The Irrelevant Investor

The Compound and Friends: This Is Where the Rubber Meets the Road

Michael Batnick — Fri, 09 Oct 2026 11:00:00 +0000

Sponsored

Help take some of the turbulence out of investing abroad

International markets can broaden a portfolio, but the ride can get bumpy. LVHI seeks to smooth the journey with lower volatility and high dividend income
along the way.

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

This episode is sponsored by DBMF. To learn more about the world’s largest managed futures ETF visit https://www.dbmf.com/TCF

This episode is sponsored by Vanguard. Learn more about Vanguard bonds at https://vanguard.com/audio.

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:

Tweets/Bluesky:

Jurrien Timmer:

Twitter: https://x.com/TimmerFidelity
LinkedIn: https://www.linkedin.com/in/jurrien-timmer-fidelity/?isSelfProfile=false

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Animal Spirits: Sudden Wealth Syndrome

Michael Batnick — Wed, 07 Oct 2026 11:00:00 +0000

Sponsored

Help take some of the turbulence out of investing abroad

International markets can broaden a portfolio, but the ride can get bumpy. LVHI seeks to smooth the journey with lower volatility and high dividend income
along the way.

Learn More

Today's Animal Spirits is brought to you by Fidelity Investments and Federated Hermes:

This episode is presented by Fidelity Investments and the all-new Fidelity Trader+, Fidelity's most powerful trading platform yet. Learn more at http://www.fidelity.com/TraderPlus

This episode is sponsored by Federated Hermes. Explore their full ETF lineup at https://federatedhermes.com/

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:

Recommendations:

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Talk Your Book: How Higher Rates Are Re-shaping Commercial Real Estate

Michael Batnick — Mon, 05 Oct 2026 11:00:00 +0000

Today's Talk Your Book is brought to you by Benefit Street Partners, a Franklin Templeton Company:

To learn more click here: http://www.credopp.com/

On today’s show, we discuss:

How real estate credit could offers more cushion than equity today
How rising rates could cause a wave of refinancing and capitulation ahead
The bifurcation emerging between prime assets and older, riskier properties
How industrial and infrastructure are pulling capital away from other sectors

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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Disclaimers from Benefit Street Partners, a Franklin Templeton Company:

The Compound and Friends: Is Gen Z Completely Cooked?

Michael Batnick — Fri, 02 Oct 2026 11:00:00 +0000

Today's Compound and Friends is brought to you by J.P. Morgan and Janus Henderson:

This episode sponsored by ROCY and ROCQ from J.P. Morgan Asset Management. Learn more at https://www.jpmorgan.com/income

This episode sponsored by Janus Henderson, Investing in a Brighter Future Together. Visit https://www.janushenderson.com/ for more information.

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:

Donald J. Trump (@realDonaldTrump)

Truth Social

Ed Elson:

Twitter: https://x.com/edels0n?lang=en
LinkedIn: https://www.linkedin.com/in/ed-elson-314283158/
Substack: https://edwardelson.substack.com/

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Animal Spirits: Will Higher Rates Kill the Stock Market

Michael Batnick — Wed, 30 Sep 2026 11:00:00 +0000

Today's Animal Spirits is brought to you by YCharts and Janus Henderson:

This episode is sponsored by YCharts. Visit https://go.ycharts.com/animal-spirits to get 20% off your initial YCharts Professional subscription, new customers only.

This episode sponsored by Janus Henderson, Investing in a Brighter Future Together. Visit https://www.janushenderson.com/ for more information.

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: The Next Generation of Income Strategies

Michael Batnick — Mon, 28 Sep 2026 11:00:00 +0000

Sponsored

to invest Foolishly?" style="width: 100%; height: auto; border-radius: 6px; display: block;">

Looking for a simpler way
to invest Foolishly?

Motley Fool Asset Management factor ETFs give you exposure to 100 Foolish stock picks in a single trade. Our three newest funds pursue Innovative Growth (MFIG), Value (MFVL), and Momentum (MFMO).

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

To learn more about Janus Henderson click here: https://www.janushenderson.com/en-us/advisor/etfs/active-equity-etfs/structured-income-etfs/

On today’s show, we discuss:

Why the ETF wrapper is unlocking the 40-year-old structured note market
Framing autocallable income as underwriting risk, like an insurance company
Why single-stock notes pay more than index notes in low-correlation markets
What deep, broad, and persistent sell-offs mean for autocallable strategies
How stability notes plug the regulatory gap left by leveraged ETF 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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Disclaimers from Janus Henderson:

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 Ltd. or one of its subsidiaries. © Janus Henderson Group Ltd.

The Compound and Friends: People Hate These 5 Stocks But They'll Be Wrong

Michael Batnick — Fri, 25 Sep 2026 11:00:00 +0000

Sponsored

to invest Foolishly?" style="width: 100%; height: auto; border-radius: 6px; display: block;">

Looking for a simpler way
to invest Foolishly?

Motley Fool Asset Management factor ETFs give you exposure to 100 Foolish stock picks in a single trade. Our three newest funds pursue Innovative Growth (MFIG), Value (MFVL), and Momentum (MFMO).

