Topley’s Top 10 – October 19, 2022

1. Netflix Breaks Out of 3 Months Sideways Pattern

NFLX sideways pattern broken to upside with earnings

https://markets.businessinsider.com/news/commodities/europe-energy-crisis-eu-russian-lng-fuel-energy-prices-high-2022-10

2. Less Than 25 Days Supply in the Strategic Petroleum Reserve

@JamesHMackay

https://twitter.com/JamesHMackay

3. Gasoline Prices

by Jill Mislinski

https://www.advisorperspectives.com/dshort/updates/2022/10/18/weekly-gasoline-price-update

4. Bond Crash….Lost Decade for Core Bonds

LPL Research

https://ipresearch.com/2022/10/18/a-lost-decade-for-core-bons/

5. EU ramps up Russian LNG purchases by 50% this year as Moscow cuts off natural gas pipeline supplies

The EU ramped up its purchases of Russian LNG this year, as Moscow slashes gas supplies via pipeline.
Imports of Russian LNG totaled 15 billion cubic meters through September, up 50% from last year.
Europe is scrambling to replace slashed pipeline flows through LNG purchases, which have allowed Moscow to pull in hefty amounts of cash.

The European Union has ramped up its purchases of Russian liquefied natural gas this year, while Moscow has slashed pipeline flows.

The EU’s imports of Russian LNG totaled 15 billion cubic meters through September of this year, up 50% from a year ago, Tim McPhie, the European Commission’s spokesperson for climate action and energy, told reporters on Friday, according to Russian news outlet Kommersant.

Still, Russia’s share of total EU LNG imports dipped to 17% from 20% a year ago, as Europe has sharply increased its purchases from other parts of the world.

The EU’s overall LNG imports soared 66% to almost 88 billion cubic meters through the first nine months of the year.

European countries have been snapping up LNG cargoes from the US and Qatar recently as they scramble to build up inventories ahead of winter while Russia slashes pipeline gas flows.

Over the summer, Moscow began cutting deliveries via Nord Stream 1, then completely cut them off last month. Then earlier this month, explosions underwater blew open leaks in the pipeline in a likely act of sabotage.

Russia still supplies some pipeline natural gas to Europe via other pipelines, but not much: flows have been reduced from 350 million cubic meters at the start of the year to 70 million cubic meters, according to the most recent estimates from Kommersant.

While LNG has helped make up for lost pipeline supplies, it comes with its own complications. LNG differs from pipeline gas in that it is largely imported overseas through tankers, and needs to be regasified before being used for energy.

Dozens of ships are circling the coast of Spain and other European countries as they wait to offload LNG cargoes, according to Reuters. The number of ships arriving outpaces the number of regasification terminals that can accommodate them.

In addition, increased LNG competition this year with Asian customers has ramped up prices and tanker rates dramatically. LNG ships now cost a record $400,000 a day, and Europe can no longer rely on cheap US LNG as supply continues to grow tight, a Texas-based LNG firm warned.

Meanwhile, Russia has been pulling in large amounts of cash through LNG sales, which are on track to reach a record high for the year, according to data from Bloomberg.

6. Office Leases Signed Annually

@chasingthevig

https://twitter.com/chasingthevig

7. Half of Airnub Listings Have Been Added Since 2020

8. Personal Savings Rate Down and Consumer Credit Up

@Charlie BilelloThe answer: they are saving less (lowest savings rate since 2008) and borrowing more (highest increase in consumer credit since 2011).

Needless to say, this trend cannot go on forever, which is why bringing down the rate of inflation remains critical to the long-term health of the economy.

9. Americans Trust in Media Still at All-Time Lows

STORY HIGHLIGHTS

34% have a “great deal” or “fair amount” of confidence in media
38% with no trust at all outpaces great deal/fair amount for first time
70% of Democrats, 14% of Republicans, 27% of independents trust media

Gallup BY MEGAN BRENAN https://news.gallup.com/poll/403166/americans-trust-media-remains-near-record-low.aspx

10. 6 steps to self-acceptance

Psychology Today Karyl McBride Ph.D.

1. Make a commitment to work on self-acceptance. This simply means you decide to address your level of self-acceptance and work on it. To begin, notice your self-talk and whatever you are beating yourself up for. Keep a self-acceptance journal and write down the messages you are sending yourself.

