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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.

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and do not reflect the opinion of RIT Holt's Wealth Management.

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decisions. Clients of RIT Holt's Wealth Management may maintain positions in the securities

discussed in this podcast. Michael, we talk a lot on our show about

growth stocks and we've been having more and more conversations in recent months about

having sort of a risk management system when investing in these stocks.

And that seems so obvious in hindsight, but so hard to do when growth stocks are ripping.

So in 2020, no one was talking about we need to have some sort of risk management and rebalancing

or some sort of overlay to make these painful periods easier to stomach.

And that's needed to come into the forefront more and more now.

Well, in 2020, as these things were coming to their peak,

not that we knew that they were peaking in real time, but a lot of professional investors were like

this does not work over long periods of time. What's happening now is not sustainable

in terms of these Zoom being worth more than Xon. These are at the end of the day businesses

and they do eventually trade on fundamentals. The problem is for most investors,

certainly I would say myself included, we're not like doing the calculation of, okay,

...