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Today’s Animal Spirits is brought to you by ProShares and Janus Henderson:
The Compound and Friends – Live On Broadway:

On today’s show, we discuss:
- J.P. Morgan Eye on the Market PDF: Califoreboding
- Frenzied Stock-Options Trading Shows Individual Investors Are Still Hungry for Risk
- High Earners Stop Maxing Out 401(k)s, Betting They Can Outsmart Retirement Savings
- Three Things I Think I Think (Weekend Reading #3)
- Affluent and Older Americans Got Much Richer in the Postpandemic Years
- How Fast Do Tariffs Pass Through into Consumer Prices?
- Longshots Losing 98% of Time Dominate Kalshi, Polymarket Trading
- Betting on Hope
- Disney increases park prices every year. Here’s how it avoids pricing out families
- Paramount’s $52 Billion Debt Sale Shows How Higher Rates Are Biting Corporate America
- Horror Is Hollywood’s Hottest Movie Genre These Days
- Why Americans Stopped Falling in Love
- Rischio, rendimento… e buon senso!
Listen here:
Charts:
Tweets/BlueSky:
One of the main reasons so many breadth indicators are off the charts is because the concentration in the index is like nothing we've ever experienced.
The top 5 stocks in the S&P 500 are equal to the bottom 434. (67-500) pic.twitter.com/dKIqi3KYJT
— Michael Batnick (@michaelbatnick) October 8, 2026
This is what crowd out looks like. pic.twitter.com/PCNeSymOGW
— Jason Furman (@jasonfurman) October 8, 2026
From Egan Jones. Since 2004, the Chinese economy has outgrown the US by basically any metric you can think of. But American financial assets have clobbered Chinese ones however you measure it. pic.twitter.com/D3KUGuhtHG
— Joe Weisenthal (@TheStalwart) October 9, 2026
Zuck and Alexandr Wang talk about Meta’s $100B bet on building a frontier model.
Here was Meta CFO Susan Li’s take:
“I just want to tell you if this doesn't work, this is going to be really, really bad. It's going to be very, very bad in financial terms…It's like, it has to… https://t.co/c87czkuMC0 pic.twitter.com/eUYJHhk2rp
— Bearly AI (@bearlyai) October 12, 2026
How I’ve Used AI to Generate a Few Hundred Thousand Dollars in New Revenue in 4–6 Weeks
I have a story about how I have used AI coupled with changed human behavior to drive a significant change to business results in my business and very much increase the top line.
I am a vocal… pic.twitter.com/7d7QlC9Ypl
— jameson (big deck energy) (@jamesonhaslam) October 8, 2026
Recommendations:
- Oasis: Don’t Look Back in Anger
- Inglourious Basterds
- Thelma & Louise
- True Romance
- Snatch
- Burn After Reading
- Fight Club
- 12 Monkeys
- The Mexican
- The Glass Hotel by Emily St. John Mandel
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