European stocks are off to a strong start this year—one of their best ever in fact and easily beating the US market. But can it last? Will US tech stocks come roaring back again? And are there any reasons to invest in Europe besides stocks there just being “cheap?”

On this episode of Trillions, Eric Balchunas and Joel Weber speak with Gina Martin Adams, Bloomberg Intelligence’s chief equity strategist, and Todd Sohn, senior exchange-traded fund and technical strategist at Strategas Securities. They discuss Europe’s fundamentals, the market’s limitations and why it’s outperforming now.

European stocks are off to a strong start this year&mdash;one of their best ever in fact and easily beating the US market. But can it last? Will US tech stocks come roaring back again? And are there any reasons to invest in Europe besides stocks there just being &ldquo;cheap?&rdquo;
On this episode of Trillions, Eric Balchunas and Joel Weber speak with Gina Martin Adams, Bloomberg Intelligence&rsquo;s chief equity strategist, and Todd Sohn, senior exchange-traded fund and technical strategist at Strategas Securities. They discuss Europe&rsquo;s fundamentals, the market&rsquo;s limitations and why it&rsquo;s outperforming now.

Money goes where it's treated best. That simple truth is a big reason why more and more money—trillions, in fact—flows into a powerful, low-cost tool that's quietly transformed investing in recent years. Exchange-traded funds, or ETFs, let you invest in everything from the stock market to gold like never before. This biweekly podcast will demystify them—and delight you in the process.

Joel Weber and Eric Balchunas demystify the world of exchange-traded funds, or ETFs.

Trillions

The Case for Europe

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a563cfc4-f5a9-4c81-8580-b290013e2ddf/transcript

In the aftermath of President Donald Trump’s April 2 “Liberation Day,” stock markets around the world plunged. Yet just 13 hours after Trump’s tariffs took effect, the president paused them for 90 days — for countries not named China, that is.

Markets soared in response to Trump’s backpedaling. The S&P 500 Index climbed almost 10% while the Nasdaq Composite Index jumped by the most since 2001. The Trump put, or the belief that the president uses the stock market as his scoreboard, appears to be alive and well after all.

On this episode of Trillions, Eric Balchunas and Joel Weber discuss what just happened, how ETFs fared and where cracks appeared. They also assess flows, volume and what to watch next.

In the aftermath of President Donald Trump&rsquo;s April 2 &ldquo;Liberation Day,&rdquo; stock markets around the world plunged. Yet just 13 hours after Trump&rsquo;s tariffs took effect, the president paused them for 90 days &mdash; for countries not named China, that is.
Markets soared in response to Trump&rsquo;s backpedaling. The S&amp;P 500 Index climbed almost 10% while the Nasdaq Composite Index jumped by the most since 2001. The Trump put, or the belief that the president uses the stock market as his scoreboard, appears to be alive and well after all.
On this episode of Trillions, Eric Balchunas and Joel Weber discuss what just happened, how ETFs fared and where cracks appeared. They also assess flows, volume and what to watch next.

The Return of the Trump Put

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/18c54226-e383-44b5-86af-b2ba0160237a/transcript

This is not your grandfather’s exchange-traded fund industry. What started as boring, predictable and passive has morphed into strategies and packaged trades being packed into new ETFs. These include leverage, options overlays and private assets. Given all of this upheaval, some from the old school are worried investors aren’t receiving the exposure and protection from issuers they think they are.

On this episode of Trillions, Joel Weber and Eric Balchunas talk to ETF veteran and author Dave Nadig about his buzzworthy blog post in which he borrows language from the hacker world, describing ETFs as “black hat” versus “white hat.” To figure out what these developments mean for the industry, they are joined by cross-asset reporter Vildana Hajric.

This is not your grandfather&rsquo;s exchange-traded fund industry. What started as boring, predictable and passive has morphed into strategies and packaged trades being packed into new ETFs. These include leverage, options overlays and private assets. Given all of this upheaval, some from the old school are worried investors aren&rsquo;t receiving the exposure and protection from issuers they think they are.
On this episode of Trillions, Joel Weber&nbsp;and Eric Balchunas&nbsp;talk to ETF veteran and author Dave Nadig about his buzzworthy <a href="https://www.nadig.com/p/trust-in-a-black-hat-world" data-cke-saved-href="https://www.nadig.com/p/trust-in-a-black-hat-world">blog post</a> in which he borrows language from the hacker world, describing ETFs as &ldquo;black hat&rdquo; versus &ldquo;white hat.&rdquo; To figure out what these developments mean for the industry, they are joined by cross-asset reporter Vildana Hajric.

Black Hat vs White Hat ETFs

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/0f2ebf66-0a89-42ea-938e-b2ac00e30386/transcript

First Trust, the sixth-largest issuer of US exchange-traded funds, has managed to stay mostly under the radar in the investing world — and yet it's also perfected a lucrative, Vanguard-proof business model. The company's products are directed more at financial advisors than the retail world, and their funds, most of which are actively managed, have higher fees than typical index-tracking ETFs. Enter the First Trust sales force, which wields steak dinners, personal coaching, sports tickets and Hermès scarves to win business — practices that have attracted the attention of the Financial Industry Regulatory Authority.

On this episode of Trillions, Eric Balchunas and Joel Weber speak with Bloomberg News reporters Emily Graffeo and Max Abelson about their recent First Trust story, “An All-American Finance Empire Drew Billions—and a Regulator’s Attention,” for Bloomberg Businessweek. They discuss CEO Jim Bowen's approach, how the company has distinguished itself from competitors, and why Finra is investigating the company's sales tactics.

First Trust, the sixth-largest issuer of US exchange-traded funds, has managed to stay mostly under the radar in the investing world &mdash; and yet it's also perfected a lucrative, Vanguard-proof business model. The company's products are directed more at financial advisors than the retail world, and their funds, most of which are actively managed, have higher fees than typical index-tracking ETFs. Enter the First Trust sales force, which wields steak dinners, personal coaching, sports tickets and Herm&egrave;s scarves to win business &mdash; practices that have attracted the attention of the Financial Industry Regulatory Authority.
On this episode of Trillions, Eric Balchunas and Joel Weber speak with Bloomberg News reporters Emily Graffeo and Max Abelson about their recent First Trust story, &ldquo;<a href="https://www.bloomberg.com/news/features/2025-03-06/finance-empire-first-trust-drew-billions-and-a-regulator-s-attention" data-destination="https://www.bloomberg.com/news/features/2025-03-06/finance-empire-first-trust-drew-billions-and-a-regulator-s-attention">An All-American Finance Empire Drew Billions&mdash;and a Regulator&rsquo;s Attention</a>,&rdquo; for Bloomberg Businessweek. They discuss CEO Jim Bowen's approach, how the company has distinguished itself from competitors, and why Finra is investigating the company's sales tactics.

How First Trust Became a Quiet Force in ETFs

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/4f4e1b0a-00ea-4ba1-9f14-b29e01034ce4/transcript

The Case for Europe

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