Category Archives: Daily Top Ten

TOPLEY’S TOP 10 July 23 2024

1. Trading on Polymarket Hits $112m…Bets on Politics, Sports, Pop Culture

WSJ Alexander Osipovich 
Welcome to the world of Polymarket, a four-year-old startup that offers bets on politics, sports, pop culture and pretty much anything else. Trading volumes on Polymarket hit a record $112 million in June and have already exceeded that level so far this month. Activity rose sharply after the June 27 presidential debate, in which President Biden’s disastrous performance unleashed speculation that he would drop out of the race.

https://www.wsj.com/finance/meet-the-traders-making-money-off-the-trump-shooting-and-bidens-stumbles-1332ec3e

Polymarket https://polymarket.com/


2. Sector Earnings Per Share Growth Projections …Industrials Ranked #1 ….IT #4

Marketwatch By Philip van Doorn

Are you surprised? The industrial sector ranks highest for expected two-year revenue and earnings-per-share CAGR through 2026. The IT sector ranks fourth for expected sales growth and is in a second-place tie with the healthcare sector for expected EPS growth.
https://www.marketwatch.com/story/this-s-p-500-sector-is-expected-to-grow-profits-most-rapidly-through-2026-and-its-not-tech-here-are-14-related-stocks-efa398dc?&mod=home-page


3. Small Cap Tech a Couple Ticks from New Highs

Mega-Cap Tech drove 2023-2024 rally…small cap tech still below 2021 highs.


4. Manhattan Real Estate Manager SL Green +205% from Lows

Yahoo Finance
Description-SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2023, SL Green held interests in 59 buildings totaling 32.5 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.

50- week about to go thru 200week to upside.


5. CRWD -30% Correction but Still in Green for 2024

CRWD close to next support


6. Mag 7 Lost $1.32 Trillion from Highs…A Blip on Long-Term Chart

Wolf Street Blog

https://wolfstreet.com/2024/07/20/small-stocks-keeled-over-after-brief-super-hyped-rotation-spike-magnificent-7-lost-1-3-trillion-in-seven-days/


7. Millennials Entering Prime Time Spending Years

Business Insider Tom Lee Fundstrat
Lee put the chart above together several years ago, but his thesis remains the same. The average age of millennials is now around 31 years old, and the global cohort of 2.5 billion people is starting to enter its prime age years of 30-50 years old.
This would be the third time that stocks entered a cycle where annual returns compound at high teens. You had the roaring 20’s, and then you had the 50’s through the late 60’s, and this is a third cycle,” Lee told CNBC last month.  “They all coincided with a surge in the number of people aged 30-50, so in other words the number of prime age adults, and this time it’s powered by millennials and Gen Z.”

https://markets.businessinsider.com/news/stocks/stock-market-outlook-4-charts-show-fundstrat-triple-sp500-prediction-2024-7?_gl=1*vyalh2*_ga*MTcwNTA0MjU4My4xNjYxMzU3MTY0*_ga_E21CV80ZCZ*MTcyMTY4NDE0MS4xMjUuMS4xNzIxNjg0MTg5LjEyLjAuMA..


8. Tesla Big Rally Now Needs to Break Thru Levels Visited Multiple Times in Last 12 Months


9. Union Membership-Visual Capitalist

https://www.visualcapitalist.com/chart-american-jobs-highest-union-membership-2023


10. Why you are probably sitting down for too long -BBC

Annabel Bourne
Sitting down for prolonged periods can have a profound effect on our health
In the office, on transport, at home…Sitting down is ingrained in most peoples’ days. But, due in part to vascular dysfunction, staying sedentary for too long can increase the risk of serious health conditions like cardiovascular disease and type 2 diabetes.
In 1953, epidemiologist Jeremy Morris found that London bus drivers were more than twice as likely as bus conductors to develop coronary heart disease.
Demographically (in age, sex and income range) the two groups of workers were the same, so why was there such a significant difference? 
Morris’ answer: bus conductors were required to be on their feet and regularly climb the steps of London’s iconic double-decker buses as they sold tickets to passengers, whereas the drivers remained seated for long stretches of time. His landmark study laid the groundwork for research on the links between physical activity and coronary health. 
Whilst London bus conductors may now be a thing of the past, Morris’ results are more relevant than ever. Since the Covid-19 pandemic, there has been a huge shift towards working from home, which is likely to increase our collective sitting time.
 
