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The Compound and Friends

The World You Knew Is Never Coming Back with Morgan Stanley’s Michael Zezas

6/19/20261 hr 5 min

On episode 247 of The Compound and Friends, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Downtown Josh Brown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ are joined by Michael Zezas, Deputy Global Head of Research at Morgan Stanley, to discuss: AI capex, data centers, productivity gains, prediction markets, the 2026 midterms, the Fed, enterprise software, and why policy calls are so difficult to translate directly into investment outcomes.

This episode is sponsored by Public and Vanguard.

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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 Josh Brown 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.

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DISCLOSURES: For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this public appearance, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/researchdisclosures, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY, 10036 USA.

For valuation methodology and risks associated with any price targets referenced in this research report, please contact the Client Support Team as follows: US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81 (0)3-6836-9000.

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Clips

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Tariff Shock Thought Experiment

Transcript preview

First 90 seconds

  1. Michael Zezas· Guest0:00

    We are gonna have so much fun.

  2. Josh Brown· Host0:01

    All right.

  3. Michael Zezas· Guest0:02

    I promise.

  4. Josh Brown· Host0:02

    I like that.

  5. Michael Zezas· Guest0:03

    Thank you for coming.

  6. Speaker 30:04

    Yeah.

  7. Josh Brown· Host0:04

    Yeah. Thanks for having me.

  8. Michael Zezas· Guest0:05

    So you know who Michael is friends with? It's not Graham, it's Colin. But I knew he came from somebody.

  9. Josh Brown· Host0:10

    Colin Roche?

  10. Michael Zezas· Guest0:11

    Yeah, yeah.

  11. Josh Brown· Host0:11

    Oh, I love Colin Roche. How do you know him?

  12. Michael Zezas· Guest0:13

    My guy. College.

  13. Josh Brown· Host0:14

    Oh, you're kidding me.

  14. Michael Zezas· Guest0:15

    Yeah.

  15. Josh Brown· Host0:15

    But I just watched- Okay ... on the, on the, on the train home.

  16. Michael Zezas· Guest0:18

    Yeah. Lawrence of Arabia?

  17. Speaker 30:20

    You're gonna, yeah, just fly a little bit with that.

  18. Josh Brown· Host0:21

    Lawrence of Arabia. [laughs] Are you gonna listen to me?

  19. Michael Zezas· Guest0:22

    Yes.

  20. Speaker 30:22

    Just saying It's four hours.

  21. Josh Brown· Host0:24

    You're gonna have to watch it like a TV show.

  22. Michael Zezas· Guest0:26

    Shouldn't ... I'll watch it like a TV show.

  23. Josh Brown· Host0:26

    All right. Yeah.

  24. Michael Zezas· Guest0:26

    I'll watch like 40 minutes a night.

  25. Josh Brown· Host0:28

    It's four hours, but I, th- they digitally restored it for Netflix, and- Is that, is that with Jake Gyllenhaal? Yeah, no. [laughs] It's from 1962. Ev- everyone's dead. Some of, some of the best actors who ever lived, like literally whoever lived. And, uh, I'll, I'll let you watch it. I won't tell you anymore.

  26. Michael Zezas· Guest0:47

    Thank you, thank you for- That's the one with Freaky Friday too ... thank you for spoiling Disclosure Day for me.

  27. Josh Brown· Host0:50

    Oh, that doesn't sound like something I was gonna put any time into.

  28. Michael Zezas· Guest0:52

    Lawrence, Lawrence of Arabia, digitally remastered- Oh, okay ... for, for Netflix. That's different.

  29. Josh Brown· Host0:57

    So Michael, I'm a, I'm a big movie fan.

  30. Michael Zezas· Guest0:59

    Okay.

  31. Josh Brown· Host0:59

    And to the extent that I kind of like to raw dog everything, meaning don't, I don't wanna know anything. Like you can't avoid the, you can't avoid the trailer for Disclosure Day.

  32. Michael Zezas· Guest1:07

    Okay. [laughs] Yeah.

  33. Josh Brown· Host1:07

    But I don't wanna hear, I don't wanna look at the reviews or Rotten Tomatoes, I just wanna- All right.

  34. Michael Zezas· Guest1:10

    That's fair ...

  35. Josh Brown· Host1:11

    I just wanna with, with clean eyes.

  36. Michael Zezas· Guest1:12

    That's fair.

  37. Josh Brown· Host1:12

    'Cause I'm very, I'm easily manipul- or influenced. The bar is set too high, the bar is set too low. So Josh gave a full review yesterday without me asking for it.

  38. Michael Zezas· Guest1:21

    Of Decision Day?

  39. Josh Brown· Host1:21

    That was awesome.

  40. Michael Zezas· Guest1:22

    Or was it Disclosure Day?

  41. Josh Brown· Host1:23

    Disclosure Day. He's like, "The aliens weren't the..." You know, I'm not gonna ruin it for anybody else, like you did it for me.

  42. Michael Zezas· Guest1:27

    Oh, I'm sorry. I didn't mean to do that. I assumed you saw it.

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