Speaker 1: Welcome new Trillions. I'm Joel Webber and I'm Eric bell
Speaker 1: Tunas Eric, We've got a couple of colleagues we've been
Speaker 1: on the show before, Ben Stepherman and Suzanne Woollye. You
Speaker 1: might remember them from our great March Madness. Best ticker
Speaker 1: contest been one, Yeah, Ben, one with empty, which is
Speaker 1: the sort of death of the moll E t f
Speaker 1: It it basically shorts mallstocks and uh, and he did
Speaker 1: say it was a long term play because it hasn't
Speaker 1: done well lately. It's down ten percent since he made
Speaker 1: the call. And he bounced Suzanne Woolley with Move, which
Speaker 1: is up now five pc since that contest. Yeah. Move,
Speaker 1: It's interesting. Moves traditionally been thought of as the greatest
Speaker 1: ticker of all time, but uh, not that day. It's
Speaker 1: so sad and so unjust. So we welcome them back
Speaker 1: to trillions. Uh. They work on Bloomberg News with me
Speaker 1: ericson Bloomberg. Can tell back before I was in b
Speaker 1: I I was in data and Suzanne Um. I was
Speaker 1: contributing articles to Suzanne and the Personal Finance. You started
Speaker 1: a blog, right it was you did so many great pieces.
Speaker 1: We were like way ahead of the curve, and I
Speaker 1: got approval from Data to submit articles this blog when
Speaker 1: the blog ended, but then you allowed me to submit
Speaker 1: articles because I just I used to be a financial journalist,
Speaker 1: so I missed doing it. And then when I went
Speaker 1: to b I that got shut down. They want all
Speaker 1: my stuff to be sort of creative idea like the Radiohead.
Speaker 1: She green lighted the Radiohead article, which became that one
Speaker 1: episode of our Top Performing. But this episode of Trillions
Speaker 1: is not about us. It's about you, guys, because you
Speaker 1: also do uh something that's updated quarterly on Bloomberg dot
Speaker 1: com that's called where to Invest ten thousand dollars right now.
Speaker 1: It's so catchy, like it just makes you want to
Speaker 1: click on it right now, give me the goods. It's
Speaker 1: a it's a little it's got a tinge of BuzzFeed.
Speaker 1: I know, I know it's true, a e t s
Speaker 1: you should own and stop, you know, worrying about it.
Speaker 1: And we always give advice about, you know, checking your portfolio,
Speaker 1: checking your risks. You get the yeah, here's some spinach. Yeah,
Speaker 1: the spinach first, and then it's like, I don't know hallapeno.
Speaker 1: So in this episode of Tryans, we're to invest ten
Speaker 1: tho dollars right now. Okay, so I really want to
Speaker 1: know where I'm supposed to invest ten thousand dollars right now. Also,
Speaker 1: if you have any insights on how I can get
Speaker 1: ten thousand dollars right now, that'd be great too. But
Speaker 1: before we kind of get into that, let's also just
Speaker 1: take a step back and talk about what what's been
Speaker 1: happening in the markets right now, because things got a
Speaker 1: little bloody for a second. Yeah, the market went down
Speaker 1: quite a bit last week, um and seems to be
Speaker 1: coming back now. UM. I talked to a lot of
Speaker 1: investors about it, and some of them were really brue
Speaker 1: leaved because the valuations right now are just so high.
Speaker 1: So if you're just if you're a professional, this might
Speaker 1: be scary. But if you actually have your money, your
Speaker 1: retirement money in the market, and you're that money is
Speaker 1: coming out of your paycheck and go into your four
Speaker 1: oh one K and you're buying at these prices, it
Speaker 1: looks like there's not any good places to put your money.
