This co-hosted finance podcast, "The Money Stuff Podcast," discusses three main topics: Vanguard's $106 million settlement with the SEC for capital gains distribution issues in its target-date funds, the rise of buffered Bitcoin ETFs, and Two Sigma's $90 million penalty for an employee's unauthorized model adjustments. The hosts, Matt Levine and Katie Greifeld, debate the implications of these events, contrasting Vanguard's attempt to lower fees with the SEC's actions. They analyze the complexities of mutual fund taxation versus ETFs, highlighting the unexpected tax bills faced by some Vanguard investors. The discussion also explores the appeal and potential risks of buffered Bitcoin ETFs, particularly in relation to interest rate fluctuations. Finally, the hosts delve into the SEC's case against Two Sigma, questioning the fairness of the penalty given the employee's actions ultimately increased overall fund performance.
