Topley’s Top 10 – May 30, 2023

1. FXI China Large Cap ETF Negative for 2023

Chinese stocks negative after spike to start 2023

2. China Small Cap -18% 2023

3. ChatGPT Reached 100m Monthly Active Users in 2 Months vs. 9 Months for TikTok

Zerohedge BY TYLER DURDEN. OpenAI’s viral ChatGPT chatbot reached 100 million monthly active users in just two months in January after launching in November, making it the fastest-growing consumer application in history. For some context, it took TikTok nine months after its launch to reach 100 million users and Instagram 2.5 years.

4. Tech 3.23 Standard Deviation Over 50Day….Most Since 2004

Bespoke Investment Group Again, Tech has led the way higher with a sharp move this week.  The sector is now extremely overbought, trading 3.23 standard deviations above its 50-DMA; the fifth most overbought reading on record.  Since 1990, there have only been a handful of times in which the S&P 500 Tech sector has traded at least 3 standard deviations overbought, with the most recent being roughly six years ago. But to find the last time the sector was as extended as it is today, you’d have to go all the way back to early 2004!

5. Tech Sector Forward Price/Earnings Soars 46%

6. No Recession at Blackjack Tables

7. Mental Hospitals vs. Prisons in America

From Barry Ritholtz Blog

8. Global Democracies in Decline

9. Immigrants are Record Share of Workforce-3.4% Unemployment

MoneyWatch Aimee Picchi The share of immigrants in the workforce rose to 18.1% last year, an increase from 17.4% in 2021, the Bureau of Labor Statistics said in a recent report.

Employees who were born outside the U.S. had a lower jobless rate last year than native-born workers, the BLS said. Foreign-born workers had an unemployment rate of 3.4% in 2022, compared with 3.7% for people born in the U.S., it noted.

The biggest difference was among men, with about 77% of immigrant male workers over the age of 16 in the workforce, compared with 66% of those born in America, the analysis found.

10. This 101-Year-Old Is the Last Survivor of Pearl Harbor’s USS Arizona

Lou Conter survived the deadliest of the day’s attacks. He doesn’t want to be called a hero

By Joseph Pisani

He was one of the 334 people assigned to the USS Arizona who survived the 1941 attack on Pearl Harbor. 

Lou Conter was 20 years old when the warship he was on—the USS Arizona—was bombed by Japanese forces at Pearl Harbor in 1941. 

Now, at 101, he’s the last known survivor of the USS Arizona. He escaped the burning wreckage and helped crewmates to safety. Just don’t call him a hero.

“I consider the heroes the ones that gave their lives, that never came home to their families,” he said. “They’re the real heroes.”

The USS Arizona’s bombing was the deadliest of the attacks that day, killing 1,117 people. It accounted for nearly half of the 2,403 who died during Pearl Harbor. Conter was one of the 334 people assigned to the USS Arizona who survived.

He became the last known survivor in April, after his former crewmate Ken Potts died at 102 years old. 

The warship’s ammunition storage exploded during the bombings. The USS Arizona was so badly damaged that it was left to sink instead of being repaired. Its ruins are still underwater and viewable from the USS Arizona Memorial, which was built to hover over the warship.  

Conter helped pull crewmates out of the burning ship. 

“As we guided these men to safety, more often than not, their burned skin would come off on our hands,” Conter wrote in his 2021 book, “The Lou Conter Story.”

He often wondered why he made it out of the USS Arizona alive. 

“God didn’t want you to go that time,” he said he told himself. “There’s a lot more for you to do for the country.”

A month after Pearl Harbor, Conter went to flight school. Working 12- to 14-hour days kept his mind off the death and destruction he saw on the USS Arizona. 

“It helped out a lot to not think about it,” he said. 

He got his pilot wings in November 1942, he said, and was part of a team that flew Black Cat aircraft overnight doing bomb runs in the South Pacific. He said he was shot down twice, once in September 1943 and a second time three months later. Both times, he used a lifeboat to get to shore. 

After World War II ended, he said he returned to California and signed up for the reserves. In the early 1950s, he served again in the Korean War. 

Conter retired from the Navy in 1967 as a lieutenant commander. He became a real-estate developer in California, where he still lives. 

