Rich Habits Podcast – Detailed Episode Summary

Episode: Winter Storm Stocks, SpaceX IPO, & Retail Investors Getting Smarter
Hosts: Austin Hankwitz (A) & Robert Croak (B)
Guest: David Jakanski (C), CEO & CIO of Quantify Funds
Date: January 23, 2026

Overview

This episode of the Rich Habits Podcast delivers a deep dive into major events shaping the financial landscape for investors, including government initiatives on housing, speculation about the upcoming SpaceX IPO, and the ongoing shift toward smarter investment strategies among retail investors. The hosts are joined by ETF industry veteran David Jakanski to explore the evolution and future of ETFs, with a particular focus on the growing sophistication of retail investors and the democratization of "hedge-fund-like" strategies.

Key Discussion Points & Insights

1. New Housing Policies Under Trump's Administration

[01:19-03:58]

• Institutional Investor Ban: President Trump signed an executive order limiting large institutional investors (e.g., Blackstone) from buying single-family homes, aiming to make housing more accessible for everyday families.
  • “Let’s get institutions like Blackstone away from buying single-family homes and do what we can to bring down those mortgage rates.” – Austin [02:53]
• Mortgage Rate Impact: Since Trump’s inauguration, the 30-year rate has dropped from 7.1% to about 5.75%, saving new homeowners roughly $4,000/year in interest on a $400,000 mortgage.
  • Austin calculates and contextualizes the savings [02:11].
• 401k Withdrawal Proposal: The administration floated letting buyers use 401k savings for a down payment without penalty.
  • Both hosts strongly oppose this:
    • “That’s a big no for me. We never want to see anyone do that – don’t borrow from your future.” – Robert [03:15]
    • “We’re not going to be telling people to cash out their 401ks … that doesn’t make sense.” – Austin [03:58]

2. SpaceX IPO & Space Economy Momentum

[03:58-07:25]

• IPO Timeline: SpaceX is moving toward a public offering, rumored for as early as July 2026, mainly to raise funds for ambitious data center projects in space.
  • “If SpaceX succeeds with putting data centers in space, it’s going to be obvious that XAI will be their first customer.” – Austin [05:13]
• Market Speculation: Predictions suggest the IPO day-one market cap could exceed $1 trillion, with Polymarket odds at 80%.
  • “The IPO could be in the trillions of dollars at launch.” – Robert [05:44]
• Ripple Effect: Other space-related stocks (AST SpaceMobile, Rocket Lab) have surged; the sector is increasingly validated for investors.
  • “Space exploration and the space economy … just got validated and it’s here to stay.” – Austin [06:33]

3. Small Cap Stocks Surge & Active Portfolio Management

[07:25-09:28]

• Russell 2000 Outperformance: Small caps have outpaced large-cap peers for 14 consecutive sessions—the largest gap since 1996.
  • “We’re not saying we told you so, but we told you so.” – Robert [07:49]
• Market Rotation: Earlier advice to move into small caps paid off, while high-beta large cap names have lagged.
• Investment Lesson: Small-cap rotation is an opportunity, not a long-term core holding.
  • “Active management with your portfolio is always important… the Russell 2000 is not a long-term solution, but a key rotation.” – Robert [09:00]

4. Thematic ETF Winners & Losers of the Week

[09:28-12:58]

• Best Performers:
  • Niche commodity (+16.5%)
  • Metals ex-Gold (+9.5%)
  • Alternative energy (+5.5%)
• Worst Performers:
  • Cloud computing (-7%)
  • Cannabis & psychedelics (-5.75%)
  • Next-gen Internet (-5.5%)
• AI Disrupting SaaS:
  • “With the rise of AI, you can use AI to build the applications [SaaS companies] are selling you… Not only are these companies competing against each other, but also against the tech bro building his own quick AI app.” – Austin [11:28]
• Strategic Investing:
  • “Skate to where the puck is going, not where the puck is.” [12:16] (Referencing Wayne Gretzky)
  • The importance of anticipating secular shifts and using tools like ETF Central for tracking trends.

5. Special Guest Segment: Institutional-Grade ETFs for Retail Investors

[12:58-28:24]

a. ETF Industry Schism: Advisor-Focused vs. "Retail Candy"

• Jakanski’s View: The ETF market splits into simple “model hugger” products for advisors, and form-over-substance products (“retail candy”) for DIY investors.
  • “It looks good, it looks shiny … then they wake up the next day and just feel sick.” – David [15:11]

b. Retail Investors Getting Smarter

• Rise of Financial Creators:
  • Online communities foster rapid knowledge-sharing and collaboration, accelerating retail sophistication—especially on topics like derivatives and covered calls.
  • “The financial creator space has gone through a PhD in derivative incomes in the last two years.” – David [16:33]
• Evolution of Interests:
  • Themes (e.g., Cathie Wood’s ARK) → Income-focused → Now: “What do hedge funds do? How do I get those strategies, too?”

