# At The Money: Deregulation Will Free Your Portfolio

An episode of [Masters in Business](https://invisiblenetwork.ai/podcast/730188152), 18 Jun 2026, 18 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/4e4cd910-40a1-4619-a5f3-ae2b0012ffff/5d97e1b7-be6e-4550-ad22-b46d01066ee6/audio.mp3?utm_source=Podcast&in_playlist=5873a3cb-298f-40bc-b71f-ae2b0013000d

The new administration promised deregulation and ending red tape to unleash business and animal spirits. An ETF allows you to deploy capital to take advantage of that theme. Michael Gayed is Portfolio Manager for Tactical Rotation Management, one of the sub-advisers to the Free Markets ETF, FMKT. He is also the founder of Lead-Lag Media, which houses The Lead-Lag Report and related media properties. Each week, “At the Money” discusses an important topic in money management. From portfolio construction to taxes and cutting down on fees, join Barry Ritholtz to learn the best ways to put your money to work. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, podcasts, radio news. I'm a bad book
[0:11] Speaker 1: for breaking her hull. Exactly one year ago, the Free
[0:36] Speaker 1: Market's ETF launched ticker symbol FMKT, designed to invest in
[0:42] Speaker 1: companies expected to benefit from deregulation and free market dynamics
[0:49] Speaker 1: in the second term of the Trump presidency. I was
[0:53] Speaker 1: intrigued by the concept and wondered what it might look
[0:56] Speaker 1: like in the second half of this term. To help
[1:00] Speaker 1: us unpack all of this, let's bring in Michael gay Ed.
[1:02] Speaker 1: He is the portfolio manager for Tactical Rotation Management, one
[1:07] Speaker 1: of the subadvisors to the Free Market ETF. So, Michael,
[1:11] Speaker 1: I was intrigued by this concept. What was the original
[1:14] Speaker 1: insight behind FMKT? How was deregulation becoming an investible theme
[1:21] Speaker 1: that perhaps markets were underpricing?
[1:24] Speaker 2: Yeah, and in interesting So when when Trump got like
[1:27] Speaker 2: that with this large network of advisors that I talked to,
[1:29] Speaker 2: with three hundred fifty advisors that I regularly talk to,
[1:32] Speaker 2: which is why my calendar is always so jammed, And
[1:35] Speaker 2: one of the advisers said to me, you know what,
[1:36] Speaker 2: it would be a good investment ideas, you know, something
[1:38] Speaker 2: that focuses on deregulation, and he was kind of saying
[1:40] Speaker 2: it kind off the cops. So yeah, and I get
[1:41] Speaker 2: the guy credit for coming up with the idea, and
[1:43] Speaker 2: it's like, you know, that's actually an interesting idea. I mean,
[1:46] Speaker 2: deregulation arguably makes up the time to market faster, it
[1:51] Speaker 2: increases margins, it should benefit earning from a fundamental perspective,
[1:55] Speaker 2: it should increase competition.
[1:57] Speaker 3: So all that sounds like an interesting thesis.
[1:59] Speaker 2: So I called up three other firms, one which is
[2:04] Speaker 2: the advisor Title Financial Group, and then two other rias
[2:07] Speaker 2: as subadvisors, people that I've known. I wanted to approach
[2:10] Speaker 2: this more from the a VC standpoint. My other funds
[2:12] Speaker 2: I launched on my own. This I wanted to actually
[2:13] Speaker 2: have partners on because it's a very different way of
[2:16] Speaker 2: my style of investing, which is more risk on, risk
[2:18] Speaker 2: off historically.
[2:19] Speaker 3: And came up with the idea and said, okay, well
[2:21] Speaker 3: let's go after Now.
[2:22] Speaker 2: When I had the when I kind of really was
[2:23] Speaker 2: thinking through the idea, it's like, all right, Trump is
[2:25] Speaker 2: making it very clear that he's going to go from this.