As the number of the USS Arizona survivors dwindled to about 30, they would get together, Conter said. The group got smaller through the years, from 13 to five and then to two.

“Now I’m the only one still living,” he said. 

Conter said he didn’t know Potts when they were on the USS Arizona, but they became friends decades later. He talked to Potts on the phone every three weeks, asking him how he was doing and whether he was eating well. “Keep your spirits up,” Conter would say. 

He is now on a new mission: Go back to Pearl Harbor this December. 

It has been about four years since Conter has been to the annual remembrance. His doctor had forbidden him from taking the nine hours of flights from his home in Grass Valley, Calif., to Hawaii. 

“I’d like to go once more,” Conter said. 

Write to Joseph Pisani at

Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the May 27, 2023, print edition as ‘USS Arizona’s Last Survivor, Age 101, Says He’s Not a Hero’.

Topley’s Top 10 – May 26, 2023

1. Amazon Chart

Yesterday was all NVDA but……AMZN 50day thru 200day bullish to upside.

2. NVDA Breakout

Believe it or not yesterday was NVDA break thru of 2022 highs

3. NVDA 50-60% of Revenues from AI

Most other companies in 10% Range

4. Next Chart to Watch for Breakout…Semiconductor Index

5. Get Ready for a Flood of Investment Products Around AI

New ETF uses artificial intelligence to time the market

The fourth ETF from upstart Qraft will test the limits of AI by going in and out of the market based on what the data say.

By Jeff Benjamin  Can artificial intelligence accurately time the stock market? The developers behind a new ETF from Qraft Technologies believe it can, and that’s the premise of the Qraft AI U.S. Large Cap Dynamic Beta and Income ETF (AIDB).

“We believe the application of AI in actively managed funds transcends the limitations of the human mind, allowing for potentially better risk management and investment decision making,” said Marcus Kim, Qraft founder and chief executive.

“This is an especially relevant potential benefit for investors in times of market distress when emotions and biases are heightened,” Kim said. “We’ve introduced AIDB to extend these benefits to investors seeking dynamic equity exposure amid global market volatility by anchoring this fund’s strategy to our time-tested AI risk prediction model.”

The ETF, which starts trading Wednesday, joins three other AI-enabled Qraft funds. The difference between those funds and the latest launch is the ability to move in and out of the market in varying degrees based on what the AI data is forecasting.

Francis Geeseok Oh, CEO of Qraft’s Asia-Pacific business unit, said the AI program, which considers more than 70 macro and market data sets, correctly predicted the market downturn in March 2020 leading into the Covid pandemic, as well as the downturn following the market peak in November 2021.

“We’re using AI to predict downside risk,” he said.

The ETF, which has an expense ratio of 70 basis points, has a potential range from being fully invested in a large-cap stock index all the way to being 100% in cash.

The current outlook, according to Oh, “doesn’t see much downside risk so it is suggesting participating 100%, despite the debt ceiling debate.”

The idea of using AI to time the market will likely appeal to some investors and at least be closely watched by financial advisors, said Todd Rosenbluth, head of research at VettaFi.

“Advisors are increasingly looking to tap into artificial intelligence to support investment needs,” he said. “This new ETF taps into the technology to support asset allocation decisions, shifting from equities to cash.”

Rosenbluth pointed out that Qraft’s largest ETF, the $10.7 million Qraft AI-Enhanced Large Cap Equity Momentum (AMOM), is up 9.1% this year. That is much stronger performance than the higher-profile $9.2 billion iShares MSCI USA Momentum Factor ETF (MYUM), which is down 3.9% over the same period.

Eric Balchunas, ETF analyst at Bloomberg Intelligence, described AI as “a huge trend,” but still a long way from being able to generate positive investment returns all the time.

“We’re pretty bullish overall on AI but the challenge is it’s an evolution of smart beta, which is an evolution of active management,and in that way, it faces the same hurdles as human managers,” he said.

Balchunas cited as an example the $107 million AI Powered Equity ETF (AIEQ), an actively managed fund powered by IBM Watson. Not only is the fund up just 3% this year, but its annual turnover rate hovers around 1,700%. That turnover rate compares to 3% for the Vanguard Total Market ETF (VTI).

The new Qraft ETF is shooting for a turnover rate of between 100% and 200%, according to Oh.

