1. History of Down -10%+ Years…You Need Something Bad to Happen
Ryan Detrick
2. Mag 7 2025 are All in the Red
Nasdaq Dorsey Wright
3. Since First Rate Cut Mag 7 is Still Outperforming -But Gap is Closing Fast
Liz Ann Sonders
4. QQQ Pulled Back to Blue: 2+ Year Trend Line
StockCharts
5. Russell 2000 Small Cap Also Pulled Back to Big Trend Line…200 Week Moving Average
StockCharts
6. Emerging Markets and China Have Low Gold Reserves vs. Developed
Spencer Hakimian
7. The City of L.A. is Facing a $1B Deficit
Bloomberg
8. The NVDA Rubin Chip
Chartr via Sherwood
9. BYD Chinese EV Car Company Building a 50 Square Mile Factory
Via The Sun: STAGGERING drone footage shows the scale of the vast Chinese electric vehicle mega factory that is being built.
The sprawling BYD factory in Zhengzhou, in China’s Henan province, is set to be bigger than a major US city and has its own football ground.
New China-built electric vehicles of the company BYD, are seen parked in the port of Zeebrugge
Aerial footage of the factory and the land it is expanding onto shows masses of sleek production buildings, high rise blocks, a football pitch and tennis courts all separated by roads.
As the drone continues to cover the site, it shows the vast expanse where work is beginning on building new parts of the facility, as well as what looks like a small village where workers live.
At the back of that settlement is more land earmarked for construction work.
The site is set to dwarf rival Tesla’s Gigafactory in Nevada that covers 4.5 square miles.
When completed, the factory, which is being built in eight phases, is set to cover 32,000 acres or 50 square miles.
For comparison, San Francisco in California is 46.9 square miles.
Phases five to eight are now underway, majorly expanding the current factory.
According to reports, BYD as a whole has over 900,000 employees and will add over 200,000 more in the next three months.
10. Waves and Tides
From Seth Godin’s Blog: It’s easy to be distracted by the wave that’s crashing on the shore.
On the other hand, the tide is inexorable. It’s the long-term trend, the one that is quietly happening, over time.
Sometimes, a big wave comes along and we lose our focus. It’s urgent.
But expecting and working with the tide pays off. Waves burn out.
1. Huge Drop In U.S. Stock Allocation…Contra Indicator
Macro Charts
2. We are Above Bearish Sentiment Indicators from 2009. Does It Fell Like 2009?
Bespoke Investment Group
3. Past “Policy Uncertainty” Has Been Buy Signal for Stocks
Bull & Baird
4. Gold and Uncertainty
Abnormal Returns
5. Silver +14% Year to Date…$48.70 was 25-Year High 2011
StockCharts
6. Rolling 2- month Performance International vs. U.S. was Biggest Since 2008
Charlie Bilello
7. Airline Subsector vs. S&P 2025
Cresset Capital
8. Most New APPS Bomb
In the increasingly competitive battle for space on our precious home screens, most apps never even come close to getting enough subscribers to cover their costs.
According to the 2025 State Of Subscription Apps report from RevenueCat, published last week, just a handful of apps now dominate a huge share of users’ screen time. According to the research, the top 5% of newly launched apps make over 400x more in their first two years (~$8,888) than the bottom 25% (~$19).
The report also outlined that only 19% of new apps across all categories generated $1,000 in monthly recurring revenue within two years of launch, implying that 81% failed to hit that threshold. After this, the drop-off is steep, with a large portion of apps failing to meet each consecutive monetary milestone. At the upper end, only 5% of all new apps reached $10,000 in revenue.
Chartr via Sherwood
9. Retirement Fears
Food for Thought: Top retirement fears among US workers:
Daily Shot Brief
10. Improve Your Strategic Thinking
I’ve seen too many leaders get stuck in day-to-day operations and lose sight of the larger picture.
Via Inc: When scaling my company, I learned that strategy wasn’t about having a brilliant idea but about making intelligent, well-informed decisions over time. As an Inc. 500 CEO and now as a strategic coach, I’ve seen too many leaders get stuck in day-to-day operations and lose sight of the larger picture.
The ability to think strategically and make strong decisions separates successful companies from those that stagnate. The good news? Strategic thinking is a skill that can be developed. Here’s how.
