ETF

“So if that keeps up at some point here in the next small set of years, ETF assets will pass traditional mutual funds to become the largest equity asset class in the world.”

“The majority of our investors are long-term holders, whether they're in ETFs or mutual funds. Holding periods at Vanguard are five to 10 years.”

“We started with a portfolio of ETFs and slowly layered managers in. We weren't going to take the traditional amount of equity risk in those early days because we didn't have the traditional amount of diversification.”

“I think that like 10 years from now, every single person in America will have five percent of their portfolio in like public venture capital. It'll be totally normal. It'll be like an ETF. It'll be just this thing that's standard and the public capital, so the…”

“In the world where, like, ETFs and passives have become huge and the number of fundamental investors is, like, shrinking, I don't think you want to be a two to, ideally, you don't want to be, like, a two to three billion dollar company, but I don't think there…”

“In the coming years, we've been vocal Figuring out how we're going to be accessing the four one K market, the traditional asset manager. So the mutual fund market, the ETF market, those are some of the places we're going now.”

“Traditional asset managers, i.e. Mutual funds, ETFs, they're gonna start injecting some amount of private assets blended into their products.”

“What we've done is we've taken the data that we have over the last 15 years of analyzing these companies, and we've said, there are 80 high-quality real estate companies. These are secular winners, compounders like Hilton. That will be the investable universe …”

“It's about a 50% overlap at any given point in time.”

“As time went on, as we saw through the 2000, the passive indexation and ETFs and the capital markets changes in the public market rendered some of those advantages obsolete.”

“We have the offices to get differentiated access. It's not to get beta. We can get beta from screens in Toronto. We can get beta through swaps and ETFs. We need alpha. We open the offices to get alpha.”

“You get access to way more financial products. If you hold the Bitcoin yourself, there's Bitcoin defy. You can make yield on it. You can loan it out. You can borrow against it. There's a whole bunch of things you can do with it that you cannot do. If it is jus…”

“If you're going to do that, then you need to have some liquidity function, and that always is going to come at a cost. It could be an explicit cost, it could be an implicit cost, but at the end of the day, you can't magically say something that's illiquid is l…”

“EPFO is the employee provident fund where you know, whatever salary you know, gets our salary gets cut, goes to the EPFO for managing that organization, which is run by the government. Now puts in nearly about 15% of their incremental corpus into ETFs.”

“One of the reasons why ETF became a kind of first port of call is when you have an event, something like a COVID that happens, you don't know which stock or sector is going to get affected is going to do well. You just buy the index”

“Typically I tend to split my portfolio in something called as a core and satellite. Core is, is something which is what you term as a major part of your portfolio which is the fact that you want to invest in the equity market. And why do you want to invest in …”

“I'd say Solana ETF, which will be great.”

“I cannot believe BlackRock invited a bunch of influencers to their ETF launch party like it's a tequila brand.”

“I mean, they're essentially, yeah, like shit coins for, in the public market, so you can just trade.”

“It's the fastest growing ETF product in the world is Bitcoin.”

“Once you do that, you can't unwind it. So once everybody owns it in their ETFs or their retirement accounts, what are they going to do? You can't, it's too embedded in the system at that point. You can't like, you can't rip it out. It's tentacles are too deep.”

“And one of the interesting trends obviously at the moment is mutual funds are rapidly being displaced as the preferred vehicle by other vehicles, depending on the channel, whether it's retirement as collective investment trusts or what everybody talks about wi…”

“The next chapter of growth for the industry, I think is going to be alternatives. And I think we are in the early innings of that beginning to happen right now.”

“If you look at the most democratizing investment vehicle that is likely ever to exist, it's going to be ETFs, and so the marriage of those two isn't a huge leap of faith, I don't think.”

“We were named as the custodian of eight of the 11 approved ETFs at this point.”

“We are probably days away from a series of ETFs being approved And so this is the moment for Bitcoin to use that old term, cross the chasm, and really see mainstream adoption, where our parents and our grandparents understand what it is, can buy it, and then d…”

“The main impact is that we will counterbalance certain overweights that we don't want as intentional overweights. So we have to have enough liquidity in the portfolio where we can use ETFs or index funds or futures that we can offset those.”

