TOPLEY'S TOP 10

)..

1. NVDA The Cheapest Mega Cap on Forward P/E Basis

Santoli Marketwatch The analyst corps that covers Nvidia is mostly adoring. The consensus price target for the stock implies 50% upside from here and a $7.5 trillion market value. They are merely chasing the remarkable revenue and profit growth, unprecedented at Nvidia’s scale, while staring incredulously at its compressed valuation.
The stock is below 20-times next-12-months forecast earnings and below 15 on next fiscal year’s projection. On free cash flow, it’s easily the cheapest mega-cap on offer.

My read here is that the market will simply refuse to pay a premium for what could soon be peak profit growth until the company proves through a longer cycle that it’s not a hit-driven hardware maker.
There is precedent from recent history that might be relevant. Apple in the years following its initial iPhone-release profit bonanza saw its valuation slide down a similar slope (in an early-2010s market that itself was less expensive than today’s).

The knock on Apple for years was that tech-device margins always evaporate, smartphones would commodify, etc.
Demonstrating smooth, reliable upgrade cycles, fostering a services-based revenue stream and returning enormous sums of capital through buybacks and dividends slowly got Apple clear of the nagging valuation discount.
To the point where, now, Apple fetches an arguably rich premium, near a 30 P/E, for its defensive properties against the swings of AI sentiment and spending.

..

2. Why? See Below..Breaking Down the Open AI-NVDA Deal

..

3. XLV Healthcare ETF Hitting New Highs…But Reversing Off Longest Period of Underperformance Since Internet Bubble

Trendlabs Let’s review what this chart means. When the line is going up, healthcare is outperforming the rest of the market. When it’s going down, healthcare is underperforming. Earlier this year, healthcare vs the S&P 500 fell to levels we hadn’t seen in roughly 25 years.
You have to go all the way back to around the turn of the century to find healthcare this beaten up compared with everybody else. Then something interesting happened: It stopped going down. Not just anywhere, either. Healthcare stopped falling relative to the market right around the same area where it stopped falling 25 years ago. Either way, after one of the longest periods of relative underperformance we’ve seen from this sector, buyers are showing up again.

..

4. AI is Showing Up in Bottom Line Not Just Top Line

Interestingly, as Goldman's Chris Hussey points out, while it has been tempting to think that this structural AI-driven EPS growth cycle is peaking for several quarters now, 2Q26 S&P 500 results illustrated how this particular technological development is driving bottom-line results, not just topline.

Utilities’ drop-off in the percentage of stocks above their 50-DMAs has been dramatic, but not unprecedented. At 9.7% on Friday, the reading is down 87.1 percentage points from 7/24, and one of several dips below 10% in the last year.

.

5. Utility Sector Less than 10% Of Stocks Trading Above 50 Day Moving Average

6. The U.S. Never Had a Recession with Profit Growth Positive Year Over Year

.

7. Mortgage Rates Sit at Historical Average

.

8. German Most Common Euro-American Ancestry

..

9. How many students eat free or reduced-price school lunch?

USA FACTS Data from the Agriculture Department shows that, in 2025, about 73.0% of the lunches served at public and nonprofit private schools participating in the National School Lunch Program were free or discounted. Those lunches fed 22.1 million students. Who’s eligible, and how does participation vary by state?

• Students from households at or below 130% of the poverty line qualify for free lunches from the National School Lunch Program. Students from households making between 130% and 185% of the poverty line qualify for reduced-price lunches.
   

• The number of students receiving subsidized lunches grew 4.8% from fiscal year 2023 to fiscal year 2025. Program participation grew the most in Colorado (up 29.1%), Michigan (up 16.4%), and Minnesota (up 12.9%). 
   

• Data from the National Center for Education Statistics shows the rates at which state student bodies qualify for the program. In the 2022–2023 school year (the latest NCES data available), Mississippi had the largest percentage of eligible students (99.7%), followed by Nevada (81.5%) and New Mexico (75.2%). Montana (18.7%), New Hampshire (23.4%), and Delaware (25.2%) had the lowest percentages.

  

  USA Facts

.

10. Flow, In Depth

Psychology Today One way to channel a flow state is to stop trying and just be. Margaret Smith Ph.D.

Key points

• A flow state entails alignment of goals, energy, attention, feedback, and so on.

• When we learn what we can control in our sport and direct our attention there, we make flow possible.

• Flow is a pleasant experience. Athletes crave it. But there’s plenty in sport that’s unpleasant.

• Opening what’s unpleasant and beyond our control can offer energy that’s deeper than flow.

