{"podcast":{"title":"Animal Spirits Podcast","slug":"animal-spirits-podcast-399817","podcast_index_feed_id":399817,"rss_url":"https://feeds.megaphone.fm/TCP6464651487","website_url":"https://awealthofcommonsense.com/podcast/","image_url":"https://megaphone.imgix.net/podcasts/50b7643c-0c60-11ee-b6d1-f783f78436de/image/AnimalSpirts-Cover.jpg?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress","author":"The Compound","episode_count":802,"summary":"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. See our disclosures here - https://ritholtzwealth.com/podcast-youtube-disclosures/","last_synced_at":"2026-07-13T16:20:38.663122+00:00","page_url":"https://stenobird.com/podcast/animal-spirits-podcast-399817"},"episode":{"title":"How Much is $1 Trillion? (EP. 469)","slug":"how-much-is-1-trillion-ep-469","published_at":"2026-06-17T08:00:00+00:00","page_url":"https://stenobird.com/podcast/animal-spirits-podcast-399817/how-much-is-1-trillion-ep-469","show_page_url":"https://stenobird.com/podcast/animal-spirits-podcast-399817","url":"https://pdst.fm/e/mgln.ai/e/309/traffic.megaphone.fm/TCP3562871514.mp3","audio_url":"https://pdst.fm/e/mgln.ai/e/309/traffic.megaphone.fm/TCP3562871514.mp3","summary":"On episode 469 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss: the desire to call an AI top, the SpaceX IPO frenzy, taking profits, why value is beating growth, why EM is beating the US, the markets were right about the war, agentic trading, 3% mortgages vs. 4% inflation, the politics of AI, the Rule of 55, a Knicks title for Michael and more. This episode is sponsored by WisdomTree and YCharts. Learn more about the WisdomTree Quantum Computing Fund at https://www.wisdomtree.com/us/strategies/quantum-computing Visit https://go.ycharts.com/animal-spirits to learn more and get 20% off your initial YCharts Professional subscription to take Y for a spin (new customers only). Compound Merch: https://idontshop.com/ Follow us on Instagram: https://www.instagram.com/animalspiritspod/ Follow us on Twitter: https://x.com/TheCompoundNews Sign up for The Compound newsletter and never miss out: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠thecompoundnews.com/subscribe⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Find complete show notes on our blogs: Ben Carlson’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠A Wealth of Common Sense⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Michael Batnick’s ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Irrelevant Investor⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Feel free to shoot us an email at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠animalspirits@thecompoundnews.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ with any feedback, questions, recommendations, or ideas for future topics of conversation. Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded…","meta_description":"On episode 469 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4114,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/animal-spirits-podcast-399817/episodes/how-much-is-1-trillion-ep-469/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/animal-spirits-podcast-399817/how-much-is-1-trillion-ep-469.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}