Topley’s Top 10 – July 24, 2023

1. American Resilience ….We are Creating a Record Number of Businesses

Torsten Slok Apollo About 450,000 new businesses have opened every month since the onset of covid-19, which is 50% higher than in 2019, when the number of new businesses opening every month was 300,000, see the first chart below. 

The main sectors with significant growth in the number of firms are retail trade, professional services, and construction, see the second chart. Within the retail sector, online shopping accounted for 70 percent of all applications in 2020. 

The bottom line is that the US economy was already the most competitive and dynamic economy in the world, and the level of entrepreneurship and innovation has increased further during the pandemic.


2. Private Equity is Buying a Record Amount of Small Founder Owned Businesses

Bloomberg By Michael Sasso https://www.bloomberg.com/news/articles/2023-07-12/why-private-equity-is-chasing-plumbers-and-lumber-yards?sref=GGda9y2L


3. Air Travel  Surpasses Pre-Pandemic Levels

Financial Times


4. JETS Airline ETF

Closes above 200-week moving average….But still 30% below previous highs.

www.stockcharts.com


5. Volatility Seasonality

Top Down Charts ‘Tis the Season to be Volly: Indeed, the seasonal tendency is for higher volatility around this time of the year; climaxing around October. With sentiment increasingly frothy, valuations back to expensive levels, and still murky macro, the path higher may not be as smooth or simple as it seems.

Source:   @topdowncharts Topdown Charts


6. Senior Employees Prefer Work from Home

WSJ

WSJ By Anne Marie Chaker  https://www.wsj.com/articles/remote-work-from-home-boss-d093a36c?mod=itp_wsj&ru=yahoo


7. American Poll of Overpaid Professions

Chartr.com

Over-earning

The Wall Street Journal recently reported that NBA stars are now more likely to take home $30 million+ pay packets than CEOs at S&P 500 companies. A recent YouGov survey, however, found that the American public doesn’t think either party is particularly deserving of the money they’re currently netting.

Indeed, pro athletes actually drew level with politicians — senators and representatives take home at least $174,000 a year in compensation — in the rankings for the most overpaid positions in the US, with a whopping 78% of respondents saying the professions are “very or somewhat overpaid”. CEOs can rest easy knowing only 76% of people think the same about them.

Poll positions

The YouGov poll asked 3,000 Americans to rank 30 professions on 3 criteria: the occupations’ impact, the perceived happiness of those working the job, and how overpaid/underpaid they think the vocation is. Interestingly, four of the top five “overpaid” positions also appeared in another unflattering tier, with lawyers, investment bankers, CEOs, and politicians all top occupations that Americans deem to have a “very or somewhat negative impact”.

On the other hand, the opposite end of the pay scale was a completely different story. Indeed, the “most underpaid” profession, farming, was ranked as the occupation with the most positive impact on society. 68% of Americans think farmers are “very or somewhat underpaid” — a matched proportion said the same of restaurant workers.

Go deeper: Explore how all 30 professions perform on the different metrics here.

www.chartr.com


8. 35% of Single Family Homes for Sale are New Construction

WSJ

https://www.wsj.com/articles/new-home-sales-boom-builders-6c736630?mod=itp_wsj&ru=yahoo


9. One Thing Republicans and Democrats Agree On….Made in America

Found at Zero Hedge Blog

https://www.zerohedge.com/markets/does-made-america-still-matter-consumers


10. To Be Happy, Think Like an Old Person

Loren A. Olson M.D. Psychology Today

As we age, we lose people and bodily functions, but we’re happier.

KEY POINTS

  • Older people are happier than middle-aged and younger people.
  • Anxiety, depression, and anger decrease with advancing age.
  • Old people are a reservoir of wisdom and experience and make a valuable contribution to the workforce.
  • As we age, our time horizons grow shorter and our goals change.

It’s counterintuitive that old people can be happier. As we move closer to death, we become invisible and are considered a drain on the economy.

When I turned 60, all I saw ahead of me was decline. Then I met a man who said, “I’m 82 and this is the best time in my life.” I wondered, What does he know that I needed to learn?

Laura Carstenson studies aging and happiness. She found older people are happier than middle-aged and younger people.1 Many researchers have replicated her findings.

Changing demographics

According to the U.S. Census Bureau, since 2010 the 65-and-older population has increased by 34 percent.2 It reported that over the last decade, the growth of the “non-working-age, dependent” population has outpaced the growth of the working-age population.

