Late Cycle (EP.59)

Animal Spirits Podcast

The Compound

Business News, News, Investing, Business

4.7 • 2.1K Ratings

🗓️ 12 December 2018

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Are we in the late cycle, why every correction always feels different, why losses this year are perfectly normal, why a shallow recession and "normal" bear market would be a good thing, why more money doesn't make rich people happier, the labor market is heating up, alpha is getting harder to find but institutional investors are still willing to pay up to try and find it, millennials really like Amazon Prime, the unbelievable ending to the Madoff saga, Michael's coat-buying experience, the new Tom Cruise movie and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at animalspiritspod@gmail.com with any feedback, questions, recommendations, or ideas for future topics of conversation. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to Animal Spirits, the podcast that takes a completely different look at markets and investing,
0:06.0	hosted by Michael Baddick and Ben Carlson, two guys who study the markets as a passion and invest for all the right reasons.
0:14.6	Michael Batnik and Ben Carlson work for Rit Holt's wealth management.
0:18.0	All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions and do not reflect the opinion of
0:24.0	Ritholz wealth management. This podcast is for informational purposes only and
0:27.8	should not be relied upon for investment decisions. Clients of Ritholz wealth
0:31.2	management may maintain positions in the securities discussed in this podcast
0:36.0	Welcome to Animal Spirits with Michael and Ben Ben did you hear the story about Ryan Toys Review?
0:43.6	Yes, from about 12 different parents.
0:45.6	Okay.
0:46.9	So this kid has 17.3 million followers.
0:50.2	He has a total of nearly 26 billion views and he made 22 million dollars last year playing with toys.
0:56.5	What are we doing wrong?
0:59.5	Good for him.
1:01.1	But if I'm sick of this story.
1:03.0	All right.
1:04.0	So many times.
1:05.0	All right, we'll leave it there.
1:07.0	You've got this chart that we're looking at.
1:10.0	S&P 500 Peak to Troft annual drawdowns from 1950 to 2018. What does it show?
1:15.7	I would like to make the case that this year isn't out of the ordinary at all.
1:19.9	People are freaking out. But I feel like people have been showing this chart forever. So this is just
	...

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