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

I'm a very simple guy, Michael.

I like simple things when it comes to paying attention to the markets.

One of my favorite things to check on Y-charts is the simple S&P 500 total return.

So they include the dividends.

Now it says total return on there.

So when people on Twitter ask, does this include dividends?

They should know, total return.

I looked at this year that day and I was running a bunch of different numbers.

We're going to get into it on today's show a little bit.

For 2021, 28.7% annual return.

Pretty nice.

For 2021.

Now it's show 22.

So I was looking back and I for some reason was reading the Warren Buffett by America.

I am from 2008.

Is that like a new annual tradition every new year you read that just to get your juices going?

Fand off some of the bearish thoughts.

So the stock market fell 30% more from those levels in mid-October.

But this is the S&P.

It's up 600% since then.

So I'm like, jeez, if it's up 600% since then, what is it up from the bottom?

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