Which is Best - Active or Passive, ETFs or Funds?

Money For the Rest of Us

J. David Stein

Investing, Investing Podcast, Business, Economics, Economy

4.5 • 1.4K Ratings

🗓️ 27 March 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

David has a fascinating discussion with Kristof Gleich about active management, indexing, and how ETFs and mutual funds really work.

Topics covered include:

Should individual investors even try to select active mutual funds
Is there an indexing bubble
Why are there so many new ETFs
Should we be worried about an ETF flash crash
What do ETF market makers and authorized participants do
Do SEC yields for international equity mutual funds and ETFs reflect the impact of dividend withholding taxes

As the president and CIO of Harbor Capital Advisors, Inc. Kristof Gleich oversees all Investment, Distribution & Marketing and Executive Office functions at Harbor. He provides insight while helping lead Harbor’s strategic growth plan.

Previously, Kristof was a managing director and global head of manager selection at JP Morgan Chase & Co. He has a degree in Physics from University of Bristol.

Thanks to NAPA and Sunday Lawn Care for sponsoring the episode.

Use code MONEY10 to get 10% off on your NAPA Autoparts online order.

Go here to GetSunday.com/David to get a customized lawn plan and 20% off your Sunday Lawn Care order

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311: Did ETFs Pass the 2020 Market Collapse Stress Test?

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Transcript

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0:00.0	Welcome to Money for the Rest of Us. This is a personal financial on money, how it works,
0:06.4	how to invest it, and how to live without worrying about it. I'm your host, David Stein.
0:10.8	Today is episode 426. It's titled Active Versus Passive, ETFs vs. Funds. Now that's just
0:17.7	a working title, so don't be alarmed if we change it when we release the episode. Today
0:22.9	we have Frank engaging an enjoyable conversation with Christoph Glyche, who is president and
0:30.2	CIO of Harbor Capital Advisors. Harbor Capital has been partnering with institutional
0:36.4	active managers to run mutual funds for over 35 years, including the Harbor Capital
0:42.0	Appreciation Fund that we use when I was an investment advisor. Then that fund is sub-evised
0:47.2	by Genesis and Associates, one of the firms that was on my former firms, FBG Advisors Recommended
0:54.5	List. Harbor Capital also runs a number of ETFs. We get pitched for interviews dozens
1:02.7	of times per week, and pretty much turn every one of them down, because doing interviews
1:08.8	isn't our preferred format. In this case, I agree to the conversation with Christoph, because
1:16.0	I had some technical questions on the underlying plumbing of ETFs and funds that I just hadn't
1:21.9	been able to get definitive answers. I got those in this episode, but we also touched
1:27.4	on a wide variety of other topics, such as when and how should individual investors use
1:33.6	active managers? What is changing with ETFs and funds? And should we be worried about
1:39.4	an ETF flash crash? We cover many other things. I think you'll learn a ton about what's
1:46.6	going on with ETFs and mutual funds in this episode. Just a brief bio on Christoph as President
1:55.2	and CIO of Harbor Capital. He oversees investment, distribution of marketing, and executive office
2:02.0	functions at Harbor. Christoph also leads Harbor's Strategic Growth Plan. Previously, Christoph
2:09.3	was a managing director and global head of manager selection at JP Morgan Chase. He has
2:14.8	the degree in physics from University of Bristol. Let's go ahead and get on with our conversation
	...

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