1 00:00:07,000 --> 00:00:09,760 Speaker 1: Welcome new Trillions. I'm Joel Webber and I'm Eric bell 2 00:00:09,840 --> 00:00:14,720 Speaker 1: Tunas Eric, We've got a couple of colleagues we've been 3 00:00:14,720 --> 00:00:17,560 Speaker 1: on the show before, Ben Stepherman and Suzanne Woollye. You 4 00:00:17,640 --> 00:00:21,239 Speaker 1: might remember them from our great March Madness. Best ticker 5 00:00:21,400 --> 00:00:25,560 Speaker 1: contest been one, Yeah, Ben, one with empty, which is 6 00:00:25,600 --> 00:00:27,280 Speaker 1: the sort of death of the moll E t f 7 00:00:27,360 --> 00:00:31,639 Speaker 1: It it basically shorts mallstocks and uh, and he did 8 00:00:31,680 --> 00:00:33,280 Speaker 1: say it was a long term play because it hasn't 9 00:00:33,320 --> 00:00:37,200 Speaker 1: done well lately. It's down ten percent since he made 10 00:00:37,200 --> 00:00:40,280 Speaker 1: the call. And he bounced Suzanne Woolley with Move, which 11 00:00:40,320 --> 00:00:44,360 Speaker 1: is up now five pc since that contest. Yeah. Move, 12 00:00:44,440 --> 00:00:47,040 Speaker 1: It's interesting. Moves traditionally been thought of as the greatest 13 00:00:47,080 --> 00:00:50,599 Speaker 1: ticker of all time, but uh, not that day. It's 14 00:00:50,680 --> 00:00:54,000 Speaker 1: so sad and so unjust. So we welcome them back 15 00:00:54,040 --> 00:00:58,200 Speaker 1: to trillions. Uh. They work on Bloomberg News with me 16 00:00:58,920 --> 00:01:01,760 Speaker 1: ericson Bloomberg. Can tell back before I was in b 17 00:01:01,880 --> 00:01:05,039 Speaker 1: I I was in data and Suzanne Um. I was 18 00:01:05,120 --> 00:01:08,520 Speaker 1: contributing articles to Suzanne and the Personal Finance. You started 19 00:01:08,520 --> 00:01:12,840 Speaker 1: a blog, right it was you did so many great pieces. 20 00:01:12,880 --> 00:01:15,200 Speaker 1: We were like way ahead of the curve, and I 21 00:01:15,240 --> 00:01:17,640 Speaker 1: got approval from Data to submit articles this blog when 22 00:01:17,680 --> 00:01:20,880 Speaker 1: the blog ended, but then you allowed me to submit 23 00:01:21,000 --> 00:01:25,000 Speaker 1: articles because I just I used to be a financial journalist, 24 00:01:25,040 --> 00:01:26,600 Speaker 1: so I missed doing it. And then when I went 25 00:01:26,640 --> 00:01:28,760 Speaker 1: to b I that got shut down. They want all 26 00:01:28,760 --> 00:01:33,760 Speaker 1: my stuff to be sort of creative idea like the Radiohead. 27 00:01:34,200 --> 00:01:37,360 Speaker 1: She green lighted the Radiohead article, which became that one 28 00:01:37,400 --> 00:01:41,880 Speaker 1: episode of our Top Performing. But this episode of Trillions 29 00:01:41,920 --> 00:01:44,440 Speaker 1: is not about us. It's about you, guys, because you 30 00:01:44,520 --> 00:01:48,560 Speaker 1: also do uh something that's updated quarterly on Bloomberg dot 31 00:01:48,600 --> 00:01:53,600 Speaker 1: com that's called where to Invest ten thousand dollars right now. 32 00:01:53,920 --> 00:01:57,240 Speaker 1: It's so catchy, like it just makes you want to 33 00:01:57,240 --> 00:02:02,160 Speaker 1: click on it right now, give me the goods. It's 34 00:02:02,160 --> 00:02:04,680 Speaker 1: a it's a little it's got a tinge of BuzzFeed. 35 00:02:05,080 --> 00:02:07,520 Speaker 1: I know, I know it's true, a e t s 36 00:02:07,520 --> 00:02:09,840 Speaker 1: you should own and stop, you know, worrying about it. 37 00:02:09,880 --> 00:02:13,640 Speaker 1: And we always give advice about, you know, checking your portfolio, 38 00:02:13,760 --> 00:02:19,200 Speaker 1: checking your risks. You get the yeah, here's some spinach. Yeah, 39 00:02:19,200 --> 00:02:21,959 Speaker 1: the spinach first, and then it's like, I don't know hallapeno. 40 00:02:25,840 --> 00:02:28,560 Speaker 1: So in this episode of Tryans, we're to invest ten 41 00:02:28,560 --> 00:02:33,560 Speaker 1: tho dollars right now. Okay, so I really want to 42 00:02:33,560 --> 00:02:36,600 Speaker 1: know where I'm supposed to invest ten thousand dollars right now. Also, 43 00:02:36,639 --> 00:02:38,400 Speaker 1: if you have any insights on how I can get 44 00:02:38,400 --> 00:02:41,240 Speaker 1: ten thousand dollars right now, that'd be great too. But 45 00:02:41,360 --> 00:02:43,920 Speaker 1: before we kind of get into that, let's also just 46 00:02:43,960 --> 00:02:46,160 Speaker 1: take a step back and talk about what what's been 47 00:02:46,160 --> 00:02:48,160 Speaker 1: happening in the markets right now, because things got a 48 00:02:48,160 --> 00:02:50,800 Speaker 1: little bloody for a second. Yeah, the market went down 49 00:02:51,400 --> 00:02:54,360 Speaker 1: quite a bit last week, um and seems to be 50 00:02:54,400 --> 00:02:57,640 Speaker 1: coming back now. UM. I talked to a lot of 51 00:02:57,639 --> 00:02:59,960 Speaker 1: investors about it, and some of them were really brue 52 00:03:00,120 --> 00:03:04,040 Speaker 1: leaved because the valuations right now are just so high. 53 00:03:04,120 --> 00:03:06,080 Speaker 1: So if you're just if you're a professional, this might 54 00:03:06,120 --> 00:03:08,240 Speaker 1: be scary. But if you actually have your money, your 55 00:03:08,240 --> 00:03:11,560 Speaker 1: retirement money in the market, and you're that money is 56 00:03:11,600 --> 00:03:13,160 Speaker 1: coming out of your paycheck and go into your four 57 00:03:13,160 --> 00:03:15,880 Speaker 1: oh one K and you're buying at these prices, it 58 00:03:16,400 --> 00:03:18,799 Speaker 1: looks like there's not any good places to put your money. 