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For decades, investors valued companies based on a familiar formula: Grow revenue, earn profits, and reward shareholders. But a new era may be beginning - one where trillion-dollar companies can lose billions of dollars a year and still command enormous valuations. SpaceX recently became one of the world's most valuable public companies despite reporting multibillion-dollar losses. Meanwhile, OpenAI and Anthropic are also racing toward public markets with sky-high valuations and no expectation of near-term profitability. These companies are spending staggering sums on chips, data centers, and AI infrastructure, as they bet that today's losses will create tomorrow's economic winners. Today, Derek is joined by Michael Batnick and Ben Carlson of Ritholtz Wealth Management and the Animal Spirits podcast to explore the rise of the trillion-dollar, zero-profit company and what it says about the future of technology, investing, and the American economy. Subscribe to our YouTube channel here:https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Ben Carlson and Michael Batnick Producer: Devon Baroldi Additional Production Support: Ben Glicksman Learn more about your ad choices. Visit podcastchoices.com/adchoices
Today's guest is Ben Carlson of Ritholtz Wealth Management, author of A Wealth of Common Sense and host of the Animal Spirits podcast. In today's episode, Ben unpacks the counterintuitive math behind long term investing. He reveals that picking the wrong asset every year still makes money, that the average up year tops 20%, and that stocks grow less volatile than bonds the longer you hold. To close, Ben explains why patience has never been harder. (0:00) Starts (2:05) Ben Carlson on the secret to investing (5:00) The worst investor ever (15:20) Tax management as new alpha (17:12) Inflation's impact on asset classes (21:06) "Now do Japan" (33:02) Lessons from bear markets (41:54) Discretionary investing challenges (46:31) Poor performance of hyperactive traders ----- Sponsor: Ivy Invest - To learn more about Ivy Invest's SEC-registered endowment-style fund, view the prospectus, and learn how to invest, visit ivyinvest.co/fund ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices
On episode 470 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why diversification is working again, how AI is creating more winners and losers in the stock market, why the Mag 7 is underperforming, the triple-digit club, why investors are holding more cash, rich people who complain too much, what makes America great, AI is disrupting self help books, the World Cup and more. This episode is sponsored by Betterment Advisor Solutions and YCharts. Learn more at https://www.betterment.com/advisors Visit https://go.ycharts.com/animal-spirits to start a free trial and 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 animalspirits@thecompoundnews.com 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 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). Compound Merch: https://idontshop.com/ Follow us on Instagram: https://www.instagram.com/animalspiritspod/ Follow us on Twitter: https://x.com/TheCompoundNews 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 animalspirits@thecompoundnews.com 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. Learn more about your ad choices. Visit megaphone.fm/adchoices
Thanks to Surfshark for sponsoring the show. Go to https://surfshark.com/stackingb or use code STACKINGB at checkout to get 4 extra months of Surfshark VPN!Isaac Newton was one of the smartest humans who ever lived. He also bought into the South Sea Bubble, sold for a profit, watched it keep climbing, bought back in out of pure FOMO, and rode it all the way down to an 80% loss that haunted him until he died. Ben Carlson, co-host of the Animal Spirits podcast and one of the sharpest minds at Ritholtz Wealth Management, joins Joe and Anna to walk through centuries of market history -- bubbles, crashes, and the psychology that makes smart people do dumb things with money. Anna also helps a Stacker named Louie untangle his 401(k) sources and figure out whether it's finally time to bring in a professional.What You'll Walk Away WithWhy Isaac Newton's South Sea Bubble loss still ranks among history's most instructive investing failures -- and why it had nothing to do with intelligenceBen's framework for why risk means something completely different depending on where you are in your life cycle -- and why a market crash genuinely doesn't matter the same way to a 25-year-old and a 55-year-oldThe wrong lesson an entire generation learned from 2008 -- and why everyone preparing for the last crisis missed the next seventeen years of bull marketWhy Japan's three-decade stock market bubble is the best real-world case for diversification -- and why it doesn't translate as cleanly to the US as people assumeThe behavioral reason complex investment strategies are easy to sell and nearly impossible to hold through a downturn -- while simple strategies survive the painWhy Ben's firm discovered that the hardest financial transition isn't saving for retirement -- it's actually learning to spend the money once you get thereThe Beanie Babies divorce court story that perfectly captures what every bubble looks like from the outsideAnna and OG's take on Louie's four-source 401(k): why it's simpler to manage than it looks, and why "move everything