Topley’s Top 10 – August 19, 2022

1. Natural Gas +33% in 30 Days…Breaks Out to New Highs

Natural Gas Futures

2. What Bubble Pop? Meme Basket +50% in One Month

A basket of meme stocks is up some 50% this month. Risk appetite is back.

3. U.S. Financials vs. European Financials 2014-2022

@Charlie Bilello

4. Saudi Aramaco Oil Company $48B in Profit Q2 Been wondering where all that extra money you’ve been shelling out on gas over the last year has been going? Well, there’s a decent chance at least some of it ended up in the pockets of Saudi Aramco, the world’s biggest oil firm, which this week announced a staggering $48.4bn of net income for the second quarter — an eye-watering sum even by their standards.

The Saudi Arabian company, which is largely state-run, is the latest to benefit from rising oil and energy prices, as many countries attempt to wean themselves off Russian supplies.

There’s Big and there’s BIG

It’s hard to convey how big Saudi Aramco truly is — but the best bet is to compare it against the behemoths of big tech. Incredibly, Aramco’s net income more than doubles Apple’s comparatively measly $19.4bn in their latest quarter — and it takes adding MicrosoftMeta and Tesla to get to a number that’s even slightly comparable to what Aramco pulled in for Q2.

Aramco’s results this year will be a huge boon for the state’s Public Investment Fund (PIF) — the financial body that invests on behalf of the government and seeks to expand Saudi prospects beyond oil. The PIF’s portfolio is certainly diverse: so far they’ve bought a soccer team, set up a controversial golf series, and are even attempting to establish a mirrored metropolis to “revolutionize our current way of life”.

5. Apartment Rents Slowing Down…Biggest Part of CPI

Guggenheim-An even more important sign for the medium-term outlook was the moderation in core services inflation. Rent inflation remains red hot but cooled down a bit with rent declining from 9.7 percent annualized to 8.8 percent and owners’ equivalent rent down from 8.7 percent to 7.9 percent. These two categories alone are still contributing 2.5 percentage points to headline CPI so need to slow much more, but more timely measures of market rents (such as Zillow and Apartment List data) point to more moderation in the months ahead. Recent business surveys such as the ISM Services index also point to more slowing in services inflation.

6. Crude Oil Inventories Fell by Over 5m Barrells

Bloomberg Julia Fanzeres- Oil rose for a second day as a bullish US stockpile report blunted concerns over the potential effects of an economic slowdown.

West Texas Intermediate rallied above $90 a barrel after this week’s Energy Information Administration report offset concerns over a potential recession wrecking the oil market. Geopolitical tremors accelerated the rally as Ukrainian President Volodymyr Zelenskiy said he sees no end to the war without troop withdrawals during a meeting with Turkey’s President Recep Tayyip Erdogan.

The EIA report surprised markets by signaling “the fundamentals may not be as negative to crude as thought just a week ago,” said Dennis Kissler, senior vice president of trading at BOK Financial. “However, traders are still worried about the overall economic outlook going forward, it’s keeping a very nervous trade to the futures market.”

7. A Detailed Picture of What’s in the Climate and Health Bill

Source: New York Times

From Barry Ritholtz Blog

8. New Big Ten TV Deal Triple Size of Prior Agreement

Big Ten Sets College Record With $1 Billion-a-Year Broadcast Deal

  • Fox to pay $400 million a year for football, men’s basketball
  • New deal nearly triples size of prior agreement with Fox, ESPN



Gerry Smith

Fox, CBS and NBC will collectively pay $1.1 billion a year for the rights to broadcast Big Ten Conference sports in the largest deal of its kind for college athletics.

Fox Corp. will pay about $400 million per year to televise football and men’s basketball games, with the opportunity to carry more sports throughout the year, according to a person familiar with the matter. Paramount Global’s CBS and Comcast Corp.’s NBC are each paying about $350 million annually, as Bloomberg previously reported.

The new seven-year contract that starts next season is almost triple the size of the prior deal, where Fox and ESPN were paying $430 million a year combined. Rights to air sports on TV and streaming networks have gotten increasingly costly in recent years, squeezing media companies that are also grappling with the loss of cable subscribers.

Two years ago, Walt Disney Co., which owns ABC and ESPN, agreedto pay the Southeastern Conference around $300 million annually for its media rights, up significantly from the $55 million per year that CBS has been paying. ESPN declined to pay about $380 million a year for a portion of the Big Ten package, ending a longtime relationship with the conference.

Fox also owns 61% of the Big Ten Network, which will still televise the conference’s football, basketball and Olympic sport competitions. CBS and NBC will show games on their respective streaming services, Paramount+ and Peacock.

9. Pew Research….Political Party Opinions


10. The 3 Most Common Lies We Tell Ourselves

Lying to yourself can be as destructive as lying to others.


  • Consideration of the lies we tell ourselves relates to the broader context of self-awareness. 
  • Honesty requires taking daily inventory of one’s true thoughts, feelings, and personal actions.
  • Most lies we tell ourselves relate to emotions and how those emotions interact with relationships and overall goals.

When considering the word “lie,” the first association that may come to mind is a behavior enacted by one individual to another. While there’s no question that lying is frequently practiced in social relationships, another behavior is likely just as common: individuals lying to themselves.

To begin, it’s important to note that psychology research on the lies individuals tell themselves is challenged due to an understandable self-serving bias, meaning that individuals often work to portray themselves in a favorable light. For this reason, the vast majority of subjects may not be truthful when asked to report how frequently they lie to themselves about any number of issues.

Based on anecdotal data from years of clinical work, including psychological assessment and psychotherapy, I can share firsthand knowledge about the frequency and even intensity with which individuals may try to tell themselves things that aren’t true.

Consideration of the lies we tell ourselves relates to the broader context of self-awareness. If you take a moment to think, for example, about individuals in your personal or professional life, it’s clear to see there is variability in the degree of self-awareness a particular individual has. Some people are more open about their flaws and emotional struggles, while others are guarded to the point of secret keeping. It will also come as no surprise that it’s far easier to look analytically or critically at others than it is to look at yourself in an objective, evaluative manner.

How would you answer this question: What are some of the lies I may tell myself? Another way to think about this is to ask yourself this: What are some possible examples of my own denial when I think about myself and my actions, or my behavior in relationships?

In my clinical work, I’ve found that most of the lies individuals tell themselves relate to emotions and how those emotions interact with their relationships and overall goals in life. Read about common self-lies below and consider the degree to which you may engage in any of these cognitive distortions (otherwise known as lies).

1. Telling Yourself That an Apology Truly Makes Things Better

Social indoctrination teaches young children that social violations and other transgressions should be followed by an expressed apology. While this reparative attempt can be an important measure to incorporate into one’s behavioral repertoire, people sometimes make the mistake of believing that an apology is a one-and-done, perfect solution. To be clear, an apology is not a solution to the problem of the violation or trespass. An apology does not solve any particular underlying problem, which could range from, say, the reason a small child aggresses another child on the playground to the more severe aggression of an adult who is verbally cruel to their romantic partner in a heated moment.

When people tell themselves that an apology makes everything better after a trespass, they lie to themselves about the potential longer-lasting damage, which is a loss of trust. Most importantly, telling oneself that an apology makes everything better prevents the real work that must be done to convince the other that the relationship is truly safe and trustworthy.

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2. Telling Yourself That You’re Angry When What You Really Feel Is Hurt

One of the most common mistakes I see as individuals navigate the complex web of interpersonal relationships is confusing one emotion for another. When someone feels significantly upset because of an action or inaction on the part of someone else, the first and last reaction is often anger. People gravitate toward anger quickly and automatically, which is understandable in some ways: Feeling angry also feels empowering. When one feels angry, one tends to feel stronger and more in control, as opposed to the way feeling hurt causes one to feel vulnerable or even helpless. 

