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Why International Exposure is Outperforming so Heavily & Where it Fits in a Portfolio
Recorded: March 2, 2026 Duration: 0:40:39Space Recording
Full Transcription
Good morning and happy Monday, everyone. My name is Gov Blacksburg, and I'm the CEO at
Wolf and your host for today. I'm super excited to be having a conversation here around international
exposure and where it fits into your portfolio. Joining me today is Jeff Weniger, the head
of equities from WisdomTree. Jeff, really excited to have you on for the show. I've
been really trying to understand deeper and deeper this international exposure and who
better to have than you. Would you mind giving the audience a quick background of yourself?
Sure, sure. And at this point, WisdomTree is going to be pushing a 20th birthday. So that
might be the background of WisdomTree. The original ETF launches in the summer of 06,
a lot of them were international mandates, international and emerging. Because usually
when we say international, we mean international developed, but developed and emerging through all those years in addition to the U.S. mandates.
And I'm the equity guy. I'm the head of equities at the firm. And so I do a lot of the product positioning, thinking about what we should be doing inside the model portfolios.
Should we overweight this, underweight that, putting together a lot of the macro concepts. I love macro with the Twitter charts and everything
like that. I guess we don't call it Twitter anymore. We call it X.
Call it what you like.
I call it Twitter. But yeah, this would be great. We'll talk EFA mandate. We could talk emerging
too, whatever direction you want to go. Perfect. Yeah. I mean, we'll definitely start with some
of the high-level macro. Prior to to doing this just for those that are watching the
discussion here, a disclosure from the top, because we are going to be talking about specific
investable products, ETFs here. Investors should carefully consider each fund's investment
objectives, risk, charges, and expenses prior to investing the funds prospectus and summary
prospectus contain this and other information about the wisdom tree ETFs. If you want to obtain the funds prospectus and summary prospectus, please visit their website.
It is wisdomtree.com. And the funds prospectus and summary prospectus should be read carefully
prior to investing. So I'd be working together with y'all and a big thank you to CBO for helping
to sponsor and set up this live stream. With that being said, let's get right into talking about
the international exposure. So kind of just starting from the top with international equities, becoming more and
more attractive compared to U.S. equities and why that is happening from a macro perspective.
Would love for you to start there.
Sure.
Well, I mean, when we say becoming, I guess you have to put a start point on it as to
when this really started to occur.
And it depends on the countries.
But generally, the interest in
IFA mandates, of course, that stands for Europe, Australia, and the Far East. It's generally the
parlance we use to describe developed economies. You might put it about five quarters ago,
somewhere around the beginning of 25, where a lot of people started to gain interest.
There was some stuff absolutely melting up last year.
And so, I mean, basically everybody, European nations were melting higher, but East Asia in
particular was piping hot and remains piping hot. So the grab for these assets has depended on which
nation you're looking at. If you look at Japan, for example, that bull market and that bout of
outperformance, if you're in a currency hedge concept, really started almost a generation ago.
People don't realize it. But if you look at five and 10 year windows on Japan, if it was currency
hedges, it's been beating the S&P 500. Last year, Japan went vertical. Last year, Korea went vertical
squared. I mean, Korea basically,
for all intents and purposes, Korea doubled last year. And then generalized developed economy mandates, which is going to engulf much of the UK, France, Germany, Australia, and so forth.
Those handily beat the S&P last year. So I'd say most of the interest has been it started to arrive around thanksgiving ish
and then now at wisdom tree in terms of just sentiment and marginal propensity to have flows
uh much more so in the first two months of 26 than
most other periods of my career because the stuff's finally working
yeah i mean i guess the flows do often tell the story right where the money moves seems periods of my career because this stuff's finally working.
Yeah. I mean, I guess the flows do often tell the story, right? Where the money moves seems to be where the interest is. Two of the products that we'll look at here are going to be DDWM and DDLS.
And take a look real quick, just at the flows. And I'll show this on screen as well. So people
can visualize it to get an understanding of what's happening with these products. We're going to just pull up my handy dandy Y charts here for a second and show people.
