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Today’s Animal Spirits is brought to you by Nasdaq and Janus Henderson Investors:
On today’s show, we discuss:
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Charts:
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Tweets/Bluesky:
The S&P 500’s P/E ratio has actually fallen this year during the rally pic.twitter.com/BmCAnmur4i
— Gunjan Banerji (@GunjanJS) May 10, 2026
Are we in a bubble? Is this 2000?
IMO, no and no.
Remember, these questions have been in the air for years now (excerpt from a March 2024 report)
Fiscal policy remains one of the most important macro differences
-In 2000 govt was running a 2% surplus
-Today the deficit is ~6% pic.twitter.com/QWqegOb5Yu— Warren Pies (@WarrenPies) May 11, 2026
Probably the craziest chart in markets right now pic.twitter.com/9HiBJp3c0n
— Daniel von Ahlen (@Daniel_VonAhlen) May 8, 2026
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