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1. Mid-Term Election History-Up In 16 out of 19 years (84%), the S&P 500 saw gains in Q4

Chart Kid Matt

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2. Equal Weight S&P Historical Underperformance During this Tech Boom

Barchart

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3. Small Cap and S&P Back to Even Returns for the Year…..3 Month Spread Below S&P +4% vs. Small Cap -6%

Ycharts

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4. Hockey Stick Chart for 2026….BWET Tanker Shipping ETF

StockCharts

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5. SPCX to Borrow $40B for Buying Nvidia Chips

Bloomberg

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6. SPCX Bonds Traded Down on News

Zerohedge The market's verdict was immediate: on Wednesday, SpaceX's 2056 bonds fell to a new low of around 84.70 cents on the dollar as of 11:25 a.m. in New York, compared with 98.83 cents on the dollar when the securities were issued in June as part of a $25 billion inaugural senior unsecured notes offering.

ZeroHedge

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7. Options traders are betting on a dramatic drop in interest rates

Marketwatch-Recent options activity points to bullish positioning for long-term bonds and utilities By Christine Idzelis

MarketWatch

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8. Kalshi Mid-Term Election Odds

Bespoke's

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9. How Many Ex-Felons in the U.S.? 21m

Perplexity

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10. Percent Decline in American Social Activities-Irrelevant Investor Blog

The Irrelevant Investor

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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.

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1. History of Bull Markets…How Does This One Compare?

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2. Spreads Widening

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3. Probability of October Rate Hike

Cresset Capital

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4. $260B in Data Centers Cancelled

Heatmap

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5. 70% of Americans Want More AI Regulation

Reuters

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6. Non-Chinese Open Weight AI Models

New open-weight AI models could disrupt the industry
Reflection, Mistral are releasing new options that they say rivals models from China

Morning Brew

Two Western companies are releasing open-weight AI models tailored toward businesses and governments that they claim are as powerful as the leading models offered by China—and could eventually rival some of the biggest closed models from US-based tech giants.
Open weight? Is this about boxing? No, actually. Open weight means that, unlike with closed weight models, users can download and customize them with their own proprietary data. They are also cheaper to run than the difficult-to-budget closed models, which could present a new challenge for US-based AI leaders Anthropic, Google, and OpenAI.
The new players
US-based Reflection AI, which Nvidia financially backs, is launching its first model, Beam, which it says is adept at coding and agentic tasks. Meanwhile, France-based Mistral is debuting Mistral Large 4, called “Le Chonk” due to its 1 trillion parameters...which is a chonky (industry term) amount of parameters.
Should these new models have the capabilities claimed by their companies, they could be massive disruptors to the status quo:
• Businesses and governments in the West are currently hesitant to use the Chinese open models due to security concerns. Reflection and Mistral could be the answer.
• OpenAI and Anthropic—already facing growing security concerns—may have new competition as they prepare to go public.
Speaking of security: By putting powerful models that anyone can tweak into circulation, it creates the potential for even more cybersecurity issues. But Reflection and Mistral see another side of the coin: Mistral VP of Science Pierre Stock told Axios that more availability of models can help improve defenses and allows researchers to audit the technology.
More to come: Reflection will release full technical details of Beam later this month. Mistral’s Le Chonk, which is currently only being previewed for developers, will have a wider release on Oct. 27 after more testing, per Axios.—DL

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7. Russian Plague? 200 People Under Medical Observation

NBC News

By Jennifer Jett and Janis Mackey Frayer

The death of a worker at an anti-plague laboratory in Russia has prompted officials to put at least one hospital facility under quarantine and nearly 200 people reportedly under medical observation as of Monday.

The female staffer at the Irkutsk Anti-Plague Institute of Siberia and the Far East died from a “pneumonia of undetermined” origin last week, according to the regional governor, Igor Kobsev.

He said no “microorganisms linked to the employee’s professional activities were detected” in her body, and that there had been “no new cases” of illness among other employees of the lab.

“The sanitary-epidemiological situation” in the area “is currently stable,” Kobsev said.

On Friday, Maksim Modin, mayor of the Shelekhov municipal district near the border with Mongolia, said that the inpatient facility where the worker is said to have been treated had been closed for quarantine. Russian media cited officials saying that nearly 200 people who had been in contact with the woman had been placed under precautionary medical observation.

Russian media outlets have named the woman and identified her as being 28 years old. These details have not been confirmed by officials.

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8. Forbes 30 Under 30 Winners Charged with Fraud

Prof G Media

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9. France 20% Youth Unemployment

Semafor

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10. AI Is Making Everyone's Ideas the Same

Psychology Today AI makes your work easier. Yet it also makes you sound like everyone else. Nir Bashan

Key points

• AI is slowly killing human creativity.

• In today's world, you must rely on yourself to come up with great ideas.

• Uniquely human qualities, like humor, empathy, and courage, can help people stand out amidst the AI slop.

If you pull up the last five proposals that landed on your desk, or the last five emails you sent, or that paper you were asked to write about market conditions, they may look slick. They may be polished. They may look focused, organized, and sophisticated.

You may even think that you are getting the hang of all this AI at work. And your confidence may be soaring. Yet something lies just beneath the surface.

Your work has never looked better, and it has never looked more alike. You can’t tell what your work is apart from what someone else’s work is. That’s the thing with AI.

AI makes everything look more or less the same.

My research has led me to a 2024 study in Science Advances: Anil Doshi of University College London and Oliver Hauser of the University of Exeter asked 300 people to write short stories.

Some got story ideas from AI, and some did not.

The AI-assisted stories were judged more creative, and the writers who started least creative gained the most.

But here is the kicker: Those stories were also more similar to one another!

Not convinced yet? In a 2026 study in PNAS Nexus, Emily Wenger of Duke University and Yoed Kenett of the Technion-Israel Institute of Technology gave standard creativity tests to 22 AI models and more than 100 people.

The results? The models’ answers were far more alike than the people’s were.

Why does this happen? In 1974, legends Amos Tversky and Daniel Kahneman, then at the Hebrew University of Jerusalem, showed in Science that the first number we see drags our judgment toward it.

They called it anchoring.

In their watershed experiment, people watched a wheel of fortune stop on a number, then estimated what percentage of United Nations members were African countries. When the wheel stopped on 10, the typical guess was 25 percent. When it stopped on 65, the typical guess was 45 percent.

The first answer “wins,” even when it is random.

Today AI hands millions of us the same first answer. The first anchor. It’s no wonder it drives us to slop and sameness.

But there is hope. Here are three things you can do to keep from conforming to everyone else’s ideas, and soar high above your AI-dependent peers:

1. See a World That Can Be

In my bestseller The Creator Mindset, I write about seeing a world that can be, not a world that is.

AI is built from the world that is. It has read what has already been written, and it hands you back the most likely version of it.

That is fine for a routine email.

It is a problem for an idea that is supposed to be yours.

So use this tip: before you open the AI chat window, write your own answer.

Three rough lines will do, and they are allowed to be bad. They should be bad! It’s a low-stakes exercise. Only then bring in AI to enhance your ideas.

Now that you have set the anchor, have the machine work for you, not the other way around.

2. Take a Chance

One of the tools in my new book The Solution Mindset is simple to say and hard to do: Take a chance.

It is hard because the safe choice is usually the one everyone else is making.

Michael Bar-Eli and his colleagues at Ben-Gurion University of the Negev and the Hebrew University of Jerusalem analyzed 286 penalty kicks from top soccer leagues in a 2007 study in the Journal of Economic Psychology.

A goalkeeper’s best chance of stopping the kick is to stay in the center of the goal.

Yet goalkeepers rarely do.

They dive left or right because diving is what goalkeepers are expected to do, and it’s exciting, and a penalty-scored goal just seems to hurt more when you simply stand still.

AI’s answer is the dive. Every time. Every way. Dive.

It is the expected move, the one nobody gets blamed for.

So when the options are on the table, ask which one would surprise people.

In this case, stay in the middle. Pick the one that could fail. Then test it small and cheap, so being wrong costs you a day or a week and not a year.

3. Lead With Humor, Empathy, and Courage

Another concept I use often is three traits most people never connect with creativity at work: humor, empathy, and courage.

They are also the three things a machine can’t bring from experience. And people can tell.

In 2025, Matan Rubin and Anat Perry of the Hebrew University of Jerusalem, along with their colleagues, published nine studies with 6,282 people in Nature Human Behavior.

