Late Cycle (EP.59)

<p><span style= "caret-color: #000000; color: #000000; font-family: Helvetica; font-size: 12px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; text-decoration: none; display: inline !important; float: none;"> Are we in the late cycle, why every correction always feels different, why losses this year are perfectly normal, why a shallow recession and "normal" bear market would be a good thing, why more money doesn't make rich people happier, the labor market is heating up, alpha is getting harder to find but institutional investors are still willing to pay up to try and find it, millennials really like Amazon Prime, the unbelievable ending to the Madoff saga, Michael's coat-buying experience, the new Tom Cruise movie and much more.</span></p> <p style= "margin: 0.0px 0.0px 0.0px 0.0px; line-height: 18.0px; font: 16.0px Times; color: #000000; -webkit-text-stroke: #000000;"> <span style="font-kerning: none;">Find complete shownotes on our blogs...</span></p> <p style= "margin: 0.0px 0.0px 0.0px 0.0px; line-height: 18.0px; font: 16.0px Times; color: #0000e9; -webkit-text-stroke: #0000e9;"> <span style="font-kerning: none; color: #000000;">Ben Carlson’s <a href="http://awealthofcommonsense.com/podcast/"><span style= "font-kerning: none; color: #0000e9;"><u>A Wealth of Common Sense</u></span></a></span></p> <p style= "margin: 0.0px 0.0px 0.0px 0.0px; line-height: 18.0px; font: 16.0px Times; color: #0000e9; -webkit-text-stroke: #0000e9;"> <span style="font-kerning: none; color: #000000;">Michael Batnick’s <a href="http://theirrelevantinvestor.com/podcast/"><span style= "font-kerning: none; color: #0000e9;"><u>The Irrelevant Investor</u></span></a></span></p> <p style= "margin: 0.0px 0.0px 0.0px 0.0px; line-height: 18.0px; font: 16.0px Times; color: #000000; -webkit-text-stroke: #0000e9;">