The Irrelevant Investor

Talk Your Book: Diversification in Private Assets

Michael Batnick — Mon, 08 Jun 2026 11:00:00 +0000

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Today's Talk Your Book is sponsored by Invesco:

To learn more about Invesco click here: https://www.invesco.com/us/en/insights/alternatives-investment-outlook.html

On today’s show, we discuss:

Comparing the role of private and public equity in a portfolio
How advisors should think about carving out private assets
The illiquidity premium, embracing it rather than working around it
Understanding private credit, and the context behind headlines
Accessing infrastructure and real assets through evergreen structures

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

Charts:

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The Compound and Friends: Neil Dutta & Skanda on Why the Recession Signals Are All Wrong

Michael Batnick — Fri, 05 Jun 2026 11:00:00 +0000

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Build Your RIA Your Way with Betterment Advisor Solutions

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Today's Compound and Friends is brought to you by Nuveen and ClearBridge:

This episode is sponsored by Nuveen. Learn more about Nuveen’s comprehensive private markets platform at https://www.nuveen.com/en-us/insights/alternatives.

Rising geopolitical tensions, continued market uncertainty, stocks backed by can offer more predictable cash flows as volatility increases. To learn more, go to https://www.clearbridge.com/

The Compound and Friends:

The Compound and Friends

Join Downtown Josh Brown, Michael Batnick, and a rotation of their friends every Friday for expert insight and hot takes on the latest in business and investing.

podcasts.thecompoundnews.com/show/TCAF

On today’s show, we discuss:

Charts:

Tweets/Bluesky/LinkedIn:

Skanda Amarnath: The AI Boom’s Economic Impact Is Starting to Show Up | Nick Chester

Expenditures on AI is about to surpass the peak spending on housing at its 2005 peak spend. It's arguable it has already passed peak expenditure during the 1990s telecom/tech boom. "At close to 7% of the economy at the end of 2025, it's plausible that the AI boom would be on par with the share of the US economy housing investment represented at its 2005 peak." https://lnkd.in/gWc8cFSB First heard on The Compound

Neil Dutta:

LinkedIn: https://www.linkedin.com/in/dutta-neil/

Skanda Amarnath:

Twitter: https://x.com/IrvingSwisher?lang=en

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Animal Spirits: The Biggest Short Squeeze of All-Time

Michael Batnick — Wed, 03 Jun 2026 11:00:00 +0000

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Today's Animal Spirits is sponsored by Invesco and YCharts:

Visit https://www.invesco.com/ to learn more.

Visit https://go.ycharts.com/animal-spirits to get 20% off your initial YCharts Professional subscription (new customers only).

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

On today’s show, we discuss:

Charts:

Tweets/Bluesky:

Recommendations:

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Talk Your Book: Why Rising Rates Won't Hurt You Anymore

Michael Batnick — Mon, 01 Jun 2026 11:00:00 +0000

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When a big gain becomes a big decision, clients may hesitate to rebalance or diversify. See how Canvas long/short strategies may help reduce the tradeoff between gain realization and tax implications in our latest white paper.

Explore the white paper

Today's Talk Your Book is sponsored by Franklin Templeton:

To learn more about Franklin Templeton's full range of muni bond ETFs, SMAs, and mutual funds, visit franklintempleton.com/munis.

On today’s show, we discuss:

How interest rates and credit risk drive muni bond price volatility
Why rising yields represent an opportunity for fixed income investors
The case for municipal bonds beyond just high-income investors
Balanced budgets and debt amortization as pillars of muni credit strength
How SMAs unlock tax loss harvesting advantages unique to the muni market

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

Charts:

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The Compound and Friends: What if It’s Still Early?

Michael Batnick — Fri, 29 May 2026 11:00:00 +0000

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Are capital gains creating growing pains?

Explore the white paper

Today's Compound and Friends is brought to you by Franklin Templeton:

This episode is sponsored by Franklin Templeton. Learn more at https://www.franklintempleton.com/munis.

