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.

You did a post last week where you looked at the first moderate investing advertisement, which was pretty cool and this is in

1948 and you found that they were charging 85 basis points per trade which

gets back to your point that you've made time and again that gross returns may be lower

going forward but net returns may be similar to what we've seen historically.

So I actually used the New York Times archive which you pointed me out to, to find this, and it was from like

1948, and that actually was mentioned on the Adlots Podcast, and so it was like the 7,000 word

scribe from Merrill Lynch back in the day.

And yeah, they kind of went through the whole process about how they did

trades back then and they made it sound like that was actually on the low end of things which

I'm sure it was because I'm sure the boiler rooms of the 60s 80s and, and even 90s, probably charged way more than that.

So yeah, I think it's just, this is why I think it pays to pay attention to the market structure in a lot of ways more than just like what's going on in each

and every environment trying to compare things across environments because it's just so hard.

So there was this Wall Street Journal article last week and it talked about how they have

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