Did the Market Just Top? (EP. 434)

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 15 October 2025

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On episode 434 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss why it's so difficult to call the top, why earnings matter so much, we were due for a correction, valuations aren't that crazy, good news for low income Americans, how the housing market is impacting the stock market, why Gold is rocketing higher, the cash on the sidelines fallacy, the crypto liquidation, the problem with being house rich and much more. This episode is sponsored by Calamos and Stash. Ready to rethink your portfolio? Explore CANQ today and visit https://calamos.com/CANQ to learn more. Go to https://get.stash.com/Spirits to see how you can receive $25 towards your first stock purchase and to view important disclosures. 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 sponsored by Calamos, looking for NASDAQ exposure, monthly income,
0:03.9	and built-in-risk management, all-in-one ETF. Check out the Calamos NASDAQ equity and income
0:08.2	ETF, ticker C-A-N-Q, Ben. Yeah, they spell it out for it, which is good.
0:14.1	CanQ taps into decades of expertise and options and alternatives to pursue upside from the
0:18.3	NASDAQ-100 stocks while actively managing downside
0:21.6	risk with fixed income.
0:23.0	It's a smart mix of growth potential, monthly income, and risk-adjusted returns.
0:26.8	Since its February 13th, 2024 inception through June 30th, 2025, CanQ has captured 96%
0:32.7	of NASDAQ's upside with only 65% of the downside across all market cycles.
0:39.1	Ready to rethink your portfolio,
0:46.1	explore CanQ today, and visit Calamos.com slash CanQ to learn more. Today's podcast is brought to you in part by Stash. So you want to start investing, we have no idea where to begin. Stash makes it easy.
0:51.1	Stash isn't just another investing app. It's a registered investment advisor
0:54.6	that combines automated investing with expert guidance so you don't have to worry about figuring
0:58.2	it out on your own. You can choose from personalized investments or let Stash's award-winning
1:03.2	smart portfolio do the work for you. With Stash, investing doesn't feel like gambling. It's simple,
1:08.6	smart, and stress-free, so your money can finally start working as hard as you do. Get access to world-class financial advice with personalized guidance for just $3 a month. Stash has already helped millions of Americans reach their financial goals. Don't let your money sit around. Put it to work with Stash. Go to getstash.com slash spirits to see how you can receive $25 towards your first stock purchase
1:28.4	and to view and import disclosures. That's stash.com slash spirits.
1:32.6	Paid non-client endorsement.
1:35.0	Not representative of all clients and not a guarantee investment advisory services
1:39.7	offered by Stash Investments LLC and SEC registered investment advisor.
1:44.5	Investing involves risk, offer is subject to T&Cs.
1:52.8	Welcome to Animal Spirits, a show about markets, life, and investing.
	...

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