Animal Spirits Episode 66: Adverse Variance

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

  • What does all that cash moving to the sidelines tell us?
  • How markets have changed since 1800.
  • Valuations between U.S. and foreign stocks are wider than they’ve been in 40 years.
  • Does the U.S. deserve a valuation premium?
  • Why are there no star fund managers under the age of 60?
  • Why does a small handful of hedge funds create all the gains?
  • Millennials don’t understand how down payments work.
  • Michael’s experience selling a house without a realtor.
  • Why we overestimate the returns on our homes.
  • When buying is cheaper than renting.
  • The Reddit trade of the week.
  • RSUs vs. stock options.
  • Taking advantage of the illiquidity premium.
  • Early thoughts on True Detective and much more.

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Stories mentioned:

Books mentioned:

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Crazy idea of the week:

 

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