Every three months like clockwork, investors pull $40 billion or more from a BlackRock exchange-traded fund tracking the S&P 500 and deposit most of it into a near-identical Vanguard Group product. A few days later they reverse the trade, and the money flows back the other way. Bloomberg News' Zachary Mider and Denitsa Tsekova write about the trend in today's Big Take.

Every three months like clockwork, investors pull $40 billion or more from a BlackRock exchange-traded fund tracking the S&amp;P 500 and deposit most of it into a near-identical Vanguard Group product. A few days later they reverse the trade, and the money flows back the other way. Bloomberg News' Zachary Mider and Denitsa Tsekova write about the trend in today's Big Take.

Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec cover the changing world of money, power and technology. You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET: http://bit.ly/3vTiACF. 

Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec cover the changing world of money, power and technology.&nbsp;You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET:&nbsp;<a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.&nbsp;

Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors.

Bloomberg Businessweek

A $40 Billion ETF Shuffle Helps Foreigners Dodge US Taxes

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/d6d093c6-9802-4c9f-b3d5-b4b9016e5b9e/transcript

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Anthropic filed for its IPO and expects to begin trading on the Nasdaq Global Select Market under the symbol ANT. The company's IPO will serve as a litmus test for investor demand for new equity tied to the AI trade, and its debut has become a focal point for hopes and fears over artificial intelligence. Anthropic's prospectus flagged various "risks to humanity" including attempts to "resist shutdown" and "conceal or manipulate information," and the company emphasized the potential for its AI to "behave in unintended, misaligned, or autonomous ways."
On today's episode:
Shirin Ghaffary, Bloomberg News AI Reporter
Rudina Seseri, Founder and Managing Partner at Glasswing Ventures
Axel Merk, President and Chief Investment Officer, Merk Investments
Dave Lee, Bloomberg Opinion US Technology Columnist

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: <a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>
Anthropic filed for its IPO and expects to begin trading on the Nasdaq Global Select Market under the symbol ANT. The company's IPO will serve as a litmus test for investor demand for new equity tied to the AI trade, and its debut has become a focal point for hopes and fears over artificial intelligence. Anthropic's prospectus flagged various "risks to humanity" including attempts to "resist shutdown" and "conceal or manipulate information," and the company emphasized the potential for its AI to "behave in unintended, misaligned, or autonomous ways." On today's episode:
<ul>
<li>Shirin Ghaffary, Bloomberg News AI Reporter</li>
<li>Rudina Seseri, Founder and Managing Partner at Glasswing Ventures</li>
<li>Axel Merk, President and Chief Investment Officer, Merk Investments</li>
<li>Dave Lee, Bloomberg Opinion US Technology Columnist</li>
</ul>

Anthropic Files for IPO in Global Race to Raise Cash for AI

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/cac01746-ef1c-4762-be63-b4ef016da896/transcript

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Christina Stembel, founder and CEO of Farmgirl Flowers speaks with Carol Massar and Tim Stenovec about how her company is managing fuel surcharges and pressure from AI. 

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: <a href="http://bit.ly/3vTiACF" data-destination="rte:bind">http://bit.ly/3vTiACF</a>
Christina Stembel, founder and CEO of Farmgirl Flowers speaks with Carol Massar and Tim Stenovec about how her company is managing fuel surcharges and pressure from AI.&nbsp;

Farmgirl Flowers Founder Sees Resilience Amid Fuel Cost, AI Uncertainty

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/aa2d0f11-d175-4e0a-b6c6-b4ec01823326/transcript

Featuring some of our favorite conversations of the week from our daily radio show “Bloomberg Businessweek Daily.”

Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. 

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

Featuring some of our favorite conversations of the week from our daily radio show &ldquo;Bloomberg Businessweek Daily.&rdquo;
Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.&nbsp;
You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

Bloomberg Businessweek Weekend: October 23rd, 2026

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/6a5f395f-469e-4400-9b49-b4ec016e57f7/transcript

A $40 Billion ETF Shuffle Helps Foreigners Dodge US Taxes

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