Animal Spirits: Never Go All in on Stocks

On today’s show we discuss bad breadth, a historical melt-up in tech stocks, the case against an AI bubble, sequence of return risk, the economy that’s better for parents than their grown-up kids, demographic warfare, why tariffs are so confusing, the data center buildout, AI chart crimes, Michael Saylor and more.

Talk Your Book: Emerging Markets Are Back

On today’s Talk Your Book we speak with Rahul Shama from Schafer Cullen Capital Management about China, the falling dollar, why emerging markets are outperforming and the firm’s dividend-focused strategy.

The Melt-Up

Over the past 10 years the Nasdaq 100 is up almost 20% per year. From the March 2009 lows, the Qs are up 22% per year! That’s more than a decade and a half with annual returns that would make Warren Buffett blush. This has been a magical bull market run. We all know why….

Animal Spirits: Never Pay Off Your Mortgage

On today’s show we discuss how behavior drives bull markets, how many companies outperform the S&P 500, bubble predictions, 5x ETFs, $20 lunches, surviving the AI capex boom, we need lower housing prices, why private credit is an easy sale to make, Halloween decorations and more.