The Compound
Animal Spirits Podcast
Animal Spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and watching. Look for new episodes every Wednesday morning. See our disclosures here - https://ritholtzwealth.com/podcast-youtube-disclosures/
Author
The Compound
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Podcast website
Latest episode
Jul 8, 2026
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Episodes
Talk Your Book: The Bull Case for China With Brendan Ahern 12.01.2026 31:51
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Brendan Ahern from KraneShares to discuss: the differences between China and the United States, the state of Chinese Internet stocks and more. Find complete show notes on...
Tax the Billionaires (EP. 446) 07.01.2026 1:16:00
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 appreciatio...
The Best Performing Stocks of 2025 (EP. 445) 31.12.2025 56:45
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 millen...
Talk Your Book: Teucrium's Sal Gilbertie on Commodities & Crypto 29.12.2025 31:42
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Sal Gilbertie from Teucrium to discuss: why oil prices are falling, how agricultural commodities work, why farmers need bailouts, why crypto is a commodity and more. Find...
The Biggest Risk in 2026 (EP. 444) 24.12.2025 1:06:51
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, illiquidi...
Talk Your Book: A Tactical Strategy That Actually Works 22.12.2025 33:42
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Dan Russo from Potomac Fund Management to discuss: the bear market in diversification, trend-following, quantitative tactical asset management and more. Find complete show not...
All-Time Highs Should Feel Better Than This 17.12.2025 1:18:48
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...
Talk Your Book: The Anti-AI Portfolio 15.12.2025 37:22
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by John Neff, portfolio manager and CIO at Akre Capital Management to discuss: the firm's concentrated stock portfolio, how to hold stocks for the long-run, beating the S&P 500 and m...
Netflix vs. Paramount (EP. 442) 10.12.2025 1:08:26
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 Paramount vie for Warner Brother...
Talk Your Book: Investing in Real Estate Credit 08.12.2025 33:56
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Charlie Rose from Invesco to discuss: investing in private real estate, credit in real estate as an asset class, the different types of real estate investments and more. Find complete...
The Age of Discontentment (EP. 441) 03.12.2025 1:12:02
On episode 441 of Animal Spirits, Michael Batnick and Ben Carlson discuss why boring plain vanilla portfolios are hard to beat, predicting the 2026 stock market, Robinhood is Netflix, teens investing in stocks, all-time highs in rich people, the case against an AI crash, the crypto crash, how expensive housing is changing...
Talk Your Book: The Psychology of Income 01.12.2025 25:10
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Troy Cates, Co-Founder, Managing Partner at NEOS Investments to discuss: options-based income ETFs, why investors love yield so much, how to hedge using options and more. Find complete sh...
Talk Your Book: The State of the Housing Market 29.11.2025 30:14
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Logan Mohtashami to talk about first-time homebuyers, how to fix the housing market, housing myths, how often housing prices fall and much more. Find complete show notes on our blogs... B...
Wait, Are We in a Recession??? (EP. 440) 26.11.2025 1:04:59
On episode 440 of Animal Spirits, Michael Batnick and Ben Carlson discuss stocks moving on no news, reasons today's market is not like the 90s, the Fed needs to cut, Google's breakout, thoughts on Disney, Cembalest's favorite movies, and much more. This episode is sponsored by Invesco & KraneShares Visit https://www.inves...
Talk Your Book: Staking Your Crypto For Yield 24.11.2025 29:21
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Krista Lynch, Senior Vice President, ETF Capital Markets at Grayscale to discuss: the crypto ETF landscape, how staking works, what's coming next in this space and much more. Find complete sh...
Is the AI Trade Over? (EP. 439) 19.11.2025 1:13:50
On episode 439 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the Degen Dow pain trade, the lack of euphoria, AI skepticism, long bear markets, Michael Burry's crash calls, the great stuff transfer, the Bitcoin crash, first-time homebuyers, Blue Owl and much more. This episode is sponsored by Nuveen & YCharts...
Talk Your Book: Will the Bubble Get Bigger? 17.11.2025 38:55
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Michael Arone, Chief Investment Strategist and Managing Director at State Street Investment Management to discuss: government spending, bailouts, S&P 500®, stock market concentration, the AI...
Animal Spirits Take Las Vegas 15.11.2025 46:51
On this episode of Animal Spirits, Michael Batnick and Ben Carlson keynote the financial planning association’s annual event. Find complete show notes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s ...
Is a 50 Year Mortgage a Good Idea? (EP. 438) 12.11.2025 1:11:23
On episode 438 of Animal Spirits, Michael Batnick and Ben Carlson discuss the problem with the K-shaped economy narrative, are young people screwed, the benefits of bubbles, the rate cutting cycle, OpenAI, Las Vegas, how to fix the housing market, restaurant stocks are getting killed, the degen economy and more. Today's show i...
Talk Your Book: Public & Private Opportunities in AI 10.11.2025 34:55
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Jonathan Shelon, Chief Operating Officer at KraneShares to discuss: the AI opportunity set, how to invest in private companies in an ETF, the differences between now and the dot-com bubble and th...
Talk Your Book: The Two Biggest Stories of the Year: AI & Tariffs 08.11.2025 31:29
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Ara Kharazian, Economist at Ramp to discuss: how companies run their finances, trends in artificial intelligence usage and why tariffs are so confusing. This episode is brought to you by VanEck. Lear...
Never Go All in on Stocks (EP. 437) 05.11.2025 1:14:42
On episode 437 of Animal Spirits, Michael Batnick and Ben Carlson discuss bad breadth, a historical melt-up in tech stocks, the case against an AI bubble, sequence of return risk, the economy that's better for parents than their grown-up kids, demographic warfare, why tariffs are so confusing, the data center buildout, AI chart cr...
Talk Your Book: Emerging Markets Are Back 03.11.2025 33:17
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Rahul Sharma, Portfolio Manager at Schafer Cullen Capital Management to discuss: China, the falling dollar, why emerging markets are outperforming and the firm's dividend-focused strategy. Find compl...
Talk Your Book: Money and Marriage 01.11.2025 34:53
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Doug and Heather Boneparth to talk about their new book, Money Together. This episode is brought to you by VanEck. Learn more about the VanEck Rare Earth and Strategic Metals ETF: http://vaneck.com/REMX...
Never Pay Off Your Mortgage (EP. 436) 29.10.2025 1:15:12
On episode 436 of Animal Spirits, Michael Batnick and Ben Carlson discuss how behavior drives bull markets, how many companies outperform the S&P 500, bubble predictions, 5x ETFs, $20 lunches, surviving the AI capex boom, we need lower housing prices, why private credit is an easy sale to make, Halloween decorations and more. This epi...
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