Welcome to Animal Spirits, a show about markets, life, and investing.

Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, and watching.

Michael Batnick and Ben Carlson work for Ritalt 12th Management.

While opinions expressed by Michael and Ben or any podcast guests are solely their own opinions

are subject to change based on market and other conditions and factors and do not

reflect the opinion of Rinalt's wealth management, State Street Global Markets, and or State Street

corporations and its affiliates. This podcast is for informational purposes only and should not

be relied upon for investment decisions.

Clients of Redholz wealth management may maintain positions in the securities discussed in this

podcast.

We are sitting here with Matt Bardolini, head of Spider America Research.

Matt, thanks for coming on.

Yeah, thanks for having me on.

Bet and I were just talking about this on the podcast.

Has there ever been a sector that is outperformed during a bull market and then the bear market and then the

subsequent recovery. What we're seeing with tech, obviously.

Based on the research that we have, I don't think we've seen anything like that.

I think it goes to show the type of sort of market cycle we've witnessed already in 20-20,

where we've had three different type of cycles.

heading into 2020, we're in a a slowdown that we had a recession that lasted

ultimately two months if we've used in our research around the LEI year-year change and now since

April that of April we're in recovery.

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