WEBVTT - Coming Soon: Barry Ritholtz on Trillions

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<v Speaker 1>Hey, it's Barry Ridhalt. You shouldn't check out my upcoming

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<v Speaker 1>appearance on Bloomberg's E t F podcast Trillions, hosted by

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<v Speaker 1>Eric Beltunis and Joel Weber. It's pretty epic. The guys

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<v Speaker 1>pepper me with questions on behavioral finance, e t F, tariffs,

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<v Speaker 1>trade war politics. Be sure and check out the episode

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<v Speaker 1>of Trillions dropping August three. It was a fantastic discussion.

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<v Speaker 1>And if you don't believe me, just listen to this.

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<v Speaker 1>There's a you know, a pot e t F. There's

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<v Speaker 1>a cybersecurity e t F, robotics. These theme ets have

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<v Speaker 1>risen a little bit. A lot of people blow them off,

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<v Speaker 1>but a lot of the stocks they hold are young.

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<v Speaker 1>There won't be in the big index is for a

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<v Speaker 1>while then most people own Is there a case for them?

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<v Speaker 1>Do you ever get tempted by some of these more

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<v Speaker 1>speculative areas, Yes, there's a case for them. No, I'm

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<v Speaker 1>never tempted by them. But like you know how Google

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<v Speaker 1>had the big earnings recently. Um, and then everybody on

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<v Speaker 1>Twitter does this thing where they quote people who said

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<v Speaker 1>Google is not going anywhere. I feel like those are

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<v Speaker 1>the same people who pooh poo like a pot et

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<v Speaker 1>f because they're like, oh, it's a joke. Um, I

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<v Speaker 1>don't think it's a joke, but correct. But if Google

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<v Speaker 1>was sort of uh waved off back then or looked

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<v Speaker 1>at is maybe high flying or speculative, shouldn't things that

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<v Speaker 1>are speculative today be taken more seriously to get your

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<v Speaker 1>claws into that young industry or young stock, as opposed

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<v Speaker 1>to waiting until it's an adult and finally makes it

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<v Speaker 1>in the SMP five hundred, Alex, I'll take survivorship bias

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<v Speaker 1>for one please. So you're telling me about Google today,

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<v Speaker 1>but you're not mentioning pets dot com or Cosmo or

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<v Speaker 1>any of the other thousands of pieces of crap that

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<v Speaker 1>came and go. Remember Google was like the twenty six

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<v Speaker 1>search engine. I was a beta test er for Google

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<v Speaker 1>back in the you know, eighteenth century, and I remember

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<v Speaker 1>playing with it for a day in sending an email

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<v Speaker 1>to the person who invited me, this is interesting, How

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<v Speaker 1>can I invest in your company with that? Like a

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<v Speaker 1>Yahoo dot Com email? I don't even know it was

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<v Speaker 1>a o L. It was dialing right that crazy era.

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<v Speaker 1>So let's separate the pot ETFs from and a buddy

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<v Speaker 1>of mine runs a cannabinoid wellness and health hedge funds

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<v Speaker 1>described buddy, Uh, this is somebody. Todd Harrison is somebody

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<v Speaker 1>I'm friendly with. Never indulged in in any leafing material

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<v Speaker 1>with him. Um, but he's a person whose office was

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<v Speaker 1>right near the World Trade Center during nine eleven, had

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<v Speaker 1>horrific survivorship guilt. They put him on the usual opioids

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<v Speaker 1>and depressants. He hated what it did to him, He said,

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<v Speaker 1>I'm not who I used to be. Eventually found his

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<v Speaker 1>way to some legal medical like there have been medical

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<v Speaker 1>marijuana legal in New York for really really specific diseases.

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<v Speaker 1>It's not like quote unquote medical marijuana when it was

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<v Speaker 1>in California, where m hey, dude, I'm having a hard

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<v Speaker 1>time sleeping. Oh here's some weed that that is not

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<v Speaker 1>what New York was. And look at look at what's

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<v Speaker 1>taking place state by state. Does anybody doubt that fifty

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<v Speaker 1>years from now, medical regular marijuana is sold over the

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<v Speaker 1>counter like beer. How about twenty years from now, how

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<v Speaker 1>about ten years from now. At a certain point, it's

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<v Speaker 1>clear we can't incarceraate millions of people for weed and

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<v Speaker 1>pay millions of dollars billions of dollars to drug companies

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<v Speaker 1>for things that may or may not work. Oh and

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<v Speaker 1>thanks for the OPIOI Sessions would like to speak with you.

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<v Speaker 1>Now you know Sessions. So this whole crew is a

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<v Speaker 1>temporary setback to the relentless march forward of progress, not

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<v Speaker 1>just politically, technologically sociologically. So you sound like you understand

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<v Speaker 1>the pot industry, the growth and all this. This is

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<v Speaker 1>a great example. I'm high right now now own life,

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<v Speaker 1>I can say it. But it's a good example because

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<v Speaker 1>we do talk about the ttfs in the show a lot.

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<v Speaker 1>But as an investor out there, w E D s

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<v Speaker 1>the one. But say you're listening out there, m J

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<v Speaker 1>is the ticker. It's a diversified basket of potstar Jane. Yes,

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<v Speaker 1>it could have been better, but I think, how does

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<v Speaker 1>nobody up something well? I think the issuers didn't want

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<v Speaker 1>to go too far and like really irk the sec

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<v Speaker 1>by like doing a touchdown dance with a ticker. But

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<v Speaker 1>I digress. The tick ticker makes a big difference. But

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<v Speaker 1>here's a case where you know the industry you bought.

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<v Speaker 1>You kind of sound like you're, um, I'm intrigued by it.

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<v Speaker 1>But but but as an investor, what stops you from

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<v Speaker 1>trying to get an early foothold in using say diversified

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<v Speaker 1>basket like MJ. That's a great question. Well, first of all,

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<v Speaker 1>I have you know the the old joke is the

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<v Speaker 1>second mouse gets the cheese. The settlers, the early settlers

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<v Speaker 1>are the ones with the arrows in their back. Um,

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<v Speaker 1>I don't I don't know. I don't know if ms

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<v Speaker 1>like Ben Franklin type stuff right there? So the question

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<v Speaker 1>we mentioned we mentioned Google, right, So is this the

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<v Speaker 1>first group of stocks? Is this the second group? Like?

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<v Speaker 1>How many? How many dog pile and go and what

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<v Speaker 1>were some of the other out of Vista? How many

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<v Speaker 1>of these other mediocre search engines do we have to

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<v Speaker 1>go through before Google comes along, executes better, has a

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<v Speaker 1>broader vision, can do all the chance they need to do.

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<v Speaker 1>So maybe m J is a home run, or maybe

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<v Speaker 1>it's a speculat piece of graphic goes nowhere. I have

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<v Speaker 1>no way to tell that