Why The Stock Market Is Booming — But Your Paycheck Isn't

Ed Elson (0:01)

Support for the show comes from Alphaspace by Yahoo Finance. Alphaspace by Yahoo Finance is the advanced investing platform you've been waiting for.

My co-host Scott Galloway is a fan of the platform. Here is what he had to say.

Scott Galloway (0:15)

So I have been using Yahoo Finance as my portal for finance for, I'm not exaggerating, about 30 years. I think they do a great job.

Ed Elson (0:23)

You can explore Alphaspace with a Yahoo Finance Gold subscription. And right now, your first year is 50% off. Head to yahoofinance.com/profg. That's yahoofinance.com/profg.

Bill, there's $239.70 for the first year, then $479.40 thereafter. Offer valid for new subscribers in the US. Offer ends October 31st, 2026

SPEAKER_3 (0:51)

Exchanges on the M&A and IPO landscape.

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Scott Galloway (1:36)

Today's number three. Americans are three times more likely to purchase an audiobook read by a British narrator than an American one.

Just a case in point here, when Ed says inflation is at 3.6 percent, he sounds like the governor of the Bank of England. When I say it, I look like a divorced dad yelling at a bank teller.

Ed Elson (2:09)

My favorite opening number. Really, that's my career in a number right there.

Scott Galloway (2:14)

I don't know if you remember the first time as a child, you actually discovered nuance in it.

I remember my dad's 40th birthday party. I was five and they had all these people and they put notes on the back, they put note cards describing people and taped them to the back. And I remember one of my dad's friend got offended. I remember that, but about what they said about him. But I remember going to my mom, I remember it's saying men would laugh at anything my dad said. If he stopped and laughed, like it was a joke in his deep glass region. When he got drunk, when he spoke, it sounded like a dead language that twins can only understand.

Ed Elson (2:53)

So good.

Scott Galloway (2:54)

But he would tell a joke and then pause and look around and start laughing, and everyone would laugh. And I noticed women were constantly touching my dad's arm when he'd talk. And I went back to my mom and I said, Mom, what dad says isn't that interesting? And yet everyone finds them fascinating. What's going on? And my mother said he's charming. And I've said that part of the reason I'm so traumatized, let's bring this back to me, is because my dad started banging a flight attendant on continental airlines while he was still married to my mom. But the reason he got to do that is that when you're in 70s California, with a strong jawline and a glass weegean accent, you can not only think with your dick, you can listen to it. My dad, I'm convinced my dad ended up penniless and alone because of his Scottish accent.

Any thoughts Ed?

Ed Elson (3:49)

No, I think this is just incredible analysis. There is something about those people who they tell a joke, and then they start the laughter, and then it triggers everyone else's laughter, and it feels like you're cheating. It's like, isn't it supposed to be up to us?

But it works, and I mean, honestly, I love those people. I have friends who do the same way. They say something, then they start bursting out laughing, and then suddenly you're like, fuck it. This guy is hilarious, I love this. So that's sort of the cheat code. If you can kind of figure out how to be the loudest laughter at your own jokes and time it right, I think it is very powerful, and your dad is case in point. Also helps to have a Scottish accent because those accents are crazy.

Scott Galloway (4:30)

I want to stay on this topic of anthropology and mating because after listening to Paul Kudrowski and Mark Zandi, it's clear I know fucking nothing about the markets yesterday and I get no value to this show.

So I want to talk about mating and lessons for young people.