Today’s Animal Spirits is brought to you by YCharts
On today’s show we discuss:
- The Books That Help Explain Every Market Cycle of the Past 80 Years
- Bubble talk is for boomers
- Individuals matter now
- Social media stars who move markets
- NFT mania
- CAPE adjusted for tax rates
- Money supply is not inflation
- Death of the starter home
- Rents rising
- Startups are spending more on AirBnb than office
- Amazon strikes a deal with Affirm
- Peloton cuts prices
- Joe Rogan’s influence has waned
2010: A generation of potential investors is ruined. They will never take financial risk again
2014: Passive investment tho is ok–bc no one can beat the market
2019: If you buy selected growth stocks & hold them, you can outperform
2021: I invested in a picture of a rock
— Dow (@mark_dow) August 29, 2021
1/ Recently, we've seen increased publicity around high-priced NFT sales (e.g. @BoredApeYC).
These projects typically share a few properties:
+ ~10,000 pieces for sale
+ Standard theme (e.g. punk)
+ Distinguishing traits (clothes)
+ Engineered rarity
+ No two pieces are the same pic.twitter.com/EATD4uEexF
— Messari (@MessariCrypto) August 27, 2021
My guess is that Yale has the longest tenured, most developed venture investing program and it barely beat QQQ over the past decade pic.twitter.com/P6VWWQDnP0
— modest proposal (@modestproposal1) August 24, 2021
I’m not sure people appreciate just how quickly rents are rising right now. There was a lot of chatter about rent drops during the early pandemic, but look at THIS.
+14% (!!) since January!@lszini and I wrote some words this week about why this is happening.
— Rob Warnock (@robnock_) August 27, 2021
Just surveyed 6,000+ real estate agents across country. Top themes from our 1st ever RESALE agent survey: 1) Buyer fatigue, w/rumblings of remorse. 2) Bidding wars a bit less bonkers. 3) Cash is King & ton of investors. 4) Inventory gridlock. Commentary across country to follow…
— Rick Palacios Jr. (@RickPalaciosJr) August 20, 2021
Buried in today’s existing home sales release, millennials make up >50% of new mortgage issuance. A demographic tailwind, if you will.
— Nyle Bayer (@nylebayer) August 23, 2021
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