1. U.S. Stock Investors Bought a Record Amount of American Stock ETFs in Q1
Equity ETF flows. “US-focused ETF inflows have obliterated any other Q1 with +$137b, which is 85% of all flows. Ex-US ETF haul as actually been below avg. While headlines, HFs talk ‘exiting’ the US, ETF investors are on a buying spree for better or worse.”
Daily Chartbook
2. Tech ETF XLK at Key Levels. Back to Early March Lows…50-Day Touching 200-Day to Downside
StockCharts
3. KWEB Chinese Tech vs. XLK U.S. Tech…Big Reversal in 2025
StockCharts
4. History of Weak Q1 Tech Stocks
NDR
5. Sign of Slowing Speculation…Gamestop Bitcoin Reserve Announcement…Stock Down
StockCharts
6. Bitcoin 5 Lower Highs…Holding Above 200-Day
StockCharts
7. Europe Rally….Euro Small Caps Still Below 2024 Highs
StockCharts
8. Metals Outperformance Over S&P One-Year
Bespoke
9. Corporate Large Caps Buy Up Venture Start Ups
Sherwood
10. The Keys to Happiness, According to the World Happiness Report
Via Psychology Today: A lot of research on happiness and subjective well-being has been done over the last fifty years or so. It seems like everyone wants to determine the exact formula for joy. While there is never going to be a specific prescription for attaining happiness, there are some important findings that can be guidelines for us. Here are five prerequisites for experiencing happiness in life:
Human beings need relationships to enjoy optimum well-being and happiness. This is a simple truth: We are born with a strong drive to establish connections with others. While many of us think that we will be happy when we find “true love,” or whatever we feel approximates that, it is not generlly romantic relationships that provide what we require for happiness. Simply having good friends who encourage and support you will contribute just as much to your overall feelings of happiness and contentment.
Being kind to others is essential to finding a sense of personal happiness. Our human brains are wired so that we feel joy when we behave in altruistic ways. Just making plans to do something nice for others – whether it’s throwing a party for a friend, volunteering for a worthy cause, or planning a monetary donation – will give you a boost and generate a sense of satisfaction and well-being.
Acknowledging the abundance of your own life, no matter how austere or extravagant it might be, and experiencing gratitude for people, experiences, and things also positively contribute to a sense of well-being. When people focus on scarcity or what is lacking, negative emotions bubble up, like envy, discontent, and resentment.
Finding a sense of meaning and purpose in your pursuits in life is necessary for contentment and happiness. Believing that you are contributing to something beyond yourself and being a part of something larger than your individual existence are also necessary to experience a feeling of peace that is a part of happiness.
Making healthy lifestyle choices in terms of your basic needs – sleep, nutrition, and exercise – also contributes to your happiness in life. Studies show that regular exercise – even just a daily walk – is highly effective in reducing depression. Contemplative activities, such as yoga, meditation, and reflection, have also been proven to reduce stress and promote well-being. And while many people think a good night’s sleep is “optional,” research shows that poor sleeping habits lead to greater stress, increased risk for cardiovascular illness, and even weight gain.
2. One Stock that Held Its Post-Election Rally…Fannie Mae: +400% over 6 Months
StockCharts
3. Large Bitcoin Traders are Buying
Bitcoin whales. “The 30D position change for whales shows they’ve added +129K BTC since March 11 – with momentum picking up sharply over the past 2 days. That’s the largest accumulation rate since late August 2024, signaling growing confidence from large players.”
Glassnode via DailyChartBook
4. Put Software on Long List of Growth Sub-Sector Charts that Mirror below, pulled back to 2+ Year Trendline
StockCharts
5. Before Yesterday Mag 7 Big Bounce
It’s been a good couple of days for the Magnificent 7 stocks.
The Daily Shot
6. Interesting…Middle Class Shrink Due to More High Class Earners?
The Irrelevant Investor
7. GDP of Ukraine and Its Allies Vs. Russia
Professor Galloway
8. 700 Basketball Players Entered Transfer Portal Day 1…Private Lending Coming to College Sports
Via PitchBooK: Pitch Book Private credit lenders, usually known for financing loans to companies, may be recruited for a new role: funding athletic programs as the NCAA changes rules on compensating players.
Until now, US colleges have enjoyed an unusual advantage in their business models by not having to pay athletes.
