YouSaid · the spoken record

Dave Nadig

lines on the record: 126
first: 2022-11-11
most recent: 2022-11-11
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Oh, well, I mean, it's beating a dead horse here, but that I was wrong, and whatever the question is, the answer is I was wrong, right? fundamental shift in my perception, which really only happened in the last three or four years. The pandemic helped a lot to recognize the inherent fallibility of human experience and approach every conversation with the humility that that implies. If I could go back and beat that into my 25-year-old self, I would do it in a heartbeat”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“With the enormous caveat that everything you knew about financial markets is no five is probably wrong. As long as you know that.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“15 years Yeah, and I think that those are endemic. They're everywhere. I mean, during the GameStop run up, people were talking about, well, we had to make cap, you know, why did DTC have to have a capital call in Citadel and this must be somebody buying Ken Griffin? It's a scam. It's a scam. And it's like, again, it's so easy to disprove that, but only if you've already spent a year down the rabbit hole of understanding capital requirements at settlement bureaus. We all talk about...”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, all day. I mean, pretty much anytime that I'm not doing something else, if I have something in front of me and I'm reading, 90% of the time it's something that is way deeper than it needs to be because I really want to understand it at a core level.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, probably invent a better title. But to do like the kind of work that I'm doing, the biggest advice I have is be curious, right? Never allow a good rabbit hole to go unexplored.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“How about this? I'll go with a comic book Transmetropolitan by Warren Ellis. One of my favorite comic books could not be more relevant for the modern world right now about a journalist named Spider Jerusalem covering the apocalypse in a major city. And it feels like it was written about today today.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“He's phenomenal. Yeah. And he's way out there on this stuff. He's my Sherpa on this sort of phenomenology and consciousness end of things. But then we're going through it together, which helped a lot. And we would bounce ideas back and forth with each other and compare notes with where we were. And I did a full level two read of that book over about a three-month window reading it every day.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“And that's a very rare thing to do there. So on a book that's this big, the honest truth is you start, I start at level one. Now, my level one read on the matter with things probably took me a week. Because it's 1500 pages. So just to go through and read the opening paragraphs of each chapter and read the conclusions and be like, nope, I didn't get that. I have to go back without actually reading the book. It probably took me a week. Then Tom Morgan from KCP and I spent, I want to say three months. Tom has fun.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, so even in the modality of how to read a book, level two read, even that you would let skip through a little bit because the objective of a level two read is to understand everything that the book has to offer you. So, like, what are all its key points? What are its salient observations? What are its facts that you haven't gotten? A level three read, which I can say I've probably done for 10 books in my life, is when you go through and every concept you don't understand, you go down the rabbit hole. They mentioned a book that you haven't read, you go read that book.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Understand what's important. You're not going to read every single word on the page. But you're going to get the gist of every major point made in the book, right? You're doing your own spark unless it's a build.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. So that's a level one read A level two read is with whatever speed you want. You consume the available content of the book itself. So that's literally just reading the book. Now I tend to do that very quickly. That kind of reading, I can be very, very quick with. And that's a level two read”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“And in that modality, you probably reject half the books you open, right? You can do that in the bookstore, literally, right? Because what you're just”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Eight years old or something like that. And it basically outlines it's written in the 30s or something like that. It's a very straightforward system for breaking down a book. And it starts with like, okay, you have been handed a book. Here's what you do in the first 10 minutes. And it's not for fiction where you're worried about spoiling something. This is really for nonfiction. And there's a process they go through of like, okay, you read the first four paragraphs of the introduction. You go through and you read all of the chapter headings and usually through the table of contents to try to understand the flow. There's something you don't understand. Go read the first paragraph of that chapter so that you now understand the flow. Then go read the introduction to the concluding chapter. And by that point, you should understand, does this book have anything in it for me?”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh boy. The most impressive book I've read in the last couple years is The Matter with Things by Ian McGilchrist, which is 1500 pages big, right? It's a tone. 1,500 pages of neuroscience and psychology, I would say, is probably the best way to describe it.