Animal Spirits Podcast

Explore the implications of Jerome Powell's political risks on the market and debate the practicality of capping credit card rates. Discover the truths behind institutional home ownership and discuss inventive policies to support housing. Delve into the impact of AI on productivity and labor, and analyze the resurgence of both sports gambling and crypto investments. Consider the surprising reasons behind declining TV prices and the varied regional housing price dispersions. Finally, ponder the resilience of the stock market and what it means for the future.

Brendan Ahern, Chief Investment Officer at KraneShares and author of the China Last Night newsletter, discusses key insights on China's investment landscape. He highlights the stark differences between U.S. and Chinese markets, delves into the challenges faced by Chinese tech stocks, and analyzes the impact of government policy on technology self-reliance. Brendan also shares thoughts on the unique trajectory of China-focused ETFs, public sentiment towards AI, and the future outlook for investment in China, making a compelling case for potential growth.

The hosts dive into fascinating predictions for 2026, tackling market risks and recession expectations. They unpack the surprising outperformance of international stocks against the backdrop of rising valuations. A lively debate on AI's impact on jobs and the hilarious quirks of AI hallucinations adds depth. Also, a firsthand robotaxi experience and reflections on Disney's stock performance keep things engaging. And who knew a discussion on cactus injuries could be so entertaining?

A deep dive into this year's top S&P 500 performers reveals tech picks and precious metals thriving. Silver is experiencing an explosive rise, while international small caps outperform their U.S. counterparts. The discussion shifts to millennial financial journeys, exploring how they achieved wealth and their approach to retirement spending. Sentiment is at historic lows, raising questions about consumer behavior. Plus, nostalgic chats about the best video games, including a spirited defense of Mario Kart!

Sal Gilbertie, the Founder and CEO of Teucrium, shares his extensive knowledge on commodities and crypto. He discusses the factors leading to falling oil prices and the importance of predictable commodity pricing for producers. Sal explains why U.S. farmers often require bailouts and how traders react to crop demand shocks. He also presents his bullish view on Bitcoin and gives insights into Tucrium's foray into crypto. Additionally, he highlights which cryptocurrencies could hold long-term potential, favoring those with practical use cases.

Dive into the world of stock markets as the hosts discuss what a typical year looks like while examining drawdowns. They argue small and mid-cap stocks might outshine mega caps amid changing interest rates. Explore how charity donations can be automated and the impact of billionaire contributions on social mobility. With households holding record cash balances, they also highlight the surprising strength of small-cap stocks and the evolving dynamics of gambling, especially among Gen Z.

Dan Russo, Co-Chief Investment Officer at Potomac Fund Management and expert in tactical asset allocation, joins Michael Batnick and Ben Carlson to explore the complexities of tactical investing. They discuss why diversification often fails, the intricacies of trend-following strategies, and the mechanics behind Potomac's quantitative approach. Russo highlights the importance of risk metrics, particularly maximum drawdown, and shares insights on how advisors can effectively combine different funds to meet client goals.

The stock market rally is broadening, with small caps showing strength despite concerns over AI. Howard Marks delivers sage advice on cautious investing amidst uncertainty. They debate the potential impact of rising unemployment on earnings and explore inflation's hidden pains in housing and transportation. The feasibility of space data centers sparks an intriguing discussion, while retail investors learn tough lessons from concentrated AI bets. Plus, they dive into movie recommendations and the shifting landscape of streaming services.

John Neff, CIO at Akre Capital Management, shares insights on a concentrated, long-term equity strategy that prioritizes quality businesses and strong management. He explains the challenges of beating the S&P 500 and discusses the risks and implications of AI on software valuations. Neff highlights strategic reinvestment options and contrasts how different companies respond to AI. With a focus on solid holdings like Mastercard, he emphasizes the importance of a compounding mindset in investment decisions and shares thoughts on private credit practices.

Dive into the clash between Netflix and Paramount as they vie for Warner Bros., reshaping the streaming landscape. Explore fascinating insights on the Nasdaq 100's volatility and the rise of 401(k) millionaires amid a cooling labor market. Discover why housing price cuts are escalating and the surprising data on consumer spending. The hosts also tackle the dilemma of material wealth versus happiness, alongside intriguing predictions about media consolidation and the future of creativity shaped by nostalgia.