1 00:00:02,480 --> 00:00:13,239 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. 2 00:00:14,000 --> 00:00:14,720 Speaker 2: Welcome to Trillions. 3 00:00:14,720 --> 00:00:17,160 Speaker 3: I'm Joel Webber and I'm Eric Belchunis Eric. 4 00:00:17,200 --> 00:00:21,239 Speaker 4: We have not had a big group episode of Trillions 5 00:00:21,239 --> 00:00:22,880 Speaker 4: for a long time, but we're going to do it today. 6 00:00:23,440 --> 00:00:25,000 Speaker 3: We are, Yeah, we were due. 7 00:00:25,040 --> 00:00:25,560 Speaker 2: We're going to. 8 00:00:25,560 --> 00:00:29,880 Speaker 4: Talk about the best new launch ETF launch of twenty 9 00:00:29,920 --> 00:00:32,640 Speaker 4: twenty five. And we brought a ton of colleagues from 10 00:00:32,840 --> 00:00:36,199 Speaker 4: within Bloomberg News and Bloomberg Intelligence, each of whom are 11 00:00:36,240 --> 00:00:40,159 Speaker 4: going to pick their candidate and then in a battle royale, 12 00:00:40,159 --> 00:00:43,400 Speaker 4: we're going to decide which one is the best pitch. 13 00:00:43,840 --> 00:00:44,120 Speaker 3: Yeah. 14 00:00:44,159 --> 00:00:47,600 Speaker 5: This was something that Exchange Slash inside ETFs used to 15 00:00:47,600 --> 00:00:50,360 Speaker 5: do back in the day, and I participated in many times. Member, 16 00:00:50,479 --> 00:00:53,360 Speaker 5: I'm still salty over not winning for the Urini ETF 17 00:00:53,360 --> 00:00:54,200 Speaker 5: about four years ago. 18 00:00:54,400 --> 00:00:55,560 Speaker 2: Still carrying that grudge. 19 00:00:55,640 --> 00:00:57,640 Speaker 5: Yeah, but they stopped doing it, so I feel like 20 00:00:57,720 --> 00:00:59,920 Speaker 5: it's a we're gonna get time and let me throw 21 00:01:00,200 --> 00:01:02,600 Speaker 5: that up for years, gol. There's nine hundred and twenty 22 00:01:02,640 --> 00:01:05,360 Speaker 5: launches this year in the US alone so far. So far, 23 00:01:05,400 --> 00:01:07,600 Speaker 5: they'll get a little bit to daylight and two hundred 24 00:01:07,680 --> 00:01:11,560 Speaker 5: or two thy four hundred worldwide. That's ten ETFs. Every day, 25 00:01:11,720 --> 00:01:14,400 Speaker 5: Every forty five minutes, a new ETF is born. 26 00:01:14,400 --> 00:01:16,080 Speaker 3: Somewhere in the world easily. 27 00:01:16,360 --> 00:01:16,560 Speaker 2: Yeah. 28 00:01:16,680 --> 00:01:20,400 Speaker 5: Yeah, it may almost double the old record. That's how 29 00:01:20,440 --> 00:01:21,919 Speaker 5: many ETFs are hitting the market. 30 00:01:22,400 --> 00:01:25,320 Speaker 4: Okay, we have, like I said, a large group of 31 00:01:25,360 --> 00:01:29,840 Speaker 4: people here. We've got Phil, Donna Hirich, Dniza Sikova, andre 32 00:01:30,000 --> 00:01:37,160 Speaker 4: yap Isabelle Lee, maybe me, Athanasio, Sarah Vegas, maybe you, 33 00:01:37,840 --> 00:01:41,880 Speaker 4: and judging it all David Papadopolos, an executive editor with 34 00:01:41,920 --> 00:01:46,480 Speaker 4: Bloomberg News, this time on Trillions, the Best ETF Launch 35 00:01:46,680 --> 00:01:52,360 Speaker 4: twenty twenty five. Okay, so first of all, we have 36 00:01:52,440 --> 00:01:54,120 Speaker 4: to bring David Papadopolos back in. 37 00:01:55,040 --> 00:01:57,200 Speaker 2: David, welcome back to Trillions. Thanks Joel. 38 00:01:57,240 --> 00:01:59,080 Speaker 4: It's been a while, it's been it's been a second, 39 00:01:59,120 --> 00:02:00,720 Speaker 4: but we're really excited to have you back. This is 40 00:02:00,720 --> 00:02:03,360 Speaker 4: also that awkward moment where we kind of give you 41 00:02:03,400 --> 00:02:07,000 Speaker 4: the mic and yeah, like we're a sidekicks my show 42 00:02:07,080 --> 00:02:08,720 Speaker 4: now to your show. Now, So how are you going 43 00:02:08,800 --> 00:02:10,480 Speaker 4: to be judging the pitches? 44 00:02:12,200 --> 00:02:14,120 Speaker 2: So I think a few criteria. 45 00:02:14,440 --> 00:02:18,079 Speaker 6: I mean, obviously it feels like it should be an ETF. 46 00:02:18,120 --> 00:02:20,880 Speaker 6: That's like of this moment, right, like of the current 47 00:02:20,919 --> 00:02:24,079 Speaker 6: trend sort of thematic that way, hopefully an ETF that's 48 00:02:24,080 --> 00:02:27,200 Speaker 6: got some stake, by the way, for those you know, 49 00:02:27,240 --> 00:02:29,360 Speaker 6: for the members that there, you guys, don't don't go 50 00:02:29,560 --> 00:02:33,560 Speaker 6: tweaking your changing your pitches as you as you hear this, uh, 51 00:02:33,600 --> 00:02:37,120 Speaker 6: something with a little bit of staying power. And obviously 52 00:02:37,160 --> 00:02:41,239 Speaker 6: marketability is super important. I guess, like listen, maybe performance 53 00:02:41,240 --> 00:02:43,760 Speaker 6: so far, but it's presumably it's a it's a fairly 54 00:02:44,160 --> 00:02:47,000 Speaker 6: short period of time to be judging that way. 55 00:02:47,120 --> 00:02:49,200 Speaker 2: So you're the market, You're the market. 56 00:02:49,600 --> 00:02:50,359 Speaker 6: I am the market. 57 00:02:50,440 --> 00:02:52,840 Speaker 4: Okay, so it would appear all right, let's let's uh, 58 00:02:52,919 --> 00:02:53,720 Speaker 4: let's get down to it. 59 00:02:53,760 --> 00:02:54,760 Speaker 2: Who's gonna go first? 60 00:02:55,200 --> 00:02:59,200 Speaker 6: First up, we have isabel Lee Cross, asset reporter here 61 00:02:59,200 --> 00:03:03,280 Speaker 6: with Bloomberg. Isabelle, you have one minute, and then I 62 00:03:03,320 --> 00:03:05,560 Speaker 6: will ask perhaps a follow up. 63 00:03:05,520 --> 00:03:10,960 Speaker 2: Question, and Eric and I might have some commentary, might have. 64 00:03:10,919 --> 00:03:13,240 Speaker 6: A snide co two which is by the way, which 65 00:03:13,280 --> 00:03:16,200 Speaker 6: is a little sketch because they're also going to be 66 00:03:16,240 --> 00:03:18,639 Speaker 6: pitching themselves. Don't let them get in your head. 67 00:03:18,840 --> 00:03:19,800 Speaker 7: The snyder the better. 68 00:03:20,520 --> 00:03:24,239 Speaker 6: Here we are, okay, okay, you are on the clock. 69 00:03:25,639 --> 00:03:28,560 Speaker 7: So do you guys believe that everyone deserves a second chance, 70 00:03:28,680 --> 00:03:32,320 Speaker 7: from your ex, from your enemies, from your boss. So 71 00:03:32,440 --> 00:03:34,040 Speaker 7: this ETF gets point. 72 00:03:33,800 --> 00:03:34,280 Speaker 8: One for that. 73 00:03:34,639 --> 00:03:38,200 Speaker 7: I'm talking about the round hell Meme ETF tick Meme 74 00:03:38,240 --> 00:03:42,200 Speaker 7: stock ETF ticker is meme emmy round two for that. 75 00:03:42,720 --> 00:03:45,720 Speaker 7: So they're making a comeback. They closed in twenty twenty 76 00:03:45,760 --> 00:03:48,840 Speaker 7: three because they didn't get enough assets and they weren't 77 00:03:48,880 --> 00:03:52,600 Speaker 7: performing well basically, and then this year they relaunch and 78 00:03:52,640 --> 00:03:55,160 Speaker 7: now that they're in the market. The difference is last year, 79 00:03:55,440 --> 00:03:59,760 Speaker 7: last seconds, it was passive. Now it's active plus one point. 80 00:04:00,040 --> 00:04:03,520 Speaker 7: Now I'm totally three. It's it's active now and they're 81 00:04:03,560 --> 00:04:07,360 Speaker 7: going to use a series of quantitative and proprietary data. 82 00:04:07,800 --> 00:04:10,680 Speaker 7: But basically it talked about meme and we know that 83 00:04:10,720 --> 00:04:13,480 Speaker 7: meme socks entered the lexicon during the pandemic. It died 84 00:04:13,560 --> 00:04:15,800 Speaker 7: on a little, but now it's back. Think open Door, 85 00:04:16,160 --> 00:04:20,320 Speaker 7: krispy Kreme, think all of the recent figures that are 86 00:04:20,720 --> 00:04:23,200 Speaker 7: meme ified today. So I really think that this and 87 00:04:23,240 --> 00:04:25,720 Speaker 7: the basis points is sixty nine, which is not inexpensive 88 00:04:25,800 --> 00:04:26,520 Speaker 7: four points for me. 89 00:04:27,480 --> 00:04:37,279 Speaker 6: Yeah, all right, Meme interesting, certainly certainly topical meme stocks 90 00:04:37,320 --> 00:04:41,240 Speaker 6: are indeed back open Door, krispy Kreme and a company 91 00:04:41,240 --> 00:04:43,599 Speaker 6: founded by an old college buddy of mine by the 92 00:04:43,640 --> 00:04:49,120 Speaker 6: name of Beyond Me. Wow. Yeah, true story over both 93 00:04:49,320 --> 00:04:53,640 Speaker 6: bad basketball players on a bad college team. It's true. 94 00:04:53,960 --> 00:04:57,240 Speaker 3: So lots of impact there, Yes, I know. 95 00:04:58,960 --> 00:04:59,359 Speaker 2: Yourself. 96 00:05:00,080 --> 00:05:02,680 Speaker 4: It's interesting about that. There's little like asterisks there that 97 00:05:02,720 --> 00:05:04,440 Speaker 4: I like that you called that like it is a 98 00:05:04,480 --> 00:05:06,640 Speaker 4: new launch this year, but it has been here before. 99 00:05:07,240 --> 00:05:07,440 Speaker 2: Yeah. 100 00:05:07,480 --> 00:05:10,400 Speaker 5: By the way, meme has a great I almost think 101 00:05:10,440 --> 00:05:14,120 Speaker 5: it's an inverse indicator because it closed at the actual bottom, 102 00:05:14,680 --> 00:05:17,279 Speaker 5: and then since it's launched, the market's gone down, like 103 00:05:17,320 --> 00:05:20,040 Speaker 5: it might be like kind of kramer esque in its 104 00:05:20,040 --> 00:05:23,920 Speaker 5: ability picked. Yeah, and bottom ticked. When it first closed, 105 00:05:24,200 --> 00:05:26,320 Speaker 5: it bottom ticked, And it's interesting. 106 00:05:26,000 --> 00:05:28,680 Speaker 7: That they reserved the ticker almost like they knew it 107 00:05:28,720 --> 00:05:31,440 Speaker 7: was gonna make a comeback, all right. 