Talk Your Book: Valuation Still Matters

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 2 June 2025

⏱️ 31 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 Scott Blasdell, Portfolio Manager and Don San Jose, Chief Investment Officer of the U.S. Value Team at J.P. Morgan to discuss what value means today, looking for quality within value, why valuation still matters, why the wine business is in trouble, 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. J.P. Morgan Disclosure: Investing involves risks, including loss of principal. J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. 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 J.P. Morgan. Go to jp.morgon.com to learn more about the JPMorgan Active Value ETF. That's ticker Java, J.A. It's JPMorgan.com to learn more.
0:15.2	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.
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.
0:46.8	Back in 2016 when I was writing my book and doing research on the chapter of Ben Graham,
0:54.3	I think I was reading articles that he wrote in Fortune.
0:56.8	I think it was Fortune in like the 1930s.
0:59.1	And there used to be companies, listed companies on the stock exchange that were trading
1:06.2	at a lower valuation than cash they had on the balance sheet.
1:12.5	So in a hypothetical world, had you just bought the stock or bought all the stock
1:16.8	and then took the cash and liquidated whatever assets it had, you could have made money.
1:23.6	Yeah.
1:24.0	He's bought a bunch of those, right?
1:25.3	The cigar butt approach.
1:26.5	So I think those disappeared probably like Buffett was doing that.
1:30.8	They probably disappeared in the 60s or 70s, certainly.
1:32.7	By that point, they were gone.
1:34.1	So that style of value investing, long way behind us.
1:38.7	That stuff doesn't work anymore.
1:40.1	So we actually spoke about this day with Don and Scott.
	...

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