Animal Spirits Podcast

Is the Stock Market Invincible? (EP. 447)

134 snips
Jan 14, 2026
Explore the implications of Jerome Powell's political risks on the market and debate the practicality of capping credit card rates. Discover the truths behind institutional home ownership and discuss inventive policies to support housing. Delve into the impact of AI on productivity and labor, and analyze the resurgence of both sports gambling and crypto investments. Consider the surprising reasons behind declining TV prices and the varied regional housing price dispersions. Finally, ponder the resilience of the stock market and what it means for the future.
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INSIGHT

Gambling Is A Rapidly Growing Sector

  • Gambling GDP grew fast from 2019–2024, reflecting expansion of legalized sports betting and platforms. Ben Carlson warns this growth hides harms and addiction despite much activity coming from discretionary adult spending.
ANECDOTE

Personal Crypto Rebalance

  • Michael Batnick recounted selling portions of his crypto at highs and rebalancing to a comfortable allocation. He says he sold BTC and ETH in tranches and would buy more on big moves in either direction.
ANECDOTE

Times Square Token Alleged Rug Pull

  • Michael Batnick described the alleged NYC token rug pull tied to a wallet linked to Eric Adams. He called the token scheme a pump-and-dump that removed nearly $1M in USDC from liquidity.
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