108 00:05:31,520 --> 00:05:31,880 Speaker 2: Yeah. 109 00:05:32,160 --> 00:05:35,400 Speaker 3: Also, this is one of the only self lazaruses. 110 00:05:35,800 --> 00:05:36,040 Speaker 7: Yeah. 111 00:05:36,040 --> 00:05:37,440 Speaker 5: What I mean by that is a lot of times 112 00:05:37,440 --> 00:05:39,680 Speaker 5: the ETF dies and another issue goes, ooh, let's let 113 00:05:39,680 --> 00:05:41,800 Speaker 5: me try that. This is the first time where the 114 00:05:41,839 --> 00:05:45,120 Speaker 5: same issuer killed the ETF and said, let's resurrect our 115 00:05:45,160 --> 00:05:45,840 Speaker 5: own ETF. 116 00:05:45,880 --> 00:05:47,359 Speaker 3: I've never seen that, So let's. 117 00:05:47,200 --> 00:05:49,080 Speaker 7: End this podcast because I clearly went. 118 00:05:49,640 --> 00:05:53,320 Speaker 6: Thank you, thank you, so I guess questions from me 119 00:05:54,120 --> 00:05:59,120 Speaker 6: is uh aum so far? And I guess is about 120 00:05:59,160 --> 00:06:01,560 Speaker 6: so like, just tell me your vision for this thing, 121 00:06:02,240 --> 00:06:09,800 Speaker 6: giving its rocky past. Is this like a a one 122 00:06:09,920 --> 00:06:12,760 Speaker 6: year ETF play, a five year ETF play, a tenure? 123 00:06:12,800 --> 00:06:12,880 Speaker 2: Like? 124 00:06:12,920 --> 00:06:15,279 Speaker 6: What what's what's your time horizon for this thing? What 125 00:06:15,320 --> 00:06:16,880 Speaker 6: does success look like for this ETF? 126 00:06:17,480 --> 00:06:20,080 Speaker 7: I feel like assets is always a success. But the 127 00:06:20,080 --> 00:06:22,200 Speaker 7: past one it was just a passive ETF. It just 128 00:06:22,279 --> 00:06:25,159 Speaker 7: trapped an index. Now it's active and they will rebalance 129 00:06:25,400 --> 00:06:27,360 Speaker 7: every two weeks, as opposed to in the past where 130 00:06:27,400 --> 00:06:30,280 Speaker 7: they rebalance every month. Because, as we know, meme sentiments 131 00:06:30,400 --> 00:06:33,080 Speaker 7: change within a day or something. If you just find 132 00:06:33,080 --> 00:06:35,280 Speaker 7: yourself in Reddit, which I've been using a lot more. 133 00:06:35,880 --> 00:06:38,520 Speaker 7: By the way, I best hair straightener, I read it, 134 00:06:38,839 --> 00:06:40,160 Speaker 7: best restaurant reddit. 135 00:06:42,920 --> 00:06:42,960 Speaker 9: It. 136 00:06:43,160 --> 00:06:43,960 Speaker 8: No, I don't do that. 137 00:06:46,600 --> 00:06:48,680 Speaker 2: She's like playing into the meme vibes. 138 00:06:48,760 --> 00:06:52,919 Speaker 6: Yes, all right, uh Eric Joel, any final comments? 139 00:06:53,360 --> 00:06:54,719 Speaker 2: Let's keep it moving? Who's next? 140 00:06:55,000 --> 00:07:01,200 Speaker 6: Thank you? Will next stop? Another cross said superstar for 141 00:07:01,279 --> 00:07:05,080 Speaker 6: us here it's you are on the clock. 142 00:07:05,839 --> 00:07:08,479 Speaker 10: Just to say, not that I'm competitive, but Isabelle's ETF 143 00:07:08,600 --> 00:07:12,960 Speaker 10: was down ten percent last week. My ETF everyone cares 144 00:07:12,960 --> 00:07:15,520 Speaker 10: about dividends. Everyone is asking about dividends. But there are 145 00:07:15,520 --> 00:07:19,640 Speaker 10: two big problems about dividends. That they underperformed the index, uh, 146 00:07:19,680 --> 00:07:21,760 Speaker 10: and that they have a tax track. And I have 147 00:07:21,840 --> 00:07:26,000 Speaker 10: a proposal to fix that. Allto cobbets in ETFs, it's 148 00:07:26,160 --> 00:07:27,000 Speaker 10: all the buzz. 149 00:07:27,480 --> 00:07:27,600 Speaker 7: Uh. 150 00:07:28,080 --> 00:07:30,440 Speaker 8: When it comes to banks, everyone has been doing it 151 00:07:30,440 --> 00:07:30,600 Speaker 8: for a. 152 00:07:30,640 --> 00:07:33,080 Speaker 10: Very long time, but now you can see it in 153 00:07:33,120 --> 00:07:37,640 Speaker 10: an ETF is based off commos. It's seventy four basis point, 154 00:07:37,720 --> 00:07:40,560 Speaker 10: which for kind of a sophisticated trait, I would say 155 00:07:40,600 --> 00:07:44,440 Speaker 10: it's relatively cheap. Of course, it's index base, which is important. 156 00:07:44,440 --> 00:07:46,120 Speaker 10: There are a lot of single stock ones that are 157 00:07:46,240 --> 00:07:50,280 Speaker 10: very voatile, come with a lot of issues, but index 158 00:07:50,320 --> 00:07:54,720 Speaker 10: base obviously is much more balanced, less likely to get 159 00:07:54,800 --> 00:07:55,840 Speaker 10: big losses. 160 00:07:56,440 --> 00:07:56,560 Speaker 11: Uh. 161 00:07:56,720 --> 00:07:59,040 Speaker 8: Then we have yields all. 162 00:07:58,920 --> 00:08:01,760 Speaker 10: For fourteen percent and coupon which is one of the 163 00:08:01,840 --> 00:08:04,640 Speaker 10: highest in that divident category. And at the same time 164 00:08:04,720 --> 00:08:07,760 Speaker 10: we're talking about performance, there is. 165 00:08:09,520 --> 00:08:12,600 Speaker 2: A time is up. Yeah, okay, well there, yeah, I 166 00:08:13,200 --> 00:08:13,520 Speaker 2: think we. 167 00:08:13,680 --> 00:08:16,520 Speaker 8: C a I E okay, and I'm sure we have 168 00:08:16,600 --> 00:08:17,240 Speaker 8: more questions. 169 00:08:17,120 --> 00:08:22,680 Speaker 6: It's a I E that doesn't exactly like like it 170 00:08:22,760 --> 00:08:24,680 Speaker 6: almost it almost it almost looks like. 171 00:08:24,880 --> 00:08:28,720 Speaker 5: I think they call it kaya ya. That's you'd have 172 00:08:28,800 --> 00:08:30,400 Speaker 5: to be the parent of. We had the guy on 173 00:08:30,480 --> 00:08:32,640 Speaker 5: last week, actually did we had the issue we're on? 174 00:08:32,720 --> 00:08:34,640 Speaker 8: Well what was his this? 175 00:08:35,080 --> 00:08:37,160 Speaker 3: But we had thirty he had forty five minutes. 176 00:08:37,960 --> 00:08:41,040 Speaker 5: She tried to squeeze what might be, in my opinion, 177 00:08:41,040 --> 00:08:43,840 Speaker 5: the most complicated ETF I've ever seen in my life 178 00:08:43,600 --> 00:08:47,040 Speaker 5: up in a minute. 179 00:08:47,640 --> 00:08:48,840 Speaker 3: I know it was worth it. 180 00:08:48,880 --> 00:08:55,680 Speaker 4: Clock management did get you a point of super ambitious, so. 181 00:08:55,600 --> 00:08:58,080 Speaker 6: You weren't even focused so much on winning yourself as 182 00:08:58,120 --> 00:08:59,040 Speaker 6: you were taking down. 183 00:08:59,679 --> 00:09:02,320 Speaker 8: That's why strategy. That's strategy, all right. 184 00:09:03,400 --> 00:09:04,959 Speaker 4: I think we could probably help her pitch out a 185 00:09:05,000 --> 00:09:08,040 Speaker 4: little bit which was divd in. ETFs were a hot 186 00:09:08,080 --> 00:09:12,200 Speaker 4: topic this year. This one distinguishes itself in that space. 187 00:09:12,679 --> 00:09:14,760 Speaker 4: That would have been my the TLDR. 188 00:09:14,960 --> 00:09:17,679 Speaker 10: I didn't even mention tax efficiency. 189 00:09:17,800 --> 00:09:19,640 Speaker 5: I would have gone, will going do you like fourteen 190 00:09:19,679 --> 00:09:20,319 Speaker 5: percent yield? 191 00:09:20,960 --> 00:09:21,400 Speaker 2: There you go? 192 00:09:21,600 --> 00:09:24,680 Speaker 6: I mean, that's is it like anytime I hear fourteen 193 00:09:24,679 --> 00:09:27,400 Speaker 6: percent yield, immediately go to bullsh But is it like, 194 00:09:28,000 --> 00:09:29,600 Speaker 6: is it a real fourteen percent? 195 00:09:30,200 --> 00:09:32,120 Speaker 8: Well it's not my ATF, that's all they say. 196 00:09:32,320 --> 00:09:37,040 Speaker 3: It's fourteen but you're selling it for the purpose. 197 00:09:36,679 --> 00:09:38,000 Speaker 8: Of selling it. Yes, it's real. 198 00:09:39,480 --> 00:09:42,200 Speaker 6: All right, then it seems like a good deal, right, 199 00:09:42,679 --> 00:09:45,800 Speaker 6: I mean yeah, but I also got I got some 200 00:09:45,960 --> 00:09:49,559 Speaker 6: land to sell you in buld area. 201 00:09:48,920 --> 00:09:50,719 Speaker 8: That has a high yield. 202 00:09:51,800 --> 00:09:54,080 Speaker 6: All right, thank you, dinny. 203 00:09:53,640 --> 00:09:53,960 Speaker 8: Thank you. 204 00:09:54,360 --> 00:09:55,880 Speaker 5: This ETF, by the way, I got to say, has 205 00:09:55,880 --> 00:09:58,880 Speaker 5: had inflows every week since it's launched, since June. 206 00:09:59,120 --> 00:10:01,160 Speaker 3: That's really really rare. 207 00:10:02,120 --> 00:10:03,800 Speaker 6: What is uh? What's to tell you? 208 00:10:03,800 --> 00:10:07,800 Speaker 5: I'm up to about half a billion, okay in six months? 209 00:10:07,920 --> 00:10:11,000 Speaker 3: Yeah, so it is? Is it a bit of a juggernaut? 210 00:10:13,080 --> 00:10:14,440 Speaker 6: I bet you what is me? I bet your mime 211 00:10:14,520 --> 00:10:15,840 Speaker 6: has like nineteen million dollars. 212 00:10:16,920 --> 00:10:17,600 Speaker 3: It doesn't have a lot. 213 00:10:17,720 --> 00:10:20,480 Speaker 2: Yeah, all right. 214 00:10:21,600 --> 00:10:24,720 Speaker 6: Next up on the mic, one of our crack ETF 215 00:10:24,800 --> 00:10:30,120 Speaker 6: research associates, Andre, Yeah, Andre, welcome, you are on the clock, sir. 216 00:10:30,880 --> 00:10:31,200 Speaker 2: Okay. 217 00:10:31,200 --> 00:10:34,600 Speaker 12: My pitch is a round hill Humanoid Robotics ETF. Human 218 00:10:35,120 --> 00:10:38,360 Speaker 12: I picked this ETF because basically, I'm just a disillusioned 219 00:10:38,400 --> 00:10:41,600 Speaker 12: millennial and this one just fits with my theme perfectly. 