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Speaker 1: So here we go. Welcome to Trallians. I'm Joel Weber

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Speaker 1: and I'm Eric bell Shones. Eric, one of my most

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Speaker 1: favorite things about the e g F universe are tickers,

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Speaker 1: and it's just like, it's so much fun. When you

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Speaker 1: see somebody get a good ticker and I have a

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Speaker 1: good E t F idea that goes with it, it

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Speaker 1: just speaks to one of the reasons that this industry

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Speaker 1: can be so much fun. Absolutely, I mean, everybody loves tickers.

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Speaker 1: Remember when I first did E t F hits on

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Speaker 1: Blueberg Television. The anchor at the time, Adam Johnson, UM,

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Speaker 1: he loved the tickers. And even my mom can get

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Speaker 1: into them. They're very accessible, they're fun, they can communicate

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Speaker 1: a lot quickly, and and on our team we call

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Speaker 1: it the ticker Premium. We believe that a good ticker

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Speaker 1: can give you a little extra juice in the marketing

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Speaker 1: efforts of an e t F and UM. I was

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Speaker 1: down in Florida at the Money Show, my first physical conference,

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Speaker 1: and ran into a UM a couple of E t

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Speaker 1: F pros and had some drinks and some of the

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Speaker 1: stuff they were telling me about their trials and tribulations

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Speaker 1: of reserving tickers. I thought, this dish really is a

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Speaker 1: perfect podcast. Plus sometimes I'm asked about ticker reservations and

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Speaker 1: whether you can like sell a ticker, how long it lasts,

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Speaker 1: and I can't quite technically answer all their questions. So

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Speaker 1: I wanted to really nail this down finally how it works.

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Speaker 1: So joining us Uh, a couple of your friends from Florida,

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Speaker 1: and then we widened the circle, filled back with signal

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Speaker 1: advisors Mike Venudo with Torosso, Laura Morrison with Cibo, and

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Speaker 1: then joining us from Bloomberg News Claire Balentine, this time

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Speaker 1: on Trillions Tickers. Phil, Mike, Laura, Claire. Welcome to Trillions. Thanks. Okay,

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Speaker 1: so I'm really excited about this. Um, let's just start

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Speaker 1: with some basics. What do I have to do to

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Speaker 1: hold a ticker? So, in order for a client of

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Speaker 1: an exchange to reserve a ticker, they simply need to

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Speaker 1: reach out to the exchange and make the request. It's

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Speaker 1: pretty simple and straightforward. If the ticker is available, we

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Speaker 1: reserve it for them. If it's already reserved by another exchange,

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Speaker 1: we can place ourselves on the wait list and anticipation

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Speaker 1: of it potentially becoming available or we can reach out

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Speaker 1: to the exchange that has it reserved and ask it,

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Speaker 1: ask them if they'd be willing to release it. So

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Speaker 1: is this like, go daddy, though, Do I like pay?

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Speaker 1: Should I pay? Do I pay? And I just plunked

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Speaker 1: down some like twenty bucks and I get to sit

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Speaker 1: on the u R O. No. No, you actually don't

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Speaker 1: need to pay anything in order to reserve tickers. The

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Speaker 1: exchange doesn't look at that as a revenue line. Nobody

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Speaker 1: really owns tickers, to be honest with you, I mean,

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Speaker 1: just by way of background, and this is going way back. Um,

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Speaker 1: when I started my career at the New York Stock

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Speaker 1: Exchange in corporate listenings, there was literally one guy. He

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Speaker 1: sat in a very small office with a huge ledger.

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Speaker 1: I'm thinking it was maybe two ft by three feet

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Speaker 1: in size. It was leather bound, and you'd walk in

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Speaker 1: there and you'd have to bring a piece of paper

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Speaker 1: actually in triplicate and asked to reserve the sticker. Um.

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Speaker 1: It was very manual at the time. Exchange is eventually

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Speaker 1: utilized other software technology, but it was all individual by exchanges.

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Speaker 1: Fast forward to today, there's this concept of the intermarket

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Speaker 1: symbol Reservation Authority Israel, and it is all under the

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Speaker 1: regulation reagain a mess National Market System Plan and filed

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Speaker 1: with the SEC. So it's much more um, much much

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Speaker 1: more specific as it relates to the ability to be

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Speaker 1: able to reserve tickers in for how long. So so

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Speaker 1: essentially each exchange has the opportunity to reserve up to symbols,

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Speaker 1: and the symbols reserved for twenty four months, and if

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Speaker 1: that exchange hasn't used that and applied it to a listing,

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Speaker 1: then they actually lose that reservation and it goes to

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Speaker 1: the next person, the next exchange on the wait list.

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Speaker 1: But like I said, it's not like Go Daddy, where

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Speaker 1: exchanges can just sit on the symbols and reserve what

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Speaker 1: they think will be the next hot symbol. They we

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Speaker 1: really have to keep documentation to to prove that there's

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Speaker 1: an intent by an issuer to use this symbol within

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Speaker 1: the next twenty four months. So, Eric, I know you

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Speaker 1: always like the analogies. It does sound a lot like

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Speaker 1: the Bureaucrats and the Hitchhiker's Guide to the Galaxy, right

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Speaker 1: like it's it's weird, you walk in, you don't know

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Speaker 1: what's going on. But I think one thing, Laura said

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Speaker 1: at the end there that's really important is it's not

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Speaker 1: like anybody off the street can just call up the

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Speaker 1: exchange and reserve a ticker. There has to be evidence

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Speaker 1: that you're actually have and intend to launch something with it.

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Speaker 1: It's it does. It's not like a commodity that has

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Speaker 1: value to somebody who's not going to launch that they

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Speaker 1: can transfer our sell Well, and what's that evidence that

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Speaker 1: you intend to launch something? What qualifies as evidence? I mean, Ali,

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Speaker 1: Laura hit that one, because you know, usually if somebody

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Speaker 1: cause I run a white labeled business, if somebody wants

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Speaker 1: to launch an ETF, they're more likely to get it

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Speaker 1: reserved the ticker by coming through me because it exchanges

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Speaker 1: know that we have the ability to actually launch. But

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Speaker 1: I just wrote down a great idea on a napkin.

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Speaker 1: Does that count yep? Laura, you have the ability to launch.

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Speaker 1: As we get to know our clients. It comes in

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Speaker 1: through the process of listening, so as we um appreciate

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Speaker 1: how sophisticated and knowledgeable they are about what their intentions

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Speaker 1: are than you know, it gets to a certain point

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Speaker 1: we're like, okay, well let's talk about symbols. So then

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Speaker 1: it's brought up at the appropriate time. There are some

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Speaker 1: instances where are we we get prospects because their first

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Speaker 1: question is may I reserve this symbol? But then we

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Speaker 1: go through further exploration to be sure that you know

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Speaker 1: it truly is a um an opportunity for us to

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Speaker 1: do business. UM let's talk about it from the issuer

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Speaker 1: point of view. So this is I think what most

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Speaker 1: people fantasize about. Okay, I've got this idea. I'm an

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Speaker 1: independent issuer. A lot of times on Twitter, somebody will

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Speaker 1: bring up something and people will start imagining what the

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Speaker 1: ticker should be. So you, guys, Mike phill or our issuers,

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Speaker 1: how many tickers do you reserve? How do you go

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Speaker 1: about it? How important is it? Uh? Start with Phil?

