WEBVTT - The Radiohead Guide to Good ETF Investing 0:00:06.280 --> 0:00:10.119 Welcome to Trillions. I'm Joel Webber, I'm Eric Belchionis. This 0:00:10.160 --> 0:00:13.160 episode is going to be a fun one. We're big 0:00:13.160 --> 0:00:16.119 on metaphors. If you've listen to Trillions at all, you 0:00:16.160 --> 0:00:19.040 know that we bring them into basically every single episode, 0:00:19.760 --> 0:00:22.320 and this episode is no exception. It's going to be 0:00:22.600 --> 0:00:27.760 one big metaphor. Metaphors are good as an analyst, especially 0:00:27.800 --> 0:00:31.080 dealing with all kinds of investors. Metaphors helped to make 0:00:31.120 --> 0:00:34.760 something complicated and boring in some cases much more interesting 0:00:34.800 --> 0:00:38.080 and simple. And so we've used many metaphors, the food store, 0:00:38.240 --> 0:00:40.600 the car. This one's a little closer to home for 0:00:40.680 --> 0:00:43.400 me personally, and it's so good that we had to 0:00:43.479 --> 0:00:46.559 consult our legal department first and we got their blessing. 0:00:47.240 --> 0:00:50.280 And if that doesn't wet your appetite, this will, which 0:00:50.360 --> 0:00:53.400 is this episode is going to be all about Radiohead 0:00:53.920 --> 0:01:00.560 and the ETF. So why Radiohead. There's a couple band 0:01:00.680 --> 0:01:04.760 that I hear and sometimes get ideas from for some reason, 0:01:05.160 --> 0:01:07.960 both Billy Joel and Radiohead. Their their song titles speak 0:01:08.000 --> 0:01:11.640 to good financial advice, but Radiohead even more. And you know, 0:01:11.720 --> 0:01:13.800 you look at back in the day when people found 0:01:13.840 --> 0:01:16.720 hidden messages and led Zeppelin in the Beatles. I think 0:01:16.720 --> 0:01:19.560 it was more like satanic messages. I swear to you 0:01:19.600 --> 0:01:23.560 I find hidden financial advice messages in Radiohead lyrics. It 0:01:23.600 --> 0:01:25.520 is I probably just listened to too much Radiohead and 0:01:25.520 --> 0:01:27.280 I'm just like, it's too much. Do you think about 0:01:27.319 --> 0:01:29.840 two things basically Radiohead and ETF so, but when it 0:01:29.920 --> 0:01:35.160 start troubling it out, there's something there. Well, joining us 0:01:35.160 --> 0:01:38.520 this episode will also be Rachel Evans, reporter with Bloomberg 0:01:38.520 --> 0:01:42.440 News who covers et F s and Rachel is a 0:01:42.440 --> 0:01:45.240 bit of an ETF head and Radiohead as well. So 0:01:45.319 --> 0:01:47.400 this one's gonna get. We're gonna get. This is gonna 0:01:47.440 --> 0:01:49.600 just be awesome. This could be too much, It could 0:01:49.600 --> 0:01:52.480 be too much, but bug of your seat belts. This 0:01:52.520 --> 0:01:55.400 episode Radiohead teaches you how to be a good et 0:01:55.560 --> 0:01:59.720 F investor. Hi, Rachel, Hey Joel, how's again? Good? Thanks 0:01:59.720 --> 0:02:02.480 for coming on the shol delighted. So we know that 0:02:02.560 --> 0:02:04.880 aracle of the radiohead and we're going to get there, 0:02:05.360 --> 0:02:08.160 but I want to hear from you. What was your 0:02:08.240 --> 0:02:12.080 first Radiohead experience? So Radiohead for me began in my 0:02:12.400 --> 0:02:15.120 teen years growing up just outside Oxford, which is obviously 0:02:15.120 --> 0:02:17.800 where Radiohead is from, so you're like literally, you're like 0:02:17.919 --> 0:02:21.760 from there on the doorstep, on the doorstep. So my 0:02:21.840 --> 0:02:24.440 first experience with Radiohead live was going to see them 0:02:24.480 --> 0:02:27.040 when I was fifteen years old. They did a homecoming 0:02:27.080 --> 0:02:31.040 gig in south Park, just outside Oxford, UM, and they 0:02:31.080 --> 0:02:34.239 had bands all afternoon and Radiohead was that the headliner. 