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Today's Compound and Friends is brought to you by Grayscale and Federated Hermes:

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

This episode is sponsored by Federated Hermes. Explore their full ETF lineup at https://federatedhermes.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

Charts:

Tweets/Bluesky:

Jonathan Boyar:

LinkedIn: https://www.linkedin.com/in/jonathan-boyar-9327368/
Substack: https://boyarresearch.substack.com/
Boyar Asset Management: boyarassetmanagement.com
Boyar Research: boyarresearch.com
YouTube: youtube.com/@theworldaccordingtoboyar
Research: boyarvaluegroup.com/fresh

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Animal Spirits: The Wobbly House of Cards

Michael Batnick — Wed, 23 Sep 2026 11:00:00 +0000

Sponsored

to invest Foolishly?" style="width: 100%; height: auto; border-radius: 6px; display: block;">

Looking for a simpler way
to invest Foolishly?

Motley Fool Asset Management factor ETFs give you exposure to 100 Foolish stock picks in a single trade. Our three newest funds pursue Innovative Growth (MFIG), Value (MFVL), and Momentum (MFMO).

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Today's Animal Spirits is sponsored by Nuveen:

This episode is sponsored by Nuveen. Visit https://www.nuveen.com/positioning to learn more and to sign up for a custom portfolio analysis.

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: Price is the Ultimate Factor

Michael Batnick — Mon, 21 Sep 2026 11:00:00 +0000

Sponsored

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Betterment Advisor Solutions is the all-in-one custodial platform purpose-built for independent RIAs. Get the technology and support to serve more clients, more efficiently, across investing, retirement, and cash.

Learn More

Today's Talk Your Book is sponsored by Motley Fool:

To learn more about Motley Fool click here: fooletfs.com

On today’s show, we discuss:

Is momentum under allocated compared to value?
Price as the ultimate factor, and why investors are too quick to dismiss it
The Noah principle and how hard it is to prepare for a flood while it's sunny out
Whether shared AI tools could amplify herding and the effects of momentum
How momentum acts as a chameleon, rotating into whatever the market is favoring

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: Tom Lee and Dan Ives Explain Everything

Michael Batnick — Fri, 18 Sep 2026 11:00:00 +0000

Sponsored

Build Your RIA Your Way with Betterment Advisor Solutions

Learn More

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

This episode is sponsored by DBMF. To learn more about the world’s largest managed futures ETF visit https://www.dbmf.com/TCF

This episode sponsored by Janus Henderson, Investing in a Brighter Future Together. Visit https://www.janushenderson.com/ for more information.

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

Live from Future Proof in Huntington Beach, CA:

Dan Ives:

Twitter: https://x.com/DivesTech
LinkedIn: https://www.linkedin.com/in/daniel-ives-542321a8/

Tom Lee:

Twitter: https://x.com/fundstrat?lang=en
LinkedIn: https://www.linkedin.com/in/thomas-tom-lee-98756b6/

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Animal Spirits: How to Talk To Your Clients About Ray Dalio

Michael Batnick — Thu, 17 Sep 2026 11:00:00 +0000

Sponsored

Build Your RIA Your Way with Betterment Advisor Solutions

Learn More

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

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

This episode sponsored by Janus Henderson, Investing in a Brighter Future Together. Visit https://www.janushenderson.com/ for more information.

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:

Live from Future Proof in Huntington Beach, CA:

Charts:

Tweets/Bluesky:

Recommendations:

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Talk Your Book: Why Aren't There More IPOs?

Michael Batnick — Mon, 14 Sep 2026 11:00:00 +0000

Today's Talk Your Book is sponsored by VanEck:

To learn more about VanEck click here: vaneck.com/PrivateMarketsCompound

On today’s show, we discuss:

Why 2021 produced disconnected valuations for late-stage startups
How AI and reindustrialization are concentrating capital in a handful of winners
Why Unicorns are staying private for longer
Why secondaries have become a major release valve for locked up capital
How open-source models fit into the AI ecosystem

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: The Most Interesting Macro Moment of My Lifetime

Michael Batnick — Fri, 11 Sep 2026 11:00:00 +0000

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

This episode is sponsored by Franklin Templeton. Learn more at www.ftprivatemarkets.com

This episode is sponsored by Vanguard. Learn more about Vanguard bonds at https://vanguard.com/audio.

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:

The Compound Survey - We want to hear from you!

