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 worked 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 Ritholz wealth management.

This podcast is for informational purposes only. not be relied upon for

for informational purposes only and should not be relied upon for

investment decisions.

Clients of Ritholz wealth management may maintain positions in the securities

discussed in this podcast.

Ben, when people are having debates and... and the securities discussed in this podcast.

Ben, when people are having debates inside of the market, especially these days, it's growth versus value.

What is never or rarely mentioned is momentum. Why not?

I'm blaming Morningstar.

Half kidding.

But if you look at the Style Box thing on Morningstar,

it's growth value large, small in terms of equity.

There's no momentum on there.

I don't know if that really matters, but it's never been a factor that people think about that much. And I think it's only in recent years people have really talked about it enough because it's one of those ones that is so hard to just understand intuitively. I know it was a concept for me that was hard

to grasp and it never really made sense until I had people like Mebb Faber

or West Grey that could explain it in a way that I understood it. I think most people think that's not investing that's

gambling. What do you mean you're going to buy something and sell it higher? Why because somebody else is going to pay more? Where's the due

...