I object to the characterization of this population as “non-working” and “dependent.” Adults aged 65 and older are twice as likely to be working today compared with 1985. Many of them are making good money.3 More than 20 percent of adults over age 65 are either working or looking for work. The Census Bureau paints a picture of a smaller group of young people caring for helpless old people. Politicians have taken note as they threaten to raise the age for Social Security.

Old people are a reservoir of wisdom and experience. They may work at a slower pace but they are a valuable contribution to the workforce. Old people are a resource that can solve some of the problems of workforce shortage.

An encore job gives life meaning. I’m now 80 years old and I work. Work gives my life meaning. I wrote two books after I turned 65. I am not dependent! Of course, how much education we have and what type of work we do shapes our being able to work past the traditional retirement age.

The paradox of aging

In the 1980s, society considered old age pathological, that depression, anxiety, and the loss of cognitive function and memorywere inevitable consequences of aging.

Americans worship youth and spend billions of dollars annually in the pursuit of youth. We’re told: To avoid a descent into despair, buy this product.

The paradox of aging4 is that even though people’s physical health and functions decline in later adulthood, happiness does not. Many studies show that depression, anxiety stress, worry, and anger all decrease with advancing age.

Recognizing we won’t live forever changes our perspective in positive ways.

Mental health improves with age

Aging is not a disease; dementia is. Unfortunately, dementia and aging are often used interchangeably. Dementia is not an inevitable consequence of aging. It is ominous to consider 10 percent of the aging population has dementia. But it looks much different when we acknowledge that 90 percent of the elderly are not demented.

Old people process information more slowly. This can frustrate the older person and cause them and their loved ones to worry about dementia. But a longer response time decreases impulsivity; we have more time to think through the problem and give a considered response.

Chronological age is just a number. We have a physical age, a psychological age, and a sexual age. They vary from individual to individual and from time to time.

In many areas, things improve as we age:

Don’t measure time; experience it

As we age, our time horizons grow shorter and our goals change. Older people direct their cognitive resources to positive information more than to negative.

I learned from that 82-year-old man that we can either measure or experience time. I was always busy, and in America, being busy is a badge of honor. I rushed from appointment to appointment, meeting to meeting.

Then, I recognized the oppressive power of ambition. I began to think, “Do I want to spend the rest of my life the way I’ve lived the first part?” My priorities changed as I moved closer to death.

Time still carries a sense of urgency, but the urgency of time has been transformed. I no longer see time as an endless series of appointments moving from one goal to the next. Now the urgency is to experience every moment and not waste the time that remains.

Perceiving the future

Younger people focus more on goals linked to learning, career planning, and new social relationships that may pay off in the future. As a young person, I felt no constraints on my time.

Every day, things happen to remind me of my mortality, and they seem to come at me with increasing frequency. As I grew older, I began to focus my attention on the positive aspects of my world. My goals shifted to ones that have emotional meaning. I live in the moment and let the future take care of itself.

I focus more on current and emotionally important relationships. I work, but only where and when I choose to. I decided never to sit through a boringlecture and never to go to cocktail parties to network. I would never wear a necktie because I refused to do what others expected of me.

I didn’t worry about dying but only how I would die. I wanted to avoid a lingering death, and I discussed that with my family and my doctor.

My social network shrank, but I pursued the most important relationships. I began to savor life, ignore trivial matters, appreciate others more, and found it easier to forgive. The more I did this, the happier I felt.

I experienced losses, but I became more comfortable with the sadness. Life became more than a series of painful events. I experience more joy, happiness, and satisfaction.

I no longer believe there’s always tomorrow. I have no promise of a tomorrow, so I’m going to make the best I can of today. I will let the future surprise me; it will unfold as it will.

Start thinking like an old person

Do you value being busy more than an adventure or spending time with your family? If you’re still years away from retirement, don’t wait until you’re 65 to experience the urgency of time. Why spend 30 to 40 years in retirement? Borrow time from our retirement years while you’re young.

