Speaker 1: Hey, it's Barry Ridhalt. You shouldn't check out my upcoming
Speaker 1: appearance on Bloomberg's E t F podcast Trillions, hosted by
Speaker 1: Eric Beltunis and Joel Weber. It's pretty epic. The guys
Speaker 1: pepper me with questions on behavioral finance, e t F, tariffs,
Speaker 1: trade war politics. Be sure and check out the episode
Speaker 1: of Trillions dropping August three. It was a fantastic discussion.
Speaker 1: And if you don't believe me, just listen to this.
Speaker 1: There's a you know, a pot e t F. There's
Speaker 1: a cybersecurity e t F, robotics. These theme ets have
Speaker 1: risen a little bit. A lot of people blow them off,
Speaker 1: but a lot of the stocks they hold are young.
Speaker 1: There won't be in the big index is for a
Speaker 1: while then most people own Is there a case for them?
Speaker 1: Do you ever get tempted by some of these more
Speaker 1: speculative areas, Yes, there's a case for them. No, I'm
Speaker 1: never tempted by them. But like you know how Google
Speaker 1: had the big earnings recently. Um, and then everybody on
Speaker 1: Twitter does this thing where they quote people who said
Speaker 1: Google is not going anywhere. I feel like those are
Speaker 1: the same people who pooh poo like a pot et
Speaker 1: f because they're like, oh, it's a joke. Um, I
Speaker 1: don't think it's a joke, but correct. But if Google
Speaker 1: was sort of uh waved off back then or looked
Speaker 1: at is maybe high flying or speculative, shouldn't things that
Speaker 1: are speculative today be taken more seriously to get your
Speaker 1: claws into that young industry or young stock, as opposed
Speaker 1: to waiting until it's an adult and finally makes it
Speaker 1: in the SMP five hundred, Alex, I'll take survivorship bias
Speaker 1: for one please. So you're telling me about Google today,
Speaker 1: but you're not mentioning pets dot com or Cosmo or
Speaker 1: any of the other thousands of pieces of crap that
Speaker 1: came and go. Remember Google was like the twenty six
Speaker 1: search engine. I was a beta test er for Google
Speaker 1: back in the you know, eighteenth century, and I remember
Speaker 1: playing with it for a day in sending an email
Speaker 1: to the person who invited me, this is interesting, How
Speaker 1: can I invest in your company with that? Like a
Speaker 1: Yahoo dot Com email? I don't even know it was
Speaker 1: a o L. It was dialing right that crazy era.
Speaker 1: So let's separate the pot ETFs from and a buddy
Speaker 1: of mine runs a cannabinoid wellness and health hedge funds
Speaker 1: described buddy, Uh, this is somebody. Todd Harrison is somebody
Speaker 1: I'm friendly with. Never indulged in in any leafing material
Speaker 1: with him. Um, but he's a person whose office was
Speaker 1: right near the World Trade Center during nine eleven, had
Speaker 1: horrific survivorship guilt. They put him on the usual opioids
Speaker 1: and depressants. He hated what it did to him, He said,
Speaker 1: I'm not who I used to be. Eventually found his
Speaker 1: way to some legal medical like there have been medical
Speaker 1: marijuana legal in New York for really really specific diseases.
Speaker 1: It's not like quote unquote medical marijuana when it was
Speaker 1: in California, where m hey, dude, I'm having a hard
Speaker 1: time sleeping. Oh here's some weed that that is not
Speaker 1: what New York was. And look at look at what's
Speaker 1: taking place state by state. Does anybody doubt that fifty
Speaker 1: years from now, medical regular marijuana is sold over the
Speaker 1: counter like beer. How about twenty years from now, how
Speaker 1: about ten years from now. At a certain point, it's
Speaker 1: clear we can't incarceraate millions of people for weed and
Speaker 1: pay millions of dollars billions of dollars to drug companies
Speaker 1: for things that may or may not work. Oh and
Speaker 1: thanks for the OPIOI Sessions would like to speak with you.
Speaker 1: Now you know Sessions. So this whole crew is a
Speaker 1: temporary setback to the relentless march forward of progress, not
Speaker 1: just politically, technologically sociologically. So you sound like you understand
Speaker 1: the pot industry, the growth and all this. This is
Speaker 1: a great example. I'm high right now now own life,
Speaker 1: I can say it. But it's a good example because
Speaker 1: we do talk about the ttfs in the show a lot.
Speaker 1: But as an investor out there, w E D s
Speaker 1: the one. But say you're listening out there, m J
Speaker 1: is the ticker. It's a diversified basket of potstar Jane. Yes,
Speaker 1: it could have been better, but I think, how does
Speaker 1: nobody up something well? I think the issuers didn't want
Speaker 1: to go too far and like really irk the sec
Speaker 1: by like doing a touchdown dance with a ticker. But
Speaker 1: I digress. The tick ticker makes a big difference. But
Speaker 1: here's a case where you know the industry you bought.
Speaker 1: You kind of sound like you're, um, I'm intrigued by it.
Speaker 1: But but but as an investor, what stops you from
Speaker 1: trying to get an early foothold in using say diversified
Speaker 1: basket like MJ. That's a great question. Well, first of all,
Speaker 1: I have you know the the old joke is the
Speaker 1: second mouse gets the cheese. The settlers, the early settlers
Speaker 1: are the ones with the arrows in their back. Um,
Speaker 1: I don't I don't know. I don't know if ms
Speaker 1: like Ben Franklin type stuff right there? So the question
Speaker 1: we mentioned we mentioned Google, right, So is this the
Speaker 1: first group of stocks? Is this the second group? Like?
Speaker 1: How many? How many dog pile and go and what
Speaker 1: were some of the other out of Vista? How many
Speaker 1: of these other mediocre search engines do we have to
Speaker 1: go through before Google comes along, executes better, has a
Speaker 1: broader vision, can do all the chance they need to do.
Speaker 1: So maybe m J is a home run, or maybe
Speaker 1: it's a speculat piece of graphic goes nowhere. I have
Speaker 1: no way to tell that