Animal Spirits Podcast - Everybody's Busy (EP.119)

Episode Date: January 1, 2020

On this week's show we discuss working nights and weekends, why people are "busy" all the time, why we don't enjoy innovation as much as we should, tech bros vs finance bros, low stakes conspiracy theories, energy stocks and much more. Find complete shownotes on our blogs... Ben Carlson’s A Wealth of Common Sense Michael Batnick’s The Irrelevant Investor Like us on Facebook And feel free to shoot us an email at [e-mail] with any feedback, questions, recommendations, or ideas for future topics of conversation. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching. Michael Battenick and Ben Carlson work for Ritt Holt's Wealth Management. All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions and do not reflect the opinion of Ritt Holt's wealth management. This podcast is for informational purposes only and should not be relied upon for investment decisions. Clients of Rithold's wealth management may maintain position, and the securities discussed in this podcast.

Welcome to Animal Spirits with Michael and Ben. Ben, do you have any idea what part of the cycle we're in? No, but I bet you're going to tell me. I am. So I lost my AirPods case for the second time. Just the case? Just the case. I don't know how that happened.

So on Amazon, you can buy an AirPods case charger, just the case. From Apple on Amazon for $65. Not as steep as I would have thought. It's not bad. And so anyhow, with my Amazon Prime visa card, you can now pay interest-free in six monthly installments. That's a part of the cycle word. Wow. Okay. So they're doing like a layaway program for you almost. I don't know. I mean, I think this is new.

Okay. Have you ever seen anything like this? Are you going to have to wait until you pay off your Peloton first to get a new case? Don't go there. Okay. Do your AirPods hook up to your Peloton? That's what I want to know. Oh, yes. They do. Okay. We're kind of in holiday time here. So I think people on Twitter get a little anxious. And so I don't know where this came from yesterday, but there was a big fight in tech world. And before we get into that, I think in the early to mid 2000s, finance bro was one of the worst people in all of anything, basically, in the working world. Has tech bro replaced finance bro as

the worst person on the internet. What do you think? I feel like VC world and the technology world in Silicon Valley, obviously I'm generalizing and stereotyping here. They had a lot of goodwill for a while and they were the scrappy underdogs. Now that they're in like pole position, I think the finance bros got beaten down a rung or two by the financial crisis. Don't we need a big tech recession for the VC bros to go under a little bit? And then anyone who wears a vest every day can just stop doing that stuff? I'm still in the Christmas spirit, so I wish no ill on anyone. Okay. So I don't know where this came from, but you sent me a tweet from this guy, Jason Frye, who is a tech guy. He says if your company requires you to work nights and weekends, your company is broken, this is a managerial

problem, not your problem. This is a process problem, not a personal problem. This is an ownership problem, not an individual problem. I think maybe this is one that started. And this sparked a huge debate where there was other people from the tech world that came out and said, no, you have to work 70 or 80 hours a week to get ahead. That's what I did. And so that's what works. And there was this huge debate on Twitter about working too much. And then the CEO and founder of Shopify, which is a company that, did you ever listen to how I built this podcast with them? No, I did not. Their CEO, Toby Lutkey, I don't know if I'm pronouncing that right. He was on there. It's a very good. Shopify is basically this company that was created in Canada that allows you to

sell your goods on their platform. They handle a lot of the back-end operational stuff that allows you to have somewhat of an internet marketplace. And he wrote a really long tweet thread on this and he is the founder of this huge up-and-coming firm. They went public, I believe, last year, and it's one of the more successful IPO companies. But he says, I'm... Oh, yeah? What happened if you put $1,000 in? I don't know. You'd be rich. If you put $10,000 in anything over the last year, he says, I'm home at 5.30 every evening. I don't travel on the weekend. I played video games alone with my friends and increasingly with my kids. My job is incredible, but it's also just a job. Family and personal health rank higher than on my

priority list. So it's interesting. Can I say one thing? Yes. Not knocking this guy at all because I grew with him. But only successful people talk this way. Only rich people say I was never driven by money. I feel like he's a CEO and founder. I feel like that is not something that a lot as CEOs and founders say, that they say, I would rather work 40 hours a week than people like Elon Musk, I feel like that. Say, I work 80 to 100 hours a week and I sleep on the job. I feel like that. No, I agree with you. I'm not saying that all CEOs talk like that. I'm saying that all people who talk like this are successful. Okay. You're saying that he gets a pass whatever he says, basically, it doesn't matter because he's already successful. I'm not knocking him. I'm just saying