0:02:34.280 --> 0:02:35.960 At the end of the night. Was one of the 0:02:36.000 --> 0:02:39.480 most amazing experiences of my life. It started to rain 0:02:39.560 --> 0:02:42.200 as they sort of started playing their final set. Everybody 0:02:42.240 --> 0:02:45.240 was kind of dancing around in the mud. It was fantastic, 0:02:45.240 --> 0:02:47.120 and their last song of the night was Creep, which 0:02:47.160 --> 0:02:49.840 they said they'd never play again. It was incredible. And 0:02:50.120 --> 0:02:53.520 then your dad picked you up into exactly that. My 0:02:53.600 --> 0:02:55.840 dad came pick me up, picked me up with my 0:02:55.840 --> 0:02:58.200 my three other friends who were all a bit underage, 0:02:58.240 --> 0:03:04.440 drinking around then busted, busted, just drinking. Eric, your first 0:03:04.639 --> 0:03:07.639 Radiohead experience mine, and this is gonna age me. I'm 0:03:07.639 --> 0:03:09.000 not gonna say how old I was. Well, I guess 0:03:09.040 --> 0:03:10.680 I'm it was in college. We're going to find out, 0:03:10.680 --> 0:03:11.880 you get it, figure it out. But I was in 0:03:11.960 --> 0:03:14.520 college and Radiohead played at the Rutgrouds when it went 0:03:14.520 --> 0:03:17.000 to Rutgers. They played at the Student Center. This is 0:03:17.040 --> 0:03:20.160 off of their first album, Pablo Honey, and they opened 0:03:20.360 --> 0:03:22.480 for Belly. I don't know if you remember Belly. They 0:03:22.480 --> 0:03:24.800 were pretty good band, but they're you know, long forgotten, 0:03:24.840 --> 0:03:27.680 but they opened that that show, and uh, you know, 0:03:27.760 --> 0:03:29.800 I went for both really But then I saw them 0:03:29.840 --> 0:03:31.920 again on the Bench tour in San Francisco when I 0:03:31.919 --> 0:03:34.160 went out there on a bit of an excursion in life, 0:03:34.440 --> 0:03:36.200 and I saw them in a really small bar about 0:03:36.200 --> 0:03:38.720 three four inndred people and that was the Bens And 0:03:38.720 --> 0:03:40.200 that that's when I got really hooked in. And I 0:03:40.240 --> 0:03:42.520 saw him a couple of times since then on different tours, 0:03:42.520 --> 0:03:44.840 and I saw them around the time Rachel saw them. 0:03:44.880 --> 0:03:47.760 That was the sort of post okay computer just pre 0:03:47.920 --> 0:03:50.680 kid A. That was their project. That was the best 0:03:51.400 --> 0:03:54.000 Radiohead I think. And so for both of you, what 0:03:54.160 --> 0:03:57.640 makes Radiohead so special to me? It was the fact 0:03:57.680 --> 0:04:00.200 that they kind of spoke to my inner ANX at 0:04:00.200 --> 0:04:02.000 a time. You know, when you're you're struggling with all 0:04:02.040 --> 0:04:04.480 these feelings and you can't really express them because you 0:04:04.480 --> 0:04:06.320 know you don't have the emotional language to do so 0:04:06.640 --> 0:04:08.760 a Radiohead kind of came in there at that point, 0:04:08.800 --> 0:04:11.600 and they had this kind of viscerality with their lyrics. 0:04:11.600 --> 0:04:14.480 They were able to sort of describe feeling sort of 0:04:14.520 --> 0:04:17.400 blue and this world that you didn't really understand, and 0:04:17.440 --> 0:04:20.800 it's kind of like almost post apocalyptic imagery at times. 0:04:21.040 --> 0:04:23.159 Yet at the same time I found them very uplifting. 0:04:23.360 --> 0:04:26.480 There was something so cathartic about actually sticking on the 0:04:26.480 --> 0:04:29.440 bends or ok computer even kid a turning it up, 0:04:29.720 --> 0:04:31.360 you know, whether you're in your car or in your 0:04:31.400 --> 0:04:33.400 in your bedroom, and then sort of listening to this 0:04:33.520 --> 0:04:35.719 music kind of take you to a place where actually 0:04:36.000 --> 0:04:39.040 things were better. Yeah, it actually speaks to me because 0:04:39.279 --> 0:04:44.680 I first listen to Radiohead in nineteen seven. I guess 0:04:44.920 --> 0:04:48.640 somebody passed me headphones, which is a saying something. They 0:04:48.640 --> 0:04:51.520 were like literally over your ear headphones in a study 0:04:51.560 --> 0:04:55.440 hall and played the bins and big plastic cres came on, 0:04:55.480 --> 0:04:57.920 and I was like, I've never heard anything like this before, 0:04:58.160 --> 0:05:01.000 and it just really took me away. Also, they slip 