59 00:03:18,919 --> 00:03:21,600 Speaker 1: You know. People keep saying, oh, emerging markets are this 60 00:03:21,720 --> 00:03:26,040 Speaker 1: great value, and then they've been really painful, really been 61 00:03:26,080 --> 00:03:28,400 Speaker 1: really tough. And then the US docks look great, but 62 00:03:28,440 --> 00:03:30,560 Speaker 1: they just look at the valuations. They're really high and 63 00:03:30,639 --> 00:03:32,680 Speaker 1: it doesn't look like you're gonna get my much return 64 00:03:32,720 --> 00:03:35,320 Speaker 1: from them. So it's like a relief rally, a bit 65 00:03:35,360 --> 00:03:37,880 Speaker 1: of a deep breath. But it's interesting because the market 66 00:03:37,920 --> 00:03:40,920 Speaker 1: has been going up for a long time. None of 67 00:03:40,960 --> 00:03:43,720 Speaker 1: the people you spoke with, you know, have this feeling that, Okay, 68 00:03:43,760 --> 00:03:45,800 Speaker 1: this is the big one. The market's really going to 69 00:03:45,920 --> 00:03:48,160 Speaker 1: go down now. It sounds like if everybody has that attitude, 70 00:03:48,160 --> 00:03:51,120 Speaker 1: that's exactly why these have really short bottoms. They can't. 71 00:03:51,160 --> 00:03:55,080 Speaker 1: They really bounced back very quickly. But when when it 72 00:03:55,160 --> 00:03:57,640 Speaker 1: was happening, it felt like, especially on Twitter, I mean, 73 00:03:57,640 --> 00:04:00,480 Speaker 1: the bears were coming out doing touchdown dances where you 74 00:04:00,480 --> 00:04:02,480 Speaker 1: know where all the bulls now and then boom, three 75 00:04:02,520 --> 00:04:05,480 Speaker 1: days later, we're back to normalcy. Right. I was. Actually 76 00:04:05,800 --> 00:04:07,920 Speaker 1: I was in Oklahoma, so I was out of the bubble. 77 00:04:07,960 --> 00:04:11,240 Speaker 1: I was reporting a story and I nobody mentioned the market. 78 00:04:11,720 --> 00:04:14,640 Speaker 1: The economy seemed to be doing amazingly. Everywhere I looked 79 00:04:14,640 --> 00:04:17,839 Speaker 1: there was new development, new new building, and um, I 80 00:04:17,880 --> 00:04:21,760 Speaker 1: think there's a mood talking to these investors, like they 81 00:04:21,800 --> 00:04:24,440 Speaker 1: see the economy and they just can't imagine a real 82 00:04:24,480 --> 00:04:27,440 Speaker 1: bear market in these economic conditions because it just feels 83 00:04:27,440 --> 00:04:30,080 Speaker 1: so good right now. On the flip side, let's face it, 84 00:04:30,160 --> 00:04:32,280 Speaker 1: the stock market went up for a little while when 85 00:04:32,279 --> 00:04:36,080 Speaker 1: the economy was a little was struggling. More so, can 86 00:04:36,120 --> 00:04:38,440 Speaker 1: the stock market still go up now the economy is good? 87 00:04:38,440 --> 00:04:41,440 Speaker 1: In other words, how much can stocks just go up 88 00:04:41,480 --> 00:04:43,880 Speaker 1: and up? People I talked to were like, Oh, I 89 00:04:43,880 --> 00:04:46,360 Speaker 1: don't think it'll be another It'll be another year before 90 00:04:46,400 --> 00:04:49,720 Speaker 1: it really crashes. But then again, like what's your risk 91 00:04:49,800 --> 00:04:52,400 Speaker 1: return here? Like? How much further can it really go up? 92 00:04:52,760 --> 00:04:54,880 Speaker 1: I don't think people feel like it's good. They're gonna 93 00:04:54,920 --> 00:04:56,680 Speaker 1: lose a lot of money right now, but they don't 94 00:04:56,720 --> 00:04:59,440 Speaker 1: see themselves making a lot of money either. So been 95 00:04:59,520 --> 00:05:02,680 Speaker 1: with the people that you spoke with? Did they view 96 00:05:02,720 --> 00:05:07,920 Speaker 1: this last little spasm as a buying opportunity? Um? Yeah, 97 00:05:07,960 --> 00:05:11,080 Speaker 1: a few people did. Nobody was panicking, that's for sure. 98 00:05:11,240 --> 00:05:14,960 Speaker 1: Some people were investing more. I actually worry about some 99 00:05:15,000 --> 00:05:16,240 Speaker 1: of the people I was talking to you. I mean, 100 00:05:16,279 --> 00:05:18,479 Speaker 1: there's a lot of folks in their sixties and seventies 101 00:05:18,520 --> 00:05:23,719 Speaker 1: who are stocks stock stocks. So if the market actually 102 00:05:23,760 --> 00:05:28,479 Speaker 1: does go down, um, and they're on the verge of retirement, 103 00:05:28,560 --> 00:05:31,359 Speaker 1: they're actually in some trouble. So I actually do worry 104 00:05:31,400 --> 00:05:34,760 Speaker 1: about now that we're this many years into this bowl market, 105 00:05:35,320 --> 00:05:37,040 Speaker 1: where how far out on a ledge and a lot 106 00:05:37,040 --> 00:05:40,320 Speaker 1: of folks are. I agree, because there's some really pretty 107 00:05:40,400 --> 00:05:43,760 Speaker 1: subpower estimates for the SMP going forward over the next decade. 108 00:05:43,800 --> 00:05:47,440 Speaker 1: I think morning Star respects real you know, injusted inflation 109 00:05:47,440 --> 00:05:51,080 Speaker 1: adjusted returns of something like one point five percent or 110 00:05:51,279 --> 00:05:54,039 Speaker 1: two or I think maybe even lower. So if you 111 00:05:54,080 --> 00:05:57,080 Speaker 1: get whacked in a downturn and you don't have time 112 00:05:57,120 --> 00:06:01,279 Speaker 1: to recover, it's it's a really dangerous thing to have 113 00:06:01,320 --> 00:06:04,320 Speaker 1: happened early in retirement because you just it's very hard 114 00:06:04,320 --> 00:06:10,840 Speaker 1: to earn that money back. Okay, so let's get to 115 00:06:10,880 --> 00:06:13,720 Speaker 1: the goods. I got ten dollars, would always spend it. 116 00:06:14,440 --> 00:06:19,760 Speaker 1: Oh sorry, invested, that's a totally different article. Yeah, we'll 117 00:06:19,760 --> 00:06:23,840 Speaker 1: do that next a fun weekend. Well, if you're a 118 00:06:23,960 --> 00:06:28,799 Speaker 1: russ Coast rich um at black Rock, you would look 119 00:06:28,880 --> 00:06:33,359 Speaker 1: at cheap Asian equities. He thinks Japan is cheap, and 120 00:06:33,480 --> 00:06:37,039 Speaker 1: Japan is usually trades little cheaply, but he thinks, you know, 121 00:06:37,080 --> 00:06:40,240 Speaker 1: there's a good reason now why it shouldn't be trading 122 00:06:40,279 --> 00:06:44,520 Speaker 1: at such a discount, and he also likes UM stocks 123 00:06:44,520 --> 00:06:49,400 Speaker 1: in South Korea. And what do you like about South Korea? Well, 124 00:06:50,000 --> 00:06:53,760 Speaker 1: South Korean equities, he said, UM are not only like 125 00:06:53,839 --> 00:06:59,000 Speaker 1: the cheapest equities in the emerging markets, but even looking 126 00:06:59,040 --> 00:07:02,560 Speaker 1: across like aquity is sovereign debt credit there by some 127 00:07:02,600 --> 00:07:05,599 Speaker 1: measures the cheapest asset class. So really it's just the 128 00:07:05,680 --> 00:07:10,080 Speaker 1: pure cheapness I think as opposed to the real fundamental 129 00:07:10,520 --> 00:07:13,200 Speaker 1: And Eric, you got a ticker that gives me some 130 00:07:13,240 --> 00:07:15,840 Speaker 1: exposure there, yes, so on on these articles, I will 131 00:07:15,880 --> 00:07:17,560 Speaker 1: give the e t F to play it. I picked 132 00:07:17,600 --> 00:07:20,120 Speaker 1: e w J. I mean rust works at black Rock. 133 00:07:20,200 --> 00:07:21,960 Speaker 1: It's also the most liquid. E w J is a 134 00:07:21,960 --> 00:07:25,640 Speaker 1: big Japan et F. However, if you are more cost 135 00:07:25,640 --> 00:07:28,360 Speaker 1: conscious and don't need that liquidity, there's a whole new 136 00:07:28,440 --> 00:07:31,960 Speaker 1: The fee war has broken out everywhere, including Japan, so 137 00:07:32,000 --> 00:07:34,440 Speaker 1: you can get the Franklin foot see Japan ETF for 138 00:07:34,520 --> 00:07:37,480 Speaker 1: nine basis points. Now, I mean that's Van Guardian level 139 00:07:38,240 --> 00:07:40,640 Speaker 1: and the JP Morgan b b j P which is 140 00:07:40,720 --> 00:07:43,280 Speaker 1: nineteen basis points, and they effectively do the same thing. 141 00:07:43,360 --> 00:07:45,720 Speaker 1: But some investors like the currency hedge in Japan, d 142 00:07:45,880 --> 00:07:48,120 Speaker 1: x J was a huge hit, which it's actually doing 143 00:07:48,120 --> 00:07:49,720 Speaker 1: a little better than a W J because the dollar 144 00:07:49,760 --> 00:07:51,040 Speaker 1: has gotten strong. So if you think the dollar is 145 00:07:51,080 --> 00:07:53,400 Speaker 1: gonna be strong, you might want a currency hedge over there. 146 00:07:53,440 --> 00:07:55,800 Speaker 1: But also one of the interesting thing that Japan and 147 00:07:55,840 --> 00:07:58,920 Speaker 1: South Korea, Um, you know a lot of these Asian 148 00:07:58,920 --> 00:08:01,320 Speaker 1: countries and Japan aren't in an E t F together. 149 00:08:01,400 --> 00:08:04,360 Speaker 1: It's it's weird. There's like emerging market Asia E t 150 00:08:04,520 --> 00:08:07,600 Speaker 1: F S, then there's Japan, Asia X Japan. It was 151 00:08:07,640 --> 00:08:09,640 Speaker 1: tough to find them all together. So you could do 152 00:08:09,680 --> 00:08:12,760 Speaker 1: E w J plus A x J. A x J 153 00:08:13,120 --> 00:08:16,480 Speaker 1: is a Asia E t F that is X Japan. 154 00:08:16,800 --> 00:08:19,760 Speaker 1: So it has China, South Korea, Hong Kong, Taiwan or 155 00:08:19,840 --> 00:08:24,480 Speaker 1: v A. The vanguard Developed Developed International has Japan, and 156 00:08:24,520 --> 00:08:27,160 Speaker 1: it also considers South Korea developed, so it's in there. 157 00:08:27,440 --> 00:08:29,560 Speaker 1: So you get both in that. But then again you 158 00:08:29,560 --> 00:08:31,040 Speaker 1: get a lot of other countries with that too. I 159 00:08:31,120 --> 00:08:35,120 Speaker 1: love that South Korea is still not always considered a 160 00:08:35,160 --> 00:08:37,920 Speaker 1: developed market. It's still emerging. It's like, I know, you 161 00:08:38,000 --> 00:08:40,959 Speaker 1: go there and it's like, are you kidding me? This 162 00:08:41,000 --> 00:08:43,400 Speaker 1: is like more advanced than the US. When I when 163 00:08:43,440 --> 00:08:46,120 Speaker 1: I was writing at this, uh, this piece up both 164 00:08:46,240 --> 00:08:48,560 Speaker 1: you know my editor and the copy editor asked me 165 00:08:48,600 --> 00:08:52,160 Speaker 1: to check that South Korea was indeed classified as that emerging. 166 00:08:52,360 --> 00:08:57,160 Speaker 1: So is Russ a recurring character? Yes, So that's part 167 00:08:57,200 --> 00:09:00,240 Speaker 1: of this exercise. You've got this little panel. Every order 168 00:09:00,320 --> 00:09:02,000 Speaker 1: you go back to them and say, what are we 169 00:09:02,080 --> 00:09:05,120 Speaker 1: going to buy a ten thousand dollars with right now? Yep? Yep? 170 00:09:05,320 --> 00:09:11,079 Speaker 1: So how was Russ's last time? Last time? What did Russ? Um? 171 00:09:11,160 --> 00:09:15,559 Speaker 1: He said, the same thing emerging Asia Pacific. He's the 172 00:09:15,600 --> 00:09:21,720 Speaker 1: same thing last quarter. He You know, Russ is literally 173 00:09:24,000 --> 00:09:27,120 Speaker 1: you know, I can't always get them to change things. 174 00:09:31,040 --> 00:09:33,800 Speaker 1: So we got five, We've done one. Who's number two. 175 00:09:33,960 --> 00:09:38,840 Speaker 1: We've got Sarah Ketterer. She's with Causeway Capital and she 176 00:09:38,960 --> 00:09:42,760 Speaker 1: thinks that a that value may finally start to triumph 177 00:09:42,760 --> 00:09:46,400 Speaker 1: over growth, which is would be a really big change, 178 00:09:46,400 --> 00:09:51,080 Speaker 1: which I don't believe. Eric agrees with no. Right, it 179 00:09:51,120 --> 00:09:53,800 Speaker 1: has to come back essentially, someone on Twitter the Day 180 00:09:53,880 --> 00:09:55,960 Speaker 1: some time in our lifetimes, yeah, right, at some point 181 00:09:56,080 --> 00:09:58,840 Speaker 1: someone on Twitter the Day said what song best describes 182 00:09:58,880 --> 00:10:01,600 Speaker 1: like value investing right now? And the answers were epic. 183 00:10:01,640 --> 00:10:06,000 Speaker 1: They were like, everybody hurts, don't stop believing. Um. There 184 00:10:06,080 --> 00:10:08,480 Speaker 1: was some classics on there, and I realized that a 185 00:10:08,480 --> 00:10:11,520 Speaker 1: lot of songs are about pain, and that's what value 186 00:10:11,520 --> 00:10:13,760 Speaker 1: investing is about. It's about how long can you take 187 00:10:13,760 --> 00:10:18,640 Speaker 1: the pain? But eventually you'll be right. The question is when, yeah, 188 00:10:18,679 --> 00:10:24,640 Speaker 1: can you last that long? But anyway, Sarah um liked 189 00:10:24,640 --> 00:10:29,280 Speaker 1: Global consumer staples and she actually chose uh tobacco stocks 190 00:10:30,080 --> 00:10:32,480 Speaker 1: within the staples, which she, you know, said as the 191 00:10:32,520 --> 00:10:38,079 Speaker 1: most maligned and possibly misunderstood segment. Obviously an unhealthy segment. 