A Wealth of Common Sense. Investor, author, and host of Animal Spirits podcast, focuses on simplifying finance for everyone; has backed over 200 companies.
An old boss of mine used to say, “It’s OK to be surprised by what happens in the markets. Just don’t be surprised that you’re surprised.”
Here are some things that were surprising in 2025:
1. Just two of the Mag 7 stocks outperformed the S&P 500. Only Google and Nvidia beat the market in 2025:
Microsoft, Tesla, Amazon, Apple and Meta all underperformed.
That’s pretty surprising giv...
Finance content is seasonal.
Tax stuff in the spring.
Earnings coverage is once a quarter.
Someone is contractually obligated to write a Sell in May blog post that month every year.
Right now it’s a combination of look-backs and look-forwards.
It’s outlook season for the upcoming year — biggest risks, opportunities, price targets, etc. for 2026. Now is the best time to make predictions about the next ye...
Today’s Animal Spirits is brought to you by TradePMR:
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On today’s show, we discuss:
Riding the AI Revolution: How Fidelity Managers search for the potential winners of tomorrow
Family Offices Have Become the New Power Players on Wall Street
Private credit firms pile into consumer debt as risk-t...
In the movie Titanic they make a big deal out of the class inequality aboard the ship.
The wealthy class was taken care of and given preferential treatment when it came to lifeboats and safety as the Titanic was sinking.
That’s what it was like during the actual events too. The only difference between the movie and real life is that no one seemed to care about the Third Class passengers during the sinking of the sh...
Today’s Talk Your Book is brought to you by Teucrium:
See here for more information on Teucrium
On today’s show, we discuss:
Crude oil at multi-year lows and the reasons behind it
What differentiates commodities with a positive expected return from those without
The soybean trade debacle and why the government subsidizes farmers
Historical returns of commodities and their role as a diversifier
The use case...
Here are some survey results from Deutsche Bank on the biggest risks investors think we’ll face in 2026:
No surprises here.
Investors are worried about the AI trade and a Fed policy mistake. Not very original but what else do you expect them to say?
I could come up with a host of other potential risks that could come out of left field, but my thinking is that forecasting the risks in advance matters far less than h...