Speaker 1: You know. People keep saying, oh, emerging markets are this
Speaker 1: great value, and then they've been really painful, really been
Speaker 1: really tough. And then the US docks look great, but
Speaker 1: they just look at the valuations. They're really high and
Speaker 1: it doesn't look like you're gonna get my much return
Speaker 1: from them. So it's like a relief rally, a bit
Speaker 1: of a deep breath. But it's interesting because the market
Speaker 1: has been going up for a long time. None of
Speaker 1: the people you spoke with, you know, have this feeling that, Okay,
Speaker 1: this is the big one. The market's really going to
Speaker 1: go down now. It sounds like if everybody has that attitude,
Speaker 1: that's exactly why these have really short bottoms. They can't.
Speaker 1: They really bounced back very quickly. But when when it
Speaker 1: was happening, it felt like, especially on Twitter, I mean,
Speaker 1: the bears were coming out doing touchdown dances where you
Speaker 1: know where all the bulls now and then boom, three
Speaker 1: days later, we're back to normalcy. Right. I was. Actually
Speaker 1: I was in Oklahoma, so I was out of the bubble.
Speaker 1: I was reporting a story and I nobody mentioned the market.
Speaker 1: The economy seemed to be doing amazingly. Everywhere I looked
Speaker 1: there was new development, new new building, and um, I
Speaker 1: think there's a mood talking to these investors, like they
Speaker 1: see the economy and they just can't imagine a real
Speaker 1: bear market in these economic conditions because it just feels
Speaker 1: so good right now. On the flip side, let's face it,
Speaker 1: the stock market went up for a little while when
Speaker 1: the economy was a little was struggling. More so, can
Speaker 1: the stock market still go up now the economy is good?
Speaker 1: In other words, how much can stocks just go up
Speaker 1: and up? People I talked to were like, Oh, I
Speaker 1: don't think it'll be another It'll be another year before
Speaker 1: it really crashes. But then again, like what's your risk
Speaker 1: return here? Like? How much further can it really go up?
Speaker 1: I don't think people feel like it's good. They're gonna
Speaker 1: lose a lot of money right now, but they don't
Speaker 1: see themselves making a lot of money either. So been
Speaker 1: with the people that you spoke with? Did they view
Speaker 1: this last little spasm as a buying opportunity? Um? Yeah,
Speaker 1: a few people did. Nobody was panicking, that's for sure.
Speaker 1: Some people were investing more. I actually worry about some
Speaker 1: of the people I was talking to you. I mean,
Speaker 1: there's a lot of folks in their sixties and seventies
Speaker 1: who are stocks stock stocks. So if the market actually
Speaker 1: does go down, um, and they're on the verge of retirement,
Speaker 1: they're actually in some trouble. So I actually do worry
Speaker 1: about now that we're this many years into this bowl market,
Speaker 1: where how far out on a ledge and a lot
Speaker 1: of folks are. I agree, because there's some really pretty
Speaker 1: subpower estimates for the SMP going forward over the next decade.
Speaker 1: I think morning Star respects real you know, injusted inflation
Speaker 1: adjusted returns of something like one point five percent or
Speaker 1: two or I think maybe even lower. So if you
Speaker 1: get whacked in a downturn and you don't have time
Speaker 1: to recover, it's it's a really dangerous thing to have
Speaker 1: happened early in retirement because you just it's very hard
Speaker 1: to earn that money back. Okay, so let's get to
Speaker 1: the goods. I got ten dollars, would always spend it.
Speaker 1: Oh sorry, invested, that's a totally different article. Yeah, we'll
Speaker 1: do that next a fun weekend. Well, if you're a
Speaker 1: russ Coast rich um at black Rock, you would look
Speaker 1: at cheap Asian equities. He thinks Japan is cheap, and
Speaker 1: Japan is usually trades little cheaply, but he thinks, you know,
Speaker 1: there's a good reason now why it shouldn't be trading
Speaker 1: at such a discount, and he also likes UM stocks
Speaker 1: in South Korea. And what do you like about South Korea? Well,
Speaker 1: South Korean equities, he said, UM are not only like
Speaker 1: the cheapest equities in the emerging markets, but even looking
Speaker 1: across like aquity is sovereign debt credit there by some
Speaker 1: measures the cheapest asset class. So really it's just the
Speaker 1: pure cheapness I think as opposed to the real fundamental
Speaker 1: And Eric, you got a ticker that gives me some
Speaker 1: exposure there, yes, so on on these articles, I will
Speaker 1: give the e t F to play it. I picked
Speaker 1: e w J. I mean rust works at black Rock.
