Today's animal spirits talk your book is brought to you by Poland Capital.

Go to PolandCapital.com to learn more about their international small growth fund that we're

going to talk about in today's show. 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. Michael Batnik and Ben Carlson work for RIT Holt's 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 RIT Holt's wealth management. This podcast

is for informational purposes only and should not be relied upon for investment decisions.

Clients of RIT Holt's wealth management may maintain positions in the securities discussed in

this podcast. Welcome to Animal Spirits with Michael and Ben. One of the themes we've talked about

a little bit over the years, for one of the reasons we're not worried about all the money moving

into index funds is because the majority of the money that's going into index funds is probably

coming out of closet index funds that were active. They chart to hire fee. They basically track

the index. Now they're just doing so in a more tax-efficient, lower cost way. I think

what we're going to see more and more of going forward is a barbell in the fund world where we have

index funds on one side, index funds in ETFs, really low fee beta in the future is probably going

to be free or you're going to get paid for it. On the other side, we have niche funds in highly

concentrated funds that hold fewer stocks. That's where we're headed. If you're in the middle,

you're out of luck. If you're on one of the ends of the barbell, you're probably going to do

just fine. It's the way it should be. Yes. So looking at polling capitals, small-cap growth fund,

an international growth fund, which we're going to talk about in the show, I haven't heard of

a single top 10 holding. No. Well, there's probably few small caps internationally that you know of

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