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Dave Nadig
3:18
does it REALLY make a lot of difference? Probably not - but it would be a good competitive levelling.
3:19
I think we could also use some guidance on things like leverage/derivatives/liquidity/non-40 act products/commodities/currencies/ETNs.  But most of that is subject to other rulemaking, and I don't expect much to get cleaned up as part of a first draft ETF rule.
Dan Windham
3:19
With the current upheaval in, say, TUrkey, Italy, North Korea and the China etc. tarriffs, is there a way to play that with ETFs? Or because global volatility is basicly always an issue somewhere, should investors just address this is some other, comprehensive way?
Dave Nadig
3:19
So, for the most part I think the answer to most "how to play X with an ETF" questions is "don't" -- there are exceptions of course, but usually the question is about something like "how to play Cisco Earnings."
3:20
In this case however, my personal opinion is that the kind of global trade wars and Euro-centric uncertainties are just an unmitigated drag on global growth.
3:21
Very, very smart people might be able to tease out the value plays faster than the market prices them in (buy this country, short that one, etc), but in general, I think it's almost all just negative for global equities.
So if there was a play (and it's just my opinion, not like, some absolute truth) it would just be to consider your equity allocations pretty carefully.
3:22
of course, that's a very tactical position -- a more long term approach would be to assume that "this to shall pass" and buy the dipping markets as the tweetstorms upset the applecarts country by country.
Nassim M.
3:22
Are there any particular blogs/other sources of financial investment info you read regularly that you deem required reading for good insight?
Dave Nadig
3:22
Love this question!
3:23
there are a TON of great resources -- its a golden age -- so any list I pull off the top of my head will mean making apologies to people, but that said, off the top of my head (and without links for the moment):
I read Matt Levine's daily email from bloomberg religiously.
3:24
Even if I can't get to all the stuff I have bookmarked, I make sure I at least SCAN his email every single day.  I've found him to be a great curator of other people's stuff, and a great writer and thinker in a pretty low-BS tolerance way.
3:25
I also try and stay on top of everything coming out of Ritholtz Wealth Management (which is like, 8 blogs, 3 podcasts, videos and probably a restaurant chain by this point).
they have a lot of very smart folks there now, and pretty low BS tolerance themselves.  I don't agree with every word of it, but it's always on point at least.
3:26
ETF specific:  Obviously I read the stuff our own writers produce! But I also make sure to stay on top of ETF Trends, Todd Rosenbluth's CFRA emails, Eric Balchunas Bloomberg Insider coverage, and a few other folks I'll get crap for forgetting.
3:27
OK, coming up on the half hour, time for 1-2 more:
Galadriel
3:27
There's a filing for a Space ETF. Is this pushing the boundaries of thematic investing?
Dave Nadig
3:27
I don't think thematic investing HAS any boundaries.  If people will buy it, someone in the industry will package it up and try to find a way to sell it to you.
3:28
I think investors are pretty smart though -- they should always look at something that seems like a "headline play" and ask more questions.  I haven't seen what the Space ETF is going to hold, but hey, who am I to say whether it will be good or not.  THe challenge is always the same:
3:29
Is the pattern of returns unique, and at a reasonable cost, and in a tradable vehicle.
I don't know the space industry super well, so maybe it does in fact have a lot of solid pure play companies across industries that exhibit a real correlation to the rising private space flight market
So I wouldn't count it out, just because it seems like a gimick!
Gordon Gekko
3:29
Who is the best Lead Market Marker for ETFs?
Dave Nadig
3:30
I will thoroughly dodge this question by saying "which ETFs."
3:31
The reality is that different LMMs are particularly adept at different kind of products.  What I know of the space I know mostly from talking to clients of course -- I'm not personally trading with the LMMs -- but it seems that folks like Jane Street have been able to come to the party and carve out nice sections of the business.
(in there case, I believe with a lot of focus on Europe, and fixed income).
3:32
But SiG and Cantor and so on all get props when we do our awards each year from their customers, often for different reasons -- working complex trades, getting good prices, and so on.
luckily for us little guys -- all that matters really is that it's a competitive space (it is) and that the plumbing works well (it does) and then we get to benefit from the liquidity and pricing (we do.)
3:33
That's going to wrap it for today.  Again, we'
ll skip next week while im at the Smart Beta conference in NY.
And a transcript of this will go up a bit later in the day.
Thanks for joining, and we'll see you in two weeks!
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