If you think about your own life and past experiences, recall an occasion when you felt overwhelmed with anger toward a romantic partner or friend. While anger may be an understandable consequence, ask yourself if anger was the true root of how you felt. Remember that humans can feel more than one emotion at the same time and that they also may experience a sequence of different emotions if they are self-aware and honest with themselves. In my clinical work, I’ve found that individuals who report feeling angry or get stuck in an anger spiral often actually feel more hurt than angry, though they try hard to avoid acknowledging the hurt feelings.

3. Telling Yourself That Cash and Prizes, Metaphorically, Are What Will Finally Make You Happy

Not everyone lies to themselves in this way, though this distorted belief is common among many. Given the influence of social media, for example, which can present a manipulated image, societal forces are hard at work in selling a dream and encouraging fantasy—or lies—over reality. While the impulse to believe that getting that new job, the nicer house, or even making a lot more money will finally lead to contentment, such changes rarely lead to true contentment. Accordingly, people often find that once they get to the place they’d told themselves would finally make them happy, it doesn’t really make them much happier.

The effect is a consequence of the lie or the distorted belief. The truth is that emotional success or a sense of true contentment depends on an internal process rather than an external one, meaning that contentment comes from making the best of what resources you have currently and taking appropriate action today rather than fantasy resources you yearn to have in the future.

The Takeaway Message

Self-awareness and personal accountability require honesty, and honesty requires taking daily inventory of one’s true thoughts, feelings, and personal actions. The more conscious one becomes about engaging in responsible, honest behaviors in each moment and in every facet of daily life, the greater improvement one will experience in contentment, goal achievement, and relationship quality.

About the Author

Seth Meyers, Psy.D., is a licensed clinical psychologist, TV guest expert, author, and relationship expert.

Topley’s Top 10 – August 17, 2022

1. Month-over-month Inflation CPI numbers were flat for the first time since the Pandemic Started

2. Two Bullish Technical Signals

From Dave Lutz at Jones Trading -But Friday triggered a rare, but quite bullish signal.  >90% of the components in the S&P 500 are now above their 50-day moving average.  “As you can see, these signals take place in strong uptrends historically”

CFRA notes that The S&P 500 Index has recovered half its loss from this year’s historic selloff, eclipsing a key technical threshold that has a 100% track record of calling the end of bear markets and the start of a new bull run.

3. Buffett Updated Portfolio

Warren Buffett’s Berkshire Hathaway boosted its Apple stake, bet big on energy stocks, and tweaked its bank holdings last quarter-Theron Mohamed Business Insider

Theron Mohamed 

2 hours a

Here’s a pie chart showing the key stocks in Berkshire’s portfolio at the end of June, and how much they were worth at that time:

4. 42 SPAC Deals Cancelled this Year

Burst of Broken SPAC Deals Another Blow to Battered Sector-Bailey Lipschultz

(Bloomberg) — A flurry of terminated deals is hitting the blank-check industry in another signal that the sector is crumbling.

At least four planned mergers between special-purpose acquisition companies and target firms looking to go public have been canceled since the market close on Friday, bringing the year’s tally to 42. The wave of breakups deals a blow to the industry that many believe has gone bust, leaving some investors sitting on paper losses.

5. August Global Investor Inflows and Outflows….Long Commodities, Cash and Defensives.

Bank America–FMS on asset allocation: FMS positioning still “long stagflation” (commodities, cash, defensives)…

From Zerohedge Blog

6. Profitable Small Cap Companies Outperformance-Dimensional Funds

Dimensional Funds…Report Card

Past performance, including hypothetical performance, is not a guarantee of future results.

7. Unemployment Historically Doubles Off Lows During Recession….Instead the U.S. has 5m+ Job Openings

Ben Carlson A couple of months ago I looked at that has happened to the unemployment rate during past recessions: The average increase is more than a doubling off the lows. That would take us to more than 7% from the current 3.5% unemployment rate.

