Speaker 1: Welcome to Trillions. I'm Joel Webber and I'm Eric bel Tunis. Eric.
Speaker 1: One of our favorite guests so far has been Rachel Evans,
Speaker 1: who's a reporter in Bloomberg News who covers et F
Speaker 1: s and Rachel went on a little bit of a
Speaker 1: field trip for us. We outsourced an episode we did.
Speaker 1: This is an easy one, um and I like it
Speaker 1: because a lot of our conversation so far have been
Speaker 1: pretty broad or we've covered several tickers. This is really
Speaker 1: drilling down into one particular ETF and it goes to
Speaker 1: the story of how somebody launches an e t F.
Speaker 1: So it's it's kind of a deep dive into two
Speaker 1: things at once. And Rachel, which et F is this?
Speaker 1: This is the MAGA fund MAGA That's that is a ticker,
Speaker 1: right it is? And I know there's probably a lot
Speaker 1: of people they're triggered right about now. But before you
Speaker 1: tune out, this is the make America Great against slogan
Speaker 1: and uh connected with Trump. But before you tune out,
Speaker 1: this is an e t F I think a little
Speaker 1: ahead of its time. It is basically what's called partisan investing,
Speaker 1: and I know it might not be where we want
Speaker 1: things to go, but it's kind of where things are going,
Speaker 1: and it's sort of trying to divide the stock market
Speaker 1: into left and right, and this one is on the
Speaker 1: right side, and you sort of have E s G
Speaker 1: is more on the left side. And Rachel, this was
Speaker 1: really your idea. What was it about MAGA that resonated
Speaker 1: with you? Why did you want to do this episode?
Speaker 1: I think it's always interesting when someone comes onto the
Speaker 1: E t F scene and it's doing something completely different.
Speaker 1: We hadn't seen anything political in the way of E
Speaker 1: t F s until this MAGA fund came out. It
Speaker 1: was really the first to kind of actually propose a
Speaker 1: strategy in which you buy companies that are donating to
Speaker 1: Republican candidates. That struck me as a really interesting strategy
Speaker 1: and I was kind of curious to see whether it
Speaker 1: worked and exactly how that idea came about. I think
Speaker 1: this is a great E t F to drill down too.
Speaker 1: I actually the ticker to me was just Grand Slam
Speaker 1: home run, and that doesn't matter with these type of
Speaker 1: niche E t F s. I have to think this
Speaker 1: guy might be located down south that where did you
Speaker 1: have to go to interview him? You wouldn't be wrong.
Speaker 1: So this involved me getting up at a very very
Speaker 1: early hour to get a flight down to Dallas Fort Worth.
Speaker 1: So how Lambert who has set up point Bridge Capital,
Speaker 1: he runs the MAGA Fund to give it its full name,
Speaker 1: it's actually the point Bridge gop stock Tracker e t F,
Speaker 1: but MAGA is somewhat more catchy. So I met him
Speaker 1: at his offices in downtown Fort Worth. It's a nice
Speaker 1: little town. Actually, it's quite sort of historic. There's a
Speaker 1: nice old center. You've got a kind of old courthouse
Speaker 1: that's quite pretty, lots of kind of shops and restaurants around.
Speaker 1: But I obviously chose the worst day to go down
Speaker 1: to Texas. It was cold, it was wet, it was windy.
Speaker 1: Wasn't exactly great timing on my part. And when did
Speaker 1: he launch the e t F? So the fund started
Speaker 1: in September UM of twenty seventeen, so we have now
Speaker 1: had just over six months of performance to to evaluate um.
Speaker 1: So it seemed like a good time to go down
Speaker 1: and see how that fund started life and how it's
Speaker 1: been doing since its launched. This weekend is the man
Speaker 1: who made MEGA, so I'm here to see how Lambert
Speaker 1: on thank you. How looks the consummate conservative professional think
Speaker 1: open neck shirt, chinos and a plaid blazer and blonde
Speaker 1: hair wants slightly long and swept back, a look not
Speaker 1: dissimilar to President Trump's good to see you again again
Speaker 1: for coming down, Thank you for having me appreciated Hope.
Speaker 1: His office in downtown Fort Worth has a similar vibe.
