Animal Spirits Podcast

The Age of Discontentment (EP. 441)

133 snips
Dec 3, 2025
Boring portfolios are surprisingly hard to beat, with a discussion revealing the benefits of simple three-fund strategies. The duo debates rising social expectations and how they contribute to discontentment amid income growth. They dive into the influence of Robinhood on teen investing and assess the current state of the cryptocurrency market. Michael shares insights on affordable housing's impact on financial behaviors, while Disney ride highlights add a fun twist to their financial discussions.
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INSIGHT

Boring Portfolios Outperformed This Year

  • Plain vanilla 60/40-style portfolios have delivered strong returns this year across stocks and bonds.
  • Ben Carlson and Michael Batnick note boring diversified funds beat many active bets in 2025 market conditions.
INSIGHT

Foreign Money Flooded U.S. Equities

  • Foreign private purchases of U.S. equities hit record inflows, reversing earlier worries about a persistent sell-off.
  • The April outflow proved temporary as global buyers returned in force through mid-year.
ADVICE

Use Platform Friction To Curb Overtrading

  • Move accounts to platforms that reduce compulsive checking if you want to trade less.
  • Michael Batnick moved from Robinhood to Schwab and says a clunkier interface curbed his market obsession.
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