Welcome to Animal Spirits, the podcast that takes a completely different look at markets and investing,

hosted by Michael Baddick and Ben Carlson, two guys who study the markets as a passion,

and invest for all the right reasons.

Michael Batnik and Ben Carlson work for Rit Holt's wealth management.

All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions and do not reflect the opinion of

Ritt Holt's wealth management. This podcast is for informational purposes only and

should not be relied upon for investment decisions. Clients of Ritthold's

wealth management may maintain positions in the securities discussed in this podcast

Welcome to Animal Spirits with Michael and Ben. We are looking at a chart on the left-hand side it says go pass it versus active and on the left hand side it says go passive versus active and on the bottom

otherwise known as the X axis it says 25 to 75th percentile of returns and it shows

the variance of different asset classes and this is

David Swenson's advice and it starts from US bonds to US equities to hedge funds to

buyouts to venture and the point of the chart and that was that was very

wordy,

we'll include this in the show notes, is for bonds you go passive,

for equities you go a little bit more active

and on the bottom, all the way in the bottom,

you get the venture capital.

So speaking of going active with venture capital,

Morgan, what do you think of this chart?

My first reaction when I saw this was,

shouldn't it be the opposite, actually?

...