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Lonnie
3:27
Hey Dave, I see you answer some “fun” questions here sometimes, not strictly “technical” ones. So what’s your 2 cents: Is time “money”?  :)
Dave Nadig
3:27
I think that's actually a very useful construct, actually.
I think the measurement of true wealth has much more to do with time than money.
3:28
So for example, I have some friends who run a successful local community supported farm.  While they suffer the tyranny of nature's clock, otherwise, they have absolute freedom with what happens in the moment.
I consider that wealth.
3:29
Similarly, I know some folks who've tagged out of their high profile careers because they figured out how to only work 10-20 hours a week, and live very modestly.  I consider that wealth as well.
So I think its a fair comparison.  I might say Money=Freedom more than time, perhaps.
Robert TB
3:29
In your Camp Kotok article and ETF Prime Podcast you mention your parlor-trick. Do you have 1 question you know you can always fall back on in these situations?
Dave Nadig
3:30
My default is always something non-political and non-controversial if I don't know the group at all.  So something like "favorite book you've read in the last 2 years" or "favorite movie" or "goto music"... I think those tell you a lot about someone and also serve as classic ice-breakers.
If I feel even a little comfortable, I try to get things that will expose an area I don't know about.  So for instance I've also asked "what was your favorite conference presentation you've ever seen"
3:31
I've had folks tell me about neuroscience and videogames and physics and EST-like self help gurus.
Robert TB
3:31
During this week's ETF Prime Nate Garcia asks whether you caught any fish. And we are still in the dark as to whether you drew a blank?
Dave Nadig
3:32
I caught many fish.  Frankly everyone did.  It was good fishing.  I even won $100 of Barry Ritholtz for "most fish" in our boat (although he got "first fish", which was a $5 bet, so net $95)
X Factor
3:32
Hi Dave: Since Vanguard (inadvertently?) has gun stocks in its ESG ETFs, how soon will they be able to take those out?
Dave Nadig
3:32
Instantaneously.  If you read every prospectus it says something like:
3:33
"Our investment objective is to be at least 80% in securities which substantially represent the XYZ index" or other such hedgy language.
So not only can they sell them at their discretion, they could have not bought them, regardless of what file came in from the index provider.
3:34
What kind of discretion is rarely used in index funds, unless their is real optimization that needs to be done (liquidity being the main reason).  But "noping" out of a trade is ALWAYS an available option for the desk at the micro level.
This isn't the last we're going to hear about this little hiccup.
OK, that's going to be a wrap.  Sorry if I didnt get to your question today, so many good ones still in the hopper.
Next week we'll be going Friday afternoon, and I hope to see you then.  Until then, thanks for coming!
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