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The Compound and Friends

What Tom Lee's Worried About in 2026

The Compound and Friends

Josh Brown

Investing, Business, News, Business News

4.72.2K Ratings

🗓️ 30 January 2026

⏱️ 78 minutes

🧾️ Download transcript

Summary

On episode 227 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Fundstrat's Tom Lee to discuss: market headwinds in 2026, why Tom is still bullish, the precious metals rally, the crypto bear market, Tesla's big bet on robots, and much more! This episode is sponsored by Franklin Templeton.  Learn more at https://franklintempleton.com/muniETFs Sign up for The Compound Newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠instagram.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Twitter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠twitter.com/thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠linkedin.com/company/the-compound-media/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ TikTok: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠tiktok.com/@thecompoundnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Franklin Templeton Disclosure: Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at https://franklintempleton.com. Please read it carefully. All investments involve risk, including possible loss of principal. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply.  Franklin Distributors, LLC. Member FINRA/SIPC. 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 Josh Brown 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

You like this weather? You're a skier, right?

0:02.0

I was a skier, but I had two ACL surgeries. So I'm only skiing from my mind. It's an imaginary skiing now. Yeah, virtual. I'm too old to have another injury. Somebody asked me recently if I wanted to go skiing. I don't know how to ski. It's too late. I'm going to die. No, it's not too late. Can't learn. No, my body. I'm going to tear something too. I mean, if you like rollerblade or ice skate.

0:24.0

No, you's not too late. No, my body. I'm going to tear something too. If you like rollerblade or ice skate. No, your instinct is right. I was at dinner with Rob Sechin in Florida, like 10 days ago. And he was telling us, like, stories of his ski injuries. Like, this guy, he has beaten the shit out of himself. Yeah, he's got, like, titanium all over his body. Yeah, he's kind of bionic. He has, like, a couple fake knees. He's almost an optimist, I told him, like an optimist robot. Yeah. He was saying he was a mogul skier. I'm like, I know what a mogul is. What does that mean? He's like, just bumps the whole way down. Well, who the fuck would do that?

1:12.1

That sounds like the worst part of skiing. Skiing attracts some really extreme wish takers. So he goes, oh, J.B., I love it. I love the mogul. I ski the mogul. He doesn't he from Pittsburgh? Where's that accent from? I don't know. Yeah, he did. He grew up in like Pennsylvania. But that accent is not from Pennsylvania. That's not a Pennsylvania accent. He's like, J.B. You know I love the moguls. Yeah, it's like, it's a little bit like, maybe he watched like Fat Albert growing up, you know. What is this? What is this? What? My laptop's a JFK.

1:28.3

No, no, no, no, no. I know that. I mean, you're... So that's what's going on? No, no. The actual color of your icons. I've never seen that. Yeah. Stick around, kid. I like it. Stick around. Keep your eyes open. You never know how I'm going to surprise you. hit the, speaking of Apple, whatever.

1:45.2

I hit the emoji button of Apple, whatever.

1:45.2

I hit the emoji button or like the emoji to like create yourself.

1:50.9

And Apple's AI created me, but like I have like lots of hair.

1:55.7

Like it looks nothing.

1:56.6

I'm a bald guy.

1:58.4

Like how is that?

1:59.4

You must have bought the premium package. Yeah. Right? I guess. All right, here's the picture of me. There's zero percent chance. Yeah, I want to see it. I mean... Oh, it's so cute. It's the neat. It looks like your son, dude. That looks like your kid. Let me say it. What in the world? He said that's good. But you're like in a bubble. They put you in like a... However, we spoke in an event yesterday. Hard to believe it's yesterday. And they made those funco doll. What are those called? Oh, Funkos. Funkos. So they made dolls of us, me and Michael. And mine had a full head of blonde hair. Mine is bald. And Michael's was like literally baby Stewie from family guy. That is reminiscent of you. AI is going to take all of our jobs? Come on. Not the illustrative. Come on. But that's like a meta-al. Remember how they have the meta-world or whatever?, the mic too is out on the board? Metaverse. Yeah. Okay. All right. All right. All right. All right. All right. Let's, uh, ooh. Let's do some pods. We have a full house. I'm a little bit nervous. Big audience. Did I get to meet everybody? Who are? Hi, guys. We have an Alexa and Emily. Are you guys all

3:08.4

fun strat? Wait, from what is it called? Will you hire my daughter? She's a PR major at University

3:17.3

of Miami. She needs an internship. Yeah. Josh, do you know Ron Insana? Yeah, of course.

3:25.5

Emily Insana.

3:26.3

No.

3:27.4

Really?

3:28.6

I love your dad.

3:30.0

How's he doing?

3:31.1

Okay.

3:32.0

All right.

3:34.0

He's one of my faves.

...

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