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2. Assess and work on any past trauma. If you have trauma in your past, take note of it and write about it in your journal. Try to identify any trauma you have experienced and begin to process it. You may need to do this with a therapist.

3. Determine your own value system. Take an inventory of what you believe in and what you don’t believe in. Write down your most important values and why you want to live by those values. Your value system may include some of what you were taught growing up, but you may also make the conscious decision not to include some of what you were taught to believe in your family of origin. Your value system should only include what is right for you.

4. Use your adult self to correct the negative messages you are sending yourself. Using your paternal or maternal adult self, speak to your inner child and correct the negative messages you’re sending yourself. Write to your inner child and talk to him or her as you would talk to any small child. Explain why the messages are wrong and decide how you want to correct them. For example, if the message is “I am not good enough,” explain to your inner child why you are good enough.

5. Forgive yourself for mistakes and failures. Make a conscious decision to offer yourself forgiveness. We can’t blame ourselves for things we didn’t know or weren’t aware of before, even if we are aware of those things now. It’s important to learn from our mistakes, but it is never helpful to keep punishing ourselves for regrets we may have.

6. Accept imperfection. No one is perfect, and no one can be perfect. Ask yourself: Who do I think I am that I have to be perfect, but I don’t expect others to be? Learn to accept yourself for all of who you are: your strengths, weaknesses, mistakes, and all.

https://www.psychologytoday.com/us/blog/the-legacy-distorted-love/202112/6-steps-self-acceptance?collection=1180927

Topley’s Top 10 – October 18, 2022

October 18, 2022

Source: @bespokeinvest https://chartstorm.substack.com/p/weekly-s-and-p500-chartstorm-9-october-624

1. Last Week We Hit A Record Low Amount of Retail Investors That Say They Invest in Financial Markets

From Callum Thomas Chart Storm The Rise and Fall of Retail Investing: Bespoke’s survey of consumers showed a record low % that say they invest in financial markets.

Probably reflects a combination of bad market performance and less money to invest as the bad macro crunches consumers…

2. Ben Carlson Excellent Stats Always on Blog…..History of Bear Market Bottoms-Economic Signals Different on Every Bottom.

Highly Recommended Wealth of Common Sense Blog

I wish it was easy but there are no all-clear signals to tell you when the dust is going to settle. Just look at various fundamental indicators at the bottom of every bear market since 1945:

If you look at interest rates, valuations, inflation rates and dividend yields for every one of these bottoms there isn’t much consistency. You could try to use the economy as a tell for the stock market but good luck with that.

https://awealthofcommonsense.com/2022/10/what-a-stock-market-bottom-looks-like/

3. Valuation Expansion in Tech Sector vs. Earnings Growth and Dividends

Jack Ablin Cresset Capital Between 2011 and 2021, the technology sector delivered a cumulative 760 per cent return to investors, or about 24 per cent annualized. Of that, 620 percentage points was attributable to valuation expansion, leaving 140 per cent, or about 9.1 per cent annualized, attributable to earnings growth and dividend yield. As we have pointed out repeatedly in our research, it’s unlikely investors will have the luxury of valuation expansion over the next 10 years.

https://cressetcapital.com/post/q3-earnings-will-show-damage-from-rates-inflation-dollar/

4. Dollar Yen Spread Hitting 42 Year High

Zerohedge BY TYLER DURDEN–Japanese Prime Minister Fumio Kishida is stepping up the rhetoric against a weaker yen, suggesting that policy makers may be willing to step into the markets yet again. Japan’s “yentervention” is doomed to failure.

As Bloomberg’s Ven Ram notes, it is important to prepare appropriate action on the yen, Kishida has told parliament, as USD/JPY hovers not too far away from the psychologically significant 150 level. In fact, into the close the USDJPY spiked above 149, a new post-1990 high for the pair.

https://www.zerohedge.com/markets/japanese-jawboning-wont-stop-yens-explosive-downward-spiral-testing-150dollar

5. Tesla Finally Gets the -50% Pullback

Wolf Street Blog

https://wolfstreet.com/2022/10/15/tesla-shares-get-halved/

6. The Federal Reserve Posted its First Operating Loss in a Decade

Bloomberg ByTracy Alloway @tracyalloway

The Federal Reserve is posting its first operating loss in years as interest rates soar and demand for US bonds craters.