So you can see here, this is DDWM, the Wisdom Tree Dynamic International Equity Fund.
So as you can see, obviously, the price chart has been very compelling, right?
Just continuously moving up here.
That's just year to date.
You can zoom out here and see, you know, from the loads of 33 all the way up to here but like you mentioned as well those uh total assets under management
uh really continuing to escalate here significantly over the past year this move from a sub 400 million
dollar fund it is 1.3 billion so almost a billion dollars coming in and then just this year alone
going from right over a billion to 1.34. So hundreds of millions of dollars coming in here.
So clearly, like you said, massive attraction. And maybe you can talk a little bit further as to what you think is going to happen next, where the opportunity lies here.
Sure. And I didn't know we were going to do screen shares. So that's pretty cool.
Yeah. Okay. Well, look, with DDWM, and remember, generally what I'm doing for a living is talking to advisors, right?
And if you think about what the pain points for an advisor, and this is just a function
of Americans talking to Americans about how to allocate assets for other Americans, if
you really think about it.
And it's the old maximum of nobody ever got fired for buying ibm
which which is a little bit of a joke because i think ibm was down like 12 the other day so but you know nobody ever got fired for bike procter and gamble or coca-cola might be one of
the arguments and exactly exactly and if you think about okay so think about a bear market
Think about a bear market and send the S&P down 20% in some bear market. To the extent that in
that bear market, let's say developed stocks do worse and they're down 22%, everybody's taking a
bath. But when the end client is complaining to the advisor, it's that line
item for the developed stocks because they were down more and why didn't you just give me the S&P
500 tracker and I'm more comfortable, I recognize these companies. And so you end up getting slapped
across the face a little bit more when the stuff's not working. And you don't really get so much
credit from them when they're outperforming. And it might be, well, why did you only have me in 5%, 10%, 15% in these stocks?
Didn't you know that the S&P was overvalued and so forth?
So one of the things about DDWM that has interestingly been the reason why when somebody brings new money into it has been, I think, the vol metrics on it.
Now, I mean, the fund has been kicking butt through the years. It's dynamically currency hedged. So you're never basically totally
exposed to the other currencies, which is a key part of the vol metrics. It tends to have,
knock on wood, because it's past tense, downside vol metrics that are really, performance and vol metrics that are
really, really nice. And so what you oftentimes find with our currency hedge mandates, I've got
something in my eye here, is that when you compare them on five, 10-year numbers, you'll have
standard deviations lower than the S&P 500, which blows people's minds. Because if you think about also the mentality, and I think it depends
a little bit on when did you start paying attention to markets and what are your own
mental rigidities? So for example, yeah, your own biases, right? Like where did you yourself
really take a bath, right? Or where did you really make a pile of money?
I, for example, my bias of which I'm able to identify it is, I'm always looking for the next
dot com because I was a teenager becoming a guy in my 20s and then the dot com thing blew up and
so you're always looking for it.
And you think about some of the older guys in this industry. Inflation is always around the corner because, well, I guess at this point, many of them are starting to retire or are retired. But
if you were 15, 20, 25 years old in the 1970s, you'll see inflation is coming at any given moment
because it's formative years. And so if you
start thinking about international mandates, the global financial crisis was ending. And then we
still had these several years where we're now in a raging bull market because the stock market
bottoms in March of 2009. 2009 was just a melt up. We're continuing higher into 2010. 2011 has those rough patches because the Greek crisis.
And for all these years, 11, 12, 13, 14, well into the middle of the decade,
it was always, you know what?
It's going to be the European banking system is going to creep up on us.
I'm worried about the euro even staying as a common currency. These were the concepts.
These were the concepts. And so essentially, if you're thinking about, okay,
upside and downside, you've got an asset allocation pie chart and what could go right
and what could go wrong. And maybe really hit me hard that's that 2011
sell-off was a real scare there was you know it looked like Greece was going to leave the eurozone
I mean it really did and this is now ancient history but this was the thing that like right
now it's sassmageddon sasspocalypse uh in the last three or four months and I guess maybe over the
and now it's Iran, right?
But at the time for four or five good solid years, it was the European banking system.