Speaker 1: It's all black, leather and chrome, with a picture of
Speaker 1: his daughter set on the table next to an award
Speaker 1: for best e t F ticker from this year's e
Speaker 1: t F dot Com Awards. I started by asking him
Speaker 1: to take me back to the beginning and tell me
Speaker 1: how he had first come up with the idea for
Speaker 1: political investing. I was sitting at my desk here in
Speaker 1: the office that run. I was watching the news, and
Speaker 1: that morning Target had come out and announced that they
Speaker 1: were going to allow anyone of any gender to use
Speaker 1: the dressing rooms and restrooms at their facilities. So how
Speaker 1: are they identified for that day? They could they could
Speaker 1: change in the dress rooms. And I saw this and
Speaker 1: I was like, Ah, that's going to be very negative
Speaker 1: for a Target stock. People were upset about it. I've
Speaker 1: got two daughters, we shop at Target. I mean, they're
Speaker 1: gonna go buy swimsuits at Target, They're gonna change in
Speaker 1: the dressing room. It's kind of a weird scenario. This morning,
Speaker 1: a petition against the retail giant Target is gaining a
Speaker 1: lot of momentum. Nearly eight and fifty thou people have
Speaker 1: already signed a boycott pledge by the American Family Association
Speaker 1: over targets bathroom policy. People are boycotting Target, and they
Speaker 1: don't realize they own it in their mutual funds. Once
Speaker 1: President Trump won and I started seeing more of what
Speaker 1: was going on politically as far as corporate America, you know,
Speaker 1: kind of moved into that mode of how do I,
Speaker 1: how do I capitalize for investors their ability to invest
Speaker 1: in companies that have their political views. Once you come
Speaker 1: up with this idea and exchange trade of funds seemed
Speaker 1: like the natural solution that The reason I thought the
Speaker 1: E t F approach was the best way for it
Speaker 1: was because it's the most scalable in my mind. Clients
Speaker 1: don't have to have an account at Point Bridge Capital.
Speaker 1: They can have an account at Schwab, they can have
Speaker 1: AG account TD maror Trade. They can have an account
Speaker 1: at ubs basically or wherever they have a brokerage account,
Speaker 1: they can purchase it. How's idea to turn his political
Speaker 1: views into a fund wasn't new, per se. Values based
Speaker 1: investing has been a rail for years for folks who
Speaker 1: want to avoid energy producers, tobacco companies, or weapons manufacturers
Speaker 1: for example. You might have heard these types of strategies
Speaker 1: called e s G short for Environmental, social and governance
Speaker 1: or socially responsible, and these types of products have become
Speaker 1: all the rage in recent years. But How saw a
Speaker 1: gap in the market for investors with a different set
Speaker 1: of values, a conservative set of values. He wasn't coming
Speaker 1: at this cold. How has been involved in Republican politics
Speaker 1: more than a decade, most recently running a superpack for
Speaker 1: Ted Cruise's tilt at the presidency in twenty sixteen, a
Speaker 1: battle that President Trump and his margas slogan ultimately one.
Speaker 1: There were the SG funds, and those e SG funds
Speaker 1: are typically mostly left. There's nothing out there from the
Speaker 1: from the conservative or Republican side. But through my work
Speaker 1: in politics, I realized, you know what really matters is
Speaker 1: the money in politics. So that's really what I are
Speaker 1: to do, is see, well, where are they giving their money,
Speaker 1: because that's really what's determining how people are getting elected
Speaker 1: and whether people are getting elected, and so that's really
Speaker 1: what sorry. I was like, I'll follow the money and
Speaker 1: see what that leads to. Thus began a series of
Speaker 1: phone call to find out what it would take to
Speaker 1: realize his funds and how he would get approval from
Speaker 1: the regulators for something known as exemptive relief. So I
Speaker 1: just started calling people and saying, you know, and learning
Speaker 1: how to do it. There are different types of incubators
Speaker 1: out there that can that are kind of turn key
Speaker 1: approaches to launching e t s. And I basically just
Speaker 1: learned that market through conversations with people, and I realized
Speaker 1: that really what I wanted to do was get my
Speaker 1: own exemptive relief. And then basically I created a timeline.
Speaker 1: I have a white board over here where I put
Speaker 1: up on the white board. Okay, what do I need
Speaker 1: to do first? I mean, if you want to walk,
Speaker 1: we can walk over to the white board and show
Speaker 1: you the white board. So this is the the white
Speaker 1: boarder which he sketched out kind of the process to market, right,
Speaker 1: and then I made I made decisions on kind of
Speaker 1: you can see these are all you know, you've got
Speaker 1: us bank, You've got cbo how lined up the custodian
Speaker 1: spoke with market makers and authorized participants to make sure
Speaker 1: that the fund would trade smoothly on in exchange and
Speaker 1: that investors could put their cash in and get it
Speaker 1: out again. But one crucial ingredient was still missing, something
Speaker 1: we talk a lot about on this show. The ticker.
