Trillions

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.

Gina Martin Adams, Bloomberg Intelligence’s chief equity strategist, shares her insights on the standout performance of European stocks this year, which has outpaced the U.S. market. She discusses the economic fundamentals fueling this resurgence and why European markets may be undervalued. The conversation delves into the contrasting narratives of U.S. growth vs. European value, explores the impacts of currency fluctuations, and highlights promising investment strategies in various sectors, making a compelling case for Europe's market potential.

Steve Hou, a quantitative researcher at Bloomberg Indices specializing in innovation, discusses the U.S. stock market's unmatched returns and dominance. He reveals why U.S. companies excel in innovation compared to their European counterparts, highlighting cultural traits like risk-taking. The conversation also covers the critical role of R&D spending, the emerging competition from China, and the challenges Europe faces in enhancing its innovation landscape. Hou shares insights into how U.S. immigration policies bolster the market's future, amidst rising global competition.

Municipal bonds are the foundation of how American cities and states operate. And a big reason investors love “munis” is their tax-free status. But if you think that makes muni exchange-traded funds sound boring, think again. On this episode, Eric and Joel speak with Eric Kazatsky, head of municipal strategy at Bloomberg Intelligence and co-host of the podcast Masters of the Muniverse. They discuss the storied history of munis, how they figure into portfolios—and how that favored tax-free status could be at risk in President Donald Trump’s second term.See omnystudio.com/listener for privacy information.

Nate Geraci, president of The ETF Store and host of ETF Prime, dives into the future of ETFs with intriguing predictions for 2025. He discusses the potential launch of private credit ETFs and the ever-evolving crypto landscape. The conversation heats up around fee competition among major players like BlackRock and Vanguard, and the innovative strategies behind single-stock ETFs. Nate also highlights the need for investor education on the complexities of 351 exchanges, promising an insightful look into the dynamic ETF market.