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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.

episodes

The Future of Education (EP.154)

Jul 8, 2020
49 min
On this weeks show we discuss the two types of investing mistakes, hangovers and sunburns, when markets actually make sense, migration out of big cities, Tesla's unbelievable run, a world with no yield, the joys of indexing, options for college...
Jul 8, 2020 • 49 MIN

Existential Hurricane (EP.153)

Jul 1, 2020
48 min
On this week's show we discuss growing worries about the economy, a double-dip depression, why the Fed may have to backstop the banks, shorting commercial real estate, the dominance of the biggest tech stocks, lower interest rates for a long time,...
Jul 1, 2020 • 48 MIN

Inflation Ahead (EP.152)

Jun 24, 2020
42 min
On this week's show we discuss Jeremy Siegel's inflationary scenario for the market, why it's time to stop complaining about the Fed, why poverty in the US actually improved during this crisis, is this another bubble, the garbage portfolio, why...
Jun 24, 2020 • 42 MIN

Talk Your Book: Advisor Solutions with Helios

Jun 19, 2020
24 min
On today's show we talk with Chris Shuba, founder and CEO of Helios Quantitative Research. Helios partners with financial advisors to create a unique and compelling asset management experience for their clients. Find complete shownotes on our...
Jun 19, 2020 • 24 MIN

The Opposite of a Falling Knife (EP.151)

Jun 17, 2020
40 min
On this week's show we discuss who is driving market prices right now, Robinhood's PR dream, the Hertz bankruptcy story, Dave Portnoy's day-trading escapades, why active managers should be salivating right now, how private equity could turn out...
Jun 17, 2020 • 40 MIN

Talk Your Book: Invest in Private Real Estate With FundRise.

Jun 12, 2020
31 min
On today's show we talk with Ben Miller, co-founder and CEO of FundRise, about how individuals can access the private real estate market. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The...
Jun 12, 2020 • 31 MIN

Stock Market Euphoria (EP.150)

Jun 10, 2020
43 min
On this week's show we discuss the insane move in the stock market from the lows, the surprising unemployment numbers, underestimating the Fed, going from the Great Depression to euphoria in a matter of months, why international stocks are finally...
Jun 10, 2020 • 43 MIN

Talk Your Book: How to Make Better Financial Decisions with Daniel Crosby

Jun 5, 2020
28 min
On this Talk Your Book we chat with Daniel Crosby about behavioral psychology, why we're not wired to manage money, how to improve your financial decisions and how systems and automation can help. Find complete shownotes on our blogs... Ben...
Jun 5, 2020 • 28 MIN

The Unluckiest Generation (EP.149)

Jun 3, 2020
41 min
On this week's show we discuss the saddest week in a long time, post-traumatic growth, 2020 vs. 1968, why working from home is a privilege, inequality in America, the explosion in the airline ETF, Carl Icahn's big losses in Hertz, teaching your...
Jun 3, 2020 • 41 MIN

Valuations Don't Matter (EP.148)

May 27, 2020
51 min
We discuss why Zoom is worth more than the 5 biggest U.S. airlines, how many of the pandemic stocks are here for good, Spotify taking over the podcast game, Amazon possibly buying JC Penney, winners and losers from the WFH trend, the summer bull...
May 27, 2020 • 51 MIN

Talk Your Book: Investing in Corporate Real Estate

May 22, 2020
30 min
On today's show we talk about all things related to corporate real estate in the United States. How has it been affected by COVID-19, what does the future look like, and what does it all mean for investors.   Find complete shownotes on our...
May 22, 2020 • 30 MIN

Is the Stock Market Wrong? (EP.147)

May 20, 2020
31 min
We discuss what a potential vaccine means for stock market, we could see a bubble after this, retail bankruptcies, the food delivery business, why the stock market is so confusing right now, inequality in this crisis, active fund performance during...
May 20, 2020 • 31 MIN

Too Young, Too Dumb and Too Inexperienced (EP.146)

May 15, 2020
42 min
We discuss inequality among corporations, differences in the unemployed by education, the best new restaurant in the country just went out of business, why housing prices are rising during the crisis, millennials fleeing big cities, you are not...
May 15, 2020 • 42 MIN

Fallen Angels (EP.145)

May 13, 2020
46 min
We discuss why stocks aren't doing better in countries with a better virus response, why portfolio managers hate the Fed, how are the airlines going to survive, finding some gray area in the crisis data, food delivery price gouging, white-collar...
May 13, 2020 • 46 MIN

Whatever It Takes Squared (EP.144)

May 6, 2020
48 min
On this week's show we discuss Warren Buffett's annual meeting, why Berkshire didn't buy anything, crisis buzzwords, the death of commodities, retailers going out of business, the rise in credit card debt, comedy Oscars and much more. Find...
May 6, 2020 • 48 MIN