Without the trips to the water cooler and trot from meeting room to meeting room, it’s easy to spend hours sat behind a desk without getting up. (Office culture, however, had already changed our working lives so much by the 1980s that some researchers joked that our species had become Homo sedens – the “seated man” – rather than Homo sapiens.)
Prolonged sitting is a form of sedentary behaviour, characterised by a highly reduced energy expenditure in a seated or reclined position. Typical sedentary behaviours including television-watching, gaming, driving and desk-bound work. Sedentary behaviours are associated with a higher risk of cardiovascular diseasetype 2 diabetes and premature mortality, and the time we spend sitting down in particular has been identified as an independent risk factor in a range of health conditions. In 2020, the World Health Organization suggested measures to reduce sedentary behaviour.
Since 2010, researchers have been keen to point out that sedentary behaviour is distinct from a lack of physical activity. You can get sufficient exercise per day, and still sit for too long. However, the risks of sedentary behaviour are heightened for those who do not exercise enough.
 
Why does sedentary behaviour increase risk of cardiovascular disease? The primary hypothesis is increased vascular dysfunctionparticularly in the legs. The vascular system is responsible for keeping blood and lymph fluid – which forms part of the immune system – moving through the blood vessels.
David Dunstan, a physiologist at Deakin University’s Institute for Physical Activity and Nutrition, in Melbourne, Australia, has extensively researched the effects of prolonged sitting and possible interventions.
“What characterises sitting is a reduction in muscular activity,” says Dunstan. “If I’m on a chair, the chair is taking all the responsibility there.”
The combined effect of reduced muscular activity, lower metabolic demand and gravitational forces decreases peripheral blood flow to the leg muscles, which can lead to blood pooling in the calves. The biomechanics of sitting, with the legs usually bent, can also reduce blood flow.
Researchers suggest that 120-180 minutes of prolonged sitting is the threshold of too long spent seated
Reduced muscular activity of the leg muscles reduces their metabolic demand. Metabolic demand is the primary determinant of blood flow, so blood flow in the legs is also reduced. The biomechanics of sitting, with the legs usually bent can cause to blood pool in the calves – one study of 21 young healthy volunteers saw their calves increase in circumference by nearly 1cm (0.4in) over the course of two hours. This can also reduce blood flow.
 
Earlier this year, my colleagues and I looked at some simple ways you can improve your physcial and mental health. We discovered it might not matter that much if you hit 10,000 steps everyday, but there are some types of exercise that can really make a difference.
I was also reminded while editing this piece that even fidgeting while sat on a long phone call can have its benefits. Here are some other articles I went back to read again after this one:
Normal blood flow provides friction, known as arterial shear stress, against the endothelial cells which line the walls of blood vessels. The endothelium responds to this force and secretes vasodilators, like adenosine, prostacyclin and nitric oxide, which keep the vessels sufficiently dilated and maintain the ability of the vascular system to regulate itself – known as homeostasis.
 
Reduced blood flow, however, reduces shear stress, and the endothelium produces vasoconstrictors like endothelin-1 which cause the blood vessels to narrow. In a vicious cycle, vasoconstriction further reduces blood flow, and blood pressure rises to keep the blood moving. High blood pressure, or hypertension, is one of the predominant risk factors for cardiovascular disease.
“That’s [vascular dysfunction] one of the potential mechanisms,” says Dunstan. “But the truth is that we haven’t been able to pinpoint the exact mechanisms, and there’s likely to be multiple. 
Whilst the underlying mechanisms are hypothetical, recent studies support the theory. A study with 16 young, healthy men found that sitting for three-hour periods increased blood pooling in the legs, peripheral vascular resistance, diastolic blood pressure and leg circumference. Another study finds that blood pressure increases with time spent sitting uninterrupted. Researchers generally agree that 120-180 minutes of uninterrupted sitting is probably the threshold at which you have probably spent too long in a seated position, but vascular dysfunction generally increases with time spent sitting.
 
Sitting for a prolonged period after a high-fat meal is thought to be particularly harmful.
The muscular skeletal system is also likely to be affected. Prolonged sitting contributes to reduced muscle strength, lower bone density and increased total and visceral fat in adipose tissue. Additionally, prolonged sitting is associated with physical discomfortstress at work and higher depression, and can even lead to pressure ulcers.
 
Dunstan, who specialises in researching type 2 diabetes, also notes that sedentary behaviour increases post-meal, or post-prandial, rises in blood glucose and insulin. Impaired insulin sensitivity and impaired vascular function, both contribute to a higher risk of cardiovascular disease and type 2 diabetes.
People are becoming more sedentary because it’s what society has encouraged. As things get more efficient, we don’t have to move around so much – Benjamin Gardner
Given all these well-known potential consequences, why is it that we sit for so long – and can we break the habit?
“I think people are becoming more sedentary because it’s what society has encouraged,” says
 
Benjamin Gardner, a social psychologist specialising in habitual behaviour at the University of Surrey, who has been researching why people sit for so long. “It’s not that anyone’s deliberately pushing it. It’s just as things get more efficient, we don’t have to move around so much.”
In 2018, Gardner and colleagues found that encouraging standing in meetings presented unique social obstacles.
“We encouraged people to try this [standing up] in three different meetings, and we interviewed them after each one to find out how they got on, and the findings were fascinating,” says Gardner. “In a formal meeting, it was felt it was not appropriate to be standing.”
 
