TOPLEY'S TOP 10

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1. South Korea EWY ETF -25% Correction After Today’s Sell Off

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2. Earnings Growth Highs…So Korean Stocks Very Cheap on Forward P/E

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3. Chinese Models Huge Summer Rally in Usage

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4. It’s All About Earnings Season

Earnings are the most important driver of any bull market and they are now shifting into their highest gear in nearly five years.
S&P 500 earnings are tracking above 23% year-over-year growth for the second quarter, but historical patterns have led FactSet to project the final figure will come in above 29%.
That would mark the highest growth rate since the end of 2021, when the index reported a 32% jump in earnings.
The early signals suggest that even 29% could be a conservative guess:
• Of the 18 companies that have reported so far, 89% have beat estimates
• Those 18 names together exceeded forecasts by 14.5%, nearly double the 10-year average of 7.4%
• The S&P 500 has surpassed end-of-quarter estimates in 37 of the last 40 quarters

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5. Earnings Growth So High…Tech Stock Forward P/E Getting Cheaper

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6. Retail Investors Not as Active

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7. AAPL Makes New Highs Just Before Lawsuit vs. Open AI

Interesting take from Semafor on AAPL vs. Open AI Lawsuits

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8. 54% of New ETFs Using Derivatives

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9. Tech Stocks and Baseball Cards 2018-2026

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10. The hedonic treadmill -Seths Blog

When we upgrade something in our lives, the thing we used to be satisfied with is no longer satisfying.

That’s the nature of an upgrade.

After a certain point, the only thing we’re buying is the way the upgrade makes us feel in the moment, not our satisfaction going forward.

Stereos, salt, art on the wall. It’s easy to get hooked on the climb, not the altitude.

Luxury goods are a special set of upgrades. These are purchases that aren’t actually an upgrade, they simply feel that way because of their cost (and the status that goes with it).

At some point, the best upgrade is the realization that we have enough.

July 13, 2026

https://seths.blog/

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