The Compound and Friends:

The Compound and Friends

Join Downtown Josh Brown, Michael Batnick, and a rotation of their friends every Friday for expert insight and hot takes on the latest in business and investing.

podcasts.thecompoundnews.com/show/TCAF

Charts:

Denise Chisholm:

LinkedIn: https://www.linkedin.com/in/fidelitydenisechisholm/

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Animal Spirits: A Fire Alarm For Interest Rates

Michael Batnick — Wed, 27 May 2026 11:00:00 +0000

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Are capital gains creating growing pains?

Explore the white paper

Today's Animal Spirits is sponsored by Cullen Capital and YCharts:

This episode is sponsored by Cullen Capital. To learn more about DIVP, visit https://www.cullenfunds.com/US/A/ETF/DIVP/

Visit https://go.ycharts.com/animal-spirits get 20% off your initial YCharts Professional subscription

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

On today’s show, we discuss:

Charts:

Tweets/Bluesky:

Recommendations:

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Talk Your Book: Investing in the Rise of the Robots

Michael Batnick — Mon, 25 May 2026 11:00:00 +0000

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Hone In Your Trades in Semis

Three degrees of semiconductor exposure with Single Stock, Semis' Top 5, and Semis Sector ETFs offer precise control. Trade one or all three to hone in your conviction.

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Today's Talk Your Book is sponsored by Kraneshares:

To learn more about Kraneshares click here: https://kraneshares.com/etf/koid/?adsource=compound

On today’s show, we discuss:

What physical AI means and how it differs from traditional single-purpose robotics
Why the timing of humanoid adoption aligns with global aging and labor shortages
The three pillars of the humanoid value chain: the body, the brain, and the integrator
How China and the US are approaching the humanoid opportunity from different angles
Why investing in the picks and shovels of the supply chain may be smarter than betting on brand names

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

Charts:

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The Compound and Friends: Why Memory is a Bubble but Nvidia isn't

Michael Batnick — Fri, 22 May 2026 11:00:00 +0000

Sponsored

Hone In Your Trades in Semis

Three degrees of semiconductor exposure with Single Stock, Semis' Top 5, and Semis Sector ETFs offer precise control. Trade one or all three to hone in your conviction.

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Today's Compound and Friends is brought to you by VanEck:

This episode is sponsored by VanEck. To learn more about RAAX, visit https://www.vaneck.com/RAAXCompound

The Compound and Friends:

The Compound and Friends

Join Downtown Josh Brown, Michael Batnick, and a rotation of their friends every Friday for expert insight and hot takes on the latest in business and investing.

podcasts.thecompoundnews.com/show/TCAF

On today’s show, we discuss:

Charts:

Tweets/Bluesky:

Jan van Eck:

LinkedIn: https://www.linkedin.com/in/janfvaneck/
Twitter: https://x.com/JanvanEck3

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Animal Spirits: The Fat Pitch For Bears

Michael Batnick — Wed, 20 May 2026 11:15:00 +0000

Sponsored

Hone In Your Trades in Semis

Three degrees of semiconductor exposure with Single Stock, Semis' Top 5, and Semis Sector ETFs offer precise control. Trade one or all three to hone in your conviction.

Learn More

Today's Animal Spirits is sponsored by Grayscale and ClearBridge:

This episode is sponsored by Grayscale. To learn more, visit https://www.grayscale.com/

Rising geopolitical tensions, continued market uncertainty, stocks backed by can offer more predictable cash flows as volatility increases. Visit https://www.clearbridge.com/ to learn more.

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

On today’s show, we discuss:

Charts:

Tweets/Bluesky:

Recommendations:

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Talk Your Book: Is the Nasdaq 100 in Another Bubble?

Michael Batnick — Mon, 18 May 2026 11:00:00 +0000

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Navigating today’s complex muni universe requires precision, and index strategies can fall short. Our solution: the industry's largest active muni ETF lineup—national ETFs and seven single-state ETFs, all fueled by our deep expertise.