And essentially what would happen is, is when you're risk on, European stocks are going up
and the Euro is going up. And so let's back the envelope this, let's say you make a 10%
of the stocks and the Euro rallies 3%. It's not additive but let's add them together 10 plus 3 you made 13. all right cool and then
on the downside let's say you do 10 and 3 again you're down 10 but also you're losing the three
on the on the euro you're down 13. and so you're like richter scaling this which is the last thing
you want in a portfolio.
You start thinking about a DDWM or many of the other currency hedge mandates, you're still getting the 10 or the other 10, but you're not getting that other three or you're
only getting a portion of it because you're currency hedging it back to the dollar.
Interesting.
And I think that's really the appeal of these things.
Yeah, certainly that's a huge part of the international appeal.
One thing which I'd love to hear you talk about as well as to maybe why people are gravitating towards international exposure as well as maybe things like gold is a little bit of a lack of trust that people are seeing as much in the U.S. market, in the U.S. dollar and pieces along those lines and how that's translating internationally.
Yeah.
And, you know, we're pretty lopsided here in terms of dollar sentiment.
I've got some charts floating around that could get a relief rally in the dollar.
And we have gold mandates too.
It was wisdom tree.
We've got mandates for everything.
So to the extent that you would anticipate the dollar maybe rallying, which there's not
a lot of dollar bulls, I'm one of the few, then maybe gold would
take a breather in a dollar rally. Although I would tell the tried and true gold bugs to take
a look in the last three or four years as gold has rallied. It rallied also during windows of
time where the dollar was appreciating, which is a really weird historical anomaly. It doesn't
usually work that way. But if you look at the
B of A fund manager survey from about a week or two ago, dollar positioning is as bearish as it's
ever been in data back to 2012. So maybe you get a little bit of a dollar relief rally. Now, if
you're in, let's just throw a dart at the map of the world and pick a country. Sure. Like Great Britain or something. So if you're in British equities and the pound sterling is
appreciating, then you're going to make doubly good, I guess you could say. And if the pound
sterling is depreciating, it's going to cut into your gains. If you're a wizard and you've properly
identified that British equities are going to rally, then sterling could work against you. That's why we always say
currency hedge it back. That would be a country that in most developed mandates is a large one.
It's generally not just at wisdom tree, but at most either cap weighted or modified cap. We do
a modification of cap weighting with the dividend weighting in DDWM and DDLS. Britain is usually the second largest nation. These days with Japan
rising to about 5% of the global basket, Japan has got a quarter of DDWM and DDLS. And that's
one of the things, I mean, Japan, Japanese equities is one of the things that Wisdom Tree
is on the map with. We're number two behind BlackRock in Japan funds. Yeah. I mean, it's,
it's, you know, if you think about in the, in the Japan funds specifically, we're, we're number two
behind them and we pick up a lot of Japan across the mandates because that's been a, that's probably
been the number one success in developed economies over the last 10 or 15 years.
I mean, I don't think anybody would even argue against it.
Who's been, in terms of turning a moribund economy around, I mean, other than maybe in the last year where the Koreans really seem to get their act together, but that's partially the AI trade.
Certainly, Japan, I mean, it was like an untouchable.
And now people are playing it.
What do you think about the movement that we've seen in terms of Japanese interest rates in the
yen and how that plays into that?
Yeah.
Well, if you look, and one of the things I was tweeting about a couple of weeks ago
is also now the, well, now you got a little bit of a rally in
the last three or four weeks. So we'll wink, wink to that. But yeah, you're referencing a pretty,
pretty ugly sell-off over the last year or so. The thing I was referencing is, is that it's not
unique to them. German boons have been dumping as well on the long end. And that was something
that was a little bit counterintuitive because the U.S. bond market from 10s to 30s has been pretty stable, if not rallying for the better part of about a year or so.
But one of the things that I would point out is I have like a factoid that I like to mention.
And I'm going to guess that basically nobody on planet Earth knows it unless you're totally wonking out.
And this is not specific to the Japanese.
It's the American situation as well.
Think about this.
