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Animal Spirits Goes Global
This Week on The Compound
This week on The Compound
This week, Ben Carlson recorded Animal Spirits from Italy, where he was giving a presentation. In this episode, Ben and Michael covered Ben’s thoughts on Italy, inflation at the grocery store, why real estate agent commissions are in trouble, thoughts on Dune 2, and much more. (Listen)
OUTSIDE THE COMPOUND
One of the most frequent reasons analysts say the U.S. stock market is headed for a fall is valuations, i.e. they are too high relative to history and need to mean revert. Michael Batnick, in Why are U.S. Stocks So Expensive?, looks at some reasons why that might not be the case.
I do think Zack Morris is right to describe the U.S. stock market as a savings vehicle as much as an investing one, thereby earning a monetary premium. One of the biggest takeaways from this theory, assuming you agree with some or all of it, is that multiples don’t have to revert to where they had traded historically.
FRIENDS OF THE COMPOUND
On a (very) early edition of TCAF, Josh and Michael spoke to Gregory Zuckerman, author of The Man Who Solved the Market, about the history of Jim Simons and Renaissance Technologies. This week, Benjamin Gilbert and David Rosenthal, on the Acquired podcast, took a deep dive into Renaissance Technologies and how the firm has been able to generate eye-popping returns for so long. This episode is a must-listen for anyone interested in the markets.
MERCH
Ben may not be a coffee drinker, even in Italy, but that doesn’t mean you couldn’t use an Animal Spirits mug. You can always find all our merch at idontshop.com.
COMING SOON
Next week on TCAF, Josh and Michael will be joined by David Albrycht, president and chief investment officer of Newfleet Asset Management.
FEEDBACK
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