Speaker 1: It's also the most liquid. E w J is a
Speaker 1: big Japan et F. However, if you are more cost
Speaker 1: conscious and don't need that liquidity, there's a whole new
Speaker 1: The fee war has broken out everywhere, including Japan, so
Speaker 1: you can get the Franklin foot see Japan ETF for
Speaker 1: nine basis points. Now, I mean that's Van Guardian level
Speaker 1: and the JP Morgan b b j P which is
Speaker 1: nineteen basis points, and they effectively do the same thing.
Speaker 1: But some investors like the currency hedge in Japan, d
Speaker 1: x J was a huge hit, which it's actually doing
Speaker 1: a little better than a W J because the dollar
Speaker 1: has gotten strong. So if you think the dollar is
Speaker 1: gonna be strong, you might want a currency hedge over there.
Speaker 1: But also one of the interesting thing that Japan and
Speaker 1: South Korea, Um, you know a lot of these Asian
Speaker 1: countries and Japan aren't in an E t F together.
Speaker 1: It's it's weird. There's like emerging market Asia E t
Speaker 1: F S, then there's Japan, Asia X Japan. It was
Speaker 1: tough to find them all together. So you could do
Speaker 1: E w J plus A x J. A x J
Speaker 1: is a Asia E t F that is X Japan.
Speaker 1: So it has China, South Korea, Hong Kong, Taiwan or
Speaker 1: v A. The vanguard Developed Developed International has Japan, and
Speaker 1: it also considers South Korea developed, so it's in there.
Speaker 1: So you get both in that. But then again you
Speaker 1: get a lot of other countries with that too. I
Speaker 1: love that South Korea is still not always considered a
Speaker 1: developed market. It's still emerging. It's like, I know, you
Speaker 1: go there and it's like, are you kidding me? This
Speaker 1: is like more advanced than the US. When I when
Speaker 1: I was writing at this, uh, this piece up both
Speaker 1: you know my editor and the copy editor asked me
Speaker 1: to check that South Korea was indeed classified as that emerging.
Speaker 1: So is Russ a recurring character? Yes, So that's part
Speaker 1: of this exercise. You've got this little panel. Every order
Speaker 1: you go back to them and say, what are we
Speaker 1: going to buy a ten thousand dollars with right now? Yep? Yep?
Speaker 1: So how was Russ's last time? Last time? What did Russ? Um?
Speaker 1: He said, the same thing emerging Asia Pacific. He's the
Speaker 1: same thing last quarter. He You know, Russ is literally
Speaker 1: you know, I can't always get them to change things.
Speaker 1: So we got five, We've done one. Who's number two.
Speaker 1: We've got Sarah Ketterer. She's with Causeway Capital and she
Speaker 1: thinks that a that value may finally start to triumph
Speaker 1: over growth, which is would be a really big change,
Speaker 1: which I don't believe. Eric agrees with no. Right, it
Speaker 1: has to come back essentially, someone on Twitter the Day
Speaker 1: some time in our lifetimes, yeah, right, at some point
Speaker 1: someone on Twitter the Day said what song best describes
Speaker 1: like value investing right now? And the answers were epic.
Speaker 1: They were like, everybody hurts, don't stop believing. Um. There
Speaker 1: was some classics on there, and I realized that a
Speaker 1: lot of songs are about pain, and that's what value
Speaker 1: investing is about. It's about how long can you take
Speaker 1: the pain? But eventually you'll be right. The question is when, yeah,
Speaker 1: can you last that long? But anyway, Sarah um liked
Speaker 1: Global consumer staples and she actually chose uh tobacco stocks
Speaker 1: within the staples, which she, you know, said as the
Speaker 1: most maligned and possibly misunderstood segment. Obviously an unhealthy segment.
