Latest / Trillions / New ETFs to Watch: 2x SpaceX, -3x AI, Plus Bonds and Bitcoin

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New ETFs to Watch: 2x SpaceX, -3x AI, Plus Bonds and Bitcoin · Trillions

0:02
Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
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Speaker 2: Welcome to Trillions.
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Speaker 3: I'm Joel Webberts and I'm Eric d'l chuo us. Eric.
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Speaker 2: We do these new monthly shows. This time is a
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Speaker 2: ETFs to Watch episode.
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Speaker 4: These are new.
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Speaker 2: ETFs to watch and we have a handful of them
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Speaker 2: also joining us to talk these through. Our friend in
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Speaker 2: Bloomberg News Isabelle Lee, who's a crosshouse or reporter covering ETFs.
0:40
Speaker 2: Welcome back, Isabelle.
0:42
Speaker 5: Excited to be back.
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Speaker 6: I told you I'd be offended if he didn't invite
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Speaker 6: me back, so here I am.
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Speaker 2: We will never tell that to anyone else whoever fills
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Speaker 2: for you on this show. Eric, Some stuff has been happening,
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Speaker 2: including the largest IPO ever in the form of SpaceX.
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Speaker 2: There's something like twenty one different ETF twenty five file
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Speaker 2: twenty five and rising probably more coming that are all
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Speaker 2: trying to get in on the action with leverage and
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Speaker 2: all kinds of other things shenanigans. What's the one, the
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Speaker 2: one ETF filing that in launch that has caught your attention?
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Speaker 3: Well, I would say the two X and negative two
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Speaker 3: X SpaceX ETFs are all coming out the same day,
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Speaker 3: which is rare. It reminded me of the Bitcoin I
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Speaker 3: call it a derby. When that happens, it's like a
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Speaker 3: horse race. They all, you know, and you know, we're
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Speaker 3: gonna see which one wins. Because with seven issuers and
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Speaker 3: eleven products, there's you know, there's only room for about
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Speaker 3: two or three to be studs, and those will be
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Speaker 3: millionaires because they charge so much as like one percent fee.
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Speaker 3: So the one that wins they can buy an island.
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Speaker 3: Now there'll be two or three that make money and eat,
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Speaker 3: and then they'll be like three or four that like
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Speaker 3: completely have to liquidate and like starve to death. So
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Speaker 3: this is Lord of the Flies survivor and it's really
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Speaker 3: riveting to watch. There's a sport to it in a way.
2:07
Speaker 3: The one I pick from this group was the Defiance
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Speaker 3: Daily Target two X long SpaceX ETF ticker is SPCU.
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Speaker 3: It is one of eleven Leverage space ETF's launching on
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Speaker 3: the same day. It's also one of the ones seeing
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Speaker 3: some good volume. They actually have two of them in
2:24
Speaker 3: the market. I won't get into details now, but that
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Speaker 3: is one. Granted Chairs has one, Leverage Chairs has one,
2:30
Speaker 3: Trader has one, t Rex has one. You get the idea.
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Speaker 3: And this is so interesting because I've never seen this
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Speaker 3: many ETF's launcher on one stock at the same time.
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Speaker 3: Obviously biggest IPO. You'd think there'll be some, but twenty
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Speaker 3: five now eleven or leverage. The other ones are going
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Speaker 3: to be like auto callable yield producing one does Tesla
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Speaker 3: plus SpaceX if you literally love elon. So this is
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Speaker 3: what I call the ETF treatment. SpaceX is getting the
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Speaker 3: ETF treatment even before it hasn't really done anything but understandable.
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Speaker 3: We all know it's a huge stock. So this is
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Speaker 3: going to be a real wild derby to see which
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Speaker 3: one of these is going to be the one.
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Speaker 5: A couple of thoughts for me.
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Speaker 6: Number one, they're all identical, especially if you just look
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Speaker 6: at the two x one.
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Speaker 5: So why file when you know you can lose?
