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100 Capital Efficient Companies. 1 Cost-Efficient ETF.

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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:

That time people freaked out about the CAPE ratio 10 years ago
The Predictive Power of the Yield Curve
The Trade War Is Over. Thank You For Your Attention to This Matter.
Don't Blame AI For The Rise in Recent Graduate Unemployment
The Hottest Business Strategy This Summer Is Buying Crypto
With Individual Home Buyers on the Sidelines, Investors Swoop Into the Market
Where are Vacation Homes Located in the US?
Wall Street's Big, Bad Idea for Your 401(k)
Adam Sandler and Complacency Risk

Charts:

Tweets:

If @WSJ reporters actually covered the markets, they’d know why they’re up.

President Trump’s One Big Beautiful Bill prevented the largest tax hike in history and introduced economic drivers like full expensing, no tax on tips/overtime, and tax cuts for seniors.

Pair that with

— Treasury Secretary Scott Bessent (@SecScottBessent)
8:30 PM • Jul 22, 2025

There is a bit of mythologizing about how we forced all young people to go to college and now they are economically ruined.

Around 60% of people in their 30s do not have a college degree.

And the college wage premium remains near a historical high.

— Adam Ozimek (@ModeledBehavior)
7:41 PM • Jul 18, 2025

Bitcoin is amazing, but it’s obviously been co-opted to some degree by the very people that it was created as a hedge against.

Many of the most ardent early whales have seen their faith shaken and have been selling at these prices.

— The Wolf Of All Streets (@scottmelker)
1:03 PM • Jul 26, 2025

New record high for existing single-family home prices in June

— Kevin Gordon (@KevRGordon)
2:26 PM • Jul 23, 2025

We’re about to hit 3 years of 6.5% <—> 7.5% mortgage rate purgatory

Sure, the average 30-year fixed has had a couple of brief breaks from it, but we keep getting sucked back in

— Lance Lambert (@NewsLambert)
10:35 PM • Jul 17, 2025

BOX OFFICE: #FantasticFour opens to $118M, domestically. That is..
– On par w/ Guardians Vol. 3 (also $118M)
– Biggest opening ever for a FF film
– The biggest opening ever for all 4 FF stars
– The 4th 2025 film to open over $100M
– The rare instance where two July movies opened

— Erik Davis (@ErikDavis)
3:48 PM • Jul 27, 2025