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Animal Spirits:

On today’s show, we discuss:

• U.S. Stocks Are Now Pricier Than They Were in the Dot-Com Era

• Junk Bonds Are on a Tear This Summer

• There Are Now More ETFs in US Than There Are Individual Stocks

• The Middle-Class Vibe Has Shifted From Secure to Squeezed

• How--and Why--U.S. Capitalism Is Unlike Any Other

• Canaries in the Coal Mine? Six Facts about the Recent Employment Effects of Artificial Intelligence

• Jim Chanos Calls Strategy's Premium 'Financial Gibberish'

• Rich Bitcoiners Are Reportedly Spending BTC on Luxury Holidays: Does This Really Make Sense?

• Trump Weighs Declaring National Housing Emergency, Bessent Says

• Yale's Trendsetting Private-Equity Strategy Is Getting Harder to Pull Off

• Cars are so expensive that buyers need seven-year loans

Charts:

Tweets:

Recommendations:

• The Tycoons

• Once Upon a Time in America

• Platonic 

• Mission Impossible: Final Reckoning

• Unknown Number: The High School Catfish

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