to Roth" is the wrong instinct for most DIY investorsThe Roth conversion icing-on-the-cake strategy: how to use pre-tax and Roth buckets together to manage your tax bracket year by year in retirementWhy one financial pro has a surprisingly negative take on HSAs at death -- and the timing problem that makes spending one down in retirement genuinely trickyWhy This Matters NowEvery market cycle feels unprecedented while you're living through it. Understanding the actual constant -- human psychology, not headlines -- is the difference between riding out volatility and becoming a cautionary tale, smart as you might be.From the BasementBen Carlson joins Joe and Anna to walk through centuries of bubbles, crashes, and the psychological wiring that makes both geniuses and ordinary investors do the same dumb things. Doug arrives with Statue of Liberty trivia tied to America's upcoming 250th anniversary. A Stacker calling himself Louie -- and getting Anna instead of OG, much to his surprise -- asks for help simplifying his 401(k) and figuring out his Roth conversion strategy, and gets a reminder that he's already doing better than he thinks.Resources MentionedRisk and Reward: How to Handle Market Volatility and Build Long-Term Wealth by Ben Carlson -- available wherever books are soldAnimal Spirits podcast -- Ben Carlson and Michael Batnick; available wherever you listen to podcastsRitholtz Wealth Management -- referenced for prior guests Barry Ritholtz, Josh Brown, and Nick MaggiulliWhere Are the Customers' Yachts? by Fred Schwed -- referenced for the famous quote on the emotional experience of losing moneyPaul Merriman's research on asset allocation -- paulmerriman.comStacking Benjamins Vault -- stackingbenjamins.com/vaultStacking Benjamins Newsletter (The 201) -- stackingbenjamins.com/201Stacking Benjamins voicemail line -- stackingbenjamins.com/yelldownstairsStacking Benjamins Community -- stackingbenjamins.com/basementSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Episode 149: This week, Kyle Van Pelt talks with Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management. Ben is the author of five books on investing, including his newest, Risk and Reward. He's the creator of the blog A Wealth of Common Sense and co-host of the Animal Spirits podcast. Ben talks with Kyle about how content has become a powerful engine for growth, clarity, credibility, and connection. He discusses the value of consistency, how to structure content for different generations, and why showing up to solve client problems before they even arise builds an enduring business. Ben also talks about why in-person connection still matters in a digital-first world and how AI is changing the advisor-client dynamic. In this episode: (00:00) - Intro (01:07) - Ben's money moment (03:45) - How content became a growth engine for institutional business (05:19) - Inside Ben's content creation process (07:13) - Why Ben started blogging (09:13) - Why blogging became Ben's medium of choice (10:15) - Why podcasts create a stronger audience connection (12:06) - How Ritholtz approaches content strategy (17:03) - How Ben came up with the idea for his book (24:10) - Future Proof: Building a conference that almost never happened (27:08) - Why in-person experiences matter more than ever (31:11) - Ben's outlook on the future of wealth management (35:12) - Ben's Milemarker Minute Key Takeaways Create before you're ready and keep going longer than feels comfortable. Most content starts in silence. The early phase, where no one is watching, is actually an advantage. It lets you refine your voice without pressure. Consistency compounds, even when feedback doesn't. Make complexity understandable, not simplified. Clients don't need jargon. They need clarity. The ability to explain complex ideas in plain language is a competitive advantage, especially in industries built on trust. You can't predict what will resonate. So, publish anyway. The best strategy isn't perfection. It's volume, variety, and consistency. Play the long game with audience building. People don't convert overnight. They show up after years of listening, reading, and observing, often triggered by a life event. Content builds familiarity long before action. Quotes "Whatever format you use for content, make sure it's something that you enjoy first and do it for yourself first and foremost before thinking about trying to build an audience or build a brand." ~ Ben Carlson "You never really know what piece of content is going to resonate with someone. You never really know what will work and what will not. And that's why I think casting such a wide net is helpful." ~ Ben Carlson "No piece of technology is ever going to help people get more comfortable with the 'Am I going to be okay' question. That's what everyone wants to know when they get advice." ~ Ben Carlson Links Ben Carlson on LinkedIn Ritholtz Wealth Management Risk and Reward Michael Batnick Joshua Brown Barry Ritholtz Matt Middleton Future Proof Band of Brothers Connect with our hosts Milemarker.co Kyle on LinkedIn Jud on LinkedIn Subscribe and stay in touch Apple Podcasts Spotify YouTube Produce game-changing content with Turncast Turncast helps your company grow by producing top-quality content and fostering transformative conversations. We specialize in content generation, podcasting, digital strategy, and audience growth for fintech and financial services companies. Learn more at Turncast.com.
