We bark again about the continued mania in meme stocks, as well as delve into the inflationary pressures building in certain parts of the economy. The massive flows into equities and misnamed “high yield” debt are also topics of conversation, as are looking to the late 1940s and late 1960s as potential playbooks for what might be a choppy remainder of the year.

Come aboard. We’re expecting you… We make another run after a technology glitch to discuss the Love Boat’s star-crossed investors, the knife-sharpening industry, and the strange dichotomy between market complacency as a whole versus the mania around retail trading in meme stocks. From there, we delve into a discussion of inflation as reflected in things like lumber and labor. We then debate how a trade can be both right and wrong concurrently and why capital allocation matters for companies in secular decline.

Will and Adam delve into the return of meme-stock mania and address listener feedback vis-à-vis valuations and geese. They also discuss the circular logic of inflation versus expectations, how the market interprets this, and how the real impact of inflation is often mismeasured, using candy bar sizes. No free samples of a candy line-up will be provided.

Will and Adam explore human overconfidence, be it in fighting an animal, like a goose, or with regard to investing. We spend some time on the Indian variant, inflation expectations, and the rhyming nature of today’s speculative activities with prior episodes of mania.

Will and Adam review the market’s reaction to further fiscal stimulus, lack thereof to proposed tax changes, and compare the Fed’s largesse with the printer to our favorite confetti-throwing comedian. Obligatory discussions of lumber price inflation and employee scarcity also ensue, as does a more somber discussion...

Will and Adam look right in the old lumber yard to discuss inflation and how government stimulus is affecting both sides of the inflation equation, especially as it relates to crowding out in the labor market. We also explore interest rates, the rotation back to large cap despite enthusiasm over re-opening and robust...