1 00:00:05,760 --> 00:00:07,800 Speaker 1: Welcome to Trillions. I'm Joel Webber and I'm Eric Bell 2 00:00:07,840 --> 00:00:15,360 Speaker 1: tunis Eric. Every once in a while you ditched me 3 00:00:15,520 --> 00:00:20,079 Speaker 1: and go to Sunny Locale's. Uh, every year you go 4 00:00:20,160 --> 00:00:23,960 Speaker 1: to Miami for a trade show talked about ETFs? What 5 00:00:24,120 --> 00:00:25,960 Speaker 1: trade show is it? And what are we gonna talk 6 00:00:26,000 --> 00:00:28,400 Speaker 1: about on today's episode? Yeah, So it used to be 7 00:00:28,480 --> 00:00:31,440 Speaker 1: in Hollywood, Florida. Now it's a Miami UM been going 8 00:00:31,520 --> 00:00:33,480 Speaker 1: for about twelve years. It used to be called Inside 9 00:00:33,520 --> 00:00:36,360 Speaker 1: et F now it's called Exchange. But as I've said 10 00:00:36,400 --> 00:00:38,639 Speaker 1: many times to me, it's like the Comic Con of ETFs. 11 00:00:39,040 --> 00:00:41,200 Speaker 1: It's just short of people dressing up as their favorite 12 00:00:41,240 --> 00:00:44,360 Speaker 1: et F. UM. It's a big celebration of the industry 13 00:00:44,440 --> 00:00:47,519 Speaker 1: that could actually happen. Honestly, it really could. I think, Um, 14 00:00:47,640 --> 00:00:52,760 Speaker 1: that's something to consider for the Slanning Committee. Maybe just 15 00:00:52,840 --> 00:00:54,880 Speaker 1: a big ball one night where you all you dress 16 00:00:55,000 --> 00:00:56,680 Speaker 1: up as your favorite et F and there's a dance 17 00:00:56,760 --> 00:01:01,280 Speaker 1: and I don't know, just throwing out ideas. It's not 18 00:01:01,400 --> 00:01:05,400 Speaker 1: the worst day, but this industry is is just sizzling 19 00:01:05,520 --> 00:01:08,720 Speaker 1: with with action and innovation and excitement, and it's been 20 00:01:08,760 --> 00:01:11,000 Speaker 1: that way the all twelve years. So once again this 21 00:01:11,120 --> 00:01:14,679 Speaker 1: conference um delivered. I had a good time. The days 22 00:01:14,760 --> 00:01:18,720 Speaker 1: fly by by nine ten pm, I am fried, and 23 00:01:18,800 --> 00:01:20,120 Speaker 1: then you just get up and do it all over 24 00:01:20,120 --> 00:01:21,560 Speaker 1: again and then bam, you're on your plane home and 25 00:01:21,600 --> 00:01:23,920 Speaker 1: you're like, wow, that was like a trade show. So 26 00:01:24,200 --> 00:01:27,400 Speaker 1: take away from this year anything original. There are definitely 27 00:01:27,480 --> 00:01:29,559 Speaker 1: some interesting takeaways. I don't want to steal the thunder 28 00:01:29,600 --> 00:01:32,120 Speaker 1: of the people I interviewed, So I went around and interviewed, 29 00:01:32,200 --> 00:01:34,440 Speaker 1: you know, eight to ten people about some of the 30 00:01:34,480 --> 00:01:37,160 Speaker 1: takeaways in the big themes in the conference, and you 31 00:01:37,200 --> 00:01:39,480 Speaker 1: know what they had to say, and um, yeah, there 32 00:01:39,560 --> 00:01:41,480 Speaker 1: was It was different this year. You can tell a 33 00:01:41,520 --> 00:01:44,080 Speaker 1: bear market had happened. It was a little more subdued 34 00:01:44,160 --> 00:01:46,440 Speaker 1: in terms of the booths and stuff and um, but 35 00:01:46,600 --> 00:01:50,400 Speaker 1: people still excited doing things again. Some you know, soccer 36 00:01:50,480 --> 00:01:53,840 Speaker 1: ball gets kicked around the field in finance, but there's 37 00:01:53,840 --> 00:01:56,440 Speaker 1: always a field and this is uh E. T f 38 00:01:56,520 --> 00:01:58,520 Speaker 1: s are vehicles to serve whatever you're looking for in 39 00:01:58,600 --> 00:02:01,120 Speaker 1: that field. So the industry again was very happy they 40 00:02:01,320 --> 00:02:03,240 Speaker 1: had a big year last year, considering the markets and 41 00:02:03,640 --> 00:02:05,840 Speaker 1: looking forward to more growth this year. So that's the 42 00:02:05,920 --> 00:02:08,160 Speaker 1: thing with the t F industry. There's just this feeling 43 00:02:08,240 --> 00:02:10,680 Speaker 1: of you're on the right side of history. Uh, there's 44 00:02:10,680 --> 00:02:13,520 Speaker 1: a wave you're surfing. It's just a nice feeling rather 45 00:02:13,560 --> 00:02:17,079 Speaker 1: than an industry that's you say, shrinking this time on 46 00:02:17,160 --> 00:02:23,120 Speaker 1: Trilliance exchanges from the Exchange e t F conference. Okay, Eric, 47 00:02:23,200 --> 00:02:25,160 Speaker 1: so you you brought a recorder with you. You stick 48 00:02:25,200 --> 00:02:28,200 Speaker 1: the recorder in people's face, Ask him a question, get 49 00:02:28,240 --> 00:02:30,840 Speaker 1: the response. Who we're gonna hear from first? First we'll 50 00:02:30,840 --> 00:02:33,079 Speaker 1: go with Brian lake Um. He is heads up JP 51 00:02:33,240 --> 00:02:37,200 Speaker 1: Morgan's global et F efforts, and Brian had a big year. 52 00:02:37,360 --> 00:02:40,640 Speaker 1: JP Morgan crushed it. They are at a hundred billion 53 00:02:40,720 --> 00:02:42,799 Speaker 1: dollars now. I think five years ago they might have 54 00:02:42,840 --> 00:02:45,359 Speaker 1: had seven billion. They had the biggest active et F 55 00:02:45,440 --> 00:02:48,000 Speaker 1: in terms of flows. JEP is the ticker and it 56 00:02:48,120 --> 00:02:51,680 Speaker 1: outflowed arcs best year. So JP Morgan has really cracked 57 00:02:51,720 --> 00:02:53,600 Speaker 1: the code on how to come in a little late 58 00:02:54,080 --> 00:02:57,000 Speaker 1: and be successful. And so Brian, who used to work 59 00:02:57,080 --> 00:02:59,280 Speaker 1: at power Shares before JP Morgan, so he's like an 60 00:02:59,320 --> 00:03:01,200 Speaker 1: et F guy at art. He's the one who came 61 00:03:01,240 --> 00:03:03,960 Speaker 1: on about five years ago here and said ets will 62 00:03:04,000 --> 00:03:07,320 Speaker 1: hit thirty trillion by I believe that number was global 63 00:03:07,440 --> 00:03:08,679 Speaker 1: so we had him on e t F i Q 64 00:03:08,800 --> 00:03:10,480 Speaker 