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 animalspirits@thecompoundnews.com 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
Ravi sits down with financial writer and Animal Spirits co-host Ben Carlson to discuss investing, inflation, market psychology, and why long-term optimism still wins. From stock market crashes and recessions to AI, passive investing, retirement, and wealth building, Ben explains why trying to time the market often backfires—and what investors should do instead. They also explore today's biggest economic risks, from government debt and tariffs to tech concentration and speculative investing. If you're wondering how to build wealth in an uncertain world, this conversation offers a practical framework for staying invested and thinking long term. Leave us a voicemail with your thoughts on the show! 201-305-0084 Subscribe to our YouTube channel: https://www.youtube.com/@LostDebate Follow Ravi at @RaviMGupta Notes from this episode are also available on Substack: https://thelostdebate.substack.com/ Read more from Ravi on Substack: https://realravigupta.substack.com Follow The Branch at @thebranchmedia Listen to more episodes of Lost Debate on Apple: https://podcasts.apple.com/us/podcast/the-lost-debate/id1591300785 Listen to more episodes of Lost Debate on Spotify: https://open.spotify.com/show/7xR9pch9DrQDiZfGB5oF0F Listen to Where the Schools Went: https://thebranchmedia.org/show/where-the-schools-went/
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 animalspirits@thecompoundnews.com 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
In this episode of Enterprising Investor, Ben Carlson, CFA, director of institutional asset management at Ritholtz Wealth Management, co-host of the Animal Spirits podcast, and author of Risk and Reward: How to Handle Market Volatility and Build Long-Term Wealth, joins Mike Wallberg, CFA, to discuss why volatility is the unavoidable price of higher returns. Drawing on market history, behavioral finance, and real-world investing examples, Carlson explores the challenges of market timing, inflation, and portfolio construction, while highlighting the habits that help investors stay disciplined through uncertainty. For investment practitioners, the conversation offers valuable insights into managing client expectations, communicating complex concepts in accessible ways, and designing portfolios that clients can stick with over the long term. Carlson also shares lessons from Warren Buffett, the financial crisis, and his own experience working with institutional investors and wealth management clients. Listen to the episode to learn how a long-term perspective can help investors navigate market turbulence and build lasting wealth.
SpaceX is preparing for one of the biggest IPOs in market history — and OpenAI and Anthropic may not be far behind.In this interview with Wealthion's Maggie Lake, WindRock Wealth Management founder Brett Rentmeester explains why this is not a normal IPO cycle. These companies are already so large that they could become major components of the S&P 500, potentially affecting investors whether they buy the IPOs directly or simply own index funds.Brett breaks down the risks for retail investors, why most people may not get access to the actual IPO price, how lockups and insider selling can create pressure, and why trillion-dollar valuations leave little room for error.For investors chasing the next big tech trade, Brett's warning is clear: this IPO wave may create huge opportunity — but it may also bring major market risk.
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 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 animalspirits@thecompoundnews.com 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
This headline driven stock market has tested investors' ability to keep their animal spirits from taking over. But, history has proven repeatedly that time in the market and compounding are undefeated. Ben Carlson, author of “Risk & Reward”, and the co-host of the Animal Spirits podcast, drops in with the latest examples of common sense investing and time-tested strategies that work in any market. Plus, Space X has made its IPO plans public, and its $24 trillion ambitions go way beyond space. Learn more about your ad choices. Visit podcastchoices.com/adchoices
This headline driven stock market has tested investors' ability to keep their animal spirits from taking over. But, history has proven repeatedly that time in the market and compounding are undefeated. Ben Carlson, author of “Risk & Reward”, and the co-host of the Animal Spirits podcast, drops in with the latest examples of common sense investing and time-tested strategies that work in any market. Plus, Space X has made its IPO plans public, and its $24 trillion ambitions go way beyond space. Learn more about your ad choices. Visit podcastchoices.com/adchoices
Ronan and JR sit down with Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management, co-host of the Animal Spirits podcast, and author of the new investing book Risk and Reward. The book uncovers one of the hardest truths in investing: there's no secret formula. Ben gets into how investor behavior matters more than stock picking, how volatility and uncertainty shape decision-making, and why long-term discipline still beats chasing the latest market craze. Plus: pushups as currency.
