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This episode is sponsored by YCharts and Vanguard.

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On today’s show, we discuss:

• Microsoft and Meta's earnings are making every part of the AI supply chain surge

• Are Futures the New Options? This Stock Stands to Gain.

• In This Frothy Market, It's Boom Times for Brokers Like Robinhood

• The Job Market Is Strong, Inflation Is Too Fast, and the Government Is Bananas

• American Consumers Are Getting Thrifty Again

• Thanks for Your $1 Billion Job Offer, Mark Zuckerberg. I'm Gonna Pass.

• JPMorganChase and Coinbase Launch Strategic Partnership to Make Buying Crypto Easier than Ever

• The Condo Market Is Floundering: Four Charts That Explain the Downturn

• Millennials Are Richer Now. So Why Can't They Stop Worrying?

• The One Thing Everyone Gets Wrong About the 4% Rule | Ben with Benefits

• Goodbye Gentle Parenting, Hello 'F–Around and Find Out'

Animal Spirits:

Tweets:

Private research & development spending has been declining for four out of the last five quarters. Not great.

— RenMac: Renaissance Macro Research (@RenMacLLC)
12:38 PM • Jul 30, 2025

Biggest $SPY volume day since April’s Tariff Tantrum, $86b is good size freak out, double any other ETF or stock = people tweaking portfolios. Market felt due. Bad timing tho on a Fri, traders’ stress prob build over wknd. On flip tho, long term who cares? VOO & Chill in effect.

— Eric Balchunas (@EricBalchunas)
8:21 PM • Aug 1, 2025

Robinhood generated $265 million in Options Revenue this quarter.

That’s a quarterly record for the online brokerage platform.

$HOOD

— Fiscal.ai (formerly FinChat) (@fiscal_ai)
8:55 PM • Jul 30, 2025

Two dif YieldMax ETFs in the Top 10 in 1D flows, never saw that before. Indie issuer on fire, +$12.5b in YTD flows (they only had like 4b aum to start yr) with 48 of their 50 ETFs taking in cash. This is all organic too. A bit surprised but then again ppl freakin love income.

— Eric Balchunas (@EricBalchunas)
12:30 PM • Jul 31, 2025

Per the Financial Times chart below, US wage growth for the lowest-paid has now slumped below that for the highest-paid, widening the considerable inequalities in total pay and wealth.
#economy#inequality#wages@FT

— Mohamed A. El-Erian (@elerianm)
10:05 PM • Aug 3, 2025

Redfin: U.S. housing market now 508,715 more home sellers than homebuyers

That’s the most home sellers have outmatched homebuyers in over a decade, according to Redfin

— Lance Lambert (@NewsLambert)
4:08 AM • Aug 4, 2025

Me: sign up to buy 3000 $FIG shares on IPO
@RobinhoodApp: Here’s 1.

Pretty ridiculous

— Wiz (@nadavwiz)
2:18 PM • Jul 31, 2025

As predicted, FUBAR has been canceled after two seasons.

Why did it get canceled? Viewership fell 76% from seasons 1 to 2.

(more analysis: bit.ly/4lsX8Zr)

— What's on Netflix (@whatonnetflix)
4:27 PM • Aug 2, 2025

Charts:

Recommendations:

• 28 Years Later

• Happy Gilmore

• The Karate Kid

• Friendship

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