Some researchers believe we need more social factors to make it easier for people to break up the time they spend sitting (Credit: Getty Images)
Other interventions include height-adjustable workstations, sit/stand chairs, treadmill workstations, and fidgeting the legs which enhances blood flow. (Learn more about why fidgeting is good for you.)
Just getting up every-so-often and going for a light walk or climbing some stairs has also been shown to be beneficial.
Wearable technology may also help nudge us into action. In a promising new study, wearable devices called accelerometers provided 24-hour data on individual behaviour patterns including sitting, standing, sleeping and exercising.
 
As Dunstan pointed out, this potentially allows for tailored optimal sitting and standing times, with devices then sending automatic reminders whenever we sit for too long. However, the use of technology is not without its drawbacks, as some may become frustrated by or desensitised to its prompts.
Above all, Gardner and colleagues encourage moving between sitting and standing positions more frequently. The premise of breaking up sedentary time by just standing up is simple, but has significant health benefits, particularly for low-activity individuals. For wheelchair users or others with mobility constraints, specific, adapted exercises can be beneficial.
For many, sedentary behaviour can seem like an unavoidable consequence of modern life and work. But even small changes to your routine – be it stretching more, fidgeting or standing up to make a cup of tea – can help break your sitting habit.

For essential climate news and hopeful developments to your inbox, sign up to the Future Earth newsletter, while The Essential List delivers a handpicked selection of features and insights twice a week.
For more science, technology and health stories from the BBC, follow us on Facebook and X.
 
https://www.bbc.com/future/article/20240722-why-you-are-probably-sitting-down-for-too-long

TOPLEY’S TOP 10 July 22 2024

1. Tom Lee Fundstrat on Small Caps

 

Home


2. Ryan Detrick on Small Caps


3. 10 Largest Stocks One Week Percentage Change

Source: Bespoke


4. Price to Earnings of Mag 7

Eric Soda Spilled Coffee Blog

Source: Mike Zaccardi
https://www.spilledcoffee.co/


5. Mag 7 Stock Buybacks

The Daily Shot Brief Food for Thought: Magnificent 7 share buybacks:

Source: Visual Capitalist
 https://dailyshotbrief.com/


6. Investing Based on Elections is Tough Game

Barrons-The catchphrase “Drill baby drill” is in the 2024 Republican party platform. But it’s a relic that rings hollow. While Trump promoted fossil fuels in his first term and was hostile to renewables—pulling the U.S. out of the Paris Agreement on climate—the energy sector declined 30% in total return on his watch, hit by Covid and depressed oil prices. Under Biden, the sector has returned a total 148%, despite Biden’s promotion of a “Green New Deal” and getting the U.S. back in the Paris agreement. Paul R. La Monica

https://www.barrons.com/articles/trump-election-stock-market-59926820?mod=past_editions


7. Market Ear Blog-Capital Expenditure Heavy Spenders Underperform

https://themarketear.com/newsfeed


8. UBER Lost $31.5B Before Posting First Profit


9. Democratic Nominee Process


10. Peter Lynch Quotes: 25 More Highly Valuable Insights

From Abnormal Returns Blog www.abnormalreturns.com
”The bearish argument always sounds more intelligent.” (p. 23)
“It’s self-defeating to try to invest in good markets and get out of bad ones.” (p. 48)
“Obviously you don’t have to be able to predict the stock market to make money in stocks, or else I wouldn’t have made any money.” (p. 84)
“If professionals can’t predict economies and professional forecasters can’t predict markets, then what chance does the amateur investor have?” (p. 87)
“No wonder why people make money in the real estate market and lose money in the stock market. They spend months choosing their houses, and minutes choosing their stocks. In fact, they spend more time shopping for a good microwave oven than shopping for a good investment.” (p. 80)
”The simpler it is, the better I like it.” (p. 130).
“Why take chances on a fickle purchase when there’s so much steady business around?” (p. 142)
“When management owns stock, then rewarding the shareholders becomes a first priority, whereas when management simply collects a paycheck, then increasing salaries becomes a first priority.” (p. 143)
“Insider selling usually means nothing and it’s silly to react to it. There are many reasons that officers might sell. But there’s only one reason that insiders buy.” (p. 144)
“Wait for the earnings. You can get tenbaggers in companies that have already proven themselves. When in doubt, tune in later.” (p. 159)
“Value always wins out – or at least in enough cases that it’s worthwhile to believe it.” (p. 161)
“Once you’re able to tell the story of a stock to your family, your friends, or the dog, and so that even a child could understand it, then you have a proper grasp of the situation.” (p. 175)
“La Quinta was a great story, and not one of those would-be, could-be, might-be, soon-to-be tales. If they aren’t already doing it, then don’t invest in it.” (p. 179)
“It’s never too late not to invest in an unproven enterprise.” (p. 182)
“All else being equal, a 20-percent grower selling at 20 times earnings is a much better buy than a 10-percent grower selling at 10 times earnings.” (p. 218)
“All of this research I’ve been talking about takes a couple of hours, at most, for each stock.” (p. 227)
“What’s wrong with high expectations? If you expect to make 30 percent year after year, you’re most likely to get frustrated at stocks for defying you.” (p. 237)
“Going into cash would be getting out of the market. My idea is to stay in the market forever, and to rotate stocks depending on the fundamental situation.” (p. 242)
“Sell the winners and hold on to the losers is as sensible as pulling out the flowers and watering the weeds.” (p. 243)
“Most money I make is in the third or fourth year that I’ve owned something.” (p. 266)
“In most cases it’s better to buy the original good company at a high price than it is to jump on the ‘next one’ at a bargain price.” (p. 268)
“It takes years, not months, to produce big results.” (p. 285)
“Just because the price goes up doesn’t mean you’re right.” (p. 286)
“Buying a company with mediocre prospects just because the stock is cheap is a losing technique.” (p. 286)
“You don’t have to kiss all the girls. I’ve missed my share of tenbaggers and it hasn’t kept me from beating the market.” (p. 286)