Get off the treadmill now. Be happy like old people.

https://www.psychologytoday.com/us/blog/finally-out/202307/to-be-happy-think-like-an-old-person#:~:text=Don%27t%20measure%20time%3B%20experience,information%20more%20than%20to%20negativehttps://dariusforoux.com/easy-life/

Topley’s Top 10 – July 20, 2023

1. MEME Stock ETF +61% YTD

©1999-2023 StockCharts.com All Rights Reserved

www.stockcharts.com


2. Update on Big 7 vs. The Rest

@kobeissiletter

https://twitter.com/KobeissiLetter


3. Top 10 Weighted Stocks Market Cap vs. Earnings Contribution

Callum Thomas This is a very interesting juxtaposition, and similar to a chart I shared recently, it shows the market cap weighting of the 10 largest stocks… vs the earnings contribution of the same group. Seems they’re not really pulling their weight.

Source:  @Mayhem4Markets  From Callum Thomas Chart Storm

https://www.chartstorm.info


4. QQQ vs. Utilities Close to 2021 Highs Before Bear Market

This chart compares QQQ tech stocks versus defensive utility stocks

©1999-2023 StockCharts.com All Rights Reserved

www.stockcharts.com


5. Update Unicorn Valuations


6. PKW Buyback ETF -A Couple Points from New Highs

©1999-2023 StockCharts.com All Rights Reserved

www.stockcharts.com


7. Commercial real estate is poised to take a $800 billion hit from remote work-Quartz

Offices need to adjust to the new reality of remote and hybrid work—or risk bigger losses for their cities.Clarisa Diazand Gabriela Riccardi

This week, a new report from the McKinsey Global Institute looks at how remote and hybrid work are changing real estate in the world’s biggest urban centers. Their projection: In nine global cities, remote work is poised to wipe out up to $800 billion of office value by 2030. And that’s just the moderate projection.

https://qz.com/commercial-real-estate-losses-remote-work-1850638404?utm_source=chartr&utm_medium=newsletter&utm_campaign=chartr_20230719


8. Home Building Costs Coming Down Across the Board


9. Highest-Paying Job in Every State

Business Insider

https://www.businessinsider.com/what-job-pays-best-where-i-live-state-not-doctors-2023-7?r=US&IR=T

 

Topley’s Top 10 – July 18, 2023

1. The Percentage of S&P 500 Stocks Trading Above 200-day Moving Average

The Daily Shot Brief Equities: This chart shows the percentage of S&P 500 stocks that are above their 200-day moving average.

Source: barchart.com 

https://dailyshotbrief.com/


2. IWM Small Cap Russell 2000 …50day thru 200day to Upside

Bullish cross in early July for small cap stocks.

©1999-2023 StockCharts.com All Rights Reserved

www.stockcharts.com


3. Earnings Season Normalizing

Jim Reid Deutsche Bank


4. FANG + Index Blows Thru All-Time Highs

©1999-2023 StockCharts.com All Rights Reserved

www.stockcharts.com


5. Earnings Season Will Be Key to Maintaining High Valuations….QQQ 27x

https://www.bloomberg.com/news/articles/2023-07-16/a-10-trillion-stock-market-rally-faces-crucial-test-in-earnings?srnd=premium&sref=GGda9y2L


6. Investors Love Stocks Over Bonds to the Greatest Extent in 24 Years

From Callum Thomas Chart Storm.

https://www.topdowncharts.com/blog


7. Qzempic Sales +110% in February

Chartr.com Scaling up Prescriptions for Ozempic, which is still technically only approved as a treatment for type 2 diabetes, have soared in recent years as word continues to spread about the drug and its reported pound-shifting properties. Indeed, at the start of 2018, US Ozempic prescriptions weren’t even breaking the 100 mark — by 2020, there were over 100,000 a week. That figure has risen even higher since, making it the most prescribed diabetes drug in America by some distance, with doctors increasingly prescribing Ozempic “off-label” — that is for a different purpose from what the medication is explicitly intended for.

And Ozempic isn’t the only diabetes drug that’s seen a surge in demand. Novo-produced Rybelsushas also soared, as has Mounjaro, which is one of the fastest-rising diabetes treatments, and being tipped by some doctors as the most powerful on the market in terms of weight loss credentials. Developers Eli Lillyare looking to get FDA approval of the drug for that purpose by the end of 2023.

www.chartr.com


8. JP Morgan 15% from Previous Highs After Record Revenues

www.stockcharts.com


9. Government Spent $1 Trillion Since Lifting Debt Ceiling

@Charlie Bilello

An Insult to Drunken Sailors

It’s been a little over a month since the “Debt Ceiling” was suspended. What has transpired since? A borrowing binge for the ages, with National Debt increasing by over $1 trillion.