[2:27] Speaker 3: You know, for.
[2:28] Speaker 2: Every new regulation you want, I wanted to cut the
[2:31] Speaker 2: goals goes from that to for every new regulation I
[2:33] Speaker 2: want ten cut and he's actually gone more aggressive on
[2:36] Speaker 2: that since since.
[2:37] Speaker 3: He was elected. So come up with a fund idea
[2:40] Speaker 3: of figure out what sectors, what industries benefit the most
[2:42] Speaker 3: from deregulation, and it had that and has to be.
[2:45] Speaker 2: Active because these executive orders come out and you don't
[2:48] Speaker 2: know what's going to be deregulated next, so you've got
[2:50] Speaker 2: to kind of focus and on that as quickly as possible.
[2:52] Speaker 3: Now, deregulation is a very interesting buzzword.
[2:56] Speaker 2: You hear a lot of people on the media talking
[2:58] Speaker 2: about deregulation as a big tail in for the broader markets.
[3:01] Speaker 2: And I do believe that if you look at you
[3:03] Speaker 2: know why has the US outperformed Europe so much, It's
[3:05] Speaker 2: not just because of tech.
[3:06] Speaker 3: It's because we don't have as much regulation as Europe does.
[3:09] Speaker 2: Regulation is a stopping point, is a friction that hurts
[3:12] Speaker 2: earnings and time to market. So came up with the
[3:16] Speaker 2: idea for free markets. It's an active fun stock picking.
[3:19] Speaker 2: A lot of the focuses around sectors like industrials, financials, cannabis, nuclear,
[3:26] Speaker 2: anything in the aerospace part of the marketplace, not so
[3:28] Speaker 2: much tech.
[3:29] Speaker 3: Maybe we can touch on that.
[3:31] Speaker 2: We believe that tech is probably going to be regulated,
[3:34] Speaker 2: and maybe AI in particular be regulated, especially from a
[3:36] Speaker 2: regulatory perspective. In our business, the investment advisory business. But
[3:40] Speaker 2: you know, out of the game, we had some pretty
[3:41] Speaker 2: strong performances. About a year ago we launched. We had
[3:44] Speaker 2: four and a one thousand traded shares on day one,
[3:46] Speaker 2: a lot of interest in that. We had really strong performance.
[3:49] Speaker 2: We were a thousand basis points over the SMP at
[3:51] Speaker 2: some point. That ended up being a blessing and a curse,
[3:54] Speaker 2: because obviously nothing closes a sale like a chart.
[3:56] Speaker 3: People started chasing the performance.
[3:58] Speaker 2: Of FMKAT and then we to draw down as we
[4:01] Speaker 2: got back to AIS the only play in town.
[4:03] Speaker 3: And right now we're kind of meandering.
[4:05] Speaker 2: But I do believe that the deregulation theme is here
[4:07] Speaker 2: to stay, even if you get a Democrat as president
[4:09] Speaker 2: next go around. The reality is industries that have less
[4:13] Speaker 2: regulation shoot, at least theoretically outperform.
[4:15] Speaker 1: So let's stay with that concept of deregulation. How do
[4:20] Speaker 1: you define what sectors benefit from deregulation, and then how
[4:24] Speaker 1: do you hone in on what companies within those sectors
[4:28] Speaker 1: are going to be the biggest beneficiaries.
[4:30] Speaker 2: So arguably, it would be very hard to do either
[4:33] Speaker 2: of those outside of using AI, which we actually build
[4:37] Speaker 2: out a whole workflow and AI screening process to figure
[4:40] Speaker 2: out exactly that which sectors, which industries benefit, which individual
[4:44] Speaker 2: companies are mentioning deregulation the most in earning transcripts.
[4:48] Speaker 3: So we've got multiple kind of filters.
[4:49] Speaker 2: That are looking at valuation, that are looking at where
[4:52] Speaker 2: SGNA is impacted by regulatory costs. And it's in some
[4:56] Speaker 2: ways that you can argue it's obvious, right, It's like
[4:58] Speaker 2: think about industry wise, sector wise, what has the most regulation?