Participants read identical supportive messages. When they believed a human wrote the message, they rated it as more empathic and more supportive than when they believed AI wrote it.

The words were the same. The value was not.

So before anything leaves your desk, add one thing only you can make.

Handcraft it. Love it. Make it your own.

Maybe it’s a customer’s exact words. A joke or insight that could only come from your team. A position you are willing to defend out loud.

That is what turns the blah into wow.

At the end of the day, AI is making everyone’s creativity the same. Sure, it may look good at first, but the ever-present AI slop of the same results—the same thing over and over—demands that you come up with something different to stand out at work. And the three tools above are sure to give you that edge.

https://www.psychologytoday.com/us/blog/the-psychology-of-creativity/202610/ai-is-making-everyones-ideas-the-same

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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.

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1. Hyperscaler Net Issuance of Debt

Daily Dirtnap Newsletter

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2. Buyback Blackout Period Starting Now

We are now deeply into the buyback blackout period with just around a third of discretionary buybacks by index weight for S&P 500 companies active this week (discretionary buybacks represent ~30% of all buybacks), and it won’t get back above that until we get into November.

Zach Goldberg Jefferies

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3. Private Equity Stocks Roll Back Over as Rates Rise and IPOs Get Cancelled…..S&P vs. Apollo, KKR, and Blackstone

Ycharts

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4. AI Related Stocks 53% of S&P

A Wealth of Common Sense

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5. ARTY AI ETF Makes New Highs….After -25% Correction this Summer

Stockcharts

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6. AI Based American Wealth Another Level

Bloomberg By Kristine Owram  The boom in AI valuations has created unprecedented wealth for founders, early-stage investors and employees lucky enough to get stock options.  Even among the very richest people in the world, the divergence between the AI haves and the everyone-else-have-nots is stark. Tech billionaires account for all of the $845 billion in wealth gains on the Bloomberg Billionaires Index so far this year, while those who made their fortunes outside technology lost a combined $62 billion.

Bloomberg

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7. Real Estate ETF IYR at Lowest Level Ever vs. S&P

Charlie Bilello

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8. Political Double Haters on the Rise Going into Mid-Terms

WSJ

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9. Reality of 6-Figure Blue Collar Jobs

Washington Post By Danielle Douglas-Gabriel  The findings counter an emerging narrative about the prevalence of six-figure jobs in the skilled trades that don’t require higher education. Politicians and business leaders have touted careers in electrical work, HVAC and plumbing earning more than $100,000, arguing that a four-year degree is unnecessary for financial security.  While those jobs offer healthy salaries, research shows their median earnings are more modest than salaries for less common occupations that don’t require a bachelor’s degree.

The Washington Post

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10. Get Unstuck

Peter Mallouk

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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.

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1. Using AI is Getting Cheaper

Token volumes vs. token spend. "AI Spend FALLS in the latest Ramp AI Index. Price cuts at the frontier, in addition to cheaper and more efficient models at standard and lite levels, are pushing down the cost of using AI. Open source models remain <5% of business spend. This decline in spend is driven almost exclusively by competition between OpenAI + Anthropic."

Ara Kharazian

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2. Why Did META Add $450Billion to Market Cap in September?

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3. Tech is Now 55% of All U.S. Capital Spending

The Irrelevant Investor

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4. Small Cap Stock Short Interest is Sitting 99th Percentile—This is Not Bubble Stock Market Action

R2K short interest. Short interest (as % of shares outstanding) in the Russell 2000 has risen to the 99.8th percentile.

JPMorgan via @blakemillardcfa

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5. S&P Returns Modern Day Presidents

Charlie Bilello

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6. China’s Bigger and Better Batteries-FT

Financial Times

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7. Fintechs are Offering Higher Yields on Deposits

Advisor Perspectives

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8. Jobs Number by Sector

Business Insider

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9. American Populism Rising

Americans Want Populist Policies That Defy Traditional Political Labels

A new Wall Street Journal survey finds broad support for caps on prescription drug prices and strong border securityBy Aaron Zitner

WSJ

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10. Guess Who is Not Coming to Dinner-Semafor

Semafor

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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.

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1. S&P Returns Modern Day Presidents

@Charlie Bilello

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2. 10 Drivers of Higher Interest Rates-Barry Ritholtz

10 Drivers of Higher Interest Rates

1. Covid Fiscal Stimulus

2. AI-Accelerated GDP Growth

3. Inflation: Oil and the Iran war premium

4. Inflation: Tariff Trade policy

5. Rest of the world sours on US Treasuries

6. Duration: Weak Demand for long-dated paper

7. Deficits

8. Corporate Supply (competing with Treasury)

9. Japan leads Global rise in yield

10. Rate Normalization, Post QE/ZIRP

https://ritholtz.com/2026/09/the-aberrational-century/

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3. Deisel Prices Effect Everything

WSJ Esther Fung Laura Cooper and Costas Paris  It’s costing more and more to get stuff in the hands of American shoppers. 

Trucking expenses are at their highest level since the Covid pandemic snarled operations around the world. Diesel prices are up 77% in the past year. Freight railroads are adding surcharges. And the nation’s busiest port is the busiest it’s ever been.

There’s virtually no way for businesses to avoid paying more, and they’re passing on the pain to consumers. It all adds up to extra inflationary pressure on a U.S. economy that has been wrestling with rising prices for years.

Among the key drivers is the soaring price of diesel fuel. It hit a record of $6.53 on Sept. 22, according to AAA. 

Also contributing to the rise in trucking costs, companies say, is a shortage of truck drivers, a byproduct of the Trump administration’s tightened enforcement of rules on who can qualify for a commercial driver’s license. Tens of thousands of immigrants—often the ones most willing to handle the less popular long-haul trucking routes—have lost their certifications. 

WSJ

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4. META’s MUSE Eliminating Small Subscriptions on Credit Cards

Goldman Sachs Consumer Inertia Business—Who Will be Hurt by Muse?

Barron's

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5. American Populism Rising

Americans Want Populist Policies That Defy Traditional Political Labels

A new Wall Street Journal survey finds broad support for caps on prescription drug prices and strong border security

By Aaron Zitner

WSJ

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6. Historic Spread in Rent vs. Buy

Nick Gerli

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7. 20 Best Small Cities in America-Wallethub

Google

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8. Guess Who is Not Coming to Dinner-Semafor

Semafor

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9. Record Number of U.S. Passports Issued

USAFacts

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10. Never use ChatGPT for these five tasks

It's not a lawyer, it's not a doctor and it's definitely not your therapist.  byLuke James

The roster of people who have self-pwned by typing the wrong information into ChatGPT continues to grow. Samsung engineers, the acting director of America's cyber defense agency, self-represented litigants who provide citations to court cases that don't exist, a man who swapped table salt for sodium bromide after asking how to cut salt from his diet... the list is too long.

Even everyone's favorite all-lowercase techbro CEO Sam Altman concedes that what you're sharing with ChatGPT isn't privileged. Speaking to podcaster Theo Von in July 2025, he highlighted how courts could force OpenAI to hand over chats, calling it "very screwed up."

Tell a doctor, lawyer or therapist something and the law shields that conversation, but telling ChatGPT creates an audit trail. There's a non-zero risk here, given that ChatGPT chats have been subpoenaed, exposed by a share button, indexed by Google and preserved by a court order post-deletion — all in the last 18 months.

Sure, the chatbot is arguably a useful tool for research (check that case citations are real), coding (even the bugs ship), explaining concepts (there's no correlation between confidence and accuracy) and drafting (delete the prompt from your email before hitting send). But the areas below are where more than 900 million weekly users could create problems for themselves.

So to that end, don't use ChatGPT (or any other AI chatbot)...

1. For legal advice

wedmoments.stock/Shutterstock

Law and data science researcher Damien Charlotin maintains a public database that, to date, has logged more than 2,000 court decisions worldwide hamstrung by ChatGPT. These are cases where a judge has caught AI-fabricated citations, quotes or arguments in a filing.

It's not just self-representing litigants here. While they top the list with 1,175 records at the time of writing, lawyers come second with 815 records. It seems judges are growing tired of these shenanigans, with courts more recently imposing large fines well into the thousands-of-dollars range in a growing number of matters. Although the US makes up the largest number of cases in this data, judges in the UK, South Africa, Israel, Australia and Spain have all caught the same behavior. Where a tool was identified in those cases, ChatGPT was named more than any other.