A Noob Whale Picker's Market (EP.143)

May 1, 2020
46 min
We discuss how hard it is to outperform the market, why investors need to be more open-minded, how the crisis will impact millennial home-buying, how the Fed is redefining central banking, Occam's razor on interest rates, how inflation impacts...
May 1, 2020 • 46 MIN

Capitalism As We Know It (EP.142)

Apr 29, 2020
46 min
We discuss why credit card payments will be the first thing to go for people with financial problems, why so many people prefer real estate as an investment, colleges, and gyms are in trouble, people who will leave big cities, how a crisis can...
Apr 29, 2020 • 46 MIN

Physical Delivery (EP.141)

Apr 24, 2020
44 min
We discuss why the stock market isn't falling more, craziness in the oil market, why "normal" portfolios may be performing better during the crisis, the death of department stores, banks, bailouts and much more. Find complete shownotes on our...
Apr 24, 2020 • 44 MIN

Free Oil (EP.140)

Apr 22, 2020
40 min
We discuss fairness in the bailout process, why no one believes in this market, why it's been so difficult to outperform the market during this bear, Munger and Buffett's changing appetite for risk, why epidemiologists would make good investors and...
Apr 22, 2020 • 40 MIN

The Second Wave (EP.139)

Apr 17, 2020
49 min
We discuss the path to normalcy, why the economy is going to be operating at partial capacity for some time, when people will begin flying again, why people are so angry with the bailouts, counterintuitive real estate trends, why colleges may be in...
Apr 17, 2020 • 49 MIN

Mountains of Debt (EP.138)

Apr 15, 2020
36 min
On this week's show we discuss the pandemic's impact on Disney, when people will be willing to go to large events in the future, private equity companies getting bailed out, anger coming from Main Street, counterintuitive markets, professional...
Apr 15, 2020 • 36 MIN

Talk Your Book: Investing in Art With Masterworks

Apr 13, 2020
30 min
On today’s show Michael and Ben sit down with Scott Lynn, founder of Masterworks, to talk about how technology has enabled investors to get access to the art market.  Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense...
Apr 13, 2020 • 30 MIN

The Fed's Bazooka (EP.137)

Apr 10, 2020
45 min
We discuss the latest unemployment numbers, the massive help coming from the Fed, why markets are so confusing at the moment, a new theory on forward stock market returns and why investing is so difficult in this environment. Find complete...
Apr 10, 2020 • 45 MIN

Some Good News (EP.136)

Apr 8, 2020
40 min
On this week's show we discuss some good news out of NYC, can this ever be over until we have a vaccine, why this is more like a war than a financial crisis, who is getting hurt the worst from job losses, the 4 rules of pandemic economics, the...
Apr 8, 2020 • 40 MIN

The Great Unwind (EP.135)

Apr 3, 2020
40 min
We discuss the enormous effort from the science community to find a vaccine, using history as a guide even when every bear market is different, a wild month in the stock market, the coming small business apocalypse, how many people will have...
Apr 3, 2020 • 40 MIN

The Dead Cat Bounce? (EP.134)

Apr 1, 2020
49 min
On this week's show we discuss avoiding politics during a crisis, unintended consequences from the shutdown, the spike in national debt, why economics is so confusing, bottoms vs dead cat bounces, when to rebalance and more. Find complete...
Apr 1, 2020 • 49 MIN

The Historic Surge in Unemployment (EP.133)

Mar 27, 2020
41 min
On this new episode we discuss the awful unemployment numbers, the new fiscal stimulus bill, restaurants in trouble, other businesses impacted, what happens if you buy too early, the best books on market panics, timing the bottom and much more....
Mar 27, 2020 • 41 MIN

The First Thing to Go During a Crisis (EP.132)

Mar 25, 2020
46 min
On this week's show we discuss hindsight bias when the crisis is over, impressive measures by other countries, turmoil in the bond markets, will we get a new generation of Depression babies, the need for fiscal stimulus and more.' Find complete...
Mar 25, 2020 • 46 MIN

Bailing Out Main Street (EP.131)

Mar 20, 2020
36 min
On today's episode, we discuss the number of businesses impacted by the coronavirus shutdown, the potential fiscal stimulus plan, why interest rates are rising, how to think about rebalancing into the pain, Great Depression comparisons and much...
Mar 20, 2020 • 36 MIN

Is this worse than 2008? (EP.130)

Mar 18, 2020
47 min
On this week's show we discuss working from home, the enormous impact the coronavirus is having on the economy, how people's lives are changing in a hurry, turmoil in bond ETFs, the differences between now and 2008 and much more. Find complete...
Mar 18, 2020 • 47 MIN