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 animalspirits@thecompoundnews.com 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 Learn more about your ad choices. Visit megaphone.fm/adchoices
#279: Learn to handle market volatility and build long-term wealth in a world dominated by AI disruption, market fear, inflation concerns, and nonstop financial noise. Chris and Ben discuss why investing remains psychologically difficult, how to think about global diversification, when to reevaluate your portfolio, and the risks most investors still overlook. Ben Carlson is the Director of Institutional Asset Management at Ritholtz Wealth Management and the author of five books on investing, including his newest, Risk and Reward. He's the creator of the blog A Wealth of Common Sense and co-host of the Animal Spirits podcast. Link to Full Show Notes: https://chrishutchins.com/risk-market-volatility-ben-carlson Partner Deals Thrive Market: 30% off your first order of organic groceries + a free $60 gift Upwork: Free job posting to find, hire, and pay top freelance talent DeleteMe: 20% off removing your personal info from the web Superhuman: Free month of the fastest and best email with code ALLTHEHACKS Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth For all the deals, discounts and promo codes from our partners, go to: chrishutchins.com/deals Resources Mentioned Ben Carlson: Website | X Book: Risk and Reward Podcast: Animal Spirits A Longer Life Can Lead to Financial Concerns, and More Questions The Millionaire Next Door by Thomas Stanley and William Danko Roger Federer's 2024 Dartmouth Commencement Address ATH Podcast #128: The Psychology of Money with Morgan Housel #174: Secrets of Success in Life and Work with Legendary Silicon Valley Investor Andy Rachleff Newsletter Leave a review: Apple Podcasts | Spotify Email for questions, hacks, deals, and feedback: podcast@chrishutchins.com Full Show Notes (00:00) Introduction (00:49) Why Investing Is Still So Hard for Most People (01:37) How Today's Media Makes Markets Feel Scarier Than Ever (02:51) The Core Idea Behind Ben's New Book (05:10) What Japan's Lost Three Decades Teach Long-Term Investors (08:50) Why You Need Exposure Beyond Your Home Market (10:18) Will AI Reshape Global Markets or Just U.S. Stocks? (14:01) Could a Dot-Com-Style Crash Happen Today? (15:57) Why AI Could Still Trigger the Next Bubble (17:57) Focus on What You Can Control, Not What You Can't (19:16) The Worst-Case Inflation Scenario of the 1970s (21:47) How to Think About Inflation in Today's Economy (23:36) The Inflation Hedges Most People Already Have (26:58) How to Filter the Noise and Stay Long-Term (33:31) The Penalty Kick Study and Why We Hate Doing Nothing (35:08) When It's Actually Time to Reevaluate Your Plan (36:49) Planning Your Career and Money for an AI Future (43:33) Why Optimism Is a Long-Term Investing Edge (47:25) The Tax Alpha Most Investors Are Missing (50:05) Applying These Lessons Closer to Retirement (51:53) The Risks Most Investors Forget to Plan For (56:50) The First Move to Rethink Your Risk Profile Tonight (59:42) Where to Find Ben and His New Book Connect with Chris Newsletter | Membership | X | Instagram | LinkedIn Editor's Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices
The financial news cycle moves fast, but the fundamentals of investing have not changed. Melissa Joy, CFP® sits down with Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management and author of five books including his latest, Risk and Reward, to explore what history actually teaches us about markets, human nature, and the psychology behind smart long-term investing. Ben brings equal parts data and storytelling to make the case that understanding the past is one of the most underrated tools an investor can have.From the inflationary spiral of the 1970s to lost decades and the dot-com aftermath, Ben and Melissa walk through the market cycles that shaped today's investing environment and what those periods reveal about our own tendencies as investors. They also dig into the coming wave of wealth transfer, why women will increasingly control the bulk of financial assets, and why the financial advice industry is not yet ready for it.What You'll LearnWhy studying financial history matters and what it reveals about the range of possible outcomesHow inflation in the 1970s shaped investor psychology in ways that still resonate todayWhat the lost decade of 2000 to 2010 teaches about diversification and why that lesson keeps getting forgottenWhy simplicity in a financial plan beats complexity almost every timeHow to build a portfolio durable enough to survive a wide range of outcomes without requiring you to predict the futureWhy preparation is more valuable than prediction when it comes to investingWhat the great wealth transfer means for women and why the financial advice industry needs to catch upHow human nature is the one investing variable that never changes across market cyclesWhat Ben's list of 20 investing beliefs reveals about discipline, self-awareness, and behavioral financeWhy the best financial plan is the one you can actually stick with through difficult marketsAbout Ben CarlsonBen Carlson is the Director of Institutional Asset Management at Ritholtz Wealth Management and the author of five books on investing and personal finance, including his latest, Risk and Reward. He is the creator of the blog Wealth of Common Sense and co-host of the Animal Spirits podcast.Book: Risk and RewardBlog: awealthofcommonsense.com Podcast: Animal SpiritsThe previous presentation by PEARL PLANNING was intended for general information purposes only. No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from PEARL PLANNING or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither PEARL PLANNING's investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. PEARL PLANNING is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if PEARL PLANNING is engaged, or continues to be engaged, to provide investment advisory services. A copy of PEARL PLANNING's current written disclosure Brochure discussing our advisory services and fees is available upon request or at https...
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 animalspirits@thecompoundnews.com 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. Learn more about your ad choices. Visit megaphone.fm/adchoices
What if everything you've been told about astrology's most feared star is only half the story? In this episode we are diving deep into the Taurus New Moon happening on May 16... conjunct Algol, the "demon star", and uncovering the hidden healer medicine buried inside Medusa's myth. We explore the third decan of Taurus, the power of prayer as medicine, serpent symbolism across ancient healing traditions, Pluto retrograde in Aquarius, and medical astrology for the throat and thyroid. You will also get Akashic oracle card readings for every rising and sun sign using the Animal Spirit deck, plus herbal allies and embodiment practices to work with this moon's energy. If you have ever felt like your power was made to look like a curse, this one is for you.