220 00:10:41,640 --> 00:10:41,920 Speaker 2: Well. 221 00:10:42,200 --> 00:10:44,440 Speaker 12: So we have the AI bubble and everybody has an 222 00:10:44,480 --> 00:10:47,079 Speaker 12: AI e TF. This one right here is going to 223 00:10:47,120 --> 00:10:50,480 Speaker 12: give us robots. It's gonna arm sky nets with the terminators, 224 00:10:50,559 --> 00:10:53,120 Speaker 12: it's going to bring to an end. And that's why 225 00:10:53,200 --> 00:10:56,040 Speaker 12: I like this ETF. So it has companies like Tesla, 226 00:10:56,200 --> 00:11:00,199 Speaker 12: Ubi Robotics and Video, has eight sorry about thirty million 227 00:11:00,280 --> 00:11:02,800 Speaker 12: in assets with an expense ratio of zero point seventy 228 00:11:02,840 --> 00:11:06,920 Speaker 12: five percent. I like it just because it's something different. 229 00:11:06,920 --> 00:11:09,840 Speaker 12: It's a new twist on the AI bubble. So that's 230 00:11:10,000 --> 00:11:11,760 Speaker 12: basically it for me. That's my pitch. 231 00:11:12,240 --> 00:11:17,640 Speaker 4: Wow fast, Yeah that was that was fast, by the way, 232 00:11:17,760 --> 00:11:19,480 Speaker 4: walking to trillions first time on. 233 00:11:20,720 --> 00:11:23,600 Speaker 6: But but there's a little bit of it might be 234 00:11:23,640 --> 00:11:25,559 Speaker 6: a little bit of a tell Andre when you say 235 00:11:25,600 --> 00:11:28,720 Speaker 6: at the end it's a new twist on a on 236 00:11:28,800 --> 00:11:30,240 Speaker 6: an E t F bubble. 237 00:11:30,800 --> 00:11:33,640 Speaker 3: So I think he said ay AI. 238 00:11:33,400 --> 00:11:35,560 Speaker 6: Bubble, I misad that's what I actually meant. I remember 239 00:11:35,600 --> 00:11:36,240 Speaker 6: I'm jet lag. 240 00:11:36,600 --> 00:11:38,679 Speaker 4: I have a question, which is why this one and 241 00:11:38,720 --> 00:11:41,280 Speaker 4: not cooid, which is the other human. 242 00:11:42,240 --> 00:11:44,640 Speaker 12: Ticker counts for a lot. If the ticker doesn't make 243 00:11:44,679 --> 00:11:46,800 Speaker 12: it pop, you're not gonna remember it. And this one 244 00:11:46,880 --> 00:11:47,439 Speaker 12: just said I. 245 00:11:47,360 --> 00:11:52,160 Speaker 3: Think you just stole Joel's I talked about it and. 246 00:11:54,080 --> 00:11:55,320 Speaker 6: Human human is good. 247 00:11:55,559 --> 00:12:00,240 Speaker 2: That is a good ticker. What's the exact. 248 00:12:01,240 --> 00:12:03,199 Speaker 6: But why is it human? Why isn't it robot. 249 00:12:03,240 --> 00:12:09,480 Speaker 12: I don't understand, because it's going to replace humans essentially, humanoids, 250 00:12:10,040 --> 00:12:14,080 Speaker 12: not ex so they're building humanoid robots essentially to take 251 00:12:15,200 --> 00:12:16,400 Speaker 12: the place in the labor. 252 00:12:16,240 --> 00:12:18,600 Speaker 6: But is this just because this is like their helpers, 253 00:12:18,640 --> 00:12:22,440 Speaker 6: their helpers childhood, like galactic fantasy of yours or you 254 00:12:22,480 --> 00:12:24,319 Speaker 6: really believe in the atf oh. 255 00:12:24,360 --> 00:12:26,720 Speaker 12: I wasn't joking when I said I'm a disillusioned millennial. 256 00:12:26,800 --> 00:12:28,920 Speaker 12: Let's just give the terminators their time to shine. 257 00:12:29,800 --> 00:12:30,720 Speaker 6: Okay, all right? 258 00:12:30,840 --> 00:12:32,800 Speaker 5: I mean to be fair, you've ever seen that Boston 259 00:12:32,840 --> 00:12:35,520 Speaker 5: Dynamics video once every six months with a robot like 260 00:12:35,559 --> 00:12:37,640 Speaker 5: does a somersault grabs a gun and start shooting? And 261 00:12:37,640 --> 00:12:40,679 Speaker 5: you're like, holy, I think those are the videos that 262 00:12:40,800 --> 00:12:43,839 Speaker 5: if you extrapolate that ten twenty years is where I 263 00:12:43,880 --> 00:12:47,200 Speaker 5: think this videos Like they're doing new stuff now, That's 264 00:12:47,240 --> 00:12:49,840 Speaker 5: what I'm saying, and they now they sometimes the robot 265 00:12:49,880 --> 00:12:52,560 Speaker 5: can fall over, get back up and like break dance. 266 00:12:53,360 --> 00:12:56,360 Speaker 6: It's just an interesting moment to pitch us. You know, 267 00:12:56,880 --> 00:12:58,880 Speaker 6: you know the AI, you know the whole way. 268 00:12:59,200 --> 00:13:02,040 Speaker 2: This is like the thing after the AI thing. 269 00:13:02,120 --> 00:13:04,520 Speaker 6: Though, this is like it's gonna it's gonna survive that 270 00:13:04,840 --> 00:13:05,800 Speaker 6: I mean they're. 271 00:13:05,559 --> 00:13:08,400 Speaker 4: Like cockroaches, these robots, like I mean, they just need 272 00:13:08,520 --> 00:13:09,160 Speaker 4: a charge. 273 00:13:09,679 --> 00:13:12,240 Speaker 12: If we think about it, like terminator AI sky in it, 274 00:13:12,480 --> 00:13:15,880 Speaker 12: we need the actual terminators to actually complete the circles. 275 00:13:16,160 --> 00:13:18,720 Speaker 12: So we have That's where I'm going with it. We 276 00:13:18,840 --> 00:13:21,840 Speaker 12: got this go to the natural conclusion. 277 00:13:22,000 --> 00:13:24,559 Speaker 5: This is as far as I've seen anybody take a theme. 278 00:13:24,840 --> 00:13:28,640 Speaker 5: Yeah that's pretty I mean, but it's all dust. Yeah, 279 00:13:28,640 --> 00:13:30,280 Speaker 5: and all the money being thrown at AI. 280 00:13:30,760 --> 00:13:31,959 Speaker 3: I mean, something's gonna happen. 281 00:13:32,840 --> 00:13:35,240 Speaker 6: Well, they're gonn to be thrown AI, including thirty million, 282 00:13:38,640 --> 00:13:46,000 Speaker 6: just got started to six months than you, sir. Okay, 283 00:13:46,040 --> 00:13:49,360 Speaker 6: So next up a man who needs no introduction, just the. 284 00:13:49,320 --> 00:13:51,800 Speaker 2: Co host of the podcast, Joel Weber. 285 00:13:51,840 --> 00:13:55,480 Speaker 4: Okay, So maybe you've heard of K pop Demon Hunters 286 00:13:55,640 --> 00:14:03,679 Speaker 4: and the song Takedown. My role is to provide an 287 00:14:03,679 --> 00:14:05,839 Speaker 4: ETF that I feel like is going to be taken 288 00:14:05,920 --> 00:14:09,720 Speaker 4: down by the competition here. But I've picked the ticker 289 00:14:09,960 --> 00:14:14,080 Speaker 4: texan te x in, which is an I shares ETF 290 00:14:14,160 --> 00:14:17,160 Speaker 4: that launched over the summer. It does not have a 291 00:14:17,160 --> 00:14:20,680 Speaker 4: whole lot of assets, but if you know anything about Texas, 292 00:14:20,840 --> 00:14:21,920 Speaker 4: it's larger than life. 293 00:14:22,360 --> 00:14:25,160 Speaker 2: And this is a bet on Texas. 294 00:14:25,360 --> 00:14:29,640 Speaker 4: So biggest holding is Tesla, followed by Exxon Mobile. It's 295 00:14:30,240 --> 00:14:32,600 Speaker 4: kind of a great one, like get oracle As number 296 00:14:32,600 --> 00:14:37,120 Speaker 4: three so really Chevron number four, Caterpillar number five, all 297 00:14:37,160 --> 00:14:41,960 Speaker 4: of these companies have huge presences in Texas. We know 298 00:14:42,040 --> 00:14:45,080 Speaker 4: that Texas is the future of business, and you're like Texas, 299 00:14:45,080 --> 00:14:48,400 Speaker 4: you're either with us or against us. 300 00:14:50,480 --> 00:14:53,680 Speaker 6: I gotta say, I'm surprised. That was kind of cool. 301 00:14:54,400 --> 00:14:57,720 Speaker 6: I mean, you don't read into that. I mean, I 302 00:14:57,720 --> 00:14:59,960 Speaker 6: don't know when he first came with Texan, I was 303 00:15:00,080 --> 00:15:03,320 Speaker 6: and I was I was looking. Uh, I was thinking 304 00:15:03,320 --> 00:15:04,720 Speaker 6: I was going to be disappointed, but that was kind 305 00:15:04,720 --> 00:15:07,480 Speaker 6: of fun. I mean I could. Uh. I don't know 306 00:15:07,520 --> 00:15:08,920 Speaker 6: it goes anywhere. 307 00:15:09,200 --> 00:15:09,400 Speaker 2: You know. 308 00:15:09,480 --> 00:15:11,720 Speaker 4: I gotta tell you. Bloomberg News has not written about 309 00:15:11,760 --> 00:15:13,600 Speaker 4: it once. I don't think the I has written about 310 00:15:13,600 --> 00:15:13,920 Speaker 4: it at all. 311 00:15:13,960 --> 00:15:15,040 Speaker 2: It's kind of a little sleeper. 312 00:15:15,800 --> 00:15:17,640 Speaker 3: I think it might have made Katie's newsletter. 313 00:15:18,080 --> 00:15:20,480 Speaker 2: Yeah, right it Okay. 314 00:15:20,600 --> 00:15:23,720 Speaker 3: The other thing is you get that okay minus one 315 00:15:24,000 --> 00:15:24,640 Speaker 3: a little bit of a. 316 00:15:24,640 --> 00:15:27,960 Speaker 5: Tax tailwind, right, because when you move there, you pay 317 00:15:28,000 --> 00:15:28,560 Speaker 5: less taxes. 318 00:15:28,600 --> 00:15:30,280 Speaker 2: Right. This is a play for the future. 319 00:15:30,440 --> 00:15:33,240 Speaker 5: Yeah, there was a Nashville ETF that had the same pitch, 320 00:15:33,320 --> 00:15:33,960 Speaker 5: but it closed. 321 00:15:35,360 --> 00:15:38,880 Speaker 2: Phil Phil Donna has a criticue But but you can. 322 00:15:39,680 --> 00:15:40,200 Speaker 6: It doesn't matter. 323 00:15:40,400 --> 00:15:43,640 Speaker 3: It's a political play totally for the moment. 324 00:15:43,800 --> 00:15:46,440 Speaker 6: That's the story of the But see, I could see 325 00:15:46,440 --> 00:15:48,040 Speaker 6: Texan working out in Nashville. 326 00:15:49,040 --> 00:15:51,640 Speaker 2: That's not Texas. That's not Texas, that's Tennessee. 327 00:15:52,120 --> 00:15:55,000 Speaker 3: You know what, you know what the Nashville ETF. 328 00:15:55,320 --> 00:15:57,240 Speaker 5: All the hospitals are there, So it ended up being 329 00:15:57,280 --> 00:16:00,800 Speaker 5: like this ipso facto hospital ETF. But it is too specific. 330 00:16:01,320 --> 00:16:03,280 Speaker 5: But they also had an Oklahoma ETF back in the day. 331 00:16:03,280 --> 00:16:05,440 Speaker 5: And this is the second attempt to Texas. So they've 332 00:16:05,480 --> 00:16:08,640 Speaker 5: tried these, so that this one by I Shares is 333 00:16:08,680 --> 00:16:10,840 Speaker 5: I think probably the biggest reason it might succeed. 