This podcast episode explores the role and impact of ETFs in the financial market, discussing their transparency, resilience, and accessibility. It highlights the parallels between theater and asset management, emphasizing the importance of casting the right people and collaboration. The episode also delves into the limitations of using ETF flows as indicators of market direction and the increasing use of ETFs by active asset managers. It discusses the transformative impact of ETFs on the bond market, providing greater electronification, transparency, and flexibility. Additionally, the episode examines the history and challenges of Bitcoin ETF approval, the potential of crypto ETFs, and the factors investors consider when choosing a Bitcoin ETF. The conversation concludes with recommendations on sci-fi streaming and book suggestions on mentorship and market history.