192 00:10:38,679 --> 00:10:42,679 Speaker 1: But she thinks that combustible traditional cigarettes are gonna go away, 193 00:10:43,160 --> 00:10:46,240 Speaker 1: more people are gonna start vaping, which we're seeing, not 194 00:10:46,360 --> 00:10:49,080 Speaker 1: that that's healthy might do, but and that you know, 195 00:10:49,920 --> 00:10:54,720 Speaker 1: while the regulations about around vaping get established, the smaller 196 00:10:54,840 --> 00:10:57,120 Speaker 1: entrants are going to have a harder time, you know, 197 00:10:57,160 --> 00:10:59,520 Speaker 1: with the costs of that greater regulation. So it gives 198 00:10:59,520 --> 00:11:03,760 Speaker 1: the income been big tobacco companies and Edge and Eric, 199 00:11:03,800 --> 00:11:08,280 Speaker 1: I think you found sort of a dividend index because 200 00:11:08,280 --> 00:11:10,360 Speaker 1: part of what part of her argument was to find 201 00:11:10,480 --> 00:11:13,679 Speaker 1: high dividend yielding stocks. So how did you screen for that? 202 00:11:14,040 --> 00:11:16,480 Speaker 1: This was a tough one. Most of them are pretty easy, 203 00:11:16,559 --> 00:11:18,200 Speaker 1: to be honest with you, which is good because I'm 204 00:11:18,240 --> 00:11:21,679 Speaker 1: usually doing this in a rush, but this one was hard. Um. 205 00:11:21,720 --> 00:11:24,520 Speaker 1: I think I did a screen for it um dividend 206 00:11:24,520 --> 00:11:27,920 Speaker 1: fun with at least such and such in staples, and 207 00:11:28,000 --> 00:11:30,199 Speaker 1: this one came to the top. I started kicking it around. 208 00:11:30,200 --> 00:11:31,959 Speaker 1: I'm like, you know what, this is pretty perfect. It's 209 00:11:31,960 --> 00:11:35,640 Speaker 1: the first Trust morning Star Dividend Leaders FDL. It screens 210 00:11:35,640 --> 00:11:39,280 Speaker 1: for stocks that have dividend consistency. Then it picks the 211 00:11:39,360 --> 00:11:43,080 Speaker 1: hundred highest yielding names. It's heavy consumer staples and big 212 00:11:43,120 --> 00:11:46,160 Speaker 1: tobacco companies are in the top ten holdings. And it's 213 00:11:46,200 --> 00:11:48,240 Speaker 1: got it. It's pretty good one point four billion, so 214 00:11:48,280 --> 00:11:51,199 Speaker 1: it's got nice tight spreads, very liquid charges point four 215 00:11:51,240 --> 00:11:54,080 Speaker 1: or so. It seemed to fit the bill for what 216 00:11:54,160 --> 00:11:56,240 Speaker 1: she was looking for. Ben, how do you feel about 217 00:11:56,240 --> 00:12:00,320 Speaker 1: investing in tobacco? Oh? I was actually thinking about dividend 218 00:12:00,400 --> 00:12:02,920 Speaker 1: stocks and how I might not want to invest in 219 00:12:03,320 --> 00:12:07,120 Speaker 1: those either. Tobacco it seems like too narrow a play 220 00:12:07,160 --> 00:12:09,200 Speaker 1: to me. It just seems like for me, for me, 221 00:12:09,280 --> 00:12:11,680 Speaker 1: I'd like to be more diversified. But with dividends, I 222 00:12:11,720 --> 00:12:13,520 Speaker 1: was thinking, like, what do you get like a two 223 00:12:13,559 --> 00:12:16,440 Speaker 1: percent yield? Like rates are arising, Like you can do 224 00:12:16,480 --> 00:12:18,400 Speaker 1: better with bonds and that's a lot safer, Like why 225 00:12:18,760 --> 00:12:22,240 Speaker 1: why why why the dividend play now much less risk? 226 00:12:22,520 --> 00:12:25,840 Speaker 1: You know, the FDL I think it it yielded a 227 00:12:25,960 --> 00:12:29,640 Speaker 1: three point four percent So still though, I see what 228 00:12:29,640 --> 00:12:32,640 Speaker 1: you're saying. These you know, we looked recently, you know, 229 00:12:32,960 --> 00:12:35,400 Speaker 1: a lot of dividend e t F yield less than 230 00:12:35,440 --> 00:12:37,480 Speaker 1: the tenure Now, I mean it's a lot of them, 231 00:12:37,640 --> 00:12:40,760 Speaker 1: including big ones. So the ones that yield more typically 232 00:12:40,880 --> 00:12:43,760 Speaker 1: tip into utilities and staples, so you definitely have this 233 00:12:44,040 --> 00:12:47,240 Speaker 1: rate risk more with those. So it's a you're right, 234 00:12:47,280 --> 00:12:50,000 Speaker 1: there's much more risk. They look very innocent, don't they. Yeah, 235 00:12:50,080 --> 00:12:52,800 Speaker 1: it's it's this play that we've heard about for years 236 00:12:52,840 --> 00:12:55,360 Speaker 1: and years and years. You know, it's safe, you know, 237 00:12:55,480 --> 00:12:58,480 Speaker 1: dividend stocks, But but do you lend that could change 238 00:12:58,520 --> 00:13:01,160 Speaker 1: These people in Oklahoma that you talked to, you said 239 00:13:01,160 --> 00:13:03,240 Speaker 1: they're heavy equities. Do you think part of the heavy 240 00:13:03,240 --> 00:13:06,839 Speaker 1: equities is going into high dividend yielding stocks to make 241 00:13:06,960 --> 00:13:08,920 Speaker 1: up for the fact that they couldn't get yields. And 242 00:13:09,280 --> 00:13:10,960 Speaker 1: I think that's totally true. They didn't want to be 243 00:13:10,960 --> 00:13:12,520 Speaker 1: in bonds and they didn't want to be in cash 244 00:13:12,559 --> 00:13:15,760 Speaker 1: because they saw that losing out to you know, to 245 00:13:15,760 --> 00:13:18,040 Speaker 1: to inflation, Like they couldn't keep up with inflation with 246 00:13:18,200 --> 00:13:21,840 Speaker 1: some of that stuff, and and now they have other alternatives, 247 00:13:21,840 --> 00:13:33,160 Speaker 1: I think, okay. Number three. Number three is Ann Harnett, 248 00:13:33,200 --> 00:13:37,120 Speaker 1: who is the chief investimate strategist at Absolute Strategy Research. 