Animal Spirits Podcast

Michael Batnick and Ben Carlson

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 watching.

Look for new episodes every Wednesday morning.

All Episodes

On this week's show we discuss why the markets care about the new variant, Twitter's crappy stock performance, inflation at the Dollar Store, profit margins are too high, buying real estate in the metaverse and more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Dec 1

48 min 45 sec

On today's Talk Your Book, we spoke with Mike Taormina from Index Coop about investing DeFi index funds. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Nov 29

40 min 4 sec

On today's show we discuss why the stock market doesn't care about inflation (yet), the growth stock massacre, how corporations are taking advantage of inflation, the new frontiers in crypto, some career advice for The Rock and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Nov 24

49 min 54 sec

On today's Talk Your Book we spoke with Taylor and Brett Sohns from Lifegoal Investments about their Home Down Payment ETF. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Nov 22

31 min 19 sec

On this week's show we discuss the highest inflation rate in 30 years, why this is a good time to be a borrower, why no one is happy about the economy right now, Michael got rugged in crypto and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Nov 17

50 min 2 sec

On today's Talk Your Book, we had BlockFi CEO Zac Prince back on the show to discuss all things crypto.   Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Nov 15

38 min 16 sec

On this week's show we discuss Elon Musk selling 10% of his Tesla shares, the pandemic trade is over, Zillow's blunder, Peloton's downfall, interest rates remaining low and much more.   Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Nov 10

46 min 54 sec

On today's Talk Your Book, we spoke with David Lau from DPL Financial Partners about annuities and how financial advisors are dealing with low interest rates. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Nov 8

31 min 56 sec

On today's show we discuss the impact of rising rates on the stock market, Shibu Inu, the different levels of FOMO, parallels to the tech bubble, why everything we learned in business school is now worthless and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Nov 3

44 min 49 sec

We spoke with Kalshi founder Tarek Mansour about betting on the outcomes of real-world events. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Nov 1

30 min 39 sec

On today's Animal Spirits we discuss worrying too much about the markets, Tesla's impressive performance, inequality in the stock market, trying to explain crypto to civilians, Jack the macro tourist, Dune and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Oct 27

49 min 43 sec

On this edition of Talk Your Book we spoke with Dave Mazza from Direxion about investing in WFH stocks, moonshots and the hydrogen economy. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Oct 25

33 min 29 sec

On this week's show we discuss the new bitcoin ETF, higher than expected inflation, a positive spin on the supply chain issues, a record number of people quitting their job, the boom in consumer spending and more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Oct 20

49 min 27 sec

On today's Talk Your Book we spoke with Rob Forker of Polen Capital about investing in international small cap growth companies. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Oct 18

25 min 29 sec

On today's show we talk about supply chain issues, why millennials don't drive minivans, what constitutes being rich, net worth by age, my favorite Tom Hanks movie, the difference between housing affordability and the right time to buy a house and much more.   Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Oct 13

46 min 25 sec

On today's Talk Your Book we spoke with Cadre CEO Ryan Williams about investing in commercial real estate. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Oct 11

32 min 27 sec

On this week's show we discuss supply chain problems, buying Christmas presents early, why progress requires inflation, investors have been spoiled, housing affordability in the United States, Zillow's problems buying houses, Squid Game and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Oct 6

56 min 21 sec

On today's show we answer listener questions about inflation, commodities, refinancing, investing in gold, how to network when finding a job and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation. 

Oct 4

39 min 58 sec

On today's show we discuss Rich Dad Poor Dad, why bailouts are here to stay, Cathy Wood really likes treasuries, sports gambling hits the mainstream, options are enormous, how much it costs for a down payment and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Sep 29

51 min 49 sec

On today's Talk Your Book we spoke once again with Bruce Bond of Innovator ETFs about defined outcome investing. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Sep 27

29 min 12 sec

On this week's show we discuss the newest market crisis du jour, what's holding down bond yields, the crypto narrative that doesn't hold water, America's day care system is broken and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Sep 22

48 min 27 sec

On today's Talk Your Book we spoke with Rick Bookstaber of Fabric Risk about how advisors and their clients should approach the concept of risk in their financial plans. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Sep 20

33 min 51 sec

On today's show we discuss the problem with historical analogs in finance, the biggest stocks in the stock market, why financial manias persist, why stablecoins earn such high rates of interest, the education gap between men and women, why U.S. home prices aren't as crazy as you think and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Sep 15

52 min 24 sec

On today's Talk Your Book, we spoke with David Lau of DPL Financial Partners about all things annuities and how they can help advisors in a low interest rate world. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Sep 13

35 min 38 sec

On today's show we discuss the early days of this podcast, Ray Dalio's performance issues, how wealth and demographics are impacting interest rates, why bitcoin matters, Ben's week with Covid and more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Sep 8