“There's nothing automated about it. There's nothing that a supercomputer can replicate. There's no ETF version of private equity or private markets more generally. It's a people business, and therefore you have to understand The traits and DNA of those people,…”

“When I changed it to a rule-based approach, i.e., if X, if the number of dollars in checking account was over X, Move to Y, the savings account. The number of dollars in savings account is over Z. Move it to the investment. Those simple two rules avoided me fr…”

“There was 1.7 trillion, you know, that was just torched in ETFs alone just in the, since the beginning of this year, right?”

“I just invest in ETFs. That's it. I don't have the time to think about which stock is going where. Right. It's too ticky. I used to look at the charts every single day back in 2020 and 21 as well. But then I realized that this is just not the right way to opti…”

“So if you can do the math, then it's probably closer to four trillion on the indexing side, which would be ETFs and traditional mutual funds.”

“I have an ambition to launch an equivalent platform focused on biotech. And we're exploring the idea of launching a whole suite of ETFs.”

“Whenever we do a trade, we have an ETF portfolio. We make tilts in our portfolio. I go back about six months if I can and try to look at the trades after six months and come up with one of the behavioral traps I may have fallen into.”

“The market now in US is 50% in ETFs. They've crossed over.”

“The idea that ETFs were ever a self-liquifying instrument, that is to say that ETFs create liquidity in their underlying reference securities was always just buy-side propaganda. Absolute garbage. And to see dozens and dozens and dozens and dozens Of credit an…”

“Virtually all ETFs, with the exception of US large cap, actually earn less than the index. There's friction cost. Security lending doesn't overcome all the friction cost. Can't always buy all the securities.”

“I had spent enough time as a salesperson looking at the hedge funds. And I just thought that the industry was ripe for the same type of disruption that the mutual fund industry went through in the nineties with exchange traded funds and that the hedge fund ind…”

“The thing about mutual funds is the delay In pricing, so what has really taken the place of that are ETFs.”

“All these robo-advisors are doing is putting seven ETFs into a bucket and selling it to you and charging you a fee every year for rebalancing it. This is not rocket science. Any member of the public can do this if they have an understanding of why there are th…”

“There's now four or 5000 ETFs. There were only 50 in 1999.”

“So up until 2007, 2008, most of it was pure cap weighted indexes and the low costs, the major market indexes that you would know.”

“And as far as self-directed investors who have invested in ETFs, maybe through robo-advisors and that type of thing, are they gonna stick with it? They should. We know historically they should over time. Are they going to? Probably not, right?”

“When you look at high volume days on the exchange and people talk about it, ETFs account for one third of the daily asset trading, right?”

“Even with over 2000 ETFs that are out there, how very, very few have year-end distributions.”

“Even though the asset growth in inverse and leverage ETFs haven't really kept up with overall asset growth in ETFs in general, it doesn't matter because when you look at the underlying volume, it's tripled.”

“We're seeing a lot of M&A going on in the space already. There are a lot of managers who were late to the game, and rather than create it themselves, they'd want to go in and buy somebody. So it's hot right now, and managers are paying premium prices For estab…”

“So the industry basically has three years starting now to prove it can do it. If three years from now, we still have meeting an active manager below the ETF, the story will ride itself.”

“And by the way, global diversification through index funds is a fake diversification. Index funds and ETFs are often calculated on a cap-weighted basis, which is a fundamentally flawed way to calculate indices.”

“We will see index vol a spike at some point in my life. I'm a hundred percent sure. And when it does, we don't quite yet know how that, how far that will go, because we just don't know how deep people are going to de-risk. And when they do, they're going to se…”

“There are, in many ETFs, significant mismatches between the liquidity that the ETF promises and the underlying liquidity of the instruments.”

“If you look at the growth of ETFs, we're growing faster than ETFs took off. If you look at the growth of say discount brokerages, we're growing faster than that.”

“So that gives me faith that ultimately automated investment services are actually going to manage more assets than even ETFs.”

“And automated investment services, like Wealthfront, have been adopted at twice the rate that ETFs have.”