Trillions

Latest Episodes:

Introducing Prognosis Season 4: America's Broken Health-Care Costs Jan 13, 2020

Show notes

Americans are paying more and getting less for their health care than ever before. On the new season of Prognosis, reporter John Tozzi explores what went wrong.

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Half of America Doesn't Own Stocks. Here’s Three Ways to Change That. Jan 09, 2020

Show notes

ETFs have democratized investing -- everything under the sun is available with the click of a button, and for cheap. Yet this really only applies to the half of the country with the ways, means and desire to invest. What about the other half? How do we get more of them benefiting from the markets?

Joel and Eric speak with financial consultant Tyrone Ross, who's passionate about getting the "unbanked" more involved. Smartphones and services such as Cash App make his mission easier, he says, but it's still an ongoing challenge that requires what Ross calls the three Es: exposure, education and empowerment.

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Hot Takes: The Outlook for ETFs in 2020 Dec 26, 2019

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There’s rarely a dull moment covering ETFs. And this year, as well as the past decade, was no exception. The industry has solidified itself as the hottest destination for new cash, new firms and new ideas.

On this last episode of the year for Trillions, Joel and Eric talk to Rachel Evans of Bloomberg News and Todd Rosenbluth of CFRA in a round table format getting their expert takes and outlooks on everything from flows, returns, issuers, launches, fees, active, ESG, themes, marketing and regulation. Eric and Todd also make a new bet!

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What Went Up: Talking Markets with Mike and Sarah Dec 12, 2019

Show notes

It was nothing short of a spectacular year for the U.S. stock market. Oh, and fixed income. And emerging markets. And gold. Basically everything went up — even if it didn’t necessarily feel that way. But why exactly? And what might next year hold for investors? How crucial is the Fed? The election? So many questions...

On this episode of Trillions we talk all things markets with Michael Regan and Sarah Ponczek from one of our favorite fellow Bloomberg podcasts called “What Goes Up?” in what may be the greatest crossover event since the Harlem Globetrotters landed on Gilligan’s Island.

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Gatekeepers and Keymasters Nov 27, 2019

Show notes

Just as a maker of organic salad dressing wants to get into Whole Foods, every ETF issuer is trying to get its products distributed by the fund superstores. Known as wirehouses by the industry, these mega-platforms from the likes of Bank of America, Wells Fargo and Morgan Stanley service advisors with trillions in assets -- and can transform an ETF from zero to hero overnight. But only a minority of funds make it to their shelves.

So how does an ETF get on these crucial platforms? By getting through the all-important gatekeeper. On this week's Trillions, we chat with Mariana Bush of Wells Fargo and Jon Maier of Global X about their extensive experience in this world of gatekeepers and keymasters. Rachel Evans of Bloomberg News co-hosts.

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Is Direct Indexing Coming for the ETF? Nov 14, 2019

Show notes

ETFs compete with just about everything, including mutual funds, options, derivatives, and even single security investing. Another competitor is direct indexing, which means investing in a customized portfolio directly -- bypassing the fund's "wrapper" altogether.

On this week’s Trillions, Joel and Eric sit down with Brian Langstraat, the CEO of Parametric, the largest direct indexing provider. He explains what direct indexing is, who it's best for, what the benefits and drawbacks are, and why it isn’t really an “ETF killer,” as some have claimed. Morgan Barna of Bloomberg Intelligence joins the discussion as well.

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Welcome to the World of VIX ETPs Oct 31, 2019

Show notes

Despite -99% returns, burning through billions, and the occasional controversy, exchange-traded products (ETPs) that track a volatility index called the VIX are flirting with record flows and volume this year thanks to a loyal audience of traders who love their jackpot potential. On this episode of Trillions, Greg King, who was behind some of the most popular products before founding Rex Shares, and Luke Kawa of Bloomberg News, who often writes about volatility, join Joel and Eric for the ultimate power-tool discussion. The group gives an overview of what investors need to know about the products, how they gained some infamy with the 2018 termination of XIV, and some developments to look out for.

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Coming Soon: Travel Genius Season 2 Oct 28, 2019

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Bloomberg's Travel Genius podcast is back! After clocking another hundred-thousand miles in the sky, hosts Nikki Ekstein and Mark Ellwood have a whole new series of flight hacking, restaurant sleuthing, and hotel booking tips to inspire your own getaways—along with a who's who roster of itinerant pros ready to spill their own travel secrets. From a special episode on Disney to a master class on packing, we'll go high, low, east, west, and everywhere in between. The new season starts Nov. 6.

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Are “Buffered” ETFs the Next Big Thing? Oct 17, 2019

Show notes

Would you give up some stock market upside for some downside protection? That's the value proposition for a fast growing new category of annuity-like ETFs that do just that. They are the creation of ETF veteran Bruce Bond, who is known to many as the founder of PowerShares.

On this week's Trillions we speak with Bruce as well as Carolina Wilson from Bloomberg News about what sparked the idea for the products, how they work and what the drawbacks are.

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Hiding in Plain Sight: Inside the Non-Transparent Active ETF Race Oct 03, 2019

Show notes

For years active mutual funds have been looking for a way to utilize the benefits of the ETF structure without having to show their holdings every day. They may have finally found a solution, but will it be enough?

Joel and Eric are joined by Dan McCabe of Precidian Investments and Rachel Evans of Bloomberg News, who wrote about McCabe's non-transparent active ETF structure in the latest issue of Bloomberg Markets magazine. McCabe, who's licensing his structure to the likes of BlackRock, JP Morgan and Goldman Sachs, discusses how this decade-in-the-making development came to pass and the benefit it might provide investors while addressing industry headwinds and competition.

Eric, Joel, and Rachel begin the episode with a brief discussion of Schwab's move to eliminate commissions -- the latest flare-up in the ETF trading war -- as well the new ETF Rule the SEC finalized last week.

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