Fed data show the central bank reporting earnings remittances due to the US Treasury of negative $2.9 billion as of Oct. 5.

It’s a stark, though not unexpected, turn of events for a central bank which made billions in extra interest income from its expanding balance sheet in the years since the financial crisis. Of course, the Fed isn’t a “normal” investor. It cannot go bankrupt and any operational losses stemming from its vast portfolio of bonds will simply mean it remits less money to the US Treasury.

But it does highlight the dramatic shift in the economic environment and could make for uncomfortable optics at a time when the Fed is already under pressure to bring down inflation. The central bank has ramped-up its fight against higher prices, paying added interest on bank reserves and through programs like the reverse repurchase agreement facility, better known as the RRP, as it attempts to dampen demand.

Source: FRED, St Louis Fed

“The Fed’s interest expense — the interest it pays banks and RRP counterparties — increases with each rate hike,” says Joseph Wang, a former trader on the central bank’s open markets desk and the founder of the Fed Guy blog. “The 75 basis point September rate hike pushed the Fed into an operating loss. With expectations for a ‘higher for longer’ Fed, the operating loss is likely to significantly increase in the coming months.”

As Wang explains, the move to an operating loss is notable because it so rarely happens. In the years since the global financial crisis, the US central bank earned more than $1 trillion in interest income that it remitted to the US Treasury.

And while losses are likely to be uncomfortable for Fed policymakers who will have to answer awkward questions about it, it’s not expected to have a major effect on monetary policy.

“This isn’t something to be concerned about because it doesn’t have a meaningful impact on monetary policy and is likely temporary,” Wang adds. “The Fed cannot go broke, and the operating loss will go away when the Fed cuts rates during the next downturn. The optics of a money-losing Fed aren’t good, though.”

For more in-depth analysis of what this means for the Fed, check out this article from earlier in the year.

https://www.bloomberg.com/news/articles/2022-10-10/it-s-official-the-fed-s-in-the-red?sref=GGda9y2L&leadSource=uverify%20wall

7. Momentum Builds for Creating a Treasury Bond Buyback Program

Alexandra Harris

(Bloomberg) — The long-simmering idea that the US government should stand ready to buy back Treasury securities from investors to improve market functioning is moving closer to reality.

While the Treasury Department has carried out buybacks in the past — most recently between 2000 and 2002 — and while its industry advisers since then have urged it to consider establishing a program, steps taken in that direction last week were more than experts anticipated.

Liquidity metrics for the US government debt market are approaching crisis levels after a year of steep losses for bonds caused by rising inflation and Federal Reserve interest-rate increases, and with the central bank simultaneously cutting some of its holdings, the situation may worsen. Treasury Secretary Janet Yellen expressed concern about it last week.

https://finance.yahoo.com/news/momentum-builds-creation-treasury-bond-174307311.html

8. Checking a lot of Charts…..AA Alcoa $94 to $34 Since April

http://www.stockcharts.com/

9. Jim Reid Comments on Philly Fed Index

Jim Reid Deutsche Bank-Positives week last week was a bit of a struggle at times but I hope you appreciated the attempt to put a more positive spin on what is a fairly bleak outlook over the next 12 months (in my opinion), notwithstanding any countertrend rallies etc. Ultimately though much hinges on the question of if, when and how deep a US recession is.

On this theme, we first showed a version of this chart back in Q2 to highlight how if history was to believed, the US wasn’t yet close to a recession even though we fully expected one in 2023.

Since this data was first collated in the late 1970s, we have needed at least 5 US states to be seeing negative monthly activity for 7 successive months for a recession to start. Up to April we had no states showing negative activity. We crossed our 5 state threshold in June and jumped to 16 states seeing negative activity in August (the last print). So if we stay above 5 until December then the conditions for a recession will have been met. So we will be keeping an eye on this for the next few months.

Interestingly for 25 months post September 1984 we had more than 5 states with negative activity without a recession. However this perhaps shows the lag of monetary policy. The first of these 25 months marked the peak of a hiking cycle that saw rates go from 8.5% to 11.75% over the preceding 18 months. However from that point on rates were progressively slashed to trough at just under 6% at exactly the time growth returned to at least 45 states again.

So back then a recession was likely avoided by a big Fed pivot. That’s probably the main way a US recession can be avoided in 2023. But given the lags and last week’s CPI print, this looks very unlikely at this stage.