[5:01] Speaker 3: Banks?
[5:01] Speaker 1: Sure, financials, no doubt, no doubt, right, especially with Dodd Frank.
[5:05] Speaker 3: And then you've got to roll back a basle and
[5:06] Speaker 3: all that, which is.
[5:07] Speaker 2: The dereglation side, you know, cannabis, right, So we saw
[5:11] Speaker 2: Trump obviously trying to get ahead of the Democrats. You
[5:13] Speaker 2: can argue with some of this reclassification on the cannabis sides.
[5:16] Speaker 3: Right. So like we've got Tillray in the portfolio.
[5:20] Speaker 2: Nuclear right, Obviously with all this AI build out, you're
[5:22] Speaker 2: gonna need energy. So you've got to make the time
[5:24] Speaker 2: to market for getting nuclear plants up shorter to meet
[5:27] Speaker 2: the growing demand, of speed of importation of the AI
[5:30] Speaker 2: data censors. So it's all the stuff that our bottlenecks, right,
[5:34] Speaker 2: is kind of the area the way to think about it.
[5:36] Speaker 2: So we do a lot of screening, We do a
[5:38] Speaker 2: lot of AI, We look at executive words when they
[5:40] Speaker 2: come out, we determined from the AI output does this
[5:42] Speaker 2: make sense, and then we're just going granzlar which companies
[5:44] Speaker 2: in theory.
[5:45] Speaker 3: Benefit the most, right. So a good example of that
[5:48] Speaker 3: is Robin Hood.
[5:49] Speaker 2: Robinhood is kind of the forefront of financial deregulation, very
[5:53] Speaker 2: forward thinking company. But then on top of that, on
[5:56] Speaker 2: the crypto side, they're big players, right, So you hit
[5:58] Speaker 2: on all areas of the of the of the sort
[6:01] Speaker 2: of derailatory.
[6:01] Speaker 3: Focus from the Trump administration, which again is not going
[6:04] Speaker 3: to go away.
[6:04] Speaker 2: It's hard to once you deregulate something to reregulate it,
[6:08] Speaker 2: at least that quickly.
[6:09] Speaker 1: Unless there's a crisis. It's almost impossible. Fmkt's mandate says
[6:14] Speaker 1: at least eighty percent of assets go into companies expected
[6:19] Speaker 1: to benefit from regulatory shifts. What's the remaining twenty percent?
[6:25] Speaker 2: Yeah, So, and arguably it's it goes to sort of
[6:29] Speaker 2: like how do you define it? Right, what benefits from derailation.
[6:31] Speaker 2: But five percent of the portfolio can go into bitcoin
[6:35] Speaker 2: and ethereum.
[6:36] Speaker 3: That's listed in the perspectives.
[6:37] Speaker 1: Now that was done any crypto or just those two,
[6:39] Speaker 1: just those two.
[6:40] Speaker 3: And also we can go into gold as well.
[6:42] Speaker 2: And the over there is that those if you don't
[6:44] Speaker 2: about what a free market is, which is unencumbered by regulation,
[6:48] Speaker 2: those are those almost by definition free market plays right
[6:51] Speaker 2: when you come to the crypto space and gold in particular,
[6:55] Speaker 2: So we can do a little bit and we've gone
[6:56] Speaker 2: into that in the past. It's obviously momentum has been weak,
[6:58] Speaker 2: so we've gotten out of it. Part of the act
[7:00] Speaker 2: of nature of it trying to avoid these big clients
[7:02] Speaker 2: in those positions.
[7:03] Speaker 3: But that's for almost any perspectives.
