Topley's Top 10

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1. Did We See Generational Bottom in Interest Rates?

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2. Rising Rates-Stock Market Does OK But There is a History of Drawdowns

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3. S&P 500 Dividend Yield About to Break Internet Bubble Lows

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4. The History of Largest U.S. IPOs -Barron’s

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5. One-Year Chart Emerging Markets (EEEM) +45% vs. India (INDA) -11%

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6. Roundhill’s DRAM ETF Breaking Bitcoin ETF IBIT Record

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7. China is Producing 2x as Many Solar Components as the World Needs

WSJ Energy crisis is making some governments more protectionist, a good sign for solar investors By Carol Ryan

The problem is that China is producing twice as many solar components as the world needs. This flood of supply has pushed down prices, encouraging uptake of the technology but destroying profitability.

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8. Year Over Year Wage Growth Turns Negative

After 35 consecutive months of positive YoY wage growth, this important indicator has turned negative for the first time since April 2023.

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9. Another Strait….The Strait of Malacca Carries 25% of Global Trade

The Chokepoints That Could Choke Us

Barrons By Christopher Tang Also at risk is the Strait of Malacca, which connects the South China Sea with India and carries roughly 25% of global trade. It recorded a 19-year high in piracy incidents in 2025. As ships are rerouting due to the closure of the Strait of Hormuz, the capacity of the Strait of Malacca is being stressed. Its narrowest point is less than two miles wide, yet it must now accommodate roughly 440 ships a day—60% more than before the war.

At the same time, the Bab el-Mandeb Strait, a 20-mile-wide passageway that ships from the Persian Gulf must cross to enter the Suez Canal, is under stress as Yemeni Houthis continue to target Israel with drones and missiles. Ship insurers have classified the strait as a high-risk area and hiked premiums. The increased price of insurance acts as a tax on global trade, further eroding the margins of firms that have already invested heavily in diversifying their supply bases, and triggering a massive rerouting of commercial vessels around Africa’s Cape of Good Hope. The detour adds 10 to 14 days to transit times, significantly increasing shippers’ operational costs.

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10. Navy Seal on GRIT

What we can learn from James, the SEALs and the research on how to have grit:

1. Purpose and meaning. It’s easier to be persistent when what we’re doing is tied to something personally meaningful.

2. Make it a game. It’s the best way to stay in a competitive mindset without stressing yourself out.

3. Be confident — but realistic. See the challenges honestly but believe in your own ability to take them on.

4. Prepare, prepare, prepare. Grit comes a lot easier when you’ve done the work to make sure you’re ready.

5. Focus on improvement. Every SEAL mission ends with a debrief focusing on what went wrong so they can improve.

6. Give help and get help. Support from others helps keep you going, and giving others support does the same.

7. Celebrate small wins. You can’t wait to catch the big fish. Take joy where you can find it when good times are scarce.

8. Find a way to laugh. Rangers, SEALs, and scientists agree: a chuckle can help you cope with stress and keep you going.

Real grit and dedication pays dividends long after the challenges are over. They build bonds that last a lifetime.

After James left active service he found out one of his teammates had tragically died in a training accident. Most of the platoon had already left their Hawaii training base and relocated all over the country.

But they all returned for the memorial service. Every single one. And it never occurred to him that everyone wouldn’t. Here’s James:

We had guys in Colorado, Nevada, Virginia, Georgia, and Florida – really all over the place. There was just no question we’d all come back for the memorial service. No question. Everybody was there and it was a really sad, sad event and we all miss Matt a lot… I was so proud of our guys. I think it said a lot about the quality of our experience and the caliber of our guys that there was no question they’d return. I think a lot of SEAL platoons are exactly like that. It was just nice to know that everybody’s got each other’s back, just like we always did.

In my next weekly email I’ll have more from James including his analysis of the type of people who make it through SEAL training (and people who don’t), along with discussion of the four methods the Navy used to increase SEAL passing rates. To make sure you don’t miss it, join here.

https://bakadesuyo.com/2015/01/grit/

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