1: which shut down there, and he said, U S E 65 00:03:10,560 --> 00:03:13,320 Speaker 1: t S will double to fifteen trillion in the next 66 00:03:13,400 --> 00:03:15,520 Speaker 1: five years. I mean, this would take a lot there 67 00:03:15,560 --> 00:03:18,320 Speaker 1: at six point seven trillion. Now he's saying fifteen in 68 00:03:18,480 --> 00:03:20,640 Speaker 1: five years. But I asked him if he still thinks 69 00:03:20,680 --> 00:03:22,840 Speaker 1: thirty for thirty is going to happen, which is thirty 70 00:03:22,880 --> 00:03:24,919 Speaker 1: trillion by twenty thirty years. What he says, I think 71 00:03:24,960 --> 00:03:27,760 Speaker 1: we're on schedule, Eric, I mean, look, you know, we're 72 00:03:27,840 --> 00:03:30,520 Speaker 1: celebrating thirty years. There's never been a rolling five year 73 00:03:30,560 --> 00:03:33,160 Speaker 1: period where E t F assets haven't doubled. Two thousand 74 00:03:33,240 --> 00:03:35,120 Speaker 1: seventeen to two thousand twenty two, they went from three 75 00:03:35,160 --> 00:03:37,880 Speaker 1: point five to seven trillion. We think, actually they can 76 00:03:37,880 --> 00:03:40,360 Speaker 1: go from seven trillion to fifteen in the next five years. 77 00:03:40,680 --> 00:03:46,080 Speaker 1: A little bit of market, another DOUBLET and thirty's we're there. 78 00:03:46,560 --> 00:03:49,920 Speaker 1: We're on track. So that's pretty optimistic, I'd say, so, 79 00:03:50,800 --> 00:03:53,640 Speaker 1: especially off this year that we've just had. So what 80 00:03:54,280 --> 00:03:56,320 Speaker 1: the market is a big variable. If the markets are 81 00:03:56,360 --> 00:03:58,320 Speaker 1: flat or go down, it makes it tougher. That means 82 00:03:58,320 --> 00:04:00,760 Speaker 1: you got to get that seven trillion and just buy flows, 83 00:04:01,400 --> 00:04:03,080 Speaker 1: and that would be like over a trillion a year, 84 00:04:03,120 --> 00:04:05,040 Speaker 1: and ETFs have never taken in over a trillion a year. 85 00:04:05,400 --> 00:04:07,480 Speaker 1: That said, there's a big lump of money over in 86 00:04:07,480 --> 00:04:08,960 Speaker 1: the act of mutual fund side, and I believe a 87 00:04:09,000 --> 00:04:11,320 Speaker 1: lot of that will just sort of convert over, which 88 00:04:11,800 --> 00:04:15,440 Speaker 1: technically doesn't count as flows in all cases, but I 89 00:04:15,560 --> 00:04:18,040 Speaker 1: think that's what could get us there if the markets 90 00:04:18,080 --> 00:04:20,000 Speaker 1: don't help. But if the markets start to return again, 91 00:04:20,080 --> 00:04:22,799 Speaker 1: like five ten percent a year, the markets can really 92 00:04:22,880 --> 00:04:24,440 Speaker 1: help you. And all of a sudden, those numbers are 93 00:04:24,440 --> 00:04:26,240 Speaker 1: not that hard to achieve. So look, I I think 94 00:04:26,320 --> 00:04:28,600 Speaker 1: theo I think they will eclipse fifteen trillion. If I 95 00:04:28,680 --> 00:04:31,360 Speaker 1: had to bet, and I did Athanasio Saraphagus on my team. 96 00:04:31,600 --> 00:04:33,440 Speaker 1: He took the under, I took the over. We'll see. 97 00:04:33,839 --> 00:04:36,360 Speaker 1: I think the markets. I think I'm just bullish on 98 00:04:36,360 --> 00:04:38,400 Speaker 1: the US markets in general. I think they'll come back eventually, 99 00:04:38,440 --> 00:04:40,320 Speaker 1: maybe after another rough year or two, and then I 100 00:04:40,400 --> 00:04:42,640 Speaker 1: think you'll have a bunch of money that comes over 101 00:04:42,720 --> 00:04:45,400 Speaker 1: from the mutual fund side in like sort of lump form. 102 00:04:45,440 --> 00:04:47,320 Speaker 1: I was gonna say lump. He feels like that it's 103 00:04:47,320 --> 00:04:49,280 Speaker 1: gonna You're not gonna be able to figure out exactly 104 00:04:49,320 --> 00:04:51,920 Speaker 1: what that what that number is gonna look like it's 105 00:04:51,920 --> 00:04:54,159 Speaker 1: going to change every year, but maybe at the end 106 00:04:54,200 --> 00:05:01,760 Speaker 1: of it there's a big momp some there. Okay, number 107 00:05:01,800 --> 00:05:06,279 Speaker 1: two alright, so yes, everything is optimistic, but the vibe, 108 00:05:06,279 --> 00:05:08,640 Speaker 1: as I mentioned earlier, was kind of subdued. You know. 109 00:05:08,880 --> 00:05:11,640 Speaker 1: Last year, arc was the centerpiece. There was crypto everywhere. 110 00:05:12,120 --> 00:05:14,279 Speaker 1: Uh E s G. There was a lot of shiny 111 00:05:14,320 --> 00:05:17,040 Speaker 1: objects all around, right, None of that. This year it 112 00:05:17,120 --> 00:05:19,160 Speaker 1: was a little more. It just felt a little more 113 00:05:19,160 --> 00:05:23,000 Speaker 1: accountant ish, if you will. Sober. Here's Matt Hogan, who 114 00:05:23,080 --> 00:05:25,680 Speaker 1: actually was one of the people who started inside ets 115 00:05:25,720 --> 00:05:28,760 Speaker 1: way back in the day, on this sort of different 116 00:05:28,839 --> 00:05:31,960 Speaker 1: mood this year. Yeah, everyone got sucker punched in the 117 00:05:32,040 --> 00:05:35,080 Speaker 1: gut last year with all risk assets down, and that's 118 00:05:35,160 --> 00:05:40,960 Speaker 1: turned into much more subdued booths. Let's say, fewer basketball games, 119 00:05:41,120 --> 00:05:45,040 Speaker 1: fewer cars for your race, car driving, no golf, uh, 120 00:05:45,400 --> 00:05:47,840 Speaker 1: much more serious, much more about product. That's probably for 121 00:05:47,920 --> 00:05:49,880 Speaker 1: the best, and it's a good signal that maybe we're 122 00:05:49,920 --> 00:05:53,560 Speaker 1: at the bottom and once we see car driving returned 123 00:05:53,560 --> 00:05:56,400 Speaker 1: to this conference, that's the time to sell car driving. 