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The Compound and Friends

It's Like Free Money

The Compound and Friends

Josh Brown

Business News, News, Investing, Business

4.72.2K Ratings

🗓️ 12 December 2025

⏱️ 76 minutes

🧾️ Download transcript

Summary

On episode 221 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Joe Weisenthal and Tracy Alloway to discuss: Dow 50,000, AI and the market, cash on the sidelines, the Fed's latest move, 10 years of Odd Lots, and much more! This episode is sponsored by Neuberger Berman and Apex Fintech Solutions. Learn more about NBSD and get important information at https://www.nb.com/nbsd. NBSD from Neuberger. Learn more at https://apexfintechsolutions.com/augmented-advice Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ NB Disclosure: Investors should consider the Fund’s investment objectives, risks, fees, and expenses carefully before investing. This and other important information can be found in the Fund’s prospectus, and, if available, summary prospectus, which you can obtain by calling 877.628.2583. Please read the prospectus, and, if available, the summary prospectus, carefully before making an investment. Neuberger Berman BD LLC, is the distributor of the Fund and a FINRA member. 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 Josh Brown 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

But so that you don't stray from the mic, which you guys...

0:03.0

Yeah.

0:21.6

So this is going to be amazing. The sound effects are critical. Michael and I have a plan for this episode. Okay. We're just going to let you guys do an odd lots and chill out. We're just going to sit back. Can we just do questions? Yeah, that sounds great, actually. We're just going to hang and let you guys do what you do. Sick. How often are you in person at Bloomberg versus remote these days?

0:28.7

Because you do a lot of shows.

0:30.0

Joe is here all the time.

0:31.1

I'm there basically every day.

0:32.9

Trace is like four?

0:34.0

Yeah, three or four, I would say.

0:35.6

I usually go back on like either Mondays or Friday. Three or four? Three or four days? In the office. Yeah. It's not too bad. It's actually

0:42.2

really nice having Monday and Friday episode free.

0:45.5

Go back to where. Where do you go? Connecticut.

0:48.0

Okay. Are you guys noticing like the city is busier? And obviously it's seasonal.

0:53.1

But Josh, our train today and our train is not

0:56.0

porous okay we're from merrick these are people that come and work in the city it was literally

1:00.7

standing room only in the aisles the aisles were full totally i i've thought many times just generally

1:06.8

like if there is a recession you will not see any evidence of it in new york right now. Right now, New York City feels as busy as any time I can remember. Yeah. Not just post-pandemic, but period. But I will say, though, there's a noticeable difference between ridership on the subways on a Monday versus, like, a Tuesday. For sure. Like, Tuesday, my train is totally crowded. Monday, it's totally empty. Well, we have like, for a lot of people, we have a three-day in-person work week. Yeah. Which has become an unofficial, it's like a thing. Yeah. I run into a lot of people who are going in Tuesday, Wednesday, Thursday from the suburbs. My wife and I went out to see a comedy show a couple months ago in the East Village. It was just random night. And we had a babysitter. So we were like, oh, let's get dinner afterwards. And, like, we could not get a table. And I don't mean, like, at nice restaurants. I mean, even just, like, random little, like, divey Chinese places on a Friday night. Yeah. We just could not find a place to sit down anywhere. Where'd you go? Yeah, where...

2:03.7

We ended up finding a table at a bar at this place called Neruda, which is a Hawaiian restaurant. Oh, I know that place. There's Hawaiian restaurants. Yeah. It's New York City. There's everything restaurants. There's no... There's a Hawaiian barbecue place close to you. New York can't have a recession unless there's a financial crisis. Yeah, it feels like. Like New York because, no, no, no, I think the country could have a recession very easily. But I'm saying New York City, like what would it take for Broadway to be dark? COVID. What would it take? Right. Like, you need, like, an actual crisis. Crisis. I don't think, I don't think you have, like, just an economic slowdown and New York empties out. No way. Yeah, I agree with that. Famous last words. Yeah, exactly. So this is my crew. Amazing. How many people work on odd lots? We have three producers. We have a skeleton crew today. We're missing Nicole. Yeah, we're missing John and Nicole. That's right. So you have three as well? No, we have like 10. Oh, wow. I don't know. How many people are? Well, we have Duncan, Daniel, Travis is in California, and John and Nicole. John's in Japan. Well, I think our... In Japan? Yes. Are you, like, recording in Japan, or is that... We're expanding. We have strategically located him in Japan. We're looking for the best financial podcaster in Japan. We're John's going to find them. Well, what's your, what's your output? How many shows... Compound Japan? How many shows a week do you do? In Japanese.

3:25.5

Three, about, on average about three.

3:26.1

Three.

3:26.5

Yeah.

3:42.2

And do you tape them all that week or do you store any in the can from a week? I was just saying. Guys, those are rookie numbers. We usually have like a huge backlog because we can't get them out. We record a number of evergreen episodes. were like, we'll just, we have no idea when we're going to release it because it's not about something that's in the news, you know. So this is one of the toughest things about doing this. And I'm curious what you think. So we book this particular show out, as you know, three months in advance. Like, we're booking March right now, four months. I was surprised. Yeah. Yeah. But we have very important guests like you do. No, we have people whose

3:57.7

schedules are like you have to really have something out on the horizon. The, the hardest part

...

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