State of the American Investor (EP. 427)

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 27 August 2025

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

On episode 427 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss what happens to the stock market after Fed rate cuts, is this 1996 or 1999, why value stocks need a recession, investors love options, how people invested before the Internet, why we need a correction and much more. This episode is sponsored by Invesco. To learn more about Invesco’s income advantage ETFs. Visit https://www.invesco.com/income-advantage 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 episode is brought to you by Invesco. Adding income has its advantages.
0:04.1	Investco's income advantage ETFs are designed to provide consistent monthly income and maintain
0:08.7	growth potential, all with less volatility and downside risk mitigation.
0:13.1	Access some of the world's best known stock indexes now with added income with Investco's
0:17.1	income advantage ETFs. Investco, let's rethink possibility. To learn more about Investco's income advantage ETFs, visit investco.com slash income dash advantage.
0:27.0	There are risks when investing in ETFs, including possible loss of money.
0:31.1	ETFs risks are similar to those of stocks.
0:33.9	Investments in the tech sector are subject to greater risk and more volatility than more diversified
0:38.5	investments. Before investing, consider the fund's investment objectives, risks, charges,
0:42.8	and expenses. Visit investco.com for a prospectus containing this information.
0:46.9	Read it carefully before investing. Investco Distributors, Inc.
1:00.0	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.
1:05.0	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Ridholt's wealth management.
1:11.4	This podcast is for informational purposes only and should not be relied upon for any investment
1:16.0	decisions. Clients of Ridholt's wealth management may maintain positions in the securities
1:20.4	discussed in this podcast. Welcome to Animal Spirits with Michael and Ben. As the summer winds to a close, it is time to look forward to the fall.
1:32.2	Is that right, Ben?
1:33.6	Yeah.
1:34.6	You live your life one season at a time.
1:37.6	So Ben and I are going to Las Vegas in November for the FPA annual conference. We will be wrapping it up. When are we speaking?
1:47.7	November 5th. Ben, you and I have never been to Vegas together. Is that right? No, I haven't played
1:53.0	Blackjack in a long time. So I was just thinking like, man, I can't wait to play Blackjack again.
	...

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