Eric Balchunas (@EricBalchunas) started following @oldtoons_ on Sep 28, 2024

Happy Weekend everyone! Here's some Daffy for you. Wise Quackers - (1949) https://t.co/NqfDItYET4

Ralph Wolf and Sam Sheepdog are buddies and housemates, but one is a sheep guard and the other, a raider. After the work hours they both go home hand in hand. The comedic twist of their rivalry being purely professional is humour gold. https://t.co/Jr9PAjh4c5

RT @pdmcleod: If you don't know what they're talking about this whole exchange looks like two wizards bickering. https://t.co/336XIsCmpK

I took a chance on this series (6 episodes) and was surprised how good it was. I'm not huge wild west fan but they did such a great job weaving in the media, politics and J.P. Morgan's involvement, narrated by the great Ed Harris. Had no idea about a lot of it. Recommend. https://t.co/erQyi7rnBt

RT @490Freak: Listening to this podcast where Janes Addiction’s guitar tech brought in Perry’s mic audio from the fight and it is some of t…

Looking fwd to joining this panel discussion next Wed at NYSE w/ @LynAldenContact & @nic__carter moderated by @profplum99 🔥 You can stream it live (or go to the event which is hosted by Simplify for a good cause) by registering here: https://t.co/sxrEt1F4Lh https://t.co/YUacrktthg

The Chinese government (aka the National Team) is on an ETF buying spree BOJ-style to jump start stock market, they've already plowed $91b into ETFs, headed towards $110b EOY, which is 80% of the flows over there. Here's where they spending the money, via @RebeccaSin_SK https://t.co/A2xSO30KHl

No one happier the Fed is cutting rates than $ARKK which went to the moon during the zero rate era and then came hurtling back to Earth when the Fed hiked. Is a Third Act in the cards? Not sure. It still has $5.8b and good liquidity but getting a second bite at apple w investors https://t.co/HhW88ZXBnm

For people who have invested in a money market mutual fund, how crucial is the fixed $1 NAV for you?

MILESTONE: ETFs have officially passed $10T in assets in the US 🎉 Normally they double assets every 5yrs but this time it only took 3.7yrs. They also now have double index MF assets (from which they were birthed). We predict they will hit $25T in next ten years. Good write up on https://t.co/0b6QWfD8QF

Another crazy fun fact, $MSTU has been out a week and in the Top 20 (out of 3800) best performing ETFs YTD lol.. That's got to be some kind of a record. https://t.co/9VuzzbKIuv

Here are the daily returns for $MSTU so far.. and it hasn't really even been that volatile. https://t.co/JJ7lgjCgbu

This is wild, the 2x $MSTR ETF was launched a week ago and already has $72m in aum (for context that puts in top 20% of the 515 ETFs launched this year) despite the 1.75x $MSTR ETF having head start and $357m (top 8% of new launches). Both have robust liquidity too. I didn't https://t.co/t46B8UIBhm

Some weird stuff going on with the Three Amigos (SPY, VOO & IVV), tens of billions moving (seemingly between them). I don't think its tax rebal but prob something like it. SPY and VOO taking in around $20b each in a week, while $IVV just saw $21b in and then out curr -$5b on https://t.co/D08J8Io0ZK

My bag arrived at 2am last night. I’ll take it! but I’m prob not flying United for a while.

Good morning Chicago https://t.co/6jJlwNVToL

LeverageShares launching new 3x Microstrategy ETFs in Europe (who aren’t likely to appreciate the unbridled adrenaline being packaged here like Americans do). These things will be around 18-20x the volatility of SPX. They will make 3x QQQ look like money mkt fund https://t.co/DYM4x2O7l9

RT @NateGeraci: The always colorful @EricBalchunas on spot bitcoin ETF conspiracies… “This isn’t like FTX, where you just throw up an exch…

My first time ever (or at least in decades) I’ve flown on United Airlines (I’m an American guy) and they forgot to put my bag on the plane. Not sure I’ll have my stuff for a work event tmrw. Just bad luck or is this par for the course with United?

BlackRock filing for a BBB-B CLO ETF.. This category is growing very fast. $JAAA has $12b and JBBB has $1b https://t.co/jgN6gzR4JA

RT @netcapgirl: 2 minutes to say “i write on paper with a pen”

One other thought on this.. I will say getting someone to buy and hold a 3bp SPX ETF is a hell of a lot easier than getting them to stick with underperforming active fund like in the 90s, and thus as I argued in my book Bogle is severely undercredited with improving investor

It's a fair question. I'd argue that getting someone to buy and hold an SPX ETF is worth their fee alone (vs DIY stock picking or lord knows what else). Many advisors add value by doing a bunch of other leg work for you (taxes, planning, coaching). All that said, I'm seeing some

Nice look at the new "money market" ETF launching today, the Texas Capital Government Money Market ETF (MMKT). Key point tho: The NAV will *not* be fixed at $1.. via @kgreifeld @emily_graffeo https://t.co/ibjVFCyPx9 via @markets

