Animal Spirits Podcast

Animal Spirits Podcast
Animal spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they’re reading, writing, listening to and watching. Look for new episodes every Wednesday morning.

Murder of the American Dream (EP.116)
Dec 11 • 43 min
On this week’s show we discuss the economy Paul Volcker inherited at the Fed, a decade without a recession, how to raise kind children, the appeal of annuities, avoiding a mid-life crisis, banana art and much more. Find complete shownotes on our…
A Random Watch Down Wall Street: Boiler Room
Dec 9 • 27 min
On this episode Michael and Ben rewatch the Wall Street classic, Boiler Room to discuss how things have changed in the industry since 2000, early Microsoft millionaires, cold-calling stock pitches and much more. Find complete shownotes on our blogs……
It’s What It Is (EP.115)
Dec 4 • 41 min
On this week’s show we discuss the coming generational wealth transfer, some good economic news, The Irishman, too many contrarians, hedge fund money, investment banking as a career, 529 investing, one of the best things about parenting and much more….
Talk Your Book: Elimination Alpha – How to XOUT Your Portfolio Losers
Dec 2 • 27 min
On this edition of Talk Your Book we chatted with Will Rhind and David Barse about the new GraniteShares XOUT U.S. Large Cap ETF and thinking about finding winners by avoiding losers in your portfolio. Find complete shownotes on our blogs… Ben…
The Nastiest, Hardest Problem in Finance (EP.114)
Nov 27 • 43 min
On this week’s show we discuss scale in the asset management business, Robloncho and Cybertruck reviews, the biggest worries in the real estate market, the student loan-like problem for young people and much more. Find complete shownotes on our…
Talk Your Books: Value & Momentum with Jack & Wes
Nov 25 • 40 min
On this edition of Talk Your Book, we spoke with Alpha Architect’s Wes Gray and Jack Vogel about value and momentum strategies and how they developed their investing process. Find complete shownotes on our blogs… Ben Carlson’s A Wealth of Common…
Worst Call Ever? (EP.113)
Nov 20 • 46 min
On this week’s show we discuss our initial thoughts on Disney+, staying bearish on Netflix since 2002, tech adoption, Google checking accounts, Armageddon calls, the social media era, influencer fraud, new customers from free trades,…
Talk Your Book: Defined Outcome Strategies with Jason Barsema of Halo Investing
Nov 18 • 37 min
On this edition of Talk Your Book we had Jason Barsema from Halo Investing on to discuss the structured products market, how they’re trying to make them more transparent, the pros and cons of structured products, best use cases for advisors and…
I’ve Never Used an Emoji (EP.112)
Nov 13 • 41 min
On this week’s show we discuss the growth in auto loans, denominator blindness in debt statistics, experts on an earlier version of the world, the one-percenters, timing value stocks, infinite leverage, more surveys and much more. Find complete…
Talk Your Book: Coaching the Yankees
Nov 11 • 32 min
On this Talk Your Book we sat down with Dana Cavalea, former strength & conditioning coach for the New York Yankees to discuss his book Habits of Champion and how he got the job of a lifetime at age 23. Find complete shownotes on our blogs… Ben…
Talk Your Book: Greg Zuckerman on Jim Simons & Renaissance Technologies
Nov 7 • 28 min
On today’s Talk Your Book we talked with Greg Zuckerman about his new book The Man Who Solved the Market. We covered how Jim Simons built the greatest track record ever, lessons all investors can take away from Simons, how Ren Tech does it, the…
The World’s Worst Investor (EP.111)
Nov 6 • 37 min
On this week’s show we discuss the food delivery recession, demographic wars, why people are staying in their homes longer, why teens love TikTok, how Deadspin imploded, selling out at the top, Apple wearable growth, Ashton Kutcher’s personal finance…
CEO Departures (EP.110)
Oct 30 • 39 min
On this week’s show we discuss company performance after a CEO leaves, never-ending finance arguments, what would happen if we banned buybacks, Elizabeth Warren’s plans to break-up big corporations, Tesla as a sentiment barometer, why China matters…
Talk Your Book: Crossing Wall Street with Eddy Elfenbein
Oct 28 • 22 min
On this edition of Talk Your Book we chatted with Eddy Elfenbein about his ETF, the buy list, passively investing in active stock picking, why it’s so difficult to do nothing most of the time with your investments, fulcrum fees and much more. Find…