people that maybe I'm miss explaining this. Anyhow, just going with your point. Okay. My point is Wouldn't it be nice if someone with this mindset, wouldn't more people rather work for a company that has a CEO and founder that thinks that as opposed to the, oh, you have to work 100 hours a week and nights and weekends to be successful, otherwise don't even come to work here. Like the Uber, from that Uber book, they had a story about how a lot of the tech companies provide perks to their employees,

and one of them from Uber was, yeah, we'll pay for your dinner, but you have to be here at 8.15 at night to have it with the understanding that you better work longer to get that dinner. The CEO of Shopify, just based on what you describe, sounds like an outlier because the stereotypical founder is very type A alpha personality and doesn't have the mindset of 40 hours a week is enough. And I think that's probably the point is that someone like myself, I would never have the mindset to do that. And maybe you do need to have that type A personality to pull something like that off in such a short amount of time. But, I mean, I've never personally had a job where I had to work past 530 at night. I can't imagine ever doing that just because of my personality and the way that I think

about the world. Don't you think that that is a real takeaway, that there's no right answer to what sort of life somebody should live. Some people are workaholics and they're consumed by work and they love it. Yes. Some people obviously let work control their life and they can't get out of it and they feel like they're in a spiral. It's a wide range of personalities and lifestyles, and there are no rules for how much you should or shouldn't work.

Do you think this is an American thing, though? Because in Europe, they take six weeks of vacation every year, and they have like 30-hour work weeks. Is this more of an American ideal than anything else? I'm not a world traveler, so I really don't know. So Derek Thompson had a piece in the Atlantic, and he said three theories for why you have no time. And he talks about how they look back at technology and the biggest change, maybe in human history for making our lives easier, was not the more recent period, but 1900 and 1950 where we had all these things come into the household like washers and dryers and refrigerators and dishwashers. And they checked the amount of time that people spent on their housekeeping duties. And it was basically the same from 1900 to 1950, 1960, so all these innovations didn't do anything. His piece looks at, why do we work so much?

He basically says a lot of the reason is because we just value work more than anything. And I guess that could be part of it. I'm maybe calling into question the results of some of these surveys. Do you think people really work that much when they say they work 80 to 100 hours? Is it really all work? That's what I want to get to here. Well, work in the sense of career stuff. Maybe not.

But, I mean, can't you relate to this? I feel like I was thinking the other day, like, our house is a mess always always like there is always clothes all over my bedroom we can't seem to dig out of this cycle I don't know that's necessarily that bad of a thing obviously we have two young children at home but I can relate to this can't you in some ways not that stuff because I'm OCD about that stuff so if you and I were ever roommates we would have to have like a dividing line in the house where you keep your stuff on this half and I keep mine in this half because I'm a clean person we've been roommates multiple times and

And my bed always looks very different than your bed. Yeah. But I mean, even if you think about someone like The Rock, if you follow on Instagram, he is constantly talking about how he's waking up at 3.30 in the morning to work out. And then he's got 12 different jobs that he does. This guy already has more money than anyone could want and more terrible movies than anyone could want on their MTV page. But he's continuously working in. That was harsh.

Yeah, sorry. When's the last time he had a, there was a good rock movie? Why doesn't he do like an indie movie where he plays more of a sensitive person? as opposed to just doing the Kevin Hart or blow-up movies. Nobody wants to see that. I want to see that. I want to see The Rock show some range. Do you think that, I think this is a good quote, I don't know if this is necessarily true.

I'm not sure. Derek said we'd collectively prefer more money and more stuff rather than more downtime. I think that people wouldn't say that, but maybe their actions dictate that that's what they really want. I also think people love to claim how busy they are. How many times when you see someone you haven't seen in a while, a family member, a friend, and you say, hey, how's it going? And then they give you the, oh, we're so busy right now with everything. To me, that's an immediate write-off. I have no patience for that. Yes. Everyone has the same amount of time to get stuff done. And people have jobs and kids and

responsibilities. And I'm not a big fan of that answer. So I hope I'd never use it. But I think that back in the day, when people worked six days a week on the farm, sun up to sundown, those people had no downtime. And they had no downtime on the office either. Hang on. The jobs that most people have now are knowledge-based jobs, and they're not working hard at these jobs like people used to back in the day. So I think the stuff that people complain about working more. Wait a minute. Wait a minute. It wasn't physically hard, but I think one of the problems with people claiming they're so busy today is the job never ends. Yes. So you might not be physically in the office at 7, but you could easily be answering emails until you go to bed. Yes. My dad worked in a time when he didn't have

