our analyst eric balchunas is used to big numbers. eric: this is no exception. this is the end of the year, the last show, so normally go over weekly. you today numbers are big. $324 billion. that is the second biggest year of etf flows ever. 7% organic growth. let's look at the top leaderboard of the year. bti broad market. 31%, that is the best return for the s&p since 1997, even though it did not feel like that. usmv was a shocker. interesting for smart data. by one basisee point, enough to win this internal the battle. that is the hangover from 2018 and rates falling. take a look at the asset classes. january to october, equities not that big. 40% of their flows in the past two months. fixed income, look at that drop off. gold as well. look at their growth this year. a little below average but 18% look at their growth this year. fixed, way above last year. let's look at the leaderboard in terms of the issuers who won and lost. for the sixth year, blackrock will have taken in more flows and anyone else. vanguard was flirting. don't sleep on jpmorgan and goldm

kicking things off in new york is eric balchunas.e is the solar conductor etf and the semiconductor etf, in a dead heat to see who will be the best performing etf of the year. they are both high performing etf, and very different ways they got there. smh is up 400% over the last decade. it is consistently a good performer. awful. bill be interesting to see which one finishes the year first but also who has the next five years. smh, buti asked picks we will see. vonnie: we will have to revisit in five years. next up is justina lee in london. justina: we know risk appetite has making a comeback, and you can see that from the turquoise line, which is the yield curve. what does that mean for your smart beta strategy? what i have for the white line is the ratio between the msci value and the growth index. we can see when the yield curve steepen's that is good news for value. it makes sense. tends to bewth companies that depend more on future cash flows so they don't -- they do not do well. if you look at the square, what that would seem t

eric balchunas is very comfortable being known as bloomberg's head etf nerd. ic: every week we talk about flows going into etf's. and we talk about flows into active. if you add them together you get a negative number, 150 to 180 billion has flown out of the whole enchilada this year. that's what this shows, the cumulative flows into u.s. stock funds have been drifting down, and this year it has been $150 billion. that seems counterintuitive given the market is going up. people are wondering, are investors bailing on the stock market? the answer is no, here's why, let's look at the assets. this is the law of large numbers. $10 trillion are in ets, index funds that mutually invest in stocks. the market is up 25% that's a $2.5 trillion asset gain. that's a good year. here's the outflow. $150 billion is put into scale by looking at this. essentially investors have sold 4% of their gains and kept 96%. let's take a look at the equities of households in america, you can see right now the percentage equities are about the same, it's very high. rebalancing is going on

let's kick things off with eric balchunas. what was the best-performing debt of the decade?, biotech has been relentless every single year. you can see it demolishing the yellow line, which is the s&p. it has handily beat another biotech etf. it is equally weighted and that has been a booster because it speaks a lot of the index weighting methodology. a lot of stock scott bok. a lot of m&a pop. that pop along with interest in biotech is why sbi is the decades best. vonnie: wonderful presentation. abigail doolittle battles eric today. i'm taking a look at the -- abigial: i am taking a look at the british pound. on pace for the best quarter since 2009, up 7%. an extraordinary move. this chart suggests more gains are ahead and goes back to 1975. 105, then two with a high. you can see the range is consistent. it suggests we will go higher. right now it is here. this is going to go toward the mid water, around 1.40, and even toward 1.60. irrespective the election, it appears it could be constructive for britain, the u.k., and the british economy. gtv ee my chart on . vonnie: