Is the AI Trade Over? (EP. 439)

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 19 November 2025

⏱️ 74 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On episode 439 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss: the Degen Dow pain trade, the lack of euphoria, AI skepticism, long bear markets, Michael Burry's crash calls, the great stuff transfer, the Bitcoin crash, first-time homebuyers, Blue Owl and much more. This episode is sponsored by Nuveen & YCharts Invest like the future is watching. Visit https://www.nuveen.com/future to learn more. Register for the November 19th webinar with Nick Maggiulli here: WEBINAR REGISTRATION and get 20% off your initial YCharts Professional subscription HERE when you start your free YCharts trial through Animal Spirits (new customers only). Animal Spirits audience survey: https://www.surveymonkey.com/r/P6T79NB 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	This message is brought to you by Newveen.
0:02.7	What does it mean to invest like the future is watching?
0:05.4	As one of the largest global investment leader is managing $1.3 trillion in public and private assets,
0:10.7	Newveen is uniquely positioned to take on tomorrow today.
0:13.6	Combining over 125 years of deep expertise across income with innovative alternative solutions,
0:18.7	Newveen adapts to the needs of investors as they change, offering reliability, access, and foresight to its clients. Communities in the global economy all in the pursuit of lasting performance. Newveen, invest like the future is watching. Visit nubene.com slash future to learn more. Investing involves risk. Principal loss is possible. Today's Animal Spirits is brought to you by Y-charts. When money moves,
0:38.5	relationships often don't. Four out of five errors fire their parents' advisor. I've heard this before.
0:44.2	And that means years of trust and revenue gone overnight. Over the next 20 years, $84 trillion is
0:48.6	expected to change hands. The biggest risk for your business isn't the market. It's not connecting
0:52.7	with the next generation before the money moves. That's why Y-Charts release their new great wealth transfer deck,
0:57.3	helping advisors bridge that gap with client-ready visuals that make inheritance and next-gen
1:01.1	investing easy to explain. And on November 19th, our very own Nick Majuli is teaming up with
1:07.0	Y-charts for a live webinar to show how top advisors are preparing for the shift and how you can too.
1:12.9	Register for the webinar with the link in the show notes and get 20% off your initial
1:17.2	Y charts professional subscription when you start your free Y charts trial through Animal Spirits,
1:22.8	new customers only.
1:33.3	Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, and watching.
1:38.3	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Ridholt's wealth management. This podcast is for informational purposes only and should not be
1:48.5	relied upon for any investment decisions. Clients of Ridholt's wealth management may maintain
1:53.2	positions in the securities discussed in this podcast. Welcome to Animal Spirits with Michael and Ben. We have one request of you, please, if you
2:03.4	are a financial professional, advisor, investment manager, portfolio manager, analyst. We want me to take our survey.
2:08.9	We put it out last week. We're going to do one more plug in the show notes. Click on the
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