Is AI a Mistake? (EP. 452)

Animal Spirits Podcast

The Compound

Investing, Business, News, Business News

4.7 • 2.1K Ratings

🗓️ 18 February 2026

⏱️ 73 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On episode 452 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss the software apocalypse, stock market blow-ups, AI fear-mongering, how AI will impact your job, in defense of SaaS, the ex-US trade is working, a bull market in Japan, Gen Z loves the stock market, prediction markets, a takedown of The Millionaire Next Door, middle-aged dad milestones and more. This episode is sponsored by Teucrium and YCharts Find out more at https://teucrium.com/agricultural-commodity-etfs Explore Hamilton Lane benchmarks on YCharts, and get 20% off your initial YCharts Professional subscription (new customers only). 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 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠animalspirits@thecompoundnews.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 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 Tukrium.
0:01.9	Looking to diversify your portfolio beyond stocks and bonds.
0:05.5	Commodities are getting more and more attention as we enter 2026.
0:08.8	Tukrium's agricultural ETFs offer a way to access the futures prices of essential crops.
0:14.4	These funds may help manage inflation risk and add diversification to your portfolio.
0:19.0	Ask your financial advisor or explore two cream
0:21.7	ETFs on your own. Visit two cream.com. Click the link and the show notes for more.
0:28.9	Today's animal spirits is brought to you by Y charts. One of the harder parts of portfolio
0:32.7	analysis right now is alternatives. Private equity, private credit, and real assets are showing up
0:36.7	more often in portfolios, but they don't behave like public markets. And yet, a lot of advisors still end up
0:41.5	relying on public market proxies, static PDFs, or offline spreadsheets just to explain what's going on.
0:46.7	The good news is Y-Charts has you covered here. Why Charts now supports private markets
0:50.6	with new Hamilton Lane benchmarks so advisors can analyze alternatives right alongside equities, ETFs, neutral funds, and fixed income, using benchmarks built
0:58.4	specifically for private investments. That makes it easier to put private markets in proper
1:02.3	context, run more consistent analysis, and have clearer conversations with clients.
1:06.6	If you want to take a closer look, you can learn more at ycharts.com and get 20% off your initial Y charts professional subscription, new customers only.
1:19.6	Welcome to Animal Spirits, a show about markets, life, and investing.
1:23.8	Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.
1:29.0	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Riddholz wealth management.
1:35.3	This podcast is for informational purposes only and should not be relied upon for any investment decisions.
1:41.0	Clients of Riddholt's wealth management may maintain positions in the securities discussed in this podcast.
1:49.2	Welcome to Animal Spirits with Michael and Ben. I am recording this in a hotel room without
	...

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