Listen Now: Listen and subscribe to Morningstar's The Long View from your mobile device: Apple Podcasts | Spotify Today on the podcast, we welcome back Ben Carlson, who's the author of a new book called Risk and Reward. Ben is the director of institutional asset management for Ritholtz Wealth Management. In addition, Ben's a prolific creator of content. His blog is called A Wealth of Common Sense. He also co-hosts the podcast Animal Spirits with Michael Batnick. Ben is the author of four books about investing and money, and he's a CFA charterholder. Episode Highlights 00:00:00 Understanding Market History Is About Preparation, Not Prediction 00:02:00 Lessons From Japan's Asset Bubble and Mean Reversion 00:06:54 The Different Ways Investors Respond to Crashes 00:08:36 The Automatic Investing Revolution Has Changed Behavior 00:15:22 Why Patience Is Harder to Come By in an On‑Demand World 00:19:32 The Importance of Education in Private Asset Investing 00:21:35 Inflation Psychology and How to Respond 00:28:15 Two Different Kinds of Bear Markets 00:35:40 Using Alpha to Deliver Better Aftertax Outcomes for Clients More From Ben Carlson Everything You Need To Know About Saving For Retirement Don't Fall For It: A Short History of Financial Scams Invest Your Way to Financial Freedom Risk and Reward More From Morningstar Ben Carlson: How Not to Get Scammed What We've Learned From 150 Years of Stock Market Crashes The 60/40 Portfolio: A 150-Year Markets Stress Test If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine's weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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 animalspirits@thecompoundnews.com 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. 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 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 animalspirits@thecompoundnews.com 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 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. 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 animalspirits@thecompoundnews.com 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
Luerweg, Susanne www.deutschlandfunk.de, Kultur heute
Luerweg, Susanne www.deutschlandfunkkultur.de, Fazit
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 animalspirits@thecompoundnews.com 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
We at The Motley Fool are proponents of investing in individual stocks. But does that result in betting your financial future on too few companies? In this second of a two-part conversation, Motley Fool Senior Advisor Robert Brokamp speaks with Ben Carlson about the risks of investing in individual stocks, market valuations, balancing saving for the future vs. enjoying life today, and the career advice we give our kids. Ben is the Director of Institutional Asset Management at Ritholtz Wealth Management, the writer behind the “A Wealth of Common Sense” blog, the co-host of the Animal Spirits podcast, and the author of “Risk and Reward: How to Handle Market Volatility and Build Long-Term Wealth,” which will be available on May 12. Listen to our April 18 episode for Part 1 of this conversation. Host: Robert Brokamp, CFP®, EAGuest: Ben Carlson, CFAEngineers: Lauren Budabin, Bart Shannon Disclosure: Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, “TMF”) do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement.We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode.Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices
We at The Motley Fool believe that investing in the stock market is the best path to long-term wealth. But it isn't always easy to stick with stocks. In this first of a two-part conversation, Motley Fool Senior Advisor Robert Brokamp speaks with Ben Carlson about what we can learn from the Great Depression and Japan, how even the worst periods for investors eventually turn out fine over the long term, and how diversification can help.Ben is the Director of Institutional Asset Management at Ritholtz Wealth Management, the writer behind the “A Wealth of Common Sense” blog, the co-host of the Animal Spirits podcast, and the author of “Risk and Reward: How to Handle Market Volatility and Build Long-Term Wealth,” which will be available on May 12. Tune in on April 19 for Part 2 of this conversation.Host: Robert Brokamp, CFP®, EAGuest: Ben Carlson, CFAEngineers: Lauren Budabin, Bart Shannon Disclosure: Advertisements are sponsored content and provided for informational purposes only. The Motley Fool and its affiliates (collectively, “TMF”) do not endorse, recommend, or verify the accuracy or completeness of the statements made within advertisements. TMF is not involved in the offer, sale, or solicitation of any securities advertised herein and makes no representations regarding the suitability, or risks associated with any investment opportunity presented. Investors should conduct their own due diligence and consult with legal, tax, and financial advisors before making any investment decisions. TMF assumes no responsibility for any losses or damages arising from this advertisement.We're committed to transparency: All personal opinions in advertisements from Fools are their own. The product advertised in this episode was loaned to TMF and was returned after a test period or the product advertised in this episode was purchased by TMF. Advertiser has paid for the sponsorship of this episode.Learn more about your ad choices. Visit megaphone.fm/adchoices 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 JHA 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 animalspirits@thecompoundnews.com 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 episode 459 of Animal Spirits, Michael Batnick and Ben Carlson discuss: he psychology of stock market losses, the Mag 7 impact on returns this year, value is beating growth, the upper middle class is growing, why rich people don't feel rich, the impact of higher gas prices, houses in America are getting older, Airbnb's economic impact and more. This episode is sponsored by WisdomTree and ClearBridge Investments. To learn more, visit https://www.wisdomtree.com/geopolitical-opportunities Companies with physical assets, predictable cash flows and durable moats are well-positioned in a volatile, high‑valuation market. Learn more at https://www.clearbridge.