YouSaid · the spoken record

Jan van Eck

lines on the record: 98
first: 2020-03-06
most recent: 2020-03-06
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

“I don't think so. It's like 89. Yeah. So I wish I'd known that. When you have lower interest rates, that helps stock market valuations and obviously helps fixed income. And I think we're now in a spot where what is the next 20 years going to bring us? I want to know what's happening in the next 10 years, Barry”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Wow. Don't have a great answer to that. I guess I wish I knew interest rates were going to come down the whole time. I think there is.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“It's what we talked about before. Try a lot of different things. You know, David Rubenstein, I saw him last week, said what you do before you're 30 doesn't matter. And so many people I know who are younger in college are so concerned about their career track. I get that. But you really have to know what you like to do and can succeed in. So that is the big thing is try and try different things. Because I don't know how you can figure out whether you like something if you haven't tried it.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“There are a lot of apps out there. There's a lot of tools, but a lot of people don't even think about that need. And the consequence is stress. If you don't have money, you have stress in your life. And that's like we've all lived through periods of stress. And that's when I think about our industry, collectively, I hope that business people can help solve that problem a little bit.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Half of Americans, and we talk about this in our industry, but half of Americans don't save. Don't have stocks, don't save. They don't know how to open a brokerage account. We just led an investment in a company called Financial Gym, which is just oriented around that, like getting physically fit. And it's just like the gym. You don't want to go. You think you want to go and you know this resolution and you don't go? And they are just real life people who have found ways of engaging and they've got unlimited demand because a lot of people need financial advice.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Optimistic. I have to be optimistic, as I said before, there's so many unsolved problems, I think, in understanding how financial markets work. And I know you're doing research in that area. So I'm optimistic about all the innovations that are to come. I think the pessimistic thing about our industry, what do you and I do? We manage money for people who have money. Why do they have money? Because they've saved or someone gave them money, right? Or they started.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“And the world is changing. That's what's cool, right? I mean, that's what you just can't go out and read a book because some of these changes haven't been documented. I found out a lot with China. That's why I travel there 50 times is like, you couldn't read about what was going on in China. You had to see it.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“So, one of my sons plays tennis for Brown. He starts on the varsity team. Oh, so he's got to be. You know, you're sitting in these cold tennis courts in Long Island in the middle of February. And I'm standing talking to the dads. And all of them had played college tennis. I was like, you know, whatever. I was such a hack athlete and everything. And I was like, okay, but I know he's genetically related to me. I can't be that dad. So I picked up tennis about 10 years ago and enjoy playing that. And then I like to host dinners. I mean, I know you do that too. Yeah, it's so much fun. I love to brainstorm with, you know, bring people together when I can. So I try to do that three or four times a year.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Love to travel. I learn so much from traveling. And thanks to my wife who likes to travel as well. It was on our honeymoon that we went to Hong Kong and I saw what was going on in China. It was never in the paper then. You can learn so much from contextualizing through travel. So there's a lot of, you know, the Vanak Forest, frankly, my wife dragged me out there. I wasn't dying to go look at a bunch of trees, but learned so much from that experience and got more involved. Tennis. And then the last thing. How long”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“And as George Soros famously predicted and made a lot of money on, that link was going to break. And that link broke. And so our funds, as did a lot of others, but our funds lost a lot of NAV value. And one of the principles I take away from that learning experience is it's so important to try to identify the risks of an investment along with the potential return. In a prospectus, you can put down 20 risks. You don't get any points for identifying a risk in a prospectus. You've got to pull it up and center and say, hey, listen, this is a major risk to this fund. And we really try to get better at that. And whenever there's been funds That we could have launched, that's been in my mind, and there are a lot of funds we haven't launched because of that experience.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's not No, but it turned out to be like it. So basically, you know, as a money manager, whenever you can sell a yield, you can get flows. And we were getting a ton of money into this fund. And this was the time where European exchange rates, it's sort of the pre-euro environment where exchange rates were linked.