[7:06] Speaker 2: In order to be considered a theme, you have to
[7:08] Speaker 2: have that eighty percent threshold, right, So part of it's
[7:10] Speaker 2: kind of a regular an it's kind of a regulatory
[7:12] Speaker 2: requirement to say that if you're going to be focused
[7:14] Speaker 2: on a particular theme, you've got to have at least
[7:16] Speaker 2: eighty pariliar portfolio.
[7:16] Speaker 1: That.
[7:17] Speaker 2: The reality is the every single holding to some extent,
[7:20] Speaker 2: has some kind of deregulation tie into it. Some of
[7:23] Speaker 2: it's direct, some of it's more indirect, but there's always
[7:26] Speaker 2: a justification for why we're positioning in particular.
[7:28] Speaker 1: Holy, So the fun kind of sits at the intersection
[7:32] Speaker 1: of markets and politics, and I've long cautioned against allowing
[7:37] Speaker 1: partisan politics to influence investing. You're really trying to walk
[7:43] Speaker 1: a line where it's not a political expression etf but
[7:47] Speaker 1: rather a policy driven theme. How do you balance that?
[7:53] Speaker 1: How do you keep this from becoming a darling of
[7:57] Speaker 1: one side or the other.
[7:58] Speaker 2: Yeah, it's like politics goes into the policy, policy goes
[8:02] Speaker 2: into profits, right, So it's it's really more of the
[8:05] Speaker 2: profit side, the fundamental aspect of it.
[8:08] Speaker 3: So we've got that question before it's all right.
[8:09] Speaker 2: So you know, I'm having a Democrat come in place,
[8:12] Speaker 2: and it seems like it's a republican fund. I'd argue
[8:14] Speaker 2: it's not because even under a democratic regime, there will
[8:18] Speaker 2: be some sectors that will be deregulated the Democrats, like
[8:21] Speaker 2: like alternative energy, in which case then the holding's change
[8:23] Speaker 2: because now that's where the focus on the regulation might be.
[8:26] Speaker 1: My solar wind we more democrat issue than republics issue exactly.
[8:32] Speaker 2: And I go back to OSAs and Yeah, you're gonna
[8:33] Speaker 2: have deregulation there. And then the holding shift energy is
[8:36] Speaker 2: a big part of the theme behind f MKT, which
[8:40] Speaker 2: obviously makes sense because Trump is so focused on releasing
[8:43] Speaker 2: as much domestic oil as possible and removing frictions there,
[8:46] Speaker 2: so it.
[8:47] Speaker 3: Benefits from that. But then it's just a shift, right.
[8:50] Speaker 4: You want to follow the policy because the following the
[8:52] Speaker 4: policy follows is where profits end up coming from, and
[8:56] Speaker 4: policy as winners and losers, and often the winners are
[8:59] Speaker 4: things with are favored, which can to be things which
[9:01] Speaker 4: we'll get to market faster, which exactly what deregulation is.
[9:04] Speaker 3: So I don't view it as a political play.
[9:06] Speaker 2: I think it's just sort of the nature of the
[9:07] Speaker 2: beast is you will have certain parties that will favor
[9:10] Speaker 2: certain sectors, certain industries. How do they do it by
[9:12] Speaker 2: either providing funding directly or by making resulting less friction
[9:16] Speaker 2: for those companies.
[9:17] Speaker 1: That makes a lot of sense. It also means that
[9:20] Speaker 1: trying to come up with some rational benchmark almost impossible.
[9:25] Speaker 1: How do you figure out what your frame of reference is?
[9:29] Speaker 1: The S and P five hundred doesn't seem right? What
[9:32] Speaker 1: do you use for a benchmark? Yeah?
[9:34] Speaker 3: And it's interesting.