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“I've run into this all the time. I live in the woods up in the Berkshires of Massachusetts. I run into New Yorkers who come up to go hiking all the time who are heading off cliffs. Like, I mean, it's just almost every hike that I go out, and particularly this time of year, it's so easy to get lost if you're not used to walking around in the leaves and the woods. And just this last weekend, I was walking around just on a trail and I was just like, what the heck are these people doing going over that ridgeline? I'm like, hello, don't go. That's not a one more step is a doozy. Yeah.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“By an elk Is death. Right. It's not my account. That's why I'm such a fan of being outside in general, honestly, is because if you're three miles in on the Appalachian Trail in the middle of the woods, a storm comes up. That's as real as the world gets, right? When you're at a cell phone coverage standing in your sneakers in the middle of the woods, that's as real as the world gets. There's no bodies. There's no people. There's no stuff. There's no man-made anything. That's base state reality.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“He's a mean guide. I mean, that's how he started in life. He was literally in college, got his guiding certificate in Maine. And we know what those guys are like, right?”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Matt Hogan, who's 10 years my junior. I was going to say I've been working with him since 96 or 7. He was a biotech analyst when I was running money. He and I just have stayed incredibly close over the years. And if there's like one person who I was like, if I had a business decision, like career choice, ethical quandary, something like that, there's no question he'd be the first person I call.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh my gosh, a million people probably not necessarily people who will know, but there was a guy who was sort of my uncle growing up who was a Vietnam vet mortar surgeon and had blown off his hand. And he was just sort of growing up in Lennox. He was an uncle of a friend of mine. And he was probably the model that I put in my head when I'm sort of like, what would so-and-so do? It would definitely be Al Robertson, who was a businessman of some note. But in terms of my direct career, you know, I look back at those early days at Wells Fargo Nico, and for sure I needed to be taught all this stuff back then. And I give Patty Dunn and Fred Grauer and Blake Rosman a lot of credit for that because I was very young. They're all probably 10, 15 years my senior at the time. And they were incredibly important. But honestly, if I pick one person, I'll probably...”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“The most important part of writing to me is the two hour walk at 6 a.m. Right. That's the most important part of writing. Then I sit down at 8 and start writing, and that's the easy part.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“It totally depends on the kind of work that I'm doing in the moment. If I'm reading academic work, if I'm looking at legislation and reading news and catching up on Twitter, I can listen to anything. If I'm actively taking the words out of my head and putting them on paper, generally I'm in complete silence. But I tend to compose in my head and then write all at once. So I'll write something in my head for three or four days and then I'll put 5,000 words out in 30 minutes.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the interesting thing is now in the DIY community, in the sort of true indie community, that stuff is really rampant, but it's happening outside of the boundaries of the big record companies, right? It's literally one artist in Philadelphia calling up another artist in Chicago saying, hey, I love the beat you put down on that half-made track you dropped on Bandcamp. Can I sample that in my next thing? And that's happening like crazy, but they're not going back to the old BlueNote, you know, archives like the Beastie Boys got to. They're not getting to sample a whole lot of love.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. That's the big issue that the lyrical comment is really important. I will listen to hip-hop generally on headphones like sitting down in a chair with headphones on to listen, which I don't think that many people do, and I wish more people did. But in that space, like run the jewels, I'm a huge run the Jewels fan. And that's more of like an indie hip hop artist. So that kind of stuff is a little bit more my jam. I was really into hip-hop back in the 80s, 90s era, but not at the level I know some of your boys are at Riddlets.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I mean, I skip stuff I don't like. I don't want to pretend that I just universally love everything. But, you know, somebody who's putting up a playlist that's new music every week, you know, there's a top 40 alternative charts that I listen to that's new every week based on college radio airplay. And so I'll just put that on repeat. It's the same playlist. Just keep it rolling in repeat, but it's new stuff every single day. The stuff coming out of particularly like Philadelphia and Chicago in the new music scene, all Zoomers, like all kids in their 20s, just amazing stuff. Like a couple bands of note. Wet leg is one that I'm a big fan of, very much a sonic youth kind of vibe. Horse girl out of Chicago, again, a very sonic youth kind of vibe. Philadelphia, there's so many bands down there. Alex G just dropped an incredible album down there dead to EHD, another incredible band. They're out of Chicago as well. But these little DIY music scenes in a couple of major cities, just unbelievable.