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Today's Animal Spirits is brought to you by Cache Financials and Fabric:

Today's episode is brought to you by Cache Financials, who operates Cache Exchange Fund. Find out more at: https://usecache.com/?invited_by=animal-spirits

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Animal Spirits:

Animal Spirits Podcast

Investing Podcast · Updated Weekly · Animal Spirits is a show about markets, life, and investing. Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, listening to and watching. Look for new episodes eve…

podcasts.apple.com/us/podcast/animal-spirits-podcast/id1310192007

On today’s show, we discuss:

Talk Your Book: How Public's Winning the Great Wealth Transfer
Outlook for the dollar after Section 899: The US is still exceptional
Ten charts to explain Trump's big, beautiful bill
Air Force and Space Force Hit 2025 Recruiting Goals 3 Months Early
They're in the Top 10% of Earners. They Still Don't Feel Rich.
Homeowners Who Gambled on Lower Rates Are Paying the Price
The Worst Housing Market in America Is Now Florida's Cape Coral
Why Vanguard, Champion of Low-Fee Investing, Joined the 'Private Markets' Craze
2024 Private Equity Fundamentals
Car buyers set a record with more than $1,000-a-month car payments in Q2
Gen Z, It Turns Out, Is Great at Saving for Retirement
Trump Accounts are a Big Deal

Charts:

Tweets:

7% of Russell 3000 members made a new 52w high at the end of last week … highest share so far YTD

— Kevin Gordon (@KevRGordon)
12:32 PM • Jul 7, 2025

The Magic 3 vs. the Meh 3?

— Bespoke (@bespokeinvest)
11:08 PM • Jun 25, 2025

Once again, for those in the back: multiple job-holding is a pro-cyclical indicator. That means that the share of workers with multiple jobs rises when times are good. That’s because there are more job opportunities in a healthy labor market.

— Ernie Tedeschi (@ernietedeschi)
6:05 PM • Jul 6, 2025

Life in 1776:

– heat is such a luxury that Thomas Jefferson can’t write in deep winter bc his ink freezes (one reason perhaps why Independence Day is in July)

– nighttime darkness is such a burden that George Washington reportedly spent $15k in today’s dollars on candles every

— Derek Thompson (@DKThomp)
4:18 PM • Jul 6, 2025

People who weren’t alive in the 80s always claim it was a time of plenty, richer than now.

But nearly 100% of people who were actually alive and conscious then recall middle class parents engaging in bizarre hyper-thrift and money anxiety that basically no one has now.

— VB Knives (@Empty_America)
3:42 AM • Jul 6, 2025

It’s so funny that in 2025, people are still describing certain cities as having good food. No shit. They all do now.

— Joe Weisenthal (@TheStalwart)
6:10 PM • Jul 6, 2025

damn this is pretty crazy, not gonna lie

— Nikhil Krishnan (@nikillinit)
2:09 PM • Jul 3, 2025

To keep up, I’ve put together this ✨very sophisticated✨ table.

These new numbers don’t look that small

— Kevin Gordon (@KevRGordon)
6:42 PM • Jul 7, 2025

Recommendations:

The Inner Compass: Cultivating the Courage to Trust Yourself
Jurassic World Rebirth
A Working Man
Sinners
How to Train Your Dragon

Check out our t-shirts, coffee mugs, and other swag here.

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