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Animal Spirits Podcast

Talk Your Book: Turning Capex Into Cashflow

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.82K Ratings

🗓️ 23 June 2025

⏱️ 30 minutes

🧾️ Download transcript

Summary

On this episode of Animal Spirits: Talk Your Book, ⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Sean O'Hara, Director at Pacer Financial and President at Pacer ETFs to discuss why free cash flow is important, how the index is constructed, how momentum works, valuations within growth stocks, and much 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://www.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 Your Book is brought to you by Pacer ETFs.com.

0:04.0

To learn more about the Pacer NASDAQ, top 50 cash cows growth leaders ETF,

0:09.0

QQ, again, that's Paceretoffs.com, to learn more.

0:13.0

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

0:19.0

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

0:24.6

All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Riddholz wealth management.

0:30.9

This podcast is for informational purposes only and should not be relied upon for any investment decisions.

0:36.7

Clients of Riddholt's wealth management may maintain positions in the securities discussed in this podcast.

0:44.8

Welcome to Animal Spirits with Michael and Ben.

0:47.3

On today's show, we are joined by Sean O'Hara.

0:50.3

Sean is the director of Pacer Financial and the president at Pacer ETS.

0:56.2

Free cash flow.

0:58.9

What a bear that was on the CFA test, right?

1:02.6

I remember I had a whiteboard.

1:04.3

I hate whiteboards.

1:05.6

Big anti-whiteboard guy.

1:07.1

But I did have a whiteboard in my bedroom with all of the different formulas.

1:11.3

Remember free cash flow to the firm, free cash flow to operations?

1:14.0

You remember that stuff?

1:14.9

I definitely had a couple of sheets that were like laminated on both sides.

1:19.4

Do you start with net operating profit after tax or do you start with EBIT?

1:22.2

Ooh, horrible.

...

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