Never Pay Off Your Mortgage (EP. 436)

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 29 October 2025

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On episode 436 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss how behavior drives bull markets, how many companies outperform the S&P 500, bubble predictions, 5x ETFs, $20 lunches, surviving the AI capex boom, we need lower housing prices, why private credit is an easy sale to make, Halloween decorations and more. This episode is sponsored by Nuveen and Invesco. Invest like the future is watching. Visit https://www.nuveen.com/future to learn more. Visit https://www.invesco.com/ to learn more about their comprehensive fixed income solutions and how they can help strengthen your portfolio's foundation. 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. What does it mean to invest like the future is watching?
0:05.7	As one of the largest global investment leaders managing $1.3 trillion in public and private assets,
0:12.2	Newveen is uniquely positioned to take on tomorrow today.
0:15.5	Combining over 125 years of deep expertise across income with innovative alternative solutions,
0:20.7	Neveen adapts to the needs of investors as they change, offering reliability, access, and
0:24.6	foresight to its clients, communities, and the global economy, all in the pursuit of lasting
0:28.3	performance. Nouveen. Invest like the future is watching. Visit nubene.com slash future to learn more.
0:33.9	Investing involved risk, principal loss is possible.
0:36.9	Today's show is brought to you by Investco.
0:39.0	Now might be a good time for some stability.
0:41.9	Investco's fixed income solutions are designed to help you find some.
0:45.4	With the Fed's policy shifts creating both challenges and opportunities across the yield
0:49.3	curve, having experienced fixed income managers in your corner has never been more important.
0:54.4	Investco's team of 182 fixed income investment professionals managed $518 billion in assets,
1:00.7	giving them the scale and expertise to navigate any market conditions.
1:04.5	Whether you're looking to add investment-grade bonds or municipal bonds to your portfolio,
1:07.7	Invesco's fixed income strategies are designed to help find the stability
1:11.1	you may need. Visit Invesco.com to learn more about their comprehensive fixed income solutions
1:15.5	and how they can help strengthen your portfolio's foundation. Invesco, let's rethink possibility.
1:25.4	Welcome to Animal Spirits, a show about markets, life, and investing.
1:29.6	Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.
1:34.8	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Riddholz wealth management.
	...

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