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 animalspirits@thecompoundnews.com 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 episode 458 of Animal Spirits, Michael Batnick and Ben Carlson discuss: recession fears, the stock market is bad at recession predictions, why this is an orderly sell-off, earnings are still rising, stocks rarely finish the year down, there are so many rich people, wealth inequality vs. socialism, house money pits, private credit redemptions and more. This episode is sponsored by Teucrium and Janus Henderson Investors. Find out more at https://teucrium.com/agricultural-commodity-etfs 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 animalspirits@thecompoundnews.com 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 episode 457 of Animal Spirits, Michael Batnick and Ben Carlson discuss: how markets are controlling the war, the cost of higher energy prices, why the stock market isn't falling more, why the Fed shouldn't raise rates, the Forrest Gump market, why gold is down 20%, the not-so-K-shaped economy, AI is making us work more, accidental landlords, how to create a good business and more. This episode is sponsored by Invesco and Janus Henderson Investors. Learn more at https://www.invesco.com 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 animalspirits@thecompoundnews.com 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 episode 456 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why oil prices aren't higher, complacency in the markets, energy stocks, oil as the new meme stock, geopolitical events vs. the stock market, why AI isn't a bubble, bitcoin isn't dead yet, housing affordability is improving, private credit redemptions, the case for PE stocks, who orders DoorDash, there is no retirement crisis and more. This episode is sponsored by Franklin Templeton and ClearBridge Investments. Learn more at https://www.franklintempleton.com/activeETFs A healthy economic backdrop should continue to support broadening equity leadership going forward. Learn more at https://www.clearbridge.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 animalspirits@thecompoundnews.com with any feedback, questions, recommendations, or ideas for future topics of conversation. Franklin Templeton Disclosure: Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at https://www.franklintempleton.com/. Please read it carefully. All investments involve risk, including possible loss of principal. © 2026 Franklin Distributors, LLC. Member FINRA/SIPC. 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 episode 455 of Animal Spirits, Michael Batnick and Ben Carlson are live from Future Proof Citywide in Miami talking with Michael Kitces and Phil Huber about the wealth management business in the age of AI, the private credit crisis of confidence and a very special Animal Spirits roast. This episode is sponsored by Teucrium and Janus Henderson Investors. Find out more at https://teucrium.com/agricultural-commodity-etfs 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 animalspirits@thecompoundnews.com 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 episode 454 of Animal Spirits, Michael Batnick and Ben Carlson discuss the geopolitical impact on markets, inflationary risk, when risk goes off, concentration risk, AI vs. white collar workers, the optimistic case for AI, falling and rising bond yields, inheriting a house from your parents, the private credit crisis of confidence, the loneliness epidemic and more. This episode is sponsored by Nuveen and Janus Hendersen Investors. Learn more about Nuveen by visiting: http://Nuveen.com Learn more about Janus Henderson Investors by visiting: 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 animalspirits@thecompoundnews.com 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 episode 453 of Animal Spirits, Michael Batnick and Ben Carlson discuss the AI doom scenarios, the value of human relationships in a digital world, housing as an AI hedge, the AI backlash, a very weird stock market, the global bull market, consumers keep spending money, Bitcoin is a software stock, the Blue Owl fiasco, the perfect movie run time and more. This episode is sponsored by Betterment Advisor Solutions and ClearBridge Investments. Learn more about Betterment Advisor Solutions at: https://betterment.com/advisors International and emerging market stocks outperformed the U.S. in 2025. At ClearBridge, we believe this momentum can continue. Find out more at https://www.clearbridge.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 animalspirits@thecompoundnews.com 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
Book an Astrology Reading for the Year of the Fire Horse! www.jilljardineastrology.com Buy Jill's book: www.jilljardine.com "Sacred Sound Formulas to Awaken the Modern Mind: Sanskrit Mantras to Raise your Vibration" Welcome to the episode on the importance of messages from the animal kingdom. Enjoy this drumming meditation to connect with an animal guide or spirit animal who can help you in your life, and give you qualities you desire to manifest. An Animal guide can be a source of inspiration, intuitive and heightened awareness, as well as physical strength, power and courage. Listening to this meditation can help the listener tap into wisdom and guidance available through a connection to Animal medicine. We share our world with animals. They can be our teachers about the lessons we are currently learning in life. There are many interpretations of the symbolism of different animals that can be found on the internet. Animal medicine cards are also good sources for interpretation and messages, such as the deck by Jamie Sams, Stephen Farmer or the Druid Animal Oracle Deck by Phillip Carr-Gomm and Stephanie Carr Gomm. There are also books that share animal guide information such as Animal Speak by Ted Andrews. Animal Spirit guides exist in many indigenous cultures and traditions. A spirit animal is characterized by a personal relationship to the individual. You can have one or several spirit animals throughout your life, during a specific phase of your life or at specific occasions. After listening to this drumming meditation, the listener may want to journal want comes up for them or speak into a voice app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
