YouSaid · the spoken record

Eric Balchunas

lines on the record: 162
first: 2022-08-26
most recent: 2022-08-26
sittings or episodes: 1
sources: podcast

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“Or Adam Schefter, I believe that's his name, for NFL. I'm that for ETFs. And so there is an element of trying to get on top of the latest things. But more so, I just see research is having to get out there more. I think if you're in research, you sort of need to put on a pundit hat sometimes and have a reaction on Twitter quickly. Because if you wait and wait, then you're late to it. And I think it's good to just be at a little punditry. So I would understand why you would think that plus I was a journalist, so I have maybe some vibes that are journalists. So let's call you the go-to guy. We won't call you the go-to reporter. How did the expertise in ETFs and passive investing come about? Remember the fund action newsletter I wrote for? So when I was at Bloomberg PR around 9-11, I had a near miss and I moved back to South Jersey. Define near miss. Well, I was surprised.”
2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source
“You're the go to reporter for ETFs and passive indexes. Well, hold on. Can I stop you? Sure. So some people do think of me as a reporter and I started my career that way, but I'm in research. So what I do is I write notes that aren't, I don't report on something our team gives takes on things. Your title is technically senior ETF analyst. But when I think of everybody in the media who covers ETFs, passive investing, Vanguard, et cetera, BlackRock, et cetera, you're the first name that pops into, oh, you have a question about, you want to speak to a journalist in the ETS space, get a hold of Verek. Well, I would say, you know, some of these guys who work for ESPN who are like experts in the NBA. I kind of model myself. They're color commentary. Or they just get the latest news, like Woge for the NBA.”
2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source
“I have no idea. Well, what about, I don't know. Nobody does, but I'm telling you the truth. I don't know. The rest of them are lying to you when they answer. And people hate that. I agree. I don't know, is a underrated phrase and mindset, whether it's religion, politics. Sometimes you don't know. What I don't know is a very big tent. Most of the time. Yeah. And most people can relate because few of us are experts in anything or know anything absolutely. And so I'm a big fan of I don't know in general, but it doesn't really play. All right, so let's get serious now.”
2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source
“Try to call these traders and just get them to give you information on why what went up and down in the futures market. It was a really, I mean, honestly, very unglamorous manual labor type job. Journalists need to get a reason for everything. You can't just see the market went up or the future. What happened? And you need someone for that. Where, when, why? Yeah. Which is what makes financial news coverage either really good or really bad because some people must impose a narrative when it's sometimes it's just random. That was my first thought two months in my first job. I was like, I don't know if there's a reason for this. Maybe it went up like, I don't know, half a point today. Maybe it just there is no reason. There's no clear reason. It's okay. Can we just say that? And they're like, and the game's like, no, they hate that. You cannot say we don't know or who knows. I think we've talked about this. My favorite thing in the world to do on TV is they ask you a question, say.”
2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source
“Might you have ended up at Bear Stearns? Was Bloomberg the one? Yeah, it's a great point because we chased the things that recede from us to quote the Tao of Steve. But having had three jobs, maybe four. I worked at a third-party marketer for about six months where you had to call pensions and try to pitch them on hedge funds. Oh, it was really tough. Those jobs, when I finally got to Bloomberg always helped me stay here because I know what is out there, at least to a degree. This is my first job. I may have had such a, I don't know, curiosity. I probably would have left. So maybe it's a blessing in disguise. So you were covering derivatives in the 90s, but not the 2000s leading up to the 0809 crisis. No, I only covered them for a little while. I'm hardly an expert. You missed the fun derivative era. That's right. That's right. I covered them when you missed it. You're like, I did that in the 90s. Who needs that? The idea was you just...”
2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source
“My chips on Bloomberg and interviewed here to have a job in PR, went through many interviews. It took a while, but I finally got in. PR. Yeah. Really? Yeah, so I start here in public relations. So first, the first question is, if you weren't rejected by Bloomberg right out of the gate when you were right out of school,”