[9:35] Speaker 2: So I mean by we have to have a benchmark
[9:38] Speaker 2: from from a regulatory perspective, because everyone, you know, that's
[9:40] Speaker 2: how the regulators think about these things. For us, it's
[9:43] Speaker 2: more about, you know, the the entire landscape of the
[9:47] Speaker 2: equity universe. Is the fund outperforming or not. Now again,
[9:51] Speaker 2: we outperform the S and P strongly. The S and P,
[9:54] Speaker 2: to your point, is not really a proper benchmark for
[9:56] Speaker 2: a free markets type of fun because the S and P, now,
[9:58] Speaker 2: i'd argue, is an AI index. I mean, I'm sorry,
[10:01] Speaker 2: but it's like, yesb BI quinary is no longer as
[10:03] Speaker 2: diversified as.
[10:04] Speaker 3: People think it is. It is a thematic fund.
[10:06] Speaker 2: Right under large cab growth, large large cat growth is
[10:10] Speaker 2: what it's basic AI.
[10:11] Speaker 3: I mean, that's that's.
[10:12] Speaker 1: It's AI, it's semiconductors, it's software, it's go down the
[10:16] Speaker 1: whole less.
[10:17] Speaker 3: Right, exactly right.
[10:17] Speaker 2: So, so I think anybody that's looking at FMKT is
[10:21] Speaker 2: looking at from the standpoint that they.
[10:23] Speaker 3: Believe in the thesis.
[10:24] Speaker 2: And a lot of small business owners believe that derelation
[10:27] Speaker 2: is more important than taxes because that impacts their day
[10:30] Speaker 2: to day activity and working. Right, And and I go
[10:34] Speaker 2: back to finding a benchmark is more function of sort
[10:37] Speaker 2: of your own personal you know, financial requirements.
[10:40] Speaker 3: It's not about are you beating the SMP is it is?
[10:43] Speaker 2: It's is this does it fit your your objectives from
[10:45] Speaker 2: a risk return perspective? Does it make the journey from
[10:47] Speaker 2: the investment perspective better? And a lot of the free
[10:50] Speaker 2: market positions are parts of the marketplace that the market
[10:54] Speaker 2: have not rewarded.
[10:55] Speaker 3: There is a value tilt.
[10:57] Speaker 2: Interestingly enough, when you look at the holdings of f
[10:59] Speaker 2: M K T sure there are some of these more
[11:01] Speaker 2: spective positions that we have that you almost have to
[11:03] Speaker 2: have a position in, like Archer and Joby. I know,
[11:06] Speaker 2: I know, you know, your your colleague Josh Brown talks
[11:09] Speaker 2: about I think Joby quite a.
[11:10] Speaker 3: Bit and Archer as well.
[11:11] Speaker 2: Those are classic deregulation plays because of the focus around
[11:15] Speaker 2: flying U taxis basically and derelation as far as the
[11:19] Speaker 2: FAA side goes. But there's a value tilt, so there's
[11:23] Speaker 2: an environment that favors the value.
[11:24] Speaker 3: It's gonna favor free markets anyway.
[11:26] Speaker 1: So let's let's talk a little bit about some of
[11:28] Speaker 1: the most recent holdings I was able to look up.
[11:31] Speaker 1: Some are pretty obvious. You mentioned Robin Hood, Key Corp,
[11:36] Speaker 1: Citizens Financial, even Blackstone, some of them are a little
[11:42] Speaker 1: I had to scratch my head. Palo Alto Networks a
[11:45] Speaker 1: d M oracle. The financials are obvious, be goes to deregulation.
[11:52] Speaker 1: Oracle seems more like a political Hey, you know, Larry
[11:57] Speaker 1: Ellison is a big buddy of Trump. His son is
[12:01] Speaker 1: in the midst of the whole mayhem with VIACOM and
[12:06] Speaker 1: and all of that. How do you distinguish what's the
[12:11] Speaker 1: beneficiary of a deregulation and what's politically favored.
[12:15] Speaker 3: How do you separate those?
[12:17] Speaker 2: Well, to some extent, if you're politically favored, you're going
[12:19] Speaker 2: to you're going to try to put deregulation in place.
[12:22] Speaker 2: And the way that looks is in the speed with
[12:23] Speaker 2: which government contracts take place.