124 00:05:57,080 --> 00:06:01,600 Speaker 1: Matt Hogan with booths as e stomic signals, which is 125 00:06:01,880 --> 00:06:03,600 Speaker 1: he has a point kind of reminded me the Big 126 00:06:03,640 --> 00:06:05,880 Speaker 1: Short Remember when he went in and goes, there's this 127 00:06:06,040 --> 00:06:08,200 Speaker 1: is the top. He just sensed it, you know, And 128 00:06:08,480 --> 00:06:11,960 Speaker 1: he's right. The crazier the boost get the more you're 129 00:06:12,000 --> 00:06:14,520 Speaker 1: at a late cyclable market. And uh, this this was 130 00:06:14,600 --> 00:06:17,600 Speaker 1: not This is a really stripped down There's a lot 131 00:06:17,640 --> 00:06:20,200 Speaker 1: of boosts. Everybody is still there, but definitely stripped down 132 00:06:20,240 --> 00:06:22,600 Speaker 1: and look a little more professional, I guess maybe. And 133 00:06:22,880 --> 00:06:25,400 Speaker 1: the car driving part. Have you gone to the racetrack there. 134 00:06:25,640 --> 00:06:28,360 Speaker 1: I'm usually a little too busy to partake in these booths. 135 00:06:28,400 --> 00:06:29,880 Speaker 1: Sometimes if you have a really good booth like a 136 00:06:30,040 --> 00:06:32,320 Speaker 1: car simulator, there's a line and I'm not going to 137 00:06:32,360 --> 00:06:33,720 Speaker 1: stand in line to do it or you know. But 138 00:06:33,960 --> 00:06:35,840 Speaker 1: I do remember doing the I Shares basketball. That was fun. 139 00:06:35,880 --> 00:06:37,600 Speaker 1: I would go over and shoot hoops every now and 140 00:06:37,680 --> 00:06:39,880 Speaker 1: then with them, but there was no line on that one. 141 00:06:39,880 --> 00:06:42,559 Speaker 1: And remember remember a couple of years back, Quincy Jones 142 00:06:42,600 --> 00:06:46,200 Speaker 1: was there. Sometimes you get that like celebrity factor as well. Um, 143 00:06:46,400 --> 00:06:48,880 Speaker 1: and we interviewed him and uh yeah, just a lot 144 00:06:49,000 --> 00:06:51,360 Speaker 1: less of that this year. Um. That said, now, Matt 145 00:06:51,880 --> 00:06:54,120 Speaker 1: is an et F guy who went to crypto there's 146 00:06:54,160 --> 00:06:55,600 Speaker 1: been about seven or eight of them. A couple of 147 00:06:55,680 --> 00:06:58,400 Speaker 1: them will come back. They're coming back over. So I 148 00:06:58,520 --> 00:06:59,960 Speaker 1: sort of asked, Matt, are you going to come back? 149 00:07:00,000 --> 00:07:01,880 Speaker 1: Go over? How do you feel about crypto? And here's 150 00:07:01,880 --> 00:07:05,200 Speaker 1: what he said. I'm more convicted about crypto now than 151 00:07:05,279 --> 00:07:07,520 Speaker 1: when I moved into the industry five years ago. So 152 00:07:07,720 --> 00:07:10,840 Speaker 1: the level of technological progress is amazing. I think we're 153 00:07:10,880 --> 00:07:12,440 Speaker 1: in a new bowl market. I think it's the market 154 00:07:12,480 --> 00:07:15,640 Speaker 1: where crypto goes mainstream. So people aren't talking about crypto 155 00:07:15,760 --> 00:07:17,360 Speaker 1: much this year. I bet it will be a bigger 156 00:07:17,400 --> 00:07:20,400 Speaker 1: conversation next year, and two years from now we'll be 157 00:07:20,520 --> 00:07:26,200 Speaker 1: back to crypto being a significant portion of this event mainstream. Yeah. 158 00:07:27,280 --> 00:07:30,480 Speaker 1: I mean, look, here's the thing. On one hand, crypto 159 00:07:30,640 --> 00:07:33,360 Speaker 1: clearly has a big black eye now, I mean, how 160 00:07:33,400 --> 00:07:36,320 Speaker 1: can you think you're going to invest in maybe three 161 00:07:37,000 --> 00:07:38,560 Speaker 1: Not only did it go down because it was like 162 00:07:38,600 --> 00:07:41,400 Speaker 1: a high beta investment that people sold off when the 163 00:07:41,440 --> 00:07:43,480 Speaker 1: market went down, but then you have a situation where 164 00:07:43,520 --> 00:07:45,360 Speaker 1: you can't get your money out. I mean, these are major, 165 00:07:46,160 --> 00:07:51,040 Speaker 1: major pr issues, but it's still survives Like it's like um, 166 00:07:51,320 --> 00:07:53,679 Speaker 1: a cockroach, it just comes back. It's just you cannot 167 00:07:53,760 --> 00:07:56,640 Speaker 1: kill it. And I think that's where I give respected 168 00:07:56,720 --> 00:07:59,160 Speaker 1: and I know Matt is a deep thinker and I 169 00:07:59,200 --> 00:08:01,840 Speaker 1: would not bet again them. So, Um, you know, I'm 170 00:08:01,880 --> 00:08:04,240 Speaker 1: not gonna say that what he just said is wrong. Um, 171 00:08:04,280 --> 00:08:07,239 Speaker 1: I'm a little doubtful. Um, it will come back, is strong. 172 00:08:07,360 --> 00:08:10,080 Speaker 1: But again we've we've seen this movie before and it 173 00:08:10,160 --> 00:08:15,320 Speaker 1: does come back. Yeah, I'm curious with the regulatory framework. 174 00:08:15,400 --> 00:08:17,720 Speaker 1: Looks like in these two years that he's describing there, 175 00:08:18,240 --> 00:08:20,040 Speaker 1: he would probably argue, well, that's a good thing because 176 00:08:20,080 --> 00:08:23,000 Speaker 1: it will spf proof people make them feel better about 177 00:08:23,040 --> 00:08:26,200 Speaker 1: going in and they'll appreciate it. But then again, if 178 00:08:26,240 --> 00:08:29,720 Speaker 1: you regulate and and make crypto so normal, it almost 179 00:08:29,760 --> 00:08:31,880 Speaker 1: becomes traditional finance. And then what's the point. I mean, 180 00:08:32,360 --> 00:08:33,959 Speaker 1: I don't know. There's so much to unpack with this. 181 00:08:34,120 --> 00:08:43,400 Speaker 1: It's a whole, like separate episode, I think. Alright, Number 182 00:08:43,720 --> 00:08:47,480 Speaker 1: four Okay, so one of the big panels was on 183 00:08:47,760 --> 00:08:50,960 Speaker 1: like whether you should still invest in stocks. Remember that term, Tina, 184 00:08:51,360 --> 00:08:53,839 Speaker 1: there is no alternative where there is nothing else to 185 00:08:53,920 --> 00:08:56,560 Speaker 1: do but just buy stocks now, Like my boss, Gina 186 00:08:56,600 --> 00:08:59,240 Speaker 1: Martin Adams has a phrase tera there is a rational 187 00:08:59,280 --> 00:09:02,080 Speaker 1: alternative or reasonable alternative, and that's why we see people 188 00:09:02,120 --> 00:09:04,880 Speaker 1: moving into treasuries in different places and diversifying. But there 189 00:09:04,960 --> 00:09:07,760 Speaker 1: was a debate over Tina, and Liz Young of Sophar 190 00:09:07,920 --> 00:09:10,920 Speaker 1: I thought, had a very good comment about it, and 191 00:09:11,080 --> 00:09:14,719 Speaker 1: we you know, asked her about Tina and why it 192 00:09:14,840 --> 00:09:18,080 Speaker 1: really never goes away. Um, it might just change for him. 193 00:09:18,160 --> 00:09:20,679 Speaker 1: So here she is, Yeah, Well, I don't think Tina's 194 00:09:20,720 --> 00:09:24,199 Speaker 1: ever really over right. If you're investor who's trying to 195 00:09:24,240 --> 00:09:26,600 Speaker 1: build wealth, you have to be in stocks in order 196 00:09:26,640 --> 00:09:30,440 Speaker 1: to build long term growth. You you can't abandon equities entirely. 