Speaker 1: But she thinks that combustible traditional cigarettes are gonna go away,
Speaker 1: more people are gonna start vaping, which we're seeing, not
Speaker 1: that that's healthy might do, but and that you know,
Speaker 1: while the regulations about around vaping get established, the smaller
Speaker 1: entrants are going to have a harder time, you know,
Speaker 1: with the costs of that greater regulation. So it gives
Speaker 1: the income been big tobacco companies and Edge and Eric,
Speaker 1: I think you found sort of a dividend index because
Speaker 1: part of what part of her argument was to find
Speaker 1: high dividend yielding stocks. So how did you screen for that?
Speaker 1: This was a tough one. Most of them are pretty easy,
Speaker 1: to be honest with you, which is good because I'm
Speaker 1: usually doing this in a rush, but this one was hard. Um.
Speaker 1: I think I did a screen for it um dividend
Speaker 1: fun with at least such and such in staples, and
Speaker 1: this one came to the top. I started kicking it around.
Speaker 1: I'm like, you know what, this is pretty perfect. It's
Speaker 1: the first Trust morning Star Dividend Leaders FDL. It screens
Speaker 1: for stocks that have dividend consistency. Then it picks the
Speaker 1: hundred highest yielding names. It's heavy consumer staples and big
Speaker 1: tobacco companies are in the top ten holdings. And it's
Speaker 1: got it. It's pretty good one point four billion, so
Speaker 1: it's got nice tight spreads, very liquid charges point four
Speaker 1: or so. It seemed to fit the bill for what
Speaker 1: she was looking for. Ben, how do you feel about
Speaker 1: investing in tobacco? Oh? I was actually thinking about dividend
Speaker 1: stocks and how I might not want to invest in
Speaker 1: those either. Tobacco it seems like too narrow a play
Speaker 1: to me. It just seems like for me, for me,
Speaker 1: I'd like to be more diversified. But with dividends, I
Speaker 1: was thinking, like, what do you get like a two
Speaker 1: percent yield? Like rates are arising, Like you can do
Speaker 1: better with bonds and that's a lot safer, Like why
Speaker 1: why why why the dividend play now much less risk?
Speaker 1: You know, the FDL I think it it yielded a
Speaker 1: three point four percent So still though, I see what
Speaker 1: you're saying. These you know, we looked recently, you know,
Speaker 1: a lot of dividend e t F yield less than
Speaker 1: the tenure Now, I mean it's a lot of them,
Speaker 1: including big ones. So the ones that yield more typically
Speaker 1: tip into utilities and staples, so you definitely have this
Speaker 1: rate risk more with those. So it's a you're right,
Speaker 1: there's much more risk. They look very innocent, don't they. Yeah,
Speaker 1: it's it's this play that we've heard about for years
Speaker 1: and years and years. You know, it's safe, you know,
Speaker 1: dividend stocks, But but do you lend that could change
Speaker 1: These people in Oklahoma that you talked to, you said
Speaker 1: they're heavy equities. Do you think part of the heavy
Speaker 1: equities is going into high dividend yielding stocks to make
Speaker 1: up for the fact that they couldn't get yields. And
Speaker 1: I think that's totally true. They didn't want to be
Speaker 1: in bonds and they didn't want to be in cash
Speaker 1: because they saw that losing out to you know, to
Speaker 1: to inflation, Like they couldn't keep up with inflation with
Speaker 1: some of that stuff, and and now they have other alternatives,
Speaker 1: I think, okay. Number three. Number three is Ann Harnett,
Speaker 1: who is the chief investimate strategist at Absolute Strategy Research.
