The Biggest Risk in 2026 (EP. 444)

Animal Spirits Podcast · Dec 24, 2025 · 1h 6m

On episode 444 of Animal Spirits, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Michael Batnick⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ben Carlson⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ discuss what a normal year in the stock market looks like, time traveling through drawdowns, the case for small/mid cap stocks, how many stocks double each year, record cash balances, the economy keeps growing, financial nihilism, gambling, illiquidity risk in private investments and much more.

This episode is sponsored by TradePMR & Fabric by Gerber Life.

Find more details on TradePMR by visiting: https://hubs.li/Q03XS3Sj0

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