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Speaker 1: How much time do you spend thinking about it? I

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Speaker 1: guess I have a lot of questions. It's really one

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Speaker 1: of the first things you do. It's one of the

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Speaker 1: first things you do as soon as you have the

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Speaker 1: concept of the fund, before you've nailed down to details,

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Speaker 1: before you've written the perspectives. You grab those good tickers

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Speaker 1: because you know they're hot item and they're gonna go.

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Speaker 1: The language of trading desks and asset allocators is the ticker,

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Speaker 1: not the fun name. So some of the fun names

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Speaker 1: sound like law firms, you've got you know, issuer, index, provider,

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Speaker 1: asset class, blah blah blah, fund um. But the ticker

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Speaker 1: is a great The tickers are more fun um. The

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Speaker 1: ones that don't work as well are probably the acronyms,

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Speaker 1: the ones that stand for a long in a series

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Speaker 1: of of you know, parties that are involved in the fund.

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Speaker 1: But the ones that really hit the nail on the

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Speaker 1: head can really you know, be very sticky and memorable,

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Speaker 1: and it's an incredible edge, is an incredible marketing tool. Yeah,

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Speaker 1: premium is the right word here, because I was telling

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Speaker 1: you back in Florida, feel that I got together to

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Speaker 1: run a separate businesses together eventually culminating and me buying

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Speaker 1: Phil's company, all because of the ticker bl okay. Right um.

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Speaker 1: And one thing that you think about when you're reserving

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Speaker 1: tickers is what are the competitors that are gonna come

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Speaker 1: and what are they going to reserve? So I own

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Speaker 1: some derivations of bl okay as well, right because like

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Speaker 1: go daddy, I don't want somebody to have you know,

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Speaker 1: roso dot net or Taroso dot or all those sorts

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Speaker 1: of things, so that premium is very powerful. When we

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Speaker 1: first came out with block we weren't allowed to use

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Speaker 1: blockchain in the name, but the ticker was explicitly clear,

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Speaker 1: and we launched the same day as another fund and

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Speaker 1: literally doubled their assets. All in my opinion, in the

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Speaker 1: early days were about ticker premium. This was like right

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Speaker 1: at the peak time when everyone was saying blockchain not

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Speaker 1: big cooin, right, and the blockchain was just getting super hot,

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Speaker 1: and we were looking to launch a blockchain theme fund.

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Speaker 1: There weren't that many public securities that were really pure

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Speaker 1: plays in the space that were just coming up, and

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Speaker 1: we're getting to that point, and there were two other companies,

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Speaker 1: Mike's Company another company, that were also working on a

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Speaker 1: blockchain fund, and I didn't know if we could beat

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Speaker 1: them to market. We had other priorities we're working on

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Speaker 1: the things. Really what we're focused on was automating our

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Speaker 1: trading desk. So I said to Macan said, listen, I

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Speaker 1: don't think I could beat you to market. Why don't

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Speaker 1: you take the ticker, you launch it, but we'll do

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Speaker 1: the trading and subadvisory work for you, because that's where

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Speaker 1: we're focused and it turned into a wonderful partnership not

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Speaker 1: only on a fund but for our businesses. One of

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Speaker 1: the stories that we went over down there that I

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Speaker 1: think really exemplifies how it works is Mike, your story

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Speaker 1: with the ticker d O g E. So explain, you know, Okay,

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Speaker 1: you thought of it, you registered it, and then and

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Speaker 1: then what happened? Tell me that your history with this

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Speaker 1: ticker and what's happening here. Yeah, so let's start with

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Speaker 1: this is not an endorsement for dose coin, So so

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Speaker 1: we're all protected. Um that said, I am a fan,

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Speaker 1: but you know, three years ago we reserved that ticker

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Speaker 1: um with the idea that maybe we would do like

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Speaker 1: a gray scale thing around doze or something, since you know,

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Speaker 1: and we were way early. Um, and by the time

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Speaker 1: you know, that was something viable was maybe a month

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Speaker 1: or two ago, and by then it was expiring. Now

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Speaker 1: I knew that I wanted to reapply for it, right,

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Speaker 1: but somebody else was already on the waiting list. I'm

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Speaker 1: guessing Barry got it. Uh So, so yeah, you know,

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Speaker 1: you could have something and be thinking about if for years,

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Speaker 1: but if you don't use it, you lose it. Another

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Speaker 1: example of that is I had Hell as a ticker

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Speaker 1: H E A L. And we didn't have a great

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Speaker 1: product for it yet, but we knew we would eventually,

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Speaker 1: so we spent the legal money to file so that

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Speaker 1: we'd get the extension um. Eventually, we still let it

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Speaker 1: go because we never came to an idea that would

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Speaker 1: fit it. But you will go out of your way

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Speaker 1: to keep a good ticker if you can see the

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Speaker 1: product that could fit with it at sometime. And one

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Speaker 1: last thing I want to add to the going and

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Speaker 1: getting tickers thing is a lot of us think about families, right,

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Speaker 1: So I've done the risk on risk off row row,

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Speaker 1: I've got Jojo coming, I've got other ones that are similar.

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Speaker 1: So when you're thinking about a fund, you're usually thinking

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Speaker 1: about a family of funds and what tickers can come

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Speaker 1: together around that family of funds. So you'll see a

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Speaker 1: lot of these new groups that come out with like

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Speaker 1: options overlay, they'll put an A in front of everything

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Speaker 1: like Asymmetric or things like that, or or got them

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Speaker 1: with the g spy, So you'll you'll see people build

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Speaker 1: as bet best as possible families. And the last thing

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Speaker 1: is anything with E S G in it is gone

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Speaker 1: and nobody can get it right. They all the E

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Speaker 1: s G tickers are gone. So um, there you go.

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Speaker 1: There's some inside baseball. How often would you say it

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Speaker 1: happens that you think of the ticker and that are

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Speaker 1: looking for a fun to fit with it versus the

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Speaker 1: other way around, because I would think you have the

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Speaker 1: fun first, and then you figure out a ticker oil

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Speaker 1: you want to take that one. And there are very

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Speaker 1: few tickers that are good enough that you would build

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Speaker 1: a strategy around it. But there are some out there.

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Speaker 1: I think we've seen some maybe in the cannabis space,

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Speaker 1: you know, where there's some real you know, premode tickers

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Speaker 1: and the space was just exploding. Um, there are some,

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Speaker 1: but I think you know, there's two kinds of of

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Speaker 1: of product, um, like target markets. Right, You've got your

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Speaker 1: thoughtful uh let's say, quantitative strategy or active value you

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Speaker 1: know value strategy, which is, you know, really it's gonna

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Speaker 1: be ground up, it's gonna be an E Smith manager

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Speaker 1: who was a philosophy that they've developed over years. And

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Speaker 1: then you've got your fast money retail stuff right, which

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Speaker 1: is like you know a weed fund or blockchain fund,

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Speaker 1: and that stuff can come quick. And you've got to

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Speaker 1: be fast, because the only way it works is really

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Speaker 1: if your first maybe second to market. Um. And those

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Speaker 1: are the ones where the ticker can in some cases

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Speaker 1: drive the product development. I think that would be rare,

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Speaker 1: but I could see a couple of tickers good enough

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Speaker 1: where that could happen. Yeah. I think it goes back

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Speaker 1: to the family concept, right, So this will be close

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Speaker 1: to you, folks. UM. We had this idea a couple

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Speaker 1: of years ago that all the major like family offices

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Speaker 1: and big names out there will eventually have their own ETFs.

