It Feels Like 1999 (EP. 433)

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 8 October 2025

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On episode 433 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss the melt-up phase of the AI boom, there is a bubble in bubble predictions, no one is going to call the top, hyperscalers vs. the labor market, international stocks are outperforming, Taylor Swift, junk stocks, the top 1% vs. the bottom 90% and more. This episode is sponsored by Betterment Advisor Solutions and Vanguard. Grow your RIA, your way by visiting: https://Betterment.com/advisors Learn more about Vanguard at: https://www.vanguard.com/audio 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

Click on a timestamp to play from that location

0:00.0	Today's show is brought to you by our sponsors at Betterment Advisor Solutions. If you happen to be thinking, there's got to be a better way to grow my RAA. You're not alone. With Betterment Advisor Solutions, we do the heavy lifting so you can focus on what matters most, your clients, from improved service that makes asset transition smoother to fast, paper-free onboarding that delights clients on day one. We've built a digital first platform designed to streamline your operations and make life easier.
0:24.1	Now, if you're thinking, wow, they take the paper out of paperwork?
0:27.5	You'd be right.
0:28.8	Grow your RIA your way with Betterment Advisors Solutions.
0:32.8	Learn more at betterment.com slash advisors.
0:35.3	Investing involves risk, performance not guaranteed.
0:38.0	Today's show is brought to you by Vanguard. To all the financial advisors listening,
0:42.1	let's talk bonds for a minute. Capturing value and fixed income is not easy. Bond markets are
0:46.4	massive, murky and let's be real. Lots of firms. Throw a couple fleshy funds your way and call
0:50.3	it a day, but not Vanguard. At Vanguard, institutional quality isn't a tagline. It's a
0:55.0	commitment to your clients. We're talking top-grade products across the board of over 80 bond
0:59.7	funds, actively managed by a 200-person global squad of sector specialists, analysts, and traders.
1:06.0	These folks live and breathe fixed income. So if you're looking to give your clients consistent results year
1:11.5	in and year out, go see the record for yourself at vanguard.com slash audio. That's vanguard.com
1:17.1	slash audio. All investing is subject to risk Vanguard Marketing Corporation distributor.
1:26.9	Welcome to Animal Spirits, a show about markets, life, and investing.
1:31.2	Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.
1:36.4	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Ridholt's wealth management.
1:42.7	This podcast is for informational purposes only and should not be relied upon for any
1:46.9	investment decisions.
1:48.5	Clients of Ridholt's wealth management may maintain positions in the securities discussed
1:52.2	in this podcast.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from The Compound, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Compound and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.