OpenAI addressed this issue last October when it updated ChatGPT's usage policies. Those policies now prohibit using its services for "tailored advice that requires a license" unless a licensed professional is involved. Beyond false citations, ChatGPT chats have no legal privilege, so anything typed into it about a live dispute is fair game for the other side's lawyers in discovery. Go ahead and ask general questions like what a tort is (great if you need help falling asleep), but save the detailed questions about your own dispute for an actual lawyer.

2. As a therapist or counselor

Fatcamera/Getty Images

OpenAI estimated last year that 0.15 percent of ChatGPT's weekly active users have conversations that include explicit indicators of potential suicide planning. That unfortunately works out to more than a million people per week, with hundreds of thousands more users exhibiting signs of psychosis or mania. Altman has said young people in particular treat ChatGPT as a therapist or life coach and, again, that nothing shields these chats.

The parents of 16-year-old Adam Raine sued OpenAI for wrongful death in August 2025, alleging that ChatGPT reinforced their son's suicidal ideation before his death. Since then, OpenAI has reworked its crisis responses with input from more than 170 clinicians. The company has also added parental controls to ChatGPT, though child safety experts are skeptical of ChatGPT for Teens, the age-gated version launched alongside those changes.

Researchers have found that chatbots tend to reinforce a user's existing beliefs through sycophantic responses, in some cases feeding delusional thinking rather than challenging it. Describe an argument with your spouse, for example, and the model will work from your account's context alone, probably serving you an affirming verdict back regardless. Legislators are beginning to wake up to this, with states including Illinois, Nevada and Maine having passed laws prohibiting AI from delivering therapy or making therapeutic decisions.

3. With confidential work information

It should go without saying that uploading confidential work documents to a third-party chatbot is always a bad idea. Unfortunately, too many people don't seem to realize this.

Ironically, Madhu Gottumukkala, the former acting director of the Cybersecurity and Infrastructure Security Agency, didn't. He uploaded at least four contracting documents marked "for official use only" to the public version of ChatGPT last summer, triggering security alerts and a Department of Homeland Security review. Even more ironically, the tool had been blocked for most other DHS employees at the time; Gottumukkala requested a special exception to use it. Senator Chuck Grassley followed up in February this year demanding an account of what was exposed, but predictably, nobody was really held to account. Gottumukkala was eventually shuffled elsewhere within the DHS.

Samsung banned gen AI tools on company devices back in May 2023 after engineers notably pasted internal source code into ChatGPT. Accompanying that ban was an internal memo reasoning that data sent to such platforms lives on external servers where it's difficult to retrieve or delete, and could end up disclosed to other users. On consumer accounts, chats can also be used to train new models unless you've chosen to opt out. But opted-out data is still stored and breachable, and subject to legal process. Pasting client data or anything subject to employer controls or NDAs into a personal ChatGPT discussion is almost always going to be a fireable offense; Samsung's memo threatened exactly that.

4. To seek medical advice

PeopleImages/Shutterstock

The same October 2025 policy update that bans users from using ChatGPT as a lawyer also restricted people from seeking medical advice via the chatbot. HIPAA binds doctors, insurers and their business partners, but not OpenAI. Thus, health data that's legally shielded in a patient portal or between a doctor and patient has no such protection if it's disclosed to ChatGPT.

Researchers from Northeastern University reported in July that while OpenAI has tightened ChatGPT's handling of suicide and self-harm, those safeguards largely don't extend to other conditions. Their work found that conversations involving conditions like eating disorders, insomnia, substance abuse and bipolar disorder didn't trigger the safeguards, and that hiding intent made every tested model's protections more likely to fail.

In a particularly wacky case of ChatGPT medical advice gone bad, a 60-year-old man spent three weeks in the hospital last year after asking the chatbot how to cut chloride from his diet. He ended up convinced that sodium bromide, a toxic substance with a long half-life, was a safe swap for table salt. He bought it online, took it for three months and wound up in an emergency department convinced his neighbor had poisoned him. While the clinicians in this man's case never saw his chat logs, ChatGPT offered bromide as a chloride substitution when they gave the same question to the bot themselves.

5. To do anything involving passwords, ID numbers or account details

Fast Company found nearly 4,500 shared ChatGPT conversations lurking in Google search results last July. These included exchanges describing addiction, abuse and mental health struggles in enough detail to potentially identify their authors. The chats wound up indexed because people checked a "make this chat discoverable" checkbox in the share menu which, apparently, happened without them understanding what it did. OpenAI was quick to respond, killing the feature within a day of the report and purging conversations from Google.

As part of The New York Times' copyright lawsuit, OpenAI was ordered in May 2025 to retain every consumer chat log, deleted and temporary conversations included. That obligation ran until September 26, 2025, and logs preserved during that window remained accessible to the plaintiffs. A judge later terminated that order, meaning OpenAI no longer has to preserve all its ChatGPT data. But for four months, it did, and it could happen again.

It's vital to be aware that ChatGPT remembers what you tell it by default. That significantly raises the stakes for sensitive matters like passwords and account details, since they can persist across sessions and resurface in later conversations if mentioned even once. Passwords, one-time login codes, Social Security and passport numbers, full card or bank account details and photos of ID documents should never go into a prompt. Every one of those puts you at danger of identity theft if a chat is breached or otherwise accessed.

Altman has called for an "AI privilege" (of course he has) to fix these confidentiality issues. But until lawmakers create one, the safe assumption is that anything typed into ChatGPT could someday be read back to you by someone else. If you aren't comfortable with that, don't put it into a prompt.

https://www.engadget.com/2265219/chatgpt-tasks-never-use-for/

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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.

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1. History of 4 Year Presidential Cycle

Dan Stratemeier Jefferies

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2. Equal Weight S&P 7th Straight Week Down

RSP streak. The equal-weight S&P 500 is on track for its 7th consecutive weekly decline. The only other time that's happened was in the middle of the 2022 bear market.

DAILY CHARTBOOK

..

3. Forward Returns S&P Better After New Highs

@Charlie Bilello

..

4. 10 Drivers of Higher Interest Rates-Barry Ritholtz

10 Drivers of Higher Interest Rates

1. Covid Fiscal Stimulus

2. AI-Accelerated GDP Growth

3. Inflation: Oil and the Iran war premium

4. Inflation: Tariff Trade policy

5. Rest of the world sours on US Treasuries

6. Duration: Weak Demand for long-dated paper

7. Deficits

8. Corporate Supply (competing with Treasury)

9. Japan leads Global rise in yield

10. Rate Normalization, Post QE/ZIRP

https://ritholtz.com/2026/09/the-aberrational-century/

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5. Bond Bear-Muni Bonds Largest Decline Since 1987

Barchart

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6. Inflation-Manufacturing Still Expanding

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7. Inflation-No Slowdown in Consumer Spending

Wolf Street

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8. Comcast Stock -60% in 5 Years

Google

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9. Asian Countries Youth Unemployment Crisis

Semafor

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10. 20 Best Small Cities in America-Wallethub

Google

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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.

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1. Consumer Sentiment? Lower than 2008??

@awealthofcs

2. Negative Sentiment Showing Up in ETF Flows…..September Flows $3B Per Day vs. $7B Earlier this Summer

Equity ETF flows. "For the month of September, equity ETFs are averaging about $3bn per day. That is meaningfully down from the over $7bn that we saw earlier in the summer"

@todd_sohn

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3. 10 Year Bond Yield 7 Straight Months of Increases-Longest Since 1969

The 10-year US Treasury yield will finish September with its seventh straight monthly increase. That ties for the longest streak of monthly increases since 1969. During those years, the only two streaks to last as long ended in March 2011 and June 1978. Going all the way back to 1962, this current streak is just the eighth time that the 10-year yield has increased for at least six straight months.

Bespoke

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4. Cayman Island Hedge Funds Buying U.S. Treasury Bills at Record Pace

@barchart

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5. Seasonal Low for Midterm Election Years

According to Citadel's Rubner today is the seasonal low of the year for midterm years.

Zack Goldberg Jefferies

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6. Ethereum Had -50% Correction…Rally 50day thru 200day to Upside

Stock Charts

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7. Silver SLV Hit $110 Early 2026…Rates Higher Rolling Back Over to Previous Lows $50

Stock Charts

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8. Rare Earth Production by Country-Jack Ablin Cresset Capital

Cresset Capital

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9. Historic Spread in Rent vs. Buy

@NickGerli1

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10. Mass Market vs. Special - Seth’s Blog

The opposite of mass

The mass market is seductive. It’s ‘everyone’. The mass market is powerful, but it’s only slightly interested.

