Animal Spirits Podcast

Talk Your Book: How to Eliminate Negative Alpha

10 Feb 2025

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Cole Wilcox, Founder and Chief Investment Officer of ...

The Dumbest Trade War (EP.398)

05 Feb 2025

Contributed by Lukas

On episode 398 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the financial impact of tariffs, why AI could save the stock market, market...

Talk Your Book: Bitcoin for Anyone

03 Feb 2025

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Matt Kaufman, SVP, Head of ETFs at Calamos to discuss...

Your Budget Sucks (EP.397)

29 Jan 2025

Contributed by Lukas

On episode 397 of Animal Spirits, Michael Batnick and Ben Carlson discuss: Future Proof Citywide in Miami, the DeepSeek rug pull on Nvidia, what this ...

Talk Your Book: The Private Credit Opportunity Set

27 Jan 2025

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Kyle Brown, CEO, President, and CIO of Trinity Capita...

Trump Coin (EP.396)

22 Jan 2025

Contributed by Lukas

On episode 396 of Animal Spirits, Michael Batnick and Ben Carlson discuss: a memecoin from the President, what's next for the crypto industry, the gol...

Talk Your Book: 3 Reasons to Buy Bonds

20 Jan 2025

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Dave Braun, Managing Director and Generalist Portfoli...

A Key Market Signal (EP.395)

15 Jan 2025

Contributed by Lukas

On episode 395 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the devastating fires in LA, why homes are the most important financial ass...

Talk Your Book: Moneyball Meets Private Equity

13 Jan 2025

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Greg Bond, CEO of Man Numeric and Head of the America...

Predictions For 2025 (EP.394)

08 Jan 2025

Contributed by Lukas

On episode 394 of Animal Spirits, Michael Batnick and Ben Carlson discuss: all sorts of predictions for the upcoming year, the AI bubble, the roaring ...

Talk Your Book: Direct to Consumer Venture Capital

06 Jan 2025

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Elia Infascelli, Partner and CEO of The Cashmere Fund...

It Was a Very Good Year (EP.393)

01 Jan 2025

Contributed by Lukas

On episode 393 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the year that was in the stock market, expectations for 2025 returns, the S...

Talk Your Book: Conviction in Growth Investing

30 Dec 2024

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Charly Travers, Portfolio Manager at Motley Fool Asse...

Talk Your Book: The Economy is not the Stock Market with David Rosenberg

29 Dec 2024

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by David Rosenberg, Founder and President of Rosenberg R...

All In on US Stocks (EP.392)

25 Dec 2024

Contributed by Lukas

On episode 392 of Animal Spirits, Michael Batnick and Ben Carlson discuss: healthy corrections, rate cuts vs. the stock market, terrible sentiment tow...

Talk Your Book: Looking for the Next NVDA

23 Dec 2024

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Nick Frasse, Product Manager at VanEck, and Angus Shi...

Eff You Money (EP.391)

18 Dec 2024

Contributed by Lukas

On episode 391 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the prospects for another 20% year in the stock market in 2025, the U.S. ec...

Talk Your Book: Buy Low, Sell High in China

16 Dec 2024

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson talk to Brendan Ahern from KraneShares about Chinese tech stocks...

The Bears Capitulate (EP.390)

11 Dec 2024

Contributed by Lukas

On episode 390 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the 4 biggest types of investment mistakes, bears throwing in the towel, Bi...

Talk Your Book: Matching Longs with Shorts

09 Dec 2024

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Mick Rasmussen, Portfolio Manager at Wasatch Global I...

The Mother of All Bubbles (EP.389)

04 Dec 2024

Contributed by Lukas

On episode 389 of Animal Spirits, Michael Batnick and Ben Carlson discuss: US exceptionalism in markets and the economy, losing all of your retirement...

Talk Your Book: J.P. Morgan's Guide to ETFs

02 Dec 2024

Contributed by Lukas

On this episode of Animal Spirits: Talk Your Book, Michael Batnick and Ben Carlson are joined by Jon Maier, Chief ETF Strategist and Shayan Hussain, H...

The Leverage Mania (EP.388)

27 Nov 2024

Contributed by Lukas

On episode 388 of Animal Spirits, Michael Batnick and Ben Carlson discuss: great stock market returns so far for 2024, Bluesky vs X, the impact of tar...

Talk Your Book: Animal Spirits Live

25 Nov 2024

Contributed by Lukas

On today's show, we are live from Chicago with Alex Morris, Chief Investment Officer of F/m Investments to discuss why investors are still crowded on ...