A Wealth of Common Sense Blog

8. Glencore Coal Profits at 10 Year Highs



10. 10 Traits of High Sales Performers

By Jeffrey Gitomer |  -I once read about a big benefits-management company that conducted a survey where it asked 365 CEOs and sales-management executives, “What are the three key factors that separate high-performing sales professionals from moderate- to low-performing sales professionals?”

Both CEOs and C-level sales executives (all people who don’t sell, but rely on their salespeople to get paid) ranked self-discipline/motivation as the most important factor.

Next in line were customer knowledge, innate talent/personality and product knowledge. Further down the list were experience and teamwork skills. Totally bogus.

These are qualities of corporate greed, not value, service or help—the three things that customers require to give you their business and maintain loyalty.

If you’re interested in the most important qualities of a high-performing salesperson, let me give you a realistic list of the characteristics needed for success:

Perpetual, consistent positive attitude and enthusiasm

This is the first rule of facing the customer, facing the obstacles, facing the competition, facing the economy and facing yourself.

Belief that the customer will be better off

Unwavering belief in your company, in your product and in yourself are the first three parts. But most critical is that you must believe that the customer is better off having purchased from you.

Use of creativity

Use creativity to present ideas in the customer’s favor and to differentiate yourself from the competition.

Ability to give and prove value

Prove the value of your product or service, as well as your ability to give value to the prospect beyond the sale so you earn the order, the reorder and the loyalty of your customers.

Ability to promote and position

Your use of the internet to blog, create e-zines, utilize social media and achieve top-ranking in Google searches leads customers to perceive you as a value-provider and a leader in your field.

Exciting, compelling presentation skills

You must develop not just solid communication skills, but superior questioning skills, listening skills and a sense of humor, as well as the innate ability to capture the imagination (and the wallet) of customers.

Ability to prove your value and claims through the testimony of others

Testimonials sell where salespeople can’t. The best salespeople use video testimonials to support their claims. But you don’t get testimonials; you earn them. Same with referrals.

Ability to create an atmosphere where people want to buy (because they hate being sold)

This is done by engaging and asking, not presenting and telling. Make your customers feel as if you are working with them to find them the best product possible, not just telling them what you think would be best.

Ability to build a relationship, not hunt or farm

I wonder if the executives talking about the factors of great salespeople are the same one who are dividing their salespeople into hunters and farmers. Great salespeople are relationship-builders who provide value and help their customers win. They possess unyielding personal values and ethics. It’s interesting that 365 executives don’t deem those qualities to be in the top 10.

The personal desire to excel and be their best

This is a desired quality of every salesperson, but the best salespeople have mastered the other 10 elements. And the key is that all 10 must be mastered in order for this quality to manifest itself.

There is no prize in sales for second place. It’s win or nothing. The masters know this and strive for—fight for—that winning edge.

This article was published in February 2010 and has been updated. Photo by

Jeffrey Gitomer

Topley’s Top 10 – August 15, 2022

1. 75% OF S&P Beat Earnings…Companies that Reported Below Consensus Saw Stock Rise

Bill Stone GlenviewOne of the more fascinating anomalies from this earnings season was companies reporting earnings below consensus estimates rising rather than falling. As one would expect, companies posting earnings below estimates typically decline. According to FactSet, companies missing estimates are unchanged this season, while those exceeding estimates gained 2.1%. While the anomaly has faded from the extreme levels to start the season, it is still evidence that the market is focusing on forward guidance more than usual due to the high level of inflation and the precarious state of the economy.


2. And Earnings Downgrades Slowing

3. Retail Investors Held Tight During 2022 Stock Market Correction

Marketwatch-U.S. households now own roughly 52% of the stock market. And a look at three major market plunges since 2000 (see chart) shows that equities only bottomed a few quarters after significant selling activity from households occurred.  By

Joy Wiltermuth

4. AGG Bond Index Duration Hit All-Time Highs Before Pullback

The combined effect has pushed the rate sensitivity of the Agg to all-time highs while bond holders are receiving historically low yields.