The opposite of mass is special.

People who have chosen not to be in the mass market. People who want something else. Perhaps something better, certainly something interesting.

You can seek to serve the masses.

Or you can make something special. For people seeking special.

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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.

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1. U.S. Treasuries One of Worst Bear Markets in History

2. Sale of ORCL New Mexico Bonds Took $1.8B Loss for Original Lenders

WSJ Lenders are showing signs of unease about their exposure to Oracle. At least one bank that arranged New Mexico loans sold off a portion of the debt for a price below 90 cents on the dollar, people familiar with the matter said. Earlier this year, banks struggled to sell billions of dollars of loans they made to build data centers leased to Oracle in Texas and Wisconsin, The Wall Street Journal previously reported.
The sales of the New Mexico construction loans imply a paper loss of at least $1.8 billion for original lenders. Most banks hold construction loans they make until their due dates and don’t adjust their valuations based on market fluctuations.
The Financial Times earlier reported the bank debt sale. Bond investors have also raised questions about Oracle’s financial stability and its investment-grade credit rating. S&P Global Ratings downgraded Oracle’s credit rating to one notch above “junk” territory in July, saying that its “rapidly expanding AI infrastructure business is increasing its overall credit risk.” Its capital spending on AI equipment and property has exceeded its cash flows from operating its business for several quarters.

wsj.com

www.wsj.com/finance/investing/cracks-in-oracles-ai-data-center-build-out-appear-in-massive-new-mexico-project-effb51c2

Stock Charts

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3. Higher Rates = Utilities Hit Relative Lows vs. S&P

Market Watch

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4. Goldman Sachs Consumer Inertia Business—Who Will be Hurt by Muse?

Barron’s

Barron’s

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5. Iran War--Quatar ETF QAT Heading Toward 2025 Lows

Stock Charts

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6. Higher Rates =Oil Prices? Correlation of Oil and Treasurys Record Highs

WSJ

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7. Fed Never Raised Rates in October of an Election Year

@Barchart

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8. NIL Regulation

CNBC

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9. Record Number of U.S. Passports Issued

USA Facts

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10. Never use ChatGPT for these five tasks

It's not a lawyer, it's not a doctor and it's definitely not your therapist.  byLuke James

The roster of people who have self-pwned by typing the wrong information into ChatGPT continues to grow. Samsung engineers, the acting director of America's cyber defense agency, self-represented litigants who provide citations to court cases that don't exist, a man who swapped table salt for sodium bromide after asking how to cut salt from his diet... the list is too long.

 Even everyone's favorite all-lowercase techbro CEO Sam Altman concedes that what you're sharing with ChatGPT isn't privileged. Speaking to podcaster Theo Von in July 2025, he highlighted how courts could force OpenAI to hand over chats, calling it "very screwed up."

 Tell a doctor, lawyer or therapist something and the law shields that conversation, but telling ChatGPT creates an audit trail. There's a non-zero risk here, given that ChatGPT chats have been subpoenaed, exposed by a share button, indexed by Google and preserved by a court order post-deletion — all in the last 18 months.

 Sure, the chatbot is arguably a useful tool for research (check that case citations are real), coding (even the bugs ship), explaining concepts (there's no correlation between confidence and accuracy) and drafting (delete the prompt from your email before hitting send). But the areas below are where more than 900 million weekly users could create problems for themselves.

 So to that end, don't use ChatGPT (or any other AI chatbot)...

 1. For legal advice

Law and data science researcher Damien Charlotin maintains a public database that, to date, has logged more than 2,000 court decisions worldwide hamstrung by ChatGPT. These are cases where a judge has caught AI-fabricated citations, quotes or arguments in a filing.

 It's not just self-representing litigants here. While they top the list with 1,175 records at the time of writing, lawyers come second with 815 records. It seems judges are growing tired of these shenanigans, with courts more recently imposing large fines well into the thousands-of-dollars range in a growing number of matters. Although the US makes up the largest number of cases in this data, judges in the UK, South Africa, Israel, Australia and Spain have all caught the same behavior. Where a tool was identified in those cases, ChatGPT was named more than any other.

 OpenAI addressed this issue last October when it updated ChatGPT's usage policies. Those policies now prohibit using its services for "tailored advice that requires a license" unless a licensed professional is involved. Beyond false citations, ChatGPT chats have no legal privilege, so anything typed into it about a live dispute is fair game for the other side's lawyers in discovery. Go ahead and ask general questions like what a tort is (great if you need help falling asleep), but save the detailed questions about your own dispute for an actual lawyer.

 2. As a therapist or counselor

OpenAI estimated last year that 0.15 percent of ChatGPT's weekly active users have conversations that include explicit indicators of potential suicide planning. That unfortunately works out to more than a million people per week, with hundreds of thousands more users exhibiting signs of psychosis or mania. Altman has said young people in particular treat ChatGPT as a therapist or life coach and, again, that nothing shields these chats.

 The parents of 16-year-old Adam Raine sued OpenAI for wrongful death in August 2025, alleging that ChatGPT reinforced their son's suicidal ideation before his death. Since then, OpenAI has reworked its crisis responses with input from more than 170 clinicians. The company has also added parental controls to ChatGPT, though child safety experts are skeptical of ChatGPT for Teens, the age-gated version launched alongside those changes.

 Researchers have found that chatbots tend to reinforce a user's existing beliefs through sycophantic responses, in some cases feeding delusional thinking rather than challenging it. Describe an argument with your spouse, for example, and the model will work from your account's context alone, probably serving you an affirming verdict back regardless. Legislators are beginning to wake up to this, with states including Illinois, Nevada and Maine having passed laws prohibiting AI from delivering therapy or making therapeutic decisions.

 3. With confidential work information

It should go without saying that uploading confidential work documents to a third-party chatbot is always a bad idea. Unfortunately, too many people don't seem to realize this.

 Ironically, Madhu Gottumukkala, the former acting director of the Cybersecurity and Infrastructure Security Agency, didn't. He uploaded at least four contracting documents marked "for official use only" to the public version of ChatGPT last summer, triggering security alerts and a Department of Homeland Security review. Even more ironically, the tool had been blocked for most other DHS employees at the time; Gottumukkala requested a special exception to use it. Senator Chuck Grassley followed up in February this year demanding an account of what was exposed, but predictably, nobody was really held to account. Gottumukkala was eventually shuffled elsewhere within the DHS.

 Samsung banned gen AI tools on company devices back in May 2023 after engineers notably pasted internal source code into ChatGPT. Accompanying that ban was an internal memo reasoning that data sent to such platforms lives on external servers where it's difficult to retrieve or delete, and could end up disclosed to other users. On consumer accounts, chats can also be used to train new models unless you've chosen to opt out. But opted-out data is still stored and breachable, and subject to legal process. Pasting client data or anything subject to employer controls or NDAs into a personal ChatGPT discussion is almost always going to be a fireable offense; Samsung's memo threatened exactly that.

 4. To seek medical advice

 The same October 2025 policy update that bans users from using ChatGPT as a lawyer also restricted people from seeking medical advice via the chatbot. HIPAA binds doctors, insurers and their business partners, but not OpenAI. Thus, health data that's legally shielded in a patient portal or between a doctor and patient has no such protection if it's disclosed to ChatGPT.

 Researchers from Northeastern University reported in July that while OpenAI has tightened ChatGPT's handling of suicide and self-harm, those safeguards largely don't extend to other conditions. Their work found that conversations involving conditions like eating disorders, insomnia, substance abuse and bipolar disorder didn't trigger the safeguards, and that hiding intent made every tested model's protections more likely to fail.

 In a particularly wacky case of ChatGPT medical advice gone bad, a 60-year-old man spent three weeks in the hospital last year after asking the chatbot how to cut chloride from his diet. He ended up convinced that sodium bromide, a toxic substance with a long half-life, was a safe swap for table salt. He bought it online, took it for three months and wound up in an emergency department convinced his neighbor had poisoned him. While the clinicians in this man's case never saw his chat logs, ChatGPT offered bromide as a chloride substitution when they gave the same question to the bot themselves.

 5. To do anything involving passwords, ID numbers or account details

Fast Company found nearly 4,500 shared ChatGPT conversations lurking in Google search results last July. These included exchanges describing addiction, abuse and mental health struggles in enough detail to potentially identify their authors. The chats wound up indexed because people checked a "make this chat discoverable" checkbox in the share menu which, apparently, happened without them understanding what it did. OpenAI was quick to respond, killing the feature within a day of the report and purging conversations from Google.