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Speaker 1: So we reserved a bunch of names including I'm looking

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Speaker 1: at it, b LMR, with the idea that Michael would

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Speaker 1: someday launch his own ETF. Bloom was not available, so

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Speaker 1: but we had Zuck and things like that. Um. Now

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Speaker 1: it hasn't come through, But if you're thinking ahead of

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Speaker 1: where the industry might be going, owning that ticker premium

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Speaker 1: early could be very valuable. I think what you're saying

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Speaker 1: that you you think of a billionaires, Yeah, because they

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Speaker 1: would embrace the tax benefits at some point. But just

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Speaker 1: to be clear, you can't sell that. I cannot. Only

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Speaker 1: you can only build an e t F around it

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Speaker 1: and hopefully they'll be involved, but you can't like sell

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Speaker 1: that to them for a certain amount of money. No,

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Speaker 1: But what more likely happens is what Phil said, Right,

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Speaker 1: we figure out ways to work with each other and

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Speaker 1: further the industry of Phil and I call it the

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Speaker 1: rebel alliance, you know, like me, him, meb West, all

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Speaker 1: the smaller guys and girls working together. Um, the indies, Yeah,

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Speaker 1: the indies have the best tickers. I mean, there's definitely

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Speaker 1: a correlation there, Meb. You said, uh Med has toke

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Speaker 1: to me, that is Mount Rushmore. I like herbs. We

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Speaker 1: don't know these names. Me Med favor is the CEO

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Speaker 1: of Cambria UM and he has UM. He also has

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Speaker 1: I heard he has h O d L, which to

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Speaker 1: me is you could probably sell that for a million

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Speaker 1: dollars to one of these bitcoinis. I know, but you

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Speaker 1: probably could. Mike you you talked about um the premium

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Speaker 1: and also this family idea. You know. Another trend that

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Speaker 1: Eric and I have have notice and talked about before

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Speaker 1: on the show is like when there are e t

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Speaker 1: f uh tickers that are verbs that seems to be

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Speaker 1: also really effective, like hack being a really famous one.

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Speaker 1: You said, he'll I thought what that was that triggered

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Speaker 1: that idea for me, Like, how much do you think

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Speaker 1: a premium goes for for tickers that are can also

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Speaker 1: be verbs? So I think the key is that the

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Speaker 1: ticker tells the story. If you can find a ticker

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Speaker 1: that tells the whole et f story and one word,

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Speaker 1: it's amazingly half powerful, like hack block, you know what

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Speaker 1: they are, and it's it's just done. Um. The other

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Speaker 1: thing that's very powerful with a ticker is I know

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Speaker 1: I've Joel, I've heard you on your podcast here talk

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Speaker 1: about some of the stupid names we have to deal with.

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Speaker 1: Believe it or not, Those stupid names come from our

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Speaker 1: regulators trying to protect um. Right. So so if I

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Speaker 1: say I want to do something, they say will prove

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Speaker 1: to me that of the revenue is coming from there,

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Speaker 1: And I say, yeah, right fine, Like, and it's really

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Speaker 1: about pigeon holing in with the naming convention rules. If

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Speaker 1: a ticker can get across what we're doing better than

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Speaker 1: the name, it's super super powerful. Just to be clear,

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Speaker 1: you're talking about like your block, which we've been mentioning

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Speaker 1: over and over. Sorry, official name not here to pitch. Yeah, no, Um,

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Speaker 1: the official name is Amplified Transformational Data Sharing e t F. Correct. Yeah,

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Speaker 1: so thank god for block. Yes, if that was a

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Speaker 1: t d S, good luck, But it happens with a

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Speaker 1: lot of them, like these hydrogen economies. And remember when

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Speaker 1: there was the Whear e t F. The name of

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Speaker 1: the E t F was the same as the symbol,

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Speaker 1: and it was supposed to be about wearables and then

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Speaker 1: the SEC said no more of that. So the person

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Speaker 1: who who governs how we use a ticker is Laura

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Speaker 1: or UG or one of the exchanges and their self

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Speaker 1: regulatory organizations. The person's the entity that regulates what the

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Speaker 1: name is is the SEC inus. So so there's a

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Speaker 1: lot more leeway with the ticker because you're not getting

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Speaker 1: a regulator saying no unless it's a cash management product

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Speaker 1: UM low duration stuff. So I had mentioned to you

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Speaker 1: I have a t M. I was told I couldn't

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Speaker 1: use it for short duration fixed income fund because it

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Speaker 1: would imply its cash I think another thing is, you know,

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Speaker 1: we tend to take ourselves real seriously in the sm

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Speaker 1: management industry, and the tickers that don't take themselves too seriously,

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Speaker 1: the tickers that are more fun seem to do really well,

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Speaker 1: like I had a fun called the Reverse cap waited

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Speaker 1: US Large Cap et F and for the ticker, I

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Speaker 1: shows reverse r vrs to spell out reverse and it

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Speaker 1: kind of fell flat for the most part. When we

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Speaker 1: launched a fund, Ben Johnson and Morning Star putt saying, oh,

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Speaker 1: this should be YPS for spy spy backwards YPS, and

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Speaker 1: it got a great reaction on Twitter. I'm like, I

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Speaker 1: miss did well. We ended up a couple of years

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Speaker 1: later selling the fund to Arrow Funds and Joe Barrado

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Speaker 1: at Arrow Funds is like, hey, let's use now we're

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Speaker 1: moving it over, let's use YPS. It's much you know,

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Speaker 1: it's much lighter, it's much more fun, and it doesn't

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Speaker 1: tell the whole story right there. Um, And he didn't.

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Speaker 1: Immediately we got another like eight or nine million into

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Speaker 1: the funds. So you know, it was that that it

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Speaker 1: can't have an effect. Yeah, you could have the opposite

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Speaker 1: effect with a bad ticker, which you've teased me about

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Speaker 1: on bolth Twitter and on various shows. Yeah, wait, E

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Speaker 1: t F Industry E t F. It should have been meta,

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Speaker 1: should have been meta, or there was other ideas, but

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Speaker 1: T E t F just well, So what we learned

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Speaker 1: was t E t F everybody I thought that that

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Speaker 1: meant it owns all the E t F s, right,

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Speaker 1: so like total E t F s or something like that.

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Speaker 1: So we figured out way too late in the game

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Speaker 1: that our ticker gave the wrong message. And that's even

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Speaker 1: that's instead of ticker premium, what is that ticker deficiency

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Speaker 1: ticker dysfunction? Okay, well, wait, I gotta go. I got

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Speaker 1: a good follow of that. Like, okay, So one of

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Speaker 1: the things that we've talked about before is like the

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Speaker 1: E t F graveyard where we we see a fund

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Speaker 1: that you know is no longer viable and get sunseted.

