All-Time Highs Should Feel Better Than This
Animal Spirits Podcast
Outlook for 2026: catch-up vs AI unwind
Ben and Michael debate whether 2026 will be a catch-up year for beaten-down cyclicals or continued AI re-pricing.
On episode 443 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the stock market rally is broadening out, no one wants an AI bubble, the return outlook for 2026, Howard Marks on how to invest today, hedging an AI bubble, concentration risk, financial markets don't care about labor markets yet, the worst part about inflation, data centers in space, the housing outlook for 2026 and more.
This episode is sponsored by YCharts and Vanguard.
- This episode is sponsored by YCharts. download Charts That Defined 2025, and start your free YCharts trial through Animal Spirits (new customers only) at https://go.ycharts.com/animal-spirits
- Learn more about Vanguard at: https://www.vanguard.com/audio
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Find complete show notes on our blogs:
Ben Carlson’s A Wealth of Common Sense
Michael Batnick’s The Irrelevant Investor
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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.
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