334 00:16:10,920 --> 00:16:13,240 Speaker 6: But when you said at some point here I believe 335 00:16:13,240 --> 00:16:15,520 Speaker 6: you said, it doesn't have a whole lot of money 336 00:16:15,600 --> 00:16:16,920 Speaker 6: under management. 337 00:16:16,840 --> 00:16:17,280 Speaker 2: It does not. 338 00:16:20,160 --> 00:16:22,680 Speaker 4: Million you know, like we have not we have not 339 00:16:22,760 --> 00:16:25,600 Speaker 4: seen a lot of investors pile into this. 340 00:16:25,680 --> 00:16:27,920 Speaker 2: But you know, keep in mind it's a big state. 341 00:16:28,000 --> 00:16:30,600 Speaker 2: I think Texans will invest in Texas. All right, It 342 00:16:30,640 --> 00:16:31,680 Speaker 2: all come around, all. 343 00:16:31,720 --> 00:16:33,200 Speaker 6: Right, that's cool. 344 00:16:33,280 --> 00:16:33,640 Speaker 2: I like it. 345 00:16:33,720 --> 00:16:34,920 Speaker 6: Joel, Thank you sir. 346 00:16:34,800 --> 00:16:35,280 Speaker 2: You're welcome. 347 00:16:39,520 --> 00:16:45,320 Speaker 6: Next up is our cross asset team leader here at 348 00:16:45,320 --> 00:16:46,760 Speaker 6: Bloomberg Mail Donna Hirich. 349 00:16:48,280 --> 00:16:49,480 Speaker 2: Wow, we're just. 350 00:16:52,880 --> 00:16:54,560 Speaker 3: Uh on the clock. 351 00:16:54,960 --> 00:16:57,440 Speaker 13: First of all, everything is bigger in Texas except for 352 00:16:57,520 --> 00:17:02,480 Speaker 13: Joel's ETF. Second of all, Andre chose human even though 353 00:17:02,520 --> 00:17:05,600 Speaker 13: there was an ETF that launched before it based on 354 00:17:05,800 --> 00:17:08,879 Speaker 13: humanoid robotics, and he didn't even know that humanoids are 355 00:17:08,920 --> 00:17:12,560 Speaker 13: already in existence. What's your I'm just poking holes in 356 00:17:12,600 --> 00:17:16,639 Speaker 13: everybody else's argument. The best and most innovative ETF of 357 00:17:16,680 --> 00:17:22,160 Speaker 13: the year goes to xdiv XTIV. It's another round hill 358 00:17:22,720 --> 00:17:26,840 Speaker 13: ETF and this one will invest in other s and 359 00:17:26,960 --> 00:17:30,240 Speaker 13: p five hundred ETFs for you. So it's going to 360 00:17:30,280 --> 00:17:34,520 Speaker 13: be tracking the market, except it jumps out of those 361 00:17:34,520 --> 00:17:38,239 Speaker 13: ETFs before the ex dividend date, and that way you 362 00:17:38,359 --> 00:17:41,360 Speaker 13: can avoid a big tax hit. 363 00:17:41,600 --> 00:17:43,320 Speaker 2: I see, that's it. 364 00:17:43,320 --> 00:17:48,200 Speaker 13: It's so simple, it's genius, it's innovative. Nothing like this existed. 365 00:17:48,800 --> 00:17:52,720 Speaker 13: Tax avoidant tax awareness has been a huge theme in 366 00:17:52,760 --> 00:17:54,639 Speaker 13: ETFs since the birth of ETFs. 367 00:17:54,760 --> 00:17:55,800 Speaker 6: You're in a time pal. 368 00:17:55,840 --> 00:17:57,680 Speaker 8: This brings it to a whole new level. 369 00:17:57,840 --> 00:18:01,200 Speaker 6: Okay, so my question for you is it's a whole 370 00:18:01,200 --> 00:18:01,840 Speaker 6: new strategy. 371 00:18:01,880 --> 00:18:04,160 Speaker 4: First of all, you just dig, you know, drag everyone 372 00:18:04,160 --> 00:18:06,320 Speaker 4: else and then like exactly by the. 373 00:18:06,280 --> 00:18:10,160 Speaker 6: Way at the end my pitches, I can't remember everybody 374 00:18:10,200 --> 00:18:13,160 Speaker 6: else sucks. I could have kept going about how everyone 375 00:18:13,200 --> 00:18:18,760 Speaker 6: else sucks. Yeah, So again, the name x div's a 376 00:18:18,800 --> 00:18:21,160 Speaker 6: little bit like hi, whatever the other one was. It's 377 00:18:21,160 --> 00:18:24,320 Speaker 6: not like, doesn't exactly like roll off the tongue. But 378 00:18:24,400 --> 00:18:30,159 Speaker 6: what does history tell us about how avoiding taxation? And 379 00:18:30,200 --> 00:18:33,280 Speaker 6: this little tax avoiding scheme? How much does it juice returns? 380 00:18:33,320 --> 00:18:34,720 Speaker 6: What is the data tell us? 381 00:18:34,760 --> 00:18:45,280 Speaker 13: Pal juice returns the data. 382 00:18:42,359 --> 00:18:53,160 Speaker 5: You want returns of this versus what. 383 00:18:52,040 --> 00:18:54,280 Speaker 6: I think Winkler used to call this show up and 384 00:18:54,359 --> 00:18:54,840 Speaker 6: throw up. 385 00:18:56,040 --> 00:18:58,240 Speaker 3: You're allowed one terminal lifeline? 386 00:18:58,680 --> 00:18:58,960 Speaker 2: Okay? 387 00:18:58,960 --> 00:18:59,480 Speaker 8: Can I call it? 388 00:18:59,520 --> 00:19:02,800 Speaker 3: Friend? Is this also a roundhill? Yes, it's a third 389 00:19:02,880 --> 00:19:06,160 Speaker 3: round hill? My god? Are they paying us? Okay? 390 00:19:06,240 --> 00:19:10,359 Speaker 5: This year XTIV is beating VU by thirty four basis 391 00:19:10,440 --> 00:19:13,280 Speaker 5: points and it's only been a couple months, so annualized, 392 00:19:13,280 --> 00:19:17,520 Speaker 5: that would be an extra forty basis No, annualize, that's 393 00:19:17,560 --> 00:19:18,720 Speaker 5: an extra two percent a year. 394 00:19:20,440 --> 00:19:21,760 Speaker 6: Eric might win for this. 395 00:19:22,920 --> 00:19:24,800 Speaker 5: I wish I was lying because I am also in 396 00:19:24,800 --> 00:19:28,639 Speaker 5: this competition. But again, I'm just looking at a small window. 397 00:19:28,640 --> 00:19:30,640 Speaker 3: But so far, something's working. 398 00:19:31,000 --> 00:19:34,640 Speaker 6: And history though will tell us that in general, this 399 00:19:34,800 --> 00:19:37,720 Speaker 6: kind of this kind of scheme works, is that. 400 00:19:37,760 --> 00:19:42,040 Speaker 5: Right, generally speaking, I also think advisors are real concerned 401 00:19:42,040 --> 00:19:44,760 Speaker 5: with after tax returns. I mean, in the end, your 402 00:19:44,760 --> 00:19:47,639 Speaker 5: returns are after inflation, after tax, that's like your real return. 403 00:19:48,200 --> 00:19:52,560 Speaker 5: And so this is why it's important. But it's tough 404 00:19:52,560 --> 00:19:53,439 Speaker 5: to get people off. 405 00:19:53,320 --> 00:19:54,240 Speaker 3: Of VU and S and P. 406 00:19:54,640 --> 00:20:00,159 Speaker 4: Just to be clear here, the strategy was flamethrower, and 407 00:20:00,200 --> 00:20:00,640 Speaker 4: it works. 408 00:20:01,040 --> 00:20:03,240 Speaker 3: I know. I happen to be in the end zone 409 00:20:03,320 --> 00:20:04,080 Speaker 3: just standing there. 410 00:20:04,320 --> 00:20:05,080 Speaker 8: You're wide open. 411 00:20:05,920 --> 00:20:09,399 Speaker 13: This is for retail investors, this is for institutions, this 412 00:20:09,520 --> 00:20:13,240 Speaker 13: is for international institutions, this is for everybody. 413 00:20:13,480 --> 00:20:16,399 Speaker 6: Okay, excellent, wil Donna, thanks for playing. 414 00:20:19,119 --> 00:20:21,439 Speaker 2: All right, Well, we just had an addition. 415 00:20:22,080 --> 00:20:26,560 Speaker 4: James Safert, who's a senior research ETF analyst at Bloombergan Intelligence, 416 00:20:27,000 --> 00:20:31,199 Speaker 4: was caught on some terrible public transit woes and then 417 00:20:31,520 --> 00:20:35,400 Speaker 4: amazingly just charged through security literally walked in and we're 418 00:20:35,400 --> 00:20:37,720 Speaker 4: just going to make him do his pitch. He's not 419 00:20:37,800 --> 00:20:40,800 Speaker 4: hurt any of the other pitches. If you don't win, 420 00:20:41,720 --> 00:20:43,960 Speaker 4: no you no, it's bad. It's yeah, I think you're 421 00:20:43,960 --> 00:20:45,920 Speaker 4: gonna win. So whatever you're going to pitch. 422 00:20:45,960 --> 00:20:48,040 Speaker 5: It may help him because you won't spend thirty seconds 423 00:20:48,040 --> 00:20:48,680 Speaker 5: trashing everything. 424 00:20:48,840 --> 00:20:52,160 Speaker 6: You have one minute to pitch, James. You are on 425 00:20:52,240 --> 00:20:53,520 Speaker 6: the clock now. 426 00:20:54,240 --> 00:20:56,600 Speaker 9: Okay, So anyone who knows me is not going to 427 00:20:56,600 --> 00:20:58,400 Speaker 9: be surprised that I'm going to pitch a crypto ETF. 428 00:20:59,480 --> 00:21:00,720 Speaker 3: So the one I'm gonna go with. 429 00:21:00,920 --> 00:21:02,359 Speaker 9: There's a few that you go with, but I'm gonna 430 00:21:02,359 --> 00:21:05,119 Speaker 9: go with the bitwise b Soul or Bitcoin bit Wise. 431 00:21:05,119 --> 00:21:09,480 Speaker 9: Solana ETF first full spot crypto staking ETF. 432 00:21:10,040 --> 00:21:10,159 Speaker 3: Uh. 433 00:21:10,359 --> 00:21:12,959 Speaker 9: It launched into when people were kind of I mean, 434 00:21:13,040 --> 00:21:14,639 Speaker 9: right now, it's not a great time to be in crypto. 435 00:21:14,680 --> 00:21:17,159 Speaker 9: It's down pretty bad. Uh, and it's still one of 436 00:21:17,240 --> 00:21:18,960 Speaker 9: the best launches of the year. If you look at 437 00:21:19,040 --> 00:21:21,280 Speaker 9: volumes the easiest way to see how good of a 438 00:21:21,359 --> 00:21:24,879 Speaker 9: launch and ETF has had. It's second only to another 439 00:21:24,920 --> 00:21:29,399 Speaker 9: crypto ETF. But Solana itself is a much smaller market 440 00:21:29,400 --> 00:21:31,600 Speaker 9: cap than the one that I'm I just referenced. So 441 00:21:31,880 --> 00:21:34,600 Speaker 9: XRP is a is a bigger product in the crypto world. 442 00:21:34,680 --> 00:21:37,159 Speaker 9: But uh, Solana is a little more interesting to me 443 00:21:38,119 --> 00:21:40,159 Speaker 9: just because of the staking aspect. It's something that is 444 00:21:40,240 --> 00:21:44,200 Speaker 9: brand new. It's taken in. It took in over two hundred. 445 00:21:43,920 --> 00:21:45,879 Speaker 6: Million dollars in day one ten seconds. 