Eric Balchunas

Bloomberg Audio Studios, podcasts, radio, news.

So when SpaceX does make its debut on the public markets, when it lists, when it IPOs, what does that do to your fund?

How do you respond to that?

So Kathy, let's talk about this conundrum, right?

This is one of the most fascinating topics to me that I'm writing about.

You've got all these stocks, you have 500 million.

Meanwhile, there's been three ETFs that have sort of, I don't know, what called bend the rules or whatever, but they've added privates into their funds.

XOVR, immediately 1.5 billion.

A CraneShares ETF has two privates.

And then Ron B added 22% of SpaceX and immediately assets jumped 50% in a week.

Clearly, the demand is to get this in the ETF format, but it's not the right format.

How is this going to play out?

Some ecosystem challenges, and it's something that we will be watching for.

Certainly, it's an evolving story.

Cathy, I do want to get your take on what a lot of people are calling the debasement trade, the effort to diversify beyond the U.S.

dollar and U.S.

dollar assets, moving to other assets like precious metals, specifically as a hedge against the dollar.

What's different this time around from what we saw last year is that crypto is not part of this.

It's not getting the bid from folks who are looking to diversify, who believe in this debasement idea.

How do you think about that?