Today's animal spirits is brought to you by our friends at Y-charts.

When I first started in the industry, I was a performance analyst.

I used to have to calculate a lot of this stuff by hand.

The returns and stuff.

I didn't have Y-charts back in the day.

So we're going to talk about ARC today.

The hot funding everyone's mind these days.

I looked back going back to Inception.

I think it's 2014 for ARC.

I looked at total returns, then you can just click on a simple button on Y-charts

and annualize them.

So this is through February 2021.

ARC was outperforming the NASDAQ 100 index, the QQQ ETF.

How is this news to me?

I didn't know that there was an annualized button.

If you do the little drop down, you can do an annualized button.

You can add recession bars in there, all this stuff.

So I did it.

Since Inception, ARC is up 23% per year,

which sounds awesome until you remember that as of 11 months ago,

they're up 40% per year since Inception.

Wow.

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