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Speaker 6: But I guess just file because it goes to the
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Speaker 6: economic exact right, Yes, it goes to the economics of
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Speaker 6: the ETFs that it's getting cheaper and cheaper to launch.
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Speaker 6: I'm sure these ETF issuers probably have templates and you
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Speaker 6: just replace the stock. I'm guessing here, but that's what
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Speaker 6: I think, given at the speed at which they file
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Speaker 6: for stuff. When a company announces they're going to go public.
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Speaker 6: The second is we were actually going to write a
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Speaker 6: story saying that, oh, look, when SpaceX IPOs on Friday,
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Speaker 6: there will be ETFs that will track it and then slowly,
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Speaker 6: which we also wrote a story.
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Speaker 5: All of them were saying.
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Speaker 6: It seems like they weren't allowed to launch, and they
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Speaker 6: didn't launch, which is why they had to launch the
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Speaker 6: day after or the next trading session, because they just
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Speaker 6: couldn't launch on the same day. I think the exchanges
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Speaker 6: are the regulators whoever apparent, as Eric likes to say,
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Speaker 6: deemed that it was too risky and the Defiance went
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Speaker 6: actually launched Friday.
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Speaker 3: Well, and it's complicated. That was a space themed ETF. Yes,
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Speaker 3: that's active. So they just said, well, fine, we're two
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Speaker 3: x space stocks. Let's just be active managers and only
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Speaker 3: own SpaceX on Friday to backdoor. And the market picked
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Speaker 3: up on this. It saw fifty million of varnum in
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Speaker 3: like an hour, went up like sixty percent. It was
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Speaker 3: beginning to become the one, but then there was halted
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Speaker 3: for regulation or regulatory concerns. That's the big red blinking
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Speaker 3: thing when it stops trading and it never traded again.
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Speaker 3: That day, and over in Europe they have a three
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Speaker 3: X SpaceX called Elon and that was halted, so across
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Speaker 3: the world everybody was like, dude, do not start these
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Speaker 3: two x's on the same day, like they tried to
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Speaker 3: collapse time.
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Speaker 5: It's becoming a trend.
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Speaker 6: I mean, when you look at OpenAI and Anthropic, they
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Speaker 6: also have ETFs lined up. But Eric, we all know
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Speaker 6: that Cerebras had a two X ETF that launched on
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Speaker 6: the same day.
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Speaker 3: Next day, next day, remember, and that's when I thought, well,
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Speaker 3: they're going to try to do same day for SpaceX,
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Speaker 3: and they did it got its risk slap. Now it's
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Speaker 3: the same day, and from the volume that I'm looking
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Speaker 3: at so far, they're all pretty good. Like there's a
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Speaker 3: couple getting a little more, but it's it's anybody's race
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Speaker 3: right now. And to answer your question on why you
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Speaker 3: would do that, you know you've got to be in
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Speaker 3: it to win it. I mean, these firms know that
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Speaker 3: the prize for the one that wins is huge and
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Speaker 3: you only have I guess you have eleven products, but
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Speaker 3: some of those are negative two X. So let's just
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Speaker 3: say you have like about six or seven that are
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Speaker 3: two X, so you have a you know, what's the
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Speaker 3: odds there, you know, fifteen percent chance of being a
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Speaker 3: multimillionaire set for life. That's those are pretty good odds.
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Speaker 3: I think the second most traded one might also eat.
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Speaker 3: You know, that was happening with Navidia and with micro
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Speaker 3: Strategy even there was even so much interest in those
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Speaker 3: that there was spill over to some of the lesser ones.
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Speaker 3: But once you get to three or four in this category,
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Speaker 3: because these need liquidity. If you don't get liquidity, it's over,
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Speaker 3: whereas other areas can have like assets without liquidity. But
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Speaker 3: year liquidity is everything.
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Speaker 2: What does it have to do with the holdings then,
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Speaker 2: because they're all holding the effectively the same thing, Like, how.
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Speaker 3: Do you really That's why it's so interesting. Everything is
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Speaker 3: all else is equal. So the only way to win
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Speaker 3: here is through calling all your friends and family and
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Speaker 3: telling them please trade the first day and basically having
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Speaker 3: a marketing extravaganza. I mean, you have to just launch.
