Hi-Yo Silver! (EP. 449)

whatshot 99 snips

Jan 28, 2026

They riff on snow day antics and sledding stories. They debate government versus household debt and the shifting wealth effect. Markets take center stage: diversification’s comeback, earnings versus stock moves, margin debt, and the dollar’s slide. Precious metals surge with silver and gold outshining bitcoin. They also cover housing trends, consumer spending patterns, streaming deals, and Midlife spending peaks.

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ANECDOTE

Shoveling With An Audiobook

Michael Batnick shoveled snow while listening to Dead Wake by Erik Larson on audiobook.
He used the chore as an opportunity to consume history and reflect on how World War I entry timing was taught differently.

insights

INSIGHT

Household Wealth Outpaced Debt

US household net worth has risen far faster than liabilities since 2019, creating an unprecedented wealth buffer.
That gap may make future household borrowing more inflationary when credit demand resumes.

insights

INSIGHT

Households Absorbed Fiscal Expansion

Government debt-to-GDP keeps rising while household debt relative to household net worth has stayed sideways since the GFC.
That suggests household balance sheets effectively absorbed much of the fiscal expansion.

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Snow Day Small Talk and Shoveling

00:59 • 2min

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Audiobooks and World War I Anecdote

02:34 • 2min

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Debt, GDP and Household Net Worth

04:15 • 2min

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Wealth Effect: Assets Up, Liabilities Lagging

06:02 • 3min

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Diversification and Early 2026 Market Breadth

08:53 • 2min

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MAG7 Lag and Increasing Participation

10:24 • 2min

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Earnings vs. Stocks: Historical Divergences

12:37 • 3min

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Small-Cap Earnings Recovery

15:15 • 49sec

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Stocks During Expansions: Strong Probabilities

16:04 • 1min

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Jeremy Grantham: Bearish History and Humanity

17:20 • 8min

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Margin Debt Trends and Leverage Evolution

25:29 • 2min

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Active Management Decline and Retail Trading

27:19 • 2min

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Top-Percent Wealth Concentration and Policy Video

29:37 • 3min

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Dollar Falls and Long-Term Currency Cycles

32:37 • 47sec

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Precious Metals Surge: Silver and Gold

33:24 • 6min

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Daily & Weekly Economic Indicators Look Solid

39:01 • 1min

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Job Openings Decline but Layoffs Remain Low

40:20 • 39sec

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K-Shaped Spending: Top 20% Capture More

40:59 • 30sec

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Credit Card Delinquencies Falling

41:29 • 1min

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Tariffs Mainly Hurt U.S. Importers and Consumers

42:48 • 52sec

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Housing Inflation Over Time

43:40 • 2min

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Consumer Price Examples and Starbucks Reflection

45:53 • 2min

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Using AI Tools to Answer Questions

47:25 • 1min

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Tech Margin Expansion vs. Broader Economy

48:33 • 44sec

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Prediction Markets Rise and Zero-Sum Limits

49:17 • 5min

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Housing Market: Days on Market Rising

54:21 • 1min

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Private Credit Headlines and Liquidity Risks

55:31 • 2min

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Dry January Spending Restraint

57:55 • 2min

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Midlife Spending Peaks and Retirement Debt

59:29 • 43sec

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Are Movie Theaters Cool Again?

01:00:12 • 1min

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Netflix, HBO and Media Consolidation

01:01:33 • 3min

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Las Vegas Tourism and Closing Notes

01:04:41 • 29sec

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Parking Ticket Anecdote and Local Rules

01:05:10 • 1min

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Ben's Media and Documentary Picks

01:06:30 • 2min

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Landman Season Review and TV Thoughts

01:08:59 • 1min

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Upcoming Movies and Theater Habits

01:10:10 • 1min

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Sledding, Family Fun, and Weekend Notes

Risk and Reward follows Hugh Weston, who participated in Francis Drake's famous voyage around the world from 1577 to 1580. Upon returning to Plymouth, he is employed to captain a trading vessel, embarking on new adventures in this entry in the Weston trilogy. The story blends historical events with fictional narrative centered on exploration and maritime life.

#7198

• Mentioned in 7 episodes

Dead Wake

Erik Larson

Dead Wake recounts the tragedy of the sinking of the passenger ocean liner Lusitania by a German submarine. The book sets the stage for the tragedy, recreating the tension of the chase, the horror of the attack, and the tragic aftermath. Larson masterfully weaves together the stories of the passengers, crew, and the German U-boat crew, using a wealth of sources including telegrams, wireless messages, survivor depositions, and secret intelligence ledgers. The sinking of the Lusitania had a significant impact on history, mobilizing American public opinion in favor of entering World War I and casting Germany as the villain in the eyes of the international community.

#14354

• Mentioned in 4 episodes

King of the World

David Remnick

King of the World by David Remnick is a biography that explores Muhammad Ali's life from his early days as Cassius Clay to his iconic fights against Sonny Liston and Floyd Patterson. The book delves into Ali's conversion to Islam, his refusal to serve in Vietnam, and his enduring legacy as a symbol of courage and resilience. Remnick provides a vivid portrayal of Ali's era, intertwining his story with the broader context of racial politics and American history.

#4018

• Mentioned in 12 episodes

The Devil in the White City

Murder, Magic, and Madness at the Fair that Changed America

Erik Larson

The book tells the dual stories of Daniel H. Burnham, who led the construction of the 1893 World's Columbian Exposition in Chicago, and H.H. Holmes, a serial killer who used the fair to lure his victims. Burnham faced numerous challenges in building the 'White City', while Holmes constructed his 'Murder Castle', a hotel with secret rooms, torture chambers, and other sinister features. The narrative explores the contrast between the grandeur of the fair and the dark deeds of Holmes, set against the backdrop of late 19th-century America.

#437

• Mentioned in 67 episodes

Too big to fail

The Inside Story of How Wall Street and Washington Fought to Save the Financial System---and Themselves

Andrew Ross Sorkin

Too Big to Fail by Andrew Ross Sorkin provides a minute-by-minute account of the events surrounding the 2007-2008 financial crisis. The book chronicles the collapse of Lehman Brothers and the subsequent efforts by Wall Street and Washington to save the financial system. It is based on hundreds of interviews with top executives and regulators, offering a detailed and dramatic narrative of the crisis, including the motivations of ego, greed, fear, and self-preservation that drove the key players. The book also explores the intricate web of decisions and actions that led to the crisis and the measures taken to mitigate its impact.

On episode 449 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss snow days, government debt vs. household debt, the wealth effect, diversification is working again in 2026, stocks vs. earnings, Jeremy Grantham, the dollar is falling, Silver is the new meme stock, gold is crushing bitcoin, housing market inflation, Dry January for spending and much more.

This episode is sponsored by Invesco. Visit https://Invesco.com/fixedincome to learn more about their comprehensive fixed income solutions and how they can help strengthen your portfolio's foundation.

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 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.

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. Investments in securities involve the risk of loss. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. The information provided on this website (including any information that may be accessed through this website) is not directed at any investor or category of investors and is provided solely as general information.

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