Welcome to Animal Spirits, the podcast that takes a completely different look at markets and investing,

hosted by Michael Baddick and Ben Carlson, two guys who study the markets as a passion,

and invest for all the right reasons.

Michael Batnik and Ben Carlson work for Ritholz Wealth Management.

All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions and do not reflect the opinion of

Ritt Holt's wealth management. This podcast is for informational purposes only and

should not be relied upon for investment decisions. Clients of Ritthold's

wealth management may maintain positions in the securities discussed in this podcast.

Welcome to Animal Spirits with Michael and Ben. We're going to start the show up with a survey that was taken by the Wall Street Journal.

They showed six indicators that investors should pay attention to

when thinking about the next recession. High-yield bond spreads, yield curve, steepness,

deal activity, weekly jobless claims, investor sentiment, and what the market thinks.

And at the end, they let you vote on when you think the next bear market will start within three months, three to six months,

six months to a year, more than a year.

And I don't even remember what I clicked,

but I did click something so that I can see the results.

And we've got 49% of people thinking it's more than a year out

with the other 51% thinking that it's within a year.

And I'm sure the results will change but just another we don't need to go over the service

if we know what results aren't lousy which we'll get to later in the show but Ben.

I'm actually surprised that more people don't think it's going to come sooner since

markets are already in something of a down trend I don't think it's going to come sooner since markets are already in something of a

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