The Least Happy Age (EP.109)
Oct 23 • 47 min
On this week’s show we discuss the never-ending death of the 60/40 portfolio, why it feels logical and irrational to invest overseas right now, why rich people continue to work, how Blockbuster blew it with Netflix, the Influencer bubble may be…
The Undies Indicator (EP.108)
Oct 16 • 44 min
On this week’s episode we discuss the streaming wars, recession-proof businesses, the China-NBA clash, the power of Twitter, underwear economic indicators, credit vs. interest rates, the winner of the no-fee ETF war, Robinhood’s foray into banking,…
Re-Kindled: Malcolm Gladwell (EP.107)
Oct 14 • 36 min
On this edition of Re-Kindled, Michael and Ben discuss Tipping Point, Blink, Talking to Strangers, pop psychology, and Malcolm Gladwell backlash. Find complete shownotes on our blogs… Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The…
Winners of the Financial Crisis (EP.106)
Oct 9 • 40 min
On this week’s show we discuss how private equity came out so well from the financial crisis, what’s changed in the private tech markets, algos controlling trading, how allowance to give your kids, why anecdotes don’t tell the story about the economy,…
Free Trading (EP.105)
Oct 2 • 44 min
On this week’s episode we discuss momentum crashes, free trading for all, public vs. private markets, IPO performance, Goldman’s foray into banking for the masses, healthcare inflation, rich people giving money to Ivy League schools,…
Stockpiling Cash (EP.104)
Sep 25 • 44 min
On this week’s show we discuss Airbnb’s need to IPO, WeWork’s latest PR nightmare, rich people raising cash, why now is one of the hardest investing environments ever, do interest rates impact private markets, Disney Plus, why no one will ever buy…
Talk Your Book: Investing in Private Companies with EquityZen
Sep 23 • 34 min
On today’s Talk Your Book we sat down with Phil Haslett from EquityZen to discuss investing in private growth companies. Find complete shownotes on our blogs… Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like…
Michael’s Brain Fart (EP.103)
Sep 18 • 43 min
On this week’s show, we discuss how to pass the CFA exam, the range of performance in S&P 500 companies, factor crashes, why quants matter more than index funds, influencer ghostwriters, understanding IRRs, what Amazon could do next, the best…
Economically Unattractive (EP.102)
Sep 11 • 37 min
On this week’s show we discuss the passive bubble talk, private market bubble talk, credit cards, stocks vs the economy, people who own the market, Jeremy Renner’s social media experiment, student loan forgiveness, and much more. Find complete…
Who Are the Losers? (EP.101)
Sep 4 • 48 min
On this week’s show we discuss how flows affect the market, why there is no passive bubble, why small caps are always underfollowed, financial literacy differences between men and women, the Peloton IPO, why the Fed is not our savior, the Rock’s…
Best Case Recession (EP.100)
Aug 28 • 33 min
On this week’s show we discuss the finances of having kids, the best case scenario for the next recession, is anyone bullish right now, hedging out the end of the world, Michael’s worst take ever, Ben’s student loan story, Joe Rogan, trading options,…
Re-Kindled: Amusing Ourselves to Death (EP.99)
Aug 26 • 23 min
On this edition of Re-Kindled, Michael and Ben discuss Amusing Ourselves to Death by Neil Postman. Find complete shownotes on our blogs… Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And…
Paycheck to Paycheck (EP.98)
Aug 21 • 44 min
On this week’s show we discuss yield curve inversions, why everyone is always predicting recessions, RV indicators, bonds are expensive, who buys negative rate bonds, our new noobwhale t-shirts, VC pump & dumps, how many people live…
Talk Your Book: Invest like a Hedge Fund with Titan
Aug 19 • 37 min
On today’s animal Spirits Talk Your Book, Michael and Ben talk to Clay Gardner of titan invest. Titan is on a mission to democratize hedge fund investing. Go to for more information. Find complete shownotes on our blogs… Ben…
Business in a Box (EP.97)
Aug 14 • 41 min
On this week’s show we discuss what to make of negative interest rates, who is buying these bonds with negative rates, the new Apple credit card, the growth in takeout food, why fly swatters can’t be disrupted, how Planet Fitness hacked human nature…
The Bankrupt Barber (EP.96)
Aug 7 • 45 min
