Animal Spirits Episode 59: Late Cycle

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

  • Why every market correction feels different.
  • 2018 stock market losses are in line with historical drawdowns.
  • Why I’d like to see a shallow recession and run-of-the-mill bear market.
  • How pretentious is it to say, “I will say this…”?
  • Why aren’t rich people happier?
  • Would winning the lottery really make you happier?
  • Why the economy is so hard to understand.
  • Why are institutional investors so delusional about their ability to find alpha?
  • Would you rather: give up Amazon Prime or sex? Amazon or alcohol?
  • Anchoring in action.
  • Madoff investors are almost completely whole.
  • The Vanguard of annuities is…
  • Financial priorities when you graduate from college.
  • What’s a safe FIRE withdrawal rate?
  • Michael’s coat-buying experience & much more.

Listen here:

Stories mentioned:

Books mentioned:

Charts mentioned:

Tom Cruise running montage mentioned:

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

Follow us on Facebook.

Subscribe here: