00:00I think that's where I go back to having Barron say, hey, this is why we can do more than 15%.
00:05Because I don't know. I frankly don't know how they got around it.
00:07I get they have mutual funds, they have existing...
00:10exposure to SpaceX and some of the Musk related companies, but they have to explain.
00:15What they're doing here to investors. And so the real problem will be if something breaks, right?
00:18If liquidity dries up.
00:20And all of a sudden you're diluting that SpaceX exposure and people want to know what it's valued at.
00:24I think...
00:25I think that will create a little bit of panic. Not market-wide panic, but for folks involved in that fund.
00:29And that's going to be...
00:30where transparency matters. We've had transparency in ETFs for 33 years.
00:34You can...
00:35not go less transparent. We already saw this with non-transparent ETFs. They flopped for the most part.
00:40So it's up to them to provide the transparency on how this is going to work.
00:42It's kind of the hallmark of the ETF world.
00:43Yeah. This is why people love it.
00:45so much along with the lower fees.
00:46All right. Well, speaking of transparency for ETFs, BlackRock's Rick Reader...
00:50is, you know, one of the final contenders to be Fed chair and he's been...
00:55having interviews in Washington. Reportedly, they've gone pretty well. He's a regular ETF IQ guest along...
01:00with Bloomberg Television. If he were to become Fed chair, if he were named Fed chair, what happens to Bink?
01:05The ETF that he manages with $16.2 billion in assets.
01:09So...
01:10actually, BlackRock is a deep... they have a deep bench, right? He's clearly the face of the fund. But this is key man risk.
01:15Right? If you're out there touting this ETF managed by Rick, and it's very successful...
01:20all of a sudden you lose it...
01:21I don't know. Maybe some people leave. This is key man risk, you know?
01:25I can't speak for what they're gonna do, but I think it's super interesting. It's the same thing with...
01:30almost a lot of other issues out there. Think of ARK.
01:33Mm-hmm.
01:34Kathy Wood is ARK. She's the face.
01:35What's the face of that company? What happens when Kathy says, you know, I'm moving on or whatever it might be?
01:39Yeah.
01:40Same thing...
01:40Same thing with Ron Barron, right? And I know he has his kids, I think his sons are involved in the fund too.
01:43Yes.
01:44This is gonna be really...
01:45It's gonna be really interesting over the next 30 years of all these established players coming into the ETF market and you're gonna lose the...
01:50these key man, key woman risks right there.
01:51Yeah, the star fund manager has moved from the mutual fund industry to the ETF industry.
01:54Oh, it's...
01:55Because they know where the money's going.
01:56Because they know where the money's going.
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