The Age of Discontentment (EP. 441)

Animal Spirits Podcast

The Compound

News, Investing, Business, Business News

4.8 • 2K Ratings

🗓️ 3 December 2025

⏱️ 73 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On episode 441 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss why boring plain vanilla portfolios are hard to beat, predicting the 2026 stock market, Robinhood is Netflix, teens investing in stocks, all-time highs in rich people, the case against an AI crash, the crypto crash, how expensive housing is changing behaviors, ranking the best Disney rides, YouTube is eating TV, the joys of homeownership and more. This episode is sponsored by YCharts and Fabric by Gerber Life. Register for the December 9th Charts That Defined 2025 webinar with Josh Brown, here https://get.ycharts.com/resources/webinars/the-charts-that-defined-2025/ And start your free YCharts trial through Animal Spirits (new customers only) at https://go.ycharts.com/animal-spirits Join the thousands of parents who trust Fabric to help protect their family. Apply today in just minutes at: https://meetfabric.com/SPIRITS Sign up for The Compound newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 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. 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. 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. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information. Obviously nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. See our disclosures here: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Today's Animal Spirits is brought to you by Y-Charts.
0:03.0	2025 was a wild year with rate cuts, rotations, polychers' concepts, and plenty of noise, but advisors know the headlines aren't what matter. It's the data underneath. And if you're trying to help clients make sense of everything that happened, Y-Charts has you covered. On December 9th, our very own Josh Brown is teaming up with Whitechart CEO, Sean Brown, no relation,
0:21.8	for a live webinar breaking down the charts that defined 2025, they'll walk through the visuals
0:25.7	that actually drove investor behavior this year from sector surprises to sentiment swings,
0:29.9	and show how top advisors are turning those moments into clear, more confident client conversations.
0:34.3	You'll also get the full charts that define 2025 deck packed with visuals. You can
0:38.9	plug directly into year-end reviews, proposals, and reports. Register using the link in the show notes
0:43.3	and get 20% off your initial Y-charts professional subscription when you start your free Y-charts trial
0:48.3	through animal spirits, new customers only. Today's episode is brought to you by Fabric by Gerber Life.
0:53.9	Every year, Ben, at this time,
0:55.7	as the calendar turns over. People say to themselves, that's it. No more procrastination.
1:01.7	One of those things that people procrastinated about often is life insurance. But guess what?
1:06.2	It can actually be quick, affordable, and essential, of course. Fabric by Gerber Life makes it easy to start the year feeling like you've handled something major for your family. Fabric by Gerber Life is term life insurance you can get done today, made for busy parents like you, all online, on your schedule, right from your couch. You can be covered under 10 minutes with no health exam required. If you've got kids, and especially if you're young and healthy, the time to lock in low rates is now. Fabric has partnered with Gerber Life trusted by millions of families like yours for over 50 years. Join the thousands of parents who trust Fabric to help protect their family. Apply today in just minutes at meetfabric.com slash spirits. That's meetfabric.com slash spirits. M-E-T-Fabric.com slash spirits.
1:46.3	Policies issued by Western Southern Life Assurance Company not available in certain states,
1:50.0	prices subject to underwriting and health questions.
1:57.1	Welcome to Animal Spirits, a show about markets, life, and investing.
2:01.3	Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.
2:06.4	All opinions expressed by Michael and Ben are solely their own opinion and do not reflect the opinion of Riddholt's wealth management.
2:12.8	This podcast is for informational purposes only and should not be relied upon for any investment decisions.
2:18.5	Clients of Ridholt's wealth management may maintain positions in the securities discussed in this
2:22.6	podcast.
2:26.7	Welcome to Animal Spirits with Michael and Ben.
	...

Transcript will be available on the free plan in 1 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from The Compound, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The Compound and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.