Speaker 1: I decided I knew I wanted the ticker to be MAGA,
Speaker 1: so I called up my contact at cbo E and said, hey,
Speaker 1: you know I need to reserve this ticker. Well, they
Speaker 1: tell me that ticker is already taken. So I was like, oh,
Speaker 1: but I don't think they're going to use it, so
Speaker 1: let me let me check with them. Sure enough they were.
Speaker 1: They said yeah, we're not going to use this ticker.
Speaker 1: And I figured they would probably say, hey, you know,
Speaker 1: give us some money and you can have the ticker.
Speaker 1: But they didn't do that, so it was pretty nice.
Speaker 1: It was pretty quick. Actually, within a day or so
Speaker 1: we exchanged emails. They're like, yeah, we're fine to release it.
Speaker 1: They felt like the ticker might be a little too
Speaker 1: a little too hot, but you didn't obviously, like when
Speaker 1: did you first think that MARGA, that's the ticket for
Speaker 1: me obviously after President Trump won the election. That's a
Speaker 1: campaign slogan, and I just thought that that that ticker
Speaker 1: would be an interesting way to let the public know
Speaker 1: that this is a Republican e t F. Were you
Speaker 1: trying to come up with other alternatives that were up fitted?
Speaker 1: I was, And in fact another alternative was GOP and
Speaker 1: that ticker was taken as well, and that ticker had
Speaker 1: only been taken if I recall, maybe just a few
Speaker 1: weeks before before I had called about it, so that
Speaker 1: ticker was gone, and so I was like, wow, this
Speaker 1: is um, this could be a problem because I know tickers.
Speaker 1: Tickers are really important in the t F world. People
Speaker 1: don't really care what the names are. It's all about
Speaker 1: the ticker. So you know, I'll say, well, the names
Speaker 1: that you know the point Bridge GP, stock Track or
Speaker 1: e t F, but the tickers MAGA. So that's what
Speaker 1: That's the way you need to think about it. All told,
Speaker 1: it took about seven months from making his first calls
Speaker 1: to starting the fund. Texas based point Bridge Capital was
Speaker 1: launching its first e t F and it's investing in
Speaker 1: GOP friendly company. Just understand that you go What about
Speaker 1: a hundred and fifty companies, with all of which are
Speaker 1: sympathetic to Republican causes is brilliant conversation. So how's the
Speaker 1: fund doing well? It's report card, It's somewhat mixed. The
Speaker 1: fund has thirty nine million dollars in assets. That's not nothing,
Speaker 1: but it's somewhat below the million dollars the e t
Speaker 1: f s typically need to break even. It ended seventeen
Speaker 1: with strong returns, but those have lagged somewhat this year.
Speaker 1: It's easy to see why when you look at Margot's holdings.
Speaker 1: Remember these are all companies that donate to Republican candidates,
Speaker 1: and drilling down, you can see that the portfolio is
Speaker 1: heavily tilted towards oil and gas companies. This means that
Speaker 1: the fund thrives when energy does well, but it also
Speaker 1: suffers when the sector struggles. The opposite is true of technology,
Speaker 1: in which the and is very underweight. But Margaret also
Speaker 1: owns some companies that might give conservatives pause. Berkshire Hathaway
Speaker 1: and Goldman Sachs, both one by CEOs that have expressed
Speaker 1: socially liberal views in the past, are also in the mix.
Speaker 1: I asked how how investors react when they learned that
Speaker 1: these companies are part of the Market Fund. You know,
Speaker 1: you can have a CEO that's a Democrat, you can
Speaker 1: have a CEO that's that's a big liberal, and they
Speaker 1: can spout off about things. Lloyd blanklynd talking about Donald
Speaker 1: Trump's Twitter doesn't affect things as much as Goldman sacks
Speaker 1: pack giving money to Republican candidates. So I'll take the
Speaker 1: I'll take the dollars given all day long over an
Speaker 1: interview where he criticizes somebody. So I think companies say
Speaker 1: things publicly and then they do things differently than what
Speaker 1: they're saying publicly. I found this argument particularly interesting. On
Speaker 1: the one hand, it makes a lot of sense. Money
Speaker 1: is something far more tangible than talk. But it also
Speaker 1: seems to contradict one of Hall's pitches to possible buyers, namely,
Speaker 1: the companies like Target, for example, damage their share price
Speaker 1: when they express liberal political views. Using his methodology, the
Speaker 1: fund still owns some of these companies. It also made
Speaker 1: me wonder how much you can tell about companies ideology
Speaker 1: from the dollars it donates. To dig into this further,
Speaker 1: I turned to Michael you Seem, a professor of management
Speaker 1: at the University of Pennsylvania's Wharton School, who researches leadership
Speaker 1: and decision making. His business giving ideologically driven that as
Speaker 1: you want to support parties that say advocate policies you
Speaker 1: want yourself or is it access driven? You want access
Speaker 1: to individuals who especially are in positions of chairs of
Speaker 1: House and Senate committees and most top executive money it
Speaker 1: was long gone to the Republican Party, no surprise there,
Speaker 1: but there are periods where more than half of the
Speaker 1: pack money over which they preside actually goos two Democrats.
