Animal Spirits Podcast

On this two-part episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson speak with Jason Greenblath of American Century Investments about short duration fixed income, remaining active during recessions, inflationary spikes and fixed income. Then, at the 21:30 mark, the guys speak with Christian Hoffmann of Thornburg Investment Management to discuss opportunities in global credit markets, recession risk, heightened volatility, the Fed and inflation, and much more!Find complete show notes on our blogs:Ben Carlson’s A Wealth of Common SenseMichael Batnick’s The Irrelevant InvestorFeel 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.comInvesting 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

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.

The hosts dive into the chaotic aftermath of a stock market crash, examining how tariffs are reshaping perceptions of trade. They debate economic tensions and the impact on middle-class opportunities. Personal anecdotes about parenting and the absurdities of cabana rentals add humor to their discussion. They also touch on crypto's surprising resilience amidst downturns and share thoughts on movie nostalgia, blending reflections on cinema with insights on current market fluctuations. It's a mix of strategy, humor, and life trends.

Rahul Sharma, Portfolio Manager at Schafer Cullen Capital Management, dives into the exciting world of international stocks. He discusses the recent outperformance of these stocks compared to U.S. equities, driven by increased spending in Europe and opportunities in China. The conversation touches on the impact of a weakening dollar and how passive investment strategies might misprice international stocks. He also explores the advantages of mutual funds over ETFs for accessing emerging markets and emphasizes the importance of diversification in navigating global investments.

The hosts dive into auto tariffs and their potential impact on the economy, sparking discussions on consumer behavior and trade policies. They explore the uncertainty in the stock market, particularly for tech stocks, emphasizing the need for a long-term investment perspective. Wealth disparities are tackled, reflecting on 401(k) loans and private equity's effect on retirement savings. Humor emerges through anecdotes about expensive coffee and Canadian geese, while also reminiscing about 80s and 90s films and family life, creating a blend of serious and light-hearted insights.

Fran Rodilosso, Head of Fixed Income ETF Portfolio Management at VanEck, and Bill Sokol, VP and Director of Product Management, delve into the world of collateralized loan obligations (CLOs). They discuss the structure of CLOs and their appeal to investors amid economic uncertainty. The duo analyzes the persistence of low credit spreads and explores how CLOs perform during recessions. They also stress the importance of strategic credit selection and the growing interest in CLO ETFs as a safe investment avenue in volatile markets.

Discover how to become indispensable in the workplace while exploring the stock market's recent resurgence. The hosts delve into the intriguing dynamics of international stocks and consumer behavior, emphasizing that actions speak louder than words. They reflect on both the emotional aspects of investing during fluctuations and the unique challenges in the housing market today. With a sprinkle of humor, they touch on contemporary youth pressures and fondly reminisce about their favorite TV shows, creating a rich tapestry of insights.

Alex Morris, CEO of F/m Investments, joins the discussion alongside Senior Advisor Mark Spindel. They tackle the complexities of Treasury Inflation-Protected Securities (TIPS), revealing why they struggled in 2022 and the challenges of hedging against inflation. The duo introduces a new ultra-short TIPS fund aimed at individual investors, emphasizing the advantages of shorter-duration options. They also explore how ETFs can simplify access to TIPS, offering strategies to preserve purchasing power amidst economic uncertainty.