Talk Your Book: The People's Index

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 11 August 2025

⏱️ 38 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, Managing Director at State Street Investment Management to discuss: investing in the Dow Jones Industrial Average, a history of the Dow, how it compares to the other indexes, and 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 to your book is brought to you by State Street Investment Management.
0:04.2	Go to state street.com slash investment dash management to learn more about their ETF for the
0:10.3	people's index, the Dow, ticker DIA at state street.com slash investment dash management for more
0:16.6	information.
0:19.7	Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael
0:24.5	Batnik and Ben Carlson as they talk about what they're reading, writing, and watching. All opinions
0:29.7	expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of
0:34.0	Ridtholt's wealth management. This podcast is for informational purposes only and should not be relied upon for any investment
0:40.1	decisions.
0:41.2	Clients of Ridholt's wealth management may maintain positions in the securities discussed
0:44.9	in this podcast.
0:49.3	Welcome to Animal Spirits with Michael and Ben.
0:52.4	Michael, the Dow has been around since 1896, 1897, is that correct?
0:58.4	I think it's 1896. So one of the weird things about the Dow is that it's a price-weighted index.
1:04.0	And we talked to Matt Bartolini from State Street today all about this. And I never thought to realize, like, why, why did they do it like this?
1:12.6	And one of the reasons that they did it like this, Matt mentioned, and I kind of chat GPTed it to
1:18.3	make sure it made sense, is they didn't have the computing power to make these crazy
1:23.7	indexes back in the day. And the staying power of this that it's, I don't know, fast approaching, 130, it's
1:30.5	130 years or so being around.
1:32.7	They did a price index back then because it was the easiest way they could calculate it.
1:37.2	I never thought about that.
1:38.5	Did you?
	...

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