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“So So, Gorilla vs. Bear and Brooklyn Vegan.com, both of them are blogs where every day, like literally, I think one of them posts, here's the 26 songs that were released today Every day”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“And they're an incredible source of new music. And I think that we're in a golden age of independent music, like the last two or three years. The pandemic's been phenomenal”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, great. I've been on a big music tear lately. It turns out on Twitter, one of my most engaged threads I've ever done is I just sort of post a new song like every couple days in there. I'm a big believer that you have to be paying attention to the now if you want to have any hope of understanding the now. So I try to only listen to new music. Really? It doesn't mean that I don't occasionally toss on an old Bowie tune that I love or something like that. But four to six hours a day, I'm listening as much as I can to brand new music. And I tend to really listen to basically college radio since like 1983. And I sort of never stopped. Now most of that is intermediated either through Sirius XMU on Sirius XM where fine podcasts are held like this one sometimes or various like remember blogs, big music blogs back in the day like Gorilla vs. Bear, Brooklyn Vegan. These guys are all still around and they're amazing.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“You have to have the humility of your convictions. Like, I look at my Schwab account right now and I say, oh, I get this snapshot of reality of what it is. It's in these things right now for reasons that I had good reasons to put him in the emerging markets fund or whatever. But every day I should be asking myself whether that's still true because the world changes rather quickly if you haven't noticed.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Then it's like this. Then, right. How do you know what's real and what's not? And I'm not one of these guys who's like, we all live in a simulation. I don't want to go into, I hate that argument. Whatever. I think they're entertaining. But my point is from a very practical real war perspective, let's bring it back to dollars and cents.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. They're idiots. No, they're not. They are perceiving a different reality than you are. And their model got confused and thought that the table was real because they're so used to seeing a table and thinking the table is real.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, you've seen the video, you've watched millions of these videos of people doing hysterically stupid things with VR helmets on. Well,”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“That is, of course, not true when you walk into a really well made illusion. It's not true when you put on a VR headset. So we're accepting this version of our perception as somehow phenomenologically real. But when we put on the VR headset, we have a brain space where we're like, well, I know the table's not really there. But then again, most people put on that VR headset and they fall down when they go to lean on the table that's not there.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“As a species, right? We have learned these affordances, ways to interact with the environment. I am fairly certain if I hit a table, it will always be there. Right.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“No, no, working with material objects is where everybody falls down on this. The problem is what's actually going on when you're holding onto this table is just a set of somatic inputs and visual inputs. So the way we perceive it”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, at the base, all beliefs are wrong, right? By definition, if I can't prove that I'm in this room, if I can't prove that fundamental reality is phenomenologically true, I could prove that all table is real.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“And that, I think, is very true. So, you know, learning to understand to think in bets, I think, is really important. Andy Duke's book on this, I think, is one of the key pieces of reading people should have because it makes it very human, right? This idea of thinking in bets, thinking in probabilities, probably the best thing online poker's ever done to the country.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm going to get hit by a car or whatever. Right. So I think that that is, you know, there's a level of humility that comes from acknowledging the inherent unknowability of whatever it is you think you're an expert on. But at the same time, I think thinking probabilistically, I mean, I think Jim O'Shaughnessy talks about learning how to think probabilistically in a probabilistic world as opposed to deterministically.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“The inherent, yeah, absolutely unknowable. It's all probabilistic, right? And, you know, fundamentally, you start thinking about quantum computing, right? Quantum computing largely ends up being about convincing yourself you're not sure, right? Because you can't actually measure the state of a qubit in real time because then the wave collapses and it's no longer a quantum computer. So managing uncertainty turns out not just to be a managerial tool for guys who sit around and talk about money, it's actually the fabric of the universe is based on managing probability, not understanding certainty. So if you approach everything from that perspective that, okay, whether or not I'm going to go on the subway to get down to the hotel, that there's an inherent level of uncertainty in that journey and that I have to be willing to accept. It's like, okay, well, 65% of the time subway is going to be faster.