Prediction Not checkable as stated
Gleich predicts alternative investments will drive the next ETF growth chapter
“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.”
Assertion Supported
Gleich: Active ETFs capture 30% to 40% of 2024 fund flows
“And so now if you look, we'll take this year, three quarters of the way through the year, approximately about 30 to 40% of all flows that are happening now are going into active ETFs. And if you look at the size of the universe, Active ETFs are only about five…”
Opinion
Gleich: The perception that index equals passive investing is wrong today
“Well, I think this perception that exists that index equals passive is wrong today. It was maybe true 10 or 15 years ago, but the lines of our industry between index investing and passive and active are all blurring.”
Opinion
Gleich: Fund managers claiming an unchanged 20-year process is unacceptable
“My biggest pet peeve in the industry is when a manager shows me a pitch book with an upside down triangle with an investment universe at the top and a portfolio at the bottom. I'm sure you've seen a thousand of them as well. And then they proudly claim that wh…”
Insight
Gleich: Success comes from mastering work and learning to love it
“I think much better advice is learn to love what you do and just become really good at it, and if you do that, I think you'll be much more successful, and so when I hear people give the advice of find something you love and go chase after it, I don't think tha…”
Opinion
Gleich: Jamie Dimon is one of the best CEOs in history
“And JP Morgan, I think, has one of the best CEOs in history, Jamie Dimon. I think he's amazing.”
Opinion
Gleich: ETFs and CITs Are Rapidly Displacing Mutual Funds
“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…”
Insight
Gleich: Investors typically ignore new funds or ETFs for three years
“One of the hardest things in our business is You establish something new, like a new fund or a new ETF, and investors won't typically look at it for at least three years.”
Insight
Gleich: Active ETFs hold three structural advantages over mutual funds
“And if you look at an active ETF versus a mutual fund, There's really three distinct advantages. Number one is tax. So an ETF is more efficient from a tax management perspective vis-a-vis a mutual fund. Number two are fees. All else being equal, the same strat…”
Assertion Not checkable as stated
Gleich: Harbor found unexplained alpha in Dan Ariely's human capital factor
“But after doing our research, we discovered that there was a nice idiosyncratic piece of alpha left over that couldn't be explained by any other model that we put down to the human capital factor.”
Insight
Gleich: Foreign Boutiques Need Decades to Build US Distribution Networks
“If you're a specialized boutique firm, it's going to be very difficult on your own to build the relationships with a network and a region as big as the US. And so if you're based in Copenhagen or in London or wherever really, It takes decades to build the netw…”
Insight
Gleich: Investment edge comes from either interpretational skill or mosaic-theory data
“Generally, I think there's two different camps that skill or edge fall into. You either, number one, have an interpretational edge, which is where you're privy to the same information as everybody else, but you interpret it in a different way and are on averag…”
Opinion
Gleich: ETFs are likely the most democratizing investment vehicle ever
“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.”
Assertion Partly supported
Gleich: Harbor Capital lost $22 billion to outflows in 2018
“The year I joined, I think we had outflows of about twenty two billion dollars in that calendar year.”
Assertion Not checkable as stated
Gleich: The SEC's 2019 ETF rule leveled the issuer playing field
“So back in December of 2019, the SEC released what's been now called the ETF rule. And the ETF rule was a game changer, industry game changer. And what the ETF rule effectively did was level the playing field for issuers To launch either a mutual fund or an ET…”
