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.

Michael Batnik and Ben Carlson worked for Ritholz 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 Ritholz wealth management.

This podcast is for informational purposes only. not be relied upon for

for informational purposes only and should not be relied upon for

investment decisions.

Clients of Ritholz wealth management may maintain positions in the securities

discussed in this podcast. Welcome to Animal Spirits of Michael and Ben.

In William Bernstein's The Four Pillars of Investing,

which is probably one of my favorite books on

understanding markets and portfolio management, I didn't read it until

probably 2009 or 2010. It was published in 2002 and he was writing as the markets

were still mending from the aftermath of the tech bubble and for some

reason this piece stuck out to me because we had just gotten through the great financial crisis.

So reading this at the time really just stuck in my head.

So he wrote, the great internet bubble will not be the last of its kind, but if history is any guide, we should not see anything approaching it until the next generation of investors takes leave of its senses sometime around the year 2030.

If the current generations gets caught

out again we should be very disappointed as no previous generation has been so

dense as to have been fooled twice, but then again the boomers have shown a singular

talent for gullibility and there is still plenty of time.

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