Josh Rings the Bell, Fifteen Year Changes, Bank Earnings, Internals Are Fine
October 13, 2026
AI Summary
5 min readOn Tuesday, Josh Brown rang the opening bell at the New York Stock Exchange to celebrate 15 years of CNBC’s Halftime Report. He was 34 when the show premiered; he is now 49. To mark the occasion, he and Michael Batnick walked through a 15-year scorecard of markets and money—and the numbers are staggering. The S&P 500 is up 573%. The Nasdaq has more than 10x’d. The total stock market went from $11.9 trillion to $75 trillion, while the U.S. economy merely doubled. “Corporate America, specifically the tech giants, are much better at growing a lot faster than the rest of the economy,” Batnick observed. The ETF market grew 17x in assets. Meanwhile, crude oil is up only 8% over the same period, and natural gas is negative. “If you were one of these real assets investors, I hope you were a great trader,” Brown said. “Cause there’s nothing there.”
The 15-Year Scorecard: What Changed
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What you'll learn
- 1 (00:15) **Show Open & Sponsor Read** - Josh Brown and Michael Batnick kick off the show, introduce earnings season, and deliver the sponsored message for the DBMF ETF.
- 2 (02:36) **Audience Banter & Event Announcement** - The hosts interact with chat questions, announce ticket sales for their live Broadway event, and share details about the guest lineup.
- 3 (06:32) **Josh Rings the Bell – 15 Years of Halftime Report** - Josh recounts ringing the opening bell to celebrate 15 years of CNBC's Halftime Report, sharing photos and reflecting on his tenure.
- 4 (09:17) **15-Year Market Scorecard** - Josh presents a detailed scorecard of market and economic changes since the Halftime Report premiered in 2011, covering stocks, sectors, and wealth creation.
- 5 (22:59) **Bank Earnings Roundup – Citi, JPMorgan, Goldman, Wells Fargo** - The hosts dissect the latest bank earnings, highlighting Citi's negative reaction, JPMorgan's steady performance, Goldman's blowout quarter, and Wells Fargo's lackluster results.
- 6 (32:05) **Deteriorating Internals & Denise Chisholm's Bullish Case** - The hosts explore worsening market breadth, citing Santoli and Wilson, then present Denise Chisholm's data showing weak participation historically leads to strong forward returns.
- 7 (41:44) **Consumer Stocks Getting Smoked** - Josh and Michael review a broad swath of consumer-facing stocks that are down 30-70% from their 52-week highs, contrasting them with a handful of winners.
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Guests on this episode
Show Notes
On this episode of What Are Your Thoughts, Downtown Josh Brown and Michael Batnick celebrate 15 years of CNBC's Halftime Report and take a look at just how much the markets have changed since 2011. From the explosive growth of tech stocks and ETFs to the rise in millionaire households and retirement wealth, they break down the numbers behind an incredible 15-year run. Plus, big bank earnings, deteriorating market breadth and whether weak participation is actually a bullish signal, the selloff in consumer stocks, what seasonality tells us about the market's next move, and how to tell the difference between a great value opportunity and a value trap.
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: https://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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