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.<br>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.<br>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.<br>See omnystudio.com/listener for privacy information.

At The Money: Deregulation Will Free Your Portfolio

Masters in Business

# Full Transcript

**Podcast:** Masters in Business

## Participants

- **Barry Ritholtz** (Ritholtz Wealth Management)
- **Michael Guyad** (Tactical Rotation Management)
- **Michael Guyad** (Tactical Rotation Management)

## Transcript

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Exactly one year ago, the free markets ETF launched ticker symbol FMKT designed to invest in companies expected to benefit from deregulation and free market dynamics in the second term of the Trump presidency.

I was intrigued by the concept and wondered what it might look like in the second half of this term. To help us unpack all of this, let's bring in Michael Guyad. He is the portfolio manager for tactical rotation management, one of the sub advisors to the free market ETF. So, Michael, I was intrigued by this concept. What was the original insight behind FMKT? How was deregulation becoming an investable theme?

Michael Guyad. Yeah, and it's interesting, right? So, when Trump got elected, I've got this large network of advisors that I talked to, 350 advisors that I regularly talk to, which is why my calendar is always so jammed. Michael Guyad. And one of the advisors said to me, you know what would be a good investment idea is something that focuses on deregulation. And he was kind of saying it kind of off the cuff. So, yeah, I give the guy credit for coming up with the idea.

And it's like, you know, that's actually an interesting idea. I mean, deregulation arguably makes the time to market faster. It increases margins. It should benefit earnings from a fundamental perspective. It should increase competition. So, all that sounds like an interesting thesis. So, I called up three other firms, you know, one which is the advisor, Tidal Financial Group, and then two other RIAs as sub advisors, people that I've known.

I wanted to approach this more from the AVC standpoint. My other funds I launched on my own. This I wanted to actually have partners on because it's a very different way of my style of investing, which is more risk on, risk off historically. Exactly. And came up with the idea and said, OK, well, let's go after. Now, when I had the when I kind of really was thinking through the idea, it's like, all right, Trump is making it very clear that he's going to go from this, you know, for every new regulation you want. I want to cut. He goes from that to for every new regulation. I want 10 cut. He's actually gone more aggressive on that since si...

At The Money: Deregulation Will Free Your Portfolio

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

At The Money: Deregulation Will Free Your Portfolio

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.