On episode 443 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the stock market rally is broadening out, no one wants an AI bubble, the return outlook for 2026, Howard Marks on how to invest today, hedging an AI bubble, concentration risk, financial markets don't care about labor markets yet, the worst part about inflation, data centers in space, the housing outlook for 2026 and more. This episode is sponsored by YCharts. Download Charts That Defined 2025, here - https://go.ycharts.com/charts-that-defined-2025?utm_source=Animal_Spirits&utm_medium=Original_Research&utm_campaign=Charts_that_Defined_2025&utm_content=Podcast And start your free YCharts trial through Animal Spirits (new customers only) at https://go.ycharts.com/animal-spirits ► 00:00 - YCharts Ad ► 00:53 - Intro ► 01:11 - Stock Market ► 19:46 - Investor Behavior ► 26:20 - The Economy ► 30:34 - Inflation ► 35:33 - AI ► 45:18 - Real Estate ► 50:36 - Private Markets ► 55:38 - The Evolution of Reading ► 57:54 - Streaming & Entertainment ► 1:05:48 - Leasing vs Buying Cars ► 1:08:05 - Recommendations 👕 Check out The Compound shop: https://idontshop.com 🎙️Listen to our podcasts: TCAF: https://podcasts.thecompoundnews.com/show/TCAF/ Animal Spirits: https://podcasts.thecompoundnews.com/show/animalspirits/ Ask The Compound: https://podcasts.thecompoundnews.com/show/ATC/ The Compound Newsletter: https://www.thecompoundnews.com/subscribe Linkedin: https://www.linkedin.com/company/the-compound-media/ Instagram: https://instagram.com/thecompoundnews Twitter: https://twitter.com/thecompoundnews Tik Tok: https://www.tiktok.com/@thecompoundnews Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. #thecompound #investing #stockmarket