On this week’s show we discuss how stocks have reacted to past Fed rate cuts, why is the stock market falling, why aren’t there more unicorn companies in Japan, nature vs. nurture in your finances, why Michael bought a Peloton, Noobwhale t-shirts, can…
Re-Kindled: Superforecasting (EP.95)
Aug 5 • 30 min
On this edition of Re-Kindled we discuss Philip Tetlock’s masterpiece on prediction, Superforecasting. Find complete shownotes on our blogs… Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook …
Rush For the Exits (EP.94)
Jul 31 • 40 min
On this week’s show we discuss intellectual shaming, power laws in the stock market, the insane number of stocks that end up losers, why are fewer people driving minivans, what would happen if the USD lost reserve currency status, will there ever be…
Broke & Overweight (EP.93)
Jul 24 • 41 min
On this week’s show we discuss why are fewer people subscribing to Netflix, will we ever really reach peak podcast, how many people own their home outright, what is the chance your home will go down in value over 5 years, Elizabeth Warren’s plan to…
Shielded Alpha (EP.92)
Jul 17 • 46 min
On this week’s show we discuss the upside to social media, zombie VC companies, podcasting at Wealth/Stack, bubbles and career risk, using credit card reward points, where couples meet these days, the contradictory nature of having skin in the game,…
Talk Your Book: Agricultural Commodities
Jul 15 • 40 min
On this week’s Talk Your Book, Michael and Ben sat down with Sal Gilbertie, CEO and founder of Teucrium Trading, an ETF provider of agricultural commodities products. Find complete shownotes on our blogs… Ben Carlson’s A Wealth of Common…
The Next Big Short? (EP.91)
Jul 10 • 36 min
On this week’s show we discuss does all the high-frequency trading at the start and end of the day matter, what trends will die off with the baby boomer generation, is Rich Dad, Poor Dad real, visualizing wealth inequality, Walmart’s competition with…
Talk Your Book: The Acquirer’s Multiple
Jul 8 • 34 min
On this episode of Talk Your Book, we talk with Toby Carlisle, portfolio manager of the new Acquirer’s Fund ETF about deep value investing. Find complete shownotes on our blogs… Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The…
A Single Push-Up (EP.90)
Jul 3 • 44 min
On this week’s show we discuss why comedy movies are dying, therapy for social media, lower rates on savings accounts, Amazon as a shipping company, negative yielding debt, context around student loan debt, bank overdraft fees, how many Americans can…
Talk Your Book: Global Factor Investing
Jul 1 • 39 min
On this week’s Talk Your Book, Michael & Ben sat down with Vincent De Martel of Invesco to discuss how institutional investors are using factor investment strategies and what this means for the space going forward. Find complete shownotes on…
The Great Depression of 2073 (EP.89)
Jun 26 • 40 min
On this week’s show we discuss why Michael is getting back into trading, Facebook’s new cryptocurrency, is it a good thing more professional investors are buying up starter homes, should Vanguard get into private equity, why Harry Dent says there will…
The Four Most Dangerous Words in Podcasting (EP.88)
Jun 19 • 36 min
On this week’s show we discuss are there more unicorns now because there’s more money in venture capital, why we’re bullish on the next gen of retirement savers, Mary Meeker’s most important trends on the Internet, is the personal finance industry a…
Talk Your Book: Trading with MarketSmith
Jun 17 • 40 min
Michael & Ben sat down with Irusha Peiris to discuss the psychology behind trading, why it’s so difficult to become a full-time trader, the types of stocks that can be big winners over time and much more. Find complete shownotes on our blogs……
Dad Cat Bounce (EP.87)
Jun 12 • 42 min
On this week’s episode we discuss our chart crime of the year candidate, the staggering amount of student loan debt, managing money for NBA players, paying for time, why the home buying decision is so personal, contradictory bubble data, does anyone…
Talk Your Book: The Net Lease REIT ETF
Jun 10 • 31 min
On today’s Talk Your Book, Michael & Ben sat down with Chris Burbach & Alexi Panagiotakopoulos to discuss investing in REITs and their new net lease REIT ETF. Find complete shownotes on our blogs… Ben Carlson’s A Wealth of Common Sense…
The Influencer Bubble (EP.86)
Jun 5 • 25 min
On today’s show we talk about the influencer bubble, causes of death, peak smart phone, and the intelligence of the bond market. Find complete shownotes on our blogs… Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant…