https://quartr.com/insights/investment-strategy/chasing-10-baggers-the-timeless-wisdom-of-peter-lynch

TOPLEY’S TOP 10 July 19 2024

1. $190 Trillion in Treasuries Traded 2023..10-Year Treasury Approaching 4%


2. Earnings Upgrades Moving to Non-Tech Sectors

DC Lite Blog 
EPS sentiment. “Earnings-per-share upgrades have fallen sharply for the Nasdaq 100, while upgrades for the S&P 500 and Russell 2000 are on the rise.”

Albert Edwards – Societe Generale via Business Insider


3. 12-Month Forward Earnings Estimates for AI is Falling

Market Ear Blog


4. Equity Inflows Slow in August

Marketwatch Barbara Kollmeyer  August, he adds, is typically the “worst month of the year for equity flows. There are no predicted inflows in August as the capital has already been deployed for [the third quarter]. Buyers are out of ammo and I am on the look out for outflows,” Rubner says, providing this chart:


5. We Showed Chart Earlier in Week Showing Luxury Brands Earnings Growth Over 20-Years

LUXX is an ETF 

https://www.roundhillinvestments.com/etf/luxx


6. Domino’s Pizza -23.5% from Highs


7. Home Solar Provider SunPower Collapses to $1


8. Record Number of Americans Have $500k in Stocks and $500k in Home Equity

Torsten Slok, Ph.D.Chief Economist, Partner-Apollo Global Management 
The University of Michigan Survey of Consumer Sentiment shows that a record-high 30% of the population have stocks worth more than $500,000, and 37% own a home worth more than $500,000, see charts below.   It is remarkable that these wealth gains for the household sector have taken place while the Fed was raising interest rates. The bottom line is that the tailwind to consumer spending for homeowners and equity owners is significant, in particular when combined with record-high cash flows from fixed income.


9. Immigration Update


10. The Seven Health Benefits of Cold Showers

Story by Emily Craig
Ice cold showers are purported to ward off illness, improve mood and help with weight loss© Provided by The Telegraph

There are gentler ways to start the day than with an ice-cold shower, yet the potential health benefits – warding off illness, improving mood and helping with weight loss – could just be enough to make you consider braving the chill.
Prof Mike Tipton, a physiologist at the University of Portsmouth, has spent four decades studying how temperature affects our health. It’s a promising area of new research and, coupled with anecdotal accounts, might persuade you to turn the dial down to cold.
“For the people who say, I feel alive, awake, it sets me up for the day, I’m not going to knock it in any way. But there’s work to be done to figure out the mechanism,” he says. Read on to find out why. 
 
1. Boosts your immune system
One of the most rigorous studies into cold showers involved 3,000 volunteers in the Netherlands turning the water to as cold as possible for the final 30, 60 or 90 seconds of their shower. A control group showered as normal.
After three months, results showed that those who included a cold water blast in their shower had taken 29 per cent fewer sick days – regardless of how long the water was cold for. 
“My particular hypothesis is that the sudden change in skin temperature is driving a lot of the beneficial changes,” says Prof Tipton. “That sudden fall produces the cold shock response – a gasp, hyperventilation and increasing workload in the heart. 
“Because it’s part of a fight or flight response, you’re activating the stress hormones, serotonin goes up and beta endorphins increase,” which contributes to boosting the immune system to ward off illness, he says.
Longer exposure to cold water is, of course, fatal, accounting for 60 per cent of deaths in cold water, Prof Tipton says.
“This is a very double edged sword. A minute in cold water may prime your immune system, five minutes may actually impair it. It’s the dose of cold that’s critical.”