0:05:01.000 --> 0:05:04.200 in weird chords. His falsetto voice, which I think he 0:05:04.240 --> 0:05:06.599 got from Jeff Buckley, but to apply that to the 0:05:06.640 --> 0:05:10.039 sort of uh sound of the times with some a 0:05:10.040 --> 0:05:11.920 lot of minor chords I just worked well, and I 0:05:11.960 --> 0:05:14.159 agree it's it makes you feel a little less alone 0:05:14.200 --> 0:05:16.080 in the world, but at the same time it's uplifting, 0:05:16.160 --> 0:05:20.000 and it's also very artistic. The the stuff he describes 0:05:20.320 --> 0:05:22.680 and the way it's the sound you get it's like 0:05:22.680 --> 0:05:24.919 a movie in your head. It's very very visual, and 0:05:24.960 --> 0:05:27.159 I just all aspects of it are great. So let's 0:05:27.160 --> 0:05:30.360 bring it back to the E. T. F. Rachel. When 0:05:30.360 --> 0:05:31.760 we came to you and said we're going to do 0:05:31.800 --> 0:05:34.679 this episode and kind of told you about the idea 0:05:34.720 --> 0:05:37.719 of the hidden financial meetings within the lyrics, had you 0:05:37.800 --> 0:05:40.479 ever thought about that before? I wouldn't say that I 0:05:40.480 --> 0:05:42.880 had necessarily so, so for me, the thing with radio 0:05:42.920 --> 0:05:46.039 Head that that has always been an interest is the 0:05:46.160 --> 0:05:48.560 very anti capitalist in nature. Like when you've listened to 0:05:48.600 --> 0:05:50.760 their lyrics and when you think about kind of your 0:05:50.760 --> 0:05:53.039 the imagery that they use along with their albums, a 0:05:53.080 --> 0:05:55.640 lot of it is quite anti business. It's questioning the 0:05:55.680 --> 0:05:58.840 power that corporations have over us. It's looking at impact 0:05:58.839 --> 0:06:03.880 on climate chain your average investor, right, well, yeah, so 0:06:04.000 --> 0:06:06.000 so I was like, oh, interesting, But then like I 0:06:06.040 --> 0:06:08.039 started listening to the lyrics and that's what kind of 0:06:08.080 --> 0:06:10.480 really got me because actually, one of the great things 0:06:10.520 --> 0:06:12.800 about Radiohead that I've always loved about them is that 0:06:12.960 --> 0:06:15.720 whilst their imagery is very dense and you can interpret it, 0:06:15.720 --> 0:06:18.440 it in many different ways. And one of those ways 0:06:18.600 --> 0:06:20.479 is indeed to think about it from the perspective of 0:06:20.640 --> 0:06:23.400 advice for investing. And I think this speaks to why 0:06:23.480 --> 0:06:26.279 it works is because they you know, they went to 0:06:26.480 --> 0:06:28.880 art school in Oxford. They were going to be painters, 0:06:29.279 --> 0:06:30.720 but they were like, we can't make a living there, 0:06:30.760 --> 0:06:33.400 so we'll get together and do music. And so their 0:06:33.400 --> 0:06:35.839 stuff is abstract and just like looking at a painting 0:06:35.839 --> 0:06:38.160 that is not crystal clear what it is, people can 0:06:38.240 --> 0:06:40.479 draw different things, and I think that speaks to not 0:06:40.600 --> 0:06:44.400 that they're writing about investing, but that you could interpret 0:06:44.440 --> 0:06:50.600 many things from their lyrics. Hey droll here, Now that 0:06:50.640 --> 0:06:53.919 I'm the editor of Bloomberg Business Week, I pulled a 0:06:53.920 --> 0:06:57.839 few strings for our loyal podcast listeners. Go to business 0:06:57.839 --> 0:07:03.039 Week mag dot com slash trillions right now for a 0:07:03.120 --> 0:07:06.760 thirty day free trial. If you like what we're doing 0:07:06.800 --> 0:07:10.320 here on trillions, you're gonna love the stories that we 0:07:10.360 --> 0:07:14.440 published in Bloomberg Business Week. Here's that special offer one 0:07:14.480 --> 0:07:18.480 more time. Go to business Week mag dot com slash 0:07:18.600 --> 0:07:27.040 trillions for your free thirty day trial. Thanks. Okay, so 0:07:27.120 --> 0:07:30.720 let's just go straight into it because we get to 0:07:30.760 --> 0:07:33.600 listen to some Radiohead Okay, Rachel, what song are we 0:07:33.640 --> 0:07:35.760 