Re-Kindled: Where Are the Customers’ Yachts (EP.85)
Jun 3 • 38 min
Re-Kindled is a show where Michael and Ben discuss some of the best finance books ever written. On this episode of Re-Kindled Michael and Ben go through some of the lessons, passages, and funny anecdotes from Where Are The Customers’ Yachts by Fred…
The Podcast Power Law (EP.84)
May 29 • 39 min
On this week’s show we discuss the unraveling of Tesla, what it takes to be in the top 1% of podcasts, where do people listen to podcasts, what Michael learned from creating a financial plan, why the fixed costs matter more than the variable costs in…
Talk Your Book: Help With Your Down Payment From Unison
May 27 • 32 min
On today’s Talk Your Book we sat down with Brodie Gay of Unison to discuss the difficulty of coming up with a down payment on a house, why it could make sense to share in the upside of your home, the investment opportunity in residential real estate,…
The Absence of Stuff (EP.83)
May 22 • 38 min
On this week’s show we discuss why dividends are underrated, the billionaire paying off student loans, Goldman Sachs buying United Capital, the curious case of WeWork, ETFs that pay you, struggling to figure out your career, where dead cat bounce…
Talk Your Book: Jeremy Schwartz of WisdomTree
May 20 • 31 min
On today’s Talk Your Book we had Jeremy Schwartz of WisdomTree on the show to discuss the firm’s dividend strategies, the rise of tax-deferred accounts, currency hedging, improving the 60/40 portfolio, investing overseas, and much more. Find complete…
Michael’s Fitness Pal (EP.82)
May 15 • 37 min
On this week’s show we discuss are the tech companies going to make us all fat and lazy, some good news for once in retirement saving data, the huge growth in tax-deferred accounts, how the S&P 500 has changed over the years, why is growth…
The Rorschach Test (EP.81)
May 8 • 36 min
On this week’s episode we discuss why Berkshire Hathway is the market’s Rorschach test, Charlie Munger is still going strong at age 95, how many companies have avoided bankruptcy because of VC money, recession calls that won’t age well, lessons from…
Re-Kindled: The Big Short (EP.80)
May 6 • 35 min
Re-Kindled is a show where Michael and Ben discuss some of the best finance books ever written. On this episode, they dig into The Big Short by Michael Lewis to talk about the lessons of the financial crisis from the banks to the subprime mortgage…
Remember Gchat? (EP.79)
May 1 • 34 min
On this week’s show we discuss Tesla’s huge drawdown, why making your stock bets public makes it harder to have an open mind, how our perceptions about retirement change over time, why does Uber lose so much money, how Charles Schwab seems to toe the…
The Re-Readables (EP.78)
Apr 24 • 33 min
On this week’s show we discuss is inflation dead, what should we call our new podcast where we discuss classic finance books. what if the government eliminated all student loan debt, why eliminating student loans won’t fix the high cost of education,…
Money Made By Chance (EP.77)
Apr 17 • 39 min
On this week’s show we discuss the guy who bet $85k to win $1.2 million on Tiger winning the Masters, Ray Dalio’s plan to save capitalism, are we really worse off than previous generations, investing in college grads, how do advisors spend their time,…
Money Makes Money (EP.76)
Apr 10 • 32 min
On this week’s show we discuss the retirement crisis or lack thereof, average savings rates by generation, the biggest expense super savers cut back on, the Barron’s cover curse, how much longer the bull market can last, why dividends aren’t as…
(Fixed) The Netflix of Financial Advice (EP.75)
Apr 3 • 34 min
On today’s episode we discuss how to pay for college on the cheap, why is financial literacy in the U.S. so low, is there ever going to be a solution for the retirement savings crisis, the Netflix model for financial advice, why the financial services…
Footing the Bill (EP.74)
Mar 27 • 36 min
On this week’s show we discuss the yield curve inversion, the Fed vs. the bond market, baby boomers vs. millennials, Kahneman vs. Cialdini, why IPOs are almost always oversubscribed, real estate vs. the stock market, Bitcoin trading volume is fake,…
Talk Your Book: Creating a Buffer
Mar 25 • 28 min
On today’s talk your book we discuss surviving the upside when trying to hedge, the ideal client for hedging, structured product strategies in an ETF wrapper, why complex products require more homework, timing a hedging strategy, how options are…
