Stocks / ETF
BILETF
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
$91.531d +0.0%5d +0.1%settled close · 2026-09-17
β -0.0152w $91–92Shares 505.4MNYSE Arca since 2007
The tape, with the calls on it
Who said what, and what BIL did next
Every dot is a day someone on the record made a call. Hover one to see who. We are not scoring them — the point is that you can see it and judge for yourself.
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Who’s talkingIdea Scout · free
Who’s talking about BIL
23 long3 neutral5 shortlatest 2026-08-20
| Date | Voice | Stance | Venue | Thesis |
|---|---|---|---|---|
| 2026-08-20 | Raoul PalCo-founder, Real Vision; ex-GLG PM | Bullish | Tom Bilyeu | Short-term rates offer decent real yield with no duration risk; holding cash in T-bills provides dry powder… |
| 2026-07-30 | Ray DalioFounder, Bridgewater Associates | Bearish | The Diary Of A CEO | Inflation erodes the real purchasing power of cash deposits, and after taxes on nominal interest income… |
| 2026-07-29 | Barry KnappManaging Partner, Ironsides Macroeconomics | Bullish | Wealthion | Rising 10-year real rates (TIPS yields moving up as markets price in Fed balance-sheet normalization) risk a… |
| 2026-07-17 | Ray DalioFounder, Bridgewater Associates | Bearish | My First Million and Principles by Ray Dalio | Cash is the worst-performing asset over any long period despite being perceived as safe, making it the… |
| 2026-06-26 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | WTFinance | The global liquidity cycle is inflecting downward, making cash increasingly attractive on a risk-return basis… |
| 2026-05-07 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | Bloomberg Podcasts | With risk asset valuations very high, no Fed rate cuts likely in 2025, and fixed income yields still… |
| 2026-04-01 | Brent JohnsonCEO, Santiago Capital | Neutral | Julia La Roche Show | High uncertainty between now and the midterms favors capital preservation over growth, making short-duration… |
| 2026-03-27 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | Julia La Roche Show | Risk assets across equities and credit are likely to reprice lower in 2026 creating better entry points… |
| 2026-03-24 | David HayFormer CIO, Evergreen Gavekal | Bullish | Lacy Hunt | Capital is rotating out of US financial markets into offshore markets amid turmoil, and the risk/reward… |
| 2026-03-04 | Luke GromenMacro strategist — founder, FFTT | Bullish | The Peter McCormack Show | In a highly leveraged system facing an AI-driven deflationary shock plus sovereign debt crisis, holding cash… |
Show all 31 mentions
| Date | Voice | Stance | Venue | Thesis |
|---|---|---|---|---|
| 2026-01-14 | Luke GromenMacro strategist — founder, FFTT | Bullish | Joe Burnett | With multiple potential catalysts for a deflationary risk-off whoosh and high complacency in markets, holding… |
| 2025-12-13 | Bill NygrenPortfolio manager, Oakmark Funds | Bullish | Fox Business | Low P/E value stocks generating high free cash flow yields that return capital via dividends and buybacks… |
| 2025-11-29 | Bill AckmanCEO, Pershing Square | Bullish | Unreleased Podcast | Maintaining elevated cash positions provides optionality to deploy capital when stretched valuations in the… |
| 2025-11-12 | Meb FaberCo-founder & CIO, Cambria | Bullish | Capital Considered | Screening for high net shareholder yield (dividends plus net buybacks) identifies high-quality… |
| 2025-11-06 | Aswath DamodaranProfessor of finance, NYU Stern | Bullish | interview | Surging gold prices are a disquieting signal that near-term inflation or macro risk may be rising, prompting… |
| 2025-11-02 | Jeremy GranthamCo-founder & long-term strategist, GMO | Bullish | Cooper Academy | Given extreme US market overvaluation and unknowable bubble burst timing, holding cash is the appropriate… |
| 2025-07-28 | Vance SpencerCo-founder, Framework Ventures | Bullish | Hidden Forces | Productive DeFi protocols with real earnings power are buying back tokens or distributing value to holders… |
