Afleveringen
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On episode 469 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the desire to call an AI top, the SpaceX IPO frenzy, taking profits, why value is beating growth, why EM is beating the US, the markets were right about the war, agentic trading, 3% mortgages vs. 4% inflation, the politics of AI, the Rule of 55, a Knicks title for Michael and more.
This episode is sponsored by WisdomTree and YCharts.
Learn more about the WisdomTree Quantum Computing Fund at https://www.wisdomtree.com/us/strategies/quantum-computing
Visit https://go.ycharts.com/animal-spirits to learn more and get 20% off your initial YCharts Professional subscription to take Y for a spin (new customers only).
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Find complete show notes on our blogs:
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
WisdomTree Disclosure: Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses along with other information contained in the prospectus available at WisdomTree.com/investments. Read it carefully.
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On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Eric Fine from VanEck to discuss: how emerging markets have changed, geopolitical risk, currencies, AI and more.
Find complete show notes on our blogs...
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers.
Important Disclosures from VanEck:
https://www.vaneck.com/us/en/talk-your-book-vaneck-disclosures-june-2026/
EMBX Performance:
https://www.vaneck.com/us/en/investments/emerging-markets-bond-etf-embx/performance/
Past performance is no guarantee of future results. Investment return and principal value will fluctuate; shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher. Call 800.826.2333 or visit vaneck.com for month-end performance.
Investing involves substantial risk and high volatility, including possible loss of principal. Visit vaneck.com to read and consider the prospectus, containing the investment objective, risks, and fees of the fund, carefully before investing.
Van Eck Securities Corporation, Distributor
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Zijn er afleveringen die ontbreken?
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On episode 468 of Animal Spirits, Michael Batnick and Ben Carlson discuss: NBA Finals ticket prices, AI's lack of impact on the labor market, one day of carnage in the stock market, prices drive the narrative, the Mag 7 is underperforming, tech is eating the stock market, the SpaceX IPO, the first $1 trillion ETF, the retail trading boom, the crypto winter, sticker shock on new car prices and more.
This episode is sponsored by Nuveen and ClearBridge Investments.
Learn more about Nuveen’s comprehensive private markets platform at https://www.nuveen.com/en-us/insights/alternatives.
Rising geopolitical tensions, continued market uncertainty, stocks backed by can offer more predictable cash flows as volatility increases. Visit https://www.clearbridge.com/ to learn more.
Sign up for The Compound newsletter and never miss out: thecompoundnews.com/subscribe
Find complete show notes on our blogs:
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
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On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Danielle Singer from Invesco and Ben Linder from LGT Capital Partners to discuss: investing in private markets, portfolio construction, illiquidity and more.
Find complete show notes on our blogs...
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers.
Not a Deposit | Not FDIC Insured | Not Guaranteed by the Bank | May Lose Value | Not Insured by any Federal Government Agency
Invesco is not affiliated with Benjamin Linder or LGT Capital Partners.
There may be material differences in the investment goals, liquidity needs, and investment horizons of individual and institutional investors. Investors should consult with a financial professional regarding their own situation and risk tolerance before making any investment decisions.
This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions. The opinions expressed are those of the speakers, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.
Diversification does not guarantee a profit or eliminate the risk of loss.
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On episode 467 of Animal Spirits, Michael Batnick and Ben Carlson discuss: peak FOMO, chip stocks going nuclear, 1990s stock market flashbacks, trillion dollar IPOs, the AI trade is global, the bear case, a tale of two bull markets, bad luck in the real estate industry, South Korea's boom, movies are back and more.
This episode is sponsored by: Invesco and YCharts.
Visit https://www.invesco.com/ to learn more.
Visit https://go.ycharts.com/animal-spirits to get 20% off your initial YCharts Professional subscription (new customers only).
Sign up for The Compound newsletter and never miss out: thecompoundnews.com/subscribe
Find complete show notes on our blogs:
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
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On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Ben Barber from Franklin Templeton to discuss: investing in municipal bonds, how to think about rising rates, misunderstandings of the muni bond market and more.
To learn more about Franklin Templeton’s full range of muni bond ETFs, SMAs, and mutual funds, visit franklintempleton.com/munis
Find complete show notes on our blogs...
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers.
Learn more about your ad choices. Visit megaphone.fm/adchoices -
On episode 466 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the SpaceX IPO, index fund bag holders, the pros and cons of rising bond yields, the markets got the war right, how consumer sentiment broke, the Bezos tax plan, AI optimism, did crypto miss its moment, the coming renovation boom, dad books and more.
This episode is sponsored by Cullen Capital and YCharts.
To learn more about Cullen Capital and DIVP, visit https://www.cullenfunds.com/US/A/ETF/DIVP/
Visit https://go.ycharts.com/animal-spirits to get 20% off your initial YCharts Professional subscription.
