Today's Animal Spirits is brought to you by our friends at YCharts.

This weekend I wrote a piece looking at the S&P 500 and earlier in the pandemic I looked at the

break even and how long it takes to get back to even when stocks fall into a

bare market and white charts has this tool where you can look at the S&P

500 total returns so with dividends included and last week it blew through the all

time high so on a total return basis, it took 97

trading days to get back to all-time high and it was pretty easy for me to look at

this with WhiteCharts data to pull it up. Go to White Charts, tell them Animal

Spirits send you and they'll give you 20% off your first subscription. We're going to talk about this little more on the show

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 Batnick and Ben Carlson work for Ritholz'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 RIT Holt's wealth management may maintain positions in the securities discussed

in this podcast.

Welcome to Animal Spirits with Michael and Ben.

So some data I looked at this week it took 23 trading sessions for

the S&P 500 of fall 34% is it then took the ensuing 97 trading days to break even if you include dividends.

And I know people in the trading community like you don't like to use the dividend total return.

...