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Speaker 5: All the websites were so fun.
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Speaker 6: There was a countdown timer, what account?
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Speaker 3: It was crazy. Yeah, it is because again all else equal.
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Speaker 3: It really comes down to marketing. Whereas the bitcoin race,
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Speaker 3: it also came out of size like we new black Rock,
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Speaker 3: Confacilerity way bigger here. These are all small firms, so
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Speaker 3: you can even take that variable out. So then it's
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Speaker 3: purely comes down to marketing and just will.
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Speaker 5: Yeah, some firms are bigger than others. Maybe a little lot,
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Speaker 5: but yes.
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Speaker 3: Maybe a little luck. Maybe the ticker could come into handy.
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Speaker 3: None of these are really that memorable round loyalty maybe.
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Speaker 2: But okay, so as long as we're talking leverage, there
6:56
Speaker 2: was another ETF that kind of caught your attention, Air
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Speaker 2: micro sectors negative three x AI. I didn't think you
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Speaker 2: could go negative three x in the US.
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Speaker 3: So there is a loophole that you can use if
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Speaker 3: you're an ETN excuse traded note, change traded note. Yeah,
7:14
Speaker 3: so that comes with credit risk, although there really aren't
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Speaker 3: any defaults, although bear Stearns had one and sort of Lehman.
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Speaker 3: So it has happened, but it's you know, zero point
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Speaker 3: one percent chance. Meanwhile, most people don't care. But the
7:27
Speaker 3: reason I bring this one up is because I hear
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Speaker 3: all these people like AI bubble, it's gonna burst, It's
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Speaker 3: gonna burst. This is probably I mean, if you think
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Speaker 3: the AI bubble is gonna burst in the next couple
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Speaker 3: of weeks or month, this thing could have a great run.
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Speaker 3: Now again, this is playing with fire, So I would
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Speaker 3: not recommend a normal vestor messing with this stuff. But
7:47
Speaker 3: for the traders out there, if you really do think
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Speaker 3: an AI bubble is gonna burst any day, which I
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Speaker 3: can hear them saying I don't think it is, but
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Speaker 3: you know, here's one you can use. Now, there's a
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Speaker 3: three x positive one too, but the AI has run
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Speaker 3: so much I almost feel like the negative three x
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Speaker 3: is one to watch. Is when it works, it's gonna work.
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Speaker 5: Yeah, that's a good point.
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Speaker 6: And isn't three x allowed as long as they don't
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Speaker 6: track single stocks?
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Speaker 5: But for indexes it's fine.
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Speaker 3: You can three x indexes in the AT and format.
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Speaker 6: So we wrote a story because there have been several
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Speaker 6: filings of three x four x. In March, the SEC
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Speaker 6: held a call right with some of the issuers according
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Speaker 6: to six people familiar with the matter, and Eric really
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Speaker 6: had to text me and say, six people.
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Speaker 3: I know by the way they have these stories and
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Speaker 3: they have six people familiar with the matter. Meanwhile, I
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Speaker 3: read the New York Times and it's a crazy accusation
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Speaker 3: about like higher office people and it's like, according to
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Speaker 3: an anonymous source, you have to go six for some
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Speaker 3: little bullsh on like checkers and filings. That's I was like,
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Speaker 3: this is like insane journalism being because I salute you.
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Speaker 6: Thank you in my email, I'm going to write, according
8:54
Speaker 6: to six people saluted by Eric give me a good
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Speaker 6: bonus exactly.
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Speaker 3: I mean that is serious to get your facts together,
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Speaker 3: if I mean honestly, a lot of the media should
9:04
Speaker 3: should be like that. You should at least get two.
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Speaker 6: Wow.
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Speaker 3: I still think articles shouldn't be written on one.
9:09
Speaker 1: Right.
9:09
Speaker 3: We all agree on that.
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Speaker 5: It depends on the level of class.
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Speaker 4: Teach a class.
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Speaker 5: Okay, yeah, teach a class, Eric, Okay.
