A National Housing Emergency (EP. 428)

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 3 September 2025

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

On episode 428 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss rich people everywhere, why this isn't like the dot-com bubble, the markets don't care about bad vibes, junk bonds are on a tear, there are more ETFs than stocks, Reddit loss porn, American exceptionalism, what would actually fix housing, the S&P 500 is outperforming private equity, 7 year auto loans, the 9-9-6 lifestyle and more. This episode is sponsored YCharts and Fabric by Gerber Life. Get 20% off your initial YCharts Professional subscription when you start your free trial through Animal Spirits (new customers only). Sign up at: https://go.ycharts.com/animal-spirits 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 Animal Spirits is brought to by Y Charts. Future Proof is almost here, and White Charts
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0:14.5	become the secret weapon for advisors and teams that want to scale smarter and spend less time
0:19.0	buried in spreadsheets.
0:25.0	If you're headed for future proof, Y charts will be hard to miss from live demos at their booth to exclusive book signing event with our C-O-O-O-Niclusively, plus plenty of exclusive swag,
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0:35.6	win back hours every week to focus on clients and growth,
0:38.5	turn complex market data into clear, actionable conversations, drive growth by turning prospects
0:43.0	into long-term clients. Get 20% off your initial Y-charts professional subscription when you start
0:48.5	your free Y-charts trial through animal spirits. This is for new customers only.
0:53.0	Today's episode is brought to you by Fabric by Gerber Life. Time is a funny thing. It's so limited. Why do we keep putting things off until later? If you've been putting off life insurance, check out Fabric. They make it fast and easy so you can check it off your list now. Fabric by Gerber Life is term life insurance you can get done today. Made for busy parents like you all online on your schedule right from your couch you could be covered in under 10 minutes with no health
1:14.7	exam. you can get done today, made for busy parents like you, all online on your schedule, right from your couch. You could be covered in under 10 minutes with no health exam required. If you've got kids, and especially if you're young and healthy, the time to lock in low rates is now. There's no risk. There's a 30-day money-back guarantee. You can cancel any time. Join the thousands of parents who trust Fabric to help protect their family. Apply today
1:27.6	in just minutes at Meetfabric.com slash Spirits. That's Meetfabric.com slash spirits. M-E-E-T, Fabric.com
1:33.9	Slurts. The policies issued by Western Southern Life Assurance Company, not available in certain
1:38.0	states, price is subject to underwriting and health questions. Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael
1:52.5	Batnik and Ben Carlson as they talk about what they're reading, writing, and watching. All opinions
1:57.8	expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Ridholt's wealth management.
2:03.6	This podcast is for informational purposes only and should not be relied upon for any investment decisions.
2:09.3	Clients of Ridholt's wealth management may maintain positions in the securities discussed in this podcast.
2:17.4	Welcome to Animal Spirits with Michael and with Ben. this podcast.
	...

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