In short: Spoken as "PSE, the small cap producer ETF" (auto-transcript rendering; the US small-cap energy producer ETF). His scoreboard for the sector's brutality: "The small cap ETF is down close to 60% from when we launched in May of 2015" — against a fund "up like 200 something%." Used to argue that in a devastated sector the passive benchmark is precisely what you do not want to own.
An ETF is just a basket you can buy in one click — this one holds small US energy companies. Young brings it up not as a recommendation but as the yardstick that shows how brutal his own corner of the market has been: since he launched in May 2015 this small-cap energy basket is down close to 60%, while the big-cap version (XLE, which is mostly ExxonMobil and Chevron) is up about 20%, and his own fund is up roughly 200%.
The point he is making with the number is about survivorship. A sector that hollows out — 150 specialist funds fifteen years ago, fewer than five now — leaves the passive basket full of whatever is left, good and bad together. His argument for paying someone to pick inside it is exactly that spread: same sector, wildly different outcomes.
2:40And so we launched it 11 years ago, and we're doing really well. The small cap ETF is down close to 60% from when we launched in May of 2015. So maybe dumb to choose the sector small cap oil and gas stocks, and even the large cap ETF I think is up 20% or something since we launched and we're up like 200 something%.
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