Speaker 1: There's also the cost. The fund charge is seventy two
Speaker 1: basis points or seven dollars and twenty cents for every
Speaker 1: one thousand dollars invested. That's significantly higher than the average
Speaker 1: of forty nine basis points for e t f s
Speaker 1: in the US. So why might an investor decide it's
Speaker 1: the right product for them? To find out? I spoke
Speaker 1: to another academic, Mayor Stateman, who specializes in behavioral finance
Speaker 1: at Santa Clara University. In finance, we have a tendency
Speaker 1: to separate the production of returns from their consumption. That is,
Speaker 1: we say, first, make the most money. However, whatever it takes,
Speaker 1: then use it to buy stuff to satisfy you or
Speaker 1: to support the causes that you want. And and that
Speaker 1: is silly, because finance just just made itself very narrow
Speaker 1: and saying the goal must be getting the highest return,
Speaker 1: because like the expressive and emotional benefits of being true
Speaker 1: to their values, not just pretending to be true to
Speaker 1: their values. I asked, how about this motivation, whether it
Speaker 1: could be one of the reasons people buy his fund.
Speaker 1: I'm not sure how much people are making investments bit
Speaker 1: necessarily based on being part of a club, but I
Speaker 1: mean i'd certainly be happy for that. And I think that,
Speaker 1: you know, friends do tend to talk to each other
Speaker 1: at cocktail parties, Hey what are you buying? What are
Speaker 1: you looking at? From a you know, investment standpoint, So
Speaker 1: hopefully we'll get to the point where that's a topic
Speaker 1: that comes up. I'd certainly welcome it. Why do you
Speaker 1: think people get more upset about politics these days, that
Speaker 1: polarization is a positive thing or a negative thing. Well,
Speaker 1: I don't think necessarily polarization is a good thing. I
Speaker 1: think it's great for people have different views. I wish
Speaker 1: people would then be able to still be friends and
Speaker 1: and have the different views, right, So I guess I asked,
Speaker 1: because I mean, is there a argument there that you know,
Speaker 1: something like the Marga Fund is sort of capitalizing on
Speaker 1: that polonization. I don't know that. I would say it's
Speaker 1: capitalizing on it. I'd say it's giving it investors a
Speaker 1: vehicle that they haven't had as a way to invest
Speaker 1: based on things based on political views. So capitalizes and
Speaker 1: necessarily the right word for it, I'd say it's more
Speaker 1: trying to keep create an opportunity for people to do
Speaker 1: something that they don't have. Did you know there are
Speaker 1: a lot of company who heavily support liberal politicians like
Speaker 1: Hillary by donating millions to Democrats. There's now a way
Speaker 1: to invest without owning these stocks. How Lambert and his
Speaker 1: company point Bridge Capital created the first. Now that his
Speaker 1: fund is up and running, How's main focus is on
Speaker 1: making investors aware of it in that he has a
Speaker 1: different approach to many of the larger firms, taking spots
Speaker 1: on conservative talk radio for example. And of course the
Speaker 1: ticker is MAGA. MAGA m A g A Go to
Speaker 1: invest politically dot com and learn about MAGA and lets
Speaker 1: you own the top One thing I'm doing differently than
Speaker 1: most E T F s is I'm not trying to
Speaker 1: go out and have a bunch of wholesalers hit the
Speaker 1: different brokers houses. I think mine, mine is going to
Speaker 1: be driven more by investors calling up and saying I
Speaker 1: want to buy this, versus necessarily their advisor calling them
Speaker 1: and saying, hey, you should buy this. You know, I've
Speaker 1: had someone say to me. I think they said to me, yeah,
Speaker 1: you know, that's a that's a really interesting niche product.
