On episode 347 of Animal Spirits, Michael Batnick and Ben Carlson discuss: why McDonald's is getting more expensive, the prospects for another bear market this year, fundamentals that drive stock returns, concentration in the S&P 500, Nvidia vs. China, tail risk strategies, consumer credit, commercial real estate, fixing youth sports, and more!

Thanks to Spear Funds for sponsoring this episode. To learn more about the Spear Alpha ETF, visit: https://spear-funds.com/

► 00:00 - Spear Funds Ad Read
► 01:21 - Intro
► 04:38 - Inflation
► 06:50 - Bear Markets
► 09:57 - Drivers of Returns
► 13:08 - Bubble Behavior
► 18:13 - David Einhorn and How Passive Impacts the Market
► 27:21 - Nassim Taleb on Tail Risk
► 30:51 - Demographics
► 33:51 - The Economics of Home Ownership
► 35:46 - Borrowing Capacity
► 39:22 - Bitcoin
► 44:58 - Sam Altman Looks to Raise Trillions for AI Chips
► 46:41 - Real Estate
► 48:38 - Recession Sentiment
► 49:46 - The Kids Are (Still) Alright
► 57:15 - The Super Bowl
► 59:58 - Recommendations

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