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

“No, I read the book. I read the book when it came out. And the reason I loved it again was not because it told me anything about how they made the landers. It was because it was like, holy crap, this was an ego farm. Like this was a whole, like it felt like Wall Street. Okay, here are a bunch of extremely high performance, almost exclusively dudes with enormous egos who are going to work collectively to do something nearly impossible. That's why that's an interesting story. It could be about the Dream Team hockey, right? The fact that it was about these super high performance people all interacting with each other for a common goal, that's what I think was interesting about it. It should be about that, not about like, well, government spending did this and we invested in no, no, no. This was about creating a community of people around a common goal.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but I remember watching on TV as kids sitting on the couch, right? So, like, very, very real to me. And so I felt like by the time I was 16, I felt like I had a pretty nerdy understanding of the Apollo program. But then you start reading stuff like Tom Wolfe and the right stuff. Did you read?”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so well, again, so I'm glad you made that bridge because I think money ball is an interesting example there. To me, moneyball is interesting, not for the act like this dude, but as a character study to understand how human beings reacted there. So like in the right stuff, which was the example I was using in the email I sent you, I'm like a lot of people my age in Gen X fascinated by the Apollo program and read everything and seen every documentary and built all the models when I was a kid, right? I mean, it was the Wild West of our young.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“The same thing happens in markets all the time, right? When people get nerdy, but other people are focused on the emotions, there's often a real opportunity there, right? Because now you're dealing with the system, not with the people.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Right over there. Well, no, but actually Moneyball's a great counter example where that's a great narrative. It's a great story. But I think that the lesson some people get out of moneyball is, oh, there was this one sharp kid in the right place at the right time, and he really did something amazing and got just enough people to pay attention and got really lucky. And isn't that a great story? Where the real thing is, okay, what is it about that environment that made a difference? This was somebody who focused on data when other people thought data was irrelevant. They got nerdy when people were thinking it was Hunch.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“In the 80s and 90s Yeah, I think that's exactly the point. So I get very skeptical of hero worship. I'm much more interested in understanding decision making. So like, In terms of great business books, I'd rather focus on choices, values, and frames by Canman Tversky versus anything Mountain Gladwell has ever written.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you know, we revere Warren Buffett, right? And we said, like, you know, and people write books about them and all these things. And often what they end up looking like is hero worship. The more interesting question is, okay, Buffett's been really successful. Instead of trying to figure out what is it about Buffett that was better, I think it's much more interesting to look at, well, okay, what was the pond that he was fishing in? Who were his colleagues? What were his information sources? What kind of capital constraints did he have? Or what lack of capital constraints did he have versus competitors? That's what makes him an interesting story. Now, of course, he wouldn't be successful. He wasn't also sharp and brilliant and good at his job and good with people. But I think it's much more interesting to look at those decisions as sort of contextual reactions to their environment as opposed to revering them as like, well, we should all invest like Warren Buffett. No, we should all have the perspicacity to invest like Warren Buffett when presented with that.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so you do this on your podcast, right? You talk to a lot of very professional, very successful people. That's why it's called Masters in Business, right? The challenge with that is I think it's very easy to get hung up on the thing that they did, not why they did it and what they needed to be able to do it. So we look back at, I don't know, Simons, right? People who were wizards of Wall Street, and we reared well.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“But part of the reason that's so interesting is that the mechanics of that are now gone. Right. The world doesn't work that way anymore. But people are the same. Neanderthals are pretty much doing the exact same emotional, buy, sell, you know, greed, fear, trade-off in that cycle. And so what happened in 87 was a cycle that, I don't know, had a cycle time of 20 minutes. Now it has a cycle time of 20 milliseconds. But at the end of the day, you still have people making those decisions.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“To understand to me, it's fascinating to understand how the pieces actually work versus how we think they work because they're never the same.