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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 Ritholds 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 Ritholds Wealth Management.

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decisions. Clients of Ritholds Wealth Management may maintain positions in the securities

discussed in this podcast. Ben, we spoke with Eric Schoenstein about their quality growth portfolio.

And I feel like quality is sort of a nebulous concept. It can mean different things

to different people. They have a fairly strict screen that they're using in concert with

fundamental analysis. But I was thinking about this after we got off the Zoom with him.

You hear like great stories all the time and they're really compelling and they make a lot of

sense. Then you go check the scoreboard. And it's often times disappointing. And in this case,

not that past performances indicative of future performance obviously, but they've done well

in an environment where if you're not equal way to Amazon Apple Microsoft, it's been challenging.

Especially with a more concentrated portfolio. So they loan like, this is their gents and quality

growth fund. They only 25 to 30 stocks. And we looked at the performance and they've beaten the

market over the long term. And they said it couldn't be done. But you're right. It is true. It's

much easier to tell a good story as an active manager than to actually like back up that story.

Because a lot of time you'll hear a good story and you'll say, well, we couldn't keep up because

these five companies have destroyed everything. And if you're in a concentrated portfolio,

...