Bessent Dares Traders to Bet Against Yen: ‘I Am the House Now’

Charts:

Tweets/Bluesky:

Jens Nordvig:

LinkedIn: https://www.linkedin.com/in/jensnordvig/
Twitter: https://x.com/jnordvig?lang=en\

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Animal Spirits: Everywhere Millionaires

Michael Batnick — Wed, 09 Sep 2026 11:00:00 +0000

Today's Animal Spirits is sponsored by CME Group:

This episode is sponsored by CME Group. To learn more about E-nano futures, visit: https://www.cmegroup.com/enano

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: AI Winners & Losers

Michael Batnick — Mon, 07 Sep 2026 11:00:00 +0000

Today's Talk Your Book is sponsored by

To learn more about Alger click here: http://www.alger.com/ATFV

On today’s show, we discuss:

Why today's AI leaders differ from the internet startups of the 1990s
Alger's concentrated growth ETF, Alger 35 (ATFV)
The case for Google as a winner in the AI trade
How fundamental analysis led to an early investment in Nebius
The debate and long term outlook for Meta

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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The Compound and Friends: How to Pick Stocks Like Morgan Stanley

Michael Batnick — Fri, 04 Sep 2026 11:00:00 +0000

Today's Compound and Friends is brought to you by Vanguard and Federated Hermes:

This episode is sponsored by Vanguard. Learn more about Vanguard bonds at https://vanguard.com/audio.

This episode is sponsored by Federated Hermes. Explore their full ETF lineup at https://federatedhermes.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

Charts:

Dan Skelly:

LinkedIn: https://www.linkedin.com/in/daniel-skelly-33760211/

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Animal Spirits: The Next Michael Burry

Michael Batnick — Wed, 02 Sep 2026 11:00:00 +0000

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

This episode is sponsored by YCharts. To learn more about YCharts Future Proof session and get 20% off your initial YCharts Professional subscription, visit https://go.ycharts.com/future-proof-2026 (new customers only).

This episode is sponsored by Vanguard. Learn more about Vanguard bonds at https://vanguard.com/audio.

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:

Animal Spirits Audience Survey (2026) - We want to hear from you!

Charts:

Tweets/Bluesky:

Recommendations:

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Talk Your Book: Cash Was Easy...Now What?

Michael Batnick — Mon, 31 Aug 2026 11:00:00 +0000

Sponsored

Meet YCharts Live at Future Proof Festival

See how YCharts helps enhance every stage of a client relationship. Join our session on building client confidence through effective visuals, get a demo and 20% off YCharts Professional.
*New customers through 10/17/2026.

Learn More

Today's Talk Your Book is sponsored by Federated Hermes:

To learn more about Federated Hermes click here: https://www.federatedhermes.com/

On today’s show, we discuss:

The 30 year Treasury breaking out to highs not seen since 2007
The case for moving out the curve to capture higher yield potential
Using option call spreads and return of capital for tax-efficient income potential
How PAYR uses options on a high dividend yield portfolio to generate income potential

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

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

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Disclosures from Federated Hermes:

Before investing, carefully consider the fund's investment objectives, risks, charges, and expenses. Read this and more information in the Prospectus or Summary Prospectus at FederatedHermes.com.
Federated Securities Corp. is the distributor of the Federated Hermes funds.
Investments are subject to risk and may lose value.
Views are for informational purposes only and do not constitute tax or investment advice.
Federated Hermes Enhanced Income Fund (PAYR) seeks to distribute current monthly income. Distributions may vary widely and may not be paid every month.
ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates the current NAV per share. NAVs are calculated using prices as of the end of regular trading on the New York Stock Exchange (normally 4:00pm Eastern Time). Recent information, including information about the fund’s NAV, market price, premiums and discounts, and bid-ask spreads, is included on the fund’s website at FederatedHermes.com/us.
A rise in interest rates can cause a decline in bond prices.
There are no guarantees that dividend-paying stocks will continue to pay dividends and they may not have the same capital appreciation potential as other stocks.
A return of capital distribution will reduce the shareholder’s cost basis and result in a higher capital gain or lower capital loss when fund shares are sold.
Investing in options involves risks different from, or possibly greater than investing in traditional investments.
Stocks may decline in value because of an increase in interest rates or changes in the market.
The yield curve compares yields according to maturity. Treasury yields are quoted for illustrative purposes only.

The Compound and Friends: The Four Horsemen of the AI Apocalypse

Michael Batnick — Fri, 28 Aug 2026 11:00:00 +0000

Sponsored

Meet YCharts Live at Future Proof Festival

Learn More

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

This episode is presented by Fidelity Investments and the all-new Fidelity Trader+, Fidelity’s most powerful trading platform yet. Learn more at http://www.fidelity.com/TraderPlus

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:

Ed Zitron:

Twitter: https://x.com/edzitron?lang=en
Newsletter: https://www.wheresyoured.at/about/

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Disclosures from Fidelity Investments:

Fidelity Investments and The Compound are not affiliated. Views, opinions, products, services, and strategies discussed are not endorsed or promoted by Fidelity Investments. Fidelity Brokerage Services LLC, Member NYSE, SIPC

Animal Spirits: Are Free Markets Dead?

Michael Batnick — Wed, 26 Aug 2026 11:00:00 +0000

Sponsored

Meet YCharts Live at Future Proof Festival

Learn More

Today's Animal Spirits is sponsored by

This episode is sponsored by YCharts. To learn more and get 20% off your initial YCharts Professional subscription, visit https://go.ycharts.com/future-proof-2026 (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:

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

Subscribe here: