On episode 227 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by ⁠Fundstrat's Tom Lee⁠ to discuss: market headwinds in 2026, why Tom is still bullish, the precious metals rally, the crypto bear market, Tesla's big bet on robots, and much more! This episode is sponsored by Franklin Templeton.  Learn more at https://www.franklintempleton.com/muniETFs Visit https://fundstrat.com/tom for complimentary access to Tom's research, market alerts, live webinars, and stock lists. 00:00 - Cold Open 05:14 - Intro 06:11 - Is Tom still Bullish? 2026 Outlook 11:01 - How to Make the "Right" Call 14:47 - Materials, Energy, Gold and Silver 19:54 - Surviving "Black Swan" Events 22:43 - Tech Divergence 24:55 - Tom's Outlook, What to Expect in 2026 33:25 - The Software Correction 36:46 - Big IPOs on the Horizon 40:03 - Market Broadening 44:39 - What to Own in 2026 46:31 - Crypto, Bitcoin and Bitmine 01:04:29 - Tom's Worry 01:05:18 - How Robots Could Change the Future of Work 01:12:20 - Granny Shots 👕 Check out The Compound shop: https://www.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 Franklin Templeton Disclosure: Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at https://franklintempleton.com. Please read it carefully. All investments involve risk, including possible loss of principal. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. Franklin Distributors, LLC. Member FINRA/SIPC. 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. Josh Brown and Michael Batnick 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 #stocks