Episodes
April 17, 2020
The Second Wave (EP.139)
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...
April 15, 2020
Mountains of Debt (EP.138)
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 sports...
April 10, 2020
The Fed's Bazooka (EP.137)
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 shownotes...
April 8, 2020
Some Good News (EP.136)
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 massive...
April 3, 2020
The Great Unwind (EP.135)
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 trouble...
April 1, 2020
The Dead Cat Bounce? (EP.134)
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 shownotes on...
March 27, 2020
The Historic Surge in Unemployment (EP.133)
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. Find...
March 25, 2020
The First Thing to Go During a Crisis (EP.132)
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...
March 20, 2020
Bailing Out Main Street (EP.131)
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 more....
March 18, 2020
Is this worse than 2008? (EP.130)
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...
March 16, 2020
Talk Your Book: Positive and Negative Compounding: Trading Direxion Leveraged ETFs
On today's show we speak with Dave Mazza, head of product at Direxion about trading levered ETFs, and other products they're working on. Find complete shownotes on our blogs... Ben Carlson’s Michael Batnick’s Like us on And feel free to shoot...
March 12, 2020
Emergency Podcast: Preparing for a Recession
On today's emergency edition of Animal Spirits, we discuss the severe disruption being caused by the coronavirus, why it's ok to overreact but not panic, how to prepare for a recession and why personal finances are more important than portfolio...
March 11, 2020
Oil's 1987 Moment (EP.129)
On this week's episode we talk about the carnage in the stock market, the huge drop in oil prices, going from the fear of missing out to the fear of being in, why moves in the markets feel like they're happening faster than ever, some context...
March 9, 2020
A Random Watch Down Wall Street: The Founder
On this week's business movie re-watch, we discuss The Founder, the Michael Keaton movie from 2016 about Ray Kroc and how he built McDonald's into an empire from humble beginnings. Find complete shownotes on our blogs... Ben Carlson’s Michael...
March 4, 2020
The Emergency Rate Cut (EP.128)
On this week's show we discuss the wild moves in the stock market, the emergency rate cut by the Fed, the chances the coronavirus leads to a recession, the crazy move lower in interest rates, Robinhood's issues, the industries most impacted...
March 2, 2020
Talk Your Book: Investing in Commodities
On this week's Talk Your Book Michael and Ben talk all things commodities with Yale's Geert Rouwenhorst and John Love from USCF Investments. Find complete shownotes on our blogs... Ben Carlson’s Michael Batnick’s Like us on And feel free to...
Feb. 26, 2020
Michael's Worst Investment Ever (EP.127)
On this week's episode, we discuss the impact of the coronavirus, ramifications of the asset management mergers because of commission-free trading, why the top 1% isn't static, why bond yields are so low, cashing out your 401k to pay for business...
Feb. 19, 2020
What Makes People Happier Than Money (EP.126)
On this week's show we discuss the wealth inequality problem, how to get more people invested in financial assets, who gets hit the hardest during the next market crash, overcrowding in the private markets, concentration in the U.S. stock market,...
Feb. 17, 2020
A Random Watch Down Wall Street: Margin Call
On this edition of a Random Watch Down Wall Street we re-visited Margin Call, the 2011 fictional movie about the 2008 financial crisis from the perspective of the various employees at an investment bank that is potentially going under. We discuss...
Feb. 12, 2020
Everybody's Trading (EP.125)
On this week's show, we discuss the rise of TikTok Tesla traders, material signs of wealth, the generational wealth gap, why so much money is going into bond funds, why NYC is the enemy of personal finance, the Coronavirus and much more. Find complete...
Feb. 10, 2020
Talk Your Book: How To Create Income in Your Portfolio
On today's show, we talk with John Schonberg, portfolio manager of the Covered Bridge Fund. John explains how they derive income in this strategy by selling covered calls, and how this could fit into an overall portfolio. Find complete shownotes on...
Feb. 5, 2020
Do Economies Need to Go Bust? (EP.124)
On today's show we discuss the amazing run by Tesla's stock, why markets aren't like casinos, Ray Dalio's beef with the WSJ, Zeri Hedge getting banned from Twitter, sports gambling as the next stock-picking, why more risk doesn't always equal higher...
Jan. 29, 2020
Apocalyptic Thinking (EP.123)
On this week's show, we discuss living for today, why millennials own such a small piece of the real estate pie, why investors trade more than they used to, why older people will be working longer, FIRE backlash, the Fed's role in stock valuations,...
Jan. 22, 2020
The Short Squeeze (EP.122)
On this week's show we discuss Tesla's wild ride, fixing the US retirement system, why financial literacy doesn't always work, why the Fed isn't to blame for everything in the markets, long-term market return expectations, where are all the start-ups...