I'll tell you the statistic, and then you tell me if I'm a liar if I tell you 99 out of 100 people think this is not true.
The U.S. debt-to-GDP ratio peaked five years ago and has declined about 11 percentage points
since then. Yeah. I don't think people would assume that based on what they hear about the
US debt. I mean, it was 132 and now it's 121. Now it's been going up a percentage point or two for
a couple of years, but the high in the U S debt to GP ratio,
which was one 32 was during COVID and it's down. And I don't think that I could call most people
in the industry, in the industry, forget dentists, no offense to any dentists watching this,
but like people who are doing this 50, 60, 70 hours a week. I just don't think that they,
I just don't think that's the case.
I don't think anybody knows that.
The Japanese debt-to-GDP ratio peaked at 220 during COVID.
And basically, by the end of this decade, it's going to be in the 190s.
Now, I don't want to sit here and say 190% debt to GDP ratio is something to be popping champagne about,
but it's on the mend. And if you think about, I mean, because the big primary risk to Japanese
equities is 30-year JGBs keep selling off on account of fiscal largesse. And now it's time
for us to dump the Nikkei. I mean, that's really what it boils down to. But if you're growing nominal GDP at a faster pace with which you are accumulating debt,
your debt to GDP ratio will decline. And I just don't think people know it. So we'll see if that
ends up being something that stabilizes there. I mean, there is still the tina trade um for japanese equities so i mean you just you could
just kind of do the rough arithmetic on it i mean where are we in in u.s stocks call it at this
point because we've been chopping sideways while our earnings have caught up call it like a 22
times forward earnings for the u.s so let let's, for the math to be easy,
let's say it's 20 so that we can easily divide 1 over 20.
All right.
So U.S. equities, let's say it's 20 times earnings,
even though, wink, wink, that's not the multiple.
It's like 22.
That's a 5% earnings yield, 1 over 20.
Now, let's do cash. All right. Cash is, you just pull Jay Powell or
Kevin Warsh, that's going to be about 350, right? Depending. So you're 150 over cash to engage US
equities. And then theoretically, you would grow those earnings and so forth. But in a snapshot here and now, 150 over. All right. So let's take the Bank of Japan now.
So we're going to do cash over there. And let's say that they aggressively hike
because we're being devil's advocates here, as opposed to cutting or chopping sideways on
overnight money in Japan. Let's say that sometime soon, whenever soon is,
this year, this summer, this winter,
call 1% on Japanese money,
on money as opposed to 10s or 30s.
All right, now let's call it 17,
16, 17 times forward earnings for Japanese equities. So it's one divided by 16, six and
change. 66, 666 minus the one, 566 over cash. And then it's like, okay, so you're 150 over cash
for US equities and 500 and something over for
Japanese equities. And then the pushback is, well, but the Japanese economy, corporations,
da, da, da, da, da, don't grow earnings like the Americans. It's like, well, then you've not spent
enough time on the WisdomTree website because we have all these decks that are showing Japanese
earnings growth. It's basically a chart like this. And going up into my right might show up different on the on the camera japanese earnings compared to
u.s earnings this is the chart since abe came in which was you know 13 14 years ago and now you
basically you take takeaichi she's been in office for about a minute, right? It's been just a few months. So long as she remains the continuation of the Abenomics trade, which is all signals that I can see out of Tokyo, then I think you can be game on for earnings growth in Japan.
I think the number is going to be like, it depends on who you're looking at, maybe 9% or 10% earnings growth this year.
That's reasonable.
So, I mean, people need to be looking at DM mandates.
There's a lot of Japan in something like a DDWM.
I'd have to see, but it's probably in the 20s percentage-wise,
the percentage that's in Japan.
DDLS might even be like high 20s because it's down in in small cap so i don't know you have to pull the
data yeah i mean some of the top holdings here inside of ddwm people can look at them but toyota
hsbc novartis nestle roche holding shell british american tobacco but there's a lot of different
holdings inside this it's widely diversified how many total holdings inside of each one golly uh ddwm at least 100 500 500 that would be my guess it
could be 300 it could be a thousand the way that i mean there's so many of these etfs at wisdom
tree we um the way we designed these this goes back to original wisdom tree, is to make it something that has a total market feel in the case of DDWM, but without cap weighting it.