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“So lots of failures. I think the one that resonates the most with me is when we were launching different mutual funds before ETFs, we launched some international fixed income funds that invested in high-yielding European debt.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“It was here briefly, started in London. It's just theater. So maybe they make a movie, I guess. I don't know, but I really recommend that if you'll.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Haven't gotten to that. It's so good. There's so much stuff. Yeah. Yeah. He's a great popularizer of American history. Right.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“No, it's good. He's a fantastic. I've been giving that book five times. Oh, really? Well, because I talk about Grant. So I should read it.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“And he was so celebrated, he gets such a bad rap when it comes to history that he was an alcoholic and this and that. He was very magnanimous as he could be when he was present towards the south and towards the blacks that he really, I think, deserves a lot more credit for those two reasons. The second element of the reason I love this book is when you go to college and you read about these historians, you get kind of a view of history. And what you don't realize is that those schools of thought, right? And this book was a revision of school of thought. People get trashed by historians and then their reputations come back. And I didn't realize that dynamic went on so much in academia. Every natural biology, and we know that's changing all the time and it's not the same as it was 30 years ago. For history, too.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“But I'll tell you why. Number one, Grant helped win the war. I mean, we focus on Lincoln, but if we had lost the North had lost the Civil War. The United States is a completely different country.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Can I give you my second one? Sure. Out of the blue. So I have these enthusiasms, and I tried to read a biography on every American president. And then I ran out of energy. I ran out of energy. I didn't run out of presidents. But one of my favorites is Gene Smith's grant biography. So I got to believe no one's talked to you about Ulysses S. Grant on your podcast.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“So I don't have a lot of time, you know, in our industry, we consume so much content, and it's hard to get through books, but I'll mention two. One is the overstory. I don't know if you've heard about this. Overstory. One, the Pulitzer Prize. It was written by Richard Powers, and it's basically about trees where it's a fiction book where trees play a major part in it. And it's a long book. But I really enjoyed it and really made me appreciate forest if I had to give you one takeaway from a fiction book, which is weird. That forests are really environments that they go beneath the ground, the trees interact with each other, and it's so much more complex than the way I look at a single tree sitting in my front yard all alone. That's not the way to look at trees. So if you're interested in that.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“There I go back to my father. I think Barry, I've learned so much from so many different people. So I just can't really do a shout out. But I love the people that are talking about how the world is changing today who are forward-looking because I think the market structure is changing. There's so many people that are good at that. I think it would be unfair to pull one person out.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“And he does. He's involved in a lot of stuff. He comments in governance work at Stanford as well. But in a class I was taking with him and I was his research assistant as well. He basically made fun of active managers. He's like, that is like a dinosaur. And he was probably the first person who said that to me. And I think that's also when I saw the ETF trend. Trigger that wow, this actually might be the future. So I would put him in that category.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, you know, I talked about my dad. I would say the one person I would mention is a Stanford Law School professor, Joe Grundfest. That name sounds familiar. I know him. He was an SEC commissioner.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“It was German. My mom was German, and she just came over to the US shortly before they got married. They met in Germany. And so she spoke German. I was learning English at the same time, so they wanted me to repeat a grade.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“So I learned a lot. I did my Bitcoin learning in 2017. So I learned a lot from Patrick O'Shaughnessy. I learned a lot from Pomp and this Australian guy, Stefan Lavera. But I would say the podcast episode of podcasting career was when Scott Galloway predicted the takeover of Whole Foods by Amazon on Kara Swish's podcast. I'll remember I was just coming finishing a run and I was like, wow. Because everyone in business is always looking at the fangs going, how is this going to impact my business? Is Amazon going to come into finance, all this kind of stuff? And he just nailed it. And then literally it happened. And I'm like, wow, there were a lot of smart people out there. I think.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay. Sorry, the day would be hard to get anything done. I've learned a lot from, I'll call it the stars in our industry. Give us some names. Well, yours truly, Patrick O'Shaughnessy, Ted Side's capital allocators. And a little bit off stream. I love Kara Swisher.