the Blackberry or iPhone attached to the hip or email. He left the office. Everything stayed there. And when he was there, he worked and when he came home, we are sort of tethered to it these days. But I still think that so much of what we can do these days is busy time and stuff that we just have like social media and stuff on the internet. If you took away the internet from people's jobs, they would not be busy. Exactly. They would get stuff done. And maybe part of the reason that for me it's a little easier is because I work in an office of one. I don't work with other people. And I think sometimes people are your biggest distraction. But I think a lot of people just want to claim busyness these days as opposed to actually being busy. Not everyone is a

startup founder. I think people are just bad at managing their time. That's my point. Yeah. I mean, if you have a Twitter account, you're now a founder of your own Twitter account. Right. You're founder of your Twitter brand. I mean, we have it pretty good. I was in Charlotte last weekend, as I said, last time on the podcast, and we were talking about how good we have it, just how many luxury items we live with that we take for granted. There's this thing called the Ember Mug, and you wouldn't know about this because you're not a coffee drinker? Do you drink tea? Probably not, right? No, my wife just started. Sometimes I do, I'm not jealous of the actual drinking the coffee. I'm jealous sometimes of the ritual, of people in the morning getting a cup. Sometimes I would kind of

love the ritual of that, but it's never going to happen for me. Okay. So anyway, there's this thing called the ember mug, and it is a mug that is connected to Wi-Fi, where you can set the temperature on your mug, because if you make a cup of coffee, you pour it in a mug. You got the sweet spot for the perfect temperature lasts about 120 seconds approximately, and then it goes from boiling hot to perfect to freezing all in a matter of five minutes. So this thing keeps your coffee or your tea hot all the time. So maybe Robert Gordon was right in his book, which is called what, I forget. The rise and fall of American growth. Okay. So maybe he's right that the biggest inventions are behind us. If this is what we're coming up with now, we haven't seen time travel yet,

so maybe there's hope. You know what they used to call that coffee thing in my day? A thermos. It was a thermos. So if you read the rise and fall of American growth and also sapiens, those two books will make you realize how far we've come as a species and how much we've developed. And it is kind of sad to think, oh, like all the low-hanging fruit is gone. But on the other hand, we're on the other side of that already. We don't have to go through the growing pains it took to get there. So I think the problem is people just can't enjoy this stuff because there always has to be more. So at some point, just enjoy what we've got and how much easier life is.

They're too busy to enjoy things. Yes, they're working too much. It all comes full circle. All right. Survey from Institutional Investor. This says most private equity managing directors say they deserve to make more money. So this is a 62% of associates and senior associates said they are not happy with their salaries and bonuses at private equity firms. Managing partners pulled in $1.59 million on average at small private equity firms.

While partners and managing directors average $985 grand in salary and bonuses for firms that manage $2 billion to $4 billion, the top boss has made $2.25 million and partners and managing directors made about $1,000. million and they are not happy with what they're making. Well, okay, this sounds absurd and it certainly is, but it's in line with everything we know about human behavior. These people make so much money, but people around them make even more. So everything in life is relative and they want more money because their peers are making more money. So I get it. When does the fee stuff hit private equity? Never. I feel like they just don't care. We're going to pay these people two and 20 and so what? Everyone else does it so we're going to.

Well, you sound jealous. Oh, no. It's surprising that even fees and hedge funds have come down marginally, but doesn't seem to be the case in private equity. They can just command whatever they want, even with all that money there. Well, what are your thoughts? Do you have any thoughts? Yeah, fees should come down. It's ridiculous.

That's what I'm trying to say. Another survey. When asked how important a college education is today, 41% of U.S. adults aged 18 to 29, say very important. In 2013, 74% said it was very important. It's a giant drop-off. Are you- Wait, wait. How many people were surveyed here?

Like, 300? I don't know that I'm as bearish on big universities as the headlines are. Okay. How bearish are you? I'm not very bearish. I think that there's probably way, way, way, way too many colleges. But I don't think that, forget about the Ivy League. So I don't think most big state schools are in trouble. Wisconsin, Indiana, Maryland, whatever.

Yeah, those are states. Some people think that in 10 or 15 years, the internet is going to take over and the big colleges are in trouble. Yeah, I'll take the total opposite side of that. I would not say they did it. Maybe this is just a reflection of the fact that for many people, college education is just thought of as table stakes. And so maybe it's not very important anymore. It's just what you have to do. Can I also simultaneously say that I'm bullish on alternative education, things like the Lambda School and what Vanderbilt is doing? What is Vanderbilt doing? Didn't we talk about this, how they are taking a piece of future earnings? Oh, that was Purdue.