[12:25] Speaker 1: So I was thinking more along the lines of M
[12:28] Speaker 1: and A and anti trust rules as well.
[12:31] Speaker 3: For sure.
[12:31] Speaker 2: Right in the case of an oracle, there's there's a
[12:34] Speaker 2: something called FED Federal Risk, an authorization management program, which
[12:38] Speaker 2: basically is, without getting too deep to it, it's a
[12:41] Speaker 2: way of getting approvals right to get a government contract.
[12:44] Speaker 3: To sort of be a pipeline for like an RP.
[12:48] Speaker 2: Last year, the Trumpet administration did something that basically removed
[12:51] Speaker 2: a lot of that friction, so it wouldn't take as
[12:52] Speaker 2: long to try to apply for a government contract which
[12:55] Speaker 2: directly impacts Oracle.
[12:56] Speaker 1: Right.
[12:57] Speaker 2: It's it's that's the kind of deregulation which is important
[13:00] Speaker 2: because it's all about speed to market.
[13:02] Speaker 1: So let's talk about Palenteer and Archie Daniel, similar situation.
[13:07] Speaker 3: There's an element of that as well.
[13:09] Speaker 1: On that.
[13:10] Speaker 2: Again, AI companies tend to not be true the strongest
[13:15] Speaker 2: deregulation plays, but Palenteer does have an aspect of that
[13:17] Speaker 2: because against speed to market for them is around government
[13:20] Speaker 2: contracts for fence, right. So I think there's you know,
[13:24] Speaker 2: it was never sort of a major major holding the fund,
[13:26] Speaker 2: but it made sense to us to have some kind
[13:28] Speaker 2: of exposure to it. And then on the energy front
[13:31] Speaker 2: and Palo Alto, it's like anything that's tied to AI
[13:35] Speaker 2: has to be deregulated from a bottom night perspective, which
[13:37] Speaker 2: is energy, electricity utilities. So there is a reasoning behind
[13:42] Speaker 2: data center permitting and utility usage, right, and the derelation
[13:46] Speaker 2: that comes from that. I keep going back to this
[13:49] Speaker 2: idea that what you own matters a lot less than
[13:51] Speaker 2: how much you own of it. So a large part
[13:54] Speaker 2: of the active nature of FMKT is, yes, we're being
[13:57] Speaker 2: thematic on deregulation, but we're also actively trying to see
[14:00] Speaker 2: is there momentum in this or that deregulation plate with
[14:03] Speaker 2: that heavier. So a lot of the holdings in the
[14:05] Speaker 2: top ten are not based on how strong.
[14:08] Speaker 3: The deregulation fit may be.
[14:09] Speaker 2: It could be just this deregulation fit and this strong
[14:11] Speaker 2: momentum we want to be there.
[14:12] Speaker 3: Gotcha.
[14:13] Speaker 1: That makes a lot of sense. So we talked about financials, technology.
[14:18] Speaker 1: Healthcare is another deregulation issue, but I want to ask
[14:22] Speaker 1: you about the defense sector and energy. When the war
[14:26] Speaker 1: and Iran began, how does that affect how you look
[14:29] Speaker 1: at the portfolio and what is a potential beneficiary of
[14:33] Speaker 1: this quicker, more frictionless deregulatory environment.
[14:39] Speaker 2: Yeah, and when the war took place here we meet
[14:41] Speaker 2: once a week, me and the other portfolio managers. When
[14:44] Speaker 2: the war took place, they said, all right, we gotta
[14:45] Speaker 2: get some defense companies in here and then figure ou
[14:47] Speaker 2: which defense companies benefit the most from deregulation. And they're
[14:50] Speaker 2: kind of in bed with each other government defense obviously,
[14:53] Speaker 2: so it's all about speed. If you're going to grow
[14:54] Speaker 2: to war, it has a faster speed of bringing things
[14:57] Speaker 2: to market.