Everybody in the Pool (EP.387)

20 Nov 2024

Contributed by Lukas

On episode 387 of Animal Spirits, Michael Batnick and Ben Carlson discuss: 7 years of Animal Spirits, the miracle of US equities, the wall of worry ha...

Talk Your Book: Investors Love Cash Flow

18 Nov 2024

Contributed by Lukas

On today's show, we are joined by Barry Martin, Portfolio Manager of Shelton Equity Income Fund to discuss what it means to have shares called away, w...

The Bitcoiners Won (EP.386)

13 Nov 2024

Contributed by Lukas

On episode 386 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why Trump won, how the Dems fumbled the economic messaging, how this will i...

Talk Your Book: Infrastructure Investing

11 Nov 2024

Contributed by Lukas

On today's show, we are joined by Jon Levin, CEO of GCM Grosvenor and Mark Gatto, Co-Founder and Co-Chief Executive Officer of CION Investments to dis...

A Once in a Lifetime Investment Opportunity (EP.385)

06 Nov 2024

Contributed by Lukas

On episode 385 of Animal Spirits, Michael Batnick and Ben Carlson discuss: Warren Buffett's massive cash pile, the performance of the average stock th...

Talk Your Book: Longevity Income

04 Nov 2024

Contributed by Lukas

On today's show, we are joined by Nate Conrad, Head of LifeX at Stone Ridge Asset Management to discuss how longevity income ETFs work, what LifeX is ...

The Cost of the American Dream (EP.384)

30 Oct 2024

Contributed by Lukas

On episode 384 of Animal Spirits, Michael Batnick and Ben Carlson discuss: changing narratives in the markets, why interest rates are rising, why you ...

Talk Your Book: The Next Big Short

28 Oct 2024

Contributed by Lukas

On today's show, we are joined by Jared Dillian, Founder of Jared Dillian Money to discuss Jared's bearishness on private equity, understanding the de...

Talk Your Book: Marketing is Everything with Seth Godin

24 Oct 2024

Contributed by Lukas

On today's show we talk with Seth Godin about his new book, This is Strategy, along with why everyone is in sales, how to produce good content, how to...

The Envy of the World (EP.383)

23 Oct 2024

Contributed by Lukas

On episode 383 of Animal Spirits, Michael Batnick and Ben Carlson discuss: stock market return expectations for the next decade, why there's no euphor...

Talk Your Book: Factor Investing with Dimensional Fund Advisors

21 Oct 2024

Contributed by Lukas

On today's show, we are joined by Rob Harvey, Co-Head of Product Specialists at Dimensional Fund Advisors to discuss how DFA separates itself as an as...

The 1990s Really Were Better (EP.382)

16 Oct 2024

Contributed by Lukas

On episode 382 of Animal Spirits, Michael Batnick and Ben Carlson discuss: an unbelievable run for the stock market, diversification vs. hedging, an u...

Talk Your Book: Yield at What Cost?

14 Oct 2024

Contributed by Lukas

On today's show, we are joined by Jonathan Molchan, Managing Partner at STF Management to discuss how the trend following rules work, issues with trad...

Money Buys Happiness (EP.381)

09 Oct 2024

Contributed by Lukas

On episode 381 of Animal Spirits, Michael Batnick and Ben Carlson discuss: calling a top in the stock market, why people don't trust data, the economy...

Talk Your Book: Private Equity Deals with Ted Seides

07 Oct 2024

Contributed by Lukas

On today's show, we are joined by Ted Seides, founder of Capital Allocators to discuss his new book, Private Equity Deals: Lessons in investing, dealm...

The Most Bullish Backdrop (EP.380)

02 Oct 2024

Contributed by Lukas

On episode 380 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the biggest risk to the real estate market, why bull markets are different ...

Talk Your Book: The Next Catalyst for Crypto Assets

30 Sep 2024

Contributed by Lukas

On today's show, we are joined by Chris Kuiper, Director of Research, and Matt Horne, Head of Digital Asset Strategists for Fidelity Digital Assets to...

Are You Middle Class? (EP.379)

25 Sep 2024

Contributed by Lukas

On episode 379 of Animal Spirits, Michael Batnick and Ben Carlson discuss: our experience at Future Proof, melt-up possibilities in the stock market, ...

Talk Your Book: Opportunities in Commercial Real Estate Debt

24 Sep 2024

Contributed by Lukas

On today's show, we are joined by Richard Byrne, President of Benefit Street Partners to discuss the chaos within the commercial office space sector, ...

