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SEC Report Sparked A New Product
- The SEC's Market Break Report sketched a tradable market-basket concept that inspired Amex innovation.
- Most and Bloom expanded that sketch into a full product that traded baskets of stocks like a single instrument.
Iterate After Tough Feedback
- When pitching product ideas, expect rigorous critique and iterate quickly on key flaws.
- Incorporate feedback from respected practitioners like Jack Bogle before filing with regulators.
Cold Call To Jack Bogle
- Nate Most cold-called Jack Bogle to pitch using Vanguard's S&P 500 for the Spider ETF.
- Bogle critiqued the initial proposal and pushed Most to fix three important flaws before proceeding.