The Case for a Year-End Melt-Up

The Compound and Friends

Josh Brown

Business News, News, Investing, Business

4.7 • 2.2K Ratings

🗓️ 21 November 2025

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

On episode 218 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Warren Pies to discuss: Nvidia earnings, how the market will end the year, solutions to America's housing affordability crisis, and much more! This episode is sponsored by Public and Vanguard. Fund your Public account in five minutes or less by visiting ⁠https://public.com/compound⁠ Learn more about Vanguard at: ⁠https://www.vanguard.com/audio Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 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 Josh Brown 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/⁠⁠⁠ All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC. See terms and conditions of Public’s ACATS & IRA Match Program. Matched funds must remain in the account for at least 5 years to avoid an early removal fee. Match rate and other terms of the Match Program are subject to change at any time. Alpha is an experimental AI tool powered by GPT-4. Its output may be inaccurate and is not investment advice. Public makes no guarantees about its accuracy or reliability—verify independently before use. *Rate as of 9/26/25. APY is variable and subject to change. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to The Compound and Friends.
0:12.6	All opinions expressed by Josh Brown, Michael Batnik, and their castmates are solely their own opinions and do not reflect the opinion of Redholt's wealth management.
0:20.9	This podcast is for informational purposes only and should not be relied upon for any investment
0:25.2	decisions. Clients of Riddholt's wealth management may maintain positions in the securities
0:29.5	discussed in this podcast. All right. Ladies and gentlemen, welcome to the compound and friends.
0:37.6	We have a returning champion.
0:40.8	One of our favorite guests, Michael and I are so excited to welcome Warren Pyes back to the show.
0:46.6	For what we believe, maybe his fifth appearance.
0:50.4	He is our Tom Hanks.
0:52.9	We got to come up with a robe or a jacket.
0:55.6	Warren Pyes is the co-founder and chief strategist of 314 research.
0:59.6	Prior to founding 314 research, Warren led Ned Davis Research's energy and commodity strategy.
1:06.3	Warren is a contributor to numerous media outlets, including the Wall Street Journal and CNBC.
1:12.5	Warren, thank you so much for joining us for this special remote but all the way lit
1:17.5	edition of TCAF. We love to see you.
1:20.0	Thank you for having me. Number five, I think that, I don't know if that's setting a record,
1:24.1	but it feels important. Feels good. It's a bubble in Warren Pyes, and all we're doing is fueling it. That's right, yeah, baby. The best kind of bubble. Good to have you. Michael, how'd you sleep last night? Not great. Yeah. Not great. Well, so here's what I did. I had a mescal. I had a bourbon drink. You don't have to say all that you drank last night. I was there.
1:48.5	I'm just saying a decanter of red wine because who doesn't do that? And then what I have a beer and went to sleep? It's not, not ideal. But we're going to power through. Okay. Inio reported last night, one of the best earnings quarters I have ever seen any publicly traded company report.
2:07.5	I think the setup was really interesting.
2:10.1	The amount of doubt going into it, not doubt about Nvidia, but doubt about the theme
2:14.7	and whether or not it's gone too far um had us in a situation
2:18.9	where uh invidia went into the report into one of the biggest drawdowns it's ever been in
	...

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