2. Enhances mental health
Exposure to cold water may drastically improve mental health in patients, even when drugs have failed to do so, research suggests.
One study by Prof Tipton and colleagues found that weekly cold-water swimming helped to ease a 24-year-old woman’s depression. She had previously spent seven years battling the condition, during which medication failed to reduce her
“She said that she was the happiest she could remember being. A year later, she was drug-free and open water swimming. She’d overcome a big challenge in her mind,” he says. 
It’s not clear if a cold shower could have the same effect. “It may be the distraction of the cold water [that eased her depression]. When exposed to cold water, most people say all they can think about is the temperature and it takes their mind off everything else,” he says.
However, improvements in her mental health could also be down to the exercise involved in cold water swimming, overcoming the challenge of the cold, or the social inclusion of swimming with others, he noted.
“Is it the cold, or is it any one of these other things? We won’t know until there are studies that isolate cold exposure,” Prof Tipton adds.

3. Improves skin and hair health
Lukewarm water is the ideal for face washing, as it effectively removes dirt, oil and impurities without causing excessive dryness or irritation, explains Dr Anastasia Therianou, a consultant dermatologist on Harley Street and at Imperial College Healthcare NHS Trust.
However, cold water constricts blood vessels in the skin, which can reduce redness and inflammation – so can improve the appearance of skin, she says.
When it comes to hair, a cold shower can help lock in moisture. “Cold water closes the hair cuticles, so the hydration is ‘trapped’ inside the hair,” Dr Therianou says. “This is beneficial for people with thin hair that tends to break easily. However, cold water cannot fully remove the excessive oils from the scalp so it’s advisable to wash your hair in warm water and then condition and rinse using cold water – if you can bear it.”

4. Supports weight loss
A review of more than 100 studies suggested cold water immersion, such as swimming or a cold bath, can activate and expand brown adipose tissue – a “good” fat that burns calories – and also reduce “bad” white fat, and therefore aid weight loss.
“The brown fat cells develop from white fat cells and, as their energy source, they like free fatty acids which they get from the white fat cells,” explains James Mercer, a professor emeritus at The Arctic University of Norway who co-authored the review. “By reducing the content of free fatty acids in the white fat cells, theoretically, one loses weight.”
However, scientists have not yet investigated whether a cold shower would also trigger this process. “My gut feeling is no, since the development of brown fat in cold water swimmers seems to require a very strong cold stimulus which I do not think you would get from a short cold shower,” says Prof Mercer.
“A cold shower doesn’t provide the same stimulus as being immersed in cold water, as only about a third of the body is exposed to the cold,” says Prof Tipton. “As a result, the cold shock response is roughly about a third of the size it would be in an immersion. That doesn’t mean it’s not big enough to have a positive effect – but nobody’s done the study.”

5. Relieves muscle soreness and accelerates recovery
Athletes frequently turn to ice baths to aid their recovery, the idea being that the cold reduces blood flow, swelling and inflammation of the muscles.
Cold showers could have a similar effect, as the cold water is an analgesic (painkiller) and may be enough to decrease swelling, says Prof Tipton. 
However, he notes that while there is “some evidence” cold water can help muscle aches, the evidence “is not convincing across the board”. For example, some studies suggest that cold water actually lowers protein generation, which is vital for building and repairing muscle.

6. Aids in pain relief and reduces migraines
There’s anecdotal evidence of cold baths and cold water swimming easing very severe migraines, Prof Tipton notes. These accounts suggest short-term exposure to the cold may ease pain, he says.
Cold receptors are located about 0.18mm below the skin surface and, when skin temperature drops quickly, these fire off an enormous amount of information to the central nervous system and the subsequent gasping changes blood flow in the brain, he explains. 
A reduction in pain could be down to a combination of those two things or other factors,” he says.

7. Enhances mood and promotes emotional wellbeing
There’s anecdotal evidence from cold water swimmers that it dramatically improves their mood and wellbeing, says Prof Tipton. “I work with the Bluetits [an outdoor swimming group in Pembrokeshire] and I am overwhelmed by the accounts of people who say it has changed their life. People are in tears about it.
“The vast majority of people who report benefits, say it’s to their mental wellbeing, although the mechanism behind this effect is unclear. The cold water is clearly activating people and waking them up, which will be down to the cold shock response and the release of stress hormones.”
Health risks to consider before having a cold shower

