Exchange-traded funds, or ETFs, let you invest in everything from the stock market to gold like never before. This biweekly podcast will demystify them—and delight you in the process.
- The Psychology Behind the Market SelloffUnlike most declines, stocks and bonds have been sinking together so far this year. Rising inflation and a hawkish U.S. Federal Reserve are providing little comfort to investors. And yet exchange-traded funds continue to see massive flows. On this episode of “Trillions,” Eric Balchunas and Joel Weber speak with Gina Martin Adams, chief equity analyst at Bloomberg Intelligence, as well as Jon Maier, chief investment officer of Global X ETFs, about the search for the bottom, the odds of a recession, Fed policy, trending ETFs, Twitter’s love of the word “capitulation” and more.
- The ESG BacklashBlackRock and Vanguard collectively own about 15% of every US company, but are they voting their shares in a way that aligns with investors in their funds? One new exchange-traded fund company, Strive Asset Management, says they aren’t, claiming they’ve gone against their fiduciary duty by becoming too “woke” and forming an “ideological cartel.” Now it has plans to offer alternatives. We talk to Vivek Ramaswamy and Anson Frericks, co-founders of Strive. They plan to launch ETFs similar to those of BlackRock and Vanguard, but promise to keep politics and ESG concerns out of their voting. They discuss criticisms of ESG investing, stakeholder vs. shareholder capitalism and what Ramaswamy calls “excellence capitalism.” They also talk about how Strive will compete against the two biggest asset managers on the planet, and its noteworthy backers—including Peter Theil and Bill Ackman.
- Inside "The Bogle Effect"Three years ago, Eric and Joel went to Jack Bogle's office in Malvern, Pa. and recorded an episode of Trillions. That interview helped inspire Eric's new book, "The Bogle Effect," about the Vanguard founder's influence on investing and the financial industry. On this episode of Trillions, Eric and Joel are joined by Annie Massa, who covers Vanguard for Bloomberg News, to go over some of the big points Eric makes in his book. Among other topics, they discuss why Vanguard's ownership structure was the real innovation and the rise of passive investing is pushing active managers to get way more active. They also discuss the book-writing process and Eric's motivation for publishing his second book.
- The Great Emerging Markets DebateThis past year has reminded everyone why they’re called “emerging” markets. But it’s gone further this time, with investors questioning whether they even want to own anything in countries ruled by authoritarian governments, such as those in Russia and China. The conversation, in other words, has evolved. On this week’s episode of Trillions, we recorded live from the Exchange conference in Miami with Perth Tolle, founder of Life + Liberty Indexes, Jeremy Schwartz, chief information officer of WisdomTree and Bloomberg reporter Katie Greifeld. Tolle and Schwartz have a friendly debate about whether China and Russia deserve a spot in a portfolio. We also discuss currency-hedged exchange-traded funds and life as a small ETF issuer.
- Words of Wisdom From Mr. ETFNobody deserves the nickname Mr. ETF as much as Reggie Browne, principal of GTS and a renowned market maker. He's had an amazing behind-the-scenes vantage these past few decades because almost everyone launching a new ETF comes to ask for his blessing—and seek his seed capital. This special episode of Trillions was recorded in front of a live audience as a Bloomberg New Voices event. Eric and his guest co-host, Scarlet Fu of Bloomberg Quicktake, interview Reggie about how ETFs are born, whether they need a rating system, the prospects of a bitcoin ETF, and why theme ETFs such as ARK have staying power. Started in 2018, Bloomberg New Voices began as an effort to increase female representation on Bloomberg TV and in Bloomberg News coverage; it's since expanded to include Black and Latinx executives. For more information, or to participate in the Bloomberg New Voices media training program, please visit www.bloomberg.com/newvoices.