What is Upper Middle Class? (EP. 422)

Animal Spirits Podcast

The Compound

News, Business News, Business, Investing

4.8 • 2K Ratings

🗓️ 23 July 2025

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On episode 422 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss: why stock market returns can't be 15% per year forever, putting the Mag 7 into context, small caps are cheap, retail runs the show now, Opendoor is the new meme stock, investing is easy, owning 50% of a single stock in your Roth IRA, explaining Bitcoin, the Midwest real estate boom, losing your iPhone and more! This episode is sponsored by Vanguard and YCharts Learn more about Vanguard at: https://vgi.vg/3GbOsYM Click the link, https://go.ycharts.com/one-big-beautiful-bill-act?utm_source=Animal_Spirits&utm_medium=Original_Research&utm_campaign=OBBBA_Deck&utm_content=Podcast to download the deck for free, and get 20% off your initial YCharts Professional subscription when you start your free YCharts trial through Animal Spirits (new customers only) Sign up for The Compound newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Find complete show notes on our blogs: Ben Carlson’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Michael Batnick’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation. 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 Ben Carlson 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/ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today's show is brought to you by Vanguard.
0:02.1	To all the financial advisors listening, let's talk bonds for a minute.
0:04.8	Capturing value in fixed income is not easy. Bond markets are massive, murky, and let's be real, lots of firms throw a couple of flashy funds your way and call it a day. But not Vanguard. At Vanguard, institutional quality isn't a tagline. It's a commitment to your clients. We're talking top- products across the board of over 80 bond funds actively managed by a 200-person global squad of sector specialists,
0:26.2	analysts, and traders. These folks live and breathe fixed income. So if you're looking to give
0:30.4	your clients consistent results year in and year out, go see the record for yourself at vanguard.com
0:35.9	fixed income. Institutional equality in this context is meant to convey a level of professional rigor and expertise combined with low cost.
0:43.5	To learn more, visit vanguard.com.
0:46.4	All investing is subject to risk.
0:48.2	Investments and bonds are subject to interest rate, credit, and inflation risk.
0:51.8	Copyright 2025, the Vanguard Group, Inc.
0:54.0	All Rights Reserve Vanguard Marketing Corporation distributor. credit, and inflation risk, copyright 2025, the Vanguard Group, Inc., all rights reserved,
0:55.1	Vanguard Marketing Corporation distributor.
0:58.2	Today's show is also brought to you by our friends at Y charts.
1:01.7	I don't have you heard the news, Ben, there was a bill passed.
1:03.9	It was big.
1:04.9	It was beautiful.
1:06.8	And there are some things in there that our clients need to know.
1:10.1	Yeah.
1:10.4	So Y charts got right to work, rolled out a new deck to help you tackle those conversations head on.
1:15.3	Understanding, like, let's figure out how this impacts your situation.
1:20.0	So inside this report, you'll get a breakdown of the key changes, especially for the high network clients and business owners, estate tax, charitable strategies.
1:28.8	It's also visuals to help people understand why it doesn't make sense to chase the headlines
	...

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