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Today's Talk Your Book is sponsored by by Nasdaq:

To learn more about Nasdaq click here: https://www.nasdaq.com/solutions/global-indexes/nasdaq-100

On today’s show, we discuss:

Why the eight largest companies in the world by market cap all ended up listing on NASDAQ
How NASDAQ updated its index methodology, moving from annual to quarterly reconstitution and introducing a fast entry rules
Why the old index rules struggled to keep pace with today's mega-cap IPO landscape and what the new framework means for future IPOs
How updated float requirements now allow newly public companies to scale into index inclusion gradually rather than waiting for a fixed threshold
How today's NASDAQ 100 differs from 1999 across valuations, profit margins, and earnings growth

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

Charts:

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Disclaimer from Nasdaq:

Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

The Compound and Friends: Nasdaq Euphoria is Hitting its Limit with Kai Wu and Ben Carlson

Michael Batnick — Fri, 15 May 2026 11:00:00 +0000

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Aim beyond the horizon with our active muni ETFs

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Today's Compound and Friends is brought to you by Betterment Advisor Solutions and ClearBridge:

This episode is sponsored by Betterment Advisor Solutions. Learn more at Betterment.com/advisors

Rising geopolitical tensions, continued market uncertainty, stocks backed by can offer more predictable cash flows as volatility increases. To learn more, go to https://www.clearbridge.com/

The Compound and Friends:

The Compound and Friends

Join Downtown Josh Brown, Michael Batnick, and a rotation of their friends every Friday for expert insight and hot takes on the latest in business and investing.

podcasts.thecompoundnews.com/show/TCAF

Risk and Reward: How to handle market volatility and build long-term wealth - Ben Carlson

On today’s show, we discuss:

OpenAI launches the OpenAI Deployment Company to help businesses build around intelligence

Charts:

Tweets/Bluesky:

Kai Wu:

LinkedIn: https://www.linkedin.com/in/ckaiwu/
Twitter: https://x.com/ckaiwu

Ben Carlson:

LinkedIn: https://www.linkedin.com/in/ben-carlson-cfa-97661244/
Website: https://awealthofcommonsense.com/
Twitter: https://x.com/awealthofcs

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We Launched a New Investment Strategy

Michael Batnick — Wed, 13 May 2026 16:53:00 +0000

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Let me not bury the lede. We built a concentrated momentum strategy we’re calling Porterhouse with Franklin Templeton, the $1.7 trillion global asset manager and long-time Ritholtz partner. These will be separately managed accounts for Ritholtz clients only. Josh and I will be hosting a webinar next Wednesday. If you’re interested in watching, and learning more about our services, you can get registered here. (Full press release here)

To quote Nobel prize winner Gene Fama, Momentum is the premier market anomaly. It’s one of those things that flies in the face of efficient markets when you describe it out loud. “Buy stocks that are already going up.”

I thought Warren Buffett and other great investors buy low and sell high; Buy something for 80 cents and sell it for a dollar. You’re telling me that it makes sense to pay $1 for what was once 80 cents? Yes. Buy high, sell higher.

Chasing stocks because you’re afraid of missing out is a great way to lose money. We’ve all been there and done that. But systematically chasing stocks that are going up and selling them when they break can be a wonderful strategy.

Momentum works because investors tend to underreact to good news. Show of hands, how many people see a stock at $100 that was $50 last year and say “I’m buying this. The market clearly knows something, and it’s more likely to go to $200 than back down to $50.” Exactly. Nobody does this, and this is what I mean when I say stocks underreact to good news. This type of “I can’t buy it here” feeds on itself, slowly drawing in buyers one by one.

One of the reasons I’m personally so happy to be invested in this strategy is because I cannot hold stocks for large gains. I’ve tried, I just can’t do it.

I know too much about how hard stock picking is. I know that most stocks aren’t worth marrying. So I’ve never held a stock for more than a double, and even that I’ve only done once, maybe twice. It’s the most natural impulse to sell winners and add to losers, but as the great Peter Lynch said, that’s like pulling out your flowers and watering your weeds.

Having a systematic strategy override my worst instincts is the whole point. Porterhouse doesn’t know what a double feels like. I got invested in the strategy in early January, and I already have two stocks that have doubled, and another one that’s up 95%. No way am I holding onto those winners if I had my druthers.