9:16
Speaker 2: We're gonna move into the wild card section. We've talked
9:19
Speaker 2: about Corgy, I think multiple times because either name is
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Speaker 2: so cool, but they also have just been flooding the zone.
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Speaker 2: What makes them a wild card? This time around?
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Speaker 3: Eric, I had to include them because if you're talking
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Speaker 3: about looking at new launches this month, there's been one
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Speaker 3: hundred launches in June so far. Guess how many are
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Speaker 3: Corgy a third fifty? Oh my gosh, So you have
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Speaker 3: to include them just by sheer numbers, Like.
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Speaker 5: Does it make sense? To you, Eric, by the corky.
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Speaker 2: Make Queen the Queen with your corgis there my dream
9:55
Speaker 2: dogs everywhere?
9:56
Speaker 6: Do you know I have the same birthday as the
9:58
Speaker 6: Queen Elizabeth and we have the same Maybe maybe.
10:01
Speaker 2: It came with the love of Cordi's.
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Speaker 5: Yes, I know. Okay, Eric, does this make sense? It
10:06
Speaker 5: almost seems so shocking.
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Speaker 3: Well, they're flooding the zone, and to be honest with you,
10:13
Speaker 3: it's kind of working. There's been a couple that have
10:15
Speaker 3: taken root. So the one of these fifty that has
10:19
Speaker 3: the most assets that's been launched this month is c Bill,
10:23
Speaker 3: which is three to twelve month t bills. Very boring,
10:27
Speaker 3: but it's only five basis points. It's got thirty million
10:30
Speaker 3: dollars already in a couple of days. Really on the market.
10:33
Speaker 3: That's pretty good and that's something that they're going to
10:36
Speaker 3: be able to build on. And the fact that it
10:39
Speaker 3: is really low cost it could come in handy. The
10:41
Speaker 3: big one on the market is Bill. This is the
10:43
Speaker 3: State Street one and that's their team BIPs. So they
10:46
Speaker 3: are vanguarding certain categories that are pretty vanilla, and that
10:49
Speaker 3: seems to be where they're getting some traction. A couple
10:51
Speaker 3: of the theme. ETFs have seen some flows, so you know,
10:55
Speaker 3: it reminds me of when you go fishing. Have you
10:57
Speaker 3: ever seen one of those fishing shows. No, I don't
11:00
Speaker 3: like fishing where they have a machine that just has
11:02
Speaker 3: like one hundred lines out in sea, and you date
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Speaker 3: the machine just reels the lines in. Yeah, this is
11:08
Speaker 3: like putting fifty hooks out at once with a giant machine.
11:12
Speaker 3: You're gonna catch something. Yeah, It's just you know, it's
11:15
Speaker 3: not the normal way to do it.
11:17
Speaker 4: Anyway you done this.
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Speaker 2: Though, No, I mean this is like, this is like
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Speaker 2: an interesting come to the market strategy. It is flood
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Speaker 2: the zone. We'll see what sticks, maybe stuff.
11:26
Speaker 3: You might even foul hook a couple of fishes like
11:28
Speaker 3: people who just accidentally didn't bought it without even knowing.
11:30
Speaker 3: Because you have so many tickers, you're just bound to
11:32
Speaker 3: get a bite on something. Because again, the ETF market
11:35
Speaker 3: is very Does.
11:36
Speaker 4: That buy an island though?
11:37
Speaker 2: Is that buy an island like the SpaceX day?
11:40
Speaker 3: No? No, because Corky has low cost and everything, So
11:43
Speaker 3: Corky would need more hits like they would need this
11:46
Speaker 3: one that's.
11:47
Speaker 4: Five island on like a bass pond.
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Speaker 3: So we're all like oh, Corgy, you know, this is crazy.
11:54
Speaker 3: How can they do any They have five hundred and
11:56
Speaker 3: fifty eight million dollars already, that's half a billion dollars. Now, Oh,
12:00
Speaker 3: the big hit is EUV. That's that photonics atf Oh no,
12:05
Speaker 3: I'm sorry, lithography semiconductor anyway, but if you look, you're
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Speaker 3: to date they have fifty one ETFs have taken in
12:14
Speaker 3: some cash and they're all less than three months old.