To say that the government is spending money like a “drunken sailor” would be an insult to drunken sailors who at least a) were spending their own money and b) quit when they ran out of funds.

Not so for the US government, which continues to borrow from the future to spend more money today. In June, federal budget deficit rose to $2.25 trillion, its highest level since 17 months.


10. Do Hard Things if You Want an Easy Life-Darius Foroux

The other day my mom told me about a family member who had a flat tire on her bike. This relative doesn’t live an easy life.

She had a doctor’s appointment and when she pulled out her bike to go there, she discovered the flat. She doesn’t have a car. So she ended up walking to the doctor’s office. To make it worse, it also started to rain after a few minutes into her walk.

She barely made it. I thought, “Man, I’m lucky. I have an easy life.” But then I also thought, “I did a lot of hard things to get here.”

I remember the days of not having much. When I was 17, I had a full-time job during the entire summer at a call center. One day I was cycling to work and a massive downpour started about halfway through.

If I stopped to get shelter from the rain, I would’ve been late. I also couldn’t return to get the bus. I had to keep cycling.

Man, I still remember how I felt when I showed up at work, completely SOAKED in water, from my socks to my underwear. I sat down, at 9 AM and started making my calls.

During my breaks, I went to the bathroom and tried to dry my clothes piece by piece with the electric hand dryer. That whole day I sat in my chair with wet clothes, cursing at everything in my mind. 

I was livid. I didn’t want a hard life like that.

A hard life versus doing hard things

Looking back, I’m grateful for experiences like that when I was in my teens and early twenties. It taught me that a hard life can be like a black hole that you can’t get out from.

My luck was that after the summer, I went to college. My parents, who never went to college, forced me to study. I really wanted to keep working because I thought that having my own money would make my life easy.

They knew better. Having a salary and nothing else is the road to a hard life. The path to an easier life is to get educated.

  • Getting educated is hard. 
  • Learning new skills is hard. 
  • Exercising regularly is hard. 
  • Eating healthy is hard. 
  • Sleeping at the same time every day is hard. 
  • Seeing your friends having fun and going out is hard.

But the truth is that these things are only hard during the moment. Because what’s the alternative? I bet you have family members or friends who also have hard lives. What makes your life hard?

  • dead-end job.
  • Bad health.
  • No free time.
  • Feeling caged by responsibilities.

Ultimately, it’s a lack of freedom that makes a hard life. To obtain freedom, we must do the “other” hard things.

We must sweat, study, focus, sacrifice, and strive for betterment every single day. And yes, that will always stay hard.

The real prize: An easy life

I had such a limited life that I wanted to do whatever it took to get an abundant life. This is why I never shied away from doing hard things.

Now that I have the freedom to do work I like and live my life on my terms, I feel my life is easy compared to the past. 

As Theodore Roosevelt once said:

”Nothing worth having comes easy.” 

Remember this as you go through life. If you run into challenges and think it’s too hard, remember why you do what you do. 

You might be doing hard things, but you do it because you don’t want to have a hard life. 

Having the freedom to do what you want and being comfortable doesn’t come easy. We must work hard for that privilege every single day. And we will never reach an end state where our lives will always be easy.

It’s something we keep working for. Day in and day out. But it’s all worth it.

https://dariusforoux.com/easy-life/

Topley’s Top 10 – July 17, 2023

1. Valuations Beyond Mega-Cap Tech

Unio Research

https://uniocapital.com/


2. Rally vs. Valuations World Markets

Capital Group


3. Rivian +60% in One Month


4. World Debt Since 1997


5. AT&T 29 Year Negative Return


6. Auto Loan Interest Rates

Torsten Slok Apollo


7. Communism Not Working Again

Jack Ablin Cresset


8. Technology for Heat

From Morningbrew Newsletter…There’s been no shortage of record-high temperatures around the globe recently, and since “space fan” isn’t something NASA is currently working on, other scientists are picking up the slack to cool buildings down.

Some options:

Going underground. Geothermal heat pumps can cool (and heat, because it will get cold again someday) your home by sending water through buried pipes to take advantage of the stable temperature of the ground beneath your backyard. They’ve got big advantages over traditional air conditioning and heating because they uses far less electricity and are cheaper in the long run. They’re typically more expensive upfront, but a 30% tax credit from the Inflation Reduction Act could change that.