446 00:21:46,040 --> 00:21:48,080 Speaker 3: And it's just it just proves that. 447 00:21:48,000 --> 00:21:50,600 Speaker 9: Despite even when the market is going bad and against you, 448 00:21:50,640 --> 00:21:53,600 Speaker 9: in the crypto world, these ETFs the top two are 449 00:21:53,640 --> 00:21:54,640 Speaker 9: crypto assets. 450 00:21:54,920 --> 00:21:55,920 Speaker 6: Okay, you're out a time. 451 00:21:56,080 --> 00:21:56,680 Speaker 2: That was good. 452 00:21:57,840 --> 00:22:02,040 Speaker 6: Interesting, Well, of course somebody, somebody, Joel had to pitch we. 453 00:22:02,000 --> 00:22:05,119 Speaker 2: Needed crypto to be on the list, and James delivered. 454 00:22:05,720 --> 00:22:08,200 Speaker 6: At the risk of you saying this is Papa Opples 455 00:22:08,240 --> 00:22:09,880 Speaker 6: making it about Papa Apples again, I will just say, 456 00:22:09,920 --> 00:22:13,200 Speaker 6: my brother, and this helps your pitch is obsessed with Solona. 457 00:22:13,320 --> 00:22:22,520 Speaker 6: There you go, which makes me extremely dubious. Uh ten 458 00:22:22,560 --> 00:22:24,840 Speaker 6: million on day one you said it taking no so. 459 00:22:25,000 --> 00:22:29,520 Speaker 9: Day one trading was fifty seven million at its launch 460 00:22:29,600 --> 00:22:30,720 Speaker 9: last month it was the largest. 461 00:22:30,760 --> 00:22:32,560 Speaker 2: We just had an extra PETF to pass it. 462 00:22:32,600 --> 00:22:35,320 Speaker 9: So now it's the second largest launch as far as 463 00:22:35,359 --> 00:22:35,800 Speaker 9: volume goes. 464 00:22:35,800 --> 00:22:37,520 Speaker 2: And it took an over two hundred million dollars in 465 00:22:37,560 --> 00:22:37,879 Speaker 2: day one. 466 00:22:38,440 --> 00:22:45,840 Speaker 6: So what's the what's the fee you have? 467 00:22:46,480 --> 00:22:48,919 Speaker 5: I think it's point two, but I actually I'll tell you, 468 00:22:49,040 --> 00:22:51,919 Speaker 5: hold on, I'm the life doctor, bel this is going 469 00:22:52,000 --> 00:22:54,080 Speaker 5: to be I think it's point two two. 470 00:22:54,480 --> 00:22:59,720 Speaker 6: All right, Trenz. Anything for I. 471 00:22:59,640 --> 00:23:02,480 Speaker 4: Think is to just you know, walk out of here 472 00:23:02,520 --> 00:23:05,120 Speaker 4: on the high like, go get some ice water. 473 00:23:06,280 --> 00:23:07,880 Speaker 3: Well I have a question for him. 474 00:23:10,760 --> 00:23:14,680 Speaker 2: Well you know that, and it's still to be clear, 475 00:23:14,800 --> 00:23:15,040 Speaker 2: you know. 476 00:23:15,280 --> 00:23:17,520 Speaker 6: Yeah, Well, crypto it's a tricky. 477 00:23:17,200 --> 00:23:23,400 Speaker 4: Moment pitching anything crypto current going down. 478 00:23:23,480 --> 00:23:26,720 Speaker 5: I think that's why I would say I think you 479 00:23:26,800 --> 00:23:29,520 Speaker 5: have to sell everybody in twenty seconds on why salon 480 00:23:29,600 --> 00:23:31,160 Speaker 5: a long term. 481 00:23:30,960 --> 00:23:33,520 Speaker 9: Yeah, I mean it's it's if you look at crypto, right, 482 00:23:33,520 --> 00:23:36,439 Speaker 9: if you're looking at blockchain technology, these crypto technologies you 483 00:23:36,440 --> 00:23:40,119 Speaker 9: have on one end of the spectrum Bitcoin super decentralized, 484 00:23:40,200 --> 00:23:42,680 Speaker 9: super secure, it's a little slow, it does a few 485 00:23:42,680 --> 00:23:45,560 Speaker 9: things extremely well, and then there's this whole other spectrum 486 00:23:45,600 --> 00:23:48,439 Speaker 9: of like less decentralization, maybe a little bit less secure, 487 00:23:48,560 --> 00:23:50,520 Speaker 9: more open, can do a lot more things than just 488 00:23:50,560 --> 00:23:53,280 Speaker 9: transfer money. Solana is competing on that other end of 489 00:23:53,320 --> 00:23:56,720 Speaker 9: the spectrum without being a completely centralized entity. So it's 490 00:23:56,720 --> 00:23:59,520 Speaker 9: competing with ethereum. It's a little more centralized in ethereum. 491 00:24:00,440 --> 00:24:02,000 Speaker 9: Some people listening to this will jump out of their 492 00:24:02,040 --> 00:24:04,920 Speaker 9: screens at me saying that, but it basically is trying 493 00:24:04,920 --> 00:24:07,720 Speaker 9: to compete with things in the traditional financial world, traditional 494 00:24:07,720 --> 00:24:11,199 Speaker 9: technology world, while also taking aspects that made bitcoin as 495 00:24:11,240 --> 00:24:12,119 Speaker 9: successful as it was. 496 00:24:14,359 --> 00:24:21,199 Speaker 6: Good stuff, James, thank you. Next up, we have a 497 00:24:21,280 --> 00:24:26,199 Speaker 6: fellow Greek eighth and Sarah Vegas, research associate here at 498 00:24:26,240 --> 00:24:28,360 Speaker 6: Bloomberg eighth. Then hit us. 499 00:24:28,720 --> 00:24:30,240 Speaker 11: Yeah, I don't even need a minute because this is 500 00:24:30,280 --> 00:24:32,400 Speaker 11: so easy. But just based on the picks, we have 501 00:24:32,800 --> 00:24:36,560 Speaker 11: Crypto that's down thirty percent, the most complicated etf ever 502 00:24:36,880 --> 00:24:39,760 Speaker 11: and a bunch of other ETFs have like no assets. Right, 503 00:24:39,760 --> 00:24:43,560 Speaker 11: did I get it right? Just what's so easy? It's 504 00:24:43,680 --> 00:24:45,920 Speaker 11: v bill, which is the Vanguard zero to three year 505 00:24:46,000 --> 00:24:49,199 Speaker 11: Treasury etf It's got four billion dollars. What is so 506 00:24:49,280 --> 00:24:52,359 Speaker 11: great about this is Vanguard never launches ETFs. It's like 507 00:24:52,400 --> 00:24:54,640 Speaker 11: an oxy moron to have new launches and have Vanguard 508 00:24:54,640 --> 00:24:57,479 Speaker 11: in there. So it's their first launch in about eight years. 509 00:24:58,119 --> 00:25:00,680 Speaker 11: It's bonds. They never competed in this space. It's got 510 00:25:00,800 --> 00:25:04,200 Speaker 11: four billion in assets, it's only seven basis points. It's 511 00:25:04,280 --> 00:25:07,480 Speaker 11: up three percent this year. Uh, it's they're competing with 512 00:25:07,720 --> 00:25:10,440 Speaker 11: you know, the likes of some other cash like ETFs. 513 00:25:10,440 --> 00:25:13,760 Speaker 11: But I think they don't launch products lightly, and when 514 00:25:13,800 --> 00:25:16,159 Speaker 11: they do, they make a really big slash in it. 515 00:25:16,240 --> 00:25:19,000 Speaker 11: So yeah, I think simplicity wins in this year of 516 00:25:19,119 --> 00:25:21,800 Speaker 11: like crazy launches. I'm gonna go the complete other way 517 00:25:21,920 --> 00:25:24,600 Speaker 11: and just go with like bonds, which I think is 518 00:25:24,680 --> 00:25:28,359 Speaker 11: just like bill bill Yeah, so just like short term treasuries. 519 00:25:28,560 --> 00:25:29,000 Speaker 2: Got it? 520 00:25:30,800 --> 00:25:31,080 Speaker 3: Wow? 521 00:25:31,240 --> 00:25:34,720 Speaker 6: Okay, I mean hard to argue some of that. I mean, 522 00:25:35,760 --> 00:25:40,120 Speaker 6: as do you like shiny objects or or super. 523 00:25:41,760 --> 00:25:43,480 Speaker 2: Super basic foundation. 524 00:25:47,400 --> 00:25:54,160 Speaker 6: The crypto guy like as but al right, not right enough? 525 00:25:55,480 --> 00:25:59,040 Speaker 6: So as not only the Greek connection, but also as 526 00:25:59,040 --> 00:26:01,960 Speaker 6: someone who's been a little comfortable in cash for a while, 527 00:26:02,240 --> 00:26:03,919 Speaker 6: in Vanguard cash for all. I mean, I don't know, 528 00:26:03,920 --> 00:26:06,639 Speaker 6: it's kind of I kind of speaking to me seven 529 00:26:06,680 --> 00:26:11,040 Speaker 6: BIPs now, right. The thing is, what these guys are 530 00:26:11,040 --> 00:26:14,720 Speaker 6: going to say is sure, pal three percent so far, 531 00:26:14,840 --> 00:26:16,919 Speaker 6: four percent at the end of the year. But how 532 00:26:17,040 --> 00:26:19,399 Speaker 6: how how do you like that when I'm when I 533 00:26:19,480 --> 00:26:22,240 Speaker 6: make up two thousand percent score in a couple of years. 534 00:26:22,240 --> 00:26:23,320 Speaker 6: What's your response to that? 535 00:26:23,640 --> 00:26:25,800 Speaker 11: Yeah, I mean, you're not going to be one hundred 536 00:26:25,800 --> 00:26:27,520 Speaker 11: percent in it, right, So I feel like these are 537 00:26:27,520 --> 00:26:29,360 Speaker 11: the this is going to be the position. 538 00:26:29,040 --> 00:26:31,600 Speaker 3: That bails you out of like the big draw downs 539 00:26:31,600 --> 00:26:31,919 Speaker 3: that we have. 540 00:26:32,040 --> 00:26:33,840 Speaker 11: Like, yeah, obviously cash is never going to be as 541 00:26:33,880 --> 00:26:36,200 Speaker 11: good as three X and video or two X and video. 542 00:26:36,880 --> 00:26:40,439 Speaker 11: But I think it's a nice ballast compared to other bonds, right, 543 00:26:40,480 --> 00:26:42,800 Speaker 11: like the AG and things like that. I think that 544 00:26:42,800 --> 00:26:44,879 Speaker 11: that stuff has let you down. Cash has actually been 545 00:26:44,880 --> 00:26:47,360 Speaker 11: pretty reliable as like a hedge recently. 546 00:26:48,359 --> 00:26:49,440 Speaker 6: What are the chattering class? 547 00:26:49,640 --> 00:26:53,600 Speaker 4: I just think everybody else is you know, pitching, uh, 548 00:26:54,080 --> 00:26:57,120 Speaker 4: you know, new fangled objects and you know the voice 549 00:26:57,160 --> 00:26:58,360 Speaker 4: of sanity is entered the room. 550 00:26:58,880 --> 00:27:02,000 Speaker 5: Yeah, I mean four cent yield in basically no risk 551 00:27:02,240 --> 00:27:05,680 Speaker 5: is pretty attractive, especially with market really high and people nervous. 