c. Pitfalls of "High-Yield" ETFs

• Unrealistic Promises:
  • Many ETFs chase eye-catching yields (e.g., 120% yield) but can’t sustainably deliver, often resembling “staircase down” performance charts.
  • “You can only distribute what you generate in total return … There’s a rule in the ETF industry that you need to distribute 90% of what you generate. But a lot of firms have gone way beyond just that.” – David [18:34]

d. Quantify Funds’ Differentiator: Embedded Leverage & Risk Management

• Return Stacking:
  • Quantify uses “structurally diversified leverage,” combining two uncorrelated assets with embedded periodic rebalancing (e.g., 100% Bitcoin + 100% Gold in BTGD ETF).
  • “Not all leverage strategies are created the same… the beauty is in the construction of the product and how it’ll perform, especially in the face of volatility.” – David [21:44]
• Why It Matters:
  • Removes emotional decisions and makes institutional strategies accessible without margin calls or excessive risk.
  • “We’re focused on cost-effective deep financing, diversified leverage, where a lot of that difficult trading and rebalancing can be embedded in the ETF.” – David [23:44]
• Leveling the Playing Field:
  • Hedge-fund-like strategies, once for family offices and institutions, are finally being opened up to everyday investors.

e. Financial Advisors and the Benchmark Trap

• Status Quo Adherence:
  • Advisors become more conservative as their book grows, focusing less on outperformance, more on minimizing risk of firing.
  • “Any movement away from the benchmark is just risk, risk … It’s just not worth it.” – David [25:44]
• Creators’ Opportunity:
  • Podcasts and financial educator networks have the bandwidth to teach deeper strategies—enabling smarter, more empowered retail investing.

6. Weekly Call-Outs & Noteworthy Stock Stories

[29:54-33:33]

Austin’s Call-Outs

• Sphere Stock:
  • The company behind Las Vegas’s Sphere is opening a new venue in Washington, D.C.
    • “This company is on an absolute tear…I should have bought more Sphere stock.” – Austin [29:54]
• Winter Storm Stocks:
  • Generac: Demand for home generators expected to spike after major storms.
  • Costco: Shoppers stocking up in advance drive sales.

Robert’s Call-Outs

• Steak n Shake Offers Bitcoin Bonuses:
  • $0.21/hr in BTC for all hourly employees; bonuses vest over two years via the Fold app.
  • “If Bitcoin keeps growing at the rate it has been, this could really help employees get on the right track financially.” – Robert [31:42]
• NYSE’s Blockchain Platform:
  • NYSE to launch a 24/7 trading platform for blockchain-backed securities in late 2026.
  • Benefits: Institutional adoption of tokenization.
  • Caveat: Greater risk of “gambling” behavior, less long-term focus for retail.
    • “I feel it’s going to be more of an overall gambling feeling and less about long-term strategic investing like we like everyone to do.” – Robert [33:19]

Notable Quotes & Memorable Moments

| Timestamp | Speaker | Quote | |---|---|---| | 03:15 | Robert | "That’s a big no for me... Don’t borrow from your future." | | 05:44 | Robert | "The IPO could be in the trillions of dollars at launch." | | 06:33 | Austin | "Space exploration... just got validated and it’s here to stay." | | 07:49 | Robert | "We’re not saying we told you so, but we told you so." | | 11:28 | Austin | "With the rise of AI, you can use AI to build the applications they’re selling you." | | 12:16 | Robert | "Skate to where the puck is going, not where the puck is." | | 15:11 | David | "It looks good, it looks shiny... then they wake up the next day and just feel sick." | | 16:33 | David | "The financial creator space has gone through a PhD in derivative incomes in the last two years." | | 23:44 | David | "We’re focused on cost-effective deep financing, diversified leverage, where a lot of that difficult trading and rebalancing can be embedded in the ETF." | | 25:44 | David | "Any movement away from the benchmark is just risk, risk … It’s just not worth it." | | 29:37 | Robert | "Leveling the playing field for the everyday investor... helping others build wealth on their own." | | 31:42 | Robert | "If Bitcoin keeps growing at the rate it has been, this could really help employees get on the right track financially." | | 33:19 | Robert | "It’s going to be more of an overall gambling feeling and less about long-term strategic investing." |

Important Timestamps

• 00:00: Introduction to the “Rich Habits Radar” format
• 01:19: Trump’s housing policy updates
• 03:58: SpaceX IPO developments
• 07:25: Russell 2000 performance & small cap rotation
• 09:28: Weekly ETF sector performance
• 12:58: Introduction of guest David Jakanski
• 15:11: Advisor simplicity vs. retail candy debate
• 16:33: Evidence that retail investors are getting smarter
• 18:34: Issues with “high yield” ETFs
• 19:53: Quantify Funds’ approach to ETF construction
• 21:44: Leverage, return stacking, and ETF mechanics
• 25:44: Advisor incentives and the “benchmark culture”
• 29:54: Sphere stock & winter storm stock picks
• 31:42: Steak n Shake’s Bitcoin bonus
• 33:19: NYSE’s 24/7 blockchain platform for securities

Closing Tone & Takeaways

True to the podcast’s ethos, Austin and Robert balance actionable financial news with practical guidance for everyday investors, continuously highlighting the dangers of trendy but unsustainable strategies. Their discussion with David Jakanski underscores a shift toward democratizing Wall Street’s best ideas—making advanced investing strategies and tools accessible and understandable for everyone. The episode encourages listeners to be proactive, informed, and unafraid of digging into complex financial topics.

For more deep dives and habits to build real wealth, tune into upcoming episodes and check out the guest's resources at quantifyfunds.com.