gonna listen to? First? We've got anyone can play guitar 0:07:35.840 --> 0:07:46.960 from Radioheads, Pablo Honey. Okay, so why did you pick 0:07:47.000 --> 0:07:49.960 that song? So, I mean, this song really shows you 0:07:50.040 --> 0:07:51.840 kind of like anyone can play guitar. You can pick 0:07:51.920 --> 0:07:53.560 up you know, your acts, and off you go. You're 0:07:53.560 --> 0:07:55.240 off to the races. You can be in a band. Right, 0:07:55.280 --> 0:07:57.040 That's what Radiohead was kind of saying with us. But 0:07:57.080 --> 0:07:59.920 the same really applies for for ETFs. You can, you know, 0:08:00.040 --> 0:08:02.000 go on your your brokerage account, you can go to 0:08:02.040 --> 0:08:05.080 your advisor. Anyone can buy an ECF. They are very 0:08:05.160 --> 0:08:08.280 very accessible products there at fees that anybody can really 0:08:08.280 --> 0:08:10.640 afford um and you can kind of trade in and 0:08:10.680 --> 0:08:12.960 out of them when you want to. Anyone can do it, 0:08:13.120 --> 0:08:15.720 and there are several combinations. Just like chords, there's different 0:08:15.720 --> 0:08:18.080 ways to do it. And it's like you said, the 0:08:18.160 --> 0:08:21.480 guitar is interesting. It is a really accessible tool for 0:08:21.680 --> 0:08:23.760 that has really allowed a lot of people who wouldn't 0:08:23.760 --> 0:08:26.600 otherwise be in music to do music. The thing that 0:08:26.640 --> 0:08:28.840 I understands out to me is that it's really not 0:08:29.120 --> 0:08:33.040 that complicated, right, and that's sort of like the simplicity 0:08:33.040 --> 0:08:35.679 of this is sort of ultimately an interesting place to 0:08:35.720 --> 0:08:39.080 start with. Okay, so so what's next? So next up, 0:08:39.080 --> 0:08:41.319 we have everything in its right place from the semin 0:08:41.360 --> 0:09:09.280 allowed kidd ap, I can actually see Tom York singing 0:09:09.280 --> 0:09:14.320 into a microphone right there. How about the leap from 0:09:14.480 --> 0:09:16.760 anyone who can play guitar to that. Yeah, that's it's 0:09:16.760 --> 0:09:19.000 only ten years a right, A little bit jarring perhaps, 0:09:19.040 --> 0:09:21.880 but it's like and so, Eric, what do you like 0:09:21.920 --> 0:09:24.880 about that song? Well, first of all, the sound is 0:09:24.920 --> 0:09:27.200 just you know, you're just it stops you. But the 0:09:27.240 --> 0:09:29.320 reason I thought this was a good one to pick 0:09:29.440 --> 0:09:33.160 was this is ascid allocation in a nutshell, and that 0:09:33.360 --> 0:09:36.920 also is part of the accessibility. You know, you have stocks, 0:09:36.960 --> 0:09:39.319 you have bonds, it's not that difficult and it's like 0:09:39.360 --> 0:09:41.679 a pie, right, So what percentages do you want of 0:09:41.720 --> 0:09:43.199 each as a class? You plug in the E T 0:09:43.360 --> 0:09:46.280 F and that's ultimately everything in its right place. So 0:09:46.320 --> 0:09:48.719 I think it speaks to acid allocation, and they've done 0:09:48.760 --> 0:09:52.240 studies that your decision on what percentages to put in 0:09:52.320 --> 0:09:56.199 those asset classes, it has much more determinant on your 0:09:56.200 --> 0:09:59.120 returns than the securities you select within the class. So 0:09:59.480 --> 0:10:03.920 it's huge, right, Good advice from Tom York. Excellent advice 0:10:03.920 --> 0:10:06.120 from Tom York. Next one up, we've got air bag 0:10:06.640 --> 0:10:20.959 from Okay computer. What are the lyrics that are that 0:10:21.040 --> 0:10:24.240 resonate with you? So, so Tom talks about Tom York 0:10:24.280 --> 0:10:29.319 obviously to his friend's Rady heads Ley singer Tom Tommy boy, Yeah, 0:10:29.400 --> 0:10:31.560 Tommy why as we call him in my household. So 0:10:31.679 --> 0:10:34.280 he talked about how last night and air bag saved 0:10:34.280 --> 0:10:37.000 my life. And he's talking about this jack knife juggernaut 0:10:37.160 --> 0:10:39.480 to where which you know, assumably some kind of vehicle 0:10:39.679 --> 0:10:41.240 who's which is sort