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Big index provider. So it's like, and I had never at that point, I had not been down that rabbit hole. There was no internet to go search on that. Now I had access to all of these internal documents about what was actually going. And none of it was hidden. It was all part of congressional testing. Right, right. It was all out there. The giant SEC report that came out afterwards. It was just anyway. My point is it's fascinating.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“I'll give you one little weird side note on that. So 87, I was 21 years old or something like that. I was living in Hollywood, California. I had a little tiny bit of money invested, maybe five grand that my grandfather had given me in a Smith Barney account or something like that. 87 happened. pretty much lost most of it, whatever. But I became fascinated at that moment by what the hell just happened. Years later, literally four or five years later, I've gone and gotten an MBA. I'm studying investment finance. In the back of my head constantly, I'm like, I want to understand what that's. I read everything about it. I end up working for Wells Far Unico in the very early 91 or something like that. Lo and behold, I start going through stacks of stuff on portfolio insurance because they were huge writer of that at the time, right?”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Weeks, maybe the world changed, so I can do the update to get current, but I'm not starting from scratch every day. And hopefully that's some of the value.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“And both of those are okay depending on what your purpose is. What does that have to do with finance? Well, in finance, we approach that constantly, the markets. Just think about who we talk about the markets. Okay, do you understand the markets? Well, yes and no, right? Yes, you understand the basics of like what's going across the ticker and what your clients need to do. Do you really understand at a really detailed level exactly how payment for order flow impacts capital requirements at the DTCC? No. You don't need to. It's not important to what your job is until something breaks, right? And so part of my job as a financial futurist is to go down a lot of those rabbit holes so that when the world blows up and everybody's like, payment for order flow is the worst thing in the world. I'm not starting from square one saying, what is PFOF stand for? I've already understood, okay, here's the mechanics of how this go. What am I missing? I haven't looked at in eight.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's going to be imperfect. That's the other thing I think that is an important thing for anybody who's in the business of dealing with human beings for a living around emotional subjects, which is the job of financial advisor, understanding that, oh, everybody lives in their own little interpreted reality where some people understand the molecular structure of the cup and some people literally just have in their head, oh, handle coffee drink. Right.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“It's not black and white The answers to our problem. And to get really neurophilosophical about it, as human beings, we walk around looking for affordances. And what that word means is like we look for the handle on the cup. And when we see a cup and there's a handle on it, we can say, Oh, I've seen this before, I understand that's a thing I can grasp, and I understand how my hand works. And so now I can get the cup of coffee. If all we're trying to do is drink the coffee, that's as far as we need to go, right? We get the affordance that allows us to work in the environment that we're in.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So look, I try not to spend a lot of time imagining how I think the world should be today and spend more of it trying to focus on the word the world is today and might end up. We have mutual funds now. They're not going to go anywhere because they're baked into our retirement system. They're a better fit for that specific purpose than ETFs because of fractional shares. There's no economic incentive for anybody to change any of that. So I'm going to die and my 401k is going to be in mutual funds. That's probably what's going to happen, right? Whether that's tomorrow or 40 years from now, I don't think mutual funds are going away because there's no reason for anybody to usurp it unless we literally throw out the 40 act and rewrite the securities laws of this country. The mutual fund's going to exist.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Tell us why, because the ETF structure is inherently more tax fair, and that sounds like a weird name. No, it's 100% true. The problem with mutual funds, if you launch them today, is that the pitch would be, hey, we're going to pool our investors, but for tax purposes, if you sell out, you can take care of your own stuff, but we're going to book that gain over here with all of these other investors, send them all of a check and make all of them restate your basis because you decided you went out on a Tuesday phantom?”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“That's amazing. Why would you bother? And also, you end up in the situation we have right now with BABA, where you end up with the, I mean, Baba's not an ADR. It's a direct list, but you end up with this issue where you've got multiple jurisdictions governing a country. Right, it becomes difficult. It's messy.