and the cereal isle was a daunting place because my
Speaker 1: mom wanna only let me have sugar cereal one day
Speaker 1: a week, which was Saturday, and that was when I
Speaker 1: watched Saturday morning cartoons. Poor guy, Poor Guy. So I
Speaker 1: basically got to pick the one sugar cereal that I'd
Speaker 1: have for that weekend, and it was like Lucky Charms,
Speaker 1: Cocoa Puff, Captain Crunch, and they're all, so that was
Speaker 1: your Monday through Friday days a week. So they're all
Speaker 1: yelling at me for my attention. And that's sort of
Speaker 1: how I feel about the equity aisle. Can you let
Speaker 1: me make sense of the et F? Iile like it's
Speaker 1: a cereal aisle? Sure, I mean, And it's a good
Speaker 1: metaphor because some of the e t F is a
Speaker 1: little healthier for you than others. I think a basic
Speaker 1: way to divide equities is by market cap. So there
Speaker 1: could be like a large cap aisle, a mid cap bile,
Speaker 1: and a small cap bile, and within there there's different sections.
Speaker 1: But take large cap but that's probably I mean five
Speaker 1: six seven billion dollars somewhere in the ballpark. So I'd
Speaker 1: say a quarter of all assets are going to be
Speaker 1: a large cups. So maybe there's two aisles, but you
Speaker 1: get the idea. So large caps are going to hold
Speaker 1: names like Apple and Google and and those are very
Speaker 1: popular have a lot of assets, but again there's differences
Speaker 1: between each of the products. And again the biggest large
Speaker 1: caps are ones that we've talked about before and that
Speaker 1: we had a question about, which are sp These are
Speaker 1: perfect example for why you need to Basically we say
Speaker 1: in the industry, open the hood, or in this case,
Speaker 1: look on the back of the cereal box. You know,
Speaker 1: forget about the cartoon character that's like, you know, jazz
Speaker 1: handsing on the front. Yeah, that's like making you lose
Speaker 1: your mind. You turn the box over and you look
Speaker 1: at the ingredients, right, and this is sort of like
Speaker 1: looking at Okay, what are the holdings. So when you
Speaker 1: take the SMP five hundred, you're gonna see Apple X on.
Speaker 1: It's gonna make you feel very safe because you're gonna
Speaker 1: recognize all the companies because in the smptfs and most
Speaker 1: ETFs in general, they market cap wait the stocks, so
Speaker 1: the bigger ones get the biggest waiting, and so ultimately
Speaker 1: when you look over at smp F t F, you're
Speaker 1: gonna see those companies. Now, the difference in the question
Speaker 1: that was asked is that s p Y is the
Speaker 1: biggest oldest e t F. Right, It's got two hundred
Speaker 1: and fifty billion dollars. It's a giant I called the
Speaker 1: King of ETFs. You could argue it's the king of
Speaker 1: equities because it trades four times more than Apple, the
Speaker 1: second most trade equity anyway. S p Y is structured
Speaker 1: as a unit investment trust. That was how the first
Speaker 1: couple of e ts were designed the mid nineties, and
Speaker 1: the other ones I VV which is I shares, and
Speaker 1: VOO which is Vanguard are structured is open end companies.
Speaker 1: Now for you out there, if you haven't fallen asleep already,
Speaker 1: we're not going to spend much time in these structures,
Speaker 1: but it does make a difference in small ways. Unit
Speaker 1: investment trust s p Y can't invest the dividends back
Speaker 1: into the fund every day, and it can't do securities, Lenny,
Speaker 1: there's there's small little things on the margins. It's not
Speaker 1: a big deal. What I was gonna say about this.
Speaker 1: It reminds me of vanilla. There are different types of vanilla.