Before stepping into a cold shower, it’s important to consider if you’re in good enough health to do so, says Prof Tipton.
“We’re a tropical animal that wants to be naked in 28C. Taking that animal and showering it with 10 or 12C water is a really stressful thing to do,” he says. 
The cold triggers cold water shock, which is a gasp of breath, followed by rapid breathing and high blood pressure. While this can be beneficial for some over a short time, it will become detrimental to everyone with time, so people should stay in a cold shower for no more than one minute.
It is especially dangerous for people with cardiovascular disease, aneurysms or heart problems and they therefore shouldn’t try it, Prof Tipton says.
Other complications of cold water that could affect anyone include hypothermia and non-freezing cold injury, he warns, is damage to the small nerves and blood vessels of the hands and feets that can last for life. 
Recommended
Cold water therapy: What is it, types and where to start

https://www.msn.com/en-ph/health/other/the-seven-health-benefits-of-cold-showers/ar-BB1qbI0G

TOPLEY’S TOP 10 July 18 2024

1. Small Cap Volume Eclipsed the QQQ for the First Time Since 2017

Dave Lutz Jones Trading
IWM Volume Yesterday eclipsed QQQ, the first time since 2017 – and Eric B Notes the Record option volume too, and that’s going back to the ’90s


2. Market Leading Sub-Sector Semiconductors -9% from Highs

First test 50day moving average blue line


3. I Have Pointed Out Divergence in Transports vs. QQQ Multiple Times this Year…Bespoke Charts Give Detail

Bespoke- Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we lead off with a look at the massive difference in performance between two leading industries: the Dow Transports and the Semiconductors (page 1). We then dive into the latest earnings and the Beige Book (page 2). Next, we recap today’s residential construction data (pages 3 and 4) before pivoting over to the newest update of petroleum stockpiles (page 5). We close out with a recap of the 20 year bond reopening (page 6).
Highest 5-day spread Since 2000

https://www.bespokepremium.com/interactive/posts/think-big-blog/the-closer-leading-industry-divergence-residential-construction-7-17-24


4. NVDA 20% of Semiconductor Index

Chart update…NVDA did not make the new high so lower high in place for now…trading right on 50-day


5. Financials ETF XLF New Highs with Fed Rate Cut Projections

XLF has held above 200-day moving average for 2 ½ years testing it 3x  …impressive


6. Schwab Stock Chart Update

SCHW trades quickly back to Feb lows, failed to exceed this year’s previous high.


7. Blackstone Reported Earnings…$1.08 Trillion in Assets

Another sub-sector to watch as rates move lower…Alternative investment leader Blackstone made new highs before reporting today.


8. Public Corporation Balance Sheets in Good Shape

Net interest payments at 20-year lows.


9. Movie Box Office vs. Video Games


10. Read Books….Read Books Out Loud….Advice from Dad for Richest PE Investor in Korea

Interview with Michael Kim -Philadelphia Inquirer by Susan Snyder

And you didn’t speak any English when you first came to the United States? How did you learn it?
My father just said “read books.” That’s how I learned English. That’s how I became an American by reading American novels.
You read the books out loud, right? I was really having trouble with oral language, speaking, and [my father’s] response, of course, was “read out loud.” That’s how I learned to speak English.

One of the richest men in Korea just became Haverford College’s new board chair. Here’s what to know about him.
Michael B. Kim’s book, “Offerings,” took 20 years to write and will be made into a movie.  By Susan Snyder Philadelphia Inquirer

Michael B. Kim, a Haverford College alumnus and incoming board chair, shares details of his time at Haverford and his life as a writer.Courtesy of Haverford College

Michael B. Kim, a Haverford College alumnus and private equity firm leader who has the distinction of being one of the richest people in Korea, became chair of the college’s board of managers on July 1.

While he made his fortune in finance, he spent his time at Haverford as an English major, and over the last two decades wrote his first novel, Offerings, in which the story of the main character, Dae Joon, an investment banker from Seoul who works on Wall Street, closely mirrors his own. That book is now being made into a movie.

In April, Kim, 60, once named “the godfather of Asian private equity,” gave a $25 million gift to Haverford to start a new Institute for Ethical Inquiry & Leadership. He has a current net wealth of $9.7 billion, according to Forbes.

Kim came to the United States with his family from South Korea when he was 11 and grew up in New Jersey. He spent his high school years in Cherry Hill and attended Bishop Eustace High School in Pennsauken before enrolling at Haverford in 1981. He also has an MBA from Harvard. He and his wife, Park Kyung-ah, daughter of the late Park Tae-joon, former prime minister of South Korea, have two children.

The Inquirer sat down with Kim to talk about what drew him to his latest role, including his love of Haverford, books, and the need for ethics missionaries. His answers have been edited for length and clarity.