249 00:13:37,200 --> 00:13:42,280 Speaker 1: He's out of London, and his idea, his favorite move 250 00:13:42,360 --> 00:13:45,559 Speaker 1: is to go along on treasuries. Um. We've obviously seen 251 00:13:45,760 --> 00:13:50,160 Speaker 1: a lot of turmolent treasuries lately. Um, and this one, 252 00:13:50,240 --> 00:13:52,600 Speaker 1: this was the one that seemed a little a little 253 00:13:53,120 --> 00:13:56,800 Speaker 1: um out of step with the news cycle. Yeah, yeah, 254 00:13:56,800 --> 00:14:00,560 Speaker 1: that's true, but um, you know, he really he thinks 255 00:14:00,600 --> 00:14:03,959 Speaker 1: that people should go by long dated bonds all the 256 00:14:04,000 --> 00:14:06,920 Speaker 1: way up to the thirty year with fields close to 257 00:14:06,960 --> 00:14:09,560 Speaker 1: three point four per cent. You know. He points out 258 00:14:09,600 --> 00:14:11,840 Speaker 1: that even the Hawks don't expect more than four rape 259 00:14:11,920 --> 00:14:14,000 Speaker 1: rises in the coming year. So that was one of 260 00:14:14,080 --> 00:14:17,640 Speaker 1: his ideas. And the other another one that I thought 261 00:14:17,679 --> 00:14:22,160 Speaker 1: was interesting was by US exposed stocks and markets that 262 00:14:22,200 --> 00:14:25,880 Speaker 1: have sold off aggressively for other reasons. So he mentioned 263 00:14:25,920 --> 00:14:31,320 Speaker 1: things like Fiat Chrysler Automotives and Loxotic Group they both 264 00:14:31,360 --> 00:14:34,320 Speaker 1: have over their sales in the US, and he sort 265 00:14:34,320 --> 00:14:37,640 Speaker 1: of saw that as a a cheap way into buying 266 00:14:37,760 --> 00:14:40,320 Speaker 1: US earnings. How do you feel about that one? Eric? 267 00:14:41,080 --> 00:14:42,920 Speaker 1: For that one, I honed it on the treasuries, and 268 00:14:43,160 --> 00:14:47,200 Speaker 1: he was he seemed to love all treasuries, the ones 269 00:14:47,240 --> 00:14:49,000 Speaker 1: on the short end, the middle, and the long end 270 00:14:49,000 --> 00:14:51,200 Speaker 1: of the curve. So I went with g o VT, 271 00:14:51,440 --> 00:14:54,760 Speaker 1: which is a treasury e t F that invests in 272 00:14:54,800 --> 00:14:57,760 Speaker 1: the whole enjelata, so you get all the way you 273 00:14:57,800 --> 00:15:02,280 Speaker 1: know from He's a treasury and enjelata. I wanted to check, 274 00:15:02,400 --> 00:15:07,120 Speaker 1: I know you like it. I think a treasury enchilada 275 00:15:07,160 --> 00:15:09,440 Speaker 1: would be very like organic and you feel like you 276 00:15:09,440 --> 00:15:11,800 Speaker 1: didn't even eat after eating it. That's that would that 277 00:15:12,560 --> 00:15:17,000 Speaker 1: it would have iceberg lettuce. It does not sound like 278 00:15:17,040 --> 00:15:21,160 Speaker 1: a good enchilado in your back to the Oklahoma crowd, 279 00:15:22,320 --> 00:15:27,040 Speaker 1: this this focus group that we're now like, we have 280 00:15:27,200 --> 00:15:30,000 Speaker 1: seen that over the last two years, most of the 281 00:15:30,080 --> 00:15:35,400 Speaker 1: last twelve months. It seems Trump stuff doesn't really affect 282 00:15:35,440 --> 00:15:37,960 Speaker 1: the markets that much. The media goes nuts, markets don't move, 283 00:15:38,320 --> 00:15:41,440 Speaker 1: but rates. You really can see a lot of upheaval 284 00:15:41,480 --> 00:15:45,320 Speaker 1: in bondy tfs. How do investors over there um sort 285 00:15:45,320 --> 00:15:49,520 Speaker 1: of take in these gigantic variables like politics, and rates. 286 00:15:49,680 --> 00:15:51,800 Speaker 1: Do rates matter more or how do they feel? Like? 287 00:15:52,080 --> 00:15:54,280 Speaker 1: You know, actually heard more about the hurricane than I 288 00:15:54,320 --> 00:15:57,760 Speaker 1: did about Trump. What Trump said about the Feds seemed 289 00:15:57,760 --> 00:16:00,640 Speaker 1: to spook a few people. He was mending on that. 290 00:16:00,840 --> 00:16:04,760 Speaker 1: But otherwise, you know, I think your average like sixty 291 00:16:04,840 --> 00:16:06,880 Speaker 1: five year old retire you with two million dollars in 292 00:16:06,920 --> 00:16:09,880 Speaker 1: a portfolio or something, isn't probably watching the Fed as 293 00:16:09,920 --> 00:16:13,040 Speaker 1: closely as as we are here at Bloomberg World headquarters. 294 00:16:13,080 --> 00:16:21,200 Speaker 1: But yeah, we're in our little guaranteed Number four. Number 295 00:16:21,200 --> 00:16:24,800 Speaker 1: four is Jim Paulson of the Luthho Group. He was 296 00:16:25,040 --> 00:16:29,920 Speaker 1: cautious as he was um the quarter before he talked 297 00:16:29,920 --> 00:16:33,400 Speaker 1: about balanced investors might want to reduce their equity allocations 298 00:16:33,440 --> 00:16:36,760 Speaker 1: in favor of bonds even though yields are rising. Um. 299 00:16:36,960 --> 00:16:39,200 Speaker 1: But he was the one person who looked at gold 300 00:16:39,720 --> 00:16:42,320 Speaker 1: because it has been down a while since spring, although 301 00:16:42,440 --> 00:16:45,640 Speaker 1: recently it bounced back in all of this of this turmoil, 302 00:16:46,520 --> 00:16:52,000 Speaker 1: and Eric picked a couple of good gold ETFs new 303 00:16:52,040 --> 00:16:55,760 Speaker 1: generation news school. Yeah, everything's g l D and i AU, 304 00:16:55,880 --> 00:16:58,360 Speaker 1: but there's a ton of new ones out um the two. 305 00:17:00,200 --> 00:17:03,400 Speaker 1: Because if you're reading this, and you're probably retail, you're 306 00:17:03,440 --> 00:17:06,359 Speaker 1: probably really more focused on the expense ratio. You don't 307 00:17:06,359 --> 00:17:08,159 Speaker 1: need g l d s highly liquid volume. You're not 308 00:17:08,200 --> 00:17:11,120 Speaker 1: like Cowper's, Okay, so I went with the cheaper ones. 309 00:17:11,200 --> 00:17:14,080 Speaker 1: So the newer there's the new school goldietfs are cheap. 