But yes, okay. I can see that being where they stand out that way. And a lot of the stuff, there's so many classes you can take now for free over the internet, and apparently, what is it, 90% of people never finish them. So I don't think the college stuff is going away. What I'm trying to say is I don't think that Twitter is going to replace college. All right. So meme university is not going to happen.

All right, Michael. Yes. Guess where we are in the cycle? The part where Amazon is giving interest-free loans. Okay. We set a single day record over the weekend for Super Saturday sales, the biggest holiday shopping day ever, $34.4 billion. It was the biggest single day in U.S. retail history, according to customer growth,

partners. I didn't know Super Saturday was the thing. I guess I didn't either. Where do they get these numbers? I'm suspect of these numbers. I don't know either. That's a good question. But this is another thing where people go, oh, look at this. The consumer is out of control. They're borrowing. They've got debt up to their eyeballs. Guess what happens when the stock market is at the highest point it's ever been and the economy is growing for 10 years. People are going to keep spending money. Spending money. That's true. Yeah. This is what happens. Things are more expensive now. You know where there's not inflation. Oh, wait, you're a fast food eater. Definitely. Okay. So Wendy's, they've got like the two for five thing. I saw a commercial

the other day. I think you get, I don't know exactly what the items are on the two for five list, but come on, it's a great deal. There is no inflation at the drive-thru. Pizza either. They had a story about how Domino's and Little Caesars, this is a few years ago, were founded in Detroit in the same time in like the late 1950s. And if you would have taken the price of pizza, back then and added inflation onto it, we would be paying like $40 a pizza these days. And you can get a Little Caesars hot and ready for $5.55. How is Little Caesars? I'm not familiar with them. For $5 and it's hot and ready, so you walk in there and they have pepperoni or cheese waiting for you, if you're a dual working household with parents, that is a great, great deal. And Little Caesars is

my kid's favorite pizza. We got pizza from like the nice local place last week, which I like, the local Italian place. And I think it's my favorite. pizza in the city, and my daughter complained that it wasn't Little Caesars. Well, one place that there is inflation, Robin sent me a picture of the prizes that Kobe won. They went to like an arcade place. And she said, this is $50 worth of prizes. It was a stuffed snake and a handle with a rubber band and a ball on it. Those tickets don't go as far as I used to, So there is inflation at the arcade and deflation at the drive-thru. Not a bad trade. What do you got? What's your Beyond Meat thing here? Oh, so it is a pretty slow week. I saw

somebody tweeted this. I don't think it was a joke. The headline is Beyond Meat stock moves negative 0.01 percent. What you should know. I don't know if that's a slow week or just there's too much financial media at this point. All right. I like this one and I swear, I said this one the other day, and I think this guy's stealing my thoughts, but I'm probably not the first one to say it. What's your favorite low-stakes conspiracy theory? His says that there's no difference between the deluxe and basic car wash. My kids are now huge fans of going through the car wash because they think it's an octopus or something when it washes your car. And I said this.

What's the difference between the Express Wash for 7 and the Deluxe Wash for 15? You tweeted that? No, I thought. I said it to my wife in the car. So what is your... Wait, you're saying that this guy is listening to your phone? I was joking. I was thinking this recently.

My other one is, do you think there's really a difference between the cycles in your washing machine? I don't know. I'm not a... I have like 12 cycles on my washing machine, like whitest whites or towels or whatever it is, colors. I think they're exactly the same. I don't do the wash in my house. My wife does. You know what my job is in that realm? Not picking up the clothes in your room, obviously.

True. I am the kitchen person. Okay. I keep the kitchen clean. Okay. I say the key to a relatively clean house, you got to have a clean sink. If the dishes start piling up, then things go on the island and the counters, and then it just spirals out of control. So I keep the kitchen clean.