What were your high school years like?
It was good and bad. … I was the only Asian, certainly the only Korean in every class I went to. But there was some ethnic and cultural diversity. … I felt like it was a connected society in South Jersey, and that made it an interesting place to spend the latter part of my formative years. … I wouldn’t have been conscious of this at the time, but I think I was probably the classic nerd. Or I would have been if it weren’t for my Taekwondo [ability] as a black belt.

How did you end up choosing Haverford?
The liberal arts courses and the Duck Pond [along College Lane] drew me to Haverford. … I just kind of felt at home. I was an English major there because of my love of books.

Why did you join the college’s board of managers?
Because I’m a Haverfordian. You get called to service, you answer the call.

As the new chair, what are your priorities for the college?
A renewed focus on our core mission, which is … academic excellence. That is an easy thing to say and even aspire to, a more difficult thing to procure and also maintain. … What that means to me is hiring the best faculty and getting the best students and distinguishing the Haverford academic experience from so many other good liberal arts colleges.

So you want to increase Haverford’s prominence?
Not prominence. … Not necessarily getting to a higher ranking in (U.S. News & World Report) rankings, but just making sure we really are getting the best students. You can tell from our admissions stats that we’ve fallen behind a little bit, so kind of a return to glory. What that means is we need to really be committed to delivering the best education. That requires resources. …
Our endowment, [$643 million], is much smaller than some of our peers’. … So this would be the second priority … [securing more financial resources to carry out the strategic plan].
The third goal would be to continue to nurture the special values-based community that I think really is a distinguishing feature of Haverford College. That’s where the Institute for Ethical Inquiry & Leadership comes in.

Tell me why ethical leadership is important to you?
Leadership without ethics is a body without a soul. And look around, there are a lot of soulless leaders, not just in America but around the world. My hope is that with the renewed focus on ethics … we can enrich ourselves as a society.
It’s even more important, given all the turmoil in the world including on our college campuses. …
My wish is for Haverford to be known for as the leader in ethics education, much in the way Middlebury is for languages and for the Institute to train and send out ethics missionaries to the world.

Was the institute your idea?
Yes. Wendy Raymond, the president, it kind of germinated with her and she gave a lot of thought on how we flush out an institute … what we should aspire to do and the curriculum, in particular. It was her idea to make it across academic disciplines. My idea was to make it a little more expansive, to have a global reach.

At many college campuses, including Haverford, pro-Palestinian encampments were erected last spring, which caused some tension. How should colleges handle these?
I’m a free-speech advocate. I think the more speech, the better. … My father used to say protests are the flowers of democracy. That has meaning if you consider our own country, Korea. … Until the late ‘80s. we were ruled by a succession of generals in an autocratic system. The way we destroyed that system and became a liberal democracy is through student protest.
So I believe in the power of protests.
The trick or the challenge of negotiating the current situation is where do we draw the line to hate speech, … Hate speech, whether it’s antisemitism, Islamophobia or any other form of hate speech, you have to discourage. … That’s where I draw the line.
But it’s a really tough line to draw.

What motivated you to write your book?
I always felt I had a book to get out. We didn’t talk about my aspirations as a college student. But I’m the accidental banker, accidental finance guy. I wanted to be an academic, to teach or to be a writer, which I considered noble callings.
I figured out pretty early on in my investment banking career that this was the quickest way for me to get to a level of having success and be able to make an impact on society by giving back. … Throughout this journey, I felt compelled to get this book out.
The book took me almost 20 years to write … because of my day job. … The perspective changes as you go from a 30-some-year-old to a 50-some-year-old. I looked back on my original writing and I couldn’t really recognize the young man who seemed so angry at the injustices of the world.
I wanted to be true to the evolving perspective and the different voices I had in my protagonist.

And it’s going to be made into a movie?
Yes … by this great production company called Anonymous Content. You must have seen the movie Spotlight. They are the producers of Spotlight, along with The Revenant and Eternal Sunshine of the Spotless Mind.
We are going to start shooting in the fall.

You have two sons?
They are both in their 20s. The first went to Haverford, majoring in political science … He is now an artist/fashion designer based in New York. My second son graduated from the University of Chicago. … He is going on to get his master’s in data science.

What is your favorite vacation spot?
We have a house in the Hamptons. … That’s where I go with my family to get some peace and rest (reminiscent of the poem “The Lake Isle of Innisfree,” by William Butler Yeats, he said).
The key line is, “And I shall have some peace there, for peace comes dropping slow.” I first came across this poem in college.
The image I got in my head as a 50-year-old was there’s so much stress in my life as there is in many people’s lives, particularly in my job. … So you are continually seeking peace. … Peace comes in drops. The image I got [is like when] you go to the hospital and get hooked up to an IV. You see the little drops of liquid coming drop by drop. I think that’s how peace comes.
Your job is … to just hold out your hands in Asian style and accept the drops of peace when it comes.