5. Historically…High and Falling Inflation Positive for Emerging Markets

JP Morgan

6. If You Believe in Seasonality….Weak Spot in Next Few Months Followed by Rally

Callum Thomas Chart Storm-Worth noting that we are still in the middle of a seasonally sketchy part of the year (/election cycle) — from Stock Trader’s Almanac: “seasonal/cycle outlook is for a lower low or retest of the lows over the next three months as we are in the worst two months of the year and are smack dab in the *Weak Spot* of the 4-Year Cycle”

Source:  @AlmanacTrader

7. What History Tells Us About Markets Coming Out of Bear

8. Follow Up From Last Weeks Home Equity Comments…..Opposite of 2008…It’s an Equity Rich Market

Almost Half of Mortgaged Homes in US Now Considered Equity-Rich

Source: Bloomberg

From Barry Ritholtz Blog

9. Fewer Chinese College Students Coming to the U.S.

In 2015, almost 275,000 visas were granted to Chinese students to come and study in the US. Since then, however, the numbers have dropped precipitously, with new data out this week showing that just 31,055 F-1 visas were granted to Chinese students in the first half of this year. That’s less than 50% of the number granted in 2019 for the same time period.

Skipping class

Chinese students ditching American higher education is a concern for schools that have come to rely on the income from international students who usually pay substantially higher out-of-state tuition fees.

How much of the drop is down to rising tensions between the countries, visa rule changes or lasting impacts of the pandemic is unclear, but there has been a definitive shift in attitudes amongst prospective students. A survey in 2015 found that 51% of Chinese students cited the US as their top destination for study — a similar survey from last year found just 30% said the same.

10. The Huge Obstacle of Feeling Foolish-Farnam Street Blog

Tiny Thought-A huge obstacle to success is a fear of appearing foolish.

When we learn to walk, we fall over and over again until we can do it. We look foolish until the minute we don’t. That is how we learn. As adults we often tell ourselves that failing in front of other people is bad, so we don’t try things that might make us look foolish.

During boom times, people who aggressively went all in appear to be prospering and make a more financially stable approach seem foolish. Only those who were properly positioned, however, can take advantage when the boom ends.

So much advantage in life comes from being willing to look foolish in the short term.

Topley’s Top 10 – August 10, 2022

1. The Meme Stocks +21% in a Month


2. Traditional Yield Curve Already Inverted =Gap Between 2 Year and 10 Year Treasury….The Gap below is Arguably A Better Timing Mechanism.

FRED CHARTS –10 Year Minus 3-Month Treasury About to Invert.

3. However Credit Spreads are Not Blowing Out.

What does it mean when credit spreads are widening?

A widening bond credit spread typically suggests worsening economic conditions and higher overall risk

From Dave Lutz at Jones Trading–Stay Focused on Credit Spreads – CarsonGroup notes Various spreads continue to tighten, not blow out. A potential nice sign for both the economy and stock market.

4. Watch Small Caps …They Lead Out of Bear Markets

Small cap stocks traded down to 2008 P/E levels prior to July Rally

Nasdaq Dorsey Wright

5. Buffett 20% Position OXY Occidental Petroleum …YTD OXY +118% vs. XLE energy etf +35%

6. NVIDIA -55% Correction …

NVDA feeling crypto winter …still holding above 200 week moving average

7. 60/40 Portfolio holds above 200 week moving average.

Red long-term trendline holding in classic 60/40

8. ETHE-Ethereum Closed End Fund Holds Covid Lows.

ETHE-bounces before 2020 lows

9. CPI +9% vs. Wage Growth +5%

@Charlie Bilello Filling the Inflationary Gap US Wages increased 5.2% over the last year while consumer prices (CPI) rose 9.1% and Rents increased more than 12%.

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10. Visionary Leadership-Visionary Leadership Has 3 Characteristics You Want to Find and Follow

BY SUZANNE LUCAS When you think about visionary leadership, you may think of someone like George Washington, who led a war against the British to establish a new nation, or Mahatma Gandhi, who also revolted against the British, but in a very different way. Both men saw that a new vision of governing was possible and set out to achieve it—and they did.

