today's animal spirits talk your book is brought to you by direction go to

direction.com to learn more about hydrogen ETF the moonshot innovators ETF in

the work from home ETF all of which we're going to be talking about on today's

show with Dave Mazza. Welcome to animal spirits a show about markets life

and investing join Michael Batnik and Ben Carlson as they talk about what

they're reading writing and watching. Michael Batnik and Ben Carlson work for

Ritholds 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 Ritholds wealth management. This podcast is for informational purposes only

and should not be relied upon for investment decisions. Clients of Ritholds wealth

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

All right on the show with Dave we spoke about the moonshot ETF

that was doing amazingly well when we had him our last time to talk about it and

has done a U-turn and has done very poorly since and one of the reasons that we

speculated about is this interest rate thing right and the idea of long duration growth stocks

and Dave was like you know air maybe that's like a convenient narrative after the fact

who's to really say why did this whole idea of long duration stocks even come from so funny

enough after we were done recording. Our friend David Chowell tweeted a chart US valuation of

a long duration stocks relative to the market is the most extreme it has ever been again the

valuation of long duration versus I guess you know value stocks or cash flow producing stocks

whatever and marked out quote tweeted and said when people get a hold of intuitively compelling

narrative and take it too far the aftermath is usually ugly extra ugly when the narrative

...