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Speaker 3: Now this is out of eighty nine tickers. They already
12:19
Speaker 3: have ninety.
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Speaker 5: Products on that that is unheard.
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Speaker 3: So that is crazy.
12:24
Speaker 6: Why do you think, I mean, why do you think
12:27
Speaker 6: none of the upstart issuers have tried this?
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Speaker 5: What what do they have?
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Speaker 3: I think most of the other issuers are usually people
12:35
Speaker 3: from the industry, Like it's like, oh, I work at
12:37
Speaker 3: this big firm, I'm going to go try this ETF business.
12:40
Speaker 3: And I just understand the market and they learned, they
12:42
Speaker 3: know the difficulty, they've seen things. I don't think this
12:45
Speaker 3: Corgy guy has seen the Terrordome in its full glory.
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Speaker 3: So he's coming in thinking he's more optimistic and innocent,
12:54
Speaker 3: and I think he's like, we've got this VC money,
12:57
Speaker 3: let's do this thing, and he's maybe unburn by knowing
13:01
Speaker 3: how difficult it is. Maybe that's an advantage fresh fresh.
13:04
Speaker 3: Most people put a couple out, try to get one
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Speaker 3: that's a hit, and it's like, Okay, this one will
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Speaker 3: pay for our other ones. What's funny is Vanguard only
13:11
Speaker 3: has one hundred and sixteen ETFs, so Corky's almost at
13:14
Speaker 3: the same number of ETFs as Vanguard. They're more than Schwab.
13:18
Speaker 2: Already you reat U Vanguard, so I just want to
13:21
Speaker 2: say that you have another wild card pick for this
13:25
Speaker 2: episode from Vanguard.
13:27
Speaker 3: Yeah, Vanguard. Finally. I'm old enough to remember when HyG
13:32
Speaker 3: and J and K launched and everybody was like, I
13:34
Speaker 3: wish Vanguard would jump into this space, which is basically
13:38
Speaker 3: high yield junk bond ETFs. But Vanguard, I think it
13:41
Speaker 3: was a little too crazy for Vanguard. For many years,
13:43
Speaker 3: even though they had a mutual fund, they finally launched one,
13:46
Speaker 3: the Vanguard High Yield ETF. The ticker is v c
13:50
Speaker 3: h Y. It's already got thirty seven million, no shocker,
13:54
Speaker 3: it's five BIPs. That's very cheap. I believe schwabs around
13:58
Speaker 3: the same, so it's not here's a thing Vanguard used
14:01
Speaker 3: to vanguard categories. Now it actually the vanguard effect has
14:07
Speaker 3: outrun them in some cases, so they now come into
14:10
Speaker 3: a category they're maybe the second cheapest, third cheapest. Now
14:12
Speaker 3: their brand alone is going to be enough to move
14:15
Speaker 3: the needle. But if they had launched this ten years ago,
14:18
Speaker 3: fifteen years ago, that this would be bigger, the biggest
14:20
Speaker 3: high yield bond etf today. Will it be someday? I
14:24
Speaker 3: don't know, because I Shares also has this stud called USHY,
14:28
Speaker 3: which is now the biggest. It has even more junk
14:31
Speaker 3: bonds than HyG and it charges eight bits, so it's
14:34
Speaker 3: a much harder category to compete in. But I just
14:38
Speaker 3: thought it was interesting because this is one of those
14:39
Speaker 3: funds that if it had launched ten fifteen years ago,
14:42
Speaker 3: it would be like one of the biggest launches of
14:44
Speaker 3: the year. We'd all be talking about it. But now
14:46
Speaker 3: it just seems so pedestrian and like, I don't know,
14:49
Speaker 3: a little, no big deal.
14:50
Speaker 6: Maybe it's because I mean, we know that demand for
14:55
Speaker 6: income generating strategies are just growing. We have elevated bond yields,
14:58
Speaker 6: growing investor interests, etc. You're right, it's like decades late.