197 00:09:31,040 --> 00:09:33,599 Speaker 1: There's something that you know, what's happening right now is 198 00:09:33,640 --> 00:09:35,960 Speaker 1: this kind of structural shift in the market. We've got 199 00:09:36,080 --> 00:09:38,480 Speaker 1: higher rates for longer, we've got inflation, we've got all 200 00:09:38,520 --> 00:09:40,719 Speaker 1: kinds of stuff that hasn't been in play for the 201 00:09:40,800 --> 00:09:43,240 Speaker 1: better part of the last two to four decades. So 202 00:09:43,440 --> 00:09:46,559 Speaker 1: there's a rotation maybe in leadership, and you could change 203 00:09:46,600 --> 00:09:49,599 Speaker 1: what you own in the equity market. So one of 204 00:09:49,640 --> 00:09:51,920 Speaker 1: the things that I've been talking about lately is this 205 00:09:52,080 --> 00:09:55,400 Speaker 1: old Fama French model, right, And that's if anybody doesn't 206 00:09:55,400 --> 00:09:57,320 Speaker 1: know what that is, go google it. Put yourselves to sleep. 207 00:09:57,559 --> 00:09:59,360 Speaker 1: It's this very old theory that has not worked in 208 00:09:59,440 --> 00:10:02,560 Speaker 1: twenty years. But basically it suggests that small caps should 209 00:10:02,559 --> 00:10:05,120 Speaker 1: beat large caps, value should beat growth. And I think 210 00:10:05,200 --> 00:10:08,319 Speaker 1: it's actually coming back into play because the environment has changed. 211 00:10:08,440 --> 00:10:11,680 Speaker 1: But I don't think you can ever say Tina is dead. 212 00:10:11,800 --> 00:10:14,040 Speaker 1: You need stocks in a portfolio to grow wealth over 213 00:10:14,080 --> 00:10:18,120 Speaker 1: the long term. Oh that's spicy, it is, But it 214 00:10:18,200 --> 00:10:20,920 Speaker 1: isn't like she's right. I mean, you can't not get 215 00:10:21,000 --> 00:10:23,679 Speaker 1: that equity market premium. I mean, it's what are we 216 00:10:23,760 --> 00:10:25,640 Speaker 1: really doing here? And I broke this down in the 217 00:10:25,679 --> 00:10:29,079 Speaker 1: Bogol book. We are trying to make money by being 218 00:10:29,120 --> 00:10:31,440 Speaker 1: owners of a company, and the company makes money because 219 00:10:31,480 --> 00:10:34,199 Speaker 1: they all everybody gets up, creates value, and that creates 220 00:10:34,240 --> 00:10:36,880 Speaker 1: cash flow and dividends. That's what you're investing in. And 221 00:10:36,960 --> 00:10:39,920 Speaker 1: so I don't know. To try to time that is difficult, 222 00:10:40,080 --> 00:10:44,760 Speaker 1: and so personally I'm sticking with stocks. Now. What she's saying, though, 223 00:10:44,840 --> 00:10:47,120 Speaker 1: is maybe you take a little off large because it 224 00:10:47,160 --> 00:10:49,480 Speaker 1: grew so much and you rebounce into small something like that. 225 00:10:50,000 --> 00:10:52,040 Speaker 1: I get that, Like there are areas that get left 226 00:10:52,320 --> 00:10:54,320 Speaker 1: behind a little bit, and I think small and Value 227 00:10:54,440 --> 00:10:56,240 Speaker 1: was was one of those. So it could be an 228 00:10:56,320 --> 00:10:58,480 Speaker 1: error where small and value kind of outperformed large, but 229 00:10:58,559 --> 00:11:01,719 Speaker 1: you're still talking about stock and the returns they give you. 230 00:11:01,960 --> 00:11:04,360 Speaker 1: Did you read the fumba French paper. I know what 231 00:11:04,480 --> 00:11:08,439 Speaker 1: it is. I didn't read it um, but yeah, it's 232 00:11:08,520 --> 00:11:11,040 Speaker 1: very it's very much of a gospel in the factor world. 233 00:11:16,520 --> 00:11:19,120 Speaker 1: Who's next? Next? We got Julie Kane, who is from 234 00:11:19,160 --> 00:11:22,840 Speaker 1: Democracy Investments. She does something similar to what Perth told 235 00:11:22,880 --> 00:11:24,480 Speaker 1: does of the Freedom Fund, which is the sort of 236 00:11:24,800 --> 00:11:28,439 Speaker 1: serve up international investing, but stripped out the authoritarianism from 237 00:11:28,480 --> 00:11:31,120 Speaker 1: the fund and sort of overweight the democracy. And this 238 00:11:31,240 --> 00:11:32,760 Speaker 1: is a sort of I guess e s G GEO 239 00:11:32,800 --> 00:11:37,040 Speaker 1: political style. Anyway, she had sat in the interview with 240 00:11:37,160 --> 00:11:40,120 Speaker 1: Ian Bremer, who runs a political risk think tank called 241 00:11:40,160 --> 00:11:43,600 Speaker 1: the Eurasia Group yep uh and Katie gray felt our 242 00:11:43,640 --> 00:11:46,520 Speaker 1: own Katie Greifeld interviewed him and so Julie was pumped 243 00:11:46,559 --> 00:11:48,400 Speaker 1: up because Ian was kind of speaking her language. And 244 00:11:48,480 --> 00:11:51,959 Speaker 1: here's what she said about international Yeah, I'm seeing renewed 245 00:11:52,000 --> 00:11:56,720 Speaker 1: interest in international in general. Uh. Great talk yesterday by 246 00:11:56,760 --> 00:12:00,920 Speaker 1: Ian Bremer, adjusting what he calls a guoke political recession. 