The Michael & Ben Origin Story (EP.378)

18 Sep 2024

Contributed by Lukas

On episode 378 of Animal Spirits, Michael Batnick and Ben Carlson discuss: how Ben got started in the industry and eventually arrived at Ritholtz Weal...

Talk Your Book: Investing in Free Cash Flow

16 Sep 2024

Contributed by Lukas

On today's show, we spoke with Michael Mack, Associate Portfolio Manager for Victory Capital to discuss how to calculate free cash flow, if the Mag 7 ...

When Your Friends Are Richer Than You (EP.377)

11 Sep 2024

Contributed by Lukas

On episode 377 of Animal Spirits, Michael Batnick and Ben Carlson discuss: a bad week for the stock market, why foreign stocks are so cheap, the stat...

Talk Your Book: Dividend Stocks are Cheap

09 Sep 2024

Contributed by Lukas

On today's show, we spoke with Jennifer Chang, Portfolio Manager and Executive Director for Schafer Cullen to discuss utilizing active management with...

Founder Mode (EP.376)

04 Sep 2024

Contributed by Lukas

On episode 376 of Animal Spirits, Michael Batnick and Ben Carlson discuss: Josh Brown's new book, an excellent year for investors, how bullish investo...

Talk Your Book: Balancing Risk and Yield

02 Sep 2024

Contributed by Lukas

On today's show, we are joined by Priya Misra, Portfolio Manager for the JPMorgan Core Plus Bond ETF to discuss why private credit has gotten so popul...

What is Wealth? (EP.375)

28 Aug 2024

Contributed by Lukas

On episode 375 of Animal Spirits, Michael Batnick and Ben Carlson discuss: Jerome Powell's speech at Jackson Hole, Nvidia millionaires, financial voic...

Talk Your Book: Finding Small Cap Diamonds in the Rough

26 Aug 2024

Contributed by Lukas

On today's show, we spoke with Brandon Nelson, Senior Portfolio Manager for Calamos to discuss Calamos' favorite small cap sectors, why small caps hav...

Talk Your Book: Alt Goes Mainstream with Michael Sidgmore

24 Aug 2024

Contributed by Lukas

On today's show, we are joined by Michael Sidgmore, Partner and Co-Founder of Broadhaven Ventures to discuss all things Alternatives, how that world h...

Inflation or Price Gouging? (EP.374)

21 Aug 2024

Contributed by Lukas

On episode 374 of Animal Spirits, Michael Batnick and Ben Carlson discuss: what an average year in the stock market looks like, Seinfeld on consumers,...

Talk Your Book: Quality Growth Investing

19 Aug 2024

Contributed by Lukas

On today's show, we are joined by Kevin Walkush, Portfolio Manager at Jensen Investment Management to discuss what quality means to Jensen, why META w...

Boomers vs. Millennials (EP.373)

14 Aug 2024

Contributed by Lukas

On episode 373 of Animal Spirits, Michael Batnick and Ben Carlson discuss: a history of stock market flash crashes, the end of the travel boom, why th...

Talk Your Book: Back to the Futures Market

12 Aug 2024

Contributed by Lukas

On today's show, we are joined by Jerry Prior III, COO & Senior Portfolio Manager of Mount Lucas Management to discuss what managed futures are, how p...

Flash Crash or Recession? (EP.372)

07 Aug 2024

Contributed by Lukas

On episode 372 of Animal Spirits, Michael Batnick and Ben Carlson discuss: market mayhem, Japan's 1987 crash moment, Jerome Powell's legacy game at Ja...

Talk Your Book: The Housing Market with Mike Simonsen

05 Aug 2024

Contributed by Lukas

On today's Talk Your Book, we are joined by Mike Simonsen, Founder and President of real estate analytics firm Altos Research to discuss how easy to a...

How to Pick the Winners (EP.371)

31 Jul 2024

Contributed by Lukas

On episode 371 of Animal Spirits, Michael Batnick and Ben Carlson discuss: how small cap stocks got so cheap, how to improve your chances of outperfor...

Talk Your Book: Investing in BlackRock's Mega Forces

29 Jul 2024

Contributed by Lukas

On today's show, we are joined by Jay Jacobs, U.S. Head of Thematic and Active ETFs to discuss BlackRock's favorite Mega Force themes to invest in, in...

Talk Your Book: Investing in Corporate Culture

27 Jul 2024

Contributed by Lukas

On today's show, Michael Batnick and Ben Carlson are joined by Kristof Gleich of Harbor Capital and Scott Colson of Irrational Capital to discuss how ...