“If a computer has machine learning, maybe it will teach itself to trade less,” Balchunas said. “But the more you trade, it just becomes another cost you have to overcome.”

The other challenge Balchunas sees with the new Qraft ETF is the fact it’s offering active management in the large-cap equity space.

“Most advisers are dead set on passive when it comes to large-cap stocks, and it will be really tough to dislodge passive management,” he said.

Nate Geraci, president of The ETF Store, views the AI influence on investing as the latest shiny object for the asset management industry to chase.

“I’m expecting a wave of AI-related ETFs to hit the market as issuers seek to capitalize on what’s clearly a hot topic right now,” he said. “I would equate this to the slew of crypto-related ETFs that launched over the past several years. The use of artificial intelligence in the investment process carries some cachet and investors will begin seeing this term pop up everywhere.”

However, Geraci added, “the jury is still out on whether investors will actually benefit from the growing use of AI by asset managers. AI-powered ETFs sound great in theory, but the proof will be in the performance.”

Found at Abnormal Returns blog

6. Defensive Consumer Staples…A Big Reverse Smile.

Defensive sector Staples heading back to 2023 lows

7. Long-Term Chart of Federal Government Interest Payments….Up to 1980’s it was close to zero.

Huge move after 2008 and again post-Covid.

From Irrelevant Investor Blog

8. Household Debt Service Ratio Still Low After Rate Hikes.

Everyone is working with low rate mortgages locked in.

9. Start of Driving Season Compared to Last 5 Years

Morning brew blog

10. You are – What you think about (Recession, Economy, Stock Market)


May 25

You are – What you think about (Recession, Economy, Stock Market)

I’ve been asked by many readers and some clients for my thoughts on the economy and recession. 

As I am typing this, I’m thinking about how much ink I should be spilling on writing about the recession and how much time we, as investors, should be allocating to thinking and worrying about it.

Firstly, our ability to predict it is very limited – the economy is a complex system and thus incredibly difficult to forecast. Don’t believe me? The Federal Reserve employs a few hundred PhDs who stare at economic data 24/7 and they have yet to get it right, even once.

Secondly, recessions are not a death sentence to the economy but a natural, transitory phase.

This brings me to the third and most important observation: Time is the currency of life, and attention is how we choose to allocate this currency. As an investor, I can spend most of my day fidgeting, spending my time trying to predict the unpredictable and invest as if, at some point (I don’t know when), our portfolio will encounter a recession. Yes, earnings of some businesses will temporarily decline and then come back. Their stock prices may decline as well. But the value of the businesses, if we have done our analysis right, will not really change much. Recession – a temporary decline of cash flows – is a tiny blip in the stream of discounted cash flows.

There are three versions of ourselves: what people think of us, what we think of ourselves, and who we actually are. There is a saying, “Don’t tell me what you care about, show me how you spend your time.” We are at peace when who we think we are and who we actually are largely overlap. We are even more at peace if the two overlap in the version we’d like to be. We cannot really control what others think of us. The only thing we can do is to behave according to our values; but again, we should not tie our happiness to something we cannot control.

If you want to discover who you truly are, look at how you spend your time. If you are telling everyone and yourself, “I am a long-term investor,” but your daily attention is preoccupied with predicting and trying to avoid the next recession, then something has to change.

By the way, the above applies to many parts of our lives.

Topley’s Top 10 – May 25, 2023

1. S&P 500 Energy Sector Sell Off 2023 but Cash Flow Yields Straight Up.

Energy Sector strengthening balance sheets for years

2. Here is Why Energy May Not Be Spending on More Drilling……Energy Transition Spending Hits $1.1T

3. Vanguard’s Latest CAPM-Future Return Estimations

The latest forecasts from Vanguard, released Monday, aren’t as bullish. The indexing giant is expecting average annual gains over the next decade from U.S. equities between 4.1% and 6.1%, and inflation between 2% and 3%, meaning that the real gain for stocks could be as low as 1.1%. 

Vanguard is forecasting annual returns from Treasury bonds to be 3.3% to 4.3% per year, which is not dissimilar from the inflation-adjusted performance over the last 20 years of 1.4%.