552 00:27:06,440 --> 00:27:08,960 Speaker 5: And I agree, I would almost rather own this than 553 00:27:08,960 --> 00:27:12,520 Speaker 5: the agriabond index because this won't go down like the 554 00:27:12,560 --> 00:27:15,080 Speaker 5: AG goes down a lot with stocks. The only thing 555 00:27:15,160 --> 00:27:17,879 Speaker 5: here is if the Fed starts cutting, this will be 556 00:27:17,960 --> 00:27:19,040 Speaker 5: less attractive obviously. 557 00:27:19,320 --> 00:27:20,840 Speaker 6: Yeah, I mean, I just think in general, I mean 558 00:27:20,880 --> 00:27:23,600 Speaker 6: my two cents is what was it was to sell 559 00:27:23,640 --> 00:27:27,280 Speaker 6: off in the bomb market in late twenty twenty two, where. 560 00:27:27,119 --> 00:27:29,600 Speaker 3: The AG went down thirteen percent? Cash did nothing, So 561 00:27:29,640 --> 00:27:30,680 Speaker 3: you did better in cash. 562 00:27:30,720 --> 00:27:33,320 Speaker 6: Like it sort of blew up the whole bond proposition 563 00:27:33,359 --> 00:27:37,040 Speaker 6: at that moment, and as I saw it, and so yeah, 564 00:27:38,080 --> 00:27:41,280 Speaker 6: bills are bills? Are bills? Is it really the first 565 00:27:41,320 --> 00:27:43,680 Speaker 6: and eight years from Vanguard? 566 00:27:43,720 --> 00:27:43,960 Speaker 4: Yeah? 567 00:27:44,160 --> 00:27:47,200 Speaker 5: No, no, well they've done active though, maybe the first passive. 568 00:27:47,840 --> 00:27:52,440 Speaker 11: Yes that I should say you only had per minute that. 569 00:27:52,400 --> 00:27:54,880 Speaker 2: Actually that's like a. 570 00:27:54,840 --> 00:27:59,359 Speaker 5: Great they've actually looked like wait, actually launched Wait a second, no, no, no, no. 571 00:27:59,119 --> 00:28:02,440 Speaker 6: No, no, bactual mistakes. He's got to come up total. 572 00:28:02,359 --> 00:28:06,120 Speaker 3: This year he've launched this year of ETFs this year? 573 00:28:06,240 --> 00:28:08,440 Speaker 11: Yep, this was v buil was their first launch this year? 574 00:28:08,520 --> 00:28:10,760 Speaker 6: It's any of this stuff their first this year? 575 00:28:10,960 --> 00:28:13,400 Speaker 11: No, within the last like what was their last launch 576 00:28:13,480 --> 00:28:15,359 Speaker 11: was like twenty fourteen. 577 00:28:15,480 --> 00:28:16,640 Speaker 2: When they lost last year? 578 00:28:16,760 --> 00:28:17,560 Speaker 6: Bust his chops? 579 00:28:17,640 --> 00:28:20,359 Speaker 11: Are you what active did they they launched? That was 580 00:28:20,400 --> 00:28:22,600 Speaker 11: this year or last year? I think they're all this 581 00:28:22,720 --> 00:28:23,400 Speaker 11: year launches. 582 00:28:23,960 --> 00:28:27,159 Speaker 6: Yeah, so it is a slight Actually. 583 00:28:26,800 --> 00:28:29,840 Speaker 3: You're saying this was the first of many launches they launched. 584 00:28:29,920 --> 00:28:32,960 Speaker 3: Show me what they launched last year? Okay, give me, 585 00:28:33,200 --> 00:28:36,080 Speaker 3: it's gonna take a second. I want my life all right, 586 00:28:36,080 --> 00:28:36,439 Speaker 3: here we go. 587 00:28:36,840 --> 00:28:40,640 Speaker 6: Okay, here's that actually should have been established? You get 588 00:28:40,680 --> 00:28:41,479 Speaker 6: one terminal. 589 00:28:42,040 --> 00:28:43,720 Speaker 5: We got a lot of nerds in here. How many 590 00:28:43,800 --> 00:28:46,480 Speaker 5: ETFs you think van cards launched this year? Let's get 591 00:28:46,480 --> 00:28:47,080 Speaker 5: some guesses here. 592 00:28:47,160 --> 00:28:47,760 Speaker 2: James was close. 593 00:28:47,800 --> 00:28:52,400 Speaker 11: It's like ten or eleven. 594 00:28:50,200 --> 00:28:54,120 Speaker 6: Seven or ten? Not I go eight then seven to. 595 00:28:54,880 --> 00:28:58,920 Speaker 5: One, two, three, four, five, six, seven, eight nine ten eleven. 596 00:28:59,280 --> 00:29:01,120 Speaker 6: Wow, So what are you talking about that? 597 00:29:01,600 --> 00:29:02,520 Speaker 2: Because they haven't? 598 00:29:02,880 --> 00:29:04,920 Speaker 5: Bill, wasn't their first one launch this year? We'll launched 599 00:29:04,920 --> 00:29:08,720 Speaker 5: the same day as Vegas. Okay, so these two but by. 600 00:29:08,640 --> 00:29:10,520 Speaker 6: The way, twenty four. 601 00:29:10,880 --> 00:29:11,719 Speaker 3: Here's the other problem. 602 00:29:11,920 --> 00:29:14,560 Speaker 5: They launched one in November of twenty twenty four and 603 00:29:14,600 --> 00:29:16,520 Speaker 5: another one in January of twenty twenty four. 604 00:29:16,640 --> 00:29:19,560 Speaker 3: Two of them. What wasn't they've launched multiple et like, 605 00:29:19,680 --> 00:29:24,080 Speaker 3: like I should have said, all right, you had. 606 00:29:23,600 --> 00:29:24,239 Speaker 2: You were you were? 607 00:29:24,760 --> 00:29:26,680 Speaker 6: I was going so well, I should have for the 608 00:29:26,760 --> 00:29:28,120 Speaker 6: kids listening at like. 609 00:29:28,200 --> 00:29:31,080 Speaker 5: The bond Lance Armstrong doping, it's like it's all ruined. 610 00:29:33,760 --> 00:29:36,680 Speaker 2: It was their first bond, first bond launch. 611 00:29:36,880 --> 00:29:38,600 Speaker 3: Don't worry, I got your back with mine. 612 00:29:38,720 --> 00:29:40,200 Speaker 6: Do you want to you want to try that again? 613 00:29:40,400 --> 00:29:40,480 Speaker 2: No? 614 00:29:40,640 --> 00:29:45,800 Speaker 3: I want to stay with the doping allegations. Okay, So 615 00:29:45,880 --> 00:29:47,240 Speaker 3: if I win, is this going to come back? 616 00:29:47,240 --> 00:29:48,200 Speaker 2: Probably? 617 00:29:48,320 --> 00:29:49,120 Speaker 6: Bro? He did? 618 00:29:51,000 --> 00:29:53,440 Speaker 3: I love that. He took the whole like moral high horse. 619 00:29:54,080 --> 00:29:57,320 Speaker 5: He's like they never launched any ETF and so for 620 00:29:57,360 --> 00:29:59,320 Speaker 5: them to launch. It came down from the heavens and 621 00:29:59,320 --> 00:30:04,000 Speaker 5: they said there shall be an ETF today, And it's like, oh, 622 00:30:04,200 --> 00:30:06,520 Speaker 5: actually there's been twenty in like two years. 623 00:30:07,960 --> 00:30:10,320 Speaker 2: I think before that they didn't have a launch for 624 00:30:10,440 --> 00:30:11,120 Speaker 2: like seven. 625 00:30:10,920 --> 00:30:12,920 Speaker 3: At some point there was a year or two at 626 00:30:12,920 --> 00:30:13,440 Speaker 3: some point here. 627 00:30:14,240 --> 00:30:17,400 Speaker 6: The more yeah, he won't give it up. Yeah yeah, 628 00:30:17,480 --> 00:30:19,000 Speaker 6: the more you talk together. 629 00:30:19,240 --> 00:30:24,600 Speaker 4: All right, I got one final pitch. Eric, You've got 630 00:30:24,640 --> 00:30:25,480 Speaker 4: a mess on your hands. 631 00:30:26,120 --> 00:30:27,880 Speaker 2: Intelligence. You're gonna mop that up. 632 00:30:28,080 --> 00:30:31,000 Speaker 6: Your guys are uh yeah, the least by the way, Eric, 633 00:30:31,040 --> 00:30:32,440 Speaker 6: I'll say you so far. I feel like the least 634 00:30:32,440 --> 00:30:34,440 Speaker 6: factual pitch is so far I've come from your crew. 635 00:30:35,680 --> 00:30:39,040 Speaker 2: Okay, Leric, you got a pitch I do? 636 00:30:39,360 --> 00:30:42,040 Speaker 6: All right, Eric, you are on the clock, sir. 637 00:30:42,120 --> 00:30:44,920 Speaker 5: All right, this one is just as boring as Athanasio says. 638 00:30:45,200 --> 00:30:46,440 Speaker 5: I know you thought I was gonna pick like a 639 00:30:46,480 --> 00:30:49,840 Speaker 5: two x quantum ETF, but this really stuck out to 640 00:30:49,880 --> 00:30:51,040 Speaker 5: me this year global x. 641 00:30:51,040 --> 00:30:53,800 Speaker 3: Us five hundred ETF. Okay, well, who cares? 642 00:30:53,880 --> 00:30:56,400 Speaker 5: Right, Here's why this is interesting. First of all, it's 643 00:30:56,400 --> 00:31:02,200 Speaker 5: only two basis porta picker g x LC two basis points. Really, 644 00:31:02,240 --> 00:31:04,200 Speaker 5: the ticker on an s and P five hundred should 645 00:31:04,200 --> 00:31:04,600 Speaker 5: mean nothing. 646 00:31:04,880 --> 00:31:07,320 Speaker 3: Okay, anyway, the reason this is. 647 00:31:07,280 --> 00:31:10,440 Speaker 6: Interesting, respond to the crowd, Yeah. 648 00:31:10,160 --> 00:31:12,600 Speaker 5: This tracks the five hundred biggest thoughts in America. You 649 00:31:12,640 --> 00:31:14,040 Speaker 5: may be like, well, so does the SMP. 650 00:31:14,200 --> 00:31:14,840 Speaker 3: No, it doesn't. 651 00:31:15,240 --> 00:31:18,120 Speaker 5: The S and P is an active fund. That index 652 00:31:18,400 --> 00:31:22,400 Speaker 5: you need to have four quarters of positive earnings. Then 653 00:31:22,440 --> 00:31:25,000 Speaker 5: there's this secret committee that meets in a smoky room 654 00:31:25,040 --> 00:31:27,200 Speaker 5: somewhere and decides what can go in route. Remember when 655 00:31:27,200 --> 00:31:30,160 Speaker 5: they wouldn't let Tesla in. Well, over the last ten years, 656 00:31:30,440 --> 00:31:33,800 Speaker 5: the index this GXLC tracks is beating the S and 657 00:31:33,800 --> 00:31:37,040 Speaker 5: P by seven percentage points. Why mostly because they didn't 658 00:31:37,120 --> 00:31:39,960 Speaker 5: let Tesla in. This one did same with Strategy, and 659 00:31:39,960 --> 00:31:42,160 Speaker 5: there's been many others where this will have all the 660 00:31:42,240 --> 00:31:44,280 Speaker 5: stocks when they're big enough and you're not relying on 661 00:31:44,320 --> 00:31:45,880 Speaker 5: a secret committee of who knows who? 662 00:31:46,600 --> 00:31:48,680 Speaker 2: Okay, how do. 663 00:31:48,680 --> 00:31:53,320 Speaker 6: You respond to here? 664 00:31:52,880 --> 00:31:56,040 Speaker 2: What are the assets there? Let's just hear Eric admit it. 665 00:31:57,120 --> 00:31:58,480 Speaker 6: I gotta get then abound a battery. 666 00:32:01,160 --> 00:32:02,440 Speaker 3: Yes, there's only four million now. 667 00:32:02,480 --> 00:32:05,520 Speaker 5: Because global x is not known for beta, it'd be 668 00:32:05,560 --> 00:32:08,200 Speaker 5: like Vanguard launching like a humanoid ETF. It probably would 669 00:32:08,200 --> 00:32:11,200 Speaker 5: take a minute, but still, I'm just going on the 670 00:32:11,280 --> 00:32:13,200 Speaker 5: idea and the launch and the novelty. 671 00:32:13,360 --> 00:32:14,000 Speaker 3: And it's a fact. 672 00:32:14,040 --> 00:32:15,000 Speaker 2: It is. 673 00:32:15,560 --> 00:32:18,600 Speaker 5: And also this is truly passive. If you're in the 674 00:32:18,720 --> 00:32:21,480 Speaker 5: S and PIF hundred, you're not really passive. You are again, 675 00:32:21,560 --> 00:32:24,320 Speaker 5: you're giving that you're close to passive. 676 00:32:24,440 --> 00:32:26,840 Speaker 6: So you're saying that essentially all of us out there, 677 00:32:27,000 --> 00:32:30,080 Speaker 6: all of us who think we're passive investors, were actually 678 00:32:30,240 --> 00:32:31,360 Speaker 6: investing in active fund. 679 00:32:31,480 --> 00:32:34,160 Speaker 5: Yeah, there's a committee of like nine people who you 680 00:32:34,280 --> 00:32:37,120 Speaker 5: don't know, nobody knows. It's like remember see the Mob documentaries, 681 00:32:37,120 --> 00:32:39,520 Speaker 5: where like the committee meets and like decides like who's 682 00:32:39,520 --> 00:32:40,200 Speaker 5: gonna die that year. 683 00:32:40,240 --> 00:32:41,720 Speaker 6: It's a sectually who's going to vote on this? 684 00:32:41,920 --> 00:32:42,040 Speaker 8: Uh? 685 00:32:42,160 --> 00:32:43,160 Speaker 2: Yes, pitch if actually does. 686 00:32:43,200 --> 00:32:44,240 Speaker 3: That's what this does. 687 00:32:44,320 --> 00:32:46,360 Speaker 5: That's why like Strategy did again they caught they checked 688 00:32:46,360 --> 00:32:49,920 Speaker 5: every box. Tesla checked every box. Microsoft was famously not 689 00:32:50,040 --> 00:32:51,400 Speaker 5: let in when they checked every box. 690 00:32:51,840 --> 00:32:54,920 Speaker 6: So it's interesting, But is there is there a company 691 00:32:55,080 --> 00:32:56,920 Speaker 6: or two or five right now that you could think 692 00:32:56,920 --> 00:32:59,400 Speaker 6: of it that is unfairly being left out as a result. 693 00:32:59,440 --> 00:33:01,480 Speaker 6: Wait a minute, the crowd has a thought. 694 00:33:01,760 --> 00:33:04,200 Speaker 9: Erics twenty stocks that are that are eligible but not 695 00:33:04,320 --> 00:33:06,440 Speaker 9: in there, and there's over sixty stocks in the index 696 00:33:06,520 --> 00:33:08,440 Speaker 9: that are technically wouldn't be eligible today. 697 00:33:08,200 --> 00:33:09,360 Speaker 6: At that So this is interesting. 698 00:33:09,520 --> 00:33:12,880 Speaker 11: This is a backdoor crypto pitch for her strategy, that's what, 699 00:33:13,040 --> 00:33:14,959 Speaker 11: because he wants strategy to be in the index. 700 00:33:16,520 --> 00:33:17,719 Speaker 2: So what's the methodology here? 701 00:33:18,200 --> 00:33:20,960 Speaker 3: The five hundred biggest stocks in five hundred biggest done? 702 00:33:22,840 --> 00:33:25,640 Speaker 5: Okay, ask someone to ask somebody on the street to 703 00:33:25,720 --> 00:33:26,960 Speaker 5: describe the S and P five hundred. 704 00:33:27,000 --> 00:33:27,280 Speaker 3: They can. 705 00:33:27,640 --> 00:33:29,600 Speaker 5: Now I'm going to say, as an investor who does 706 00:33:29,640 --> 00:33:31,080 Speaker 5: own the S and P five hundred in my four 707 00:33:31,160 --> 00:33:33,560 Speaker 5: one K, I'm fine owning it. I'm just saying this 708 00:33:33,760 --> 00:33:37,480 Speaker 5: is a little potentially tighter and more passive, and it's 709 00:33:37,520 --> 00:33:38,600 Speaker 5: even cheap than two BIPs. 710 00:33:38,760 --> 00:33:40,760 Speaker 6: Do you own this one? No? It just came that 711 00:33:40,880 --> 00:33:42,160 Speaker 6: four million dollars your. 712 00:33:45,400 --> 00:33:46,680 Speaker 3: I'm not allowed to give investment. 713 00:33:46,800 --> 00:33:51,880 Speaker 4: Okay, speaking of mysterious processes, and uh, you know, smoke 714 00:33:51,960 --> 00:33:56,120 Speaker 4: filled the rooms with heavy curtains, h David Pappadopolis. 715 00:33:56,600 --> 00:33:59,760 Speaker 6: Uh you then, can I have a minute. 716 00:33:59,640 --> 00:34:03,920 Speaker 4: Looking gars and considering your options you take, We're going 717 00:34:04,000 --> 00:34:06,600 Speaker 4: to give you one minute with your thoughts. 718 00:34:07,560 --> 00:34:14,680 Speaker 2: Yeah, so we'll be back in a minute. Welcome back, David. 719 00:34:15,239 --> 00:34:15,479 Speaker 6: Thanks? 720 00:34:16,000 --> 00:34:18,040 Speaker 2: How is that smoke filled room two? 721 00:34:18,120 --> 00:34:23,200 Speaker 6: Cigars later, Yeah, some more stting, right, yeah, I uh 722 00:34:24,080 --> 00:34:26,600 Speaker 6: I no, no, there's no horse, no no no. And 723 00:34:26,680 --> 00:34:31,040 Speaker 6: after after great thought, I have I have a verdict. 724 00:34:31,760 --> 00:34:33,200 Speaker 2: Do you want to start with that or do you 725 00:34:33,280 --> 00:34:35,520 Speaker 2: want to? I want to. 726 00:34:35,880 --> 00:34:39,440 Speaker 6: I've graded everyone and we'll go from worst or last 727 00:34:39,880 --> 00:34:43,400 Speaker 6: to best least best, right, and. 728 00:34:45,400 --> 00:34:47,560 Speaker 5: There is I do feel like there's some millennials in 729 00:34:47,560 --> 00:34:49,480 Speaker 5: the room. Okay, I know you guys can't handle just 730 00:34:49,560 --> 00:34:52,200 Speaker 5: pure worst. Okay, so least best to best best. 731 00:34:53,000 --> 00:34:59,480 Speaker 6: Least best a k biggest flop our pal bill Donna, damn, 732 00:35:01,080 --> 00:35:03,640 Speaker 6: it was the shade. It was just basically it was 733 00:35:03,719 --> 00:35:06,479 Speaker 6: just just too angry. Your pitch was just too angry. 734 00:35:06,520 --> 00:35:09,799 Speaker 6: I couldn't It was just too angry, too angry, all right, 735 00:35:10,040 --> 00:35:13,360 Speaker 6: you know you're trying to sell me on something. You 736 00:35:13,440 --> 00:35:14,160 Speaker 6: can't be that angry. 737 00:35:14,200 --> 00:35:14,799 Speaker 2: But you're in good. 738 00:35:14,719 --> 00:35:19,239 Speaker 6: Company because your pal and it's just too just too 739 00:35:19,320 --> 00:35:19,560 Speaker 6: much of. 740 00:35:19,600 --> 00:35:25,160 Speaker 2: A mouthful, the whole cop kind of like a. 741 00:35:25,239 --> 00:35:29,799 Speaker 6: Fish, a fish called Wanda, Like I just couldn't get 742 00:35:29,800 --> 00:35:33,319 Speaker 6: it out. And it's the dividend, the whole dividen fourteen percent. 743 00:35:34,920 --> 00:35:42,800 Speaker 2: Obviously, right, what you beat your pals? Uh? Next? 744 00:35:43,360 --> 00:35:47,640 Speaker 6: Uh uh, mister bell cheernis what four million dollars? 745 00:35:48,360 --> 00:35:53,720 Speaker 3: I crushed it like I legit, objectively crushed it. Okay, okay, 746 00:35:53,880 --> 00:35:55,640 Speaker 3: well listen listen here. 747 00:35:56,160 --> 00:35:59,359 Speaker 6: You can't you can't beat all the one last time. 748 00:35:59,400 --> 00:35:59,640 Speaker 3: Don't know. 749 00:36:00,040 --> 00:36:01,680 Speaker 5: All I want is I want to see a copy 750 00:36:01,719 --> 00:36:05,040 Speaker 5: of his trading report in the next year. He's gonna 751 00:36:05,120 --> 00:36:06,400 Speaker 5: legit buy the ticker I went over. 752 00:36:06,640 --> 00:36:08,120 Speaker 6: I'm just saying, all right, now, we're starting to get 753 00:36:08,200 --> 00:36:11,759 Speaker 6: up towards the top. I got James next, right off 754 00:36:11,920 --> 00:36:14,840 Speaker 6: the right, off the bus or the subway, right in 755 00:36:15,120 --> 00:36:18,719 Speaker 6: solid pitch Crypto though, as the crowd, you know, as 756 00:36:18,719 --> 00:36:22,080 Speaker 6: the crowd was pointing out, though it was simultaneously greatly 757 00:36:22,200 --> 00:36:25,440 Speaker 6: courageous and a little kind of reckless to pitch Crypto 758 00:36:25,480 --> 00:36:27,239 Speaker 6: at a moment like this when it's puke and its 759 00:36:27,280 --> 00:36:35,160 Speaker 6: guts out. But that was all right, mister humanoid himself. 760 00:36:35,280 --> 00:36:39,759 Speaker 6: Andre's up next. Kind of fun sal But you know, 761 00:36:41,480 --> 00:36:44,000 Speaker 6: I'm still maybe just me being stupid. I just don't 762 00:36:44,000 --> 00:36:46,320 Speaker 6: know about the human ticker for a robot. 763 00:36:46,840 --> 00:36:48,880 Speaker 12: Have you seen the terminator? 764 00:36:49,080 --> 00:36:52,799 Speaker 6: I don't know, have youator. 765 00:36:52,719 --> 00:36:53,439 Speaker 3: Even like the ones? 766 00:36:54,600 --> 00:36:58,160 Speaker 6: But you see what I'm saying. She remains She remains salty. 767 00:36:58,280 --> 00:36:58,720 Speaker 6: And angry. 768 00:36:58,800 --> 00:36:59,520 Speaker 2: This is what you know. 769 00:36:59,840 --> 00:37:03,600 Speaker 5: You just have to I gotta say, though, the idea 770 00:37:03,680 --> 00:37:06,520 Speaker 5: of disqualifying him because human is a bad ticker. 771 00:37:07,120 --> 00:37:07,320 Speaker 6: It is. 772 00:37:07,520 --> 00:37:10,799 Speaker 3: They are called humanoids. I'm still name the industry gave them. 773 00:37:10,840 --> 00:37:11,759 Speaker 2: I'm aware of the he's not. 774 00:37:11,920 --> 00:37:14,040 Speaker 6: I'm just not feeling. I mean, there's a lot of 775 00:37:14,080 --> 00:37:16,799 Speaker 6: stuff that the industry pitches. Private credit will also tell 776 00:37:16,800 --> 00:37:18,080 Speaker 6: you a lot of things about private credit. 