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Today’s Animal Spirits is brought to you by Betterment and Janus Henderson:
On today’s show, we discuss:
- The Bond Market’s Supply and Demand Problem
- Ray Dalio & The Power of Setting Defaults For Optimism
- Spotting Bubbles and Calling Tops
- Why Are Hedge Fund Managers Always Bearish?
- Predicting a Financial Crisis
- Market Returns During Ray Dalio’s 1937 Scenario
- Ray Dalio is Wrong – A Debt Heart Attack isn’t Coming
- We Must Pace the Frontier
- Sparkline Analytics: A New Lens
- Tether launches private credit fund in effort to boost stablecoin use
Listen here:
Live from Future Proof in Huntington Beach, CA:

Charts:
Tweets/BlueSky:
It’s so interesting to me what narratives break through, and when, and why.
Folks at and around the labs have been warning about AI risk for years. Constantly. Relentlessly. Many of them were warning about it long before they even worked at the labs.
This gentleman quits… https://t.co/Yj4nEe9y5B
— Derek Thompson (@DKThomp) September 9, 2026
S&P 1500 Software revenue per employee has gone parabolic.
If you are looking for evidence that AI is starting to impact the real economy, this is exhibit A. pic.twitter.com/NvQotGZPuT
— Warren Pies (@WarrenPies) September 13, 2026
Jake Gyllenhaal and Phoebe Dynevor star in the first teaser for Nicholas Sparks and M. Night Shyamalan's #Remain.
In theaters this Valentine's Day. pic.twitter.com/Vp3NfJ7OmY
— Rotten Tomatoes 🍅 (@RottenTomatoes) September 8, 2026
Most awarded networks at the 2026 Emmys:
• Apple TV – 28
• HBO/Max – 21
• Netflix – 16
• Prime Video – 10
• NBC – 8
• Peacock – 7
• Disney+ – 6
• CBS – 6
• FX/Hulu – 3See the full winners list… https://t.co/7rIuXlxwbh
— DiscussingFilm (@DiscussingFilm) September 15, 2026
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