of turned over on the road, 0:10:41.240 --> 0:10:43.040 and how he's kind of born again and saved where 0:10:43.040 --> 0:10:44.760 his air back. Now this applies to e t S 0:10:44.760 --> 0:10:48.280 because to Eric's point about asset allocation, you need to 0:10:48.320 --> 0:10:52.160 be thinking about your portfolio in terms of risk and reward. Right, 0:10:52.360 --> 0:10:55.079 you don't want to be all in in risky e 0:10:55.200 --> 0:10:56.720 t f s. You want to have some kind of 0:10:56.760 --> 0:10:59.800 air bag there that's a protective element. So that might 0:10:59.800 --> 0:11:01.839 be looking at kind of a treasury z t F 0:11:01.960 --> 0:11:04.840 for example, a way to kind of like put your 0:11:04.840 --> 0:11:08.520 money to work while still having something that's that's pretty safe. 0:11:09.080 --> 0:11:10.600 The other thing I like about this is that we're 0:11:10.679 --> 0:11:13.600 jumping around in time right, Like we're covering so many 0:11:13.600 --> 0:11:16.720 different albums here. Yeah, we're not going in chronic That's 0:11:16.800 --> 0:11:18.720 that's what makes it cool. This is not chronological order. 0:11:18.760 --> 0:11:21.400 It's financial advice order. It's been like high fideality, right, 0:11:22.000 --> 0:11:25.560 you see the financial were arranging his CDs by like 0:11:25.679 --> 0:11:30.000 order of his life. So this grouping though was loosely 0:11:30.640 --> 0:11:34.120 this is not that complicated, right, pretty much what's our 0:11:34.120 --> 0:11:37.000 next group? And going to be good behavior? So good behavior? 0:11:37.440 --> 0:11:41.599 Why is that relevant topic in this conversation? That was 0:11:41.679 --> 0:11:45.640 half of our episode with betterment behavior? If you behave badly, 0:11:46.080 --> 0:11:47.960 it doesn't matter that you save all this money on 0:11:48.040 --> 0:11:51.480 lower costs or you get less capital gains. You can 0:11:51.559 --> 0:11:54.160 really destroy a lot of gains if you make bad 0:11:54.200 --> 0:11:58.440 decisions and market time and so behavior is really a 0:11:58.520 --> 0:12:00.920 huge deal, which is nique aspect of the E t 0:12:01.080 --> 0:12:02.960 F because there's part of it that also sort of 0:12:03.040 --> 0:12:05.839 can encourage bad behavior because it's so easy to use 0:12:06.000 --> 0:12:08.840 exactly this is more applicable to ets than any other 0:12:08.880 --> 0:12:11.800 type of structure because they are so convenient you can 0:12:11.800 --> 0:12:13.640 get in and out whenever you want. So behavior is 0:12:13.679 --> 0:12:15.959 even more important with E t S. Okay, So, first 0:12:15.960 --> 0:12:21.160 song in our good behavior section optimistic from kid As 0:12:45.880 --> 0:12:48.079 did you pick this one or didn't Rachel pick this one? 0:12:49.000 --> 0:12:52.560 I did because I'm on Twitter a lot. And there's 0:12:52.559 --> 0:12:55.240 these people called perma bears, and they get a lot 0:12:55.240 --> 0:12:59.560 of airtime on television because calling the next sort of crisis. Remember, 0:12:59.600 --> 0:13:02.040 Michael has made all the people who called the financial 0:13:02.080 --> 0:13:05.280 crisis into like superheroes. So everybody's trying to call the 0:13:05.320 --> 0:13:08.440 next downturn. And ultimately, if you listen to them, especially 0:13:08.440 --> 0:13:10.760 in the last eight years, you would have definitely done 0:13:10.800 --> 0:13:14.760 worse than just doing nothing. And so optimism is huge, 0:13:14.880 --> 0:13:18.000 and I find that the best investors are the most optimistic, 0:13:18.040 --> 0:13:19.760 the ones who stick to their plan, believe in it, 0:13:19.800 --> 0:13:22.920 and get rid of the noise. Next up next, Little 0:13:22.920 --> 0:13:24.840 by a Little from the King of Limb. It's one 0:13:24.840 --> 0:13:54.320 of them more recent albums, What did So This is 0:13:54.360 --> 0:13:56.760 kind of a parable in like how to think about 0:13:56.960 --> 0:13:58.920 your E T F returns? Now you don't want to 0:13:58.920 --> 0:14:02.440 think about you