And one of the things that I don't know if people realize this, but in other countries, basically, it's one of these situations where if you don't pay a dividend, why?
With a skeptical raised eyebrow, they're just like, why?
Because here, oh, you don't pay a dividend or you pay a cursory dividend.
That's because your name is NVIDIA with a cursory dividend.
That's because you're Elon, right?
Like Elon's not going to pay a dividend.
And so it's cool that you're not doing that, Elon.
It's Tesla.
It's Amazon doesn't do it.
You get more of a pass in the United States.
In the US, it's more like if you cut your dividend, why did you do that?
That's the only degree by which there's skepticism on dividend payouts. But in a lot of these other countries,
I mean, a dividend is just a matter of course. 90 some odd percent of European corporations are
paying a dividend, 90 some odd percent of Japanese corporations. So when you're constructing a DDWM,
you're taking a total universe and you're saying all right everybody who has a dividend
you're in basically everybody's in and then we weight you by your dividend as a proportion of
total dividends so that's why you get a nestle up there at the top whatever the amount nestle
was in there let's say it's one percent that's because in the universe of let's say let's say there's 500 names in ddwm i i don't know
yeah it's it's there's it's one of 500 companies but itself it's paying one percent of all the
dividends being paid this year by all of the non-us developed economies so that's why you
get roche up there uh you get Toyota up there. You never
end up with some company where you're saying, who? Who's this? It's not like a 9% yielder
gets you to the top. It's more your dividend as a function of total dividends. And that's
why I mean, we want people like DDWM. I mean, it could be the single line item for developed markets
because, I mean, there's hundreds of names in there.
Here are how many, okay, what do you got?
I can show people, yeah, I can show people a couple of different pieces here from the
webpage real quick, but just in terms of what you were saying, kind of in terms of some
of the funds breakdown here.
So you've got, you know, large cap is going to make up most of this for this one.
And that's going to be the main difference between DDWM and DDLS. And then you've got 15%
of mid cap and a small amount into the small cap area. You have this portfolio characteristics you
were talking about in terms of like the dividend yield, some of the PE, some of those other items.
So I definitely encourage people to kind of go on here and kind of poke through because there is a good amount of information.
And then in terms of the actual research that you were talking about, people can go through here and look at some of the fact sheets, right?
And some of the presentations to see pieces around Japan, Europe, and other items like that.
Here, you're on the website.
Let me show everybody something I can do.
Scroll up.
Yep.
Go to path tools. Watch this because we're talking a dollar. Do daily charts.
So if everybody wants to see why DDWM right now or why DDLS right now, look at this chart.
Now click on the... So this is like our Twitter, except without the BS of Twitter, right?
There's no photo of like, hey, here's me at the CFA Society of LA.
Here's my steak dinner with my wife.
Like all that stuff you don't care about on Twitter.
It's just our charts.
And if you look at this, remember I just mentioned the B of A fund manager survey?
There it is.
All right.
So if you're in DDWM, that means you will be putting on a position where you are hopeful that the dollar starts rallying.
I'm telling you, man, nobody's a dollar bull right now.
Nobody.
If you're a contrarian, the way you do it is you buy the overseas equities and then you currency hedge it back to the dollar, if the dollar ends up rallying in 2026, which by the way, the euro is stabilizing, then theoretically DDWM would be a good place
to be. Oh, that's a good one. Make sure that you note that the scales are upside down
on that. This is one for the bears, I guess you could say, where basically the market ends up being quiet or dead
money for many years. And this is also one that would appeal to value players because the prior
trough on here is around the turn of the century. And we're starting to see some of that action
of late in US equities. I mean, materials and energy are 20 some odd percent year to date,
while we have Sassmageddon. And that's one of the things that's going on over in European equities, I mean, materials and energy are 20 some odd percent year to date while we have
Sassmageddon. And that's one of the things that's going on over in European equities as well. The
lament for a good 10 or 15 years was no tech sector in Europe. I mean, you've heard it everywhere.