 As part of The New York Times' copyright lawsuit, OpenAI was ordered in May 2025 to retain every consumer chat log, deleted and temporary conversations included. That obligation ran until September 26, 2025, and logs preserved during that window remained accessible to the plaintiffs. A judge later terminated that order, meaning OpenAI no longer has to preserve all its ChatGPT data. But for four months, it did, and it could happen again.

 It's vital to be aware that ChatGPT remembers what you tell it by default. That significantly raises the stakes for sensitive matters like passwords and account details, since they can persist across sessions and resurface in later conversations if mentioned even once. Passwords, one-time login codes, Social Security and passport numbers, full card or bank account details and photos of ID documents should never go into a prompt. Every one of those puts you at danger of identity theft if a chat is breached or otherwise accessed.

 Altman has called for an "AI privilege" (of course he has) to fix these confidentiality issues. But until lawmakers create one, the safe assumption is that anything typed into ChatGPT could someday be read back to you by someone else. If you aren't comfortable with that, don't put it into a prompt.

 https://www.engadget.com/2265219/chatgpt-tasks-never-use-for/

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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.

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1. Mid-Term Election Years-October Strong Month

And it’s not just the S&P. Since 1950, the Dow has averaged a 3.2% gain in midterm Octobers. The Nasdaq has averaged 3.2% too.

Source: Jeffrey Hirsch

2. What Stocks Outperform When Yields Rising?

Factors vs. yields. "When yields have risen, High Beta has outperformed the S&P 500 by the widest margin, followed by Pure Value and GARP. The biggest laggards have been Low Volatility and Dividend Aristocrats, while Momentum has also tended to suffer."

S&P Gobal

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3. MU Reports this Week …Memory Stocks Record Low Forward P/E

Memory valuation. "Memory stocks currently trade at a 2-year forward P/E of 4x"

Goldman Sachs via @mikezaccardi

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4. Vanguard REIT Index Negative 5-Year Returns

Google

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5. Inflation? Consumer Discretionary Stocks IYC ETF -8% vs. S&P +18% One-Year Return

Y-Charts

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6. Meta’s Muse Product Throws Curveball into VC World

Meta’s Muse is a free agent. VCs say startups can’t compete.

By Jacob Robbins
Technology Reporter

It took less than two weeks for Meta’s new AI assistant application Muse to reach number one on the iOS App Store. In its first 12 days on the market, Muse garnered more downloads than ChatGPT’s debut, according to data from Apptopia.
“This is the ChatGPT moment for agents,” said Navin Chaddha, managing partner at Mayfield, which is an investor in Hello Haven, a personal AI assistant startup.
But while Muse has introduced AI agents to a much larger market, investors say startups can’t compete with Meta’s offering on price, distribution, and access to compute.
“If you’re going to give it away for free, other startups are going to have to raise billions of dollars to compete, and I think OpenAI, Anthropic and Google, they’re not far behind,” Chaddha said. “It’s a game changer, but in consumer, it might be death or consolidation of other horizontal consumer agents.”
Meta’s moat isn’t the underlying model. It’s what the company can afford to give away.
“He who has the gold that gets the compute makes the rules,” said Ed Sim, founder and GP at Boldstart Ventures, an investor in agent identity company Keycard.
For startups, the enterprise and infrastructure layers are still where the most opportunities lie, investors say. https://pitchbook.com/

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7. Pensions Fully Funded

Zach Goldberg Jefferies

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8. America is Biggest Diesel Exporter in World

Semafor

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9. Deisel Prices Effect Everything

WSJ Esther Fung Laura Cooper and Costas Paris

It’s costing more and more to get stuff in the hands of American shoppers.
Trucking expenses are at their highest level since the Covid pandemic snarled operations around the world. Diesel prices are up 77% in the past year. Freight railroads are adding surcharges. And the nation’s busiest port is the busiest it’s ever been.
There’s virtually no way for businesses to avoid paying more, and they’re passing on the pain to consumers. It all adds up to extra inflationary pressure on a U.S. economy that has been wrestling with rising prices for years.
Among the key drivers is the soaring price of diesel fuel. It hit a record of $6.53 on Sept. 22, according to AAA.
Also contributing to the rise in trucking costs, companies say, is a shortage of truck drivers, a byproduct of the Trump administration’s tightened enforcement of rules on who can qualify for a commercial driver’s license. Tens of thousands of immigrants—often the ones most willing to handle the less popular long-haul trucking routes—have lost their certifications.

WSJ

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10. 6 Questions to Help You Design Your Life

Psychology Today You don’t have to just react to what life throws your way. Robert Taibbi L.C.S.W.

 Key points

• We can choose to react to our life or create it by proactively mapping out our goals and priorities.

• The keys are defining what gives you purpose, your values, and imagining your ideal everyday life.

• The challenges are avoding these questions by being passive, distracting yourself, or accepting what you get,

You’ve undoubtedly heard the phrase, “Life is what you make it.” At first glance, it seems to be about responding to and accommodating the challenges and opportunities, problems and hardships that come with being alive. But you can also hear it as a call to be proactive—the making—where life is less a workaround and more like a lump of clay you can shape and mold as you see fit.

Here are six questions and their challenges to help you design your life:

1. What do you want to invest your life doing?

This is the question you likely struggled with in high school or at the start of college—essentially, what do you want to be when you grow up?

The challenge is to think outside the box—not be constrained by family or cultural expectations—and tap into your potential: your talents and skills, passion, and sense of purpose.

2. What do you want your everyday life to be like?

If the first question is about the big picture, this is about life in the details, the day-to-day behaviors that make a good day: time with family and friends, balancing time for self and time for others, and setting priorities.

The challenge is that you don’t set priorities and instead fall victim to your own routines and lifestyle. You become reactive and passive rather than proactive and creative. Rather than running your life, your life runs you.

3. What does it mean to be an adult?

This is about values; you choose what a responsible adult and a good person look like. Again, it is about setting priorities, regulating your emotions, and ultimately crafting your self-image.

The challenges, driven by passivity, are two: Rather than defining your values, you substitute rules and blindly adhere to the shoulds handed down by parents and people in authority. The other is that you believe you’re powerless to change your personality—“That’s just the way I am” becomes your motto, an excuse to avoid the work of shaping yourself. Just as you can become a victim of your lifestyle, you can also become a victim of yourself.

4. How do you want to treat others?

If the question above is about shaping you, this is about shaping relationships—with partners, children, colleagues, and strangers. Again, imagine, set standards, and take action.

The challenge is that you forget you get back what you put out and that the world will gladly adapt to whatever lens you choose to look through. If you mistreat others, they will likely mistreat you. If you see others as manipulative, dangerous, or competitive, you will certainly find them, but you’ll undoubtedly be anxious and lonely.

5. What is the ultimate purpose of it all?

What is the meaning of life? Do you believe, like the Stoics, that life is an opportunity to be virtuous in the face of adversity? Do you think, like Buddha, that it is about attaining enlightenment, or, like Nietzsche, that it is about being creative and living up to your potential? Or, like the existentialists, that life is about building a life through choices and personal responsibility? Or, like Jesus, that it is about love and serving others, or, like Epicurus or Whitman, that life is about simply experiencing and savoring it?

The challenge is that you avoid the question by staying busy, accepting others’ answers, or failing to translate your beliefs into concrete action.

6. What do you want the moral of your life to be?

What would you like others to say about you at your funeral? What epitaph would you want on your tombstone? How do you need to live to have the fewest regrets?

Leave room for change

Your answers to some of these questions may change over time as you grow older and hopefully wiser, as life experiences do their own shaping. Keep your ear close to the ground so your life stays in lockstep with you, and so your outer life reflects your inner one.

And maybe that’s the biggest challenge of all.

https://www.psychologytoday.com/us/blog/fixing-families/202609/6-questions-to-help-you-design-your-life

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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.

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1. More than Half the S&P 500 Stocks are More Expensive than NVDA

Chart Kid Matt

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2. Data Centers Use 7% of American Power

Data centers now eat up nearly 7% of total US power demand. A decade ago that number barely moved. Now it’s a hockey stick, and it’s still bending upward.

Hedgeye

..

3. China Bots Fueling American Data Center Rage?

Axios

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4. Global View on AI Job Impact

Pew Research Center

..

