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Today’s Animal Spirits is brought to you by Fidelity and Janus Henderson Investors:
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On today’s show, we discuss:
- Why the Stock Market Makes No Sense Right Now
- “Look Through” the Hormuz Shock if You Want. U.S. Inflation is Still Running Hot.
- Sorry, Gen X. We Looked at the Data, and You Had It Rough Too.
- Beyond the Sky
- Austin’s Surge of New Housing Construction Drove Down Rents
Listen here:
Charts:
Recommendations:
- The Pitt
- A Big Bold Beautiful Journey
- DTF St. Louis
- Your Friends & Neighbors
- Rooster
- Crawl
- Paradise season 2
- Beef
Tweets/Bluesky:
HSBC's Kettner: "'This doesn't make sense' and 'Risk assets are detached from reality.' This is how a lot of our meetings start right now…But these are exactly the sorts of dips one will have to use very quickly in the coming weeks…In short: be quick."
— Lisa Abramowicz (@lisaabramowicz1) April 20, 2026
Earnings expectations for American stocks are now rising faster than after the 2017 tax cuts. They're rising at a pace you usually only see during recovery from recessions. The profit machine will not stop. pic.twitter.com/6BVEkTy7W1
— Mike Bird (@Birdyword) April 20, 2026
Since 1928, this is the first time the S&P has made new all-time highs in 11 days or fewer after falling 5-10%.
— Bespoke (@bespokeinvest) April 15, 2026
this is the nasdaq 13 day return. the other dates here are hilarious. pic.twitter.com/1KguRaA1zR
— modest proposal (@modestproposal1) April 17, 2026
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