Speaker 1: There's vanilla being there's fringe vanilla, and that's sort of
Speaker 1: what these are. Yeah, exactly. And if you pick SPY
Speaker 1: I V V your VO and you held a ten years,
Speaker 1: it doesn't make a difference really. I mean, you're going
Speaker 1: to get the SMPF having to return minus a couple
Speaker 1: of basis points. So large cap we're talking cheerios, grape nuts,
Speaker 1: raisin brand a little bit, maybe good one. Let's talk
Speaker 1: about MidCap, sure, mid caps a little little you know.
Speaker 1: I always refer to mid cap as the Jan Brady
Speaker 1: of market cap. Well, it's overlooked all the time. It's
Speaker 1: the middle child. Large caps are the biggest, and small
Speaker 1: caps are like you know, they're a little more volatile,
Speaker 1: they're more fun, you can make or lose more money.
Speaker 1: Midcaps are kind of stuck in the middle, and you
Speaker 1: know there you don't hear a lot about They have
Speaker 1: a hundred billion dollars. That's a pretty big section. They
Speaker 1: could be their own aisle for sure. And mid caps
Speaker 1: will be companies that I would say, if you opened
Speaker 1: up a mid cap etf and you looked or you
Speaker 1: want to turn with the box over and looked at
Speaker 1: what's in it, you probably would only recognize a couple
Speaker 1: of companies, like something like Urban Outfitters. I believe is
Speaker 1: a mid cap. I shopped there, But some of these
Speaker 1: other companies that are in the energy business and industrials.
Speaker 1: You are so an an outfitter shopper says it all.
Speaker 1: I love that about you. Yeah, the ironic T shirts.
Speaker 1: At least the Urban Afters has those ironic T shirts
Speaker 1: before they make it a target two years before. So
Speaker 1: small cap this is like the spicy stuff. Okay, you know,
Speaker 1: this is like the stuff you had on Saturday. Maybe
Speaker 1: not that bad, but definitely raise raisin brand, a little
Speaker 1: sugar on it. Whatever. Right, small caps, there's actually more
Speaker 1: of them. So like a typical small cap ETF like
Speaker 1: i WM or VV, those are the tickers for two
Speaker 1: big small cap ETFs. They're gonna have two thousand plus
Speaker 1: or stocks and they might even dip into what's called
Speaker 1: Yeah that's good though, because remember we talked about diversification.
Speaker 1: You definitely want to be diversified there if you pick
Speaker 1: the right small cap small caps are ultimately like investing
Speaker 1: in like Toddler's, you know what I mean? They you know,
Speaker 1: they haven't really like they're not mature. I know about Toddler's.
Speaker 1: Oh yeah, I know, me too. That's why my voices scratchy.
Speaker 1: My two year old God knows what he's bringing home
Speaker 1: from daycare. You know, as long as we're hanging out
Speaker 1: in this serial aisle. Remember those little combo packs that
Speaker 1: you could get like eight different types of cereal like
Speaker 1: apple jacks and everything in one, and they'll always be
Speaker 1: like one leftover. Yeah that nobody ever wanted geaties usually, Yeah,
Speaker 1: it was all the fun ones. And then that's like
Speaker 1: the freed to lays of the cereal pack. What is
Speaker 1: that combo pack in your world? Great metaphor if what
Speaker 1: we just said about going through different aisles and picking
Speaker 1: large caps, what a lot of people do is say
Speaker 1: the hell with it. I just want the whole thing
Speaker 1: in one shot. And that's called broad market ETFs. They're
Speaker 1: very popular. So here's where you get the best bang
Speaker 1: for your buck in my opinion, because you're gonna get
Speaker 1: the whole stock market. We're talking about four thousand stocks
Speaker 1: roughly for point oh four percent or point oh five percent.
Speaker 1: So if we talk about that ten thousand dollars proverbly
Speaker 1: that you put into an ETF, here, you're gonna get
Speaker 1: one thousand stocks per dollar per year, and that is
Speaker 1: that's almost free basically. I mean that talk about the
Speaker 1: pizza slice that I could that's even cheaper than pizza
Speaker 1: in like Kansas, let alone penn Station. And then you're
Speaker 1: invested across all equities, right, not just large cap, mid cap,
Speaker 1: small cap. But again back to the whole diversification paradox.