On episode 452 of Animal Spirits, Michael Batnick and Ben Carlson discuss the software apocalypse, stock market blow-ups, AI fear-mongering, how AI will impact your job, in defense of SaaS, the ex-US trade is working, a bull market in Japan, Gen Z loves the stock market, prediction markets, a takedown of The Millionaire Next Door, middle-aged dad milestones and more. This episode is sponsored by Teucrium and YCharts Find out more at https://teucrium.com/agricultural-commodity-etfs Explore Hamilton Lane benchmarks on YCharts, and 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 animalspirits@thecompoundnews.com 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 episode 451 of Animal Spirits, Michael Batnick and Ben Carlson discuss how the bull market is changing shape, software stocks getting slaughtered, it's finally a stock picker's market, Anthropic changed the AI narrative, ex-Mag 7 is finally working, the case for emerging markets, the crypto bloodbath, the best airline and more. This episode is sponsored by Pacer ETFs and YCharts Learn more about PATN at https://www.paceretfs.com/. This episode is sponsored by YCharts. To download “What Markets Are Signaling in 2026” deck click here: https://go.ycharts.com/-charlie-bilello-2026-signals?utm_source=Animal_Spirits&utm_medium=Original_Research&utm_campaign=Charlie_Bilello_2026_Signals&utm_content=Podcast And start your free YCharts trial through Animal Spirits (new customers only) at: https://go.ycharts.com/animal-spirits 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 animalspirits@thecompoundnews.com with any feedback, questions, recommendations, or ideas for future topics of conversation. Pacer Disclosure: Before investing you should carefully consider the Fund's investment objectives, risks, charges, and expenses. This and other information is in the prospectus. A copy may be obtained by visiting www.paceretfs.com or calling 1-877-337-0500. Please read the prospectus carefully before investing. All investing is subject to risk, including the possible loss of principal. Pacer ETFs are distributed by Pacer Financial. 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
George Noory and Dr. Paul Koudounaris explore stories of animal hauntings and visitations, if there is an afterlife for animals like there is for humans, and why the spirits of some pets never return to visit their owners after they die.See omnystudio.com/listener for privacy information.
On episode 450 of Animal Spirits, Michael Batnick and Ben Carlson discuss the never-ending news cycle, the gold/silver crash, how the Internet changed markets forever, the commodities supercycle, emerging markets are on fire, the new Fed chair, the chart of the century, crypto feels dead again, the government doesn't want to build more homes for young people, DoorDash discourse and more. This episode is sponsored by Nuveen and ClearBridge Investments. Invest like the future is watching. Visit https://www.nuveen.com/future to learn more. International and emerging market stocks outperformed the U.S. in 2025. At ClearBridge, we believe this momentum can continue. Find out more at https://www.clearbridge.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 animalspirits@thecompoundnews.com 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 episode 449 of Animal Spirits, Michael Batnick and Ben Carlson discuss snow days, government debt vs. household debt, the wealth effect, diversification is working again in 2026, stocks vs. earnings, Jeremy Grantham, the dollar is falling, Silver is the new meme stock, gold is crushing bitcoin, housing market inflation, Dry January for spending and much more. This episode is sponsored by Invesco. Visit https://Invesco.com/fixedincome to learn more about their comprehensive fixed income solutions and how they can help strengthen your portfolio's foundation. 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 animalspirits@thecompoundnews.com 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 episode 448 of Animal Spirits, Michael Batnick and Ben Carlson discuss geopolitical risk in the markets, rising bond yields, why small caps are breaking out, running the economy hot, household balance sheets are in good shape, the end of money, the great real estate wealth transfer, the bottom 50% wealth gains, Netflix movies and more. This episode is sponsored by YCharts and ClearBridge Investments. To download YCharts' Top 10 Visuals click here: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7163920704407552000 And start your free YCharts trial through Animal Spirits (new customers only) at: https://go.ycharts.com/animal-spirits International and emerging market stocks outperformed the U.S. in 2025. At ClearBridge, we believe this momentum can continue. Find out more at https://www.clearbridge.