Have you ever participated in something awesome? Awesome in the root sense of the word—full of awe—in which you gave of yourself as a participant or as a witness (or both), and in doing so, you allowed the boundaries of your conscious mind to dissolve as you connected with something greater: humanity, history, nature, or the divine?

In sport, this sort of experience is often discussed as flow, but the kind of flow I’m talking about transcends the field of play and/or the performance space, be it athletic, artistic, or otherwise.

Carl Jung called such experiences numinous, from the Latin numen, divine will. In a numinous experience, which might be delightful, terrifying, or both simultaneously, we surrender any efforts at control to something larger than ourselves. We let the divine, however you choose to conceive it, flow in.

Flow in sport performance literature (Csizkszentmihalyi, 1975/1990) has to do with performance and engagement. Flow is conceived of, in the literature, as a psychological state with measurable structural conditions: the balance between challenge and skill (sometimes depicted as an inverted U), clarity of goals and purpose, and action and awareness. Things are maximally ordered, and all is aligned: task, skill, focus, feedback, and so on.

The literature presents flow as something secular and comprehensible. And there’s good reason for this: those of us who support athletes—whether as researchers and scientists, as coaches, counselors, or service-providers—want to help athletes control what they can control, and we want to help athletes highlight what they do have control over so that they can put their focus there. This is what makes flow possible in the first place.

But when you witness an athlete truly in the current of a flow state—when you are an athlete allowing yourself to ride the current of a flow state—you’re a part of something sacred. There is soul. That soul is immeasurable. And it may not always be pretty or pleasant: it might be vast and fearsome.

In his later work, Csikszentmihalyi explored this vastness, writing about autotelic experiences—things done for their own reward rather than for money or status—and autotelic traits—qualities of people who worry less about what others think, allowing themselves instead to be driven by curiosity and awe.

Where flow is a well-operationalized performance concept with indices that seek to describe its contours and complexities, the numinous is more about meaning than performance, and about dissolution that may be unsightly.

There’s a lot of talk in sport and in the sport performance literature about resilience and grit. There’s less talk, at least in the sport performance literature, about terror, dread, and dissolution. And let’s be clear: terror, dread, and dissolution are not an efficient path to a podium (or an efficient path to any place).

article continues after advertisement

But we do athletes a disservice when we point them, relentlessly, toward efficiency and alignment. (We do ourselves, as humans, a disservice when we point relentlessly toward efficiency and alignment!) Social media, mass media, and funding entities overwhelm athletes with massive demands for “narratives” that are readily digestible for a large audience.

Even if such narratives are linked to intrinsic values (“I love my sport, I love my teammates, I want to share this love”), when the demands are externally driven (e.g., express a need for “content” or a “statement”), there is a neurobiological cost that is distinct from that of an action a person chooses for themselves. The demand for narrative coherence on schedule and for external consumption spikes cortisol and can contribute to burnout.

Burnout is a kind of coming apart quite different from Jung’s numinous. Burnout is about depletion, and often depletion over time, whereas Jung’s numinous experience is more like a moment of awe. When we’re burnt out, those moments of awe may be harder to access: we’re looking down at our phones, or we’re accomplishing tasks, and in so doing, we miss the shooting star (or some other unsayable thing that transcends the language of the everyday).

So, if you’re headed back into your fall sport season with your training plan and your to-do lists, wonderful. But also—and write it into the plan, or don’t! — make space to play and space to be afraid. Find people (or other living creatures) who welcome your playfulness and who can witness your fear. You can have your goals and work to align attention and energy toward them, and you can feel the air on your skin, the breath in your body, and the vibration in the atmosphere that might be divine will.

https://www.psychologytoday.com/us/blog/the-athletes-nervous-system/202608/flow-in-depth

.

Did someone forward this email to you? Get your own:

Disclosure

Indices that may be included herein are unmanaged indices and one cannot directly invest in an index. Index returns do not reflect the impact of any management fees, transaction costs or expenses. The index information included herein is for illustrative purposes only.

Material for market review represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results.
Material compiled by Lansing Street Advisors is based on publicly available data at the time of compilation. Lansing Street Advisors makes no warranties or representation of any kind relating to the accuracy, completeness or timeliness of the data and shall not have liability for any damages of any kind relating to the use such data.

To the extent that content includes references to securities, those references do not constitute an offer or solicitation to buy, sell or hold such security as information is provided for educational purposes only. Articles should not be considered investment advice and the information contain within should not be relied upon in assessing whether or not to invest in any securities or asset classes mentioned. Articles have been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Securities discussed may not be suitable for all investors. Please keep in mind that a company’s past financial performance, including the performance of its share price, does not guarantee future results.

Lansing Street Advisors is a registered investment adviser with the State of Pennsylvania.