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

hosted by Michael Bannick 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 Holtz 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.

It's pretty wild that the Dow, and yes I'm a Dow quarter, the Dow made a new high an all-time high early October.

It feels like a long time ago. It's only 13 sessions ago.

Do you also talk about the Dow in terms of point moves as well instead of percentage changes depends

what I'm talking to that's a new will move well today we're going to start off the show

talking about a New York Times article Wall Street loves these risky loans the

rest of us should be wary.

And so they show a chart of the market

for collateralized debt obligations

versus collateralized debt obligations versus collateralized loan obligations and maybe not surprisingly

CTOs have the market for CDAs a shrink since the GFC while the market for CLOs has skyrocketed.

...