10. Psychology Says You Can Actually Sell Anything, So Long as You Use These 4 ‘Hidden’ Switches

Mastering the art of persuasion is a necessity when it comes to setting up a successful business. Here’s how to tap into the human psyche and turn potential customers to actual ones.

BY PETER YANG, CO-FOUNDER, <A HREF=”HTTPS://WWW.RESUMEGO.NET“>RESUMEGO</A> AND <A HREF=”HTTPS://WWW.MOCK-INTERVIEW.ORG“>MOCK INTERVIEW</A>@THEPETERYANG

The most knowledgeable and renowned marketers in the world view marketing not as an “art form,” but rather as an exact science. This is because marketing, like science, has been researched to death, experimented with since the dawn of time, and studied to the point where we can predict exactly what will and will not work.

I’ve been obsessed with the art of persuasion and marketing all my life, and this obsession has led me to study the very best out there–from Robert Cialdini to Seth Godin to Gary Vaynerchuk. After learning from these marketing gurus, as well as applying and experimenting with different marketing techniques myself for over a decade, I can tell you that there isn’t a product in the world that can’t be sold if you are able to simply flip four key switches that lie hidden within the human psyche.

1. Solution Switch: Show that your product is the answer to their problems.

People do not buy products. They buy solutions. And if you can convince your customers that your product is the solution to whatever problems they might be having, you’ll spark their interest and turn on the most important switch necessary to making a sale.

Take, for example, a sales video designed for an internet business. As an online entrepreneur, what is it that makes purchasing a sales video from someone such an exciting prospect for your website? Is it the creativity and wittiness that’s embedded within a memorable sales video? Or the extra care and effort that’s put into making it? It’s neither of these things, of course, because the real excitement doesn’t have anything to do with the features of the video but rather the leads and potential customers that the sales video can generate. So don’t market your product. Market the source of your customer’s excitement.

2. Trust Switch: Become an authority figure.

Trust is a necessary component of making a sale, and whether it’s consciously or subconsciously, all customers want to know that they’re buying from a legitimate source. The key to flipping a customer’s trust switch is to convince her that you’re an authority figure–someone who is trusted as an expert on the subject at hand.

To illustrate just how powerful the trust switch can be, think about the last time you visited a doctor and ask yourself why it is that you, and almost everyone you know, trust your doctors. It’s because when it comes to health and medicine, doctors are viewed as the ultimate authority figures. So when doctors tell us we should take such and such medication to fix such and such health problem, we listen to them because we trust them–not because we necessarily understand the medical reasoning behind their suggestions. This very fact highlights why trust is such a powerful persuader. The moment we trust someone as an authority figure, we are sold on anything he tells us.

3. Likability Switch: Befriend your customer.

We resonate with those who share our beliefs and ideologies, and we have trouble relating to those who don’t. Similarly, customers prefer to buy from people they like. It’s the whole reason why PR nightmares like the BP oil spill and the United Airlines overbooking incident are always followed by a noticeable decline in business, and it’s also why companies love to publicize their charitable acts of philanthropy.

The likability switch works on a high level with regards to a company’s image, but it’s even more potent when applied at the customer level. Customers want to feel that you’re truly out to help them and that you’re listening to what they have to tell you. This often means trying to understand your customers and tailoring your product or service to solve their unique problems. By befriending consumers and building strong relationships with them, you elevate yourself above the rest of the competition because customers see you not as a greedy corporate identity, but as a friend.

4. Evidence Switch: Customers need proof, not promises.

People are often skeptical about whether or not they’ll actually realize the benefits they hope to get from their purchase. It’s this uncertainty that puts them on edge, as it can be very difficult to ascertain the quality and effectiveness of what you’re trying to sell before actually making a purchase. In the back of their minds, customers are asking themselves a lot of questions: Will taking this marketing course really make me a master salesman and triple my income? Will buying this new outfit really impress all my friends? Will paying for this professional résumé writing service really double the number of interviews I get?

