The Biggest Rug Pull of Our Lives (EP.332)

Animal Spirits Podcast

The Compound

Business News, News, Investing, Business

4.7 • 2.1K Ratings

🗓️ 1 November 2023

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

On episode 332 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why so many people hate this economy, anecdotes vs. data, a depression in the mortgage industry, the good news about falling stock prices, small caps look cheap, consumers need a recession, and much more! Thanks to Kaplan Schweser for sponsoring this episode. Learn more about how they can help you prepare for the CFA at: https://www.schweser.com/cfa?utm_source=animal_spirits_podcast&utm_medium=podcast&utm_campaign=infl_partnership&utm_content=cfa 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 animalspirits@thecompoundnews.com 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. Wealthcast Media, 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

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0:00.0	Today's animal spirits is brought to you by Kaplan Schweiser.
0:04.4	The CFA program is not an easy test. I don't think anybody would describe it as easy.
0:08.8	No. The pass rates. I was looking at the pass rates. I think they've gone down over time,
0:14.3	but I've got a theory. So, actually, nevermind. Disregard the theory that I didn't even share.
0:19.6	That's how bad it was. I think there's more people taking it now.
0:22.4	That's what I was going to say, but I don't know if that's true. My theory was going to be like,
0:25.2	I think a lot of people in 2021 were like, eh, like I'll just give it a shot, right?
0:30.7	But even in 2023, August 2023. So, these are not given a shot. In August 2023,
0:35.9	the pass rate was only 37%. That's crazy. Do these people not know Kaplan Schweiser?
0:41.2	I feel like if I had to guess those that are just taking it with the CFA study material,
0:47.6	which are literal like giant textbooks, have to be way lower than those that are using
0:54.4	test preps like Kaplan Schweiser. So, I see 2022, there was 82,000 people who were candidates
0:59.5	for level one and 40,000 for level two. Obviously, you get weeded out for the people who don't pass,
1:04.3	but yes, you need to do everything you can. Does this surprise you that the pass rate,
1:09.8	so we're just using August, level one was 37%, level two was 44%, level three was 47%.
1:16.4	I mean, it's a little lower than when we took it, but not that much. It's always been relatively low.
1:20.5	I mean, if you're going to put the time in, you might as well buy a study guide to
1:24.6	help the one-page cheat sheet with all the formulas. Oh, yeah, I forgot about that one.
1:29.5	The cafeteria special. I'm going to go out on the limits. No, no, no, I'm going to go against the
1:33.7	grain. Level three, that's the hardest one for me. Really? I thought it was level two. Yeah,
1:39.5	because a lot of people drop out at level two. I actually thought level three was the easiest
1:43.2	for me, which is surprising. That was the only one I walked out and I said, I definitely passed this.
	...

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