2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source
“I met a guy named Duff Ferguson at Allion Bernstein. He was the PR guy. And I just thought, man, I want to go behind the keyhole. And so I went and took a job in PR because I kind of like this guy's whole deal. And so I got a job in PR at a crisis communication firm named Abernathy McGregor and got to work with several clients and took them to Bloomberg, took them to Reuters, took them to there. And I came to Bloomberg. I was like, man, this place is different, right? So I always had an eye on Bloomberg for my early career. And then in 99-ish, no, no. Yeah, 99-ish early 2000. I got headhunted. That's how good the economy was. You could be 25 and you'd get headhunted for like all these jobs. And she comes and she goes, I got two jobs that are really good. One is at Bear Stearns. A lot of money doing PR. And the other one is at Bloomberg. And I was like, it's easy choice. So I basically put...”
2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source
“That got me through Cook because I was with a bunch of biology people. And so I immediately applied to Bloomberg, but I got rejected. Yeah, no, no, it wasn't. I got rejected. I only got in my third time because obviously I'm like, journalism, economics, I'm in Rutgers. Bloomberg makes perfect sense. And they were hiring, but I just wasn't qualified, I guess. Hard pass. Yeah. So where did you start? I went to the institutional investor magazine newsletter division. Their website is irregular in my morning reading list. It's always solid. Yeah, I mean, the name turned me off at coming out of college. I was like institutional investor. Just sounds so boring. Like, who would ever read this? But money was pretty. Institutions. Yeah, institutions, which came in handy later when I wrote my first book. But I covered derivatives at first, and then I covered mutual funds. So I work for a newsletter called Fund Action and did that for a little while and then went.”
2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source
“The Bogle effect, how John Bogle and Vanguard turned Wall Street inside out and saved investors trillions. Eric Balchunis welcome to masters in business. It is a pleasure to be here, Barry. Always like a home game for me. I just walked like 10 feet here. Right. I texted you and said, come down to five. Time to start. So let's talk a little bit about the home field advantage and your career. You've been reporting on finance pretty much your entire career. What led to an interest in money and markets? Well, I was in college. I went to Rutgers and I wrote for the school paper and I decided to major in journalism and communications because I liked it. But I was at the Cook College, which is the Ag School. And in order to graduate from Cook, you had to have at least a minor that was related. And I thought I took an econ class and I kind of liked it. So I minored in environmental economics.”
2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source
“And when I basically don't get to half my questions because we're just, what about this? Tell me about that. Hey, isn't this wrong? It just leads to all sorts of fun and interesting places. I thought this was a fascinating conversation, and I think you will also. So if you are remotely interested in passive investing ETFs, indexing, or Vanguard and Jack Bogle, you will find this to be an absolutely fascinating conversation. With no further ado, my interview of Eric Balchunis of Bloomberg Intelligence. He is the senior ETF analyst for Bloomberg News. He is also co-host of ETF IQ on Bloomberg Television, and he hosts a podcast called Trillions with Joe Weber, Elon Chief of Business Week. He is the author of several books most recently.”
2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source
“This week on the podcast, hey, guess what? I have an extra special guest, Eric Balchunis is someone I've known from both the ETF industry and Bloomberg for, I don't know, a decade or two. And we hang out in a lot of the same circles. There are few people in the world who know as much about ETFs indexing Vanguard Jack Bogle. I mean, I could count them on one hand the number of people who have his depth of knowledge in this space. And that's why he's really a fascinating character. You could tell when you listen to this conversation that it's two guys who know each other just BSing and schmoozing. But I find those to be some of the best conversations because there's no pretense. There's no marketing. It's just people talking about things that genuinely interest them.”
2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source
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2022-08-26 · Masters in Business · Eric Balchunas on the Vanguard Effect · IDENTIFIED FROM THE TRANSCRIPT · source