Speaker 1: If you do that, you're so diversified, you're certainly not
Speaker 1: going to hit the lottery. You're just gonna slowly move
Speaker 1: with the whole market. And again, some people like to
Speaker 1: the juice of picking an individual name, but for most
Speaker 1: people that is really a good a good deal, a
Speaker 1: good method. So broad market ETFs are hugely popular. They
Speaker 1: don't make the press a lot because they're so boring,
Speaker 1: but they're they're very popular. Eric, that's my my cart.
Speaker 1: I'm ready to go check out the next biggest section
Speaker 1: of your store, which is which is what Yeah, good
Speaker 1: because I thought you were sick or something. Anyway, Um,
Speaker 1: the next biggest section easily fixed income, which is bonds. Right,
Speaker 1: so bonds can be boring, do not fall asleep, you know.
Speaker 1: The way I try to explain bonds of people are
Speaker 1: exciting them about them is that fixed income is really
Speaker 1: like like a three dimensional game. It's like chess, whereas
Speaker 1: equities are like checkers because bonds have a maturity date,
Speaker 1: so there's an extra time element in valuing them and stuff.
Speaker 1: But the good news about e t F s is
Speaker 1: you don't really need to worry about a ton of that. Ultimately,
Speaker 1: in the fixed income section, it's the same thing. There's
Speaker 1: highly popular areas where they just throw a bunch of
Speaker 1: the bonds into one shot, and that's called aggregate bonds.
Speaker 1: So you said something and that that was interesting, which
Speaker 1: was maturity date, which speaks to the bonds duration. In
Speaker 1: a grocery store, that would be probably the vegetable section
Speaker 1: right where this vegetable is going to go bad. Right,
Speaker 1: So let's think about this, because bonds are boring. Vegetables
Speaker 1: are boring. I don't really want to eat them, but
Speaker 1: I'm going to. They're totally good for diversification, and that's
Speaker 1: why most the older you get more more people have
Speaker 1: more bonds than stocks. And here's the thing. E t
Speaker 1: f s have transformed fixed income because on e t
Speaker 1: F is an equity. Before you couldn't really like interact
Speaker 1: with fixed incoming in the same way. You're You're right.
Speaker 1: In fact, stocks trade on exchanges, bonds don't. It's called
Speaker 1: over the county. You gotta call people literally, yeah, And
Speaker 1: I always tell people I think the fixed income et
Speaker 1: F showed the hunger that people had for a bond exchange.
Speaker 1: People want to trade bonds like stocks. In fact, that's
Speaker 1: again back to e t f s. They're big advantages.
Speaker 1: They've standardized everything, just like a U S P port
Speaker 1: or a gas pump. Everything now trades like equities, and
Speaker 1: that's what people like trading the most. It's the best,
Speaker 1: most transparent way to trade. So yes, that's a huge benefits.
Speaker 1: So there's a lot of volume in fixed income ETFs,
Speaker 1: but there's also a lot of long term investors, and
Speaker 1: the most popular areas aggregate bond ETFs, where they basically
Speaker 1: take a bunch of bonds, different types of treasuries. We're
Speaker 1: talking how many bonds are we talking here? Somehow have
Speaker 1: as much as seventeen thousand bonds and they charge the
Speaker 1: six or seven basis points. So in a way those
Speaker 1: are even a better bang for the buck per bond
Speaker 1: than the broad market equities. So you've got an equity
Speaker 1: wrapper wrapped around seventeen thousand vegetables. I don't know what
Speaker 1: that is, maybe something like a crate a V eight
Speaker 1: juice from Costco or something. That's basically what an aggregate
Speaker 1: bond is. Just to kind of like talk about this
Speaker 1: time thing, the thing about an e t F is
Speaker 1: is the bond gets close from maturing, the e t
Speaker 1: F has a goal and it would kick out the
Speaker 1: bond as it gets closer. It's almost like the way
Speaker 1: Walmart would just get rid of the old vegetables and
Speaker 1: put new ones on the stand. That is again back
Speaker 1: to the regeneration process of an index, and index is
Speaker 1: not fixed in time. It's always regenerating because it looks
Speaker 1: through criteria. Do bonds check off all these boxes? Yes,
Speaker 1: they do, they're in the index if they don't boom
Speaker 1: there out, So that is something that we need to, like,
Speaker 1: I think, make clear. So my cart only has the
Speaker 1: good vegetables in it. Yes, okay, what other kind of
Speaker 1: bond E t F are there? So big pop there
Speaker 1: is treasuries. Um again, boring is dirt, but they're very popular.
