Are We in a Bear Market?

The Compound and Friends

Josh Brown

Investing, Business, News, Business News

4.7 • 2.2K Ratings

🗓️ 20 March 2026

⏱️ 88 minutes

🔗️ Recording | iTunes | RSS

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Summary

On episode 234 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Jim Lebenthal to discuss: stock market volatility, who's winning the AI race, risks and opportunities in private credit, Jim's favorite stocks, and much more! This episode is sponsored by Betterment Advisor Solutions and Janus Henderson Investors. Learn more at: https://betterment.com/advisors Learn more at https://www.janushenderson.com/ Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 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 Josh Brown 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	Gallagher's is going to slap tonight.
0:03.3	You know, I went to a steakhouse last night, but I didn't eat steak.
0:06.6	What's wrong with you?
0:07.4	I went to Hendricks, and I got not steak. It's not really a steakhouse. I mean, did you get lamb chops or did you get like swordfish? There's a big difference. You would like, you would like Hendricks. It's fantastic. Hendricks used to be called the George Washington Tavern, and legend has it.
0:21.5	It's where he stayed before crossing... Hendricks used to be called the George Washington Tavern and legend has it.
0:21.7	It's where he stayed before crossing or just the battle of Brooklyn actually took place on Long
0:28.7	Island.
0:29.9	They didn't have a-
0:30.2	Am I right?
0:30.9	No, no.
0:31.4	They didn't have a name for Long Island yet.
0:32.9	It was basically, it was just like, oh, that's Brooklyn.
0:36.2	And George Washington stayed at this tavern. It's a historic landmark. And there's a restaurant group called the Paul Brothers on Long Island. They own the best restaurants. All the best. And they took this place over. It used to be these blue-haired old women. That's who ate at the George Washington Tower. I mean, I'm feeling a little dated here like you think I'm from the revolutionary No No, no, no, no. I'm just saying, I'm just saying it's kind of a cool place because... Like I didn't actually know George Washington back in the day on the floor? You guys started together? Did the Labenthal family raise municipal bond money during the Revolutionary War? Oh, we shared a field... That That's what we got. We have no one is.
1:11.1	All good.
1:11.9	You know what's good at, Hendricks?
1:14.2	The bone marrow as an appetizer.
1:16.9	We got the hot dogs and never had those before.
1:18.9	Unreal.
1:19.9	Not my thing.
1:21.9	So the book is called How to Ride the Subway.
1:25.9	Famously, this guy will not ride the subway. Do you know... Seriously. He gets mobbed by fans. Do you know I've been walking around Manhattan with a stick in my bag? It's called a... I'm not making this up. Michael, we'll tell you that it's real. And he has one in his car. It's a tire thumper. Okay. You know what that is? Not really. It's like a short baton that truck drivers thump a tire with to make sure that it's inflated. So on the days where I know I have to take the subway because I have to do some impossible thing to like get to Tribeca or whatever from Midtown, I will have my tire thumper
2:02.4	in my backpack. I'm not fucking around here. I see, I. So this is the essence of your book.
	...

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