Hi, I'm Barry Ritholz. We're live from the compound. My special guest today is my friend David Nodig.

He is the managing director at ETF.com. Did I get your title right?

You got it right in one. All right. And the big news these days is all about free.

Everything free. Everything's free and this is great. Trading doesn't cost anything.

Nothing costs so we have free TFs, we have free trading is this good for the investor or is

there something written in the small print that could be potentially

problematic I thought Dow's comment today on Twitter was the best which was now you can overreact and there's no friction.

Which that's right. I think that's a very very marked doubt type of comment.

But you know honestly if you'd go to anybody I mean Jack Bogles got to be rolling over in his grave his number one concern was the ETFs already

Made it too easy for everybody to you know express all of these dumb opinions too quickly right so yeah I suppose

that's the one downside is that you know if you're going to in you if you're going to have

bad investor behavior now you can really have bad investor behavior with no shackles whatsoever.

So let's go through the list of free for a second.

So Robin Hood has been free from the get-go.

I don't know what their business model is.

Maybe it's order flow and a little bit of income on cash sure that's that's not a lot

Vanguard announced there was free trading on EDFs earlier in 2019.

Interactive Broker a couple of weeks ago said it followed by Schwab which then led to

TD and E trade announcing it and just today?

Fidelity.

So who is left to charge on commissions?

Well, sort of B of A Merrill Lynch, right?

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