This podcast episode explores the challenges of launching and liquidating ETFs, with a focus on the experience of Jack Forehand and Justin Carbonneau from Validia Capital Management in liquidating the Validia Market Legends ETF. The podcast discusses the competitive nature of the ETF industry, the high odds of failure for ETF launches, and the challenges of building performance. It also explores the importance of considering intangible value when evaluating companies and the potential opportunities for value investors in coal stocks. The episode concludes by discussing the complex relationship between artificial intelligence and investing and the role of marketing in making ETFs appealing to investors.