Talk Your Book: Investing in the All Weather Strategy

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 29 September 2025

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this episode of Animal Spirits: Talk Your Book, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Matt Bartolini from State Street Investment Management and Chris Ward from Bridgewater Associates to discuss: the SPDR Bridgewater All Weather ETF, the strategy's origins, how it works, the fees involved and much more. 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. Check out the latest in financial blogger fashion at The Compound shop: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://idontshop.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 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. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today's Animal Spirits Talk Your book is brought to you by State Street Investment Management.
0:03.6	Go to state street.com slash all weather to learn more about the Spider Bridgewater All Weather
0:07.8	ETF, ticker ALLW, that's all W, state street.com slash all weather to learn more.
0:16.8	Welcome to Animal Spirits, a show about markets, life, and investing.
0:25.5	Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.
0:31.9	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Ridholt's wealth management.
0:37.6	This podcast is for informational purposes only and should not be relied upon for any investment decisions.
0:41.8	Clients of Ridholt's wealth management may maintain positions in the securities discussed in this podcast. Welcome to Animal Spurts with Michael and Ben. The ETF wrapper,
0:51.2	one of the best financial inventions ever. That might be a stretch, but maybe not.
0:57.0	I mean, of the last 50 to 70 years, I think you'd have to say almost definitely. Yeah. Well,
1:04.6	the all-weather approach, which Ray Dalio invented, along with this team in 1996, has now made it to the world of ETFs.
1:14.5	And the demand is obviously strong.
1:16.2	They launched this earlier in the year.
1:18.0	And as of Monday, September 15th, it's already got almost $400 million in assets,
1:23.6	which is pretty remarkable.
1:24.8	What a launch.
1:25.4	This is not like Bitcoin or anything,
1:28.1	but like given that it's a relatively boring by design strategy, holy cow. Yeah, it's a diversified
1:34.6	portfolio. I'm guessing the brand recognition, not only in Bridgewater, but all weather itself,
1:40.1	probably has a lot to do with this, right? The all weather thing. I remember, I think I looked,
1:43.8	they released the white paper in 2012. And I read it. probably has a lot to do with this, right? The all-weather thing. I remember, I think I looked,
2:17.8	they released the white paper in 2012, and I read it right when it came out. And it's, I don't know, it's a pretty long paper. Not to brag, I read the whole thing, but by myself, no chat GPT back then. And I still remember that. I'm going to guess you skimmed. No offense. No, I still remember the whole framework of it. And it's, it is, I mean, the whole idea behind it is, is interesting. And it's one of those things where I think there's some very extreme opinions on it. Some people like can't stand the idea of using leverage and levering up bonds. And some people like, no, this makes sense because you're, you're putting things on an equal playing field in terms of their volatility and you're utilizing leverage in an in an intelligent way.
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