Speaker 1: He's out of London, and his idea, his favorite move
Speaker 1: is to go along on treasuries. Um. We've obviously seen
Speaker 1: a lot of turmolent treasuries lately. Um, and this one,
Speaker 1: this was the one that seemed a little a little
Speaker 1: um out of step with the news cycle. Yeah, yeah,
Speaker 1: that's true, but um, you know, he really he thinks
Speaker 1: that people should go by long dated bonds all the
Speaker 1: way up to the thirty year with fields close to
Speaker 1: three point four per cent. You know. He points out
Speaker 1: that even the Hawks don't expect more than four rape
Speaker 1: rises in the coming year. So that was one of
Speaker 1: his ideas. And the other another one that I thought
Speaker 1: was interesting was by US exposed stocks and markets that
Speaker 1: have sold off aggressively for other reasons. So he mentioned
Speaker 1: things like Fiat Chrysler Automotives and Loxotic Group they both
Speaker 1: have over their sales in the US, and he sort
Speaker 1: of saw that as a a cheap way into buying
Speaker 1: US earnings. How do you feel about that one? Eric?
Speaker 1: For that one, I honed it on the treasuries, and
Speaker 1: he was he seemed to love all treasuries, the ones
Speaker 1: on the short end, the middle, and the long end
Speaker 1: of the curve. So I went with g o VT,
Speaker 1: which is a treasury e t F that invests in
Speaker 1: the whole enjelata, so you get all the way you
Speaker 1: know from He's a treasury and enjelata. I wanted to check,
Speaker 1: I know you like it. I think a treasury enchilada
Speaker 1: would be very like organic and you feel like you
Speaker 1: didn't even eat after eating it. That's that would that
Speaker 1: it would have iceberg lettuce. It does not sound like
Speaker 1: a good enchilado in your back to the Oklahoma crowd,
Speaker 1: this this focus group that we're now like, we have
Speaker 1: seen that over the last two years, most of the
Speaker 1: last twelve months. It seems Trump stuff doesn't really affect
Speaker 1: the markets that much. The media goes nuts, markets don't move,
Speaker 1: but rates. You really can see a lot of upheaval
Speaker 1: in bondy tfs. How do investors over there um sort
Speaker 1: of take in these gigantic variables like politics, and rates.
Speaker 1: Do rates matter more or how do they feel? Like?
Speaker 1: You know, actually heard more about the hurricane than I
Speaker 1: did about Trump. What Trump said about the Feds seemed
Speaker 1: to spook a few people. He was mending on that.
Speaker 1: But otherwise, you know, I think your average like sixty
Speaker 1: five year old retire you with two million dollars in
Speaker 1: a portfolio or something, isn't probably watching the Fed as
Speaker 1: closely as as we are here at Bloomberg World headquarters.
Speaker 1: But yeah, we're in our little guaranteed Number four. Number
Speaker 1: four is Jim Paulson of the Luthho Group. He was
Speaker 1: cautious as he was um the quarter before he talked
Speaker 1: about balanced investors might want to reduce their equity allocations
Speaker 1: in favor of bonds even though yields are rising. Um.
Speaker 1: But he was the one person who looked at gold
Speaker 1: because it has been down a while since spring, although
Speaker 1: recently it bounced back in all of this of this turmoil,
Speaker 1: and Eric picked a couple of good gold ETFs new
Speaker 1: generation news school. Yeah, everything's g l D and i AU,
Speaker 1: but there's a ton of new ones out um the two.
Speaker 1: Because if you're reading this, and you're probably retail, you're
Speaker 1: probably really more focused on the expense ratio. You don't
Speaker 1: need g l d s highly liquid volume. You're not
Speaker 1: like Cowper's, Okay, so I went with the cheaper ones.
Speaker 1: So the newer there's the new school goldietfs are cheap.