49 min 44 sec

On today's Talk Your Book we spoke with Helios CEO Chris Shuba about estate planning and investment services for financial advisors. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Sep 6

34 min

On today's show we discuss a Covid outbreak for Ben, the shifting risk appetite for young people, getting rich overnight has never been easier, why money supply is not inflation, the labor shortage hitting close to home and more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Sep 1

44 min 57 sec

On today's episode, the guys are back with another episode of listener questions. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Aug 30

45 min 51 sec

On today's show we discuss the pros and cons of the CFA, tales of Michael's old job interviews, seeing both sides of the NFT boom, why moving money in crypto is still so complex, people working two jobs remotely, why we're taking money out of our homes and more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Aug 25

45 min 8 sec

On today's Talk Your Book we spoke with Rocket Dollar CEO Henry about self-directed IRAs.   Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Aug 23

30 min 46 sec

On this week's show we discuss direct-listed IPO performance, the scorching hot NFT market, Ben's milestone birthday, transitory inflation signals, shortages in the economy, the relativity of rich and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Aug 18

49 min 55 sec

On today's Talk Your Book we spoke with BlockFi CEO Zac Prince about all things crypto. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Aug 16

41 min 6 sec

On today's show we discuss investors behaving better, meme stock pushback, what is wrong with gold, why crypto isn't crashing despite more regulation, canceling student loan interest, Michael's trip to the casino and more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Aug 11

48 min 54 sec

On today's Talk Your Book we spoke with Wendy Wong of New York Life Investments about investing to fight heart disease. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.  

Aug 9

24 min 14 sec

On Wednesday, we held a Twitter Spaces to discuss the Robinhood IPO and the fact that Ben sold his shares last week.   Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Aug 5

14 min 13 sec

On today's show we discuss Ben's recent trip to NYC, how the psychology around money can shape your relationships, the 1987 of recessions, the Robinhood IPO, changing how we think about debt, how much money it takes to feel financially secure and more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Aug 4

50 min 29 sec

On today's Talk Your Book we spoke with Vinovest CEO Anthony Zhang about investing in wine and whiskey. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Aug 2

31 min 2 sec

On this week's show we discuss the insane run in stocks over the last 12 years, what's moving crypto prices lately, when to take profits from a big winner, the shortest recession ever, housing price appreciation slowing down, the Netflix of homebuilding, Robinhood vs. Coinbase and much more.  

Jul 28

42 min 36 sec

On today's Talk Your Book we had Fundrise CEO Ben Miller back on to discuss the real estate market on everything from building vs. buying, commercial real estate, single-family rentals and more.   Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jul 26

29 min 44 sec

On this week's show we discuss the difference between a trip and a vacation, what it means to be rich, the inflation conundrum, why it's easier to raise prices than lower them, why Roth IRAs won't get taxed again, the best show no one talks about and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jul 21

47 min 5 sec

On today's Talk Your Book, we spoke with Julian Koski of New Age Alpha about setting baselines and probabilities on current stock prices to help avoid the losers in the future.   Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jul 19

32 min 51 sec

On today's episode we discuss the Roaring 20s, why things are better than you think, the coming baby bust, the end of cash, who's driving up home prices, the end of the movie business, Ben's high school reunion and more. Today’s show is brought to you by Masterworks, allowing you to invest a portion of your portfolio in fine art.  Learn more at masterworks.io. Promo Code: coupdegras Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jul 14

52 min 4 sec

On today's show the guys talk with Eric Schoenstein, CIO at Jensen Investment Management about how to find quality growth companies trading at a reasonable price. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jul 12

31 min 12 sec

On today's show we discuss unplugging from social media for the weekend, the big move in stocks from the bottom of the bear market, why this time is different, the great migration from CA to Austin, Robinhood's S-1, the coming inheritance wave, some thoughts on The Tomorrow War and much more.   Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jul 7

50 min 36 sec

On today's show, the guys talk with Brian Dally from Groundfloor about the opportunity to invest in high-yield real estate.  Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jul 5

33 min 30 sec

On this week's show we discuss money piling into crypto, bubble experts, flows over pros, young people waiting to settle down, the housing market conundrum, households are richer than ever, FOMO lessons from The Great Outdoors and more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jun 30

39 min 18 sec

On today's show, the guys talk with Paul Kim of Simplify on how to sell vol and not get run over by the proverbial steamroller.    Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jun 25

31 min 30 sec

On today's show we discuss inflation, why bond yields are falling, getting wrecked in DeFi, fintech's customer service problem, taking a family loan to buy a house, managing the economic boom and much more.   Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jun 23

48 min 36 sec

On today's show the guys speak with James McDonald, CEO of Hercules Investments about option trading strategies. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jun 18

35 min 1 sec

On this week's show we discuss the most underrate innovation of all-time, why the economy is more interesting than the markets, the wild housing market, why more young people may prefer to rent going forward, where have all the movie stars gone and more.   Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation.

Jun 16

50 min 16 sec