Trillions

Athanasios Psarofagis, an ETF analyst at Bloomberg Intelligence, joins the discussion to provide insights into the world of ETFs. He and the hosts tackle the upcoming ETF share-class approvals and their tax benefits. The conversation also delves into the promise and limitations of asset tokenization, comparing traditional ETFs with tokenized stocks. They'll cover how profitability differs in ETFs, the potential fate of crypto ETFs, and why Vanguard's S&P 500 ETF remains a stronghold. The trio predicts the future evolution of ETFs over the next decade.

In this engaging discussion, Vildana Hajric, a cross-asset reporter with Bloomberg News, dives into the exciting world of futuristic-themed ETFs. They explore innovative sectors like humanoid robots and quantum computing, analyzing their investment potential and challenges. The conversation highlights the societal acceptance of robots and compares ETFs focused on robotics, shedding light on market dynamics. Additionally, they touch on speculative areas like UFO-related companies, weighing risks against the promise of pioneering investments.

Henry Jim, Senior ETF analyst at Bloomberg Intelligence, dives into the explosive interest in European defense ETFs amidst potential US isolationism. He discusses the surge in ETF launches, highlighting WisdomTree's WDEF and its impressive asset gathering. The conversation covers the first-mover advantage, performance drivers like military spending, and why European stocks are attracting investors. Jim also points out top performers like Rheinmetall, showcasing the remarkable shift in this market.

The narrative all year was "sell America" yet the stock market is positive on the year and flirting with all time highs after coming back from a brutal Q1. Like COVID this is a rally few predicted although this time the market didn't have the Fed's help. What happened? Why was everyone was so wrong?On this episode of Trillions, Joel and Eric talk about the wide gap between narrative and price and why US investors are simply not giving up on US stocks. They are joined by Athanasios Psarofagis of Bloomberg Intelligence and Isabelle Lee of Bloomberg News.See omnystudio.com/listener for privacy information.

In investing, there are many “rules.” And the rules are intended to help you, dear investor, make money. But if you’ve been around money — and especially if you’ve been around a lot of money … managing other people’s money, say — you know that people make a lot of mistakes, too. On this episode of Trillions, Eric Balchunas and Joel Weber speak with Barry Ritholtz, the co-founder, chairman and chief investment officer of Ritholtz Wealth Management and host of the Bloomberg podcast Masters in Business, about his new book, How Not to Invest. They discuss several of Ritholtz’s hot takes — all rooted in what not to do with your money.See omnystudio.com/listener for privacy information.

During her time as a commissioner at the US Securities and Exchange Commission, Hester Peirce has often been a dissenting voice—especially on all things crypto. Now, as she approaches the official end of her term, her legacy may include an SEC that’s more aligned with the positions she championed. On this episode of Trillions, Eric Balchunas and Joel Weber—along with stacy-marie ishmael, head of cross-asset and crypto coverage for Bloomberg News—interview Peirce at the SEC’s offices in Washington. Peirce discusses her search for “crypto clarity,” why “merit” doesn’t matter and how the SEC will evaluate the 80-plus crypto-themed exchange-traded fund filings—including ones involving Trump. She also discusses the “terribly mismanaged” process for Bitcoin ETFs and other hot topics including private assets and share classes.See omnystudio.com/listener for privacy information.

The ETF conference in Las Vegas sparked fascinating discussions about market trends and the rise of multi-share classes. Attendees shared humorous gambling anecdotes, contrasting wins and losses with ETF investments. The hosts explored the challenges of city running versus casino life, while offering insights into ETF innovations and liquidity issues. Personal connections in finance were highlighted as vital, showcasing the importance of face-to-face networking, along with evolving perspectives on cryptocurrencies and the future of ETFs.

In the aftermath of President Donald Trump’s April 2 “Liberation Day,” stock markets around the world plunged. Yet just 13 hours after Trump’s tariffs took effect, the president paused them for 90 days — for countries not named China, that is. Markets soared in response to Trump’s backpedaling. The S&P 500 Index climbed almost 10% while the Nasdaq Composite Index jumped by the most since 2001. The Trump put, or the belief that the president uses the stock market as his scoreboard, appears to be alive and well after all. On this episode of Trillions, Eric Balchunas and Joel Weber discuss what just happened, how ETFs fared and where cracks appeared. They also assess flows, volume and what to watch next.See omnystudio.com/listener for privacy information.

In this engaging discussion, ETF expert Dave Nadig, author of the insightful Substack post "Trust in a Black Hat World," shares his extensive knowledge of the evolving ETF landscape. He highlights the rise of complex ETFs featuring leverage and private assets, raising concerns about transparency and risks. The conversation dives into the allure of private credit and equity ETFs, while exploring the volatile world of cryptocurrency and the ethical dilemmas within. It's a lively dialogue questioning the balance between innovation and investor protection in today's market.

First Trust, the sixth-largest issuer of US exchange-traded funds, has managed to stay mostly under the radar in the investing world — and yet it's also perfected a lucrative, Vanguard-proof business model. The company's products are directed more at financial advisors than the retail world, and their funds, most of which are actively managed, have higher fees than typical index-tracking ETFs. Enter the First Trust sales force, which wields steak dinners, personal coaching, sports tickets and Hermès scarves to win business — practices that have attracted the attention of the Financial Industry Regulatory Authority. On this episode of Trillions, Eric Balchunas and Joel Weber speak with Bloomberg News reporters Emily Graffeo and Max Abelson about their recent First Trust story, “An All-American Finance Empire Drew Billions—and a Regulator’s Attention,” for Bloomberg Businessweek. They discuss CEO Jim Bowen's approach, how the company has distinguished itself from competitors, and why Finra is investigating the company's sales tactics.See omnystudio.com/listener for privacy information.