Doubt but No Fear, SpaceX Reports, Netflix Cleans House, AI Bond Vigilantes, Bending Spoons
October 20, 2026
AI Summary
5 min readDoubt but No Fear, SpaceX Reports, Netflix Cleans House, AI Bond Vigilantes, Bending Spoons
The opening line of this episode was Josh Brown selling half his Netflix position at roughly $70, taking a 20% loss in a taxable account, and then watching the stock dip another 3% in after-hours trading. "I'm still wrong. I still hate myself, broke all my own rules," he said. That personal confession set the tone for a wide-ranging episode covering Netflix earnings, SpaceX's staggering revenue numbers, Anthropic's S-1 filing, a market that is full of doubt but not fear, and Berkshire Hathaway buying into a peculiar Italian software company called Bending Spoons.
Netflix: A Maturing Company with a Demand Problem
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What you'll learn
- 1 (00:15) **Show Open & Knicks Banter** - The hosts welcome the live chat, joke about Michael Batnick's upcoming Knicks banner-raising ceremony, and tease a rivalry with Philadelphia.
- 2 (02:48) **Netflix Earnings: A Mea Culpa and a Sell-Off** - Josh Brown explains why he sold half his Netflix position ahead of earnings, calling it a "mea culpa" on CNBC, and the hosts dissect the weak report.
- 3 (08:48) **SpaceX: A New Paradigm with Monster Revenue** - The hosts cover SpaceX's stunning revenue growth and how Elon Musk has fundamentally changed the investment narrative for the company.
- 4 (12:23) **Anthropic's S1: Astounding Spending Commitments** - The hosts break down the jaw-dropping numbers from Anthropic's S-1 filing, arguing the real story is not the losses but the revenue growth trajectory.
- 5 (15:04) **Capital One: A Positive Consumer Read-Through** - A brief check-in on Capital One's post-close earnings, which the hosts see as a positive signal for the broad consumer.
- 6 (15:23) **Doubt, Not Fear: The Market's Strange Dynamic** - The hosts analyze the recent market sell-off (SMH's longest losing streak in 10 years) and the bizarre dynamic where bad breadth doesn't hurt the index.
- 7 (24:04) **AI Bond Vigilantes: Enforcing Market Discipline** - The hosts discuss how the bond market is now policing AI credits, which they argue is a healthy development that deflates the bubble without bursting it.
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Guests on this episode
Show Notes
On this episode of What Are Your Thoughts, Downtown Josh Brown and Michael Batnick discuss: Netflix cleaning house, whether weak market breadth is actually bad for stocks, the retail investor rally, why doubt is replacing fear in the market, the rise of AI bond vigilantes, what they learned from Steve Eisman about the AI trade, Anthropic's latest investor update, the Degen Dow, Berkshire Hathaway's surprising investment in Bending Spoons, and much more!!
This episode is sponsored by DBMF, the world’s largest managed futures ETF. Discover why DBMF’s liquid, uncorrelated, managed futures strategy could be what your Alts allocation is missing at: http://www.dbmf.com/WAYT
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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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