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Speaker 1: And how often are you keeping an eye in the

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Speaker 1: graveyard to see if you can, you know, steal something

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Speaker 1: from beyond the grave and bring it bring it back

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Speaker 1: to something else. So I have a list here of

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Speaker 1: a couple of these because I was talking with Phil

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Speaker 1: about the last night. So, uh, the only ticker that's

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Speaker 1: been used for the same et F twice is s

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Speaker 1: E A, which was used for the shipping so it closed, reopen,

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Speaker 1: closed again. And now, um, I mean the filings out there,

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Speaker 1: but I'm bringing something similar back as boat b A

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Speaker 1: B O A T Why y Y closed as a

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Speaker 1: weird fund. It was one of the first ever active funds,

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Speaker 1: and then it was reopened as a passive fund at etc.

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Speaker 1: And then Amplify and then um I mentioned the risk

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Speaker 1: on risk off right, So State Street had that. Ironically

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Speaker 1: when we launched it UM in our trust separately after

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Speaker 1: they died, there immediately was approved at all the wirehouses

359
00:19:04,119 --> 00:19:06,160
Speaker 1: because they thought it was still the State Street fund.

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Speaker 1: So we're getting orders in and then like three days

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Speaker 1: later they're getting rescented because the order books that the

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00:19:12,400 --> 00:19:14,760
Speaker 1: wires still were connected to the old fund and the

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00:19:14,840 --> 00:19:18,359
Speaker 1: old ticker. So all kinds of weird things happen from

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Speaker 1: tickers and the graveyard. Can I jump in here with

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Speaker 1: the story. And we saw recently where uh BTC, which

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Speaker 1: clearly is going to be a coveted ticker for a

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Speaker 1: bitcoin ETF. I mean that's like gold um gray Scale

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Speaker 1: took a position in this smaller issuer who had a

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Speaker 1: fixed income fund. They changed their ticker but not the

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Speaker 1: strategy from like something appropriate to BTC, and then they

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Speaker 1: undid it. So I'm guessing the SEC sort of sent

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Speaker 1: them an email. Is that is that fair? But that's

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Speaker 1: also how valuable the ticker is that gray Scale was

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Speaker 1: willing to like do this whole maneuver just to hold

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Speaker 1: onto BTC in the hopes they can convert GBTC to

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Speaker 1: an e t F. Do I have that right? I

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Speaker 1: don't know if any of us have the specifics of

378
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Speaker 1: that case or would know you know, what the SEC

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00:20:05,640 --> 00:20:07,040
Speaker 1: and may or may not have said. But I have

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00:20:07,160 --> 00:20:09,840
Speaker 1: to say that the idea of buying a separate fund

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Speaker 1: just to stick it with the ticker, to take the

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Speaker 1: ticker off the table because they already have GBTC, so

383
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Speaker 1: they don't need more ticker recognition. They just need to

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Speaker 1: prevent somebody else. I think it's an incredibly I mean,

385
00:20:19,359 --> 00:20:22,480
Speaker 1: that's just a brilliant defensive move. It's brilliant. But it

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Speaker 1: was kind of interesting. I was watching that from AFAR

387
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Speaker 1: as well. There are other things that exchanges do is

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Speaker 1: just try to eliminate confusion, so reducing confusion the like

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Speaker 1: for example, Mike, like what you said, if a fund closes,

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Speaker 1: we typically put that ticker on the shelf for seventy

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Speaker 1: five days or so, just so that there's not an

392
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Speaker 1: immediate confusion and misunderstanding for actually what you're investing in.

393
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Speaker 1: If if you're just focused on tickers. M One thing

394
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Speaker 1: that we did, like when v XX relaunched as the

395
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Speaker 1: new v x X, we actually didn't give it the

396
00:20:58,359 --> 00:21:01,440
Speaker 1: v XX ticker immediately. Um, we would have liked to

397
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Speaker 1: put the VXX ticker on it sooner, but we just said, okay,

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Speaker 1: let's just make sure that there's there's time in between that.

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Speaker 1: But then there's also the standpoint of, you know, BTC

400
00:21:12,240 --> 00:21:15,720
Speaker 1: ticker means something, and it put a BTC ticker on

401
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Speaker 1: you know, the intermediate fixed income e t f is.

402
00:21:20,800 --> 00:21:26,040
Speaker 1: We were just there's got to be an ulterior motive here, right, Yeah,

403
00:21:26,200 --> 00:21:30,240
Speaker 1: that's ultimately it's just probably not the right thing to do.

404
00:21:30,520 --> 00:21:35,760
Speaker 1: It's not it's misleading. Yeah, I can't explain that one.

405
00:21:35,880 --> 00:21:38,359
Speaker 1: That one looked bungled to me. I'm curious to find

406
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Speaker 1: out if it was truly strategic or a complete, you

407
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Speaker 1: know cluster. What do you think the ticker premium is

408
00:21:46,840 --> 00:21:50,560
Speaker 1: actually worth? Is there a way to quantify it? I

409
00:21:50,640 --> 00:21:53,280
Speaker 1: think it's a case by case Joel. It depends on

410
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Speaker 1: if you have a competitor at that time. It depends

411
00:21:57,240 --> 00:22:00,600
Speaker 1: on a million different things. If if the theme is

412
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Speaker 1: hot and the messages in the war single word. I mean,

413
00:22:03,880 --> 00:22:07,439
Speaker 1: the hack is where it is because of that ticker

414
00:22:07,920 --> 00:22:10,200
Speaker 1: and the fact that they launched it in two days

415
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Speaker 1: later you had the Sony hack. Like right, I think

416
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Speaker 1: sometimes all else equal, it seems to be worth a lot,

417
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Speaker 1: but it's not worth a lot on its own. It's

418
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Speaker 1: it's it's hard to it's like an art to it.

419
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Speaker 1: It just but it can actually, like you said, I

420
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Speaker 1: think it can confuse people. One story that comes to mind,

421
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Speaker 1: I'm not sure if somebody can share the details on

422
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Speaker 1: this one UM is t r x T, which was

423
00:22:34,800 --> 00:22:38,040
Speaker 1: the Bill Gross ETF which launched from PIMCO. That's not

424
00:22:38,160 --> 00:22:41,080
Speaker 1: a great ticker, especially for you know, Bill Gross at

425
00:22:41,119 --> 00:22:43,800
Speaker 1: the time was like king of Active Management and like

426
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Speaker 1: three months later, bam, they got bonbed. So I thought

427
00:22:48,000 --> 00:22:51,280
Speaker 1: I was thinking, like the Godfather, Bill made an offer

428
00:22:51,400 --> 00:22:56,200
Speaker 1: to somebody they couldn't refuse. UM. But any I don't know,

429
00:22:56,240 --> 00:22:59,040
Speaker 1: anyone know the background there. The story is not that good.

