How Many People Make $100,000? (EP. 430)

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 17 September 2025

⏱️ 81 minutes

🔗️ Recording | iTunes | RSS

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Summary

On episode 430 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss Future Proof, 1990s nostalgia, Oasis, why the stock market doesn't care about the labor market, the top 10% is powering the economy, Google vs. ChatGPT, gold vs. AI, IPOs vs. small caps, Americans are richer than you think, a bull market in midwest housing, social media was a mistake, Gen Z wealth inequality and much more. This episode is sponsored by Invesco and YCharts Visit https://www.invesco.com/us/en/solutions/fixed-income/investment-opportunities.html to learn more about their comprehensive fixed income solutions and how they can help strengthen your portfolio's foundation. 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 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 show is brought to you by Invesco. Now might be a good time for some stability.
0:05.5	Investco's fixed income solutions are designed to help you find some.
0:09.0	With the Fed's policy shifts creating both challenges and opportunities across the yield curve,
0:12.7	having experienced fixed income managers in your corner has never been more important.
0:16.1	Invesco's team of 182 fixed income investment professionals manage $518 billion in assets, giving them the scale
0:23.4	and expertise to navigate any market conditions. Whether you're looking to add investment-grade bonds
0:27.6	or municipal bonds to your portfolio, Investco's fixed income strategies are designed to help
0:31.6	find the stability you may need. Visit investco.com to learn more about their comprehensive
0:36.0	fixed income solutions and how they can help strengthen your portfolios foundation.
0:41.0	Investco, let's rethink possibility. All data from Investco as of June 30th, 2025, fixed income investments are subject to credit risk of the issuer and effects of changing interest rates.
0:49.9	Before investing, consider the funds investment objectives, risks, charges, and expenses.
0:53.9	Visit investco.com for a prospectus containing this information, read it carefully before investing.
0:58.4	Investco Distributors, Inc.
1:00.3	Today's Animal Spirits is brought to by Y charts. For years, the story was that U.S.
1:04.3	manufacturing was in decline. But when you look at what's happening right now between tariffs,
1:08.9	labor shortages, automation, and record construction
1:11.0	spending. It feels like the start of something different. Manufacturing construction is hitting
1:15.2	all-time highs. Companies are reshoring supply chains and billions in federal and state incentives
1:19.4	are flowing into the sector. The question is, how do you connect those headlines to actual portfolio
1:22.9	moves and talking to clients? That's exactly what Whitecharts dug into with their new 2025 state of manufacturing deck. It lays out the policy shifts, automation trends, and capital flows driving the cycle and points to the sectors that stand to benefit packed with client-ready visuals you can put to work right away. Download your free copy with the link in the show notes to start turning these macro shifts into smarter portfolio moves with Y charts. Get 20% off your initial
1:44.3	Y charts professional subscription when you start your free Y charts trial through Animal Spirits,
1:48.3	new customers only.
	...

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