Animal Spirits: The First Thing to Go in a Crisis

Another week in quarantine so Michal and I continue to record Animal Spirits from the comfort of home.

We discuss:

  • Why the end of this crisis will only look obvious in hindsight
  • How long until people start losing their patience?
  • Why fiscal stimulus is so important right now
  • The U.S. response to this crisis shows we have some weak points
  • How bad could the economy get?
  • Expected returns have gone up
  • Is it possible the economic damage will be worse than the market damage?
  • Denmark’s fiscal experiment
  • How do you even begin to calculate valuations at this point?
  • How this crisis will overshadow 2008
  • Why perma-bears don’t deserve a victory lap
  • Craziness in the bond market
  • How the bond market is different from the stock market
  • Are ETFs making the bond market better or worse?
  • A new look at the end of Cast Away and much more

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