Speaker 1: So for example, Bar and g l d M are
Speaker 1: both eighteen basis points. But as we were writing this,
Speaker 1: Bar cut its fee to point one, seven, four nine,
Speaker 1: to be hundreds of the basis point cheaper than g
Speaker 1: l d M. That's how hardcore the fee war is
Speaker 1: getting how they how they how is it cheaper than
Speaker 1: the usual ones, your usual suspects, and how do they
Speaker 1: get it down that much more? So? Eighteen or seventeen
Speaker 1: and a half, if you will, is more than twice
Speaker 1: as cheap as g l D which is forty. So
Speaker 1: you know, but when you're if you're used to paying
Speaker 1: for funds, like you know, getting down to that level
Speaker 1: it's almost a rounding error. But if you were thinking
Speaker 1: about if you if you had an option to pay
Speaker 1: forty dollars for something or eighteen or seventeen dollars that
Speaker 1: same thing, I mean, everybody would pick the cheaper one.
Speaker 1: So in a way, if you're going long term, those
Speaker 1: those basis points will add up, so there's no reason
Speaker 1: not to use these cheaper all. They're doing the same thing,
Speaker 1: the story and golden the vault, and that's that there's
Speaker 1: nothing different about them. So I'll sequel. You might as
Speaker 1: well go for the cheaper one. G l D M,
Speaker 1: in fact, was launched by g the g l D
Speaker 1: people I called the minim g l D S minim
Speaker 1: specifically to stave off this coming fee war. So now
Speaker 1: they have like the big g l D which traders love,
Speaker 1: and they can still charge a lot. Now they've got
Speaker 1: the new one for Oh you want cheap, we got
Speaker 1: that too. Now cheap gold. There you go, um Ben,
Speaker 1: I want to ask you about people you talk to,
Speaker 1: even beyond the Oklahoma crowd. What are the feelings of
Speaker 1: gold out there? I know on Twitter you tend to
Speaker 1: have bugs and haters and it's a very it's a
Speaker 1: controversial asset class. Do you find that generally people use
Speaker 1: gold or should they even use it? Is it? Is
Speaker 1: it worth it? Well? I think you have the same
Speaker 1: split among like regular investors you do among among professionals
Speaker 1: like I don't see the point of it. If you're
Speaker 1: asking my opinion, I don't get why you would want it,
Speaker 1: especially these gold bugs who are like obsessed with with
Speaker 1: these ETFs, like that you have to have the gold
Speaker 1: in the vaults that they can like put like an
Speaker 1: identification code on and like they know it's safe there
Speaker 1: in case like the world comes to an end. I
Speaker 1: don't know how you're going to get your gold from
Speaker 1: London or wherever. The heck. This is if if the
Speaker 1: world does come to an end. And further on your
Speaker 1: gold storage issue, it's um there's actually gold ETFs that
Speaker 1: store it in different places to appeal to those like
Speaker 1: paranoid crowd types. So s g O L if you
Speaker 1: are very paranoid, stores in Switzerland because and they'll say,
Speaker 1: look Franklin Roosevelt confiscated gold and they don't trust any
Speaker 1: Western country storing the gold. Then there's another one that
Speaker 1: will send gold to your house when you redeem if
Speaker 1: you want. It's a huge fee, But people like I
Speaker 1: think that if you're gonna promise to do that, you
Speaker 1: must be actually holding the gold. I think at some
Speaker 1: point just by the gold bars yourself and like keep
Speaker 1: them in your basement and go that direction. And Steve
Speaker 1: Orman did a great story on that well, the question
Speaker 1: is where do you put the gold when you get it?
Speaker 1: And all these guys, um, they're all guys. They do
Speaker 1: they do these crazy things where they like will paint
Speaker 1: it black and use it as a doorstop, or they'll
Speaker 1: bury it, ye black, the black thing on the ground
Speaker 1: that really hurts if you stuff your toe on it.
Speaker 1: And um. But the problem is then like they die
Speaker 1: and then people can't find it, or people put their
Speaker 1: gold in the ground and then they can't find remember
Speaker 1: where they put it, and so in a safety deposit box.