Living the Dream (EP.370)

24 Jul 2024

Contributed by Lukas

On episode 370 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why the stock market doesn't care who the president is, the U.S. stock mark...

Talk Your Book: Future Proof 2024

20 Jul 2024

Contributed by Lukas

On today's show, we spoke with Matt Middleton, Founder and CEO of Future Proof to discuss changes and updates to Future Proof 2024, breakthru meetings...

Fast Food Inflation (EP.369)

17 Jul 2024

Contributed by Lukas

On episode 369 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the two types of Fed rate cuts, a positive outcome from high inflation, the...

Talk Your Book: Trend Following with Eric Crittenden

15 Jul 2024

Contributed by Lukas

On today's show, Ben Carlson and Michael Batnick spoke with Eric Crittenden, CIO of Standpoint Asset Management to discuss adjusting for bias within d...

Buying a House at the Top of the Market (EP.368)

10 Jul 2024

Contributed by Lukas

On episode 368 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why the stock market never really changes, why this is the hardest it's eve...

Talk Your Book: Public and Private Market Credit Opportunities

09 Jul 2024

Contributed by Lukas

On today's show, Ben Carlson and Michael Batnick are joined by Ben Santonelli, Lead Portfolio Manager of Polen Capital's Credit Opportunities Strategy...

Talk Your Book: Why We Don't Build Enough Houses

06 Jul 2024

Contributed by Lukas

On today's show, Ben Carlson and Michael Batnick are joined by Coby Lefkowitz, Partner at Backyard to discuss why homebuilding has slowed, why buildin...

Living Paycheck-to-Paycheck (EP.367)

03 Jul 2024

Contributed by Lukas

On episode 367 of Animal Spirits, Michael Batnick and Ben Carlson discuss: U.S. domination of the world stock market, how credit spreads work, how the...

Talk Your Book: Income Outcome Investing

01 Jul 2024

Contributed by Lukas

On today's show, Ben Carlson and Michael Batnick are joined by Hamilton Reiner, Managing Director, Portfolio Manager, and Head of US Equity Derivative...

Who Owns the Stock Market? (EP.366)

26 Jun 2024

Contributed by Lukas

On episode 366 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the biggest difference between bull and bear markets, cyclical vs. secular ...

Talk Your Book: Growth Stock Concentration

24 Jun 2024

Contributed by Lukas

On today's show, Ben Carlson and Michael Batnick are live from Charleston, joined by Kathleen McCarragher, a Portfolio Manager for Jennison Associates...

The Fed Needs to Cut (EP.365)

19 Jun 2024

Contributed by Lukas

On episode 365 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why it's finally time for the Fed to cut rates, when valuations will matter...

Talk Your Book: A $20 Trillion Dollar Market Opportunity

17 Jun 2024

Contributed by Lukas

On today's show, we are joined again by Bob Long, CEO of StepStone Private Wealth to discuss the basics of private credit, how the Dodd-Frank Act affe...

Bankless & Animal Spirits

16 Jun 2024

Contributed by Lukas

On this special episode of Animal Spirits, Michael Batnick and Ben Carlson are joined by Ryan Sean Adams and David Hoffman, of the Bankless podcast, t...

Addicted to Trading (EP.364)

12 Jun 2024

Contributed by Lukas

On episode 364 of Animal Spirits, Michael Batnick and Ben Carlson discuss: our trip to Charleston, slowing vs. normalization of the economy, the lonel...

Talk Your Book: Utilizing Dividends for Income

10 Jun 2024

Contributed by Lukas

On today's show, we spoke with Chris Floyd, VP and Portfolio Manager for Franklin Templeton Investment Solutions to discuss how rates affect high-divi...

The Consumer is Slowing Down (EP.363)

05 Jun 2024

Contributed by Lukas

On episode 363 of Animal Spirits, Michael Batnick and Ben Carlson discuss: what happens if the AI bubble bursts, 200 years of stock market concentrati...

Talk Your Book: Supply and Demand Always Wins

03 Jun 2024

Contributed by Lukas

On today's show Ben Carlson and Michael Batnick are joined by Sal Gilbertie, CEO of Teucrium to discuss the cost of production and commodities, how in...

Has the World Gone Crazy? (EP.362)

29 May 2024

Contributed by Lukas

On episode 362 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the great Bill Walton, how many people own stocks and houses in America, ho...

Talk Your Book: Growth Stage Debt Investing

27 May 2024

Contributed by Lukas

On today's show, Ben Carlson and Michael Batnick are joined by Kyle Brown, CEO, President, and CIO of Trinity Capital to discuss how the Trinity Capit...

