TOPLEY’S TOP 10 April 02 2024

1. Mega-Cap vs. 490…2000-2024

2. History of S&P Returns After Back to Back 10% Quarters

From Dave Lutz at Jones Trading Bespoke notes the S&P just had the second straight quarter of double-digit percentage gains. That hasn’t happened in 12 years.

3. What’s Cheap? What’s Expensive? Vs. 10-Year Average

Equities: The S&P 500 equal weight index valuation (forward PE ratio) is now firmly above the ten-year average.

Source: The Daily Shot

4. Commodities Have Been Cheap vs. S&P for 15 Years

5. Investment Grade Bonds Failing to Break-Out

6. GOOGL Just Broke Out to New Highs

Lowest P/E stock in Mag 7

7. Spike in Cocoa Prices Hit Hershey…-30% from Highs

HSY stock hanging at 200-week moving average for 6 months.

8. Cruises Go Upstream? Ritz-Carlton and Four Seasons

9. WSJ-New Entrepreneurship in America


By Ruth Simon

10. Stephen A. Smith says opportunities are ‘the only thing that should be equal,’ not outcome

Opinion by Alexander Hall

Stephen A. Smith, an ESPN commentator known for his hot takes on sports and politics, sounded off on the idea that many Americans, including those in politics, expect equality of outcome rather than opportunity.

During an appearance on the PBD Podcast hosted by Patrick Bet-David, Smith called upon Americans to accept the fact that “people who produce more ultimately end up more successful than those who don’t.” 

He went on to observe, “We just have too many people in this world, especially on Capitol Hill as well, that want to give this impression or want to literally go about the business of changing that and making things equal. The only thing that should be equal is opportunities. But what you receive from your level of production is on you.”

His speech on meritocracy began earlier in the podcast when he said, “One of the things that I have a problem with when I look at things that are transpiring in this country, you can’t in the same breath talk about capitalism, talk about how it’s equal opportunity that we want, but everybody doesn’t deserve the same, it’s about your level of production. Some people are high-end earners, some people are high-level producers and stuff. And you know, they’re getting treated, they might earn more than somebody that just don’t have that skill set. That’s the world we’re living in.”

By contrast, the commentator argued that there are “a lot of people here that want to act as if ‘You know what? We’re after a different culture. We want everything the same for everybody.’” To those people, he declared, “You’re lying. You are lying.”

Smith then recalled he and his mother’s humble origins: “I grew up in the streets of Hollis, Queens, New York City. My mother was on welfare for a little while. And it killed her, killed her.”

“Wow,” Bet-David replied.

The sports commentator added “She was sick to her stomach that we had to get government cheese and bread and all of this stuff, and she got the hell off of it as soon as she possibly could. And I know that when she sent me out there to work, she didn’t send me out there to be like just anybody. She sent me out there to be the best that I can be. Why? So I can earn more for myself than the average typical person, and most people in a capitalistic society believe in that.”

Smith went on to reiterate his earlier critique, “When you have folks walking around, like everybody is supposed to be the same — that’s nonsense. You’re lying to the American public, you’re lying to yourself, it’s not true. And in the end, people who produce more ultimately end up more successful than those who don’t.”

He added, “Jimmy Johnson, the former coach of the Dallas Cowboys said it best, ‘I will be very consistent in my inconsistencies. Those who produce will be treated better than those who don’t.’ And I appreciated his candor. Whether you like it or don’t, that’s the reality.”

Stephen A. Smith says opportunities are ‘the only thing that should be equal,’ not outcome (