A 25 Year Bull Market (EP. 420)

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 9 July 2025

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 more. This episode is sponsored by Cache Financials and Fabric by Gerber Life. Visit https://usecache.com/?invited_by=animal-spirits to learn more about Cache Financials, who operates Cache Exchange Fund 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 ⁠⁠⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. The Compound Media, Incorporated, an affiliate of ⁠⁠⁠⁠⁠⁠⁠⁠Ritholtz Wealth Management⁠⁠⁠⁠⁠⁠⁠⁠, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here ⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/advertising-disclaimers⁠⁠⁠⁠⁠⁠⁠⁠. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today's episode is brought to you by Cash Financials, who operates Cash Exchange Fund.
0:05.3	Ben, one of the defining features of the bull market over the last 15 years has been
0:11.0	mega cap tech and tech in general. And one of the defining features of those companies
0:16.9	is the way that they compensate and employ their employees is through equity compensation.
0:23.8	So you've got all of these people running around with gazillions of dollars of stock in their
0:32.1	company, heavily concentrated.
0:34.7	We've spoken on the show about Nvidia, how many millionaire employees have. So these people
0:38.9	are heavily concentrated in one individual stock. Right, low cost basis. So I met with Sorkanth,
0:45.3	who is the founder of this company, and he was at Uber. So he was looking for a way to diversify
0:51.5	out of Uber and into a broader basket of stocks.
0:55.4	And the way that this was traditionally done was through an exchange fund.
0:59.3	Okay.
1:00.2	So their flagship product is an exchange fund, but it's built for the modern investors.
1:05.9	So this product, the exchange fund, is not new.
1:08.7	The wirehouses used to do this.
1:10.6	Very common theme where you will exchange your fund for a basket of diversified stocks
1:14.5	and some other things.
1:15.9	But it was, was and is very illiquid.
1:18.9	That's part of the feature of it.
1:20.4	But high fees.
1:21.7	High fees.
1:22.4	So he said this got to be a better way.
	...

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