Speaker 1: I'm like, well, you know, it's really not niche. Since
Speaker 1: sixty million people voted for Donald Trump, you know, so
Speaker 1: there's a big market out there. Certainly found some high
Speaker 1: profile support among House political colleagues since President Trump's intuguration.
Speaker 1: I know Don JR. Now, so I didn't know him prior,
Speaker 1: but we've become acquainted and I don't know, I guess
Speaker 1: we could say we're friends. What does he think of
Speaker 1: the margarite TF? Oh he likes it. Yeah, he told
Speaker 1: me he likes it, like he loves the idea, and
Speaker 1: I think he's a fan. How about your whole boss
Speaker 1: head craze. He likes it, he likes the idea. I
Speaker 1: don't know if he's bought it. I'm you know, I'm
Speaker 1: gonna have to call up, you know, his wife. His
Speaker 1: wife's in the investment field. So I think I need
Speaker 1: to talk to Heidi and say, hey, you need to
Speaker 1: look into this a little more. Have you put your
Speaker 1: money into it? Oh? Yes, you know all of my
Speaker 1: liquid retirement is in it. My mother's in it, my
Speaker 1: wife's in it. There was just one final thing I
Speaker 1: needed to know before leaving, how and for worth? Do
Speaker 1: you have the hat? I have a I'll tell you
Speaker 1: what I have. I have a maggot e t F hat.
Speaker 1: I'll show it to you before we leave. But I
Speaker 1: do have a red hat that I that I've made
Speaker 1: up that says magat et f on it. It's kind
Speaker 1: of your own, that's my own. It's my own brand
Speaker 1: of the of the hat. Yes, not the Trump happened,
Speaker 1: not the actual Trump hat. But in fair I'm not
Speaker 1: a big slogan guy. I don't have a I don't
Speaker 1: have a Ted Cruise had either. I don't have I
Speaker 1: didn't do a lot of the slogan stuff. Now you're
Speaker 1: in the business, I know now I need to I
Speaker 1: know I've had to revamp my thoughts on that Rachel,
Speaker 1: what do you think the biggest takeaways for you were?
Speaker 1: The biggest takeaway from me was really just that this
Speaker 1: isn't a very interesting idea that that kind of, you know,
Speaker 1: the fact that you can try and invest in a
Speaker 1: way that aligns with your political values I thought was
Speaker 1: a really novel concept. I'm not sure whether it's something
Speaker 1: that um I necessarily think is a great development for
Speaker 1: the world per se in that I think, you know,
Speaker 1: when you look at where things are politically these days,
Speaker 1: you know, we have so much polarization between right and left,
Speaker 1: and whether the right and left talk to each other
Speaker 1: enough anymore, I think is an area for debate. I
Speaker 1: do wonder whether you know, when you get into investing
Speaker 1: politically as well as kind of donating politically or going
Speaker 1: to rallies, whether that kind of takes that polarization one
Speaker 1: step further. But I think the idea about investing according
Speaker 1: to your political values as well as you know, maybe
Speaker 1: your morals or or know whether you think that energy
Speaker 1: stocks are going up, or whether the government's going to
Speaker 1: build roads in your your town, I think that's an
Speaker 1: interesting idea. I mean, the part that interests me a
Speaker 1: little bit. It's just that if if you want to
Speaker 1: build it, you can build it. And if it works,
Speaker 1: it works, and if it doesn't, it doesn't. And like
Speaker 1: if somebody wants to invest in that, they can invest
Speaker 1: in that. But here's this guy who had an idea,
Speaker 1: anyone out and did it right. I mean, that's when
Speaker 1: you can look at the e t F marketplace. It's
Speaker 1: a democracy. It's not something that necessarily you have to
Speaker 1: kind of be coming from a black rock or a
Speaker 1: vanguard to get success. If you have an idea and
Speaker 1: you go through the right kind of process, you can
Speaker 1: see your fund realized and then it's up to the
Speaker 1: marketplace whether it succeeds. I'm a little more bullish on
Speaker 1: the ETF then I think most people for two reasons. One,
Speaker 1: if this thing starts to become something that Sean Hannity
Speaker 1: or the conservative crowd starts talking about, you know, every
Speaker 1: time somebody on the left says something bad, they want
Speaker 1: to boycott the other side. This is a way to
Speaker 1: act with your dollars. And if it starts making its
Speaker 1: way in conservative circles, that's half the country as an audience.
Speaker 1: The second thing is this is heavy energy and industrials
Speaker 1: and has no tech. If the fang stocks crumble, they've
Speaker 1: had a few like hits, but they're back if they crumble.
