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.

Ben, let me ask your question. Are E.T.F.

going to crash the market?

I'm pretty sure they already created a bubble, so you wrote about this last week, and I

wrote about this before too.

Anytime the market goes against what someone thinks it should go.

They kind of look for a scapegoat.

And ETS have been the biggest one lately, I think.

And so there's this idea that passive investors and ETS and index funds

have created huge imbalances in the markets,

which is kind of crazy because this stuff happened well before these things even existed.

And so you linked to a piece from Eric

Belchunis of Bloomberg and he wrote he actually was writing for Vanguard and he

looked at stocks, bonds and gold in the US and ETF ownership in each of

...