Animal Spirits Podcast

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Talk Your Book: Investing in a Concentrated Stock Market

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Feb 2, 2026

Guest

Matt Bartolini

Matthew Bartolini, Managing Director and Head of SPDR Americas Research at State Street, shares ETF and market research. He discusses stock market concentration and the MAG7 vs. S&P 493 dynamic. They cover dividends versus buybacks and shareholder yield. The conversation touches on AI-driven capex, ETF flows favoring large caps, and risks when giants get too big.

31:45

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ANECDOTE

Reminiscing About SPY's Launch

Michael Batnick jokes he saw the original SPY ETF launch in a theater and reminisces about 1993.
Ben notes Canada had an earlier ETF, giving a light historical aside on SPY's origins.

insights

INSIGHT

Broadening Market Leadership Is Bullish

Broadening market leadership from the MAG7 to the S&P 493 signals healthier, more diversified returns.
Small-cap strength often reflects monetary and fiscal impulses and can indicate a bullish economic backdrop.

insights

INSIGHT

Macro Backdrop Supports Equities

Current macro is Goldilocks-like: growth improving, easing monetary policy, and rising liquidity supporting equities.
Earnings are growing across regions, and emerging markets forecast stronger EPS growth than the U.S. in 2026.

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Broadening Market Leadership

01:50 • 2min

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Defining Small, Mid and Large Caps

04:02 • 1min

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Goldilocks Market Backdrop

05:10 • 2min

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Growth, Liquidity and Earnings Strength

06:43 • 2min

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ETF Flows Favor U.S. Large Caps

08:36 • 2min

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Is Concentration a Problem?

10:10 • 3min

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Dividend Yield vs. Share Buybacks

13:13 • 3min

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Buybacks, Active Debate, and Modern Concerns

16:26 • 3min

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Why Today's Giants Might Last

19:00 • 2min

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Risks of Getting Too Big

20:50 • 5min

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New Entrants and Market Rotation

25:54 • 2min

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AI CapEx, Utilities, and Inflation Risks

27:46 • 1min

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Key Macro Indicator for the Year

• Mentioned in 39 episodes

Scale

The Universal Laws of Growth, Innovation, Sustainability, and the Pace of Life in Organisms, Cities, Economies, and Companies

Geoffrey West

Scale by Geoffrey West explores the hidden mathematical laws that govern growth, life, and evolution across organisms, cities, and companies. Drawing on his background as a theoretical physicist, West reveals how everything from the lifespan of animals to the pace of innovation in cities follows universal scaling laws. He demonstrates that despite their complexity, living systems and human organizations obey predictable patterns that can explain why cities thrive while companies tend to die. Blending insights from biology, physics, and social science, the book provides a scientific framework for understanding sustainability, innovation, and the limits of growth. It’s an ambitious, interdisciplinary look at the underlying principles that shape life and civilization itself.

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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:

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State Street Disclosure:

Important Risk Information

Investing involves risk including the risk of loss of principal.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

The views expressed in this material are the views of Matt Bartolini through the period ended January 21, 2026 and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

Before investing, consider the funds’ investment objectives, risks, charges, and expenses. To obtain a prospectus, which contains this and other information, call 1.866.787.2257 or visit www.ssga.com. Read it carefully.

ALPS Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors, LLC (marketing agent).

8728208.1.1.AM.RTL SPD004423

Expiration: 1/31/27

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