Animal Spirits Podcast
Episodes
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 ...
Do We Need a Recession? (EP.45)
05 Sep 2018
Contributed by Lukas
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 celebr...
When Hitler Took Cocaine (EP.44)
29 Aug 2018
Contributed by Lukas
What 8 different market indicators are telling us, the growth of the intangible economy, chart crime sell signals, the decline in high schoolers playi...
Why Andy Dufresne Would Make a Good Money Manager (EP.43)
22 Aug 2018
Contributed by Lukas
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 bubbl...
Funding Secured (EP.42)
15 Aug 2018
Contributed by Lukas
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 play...
Despite All Logic (EP.41)
08 Aug 2018
Contributed by Lukas
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...
What Worked on Wall Street (EP.40)
01 Aug 2018
Contributed by Lukas
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 ...
The Worst 401k Advice (EP.39)
25 Jul 2018
Contributed by Lukas
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 ...
Half the Population (EP.38)
18 Jul 2018
Contributed by Lukas
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 gett...
Ring the Bell (EP.37)
11 Jul 2018
Contributed by Lukas
The complexity of the trade war, tech IPOs, the surprisingly strong consumer balance sheet, the housing affordability index, a concerning economic dat...
Blackswan Growth (EP.36)
04 Jul 2018
Contributed by Lukas
How Bud Light used Dilly, Dilly to get you to buy more beer, some drawbacks of index funds, why hedge fund fees are finally falling, the payday lendin...
Individual Alpha (EP.35)
27 Jun 2018
Contributed by Lukas
Why household equity allocations are near all-time highs, why Robinhood could be the bank of choice for Millennials, financial planning for inconsiste...
The Mother of All Credit Bubbles (EP.34)
20 Jun 2018
Contributed by Lukas
Some suggestions Barron's has for Warren Buffett, the latest Howard Marks letter, the "mother of all credit bubbles", why computer programmers should ...
The Oracle of Brooklyn (EP.33)
13 Jun 2018
Contributed by Lukas
We talk about Big Mistakes in the Wall Street Journal, how retirement investors are wising up, the crazy Gen Z retirement plan, why markets haven't ch...
Big MIstakes (EP.32)
06 Jun 2018
Contributed by Lukas
Michael's new book (Big Mistakes: The Best Investors and Their Worst Investments), how he came up with the idea for the book, where the value & moment...
Stocks Are Not Bonds (EP.31)
30 May 2018
Contributed by Lukas
The risks involved in concentrated stock positions, why factor investing is so hard, the limitations of historical market data, the myth of the marshm...
What It Takes to Be Wealthy (EP.30)
23 May 2018
Contributed by Lukas
The brilliance of John Bogle, how much money people in their 30s should have saved, how different age groups define wealth, thinking outside the box f...
The Podcast Boot Camp (EP.29)
16 May 2018
Contributed by Lukas
Why market bubbles have nothing to do with ETFs, the multi-millionaire secretary's secret, the massive revenue airline credit cards bring in, the mist...
Tesla Hathaway (EP.28)
09 May 2018
Contributed by Lukas
On this week's show we discuss WeWork's community-adjusted EBITDA, Elon Musk vs. Warren Buffett & Charlie Munger, size is the enemy of outperformance,...
Micro Bubbles (EP.27)
02 May 2018
Contributed by Lukas
The most common ages in the US and what it means for the markets, micro bubbles in tech stocks, Amazon's Field of Dreams moment, Peter Lynch's stock p...
The Collaborative Podcast (EP.26)
25 Apr 2018
Contributed by Lukas
Morgan Housel joins this week as guest host to discuss venture capital, annoying finance phrases, Disney vs. Netflix, Tesla, Jeff Bezos and much more....
Some Things We Learned (EP.25)
18 Apr 2018
Contributed by Lukas
Why the next recession won't be like the last one, what could possibly cause market returns to be higher in the future, why states & cities are short ...
The False Breakdown (EP.24)
11 Apr 2018
Contributed by Lukas
How to solve the financial literacy issue, the downfall of Bill Ackman & David Einhorn, how much money people think they need to retire, Drew Brees di...
The Lump Sum (EP.23)
04 Apr 2018
Contributed by Lukas
On this week's show we discuss if we would you rather collect $1 million now or $1,000 for the rest of our lives, how the world has changed since 2008...
Horizontal Support (EP.22)
28 Mar 2018
Contributed by Lukas
Why investing is getting harder over time, why share buybacks get a bad rap, why life insurance is on the decline, two centuries of momentum and much...