know, sort of getting necessarily in a 0:14:02.520 --> 0:14:04.120 year in terms of your returns. You need to be 0:14:04.120 --> 0:14:08.079 thinking about this slowly compounding um amounts of money kind 0:14:08.080 --> 0:14:11.000 of coming into your ETFs, gradually going up and gradually 0:14:11.080 --> 0:14:13.959 returning you the big but whatever the index gives you, right, 0:14:14.120 --> 0:14:16.200 that's what That's what ETF does. Well, that's what traditional 0:14:16.320 --> 0:14:18.959 passive index tracking ETF does. So you don't want to 0:14:18.960 --> 0:14:20.640 be thinking about like that. This is not about, you know, 0:14:20.640 --> 0:14:23.000 getting rich quick. This is about investing for the long 0:14:23.120 --> 0:14:25.640 term and little by little that should pay off, basically 0:14:25.680 --> 0:14:29.320 the opposite of bitcoin investors, right, Okay, uh what I 0:14:29.440 --> 0:14:31.240 What I also liked about that one was like, that's 0:14:31.280 --> 0:14:36.560 the most recent Radiohead song I think on our list, right, Yeah, 0:14:36.600 --> 0:14:39.480 this was from King of Limbs, which was I wouldn't 0:14:39.520 --> 0:14:41.880 put this in there like top Echelon. I put them 0:14:41.880 --> 0:14:43.920 in the middle level in terms of how good they were, 0:14:43.960 --> 0:14:46.920 But there's some gems on their lotus. Flower in particular 0:14:47.000 --> 0:14:48.960 is as good as anything they've done. Which also leaves 0:14:48.960 --> 0:14:50.840 me a question that I haven't asked either of you yet. 0:14:50.880 --> 0:14:52.880 How many times do you think you've seen radio Head live? 0:14:53.680 --> 0:14:59.040 Probably eight over or under under. Sadly, I'm at three. Though, 0:14:59.360 --> 0:15:01.800 I do have with me today my T shirt from 0:15:01.800 --> 0:15:04.440 my first ever gig, which I'm going to actually, and 0:15:04.520 --> 0:15:10.040 I'm a bit hot already. This is great. I love 0:15:10.320 --> 0:15:18.440 I love, Actually I have the same. I'm like, whatever, Yes, 0:15:19.280 --> 0:15:21.720 this is this is It's play on that monkey one 0:15:21.720 --> 0:15:24.960 where the the where they have the no eyes, no mouth, right, 0:15:25.040 --> 0:15:27.040 except it's like modern day gen X. You don't have 0:15:27.080 --> 0:15:28.760 to cover your mouth. I got it. You have to 0:15:28.760 --> 0:15:31.640 stalk talking to the microphone. Well, I know I had 0:15:31.680 --> 0:15:33.360 to explain things to you, so I was given the 0:15:33.440 --> 0:15:35.240 visuals to help help it go fastest. So how many 0:15:35.520 --> 0:15:38.120 concert t shirts do you still have? I probably have. 0:15:38.800 --> 0:15:41.720 I probably have two. Over the years, I probably bought four. 0:15:41.720 --> 0:15:45.240 But I have a framed poster in my office area 0:15:45.720 --> 0:15:47.640 that I really kept. But a lot of a lot 0:15:47.680 --> 0:15:49.160 of the stuff I bought is kind of come and go. 0:15:49.680 --> 0:15:51.640 You've liked pretty ahead for such a long time. I 0:15:51.680 --> 0:15:55.920 have to ask, do you still have a cassette? No? 0:15:56.000 --> 0:15:58.440 But I have CDs. Yeah, I have a couple of CDs. 0:15:58.440 --> 0:16:01.840 And I thought, yeah, I have some cassettes. Used to 0:16:01.840 --> 0:16:03.680 make mix tapes for the car, and then inflicted on 0:16:03.720 --> 0:16:05.920 my family so that we would all get in there 0:16:06.000 --> 0:16:07.800 and you know, i'd have like a little remix from 0:16:07.840 --> 0:16:10.320 the Bend. How did you How did your parents feel 0:16:10.320 --> 0:16:13.080 about your radiohead? So, my dad's pretty cool. My dad 0:16:13.120 --> 0:16:14.640 was all right. He was obviously came picked me up 0:16:14.680 --> 0:16:16.440 from the concert, so he was. He was with it. 0:16:17.040 --> 0:16:19.600 My mom not such a big fan. My brother, yeah, 0:16:19.720 --> 0:16:21.720 it wasn't into it. I think he was more kind 0:16:21.760 --> 0:16:24.480 of getting into sort of the pop things at the time. 0:16:24.640 --> 0:16:28.520 Those those cassette mixes were not so highly prized on 0:16:28.920 --> 0:16:30.880 on those family road trips and prized by me but 0:16:30.880 --> 0:16:40.600 no one else. Okay, last song in the good behavior section, 0:16:41.000 --> 0:17:06.480 We've got I might be wrong from Amnesiac? What album 0:17:06.560 --> 0:17:09.560 was that? From Amnesiac? So they recorded two albums at 0:17:09.560 --> 0:17:12.119 the same time back in two thousand, two thousand one 0:17:12.200 --> 0:17:15.080 kind of a first part became kid a second with Amnesiac. 