1. Zoom out before you zoom in
Many leaders dive into execution without considering the bigger picture. Before making key decisions, assess the industry trends, customer demands, and competitive shifts. A great way to do this is by using frameworks like SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). But don’t stop there—combine multiple frameworks to get a fuller picture.
Consider using Porter’s Five Forces to analyze competitive dynamics or the PESTLE framework to evaluate external factors. I’ve found that leaders who regularly step back to assess the landscape make better choices and avoid costly missteps. One CEO I coached saved millions by spotting an emerging technology trend during a quarterly strategy review that would have made their planned expansion ob
2. Ask better questions
Strong strategic thinking starts with asking the right questions. Instead of rushing to solutions, challenge assumptions. Ask, “What are we assuming?” or “What would have to be true for this to work?” The best leaders encourage debate and seek out different perspectives. Create a culture where team members feel safe challenging ideas, regardless of hierarchy.
The most valuable insights often come from front-line employees who interact with customers daily. Consider implementing regular strategy meetings where team members from different departments share perspectives and challenge conventional wisdom. Questioning the status quo opens the door to new opportunities and avoids blind spots.
3. Embrace second-order thinking
Short-term wins can create long-term setbacks. Second-order thinking—asking, “And then what?”—helps leaders anticipate future consequences. Cutting costs by reducing staff might improve short-term margins but could lower team morale and productivity later. I’ve seen companies lose key talent and market share because they failed to consider the ripple effects of their decisions.
Create decision trees to map out potential consequences and scenarios. Consider the immediate impact and how competitors, customers, and employees might react. Before making decisions, think through their long-term implications and whether they align with your bigger goals.
4. Make time for deep work
Strategic thinking requires focus, but most leaders’ calendars are packed with meetings and urgent tasks. If you don’t carve out time for deep thinking, you’ll always be reacting instead of planning. Block out a few hours each week for strategic reflection.
The best CEOs I work with treat this time as non-negotiable. They create “think weeks” like Bill Gates or monthly strategy days to disconnect from daily operations. Use this time to read industry reports, analyze competitive moves, and envision different futures for your business. Consider keeping a strategic journal to track your thoughts and patterns over time. Unplug, analyze trends, and think long-term.
5. Test, learn, and adapt
No strategy is perfect from the start. The best leaders continuously test their ideas, gather feedback, and adjust. Instead of committing all your resources upfront, run small experiments. Try a limited product launch, test a new sales approach, or pilot a new process. Set clear success metrics and timelines for these experiments.
One technology company I advised saved substantial resources by testing their new feature with a small user group first, allowing them to identify and fix critical issues before a full launch. Create feedback loops that bring in customer insights, market data, and team input. Learning from real-world data allows you to refine your strategy and stay adaptable.
The best leaders aren’t just problem-solvers; they’re opportunity-finders. They understand that strategic thinking is a muscle that needs regular exercise. Adopting these habits and creating structures supporting strategic reflection will strengthen your decision-making capabilities and build a more resilient organization.
Remember, strategy isn’t a one-time exercise—it’s an ongoing process of observation, analysis, and adaptation.
1. KWEB China Internet Stock ETF Breaks Above David Tepper “Go Big on China” Call. Yesterday-KWEB +4% vs. MAG 7 -1%
StockCharts
2. China vs. India Chart…China Big Move Back After Trailing India for 2 Year. 2025: FXI +28% vs. INDA -7%
StockCharts
3. VIX Volatility Index Never Broke Out of 2 Year Low Sideways Pattern
StockCharts
4. Gas Prices Down 4 Weeks in a Row…Crude Oil Breaking to 2-Year Lows
StockCharts
5. Global Gold Market Capitalization Surpasses $20 Trillion in 2025
Visual Capitalist
6. Largest 4-Week Inflow to European Equities in 10 Years
BofA Global Research
7. China’s EVs Increasing Sales Around the World
Bloomberg
8. Mortgage Refi Rejection Rate???
Bespoke Premium
9. Wait Until American Baby Boomers Leave Their Kids $80 Trillion
Via CNBC: Ferrari car buyers are getting younger. CEO says 40% of new clients are now under 40.
Key Points
Ferraris are becoming increasingly popular among younger buyers, with the CEO of the luxury automaker revealing that 40% of new buyers are now under the age of 40.
Speaking to CNBC on the sidelines of CONVERGE LIVE in Singapore, Ferrari CEO Benedetto Vigna said Ferrari remains on track for the landmark unveiling of its first fully electric car on Oct. 9.
