Animal Spirits Podcast

The discussion kicks off with reflections on Warren Buffett's unparalleled legacy and investment wisdom. The hosts dive into market dynamics, revealing a stark contrast between Wall Street's bearish sentiment and retail investors' bullish outlook. With a nod to historical perspectives on tariffs, they also tackle the implications of rising costs on consumers. The chat lightens up with anecdotes on health and drinking habits, while pondering the role of alcohol in social situations. Finally, they touch on shifting trends in the film industry and the importance of understanding market fundamentals.

Shiloh Bates, Partner and CIO of Flat Rock Global and author of "CLO Investing," joins the conversation to discuss the intricacies of collateralized loan obligations (CLOs). He explains how CLOs perform during recessions and the factors to consider in CLO equity investing. The talk covers the dynamics of private credit, highlighting investment strategies amidst economic uncertainty and the importance of selecting top-performing CLO managers. Bates also shares insights on the education needed for navigating risks while maximizing income opportunities.

On episode 410 of Animal Spirits, Michael Batnick and Ben Carlson discuss: a wild month of stock market performance, bear market rallies, a shift in tariffs, Amazon fighting back, an update on earnings, thoughts on conferences, a new Netflix recommendation, and much more! This episode is sponsored by Innovator ETFs. Visit: ⁠http://innovatoretfs.com/⁠ to learn more. Sign up for The Compound newsletter and never miss out: thecompoundnews.com/subscribe 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. 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

On this episode of Animal Spirits: Talk Your Book, ⁠Michael Batnick⁠ and ⁠Ben Carlson⁠ are joined by Nick Kalivas, Head of Factor & Core Equity Product Strategy at Invesco to discuss the research behind equal weighting, concentration within the S&P 500, looking at flows during the selloff in 2025, factor performance, and much more! 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.   Check out the latest in financial blogger fashion at The Compound shop: ⁠https://www.idontshop.com⁠ 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. See our disclosures here: ⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠ 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of Animal Spirits: Talk Your Book, ⁠Michael Batnick⁠ and ⁠Ben Carlson⁠ speak with Abundance author Derek Thompson about his new book, what it means in the current environment, why the supply chain is so important for consumers and what comes next in the trade war. This episode is sponsored by Betterment Advisor Solutions. Grow your RIA your way at: https://www.betterment.com/advisors 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.   Check out the latest in financial blogger fashion at The Compound shop: ⁠https://www.idontshop.com⁠ 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. See our disclosures here: ⁠https://ritholtzwealth.com/podcast-youtube-disclosures/⁠ 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

The hosts humorously compare today's market fluctuations to those of 1929 and 1932. They discuss the impact of tariffs on small businesses and navigate the challenges of the falling dollar. Retail behavior shows resilience as younger generations continue to buy the dip. Insights on Bitcoin reveal it is decoupling from traditional trends. The light-hearted exchange also touches on the unpredictable nature of the economy, all while weaving in personal anecdotes that add a relatable touch to the market's complexities.

In this engaging conversation, Jason Greenblath, VP at American Century Investments, shares insights on navigating short-duration fixed income amidst economic volatility. He discusses strategies for remaining active during recessions and managing inflationary spikes. Christian Hoffmann, Head of Fixed Income at Thornburg Investment Management, dives into global credit market opportunities and the implications of heightened volatility. They explore the challenges posed by rising interest rates and the shifting dynamics of investment risk in today's financial landscape.

Barry Ritholtz, Co-founder of Ritholtz Wealth Management and author of How Not To Invest, shares insights on navigating the complexities of investing with transparency and humility. He emphasizes the impact of behavioral biases and the dangers of letting political sentiments dictate investment choices. Alex Morris, founder of The Science of Hitting Investment Research and author of Buffett and Munger Unscripted, adds his take on historical investment strategies and the relevance of lessons learned from past crises. Together, they discuss the importance of informed decision-making in a noisy market.

The hosts tackle the fallout from recent trade policies and how a declining dollar impacts the market. They discuss rising yields and cooling recession predictions amidst a stock market panic. Personal anecdotes highlight the struggle between enjoying family time and keeping up with market chaos. They delve into shifting consumer sentiments, the role of technology in family dynamics, and the challenges of today’s housing market. The conversation whimsically contrasts popular media trends with real-life economics, offering insights that are both informative and entertaining.

Matt Bartolini, Managing Director at State Street Global Advisors, brings his expertise on mid-cap stocks and ETFs to the discussion. He highlights the unique opportunities mid-cap companies offer amidst market volatility. The conversation delves into the importance of a profitability screen and how policy uncertainty impacts these stocks. Bartolini also provides insights on ETF flows expected in 2025 and discusses the shift in investment interest from U.S. equities to European markets, offering a comprehensive look at the evolving landscape of mid-cap investments.