Great update on the ETF space, and the Trust Problem is very real: the wonderful thing about the ETF space is that it can embrace almost any idea (leverage/inverse, crypto, prediction markets, private equity/private credit etc.) but it doesn’t mean there aren’t real risks in these “alt” categories. As with Volmageddon (remember that in 2018?) the ETF industry faces Reputation Risk by embracing any new idea, especially if there is the potential for systemic risk.
Great stuff. The GBP-Gentile thing is mind-blowing.
Aside from it being so so so wrong to free him, one wonders; why would it seem a politically good idea to let it happen? What am I missing? Or is the message basically, “feel free to start a ponzi, just make sure you set aside enough cash to buy us off when it collapses?”
And separately (re: the enforcement data)surely there are SOME financial crimes worth prosecuting?
Its just raw moral hazard. It's the golden age for bad actors with big ideas and access to frontier models. I wish I was wrong, but I really can't see how I am.
Great update on the ETF space, and the Trust Problem is very real: the wonderful thing about the ETF space is that it can embrace almost any idea (leverage/inverse, crypto, prediction markets, private equity/private credit etc.) but it doesn’t mean there aren’t real risks in these “alt” categories. As with Volmageddon (remember that in 2018?) the ETF industry faces Reputation Risk by embracing any new idea, especially if there is the potential for systemic risk.
Great stuff. The GBP-Gentile thing is mind-blowing.
Aside from it being so so so wrong to free him, one wonders; why would it seem a politically good idea to let it happen? What am I missing? Or is the message basically, “feel free to start a ponzi, just make sure you set aside enough cash to buy us off when it collapses?”
And separately (re: the enforcement data)surely there are SOME financial crimes worth prosecuting?
Its just raw moral hazard. It's the golden age for bad actors with big ideas and access to frontier models. I wish I was wrong, but I really can't see how I am.