The Expectations Gap (EP.73)
Mar 20 • 38 min
On this week’s show we discuss the college admissions bribery scandal, does it matter where you went to college, how the tech companies can help in higher education, CalPERS is making a bigger push into private equity, the expectations gap in…
Talk Your Book: The Low Volatility Anomaly
Mar 18 • 31 min
On this edition of Talk Your Book we discuss the low volatility anomaly with Invesco’s Nicolas Kalivas. Topics include why low vol isn’t as well known as some of the other risk factors, why finance theory doesn’t always work in practice, why…
Where Were You at the Bottom (EP.72)
Mar 13 • 46 min
On today’s episode we discuss Bill Gross, the hardest thing to do in the markets, the biggest mistake savers are making, how many workers max out their 401k, how much credit card debt is out there, what would you be willing to give up to get out…
I Will Say This (EP.71)
Mar 6 • 38 min
The massive rally in stocks, did the Fed turn millennials into socialists, why real estate prices haven’t done as well as you think, why have U.S. stocks dominated the last century, how to run a Ponzi Scheme in a post-2008 world, free ETFs, social…
The Rich Man’s Disease (EP.70)
Feb 27 • 34 min
The meaning of work, why so many people are miserable with their career, smartphone addiction, Warren Buffett’s latest shareholder letter, the greatest investor you’ve never heard of, the huge upside potential in a retirement portfolio, the insane…
Denominator Blindness (EP.69)
Feb 20 • 38 min
Zillow’s new home-flipping venture, putting auto loan delinquencies into perspective, rising student loans for people over the age of 60, why the Internet makes it easier to negotiate, how big your nest egg should be at retirement, when errors cancel…
The Rich Man’s IRA (EP.68)
Feb 13 • 35 min
On this week’s show we discuss how index funds can differentiate themselves in a crowded field, how to wreck a pension fund, how does Renaissance Technologies make money, how much your time and vacation days are worth in terms of happiness, re-rating…
Banning Buybacks (EP.67)
Feb 6 • 36 min
Amazon vs. Apple, banning stock buybacks to decrease inequality, how much pensions and endowments should have in alternatives, what to do with an underperforming money manager, why volatility is more important when drawing down your portfolio, the…
Adverse Variance (EP.66)
Jan 30 • 35 min
Cash pouring into money market funds, how markets have changed over the past 200 years, does the US deserve a valuation premium, where are all the young star fund managers, millennials don’t understand how down payments work, selling a house without a…
Stay the Course (EP.65)
Jan 23 • 25 min
The passing of Jack Bogle, interesting stories from his latest book, how to budget your money effectively, the impact of student loans on the housing market, what happens when baby boomers sell their stocks, the different groups that collectively own…
The Richest 50 Percent (EP.64)
Jan 16 • 35 min
WeWork’s rough patch, why Sears was the Amazon of their day, the relationship between mortgage rates and home prices, how the Japanese economy has defied their demographics, asset allocation blind spots, how many millennials plan on dying in debt, why…
Record Outflows (EP.63)
Jan 9 • 39 min
The record outflows from stock mutual funds, what a bear market means for the wealth management industry, why timing the market is so hard, recessionary indicators, some good news for investors interested in yield, the ridiculous way some people pick…
The Market Swoon (EP.62)
Jan 2 • 38 min
Steve Mnuchin’s bizarre statement on the health of the banks, huge swings in the market from day-to-day, the causes of the market downturn, can we really blame the algos for increased volatility, is technology speeding up market cycles, stock…
The Bear Market (EP.61)
Dec 26, 2018 • 37 min
the downturn in stocks, is a recession imminent, how often stocks go into a bear market but not a recession, why the Fed is in a no-win position, 2018’s worst buzzword, how tax implications can impact your trading decisions, how different generations…
Talk Your Book: Breaking the Market Cap
Dec 24, 2018 • 26 min
On this week’s Talk Your Book we discuss why market cap weighting is so hard to beat when constructing a fund, why cash outperforms the majority of stocks, the thinking behind reverse cap weighting the S&P 500, how to invest in companies with high…
Everyone Should Earn 3 Percent (EP.60)
Dec 19, 2018 • 36 min