430
00:22:59,200 --> 00:23:05,719
Speaker 1: Unfortunately I was. I was involved in that listing at

431
00:23:05,760 --> 00:23:09,680
Speaker 1: the time, and we were we went to celebrate the

432
00:23:10,440 --> 00:23:12,959
Speaker 1: launch on the day of and actually I was at

433
00:23:13,000 --> 00:23:17,640
Speaker 1: their headquarters in California and Newport Beach and Bill looked

434
00:23:17,680 --> 00:23:20,000
Speaker 1: at me and said, why don't we have b O

435
00:23:20,200 --> 00:23:24,399
Speaker 1: n D? And then I looked at his team and

436
00:23:24,480 --> 00:23:29,520
Speaker 1: I did some research and I was able to obtain

437
00:23:29,600 --> 00:23:32,920
Speaker 1: the ticker b O n D and apply it to

438
00:23:33,000 --> 00:23:39,040
Speaker 1: this fund. Prior to that, it was reserved elsewhere, and

439
00:23:39,520 --> 00:23:43,480
Speaker 1: the entity that had at reserved was willing to let

440
00:23:43,560 --> 00:23:47,000
Speaker 1: it go. They were willing to let it go because

441
00:23:47,080 --> 00:23:48,840
Speaker 1: Laura asked them in a way where they were willing

442
00:23:48,880 --> 00:23:50,520
Speaker 1: to let it go. But prior to all that happening,

443
00:23:50,560 --> 00:23:52,480
Speaker 1: they had gone to their rep and and y see,

444
00:23:52,680 --> 00:23:54,240
Speaker 1: he asked for the ticker bond. The rep at the

445
00:23:54,280 --> 00:23:56,399
Speaker 1: time was me and I said, I tried, I couldn't

446
00:23:56,440 --> 00:23:58,320
Speaker 1: get it. So they got stuck with t r XT,

447
00:23:58,440 --> 00:24:00,720
Speaker 1: which was a terrible ticker that when they went to Laura,

448
00:24:00,960 --> 00:24:03,160
Speaker 1: Laura was magically able to free it up after they're

449
00:24:03,160 --> 00:24:05,480
Speaker 1: already launched with a bad picker. So, as you might imagine,

450
00:24:05,480 --> 00:24:09,680
Speaker 1: there's launch time they ever asked me for anything. Okay,

451
00:24:09,760 --> 00:24:13,359
Speaker 1: that's an amazing story. Um. You know, there's a really

452
00:24:13,520 --> 00:24:16,080
Speaker 1: basic one Laura that I that I have to ask you,

453
00:24:16,400 --> 00:24:19,040
Speaker 1: which is I can think of a lot of bad

454
00:24:19,119 --> 00:24:23,159
Speaker 1: words that are usually four letters. Um, and how do

455
00:24:23,240 --> 00:24:27,359
Speaker 1: you evaluate you know, the bad words that that people

456
00:24:27,440 --> 00:24:30,800
Speaker 1: come and I'm sure it happens not infrequently. How you

457
00:24:30,880 --> 00:24:36,600
Speaker 1: get some of those inquiries? Yeah, that's true. We um

458
00:24:37,000 --> 00:24:39,080
Speaker 1: and like when I, like I mentioned before, we get

459
00:24:39,119 --> 00:24:43,240
Speaker 1: an inquiry for every letter, every potentially available symbol that

460
00:24:43,320 --> 00:24:48,399
Speaker 1: starts with X, whatever that is. You pull that list

461
00:24:49,240 --> 00:24:51,040
Speaker 1: and you have to scan it before you send it

462
00:24:51,119 --> 00:24:53,720
Speaker 1: to the company, because I want to make sure that

463
00:24:53,840 --> 00:24:57,640
Speaker 1: none of those those are included in that Excels friendsheet

464
00:24:57,680 --> 00:25:00,960
Speaker 1: that you're sending. To be honest with you, So, so

465
00:25:01,080 --> 00:25:02,800
Speaker 1: do you have to go to like Urban Dictionary just

466
00:25:02,920 --> 00:25:08,960
Speaker 1: to keep up with like slang? Yes, I'd like to

467
00:25:09,000 --> 00:25:11,879
Speaker 1: think that we're pretty well up on things, but there

468
00:25:11,960 --> 00:25:13,879
Speaker 1: are a few things that slipped by asad. And what

469
00:25:14,040 --> 00:25:16,520
Speaker 1: happens if you if you did send that list out

470
00:25:16,600 --> 00:25:19,680
Speaker 1: to somebody and they they've spotted something, do you do

471
00:25:19,720 --> 00:25:21,920
Speaker 1: you have an ability to to like walk it back

472
00:25:22,080 --> 00:25:25,840
Speaker 1: before something launches just in case? Okay, yes, yeah, because

473
00:25:25,840 --> 00:25:27,440
Speaker 1: once you send in the list, then they come back

474
00:25:27,440 --> 00:25:29,320
Speaker 1: to you and say, this is what we'd like. You know,

475
00:25:29,440 --> 00:25:31,600
Speaker 1: we were going to be launching one fund. This is

476
00:25:31,640 --> 00:25:35,639
Speaker 1: our order priority would really like number one, number two

477
00:25:35,680 --> 00:25:38,120
Speaker 1: and number three and then we go through that process

478
00:25:38,160 --> 00:25:40,800
Speaker 1: to try to secure it for them. Um, so that's

479
00:25:40,840 --> 00:25:51,360
Speaker 1: when that's when we catch it. One of the things

480
00:25:51,400 --> 00:25:53,960
Speaker 1: that I wanted to do here was sort of imagine

481
00:25:54,520 --> 00:25:56,760
Speaker 1: that we were issuers and that we were going to

482
00:25:56,840 --> 00:25:59,560
Speaker 1: reserve tickers for things we might launch, which is a

483
00:25:59,600 --> 00:26:02,119
Speaker 1: show we did. Uh, but two years ago we had

484
00:26:02,160 --> 00:26:04,960
Speaker 1: a competition for it was like a shark tank for

485
00:26:05,280 --> 00:26:08,720
Speaker 1: who had the best DTF idea. So, um, each of

486
00:26:08,840 --> 00:26:11,200
Speaker 1: us has got five tickers or so that we wanted

487
00:26:11,240 --> 00:26:14,000
Speaker 1: to see if they were available and if we could

488
00:26:14,040 --> 00:26:16,480
Speaker 1: reserve them, just to see what our rate is like

489
00:26:16,600 --> 00:26:19,639
Speaker 1: our hit rate, uh, and how much is reserved. I

490
00:26:19,680 --> 00:26:23,480
Speaker 1: thought that'd be fun. So um, we each have what five, five,

491
00:26:23,560 --> 00:26:26,960
Speaker 1: six tickers. It was hard to find. It was hard

492
00:26:27,000 --> 00:26:29,000
Speaker 1: to keep it at fun, but you know it was.

493
00:26:29,200 --> 00:26:32,080
Speaker 1: It was a fun exercise. So so I I can

494
00:26:32,119 --> 00:26:35,600
Speaker 1: go first, Um, and Phil, how did you find out

495
00:26:35,640 --> 00:26:38,240
Speaker 1: if this was taken or not? So I went to

496
00:26:38,320 --> 00:26:42,480
Speaker 1: the incomparable Raw Morocco at Cibo, who works with Laura Morrison. Um,

497
00:26:42,720 --> 00:26:44,720
Speaker 1: and uh, you know he was able to go through

498
00:26:44,800 --> 00:26:46,320
Speaker 1: each one with me and tell me which ones were

499
00:26:46,320 --> 00:26:48,879
Speaker 1: available and which ones were not. And I honestly, I

500
00:26:48,920 --> 00:26:50,399
Speaker 1: don't think you guys are gonna be very happy with

501
00:26:50,440 --> 00:26:53,040
Speaker 1: the availability here. But let's see where we got. Okay,

502
00:26:53,400 --> 00:26:56,000
Speaker 1: by the way, Rob Morocco is an amazing name, uh

503
00:26:56,240 --> 00:26:58,360
Speaker 1: that the character will have to revisit it sometime. Okay.

