Animal Spirits Podcast

Dive into the chaotic world of the AI boom, where speculation feels eerily reminiscent of 1999. The hosts explore the bubble surrounding AI investments and the gap between the elite 1% and the struggling 90%. They discuss the intriguing performance of international stocks and the frenzy of retail investors chasing low-quality junk stocks. Amidst the financial talk, lighter moments emerge with reflections on Taylor Swift and family life, blending entertainment with candid insights into current market dynamics.

Join Jason Duko, Executive Vice President and Portfolio Manager at PIMCO, as he shares insights on the current landscape of fixed income and credit markets. He highlights PIMCO's macro view on growth and inflation amid a challenging bond market. Duko explains why bonds are becoming attractive again and contrasts unsecured high yield with secured bank loans. He also delves into the impact of private credit on public markets and discusses the value in agency mortgage securities and private investment-grade debt funding AI infrastructure. A must-listen for investment enthusiasts!

Discover why retailers like Walmart and Costco are thriving despite market ups and downs. Dive into the debate on whether the AI boom is a bubble or a sound investment. Learn how emerging markets are outperforming and the surprising role of rich households in shaping economic sentiment. The hosts dissect improved investor behavior, fueled by cheap index funds, and take a lighthearted detour into travel stories and mortgage strategies. Plus, get insights on the recent slowdown in private equity and tips on navigating the current economic landscape.

Matt Bartolini from State Street Investment Management and Chris Ward, the lead architect for Bridgewater's All Weather strategy, dive into the world of investment strategies. They unpack the origins and goals of the All Weather approach, designed for resilience across economic climates. Chris explains how growth and inflation shape asset behaviors, while Matt discusses transforming this strategy into a tax-sensitive ETF. They also explore the use of leverage, the challenges of DIY replication, and the conditions under which the All Weather strategy outshines traditional models.

The hosts dive into the bubble-like behavior of tech CEOs and the frenzy surrounding AI spending. They discuss the implications of concentrated market power, especially regarding Nvidia and Apple. Investor panic selling is analyzed, revealing the risks of missing key market rebounds. Additionally, they touch on the staggering $7.7 trillion in cash in money markets and the divergent experiences of various income groups in today's economy. Finally, they explore the current housing market dynamics and the pressures surrounding youth sports and parenting.

Graham Day, EVP and Chief Investment Officer at Innovator Capital Management, shares insights on defining outcomes in investment strategies. He dives into the mechanics of Dual Direction ETFs, explaining how they provide potential upside with protection against market declines. Graham discusses practical use cases for advisors, including tax benefits, annual maturities, and how these products compare to traditional bonds. He highlights the proactive innovation driving product development at Innovator, making investing more accessible and strategic for clients.

Dive into a blend of nostalgia and modern economic insights! Discover why the stock market seems indifferent to labor trends and how the top 10% are driving the economy. Explore the intriguing contrasts between gold and AI performance, and the dynamics of IPOs versus small caps. Reflect on Gen Z's wealth inequality and the unexpected resilience of the midwest housing market. Plus, amusing anecdotes from the Future Proof event make for light-hearted listening. It's a captivating mix of culture, finance, and a bit of fun!

Wes Crill, Senior Client Solutions Director & VP at Dimensional Fund Advisors, and Tony Kelly, Co-Founder of BondBloxx ETFs, discuss lucrative investment strategies during market highs. They explore the nuances of Collateralized Loan Obligations (CLOs) and their advantages over traditional bonds. The conversation delves into the stability of CLOs amid rising interest rates and the importance of diversification in private credit portfolios. They also challenge common misconceptions about market peaks and behavior, providing listeners with crucial insights for smarter investing.

Join the hosts as they share humorous insights from the Future Proof event in California. They reflect on the evolution of their wealth management firm, sharing personal challenges and triumphs. The conversation also covers the unexpected benefits of podcasting and the fun quirks of social interactions at conferences. With a blend of nostalgia and banter about modern habits like audiobook listening, the hosts create a lively atmosphere, celebrating their journey and engaging with their audience.

Ehren J. Stanhope, Chief Investment Strategist at Canvas Custom Indexing, delves into the evolution of investment products and the transformative power of custom indexing. He emphasizes how 2019 marked a pivotal change, enhancing accessibility for financial advisors. The discussion highlights strategies for managing concentrated portfolios during market volatility and the crucial role of education regarding custom indexing. Stanhope also details the integration of technology in financial advisory, which significantly impacts personalized investment management.