We’ve been working on the strategy all year. Obviously had we known momentum was about to go on a historic run, we would have allocated clients, let the plane to take off, and adjusted mid-flight. But that would have risked a crash, and that’s not how we operate around here. Timing these things is impossible. Such is life in this business.

Momentum is not something we just discovered. We’ve long believed in this structural market inefficiency and have allocated to it for years. Last year, we decided to go a step further and build our own version of it.

A few things differentiates Porterhouse versus what’s on the market. We’re looking at the signals monthly. Momentum is a fast-moving strategy and an annual reconstitution doesn’t quite cut it, in my opinion. Another way Porterhouse is different is we’re not looking at relative momentum. Momentum ETFs are fully invested even if there are no stocks going up because they have to own stocks.

We have strict rules here that allows the portfolio to go to cash if there is nothing working. In 2009, we wouldn’t have been jammed into staples, healthcare, and utilities because they were only down 25% or whatever.

To be clear, this is an aggressive strategy. It’s not intended to be any sort of hedge to an overall portfolio. But if we’re in a deep bear market and no stocks are going up, then we won’t own any stocks.

Porterhouse is meant to complement a balanced diet. And we feel investors don’t have enough meat in their portfolio, metaphorically speaking.

There are 147 ETFs and $760 billion in the US that lean into value. There are just 41 ETFs with $74 billion invested in momentum. And getting back to what I said earlier, that makes sense when you think about how people are taught to invest. Buy a dollar for 80 cents. That’s not what we’re doing here. This is the premium cut. Winners only.

We built Porterhouse on Canvas, the custom indexing platform now run by Franklin Templeton, which acquired it from O'Shaughnessy Asset Management, a firm we've worked with since Ritholtz started in 2013. Our roots run deep.

We had the idea, but we lacked the quant and engineering chops to turn a screen into an investable portfolio. Franklin does. The partnership has been everything we hoped for, and we can't wait to show you what we've built.

Ritholtz Wealth Management (“Ritholtz”) is a Registered Investment Adviser. Registration does not imply endorsement or a certain level of skill or training. Advisory services are only offered to clients or prospective clients where RWM and its representatives are properly licensed or exempt from licensure. Advisory services are only offered to clients or prospective clients where Ritholtz Wealth Management and its representatives are properly licensed or exempt from licensure. Investing involves risk and possible loss of principal capital and there is no guarantee that the intended outcomes are achieved. Past performance is no guarantee of future returns. No advice may be rendered by Ritholtz Wealth Management unless a client service agreement is in place.

The Porterhouse Portfolio Strategy is separately managed through Franklin Templeton/O’Shaughnessy Asset Management, a Sub-Adviser of Ritholtz Wealth Management. The Porterhouse Portfolio Strategy is new, with no operating history, and therefore does not have a performance history. As a result, prospective investors will have no track record or history on which to base their investment decision.

Animal Spirits: This Won't End Well

Michael Batnick — Wed, 13 May 2026 11:00:00 +0000

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Today's Animal Spirits is sponsored by Nasdaq and Janus Henderson Investors:

This episode is sponsored by Nasdaq Global Index Solutions and their Blueprint of Tomorrow series. To learn more, visit https://www.nasdaq.com/campaign/global-indexes/blueprint-of-tomorrow/

This episode is sponsored by Janus Henderson Investors. Visit https://www.janushenderson.com/securitizedmarkets

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

On today’s show, we discuss:

Charts:

Tweets/Bluesky:

Recommendations:

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Talk Your Book: Investing in Securitization

Michael Batnick — Mon, 11 May 2026 11:00:00 +0000

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Differentiated alternative investments developed for individual investors and their advisors

CION offers institutional quality managers and strategies, in accessible structures. We support advisors and investors with education and service, helping to build well-constructed portfolios with potential to maximize risk-adjusted return.

