Animal Spirits: Phony Happiness

On today’s show we talk about:

    • How higher inflation is simultaneously good and bad for stocks.
    • Why we love stories.
    • The good and bad with private equity.
    • Is there such a thing as a permanent portfolio?
    • What Ben got from his MBA.
    • Scary market predictions.
    • Vanguard’s new factor funds.


The new permanent portfolio

From March 1995-March 1998, the S&P 500 rose 134% while the Permanent Portfolio rose just 36%

“We tend to remember the best of times and the worst of times instead of the most likely of times.”

Bill Simmons with Kanye’s manager, Scooter Braun

There’s a government agency that’s supposed to predict financial storms ahead of time?

Harvard wants to buy index funds

Does Private Equity Really Beat the Stock Market?

From 1990 to 2010, private equity returned 14.4 percent per year, compared to 8.1 percent per year for the S&P 500 index.

What Ben took away from an MBA

Vanguard’s factor funds

Ben Carlstrodamus 

Canada home sales crash 

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Just early…

The current calm is an illusion….


Thanks for listening!