| 2025-07-10 | Jeremy GranthamCo-founder & long-term strategist, GMO | Bullish | Master Investor | With the US market at historically extreme valuations and multiple macro headwinds mounting, holding… |
| 2025-04-21 | Adrian DayChairman & CEO, Adrian Day Asset Management | Bullish | Wealthion | Origin Royalties combines a fortress balance sheet (~$22M cash that a prospect generator could not exhaust in… |
| 2025-03-11 | Cameron DawsonCIO, NewEdge Wealth | Bullish | Bloomberg Surveillance | Quality stocks with proven cash flows and strong balance sheets are being indiscriminately sold alongside… |
| 2024-11-13 | Jonathan WellumCEO & CIO, RockLinc Investment Partners | Bullish | Wealthion | Elevated equity valuations and macro uncertainty warrant a large cash buffer to preserve optionality for… |
| 2024-11-04 | Chris CaseyManaging Director, WindRock Wealth Management | Bullish | Wealthion | Election uncertainty — contested results, faithless electors, uncertified slates — could create sharp… |
| 2024-09-11 | Lacy HuntChief economist, Hoisington Investment | Neutral | Oxbow Advisors | While short-term rates at ~5% currently offer attractive yields, investors should be alert that rates will… |
| 2024-09-06 | Brent JohnsonCEO, Santiago Capital | Neutral | Wealthion | With Bitcoin, gold, and the S&P simultaneously at or near all-time highs and anticipated Fed cuts already… |
| 2023-10-05 | Lyn AldenIndependent macro strategist | Bullish | Natalie Brunell | Companies with long-duration locked-in low-rate debt and large variable cash piles are net beneficiaries of… |
| 2023-08-29 | Ben FelixCIO, PWL Capital | Bearish | interview | Cash has unpredictable long-term expected returns, no hedge against falling expected returns, lower returns… |
| 2023-07-26 | Barry SternlichtChairman/CEO, Starwood Capital | Bullish | David Rubenstein | With 5% risk-free yields available, holding elevated cash is rational while real estate and other asset… |
| 2023-01-27 | Michael BurryFounder, Scion Asset Management | Bullish | interview | FCF-generating 'boring' businesses are deeply oversold and ignored while still-expensive momentum darlings… |
| 2022-07-27 | Nelson PeltzActivist investor — Trian Partners | Bullish | David Rubenstein | In a recessionary, high-inflation environment, boring companies with stable cash flows and quality operations… |
| 2022-04-26 | Meb FaberCo-founder & CIO, Cambria | Bearish | Excess Returns | On an inflation-adjusted basis a global buy-and-hold portfolio historically has lower drawdowns and… |
| 2022-02-03 | Ray DalioFounder, Bridgewater Associates | Bearish | David Rubenstein | Negative real interest rates mean cash and bank deposits lose purchasing power to inflation and taxes, making… |
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The options tapeThe Brief · paid
Notable options days
Sessions in the last 120 where BIL’s settled options volume ran ≥ 2× its trailing 20-session baseline, or delta-dollar flow ran ≥ 2.5× — 17 of 120 sessions qualified.
The qualifying dates are the free record. Close, flow, call/LEAPS mix and the 20-session outcome — for every session below — are Brief subscriber content.
| Date | Close | RVOL | Δ$ flow ($M) | Call % | LEAPS % | +20 sess. |
|---|---|---|---|---|---|---|
| 2026-08-21 | ||||||
| 2026-07-28 | ||||||
| 2026-07-22 | ||||||
| 2026-07-16 | ||||||
| 2026-07-10 | ||||||
| 2026-06-26 | ||||||
| 2026-06-25 | ||||||
| 2026-06-12 | ||||||
| 2026-05-26 | ||||||
| 2026-05-14 | ||||||
| 2026-05-13 | ||||||
| 2026-05-12 | ||||||
| 2026-05-11 | ||||||
| 2026-05-06 | ||||||
| 2026-05-05 | ||||||
| 2026-04-30 | ||||||
| 2026-04-29 |
+20 sess. = raw price change over the following 20
sessions — not market-adjusted; the tape tells you where to look,
not what happens next.
Today’s tape on
BIL is in this morning’s Brief.
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