With this historical perspective and pressure, you may think that visionary leadership is rare and certainly not something an average person can have. But, visionary leadership doesn’t have to be world-changing. You may already have visionary leadership and not even know it.

What is Visionary Leadership?

A visionary leader is an individual who sees the potential for how the world should exist and then takes steps to get there. You can achieve visionary without a leadership role—become an idea guy, for instance. And, you can successfully lead people to accomplish a course of action, while not having a vision for the change you’d like to create.

These two abilities combined—the ability to see the potential for change combined with the ability to lead others creates a visionary leader. If you want to become a visionary leader (or work for one) here are the three main characteristics you want to actively strive to develop or find.


Change is never risk-free. And it’s rare that the solutions will come immediately. George Washington didn’t trounce the British in the first battle. Defeating the British took years. It took sacrifice, the sacrifice of many people who were committed to the vision of self-governance and freedom from English control.1

You don’t need to put your life on the line—Steve Jobs and Jeff Bezos slept comfortably at night over the years—but you may need to put your livelihood on the line. Jobs was fired from his own company. Visionary leadership is all about change and change means risk-taking.


Contrary to popular opinion, a visionary leader doesn’t just go forth ignoring all the naysayers and do what he or she thinks is best. Yes, you will find that there are a lot of naysayers that you need to ignore, but you also have to listen to what people are saying.

This makes the difference between the big idea guy and the visionary leader. If you’re not willing to listen and accept advice, look at how the market is changing, and take feedback seriously, you won’t succeed. It’s fine to say, “No, I’ve considered all of those possibilities and I’m still moving forward with my idea.” But, if you haven’t considered the other possibilities, you’re setting yourself up for failure.

A good leader hears the voices of your team members. And your team needs to feel heard by their leader. You aren’t a real leader unless people follow you voluntarily, and for that to happen, your team members need to feel heard out and listened to by you.

Takes Responsibility

A visionary leader knows that his or her ideas are different and are a significant risk and the people that follow such a leader are also taking a chance in doing so. So, it’s critical that you take responsibility for your actions and your vision.

This is not only when events go poorly—it’s also to make sure that they don’t go poorly in the first place. The leader is responsible for ensuring that the finances are available to pay people and keep the project moving forward. You must ensure that you treat people fairly.

Remember, having a vision is much like having a child. You would do anything and sacrifice everything for your child, but when you want anyone else to participate in raising that child, you have to pay them. A vision is the same: you cannot expect your team to sacrifice like you are willing to do. It’s not their vision; it’s yours.

A visionary leader can become a great force in changing the world or the industry in which they work, but this leadership and participation aren’t always necessary. Sometimes you need a leader who just keeps people enthused about staying on the same path. But, when you need change, you often need a person with a vision.

Visionaries look at the status quo and see how they can make the situation different, instead of just making the current situation better. After all, George Washington didn’t set out to make a better relationship with King George. He set out to sever that relationship. And that vision made all the difference for the United States.

Topley’s Top 10 – August 09, 2022

1. Positive and Negative Earnings Surprises.

 “With over 71% of S&P 500 companies finished reporting revenues and earnings for Q2-2021, the revenue and earnings surprises are at their lowest levels since the pandemic recovery began. Revenues are beating the consensus forecast by 2.5%, and earnings have exceeded estimates by 5.6%.”  –Ed Yardeni

Consider the Yardeni chart (top) showing earning surprises: Despite a variety of economic and geopolitical negatives, earnings have been holding up relatively well. (Revenues, too). And given that we are just about 3/4s of the way through Q2 earnings season, the odds of further surprises tend to drift lower (the bigger upside/downside surprises tend to pre-announce). by Barry Ritholtz

2. Average S&P 500 Return Following Yield Curve Inversion

The Daily Shot Blog The average total return for the S&P 500 the year following a yield curve inversion is almost 10%. Will we witness a similar outcome?

