Animal Spirits: 25 Million New Brokerage Accounts

This week’s Animal Spirits with Michael & Ben is supported by YCharts:

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We discuss:

  • Why retail investors didn’t go away after 2020
  • What happened to ARKK?
  • Why size is the enemy of outperformance
  • How big is the United States in terms of the global stock market?
  • Why mean reversion is not as simple as you think when investing
  • Why has John Hussman been so wrong for so long about the stock market?
  • Why business cycle analysis is useless for the economy right now
  • Why it makes sense for retail sales to fall from here
  • Why isn’t the stock market included in the inflation numbers?
  • How much would you pay for Netflix?
  • Which would you give up first: Netflix or Prime?
  • Why crypto needs gatekeepers to go mainstream
  • BlackRock and JP Morgan manage A LOT of money
  • What happens to Robinhood during a bear market?
  • Was 2019 the apex of Silicon Valley?
  • Is Toronto the craziest housing market in the world?
  • An appreciation for prestige TV and more

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