And basically with a lot of the concepts of heavy assets, light on obsolescence, the halo thing that Josh Brown and the rest of
the gang is talking about. Just heavy smokestack, heavy industry in Europe, last thing to get
disrupted by AI. And then if people are scratching their head as to why European equities are
kicking butt, that's it. It's as simple as that. And so we'll see if it ends up continuing to be
game on. I really like EFA mandates here. Yeah, it's definitely super attractive. We showed
the money's also following into it as well. And you can just see a lot of the pieces lining up
and it doesn't feel like it's going to be a total of a year and a half run here. It feels like
there's a lot more room to continue to catch up to us markets as well now just wanted to give the audience a quick breakdown from your
perspective on the main differences between ddwm and ddls they can see ddls involve small caps as
the approach here and that's going to be one of the big pieces and differences but are there any
other key differences that they should be aware of i mean they're basically the same thing just
covering different buckets ddl ddls would be a sub
bucket of it so think about like um the total market think about the total stock market in
the us you have let's say the s p 1500 and then there's the s p 500 that we all know
but then the mid cap is the net look at me blocking my face is like the last thing you're
supposed to do on a pot is block your own face but here we're going to block my face is like the last thing you're supposed to do on a pod is block your own face. But here we're going to block my face. The S&P 500 up here, and then you have the 400,
which is mid cap, and then the 600. That's how you get to the S&P 1500. Well, DDWM is the whole
gamut. And then if you just want to slice out and take everything that's small slash mid,
that's this, that's DDLS. DDLS is the ticker on that it's lesser known than
the big one um but if you're really if you're really live to small caps we got a small cap
rotation going on everybody's talking about um small working talking about equal weight working
here in the united states then ddls would be a really cool sub bucket of ddwm yeah certainly not not
tiny by any means as well here and has had strong performance right when we talk about ddwm just for
reference that's up six and a half percent year today 25 in the past year ddls uh in that same
time periods is up actually a little bit more 7.33% year to date 28.4% last 52 weeks so
actually slightly outperforming and you're seeing some of the funds coming into it as well but it's
a great explanation as you did there and people can see that on the website too just to kind of
show that one more time for those that didn't catch up before you know you saw when I showed
the breakdown that there was a large portion in large cap in here you'll just see like Jeff was
saying nothing in large cap about half in mid cap about half and small cap and then you can look through
some of the other items as well and get a good understanding of exactly what you'd potentially
be owning here and kind of looking through what some of those top names are when it comes to
ddls you're not going to see toyota and others in there you are going to see names that uh kind of
different from what you mentioned before you're probably much less familiar with right alec nor hue hafnia uh this is going into that area and so i guess just
the last piece is how do you think about the value being found in small and mid versus large cap
and this is a discussion people have around the u.s stock market as well all the time yeah well i
mean it depends on your perspective on whether or not we are in the middle of a real staying power type rotation.
If you look at the tape, what's been working, what hasn't been working, essentially since, I mean, I'm going to hearken back to when the Nasdaq peaked on October 29th.
It's all of those trades of yesteryear are ice cold.
We're talking about software is ice cold.
Tech and comm services are
doing horribly inside US equities. New life in European equities. I don't know if I want to throw
gold into the conversation because that's been on for several years. But you could even see,
you know what? You could. You could even see if you look at a chart pull up like a one year on gold and bitcoin and just watch these things just do that yeah um whereas you couldn't even
get away from bitcoin in a conversation up until it started to roll over again that started to
roll over around late october and into november just like the nasdaq so there's a lot of portfolio
relooks happening right now i mean a lot of people wouldn't even talk to us about gold.
Now we're getting the gold conversations.
We used to say with some of like the dedicated Europe mandates, we'd have meetings at Wisdom
Tree 23, 24.
Well, I could be the advisors won't even talk to me about Europe.
We can't get any money into the Europe funds.
It's just like they just think mag seven forever.
That's it's a different vibe. It's a very different vibe. I think that one of the catalysts
for it has been these big announcements of defense spending in Europe and Japan, where finally,
they're going to try to goose these economies a little bit. I think that that's part of it.
