Animal Spirits Podcast

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.

The hosts dive into wealth inequality, contrasting the old money of the Vanderbilts with today's market dynamics and corporate investments in AI. They humorously discuss the rise of junk bonds despite economic woes and the explosion of ETFs outpacing stocks. Health remedies from social media spark laughter, while personal anecdotes keep the conversation relatable. A comedic take on baldness and hat mishaps adds charm, alongside insights into consumer sentiment and the implications of AI on job markets. It's a lively mix of serious finance and light-hearted banter!

Don Casturo, CIO at Quantix Commodities LP, known for developing innovative commodity indices, joins Kristof Gleich, President & CIO at Harbor Capital, who partners with boutique managers for strong returns. They discuss the evolving landscape of commodity investments, highlighting the flaws in traditional indices and the need for adaptive strategies. The impacts of AI on demand and pricing are explored, along with the importance of diversification in portfolios. Prepare for insightful discussions on navigating economic shifts and maximizing returns!