In episode 87, hosts Jim Worden, Jimmy Lee, and Talley Leger are joined by Michael Batnick, CFA, Managing Partner at Ritholtz Wealth Management and co-host of several popular finance podcasts. Michael shares how podcasting has shaped his business, why he co-founded a charting platform for advisors, and how he thinks about bonds now that yields have reset higher. The group also digs into market breadth and concentration, early signs of AI showing up in corporate margins, why fewer individual stocks seem to beat the index, and where private markets and sports franchise investing fit for everyday investors. Michael closes with what he believes makes an advisor a good long-term fit at an independent firm.• Michael Batnick describes how his podcasts, which started in 2017, now cover several weekly shows with the same core ingredients “packaged a little bit differently” for different audiences.• He explains how frustration with his own firm's cluttered client presentation decks led to Exhibit A, a charting and presentation platform built for advisors.• On bonds, Michael says that higher starting yields have given fixed income a more attractive risk-reward than it offered for much of the past decade, while acknowledging that a sharp rise in rates would still hurt. Talley Leger adds his view that earnings, more than interest rates, have been the main driver of stock returns.• On market breadth, Michael notes that in past cycles, weakness in the average stock has often been followed by a catch-up, and that historically the warning sign to watch was when large technology companies rolled over, while stressing that the past is no guarantee for the future.• The hosts and Michael discuss early signs of AI-driven margin expansion across the market, with Michael cautioning that it is still very early and that investors should be careful about what they think they know for sure.• Michael points to research suggesting that fewer individual stocks have beaten the index over time, which he says helps explain why many investors and advisors rely on index exposure, while he remains a believer in systematic strategies.• The group discusses private markets and sports franchise valuations, with Michael noting that investors often pay for illiquidity and may like not seeing daily marks, and that the underlying business numbers still need to make sense.• Michael shares what he believes makes advisors a good fit at Ritholtz, pointing to a long-term mindset and independence, and offers his view on how outside capital has changed competition for advisory firms.Hosts: Jim Worden, Chief Investment Officer, The Wealth Consulting Group; Jimmy Lee, Founder & CEO, The Wealth Consulting Group; and Talley Leger, Chief Market Strategist, The Wealth Consulting Group.Guest: Michael Batnick, CFA, Managing Partner, Ritholtz Wealth Management.If this conversation was useful, follow The Bull of Wall Street on Apple Podcasts, Spotify, or YouTube so you never miss an episode. And for more market insights and practice-growth strategies from The Wealth Consulting Group, subscribe to our mailing list at bit.ly/wealthcg. Making Life Better at The Wealth Consulting Group.Chapters01:05 Podcasting, Exhibit A15:10 Bond Yields22:40 Breadth and AI33:04 Stock Picking, Advisor Fit44:30 Private MarketsThe Wealth Consulting Group is an SEC registered investment advisor and the opinions voiced and contents in this podcast are for general information only and are not intended to provide specific advice or recommendations or any individual.All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