[14:58] Speaker 3: So it hasn't been a main your major thematic play.
[15:02] Speaker 2: But arguably it goes back to if it's about government
[15:04] Speaker 2: contracts and it's about speed, then deregulation is about removing
[15:08] Speaker 2: the friction to get something to the government's agency's.
[15:11] Speaker 3: Relative hands to get approved.
[15:15] Speaker 2: It's interesting, don't I don't view free markets as a
[15:18] Speaker 2: geopolitical play. I view it more as if you believe
[15:25] Speaker 2: that deregulation is how you have more profits, then you're
[15:29] Speaker 2: simply trying to figure out which companies benefit from that
[15:31] Speaker 2: the most. And arguably there's there's more art and science
[15:34] Speaker 2: to that, right, but it's it's not as catalyst driven
[15:37] Speaker 2: as much as.
[15:38] Speaker 3: It's more about executive orders that are taking place.
[15:41] Speaker 1: All right, final question, how do you separate genuine deregulation
[15:46] Speaker 1: tailwinds from talking points and narrative? For more specifically, how
[15:53] Speaker 1: do you distinguish a company that's talking about receiving regulatory
[15:57] Speaker 1: relief from one who's marr gens or growth rates are
[16:01] Speaker 1: actually improving?
[16:03] Speaker 2: Yeah, and that goes back to its art versus science.
[16:06] Speaker 2: I mean to some extent, there are some very clear,
[16:09] Speaker 2: you know, cause effects on the deregulation side impacting certain companies, right,
[16:14] Speaker 2: But to your point, a lot of it is going
[16:16] Speaker 2: to be analyzing SG and a fundamental line items, looking
[16:20] Speaker 2: at and seeing what CEOs and executives are saying on
[16:24] Speaker 2: earning transcripts.
[16:25] Speaker 3: You know, one of the filters is.
[16:26] Speaker 2: How many times this deregulation mentioned, you know, by various
[16:29] Speaker 2: people at companies as a driving factor, because they're not
[16:32] Speaker 2: going to say it unless it's somewhat true, you would think, right, So.
[16:36] Speaker 3: It is.
[16:37] Speaker 2: It is not as clear cut, which is why again
[16:39] Speaker 2: it needs to be active. It's not something you can
[16:40] Speaker 2: quantitatively say, this is the ID regulation score.
[16:43] Speaker 3: So a lot of this comes with judgment.
[16:45] Speaker 2: A lot of this comes with which why it's good
[16:47] Speaker 2: that I have a team not just me that's coming
[16:49] Speaker 2: up with these these allocations and just trying.
[16:51] Speaker 3: To be fast in terms of figuring out where to position.
[16:54] Speaker 3: This has been a very it's been an odd environment.
[16:57] Speaker 2: Right because Trump's been talking about a lot of people
[17:01] Speaker 2: were excited about derelation. Derelation has a lag, right, So
[17:04] Speaker 2: any executive words from last year you'll start to maybe
[17:06] Speaker 2: see this year showing up in the actual earnings. The
[17:09] Speaker 2: market I think is still largely undervaluing the impact of deregulation.
[17:14] Speaker 2: And if that's the case, then towards the end of
[17:16] Speaker 2: the year you have a rerating and then you start
[17:18] Speaker 2: seeing it filter through in the ball market. Just as
[17:21] Speaker 2: a rotation away from this AI focus, passive.
[17:24] Speaker 1: Bid really really interesting. So to wrap up, if you're
[17:28] Speaker 1: intrigued by the concept of deregulation, of reduction of frictions,
[17:33] Speaker 1: of more opportunity for companies to throw walk off the
[17:38] Speaker 1: yoke of big government, I say, as a New York
[17:43] Speaker 1: left coaster, you can actually get exposure to that through
[17:49] Speaker 1: active ETFs like free markets. I'm Barry Ridults. You're listening
[17:54] Speaker 1: to Bloomberg's at the Money

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