And I think that there's just a lot of people finding Storytime USA to question the AI concepts. And they're just questioning both sides
of the equation because that's what you do when the tape gets a little bit iffy on the market
leaders. They're questioning the free cash flow of the Mag7, which those are the ones that are
supposed to be disrupting. And so, well, wait a minute. If you're spending all this money to disrupt,
then it's like this.
And at the same time, they're bearish software.
That doesn't, is it one or is it the other?
But the reality is, is this is all ice cold.
MAG 7 is ice cold.
Software is ice cold.
Uh-oh.
Brand X.
It's okay.
We love our friends at state street
oh yeah uh for a second just just showing the performance
i'll have to pull up the other tickers but like you were saying gold versus bitcoin and what
they've done recently yeah no it's it's totally fine it's it's it's an intimate industry we we
have no no ill will towards state street and we're competing against them in gold and competing against VanEck.
I know.
I know.
Well, I'm going to talk with Jeremy in a couple weeks here about the gold products.
Specifically, gold's been a big area for me as well that I've very much gravitated towards.
I added additional gold exposure last year, which worked out well going into this year.
I've done a couple of these type videos with Peter Schiff recently.
He's been very much on that gold train. You guys have some unique gold products as well. They're around that efficient gold investing. So I'm looking forward
to that conversation. But yeah, just kind of trying to show there what you were talking about,
that divergence I've seen. It's totally fine. I'm just playing games with you.
We have something called office hours at wisdom tree
which is a webinar that we do we're doing screen shares the advisors are asking us questions and i
will frequently put gld on there as an example of uh yeah so it's it's normal it's everybody knows
that one uh well don't worry we'll crack into them very nice yeah i mean you you guys have like
at wisdom tree just really become i think uh you know a long time now, but a true powerhouse in this area.
When people go look at the amount of AUM, the amount of ETFs that we found on here, domestic, international, fixed income, alternative, capital efficient, thematic, crypto, it pretty much covers the full gamut across the board, right?
across the board, right? Yeah, it does. And I mean, just talking shop and thinking the industry,
Yeah, it does.
it's really nice being the strategist at the firm because a lot of it is,
hey, just tell me what you're looking for. And then I'll tell you about the concepts, right?
I mean, I like value here, but maybe you like growth. It's what makes a market. Flip a coin. Am I going to be right?
Am I going to be wrong? To the extent that you want growth, cool. Let's talk about the growth
funds. I'll show you how they play out. A lot of the stuff that we've been putting out chart-wise,
like the dollar-bull stuff that we were just looking at, it's Forex. It's not easy, which is
why actually that's why you should be currency hedge because it's Forex. It's not easy, which is why, actually, that's why you
should be currency hedge because it's so difficult to figure out currency pairs, but I could be wrong
and the dollar could keep going southbound. And you know what? Cool. We got gold funds,
right? It's just whatever you're looking to do. So being the strategist at Wisdom Tree is pretty
nice because, you know, and not to say any names or anything, there's just a lot of players in
this industry where you're stuck at a fund house and you have one asset class. Oh, you're an
emerging equity manager. You're gold only. You're a small cap shop. And well, we're a little bit of
all of it. Europe, Japan, emerging. We didn't even talk about emerging got china funds the whole nine
yards so it's nice a little bit of everything under the sun yeah i'll uh i mean i know we're
gonna wrap up here in a sec but i'll definitely show people on screen just to show love to the
wisdom tree gold side of things is one we'll be talking about in two weeks gde
this gold strategy and this has just been on a on a rocket ship at this point it's up
about 81 past year 17 right a year to date people can see the aum just absolutely flying almost at
700 million right at this point if you go back just uh just a year this was uh rocking about 50
million so clear attraction as well to the gold side of things um across the board so i think these
are i mean just both topics fit super well as alternative areas that people may not have
explored in their portfolios i think a lot of my audience runs that's classic satellite style
portfolio they've got a bunch of spy bunch of qqq and then they build around it with individual
stocks and etfs and these are things that people are starting to look at to potentially put in their portfolio, international exposure, small mid cap exposure,
gold, things that have really benefited me. Personally, on my end, I've been able to
perform pretty well in the markets this year, even in a year where I'm pretty sure SP500
and QQQ are relatively flat year to date. I actually just got back in a green.