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 animalspirits@thecompoundnews.com 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 episode 447 of Animal Spirits, Michael Batnick and Ben Carlson discuss Jerome Powell, credit card rates, the institutional ownership of homes, lowering mortgage rates, how to fix the housing market, AI vs. the labor market, the broadening out of the bull market, the growth in sports gambling, where housing is still affordable, circular private equity deals, why TVs are so cheap and much more. This episode is sponsored by Innovator. Learn more at https://www.innovatoretfs.com/pdf/ddq_product_brief.pdf 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 animalspirits@thecompoundnews.com 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 episode 446 of Animal Spirits, Michael Batnick and Ben Carlson discuss 2026 predictions, the risk of a bear market, why valuations should be higher, why international stocks outperformed, recession risk in 2026, AI hallucinations, self-driving cars, Disney stock, where to find cheaper housing, an appreciation for Keanu Reeves and more. This episode is sponsored by YCharts. Subscribe to YCharts' Advisor Pulse, LinkedIn newsletter here: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7163920704407552000 And start your free YCharts trial through Animal Spirits (new customers only) at https://go.ycharts.com/animal-spirits 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 animalspirits@thecompoundnews.com 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 episode 445 of Animal Spirits, Michael Batnick and Ben Carlson discuss the best and worst S&P 500 stocks this year, 2025 investing lessons, why silver is going vertical, international small caps are crushing it, family offices are booming, sentiment is still broken, over-optimization is a problem, how millennials got rich, when to spend more in retirement, the best video game of all-time and more. This episode is sponsored by TradePMR. Find more details on TradePMR by visiting: https://hubs.li/Q03XS3Sj0 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 animalspirits@thecompoundnews.com with any feedback, questions, recommendations, or ideas for future topics of conversation. TradePMR Disclosure: TradePMR, Inc. Member FINRA/SIPC. Securities offered through TradePMR Inc. TradePMR, Inc. is a wholly owned subsidiary of Robinhood Markets, Inc. Please review the full Terms and Conditions at (https://tradepmr.com/asset-match-terms-and-conditions) for the complete rules, requirements, and obligations that apply to participation in the program. 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 episode 444 of Animal Spirits, Michael Batnick and Ben Carlson discuss what a normal year in the stock market looks like, time traveling through drawdowns, the case for small/mid cap stocks, how many stocks double each year, record cash balances, the economy keeps growing, financial nihilism, gambling, illiquidity risk in private investments and much more. This episode is sponsored by TradePMR & Fabric by Gerber Life. Find more details on TradePMR by visiting: https://hubs.li/Q03XS3Sj0 Join the thousands of parents who trust Fabric to help protect their family. Apply today in just minutes at: https://meetfabric.com/SPIRITS 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 animalspirits@thecompoundnews.com with any feedback, questions, recommendations, or ideas for future topics of conversation. TradeTMR Disclosure: TradePMR, Inc. Member FINRA/SIPC. Securities offered through TradePMR Inc. TradePMR, Inc. is a wholly owned subsidiary of Robinhood Markets, Inc. Please review the full Terms and Conditions at (https://tradepmr.com/asset-match-terms-and-conditions) for the complete rules, requirements, and obligations that apply to participation in the program. 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 episode 443 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the stock market rally is broadening out, no one wants an AI bubble, the return outlook for 2026, Howard Marks on how to invest today, hedging an AI bubble, concentration risk, financial markets don't care about labor markets yet, the worst part about inflation, data centers in space, the housing outlook for 2026 and more. This episode is sponsored by YCharts and Vanguard. This episode is sponsored by YCharts. download Charts That Defined 2025, and start your free YCharts trial through Animal Spirits (new customers only) at https://go.ycharts.com/animal-spirits Learn more about Vanguard at: https://www.vanguard.com/audio 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 animalspirits@thecompoundnews.com 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 episode 442 of Animal Spirits, Michael Batnick and Ben Carlson discuss huge losses in the Nasdaq 100, 2026 outlooks, OpenAI, 401k millionaires, consumer spending vs. a slowing labor market, money without meaning, price cuts on housing are accelerating, baby boomer riches, Netflix and Paramouns vie for Warner Brothers and more. This episode is sponsored by NEOS Investments, Exhibit A, and Fidelity Trader+. Explore NEOS Investments' award-winning lineup at https://neosfunds.com. To book a 20 minute demo of Exhibit A with Chart Kid Matt, click this link: https://calendly.com/matt-exhibitaforadvice/20min. Or, start a risk free 7-day free trial: https://exhibitaforadvice.com/register. Learn more about Fidelity Trader+ at: https://www.Fidelity.com/TraderPlus 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 animalspirits@thecompoundnews.com with any feedback, questions, recommendations, or ideas for future topics of conversation. NEOS Disclosure: Investors should carefully consider the investment objectives, risks, charges and expenses of Exchange Traded Funds (ETFs) before investing. To obtain an ETF's prospectus containing this and other important information, please call (866) 498-5677 or view/download a prospectus at https://neosfunds.com. Please read the prospectus carefully before you invest. An investment in NEOS ETFs involve risk, including possible loss of principal. NEOS ETFs are distributed by Foreside Fund Services, LLC. 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
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