Episode summary
Two Cents 8/22 - When is the next recession?; Invest or Gamble?; Lifetime Cost of a Dog
The Dentist Money Show
· · 49 min · Hosts: Matt Mulcock, Taylor
Summary
The hosts argue that a recession is still inevitable, but the pattern has changed: recessions have become less frequent and shorter, while bear markets remain a recurring feature of investing. They walk through long-run data from the National Bureau of Economic Research and Ben Carlson showing that the economy has seen fewer true recessions over the last century, with the most recent period since 2017 showing only one brief recession, while the stock market has still suffered several meaningful drawdowns since 2009.
The larger point is behavioral. They say investors often confuse volatility with risk and then either sit in cash waiting for the next downturn or treat investing more like gambling. They cite data showing younger generations are far more likely to view sports betting as part of a long-term financial strategy and more likely to redirect money from investing into gambling. The hosts argue that this mindset encourages emotional, frequent checking and can leave people feeling worse, not richer.
They finish with a lighter but still practical comparison of the lifetime cost of owning a dog versus raising children. Their message is that spreadsheets can estimate costs, but financial planning should still follow priorities, not just optimization. A dog, kids, or a big trip may be worth it if it supports the life someone actually wants.
Key takeaways
- The hosts say recessions have become less frequent and shorter over time, but they still expect both recessions and bear markets to happen again.
- They argue that waiting in cash for the next downturn can be just as damaging as investing through volatility because opportunity cost is real.
- Taylor says younger investors are increasingly mixing gambling habits with finance, citing data that shows much higher sports-betting participation among Gen Z and millennials.
- They warn that daily stock trading and betting behaviors are associated with worse emotional outcomes, not just weaker returns.
- On dogs and kids, the hosts say the spreadsheet answer is not always the right life answer, because joy and priorities matter too.
Notable quotes
“The answer is unequivocally yes”
“It's tough to find value when everybody is preferring gambling”
“we don't know because it could be that we're going to have a 2022 in 2026”
“investing should be more like watching paint dry or watching grass grow”
“life's never been better collectively as a society, but there's a disconnect with what's actually happening and how people feel”
How the episode opens
On today's show, three questions. Number one, are we ever going to see another recession? Number two, are you investing or gambling? And number three, what's the lifetime cost of a dog? — Consult an advisor or conduct your own due diligence when making financial decisions. General principles discussed in this program do not constitute personal advice. This program is furnished by Dennis Advisors, a registered investment advisor.
Welcome to Dennis Money's Two Cents, where we help Dennis navigate all the noise. I'm Matt. — I'm Taylor, and where's Robbie? — I can't say yeah, you are. No, Robbie. We miss Robbie. Robbie had a a medical procedure. Nothing alarming, nothing super crazy serious, but he did have some medical things he had to take care of today, and so he is not going to be with us, unfortunately. So
He was supposed to do a meeting with a client and I and he was like, "Oh, I've got this medical procedure." So I told the client, I said, "Hey, sorry, we got to reschedule. Robbie's got to manage his life better and be healthier." So I know that's what he's doing.
Well, we probably should have teased that Robbie was like going to join the show later because the problem is people are going to hear that Robbie's not on and they're turning it off right now. — That's the issue. People only tune in to hear Robbie, which I do not blame them. I only come on the show to listen to Robbie and and get his wisdom. So Taylor and I are going to try to hold up the show today. And I'm a little bit sleepy, Taylor, because as you know, my my son came up this morning before 6:00 a.m. and was sick, coughing, crying, having a hard time breathing.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- next recession timing
- recession duration trends
- investing vs gambling
- generational views on gambling
- lifetime cost of a dog
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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The Dentist Money Show, this episode and its artwork belong to Dentist Advisors - Financial Planning and Investment Management. Octagon is not affiliated with the show; this page is an independent summary.