Joy Wiltermuth

4. Buffett Bet on Japan Backed by Cheap Currency

Jack Ablin Cheap Yen: The currency is remarkably cheap when gauged against the dollar. Purchasing power parity, one of our favorite measures of a currency’s relative value, compares the purchase cost of a similar basket of goods in both countries with each corresponding currency. On that measure, the Yenis just off the cheapest level it’s been relative to the dollar in its history. We expect incrementally tighter monetary policy by the Bank of Japan will continue to boost the Yen. Meanwhile, a cheap Yen offers Japanese exporters an enormous cost advantage, as any revenue generated abroad will translate to stronger Yen-based profits at home.

5. Pimco, BlackRock Call End to Era of Stable Borrowing Costs

by Michael Mackenzie, Liz Capo McCormick, Bond-market titans BlackRock Inc., Pacific Investment Management Co., and Vanguard Group Inc. are warning that recent violent swings in US Treasuries are only the beginning of a new era of volatility that’s here to stay until central banks conquer inflation.

6. E-Sports Boom Big Slowdown

On pause

The e-sports world, which was booming beforethe pandemic kicked the industry into overdrive, is beginning to slow down. 

As reported by the NYTimes, owners of e-sports teams — who assemble a roster of talent similar to traditional sports teams — are looking for an exit. Expensive player contracts and waning viewership for some of the industry’s flagship competitions are leaving owners on the hook for major losses.

Viewership figures for the League Championship Series, the largest e-sports league in the US that sees gamers compete in League of Legends, have fallen. Data from Esports Charts reveals that fans tuned in for nearly 15 millionhours of the 2023 spring season — a staggering number, but one that was down 13% on last year, down 32% on 2021, and less than half of the 33mhours watched in 2017. The season-ending championship event for the game Rainbow Six Siege, known as the Six Invitational, has also seen 2 years of viewership decline, and the same is true of many other games.

Even the highly popular video-game streaming site, Twitch, is now showing signs of stagnation. The total number of hours watched on Twitch peaked two years ago, and has fallen in most months since — though more than 1,700 millionhours of content is still consumed every month on the platform.

Boss mode

A significant challenge for e-sports is the misalignment of incentives between team ownersstar playersand game publishers. Unlike traditional sports leagues, which secure lucrative broadcast deals, content in e-sports is primarily watched for free on YouTubeand Twitch, platforms where individual players distribute their own content. Game publishers also have competing incentives. They maychoose to invest in competitions, but probably only if they see the event generating more sales or subscriptions. The same goes for rule or format changes which may engage a casual player base — but aren’t necessarilythe best for the accompanying e-sports.

7. Equities: Equity fund flows have flattened out. Outflows next?

The Daily Shot Brief

Source: BofA Global Research

8. JP Morgan Takes Second Place to Microsoft in Carbon Removal Credits.

WSJ The biggest U.S. bank is making one of the biggest bets ever to remove carbon from the atmosphere as a way to fight climate change. 

JPMorgan Chase JPM -1.08%decrease; red down pointing triangle has agreed to invest more than $200 million to purchase credits from several companies in the nascent industry, company officials said. The money and JPMorgan’s endorsement are a boost to businesses that have removed only small amounts of carbon so far.

JPMorgan is making the purchases to neutralize the bank’s environmental footprint. It is also attempting to score new business by becoming a leader in a burgeoning clean-energy industry. The bank helped carbon removal startup Climeworks raise $650 million from investors last year and has fielded questions from big corporate clients about carbon removal.

9. Rent vs. Buy Hits Record Levels.

10. Self-made millionaire says parents need to stop giving young people ‘terrible life advice’—here are the worst

Matt Higgins, Contributor@MHIGGINS

It’s graduation season, which means many parents will observe a sacred rite of passage: dispensing terrible life advice to their kids.

Mom and Dad mean well. But the class of 2023 will enter a job market during one of the worst periods of uncertainty since the 2008 financial crisis.

I’ve endured similar crises, from growing up in poverty, to dropping out of high school to providing care for my disabled mother, to holding down two jobs while earning my college and law degrees.

Throughout my trials and my journey to becoming a self-made millionaire, bestselling authorCEO and investor, the one key to thriving was to not play it safe.

Here’s the worst and most outdated advice young people should ignore, and what to do instead:

1. “You need a fallback plan.”

Wharton study found that just thinking about a backup plan can significantly reduce the likelihood of Plan A from happening, along with the motivation to even try.

