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Coming Soon: Barry Ritholtz on Trillions · Masters in Business

• 0:00
  Speaker 1: Hey, it's Barry Ridhalt. You shouldn't check out my upcoming
• 0:03
  Speaker 1: appearance on Bloomberg's E t F podcast Trillions, hosted by
• 0:08
  Speaker 1: Eric Beltunis and Joel Weber. It's pretty epic. The guys
• 0:11
  Speaker 1: pepper me with questions on behavioral finance, e t F, tariffs,
• 0:16
  Speaker 1: trade war politics. Be sure and check out the episode
• 0:19
  Speaker 1: of Trillions dropping August three. It was a fantastic discussion.
• 0:24
  Speaker 1: And if you don't believe me, just listen to this.
• 0:27
  Speaker 1: There's a you know, a pot e t F. There's
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  Speaker 1: a cybersecurity e t F, robotics. These theme ets have
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  Speaker 1: risen a little bit. A lot of people blow them off,
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  Speaker 1: but a lot of the stocks they hold are young.
• 0:39
  Speaker 1: There won't be in the big index is for a
• 0:40
  Speaker 1: while then most people own Is there a case for them?
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  Speaker 1: Do you ever get tempted by some of these more
• 0:46
  Speaker 1: speculative areas, Yes, there's a case for them. No, I'm
• 0:49
  Speaker 1: never tempted by them. But like you know how Google
• 0:51
  Speaker 1: had the big earnings recently. Um, and then everybody on
• 0:54
  Speaker 1: Twitter does this thing where they quote people who said
• 0:57
  Speaker 1: Google is not going anywhere. I feel like those are
• 1:00
  Speaker 1: the same people who pooh poo like a pot et
• 1:04
  Speaker 1: f because they're like, oh, it's a joke. Um, I
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  Speaker 1: don't think it's a joke, but correct. But if Google
• 1:12
  Speaker 1: was sort of uh waved off back then or looked
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  Speaker 1: at is maybe high flying or speculative, shouldn't things that
• 1:18
  Speaker 1: are speculative today be taken more seriously to get your
• 1:22
  Speaker 1: claws into that young industry or young stock, as opposed
• 1:26
  Speaker 1: to waiting until it's an adult and finally makes it
• 1:28
  Speaker 1: in the SMP five hundred, Alex, I'll take survivorship bias
• 1:31
  Speaker 1: for one please. So you're telling me about Google today,
• 1:35
  Speaker 1: but you're not mentioning pets dot com or Cosmo or
• 1:39
  Speaker 1: any of the other thousands of pieces of crap that
• 1:41
  Speaker 1: came and go. Remember Google was like the twenty six
• 1:45
  Speaker 1: search engine. I was a beta test er for Google
• 1:49
  Speaker 1: back in the you know, eighteenth century, and I remember
• 1:53
  Speaker 1: playing with it for a day in sending an email
• 1:55
  Speaker 1: to the person who invited me, this is interesting, How
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  Speaker 1: can I invest in your company with that? Like a
• 2:00
  Speaker 1: Yahoo dot Com email? I don't even know it was
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  Speaker 1: a o L. It was dialing right that crazy era.
• 2:10
  Speaker 1: So let's separate the pot ETFs from and a buddy
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  Speaker 1: of mine runs a cannabinoid wellness and health hedge funds
• 2:21
  Speaker 1: described buddy, Uh, this is somebody. Todd Harrison is somebody
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  Speaker 1: I'm friendly with. Never indulged in in any leafing material
• 2:29
  Speaker 1: with him. Um, but he's a person whose office was
• 2:33
  Speaker 1: right near the World Trade Center during nine eleven, had
• 2:37
  Speaker 1: horrific survivorship guilt. They put him on the usual opioids
• 2:42
  Speaker 1: and depressants. He hated what it did to him, He said,
• 2:45
  Speaker 1: I'm not who I used to be. Eventually found his
• 2:48
  Speaker 1: way to some legal medical like there have been medical
• 2:53
  Speaker 1: marijuana legal in New York for really really specific diseases.
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  Speaker 1: It's not like quote unquote medical marijuana when it was
• 3:00
  Speaker 1: in California, where m hey, dude, I'm having a hard
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  Speaker 1: time sleeping. Oh here's some weed that that is not
• 3:07
  Speaker 1: what New York was. And look at look at what's
• 3:11
  Speaker 1: taking place state by state. Does anybody doubt that fifty
• 3:16
  Speaker 1: years from now, medical regular marijuana is sold over the
• 3:20
  Speaker 1: counter like beer. How about twenty years from now, how
• 3:23
  Speaker 1: about ten years from now. At a certain point, it's
• 3:26
  Speaker 1: clear we can't incarceraate millions of people for weed and
• 3:31
  Speaker 1: pay millions of dollars billions of dollars to drug companies
• 3:35
  Speaker 1: for things that may or may not work. Oh and
• 3:37
  Speaker 1: thanks for the OPIOI Sessions would like to speak with you.
• 3:40
  Speaker 1: Now you know Sessions. So this whole crew is a
• 3:45
  Speaker 1: temporary setback to the relentless march forward of progress, not
• 3:50
  Speaker 1: just politically, technologically sociologically. So you sound like you understand
• 3:55
  Speaker 1: the pot industry, the growth and all this. This is
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  Speaker 1: a great example. I'm high right now now own life,
• 4:00
  Speaker 1: I can say it. But it's a good example because
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  Speaker 1: we do talk about the ttfs in the show a lot.
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  Speaker 1: But as an investor out there, w E D s
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  Speaker 1: the one. But say you're listening out there, m J
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  Speaker 1: is the ticker. It's a diversified basket of potstar Jane. Yes,
• 4:14
  Speaker 1: it could have been better, but I think, how does
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  Speaker 1: nobody up something well? I think the issuers didn't want
• 4:20
  Speaker 1: to go too far and like really irk the sec
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  Speaker 1: by like doing a touchdown dance with a ticker. But
• 4:25
  Speaker 1: I digress. The tick ticker makes a big difference. But
• 4:29
  Speaker 1: here's a case where you know the industry you bought.
• 4:31
  Speaker 1: You kind of sound like you're, um, I'm intrigued by it.
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  Speaker 1: But but but as an investor, what stops you from
• 4:37
  Speaker 1: trying to get an early foothold in using say diversified
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  Speaker 1: basket like MJ. That's a great question. Well, first of all,
• 4:44
  Speaker 1: I have you know the the old joke is the
• 4:46
  Speaker 1: second mouse gets the cheese. The settlers, the early settlers
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  Speaker 1: are the ones with the arrows in their back. Um,
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  Speaker 1: I don't I don't know. I don't know if ms
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  Speaker 1: like Ben Franklin type stuff right there? So the question
• 5:00
  Speaker 1: we mentioned we mentioned Google, right, So is this the
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  Speaker 1: first group of stocks? Is this the second group? Like?
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  Speaker 1: How many? How many dog pile and go and what
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  Speaker 1: were some of the other out of Vista? How many
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  Speaker 1: of these other mediocre search engines do we have to
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  Speaker 1: go through before Google comes along, executes better, has a
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  Speaker 1: broader vision, can do all the chance they need to do.
• 5:24
  Speaker 1: So maybe m J is a home run, or maybe
• 5:27
  Speaker 1: it's a speculat piece of graphic goes nowhere. I have
• 5:30
  Speaker 1: no way to tell that