April 2020

What’s The Catalyst?

The stock market is wrapping up its best month in over 30 years. What was the catalyst? In the five weeks from February 20th through March 19th, there were 1.1 million jobless claims, and the stock market fell 29%. In the five weeks since there were 26.5 million jobless claims and the market rallied 28%….

Small Mean Reversion

The spread between these two slices of the market has widened to levels last seen during the implosion of the dotcom bubble.

These Are the Goods

-What’s different this time
-Real risk is a long period of no returns
-Why Americans choose real estate
-A closer look at the 2003 NBA draft, and much more

Animal Spirits: Physical Delivery

On today’s show we discuss:

-What happened to the oil market?
-Why are so many investors buying the dip?
-Big banks are getting bigger
-The death of department stores, and much more

Animal Spirits: Free Oil

On today’s show we discuss:

-Why Ben is calling this a depression
-Did Munger and Buffett lose their fastball?
-Positive externalities of R&D
-The NASDAQ versus the world, and much more