That’s set to change. Final approval of a $2.8 billion antitrust lawsuit is imminent, paving the way for college athletics programs to share revenue with their players. The rule change could mean up to $20.5 million of direct payments to student-athletes per school, per year, starting in the 2025-2026 academic year.
Early in the quarter
College athletics programs have historically spent more than they have brought in. The new balance sheet line item on the sports programs’ balance sheets will dramatically increase capital needs that tuition increases and alumni donations can’t solve.
According to lenders, advisors, and law firms to whom LCD spoke, banks will not be able to meet the additional financing needs. What’s more, a dearth of sponsor-backed M&A and buyouts makes these opportunities more enticing for lenders with capital to put to work.
Several private credit providers told LCD they’ve already begun holding early conversations with universities and conferences about forming new lending relationships.
It’s likely that schools will need to demonstrate additional revenue streams to support any potential incoming capital infusions to offset normal operational deficits.
Randall Boe, senior counsel at Akin Gump and former commissioner of Arena Football League, says that private credit will prioritize transactions that fund projects and renovations that will generate new streams of revenue and help schools transition to the new business models necessitated by changes in the college sports landscape.
4. Another 25th Anniversary of Internet Bubble Chart: Up 15% in a Month then -50% from Highs
Bespoke
5. Investors Remain Concerned About Inflation
The Irrelevant Investor
6. Buffered ETFS
Bloomberg
Bloomberg
7. China and U.S. Buying 80% of Venezuelan Crude
Kpler
8. The U.S. has Run a Trade Deficit Every Year Since the 1970’s
Capital Group
9. Navy Next Big Ship Exceeds Budget by $1.3 Billion…10% Done After 2.5 Years
Navy Frigate USS Constellation Only 10 Percent Done after 2.5 Years.
Via 1945: Physical construction began on the United States Navy USS Constellation in the middle of 2022. After over two and a half years, the ship is only 10 percent complete, according to a person familiar with the timeline.
At this pace, including the two years of design development before the building began, the ship will only be complete after nine years.
This span is twice the number of years that it would take an Italian shipyard to build the naval vessel.
The US Navy and the ship’s designers based the design of the Constellation on Italy’s Fincantieri.
The Constellation is the first of what is supposed to be a line of 20 ships.
However, even though it is being built to the original Italian design specifications, the Constellation is now projected to exceed the budgeted initial cost estimate of $1.3 billion.
Constellation was expected to be ready for commissioning in 2026. The Navy set a short timeframe for the ship’s launch because it chose a proven design, which was supposed to accelerate the production cycle.
Construction of the Constellation has presented production cycle headaches due to an extended construction time of twice the expected time to complete the Constellation, cost overruns of nearly 50 percent, problems with rising steel costs, and numerous other factors.
10. Global Developments: Military spending is beginning to rise after a prolonged period of decline
QQQ vs. KWEB. Chinese Tech stocks (using $KWEB as our proxy) recently beat the Nasdaq 100 by 2 standard deviations over the prior year. When $QQQ has been this oversold in the past, it went on to outperform by strong-double digits and with a 100% win rate over the next year.
DataTrek
2. Small Cap Russell 2000 50-Day Thru 200day to Downside…History Not Bearish?
MarketWatch
3. Micro-Cap Stocks Never Made It Back to 2024 Highs
StockCharts
4. Retail Investors Buying TSLA Stock the Entire Way Down…$8B Over 13 Sessions
JPMorgan analyst Emma Wu told clients that the current level of retail enthusiasm for Tesla is unlike anything seen in the last ten years. This surge in retail buying comes as the stock remains halved from its December high of around $479. Weighing on shares are concerns over a potential slowdown in electric vehicle deliveries during the first quarter, along with mounting backlash from radical leftist nonprofits seeking to destroy the company and investors.
The global equity derivatives strategist told clients that retail net buying flows into Tesla topped $8 billion over the last 13 consecutive sessions through Thursday. This was the longest buying streaks for Tesla via JPM data dating back to 2015.
ZeroHedge
5. SMH Semiconductor ETF Back to Jan 2024 Levels
StockCharts
6. Crypto/Options Trader HOOD -45% Correction Top to Bottom
StockCharts
7. Inflation Still Dominating Voters’ Mindset….”Global Trade” Dead Last in List of Issues
People care about prices. They don’t care about global trade.
Bloomberg
8. Dividend Stocks Outperforming 2025—See Big Gap Underperformance Post Covid vs. Historical
Bespoke
9. Reminder: U.S. Household Balance Sheets are in Excellent Shape
The Irrelevant Investor
10. How to Turn Regret Into Purpose
From Psychology Today: A life lesson from the dying: Regret can be a powerful teacher.
KEY POINTS
You don’t find purpose—you build it using regrets as anchors for growth and meaning.
Inaction regrets are missed opportunities; take steps now to prevent future regret.
Action regrets can’t be undone, but they can be transformed into purpose through learning and service.
Reflect on your regrets today to create a life you won’t look back on with sorrow.
If you feel lost when it comes to purpose, you’re not alone. Many of us spend years searching for that one big thing that will make our lives feel meaningful.
But here’s the truth: You don’t find your purpose—you build it. Purpose isn’t a lightning bolt of revelation; it’s a structure we create, brick by brick, using the anchors, inklings, and beckonings that light us up.
As a hospice doctor, I sit with people at the end of their lives, and I’ve learned an important lesson from them: Regret is a powerful teacher. The saddest thing about regret for the dying is that, by the time they acknowledge it, they no longer have the agency, energy, or time to turn those regrets into something meaningful.
But you and I? We still do.
The Two Types of Regret
Understanding regret is the first step in using it as a tool for purpose. As Daniel Pink explores in his work on regret, there are two primary types: inaction regrets (things we never did) and action regrets (things we did but wish we hadn’t).
Inaction Regrets: The Things We Never Did
Inaction regrets are often the easier ones to spot. They are the untraveled roads, the missed opportunities, the dreams left unexplored. And I am a perfect example of this.
Ten years ago, I carried a deep regret: I had never traditionally published a book. Writing had always been a passion, but I never felt like I had the time, courage, or energy to pursue it seriously. Working with dying patients, I often asked myself: If I were in their shoes, what would I regret never doing?
For me, the answer was clear—I would regret never becoming a published author. This realization turned my inaction regret into a purpose anchor. Instead of just feeling bad about it, I used that regret as motivation to take action. I got an agent, wrote a manuscript, and eventually published my book. That’s the power of recognizing inaction regret: it can become the foundation upon which we build a meaningful life.
Action Regrets: The Things We Did but Wish We Hadn’t
Action regrets are more complicated because they involve mistakes we’ve made. They are the choices we look back on with sorrow, embarasment or guilt. Unlike inaction regrets, they can’t be undone.
I once took care of a patient who, as a young woman, had been texting while driving and caused a car accident that severely injured another person. The guilt stayed with her for the rest of her life, an ever-present burden. She deeply regretted that one decision, and no matter how much she wished she could, she could never undo it.
So how do we turn action regrets into purpose?
For her, the answer was education. She couldn’t erase the past, but she could prevent others from making the same mistake. She became a national speaker on the dangers of texting and driving, using her own painful experience to teach and protect others. In doing so, she transformed her action regret into a purpose anchor.
Turning Regret into Purpose
Both types of regret—inaction and action—have the potential to serve as powerful guides. They show us what matters, what we wish we had done differently, and where we can create meaning moving forward.
So, what about you? Ask yourself:
What are the things you regret not doing?
What are the actions you regret taking?
How can you build a life of purpose around those regrets?
If you regret not traveling, can you start prioritizing experiences over possessions? If you regret not expressing love to someone, can you start showing up more fully in your relationships? If you regret hurting someone, can you work toward making amends or helping others in a similar situation?
These reflections aren’t meant to fill you with guilt. They are meant to empower you. Unlike my hospice patients, you still have time. You can make different choices, shift your priorities, and turn regret into action.
What Will You Regret on Your Deathbed?
One day, you will be at the end of your life. When that time comes, will you look back with a sense of fulfillment, knowing you used your regrets as fuel for a meaningful life? Or will you be haunted by all the things you never did, never said, and never became?
The good news is that you still have a choice. Regret doesn’t have to be an anchor that weighs you down—it can be the foundation upon which you build a life of deep purpose.
So, what will you do today to ensure that, when your time comes, regret isn’t the final chapter of your story?
