Animal Spirits: The Biggest Danger in 2026

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On today’s show, we discuss:
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Tweets/Bluesky
Oracle stock has reacted better to the financial crisis than the OpenAI deal pic.twitter.com/Kv6DEOUkpj
— Kyle T (@kylet___) December 17, 2025
My wife, Barbara, and I believe strongly in the importance of equal opportunity. I was lucky enough to live the American Dream. I was exposed to the stock market at a young age, and it changed my life. For the past two decades, Barbara has dedicated herself to helping vulnerable people… pic.twitter.com/DroiwnWpUW
— Ray Dalio (@RayDalio) December 17, 2025
“Households continue to hold near-record cash balances (98 percent historically), leaving dry powder should continue to improve. We see this ‘buy-the-dip’ behavior, every day in our data at Citadel Securities.”
– Citadel Rubner pic.twitter.com/sI8LB9l7ps
— Daily Chart (@dailychartbook) December 19, 2025
I think the whole structure of the modern economy has a fixed bias, which comes from increasing productivity. Yes, many things (Covid, prices, whatever) can depress it, but productive disinflation seems to be the gravitational force.
– Down (@mark_dow) December 18, 2025
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