Trillions

Neeeeeeerrrrrrddsss! The term used to be an insult but now it’s (mostly) a compliment. At least that's the case in the world of ETFs, where passions run high for these low-cost, liquid funds. Used by long-term retail investors and institutional traders, there's a wide range of opinion on which Exchange Traded Funds are best, which trends are smart and what the future may hold.On this week’s Trillions, Joel and Eric spar with a colorful gang of ETF pundits in a McLaughlin Group-style roundtable. They discuss 20 hot issues in the ETF world, including whether fees are overrated, when a zero-fee ETF will arrive, whether ESG funds can ever find an audience, where innovation will come from and what ETF our panelists would use for their life savings.See omnystudio.com/listener for privacy information.

While the rise of ETFs has been good for ETFs, it has come at the expense of many mutual fund managers -- humans who have seen about $1 trillion in outflows over the past four years. The situation has confounded many active fund companies and fueled consolidation in the industry. Now, a prominent active fund advocate and ETF critic says he’s found a better strategy: mutual funds with performance-based fees.On this episode of Trillions, Joel and Eric speak with Peter Kraus, former CEO of Alliance Bernstein, who discusses his new endeavor, Aperture Investors; also joining the conversation is Sonali Basak, a finance reporter with Bloomberg News. Kraus plans to offer actively managed mutual funds that cost about the same as a passive ETF -- unless his portfolio managers outperform their benchmarks and generate alpha. Aligning compensation with performance, Kraus says, is a better incentive than charging a fee based on assets under management. The episode also covers shortcomings of the ETF, why active management needs a dose of creative destruction and how a portfolio might benefit from performance-linked fees. See omnystudio.com/listener for privacy information.

Ten years ago, the financial crisis changed everything -- and helped create the world we now inhabit. Eric and Joel push rewind to revisit 2008, examine why ETFs managed to take in money that year despite the huge loss in the market, and dissect what's changed in the decade since and what it tells us about the future. Christine Harper, the editor of Bloomberg Markets, who covered banking for Bloomberg News at the time, joins to offer her insights.See omnystudio.com/listener for privacy information.

This week on Trillions, Joel and Eric record the podcast equivalent of a double-album with Barry Ritholtz, an ETF-using financial advisor as well as a Bloomberg Opinion columnist, host of the Bloomberg podcast "Masters in Business," and overall deep thinker. In addition to ETFs, the trio discusses investing, the economy, the role of the modern financial adviser, tariffs, Trump, and even God. We're calling this special body of work "Use Your Disillusion I & II," a nod to the seminal Guns N' Roses album. Why? Because - according to Barry - disillusionment is a major driver behind the rise of ETFs and passive investing.See omnystudio.com/listener for privacy information.

This week on Trillions, Joel and Eric record the podcast equivalent of a double-album with Barry Ritholtz, an ETF-using financial advisor as well as a Bloomberg Opinion columnist, host of the Bloomberg podcast "Masters in Business," and overall deep thinker. In addition to ETFs, the trio discusses investing, the economy, the role of the modern financial adviser, tariffs, Trump, and even God. We're calling this special body of work "Use Your Disillusion I & II," a nod to the seminal Guns N' Roses album. Why? Because - according to Barry - disillusionment is a major driver behind the rise of ETFs and passive investing.See omnystudio.com/listener for privacy information.

Barry Ritholtz, a money manager and Bloomberg Opinion columnist, discusses factors investing and the controversy around smart beta. The podcast also explores the performance of low-cost value stocks and the psychology of investors. Additionally, it talks about value traps, anti bubble concept, 'Armageddon traders,' and promotes the podcast 'Masters in Business'.

You never go full crypto, right? Yet clearly some in the ETF industry see a massive opportunity, hence the steady talent trickle to the nascent space. To date, the U.S. Securities and Exchange Commission has received more than 25 filings for ETFs featuring Bitcoin. They're effectively the participants in a Cannonball Run-esque race to gain the SEC's approval -- and whoever earns that blessing and is first to market could have a multi-billion-dollar product. But is this asset class even ready for primetime? How would it even work? What roadblocks must be overcome? On this episode of Trillions, Joel and Eric are joined by the perfect guest to discuss all of this: Matt Hougan. The vice president of Bitwise Asset Management and a veteran of the ETF industry, Hougan has deep knowledge of both industries. He's also a face in the Cannonball Run race. His firm just filed for the Bitwise Hold 10 Cryptocurrency Index Fund, which is the first proposed ETF that's a basket of cryptocurrencies. Hougan also gives his take on many of the biggest trends in the ETF industry, from zero-fee funds to passive's future.See omnystudio.com/listener for privacy information.

What is the best ETF for the long-term? How important is index selection? Is there a pot ETF? Can you get private equity exposure through an ETF? These are just some of the questions that Joel and Eric attempt to answer in this episode of Trillions where they dig into the proverbial "mailbag" of questions from listeners on various platforms. See omnystudio.com/listener for privacy information.

Trade tensions and tariffs are a new variable for investors. How should investors differentiate between noise and reality? Should they adjust their portfolio? What ETFs can be used? Joel and Eric are joined by reporter Sarah Ponczek and advisor John Davi to discuss.See omnystudio.com/listener for privacy information.

No one person has had a bigger impact on the fund industry than Vanguard founder Jack Bogle, the legendary investor who invented indexing and popularized low-fee mutual funds. One of Vanguard's biggest advantages: Its mutual fund ownership structure, which is an original Bogle breakthrough. Bogle now thinks other firms will have to follow suit to survive in the future -- one of a few topics he plans to explore in his next book, Stay the Course: The Story of Vanguard and the Index Revolution (Wiley, October 2018). If he's right, the financial ecosystem is in for major changes.During their visit to Vanguard, Joel and Eric also picked Bogle's brain on ETFs, financial advisors, active share, behavior, and Bitcoin for this special episode of Trillions.See omnystudio.com/listener for privacy information.