Never Go All in on Stocks (EP. 437)

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Nov 5, 2025

Dive into intriguing discussions about the strange dominance of tech stocks and how they echo historical market bubbles. The conversation pivots to whether AI is overhyped or just getting started, and they tackle the generational economic gap impacting adult children. Expect to hear about the massive data center buildouts transforming the economy, the nuanced world of credit scores, and the perplexing dynamics of tariffs. Plus, explore the rising impact of AI on jobs and how demographics are shifting milestones in life.

01:14:27

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INSIGHT

Concentration Warps Breadth Signals

Index concentration makes breadth indicators misleading during short windows.
Large-cap tech dominance creates recurring divergences between internals and headline returns.

insights

INSIGHT

Today's Melt-Up Mirrors Past Episodes

The Nasdaq 100's 500% gain resembles historical melt-ups in magnitude and pace.
Fast, large gains raise concerns about lower expected future returns even without an obvious crash.

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ADVICE

Don't Be All‑In Near Retirement

If you're near retirement, avoid being all‑in on concentrated equities and increase diversification.
Maintain bonds or cash cushions to manage sequence‑of‑returns risk when withdrawing.

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Market concentration and odd breadth signals

01:59 • 2min

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Comparing this tech melt-up to historical bubbles

04:18 • 10min

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Is AI a bubble or in the early innings?

14:02 • 5min

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Should you stay invested in stocks until you die?

18:53 • 4min

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Why today's economy helps parents more than adult children

22:59 • 5min

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How demographics are shifting adult milestones

28:19 • 1min

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Do the richest 10% really account for half of consumption?

29:39 • 2min

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Household credit scores and financial fragility

31:45 • 3min

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Why tariffs look big in headlines but small in invoices

34:49 • 1min

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Meta’s Hyperion and the massive data-center buildout

36:04 • 4min

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Who benefits from the AI data center boom?

40:20 • 4min

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Is AI already killing white-collar jobs?

43:51 • 2min

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MicroStrategy earnings and the BTC balance-sheet puzzle

46:11 • 9min

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How are Bitcoin and gold performing amid macro moves?

54:55 • 2min

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Housing market K-shaped recovery and million-dollar sales

56:29 • 7min

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Deepfakes, scams, and the coming security arms race

01:03:56 • 2min

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Will home robots be adopted soon and how worried should we be?

01:05:55 • 1min

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Movie and culture picks from hosts

01:07:25 • 6min

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Talking Wealth podcast plug

• Mentioned in 23 episodes

1929

A Novel of the Jazz Age

Frederick Turner

This novel by Frederick Turner vividly captures the Jazz Age, weaving a story around Leon 'Bix' Beiderbecke, a jazz legend known for his brilliant yet troubled life. The narrative is framed by the memories of Henry Wise, who reflects on the era's excesses and the tragic figures that defined it. The book features cameos by notable figures like Louis Armstrong and Clara Bow, offering a rich tapestry of the period's music, culture, and societal upheaval.

#949

• Mentioned in 29 episodes

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This sound

Jeffrey West

The novel centers on two Chinese American siblings on the lam after their sometimes abusive father dies, leaving them to survive in a dreamscape that blends historical and mythological elements. The story is narrated by a sister whose gender is more fluid and includes elements of ghost narratives, gold, and tigers. Zhang's work challenges the traditional white-centered narratives of the American West, incorporating elements of her own cultural background and childhood experiences.

On episode 437 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss bad breadth, a historical melt-up in tech stocks, the case against an AI bubble, sequence of return risk, the economy that's better for parents than their grown-up kids, demographic warfare, why tariffs are so confusing, the data center buildout, AI chart crimes, Michael Saylor and more.

This episode is sponsored by YCharts and Vanguard.

Download YCharts’ Great Wealth Transfer Deck free at: https://go.ycharts.com/winning-the-next-generation-of-wealth?utm_source=Animal_Spirits&utm_medium=Original_Research&utm_campaign=Great_Wealth_Transfer&utm_content=Podcast

Learn more about Vanguard at: https://www.vanguard.com/audio

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 ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠animalspirits@thecompoundnews.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ 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.

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