Animal Spirits Podcast
Episodes
Apocalyptic Thinking (EP.123)
29 Jan 2020
Contributed by Lukas
On this week's show, we discuss living for today, why millennials own such a small piece of the real estate pie, why investors trade more than they us...
The Short Squeeze (EP.122)
22 Jan 2020
Contributed by Lukas
On this week's show we discuss Tesla's wild ride, fixing the US retirement system, why financial literacy doesn't always work, why the Fed isn't to bl...
The 10 Best Jobs in America (EP.121)
15 Jan 2020
Contributed by Lukas
On this week's episode we discuss Vanguard vs Mark Zuckerberg, do people value work over family, chances of a recession in 2020, Apple AirPods as a bu...
Millennials on Communism (EP.120)
08 Jan 2020
Contributed by Lukas
On this week's episode, we discuss Ben's new book Don't Fall For It: A Short History of Financial Scams, the future of the publishing world, how mark...
Everybody's Busy (EP.119)
01 Jan 2020
Contributed by Lukas
On this week's show we discuss working nights and weekends, why people are "busy" all the time, why we don't enjoy innovation as much as we should, te...
The Best Decade in Human History (EP.118)
25 Dec 2019
Contributed by Lukas
On this week's show we talk about the one year anniversary of the bear market, the Christmas Eve miracle bottom, the new Peter Lynch interview, why it...
A Random Watch Down Wall Street: Trading Places
23 Dec 2019
Contributed by Lukas
We re-watched the 1980s finance classic Trading Places with Eddie Murphy, Dan Aykroyd and Jamie Lee Curtis to discuss how markets have changed since ...
Shopping Under the Influence (EP.117)
18 Dec 2019
Contributed by Lukas
On this week's show we discuss some of the best charts of the decade from YCharts, the different types of Twitter accounts, when ETFs will surpass mut...
Talk Your Book: The Case for Tactical Equity
16 Dec 2019
Contributed by Lukas
On today's show we talk with Corey Hoffstein of Newfound Research about all things tactical, including their new ETF, ROMO. Find complete shownotes o...
Murder of the American Dream (EP.116)
11 Dec 2019
Contributed by Lukas
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 ...
A Random Watch Down Wall Street: Boiler Room
09 Dec 2019
Contributed by Lukas
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 Micr...
It's What It Is (EP.115)
04 Dec 2019
Contributed by Lukas
On this week's show we discuss the coming generational wealth transfer, some good economic news, The Irishman, too many contrarians, hedge fund money,...
Talk Your Book: Elimination Alpha – How to XOUT Your Portfolio Losers
02 Dec 2019
Contributed by Lukas
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 fi...
The Nastiest, Hardest Problem in Finance (EP.114)
27 Nov 2019
Contributed by Lukas
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...
Talk Your Books: Value & Momentum with Jack & Wes
25 Nov 2019
Contributed by Lukas
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 ...
Worst Call Ever? (EP.113)
20 Nov 2019
Contributed by Lukas
On this week's show we discuss our initial thoughts on Disney+, staying bearish on Netflix since 2002, tech adoption, Google checking accounts, Armag...
Talk Your Book: Defined Outcome Strategies with Jason Barsema of Halo Investing
18 Nov 2019
Contributed by Lukas
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 th...
I've Never Used an Emoji (EP.112)
13 Nov 2019
Contributed by Lukas
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...
Talk Your Book: Coaching the Yankees
11 Nov 2019
Contributed by Lukas
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 Cham...
Talk Your Book: Greg Zuckerman on Jim Simons & Renaissance Technologies
07 Nov 2019
Contributed by Lukas
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...
The World's Worst Investor (EP.111)
06 Nov 2019
Contributed by Lukas
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...
CEO Departures (EP.110)
30 Oct 2019
Contributed by Lukas
On this week's show we discuss company performance after a CEO leaves, never-ending finance arguments, what would happen if we banned buybacks, Elizab...
Talk Your Book: Crossing Wall Street with Eddy Elfenbein
28 Oct 2019
Contributed by Lukas
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...
The Least Happy Age (EP.109)
23 Oct 2019
Contributed by Lukas
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 ri...
The Undies Indicator (EP.108)
16 Oct 2019
Contributed by Lukas
On this week's episode we discuss the streaming wars, recession-proof businesses, the China-NBA clash, the power of Twitter, underwear economic indica...
Re-Kindled: Malcolm Gladwell (EP.107)
14 Oct 2019
Contributed by Lukas
On this edition of Re-Kindled, Michael and Ben discuss Tipping Point, Blink, Talking to Strangers, pop psychology, and Malcolm Gladwell backlash. Fin...