Speaker 1: They're worrried about somebody coming to their house and like
Speaker 1: knows that you have gold and steals it. So they
Speaker 1: paint it just in case that one thing happens. Yeah,
Speaker 1: I've heard them using it in gardens. You know, they
Speaker 1: sort of outlined the garden and like gold bricks pinched black.
Speaker 1: I want to come to that garden, but you don't
Speaker 1: want to. You don't want to hang out with that guy.
Speaker 1: All right? Number five, Okay, number five was interesting. Um
Speaker 1: Jim Hamill of Artisan Global he um is investing in
Speaker 1: sort of they as a shop, invest in solid franchises,
Speaker 1: stocks that are solid franchises, and he's into the digital
Speaker 1: payment space, which he sees as you know, pretty recession proof.
Speaker 1: UM A matter what, right. So he's big on a
Speaker 1: number of stocks. They're domestically and abroad. And I looked
Speaker 1: at his the holdings of some of the artisan funds
Speaker 1: and they had stocks including like Visa, pug Ciguro, Digital World,
Speaker 1: pig Q two holdings UM. And that's just like a
Speaker 1: basic play on how we transact today. And Eric found up.
Speaker 1: I think you picked I pay right. How did you
Speaker 1: get exposure to that? UM? I think I just started
Speaker 1: typing mobile payments and the autocomplete normally if you just
Speaker 1: type of phrase, guarantee there's an e t F tracking,
Speaker 1: the autocomplete will help you out UM. And sure enough
Speaker 1: there was. I had recalled something out there that was
Speaker 1: doing this, and I pay is the ticker. It's actually
Speaker 1: really big for an indie e t F launch with
Speaker 1: no big backing. It's from e t F MG group.
Speaker 1: It's five million dollars. It's had a nice run. It's
Speaker 1: up UM looks like since launching, and that's both in
Speaker 1: the SMP and XLK, and it's got an active share
Speaker 1: original exposure to the tech e tf so, but a
Speaker 1: lot of the names you've heard of in here, um,
Speaker 1: you know, like a Visa, master Card, American Express. But
Speaker 1: then you get down after those and there's most companies
Speaker 1: I have never heard of. So um, it's a decent
Speaker 1: It passes some my my tests for being a decent
Speaker 1: mobile payments play. The question that I don't know, which
Speaker 1: it is hard to gauge, is how much of these
Speaker 1: stocks here get revenue from the mobile payment trend. That's
Speaker 1: another thing you should look at, you know, judging from this,
Speaker 1: it doesn't look like it's a bunch of stocks that
Speaker 1: everybody owns repackaged and put with a new name. It
Speaker 1: looks pretty legit in my opinion. And million Is is
Speaker 1: pretty decent. Okay, So we got one more and it's
Speaker 1: our our token Vanguard guy because it used to be
Speaker 1: one guy. Now it's a new guy. Yes, yes, um
Speaker 1: Joe Davis who's their chief Global economist and head of
Speaker 1: investment strategy, because um, the guy we had before went
Speaker 1: to become Vanguard's first global chief risk officer, So so
Speaker 1: his replacement. You know, Vanguard talks a lot about very
Speaker 1: you know, good standard advice that Eric Weltunists finds really boring.
Speaker 1: But it's one of those boring but important things about
Speaker 1: diversifying and sort of looking at portfolio, maybe diversifying out
Speaker 1: of fang stocks a little bit. But the main point
Speaker 1: at ink, you know, Joe Davis made was basically like
Speaker 1: over the long run, these blips they get canceled out. Um,
Speaker 1: so he just you know, don't mark a time. Basically,
Speaker 1: this article Vanguard should is probably not the right person
Speaker 1: to ask because it's like, you know, where to invest
Speaker 1: ten thousand? Vanguard's is not going to give a fun answer.
Speaker 1: I mean that they're just gonna say diversify, and they
Speaker 1: every time it comes I read it. Every quarter I
Speaker 1: read it, I'm like, what am I going to pick here?
