Trillions

Latest Episodes:

Trailer: The New Economy Oct 24, 2018

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Bloomberg’s head of economics Stephanie Flanders calls on Bloomberg's worldwide network of reporters and expert commentators to cast a fresh eye on looming challenges for the world economy which affect us all.

This 6 part podcast combines on the ground reporting with expert discussion on the future of cities, finance and technology, trade, global governance and making growth more inclusive. It's the start of a global conversation on how to confront these issues which will continue in Singapore in early November, when around 400 top business leaders and thinkers from across the globe will gather in Singapore for the first New Economy Forum.

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Coming Soon: The ETF Story Oct 19, 2018

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The creation story of the first exchange-traded fund is actually the best way to understand how they work. And it's not just educational, it's entertaining. Like the PC and the MP3, the story of the creation of SPY -- which turned 30 this year -- is full of characters, twists and turns, and subplots. In the end, the product launched an industry that's reshaping not just investing but the entire financial ecosystem. This six-episode miniseries will weave together interviews with the founding fathers and other key players that help investors better understand the ETF and how we got here.

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Where To Invest $10,000 Right Now Oct 18, 2018

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With many of the world's stock markets in turmoil, and interest rates on the rise in the U.S., it can be hard to spot investment opportunities. A popular Bloomberg article asks six experts where they would invest $10,000 right now. Some of those areas include Asian countries, tobacco stocks, companies profiting from the mobile payment trend as well as just a plain ol' broad market allocation.

On this week's Trillions we speak to the author of the story, Suzanne Woolley, and personal finance writer Ben Steverman about these picks as well as the ETFs that can be used to play them. We also discuss what they are hearing from retail investors outside the financial bubble about the recent selloff and investing in general.

When you’re done listening, you can read the article at https://www.bloomberg.com/features/2016-how-to-invest-10k/

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Four ETF Nerds Debate 20 Topics Oct 04, 2018

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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.

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The Man Who Hates ETFs Has Found a Way to Save Mutual Funds Sep 20, 2018

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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.

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2008: The ETF Retrospective Sep 06, 2018

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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.

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Barry Ritholtz: Use Your Disillusion II Aug 23, 2018

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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.

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Barry Ritholtz: Use Your Disillusion I Aug 23, 2018

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Next up: Barry Ritholtz Aug 16, 2018

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Next week, we’re going long with Barry Ritholtz—a money manager, Bloomberg Opinion columnist, and fellow podcast host. Get ready: We literally couldn't stop talking.

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He's Half ETF, Half Crypto: One Man's Quest to Bring Progress to the Universe Aug 09, 2018

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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.

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