TOPLEY’S TOP 10 – Mar 04, 2024

1. U.S. Stock Market Less Concentrated than Every Market Ex-Japan

2. Worst Performing Stocks February-Bespoke

Bespoke Investment Group

3. Crypto Estimated Annualized Fund Flows

The Daily Shot Brief

4. Healthcare Outperforming in 2024

Vanguard Healthcare ETF

5. Household Debt as % of GDP

6. Share of U.S. Consumer Spending by Income

Torsten Slok, Ph.D. Chief Economist, Partner-The Top 20% of incomes account for almost 40% of consumer spending, see chart below.

8. Reasons for Trade Barriers–Breaking-Down-Trade-Barriers.html

9. Summary of Marijuana in the U.S.-Chartr

10. Expect Disorder

FS–Farnam Street Blog

“Entropy applies to every part of our lives. It is inescapable, and even if we try to ignore it, the result is a collapse of some sort. Understanding entropy leads to a radical change in the way we see the world. Ignorance of it is responsible for many of our biggest mistakes and failures. We cannot expect anything to stay the way we leave it. To maintain our health, relationships, careers, skills, knowledge, societies, and possessions requires never-ending effort and vigilance. Disorder is not a mistake; it is our default. Order is always artificial and temporary.”


The Daily Stoic Marcus Aurelius opens Meditations reflecting upon what he has learned from various influential individuals in his life. It’s titled “Debts and Lessons,” and the 17 entries spanning nine pages and more than 2,000 words make up nearly 10% of the entire book! Marcus writes with the humility of someone in the final act of their life taking stock of how lucky they are to be where they are.

It’s beautiful. And it totally dispenses with the notion of the “self-made man,” the idea that someone got somewhere all on their own. Marcus knew he was a product of so many mentors, influencers, advisors and teachers. Debt is the operative word in that title—he owed them so much.

When we talked to Arnold Schwarzenegger on a recent episode of the Daily Stoic podcast, he talked about this very idea (in fact, he references how inspired he was by Meditations in the final chapter of his fantastic new book Be Useful). Because on the surface Arnold Schwarzenegger’s remarkable life story is a classic example of that idea of the “self-made man.” Born and raised in a small village in Austria, seemingly on his own sheer will and determination, Arnold achieved extraordinary success in the worlds of bodybuilding, acting, business and politics, ultimately becoming a global icon.

But he didn’t do it on his own, Arnold told us. “I have been a creation of hundreds of people,” he said in our episode. “Thousands of people. I had Kurt Marnul, Mr. Austria, say to me when I was a scrawny 15-year-old kid, ‘You can become Mr Austria in a few years from now. Go to the gym with me, and I will show you how to exercise.’” For the next two minutes, Arnold went on talking about just of the people who helped him throughout his life. “It’s unbelievable the amount of people that helped me and pushed me,” he said.

Ultimately, each of us is the sum of our surroundings. We are products of our influences, our environments, our family and friends. Success is a collaborative effort. The myth of the self-made man is just that, a myth. Embrace the idea that we are all interconnected, and our achievements are a collective effort. We are, in the end, a reflection of the support and guidance we receive from the countless people who shape our lives.