On this week’s show we discuss Robinhood’s checking & savings debacle, do Millennials care about financial regulations, where to find higher yields on your savings, putting fund flows into context, the number of bear markets around the globe, can…
Talk Your Book: International Investing
Dec 17, 2018 • 31 min
We discuss US outperformance over foreign stocks, comparing valuations across countries and markets, why it still makes sense to diversify internationally, does factor investing work better overseas, S&P 500 envy, the problem with single variable…
Late Cycle (EP.59)
Dec 12, 2018 • 38 min
Are we in the late cycle, why every correction always feels different, why losses this year are perfectly normal, why a shallow recession and “normal” bear market would be a good thing, why more money doesn’t make rich people happier, the labor market…
The Sellers Are in Control (EP.58)
Dec 5, 2018 • 25 min
On this week’s how we discuss Michael’s CNBC appearances, the FIRE movement, making your savings last for 50+ years, when FIRE goes bad, the average amount people spend in retirement, steak dinners paired with investment pitches, where is the Vanguard…
Talk Your Book: Investing in Commodities
Dec 3, 2018 • 35 min
We speak with Will Rhind of Graniteshares about the reasons to invest in commodities, expected returns in gold, is bitcoin a commodity, why it’s so difficult to stick with an allocation to commodities, the unbelievable run in gold prices in the 1970s, how
Passive Income (EP.57)
Nov 28, 2018 • 34 min
Why monetizing content is so difficult, the myth of passive income, is it even possible to sell out in 2018, the difference between investing & gambling on options, how private equity ruined the grocery industry, Amazon as a scapegoat, when cash…
How to Ask the Right Questions (EP.56)
Nov 21, 2018 • 41 min
The 40-year history of the 401k, why the retirement system is far from perfect, the problem with cashing out your 401k, the pros & cons of multi-factor funds, competitive in factor investing, morning routines, financial regrets of the elderly, why the Ame
How to Create the Perfect Fund (EP.55)
Nov 14, 2018 • 34 min
universal basic income, the cost of paying every citizen $1,000/month, the perfect hedge fund, the language of money, the reason for the decline in youth sports, million dollar homes in San Francisco, how income variability should impact your savings rate
Spirit Animal (EP.54)
Nov 7, 2018 • 35 min
A timetable for the next bear market, what impact the mid-term elections have on the markets, how much money FANG CEOs have lost in the downturn, how often bonds outperform stocks over 30 year periods, the number of Americans who consider themselves finan
Panic a Little (EP.53)
Oct 31, 2018 • 40 min
The one thing we’re certain of about the markets going forward, why volatility begets more volatility in the markets, expectations vs. the economy, what to do if you’ve been sitting in cash, when to panic, why investors are fleeing bonds, are all the econ
The Next Subprime (EP.52)
Oct 24, 2018 • 35 min
The housing market, homebuilder stocks, how much mortgage rates matter to the economy, what if there is no next subprime, how to think about inflation and your portfolio, the difficulty of owning bonds when inflation is rising, the Fed’s thoughts on inver
The Healthy Correction (EP.51)
Oct 17, 2018 • 33 min
The current market correction, the myth of the 401k market floor, the problem with 401k loans, the downfall of Sears, the massive size of the student loan market, what’s holding back young homebuyers, value investing in taxi medallions, Amazon wants to kn
A Committee of Geniuses (EP.50)
Oct 10, 2018 • 40 min
The rise of social media in finance, reflections on the humble beginnings of this podcast, the case for investing in bonds, more hedge funds closing, your children are eating your retirement savings, the myth of short-termism by public companies, Amazon’s
Buy the Housing Dip (EP.49)
Oct 3, 2018 • 36 min
the new Howard Marks book on cycles, why super-investors may not be as helpful as you think, how the first Vanguard index fund was run by a part-time worker, SoftBank’s lofty tech aspirations, choosing the right asset allocation for your portfolio, our be
Looming Disaster (EP.48)
Sep 26, 2018 • 37 min
Bond market losses, why stocks diversify bonds, pot stocks & mini bubbles, Amazon’s new microwave, the massive decline in world poverty, parallels to the 1990s, why retirement calculators aren’t perfect but can still be useful and much more.
