Never Go All in on Stocks (EP. 437)

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 5 November 2025

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On episode 437 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss bad breadth, a historical melt-up in tech stocks, the case against an AI bubble, sequence of return risk, the economy that's better for parents than their grown-up kids, demographic warfare, why tariffs are so confusing, the data center buildout, AI chart crimes, Michael Saylor and more. This episode is sponsored by YCharts and Vanguard. Download YCharts’ Great Wealth Transfer Deck free at: https://go.ycharts.com/winning-the-next-generation-of-wealth?utm_source=Animal_Spirits&utm_medium=Original_Research&utm_campaign=Great_Wealth_Transfer&utm_content=Podcast 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

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0:00.0	Today's Animal Spirits is brought to by Whitecharts. If you're an advisor, here's a stat that might make you pause.
0:05.5	Four out of five heirs fired their parents' advisor after inheriting wealth. That's not just lost
0:11.9	relationships. It's lost revenue. Over the next 20 years, $84 trillion is expected to change hands.
0:17.6	The biggest risk to your business is in the market. It's not connecting with the next generation before the money moves. Whitecharts just released its great wealth
0:24.4	transfer deck built to help you protect your book, stay relevant, and start those next
0:28.4	gen conversations now. It's packed with charts, visuals, and talking points that make
0:32.2	inheritance and family planning easy to explain. Download it free using the link in the show notes
0:36.5	and turn the great wealth transfer into your next growth opportunity. Today's show is brought to by Vanguard. To all the
0:42.6	financial advisors listening, let's talk bonds for a minute. Capturing value in fixed income is not
0:47.6	easy. Bond markets are massive, murky and let's be real. Lots of firms. Throw a couple fleshy
0:51.8	funds your way and call it a day, but not Vanguard. At Vanguard, institutional quality isn't a tagline. It's a commitment to your clients.
0:58.8	We're talking top-grade products across the board of over 80 bond funds, actively managed by a 200-person global squad of sector specialists, analysts, and traders.
1:08.2	These folks live and breathe fixed income.
1:11.5	So if you're looking to give your clients consistent results year in and year out,
1:14.8	go see the record for yourself at vanguard.com slash audio.
1:18.2	That's vanguard.com slash audio.
1:20.2	All investing is subject to risk, Vanguard Marketing Corporation distributor.
1:33.9	Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching. All opinions
1:39.1	expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of
1:43.4	Ridholt's wealth management.
1:44.9	This podcast is for informational purposes only and should not be relied upon for any investment
1:49.5	decisions. Clients of Ridholt's wealth management may maintain positions in the securities
	...

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