0:17:15.520 --> 0:17:17.360 I still remember going down to the shops the day 0:17:17.400 --> 0:17:19.920 that Amnesiac was released, got a left from school with 0:17:19.960 --> 0:17:23.240 my friend's mom. Brilliant. If you were in the US, 0:17:23.280 --> 0:17:26.480 I would have seen you with the record. Amnesiac was 0:17:26.480 --> 0:17:29.320 my Bloomberg terminal password for the first five years I 0:17:29.359 --> 0:17:31.960 was here. Ye amazing. Yeah, that was an amasiac one 0:17:32.080 --> 0:17:34.120 amn easiac too. Then I started using my kid's names 0:17:34.320 --> 0:17:39.080 because that's like there's numbers. Now they make you do 0:17:39.119 --> 0:17:41.960 capitals and yeah, I will tell you those Amasa. I 0:17:42.000 --> 0:17:44.080 like that. Um okay, and why do we pick? I 0:17:44.160 --> 0:17:46.760 might be wrong? So this one I think speaks to 0:17:46.760 --> 0:17:49.720 behavior because if you have your plain vanilla core and 0:17:49.800 --> 0:17:51.879 we talked about just hanging in there a little by 0:17:51.880 --> 0:17:54.520 a little, but let's face it, people like to speculate. 0:17:54.640 --> 0:17:56.480 That's okay. You know, it's okay to take some money 0:17:56.480 --> 0:17:58.239 and put that on something you think might go up. 0:17:58.240 --> 0:18:02.199 So take something like Russia small caps or Palladium, you know, 0:18:02.520 --> 0:18:05.960 something that's a little out there high flyer. Sometimes these 0:18:06.000 --> 0:18:08.840 do not work out you think they should work. Uranium 0:18:08.840 --> 0:18:10.480 is a good example that one has a great story, 0:18:10.480 --> 0:18:12.560 but it always goes down. It just goes down and 0:18:12.600 --> 0:18:15.240 down and down. You can cut your losses, okay, it's 0:18:15.240 --> 0:18:17.320 okay to met you're wrong because a lot of people 0:18:17.359 --> 0:18:19.560 lose extra money by thinking that it's going to turn 0:18:19.600 --> 0:18:23.280 around and and it never does. And one uh metric 0:18:23.359 --> 0:18:25.119 people use a lot for this is the two hundred 0:18:25.160 --> 0:18:26.879 moving day average. So if the price of the e 0:18:26.960 --> 0:18:29.960 t F falls below it's two moving day average. That's 0:18:30.000 --> 0:18:32.320 known as the death cross, and a lot of times 0:18:32.320 --> 0:18:34.480 people will look at that as the time to get out, 0:18:34.520 --> 0:18:37.160 like it's just gonna get worse from there. So it's okay, 0:18:37.160 --> 0:18:39.720 you don't need to like marry every idea you have 0:18:39.800 --> 0:18:42.480 for like a good trade. The death cross almost sounds 0:18:42.480 --> 0:18:45.159 like a Radiohead song. They're probably working out something with 0:18:45.200 --> 0:18:49.000 that right now or an album. Okay, So that grouping 0:18:49.320 --> 0:18:53.680 was good behavior. The opposite of good behavior is bad behavior. 0:18:53.760 --> 0:18:55.920 And we also have some songs that we picked for that, 0:18:56.600 --> 0:19:00.439 the first one being Just from the Bad, one of 0:19:00.440 --> 0:19:23.000 my favorite songs. They're teaching some personal responsibility here they are. Yeah, 0:19:23.080 --> 0:19:24.840 so the song itself a sort of deals with a 0:19:24.960 --> 0:19:28.320 rather unfortunate relationship going bad. But in terms of personal 0:19:28.359 --> 0:19:30.560 investing advice, I think that's some really interesting takeaways, right. 