Animal Spirits Episode 28: Tesla Hathaway

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

  • Community-adjusted EBITDA.
  • Elon Musk trolling Warren Buffett & Charlie Munger.
  • Berkshire Hathaway underperforming the S&P 500 over the past 10 years.
  • Why David Swensen thinks Buffett is wrong about college endowments.
  • Why don’t more college endowments invest in index funds?
  • Why owning a home is a poor investment option.
  • And are homes even an investment to begin with?
  • The cost of waiting when saving for retirement.
  • Argentina’s 40% short-term interest rates.
  • What the next bear market means for actively managed mutual funds.
  • How much would you need to be paid to give up Google for a year?
  • Why Africa could be a wonderful investment opportunity in the coming decades.
  • Should young people care about stock market valuations?
  • Are there any good re-watchable movies these days and much more.

Listen here:

Stories mentioned:

Charts mentioned:

Books mentioned:

Email us at with any feedback, recommendations, or questions.

Follow us on Facebook.

Subscribe here:


This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here:

Please see disclosures here.