Sign up for The Compound newsletter and never miss out: thecompoundnews.com/subscribe
Find complete show notes on our blogs:
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
Learn more about your ad choices. Visit megaphone.fm/adchoices -
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Derek Yan from KraneShares to discuss: the investment opportunity in humanoid robots, how far away we are from a more robotic world, the implications for investors, workers, an aging population and more.
Find complete show notes on our blogs...
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers.
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On episode 465 of Animal Spirits, Michael Batnick and Ben Carlson discuss: what can stop the stock market, Nvidia is too big, the boy who cried wolf predictions, market timing reminders, Michael Burry crash calls, AI portfolio strategies, AI is the new Netflix, the robots are coming, rich people who aren't happy, Harrison Ford, Martin Short and more.
This episode is sponsored by Grayscale and ClearBridge.
To learn more, visit https://www.grayscale.com/
Rising geopolitical tensions, continued market uncertainty, stocks backed by can offer more predictable cash flows as volatility increases. Visit https://www.clearbridge.com/ to learn more.
Sign up for The Compound newsletter and never miss out: thecompoundnews.com/subscribe
Find complete show notes on our blogs:
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
Grayscale Disclosure: Grayscale is the world’s largest crypto-focused asset manager based on AUM as of 12/31/2025. For other companies in this category, AUM is considered as of most recent public disclosure. AUM is subject to change. Investing involves risk, including loss of principal. For more information, visit grayscale.com
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On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Mark Marex from Nasdaq to discuss: the differences between now and the dot-com bubble, the fundamentals of the Nasdaq 100, AI's impact on the stock market and more.
Find complete show notes on our blogs...
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers.
Nasdaq Disclamer:
Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.
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On episode 464 of Animal Spirits, Michael Batnick and Ben Carlson discuss: Ben's new book Risk & Reward, an epic melt-up in the stock market, semiconductor stocks going berserk, why this isn't a bubble (yet), South Korean stocks, AI portfolios & advisors, why young people are so angry, soccer dads & crypto, longevity risk and more.
This episode is sponsored by: Nasdaq Global Index Solutions and Janus Henderson Investors.
To learn more about Nasdaq Global Index Solutions and their Blueprint of Tomorrow series visit https://www.nasdaq.com/campaign/global-indexes/blueprint-of-tomorrow/
Visit https://www.janushenderson.com/securitizedmarkets to learn more.
Sign up for The Compound newsletter and never miss out: thecompoundnews.com/subscribe
Find complete show notes on our blogs:
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
Janus Henderson Disclosure:
Past performance is no guarantee of future results.
Investing involves risk, including the possible loss of principal and fluctuation of value.
Janus Henderson® and any other trademarks used herein are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
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On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Mike Laughlin from Janus Henderson Investors to discuss: how securitization works, investing in CLOs, the size of the securitized market, how fixed income investing has changed and much more.
Find complete show notes on our blogs...
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers.
Janus Henderson Disclosure -
Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus Henderson at 800.525.3713 or download the file from janushenderson.com/reports. Read it carefully before you invest or send money.
ETFs distributed by ALPS Distributors, Inc. ALPS is not affiliated with Janus Henderson or any of its subsidiaries.
Janus Henderson® and any other trademarks used herein are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
Click on these links to view JAAA and JSI performance information and important disclosures.
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On episode 463 of Animal Spirits, Michael Batnick and Ben Carlson discuss: Paul Tudor Jones on market valuations, how many people own stocks, mind-boggling numbers from the hyperscalers, a lost decade for bonds, why higher gas prices sting, some macro prediction rules, government debt levels, Jevon's Paradox, prediction market winners and losers and much more.
This episode is sponsored by Grayscale and Janus Henderson Investors.
To learn more, visit https://www.grayscale.com/
For more information, visit
https://www.janushenderson.com/securitizedmarkets
Sign up for The Compound newsletter and never miss out: thecompoundnews.com/subscribe
Find complete show notes on our blogs:
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
Grayscale Disclosure: Grayscale is the world’s largest crypto-focused asset manager based on AUM as of 12/31/2025. For other companies in this category, AUM is considered as of most recent public disclosure. AUM is subject to change. Investing involves risk, including loss of principal. For more information, visit grayscale.com
Janus Henderson Investors Disclosure: Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Janus Henderson® and any other trademarks used herein are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.
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On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Alex Morris from F/m Investments for a live show recorded in Washington D.C. that covers inflation, the Fed, AI, tax alpha and much more.
Definitions of terms from the episode -
AG Index: Evaluates the performance of agricultural sectors across different regions.
Basis point: Is used to indicate changes in the interest rates of a financial instrument.
SALT Deduction: SALT stands for State and Local Taxes. The SALT deduction allows taxpayers to deduct these taxes from their deferral taxable income.
Alpha: Measures an investment’s performance relative to a benchmark index.
Tax Alpha: The difference between a portfolio’s after-tax return and the after-tax return of benchmark.
Coupon: A periodic interest payment made to bondholders
Russell 2000: Is a stock market index that measures the performance of 2,000 small cap companies in the U.S.