504
00:26:58,440 --> 00:27:02,000
Speaker 1: My first one was ACME, as in, you know, you know,

505
00:27:02,359 --> 00:27:05,080
Speaker 1: watching a lot of uh Saturday morning cartoons with my

506
00:27:05,200 --> 00:27:07,960
Speaker 1: kid ACME brand. That just struck me as something like

507
00:27:08,040 --> 00:27:10,440
Speaker 1: I don't know what it is, but like ACME is

508
00:27:10,480 --> 00:27:13,520
Speaker 1: that one available as of today, as of this recording,

509
00:27:13,600 --> 00:27:17,320
Speaker 1: ACME is available? Look at you chill, one for one,

510
00:27:17,440 --> 00:27:19,159
Speaker 1: one for one. Okay, Next, well, I don't know what

511
00:27:19,280 --> 00:27:25,000
Speaker 1: that would be. An ETM, you know you'll figure it out. Yeah, explosives,

512
00:27:25,080 --> 00:27:27,920
Speaker 1: dynamite and coyotes. There you go, there go, Yeah, weapons,

513
00:27:28,280 --> 00:27:31,840
Speaker 1: weapons manufacturers. That's pretty good. Okay. What about what about

514
00:27:31,920 --> 00:27:35,680
Speaker 1: hot with two T s or one either way? H

515
00:27:35,800 --> 00:27:40,080
Speaker 1: O T T is currently reserved? What about what about meme?

516
00:27:41,680 --> 00:27:46,600
Speaker 1: Meme is reserved? I know who has that. It's a

517
00:27:46,800 --> 00:27:49,000
Speaker 1: round hill. Make him o an offer they can't refuse,

518
00:27:49,040 --> 00:27:51,639
Speaker 1: and I'll just yeah, I think they're really trying to

519
00:27:51,680 --> 00:27:54,719
Speaker 1: do a meme TF. Okay, what about not as an

520
00:27:54,880 --> 00:27:59,280
Speaker 1: n O T N O T is available. Okay, wow,

521
00:27:59,480 --> 00:28:03,639
Speaker 1: I hit right pretty high. Okay, what about l G

522
00:28:04,119 --> 00:28:08,479
Speaker 1: S T that I was thinking like long short? Okay, uh,

523
00:28:09,400 --> 00:28:15,679
Speaker 1: l G S T is reserved currently. Yeah, okay, Now

524
00:28:16,160 --> 00:28:18,320
Speaker 1: this was like the one that I thought was the best.

525
00:28:18,800 --> 00:28:24,119
Speaker 1: Um funk funk is available? Ah, I don't know what

526
00:28:24,160 --> 00:28:26,480
Speaker 1: I do know what would that be for? That would

527
00:28:26,520 --> 00:28:28,920
Speaker 1: be good for the the q J kind of concept.

528
00:28:29,119 --> 00:28:33,600
Speaker 1: Yeah yeah, music streaming, that's got us. I'm good at this.

529
00:28:33,840 --> 00:28:35,560
Speaker 1: I have more, but I feel like I should put

530
00:28:35,640 --> 00:28:39,920
Speaker 1: this down before I started striking out. So I just

531
00:28:40,000 --> 00:28:41,960
Speaker 1: want to tell you that the not one does not

532
00:28:42,080 --> 00:28:46,040
Speaker 1: surprise me because we all avoid anything negative, right, I

533
00:28:46,520 --> 00:28:48,600
Speaker 1: know who has risk and a couple of these other ones.

534
00:28:49,200 --> 00:28:52,120
Speaker 1: You never want anything negative in the ticker, just so

535
00:28:52,280 --> 00:28:58,440
Speaker 1: you Yeah, well that's just like your opinion. While I

536
00:28:58,520 --> 00:29:00,560
Speaker 1: was striking Joel, I also checked for the ticker Joel

537
00:29:00,680 --> 00:29:04,120
Speaker 1: j O E L, which was available reserve for you.

538
00:29:04,320 --> 00:29:05,640
Speaker 1: Of course, I have to throw it back because there's

539
00:29:05,680 --> 00:29:07,480
Speaker 1: no intention to use it unless you quickly come up

540
00:29:07,480 --> 00:29:09,680
Speaker 1: with a fund that we can file. Um, but as

541
00:29:09,760 --> 00:29:12,160
Speaker 1: of this moment, I do have it for you. So

542
00:29:12,360 --> 00:29:16,600
Speaker 1: by the way this idea of reserving random names, uh

543
00:29:17,000 --> 00:29:19,480
Speaker 1: not Zuck and Mike and those, I just I do

544
00:29:19,720 --> 00:29:23,760
Speaker 1: think that there will be point um like like random

545
00:29:23,840 --> 00:29:27,440
Speaker 1: Wall Street bet type people will emerge from the underground

546
00:29:27,720 --> 00:29:30,640
Speaker 1: and you'll see tickers just like Greg. It's just like

547
00:29:30,760 --> 00:29:32,960
Speaker 1: what this dude Greg likes and he just happens to

548
00:29:33,040 --> 00:29:35,760
Speaker 1: be very good and followed. I do think we'll see that.

549
00:29:36,000 --> 00:29:39,800
Speaker 1: But what about like a Dave E t F like

550
00:29:39,920 --> 00:29:43,720
Speaker 1: Dave Portnoy. Yeah, like his just his picks what he likes,

551
00:29:44,480 --> 00:29:46,440
Speaker 1: and just follow him and you just now your own

552
00:29:46,520 --> 00:29:50,959
Speaker 1: Dave stuff. Yeah, that's simple, that's kind of like public.

553
00:29:52,600 --> 00:29:56,600
Speaker 1: Yeah exactly. I love that concept. Yes, some superstars from

554
00:29:56,640 --> 00:29:58,959
Speaker 1: there will could get their own E t F tickers,

555
00:29:59,000 --> 00:30:00,800
Speaker 1: and so I think names far were you guys, I'd

556
00:30:00,840 --> 00:30:04,440
Speaker 1: reserve like all the famous names. Yeah, like you know,

557
00:30:05,440 --> 00:30:08,320
Speaker 1: somebody needs to get Did you check on Eric? Eric

558
00:30:08,480 --> 00:30:11,360
Speaker 1: is an active symbol right now, and of course I

559
00:30:11,480 --> 00:30:14,440
Speaker 1: checked Phil and Back are also active. Claire, I couldn't

560
00:30:14,480 --> 00:30:16,280
Speaker 1: quite fit your I couldn't quite fit your name into

561
00:30:16,360 --> 00:30:20,160
Speaker 1: into four syllables. So yeah, ce L A R maybe,

562
00:30:20,320 --> 00:30:23,160
Speaker 1: But okay, I'm gonna quit while I'm ahead. I felt

563
00:30:23,160 --> 00:30:25,880
Speaker 1: pretty good about that, and by the end of the episode,

564
00:30:25,920 --> 00:30:27,200
Speaker 1: let me see if I can come up with something

565
00:30:27,280 --> 00:30:29,920
Speaker 1: for my own uh name, But Claire, do you want

566
00:30:29,960 --> 00:30:34,480
Speaker 1: to take a shot at yours? Sure? Okay, so um

567
00:30:34,800 --> 00:30:37,120
Speaker 1: we talked about some of mine. I had Doge and

568
00:30:37,560 --> 00:30:41,320
Speaker 1: Meme on my list too, but related. I had WSB

569
00:30:41,640 --> 00:30:44,600
Speaker 1: for Wall Street bets. That's a great one. It's already reserved.