Now for some quick hits:
Favorite book? Too many to mention. But I will say literature starts and ends with William Shakespeare.
Favorite sports team? New York Yankees.
What gets you out of bed in the morning? I think it’s really life. That old Wordsworth line: “Bliss was in that dawn to be alive.” I feel really fortunate to be alive, and doing what I do with the family that I have.
What is your motto to live by? Be grateful. Be humble. Be seated.

https://www.inquirer.com/education/haverford-college-michael-kim-movie-board-chair-20240711.html#:~:text=Michael%20B.%20Kim%2C%20a%20Haverford%20College%20alumnus%20and%20private%20equity,of%20managers%20on%20July%201

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10. 5 Qualities of the Wisest People

They make the best of bad situations. Eric M. Brown PhD
KEY POINTS

  • Wisdom is the key to living fulfilled lives in an increasingly complex world.
  • Being able to identify the wise in our social circles can greatly increase our chances of success in all areas of our life.
  • Knowing what wisdom looks like can help us make the best of less-than-desirable situations.

For those who are privileged enough, we are increasingly living in a society where we can make choices and pursue lifestyles that our grandparents would not have considered possible. Three generations ago, we were generally expected to remain living in the area in which we grew up and choose from among a few dozen careers or jobs, and our romantic prospects were limited to our immediate social circles.
Now we encourage each other to construct our lives from scratch, by following our dreams wherever they may lead us. As wonderful as this new freedom is, it also places a burden on each of us to make myriad choices and take sole responsibility for the lives we have constructed. The ability to make wise decisions may be more crucial now than ever.
Defining Wisdom
Knowing what wisdom entails and identifying who is wise may help us to live our lives in a way that is fulfilling and meaningful. For thousands of years, the discourse around wisdom has been centered on the study of philosophy and religion. But, over the past 20 years, psychologists have begun to research and define wisdom in ways that provide a picture of what a wise person looks like while providing descriptions of how they operate in the world.
Wisdom is often defined as the ability to make sound decisions and to act or advise others to behave in ways that are more likely to bring about desired outcomes. Some scholars have described wisdom as a form of practical intelligence. I’m drawn to the thought that wisdom is knowing the right thing to do, in the right way, at the right time, in the right context. If any one of these four elements is off, then a decision or action will not prove to be wise. Given the complexity of our world, it may greatly benefit us to be able to identify who is wise and how to act wisely.
Following are five attributes or abilities of wise persons:

  1. They self-regulate. Wise persons are able to regulate their emotions so that they are able to think clearly about what decisions and actions may bring about a positive outcome, and, yet, emotions are not the enemy of wisdom. If a decision will entail strong emotions, a wise person must be able to feel the weight of a situation in order to account for how a particular decision may affect themselves, another person, or other parties.
  2. They are virtuous. From philosophers such as Aristotle to the most recent psychologists who research wisdom, it is firmly believed that wise persons are virtuous people in that they act, make decisions, and counsel others in ways that are mindful of the well-being of all who are involved. A person who is highly intelligent or savvy may know how to get what they want, but, if they do so at the expense of others, they are not considered wise. Wise persons know that individuals tend to thrive in relationships in which everyone flourishes.
  3. They see and recognize patterns. Psychologists who study wisdom tend to agree that those who are older are not necessarily wiser, but to be wise one must have enough experience to glean from to discern how and when to apply knowledge and past experiences to new situations. There is a certain degree of intelligence needed to be able to (a) recognize ways that a present situation may have elements that resemble past occurrences; (b) consider the present situation and discern what, if any, previous knowledge or experiences may apply; and (c) discern how one may apply past learnings to what is unknown. Wise persons can recognize patterns while appreciating the uniqueness of the new circumstance.
  4. They navigate environments well. Robert Sternberg, a psychology professor at Cornell University, has written that one attribute of wise persons is their ability to decide between three possible responses to one’s environment when a person is not pleased with their given situation. A person can (a) simply adjust or adapt to their context, (b) seek to shape their situation, or (c) seek a new environment altogether. Most people will try to do a combination of the first two before moving to the third option. Wisdom is needed to discern whether a person can adjust or adapt without too much personal cost to themselves. One must also consider whether a person has the ability (e.g., influence or power) to bring about the desired change. If a person needs to choose a new environment, they will need wisdom to not move into another equally unsatisfying or worse situation.
  5. They make the best of bad situations. Most people have lived long enough to know that sometimes we are not able to get anywhere near the outcome we desire. There are many factors in the world we do not have control over, so there are times when we simply lose. But wise people know that the way we weather deep disappointment has a significant impact on the persons we become. Furthermore, they know that there may be actions we can take, or refrain from taking, that will lessen the negative and long-term impact of an undesirable outcome. Wise persons make the best of less-than-ideal situations.

https://www.psychologytoday.com/us/blog/healing-within/202207/5-qualities-the-wisest-people