Speaker 1: This thing has a lot of stocks that are more
Speaker 1: on the value side, and if it starts to outperform
Speaker 1: and ripped past the SMP five hundred, it could it
Speaker 1: could get assets just because it's outperforming. So it's got
Speaker 1: a couple of things that could garner assets that are
Speaker 1: legitimate in my opinion. Yeah, that's one thing that that
Speaker 1: how mentioned to me is that when he ran kind
Speaker 1: of back tests on on this fund and kind of
Speaker 1: how it performed in the past, I can pleasantly surprised
Speaker 1: to find that it didn't really correlate with the SMP
Speaker 1: five hundred, which when obviously you're using the SMP five
Speaker 1: hundred as your base universe, you'd expect that potentially to
Speaker 1: be more overlapped there. But it seemed that, you know,
Speaker 1: there is either outperformance or under performance. It's not really
Speaker 1: just tracking the SMP. At the beginning we talked about
Speaker 1: how E s G sort of on the left side
Speaker 1: of the map and MAGA might be on the right.
Speaker 1: It really shows in the numbers. If you look, there's
Speaker 1: only eight percent overlap between the two big E S
Speaker 1: G t F S and MAGA. That is not a
Speaker 1: lot considering they're both large caps. I personally think of E.
Speaker 1: S G went and sort of called itself liberal values.
Speaker 1: I think it might get off the ground faster and
Speaker 1: just recognize that's its audience anyway. But anyway, this is
Speaker 1: ascinating to see if the stock market continues to get
Speaker 1: divided via politics. Pretty crazy also that somebody had the
Speaker 1: ticker and relinquished it. You don't know who actually had
Speaker 1: the ticker. Wasn't the guy who There's another issuer who
Speaker 1: has GOP and dem how to tell me, and he
Speaker 1: wouldn't name names, But I mean, it's it's interesting that
Speaker 1: you pick on that because for my understanding of it,
Speaker 1: you know, when you have a t f issuers out
Speaker 1: there that are pondering different ideas and come up with,
Speaker 1: you know, a three or four even five less kind
Speaker 1: of word that seems like it might encapsulated investment thesis,
Speaker 1: you can go out and you can reserve that ticker
Speaker 1: with the exchanges for a certain period of time. Yeah,
Speaker 1: just seems like the land grab somebody has just got
Speaker 1: to be land grabbing this like dot com era you
Speaker 1: are else? Yeah, I remember back where Bill Gross first
Speaker 1: came out. His e t F was t r x
Speaker 1: T or something really bad, and eight months later he
Speaker 1: got bonded, which was smart. Maga. I'm a little shocked,
Speaker 1: just because partisan investing is very new. I we were
Speaker 1: just talking before we started, how I remember two years
Speaker 1: ago this kind of thing just would have entered my
Speaker 1: head in covering ets as an option. Even right now,
Speaker 1: nobody was doing this. We're talking about this kind of thing.
Speaker 1: I think it really wasn't until this past selection where
Speaker 1: it's become more obvious. In a way. I think it's
Speaker 1: a good point. I mean, I think society generally has
Speaker 1: become more political. If you look at the news stories
Speaker 1: that you know, we as reporters are covering on a
Speaker 1: daily basis, so much of the stock market moves are
Speaker 1: driven by politics these days. You know, you can't really
Speaker 1: write a story without incorporating something that President Trump or
Speaker 1: the Cabinet or Congress has said or done, because it's
Speaker 1: impacting how the markets move on a much greater level,
Speaker 1: I think, in this administration than than some of the
Speaker 1: ones immediately previous. So when it comes to politics being
Speaker 1: part of our daily lives, it's more and more present, Rachel,
Speaker 1: thank you so much. Just love the fact that you're
Speaker 1: with us in and doing cool stuff like this. Thanks
Speaker 1: joining us only, Thanks happening. Thanks for listening to Trillions.
Speaker 1: Until next time. You can find us on the Bloomberg term, rnol,
Speaker 1: Bloomberg dot com, Apple Podcasts, and whoever else you want
Speaker 1: to listen to us. We'd love to hear from you.
Speaker 1: We're on Twitter. She's at Rachel Evans Underscore Inn Why
Speaker 1: I'm at Joel Weber Show. He's at Eric Falcunas. Trillions
Speaker 1: is produced by Magnus Hendrickson. Francesco Leady is the head
Speaker 1: of Bloomberg Podcasts. Bye.