570
00:30:46,160 --> 00:30:50,600
Speaker 1: I bet it's round hill um. And then I also

571
00:30:50,800 --> 00:30:55,320
Speaker 1: had I don't know, does this violate any like profanity

572
00:30:55,680 --> 00:31:00,640
Speaker 1: bands if the ticker l m A O that, I

573
00:31:00,680 --> 00:31:03,040
Speaker 1: don't think it would. It is currently reserved as well.

574
00:31:04,960 --> 00:31:06,760
Speaker 1: So by the way l m AO is used for

575
00:31:06,800 --> 00:31:08,680
Speaker 1: a spack, does that mean it could not be used

576
00:31:08,720 --> 00:31:11,680
Speaker 1: as an E t F Also, yes, that's correct, that's

577
00:31:11,720 --> 00:31:15,200
Speaker 1: why it's taken. Yeah, that's actually like a spack, all right.

578
00:31:15,240 --> 00:31:18,880
Speaker 1: And then I had um food f O O D

579
00:31:19,200 --> 00:31:22,480
Speaker 1: for like a restaurant et F food is currently reserved,

580
00:31:23,800 --> 00:31:30,000
Speaker 1: not available. Not surprised, um. And then I had Life

581
00:31:30,320 --> 00:31:33,760
Speaker 1: l I F E reserve not available. I don't know

582
00:31:33,800 --> 00:31:38,920
Speaker 1: what that would be for everything, but the CTF is life.

583
00:31:39,280 --> 00:31:41,800
Speaker 1: That would be like a pro life version of the

584
00:31:42,000 --> 00:31:45,760
Speaker 1: SMP or something like that. Yeah, yeah, yeah, that Catholic

585
00:31:45,880 --> 00:31:50,200
Speaker 1: value thing, or or you could do like genome, but yeah,

586
00:31:50,280 --> 00:31:54,360
Speaker 1: it's it's not as clear. Now. I didn't have this

587
00:31:54,480 --> 00:31:57,160
Speaker 1: on my list, but I'm wondering if this would be possible.

588
00:31:57,960 --> 00:31:59,920
Speaker 1: Could you have an E t F with the two

589
00:32:00,040 --> 00:32:04,600
Speaker 1: grew E t F. So I went through this because

590
00:32:04,640 --> 00:32:06,320
Speaker 1: I had t E t F. So the E t

591
00:32:06,480 --> 00:32:08,600
Speaker 1: F ticker was actually owned by a closed end fund

592
00:32:08,680 --> 00:32:13,200
Speaker 1: when I launched, which was just ironic ironic, like like

593
00:32:14,240 --> 00:32:18,160
Speaker 1: a lot of Morrissett song like literally defined by the

594
00:32:18,200 --> 00:32:20,040
Speaker 1: fact that a closed in fund has the ticker E

595
00:32:20,160 --> 00:32:23,200
Speaker 1: t F, and I think they got rid of it,

596
00:32:23,360 --> 00:32:26,640
Speaker 1: but I don't know if it's available anymore. Okay, Eric,

597
00:32:26,720 --> 00:32:30,400
Speaker 1: let's hear it. Okay, the first one I have is God.

598
00:32:31,760 --> 00:32:35,880
Speaker 1: God is currently reserved and not available. Who has that?

599
00:32:36,040 --> 00:32:39,520
Speaker 1: Probably the uh you know what are they called? There's

600
00:32:39,520 --> 00:32:43,200
Speaker 1: a Bible ETF. So, so, Eric, just a little inside baseball,

601
00:32:43,240 --> 00:32:46,960
Speaker 1: I can tell you, Lord Jesus Pope, all of those

602
00:32:47,000 --> 00:32:52,080
Speaker 1: are not available either. Not surprising, although that would be

603
00:32:52,160 --> 00:32:56,560
Speaker 1: some E t F anyway, all right, um, here's another one.

604
00:32:56,760 --> 00:32:59,120
Speaker 1: This is one that I had my idea for an

605
00:32:59,120 --> 00:33:02,920
Speaker 1: E t F, which was the s p X Mondays.

606
00:33:03,160 --> 00:33:05,520
Speaker 1: So you just invest Tuesday through Friday because Mondays are

607
00:33:05,560 --> 00:33:09,480
Speaker 1: always horrible. Traditionally that's when the worst sell offs happen.

608
00:33:10,560 --> 00:33:14,640
Speaker 1: Q mom q q m o N. That is available.

609
00:33:15,200 --> 00:33:18,600
Speaker 1: It's a oh, that's a great one. Eric, Um, here's

610
00:33:18,640 --> 00:33:22,040
Speaker 1: another one that I think would be great, and it's negative.

611
00:33:22,480 --> 00:33:25,640
Speaker 1: But I'll explain why evil. So I was really surprised.

612
00:33:25,680 --> 00:33:28,840
Speaker 1: But evil is available. Okay, So here's so much to do.

613
00:33:28,880 --> 00:33:31,920
Speaker 1: If any issuers listening. What you do is take the

614
00:33:32,040 --> 00:33:36,520
Speaker 1: least the worst E s G rank stocks, called the

615
00:33:36,600 --> 00:33:39,040
Speaker 1: anti E s G t F, slap evil on it,

616
00:33:39,720 --> 00:33:41,800
Speaker 1: and you'll get investors who are just so sick and

617
00:33:41,880 --> 00:33:43,800
Speaker 1: tired of the E s G righteousness who will buy

618
00:33:43,840 --> 00:33:46,560
Speaker 1: it just for just to send a message. I can't

619
00:33:46,600 --> 00:33:51,280
Speaker 1: believe this doesn't exist. Yeah, Mike's buying this as we speak. Now,

620
00:33:51,440 --> 00:33:53,440
Speaker 1: that's it's not my Eric pitched this one to me

621
00:33:53,480 --> 00:33:55,240
Speaker 1: a couple times. I don't disagree with it as a

622
00:33:55,280 --> 00:33:58,920
Speaker 1: good investment idea, but as like you know, we all

623
00:33:59,080 --> 00:34:01,520
Speaker 1: have these gate sepers. We deal with all these things.

624
00:34:01,600 --> 00:34:04,920
Speaker 1: So like you're always thinking about will this product affect

625
00:34:04,960 --> 00:34:07,760
Speaker 1: by other products? Right? So how am I going to

626
00:34:07,840 --> 00:34:11,720
Speaker 1: have a social justice fund and a Shariah compliant fund

627
00:34:11,960 --> 00:34:16,399
Speaker 1: in my trust next to Evil. It's not gonna happen. Yeah,

628
00:34:16,440 --> 00:34:18,239
Speaker 1: there's only a few issuers who I think could like

629
00:34:18,400 --> 00:34:21,040
Speaker 1: do this and it would not mess with their other products.