Learn more about alternatives

Today's Talk Your Book is sponsored by Janus Henderson Investors:

To learn more about Janus Henderson Investors click here: https://www.janushenderson.com/

On today’s show, we discuss:

Why AAA CLOs have never experienced a default in the history of the asset class, through 2008, 2020, and 2022
How the waterfall structure and overcollateralization in CLOs provide a built-in layer of credit protection
Why JAAA fits in the ultra-short category and how it competes with money market funds and other short-duration fixed income
The main risk scenario for AAA CLOs, spread widening and liquidity crunches, and what happened during March 2020
Exploring the broader securitized market through JSI, including home equity loans, music royalties, and commercial real estate debt

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

Charts:

Check out our t-shirts, coffee mugs, and other swag here.

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Disclaimer from Janus Henderson Investors:

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus Henderson at 800.525.3713 or download the file from janushenderson.com/reports. Read it carefully before you invest or send money.

ETFs distributed by ALPS Distributors, Inc. ALPS is not affiliated with Janus Henderson or any of its subsidiaries.

Janus Henderson® and any other trademarks used herein are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.

The Compound and Friends: The Investor Utopia is Here with Eric Balchunas

Michael Batnick — Fri, 08 May 2026 11:00:00 +0000

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Today's Compound and Friends is brought to you by Invesco and Janus Henderson Investors:

This episode is sponsored by Invesco. Visit https://www.invesco.com/ to learn more.

This episode is sponsored by Janus Henderson Investors. Visit https://www.janushenderson.com/securitizedmarkets

The Compound and Friends:

The Compound and Friends

Join Downtown Josh Brown, Michael Batnick, and a rotation of their friends every Friday for expert insight and hot takes on the latest in business and investing.

podcasts.thecompoundnews.com/show/TCAF

On today’s show, we discuss:

Charts:

Tweets/Bluesky:

Eric Balchunas:

LinkedIn: https://www.linkedin.com/in/ericbalchunas/
Twitter: https://x.com/EricBalchunas

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Animal Spirits: The Stock Market Is Doing Something We’ve Never Seen Before

Michael Batnick — Wed, 06 May 2026 11:00:00 +0000

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Differentiated alternative investments developed for individual investors and their advisors

Learn more about alternatives

Today's Animal Spirits is sponsored by Grayscale and Janus Henderson Investors:

This episode is sponsored by Grayscale. To learn more, visit https://www.grayscale.com/

This episode is sponsored by Janus Henderson Investors. Visit https://www.janushenderson.com/securitizedmarkets

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

On today’s show, we discuss:

Charts:

Tweets/Bluesky:

Recommendations:

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Talk Your Book: Animal Spirits Live with F/m Investments

Michael Batnick — Mon, 04 May 2026 11:00:00 +0000

Sponsored

Adtrax: 8863683.1.1.AM.RTL SPD004528 Expiration: 4/30/27

SPY: The foundation of an evolving ETF market

Launched in 1993 as the first S&P 500 ETF, SPY helped define how investors access markets. As ETFs have evolved, SPY has remained a resilient, liquid foundation—helping investors navigate today’s rapidly changing environment.

Learn More

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Today's Talk Your Book is sponsored by F/m Investments:

To learn more about F/m Investments click here: fminvest.com

On today’s show, we discuss:

The rise of after-tax investing and how F/m's Compounder series aims to defer income by avoiding dividends
The hidden costs of traditional dividend reinvestment programs compared to market orders
How the ETF structure compares to private credit and BDCs, and the liquidity mismatch investors should understand
What a failed Treasury auction would look like and why the bond vigilantes haven't arrived despite rising government debt
F/m's product development philosophy: every new ETF must solve a real problem, not just be an interesting idea

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

Charts:

Check out our t-shirts, coffee mugs, and other swag here.

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Definitions and Disclosure from F/m Investments:

AG Index: Evaluates the performance of agricultural sectors across different regions

Basis point: is used to indicate changes in the interest rates of a financial instrument

SALT Deduction: SALT stands for State and Local Taxes. The SALT deduction allows taxpayers to deduct these taxes from their deferral taxable income

AG Index: Evaluates the performance of agricultural sectors across different regions

Basis point: is used to indicate changes in the interest rates of a financial instrument

SALT Deduction: SALT stands for State and Local Taxes. The SALT deduction allows taxpayers to deduct these taxes from their deferral taxable income

Alpha: measures an investment's performance relative to a benchmark index

Coupon: a periodic interest payment made to bondholders

Russell 2000: is a stock market index that measures the performance of 2,000 small cap companies in the U.S.