247 00:12:01,600 --> 00:12:05,600 Speaker 1: He had a lot of concerning news. His one positive 248 00:12:05,679 --> 00:12:10,240 Speaker 1: news was democracy and the power of institutions to come 249 00:12:10,280 --> 00:12:16,200 Speaker 1: together and fight back. So that, Uh, that validated our strategy, 250 00:12:16,320 --> 00:12:20,920 Speaker 1: which is to use the Economist Democracy Index to overallocate 251 00:12:20,960 --> 00:12:24,560 Speaker 1: into democracies and under allocate to authoritarians. So we feel 252 00:12:24,559 --> 00:12:26,959 Speaker 1: like our strategy is more timely now than ever. So 253 00:12:27,120 --> 00:12:30,640 Speaker 1: how does her strategy compare with TOLLS? The big difference 254 00:12:30,720 --> 00:12:33,880 Speaker 1: is TOLLS is only emerging markets, hers is all international, um. 255 00:12:34,000 --> 00:12:36,240 Speaker 1: But they have some overlap for sure, um. And it's 256 00:12:36,280 --> 00:12:39,400 Speaker 1: they're trying to They're on the same frequency, if you will. 257 00:12:39,520 --> 00:12:41,600 Speaker 1: And I think they have the same goals, um for sure, 258 00:12:41,679 --> 00:12:44,280 Speaker 1: but they're slightly different takes. It is an interesting time 259 00:12:44,360 --> 00:12:47,840 Speaker 1: to be thinking and talking about this because we've seen 260 00:12:47,960 --> 00:12:50,880 Speaker 1: all these norms that have been bedrocks of sort of 261 00:12:50,960 --> 00:12:54,240 Speaker 1: modern society for decades just start to get tested in 262 00:12:54,360 --> 00:12:56,280 Speaker 1: ways that we haven't really seen before. And that is 263 00:12:56,320 --> 00:12:59,120 Speaker 1: a variable that investors have not had to face. Yeah, 264 00:12:59,160 --> 00:13:01,480 Speaker 1: I mean there was definitely a political nature to his 265 00:13:01,679 --> 00:13:04,319 Speaker 1: talk which I won't touch. But um, I definitely think 266 00:13:04,360 --> 00:13:06,080 Speaker 1: international is a hot issue now. If you look at 267 00:13:06,120 --> 00:13:09,760 Speaker 1: the flows merging markets, international are taking in way more 268 00:13:09,800 --> 00:13:12,480 Speaker 1: money than normally do. People are definitely rotating into this trade. 269 00:13:12,760 --> 00:13:14,839 Speaker 1: The Suzanne Wooly article I did on where to Invest 270 00:13:14,960 --> 00:13:18,640 Speaker 1: the money, where she has five experts. Everyone recommended International. 271 00:13:19,240 --> 00:13:22,000 Speaker 1: Here's the thing, though, I've seen this movie before. International 272 00:13:22,160 --> 00:13:24,040 Speaker 1: was supposed to work like ten times in the past 273 00:13:24,080 --> 00:13:27,400 Speaker 1: fifteen years. So I don't know. I'm gonna just wait 274 00:13:27,440 --> 00:13:29,600 Speaker 1: and see. I want to really see it take hold 275 00:13:29,640 --> 00:13:31,640 Speaker 1: before I can sort of respect this as a full 276 00:13:32,120 --> 00:13:34,600 Speaker 1: like a trade that is going to last a while. 277 00:13:34,679 --> 00:13:36,880 Speaker 1: I think for now, I'm I'm a little skeptical, to 278 00:13:36,960 --> 00:13:44,680 Speaker 1: be honest. Next al right, Next up we have Hector 279 00:13:44,760 --> 00:13:47,240 Speaker 1: McNeil of Han E t F. He's a European issuere 280 00:13:47,320 --> 00:13:49,520 Speaker 1: so he came all the way over here in Miami. 281 00:13:49,600 --> 00:13:52,199 Speaker 1: Why not? Why not? He's a white label issuer, sort 282 00:13:52,240 --> 00:13:54,160 Speaker 1: of like remember our white label episode we did um 283 00:13:54,400 --> 00:13:57,280 Speaker 1: a couple of weeks back, where these are issuers where 284 00:13:57,280 --> 00:13:58,640 Speaker 1: you can come to them with an idea and they 285 00:13:58,679 --> 00:14:00,199 Speaker 1: will just sort of make your et F. Are you 286 00:14:00,559 --> 00:14:01,880 Speaker 1: if they like it and feel like they want to 287 00:14:01,920 --> 00:14:03,920 Speaker 1: work with you, so they start by saying no, it's 288 00:14:04,240 --> 00:14:07,440 Speaker 1: might might take from that episode, so I asked him 289 00:14:07,480 --> 00:14:11,079 Speaker 1: about the Royal Gold ETF which he put out and 290 00:14:11,320 --> 00:14:12,920 Speaker 1: that was one of our e t F to watch 291 00:14:13,000 --> 00:14:15,800 Speaker 1: in twenty three um and gold has become gotten a 292 00:14:15,920 --> 00:14:18,840 Speaker 1: little more attention because crypto has been so in the doghouse. 293 00:14:18,920 --> 00:14:21,800 Speaker 1: So here he is talking about this interesting et F 294 00:14:21,880 --> 00:14:24,680 Speaker 1: that he put out under his white label. Yeah. So 295 00:14:25,040 --> 00:14:27,960 Speaker 1: so when when we looks at the white label market, 296 00:14:28,240 --> 00:14:30,280 Speaker 1: we we felt that we couldn't be the eurostops guys 297 00:14:30,280 --> 00:14:32,400 Speaker 1: at two basiness points hieing the last guys or simply 298 00:14:32,520 --> 00:14:34,360 Speaker 1: whatever it is. So we would only do stuff that's 299 00:14:34,360 --> 00:14:36,600 Speaker 1: gonna our value to the to the market, right because ultimately, 300 00:14:36,600 --> 00:14:38,360 Speaker 1: if we're going up against the ice shares and investco 301 00:14:38,520 --> 00:14:40,560 Speaker 1: is whatever you need to have something else, something in 302 00:14:40,600 --> 00:14:43,360 Speaker 1: the something in the pot. And then the roleman knocked 303 00:14:43,360 --> 00:14:45,520 Speaker 1: on our door and the roleman I'm I'm a big 304 00:14:45,600 --> 00:14:48,000 Speaker 1: history buff. It's it's fantastic. Actually, if you ever you 305 00:14:48,040 --> 00:14:49,440 Speaker 1: ever got a chance, we can take you down to 306 00:14:49,480 --> 00:14:51,840 Speaker 1: the v I P tour of it, you know, fifty site. 307 00:14:52,360 --> 00:14:54,360 Speaker 1: But it's the Britain's all this company. It's the fourth 308 00:14:54,400 --> 00:14:55,800 Speaker 1: owners company in the world. It was set up in 309 00:14:55,880 --> 00:14:58,480 Speaker 1: eight eight nine by offered the Great to finance the 310 00:14:58,560 --> 00:15:00,960 Speaker 1: Viking walls. Right, and you can go see the coins there. 311 00:15:01,360 --> 00:15:03,880 Speaker 1: Isaac Newton was a CEO there for twenty seven years. 312 00:15:03,920 --> 00:15:06,040 Speaker 1: Everything Isaac Newton's a scientist, but he had a their job, 313 00:15:06,400 --> 00:15:09,200 Speaker 1: and he created the first modern noncuntterfeedable coin, and he 314 00:15:09,280 --> 00:15:11,200 Speaker 1: created with serrated edges because in the past people used 315 00:15:11,200 --> 00:15:13,240 Speaker 1: to chip bits off gold coins or whatever, you know, 316 00:15:13,280 --> 00:15:15,480 Speaker 1: because people wuldn't know it. So there's a huge amount 317 00:15:15,520 --> 00:15:18,920 Speaker 1: of history. It survived the Black Plague, it's survived Spanish flu, 318 00:15:19,600 --> 00:15:23,400 Speaker 1: civil wars, two World Wars, whatever. Right, so it's you know, 319 00:15:23,400 --> 00:15:25,520 Speaker 1: I've got the best credit history in the world of 320 00:15:26,760 --> 00:15:29,080 Speaker 1: financial companies. I think the only older companies are a 321 00:15:29,200 --> 00:15:32,480 Speaker 1: German pub and three Samurai sword companies, believe it or not. 322 00:15:33,240 --> 00:15:36,200 Speaker 1: So when they came along and said, look, we've we've 323 00:15:36,240 --> 00:15:38,160 Speaker 1: got to We've got a gold each year gold offering, 324 00:15:38,320 --> 00:15:40,160 Speaker 1: you know, and we said, well, this is great because 325 00:15:40,160 --> 00:15:42,920 Speaker 1: it's different because you know, pretty much all the gold 326 00:15:42,920 --> 00:15:44,320 Speaker 1: ea jifs in the world either keep their gold at 327 00:15:44,360 --> 00:15:47,840 Speaker 1: JP Morgan or HSBC in London in New York, and 328 00:15:47,920 --> 00:15:50,760 Speaker 1: as you know, golds buyers are paranoid. So having a 329 00:15:51,000 --> 00:15:53,320 Speaker 1: vault that's in the middle of the Welsh countryside more 330 00:15:53,400 --> 00:15:56,320 Speaker 1: secure vault in the world. Nuclear blast Proof used to 331 00:15:56,360 --> 00:15:59,480 Speaker 1: be a Ministry defense site until twenty seventeen, you know, 332 00:15:59,560 --> 00:16:01,320 Speaker 1: and his out side the financial system, because that's the 333 00:16:01,360 --> 00:16:04,200 Speaker 1: other thing. It always askay, we'll buy gold ETFs to 334 00:16:04,280 --> 00:16:07,000 Speaker 1: head against financial systemic risk, and then they keep the 335 00:16:07,040 --> 00:16:09,520 Speaker 1: golden banks. You know, it's a bit bizarre, isn't it. Really. 336 00:16:10,040 --> 00:16:11,840 Speaker 1: I want to spend some more time with Hector yea 337 00:16:12,200 --> 00:16:17,400 Speaker 1: with it with it. Yeah, you know, I'd never say 338 00:16:17,520 --> 00:16:20,160 Speaker 1: years there are three digits ever, but I really like 339 00:16:20,240 --> 00:16:21,560 Speaker 1: this interview. This is one of the longer ones I 340 00:16:22,280 --> 00:16:25,360 Speaker 1: clip because a some interesting factoids in there. I gotta say, 341 00:16:25,520 --> 00:16:29,080 Speaker 1: um too, there's always stories in the smaller issues. There's 342 00:16:29,080 --> 00:16:32,160 Speaker 1: always some interesting stuff to unpack. And also remember he's 343 00:16:32,200 --> 00:16:34,800 Speaker 1: not the royal mint. That's his client kind of, but 344 00:16:34,880 --> 00:16:36,960 Speaker 1: he learned everything about it because he's got to sell 345 00:16:37,040 --> 00:16:39,600 Speaker 1: the e t F and he's got to compete, as 346 00:16:39,600 --> 00:16:42,040 Speaker 1: he said, against the black Rock and vanguards of the world, 347 00:16:42,120 --> 00:16:44,160 Speaker 1: and it's tough. You have to have difference in stories. 348 00:16:44,240 --> 00:16:46,840 Speaker 1: So there are so many issuers at this event, and 349 00:16:46,920 --> 00:16:48,800 Speaker 1: they have so many stories to tell, and that's I 350 00:16:48,880 --> 00:16:51,120 Speaker 1: think just a great example of the kind of stuff 351 00:16:51,160 --> 00:16:53,480 Speaker 1: you can hear beyond like oh, here's my large cap 352 00:16:53,560 --> 00:16:56,520 Speaker 1: stock etf Also, I think he invited us on a tour. 353 00:16:57,360 --> 00:16:59,400 Speaker 1: I really I had a vision in my mind of 354 00:16:59,480 --> 00:17:01,640 Speaker 1: like the Welsh countryside going on this v I p 355 00:17:01,760 --> 00:17:03,200 Speaker 1: towards the Royal Man. I think we should do it. 356 00:17:03,280 --> 00:17:13,720 Speaker 1: I mean, I think we let's do it. Sounds pretty good, Okay. 357 00:17:13,800 --> 00:17:17,160 Speaker 1: Next next up, we have the one and only Todd 358 00:17:17,200 --> 00:17:20,600 Speaker 1: rosen Bluth Vertify. So, as you know, Todd and I 359 00:17:20,680 --> 00:17:22,960 Speaker 1: have a myriad of bets going on, and one of 360 00:17:23,040 --> 00:17:25,480 Speaker 1: them just ended, and one of them was Capital Group. 361 00:17:25,800 --> 00:17:27,400 Speaker 1: I had the under that they wouldn't get the seven 362 00:17:27,440 --> 00:17:30,159 Speaker 1: billion in the first year, and they did. They did 363 00:17:30,200 --> 00:17:32,040 Speaker 1: it with two weeks of spare. This breaks a streak, 364 00:17:32,320 --> 00:17:34,679 Speaker 1: it does. I was, well, I lost two this year 365 00:17:34,720 --> 00:17:37,320 Speaker 1: to him, so I'm three and two. Yeah, he's crawling 366 00:17:37,359 --> 00:17:40,040 Speaker 1: back market. Yeah, I know, I should just think the 367 00:17:40,080 --> 00:17:45,040 Speaker 1: bullmarket bets. Yeah, anyway, here he is taking a victory lap. Alright. 