This is where you come in. Provide potential consumers with logical reasoning, quantitative data, or customer testimonials that validate what they were hoping to be true to begin with. Give them hard evidence proving that they will reap all the benefits they desire from your product, and you will easily win them over as eager customers.

https://www.inc.com/peter-yang/psychology-says-you-can-actually-sell-anything-so-long-as-you-use-these-4-hidden-switches.html?cid=sf01003

Topley’s Top 10 – October 17, 2022

October 17, 2022

1. S&P and Nasdaq Largest Reversals from 52 Week Lows ….Thursday was 5th largest intra-day reversal ever for S&P and 3rd largest for Nasdaq

Sentiment Trader

https://twitter.com/sentimentrader

2. S&P Price to Earnings Ratio History.

https://www.bloomberg.com/news/articles/2022-10-13/big-hedges-50-charts-okay-earnings-behind-the-stock-bounce?srnd=premium&sref=GGda9y2L

3. Vanguard Total Stock Market Index Sitting on 200 Week Moving Average.

https://cressetcapital.com/post/strong-dollar-feedback-loop-hurts-top-and-bottom-lines/

4. Homebuilder ETF Tests 200 Week Moving Average for Second Time.

5. Owners Equivalent Rent is the Number WE Need to Come Down. (35% of CPI)

Business Insider-While food and gas prices are no longer surging at the extraordinary rate seen earlier this year, housing costs have taken their place. Owners’ equivalent rent — which measures how much rent would need to be paid to substitute an owned home as a rental property — soared 6.7% in the year through September, the Bureau of Labor Statistics said Thursday. That’s up from the prior month’s pace of 6.3% and the fastest rate since data collection began in 1984. The measure captures just how expensive shelter has become for buyers and renters alike. Soaring interest rates have ripped through the housing market in 2022, driving mortgage rates to highs not seen since the peak of the mid-2000s housing bubble. That’s made homes much less affordable for most buyers, as monthly payments on home loans are now far larger than they were just one year ago.

That’s bled into the rental market, too. Demand for rental properties has rallied as Americans shy away from buying, leading costs to soar at apartments and rental homes, too. For those who don’t own their home and haven’t locked in a low mortgage rate, shelter is as expensive as it’s ever been.

Ben Winck, Alcynna Lloyd, and Madison Hoff

https://www.businessinsider.com/are-home-prices-rising-housing-inflation-cpi-september-rate-hikes-2022-10

6. Inflation Summary Since 2020

www.chartr.com

7. F-150 Highest Selling Car in America…Price Chart

Wolf Street The chart below shows the MSRP for each model year of the F-150 XLT (red, left scale), and the Camry LE (purple, left scale), and the Consumer Price Index for New Vehicles (green, right scale). We’ll get to the details and numbers in a moment:

years of real-world price increases compared to the CPI for New Vehicles.

https://wolfstreet.com/2022/10/12/tge-wolf-street-real-world-new-vehicle-price-index-f-150-xlt-camry-le-models-fords-trucks-price-shocker/

8. South Korea Semiconductor Exports Index

Jack Ablin Cresset Capital

Semiconductor Index Hard Close Below 200 Week

9. SOFR Overnight Lending Rate ZERO to 3% in 7 Months …..$80 Trillion in Notional Debt Tied to SOFR

What Is the Secured Overnight Financing Rate (SOFR)?-The Secured Overnight Financing Rate (SOFR) is a benchmark interest rate for dollar-denominated derivatives and loans that is replacing the London Interbank Offered Rate (LIBOR). Interest rate swaps on more than $80 trillion in notional debt switched to the SOFR in October 2020. This transition is expected to increase long-term liquidity but also result in substantial short-term trading volatility in derivatives. https://www.investopedia.com/secured-overnight-financing-rate-sofr-4683954

Y Charts

https://ycharts.com/indicators/sofr

10. The Stockdale Paradox

The Daily Stoic-We’ve talked before about the so-called Stockdale Paradox—the blazing determination inside Admiral James Stockdale that allowed him to believe that, despite his imprisonment and torture, he would not only survive but thrive because of his experience. There’s something similar in Meditations where Marcus Aurelius, reflecting on the plague and the wars and the troubles that beset his reign, actually says to himself, “It’s fortunate that this happened to me.”

The Stoics always believed they could find a way. But it’s important to understand where this was coming from, lest we confuse resilience with naivete or worse. In a recent episode of Ramit Sethi’s wonderful podcast, one of the guests explained how his father, despite having to raise his kids in a trailer while making $30,000 a year, inspired his kids to believe that everything was going to be OK, that they’d get through it, that they would find a way. This was a wonderful and important lesson, except now as an adult working as a mortgage broker, the man seemed remarkably naive about the potential vulnerability of his industry to the turbulence of the economy. What if the market turns, he was asked. “I trust that my company will take care of me,” he said. Wasn’t he concerned that he had so little in the way of savings or emergency funds? No, he said, it’ll all work out. My company will take care of me.