The whitest paint in the world. We’re talking paint so white it would share a sandwich with its dog. A team of scientists at Purdue University created a white paint that reflects 98% of sunlight (most white paints only reflect 80%–90%). It won’t be ready for commercial use for at least a year, but it promises to decrease the need for air conditioning inside a building by about 40%.

https://www.morningbrew.com/daily


9. ”Starving Actors” Very Real Term

www.chartr.com


10. America’s Therapy Boom-Axios

Erica Pandey Axios

https://www.axios.com/2023/07/15/therapy-mental-health-addiction-depression

Topley’s Top 10 – July 12, 2023

1. Coinbase +75% in One Month


2. Software Catching Up….Well Below Highs but Breaks Above Two Previous Tops

www.stockcharts.com


3.The Rest of Asia Outperforming China 2023

WSJ By Dave Sebastian

https://www.wsj.com/articles/anywhere-but-china-asia-stocks-rally-leaves-the-biggest-market-behind-6a41c0fe?mod=itp_wsj&ru=yahoo


4. 20 Year Treasury Bond ETF Update

50day and 200day sloping downward (bearish)….chart testing 2023 lows.


5. Some Economic News Rolling Over…Weekly Same Store Sales


6. Economic Roll Over….Non-Revolving Credit…Rare to See Contractions

https://twitter.com/LizAnnSonders


7. Average Maturity of Junk Bonds has Shrunk to the Lowest on Record

Advisor Perspectives Blog Executives must have hoped interest rates would swiftly return to manageable levels, but that looks increasingly improbable. In the meantime the average maturity of US and European junk bonds has shrunk to the lowest on record; while there isn’t much risky debt maturing this year, the refinancing challenges become more daunting thereafter, and businesses may decide to get ahead of the problem by restructuring debts sooner rather than later.

“You have major maturity walls coming up in 2024, ’25, and ’26,” Moelis & Co. co-founder Navid Mahmoodzadegan told investors last month. “A lot of those companies unfortunately aren’t going to be able to refinance through those maturities. And so I think there’s going to be a lot of not just bankruptcies, but a lot of balance sheet restructuring, recapitalization activity around many different names.”

The Corporate Bankruptcy Wave Will Get Even Uglierby Chris Bryant, 7/11/23 

https://www.advisorperspectives.com/articles/2023/07/11/corporate-bankruptcy-will-get-uglier


8. Homeowners Staying in Home 10+ Years

https://www.linkedin.com/in/johnburns7/


9. Americans Living Along Triples


10. How to Keep Muscles Strong as You Age

Here’s why older adults naturally lose muscle mass over time and how regular physical activity and resistance training can help

By Lauren J. Young on July 2, 2023

Credit: Thomas Barwick/Getty Images

Almost everyone shrinks with old age. Many older adults have more difficulty gaining muscle than they did in their childhood and teenage years. And when it comes to maintaining that muscle, the phrase “use it or lose it” holds weight, says Michelle Gray, a physiologist and professor of exercise at the University of Arkansas.

“I work primarily with older adults who are trying to either build and/or maintain muscle throughout their life span, and really how that happens is you use it or lose it,” Gray says.

But she adds that not all hope is lost. “It really is the neurology, as well as the muscular system and the interactions between the two, that changes,” she says. “There’s a fair amount of evidence that says all of those things are still there and [that] we can retrain them.”

Several factors contribute to involuntary age-related muscle loss. The exact age people start to see muscle mass decline varies, Gray says, but many begin to see noticeable changes in their 30s. Studies suggest that muscle mass decreases by about 3 to 8 percent per decade after age 30 and at higher rates after age 60. Losing that strength may not only be frustrating in keeping up with daily activities but can also have significant health consequences.

“If you look at who’s shrinking, and how much they’re shrinking, it predicts really important stuff, like how long you’re going to live, how vulnerable you are to getting sick and having to be in the hospital, how likely you are to develop problems taking care of yourself,” says Stephanie Studenski, a geriatrician and professor emeritus at the University of Pittsburgh.

CHANGES IN MUSCLE TISSUE AND CELLS

Muscle is a dynamic tissue, Studenski explains. “Your whole life, there’s turnover. We’re growing new muscle and breaking down old muscle all the time,” she says.

