Welcome to Animal Spirits, a show about markets, life, and investing.

Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching.

Michael Batnik and Ben Carlson worked for Ritholz 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 Ritholz wealth management. This podcast is for informational purposes only. not be relied upon for

for informational purposes only and should not be relied upon for

investment decisions.

Clients of Ritholz wealth management may maintain positions in the securities

discussed in this podcast. Welcome to Animal Spirits with Michael and Ben.

Michael, if you had to name a winner from the financial crisis, who would it be?

Rich people?

Yeah, that's actually kind of works. So according to a Bloomberg article by

Jason Kelly, private equity won the financial crisis. So he says a decade since the world economy

almost came apart, big banks are more heavily regulated and scrutinized.

Hedge funds which live on the volatility. Central banks have worked so hard to quash, have

multi-loss their flare, but the firm's once known as Leverage Bioshops are thriving.

Almost everything that's happened since 2008 has tilted in

their favor, low interest rates, a political friendly environment, and a long

list of clients. Actually, QE did not kill volatility. What does that even mean? Stocks still go up and down.

Yeah, that's true. I think that's just a good hedge fund excuse. But wouldn't you say some of the

luster has been lost on hedge funds in terms of their rank as masters of the universe.

Well obviously. Yeah but so he had a few stats in here.

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