The Maranello-based carmaker is well known for keeping a tight rein on the production of its cars, seeking to maintain the brand’s promise of exclusivity.
StockCharts
10. Where Should the Government Play a Large Role? Here is Where Americans Agree
Magnificent 7 stocks fell into bear market territory on Monday amid economic concerns.
The Daily Shot
2. Mag 7 vs. Rest of S&P 2025
Individual investors snapped up shares of an exchange-traded fund tied to the “Magnificent Seven” group of technology megacap stocks during the recent nosedive in the U.S. stock market, according to data on Wednesday. The Roundhill Magnificent Seven attracted a net $50 million of inflows in the four trading days ended on Tuesday, according to market analysis firm VettaFi. The inflows marked a sharp end to a five-week period during which the $1.68 billion fund lost $163 million in assets.
Reuters
3. Amazon Hits -20% from Highs…Closes Below 200-Day
StockCharts
4. Vanguard Europe vs. SPY 2025
StockCharts
5. Economic Policy Uncertainty Higher than 2008 GFC
Unio Capital
6. Follow Up From Yesterday’s Chart on Sentiment
Retail investor sentiment (III). There have only been 2 other instances were the % of bulls was <20 for 3 consecutive weeks: Dec’88 and Apr’22.
SentimenTrader
7. Small Cap Back to Lows
Bespoke
8. Walmart -19% Close to 200-Day
StockCharts
9. COST -17% Closes Below 200-Day
StockCharts
10. I’m a psychologist who studies couples—if you say ‘yes’ to these 4 questions, your relationship is stronger than most
Via TherapyTips: Low points are inevitable in any relationship; no two people can see eye to eye all the time. But when push comes to shove, how do you know if your relationship has the foundation to endure?
As a psychologist who studies relationships, I’ve come to learn that thriving relationships often share some key traits.
Here are four simple questions that can determine longevity of your connection. If your answers are all “yes,” you’re likely on solid ground.
1. If you weren’t a couple, would you still be close friends?
Every healthy relationship should be grounded upon a foundation of friendship. Imagine your partner as just a friend: Would you still want to spend time with them, laugh with them and turn to them for support?
Couples who say “yes” to this understand that relationships require a lot more than just passion and commitment. Studies even show that if like your partner as a person, your bond will be much harder to break.
On the other hand, some couples stay together out of habit, fear of starting over or because they feel they’ve already invested too much in the relationship to let it go. This is what keeps people in unhappy relationships for years.
2. Do you like who you are when you’re around your partner?
Your life partner should bring out the best in you. Does having them in your life make you feel supported, loved and inspired to grow? Or do you feel stifled, diminished and drained?
Truly great relationships often reflect what’s called the “Michelangelo effect.” Just like the artist shaped raw stone into breathtaking sculptures, healthy partners will “sculpt” each other into better versions of themselves. They encourage your goals, cheer on your successes and remind you of your worth even on hard days.
Unhealthy relationships can have the opposite effect. If being around your partner makes you feel small, criticized or unsure of yourself, it’s worth reflecting on why. The way you feel when you’re around your partner is often one of the biggest clues about how healthy your relationship is.
3. If you knew that your partner will never change, would you still want to be with them?
No one is perfect, but ignoring flaws isn’t really what love is about. Rather, we all have to learn that those imperfections aren’t what define your partner, nor your relationship. Couples in healthy relationships don’t rely on fantasies of how the other person could change — they focus on loving each other as they are presently.
This doesn’t mean you should tolerate toxic behavior. But it does mean accepting the small fumbles and imperfections that make your partner human, like forgetting to pick up their socks once in a while or telling the same joke over and over.
If you can genuinely say you’d choose your partner if they stayed exactly as they are, warts and all, then you’ve likely built a relationship that can stand the test of time.
4. When you have good news, is your partner the first person you want to tell?
One of the clearest signs of a strong relationship is that your partner isn’t just there for the hard times — they’re also your go-to person for sharing your wins. When you get exciting news, do you instinctively reach for your phone to call them? Do you look forward to celebrating your successes together?
Psychologists call this “capitalization,” and research shows that couples who actively share and celebrate each other’s good news tend to have stronger, happier relationships. It builds a sense of partnership and camaraderie — one that reinforces that your joys are their joys, too.