630
00:34:21,120 --> 00:34:24,320
Speaker 1: But it could be a family there, Mike, come on,

631
00:34:25,880 --> 00:34:28,120
Speaker 1: I think I think this is for Advisor shares. Let's

632
00:34:28,120 --> 00:34:32,719
Speaker 1: send it to Noah. By the way, Evil was Suzanne

633
00:34:32,800 --> 00:34:36,960
Speaker 1: Woollie's idea for E t F on our E t

634
00:34:37,160 --> 00:34:40,080
Speaker 1: F Chank episode a couple of years ago. All right,

635
00:34:40,120 --> 00:34:43,480
Speaker 1: here's another one UM which I thought r j k T,

636
00:34:43,760 --> 00:34:46,200
Speaker 1: which is for reject because we have this idea for

637
00:34:46,280 --> 00:34:52,440
Speaker 1: factor rejects. Our j KT is available, all right, so Ethanacio,

638
00:34:52,560 --> 00:34:55,680
Speaker 1: so my team will be happy about that. Here's another

639
00:34:55,719 --> 00:34:59,480
Speaker 1: one b r r R for money printer go burr.

640
00:35:01,080 --> 00:35:03,040
Speaker 1: Oh Man, you know what. You sent me that one,

641
00:35:03,120 --> 00:35:06,120
Speaker 1: but I didn't seem it's not on my list here,

642
00:35:06,120 --> 00:35:08,840
Speaker 1: I didn't check that. I bet it's taken. I mean

643
00:35:08,880 --> 00:35:10,520
Speaker 1: I would that that should be scooped up in a

644
00:35:10,600 --> 00:35:14,759
Speaker 1: heartbeat anyway. All right, well, speaking of that, I also

645
00:35:14,800 --> 00:35:17,440
Speaker 1: asked about fed F E d F E D is

646
00:35:17,480 --> 00:35:21,359
Speaker 1: currently reserved. Of course, you think do you think Jay

647
00:35:21,400 --> 00:35:24,560
Speaker 1: sitting on that one? Did you check j pow? J Pow?

648
00:35:24,640 --> 00:35:28,240
Speaker 1: I checked, and j pow is also reserved. Somebody reserved

649
00:35:28,320 --> 00:35:35,880
Speaker 1: j p That's awesome. That's hardcore. I may have come

650
00:35:35,960 --> 00:35:37,640
Speaker 1: up with something for my name, but Eric, can you

651
00:35:37,680 --> 00:35:39,600
Speaker 1: think of anything better for for what to do with

652
00:35:39,680 --> 00:35:42,600
Speaker 1: my name? No, I would just think of like stocks,

653
00:35:42,600 --> 00:35:44,440
Speaker 1: stroll likes. Yeah, that was what I was going to

654
00:35:44,520 --> 00:35:47,319
Speaker 1: go with, which I think that will be a thing.

655
00:35:48,080 --> 00:35:51,640
Speaker 1: I'll stand over my shortlist, foul. I have a question

656
00:35:51,880 --> 00:35:55,040
Speaker 1: back to back to Claire's question about l m What

657
00:35:55,200 --> 00:35:58,600
Speaker 1: was it l M AO, what about like O M

658
00:35:58,760 --> 00:36:01,399
Speaker 1: f G. Not really think if it's available, but whether

659
00:36:01,480 --> 00:36:05,400
Speaker 1: or not that would violent rules? Like Laura, if I

660
00:36:05,480 --> 00:36:07,239
Speaker 1: came to you, would you edit me out for even

661
00:36:07,440 --> 00:36:14,520
Speaker 1: trying to get up? That's awesome because there's there's an

662
00:36:14,560 --> 00:36:16,960
Speaker 1: Oppenheimer fund O MFL and every time I see it,

663
00:36:17,040 --> 00:36:20,080
Speaker 1: I'm like, man one degree away from you might have

664
00:36:20,160 --> 00:36:22,759
Speaker 1: a pretty fun job. There's a lot of side chat

665
00:36:23,360 --> 00:36:27,520
Speaker 1: chatter coming out of that equation. Yeah, that's great. One

666
00:36:28,880 --> 00:36:32,520
Speaker 1: probably sees things all right before we wrap. We we

667
00:36:32,600 --> 00:36:35,759
Speaker 1: always end with asking people their favorite tickers. That is

668
00:36:35,840 --> 00:36:38,480
Speaker 1: not that is not your own, Mike, what's your favorite

669
00:36:38,480 --> 00:36:41,239
Speaker 1: ticker that is not your own? So karma k R

670
00:36:41,520 --> 00:36:44,719
Speaker 1: m A um. Two reasons. I love the concept, you

671
00:36:44,760 --> 00:36:48,479
Speaker 1: get it one second. And second reason is my business partner,

672
00:36:48,560 --> 00:36:50,960
Speaker 1: Guillermo came up with it and I love it just

673
00:36:51,160 --> 00:36:53,719
Speaker 1: like it's. Every time I see that fund, I think

674
00:36:53,719 --> 00:36:58,920
Speaker 1: of him. Laura, I have to say the favorite ticker,

675
00:36:58,960 --> 00:37:01,400
Speaker 1: but it was never used because the company decided not

676
00:37:01,560 --> 00:37:06,279
Speaker 1: to use it as fool. Very political of you, but

677
00:37:06,360 --> 00:37:08,919
Speaker 1: I like that. That was good. Um. And and Phil,

678
00:37:09,920 --> 00:37:12,440
Speaker 1: you know I love tail the tail risk funds from Cambria.

679
00:37:12,640 --> 00:37:14,959
Speaker 1: It's real simple, straightforward. But I especially love it because

680
00:37:14,960 --> 00:37:17,879
Speaker 1: it pars now with fail for the global tail risks,

681
00:37:17,880 --> 00:37:23,799
Speaker 1: which is perfect. Good. Yeah, that's the family concept. He's

682
00:37:23,840 --> 00:37:26,600
Speaker 1: got jail and for chunk as well. He's got a

683
00:37:26,640 --> 00:37:29,880
Speaker 1: couple of them, all in the family, Mike, Laura, Phil Claire,

684
00:37:29,920 --> 00:37:32,759
Speaker 1: thanks so much for joining us on Trillions. This is

685
00:37:33,360 --> 00:37:37,640
Speaker 1: one I appreciate it. Bill. You better say something thank you.

686
00:37:37,760 --> 00:37:46,200
Speaker 1: I thought I did right now. Thanks thanks for listening

687
00:37:46,239 --> 00:37:48,759
Speaker 1: to Trillions until next time. You can find us on

688
00:37:48,800 --> 00:37:53,840
Speaker 1: the Bloomberg terminal, Bloomberg dot com, Apple Podcast, Spotify, and

689
00:37:53,960 --> 00:37:56,759
Speaker 1: whatever else. You'd like to listen. We'd love to hear

690
00:37:56,760 --> 00:37:59,480
Speaker 1: from you. We're on Twitter. I'm at Joel Webber Show.

691
00:37:59,719 --> 00:38:03,920
Speaker 1: He's at Eric Baltunas. This episode of Tryan's was produced

692
00:38:03,960 --> 00:38:07,360
Speaker 1: by Magnus Hendrickson. Francesca Levie is the head of Bloomberg

693
00:38:07,440 --> 00:38:18,480
Speaker 1: podcast by m h m hm m m m