There are only a handful of things you can break in your 20s that you can’t fix in your 30s. The only way you’ll have a shot at being the next Taylor Swift is to believe that you will be, and to not worry about what happens if you fall short.

Trust your capacity and agency to figure things out if Plan A doesn’t work.

2. “Cut down your screen time.”

Screens are the future of work. Playing video games for 10 hours straight might not help, but you can learn all sorts of lucrative new skills online.

If you want to start a side hustle, write a business plan, launch a website or market a product or service, the right resources are out there, and often at low or no cost at all.

3. “Don’t sweat the small stuff.”

Partially untrue. While crippling anxiety should be addressed, not all anxiety is problematic. In fact, studies show that the most successful entrepreneurs harness anxiety and make it work for them.

They maintain what’s called a state of “optimal anxiety:” the balance between having enough anxiety to catalyze focus and improve performance but not so much as to inhibit excellence.  

4. “Go work at a big, stable company.”

It used to be sage advice to start your career at giants like Facebook, Google, Lyft, Netflix and Disney. But even companies that once promised 30-year careers are now facing massive layoffs.

Instead of going with a big name, go for the right role. Ensure that your interests and skills line up with the position you want, even if it’s at a small startup or midsize company.

Even better, use your skills and passion to start a business. It may sound crazy, but with a week of intense focus, you could use artificial intelligence to launch a business earning $10,000 a month. And then you won’t have to worry about layoffs.

5. “Buy a house and settle down.”

Lastly, the most important piece of advice every young person should know: Cash is king.

Save cash and preserve as much liquidity as possible. If it means renting or living at home, that’s fine. The housing market is due for a big correction that may take years to unwind.

And in a high inflationary environment, saving cash is more important than piling on debt. Credit card debt among people between 18 and 25 years old is also at the highest rate compared to any other age demographic, so be more cautious with excessive spending.

Matt Higgins is an investor and CEO of RSE Ventures. He began his career as the youngest press secretary in New York City history, where he helped manage the global press response during 9/11. Matt’s book, “Burn the Boats: Toss Plan B Overboard and Unleash Your Full Potential,” is out now. Follow him on Twitter and Instagram.

Topley’s Top 10 – May 23, 2023

1. FAANG Revenue Growth

Source: Otavio Costa at Crescat Capital

2. Investment Grade Bond ETF

Not much changing….still well below 200 week moving average

3. U.S. Treasury Cash Situation

4. Private Equity and Private Secondaries 20 Year Growth

From Irrelevant Investor Blog

5. Private Credit $500B to $1.3T

6. Financial Stocks Bought and Sold by Hedge Funds in Q1

LPL Research

7. China Local Government Debt is $23 Trillion.

Bloomberg Goldman Sachs Group Inc. estimates China’s total government debt is about $23 trillion, a figure that includes the hidden borrowing of thousands of financing companies set up by provinces and cities.

While the chance of a municipal default in China is relatively low given Beijing’s implicit guarantee on the debt, the bigger worry is that local governments will have to make painful spending cuts or divert money away from growth-boosting projects to continue repaying their debt. At stake for Xi is his ambition of doubling income levels by 2035 while reducing the gap between rich and poor, which is key for social stability as he seeks to rule the Communist Party for potentially the next decade or more.

8. Gallup Poll of Americans on Best Long-Term Investments

A Wealth of Common Sense Ben Carlson  Each year Gallup performs a survey that asks a group of Americans what the best long-term investment is among the following options:

  • Stocks
  • Bonds
  • Cash
  • Gold
  • Real estate

These are the latest results:

Great Full Read by Ben

9. College Seniors Want Flexible Hours.

Food for Thought: What do college seniors see as the most important benefit in their first job?

Source: Quality Logo Products

10. 3 Ways to Overcome Anxiety in Decision-Making

Want to make choices easier? Facing too many options creates unnecessary stress. Kevin Bennett Ph.D.


  • People should give themselves and others limited options when making decisions.
  • It might be less adventurous, but it helps to stick with what one knows and what has worked in the past.
  • Avoid regret by not obsessing so much over a decision that could turn out wrong.