The Magic Number (EP.21)
21 Mar 2018
Contributed by Lukas
A possible foray into business TV for Amazon, the most well-connected man in hedge funds, how to lie with surveys, your magic retirement number & much...
Goodnight Moon (EP.20)
14 Mar 2018
Contributed by Lukas
The flash correction in stocks, why most people need financial advice more than investment advice, our children's book recommendations & more. Find ...
Brothers from Another Mother (EP.19)
07 Mar 2018
Contributed by Lukas
How your job should fit into your investing decisions, our thoughts on Jim Cramer, misconceptions about share buybacks and more. Find complete shown...
The Closet Indexer (EP.18)
28 Feb 2018
Contributed by Lukas
Takeaways from the latest Warren Buffett shareholder letter, the potential baby boomer retirement crisis, how millennials should think about retiremen...
Phony Happiness (EP.17)
21 Feb 2018
Contributed by Lukas
Why our memories play tricks on us in the markets, the pros & cons of private equity, the permanent portfolio, scary market predictions and more. ...
The Meltdown (EP.16)
14 Feb 2018
Contributed by Lukas
On this week's show, we discuss our thoughts on the market correction, why there's been nowhere to hide from the losses, the narratives surrounding th...
The Noobwhale (EP.15)
07 Feb 2018
Contributed by Lukas
On this week's show we discuss the current market sell-off, the hidden risks in alternative investments, why women make better financial decisions th...
Cash on the Sidelines (EP.14)
31 Jan 2018
Contributed by Lukas
On this week's show we debate whether the Fed has really been punishing savers, take a step back and admire the current bull market, talk about the be...
Nobody Wants to Listen to Your Podcast (EP.13)
17 Jan 2018
Contributed by Lukas
On this week's show, we offer career advice to a young person starting out in finance, discuss our rules for writing effectively, talk about the crazi...
The Melt-Up (EP.12)
10 Jan 2018
Contributed by Lukas
On this week's show, we discuss the prospects for a melt-up in the stock market, look back at the long history of bubbles in stocks, try to figure out...
Hedge Fund Myths & Casual Investing Advice (EP.11)
03 Jan 2018
Contributed by Lukas
On today's show, we discuss what to do if you've been sitting in cash during the bull market, go through Ben's latest portfolio changes, do some myth-...
The Happiness Smile (EP.10)
27 Dec 2017
Contributed by Lukas
On today's show we talk about how the new tax reform will impact your paycheck next year, why happiness declines for most people until they hit their ...
Invest Like the Worst (EP.09)
20 Dec 2017
Contributed by Lukas
We discuss some passages from Michael's old trading diary, the reason Millennials should be praying for poor market returns, why you should read more ...
May Day (EP.08)
13 Dec 2017
Contributed by Lukas
On today's show, we discuss Jack Bogle's dire warnings for pension funds, why women make better investors than men, how financial advisors can give go...
A Random Walk Down Nowhere (EP.07)
06 Dec 2017
Contributed by Lukas
On today's show, we talk about how life changes in 2017 have impacted our perspective on our finances, discuss the role technology will play in the fu...
Bitcoin, Bubbles & Bananas (EP.06)
29 Nov 2017
Contributed by Lukas
On today's show, we speak about the meteoric rise in Bitcoin through the lens of human psychology, discuss how difficult it is to break through as an ...
Wave Pools and Market Inefficiencies (EP.05)
22 Nov 2017
Contributed by Lukas
On today's show, we speak about how career risk creates inefficiencies in the market, signs of froth, the Vanguard of alternatives, and ETF price wars...
Evidence-Based Investing Conference Post-Mortem (EP.04)
17 Nov 2017
Contributed by Lukas
We reflect on a fun day at the Evidence-Based Investing Conference in New York City with some of our favorite talks, anecdotes, statistics, and quotes...
The More You Pay, The Less You Get (EP.03)
17 Nov 2017
Contributed by Lukas
We discuss what do in an environment of lower expected future returns, how can investors protect themselves from complacency, what would cause us to s...
Investing is a Game of Relative, Not Absolute Skill (EP.02)
17 Nov 2017
Contributed by Lukas
We discuss the difference between portfolio managers and portfolio management, Michael’s favorite investment book ever written, how to think about f...
Animal Spirits Unleashed (EP.01)
15 Nov 2017
Contributed by Lukas
Both Ben Carlson and Michael Batnick joke that we probably talk to each other more than we talk to our own wives. Michael lives and works in New York ...