310 00:17:14,119 --> 00:17:17,280 Speaker 1: So for example, Bar and g l d M are 311 00:17:17,320 --> 00:17:20,800 Speaker 1: both eighteen basis points. But as we were writing this, 312 00:17:20,960 --> 00:17:24,800 Speaker 1: Bar cut its fee to point one, seven, four nine, 313 00:17:25,480 --> 00:17:29,320 Speaker 1: to be hundreds of the basis point cheaper than g 314 00:17:29,520 --> 00:17:32,399 Speaker 1: l d M. That's how hardcore the fee war is 315 00:17:32,440 --> 00:17:36,320 Speaker 1: getting how they how they how is it cheaper than 316 00:17:36,720 --> 00:17:39,040 Speaker 1: the usual ones, your usual suspects, and how do they 317 00:17:39,040 --> 00:17:42,600 Speaker 1: get it down that much more? So? Eighteen or seventeen 318 00:17:42,640 --> 00:17:45,119 Speaker 1: and a half, if you will, is more than twice 319 00:17:45,119 --> 00:17:47,840 Speaker 1: as cheap as g l D which is forty. So 320 00:17:48,400 --> 00:17:49,760 Speaker 1: you know, but when you're if you're used to paying 321 00:17:49,840 --> 00:17:53,200 Speaker 1: for funds, like you know, getting down to that level 322 00:17:53,200 --> 00:17:55,120 Speaker 1: it's almost a rounding error. But if you were thinking 323 00:17:55,119 --> 00:17:56,720 Speaker 1: about if you if you had an option to pay 324 00:17:56,760 --> 00:18:00,159 Speaker 1: forty dollars for something or eighteen or seventeen dollars that 325 00:18:00,240 --> 00:18:03,040 Speaker 1: same thing, I mean, everybody would pick the cheaper one. 326 00:18:03,520 --> 00:18:05,720 Speaker 1: So in a way, if you're going long term, those 327 00:18:06,080 --> 00:18:08,960 Speaker 1: those basis points will add up, so there's no reason 328 00:18:09,000 --> 00:18:10,959 Speaker 1: not to use these cheaper all. They're doing the same thing, 329 00:18:10,960 --> 00:18:13,080 Speaker 1: the story and golden the vault, and that's that there's 330 00:18:13,119 --> 00:18:15,199 Speaker 1: nothing different about them. So I'll sequel. You might as 331 00:18:15,240 --> 00:18:17,119 Speaker 1: well go for the cheaper one. G l D M, 332 00:18:17,160 --> 00:18:19,040 Speaker 1: in fact, was launched by g the g l D 333 00:18:19,160 --> 00:18:21,159 Speaker 1: people I called the minim g l D S minim 334 00:18:22,080 --> 00:18:25,280 Speaker 1: specifically to stave off this coming fee war. So now 335 00:18:25,320 --> 00:18:27,840 Speaker 1: they have like the big g l D which traders love, 336 00:18:27,880 --> 00:18:29,560 Speaker 1: and they can still charge a lot. Now they've got 337 00:18:29,600 --> 00:18:31,360 Speaker 1: the new one for Oh you want cheap, we got 338 00:18:31,400 --> 00:18:35,120 Speaker 1: that too. Now cheap gold. There you go, um Ben, 339 00:18:35,160 --> 00:18:37,480 Speaker 1: I want to ask you about people you talk to, 340 00:18:37,600 --> 00:18:40,600 Speaker 1: even beyond the Oklahoma crowd. What are the feelings of 341 00:18:40,640 --> 00:18:42,679 Speaker 1: gold out there? I know on Twitter you tend to 342 00:18:42,720 --> 00:18:45,919 Speaker 1: have bugs and haters and it's a very it's a 343 00:18:45,960 --> 00:18:50,520 Speaker 1: controversial asset class. Do you find that generally people use 344 00:18:50,600 --> 00:18:53,440 Speaker 1: gold or should they even use it? Is it? Is 345 00:18:53,480 --> 00:18:56,160 Speaker 1: it worth it? Well? I think you have the same 346 00:18:56,160 --> 00:18:59,880 Speaker 1: split among like regular investors you do among among professionals 347 00:19:00,040 --> 00:19:01,760 Speaker 1: like I don't see the point of it. If you're 348 00:19:01,760 --> 00:19:04,199 Speaker 1: asking my opinion, I don't get why you would want it, 349 00:19:04,560 --> 00:19:07,560 Speaker 1: especially these gold bugs who are like obsessed with with 350 00:19:07,640 --> 00:19:09,919 Speaker 1: these ETFs, like that you have to have the gold 351 00:19:10,040 --> 00:19:12,920 Speaker 1: in the vaults that they can like put like an 352 00:19:12,960 --> 00:19:16,160 Speaker 1: identification code on and like they know it's safe there 353 00:19:16,200 --> 00:19:17,600 Speaker 1: in case like the world comes to an end. I 354 00:19:17,600 --> 00:19:19,000 Speaker 1: don't know how you're going to get your gold from 355 00:19:19,040 --> 00:19:20,879 Speaker 1: London or wherever. The heck. This is if if the 356 00:19:20,960 --> 00:19:23,200 Speaker 1: world does come to an end. And further on your 357 00:19:23,400 --> 00:19:27,560 Speaker 1: gold storage issue, it's um there's actually gold ETFs that 358 00:19:27,720 --> 00:19:29,840 Speaker 1: store it in different places to appeal to those like 359 00:19:30,200 --> 00:19:33,520 Speaker 1: paranoid crowd types. So s g O L if you 360 00:19:33,560 --> 00:19:37,160 Speaker 1: are very paranoid, stores in Switzerland because and they'll say, 361 00:19:37,200 --> 00:19:41,840 Speaker 1: look Franklin Roosevelt confiscated gold and they don't trust any 362 00:19:41,880 --> 00:19:45,439 Speaker 1: Western country storing the gold. Then there's another one that 363 00:19:45,520 --> 00:19:47,760 Speaker 1: will send gold to your house when you redeem if 364 00:19:47,800 --> 00:19:50,080 Speaker 1: you want. It's a huge fee, But people like I 365 00:19:50,160 --> 00:19:52,119 Speaker 1: think that if you're gonna promise to do that, you 366 00:19:52,160 --> 00:19:54,919 Speaker 1: must be actually holding the gold. I think at some 367 00:19:54,960 --> 00:19:57,360 Speaker 1: point just by the gold bars yourself and like keep 368 00:19:57,400 --> 00:20:00,320 Speaker 1: them in your basement and go that direction. And Steve 369 00:20:00,359 --> 00:20:03,400 Speaker 1: Orman did a great story on that well, the question 370 00:20:03,560 --> 00:20:06,199 Speaker 1: is where do you put the gold when you get it? 371 00:20:06,720 --> 00:20:11,800 Speaker 1: And all these guys, um, they're all guys. They do 372 00:20:11,800 --> 00:20:14,320 Speaker 1: they do these crazy things where they like will paint 373 00:20:14,359 --> 00:20:16,640 Speaker 1: it black and use it as a doorstop, or they'll 374 00:20:16,640 --> 00:20:21,119 Speaker 1: bury it, ye black, the black thing on the ground 375 00:20:21,119 --> 00:20:23,879 Speaker 1: that really hurts if you stuff your toe on it. 376 00:20:24,119 --> 00:20:27,840 Speaker 1: And um. But the problem is then like they die 377 00:20:28,080 --> 00:20:30,760 Speaker 1: and then people can't find it, or people put their 378 00:20:30,800 --> 00:20:33,600 Speaker 1: gold in the ground and then they can't find remember 379 00:20:33,600 --> 00:20:38,320 Speaker 1: where they put it, and so in a safety deposit box. 380 00:20:38,320 --> 00:20:40,480 Speaker 1: They're worrried about somebody coming to their house and like 381 00:20:40,600 --> 00:20:42,879 Speaker 1: knows that you have gold and steals it. So they 382 00:20:42,920 --> 00:20:45,520 Speaker 1: paint it just in case that one thing happens. Yeah, 383 00:20:45,640 --> 00:20:48,560 Speaker 1: I've heard them using it in gardens. You know, they 384 00:20:48,600 --> 00:20:53,000 Speaker 1: sort of outlined the garden and like gold bricks pinched black. 