There are three main types of muscle tissue: smooth muscle lines the gut wall and organs, except the heart; cardiac muscle is striated and covers the heart; and skeletal muscle, which can be found in the arms and legs, is also striated. Skeletal muscle is often the kind that’s assessed for sarcopenia, a type of muscular atrophy in which age-related loss of muscle and strength is accelerated. Sarcopenia was classified as a disease in 2016. Muscle tissue is made up of long, slim fibers, each one containing a single muscle cell. The cells produce specific proteins—actin and myosin—that cause muscles to contract and relax like rubber bands at different speeds. But as we age, there is a decline in the overall number of muscle cells—along with mitochondria, which are essential for producing and storing energy in muscle. Mutations build up over time in the cells, sometimes causing the production of defunct proteins, which makes those rubber bands overstretched or less snappy, Studenski says.

Faulty muscle proteins and mitochondria, along with some other changes with age, have been linked to the impairment of the connection between muscles and the nervous system, called the neuromuscular junction. This junction between motor nerves and muscle tissue is where brain signals are transmitted for muscle contraction and movement. Issues in communication between nerves and muscles can create weakness and a decline in muscle mass.

Changes in hormone levels are also linked to age-related muscle loss. The gradual decrease in testosterone we experience as we age, for example, can lead to a decrease in the production of muscle proteins. Poor diet and malnutrition also influence muscle loss—generally, appetite and food intake tend to decrease with age.

PHYSICAL ACTIVITY AND EXERCISE

Though natural aging plays a dominant role in sarcopenia, lack of physical activity also contributes to the loss of muscle mass. As people age, they tend to become less active, Gray says. “There are some disease processes that occur [that cause muscle loss], but in a healthy adult who is aging, it really is a decrease in physical activity throughout the life span which is driving that negative change in muscle mass,” she says.

Sedentary or less active lifestyles don’t always lead to muscle loss in older adults, but movement and exercise influence muscle size and strength. Just a short break in muscle use can cause a reduction in muscle mass, even in younger people.

Proper diet and physical activity can combat some age-related muscle loss, Gray says. Maintaining muscle comes down to continued movement. “Doesn’t matter if you garden or if you ride a bicycle like I do or if you go to the gym,” she says. “You can help maintain your muscle mass by continuing to do the things that you’re already doing.”

Research over the decades have shown that resistance training in older adults can help to increase muscle mass. Several types of resistance training and exercises can help older adults, but Gray recommends high-velocity resistance-training programs. High-velocity resistance training targets muscle power (lifting weight quickly) in addition to strength (lifting a heavier weight). Typically, high-velocity training is practiced among athletes, such as football players, but Gray says basic exercises, such as power chair stands, leg lifts and triceps extensions, can also help older adults perform daily life activities.

“I’m not saying that our older adults need to be linebackers. But think about walking very quickly. Once in a while, I catch my foot on the tile going down the hallway, and I stumble,” she says. “I do kind of trip, but I don’t fall. The reason I don’t fall is twofold: I’m fast enough to be able to get my foot out in front of me, and I’m strong enough to be able to hold my own body weight.” If one of those two things is lost, you’ll fall, she says.

Muscle loss is a common contributor to severe falls and accidents that lead to injury or physical disability in older adults. Low muscle mass from sarcopenia can impact how well individuals can cope with cancer treatment, surgeries and heart and lung problems, Studenski says. It’s why understanding the causes of muscle loss and keeping up with regular activity is important as we age, Gray says. Remember, bulk isn’t everything, she adds. Even if people don’t notice muscle mass gains through resistance training at first, “you actually get stronger long before your muscles get bigger,” Studenski says. “That exercise is doing something to the wiring to the nervous system connection to the muscle.”

Gray and Studenski say that focusing on reinforcing that “wiring” is more important than muscle size. The foundation is key to improving basic physical functions people need to take care of themselves independently, Gray says.

“Even if an older adult who I have trained doesn’t improve muscle mass, but they’re able to walk faster, climb stairs faster, get in and out of the car easier, go on hikes with their grandkids, they have an increase in quality of life,” Gray says. “That part is the most important to me.”

Rights & Permissions

Lauren J. Young is an associate editor for health and medicine at Scientific American. Follow her on Twitter @laurenjyoung617 Credit: Nick Higgins

https://www.scientificamerican.com/article/how-to-keep-muscles-strong-as-you-age/

Found at Abnormal Returns Blog www.abnormalreturns.com