Expect a series of follow-up questions when you ask the paint specialist for a can of green at your favorite hardware store: “Is this for interior or exterior?” “What material is the wall surface?” and “What shade of green?” So many choices! There are light green, dark green, lime, emerald, and olive, just to name a few. Seems like good business to offer so many options, right?

In the world of decorating, this may be so, but not everything in life is better with more choices. Here are three ways to overcome the anxiety of choice overload.

1. Minimize the options.

You want the latest technology, but there are so many options. You want the most delicious plates on a menu, but there are at least 20 entrees that look good to you. What about a movie tonight? OK, but there are so many apps for streaming that it’s hard to know where to begin.

Titan of industry Henry Ford once boasted that the customer could have a car painted any color as long as it was black.* The automotive industry has changed quite a bit since, but this was standard in the 1920s. It seems that previous generations faced fewer consumer product choices across the board. Television came of age in the 1950s at a time when viewers had a choice of three or four stations. That’s it. Because so many products and services were localized at the time, consumers had regular access to just one or two newspapers and a couple of clothing, book, and grocery stores. Options were even more scarce back in the distant ancestral past.

What to do? If your family wants to go out to eat and cannot decide between the various combinations of cuisines and specific restaurants, you can give them a list of limited options from which to choose. Essentially, you want to clear a path for them so they can manage the mental computations necessary to decide. Try this: We all want to go out to eat tonight, so let’s pick between restaurants A, B, and C. It’s much easier to manage a discussion about the pros and cons of three eateries vs. 37.

Making a decision by yourself? The strategy remains the same for a solo choice. Find a way to reduce the choice to two or three randomly selected options. For example, if you are putting together a takeout order, promise yourself you will pick from the first two restaurants you see on a delivery app, or that appear at the top of a Google search.

This is a practical parenting tip as well. Lay out three outfits on the bed for your 5-year-old and ask them to pick one. They will enjoy the autonomy that comes with making a decision, and it is good for healthy development.

2. Stick with what you know.

Choice overload, in the extreme, leads to analysis paralysis. When the number of options available pushes up against our limited cognitive resources, something has to give. Either we make poor decisions because we cannot possibly process all the new information adequately, we give up due to fatigue and decide blindly, or we simply feel overwhelmed and incapable of deciding. A time traveler stepping into today’s world from the distant past might be paralyzed by the dizzying array of sizes, colors, and models of everything. A world filled with so many choices has given rise to the concept of analysis paralysis.

Analysis paralysis refers to the state of overthinking or excessive deliberation that hinders decision-making. It occurs when individuals become so overwhelmed by the abundance of options or information that they struggle to make a choice or take action. Don’t be afraid to put the decision on pause and sleep on it. When you resume after a good night’s sleep, let your refreshed brain guide you to a more confident decision.

What to do? Stick with what you know. Good habits are shaped when dopamine and other reward-associated neurotransmitters in the brain see the activity as a positive one. The net effect, psychologically, is that the consistent choices you make over time are viewed as good ones by you. In other words, keep doing what you are doing because it’s working. In your food app, browse through the favorites section to help make your picks. Of course, there is an argument to be made for trying new things and stepping out of your comfort zone, etc., but we’ll save that topic for another day.

3. Don’t obsess over the wrong decision.

Regret is an unpleasant emotional state that features sadness and disappointment about negative outcomes or opportunity loss. Sometimes we feel regret after a voluntary action (an “act of commission” ): for example, breaking up with your boyfriend only to look back sadly on your choices years later. An “act of omission,” on the other hand, produces regret because we missed a chance when we should have taken it (e.g., talking to an attractive person, going skydiving, taking an extra week of vacation, etc.).

Intriguing laboratory data reveals that among bad outcomes, people regret acts of commission more than acts of omission. Most of us would feel distressed over losing out on a lottery jackpot after we had changed our numbers from the winning combination to some other pick. This would sting more than just losing on our first pick of numbers.

What to do? Don’t waver. Stick with your first choice, and once you’ve decided, commit to your decision. Do you really want to spend all that time and effort reanalyzing and going back and forth?

* Henry Ford’s statement, “Any customer can have a car painted any color that he wants so long as it is black,” was made at a sales meeting. In his book My Life and Work (1922), he followed up with an observation, “I cannot say that anyone agreed with me.”

