TOPLEY'S TOP 10

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1. Hyperscalers Plus NVDA Debt Equal to 2/3 of U.S. Government Bond Issuance

AMZN started selling sterling bonds for the first time on Wednesday as hyperscalers rush to diversify their funding sources to finance ‌the AI boom. The deal is the latest example of how hyperscalers are increasingly selling bonds across markets outside of the U.S. this year, from euros to Swiss francs and the yen, as they make sure they can raise capital wherever they can, given their huge funding needs.

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2. Global Revenue Estimates for AI $229 Billion Annualized

Global AI revenue. "Our revenue estimate for the AI economy reached $229 billion annualized by the end of August - up 3.5x in one year. Growth is going strong. Trailing twelve-month revenue reached $140 billion last month, 3.2x the August 2025 value of $44 billion."

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3. Market Returns are Above Average When S&P Is Concentrated

 Ben Carlson-Stock market concentration is a bull market phenomenon. Michael Mauboussin and Dan Callahan found that S&P 500 returns were above average when concentration in the index was rising and below average when it was falling:  I first wrote about concentration worries all the way back in 2018. The market has only become more concentrated since then. And we’ve been in a raging bull market.

Coincidence?  I think not.

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4. Rheinmetall German Defense Stock -50% from Highs after Post Ukraine Invasion Run Up

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5. Homebuilders Slow Summer

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6. Less New Homes =Supply Coming Down in Overbuilt Sun Belt Region

The Sun Belt's housing headspin-Struggling real estate markets in the South, like Texas and Florida, just hit rock bottom — and could be set up for a comeback. By James Rodriguez

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7. The Magic of Compounding Warren Buffett

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8. Cost of Living Index by State

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9. Americans Drink Half as Much Milk as 1975

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10. Leaders are Readers

The Daily Stoic Not all the Stoics were leaders, but all of them were readers.

And the ones who were leaders? Well, they were the biggest readers of them all.

Marcus Aurelius opens Meditations by thanking the teacher who taught him to read attentively—and who loaned him the copy of Epictetus that shaped the rest of his life. Scipio Aemilianus, one of Rome’s great generals and patron of Stoicism, was said to be constantly “engaged in the pursuit of arms or his studies, he was either training his body by exposing it to dangers or his mind by learning.” Literally in the final moments of his life, Cato took another pass at reading Phaedo. As president, Theodore Roosevelt was always squeezing in time to read, and later, out of office, he took a copy of Epictetus with him on his perilous journey down the River of Doubt. Stockdale talked about how, deployed in the South China Sea, when he was not flying, he was in his bunk, reading Epictetus and Marcus Aurelius and the other ancients.

These were men of action…and lifelong learners. Reading deeply and thoughtfully gave all of them what they needed to succeed. The knowledge to be great leaders. The virtue to be good people. The will to survive.

In English and history classes, reading often meant memorizing names, dates, and places. Who, what, when, and where—less so the how or why or what it means for us. Our whole approach to books got Jeopardy-ized. You learned to extract what the teacher needed you to remember, not what the author wanted you to know, not the moral and philosophical lessons the books (and the events) were meant to teach.

If you want to be a better leader, you’re going to have to become a better reader.

How?

That's what our Read to Lead: A Daily Stoic Reading Challenge is for. Over five weeks, Ryan Holiday walks you through not only the system he's used for writing his bestselling books, but also the reading practice he uses in his life every day—to help him become a better professional, a better parent, and a better person. You’ll learn how to find the books that are worth your time, how to work through ones above your level, how to keep what matters, and how to turn what you read into action. You'll build the beginnings of a real library, a foundation for lifelong learning—and you'll do it alongside a community of other readers.

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