Speaker 1: There's take the same one. VT Barrick yells at me
Speaker 1: every year. I thought they're sort of like ballast, you know,
Speaker 1: they're like the voice of yeah, you're right. This is
Speaker 1: like the you know, the vegetables at the end of
Speaker 1: this article, which is like truth be known, it's probably
Speaker 1: best to just buy v T I, which is the
Speaker 1: total stock market covers the whole thing for four basis points,
Speaker 1: but the sec lending revenue goes back in so it
Speaker 1: actually tracks perfectly. It's literally free exposure. You could not
Speaker 1: get In fact, we were an article one day saying
Speaker 1: this is as close to a perfect etf as possible.
Speaker 1: It's huge. It's the third et f ever to hit
Speaker 1: a hundred billion dollars for a reason. It's just so
Speaker 1: easy and good. But it is definitely boring. Yeah, I know,
Speaker 1: it doesn't give you much to work with. I'm sorry
Speaker 1: about that. It does go up though, so that that's
Speaker 1: not so terrible. And if you only had ten thousand dollars,
Speaker 1: if that's all you had, like you probably shouldn't put
Speaker 1: it all on tobacco stocks, totally know. If the article,
Speaker 1: now that's a good if the articles, if you only
Speaker 1: had ten thousand dollars, then the first five you gotta
Speaker 1: get out, moved them to the top and make that
Speaker 1: the end. Yeah. Absolutely, yep. So speaking of ten thousand dollars,
Speaker 1: you've been doing this for a second, Suzanne, how long
Speaker 1: have you been doing it since team we've been doing it?
Speaker 1: And what do you think you've learned by doing it
Speaker 1: and asking this question of so many different investors. Um,
Speaker 1: I think I've learned that you know, there are so
Speaker 1: many different ways to look at the market, and also
Speaker 1: to just always keep a broad perspective, we get very
Speaker 1: sort of zeroed in on the spire at it. We're
Speaker 1: so you know, we're here in New York. We're just
Speaker 1: in our own little little bubble. Um. I would never
Speaker 1: have looked at South Korean South Korean equity market before.
Speaker 1: So I mean I've I've learned a lot about sort
Speaker 1: of what the opportunities are and that there always are opportunities.
Speaker 1: I've also learned that Eric Beltunis is an invaluable resource.
Speaker 1: He always pulls through for me. I send him like
Speaker 1: a panick note, like I've I've got all the entries?
Speaker 1: Can you write them up? But usually have all but one.
Speaker 1: You're somebody who hasn't sent it in. I'm like, good
Speaker 1: now that that person is buying me a little more time. So, Ben,
Speaker 1: what have you learned by reading um? I am the
Speaker 1: kind of person who just like reads the Vanguard thing
Speaker 1: because I'm just as I said, I'm like, not fun
Speaker 1: at all when it comes to investing. But I think
Speaker 1: it's really interesting to hear about the fact that these
Speaker 1: two really really smart people can completely disagree on everything
Speaker 1: or be looking at completely different parts of the world.
Speaker 1: And that's one of the great things about investing is
Speaker 1: that it's very democratizing, very humbling. Ben, Suzanne, thanks for
Speaker 1: joining us on Trillians. You can say something. You're welcome.
Speaker 1: Thanks for listening to Trillions until next time. You can
Speaker 1: find us on the Bloomberg Terminal, Bloomberg dot com, Apple Podcast, Spotify,
Speaker 1: and wherever else you'd like to listen. We'd love to
Speaker 1: hear from you. We're on Twitter, I'm at Joel Webber Show,
Speaker 1: He's at Eric Ball Tunas, Ben Steveman is at b Steverman,
Speaker 1: and Suzanne Woollie is at wealth Watch. What you get
Speaker 1: that handle is. Trillions is produced by Magnus Hendrickson and
Speaker 1: Jessica Levy is the head of Bloomberg Podcast. Bye.