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Today’s Animal Spirits is brought to you by Cullen Capital and YCharts:
This episode is sponsored by Cullen Capital. To learn more about DIVP, visit https://www.cullenfunds.com/US/A/ETF/DIVP/
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On today’s show, we discuss:
- Fan Creation – Animal Spirits Recommendations
- The Coming Mega-IPO Flow & Funding Problem of 2026
- SpaceX not the behemoth everyone thought
- AI Disruption: Moats and Value Traps
- The Tax-Loss Machine: How Long-Short Took Over Wealth Management
- The ‘Vibecession’ Is Over. The ‘Permacession’ Is Here.
- AI eats the world
- Jeff Bezos: AI productivity gains could lead to labor shortages and deflation
- Mark Cuban ‘Sold’ Most Of His Bitcoin And Now Calls Memecoins ‘Garbage’ — What Changed The Billionaire’s Mind On Crypto?
- SEC Delays Plan Allowing for Crypto Versions of US Stocks
- Dad Books Are a Dying Breed
- The Ice-Cold Civil War Between Diet Coke and Coke Zero Drinkers
Listen here:
Charts:
Recommendations:
- Harrison Ford (Full Episode) | Where Everybody Knows Your Name
- Obsession
- The Mandalorian and Grogu
- Remarkably Bright Creatures
Tweets/Bluesky:
A fire alarm is going off and everyone is ignoring it. pic.twitter.com/FO6IazeSwD
— John Arnold (@johnarnold) May 20, 2026
S&P 500 forward sales growth is projected at ~18% over the next 24 months.
Historically, this corresponds to ~12.4% NGDP growth (about 6% annualized).
Something to consider as yields (and the Fed) look for a new equilibrium. pic.twitter.com/TLwLlsVikS
— Warren Pies (@WarrenPies) May 19, 2026
Jeff Bezos calls for zero income taxes on bottom half of earners: 'Stop taxing them' https://t.co/euwpzgIYow pic.twitter.com/pTLs7pQEHX
— NY Post Business (@nypostbiz) May 20, 2026
Thank you. The important part is zeroing out taxes on the bottom half. Best way to put money in someone’s pocket is to not take it out in the first place. Bottom half is only 3% of total tax revenue. But it’s very meaningful to that person. Zero it out. https://t.co/1Pniwn0tdd
— Jeff Bezos (@JeffBezos) May 20, 2026
$HOOD crypto COO is stepping down as Robinhood’s crypto revenue growth slows pic.twitter.com/EJ5QjLz7oz
— Shay Boloor (@StockSavvyShay) May 22, 2026
Retatrutide phase 3 obesity trial just came out and the results are genuinely insane:
– 28.3% bodyweight lost on 12mg over 80 weeks
– 70.3 pounds on avg. or 31.9 kg
– 45.3% of patients hit 30%+ weight loss (this is bariatric surgery territory)
– 30.3% weight loss (85 lbs) at 104… pic.twitter.com/eJO8Mzw6Ct— Max Marchione (@maxmarchione) May 21, 2026
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