Borrowing From the Future (EP.47)
Sep 19, 2018 • 37 min
Taking financial advice from billionaires, Ray Dalio’s work on debt cycles, how to think about government debt levels, why it’s so hard to quantify the true amount in index funds, millennial banking habits, shrinking hedge funds, investing in foreign mark
How the Financial Crisis Affected Millennials (EP.46)
Sep 12, 2018 • 40 min
How the financial crisis impacted young people, why the Fed pays attention to the 1970s, AQR’s recent struggles, the difference between insurance and investing, how much money you’ll spend in retirement, Kevin Garnett’s accountant, Rusty the stock-picking
Do We Need a Recession? (EP.45)
Sep 5, 2018 • 32 min
The FIRE movement, why you’re paying so little for stuff, the private jet college tour, the new technology sector, bounties on new brokers, why celebrities are terrible with their money and much more.
When Hitler Took Cocaine (EP.44)
Aug 29, 2018 • 38 min
What 8 different market indicators are telling us, the growth of the intangible economy, chart crime sell signals, the decline in high schoolers playing football, the poor performance of managed futures funds, a bad idea by Chicago, can indexing become to
Why Andy Dufresne Would Make a Good Money Manager (EP.43)
Aug 22, 2018 • 32 min
On this week’s show we’re joined by Morgan Housel. We discuss Elon Musk’s surprising announcement, the odds we give Tesla for going private, the bubble prospects in venture capital, the impressive rise of Tinder, Peloton & Slack, is loss aversion a fallac
Funding Secured (EP.42)
Aug 15, 2018 • 33 min
Elon Musk’s bizarre tweets, the types of companies that typically go private, why stock buybacks aren’t to blame for the wealth gap, why housing plays such a large role in the finances of the middle class, the prospects for gold going out of style for goo
Despite All Logic (EP.41)
Aug 8, 2018 • 32 min
The unraveling at Movie Pass, why Disney’s streaming product will be a success, Fidelity’s zero fee index funds, our biggest worry about the future, a troubling trend in personal bankruptcies, an ETF idea born out of Twitter, the lure of venture capital,
What Worked on Wall Street (EP.40)
Aug 1, 2018 • 52 min
Facebook’s enormous stock price plunge, why life can be more challenging for young people today, the death of trend-following, hedge funds that don’t want your money, the perfect day, the race to zero in ETFs, Elizabeth Banks as a fan of mid caps, why pop
The Worst 401k Advice (EP.39)
Jul 25, 2018 • 42 min
The pie chart heard around the world, why concentrated gains in the stock market are nothing new, becoming a millionaire in your 401k, the worst 401k advice we’ve come across, the Vanguard of hedge funds, why value investing has performed so poorly this c
Half the Population (EP.38)
Jul 18, 2018 • 44 min
The recession signal everyone is talking about, Amazon somehow being touted as a value stock, the paradox of choice in the fund world, houses are getting bigger, Time Warner is going to ruin HBO, how tariffs are affecting the lobster industry and much mor