Speaker 1: Treasuries don't yield a lot right now, so they're you
Speaker 1: know a lot of people come in and out of
Speaker 1: them based on where where rates are going. But treasuries
Speaker 1: are really good as a buffer. You know, they can
Speaker 1: provide a hedge in a portfolio. Typically treasuries go up
Speaker 1: when you know the s H I T hits the
Speaker 1: fan and everybody's like running around like crazy. Treasuries are
Speaker 1: usually what the flight to quality. So people have a
Speaker 1: little treasury. Even though it slows you down a little
Speaker 1: in the rough days, they can really come in handy
Speaker 1: and limit the losses on the equity side of the portfolio.
Speaker 1: What have e t f s done for them? Right?
Speaker 1: So treasuries, there's all kinds. You can get a treasury
Speaker 1: e t F where the bonds are all maturing within
Speaker 1: you know, six months to a year. That's called ultra
Speaker 1: short term, then their short term, which is you know
Speaker 1: one year to three years about, then there's intermediate, and
Speaker 1: then down the line there's all all the way ones
Speaker 1: that mature in twenty years. So it just depends on
Speaker 1: what your time frame is and what you want to have.
Speaker 1: The further you go out, the more they typically yield.
Speaker 1: But that also means that they're more sensitive interest rates.
Speaker 1: There's always a cost benefit you need to decide. And
Speaker 1: by the way, we're not advisors here, you know, this
Speaker 1: is definitely not but I think ultimately in the bond space,
Speaker 1: this is where I shares rules. Vanguard's pretty big too,
Speaker 1: but I shares really they came out with the first
Speaker 1: bond ETFs l q D, which is the corporate bond
Speaker 1: ETF t L t H y G, which is high yeled.
Speaker 1: They really, I think innovated on the bond section, and
Speaker 1: when you come out first with an e t F,
Speaker 1: you typically get almost all the assets, and it's hard
Speaker 1: to unseat the first to market products. So when you
Speaker 1: look at I shares, they dominate, and so most people
Speaker 1: use I shares for fixed income, but Vanguards coming up
Speaker 1: and Schwab in State Street, they definitely have their little niches,
Speaker 1: but that's definitely the dominant brand. So the egg bonds
Speaker 1: all that that's plain vanilla stuff, there's also some stuff
Speaker 1: that's not so plaint vanilla. That's right, you know. E
Speaker 1: t F s. Again, they've they've wrapped up everything, and
Speaker 1: that means sometimes they wrapped them some things that are
Speaker 1: a little um more danger than others. And one area
Speaker 1: that I think, I don't know, I think it's a
Speaker 1: little bit more of a bad rap than it deserves,
Speaker 1: but it definitely you should tread with caution is high
Speaker 1: yield debt otherwise known as junk bonds. These are wrapped
Speaker 1: up in our e t fs, and some people are
Speaker 1: concerned that the e t F trades like an equity,
Speaker 1: but the bonds aren't his liquid, and that's called a
Speaker 1: liquidity mismatch. You know, high yield bond e t f
Speaker 1: s have been around for eleven years and have survived
Speaker 1: many sort of market spasms and sell offs, and you know,
Speaker 1: people keep using them. The road tested. But I just
Speaker 1: think it's important to note you are holding junk bonds.