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Because they don't want to go through the process of becoming. Oh, they just don't care. Well, yeah, I mean, they'd have to do reporting that they don't. I mean, I'm guessing a little bit because I don't live in their boardroom, but they have reporting that they'd have to do. They don't want to do. They've got American investors they don't want to have to talk to. They've got requirements that Denise would put on them.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Because they're reasons we have ADR rules, right? That's part of the reason that you have to go through the process of getting a depository receipt listed is that the then rules about what that means in terms of voting and ownership and reporting and all that jazz.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“But we are splitting hairs. The short answer, Barry, is they don't really have much of a use case for most investors. The fake ADRs, like Roundhill had filed for Get Samsung, which doesn't have an ADR, and you can trade it like it's an ADR, that one actually makes sense. That one has some utility. They shut those things right down. Oh, really? None of them are listed. Why?”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“For that, that sounds fantastic Put up 100 or direct shorting, and you could lose a thousand. Direct shorting, finding getting to locate and getting a short, theoretically you have one really bad day and you can be out more than your account, right? Certainly more than your position. That's fair.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm like, that's where I get my answer. So Yeah, I'll be talking to them about that. So, like, they have a use case if you want to be Git leverage and you don't want to use your margin account or you ran out of margin in your margin account. Yeah, that's a narrow use case. More importantly, if you want to short something, right? So test what you can't get a borrow up. Tesla Q is the one that's the only one that has any of the assets right now. And it's the short Tesla fund. The biggest benefit of those, and I can't believe I'm saying this out loud, is you can only lose all your money.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“In the next segment. But that's what all that is. So all that woke anti-woke investing stuff, that's applying these sort of emotional labels about the world to our investments. And I'm with you. I don't think that that makes a ton of sense. I think there's some threads there around voting that makes some sense. But most of that stuff, I don't like how it's sold more than I don't like how it's built. Where I think things get a little tricky is when it's like what I call headline funds. Electric cars, future food, work from home, valid approaches, but they're really so targeted towards, well, is there going to be a big headline? Like work from home, pandemic, go, right? They're really just headline bait. And I think those are interesting speculative plays for folks that do that for a living, but I don't think they really belong in people's long-term portfolio. I don't recall.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I'm not a super fan of most of that stuff. I do think that there's a place for thinking about stewardship and again part of my longer thesis on how the world works. Corporate ownership, who controls what companies do, is probably a lot more important than who's elected in office.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Another one. Phenomenal. Another But we both know she spent five to ten years in the trenches getting to the point for the overnight success. That's right. It always takes 10 years to be an overnight success. So the thematic stuff definitely interesting. I think mostly driven by advisors need to have stories to talk to their clients about. That's not pejorative. I think that's a real...”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“No, no, I brought it up because it's so fast. DMCY does emerging and developed markets. I think that's the one. And that's got sort of a broader methodology, Perthol's FRDM, is just emerging markets, which people use it as X-China. It's not just XChina. It's ex dictatorships, which is working.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, this is sort of the foundation of how I view like my financial futurist model starts with the premise that our understanding of how humans work is wrong to start with. So just the nature of human existence, we've all got wrong. So therefore, any certainty you apply to anything else in the universe, you've got to put with a huge grain of salt.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, just the cost, but. But there's also a mismatch. And anytime somebody says, I'm going to replicate this unobtainable pattern of returns with this obtainable pattern of returns because I can watch in the mirror and see what they're doing and then replicate it over here. I read all those academic papers. I understand where the math comes from. I'm very skeptical about them, not because I think people get the math wrong, because I think the world changes.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“So, most of the hedge fund replication products have not done particularly well. IndexIQ launched a bunch of those about a decade ago. They're pricey.