I think you're getting ready to start your Michael's marriage book. Disagreeing about movies. I do have some good match tips. Yeah. I will give myself some credit there. So do you have any low-key conspiracy theories? Well, there were some good ones. I thought that the elevator door closed button is a placebo.

most. That plays. You have any good ones? Did you find any good ones? I got nothing here. All right. Let's move on to some listener questions. Been hearing a lagger talk about the energy sector and an inevitable bounce in 2020. How can one get excited about a sector in 2020 that is in decline due to oversupply and demand in a downtrend doesn't add up to me? I did a piece on sectors a couple months ago and I looked at this. The price of oil peaked at like 150 a barrel. June 2008-ish. So I looked at energy, the energy sector, which is the XLE ETF versus the S&P 500 since the end of June 2008. The S&P is up 200. Wait, why June 2008? That's when oil prices peaked. Okay. Go ahead. So this is kind of when the energy bear market started. Since June 2008,

and this is including that nasty fall of 2008 when stocks got crushed through March of 2009, the S&P is up 220%. What do you think the energy? energy sector ETF is in that time, total performance. 11. Dividends included. It's down 8%. There you go. Versus 220 for the S&P.

So it's done nothing for well over 10 years, 10 or 12 years at this point. In inevitable bounce in 2020 when something has been in a downtrend for that long, I feel like you have to have some technical analysis here for this. Well, allow me. I was going to give a non-answer answer, which is that basically what you said, that fundamentals can deteriorate further still, but if they're not as bad as people think they are, then price can still do quite well. So these stocks, technically speaking, well, I guess there's a bunch of them, they look okay. They've had a big bounce, but they look okay. So basically,

we'll see. All right. Somebody asked us, they are in their 30s single. They, and they have an opportunity to move to Dubai to make a decent amount more money. Not a huge leap, but say, looks like a 20% increase in their pay. And they're asking, is it a good idea? Well, obviously, there's nothing more personal than where you're going to work and where you're going to live. This person has a remote job right now, and they want to know if giving up a director title in a small market firm is worth getting a higher paying analyst title in a larger

market firm in Dubai. When you're young, I mean, the whole moving to Dubai thing would kind of scare me. But if you're young and single and you can take a chance at that age. I mean, do it. I think when you're young is when you want to take some chances, you're not going to probably take these same chances when you settle down a little later in life. This is like the ultimate what if, because if he goes, his life is going to be forever changed. And if he doesn't go, he will always say, what would my life have been like if I did that?

Yes, if we had an opinion on like the geographic location of your career as you progress, I think you can always move back to wherever you're based in having something like this on your resume, if you're okay with moving and living in a different culture. And I think that can be something that actually makes you stand out later in your career if you're okay with the change in your lifestyle. Recommendations. What do you got? I went down the Godfather rabbit hole because they had the Godfather part two on the rewatchables podcast with Bill Simmons, and they had Brian Koppelman on there, who is the creator of the show Billions.

And it was a long one, and they kind of talked me into it. So my movie watching Inception is basically the 1980s. As far as I'm concerned, not much exists before the 1980s, unless it was, for me, Disney movies and like the Wizard of Oz, that sort of stuff. It's nothing personal. That was just when I came up in the entertainment world is the 80s and 90s and the 70s and stuff before didn't really resonate for me. So I think my wife and I watched the original Godfather 10 years ago maybe just to say we did it and enjoyed it but didn't really go on the rabbit hole. This one I watched Godfather Part 2 and it took me a while because it's three hours and 25 minutes or so. So it took me a few sittings over the holidays here.

And I'm all in it. I can tell this one lived up to the hype. I've never seen it. If that movie passed you, it's worth going back and watching. Okay, I'm with you because, for example, the deer hunter. I've never seen it. Yeah, like I've seen taxi driver. 1978.

Some of those. I missed a lot of those. And I liked so much it was three and a half hours. I wanted more. So I started reading the Godfather book, which I believe part one and two are both based on. It's like a 600 page book. And the book is amazing too. And I'm going to have to read the book and then go watch one and two again.

That's how much I'm into right now. And here's the thing. De Niro and Pacino came into my life in probably their late 40s is when I started watching them in movies. Goodfellas, Scarface. Yeah, they were a little older. So this is Pacino and De Niro in their. late 20s, early 30s. Holy crap.

I can now see why these guys are so revered by so many older people. Pacino scared the ever-living crap out of me in this movie. He is just at another level. And a young De Niro who's very skinny and speaks in towning the whole time. I'm not like breaking any new ground here by recommending Godfather Part 2, which is widely known as one of the greatest movies in history. Yeah. But if you're someone like me who missed this, it's definitely worth watching.