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'm a little bit of a junkie in podcast, so I don't really watch a lot of video. So I listen to about seven hours of podcasts. I love...”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh my god, my brother and I in college shared the cheap. I don't know, and I know you're a car guy, but it was like an old mobile that had 500,000 miles on it. 500. That's what happened. Well, it didn't. But I mean, we're happy to hit to reach our destination. Let me switch it up on you.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“It was gospel. Here's my point. It used to be that all money would go through the central bank into commercial banks. Now there's so much money, so much lending happening outside the banking system, right? Only half of the lending is happening inside our banking system. They've got hedge funds lending to companies, but credit. I'm just talking about credit. So you've got a totally different world. That's why we don't care about that stuff is because the transmission mechanism is totally different. That's why the central bank has to go and buy bonds and even stocks and ETFs in different countries to affect the markets because they're not able to transmit through reserve ratio requirements. Remember all that kind of stuff.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“With a day to day. Okay, so again, my dad was like a pencil sharp economist, and he was obsessed with money supply growth. And I think they were talking about Japan at the time. That was a hot topic. Right. And, you know, this was the beginnings of Japan's end of the bubble, had to deal with the bubble. And before this long period of disinflation or whatever you want to call it, deflation deflation in Japan. And my dad knew this. I didn't know the statistics of last month money supply growth in Japan and Voku was like.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“On everything, right? The structure of financials and everything. So, yeah, it was great meeting him. He was more disengaged from the financial markets at the time than my dad was, which I thought was just odd. Disengaged.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't remember. It was sort of a vague associate of my dad's. I think it was someone who ran a fixed income shop. Like we didn't know that person well. Anyway, so I tagged along and it was stupid. How old were you with you?”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Humor to me, any opportunity I get You like to put interesting with the hundred percent. And there was probably a little humor associated with this particular combination. Okay. In any case, who arranged that?”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“And I was lucky to be invited. So, someone thought it was funny, probably someone with your type of personality say, Hey, this guy got solved the inflation problem in the US. And, you know, gold got killed for 20 years afterwards. They should meet each other. My dad made money. I don't know if that's.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Cheap market exposure passive has been fantastic for investors, right? It's lowered costs. Dramatically. Dramatically. And it's in a way not our business. We try to do value added or different exposures. What I would say is it's also been a perfect environment for that. One of your questions is what do you wish you had known 30 years ago? Well, I wish Don't tell everybody. I wish I'd known that interest rates were going to fall my entire career because financial assets have had this huge tailwind really for since 1980. I'm going to.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we'll get this to some other time, but the fact that the explosion of passive means that ownership of corporate America is in concentrated some very big firms. Let's talk”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, we mentioned it, but Well, I mean, you know, he talked about work at home. So almost. So most of your life. Right. So, and then into my 30s, he luckily had a long life. He passed away at 98. That's some good genes. My dad was an economist. Yeah. Okay. He was not a businessman, and he was not really a portfolio manager. So he had this view of the world, like look at what's going on and then take advantage and then implement, right? Right. So just that perspective and that risk taking is really what I learned from him is question the structure. The world is changing. What's changing? Does that give you opportunity or risk in your portfolio? So that's really what I learned from him. He was very much a gentleman. He was very collaborative within the firm. And he knew what he didn't know. So the first thing, the first person he hired to run the gold fund was a geologist. So that's one of our”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Fred Van Ack. He was a director of our company, but otherwise not involved. And he created a sustainable forest. So what he said is, I'm not going to, I'm going to give the income to charity. So it was the largest gift to Purdue University ever. But I'm not going to allow people just to cut the trees down. I'm going to do something called selective harvesting, which is basically like weeding a forest. And what happens if you weed a forest? It actually grows faster. So that's managed by the Pacific Forest Trust. And then what they did as well is because California has carbon credits, they qualified the forest, the Vanak Forest for carbon credits. So it was the first property in the U.S. to qualify to get carbon credits, which they sold to Arnold Schwarzenegger and Nancy Pelosi.