Copyright © Kevin Bennett, Ph.D. 2023

Topley’s Top 10 – May 22, 2023

1. Apple is Worth More than the Entire U.S. Small Cap Stock Index.

Barrons–But at some point in the past couple of weeks, depending on data providers, Apple’s market capitalization, at $2.76 trillion, topped the combined market cap of the entire Russell 2000RUT –0.62%  index of small-cap stocks.    And it gets worse. Today’s five biggest stocks—Apple, Microsoft (MSFT), Alphabet(GOOGL), (AMZN), and Nvidia (NVDA)—have a combined market cap of about $8.7 trillion, almost 25% of the S&P 500 cap and about 3.2 times the $2.7 trillion Russell cap.  That, says Michael Arone, chief investment strategist at State Street’s U.S. SPDR exchange-traded fund business, is now larger than the five biggest stocks were relative to the Russell 2000 at the peak of the dot-com boom in 1999 and 2000.

Chart AAPL vs. IWM (small cap Russell 2000)

Al Root at

2. Apple and MSFT 14.1% of S&P….NVDA Trading at 29X Sales.

@Charlie Bilello

Here are the 10 highest Price to Sales Ratios in Nasdaq 100 today…

1.      NVIDIA $NVDA: 29x 

2.      Lucid $LCID: 18x 

3.      Intuitive Surgical $ISRG: 18x 

4.      Seagen $SGEN: 17x 

5.      DexCom $DXCM: 16x 

6.      Datadog $DDOG: 16x 

7.      Cadence $CDNS: 16x 

8.      CrowdStrike $CRWD: 15x 

9.      Verisk $VRSK: 15x 

10.   CoStar $CSGP: 14x

3. NVDA Earnings this Week….Right at Pre-Tech Sell Off Highs

4. Seven Months Without New Lows.

JP Morgan Private Wealth.

5. Budweiser Only Gets 30% of Profits from U.S. and Canada.

Andrew Bary Barrons

6. Mineral Mix in Average EV Battery

Capital Group

7. Price Per Sq Foot for Offices -30% 

Torsten Slok Apollo Group

8. The Greatest Wealth Transfer in History Is Here….Baby Boomers $78 Trillion

Source: New York Times

9. Largest Endowments in World Dominated by U.S. Universities.

The Largest Endowment Funds The largest endowment funds can be compared on a grand economic scale, in terms of assets.

To put it all into perspective, the largest 50 endowment funds represent over a trillion dollars in assets. Or for a more singular example, look at Harvard’s fund, which has an endowment greater than the entire GDP of countries like Serbia, Bolivia, or Slovenia.

Here’s how the top 50 rank.


Endowment Fund

Total Assets



Ensign Peak Advisors, Inc


North America


Japan Science and Technology Agency




Stanford University


North America


Harvard Management Company


North America


Yale University


North America


Princeton University


North America


MIT Investment Management Company


North America


Duke University


North America


New York University


North America


Columbia University in the City of New York


North America


University of Notre Dame


North America


KAUST Investment Management Company


Middle East


Emory University


North America


Johns Hopkins University


North America


Church Pension Fund


North America


University of Chicago


North America


Ohio State University


North America


Northwestern University


North America


Washington University in St Louis


North America


Penn State University, Office of Investment Management


North America


Notre Dame of Maryland University


North America


Cornell University


North America


University of Southern California


North America


Vanderbilt University


North America


University of Virginia Investment Management Compnay


North America


University of Tokyo




National University of Singapore




UNC Management Company


North America


University of Michigan Office of Investments


North America


General Authority of Awqaf


Middle East


Church Commissioners for England




J.Paul Getty Trust


North America


Trinity Wall Street Episcopal Church


North America


Unitersity of Utah


North America


Brown University


North America


Kamehameha Schools


North America


Dartmouth College


North America


Hong Kong Jockey Club




Rice University


North America


The Leona M. and Harry B. Helmsley Charitable Trust


North America


University of Pittsburgh


North America


Nature Conservancy


North America


University of Toronto Asset Management Corporation


North America


University of Rochester


North America


Virginia Commonwealth University


North America


Purdue University


North America


University of Miami


North America


University of Minnesota


North America


Caltech Investment Office


North America


Metropolitan Museum of Art of New York City


North America

10. Late-Night TV RIP

Scott Galloway