5. 1990 Drop Off When U.S. Started Exporting Jobs to China and Importing Cheap Goods….We Eliminated Extreme Poverty in China

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6. McDonalds Stock MCD Hits Negative 5-Year Returns….Inflation+gas prices+Ozempic

Google

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7. Mid-Term Election Polymarket Odds

The Irrelevant Investor

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8-9. The Irrelevant Investor

20% of Home Listings in U.S. Cut Prices in August.

Bloomberg

NYC Office Back on Top-Barrons.

Barrons

High Rates=Residentail Investments Shrinking Slice of GDP

Advisor Perspectives

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10. Why A 10-Second Balance Test Helps Predict Longevity-Arnold

Adults who couldn't hold a 10-second one-leg stance had a higher death risk over 7 years.

Welcome to the positive corner of the internet. We’re here to make your life healthier, happier, and less stressful. At the bottom of each email, we explain our editorial process, stance on AI, and partnership standards.

If you were forwarded this message, you can get the free daily email here.

Today’s Health Upgrade

• Number you won’t forget

• Speak your way to better self-perception

• Weekly wisdom

Fitness

Number You Won’t Forget: 10 Seconds

Many tests — from strength to VO2 max — are designed to assess longevity. But one test in particular requires no equipment whatsoever, and could highlight areas needed for improvement.

Researchers found that a simple 10-second balance test could be one signal of your long-term health and is linked to a higher risk of early death

Scientists studied more than 1,700 adults and found that poor balance was strongly associated with all-cause mortality over the next 7 years. The test was pass/fail: you either held it for the full 10 seconds or you didn't.

To do it, fold your arms across your chest. Lift one leg until your thigh is parallel to the floor. Then hold the position. If you lose balance, sway, or step down, that’s when the test ends.

Even after adjusting for age, sex, weight, and health conditions, those who couldn't balance on one leg had about an 84% higher risk of dying.

If you can’t stand on one leg for at least 10 seconds, that doesn't mean you should prepare for the end. Instead, balance reflects many of the attributes that truly matter for longevity.

Researchers believe a one-leg balance test is an effective test because it reflects a mix of strength, coordination, and nervous-system function that tend to decline together as we age, making it a useful snapshot of overall physical resilience.

https://arnoldspumpclub.com/?srsltid=AU7gw4WB6Oxm3jboLJe66VYgwiHBBG3rX0sg7CJ7Uf8Se5FnlFRkJR_8

 A doctor shares his 5-step routine for preventing cancer

By Gabby LandsverkFollow

 Business Insider Dr. Kumar works with patients who have many types of cancer, and said he's built a well-rounded health routine to lower his risk. Courtesy of Dr. Avishek Kumar

• An oncologist said simple habits help him reduce the risk of developing cancer long-term.

• He focuses on diet, exercise, and health screenings while reducing stress and exposure to toxins.

• His best advice is to start small with consistent habits and build your healthy routine over time.

• How does fiber lower cancer risk?

• What household items emit microplastics?

• How does fiber reduce cancer risk?

• Every day, you're making hundreds of small decisions that might be exposing you to a higher risk of cancer.

A few simple tweaks to your routine can help give you the best chance of preventing cancer, according to Dr. Avishek Kumar, a board-certified community oncologist in Edison, New Jersey.

"You can't fully eliminate the risk of having any sort of cancer," he told Business Insider. "But the key is reducing the odds, partaking in certain habits over the course of a lifetime, which can cut down the odds."

Small day-to-day decisions can add up to significant protection against deadly cancers like colon cancer and lung cancer.

He shared his own routine as an example, with five key components to reduce major cancer risks.

"Simple substitutions done over weeks and months and years can really pay off vast dividends in cancer prevention as time goes on," Kumar said. "Every given moment, we have the opportunity to take the stairs or substitute something healthy."

He eats more fiber and fewer processed foods

When it comes to nutrition, Kumar said his approach is to imagine a farmer from a century ago, prioritizing foods they would have eaten that can be harvested, foraged, or prepared at home.

"They probably wouldn't be eating Cheetos," he said.

Think berries, whole grains, lean meats, eggs, and dairy. The most nutrient-dense picks are often fresh foods you'd find on the periphery of the grocery store, rather than the shelf-stable, ultra-processed food in the center aisles.

That said, it's not realistic to completely cut out processed food, and Kumar loves a convenient trip to McDonald's (for a Filet O' Fish) as much as the rest of us.

For a balanced diet, he makes sure that at least one meal a day is as little-processed as possible, so he doesn't have to stress about enjoying a brownie at work or a fast-food lunch.

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"Really, it's a long-term effect that matters. It's those cumulative habits substituting a healthy, unprocessed plate of berries or vegetables for one meal a day," Kumar said.

He gets steps in early

Exercise is one of the most effective ways to prevent cancer, and it doesn't have to take much time or cost much money. Everyday movement, like walking, running, or taking the stairs, is enough to provide a protective benefit.

Kumar said he jogs nearly every morning to get his steps in early and start the day with more energy and less stress

If you're not a jogger or gym rat, he recommends adding a 20-minute walk to your day. Make it a habit, and build on it over time.

He protects his home from toxins

Kumar said environmental factors can play a big role in cancer risk, including items in your own kitchen or living space.

For instance, microplastics may be linked to an increased risk of cancer. The tiny particles can enter the human body through household items such as plastic food packaging or the nonstick coating on your cookware or utensils. To prevent exposure, throw out and replace old or degrading items.

"Sometimes you've got a pot that you really like, or a pan you've been using for years, and it's kind of peeling off, but you don't want to throw it out," Kumar said. "Really, all those different exposures can potentially increase the risk of cancer down the line."

Another potential carcinogen in your home is invisible, odorless, and tasteless: radon gas. Radon exposure is the second largest cause of lung cancer mortality after smoking, and it can seep into your home from the surrounding environment, Kumar said.

He recommends getting a low-cost testing kit or a device to check the radon levels in your home. If it's high, you can install vents or other airflow systems to lower your risk.

He stays on track with screening — even if he's super busy

With a full schedule of patients, Kumar said it's sometimes a challenge to fit in time for his own medical appointments. Routine screenings are often the first thing to get postponed when life gets busy.

But staying up to date is crucial, since most cancers are highly treatable when caught early.

Screening recommendations from the American Cancer Society include:

• From age 45: A colonoscopy to check for colorectal cancer, and repeated every 10 years

• From age 40: Annual mammograms for women to screen for breast cancer. (Start younger if you have a family history of cancer.)

• From age 50: Prostate cancer screening for men. (Start younger if you have a family history.)

"If you're due for a mammogram, if you're due for a colonoscopy, if it's age-appropriate, it is a really good idea to do that because to help others, you have first to help yourself," he said.

He unplugs to manage stress

As a doctor, Kumar said he makes a conscious effort not to spend all his time thinking about cancer. Too much stress can be a health risk in itself.

"Especially with social media, the tendency is just to scroll and, oh, that's an interesting article, scroll some more," he said.

His solution is "unplugging completely and sitting down in a quiet place, ideally outside, and reading a book."

Kumar also makes a point of spending time with his wife and son on fun outings, such as a recent trip to a train museum.

Regardless of how you choose to unwind, deliberately managing stress makes it easier to stick to a healthy routine in the long term.

"Cancer prevention isn't about perfection, it's just about doing simple things consistently," Kumar said.

This article is not a substitute for professional medical advice, diagnosis, or treatment. Always consult your qualified physician or healthcare provider.

 https://www.businessinsider.com/doctor-5-step-cancer-prevention-routine-testing-toxin-removal-2026-9

..

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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.

.

1. Revenue this Decade Running Double the Rate of 1990’s Bull Market

2. Small Cap Giving Up Outperformance 2026….Last 3 Months—S&P +5% vs. Small Cap -4%

Ycharts

..

3. Small Cap Chart…Pulling Back to 200 Day …Held in April

StockCharts

..

4. Another Chart of the Huge Spread Tech Stock Flows vs. Rest of Market

DAILY CHARTBOOK

..

5. META Catching Up to Nasdaq 2026 After Being -30% Behind this Summer

Abnormal Returns

.

6. META MUSE Already Cancelling Subscriptions-Axios

Axios

.

7. Investment Banking Leader GS Closes Below 200-Day

StockCharts

.

8. McDonalds Stock MCD Hits Negative 5-Year Returns….Inflation+gas prices+Ozempic

Google

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9. 20% of Home Listings in U.S. Cut Prices in August

Bloomberg

.

10. A doctor shares his 5-step routine for preventing cancer

Business Insider Dr. Kumar works with patients who have many types of cancer, and said he's built a well-rounded health routine to lower his risk. Courtesy of Dr. Avishek Kumar

• An oncologist said simple habits help him reduce the risk of developing cancer long-term.

