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
January 7, 2026 • 75 mins
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.
Thi...
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December 31, 2025 • 56 mins
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 ...
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December 29, 2025 • 31 mins
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 complete show notes on our blogs...
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December 24, 2025 • 66 mins
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 ...
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December 22, 2025 • 33 mins
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.
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Ben Carlson’...
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December 17, 2025 • 78 mins
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 ...
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December 15, 2025 • 37 mins
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 more.
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December 10, 2025 • 68 mins
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 Brothers and more.
This episode is spon...
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December 8, 2025 • 33 mins
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.
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Ben...
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December 3, 2025 • 72 mins
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 behaviors, ranking the best Disney ...
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December 1, 2025 • 24 mins
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.
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Ben Ca...
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November 29, 2025 • 29 mins
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.
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Ben Carlson’s ...
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November 26, 2025 • 64 mins
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.invesco.com/ to learn more. Inve...
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November 24, 2025 • 29 mins
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.
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Ben Ca...
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November 19, 2025 • 73 mins
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
Invest like the future is wa...
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November 17, 2025 • 38 mins
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 bubble and much more.
Find compl...
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November 15, 2025 • 46 mins
On this episode of Animal Spirits, Michael Batnick and Ben Carlson keynote the financial planning association’s annual event.
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Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The...
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November 12, 2025 • 70 mins
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 is brought to you by Xtrackers b...
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November 10, 2025 • 34 mins
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 the Kraneshares Artificial Intelligen...
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November 8, 2025 • 30 mins
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. Learn more about the VanEck Rare Ear...
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