Speaker 1: But keep in mind, this is the world we're living in.
Speaker 1: The FED has suppressed rates and force people to look
Speaker 1: for yield in some unusual places. I love the fact
Speaker 1: that these things are called high yield by professionals and
Speaker 1: junk bonds by everybody else. Junk bonds gets you more
Speaker 1: reads if you're a reporter, so you know, if you
Speaker 1: put that in your headline, you get like double the hits.
Speaker 1: So you see junk bonds more. But really, professionals call
Speaker 1: them high yield. High yield means the company is more
Speaker 1: likely to default, but also means they yield more, so
Speaker 1: you know you got that going for you. Yeah, So
Speaker 1: again there's the risk reward thing in all this. But
Speaker 1: h y G is the big high yield one from
Speaker 1: my shares Spider has J and K it's the junk
Speaker 1: and these yield about five So compared to a treasury
Speaker 1: right now that which is like what two point two
Speaker 1: percent something like that, it's about double the yield. So
Speaker 1: because rates have been low, especially from the FED and
Speaker 1: the you know, the QI, over the years, it's pushed
Speaker 1: a lot of regular people into high yield e t F.
Speaker 1: But keep in mind high yield mutual funds have way
Speaker 1: more in assets than high yield ETFs, but it's important
Speaker 1: to determine it. High yield ETFs, in particular, most of
Speaker 1: the things we talked about today and every day are
Speaker 1: going to be playing vanilla. I would not consider high
Speaker 1: yield ETFs playing vanilla. So Eric, we checked out the
Speaker 1: two most popular sections of your store. My toddlers crying
Speaker 1: at me. I've got this squeaky wheel on this grocery cart.
Speaker 1: Where else can I go? Well, there are smaller sections
Speaker 1: in the store, for sure, but for some people those
Speaker 1: are important. International, I think is when we missed. I
Speaker 1: guess that would be in the equity section, but sort
Speaker 1: of like connected, It wouldn't be really part of it
Speaker 1: because international some people invested in naturally, some people don't,
Speaker 1: you know, but international could mean like a NETF to
Speaker 1: invest in developed markets were emerging or single countries. That's
Speaker 1: a pretty big area. We're talking upwards of maybe four
Speaker 1: dollars as well. Um, that's a chunk right there. And
Speaker 1: then you could look at something like commodities that really
Speaker 1: is at its asset class unto its own and in
Speaker 1: there you've got stuff like gold is very popular, there's
Speaker 1: even silver, platinum, palladium. Then you've got like oil, there's
Speaker 1: even a corny TF But you say those things, A
Speaker 1: lot of that stuff it makes me really scared because
Speaker 1: what business do I have buying oil? You probably don't
Speaker 1: have any. So what you're bringing up, I think is
Speaker 1: something I talk about a lot, which is the difference
Speaker 1: between investment vehicles and trading tools and t F assets
Speaker 1: are investment vehicles, again plain vanilla stuff that normal people use,
Speaker 1: but ten percents in trading tools. I would put oil
Speaker 1: in the trading tool category, but I put gold g
Speaker 1: l D in the investment vehicles category. So when you're
Speaker 1: in the commodities aisle, you really that's an extra care aisle.
Speaker 1: In fact, in my book, I had two sections. One
Speaker 1: was physically backed commodities, which is like gold and silver
Speaker 1: more safe, and then futures based or derivatives. So in
Speaker 1: Bloomberg we have a field called derivatives based or not,
Speaker 1: and that's where I would separate them so fewer. In
Speaker 1: my store, one of the aisles would be futures commodities
Speaker 1: and one would be physically back commodities, and the one
Speaker 1: that was future commodities would have like a dark curtain. Yeah,
Speaker 1: I was gonna say, there's a guy standing the gatekeeper
Speaker 1: allowing you entrance into that section. It's sort of like
Speaker 1: the video store, which is a knock on ets. You
Speaker 1: can trade these things as much as you want any
Speaker 1: of it. And as an investor, and especially if I'm
Speaker 1: not a professional investor, really all I should be doing
Speaker 1: is buying and holding good products. Yeah, if you can
Speaker 1: do that and withstand the temptation to trade a lot,
Speaker 1: you'll do great. And that it's hard though, and this
Speaker 1: is one of the criticism, especially from Vanguard's founder John Bogel.