Options: Financial derivatives that give the holder the right, but not the obligation, to buy or sell an asset
BDCs: Stands for Business Development Company, a type of investment firm. BDCs primarily invest in small and mid-sized businesses
REITs: Stands for Real Estate Investment Trust, a company that owns, operates, or finances income-producing real estate
Par: Stated or face value of a financial instrument, primarily bonds and stocks
GFC: Stands for Global Financial Crisis, which refers to the severe worldwide economic crisis that occurred in 2007-2008
AGG: iShares Core U.S. Aggregate Bond ETF, which tracks the performance of the U.S. investment-grade bond market
Find complete show notes on our blogs...
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers.
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On episode 462 of Animal Spirits, Michael Batnick and Ben Carlson discuss: how AI will impact wealth management, a stock market boom for the ages, why the Fed never created a financial crisis, an ode to Tim Cook, the world's biggest ETF, ridiculous car payments, AI job market winners and losers, surveys are broken, the dreaded mid-life crisis and more.
This episode is sponsored by Betterment Advisor Solutions and ClearBridge.
Learn more about Betterment at https://www.betterment.com/advisors
Rising geopolitical tensions, continued market uncertainty, stocks backed by can offer more predictable cash flows as volatility increases. Visit https://www.clearbridge.com/ to learn more.
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Find complete show notes on our blogs:
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
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On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by State Street's Michael Arone to discuss: the origin story of SPY, what's driving ETF adoption, geopolitics vs. AI, potential economic risks and more.
Find complete show notes on our blogs...
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers.
State Street Disclosure:
Important Risk Information
Investing involves risk including the risk of loss of principal.
ETFs trade like stocks, are subject to investment risk, fluctuate in
market value and may trade at prices above or below the ETFs net asset
value. Brokerage commissions and ETF expenses will reduce returns.
The views expressed in this material are the views of Michael Arone
through the period ended April 13, 2026 and are subject to change
based on market and other conditions. This document contains certain
statements that may be deemed forward-looking statements. Please note
that any such statements are not guarantees of any future performance
and actual results or developments may differ materially from those
projected.
Before investing, consider the funds’ investment objectives, risks,
charges, and expenses. To obtain a prospectus, which contains this and
other information, call 1.866.787.2257 or visit www.ssga.com. Read it
carefully.
ALPS Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors, LLC (marketing agent).
8870050.1.2.AM.RTL SPD004538
Expiration: 4/30/27
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On episode 461 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why the stock market feels like it makes no sense, stocks are the smart money, the speed of market moves, an epic bull market run, a new inflation regime, Hyperliquid, what Austin got right on housing, consumers are still spending, Michael's number one rule of investing and more.
This episode is sponsored by Fidelity Investments and the all-new Fidelity Trader+, Fidelity’s most powerful trading platform yet. Learn more at http://www.fidelity.com/TraderPlus
This episode is sponsored by Janus Henderson Investors. Learn more at https://www.janushenderson.com/
Sign up for The Compound newsletter and never miss out: thecompoundnews.com/subscribe
Find complete show notes on our blogs:
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
Learn more about your ad choices. Visit megaphone.fm/adchoices -
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Matt Kaufman from Calamos to discuss: how autocallable ETFs work, the structured products boom and a new way to target growth in your portfolio.
To learn more about amplified, long-term wealth accumulation visit: www.calamos.com/CAGE
Find complete show notes on our blogs...
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers.
Learn more about your ad choices. Visit megaphone.fm/adchoices -
On episode 460 of Animal Spirits, Michael Batnick and Ben Carlson discuss: Tax Day, the benefits of writing, energy vs. tech, a confusing labor market, a rite of passage for younger generations, millennials vs. boomers, AI uncertainty, Bitcoin vs. software stocks, the downfall of Nike and more.
This episode is sponsored by Goldman Sachs and Janus Henderson Investors.
To learn more about GS, visit https://am.gs.com/en-gb/advisors/products/active-etfs
Learn more about JHI at https://www.janushenderson.com/
Sign up for The Compound newsletter and never miss out: thecompoundnews.com/subscribe
Find complete show notes on our blogs:
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Goldman Sachs Asset Management Disclosure: Investors can lose money by investing in the Funds. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. Investors should consider a Fund's objective, risks, and charges and expenses before investing. Call 800-526-7384 to obtain a copy of the prospectus. Read carefully.
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.
Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
Learn more about your ad choices. Visit megaphone.fm/adchoices -
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by J.P. Morgan's Hamilton Reiner to discuss: creating income via options and how covered call strategies work.
Check out J.P. Morgan's disclosures here -
https://am.jpmorgan.com/us/en/asset-management/adv/disclosures/talkyourbookpodcastapril2026/
Find complete show notes on our blogs...
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
Feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.
Check out the latest in financial blogger fashion at The Compound shop: https://idontshop.com
Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:
https://ritholtzwealth.com/podcast-youtube-disclosures/
The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers.
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