368 00:17:45,119 --> 00:17:47,720 Speaker 1: So Capital Group has not even hit its one year 369 00:17:47,760 --> 00:17:52,040 Speaker 1: anniversary and it has passed seven billion dollars. I want 370 00:17:52,080 --> 00:17:55,040 Speaker 1: to repeat seven billion dollars. I was on a Chillian's 371 00:17:55,080 --> 00:17:58,440 Speaker 1: podcast a little over a year ago and joined a 372 00:17:58,520 --> 00:18:01,840 Speaker 1: bet with you. Eric where it sounded so lofty, but 373 00:18:02,080 --> 00:18:05,000 Speaker 1: Capital Group came through, and now as a result of it, 374 00:18:05,119 --> 00:18:08,280 Speaker 1: many clients are happy. Capital Group is certainly happy, and 375 00:18:08,359 --> 00:18:10,240 Speaker 1: you're gonna be buying me a stake as a result 376 00:18:10,320 --> 00:18:12,960 Speaker 1: of it. So now I'm on a winning streak in 377 00:18:13,040 --> 00:18:14,919 Speaker 1: the e t F puned in bet, so I couldn't 378 00:18:14,960 --> 00:18:19,840 Speaker 1: be happier for a Capital Group. He's jacked up. He is, 379 00:18:19,920 --> 00:18:21,440 Speaker 1: he said he should be. It was a year long 380 00:18:21,520 --> 00:18:25,440 Speaker 1: bet and get this. They were at six nine two 381 00:18:25,600 --> 00:18:27,560 Speaker 1: or something like that, so they were like just about 382 00:18:27,600 --> 00:18:28,960 Speaker 1: to get it. And that was the day Powell was 383 00:18:29,000 --> 00:18:31,080 Speaker 1: supposed to speak, and there was a question of whether 384 00:18:31,119 --> 00:18:33,600 Speaker 1: he was going to just be really hawkish to try 385 00:18:33,680 --> 00:18:37,000 Speaker 1: to tell the market we're no, we're nowhere near close 386 00:18:37,080 --> 00:18:39,119 Speaker 1: to done. But he got a little dovish, so the 387 00:18:39,160 --> 00:18:41,480 Speaker 1: markets rallied and it hit seven just on the ad 388 00:18:41,640 --> 00:18:44,800 Speaker 1: the market appreciation. I was thinking this scenario, if Paul 389 00:18:44,960 --> 00:18:47,760 Speaker 1: Powell was going to get real hawkish and the market 390 00:18:48,080 --> 00:18:51,560 Speaker 1: appreciation would turn to depreciation and it would depreciate so 391 00:18:51,720 --> 00:18:54,159 Speaker 1: much that the flows wouldn't off said it, and I 392 00:18:54,200 --> 00:18:56,960 Speaker 1: would have won the bet. After he got a centimeter 393 00:18:57,080 --> 00:18:59,480 Speaker 1: away from seven, it was going to be such a 394 00:18:59,560 --> 00:19:02,120 Speaker 1: classic moment, but wasn't meant to be. And so Todd, 395 00:19:02,160 --> 00:19:06,679 Speaker 1: if you're listening, congrats, and yeah, he's gonna definitely let 396 00:19:06,760 --> 00:19:18,840 Speaker 1: you know about that steak dinner. Up next on the list, 397 00:19:18,880 --> 00:19:21,480 Speaker 1: you have Beth Williamson Calumus. What did she have to say? 398 00:19:22,000 --> 00:19:24,440 Speaker 1: Calamos just put out on e t F that is 399 00:19:24,480 --> 00:19:27,040 Speaker 1: an E s G fund that you know, the basketball 400 00:19:27,040 --> 00:19:29,600 Speaker 1: player Janice, I can't really pronounce his last name, but 401 00:19:30,359 --> 00:19:32,679 Speaker 1: the Greek freak, the guy on the bucks. It's an 402 00:19:32,680 --> 00:19:34,359 Speaker 1: E s G fund with his last name in it. 403 00:19:34,800 --> 00:19:36,520 Speaker 1: And at first I was like, is this somebody else? 404 00:19:36,560 --> 00:19:39,679 Speaker 1: And I look, don't know. He's actually partnered with Calamos 405 00:19:40,160 --> 00:19:41,960 Speaker 1: to put this fund out that does E s G 406 00:19:42,040 --> 00:19:44,120 Speaker 1: investing and then uses some of the proceeds to also 407 00:19:44,240 --> 00:19:46,520 Speaker 1: invest back um. He apparently is looking to make a 408 00:19:46,600 --> 00:19:49,800 Speaker 1: big difference and he's friends with the guy from Calamos, 409 00:19:49,880 --> 00:19:53,960 Speaker 1: And so I asked Beth about the situation. John Cadoonas 410 00:19:54,359 --> 00:19:58,720 Speaker 1: and uh Jana Santa to Kumpo are through mutual friends 411 00:19:58,920 --> 00:20:01,920 Speaker 1: love at basketball. I see mentioned met a couple of 412 00:20:02,000 --> 00:20:07,440 Speaker 1: years ago and they worked together to conceptualized idea on 413 00:20:07,560 --> 00:20:11,280 Speaker 1: how to bring impact to the finance space, and over 414 00:20:11,840 --> 00:20:16,000 Speaker 1: year plus of conversation, they decided on a suite of 415 00:20:16,240 --> 00:20:21,440 Speaker 1: investment products, including the Calamos Onto te Kumpo Sustainable Equity 416 00:20:21,760 --> 00:20:27,520 Speaker 1: e t F that launched yesterday UM to bring financial 417 00:20:27,640 --> 00:20:31,080 Speaker 1: literacy education and an investment vehicle that's going to be 418 00:20:31,119 --> 00:20:34,520 Speaker 1: available to the masses. Again, it's just a it's a 419 00:20:34,840 --> 00:20:37,000 Speaker 1: someone who's not in the financial world looking to make 420 00:20:37,040 --> 00:20:40,240 Speaker 1: a difference and give back. I don't see the movie 421 00:20:40,400 --> 00:20:42,560 Speaker 1: Rise about him on Disney. It's really good movie. I 422 00:20:42,680 --> 00:20:45,320 Speaker 1: cried half the time. Just seems like a genuine guy, 423 00:20:45,440 --> 00:20:49,080 Speaker 1: any genuine genuine intentions here that said. E s G 424 00:20:49,280 --> 00:20:51,480 Speaker 1: s in not doing well right now. The thing is 425 00:20:51,520 --> 00:20:53,280 Speaker 1: a little in the higher cost side. But you know 426 00:20:53,480 --> 00:20:56,240 Speaker 1: his name, and potentially Calamos has a lot of other 427 00:20:56,280 --> 00:20:58,400 Speaker 1: things going on. They can sort of afford to keep 428 00:20:58,440 --> 00:21:00,359 Speaker 1: this in the market for a while, but could take 429 00:21:00,359 --> 00:21:02,200 Speaker 1: a while because of the environment. Right now, it's gonna 430 00:21:02,200 --> 00:21:04,720 Speaker 1: be a tough sell, but he certainly helps and gives 431 00:21:04,760 --> 00:21:07,399 Speaker 1: it attention that other E s G funds don't have. 432 00:21:08,160 --> 00:21:17,080 Speaker 1: UM So interesting and your final interview final interview was 433 00:21:17,720 --> 00:21:20,920 Speaker 1: again we're sticking with basketball here. Roy Williams, who was 434 00:21:21,000 --> 00:21:23,639 Speaker 1: coach of