Winners of the Financial Crisis (EP.106)
09 Oct 2019
Contributed by Lukas
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 contro...
Free Trading (EP.105)
02 Oct 2019
Contributed by Lukas
On this week's episode we discuss momentum crashes, free trading for all, public vs. private markets, IPO performance, Goldman's foray into banking f...
Stockpiling Cash (EP.104)
25 Sep 2019
Contributed by Lukas
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 e...
Michael's Brain Fart (EP.103)
18 Sep 2019
Contributed by Lukas
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 i...
Economically Unattractive (EP.102)
11 Sep 2019
Contributed by Lukas
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, J...
Who Are the Losers? (EP.101)
04 Sep 2019
Contributed by Lukas
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 literac...
Best Case Recession (EP.100)
28 Aug 2019
Contributed by Lukas
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 th...
Re-Kindled: Amusing Ourselves to Death (EP.99)
26 Aug 2019
Contributed by Lukas
On this edition of Re-Kindled, Michael and Ben discuss Amusing Ourselves to Death by Neil Postman. Find complete shownotes on our blogs... Ben Carlso...
Paycheck to Paycheck (EP.98)
21 Aug 2019
Contributed by Lukas
On this week's show we discuss yield curve inversions, why everyone is always predicting recessions, RV indicators, bonds are expensive, who buys nega...
Talk Your Book: Invest like a Hedge Fund with Titan
19 Aug 2019
Contributed by Lukas
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 inve...
Business in a Box (EP.97)
14 Aug 2019
Contributed by Lukas
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 ...
The Bankrupt Barber (EP.96)
07 Aug 2019
Contributed by Lukas
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...
Re-Kindled: Superforecasting (EP.95)
05 Aug 2019
Contributed by Lukas
On this edition of Re-Kindled we discuss Philip Tetlock's masterpiece on prediction, Superforecasting. Find complete shownotes on our blogs... Ben Ca...
Rush For the Exits (EP.94)
31 Jul 2019
Contributed by Lukas
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 peo...
Broke & Overweight (EP.93)
24 Jul 2019
Contributed by Lukas
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 out...
Shielded Alpha (EP.92)
17 Jul 2019
Contributed by Lukas
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...
Talk Your Book: Agricultural Commodities
15 Jul 2019
Contributed by Lukas
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 comm...
The Next Big Short? (EP.91)
10 Jul 2019
Contributed by Lukas
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 boom...
Talk Your Book: The Acquirer's Multiple
08 Jul 2019
Contributed by Lukas
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 com...
A Single Push-Up (EP.90)
03 Jul 2019
Contributed by Lukas
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, n...
Talk Your Book: Global Factor Investing
01 Jul 2019
Contributed by Lukas
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 invest...
The Great Depression of 2073 (EP.89)
26 Jun 2019
Contributed by Lukas
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...
The Four Most Dangerous Words in Podcasting (EP.88)
19 Jun 2019
Contributed by Lukas
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 retirem...
Talk Your Book: Trading with MarketSmith
17 Jun 2019
Contributed by Lukas
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 s...
Dad Cat Bounce (EP.87)
12 Jun 2019
Contributed by Lukas
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, p...
Talk Your Book: The Net Lease REIT ETF
10 Jun 2019
Contributed by Lukas
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 R...
The Influencer Bubble (EP.86)
05 Jun 2019
Contributed by Lukas
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 sho...
Re-Kindled: Where Are the Customers' Yachts (EP.85)
03 Jun 2019
Contributed by Lukas
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 throu...
The Podcast Power Law (EP.84)
29 May 2019
Contributed by Lukas
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 Michae...
Talk Your Book: Help With Your Down Payment From Unison
27 May 2019
Contributed by Lukas
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 ma...
The Absence of Stuff (EP.83)
22 May 2019
Contributed by Lukas
On this week's show we discuss why dividends are underrated, the billionaire paying off student loans, Goldman Sachs buying United Capital, the curiou...
Talk Your Book: Jeremy Schwartz of WisdomTree
20 May 2019
Contributed by Lukas
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 account...
Michael's Fitness Pal (EP.82)
15 May 2019
Contributed by Lukas
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 g...
The Rorschach Test (EP.81)
08 May 2019
Contributed by Lukas
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 compa...
Re-Kindled: The Big Short (EP.80)
06 May 2019
Contributed by Lukas
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 Michae...
Remember Gchat? (EP.79)
01 May 2019
Contributed by Lukas
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 abou...
The Re-Readables (EP.78)
24 Apr 2019
Contributed by Lukas
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 e...
Money Made By Chance (EP.77)
17 Apr 2019
Contributed by Lukas
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 real...
Money Makes Money (EP.76)
10 Apr 2019
Contributed by Lukas
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 ...
