Animal Spirits Podcast

The discussion kicks off with rising bond yields and the implications of government debt. The hosts delve into the strange dynamics of wealth in today's economy, contemplating why starter homes have disappeared. A humorous take on $97 salads leads to reflections on bear markets and the emotional toll on investors. The conversation also touches on retirement strategies and the allure of AI in modern investing, all wrapped in entertaining anecdotes about personal experiences and societal trends.

Ima Casanova is a Portfolio Manager for VanEck's gold and precious metals strategy. She dives into the intricacies of gold mining, discussing the evolution of companies from aggressive expansion to strategic capital allocation. The conversation highlights how gold prices influence mining profits and the role of demand from central banks. Listeners learn about constructing portfolios focused on gold miners and the potential of gold as a diversification tool in uncertain economic times. Casanova also shares insights on balancing investments between gold bullion and mining equities.

Samir Kerbage, CIO of Hashdex and co-creator of the NASDAQ crypto index, joins the conversation to unpack the evolving landscape of cryptocurrency. He discusses the surprising strength of Bitcoin, even amid economic challenges, and emphasizes the importance of viewing crypto as a diversified asset class. The dialogue touches on the construction of the Nasdaq crypto index and its potential impact on investment strategies. Kerbage also celebrates the launch of the first crypto index ETF, calling for investor education amidst the volatility of digital assets.

The hosts dive into how retail investing has transformed, emphasizing improved financial literacy among individuals. They examine current market dynamics, questioning long-term strategies versus impulsive reactions. Insights into wealth accumulation reveal intriguing trends, including the impact of demographic shifts on homeownership. Consumer sentiment is on the decline, raising inflation concerns, while travel anecdotes bring a humorous twist to financial discussions. They also touch on the cultural relevance of recent films, blending entertainment with economic observations.

The hosts dive into the dynamics of the stock market, highlighting the surprising resilience of younger retail investors. They discuss the implications of recent trade deals on market sentiment and scrutinize the rise of innovative financial strategies for 401k investments. The conversation also touches on the challenges and benefits of leveraging investments in a high-interest environment. With personal anecdotes about real estate and pop culture, they reflect on broader financial trends and the emotional aspects of investing.

Brendan Ahern, CIO at KraneShares and author of Chinalastnight.com, shares his insights on the shifting landscape of China's economy and tech sector. He delves into how changing investor sentiment towards Chinese stocks is influenced by trade tensions and geopolitical dynamics. The conversation highlights the unique behaviors of Chinese consumers, the impact of semiconductor conflicts on innovation, and the growing appeal of Hong Kong-listed stocks. Ahern breaks down the complexities of navigating this intriguing market for investors.

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