777 00:37:18,880 --> 00:37:22,600 Speaker 2: But I noticed Prove did not have a have a cameo. 778 00:37:24,640 --> 00:37:29,200 Speaker 6: Joel comes in third. I think the bronze just because 779 00:37:29,320 --> 00:37:31,800 Speaker 6: Textan Now Textan is kind of I feel like that 780 00:37:32,000 --> 00:37:34,799 Speaker 6: was fun, unlike human. I just thought Textan was good. 781 00:37:35,400 --> 00:37:40,160 Speaker 6: It's gonna go nowhere. To be clear, thea's got no chance, 782 00:37:40,239 --> 00:37:40,799 Speaker 6: but it's fine. 783 00:37:41,040 --> 00:37:42,120 Speaker 2: Black Rock says otherwise. 784 00:37:42,160 --> 00:37:46,480 Speaker 6: But okay, Isabelle Lee runner up? 785 00:37:46,840 --> 00:37:46,880 Speaker 9: No? 786 00:37:49,920 --> 00:37:50,279 Speaker 2: You would? 787 00:37:50,320 --> 00:37:52,640 Speaker 6: You know, we're only down to two people, so you propose. 788 00:37:52,440 --> 00:37:53,960 Speaker 3: You you give it to Lance Armstrong. 789 00:37:55,840 --> 00:37:58,840 Speaker 2: The cast their negative don't. 790 00:38:00,400 --> 00:38:03,279 Speaker 6: Well, here's another final thing. 791 00:38:03,480 --> 00:38:03,600 Speaker 2: You know. 792 00:38:03,680 --> 00:38:04,920 Speaker 6: That was what put it over the top of the 793 00:38:04,960 --> 00:38:07,680 Speaker 6: lancing because Lance and I actually share the exact same 794 00:38:07,760 --> 00:38:16,799 Speaker 6: birthday month. No v Bill, I mean, come on, what's wet? Yeah, 795 00:38:17,719 --> 00:38:20,719 Speaker 6: it's what wait a minute, it's one of many factors. 796 00:38:21,480 --> 00:38:24,280 Speaker 5: Right listen, I bet you their favorite actor is John Stamos. 797 00:38:25,080 --> 00:38:27,040 Speaker 5: That's how messed up they both are. 798 00:38:28,680 --> 00:38:31,600 Speaker 6: But we will we will be getting lunch together at 799 00:38:31,800 --> 00:38:37,239 Speaker 6: at uh. Yes, clearly, well, I like, I mean at 800 00:38:37,280 --> 00:38:39,080 Speaker 6: a time all the I mean you no, basically, among 801 00:38:39,120 --> 00:38:40,759 Speaker 6: other things, you could take the au m of all 802 00:38:40,880 --> 00:38:44,719 Speaker 6: these other a TF combined and it would not even order. 803 00:38:45,239 --> 00:38:47,640 Speaker 3: Oh okay, so it was an a competition. 804 00:38:48,280 --> 00:38:51,160 Speaker 2: Okay, all right, Ethan, Uh, do you have anything else 805 00:38:51,400 --> 00:38:52,640 Speaker 2: you'd like to say? Any final word? 806 00:38:52,640 --> 00:38:54,600 Speaker 11: I'm clear of the doping allegations. 807 00:38:54,760 --> 00:38:59,239 Speaker 6: And let me ask, let me ask the trillion's host, 808 00:38:59,480 --> 00:39:02,200 Speaker 6: who would you not choosing your own, who would you 809 00:39:02,320 --> 00:39:04,160 Speaker 6: have chosen for this one? 810 00:39:06,880 --> 00:39:06,920 Speaker 5: Me? 811 00:39:07,200 --> 00:39:15,319 Speaker 3: I probably would have chosen Andres because because I think 812 00:39:16,200 --> 00:39:20,160 Speaker 3: this is a thematic etf. When I'm out in my 813 00:39:20,280 --> 00:39:22,759 Speaker 3: regular life, a lot of people are like, what's a 814 00:39:22,800 --> 00:39:23,319 Speaker 3: good stock pick? 815 00:39:23,360 --> 00:39:24,960 Speaker 5: And I'm like, I don't cover stocks. But when I 816 00:39:25,160 --> 00:39:27,920 Speaker 5: eventually say I cover the markets or whatever, They're. 817 00:39:27,760 --> 00:39:30,200 Speaker 3: Like, I want AI exposure. That's what everybody says. 818 00:39:30,239 --> 00:39:34,000 Speaker 5: That's the thing this I like because it's going, it 819 00:39:34,120 --> 00:39:36,839 Speaker 5: is even going further, and there's so much money being 820 00:39:36,880 --> 00:39:39,200 Speaker 5: poured into it, and it doesn't have a lot of overlap. 821 00:39:39,480 --> 00:39:41,600 Speaker 5: You add like one percent of a humanoid ETF to 822 00:39:41,640 --> 00:39:44,600 Speaker 5: your otherwise boring vanilla, it's a nice little spice. So 823 00:39:44,760 --> 00:39:47,239 Speaker 5: I just I just think that's a and human is 824 00:39:47,280 --> 00:39:49,400 Speaker 5: a good ticker. That's why I would have given it 825 00:39:49,480 --> 00:39:52,439 Speaker 5: to him. And the whole Terminator thing. I think about 826 00:39:52,480 --> 00:39:55,440 Speaker 5: that constantly when I see these videos. I think about Terminator, 827 00:39:55,440 --> 00:39:57,080 Speaker 5: and I think about Minority Report. Remember when they sent 828 00:39:57,160 --> 00:39:59,040 Speaker 5: the spider robots and to get the guy. I'm like, 829 00:39:59,400 --> 00:40:02,080 Speaker 5: the futures gonna be a combination of Minority Report in idiocracy. 830 00:40:02,280 --> 00:40:05,480 Speaker 3: That's my theory. I know it's a weird mashup, but. 831 00:40:05,520 --> 00:40:10,480 Speaker 6: So for posterity. If Paulus was the judge, Yeah, Winter Joel. 832 00:40:11,000 --> 00:40:13,279 Speaker 2: You know, I kind of liked Meme. 833 00:40:13,719 --> 00:40:15,839 Speaker 4: I thought that was you know, of all the things 834 00:40:15,880 --> 00:40:18,560 Speaker 4: that you could have thought would have happened this year, 835 00:40:18,680 --> 00:40:21,279 Speaker 4: like the resurrection of a meme stock ETF, Like that's 836 00:40:21,360 --> 00:40:23,960 Speaker 4: just kind of you know, bonkers. 837 00:40:24,000 --> 00:40:26,279 Speaker 6: But I mean, like Texan, it's also gonna puke it 838 00:40:26,360 --> 00:40:26,839 Speaker 6: scots out. 839 00:40:27,320 --> 00:40:28,000 Speaker 2: But that's the point. 840 00:40:28,080 --> 00:40:30,600 Speaker 4: It's like, you know, there's there's a there's an indicator there. 841 00:40:30,760 --> 00:40:32,600 Speaker 5: The other thing for meme is uh, if you again, 842 00:40:32,640 --> 00:40:34,359 Speaker 5: if you're a boring investor, you add a little meme. 843 00:40:34,360 --> 00:40:36,800 Speaker 5: You have to worry about what these whack job traders 844 00:40:36,840 --> 00:40:38,759 Speaker 5: are doing. It just covers the stocks they're into and 845 00:40:38,800 --> 00:40:41,080 Speaker 5: you get a little taste of it. Which of these 846 00:40:41,080 --> 00:40:42,640 Speaker 5: ets are you most likely to invest in? 847 00:40:44,080 --> 00:40:44,200 Speaker 6: Oh? 848 00:40:44,360 --> 00:40:45,760 Speaker 2: He knew, he gave it to it already. 849 00:40:45,840 --> 00:40:48,360 Speaker 3: Besides, besides g x LC do. 850 00:40:48,360 --> 00:40:52,400 Speaker 6: You like g XLC? All right, so the dividends will no? 851 00:40:53,440 --> 00:41:00,720 Speaker 3: Man, basically just say so we can all leave, maybe 852 00:41:01,200 --> 00:41:01,920 Speaker 3: maybe yours. 853 00:41:02,120 --> 00:41:06,520 Speaker 6: Eric, meme, not a chance in hell. The bell I 854 00:41:06,520 --> 00:41:10,680 Speaker 6: already got plenty of best new lunch text texting is fun, 855 00:41:10,719 --> 00:41:14,399 Speaker 6: but no, like I mean, actually no, this I should ask. 856 00:41:14,880 --> 00:41:16,919 Speaker 6: Eric's gonna be like, I really want And that's. 857 00:41:16,800 --> 00:41:18,920 Speaker 2: Why he's like, I really want that. 858 00:41:20,239 --> 00:41:23,080 Speaker 6: What about some of the venezuela and bolvars are hand 859 00:41:23,239 --> 00:41:24,880 Speaker 6: I hand you just cut edit. 860 00:41:24,960 --> 00:41:26,239 Speaker 2: We're just gonna turn the volume down. 861 00:41:26,280 --> 00:41:27,879 Speaker 3: Hold on one other question. 862 00:41:28,080 --> 00:41:30,399 Speaker 5: Yeah, Let's say I know you're a horse track guy 863 00:41:30,480 --> 00:41:33,359 Speaker 5: and you like gambling. Let's say you had a ten 864 00:41:33,440 --> 00:41:35,480 Speaker 5: thousand dollars of your money right and you had to 865 00:41:35,560 --> 00:41:38,439 Speaker 5: place it right now, even money on all these Which 866 00:41:38,520 --> 00:41:39,800 Speaker 5: of these were the best performance? 867 00:41:39,880 --> 00:41:43,600 Speaker 6: Twelve months from now, twelve months from now, just twelve. 868 00:41:43,480 --> 00:41:45,480 Speaker 3: Yeah, this is an investment advice. 869 00:41:45,880 --> 00:41:46,040 Speaker 6: Yo. 870 00:41:46,320 --> 00:41:49,080 Speaker 3: Oh you think cash is gonna win over the next Wow? 871 00:41:50,480 --> 00:41:52,560 Speaker 3: He No, you could be right. That's that's just a 872 00:41:52,600 --> 00:41:53,400 Speaker 3: barish call basics. 873 00:41:53,440 --> 00:41:54,880 Speaker 6: So that's why it's taking months. If you alread to 874 00:41:54,880 --> 00:41:56,960 Speaker 6: give me a longer period, I wouldn't go be your bill. 875 00:41:57,000 --> 00:41:59,239 Speaker 3: But yeah, twelve months, Okay, you might be right. 876 00:42:00,800 --> 00:42:04,560 Speaker 2: Maybe we'll come back in twelve months. Clock starts now. David, 877 00:42:05,040 --> 00:42:07,719 Speaker 2: thank you very much for joining us. Everybody else thank 878 00:42:07,760 --> 00:42:08,160 Speaker 2: you as well. 879 00:42:08,880 --> 00:42:11,440 Speaker 4: Thanks for listening to Trillions until next time. You can 880 00:42:11,480 --> 00:42:15,800 Speaker 4: find us on the Bloomberg terminal, Bloomberg dot com, Apple Podcasts, Spotify, 881 00:42:16,440 --> 00:42:18,440 Speaker 4: or wherever else you'd like to listen. We'd love to 882 00:42:18,520 --> 00:42:20,600 Speaker 4: hear from you. Hit us up on social I'm at 883 00:42:20,680 --> 00:42:24,200 Speaker 4: Joe Weber Show, He's at Eric Balcina's. Trillions is produced 884 00:42:24,200 --> 00:42:28,120 Speaker 4: by Magnus Hendrickson. Brendan Newman is our executive producer. Sage 885 00:42:28,160 --> 00:42:30,080 Speaker 4: Bauman is the head of Bloomberg Podcasts.