The word for this attitude is not “Stoic,” it is Panglossian, a term derived from the novel Candide by Voltaire. A Stoic believes that they’ll find a way through no matter what happens, yes, but they are also realistic. They try not to depend on things outside their control.

When asked who fared worst in the North Vietnamese prison camp, Stockdale singled out one group: the optimists. They were convinced they’d be rescued soon. They were convinced it was going to be over any day now. Ramit’s mortgage broker guest went one step further, he was a fantasist. He dreamt of a reality that simply didn’t exist. We cannot be so naive or excessively optimistic or wishful, as to place our fate in the hands of others. Like the Stoics, we must never expect, or hope, or believe that anyone is coming to save us. Because it’s the expectation, the entitlement, the naivete that crushes us.

https://dailystoic.com/

Topley’s Top 10 – October 13, 2022

October 13, 2022

Federal Officials Trade Stock in Companies Their Agencies Oversee – WSJ

1. 10 Year UK Bonds Have Returned to Average

Jim Reid-For “positives only” week part 2 we look at the most topical global government bond market at the moment – namely Gilts.

Although there is a lot of uncertainty in the UK (LDI unwinds, BoE support commitment, terminal rate, fiscal and inflation outlook etc.), let’s look at the one big positive for Gilts and that is the rapid repricing.

As recently as 2020, 10yr Gilts were trading at 0.08% and 10 months ago were below 0.70%, the former being the most expensive in the 322 years we have data covering UK government borrowing costs. These levels flew in the face of everything you could possibly learn about long-term valuations and long-term inflation.

Fast forward to now and the rapid correction has left 10yr UK Gilt yields at around their long-term average of 4.5% for the first time since 2007, after the second largest annual correction in history behind only 1974.

While the reasons we got here are negative, at least some yield is returning to developed markets and will thus help future returns.

Is it enough? Maybe average isn’t enough but as this is “positives only” week the fact that we can have a conversation about whether value is returning is in itself a huge positive after years of there being none whatsoever.

2. FX (Currency) Volatility Hits Covid Levels

From Dave Lutz at Jones Trading–As the G7 Financial ministers gather, FX Volatility and Dollar Strength have to be a big factor for discussion – The communique following this week’s meeting in Washington of G7 finance ministers and central bank governors is likely to repeat a long-standing commitment to market-determined exchange rates, European Union and UK officials told MNI. “if the U.S. could be persuaded to add an expression of concern over dollar strength, it would fall short of a signal of intervention, for which there is little support in the G7, including in Brussels” Sources said

3. WSJ-Thousands of Government Exec Branch Employees Trading Stocks with Conflicts.

WSJ-Thousands of officials across the government’s executive branch reported owning or trading stocks that stood to rise or fall with decisions their agencies made, a Wall Street Journal investigation has found.

More than 2,600 officials at agencies from the Commerce Department to the Treasury Department, during both Republican and Democratic administrations, disclosed stock investments in companies while those same companies were lobbying their agencies for favorable policies. That amounts to more than one in five senior federal employees across 50 federal agencies reviewed by the Journal.

The Journal obtained and analyzed more than 31,000 financial-disclosure forms for about 12,000 senior career employees, political staff and presidential appointees. The review spans 2016 through 2021 and includes data on about 850,000 financial assets and more than 315,000 trades reported in stocks, bonds and funds by the officials, their spouses or dependent children.

WSJ By Rebecca Ballhaus, Brody Mullins, Chad Day, John West, Joe Palazzolo and James V. Grimaldi

4. XCEM Emerging Markets Ex-China 2 Yr Return -6% vs. EEM (including China) -24%

Columbia Ex China ETF huge outperformance post Covid and Xi

www.yahoofinance.com

5. U.S. Government Re-Set Regarding Chinese Semiconductor Market Doing Serious Damage to Stocks

Lam Research -60% from highs…Back to Covid shutdown lows

6. BYD Unit Sales Pass Tesla but Stock Down -45%

https://www.investors.com/news/tesla-stock-vs-byd-stock-comparing-ev-stocks-tsla-byddf/?src=A00220

BYD Stock -45% from Highs