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“And they just left in amazing. No one said stop. I mean, John Muir said stop. But, you know, it took a while. But all the damage was done. We were like, why don't you stop at 50% or 60 or 70? It's just a complete disaster. So anyway, but trees grow back. So he was a great value investor. He just bought all this redwood forest for almost nothing. And guess what? 20 years later, the redwoods are growing. So what he did is basically create a sustainable redwood forest.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, yeah, doing that. Oh my God. So Redwoods are beautiful trees. 95 plus percent of all old-growth redwoods. I mean, these things are beautiful. Thousand-year-old trees. Yeah, 1,000-year-old trees were cut down. I think it's 98% were cut down to build San Francisco and other things.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Ah, so not really related to me. It was my or our firm, I should say, so I don't want to take any credit, but my uncle Fred, who never married, gave all his money to charity when he passed away. And he did something super creative. So he loved trees. And what he did is bought Redwood Forest in Northern California after it had been clear-cut. So there was no commercial value. Wait, wait.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Not true when we came out. All options trading is electronic, basically. All commodity futures trading is electronic. Fixed income, it's still a minority of trades. Even most generous calculation is 33% of investments last year were electronic. Wow. So that just shows you that Fixed income you can't just do things, and I think people look at direct indexing and other things say, Oh, yeah, the whole world is electronic. Everything is simple because I can see on my Yahoo Finance not true”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. And that's one of the limitations of direct indicting. The thing I like to point out as well, what's happened over our careers, right, is fixed income is the last holdout for voice broking. So all equity.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, which is another form of SMA, right? It's an index form of SMA. And I think so there are slight advantages to that. But one of the, you know, I think one of the limitations is you can't really do that for fixed income. Everyone says, oh, the spider, you know, SPY, everything's transparent. It's not true. You know, 90% of bonds do not trade on a given day. Right. And so that's, I think that's one of the beauties of fixed income ETFs. They have disadvantages. But one of the advantages is you're getting way better liquidity. Like we have an emerging market local currency bond ETF. You way rather trade that ETF at a penny wide than you would the underlying bonds. There's so many more bonds.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“And that is something where our portfolio managers pay a lot of attention because especially if you have a larger ETF and the trading community knows, ah, Van Eck has got to buy $100 million or $200 million of a stock. It's very important that we game them. So we may buy it before the index adds it. We might buy it afterwards. And there's enough volatility in the market that hopefully the trading community is not taking advantage of shareholders because that's our number one job.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, as a lot of your lessoners probably know, the function of an ETF is usually that you can take in-kind delivery of the securities. So for the vast majority of U.S. equities and other securities, actually, we don't have to worry about it. It's the trading community that has to worry, say, okay, I anticipate I'm going to get this price for the ETF. I'm going to deliver this bundle of stocks or bonds. And so we don't actually have to trust it. And that's touch it. That's one of the geniuses where we get involved is index rebalances.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. And even worse, we knew those people, of course. Really? Because all the gold mining companies were members of the World Gold Council. Yeah, don't go there.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“Lawyers, right? And that was a we didn't have that money back then, so that's kind of that helps too, I guess, in explaining the past.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“No, it was not. It came afterwards. So, yeah, the gold bullion ET. Very, we've made so many mistakes. But one is not being more aggressive in earlier in thinking that the SEC would approve a gold bullion ETF. Hindsight.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“I think my background is more of a business person who works at an asset manager rather than a portfolio manager. And like a lot of car engineers run car companies or used to, that mindset really matters. So ETFs were clearly there and they were growing. And the question is, do you latch on as a person to those new and interesting and growing and maybe better things? Or do you not? And so we latched on and then also saw, wow, if since we were the gold mining fund leaders, if someone does an ETF on gold mining, we're dead. So you have to get people love to trade gold, and this is a way better vehicle. And we were, thank God, we got there first.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source
“You knew, I knew in college when people were taking that class because they were like, Jan, did you know that there was an article called Jan Dan Eck? And I was like, Granddad. Yes, of course. That's pretty hilarious.”
2020-03-06 · Masters in Business · Jan van Eck on Successful Thematic Investing · IDENTIFIED FROM THE TRANSCRIPT · source