Today's Out of the Spirit's Talk Your Book is presented by Exponential EDFs.

Exponential ETS that help investors build better portfolios.

Exponential manages the reverse cap weight EDF, the American customer satisfaction EDF, and help select asset managers long. E. T. T. F.

and helps select asset managers launch and manage E. T. F.

through its operational and sub-advisory E. T.F. partnership also produces the E.T.F.

Experience Podcast, which I was just on with Nick Madually last week.

Welcome to Animal Spirits, the podcast that takes a completely different look at markets and investing,

hosted by Michael Batnick and Ben Carlson,

two guys who study the markets as a passion and invest for all the right reasons.

Michael Batnick and Ben Carlson work for Ritholz Wealth Management.

All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions

and do not reflect the opinion of Ritholz Wealth Management.

This podcast is for informational purposes only and should not be relied upon for investment decisions.

Clients of Rittold's Health Management may maintain positions in the securities discussed in this podcast.

On today's Animal Spirits Talk Your Book, we will be talking with Phil Bach, CEO and founder of

Exponential EDFs.

So one of the questions that we've asked two of our prior guests on Talk Your Book is if market cap waiting is so suboptimal, why is it so

hard to beat?

And so you and I pulled some data on this to show why.

It's kind of crazy.

So every quant that there is will tell you market cap

waiting is like the worst way you can set up a fun structure.

...