Episodes

Some Good News (EP.136)
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...
The Great Unwind (EP.135)
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...
The Dead Cat Bounce? (EP.134)
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...
The Historic Surge in Unemployment (EP.133)
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...
The First Thing to Go During a Crisis (EP.132)
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...
Bailing Out Main Street (EP.131)
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....
Is this worse than 2008? (EP.130)
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...
Talk Your Book: Positive and Negative Compounding: Trading Direxion Leveraged ETFs
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...
Emergency Podcast: Preparing for a Recession
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...
Oil's 1987 Moment (EP.129)
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...
A Random Watch Down Wall Street: The Founder
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...
The Emergency Rate Cut (EP.128)
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...
Talk Your Book: Investing in Commodities
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...
Michael's Worst Investment Ever (EP.127)
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...
What Makes People Happier Than Money (EP.126)
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,...
A Random Watch Down Wall Street: Margin Call
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...
Everybody's Trading (EP.125)
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...
Talk Your Book: How To Create Income in Your Portfolio
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...
Do Economies Need to Go Bust? (EP.124)
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...
Apocalyptic Thinking (EP.123)
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,...
The Short Squeeze (EP.122)
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...
The 10 Best Jobs in America (EP.121)
Jan. 15, 2020

The 10 Best Jobs in America (EP.121)

On this week's episode we discuss Vanguard vs Mark Zuckerberg, do people value work over family, chances of a recession in 2020, Apple AirPods as a business, why are there so many mattress stores, Sapphire Reserve is raising rates, the plant-based...
Millennials on Communism (EP.120)
Jan. 8, 2020

Millennials on Communism (EP.120)

On this week's episode, we discuss Ben's new book , the future of the publishing world, how markets respond to geopolitical uncertainty, why this bull market lacks euphoria, risks & opportunities from an aging population, how many people actually...
Everybody's Busy (EP.119)
Jan. 1, 2020

Everybody's Busy (EP.119)

On this week's show we discuss working nights and weekends, why people are "busy" all the time, why we don't enjoy innovation as much as we should, tech bros vs finance bros, low stakes conspiracy theories, energy stocks and much more. Find complete...