Wages Are Beating Inflation (EP.361)

22 May 2024

Contributed by Lukas

On episode 361 of Animal Spirits, Michael Batnick and Ben Carlson discuss: losing a family pet, the S&P 500 is not the economy, everything is up this ...

Talk Your Book: Higher For Longer

20 May 2024

Contributed by Lukas

On today's show, Ben Carlson and Michael Batnick are joined by Alex Morris, President and Chief Investment Officer of F/m Investments to discuss what ...

When Will Houses Be Affordable Again? (EP.360)

15 May 2024

Contributed by Lukas

On episode 360 of Animal Spirits, Michael Batnick and Ben Carlson discuss: pullbacks in bull markets, the legend of Jim Simons, if 401(k)s were a mist...

Talk Your Book: Defining Risk with Structured Protection ETFs

13 May 2024

Contributed by Lukas

On today's show, Ben Carlson and Michael Batnick spoke with Matt Kaufman, SVP and Head of ETFs at Calamos Investments to discuss: why embedding option...

Fighting Inflation (EP.359)

08 May 2024

Contributed by Lukas

On episode 359 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the suffocating bull market, the other side of government debt, Jerry Seinf...

Talk Your Book: Bitcoin Flows

06 May 2024

Contributed by Lukas

On today's show, Ben Carlson and Michael Batnick are joined by Christopher Jensen, Director of Digital Assets Research for Franklin's Digital Asset In...

Negative Arbitrage (EP.358)

01 May 2024

Contributed by Lukas

On episode 358 of Animal Spirits, Michael Batnick and Ben Carlson discuss: Michael vs. StubHub, inflation at Disney is undefeated, 30 years of stock m...

Talk Your Book: Hedging Your Portfolio with Options

29 Apr 2024

Contributed by Lukas

On today's show, Ben Carlson and Michael Batnick are joined by Eric Metz, President, and Chief Investment Officer of SpiderRock Advisors to discuss, t...

A Healthy Pullback (EP.357)

24 Apr 2024

Contributed by Lukas

On episode 357 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why the stock market needed a correction, why the 1990s is an outlier (in m...

Talk Your Book: The Bull Case for India

22 Apr 2024

Contributed by Lukas

On today's show, we are joined by Anupam Ghose, Managing Partner at System Two Advisors to discuss: why the China story is different than the India of...

The Yeah But Bull Market (EP.356)

17 Apr 2024

Contributed by Lukas

On episode 356 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why the stock market isn't down more, why the price of oil isn't up more, i...

Talk Your Book: Diversifying Away From the Magnificent 7

15 Apr 2024

Contributed by Lukas

On today's show, we spoke with Ed Egilinsky, Managing Director, Head of Alternatives, and Head of Sales and Distribution at Direxion to discuss: flows...

Enjoy the Bull Market While it Lasts (EP.355)

10 Apr 2024

Contributed by Lukas

On episode 355 of Animal Spirits, Michael Batnick and Ben Carlson discuss: how we prioritize our spending, 1987 vs. the Covid Crash, crazy index fund ...

Talk Your Book: Emerging Market Fundamentals

08 Apr 2024

Contributed by Lukas

On today's show, we are joined by Rahul Sharma, Portfolio Manager and Executive Director of Schafer Cullen Capital Management to discuss: China's effe...

The Never-Ending Travel Boom (EP.354)

03 Apr 2024

Contributed by Lukas

On episode 354 of Animal Spirits, Michael Batnick and Ben Carlson discuss: inflation helping corporate profits, what's going on with chocolate, airpor...

Talk Your Book: Preserving Your Capital

01 Apr 2024

Contributed by Lukas

On today's show, Ben Carlson and Michael Batnick are joined again by Jason Barsema, Co-Founder and President of Halo Investing to discuss: investing i...

The Roaring Twenties (EP.353)

27 Mar 2024

Contributed by Lukas

On episode 353 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why the elements are in place for a boom-time decade, why household allocat...

Talk Your Book: Finding a Bottom in China

25 Mar 2024

Contributed by Lukas

On this episode, Ben Carlson and Michael Batnick are joined by Jonathan Shelon, Chief Operating Officer of KraneShares to discuss: an economic update ...

Talk Your Book: Return Stacking

23 Mar 2024

Contributed by Lukas

On this episode, Ben Carlson and Michael Batnick are joined by Corey Hoffstein of Newfound Research to discuss: managed futures, return stacking, usin...