It's plus 40 cents on the year, 0.06.
At the moment, QQQ is down about 2%, I would say,
it looks like right now.
Because of international exposure in gold,
I've been able to be up about 4% or 5% so far this year.
And so that's why, to me,
it's just been something that I've been very passionate about having these conversations sharing them with the audience trying to show
people hey you know there's other areas that you could potentially look at investing into as well
so i think that that's just where the passion comes from and so it's very helpful to people
like you who are actually then creating the research that supports this type of investing
and putting together charts and showing people like hey it's that classic warren buffett you
know blood in the streets well being a contrarian, well, look at what the
dollar is right now. There's nobody that's a bull in the dollar. Here's an opportunity to make some
money. Yeah. And I appreciate all the kind words. And look, we have a ton of research at Wisdom
Tree. We'd be absolutely flattered for people to go to the website and read it. And like I said,
over there on the website where you're showing, you drop down on
the path tools, daily charts. It's a laundry list of charts. If you like macro and you like those
big picture 30, 40, 50 year time series on these things, that's what it is. Because we know that
that's what people want to see. They want to see something that's actionable and relevant.
And we've had a lot of success with that so i would ask everybody to go go take a look
and go engage ddwm too yeah go ahead everybody add these right now to your watch list ddwm ddls
and you know where to start your research on the wisdom tree section of course you can go ahead and
follow jeff as well directly on x jeff in addition to you know for people that want to see you know
the photos with the wife and
the dinners and all those things that's where they can find those right not really i have a
whole concept we have um we have a small army of children for example and i don't post them on
on social media she does she puts them on instagram and all that but um no i i have like my own
personal rule i won't put more than three or four photos per year on X.
Cause I just don't think anybody cares.
I think,
I think that it's like,
Hey,
I'm following this guy because the manufacturing PMI print came out this
morning.
And I want to see what the implications are for something that I'm freaked
about or something I want to get wrong.
Not,
Hey,
here's Weniger at the Cubs game with his wife.
I don't think anybody cares
that's what I think so
that is fair that is fair well you do get
a lot of great engagement on it I encourage
people to go check it out on Twitter at Jeff Weniger
some of those charts that we just talked about
can also be found there as well as insights
there's a really good one that you posted about a week
ago about 14 positive facts about
stocks in the economy with all the doom
going on so encourage people to go read up on those any final comments you'd want to share on the live stream today?
Just if you've been with us for the 20 years, it's been 19 and a half years since we launched
the originals, then all I can say is we are just so grateful for those of you who came in summer
of 06 when nobody had ever heard of us investing in these
new mandates that were something other than cap weighted ETFs. And now here it is 20 years later,
this established money, you know, money manager with, I don't know, 80 or 90 ETFs. We were just
beyond flattered for those original investors and thank you to them. Yeah. I think when you look at
the largest ETF firms in the world by EUM, I assume Wisdom
Tree is what, top 15?
Yeah.
Kind of in that area.
So pretty, pretty vaunted place to be.
So congrats on the success that your firm has seen.
To my audience, you know, firms that are in that area typically are doing something right.
Please go look, check out the research.
The research is free as well, which is incredible. And I appreciate you, Jeff, for coming on. I'm looking forward to this
conversation with Jeremy in a couple of weeks. We're going to be on a space for that. If you
end up wanting to join the space, feel free to. We'd be happy to have you on too. We'd love to
get you on more of our shows. All right. Thanks, Scott. Much appreciated.
All right. Thank you, Jeff. Thank you to everyone that tuned in on Wealth Financial Live here.
That's going to do it for the show. We'll wrap this up. This will turn
into a recording. Once we finish, you can rewatch it from the beginning on Twitter or YouTube. If
you missed any of it, feel free to send us any questions that you have and we'll answer them
on an upcoming show. And of course, tons more programming coming today. Take care, everybody.
Have a great rest of your Monday.