385 00:20:53,040 --> 00:20:56,080 Speaker 1: I want to come to that garden, but you don't 386 00:20:56,080 --> 00:21:01,080 Speaker 1: want to. You don't want to hang out with that guy. 387 00:21:01,359 --> 00:21:05,480 Speaker 1: All right? Number five, Okay, number five was interesting. Um 388 00:21:05,680 --> 00:21:10,439 Speaker 1: Jim Hamill of Artisan Global he um is investing in 389 00:21:10,480 --> 00:21:14,119 Speaker 1: sort of they as a shop, invest in solid franchises, 390 00:21:14,600 --> 00:21:17,800 Speaker 1: stocks that are solid franchises, and he's into the digital 391 00:21:17,840 --> 00:21:22,080 Speaker 1: payment space, which he sees as you know, pretty recession proof. 392 00:21:22,359 --> 00:21:27,439 Speaker 1: UM A matter what, right. So he's big on a 393 00:21:27,520 --> 00:21:31,760 Speaker 1: number of stocks. They're domestically and abroad. And I looked 394 00:21:31,800 --> 00:21:34,760 Speaker 1: at his the holdings of some of the artisan funds 395 00:21:35,400 --> 00:21:40,480 Speaker 1: and they had stocks including like Visa, pug Ciguro, Digital World, 396 00:21:40,560 --> 00:21:44,720 Speaker 1: pig Q two holdings UM. And that's just like a 397 00:21:44,800 --> 00:21:49,719 Speaker 1: basic play on how we transact today. And Eric found up. 398 00:21:50,280 --> 00:21:52,240 Speaker 1: I think you picked I pay right. How did you 399 00:21:52,280 --> 00:21:56,080 Speaker 1: get exposure to that? UM? I think I just started 400 00:21:56,080 --> 00:22:00,399 Speaker 1: typing mobile payments and the autocomplete normally if you just 401 00:22:00,480 --> 00:22:03,200 Speaker 1: type of phrase, guarantee there's an e t F tracking, 402 00:22:04,000 --> 00:22:06,600 Speaker 1: the autocomplete will help you out UM. And sure enough 403 00:22:06,640 --> 00:22:08,879 Speaker 1: there was. I had recalled something out there that was 404 00:22:08,960 --> 00:22:11,879 Speaker 1: doing this, and I pay is the ticker. It's actually 405 00:22:12,000 --> 00:22:14,840 Speaker 1: really big for an indie e t F launch with 406 00:22:14,880 --> 00:22:17,040 Speaker 1: no big backing. It's from e t F MG group. 407 00:22:17,440 --> 00:22:20,840 Speaker 1: It's five million dollars. It's had a nice run. It's 408 00:22:20,920 --> 00:22:25,080 Speaker 1: up UM looks like since launching, and that's both in 409 00:22:25,119 --> 00:22:28,359 Speaker 1: the SMP and XLK, and it's got an active share 410 00:22:28,440 --> 00:22:31,960 Speaker 1: original exposure to the tech e tf so, but a 411 00:22:31,960 --> 00:22:34,200 Speaker 1: lot of the names you've heard of in here, um, 412 00:22:34,240 --> 00:22:36,720 Speaker 1: you know, like a Visa, master Card, American Express. But 413 00:22:36,720 --> 00:22:39,920 Speaker 1: then you get down after those and there's most companies 414 00:22:39,960 --> 00:22:43,440 Speaker 1: I have never heard of. So um, it's a decent 415 00:22:43,520 --> 00:22:46,080 Speaker 1: It passes some my my tests for being a decent 416 00:22:46,119 --> 00:22:49,320 Speaker 1: mobile payments play. The question that I don't know, which 417 00:22:49,680 --> 00:22:51,840 Speaker 1: it is hard to gauge, is how much of these 418 00:22:51,880 --> 00:22:56,000 Speaker 1: stocks here get revenue from the mobile payment trend. That's 419 00:22:56,040 --> 00:22:59,080 Speaker 1: another thing you should look at, you know, judging from this, 420 00:22:59,119 --> 00:23:01,600 Speaker 1: it doesn't look like it's a bunch of stocks that 421 00:23:01,720 --> 00:23:04,480 Speaker 1: everybody owns repackaged and put with a new name. It 422 00:23:04,520 --> 00:23:07,720 Speaker 1: looks pretty legit in my opinion. And million Is is 423 00:23:07,720 --> 00:23:14,680 Speaker 1: pretty decent. Okay, So we got one more and it's 424 00:23:14,680 --> 00:23:17,879 Speaker 1: our our token Vanguard guy because it used to be 425 00:23:17,880 --> 00:23:21,040 Speaker 1: one guy. Now it's a new guy. Yes, yes, um 426 00:23:21,119 --> 00:23:24,560 Speaker 1: Joe Davis who's their chief Global economist and head of 427 00:23:24,600 --> 00:23:29,480 Speaker 1: investment strategy, because um, the guy we had before went 428 00:23:29,560 --> 00:23:35,480 Speaker 1: to become Vanguard's first global chief risk officer, So so 429 00:23:35,640 --> 00:23:42,840 Speaker 1: his replacement. You know, Vanguard talks a lot about very 430 00:23:42,920 --> 00:23:48,480 Speaker 1: you know, good standard advice that Eric Weltunists finds really boring. 431 00:23:49,320 --> 00:23:52,119 Speaker 1: But it's one of those boring but important things about 432 00:23:52,119 --> 00:23:55,880 Speaker 1: diversifying and sort of looking at portfolio, maybe diversifying out 433 00:23:55,880 --> 00:23:59,080 Speaker 1: of fang stocks a little bit. But the main point 434 00:23:59,760 --> 00:24:03,520 Speaker 1: at ink, you know, Joe Davis made was basically like 435 00:24:04,560 --> 00:24:08,840 Speaker 1: over the long run, these blips they get canceled out. Um, 436 00:24:08,920 --> 00:24:12,560 Speaker 1: so he just you know, don't mark a time. Basically, 437 00:24:12,800 --> 00:24:16,359 Speaker 1: this article Vanguard should is probably not the right person 438 00:24:16,400 --> 00:24:18,280 Speaker 1: to ask because it's like, you know, where to invest 439 00:24:18,359 --> 00:24:21,199 Speaker 1: ten thousand? Vanguard's is not going to give a fun answer. 