• He focuses on diet, exercise, and health screenings while reducing stress and exposure to toxins.

• His best advice is to start small with consistent habits and build your healthy routine over time.

• How does fiber lower cancer risk?

• What household items emit microplastics?

• How does fiber reduce cancer risk?

• Every day, you're making hundreds of small decisions that might be exposing you to a higher risk of cancer.

A few simple tweaks to your routine can help give you the best chance of preventing cancer, according to Dr. Avishek Kumar, a board-certified community oncologist in Edison, New Jersey.

"You can't fully eliminate the risk of having any sort of cancer," he told Business Insider. "But the key is reducing the odds, partaking in certain habits over the course of a lifetime, which can cut down the odds."

Small day-to-day decisions can add up to significant protection against deadly cancers like colon cancer and lung cancer.

He shared his own routine as an example, with five key components to reduce major cancer risks.

"Simple substitutions done over weeks and months and years can really pay off vast dividends in cancer prevention as time goes on," Kumar said. "Every given moment, we have the opportunity to take the stairs or substitute something healthy."

He eats more fiber and fewer processed foods

When it comes to nutrition, Kumar said his approach is to imagine a farmer from a century ago, prioritizing foods they would have eaten that can be harvested, foraged, or prepared at home.

"They probably wouldn't be eating Cheetos," he said.

Think berries, whole grains, lean meats, eggs, and dairy. The most nutrient-dense picks are often fresh foods you'd find on the periphery of the grocery store, rather than the shelf-stable, ultra-processed food in the center aisles.

That said, it's not realistic to completely cut out processed food, and Kumar loves a convenient trip to McDonald's (for a Filet O' Fish) as much as the rest of us.

For a balanced diet, he makes sure that at least one meal a day is as little-processed as possible, so he doesn't have to stress about enjoying a brownie at work or a fast-food lunch.

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"Really, it's a long-term effect that matters. It's those cumulative habits substituting a healthy, unprocessed plate of berries or vegetables for one meal a day," Kumar said.

He gets steps in early

Exercise is one of the most effective ways to prevent cancer, and it doesn't have to take much time or cost much money. Everyday movement, like walking, running, or taking the stairs, is enough to provide a protective benefit.

Kumar said he jogs nearly every morning to get his steps in early and start the day with more energy and less stress

If you're not a jogger or gym rat, he recommends adding a 20-minute walk to your day. Make it a habit, and build on it over time.

He protects his home from toxins

Kumar said environmental factors can play a big role in cancer risk, including items in your own kitchen or living space.

For instance, microplastics may be linked to an increased risk of cancer. The tiny particles can enter the human body through household items such as plastic food packaging or the nonstick coating on your cookware or utensils. To prevent exposure, throw out and replace old or degrading items.

"Sometimes you've got a pot that you really like, or a pan you've been using for years, and it's kind of peeling off, but you don't want to throw it out," Kumar said. "Really, all those different exposures can potentially increase the risk of cancer down the line."

Another potential carcinogen in your home is invisible, odorless, and tasteless: radon gas. Radon exposure is the second largest cause of lung cancer mortality after smoking, and it can seep into your home from the surrounding environment, Kumar said.

He recommends getting a low-cost testing kit or a device to check the radon levels in your home. If it's high, you can install vents or other airflow systems to lower your risk.

He stays on track with screening — even if he's super busy

With a full schedule of patients, Kumar said it's sometimes a challenge to fit in time for his own medical appointments. Routine screenings are often the first thing to get postponed when life gets busy.

But staying up to date is crucial, since most cancers are highly treatable when caught early.

Screening recommendations from the American Cancer Society include:

• From age 45: A colonoscopy to check for colorectal cancer, and repeated every 10 years

• From age 40: Annual mammograms for women to screen for breast cancer. (Start younger if you have a family history of cancer.)

• From age 50: Prostate cancer screening for men. (Start younger if you have a family history.)

"If you're due for a mammogram, if you're due for a colonoscopy, if it's age-appropriate, it is a really good idea to do that because to help others, you have first to help yourself," he said.

He unplugs to manage stress

As a doctor, Kumar said he makes a conscious effort not to spend all his time thinking about cancer. Too much stress can be a health risk in itself.

"Especially with social media, the tendency is just to scroll and, oh, that's an interesting article, scroll some more," he said.

His solution is "unplugging completely and sitting down in a quiet place, ideally outside, and reading a book."

Kumar also makes a point of spending time with his wife and son on fun outings, such as a recent trip to a train museum.

Regardless of how you choose to unwind, deliberately managing stress makes it easier to stick to a healthy routine in the long term.

"Cancer prevention isn't about perfection, it's just about doing simple things consistently," Kumar said.

This article is not a substitute for professional medical advice, diagnosis, or treatment. Always consult your qualified physician or healthcare provider.

https://www.businessinsider.com/doctor-5-step-cancer-prevention-routine-testing

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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.

)..

1. Net Worth Growth Ranked by Social Class

A Wealth of Common Sense

..

2. Yesterday We Showed NVDA Less Expensive than Half the S&P 500……..Semiconductor Sector Cheapest in 4 Years vs. S&P

Semis valuation. "Semis are back to trading at a 13% discount to the S&P 500. That's below the longer-run pre-AI average and marks the cheapest relative valuation in more than four years."

Duality Research

..

3. MUSE Roll Out by META…..One More Good Day from New Highs

StockCharts

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4. Tech Sector vs. Defensive Sector Update….Highest in 20 Years But Not Near 1999

Topdown Charts

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5. S&P +88% vs. TSLA +51% 5 Year Returns

Ycharts

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6. China Bots Fueling American Data Center Rage?

Axios

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7. Regional Bank Index -6% this Month

CNBC

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8. Crypto Infrastructure Increasingly Being Pursued Inside Traditional Banking Framework

Perplexity

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9. Global View on AI Job Impact

Pew Research Center

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10. Stats on Celebrity Endorsed Crypto

cryptocurrency is almost five times as likely to be a scam

Marketwatch The ‘attention economy’ is really the sucker economy  By Brett Arends

About 10% of all crypto coins launched turned out to be outright scams, but for those endorsed by so-called celebrities, that figure was 45% to 48%.Photo: MarketWatch photo illustration/iStockphoto

New cryptocurrencies publicly endorsed by celebrities — often on social-media platforms such as Twitter — were almost five times as likely as those that weren’t endorsed to turn out to be scams and to see their value collapse to zero.

Yet those cryptocurrencies also raised about five times as much money, on average, as the ones without a celebrity endorsement, meaning that the famous face was worth an extra $80 million or more to the promoters.

These two shocking facts have been revealed by the diligent digging of finance professors Joshua White of Vanderbilt University and Sean Wilkoff of the University of Nevada, Reno. They published their findings in the peer-reviewed Journal of Banking and Finance, offering an important look behind the scenes at our modern so-called attention economy, which could better be described as the “sucker economy.”

How Net Leases Are a 'Hybrid Between Credit and Real Estate'See All Videos

White and Wilkoff trawled through about 1,500 new cryptocurrencies launched during the mania of 2017-18. They identified the ones that had been “endorsed” during the initial coin offering — the fundraising, or launch — by a famous person, typically a cultural celebrity. Then they tracked what happened next.

‘Celebrity endorsements sell investments for the same reason they sell shoes: People confuse familiarity with trust.’

— Financial planner Aaron Gaines

Even to a cynic like me, the results were worse than expected.

While about 10% of all the coins launched turned out to be outright scams, the figure for those endorsed by so-called celebrities was a staggering 45% to 48%.

“Celebrity-endorsed [initial coin offerings] are 35 to 38 percentage points more likely to be classified as scams,” Wilkoff confirmed to me by email. “The sample average for scams is [around] 10%.” That, he noted, means the estimated rate for endorsed initial coin offerings is 45% to 48%, or roughly 4.5 to 5 times more likely to be a scam. “This is an increase of about 350% to 380%,” he added.

But for all that, the celebrity endorsements worked … at least for the currency promoters, and in many cases for the celebrities.

“Celebrity endorsements are associated with raising about five times as much capital as non-endorsed offerings,” White and Wilkoff report in their paper. “Relative to the sample mean of $17.5 million, this corresponds to an incremental increase of approximately $83 million to $104 million in funds raised.”

https://www.marketwatch.com/story/a-celebrity-endorsed-cryptocurrency-is-almost-five-times-as-likely-to-be-a-scam-eaf25977?mod=personal-finance 

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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.

