Welcome to Animal Spirits, the podcast that takes a completely different look at markets and investing,

hosted by Michael Baddick and Ben Carlson, two guys who study the markets as a passion,

and invest for all the right reasons.

Michael Batnik and Ben Carlson work for Rit Holt's wealth management.

All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions and do not reflect the opinion of

Ritt Holt's wealth management. This podcast is for informational purposes only and

should not be relied upon for investment decisions. Clients of Ritthold's

wealth management may maintain positions in the securities discussed in this podcast

Welcome to Animal Spirits with Michael and Ben. I'm staring at Ben trying to untangle us at once.

This is new.

Yes, this is new because we're actually in the same room.

For those of you don't know, usually we're on opposite ends of the country kind of I'm in the Midwest and Michael's in New York City and today we're both in

Dana Point, California for our EBI West conference.

That's right, Ben.

We are indeed.

So chart from last week from Ned Davis research households have 23

half trillion dollars of equity holdings that is 40% of total household

financial assets and thus it is higher than the 1968 and 2007 peaks. Not quite as the 99 peak, but what do you make

of this? Well, I think the craziest one here is the fact that in the 80s, household equities

ownership was down to like 14% which is that's just crazy to me but that's

a good point one of the stats that I repeat over and over is after the 73 74 bear market

there was 22 consecutive quarters of outflows I think until 1982 okay and I guess that's what this try represents

...