Options: financial derivatives that give the holder the right, but not the obligation, to buy or sell an asset

BDCs: stands for Business Development Company, a type of investment firm. BDCs primarily invest in small and mid-sized businesses

REITs: stands for Real Estate Investment Trust, a company that owns, operates, or finances income-producing real estate.

Par: stated or face value of a financial instrument, primarily bonds and stocks

GFC: Stands for Global Financial Crisis, which refers to the severe worldwide economic crisis that occurred in 2007-2008

AGG: iShares Core U.S. Aggregate Bond ETF, which tracks the performance of the U.S. investment-grade bond market

Tax Alpha: The difference between a portfolio's after-tax return and the after-tax return of benchmark.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 1-800-617-0004. Read the prospectus or summary prospectus carefully before investing.

TBIL Fund Risks: The US Treasury 3 Month Bill Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the UST 3 Month Bill Fund's investments more than the market as a whole, to the extent that the UST 3 Month Bill Fund's investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments).

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share's portion of the fund's underlying assets and cash at the end of the trading day. Performance to the most recent month end can be obtain from https://www.fminvest.com/etfs/tbil-fm-us-treasury-3-month-bill-etf

Investments involve risk. Principal loss is possible. Diversification does not ensure a profit or protect against loss.

Distributed by Quasar Distributors, LLC

The Compound and Friends: How to Find the Next 100 Bagger with Neeraj Khemlani and Matt Ankrum

Michael Batnick — Fri, 01 May 2026 11:00:00 +0000

Sponsored

Adtrax: 8863683.1.1.AM.RTL SPD004528 Expiration: 4/30/27

SPY: The foundation of an evolving ETF market

Learn More

" alt="" width="1" height="1" border="0" attributionsrc style="width:1px;height:1px;border:0;display:block;">

Today's Compound and Friends is brought to you by Victory Capital and Janus Henderson Investors:

This episode is sponsored by Victory Capital. To learn more, visit www.victoryshares.com

This episode is sponsored by Janus Henderson Investors. Learn more at https://www.janushenderson.com/securitizedmarkets/

The Compound and Friends:

The Compound and Friends

Join Downtown Josh Brown, Michael Batnick, and a rotation of their friends every Friday for expert insight and hot takes on the latest in business and investing.

podcasts.thecompoundnews.com/show/TCAF

Charts:

Neeraj Khemlani:

LinkedIn: https://www.linkedin.com/in/neeraj-khemlani-05478b4/

Matt Ankrum:

LinkedIn: https://www.linkedin.com/in/matthew-ankrum-cfa-06602213/

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Animal Spirits: Paycheck-to-Paycheck on $500,000

Michael Batnick — Wed, 29 Apr 2026 11:00:00 +0000

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Today's Animal Spirits is sponsored by Betterment Advisor Solutions and ClearBridge:

This episode is sponsored by Betterment Advisor Solutions. Learn more at Betterment.com/advisors.

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Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

On today’s show, we discuss:

Charts:

Tweets/Bluesky:

Recommendations:

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Talk Your Book: Consternation About Concentration

Michael Batnick — Mon, 27 Apr 2026 11:00:00 +0000

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Today's Talk Your Book is sponsored by State Street:

To learn more about State Street Investment Management click here: statestreet.com/IM

On today’s show, we discuss:

The rapid growth of the ETF industry and where the new money is coming from
The rotation away from Mag-7 toward small caps, industrials, and international and what structural forces are driving it
Why the AI capex cycle is starting to look a lot like the TMT bubble and how investors are pricing in winners and losers
Why strong earnings growth has kept the market resilient in the face of geopolitical risk and inflation concerns
What drove the doubling of US corporate profitability this century and whether those tailwinds can last

Animal Spirits:

Animal Spirits Podcast

Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and…

podcasts.thecompoundnews.com/show/animalspirits

Charts:

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