Animal Spirits Episode 5: Wave Pools & Market Inefficiencies

On this week’s Animal Spirits with Michael & Ben we discuss:

• The Vanguard of the alternative mutual fund world.
• Is active management too big?
• ETF prices wars
• The psychological impact of market valuation
• Career risk
• The shrinking U.S. stock market
• Wave pools
• The problem with backtests and market anomalies
• The polarizing nature of Elon Musk and Tesla
• Why short selling is so difficult
• Reader mailbag with our thoughts on turning blogs into business prospects

Listen here:

Stories discussed:

• The Vanguard of Alternative Investing
• AQR’s Asness says active management, not passive, is too big
• ETF Price War Heats Up
• A Case Against Overweighting International Equity
• One of the biggest sources of market inefficiency
• Small IPOs are dying. That’s good
• Why Vanguard isn’t freaking out about fewer public companies
• WeWork’s $20 billion journey of self-discovery takes a detour into wave pools
• A reality check on stock market anomalies

Books discussed:

• Grant by Ron Chernow
• Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance

Podcasts mentioned:

• Meb Faber talking to Claude Erb
• WeWork founder Miguel McKelvey on How I Built This

And here’s the Mike Tyson trading system we talked about:

Email us at animalspiritspod@gmail.com with any feedback, recommendations, or questions.

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And check out past episodes here.