Speaker 1: He thinks e t f s trade a lot, and
Speaker 1: therefore people are doing the wrong thing, which is trading,
Speaker 1: and he's not wrong. He's not wrong. But there's also
Speaker 1: a lot of buying and holding going on in e
Speaker 1: t f s. So again, if you can withstand the
Speaker 1: temptation to trade, and you can buy and hold. You
Speaker 1: can benefit from the low cost, the lack of capital
Speaker 1: gains which is good, and the diversification, so you get
Speaker 1: all the benefits if you can just sort of, you know,
Speaker 1: hold back from trading a lot. So Eric, it's time
Speaker 1: for me to escape from your E. T. F fun
Speaker 1: house and headed towards the door. As I'm heading to
Speaker 1: the door, you're picturing me in a clown outfit, absolutely
Speaker 1: picturing Thanks for coming. Did you enjoy your time? Anyways,
Speaker 1: you're you're leaving. My my, why did I come here
Speaker 1: in the first place? Because this is again we're gonna
Speaker 1: basically go way down right here, we're gonna break it
Speaker 1: all down, break it down. Ultimately, investing is about participating
Speaker 1: and benefiting from capitalism. Right, if you hold all these stocks,
Speaker 1: all these bonds, really what you're doing is you're just
Speaker 1: benefiting from the value created every day by people who
Speaker 1: go to work at these companies, make products, sell the products,
Speaker 1: and a lot of that value has passed on through
Speaker 1: dividends and the price of the stock going up. So
Speaker 1: if you do that, you know, on average, the SMP
Speaker 1: goes about eight percent a year on average, it's gone
Speaker 1: up a little more than that lately. But that is
Speaker 1: what you're doing it. The value created by all these
Speaker 1: companies doing these things is what you're essentially doing. And
Speaker 1: why are you doing that? Because if you held the
Speaker 1: money under your mattress a, you wouldn't make any money
Speaker 1: and be you would lose money because inflation would make
Speaker 1: that money worth less. Yeah, so this is so you
Speaker 1: can retire, get your Winnebago or in your case, and
Speaker 1: jets right and go and play all the bingo you want.
Speaker 1: I will take my jet ski to Florida and hit
Speaker 1: the jackpot. I'm just you know, I can't help the
Speaker 1: picture you with with a nice mullet. I love that
Speaker 1: you think I'm going to be on a jet ski.
Speaker 1: That's just like two. I think of you as being
Speaker 1: in a Winnebago. I wouldn't mind that. I actually think
Speaker 1: that seems like a good lifestyle writing the next great
Speaker 1: American novel, you know, just going to general stores. General stores. Yeah,
Speaker 1: I like general stores. You can't get away from the competition. Dan,
Speaker 1: It's like check out what they got in their store.
Speaker 1: Loo kind of etf she got over here over yonder.
Speaker 1: Thanks for listening. To Trillions until next time. You can
Speaker 1: find us on the Bloomberg Terminal, Bloomberg dot com, Apple Podcasts,
Speaker 1: and probably a bunch of other places I haven't heard
Speaker 1: about yet. We'd love to hear from you on Twitter.
Speaker 1: He's at Eric Baltunus, I'm at Joe Webber Show. Trillions
Speaker 1: is produced by Jordan Bell with help from Magnus Henrickson.
Speaker 1: Francesca Levie is the head of Bloomberg Podcasts. By m
Speaker 1: H m H