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and it has been, right? So that is a little bit of a lightning in a bottle, right place, right time. I mean, that fund was around for a year or two before people paid any attention. How”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Now you understand what it means when rates go up another 75 bits. That, I think, has become pretty important. So as much as I'm personally still a pretty strong skeptic of active management, I mean, I understand the math and the odds are not in your favor as an active manager. You have to be doing something both incredibly disciplined and incredibly well to have any success there. I think we're now in a market where we'll be able to pick those people out. Now, whether they're coin flippers who just happen to get heads 20 times in a row or not, history will judge. But there's demand from advisors. There's demand from institutions. There's definitely demand from retail. And there's plenty of supply in the asset management business side.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Blew the doors. I Of sort of high innovation growth managers, we've seen this several times, not just in the dot-com era, although we saw plenty of it then. Oh, no. This repeats all the time. You look over a long cycle and it's like, well, they kind of did what the S&P 500 did over 10 years. But boy, but more expensive, with crazy up and down along the way. Right. But if you look at that, they've managed to hang on to investors. You look at things like Andrew Beer's DBMF, which is the really interesting future hedge fund, pulled in a billion dollars this year. Really? Yeah. Good for him. It's up 30%. I mean, that's why. Wow. But I also think it's a solid strategy. You know, it's effectively a quant model that's duplicating that sort of CTA style of management has done very well. There are a lot of little pockets like that where you can say, oh, here's an active manager who's providing an interesting beta that other people aren't really getting access to. And they're doing it in a more useful and interesting way that there's also some story behind. You understand why you're doing it.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Like, we're And in fixed income, this is really an issue because a lot of people just default to benching against the ag when they have no intention to Bloomberg Barclays aggregate bonded. And, you know, most people who are an active bond manager, they're focused on credit, right? They're focused on a niche. They've got, oh, I am working on securitized stuff, whatever. They're not trying to eke out 50 basic the 10-year, right? They're not even owning the long treasuries or any of that stuff. So the apples to apples thing is a real issue. Putting that to the side, if you look at what Kathy Wood's done at the Arc team, right? It's really interesting. Their performance has been awful and their flows have been solid, meaning money is not leaving.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you know, they may only be 10% of the assets, but they're more like 30% of the revenue. Really? That's an amazing active managers are a big deal in the ETF space now. And I would also point out a lot of”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so this is one of those things where my personal belief system tends to, I have to check that at the door. The reality of the market right now is active management is a thing in the ETF space while it is still a fairly small part of flows, call it between 10 and 20% in a given period. It's an enormous part of revenue because most of these funds charge more. Right. They're not judging.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, there's like TLT. You've got the big treasury funds, LQD and HYG, and those are sort of big betas in fixed income. And that's where the biggest funds are. But if you get below that tier, you know, all the PIMCO funds, anything sort of interesting being done at the short end, even like a lot of the short treasury stuff is technically actively managed because it moves so fast you couldn't possibly want to try to trade on an index.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the short answer is because if you're an active manager, it's the only way you're going to get any customers, right? So there's a bit of reality in that. I mean, at this point, we're still something like 10, 12% of the flows the assets are inactive. It's a still a fairly small number.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think that's a lesson we've learned from the pandemic, not just from that conference. People want to get together and talk.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Largely because we want to get those interesting conversations going. My perspective on exchange is I'm there to have interesting conversations. And when I'm talking to a bunch of financial advisors and a bunch of finance investment management types, that tends to be the most interesting conversation because you get the real human use in the room and you get the real human smarts in the room. And that's when the magic happens. So whether it's getting a bunch of folks on stage to have a really interesting conversation about geopolitical concerns in Ukraine, or whether it's just being able to have a small breakfast with four or five advisors and some academic where we talk about behavioral finance, those are the interesting conversations. So exchange is really all about creating that sense of community between groups of folks. And some of that's content that's on the stage and a lot of it isn't. We learned that I think at future proof this is a community of event. This is about people getting together and exchanging.