You ever see? one of the movies of those times that I did see was Dog Day Afternoon. I never watched that one either. Is that another? Incredible. It's an absolute must say. No, that was Pacino. So one of the worst movie Fopause, I think, of this year was having 76-year-old De Niro

play a hitman on the Irishman and when he had that curb-stopping scene. I think that was one of the most unrealistic movie scenes I've seen. I just rewatch that, by the way. That scene was tough. I think it was topped by the entire. movie called Longshot with Seth Rogen and Shirley's Throne, because that was a rom-com about Seth Rogen and Charlie's Throne getting together. And not only was it them getting together, it was her being Secretary of State and running for the president. How was that movie?

Honestly, it still had funny parts. If you're looking for a way to shut your brain off and laugh a little bit, it was funny, but I couldn't get over. I mean, she's arguably one of the most beautiful women in the world. And Seth Rogen does his thing where he always plays his same character, which is basically himself, who's this stoner. guy. And I couldn't get over the fact that it was those two becoming a couple. I thought that was the most unrealistic thing in a movie I saw all year. I couldn't get over it. But I actually did laugh at a few parts. So that's what I got. If you really want to shut your brain off for a rom-com, since there aren't many of them. But it was, that was the most unrealistic thing I've ever seen.

Got it. All right. So I read my first Jack Reacher book. I read Never Forget, which was actually the movie. That was one of the movies. And it got terrible reviews. The movie or the book? The movie. Okay. So, did you read this one? I read them all.

When you read all of them, do you remember them? They kind of blend in together. This was the assassin, right? So this was when he was brought in and they're arresting him for two separate charges. Ah, yeah. That's right. Okay, this is a good one, right? Yes.

Now I understand how you read them in one weekend, because even though it's like almost 400 pages, it is a very quick read. Yes. And I enjoyed it very much. I don't think I will be reading anymore. Okay. That's fair. Only because I would rather watch a movie if I'm going to like do something for pure entertainment.

Yeah. I thought the book was very good. I totally get it. But I don't know that I'll be coming back to them. The Happy Gilmore rewatchables on The Ringer podcast was freaking hilarious. I never really thought about it. But the premise of this movie is an ex hockey player can drive a golf ball 400 yards at his grandma gets evicted.

Like, just totally ridiculous. All right, I got a recommendation. Robin sent this to me. It is something for shaving in the shower. So obviously, I'm a bald man. I shave in the shower. Do you shave in the shower? No, I shave over the sink.

Okay. So this thing, it's like a rubber thing. It's a mirror that just sticks right to your ceramic. And there's a thing for your razor. I'll put this in the show notes. It's 20 bucks. Found on Instagram. It's terrific.

Let's see. Oh, so. A few months ago, I watched The Rainmaker, and it was just so 90s, just a really awkward movie. I watched The Firm, obviously you're a big T.C. guy. That movie was much better. Gene Hackman, Tom Cruise, it was a John Grishman book. That was one of the better early 90s movies there was. But you're 100% right, because I noticed it again, that the intro, the credits, was literally almost 10 minutes into the movie. It just keeps going forever and ever and ever. All right. Lastly, We're taping this on a Friday because I'm going to be away for New Year's.

So last night I saw Uncut Gems, and I realized that being in a movie theater, a crowded movie theater, is the only place that I like to be with a lot of people. You like being in a crowded movie theater. I do. It makes the experience of a good movie 25% better easily. And I would put this in that category. So I'm not spoiling anything. but the first half of the movie, call it.

It was good. It was okay. I would describe this movie as just pure anxiety. You feel uncomfortable the entire time with the way that everybody's talking over each other, the way that the movie is shot. It is an uncomfortable movie to watch, a lot of anxiety. But the last half hour was amazing. And seeing that in a theater with people gasping and whatever,

that added to it enormously. In other words, if you watch this at home on your couch, Obviously, you don't get any of that. I can see that. Like going to see a comedian live is way better than watching a stand-up set on Netflix. Exactly. So Uncubed Gems is definitely one that I would recommend. If you're interested, if you're like on the fence, I would recommend you go see it in a crowd of theater if you get the opportunity.

Got it. So another year is in the books. Ben, we started this podcast in November 2017. So this was our second full year. The market is up. a lot since then. I think we timed things pretty well. Yep. So we just want to say thank you to everybody who listens, and thank you for all the emails and support. We really, really, really appreciate it. All the surveys. Yes. Yeah, we appreciate all of it. Thank you very much.

Follow us on Instagram, Animal Spirit, Cod. Wait, I was not done. Okay. Wishing everybody a very happy and prosperous and healthy 2020. All right. Thanks for that. Cheers. We appreciate it. You're welcome, Ben, and listeners. Animal Spiritspot at gmail.com. We'll see you next time.