Source: Denise Chisholm, Fidelity Investments

3. Investors Still Max Bearish

BofA Bull & Bear Indicator remains at “0” – Max Bearish

From Dave Lutz at Jones Trading.

4. Hedge Funds Using Futures to Bet Against Stocks and Bonds


5. China’s Next Credit Crisis After Real Estate…..Lending to Distressed Countries

For China, the war implies yet another increase in the exposure of its overseas loan portfolio towards debtor countries at risk of default. China’s exposure towards distressed debtors had started its upward march as early as the mid-2010s, when Venezuela defaulted on its debts. Default risks intensified and spread geographically with the pandemic, when more and more developing economies entered distress; almost 60% of low-income countries are now in debt distress or at high risk.2 As a result, China’s state banks now hold a large amount of potentially ‘distressed’ debt. Figure 1 shows the share of China’s total credit portfolio to borrowing countries in distress, which has increased from about 5% in 2010 to 60% at present. The figure traces the share of cumulative overseas lending that has been extended to countries currently in debt distress or involved in a war. 

Figure 1 Share of Chinese loan claims to borrowers in distress

Sebastian Horn, Carmen Reinhart, Christoph Trebesch  08 April 2022

6. 40 Nations at Risk of Default and Renegotiating Under Way

Nikhil Kumar, Deputy Global Editor, and Lili Pike, China Reporter

7. However…China IPO Market Trounces the World With Record $58 Billion Boom

Bloomberg) — From London to Hong Kong, large initial share sales have all but dried up across the world’s major financial centers this year. But the market in China is bustling with activity.

Initial public offerings on mainland exchanges have climbed to $57.8 billion so far in 2022, the largest ever for such a period, according to data compiled by Bloomberg. There have been five IPOs of above $1 billion since January, and one more is on the way. That’s versus just one such sale each in New York and Hong Kong, and none in London.

China’s IPO market has defied headwinds such as rising interest rates and fears of a US recession, which have brought major equity fundraising elsewhere to a virtual standstill. Offerings in the Asian economy — whose monetary policy is diverging from the Federal Reserve — are largely geared toward local investors.

8. After 4 Straight Quarterly Declines…Non-Profit Tech Stocks Bounce

Liz Ann Sonders Schwab

9. Which States Have the Death Penalty ?

According to the Death Penalty Information Center, capital punishment is on the books in 27 states but several don’t actually carry it out.

ou will find more infographics at Statista

10. Be Patient and Tolerant-The Daily Stoic

There are things a leader—particularly in times of success—can get away with. There are also things that people, generally, can get away with when no one is looking, or when we think there won’t be consequences. And yet most of us don’t do these things. We try, as best we can, to observe that Stoic virtue of temperance, of moderation.

Marcus Aurelius certainly did.

He held incredible power. His predecessors had treated the Senate and the laws as mere formalities. They treated Rome’s treasury as their personal purse. They treated other human beings as pawns to use and abuse. Imagine the discipline and rectitude it took for Marcus (a guy who didn’t even want the job in the first place), to be so strict with himself about what he would and wouldn’t do as emperor.

Now, also imagine how frustrating he must have found it to see other leaders operate with much lower standards. They had so much less power—so far from absolute—and yet it corrupted them absolutely. They had less means…and somehow more vices.

This is a common thing. You’ve probably experienced it in your own life. It’s baffling, exasperating. You tell yourself: I would never allow myself to get away with that. Then you wonder: How can they live with themselves? But be careful: this self-righteous indignation can eat you up if you’re not fully in control of it.

Marcus had to work very hard to be strict with himself, but tolerant with others. If he hadn’t, he’d have been consumed by resentment, disappointment and despair. Not everyone was as strong as him, just as not everyone is as strong as you. Not everyone has had the training, not everyone has been enlightened to the right principles. This is why they fall short. This is why they try to get away with things. This is how they live with themselves.

All you can do is be patient and tolerant. All you can do is keep being you. All you can do is keep doing the right thing, for no other reason than it’s the right thing.