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/
Episodes
August 6, 2025 • 65 mins
On episode 424 of Animal Spirits, Michael Batnick and Ben Carlson discuss: how AI bailed out the stock market and economy, a history of capex bubbles, the Carvana comeback, investors are trading everything, the labor market debate, vibes vs. data, $1 billion job offers, where home prices are falling, Michael buys a new house, condos are crashing, FAFO parenting and more.
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August 4, 2025 • 32 mins
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Alex Morris of F/m Investments to discuss their new Compoundr ETF Series, diversifying your bonds and more.
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Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor...
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July 30, 2025 • 62 mins
On episode 423 of Animal Spirits, Michael Batnick and Ben Carlson discuss an AI bubble floor under the market, when to sell NVDA, strategies that don't work anymore, how the housing market is impacting the stock market, the trade war is over, the summer crypto trade, investors are still buying homes, a bad idea for your 401k, Happy Gilmore 2 and more.
This episode is sponsored by Vanguard....
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July 28, 2025 • 35 mins
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Bill Mann, Chief Investment Strategist at Motley Fool Asset Management to discuss: buy & hold investing, owning 10-bagger stocks, the Motley Fool 100, managing investor behavior and much more.
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Ben Carlson’s A Wealth of Common Se...
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July 23, 2025 • 73 mins
On episode 422 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why stock market returns can't be 15% per year forever, putting the Mag 7 into context, small caps are cheap, retail runs the show now, Opendoor is the new meme stock, investing is easy, owning 50% of a single stock in your Roth IRA, explaining Bitcoin, the Midwest real estate boom, losing your iPhone and more!
This...
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July 21, 2025 • 35 mins
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Dave LaValle, Senior Managing Director, Global Head of ETFs at Grayscale Investments to discuss: how a bitcoin ETF was approved, what’s coming next in crypto, how to think about the volatility of investing in these assets, and more!
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Ben Carlson...
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July 16, 2025 • 70 mins
On episode 421 of Animal Spirits, Michael Batnick and Ben Carlson discuss a nervous stock market rally, U.S. corporate exceptionalism, how the stock market bottoms, the worst decade ever for bonds, rich people who don't feel rich, Apple vs. Meta, Bitcoin's market cap, the upper middle class is getting too crowded, private equity vs. youth sports and more.
This episode is sponsored by YCharts a...
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July 14, 2025 • 29 mins
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Garrett Paolella, Co-Founder and Managing Partner of NEOS Investments to discuss losing upside to cover downside, surviving bull markets, volatility across indices, fitting these strategies within a portfolio, and much more!
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Ben Carlson’s ...
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July 12, 2025 • 29 mins
On this special episode of Animal Spirits at the Morningstar Investment Conference in Chicago, Michael Batnick and Ben Carlson discuss best practices on starting a career in the modern world of finance, their own backgrounds on how they arrived at Ritholtz, how to navigate the current state of the industry, the importance of developing your niche, what jobs will (and won't) survive AI, and more!
Sign...
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July 9, 2025 • 65 mins
On episode 420 of Animal Spirits, Michael Batnick and Ben Carlson discuss faster recoveries in the stock market, the potential for an even longer bull market, pros and cons of deregulation, zooming out on the dollar, why taxes never rise, a weak jobs market for college grads, life in 1776, making $250k a year and still not feeling rich, the worst housing market in America, $1,000 car payments and mor...
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July 7, 2025 • 34 mins
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Matt Kaufman, Senior Vice President and Head of ETFs at Calamos to discuss the Calamos Autocallable Income ETF (CAIE), a first-of-its-kind fund bringing institutional-style structured notes to the ETF world. They explore what makes CAIE structurally unique compared to traditional autocallable note...
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July 5, 2025 • 35 mins
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Leif Abraham, Co-Founder and Co-CEO of Public to discuss updates in fintech, the brokerage industry, and an evolving investor landscape.
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Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
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July 2, 2025 • 69 mins
On episode 419 of Animal Spirits, Michael Batnick and Ben Carlson discuss recession hypotheticals, all-time highs in the stock market, the death of the permabear, international outperformance, a crashing dollar, the automatic investing revolution, yield magicians, fast food price inflation, AI vs financial advisors, the potential for a housing market correction and more!
This episode is sponsored by V...
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June 30, 2025 • 33 mins
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Scott Litman, Portfolio Manager at GCM Grosvenor to discuss types of infrastructure investments, revenue drivers within infrastructure, the risk/return profile for infrastructure investments, thoughts around liquidity, and much more!
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Ben Carlson’s ...
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June 25, 2025 • 60 mins
On episode 418 of Animal Spirits, Michael Batnick and Ben Carlson discuss why investors are ignoring scary headlines, war vs the stock market, a slowdown in the labor market, not every bad thing is a crisis, all stock markets are concentrated, it's getting more expensive to own a car, Mark Zuckerberg is desperate, the stablecoin opportunity set, baby boomers are never selling their houses and more!
T...
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June 23, 2025 • 29 mins
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Sean O'Hara, Director at Pacer Financial and President at Pacer ETFs to discuss why free cash flow is important, how the index is constructed, how momentum works, valuations within growth stocks, and much more!
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Ben Carlson’s A Wealth of Common Sense...
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June 18, 2025 • 79 mins
On episode 417 of Animal Spirits, Michael Batnick and Ben Carlson discuss valuations not mattering, volatility is the new normal, all-time highs in rich people, bubble behavior in AI, gambling is off and running, limit orders on crypto trades, the housing market is not fair, the downside of illiquidity, Michael's email pet peeves and more.
This episode is sponsored by Nuveen and Fabric by Gerber Life.
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June 16, 2025 • 34 mins
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Steve Hlavin, Portfolio Manager at Nuveen to discuss the muni market structure, the best states for muni bonds, risks around deficits and liquidity, and much more!
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Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investo...
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June 11, 2025 • 72 mins
On episode 416 of Animal Spirits, Michael Batnick and Ben Carlson discuss the stock market bet of the century, the most interesting market environment ever, positive trends in retirement saving, Europe is outperforming, downturns might be different now, the Fed should cut rates, how to invest in AI, crypto is Tradfi now, private market scrutiny, the most 1990s movie ever and much more!
This episode is sponsor...
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June 9, 2025 • 30 mins
On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Todd Mathias, Head of U.S. Product Strategy & Development at Franklin Templeton to discuss US outperformance vs international, currency headwinds, macro uncertainty in the US, the value factor overseas, and much more!
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Ben Carlson’s A Wealth of Common Sense
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