440 00:24:21,240 --> 00:24:24,960 Speaker 1: I mean that they're just gonna say diversify, and they 441 00:24:25,000 --> 00:24:27,199 Speaker 1: every time it comes I read it. Every quarter I 442 00:24:27,200 --> 00:24:29,640 Speaker 1: read it, I'm like, what am I going to pick here? 443 00:24:29,680 --> 00:24:33,480 Speaker 1: There's take the same one. VT Barrick yells at me 444 00:24:33,520 --> 00:24:36,239 Speaker 1: every year. I thought they're sort of like ballast, you know, 445 00:24:36,320 --> 00:24:39,240 Speaker 1: they're like the voice of yeah, you're right. This is 446 00:24:39,280 --> 00:24:41,480 Speaker 1: like the you know, the vegetables at the end of 447 00:24:41,480 --> 00:24:44,439 Speaker 1: this article, which is like truth be known, it's probably 448 00:24:44,480 --> 00:24:46,359 Speaker 1: best to just buy v T I, which is the 449 00:24:46,359 --> 00:24:49,719 Speaker 1: total stock market covers the whole thing for four basis points, 450 00:24:49,960 --> 00:24:51,840 Speaker 1: but the sec lending revenue goes back in so it 451 00:24:51,840 --> 00:24:55,080 Speaker 1: actually tracks perfectly. It's literally free exposure. You could not 452 00:24:55,240 --> 00:24:57,200 Speaker 1: get In fact, we were an article one day saying 453 00:24:57,440 --> 00:24:59,800 Speaker 1: this is as close to a perfect etf as possible. 454 00:25:00,160 --> 00:25:02,159 Speaker 1: It's huge. It's the third et f ever to hit 455 00:25:02,160 --> 00:25:04,840 Speaker 1: a hundred billion dollars for a reason. It's just so 456 00:25:05,200 --> 00:25:08,399 Speaker 1: easy and good. But it is definitely boring. Yeah, I know, 457 00:25:08,480 --> 00:25:10,960 Speaker 1: it doesn't give you much to work with. I'm sorry 458 00:25:10,960 --> 00:25:14,760 Speaker 1: about that. It does go up though, so that that's 459 00:25:14,760 --> 00:25:17,720 Speaker 1: not so terrible. And if you only had ten thousand dollars, 460 00:25:17,760 --> 00:25:19,959 Speaker 1: if that's all you had, like you probably shouldn't put 461 00:25:20,000 --> 00:25:22,919 Speaker 1: it all on tobacco stocks, totally know. If the article, 462 00:25:23,080 --> 00:25:25,280 Speaker 1: now that's a good if the articles, if you only 463 00:25:25,320 --> 00:25:28,160 Speaker 1: had ten thousand dollars, then the first five you gotta 464 00:25:28,160 --> 00:25:31,480 Speaker 1: get out, moved them to the top and make that 465 00:25:31,600 --> 00:25:36,280 Speaker 1: the end. Yeah. Absolutely, yep. So speaking of ten thousand dollars, 466 00:25:36,280 --> 00:25:38,760 Speaker 1: you've been doing this for a second, Suzanne, how long 467 00:25:38,800 --> 00:25:42,239 Speaker 1: have you been doing it since team we've been doing it? 468 00:25:42,400 --> 00:25:45,160 Speaker 1: And what do you think you've learned by doing it 469 00:25:45,560 --> 00:25:50,639 Speaker 1: and asking this question of so many different investors. Um, 470 00:25:50,680 --> 00:25:53,399 Speaker 1: I think I've learned that you know, there are so 471 00:25:53,440 --> 00:25:57,280 Speaker 1: many different ways to look at the market, and also 472 00:25:57,400 --> 00:26:01,800 Speaker 1: to just always keep a broad perspective, we get very 473 00:26:01,880 --> 00:26:04,560 Speaker 1: sort of zeroed in on the spire at it. We're 474 00:26:04,600 --> 00:26:06,959 Speaker 1: so you know, we're here in New York. We're just 475 00:26:07,040 --> 00:26:12,080 Speaker 1: in our own little little bubble. Um. I would never 476 00:26:12,119 --> 00:26:16,000 Speaker 1: have looked at South Korean South Korean equity market before. 477 00:26:16,400 --> 00:26:18,520 Speaker 1: So I mean I've I've learned a lot about sort 478 00:26:18,520 --> 00:26:22,359 Speaker 1: of what the opportunities are and that there always are opportunities. 479 00:26:22,440 --> 00:26:27,240 Speaker 1: I've also learned that Eric Beltunis is an invaluable resource. 480 00:26:28,280 --> 00:26:30,760 Speaker 1: He always pulls through for me. I send him like 481 00:26:30,760 --> 00:26:33,159 Speaker 1: a panick note, like I've I've got all the entries? 482 00:26:33,160 --> 00:26:35,000 Speaker 1: Can you write them up? But usually have all but one. 483 00:26:35,119 --> 00:26:36,960 Speaker 1: You're somebody who hasn't sent it in. I'm like, good 484 00:26:37,080 --> 00:26:42,040 Speaker 1: now that that person is buying me a little more time. So, Ben, 485 00:26:42,080 --> 00:26:47,879 Speaker 1: what have you learned by reading um? I am the 486 00:26:47,960 --> 00:26:50,480 Speaker 1: kind of person who just like reads the Vanguard thing 487 00:26:50,480 --> 00:26:52,320 Speaker 1: because I'm just as I said, I'm like, not fun 488 00:26:52,400 --> 00:26:54,680 Speaker 1: at all when it comes to investing. But I think 489 00:26:54,720 --> 00:26:58,200 Speaker 1: it's really interesting to hear about the fact that these 490 00:26:58,200 --> 00:27:01,920 Speaker 1: two really really smart people can completely disagree on everything 491 00:27:02,080 --> 00:27:04,600 Speaker 1: or be looking at completely different parts of the world. 492 00:27:05,000 --> 00:27:07,439 Speaker 1: And that's one of the great things about investing is 493 00:27:07,480 --> 00:27:12,000 Speaker 1: that it's very democratizing, very humbling. Ben, Suzanne, thanks for 494 00:27:12,080 --> 00:27:17,520 Speaker 1: joining us on Trillians. You can say something. You're welcome. 495 00:27:21,400 --> 00:27:24,280 Speaker 1: Thanks for listening to Trillions until next time. You can 496 00:27:24,280 --> 00:27:29,399 Speaker 1: find us on the Bloomberg Terminal, Bloomberg dot com, Apple Podcast, Spotify, 497 00:27:29,560 --> 00:27:32,080 Speaker 1: and wherever else you'd like to listen. We'd love to 498 00:27:32,080 --> 00:27:35,400 Speaker 1: hear from you. We're on Twitter, I'm at Joel Webber Show, 499 00:27:35,680 --> 00:27:40,000 Speaker 1: He's at Eric Ball Tunas, Ben Steveman is at b Steverman, 500 00:27:40,440 --> 00:27:43,760 Speaker 1: and Suzanne Woollie is at wealth Watch. What you get 501 00:27:43,840 --> 00:27:47,760 Speaker 1: that handle is. Trillions is produced by Magnus Hendrickson and 502 00:27:47,960 --> 00:27:51,399 Speaker 1: Jessica Levy is the head of Bloomberg Podcast. Bye.