New study out today from @DavidCohne found that increased dispersion in stocks doesn't really correlate to outperformance by active. The bad news: another excuse for lagging is eliminated. The good news: still decent chance of outperforming in a low dispersion market https://t.co/4kii9P3Tjz

Ht @EdmondsonShaun for the table

US bitcoin ETFs had good day yesterday pushing YTD flows to new high water mark of $17.8b. They’re now 92% of the way to owning 1million bitcoin and 83% of way to passing Satoshi as top holder. Tick tock.. https://t.co/kTxlIzjJy6

Greetings from my kids flag football game where home plate is now the corner of the end zone a la 1980s Oakland Raiders games. I love that. https://t.co/dKGeMf2AnT

RT @crypto: As crypto ETF custody comes into focus, BlackRock Head of Digital Assets Robbie Mitchnick says "nothing of significance has cha…

Not all of CT but a decent portion.. https://t.co/jbdc2CR65v

The root of the BlackRock "IOU" conspiracy theory is angst over btc price not being (even) higher. But it's up 51% YTD (and 150% past 18mo thanks to the ETFs you're welcome) which is A LOT. Further, 50% is btc's 5yr avg ann return so even if it returns 0% rest of year you should https://t.co/x1jfEEDuLj

Robbie Mitchnick (head of digital assets at BlackRock) was asked by @sonalibasak on TV today about $IBIT's "12 hours" filing amendment mentioned below, his answer: "Nothing of significance has changed here, what we do with all of our custodians is a an operational fine-tuning." https://t.co/BkYBxWKfLE

Bogle in the front, party in the back.. Vanguard is getting 32% of all ETF flows (and BlackRock 25%) as bulk of money still buying cheap beta but at same time 80% of new ETF launches past 2yrs are leveraged, active or use derivatives. The great portfolio barbell-ing is upon us.. https://t.co/eRFalpzhhL

Bruh, you see this? This TradFi suit expects us to just "trust" BlackRock. https://t.co/l2y4yTECqa

Getting tagged in tweets about this.. So here's some more details: BlackRock runs their own blockchain node and every night they pull the btc balances from their wallet addresses on Coinbase prime validating the btc held by $IBIT. They will show this to institutional clients upon

So many questions..

$VOO YTD flows at $73b is beyond absurd.. keep in mind the all-time annual record for a ticker is $50b (set last year). Its also nearly double $IVV, which btw it has now passed in assets, only $44b away from knocking off $SPY. https://t.co/LhyCRbhiR8

After a massive week of flows and two weeks of positive stock market returns, ETF assets are now at about $9.8T, sooo very close to hitting the $10T milestone for the first time. Someone should throw a party. https://t.co/lEt3TU0KCo

😂 big win for my RU

I had to look. MJ had similar attendance impact to a crapola Bulls team in mid 80s. Altho even the great MJ was only able to get Bulls to win 38 games his first year. CC took crapola team to playoffs. Unreal. https://t.co/3RwbSutxm7

Hard to overstate how amazing this is. The Pacers were really good last year too. Reminds me so much of Michael Jordan’s first few years in NBA.

😂 + 🔥

New Air Monarch IVs just arrived. Extra wide, puffy interior, extreme Dad vibes. Gonna help me get some Ws in my 40 & over Tennis league. https://t.co/IOQ0LC9V51

Morning jog views: Apollo Creed scarecrow pumpkin display in front of Sprouts on Broad and Carpenter. https://t.co/ehVxQgX0IP

Cars do not look when they are turning. They only care about one thing, getting across that intersection. Make sure you look at the driver and be careful while walking. Drivers do not care one iota if they run you down.

$sowg bear case got stronger

Important note: This is just one stage of approval, the OCC and CFTC has to approve as well before they officially list. The other two don't have a 'clock' so not sure when they'll be approved. A big step tho nonetheless that the SEC came around.

Roundhill filing for a new Weekly T-Bill ETF (WEEK) which will invest in ultra short term treasuries and distribute the income weekly https://t.co/HtFtpoiqSp

I'm assuming others will be approved in short order. Huge win for the the bitcoin ETFs (as it will attract more liquidity which will in turn attract more big fish). This is nice surprise re timing but not a shocker as @JSeyff and I gave 70% odds of approval by end of May. https://t.co/a8mUGLOcKG

OPTIONS APPROVED: SEC has just granted accelerated approval for the listing and trading of options on $IBIT. Here's the full approval. h/t @News_Of_Alpha https://t.co/NxcnzvuPmA https://t.co/mtShgrMrwc

Our ETF of the Month for August is.... $MGRO the VanEck Morningstar Wide Moat Growth ETF (MGRO) which is a sequel to the smash hit $MOAT and serves up growth with Buffett-esque screen. It's seen recent pop in volume and 1M returns via @SirYappityyapp https://t.co/Bssu5sx0fm

Someone suggested gold is a fair comp for btc. I can get with that. So let's break it down: gold ETFs account for 1% of total gold market cap (and I think we can all agree they've been positive for gold price). Bitcoin ETFs are already 5% of total btc market cap and this is after

Most successful ETF launch in history = peanuts. Man, this is some spoiled brat mindset right here. That $17b bailed out your bags on multiple occasions holmes, show some respect.