15:02
Speaker 6: But to Joel's point earlier, better better joined a game
15:05
Speaker 6: than not at all the game.
15:06
Speaker 2: Yeah, I think the Vanguard name will will be the
15:09
Speaker 2: thing that makes the thing work.
15:11
Speaker 3: So the Schwab high yield is three BIPs, and then
15:14
Speaker 3: x Trackers has one that's five, State Street has one
15:18
Speaker 3: that's five, Vanguard's five, and there's even this weird one
15:24
Speaker 3: gobelly high yield GBHY that says one. But that could
15:27
Speaker 3: be just a short term, like Waiver. I wouldn't trust
15:31
Speaker 3: that totally right now. But Schwab, State Street, x Trackers
15:34
Speaker 3: are legit giant etf firms, and they're all the same
15:36
Speaker 3: or lower. So you know, again, coming in at five
15:40
Speaker 3: in this category ten years ago would have like blown
15:43
Speaker 3: up our heads and been like holy moly. But now
15:48
Speaker 3: it's just another face in the crowd, face in the
15:52
Speaker 3: low cross crowd, hiel crowd.
15:56
Speaker 2: But okay, So if that's a wild card and it
15:59
Speaker 2: almost sounds like it's got tinges of good luck with that,
16:02
Speaker 2: what's the good luck with that?
16:04
Speaker 4: For this episode?
16:05
Speaker 3: I'm going to tell you right now, Vanguard will never
16:08
Speaker 3: be in the good luck with that category. It just
16:10
Speaker 3: by the way Katie Grayfeld broke the story that Vanguard
16:13
Speaker 3: passed Blackrock in USCTF assets stroll. So it's like four
16:17
Speaker 3: point four trillion to four point three nine trillion. They're
16:19
Speaker 3: both doing fine. But that was twenty no, two thousand
16:24
Speaker 3: and three to today, what is that twenty three years?
16:26
Speaker 3: Twenty three years Blackrock held the king title, So that's
16:30
Speaker 3: a big deal. Now Vanguard will be king for probably
16:32
Speaker 3: a long time. I would assume.
16:33
Speaker 5: Yeah, that's sart was a great one.
16:34
Speaker 3: The good luck with that this week isn't some legacy
16:38
Speaker 3: active mutual fund putting out like an ultra short term
16:41
Speaker 3: income for eighty BIPs And you're like, okay, dude, it's
16:43
Speaker 3: not nineteen eighty five. But it's a very forward looking
16:47
Speaker 3: kind of launch that would normally be kind of edgy.
16:50
Speaker 3: The purpose Bitcoin ETF Okay, A couple problems with this
16:55
Speaker 3: number one. The ticker is BTCK btck. Okay. Here's the problems.
17:01
Speaker 3: You know, I'm pretty bullish bitcoin. I like it, I
17:03
Speaker 3: got into it. But it's in a bear market. Let's
17:05
Speaker 3: not be Let's be honest here. It's struggling bear market,
17:09
Speaker 3: hard to bad time to launch. Number two. It's really
17:13
Speaker 3: late to the party. There's eleven have a ton of assets,
17:16
Speaker 3: especially the top two or three. They're very liquid. You're
17:18
Speaker 3: like the thirteenth person to the party, and they're all
17:21
Speaker 3: way cheaper. This was one point three percent fee. The
17:25
Speaker 3: thing it does that it's a little extra that I
17:26
Speaker 3: think it's charging for is it also has carbon credits.
17:29
Speaker 3: So its whole case is, hey, we're going to be
17:31
Speaker 3: the ESG Bitcoin ETF. But no one cares anymore. This
17:35
Speaker 3: would have been big ten years ago. Yeah, it's over.
17:38
Speaker 6: I agree.
17:38
Speaker 3: So it's it's like late to the party in like
17:41
Speaker 3: three different ways.