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, in the world, it's like 30,000 actual tickers out there in the world. But the point is there are more ETFs than you could ever possibly use in one portfolio. Most people probably only need a handful to accomplish whatever objectives they're going to do. But the reason why we have an event around it is because so much of the interesting innovation in finance happens through that structure. Because the ETF structure lends itself naturally to this sort of movement of risk from bucket to bucket in a very retail friendly package, it's sort of like the best thing we've come up with. It's like people ask, well, why are trains a certain width? Well, because history just sort of got us to this configuration where now everything runs that way and nobody's going to invent a new gauge of train track, these are the rails that we have at the moment, and probably for the rest of my career, the ETF still looks like the most efficient set of rails anybody's figured out how to put down. So why have a conference about it?”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, no, because ETFs are where everything interesting in the world is still happening. I think that's part of the reason I'm still in the ETF business, although I don't have it in my title anymore, is that regardless of what you're trying to get done with that $100,000 you're trying to make go up, ETFs are probably the right answer under the hood in terms of the structure. So whether you're trying to get managed futures from an active manager or two-month treasuries T-bills, like the whole spectrum is now available in the close to 3,000 ETFs we have trading here in the US. It's like the mutual fund business back in the 80s. So you have more ETFs and...”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we probably need to point out that this is in some ways the spiritual successor to the old inside ETFs event. That event is still going on, and I don't want to pretend that it doesn't exist. It is now owned by a big conference company named Informa, and they still put on those events. Wealthstack was an event that you all used to do with them. That's now part of that event.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Had been told over and over again. Bitcoin solves everything except it's not molecular, right? It's still digital. At the end of the day, most of the things we actually give a you know what about are molecular. We want the coffee cup. We want to go to the space to see the event where sound waves propagate through the air from another human being on stage. At the end of the day, you've got to have that interface between the virtual and the real. Otherwise, none of this matters at all. And it's precisely that boundary that is the problem right now.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“That's the problem with QR code. So enforcement and the last mile of all of these things, right? This is the part that I always sort of come back to.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“But QR kind, all of that is a whole bunch of trust infrastructure that says the digital signature coming off Barry Ritholt's wallet is the thing that says they can go see Hadesown, right? That infrastructure is actually the hard part because implied in that is a whole lot of rule of law stuff. Like, wait a minute, Barry and I show up at the same time with the same ticket. How do we determine which one of us is the one that actually got to go in? How do we determine which one of us owns it? What's the recourse if you stole it from me?”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Able to come up with a way to do this. So, the reason is because when we look at how the corporate economy works, their investments that you have to make, like the Ticketmaster one's a great example because the technology to do that is trivial. We could stand them up on three of the computers here in this control room right now. That's the easy part. The hard part is it's Madison Square Garden Friday night. It's seven o'clock and you have 25,000 people. You have to get through the gate in the next hour to get to the Taylor Swift concert that's about to go live. That infrastructure, having 45 guys standing there with the scanners going to the network, confirming your ownership that this is the ticket. It's already been used once. It hasn't been used twice. That infrastructure.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Is it just So the Bitcoin ETF debate in grayscale is now suing the SEC. Always a great move suing your regulator. That always works out great. They love to be suing. They love it. They just say yes after you sue them. But here nor there, yeah, so people have been trying to put Bitcoin in the ETF wrapper, frankly, since Bitcoin was invented. And the problem is it makes you have to define what Bitcoin is because there's certain things you can put into a mutual fund or ETF wrapper and certain things you can't, right? You can't put a steak dinner in an ETF wrapper. There are rules about it. And nobody's been able to agree yet whether or not Bitcoin belongs in those wrappers. So we've ended up with these weird edge cases where the futures-based products get approved, but the species-based product, I mean, the species products can't be. And it's an absolute mess. It's the front end of the problem we're talking about. Where crypto regulation is actually the largest problem in the space.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source
“Where the IPOs are happening, where private equity is really congealing, where interesting M&A activity is happening, and it ain't going to be New York. I'd like to push against that. I'm kind of a fan of the United States. I wouldn't mind us leading here.”
2022-11-11 · Masters in Business · Dave Nadig on Exchange-Traded Funds · IDENTIFIED FROM THE TRANSCRIPT · source