Big day for bitcoin ETFs yest which have set new high water mark of +$17.7b YTD (most imp number) as flows across rolling 1M turned positive. This is why holding the line during the 'one step back periods' is so huge, can get to working on new net YTD highs faster. https://t.co/ILjoIWwEi3

I just looked, the Jets were 7-30 against Brady-era Pats. Tbh that’s slightly better than I would have guessed but still in a league w as much parity as NFL it’s really brutal.

The Jets look legit, Rodgers gaining confidence by the game. And I’m happy for them. Their fans have suffered so much, esp at the hands of the Patriots (whose fans have been beyond spoiled). Nice to see the tables turned.

Just when you think its safe to rotate.. https://t.co/6nuVVX8NqR

Superb chart from @psarofagis showing the % of money in passive funds by country, which shows just how early this trend is globally, also notable that active beat rates are about the same regardless of % passive which also hurts the passive excuse for active underperformance https://t.co/RFSNSaZAbq

The new 2x $MSTR ETF is seeing legit volume right off the bat, $2m yest but $6m already today headed to >$10m. Only like 1-2% of ETF launches see this kind of volume this early. Helps that it is up 17%. Still notable tho given there's already a highly liquid 1.75x $MSTR ETF. Just https://t.co/ZSFLS4rKjj

One note: when we say "passive" we looking at anything that tracks an index which can include smart-beta which tends to tilt to value. But this also speaks to a broader issue with worries about passive is passive isn't homogenous, it's very varied, even broad mkt cap weighted

And.. stocks with the highest % passive ownership aren't more volatile either (which is especially surprising to me as I'd assume if less float available for trading = more volatility) but data doesn't bear it out https://t.co/LYnULn6k4I

SHOCKER: Stocks with Higher Passive Ownership Aren't More Expensive.. If you divide stocks by their % passive ownership, the stocks with higher passive ownership (Decile 10) don't show any meaningfully higher valuations. Great note today from @psarofagis & @PythonTrader https://t.co/4yT11viGg7

RT @CarolynMcC: Excited to hear Kathleen Boyd talk about financial planning for infertility. @NAPFA @XYPlanning https://t.co/4HBFqAWXmb

RT @ArleneDMoss: If you aren't learning about the financial realities of fertility you're missing a need your younger clients may have. #NA…

Also love this chart showing ETF issuer by index brand they use, some very diversified, some lean on one or two brands.. https://t.co/Gzna6in5A1

Since the ETF Rule in 2019, there have been 1,315 actively managed ETFs launched, 2/3 of the total number of ETFs launched. Here's how that looks versus ETFs launched by index provider via @psarofagis https://t.co/nKlcj5h3CP

Re the $1T, it's already at a trillion yes, that's what the section explains. I doubt they are allowed to predict anything but they do show charts with the returns in dif periods hinting at future growth

BlackRock on the growing US debt (with no end in sight), which it says Bitcoin can offer protection from. This is why some have called bitcoin the 2nd amendment of money. https://t.co/r3nEUG6Lk6

BlackRock just put out a nine-page white paper that makes case for bitcoin ETF as a "unique diversifier" that can hedge against fiscal, monetary and geopolitical risks, also incl section called "Bitcoin's path to $1 trillion market cap" 👀 Read whole thing here: https://t.co/mRzDpw4aSP

Whenever I see the volatility barrier broken https://t.co/Al1bSGOsIm

Tuttle just re-broke the volatility barrier today with the launch of 2x and -2x $MSTR ETFs, which will leap frog Defiance's 1.75x MSTR (which has been a instant hit) which will deliver volatility estimated to be about 15x that of SPX. Hot sauce arms race in effect.. https://t.co/qIWo9KE29Z

the people have spoken https://t.co/EyUttn8EnD

IMHO investors would rather access illiquid assets like private eq/credit in ETFs and deal with discounts and premiums (even steep ones) than in an interval/closed end/mutual fund.. one eg $HYD which traded at 29% discount in 2020, since then it's remained very popular, even https://t.co/TvuXJWadHQ

Lollapalooza for market nerds https://t.co/GNK2Yf5cPz

New filing for WEBs Defined Volatility SPY ETF (DVSP) which invests 0-200% into $SPY depending on whether the Ratio (long term volatility divided by short term volatility) is above or below 1. Interesting name WEBs perhaps a nod to WEBS (which got rebranded iShares in '90s) https://t.co/VHOqs1vJWb

As predicted, most investors don't really care how their shares are voted (and or just trust Vanguard/BlackRock to vote for them) according to early data from Vgrd's pilot program. This issue was largely the result of click-bai-y 'some worry' articles not actual investor https://t.co/n0RshAjGfL

Eagles put on a masterclass last night in how to snatch defeat from the jaws of victory. This is why I have a rule to go to bed at halftime whenever Eagles have a non-playoff night game, a rule that I broke last night unfortunately. All that said, Barkley is amazing and I'm