Kansas and North Carolina. I believe he won 435 00:21:23,760 --> 00:21:26,560 Speaker 1: titles with each. He's got a bunch of records. I mean, 436 00:21:26,640 --> 00:21:28,879 Speaker 1: he is like legit Hall of Fame kind of college 437 00:21:28,920 --> 00:21:33,040 Speaker 1: basketball coach. And he was the assistant to um Dean 438 00:21:33,160 --> 00:21:36,639 Speaker 1: Smith at North Carolina and coach Jordan's. So I was like, 439 00:21:36,760 --> 00:21:39,439 Speaker 1: I investco had him on a panel and they had 440 00:21:39,480 --> 00:21:41,600 Speaker 1: a little party afterwards. So I went to the room 441 00:21:41,640 --> 00:21:43,760 Speaker 1: and got to interview Roy Williams. Now, I don't want 442 00:21:43,760 --> 00:21:44,840 Speaker 1: to take up too much of his time, and I 443 00:21:44,960 --> 00:21:47,800 Speaker 1: wasn't gonna ask him etf questions. So I asked him 444 00:21:47,880 --> 00:21:50,280 Speaker 1: how to break a press, because on I coached my 445 00:21:50,480 --> 00:21:54,199 Speaker 1: twelve year olds basketball team, and there's our kids are 446 00:21:54,240 --> 00:21:56,440 Speaker 1: on the younger side and the smaller side, and a 447 00:21:56,480 --> 00:21:58,399 Speaker 1: lot of these teams pressed the whole game, which is 448 00:21:59,000 --> 00:22:00,359 Speaker 1: that's just a weird way to play. I think you 449 00:22:00,440 --> 00:22:02,200 Speaker 1: press when you're down or you need it. But anyway, 450 00:22:02,920 --> 00:22:05,080 Speaker 1: I was just curious what he said about breaking a 451 00:22:05,160 --> 00:22:07,000 Speaker 1: press and if you had any tips on it, and 452 00:22:07,040 --> 00:22:08,960 Speaker 1: then I had to ask him about Jordan's. So here 453 00:22:09,000 --> 00:22:11,159 Speaker 1: you go. Make sure you work on your dribbling and 454 00:22:11,240 --> 00:22:14,800 Speaker 1: pass an he'd catchen being the biggest thing. Try to 455 00:22:14,840 --> 00:22:17,119 Speaker 1: get some baskets before they get the press set up. 456 00:22:17,200 --> 00:22:21,800 Speaker 1: That would be okay and greatest. You were assistant coach 457 00:22:22,320 --> 00:22:26,399 Speaker 1: during the Jordan years, right, What was it? Were you 458 00:22:26,480 --> 00:22:29,400 Speaker 1: stunned at how much he hate how much how much 459 00:22:29,400 --> 00:22:31,239 Speaker 1: he did or could you see it back then? Well, 460 00:22:31,280 --> 00:22:32,760 Speaker 1: we could see he was gonna be a great player, 461 00:22:32,800 --> 00:22:34,679 Speaker 1: but I don't think anyone understood what he was going 462 00:22:34,760 --> 00:22:37,480 Speaker 1: to actually do. He was off the charts. He's still 463 00:22:37,480 --> 00:22:41,359 Speaker 1: a great friend. That okay, that's cute feel, But I 464 00:22:41,400 --> 00:22:45,520 Speaker 1: feel bad for your son's team. We're owen six, you know, 465 00:22:45,560 --> 00:22:47,679 Speaker 1: because I drafted a lot of his friends who were 466 00:22:47,760 --> 00:22:50,760 Speaker 1: eleven and there's thirteen year olds in this league. That said, 467 00:22:50,800 --> 00:22:52,200 Speaker 1: he gets a lot of playing time and his friends 468 00:22:52,200 --> 00:22:54,040 Speaker 1: are on his team, so they have a good time. Um, 469 00:22:54,080 --> 00:22:58,400 Speaker 1: we'll have one more uh sports addition to the podcast. 470 00:22:58,520 --> 00:23:04,000 Speaker 1: Because Eric lives Philadelphia, Philadelphia Eagles are about like water 471 00:23:04,359 --> 00:23:08,719 Speaker 1: to him. Maybe you haven't been watching anything, but Eagles 472 00:23:08,760 --> 00:23:11,440 Speaker 1: made it to the super Bowl, did not go well 473 00:23:11,480 --> 00:23:14,679 Speaker 1: in the final seconds, but Eric lost another bet. I'm 474 00:23:14,720 --> 00:23:17,960 Speaker 1: sensing a theme here. I'm on, I'm on a bad run. 475 00:23:18,040 --> 00:23:20,840 Speaker 1: I had I was on. I was unstoppable for a 476 00:23:20,880 --> 00:23:23,160 Speaker 1: while there, Joel. Yeah, this is just like the bowl market. 477 00:23:23,280 --> 00:23:25,520 Speaker 1: And then this is how they get you, Like in 478 00:23:25,600 --> 00:23:27,199 Speaker 1: the casinos, you win a couple of times and all 479 00:23:27,200 --> 00:23:29,840 Speaker 1: of a sudden, like you're broke. No. Um. I had 480 00:23:29,920 --> 00:23:31,480 Speaker 1: to do it because Natu Racy is a big chief 481 00:23:31,520 --> 00:23:34,560 Speaker 1: fan los in Kansas City, and I'm I'm really friendly 482 00:23:34,600 --> 00:23:36,280 Speaker 1: with him and I think he's a nice guy, and 483 00:23:36,320 --> 00:23:37,240 Speaker 1: I thought i'd be fun to have a bet, so 484 00:23:37,280 --> 00:23:40,200 Speaker 1: he announced it on his podcast et F Prime and 485 00:23:40,400 --> 00:23:43,840 Speaker 1: the bet was that whoever won the other guy would 486 00:23:43,840 --> 00:23:45,879 Speaker 1: send them a jersey from the NFL shop. So I 487 00:23:45,880 --> 00:23:48,399 Speaker 1: get to send him to Patrick mahomes jersey, which is 488 00:23:48,600 --> 00:23:51,879 Speaker 1: like a hundred fifty bucks. My wife's not loving that, 489 00:23:52,040 --> 00:23:55,359 Speaker 1: but Nate, congratulations. The Chiefs were the better team. They 490 00:23:55,400 --> 00:23:59,040 Speaker 1: won the game. Patrick Mahomes is you know, Hall of Famer. 491 00:23:59,359 --> 00:24:08,399 Speaker 1: You're lucky. But we'll be back. Thanks for listening to 492 00:24:08,520 --> 00:24:10,520 Speaker 1: trillions until next time. You can find us on the 493 00:24:10,560 --> 00:24:15,040 Speaker 1: Bloomberg terminal, Bloomberg dot com, Apple Podcasts, Spotify, and wherever 494 00:24:15,119 --> 00:24:17,320 Speaker 1: else you like to listen. We'd love to hear from you. 495 00:24:17,680 --> 00:24:20,760 Speaker 1: We're on Twitter. I'm at Joel Wepper Show, He's at 496 00:24:20,960 --> 00:24:24,880 Speaker 1: Eric Falcuna's. This episode of Trillions was produced by Magnets 497 00:24:24,960 --> 00:24:26,359 Speaker 1: Hendrick Bye