3. Bitcoin Miner Riot Almost Cut in Half Post Election
StockCharts
4. Russian Gas Exports to EU -90%…Gazprom Stock $300B Market Cap to $42B
Reuters
5. Natural Gas is 43% of Electricity Generation…+140% in 12 Months
Wolfstreet
6. Inflation Breakdown from CPI Number
yahoo!Finance
7. “Affordable Homes” Have Saw the Biggest Price Increases
Axios
8. Housing Prices During A Recession
Axios
9. 80% Of Coming Wealth Transfer Will Go to Women
Semafor
10. 3 Steps for Conducting an Exit Interview
Via Success Leadership Lab: I’ve been there—sitting through an exit interview, the final conversation that officially closes the door on your job. My eyes were swollen, and a lump formed in my throat as the interviewer turned on her camera. I wasn’t sure what to expect, what questions might come or why the meeting had appeared so quickly on my calendar. I had never had one before.
As the interview began, she explained that it was company policy to ask me a series of survey questions, and I was asked to answer them honestly. I nodded, and the survey began. I didn’t want to be there—I didn’t want to lose my job two days before Christmas. But I agreed, hoping that my answers might improve the company in some way.
That experience stayed with me. Since then, I’ve often wondered if there’s a better way to conduct exit interviews. Is there a right or wrong way to do them?
All companies are different, but there are ways to make exit interviews a little better for those involved. Let’s take a look at a few.
Conduct exit interviews face-to-face
According to Deborah McGee, president and CEO of PZI Group, a consultancy focused on human resources outsourcing, one of the biggest mistakes companies make is skipping exit interviews altogether.
“It’s a shame because I think they lose out on valuable information,” she says. “It’s an opportunity for the employee to discuss issues that they might have felt… or things that possibly the company could have done better.”
McGee also emphasized that exit interviews should be conducted by human resources. This helps HR see what their internal managers are doing, rather than by sending a survey to an employee’s inbox. “It should be done face to face. If somebody’s leaving your organization, you should take the time to at least spend five [or] 10 minutes with them,” she says.
Timing is another key factor. It’s important not to conduct an exit interview too early, as the employee still needs to work there, McGee explains.
At McGee’s company, she prefers to schedule exit interviews two days before the employee’s final day. This gives them enough time to share their thoughts while also allowing them to say their goodbyes and participate in farewell activities, like a final lunch.
The goal is to ensure that they leave on a positive note and maintain a good relationship with both their colleagues and the company culture, she says.
Watch what questions you ask
When conducting an exit interview, McGee suggests asking questions like, “‘What did you like about your position?’” She explains that it’s important to remember that nobody hates everything about their job.
Other questions to consider include, “What would you have done differently if you’d had the opportunity?” and “Would you consider coming back to work for this organization?”
McGee also recommends steering clear of certain questions, such as, “What didn’t you like about your manager?” or “Was there anyone in particular you had issues with?” While departing employees might choose to share these details, McGee stresses that the interview shouldn’t feel like a witch hunt.
While HR should have a guide or template with questions to ask, it should serve as just that: a guide. Interviewers should take the time to understand the individual they’re interviewing—rather than simply reading off a list of survey questions—and also remind them where their efforts were valued.
“Especially if they’re not leaving by choice, then praise them for what they did for the company,” McGee says.
Don’t take feedback personally
Exit interviews can be uncomfortable on both ends, especially if the interviewee is hostile or upset, McGee says. It’s important to recognize that the employee may be facing difficult circumstances, such as losing their insurance.
“They’re in a really hard spot that makes it uncomfortable,” she explains.
McGee also emphasizes that interviewers should avoid taking negative feedback personally. “It will feel personal because it’s person to person,” she says, but it shouldn’t be taken that way.
Overall, an exit interview should be just as important as onboarding since it represents the employee’s final experience with the company. Because of this, it’s important to understand the purpose behind the exit interview and ensure that it’s handled respectfully, McGee says.
What to do before getting to an exit interview
Although exit interviews often occur due to layoffs, they can also happen when employees choose to leave for better opportunities. Before it gets to that point, it can be helpful to check in with your employees while they’re still working for your company.
“We actually do stay interviews,” McGee says. After six months or more, she asks her employees, “‘Why do you stay with us? What are we doing well? How can we make it better for you?’”
Conducting stay interviews addresses employees’ concerns proactively an2d creates a better work environment, McGee says, which helps employees choose to stay rather than leave.