17:42
Speaker 6: It's a few years back, everyone was talking about how
17:46
Speaker 6: bitcoin is a huge energy waster. I can't think of
17:49
Speaker 6: a better word for a wasterter. But it's not good
17:51
Speaker 6: for the environment. But I think I haven't heard anyone
17:54
Speaker 6: say that in the past couple of years.
17:56
Speaker 3: Yeah, I talked to the It just really yeah and
17:59
Speaker 3: the nut Yeah, people are like, it's.
18:02
Speaker 6: Novel, the idea, you have to give it that.
18:04
Speaker 3: I gu also there was some misconceptions like a lot
18:07
Speaker 3: of bitcoin minors use stranded energy because it's cheaper and
18:10
Speaker 3: it was going to go to waste anyway. And the
18:13
Speaker 3: second thing is the percent of energy they use versus
18:16
Speaker 3: like everything else. It's so minor that said, you could say,
18:20
Speaker 3: if you don't actually believe bitcoin's good, you would be like, well,
18:22
Speaker 3: it is a waste of energy, yes, but AI has
18:26
Speaker 3: dwarfed it. And the other thing is if you talk
18:29
Speaker 3: to issuers like asset managers, they survey advisors and stuff on,
18:32
Speaker 3: like what's keeping them from bitcoin? And the number one
18:36
Speaker 3: thing now is volatility and energy isn't even discussed anymore.
18:40
Speaker 3: So this just feels like it's from like twenty fifteen.
18:45
Speaker 3: Like in twenty fifteen, this might have had, you know,
18:48
Speaker 3: one point three percent face, there would have been a lot. Now,
18:50
Speaker 3: I'm not saying it doesn't have a chance. I'm just saying,
18:52
Speaker 3: good luck with that.
18:53
Speaker 5: Yeah, good luck with that.
18:54
Speaker 2: What's it at so far?
18:56
Speaker 3: Not a lot, Joel. One point four million, that's really tiny.
18:59
Speaker 3: I think it's a start when in the first year
19:02
Speaker 3: of ibitz life it took in one point four minute,
19:06
Speaker 3: like every twenty five seconds.
19:09
Speaker 4: Okay, well, good luck with that.
19:12
Speaker 3: No, And by the way, for any of the issuers,
19:15
Speaker 3: you hear that and go, I'll show them if this
19:18
Speaker 3: is a big hit and gets like over like five
19:21
Speaker 3: hundred million, I'll say I will eat crow. We'll play
19:24
Speaker 3: the clip and I'll say I was wrong, happy to
19:26
Speaker 3: do it?
19:27
Speaker 5: What did you say?
19:28
Speaker 3: Eat crow? It's a Boomer words phrase for like, I
19:32
Speaker 3: admit I'm wrong.
19:33
Speaker 6: Why people actually eat crow before?
19:35
Speaker 3: It's a good question. I should google the origin of.
19:37
Speaker 5: That after we will. I'm sorry. I'm not a boomer.
19:41
Speaker 3: I'm not either but jen X, but I'm close enough.
19:45
Speaker 3: I pull from their culir language a little. I listened
19:49
Speaker 3: to Billy Joel. You probably you don't even know who.
19:52
Speaker 5: Billy Joel was the daddy of Miley Cyrus.
19:56
Speaker 3: That's amazing. Yeah, basically more or less?
19:59
Speaker 2: Yeah us No, okay, Billy Ray Cyrus.
20:05
Speaker 3: Hi, Yeah, my first name guys.
20:08
Speaker 2: Okay, all right, it's about Thanks for joining us.
20:11
Speaker 5: I'm true always fun. Thank you both.
20:17
Speaker 4: Thanks for listening to Trillions. Until next time. You can
20:19
Speaker 4: find us on the Bloomberg terminal, Bloomberg dot com, Apple Podcasts, Spotify,
20:24
Speaker 4: or wherever else you like to listen. We'd love to
20:27
Speaker 4: hear from you. It is up on social Trillions is
20:30
Speaker 4: produced by Magnets Hendrickson and Kishov Pundia. Also special thanks
20:34
Speaker 4: to Summer Saudi and Moses on Dam