(Fixed) The Netflix of Financial Advice (EP.75)
03 Apr 2019
Contributed by Lukas
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 ...
Footing the Bill (EP.74)
27 Mar 2019
Contributed by Lukas
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 a...
Talk Your Book: Creating a Buffer
25 Mar 2019
Contributed by Lukas
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 ...
The Expectations Gap (EP.73)
20 Mar 2019
Contributed by Lukas
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 hi...
Talk Your Book: The Low Volatility Anomaly
18 Mar 2019
Contributed by Lukas
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 know...
Where Were You at the Bottom (EP.72)
13 Mar 2019
Contributed by Lukas
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 the...
I Will Say This (EP.71)
06 Mar 2019
Contributed by Lukas
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. sto...
The Rich Man's Disease (EP.70)
27 Feb 2019
Contributed by Lukas
The meaning of work, why so many people are miserable with their career, smartphone addiction, Warren Buffett's latest shareholder letter, the greates...
Denominator Blindness (EP.69)
20 Feb 2019
Contributed by Lukas
Zillow's new home-flipping venture, putting auto loan delinquencies into perspective, rising student loans for people over the age of 60, why the Inte...
The Rich Man's IRA (EP.68)
13 Feb 2019
Contributed by Lukas
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 Tech...
Banning Buybacks (EP.67)
06 Feb 2019
Contributed by Lukas
Amazon vs. Apple, banning stock buybacks to decrease inequality, how much pensions and endowments should have in alternatives, what to do with an unde...
Adverse Variance (EP.66)
30 Jan 2019
Contributed by Lukas
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 you...
Stay the Course (EP.65)
23 Jan 2019
Contributed by Lukas
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 ...
The Richest 50 Percent (EP.64)
16 Jan 2019
Contributed by Lukas
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 def...
Record Outflows (EP.63)
09 Jan 2019
Contributed by Lukas
The record outflows from stock mutual funds, what a bear market means for the wealth management industry, why timing the market is so hard, recessiona...
The Market Swoon (EP.62)
02 Jan 2019
Contributed by Lukas
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 rea...
The Bear Market (EP.61)
26 Dec 2018
Contributed by Lukas
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...
Talk Your Book: Breaking the Market Cap
24 Dec 2018
Contributed by Lukas
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 st...
Everyone Should Earn 3 Percent (EP.60)
19 Dec 2018
Contributed by Lukas
On this week's show we discuss Robinhood's checking & savings debacle, do Millennials care about financial regulations, where to find higher yields on...
Talk Your Book: International Investing
17 Dec 2018
Contributed by Lukas
We discuss US outperformance over foreign stocks, comparing valuations across countries and markets, why it still makes sense to diversify internation...
Late Cycle (EP.59)
12 Dec 2018
Contributed by Lukas
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"...
The Sellers Are in Control (EP.58)
05 Dec 2018
Contributed by Lukas
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 a...
Talk Your Book: Investing in Commodities
03 Dec 2018
Contributed by Lukas
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 di...
Passive Income (EP.57)
28 Nov 2018
Contributed by Lukas
Why monetizing content is so difficult, the myth of passive income, is it even possible to sell out in 2018, the difference between investing & gambli...
How to Ask the Right Questions (EP.56)
21 Nov 2018
Contributed by Lukas
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-facto...
How to Create the Perfect Fund (EP.55)
14 Nov 2018
Contributed by Lukas
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 yo...
Spirit Animal (EP.54)
07 Nov 2018
Contributed by Lukas
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 ...
Panic a Little (EP.53)
31 Oct 2018
Contributed by Lukas
The one thing we're certain of about the markets going forward, why volatility begets more volatility in the markets, expectations vs. the economy, wh...
The Next Subprime (EP.52)
24 Oct 2018
Contributed by Lukas
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...
The Healthy Correction (EP.51)
17 Oct 2018
Contributed by Lukas
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 ...
A Committee of Geniuses (EP.50)
10 Oct 2018
Contributed by Lukas
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, ...
Buy the Housing Dip (EP.49)
03 Oct 2018
Contributed by Lukas
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 ...
Looming Disaster (EP.48)
26 Sep 2018
Contributed by Lukas
Bond market losses, why stocks diversify bonds, pot stocks & mini bubbles, Amazon's new microwave, the massive decline in world poverty, parallels to ...
Borrowing From the Future (EP.47)
19 Sep 2018
Contributed by Lukas
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 th...
How the Financial Crisis Affected Millennials (EP.46)
12 Sep 2018
Contributed by Lukas
How the financial crisis impacted young people, why the Fed pays attention to the 1970s, AQR's recent struggles, the difference between insurance and ...