On today’s show we discuss what a normal year in the stock market looks like, time traveling through drawdowns, the case for small/mid cap stocks, how many stocks double each year, record cash balances, the economy keeps growing, financial nihilism, gambling, illiquidity risk in private investments and much more.

On today’s Talk Your Book we speak with Dan Russo from Potomac Fund Management about the bear market in diversification, trend-following, quantitative tactical asset management and more.

On today’s show we discuss the stock market rally is broadening out, no one wants an AI bubble, the return outlook for 2026, Howard Marks on how to invest today, hedging an AI bubble, concentration risk, financial markets don’t care about labor markets yet, the worst part about inflation, data centers in space, the housing outlook for 2026 and more.

On today’s Talk Your Book we speak with John Neff, portfolio manager and CIO, from Akre Capital Management about the firm’s concentrated stock portfolio, how to hold stocks for the long-run, beating the S&P 500 and more.