0:19:30.560 --> 0:19:32.880 I mean, if you look at the financial crisis, one 0:19:32.920 --> 0:19:36.000 of the things that the people lamented after everything soured was, oh, 0:19:36.040 --> 0:19:39.440 I didn't know. Now, there is a lot of responsibility 0:19:39.480 --> 0:19:42.320 that advisers and sellers of products have to make sure 0:19:42.359 --> 0:19:44.280 that you have the information. You should be able. You 0:19:44.320 --> 0:19:46.439 shouldn't being missouled something, you should know what it is. 0:19:46.960 --> 0:19:48.399 But when it comes to e t F, there's so 0:19:48.480 --> 0:19:51.560 much information in the public domain, you as an investor 0:19:51.680 --> 0:19:53.879 have to take responsibility for what you own and to 0:19:53.920 --> 0:19:56.040 go and read the prospectives of what you're buying. To 0:19:56.080 --> 0:19:58.040 take one example, you could look at kind of emerging 0:19:58.080 --> 0:20:00.720 market equity e t F for example, Um, some of 0:20:00.760 --> 0:20:02.800 these are hedged, some of them aren't. You need to 0:20:02.840 --> 0:20:05.119 know that some of them hedge all of the currencies 0:20:05.160 --> 0:20:07.280 within them. Some of them hedge some of the currencies 0:20:07.320 --> 0:20:09.720 and optimize that hedge. Now, unless you actually read the 0:20:09.760 --> 0:20:12.040 small print, you don't know that. And if you don't 0:20:12.080 --> 0:20:14.159 know that, you could get burnt when something bad happens 0:20:14.160 --> 0:20:16.320 in the markets. I'd riff off of this with our 0:20:16.359 --> 0:20:18.080 next one, which is which is fake Plastic Tree, the 0:20:18.080 --> 0:20:21.000 same concept here, which is the same album, same album. Yeah, 0:20:21.040 --> 0:20:23.040 the vents and look, there's a lot of things that 0:20:23.520 --> 0:20:26.000 look pretty good. I mean that either the name is 0:20:26.080 --> 0:20:28.000 very nice to kind of the cereal awl, the cartoon 0:20:28.080 --> 0:20:30.960 character on front. But there's a lot of things that 0:20:31.000 --> 0:20:33.040 you don't need. There's a lot of noise out there, 0:20:33.280 --> 0:20:36.159 and I think that sort of speaks to that. The 0:20:36.320 --> 0:21:09.600 green plastical, the affection is fake Blood, good from God. 0:21:09.600 --> 0:21:13.199 That's soothing. Eric, put your later Away, Rachel, what do 0:21:13.240 --> 0:21:15.359 you like about that song? I mean that song to 0:21:15.359 --> 0:21:17.560 me has always been one of the finest radio Head songs. 0:21:17.600 --> 0:21:22.240 I think lyrically it's fantastic. It's musically beautiful and haunting. 0:21:22.560 --> 0:21:25.280 Um and yeah, it builds to a really kind of 0:21:25.320 --> 0:21:27.560 great finale where you can kind of like pretty much 0:21:27.720 --> 0:21:31.880 scream it loud and yeah, it's it's great. Does the business, Yeah, 0:21:31.960 --> 0:21:35.119 that one was just top of my list. Although The 0:21:35.119 --> 0:21:37.480 Bins is funny, it's all about bad behavior and yet 0:21:37.560 --> 0:21:41.840 it's it's like the best album ads. Eric will probably 0:21:42.359 --> 0:21:44.200 back me up on. I think, you know, they wrote 0:21:44.200 --> 0:21:46.359 it when they were twenty seven. Let's face it, we 0:21:46.359 --> 0:21:48.800 were all doing bad things at age seven, and you're 0:21:48.840 --> 0:21:50.600 kind of fighting yourself at that age, and so I 0:21:50.640 --> 0:21:53.159 think they they kind of settled down, had kids in 0:21:53.359 --> 0:21:55.359 their music became more about judge, you're looking at the 0:21:55.359 --> 0:21:57.800 outside world. But The Bends I think was very much 0:21:57.840 --> 0:22:00.600 about stuff going on in like their life and trying 0:22:00.600 --> 0:22:02.200 to get your act together. Yeah, I agree, Like the 0:22:02.240 --> 0:22:03.959 first couple of albums are kind of very personal. They 0:22:03.960 --> 0:22:06.040 feel like they're they're dealing with their own personal demons, 0:22:06.080 --> 0:22:07.680 and then as they kind of move out, they start 0:22:07.760 --> 0:22:10.639 looking at consumerism, commercialism, all that kind of stuff, and 0:22:10.840 --> 0:22:15.480