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“99% of the quantum level, we know this is all empty space, et cetera. And that can all get very woo-woo, and who cares? And so that's fine. It can be woo-woo and who cares. But you have to start from there and build up. And if you accept that fundamentally, I cannot prove the table exists, then getting really worked up about Tesla earnings is even more ridiculous, right? Because now when you have an opinion about Tesla earnings, it's based on a set of information that is incredibly incomplete. I don't care whether you're the most storied Tesla analyst on the world. I don't care if you're Elon Musk. Elon Musk on the conference call talking about earnings has no idea what's going on on the floor right now. For all he knows, his factory is burning down while he's talking, right? So we're inherently always wrong about the state of anything that we are asserting truth on.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, like if you imagine this coffee cup is here, right, you're already perceiving it delayed from its existence here. It looks solid.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh boy. I think there are a couple of big ones, and these are fairly recent revelations to me, and some of them are slightly philosophical. I think recognizing the inherent unknowability of reality is an important first step. You know, you mentioned the 200 millisecond lag on perception. Annal Seth has a great book called Being Human or Being You. I always get it wrong. He's the one who put forth the scientific proof that effectively we hallucinate reality, like what goes on in our heads is a model of the molecular world around us.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“The only constraint you should have when you're thinking about your money today is what are the transaction costs of not being in what I'm in right now? Because if the answer was zero. Then every single morning you should start in cash and make a whole new set of decisions about where you're invested in today in a purely frictionless world.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“How much money was not good? It's killing me. And I'm looking at the. But this is the point. That's hindsight. But you're hung up on this. And the reality is. And it's around.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely, and also from the advice perspective, part of the reason I put it that way is because boy, I just get this emotional reaction myself like I look at the market, it's down 5% or I look at my portfolio value and it's not what it was six months ago. It's so easy to get caught up in that regret of what happened and I could have done things differently or if I had put this trade on on Tuesday I would have made more money and have that dictate what you do today. And that is stupid what you do today should be based on the markets today. And the markets today are not the markets that were there two weeks ago when you didn't put on that options trade that would have been brilliant. So the ability to let go.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“The implications are actually much more profound than that, however, which is that because we've set up capitalism, not just your portfolio, but global capitalism bakes these assumptions in, we end up with things like runaway problems, which we see all over the place, right? The rise of the billionaire class. It is no longer the case in modern democratic capitalism that the best idea best executed is the one that will win. It's the best idea that's best executed that also has very good starting conditions and access to capital. That's the one that wins.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“That is a non-ergotic function, right? Because that's not the same as saying, well, we're going to have 10,000 people go through that same experiment on average. Everybody's going to flip heads and tails about even.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Because you are path dependent. Your path dependency on those starting conditions of you flip that coin heads five times in a row, you now have capital, you have opportunity, you can make smaller bets that are a lower Kelly number. Like you get the flow. You get all the flywheel. You get all sorts of stuff going on. And because I flipped two tails off the beginning, I'm screwed.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“If you flip a coin a thousand times, we can come up with similar expected values to if we have a thousand people flip a coin once. The connection between those is the ergotic assumption. As I understand it, and if I'm wrong, I'm sure people will send me hate mail. A lot of what we do in economics is based on that sort of fundamental mathematical assumption that you don't have to worry too much about those things. The problem with that is that it's frankly not true. Something as simple as starting conditions. You can do this with just the coin flip experiment, right? If you and I flip coins and you flip heads four times in a row top to bottom and I just randomly heads, tails, heads, tails, but we're betting $100 on each one. I will probably never catch up to you.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Different So, look, with a caveat that I'm neither a mathematician nor an economist, and neither are you either of those things by training, fundamentally, we assume certain things about how money and markets work. A big one is that when you average something over time, you end up with similar answers to when you average things over populations, right? So if I mean a snapshot.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so much. So the most interesting thing I think that's markets related is probably what's going on in economics. I'm a big fan of Ollie Peters runs something called Ergodicity Economics from the London.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source