Today’s Animal Spirits is brought to you by Invesco and KraneShares:
Today’s show is brought to you by Invesco. Visit Invesco.com to learn more. Invesco. Let’s rethink possibility.
To learn more about KraneShares’ KOID ETF visit, https://kraneshares.com/etf/koid/?adsource=compound
On today’s show, we discuss:
Listen here:
Charts:
Recommendations:
Tweets/Bluesky
Today’s market dump makes absolutely no sense.
S&P 500 wiped out $1.5 trillion in value from today’s high.
Bitcoin dropped to $87,000.
Crypto market cap is below $2.95T.
And the craziest part?
There wasn’t a single negative headline today.
No policy surprise.
No new… pic.twitter.com/GoPv2F2Lpb— Bull Theory (@BullTheoryio) November 20, 2025
444 stocks in the S&P 500 higher on Friday, most since late May. pic.twitter.com/I1EzWA9Qnl
— Ryan Detrick, CMT (@RyanDetrick) November 23, 2025
Here’s a look at the Nasdaq 100’s rolling 5-year percentage change, which peaked just below 1,000% in early 2000 at the peak of the Dot Com Bubble.
Thoughts? pic.twitter.com/bPsUu61sA0
— Bespoke (@bespokeinvest) November 21, 2025
Today’s jobs report for September shows U.S. private-sector employment has declined in each of the last five months outside of the health care and social assistance and leisure and hospitality sectors—an occurrence that’s never happened in the past 35 years outside of recessions
— Matthew B (@boes_) November 20, 2025
Holy shit. I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back. The leap is insane — reasoning, speed, images, video… everything is sharper and faster. It feels like the world just changed, again. ❤️ 🤖 https://t.co/HruXhc16Mq
— Marc Benioff (@Benioff) November 23, 2025
This week I wrote about the de-mortgaging of America. As it becomes increasingly difficult to buy a home, American mortgage debt is falling – to a 25 year low relative to GDP, and a 60+ (!!!) year low relative to the value of the housing itself pic.twitter.com/ozD8MrEfMF
— Mike Bird (@Birdyword) November 20, 2025
When bitcoin is rising fast it feels like nothing can stop it from going higher
When bitcoin is falling hard it feels like it’s going to zero
It’s such a bizarre asset
— Ben Carlson (@awealthofcs) November 21, 2025
Follow us on Facebook, Instagram, and YouTube.
Check out our t-shirts, coffee mugs, and other swag here.
Subscribe here:
Nothing in this blog constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Any opinions expressed herein do not constitute or imply endorsement, sponsorship, or recommendation by Ritholtz Wealth Management or its employees.
The Compound, Inc., an affiliate of Ritholtz Wealth Management, received compensation from the sponsor of this advertisement. 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. Investing in speculative securities involves the risk of loss. Nothing on this website should be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.
The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.
References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.
The Compound Media, Inc., 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. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers
Please see disclosures here.