)..

1. More than Half the S&P 500 Stocks are More Expensive than NVDA

Chart Kid Matt

..

2. Data Centers Use 7% of American Power

Data centers now eat up nearly 7% of total US power demand. A decade ago that number barely moved. Now it’s a hockey stick, and it’s still bending upward.

Source: Hedgeye 

..

3. 7% 30 Year Mortgage Sending Housing Related Stocks Down….Lumber New Lows

BarChart

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4. Rocket Mortgage -50% …Closes Below 50 Day

Stock Charts

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5. Housing Cost Index in U.S.

Visual Capitalist

.

6. Re-Sending this Chart from Prof G….China 84% Positive on AI vs. U.S. 38%

Prof G Media

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7. 1990 Drop Off When U.S. Started Exporting Jobs to China and Importing Cheap Goods

.

8. Kalshi Going for Margin Accounts

Prediction Markets-CNBC

Kalshi asks CFTC to allow margin trading on its platform, letting users buy with borrowed funds

Davis Giangiulio@in/davis-giangiulio@GiangiulioDavis

 Key Points

· Kalshi is seeking approval from federal regulators to allow some traders to use leverage on its prediction markets.

· If approved, only certain traders will have access to marginable event contracts, the company told CNBC. It also won’t feature leverage on its sports, culture and “mention” markets.

· Currently, all regulated U.S. event contracts are entirely collateralized, and leverage is seen as a feature needed to attract more institutional liquidity to the exchanges.

 https://www.cnbc.com/2026/09/22/kalshi-asks-cftc-to-allow-margin-trading-on-its-platform-letting-users-buy-with-borrowed-funds.html?utm_campaign=mb&utm_source=morning_brew&utm_medium=newsletter

Susquehanna’s 80-Person Prediction Team Launches Student ContestSusquehanna’s 80-Person Prediction Team Launches Student Contest

Bloomberg

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9. Mid-Term Election Polymarket Odds

Irrelevant Investor

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10. 5 Signs AI Is Having a Negative Effect on You

Psychology Today How to recognize subtle signs of AI dependence and take back control. Alice Boyes Ph.D.

The effects of AI on human cognition and emotion are a mixed bag.

It exposes us to another entity's thinking processes and tool choices, which can help us see approaches we never would have considered and benefits our cognitive flexibility. AI can also function as emotional support through aversive tasks (tasks that are long and grindy, involve an overwhelming amount of data or choices, or make us anxious).

However, anyone who has used AI extensively will notice that it affects their cognition and mood in ways that fluctuate over time as the models change, mature, and shift from being toys we’re exploring to tools that we rely on and expect to perform reliably.

5 Subtle Signs of AI Dependence (and Their Antidotes)

Note that AI dependence isn't necessarily due to an inherent personal flaw. Least charitably, it's a product goal. AI companies have had many years of the social media era to draw from to understand how to make their products as "sticky" as possible. For companies who care about market share, the optimal outcome from their perspective (not yours) is maximizing your use of the product and lock-in to their ecosystem.

Here are five subtle cognitive-emotional slides that are natural consequences of extensive AI use.

1. You Feel Hesitant to Do Things Without the Help of AI, e.g. Note Taking

AI can become a crutch, especially for skills where our own efforts were never as perfect as we would have liked. You might still be confident in your core skills, but that confidence has eroded for ancillary ones.

For example, I am still very confident writing articles without AI, but I’ve lost confidence in taking my own notes from reading or listening vs. just having AI do it.

2. You Persist in Trying to Get AI to Do Something It's Objectively Bad At

If you’ve found yourself bashing your head against a proverbial wall for an hour or more trying to get AI to successfully accomplish something you could have done yourself in that time, this point applies to you.

There is a lot that humans are still better at than AI and many tasks that AI is objectively terrible at.

Take care not to make the assumption that AI must be better at everything if only given the right prompt. This is especially true for people who work hard to avoid mistakes or imperfections, who may be starting to feel like they always need AI in the loop of their tasks to catch their inevitable human mistakes.

3. You Feel Nervous About AI Companies Changing Their Rules

When you have invested time and money into creating processes that depend on AI provided by a few large companies, a logical consequence is fearing the rug being pulled out from under you.

You might be worried about new models behaving differently, pricing changes, privacy, or intellectual property.

4. You Think of Humans as Behaving Like Particular AI Models

Imagine you tell your child not to touch a tray of cupcakes and they say, "I won't touch the cupcakes"—then immediately follow it with "I'll just carry the tray to show [sibling]." Resist the urge to think "my child is acting like Claude"—even if, like Claude, your child is verbally telling you that they won't do something before doing it anyway.

We've all noticed AI doing human things, but noticing the reverse shows AI is spilling over into your mental life. This commonly happens with immersion, like when people who play particular video games for dozens of hours start interpreting life through that lens.

5. Barking Instructions at AI Increases Your Barking Instructions at Humans

As we expect more from AI and depend on it more, some of us get increasingly angry when it doesn't follow our instructions. Ultimately this anger stems from anxiety. We need to get our work done. We have things to do.

Most of us don't bark or swear at our human coworkers. Many more of us bark and swear at AI. Due to emotional spillover, we can become terse and frustrated with humans after we've been locked in that pattern of interacting with AI.

Anger and frustration tend to linger and carry over to other contexts, like if we're switching between our laptop and our family.

Antidotes to AI Dependence

The first step in resisting negative cognitive and emotional effects is noticing the subtle ones.

The second step is de-personalizing the experience. Write yourself a few sticky notes you can use to depersonalize whatever patterns you're worried about. For example, “I’m not becoming increasingly reliant on AI because my skills or mind is weak. It’s how these products and systems are designed and incentivized.”

Simple strategies work, like occasionally doing a task the way you used to do it pre-AI. You might remind yourself, “I don’t have to use AI for this. I find imperfection difficult, but my emotional safety doesn’t depend on using AI to eliminate imperfection.”

Set a time budget for how long you spend trying to get AI to do something it's not doing well. Conscientious, hardworking people can persevere too long. They either try the same approach too long (the same teaching method) or persist in trying to keep AI in a work loop they should have dropped it from entirely.

Not being a sticky user to any one AI company is another strategy. Models engage in stuck thinking and wrong assumptions just like humans do. Another model might behave differently. Being disloyal can help with feeling dependent on any one AI company.

Put a gap between frustrating AI interactions and human interactions. This could be as simple as a routine of taking your dog for a walk between finishing computer work and helping your child with their homework.

Preserve Your Cognitive Sharpness and Emotional Well-Being

Once you notice a problem and diagnose it accurately, the fixes usually become quite obvious. Your best tool is metacognitive awareness of how your thinking and emotions change, when, and why. Once you have that, it doesn’t take much creativity to find strategies that directly target the underlying cause.

https://www.psychologytoday.com/us/blog/in-practice/202609/5-signs-ai-is-having-a-negative-effect-on-you

.

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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.

)..

1. 5 Companies Revenues Most Tied to AI Build Out

Dave Lutz Jones Trading…"Some firms' revenue is almost existentially tied to the capex decisions of one or two players. Here's a chart showing the top five companies' revenue dependence on the ecoverse” FT reports

Dave Lutz Jones

..

2. Semi Driving 62% of S&P Earnings Growth

..

3. Margin Debt Still High But Cooling Off

Margin debt. "After reaching +50%, margin-debt YoY growth has steadily cooled to +37.2%. (Periods above +50% YoY are shaded in grey)."

Daily Chartbook

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4. MAG 7 Stocks Make New High….Catching S&P YTD

Stock Charts

..

5. Non-Oil Energy Going Down While Energy Going Up……Clean Energy ETF -35% from Highs

Stock Charts

.

6. TAN Solar -40% from Highs

Stock Charts

.

7. XLU Utility ETF Negative for 2026…50day thru 200day to Downside

Stock Charts

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8. NYC Office Back on Top -Barron’s

Barron’s

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9. Residentail Investments Shrinking Slice of GDP

Advisor Perspectives

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10. Why A 10-Second Balance Test Helps Predict Longevity -Arnold

https://arnoldspumpclub.com/?srsltid=AU7gw4WB6Oxm3jboLJe66VYgwiHBBG3rX0sg7CJ7Uf8Se5FnlFRkJR_8

.

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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.

)..

1. Tech Stocks Seeing Highest Fund Flows Ever

Fund Flows — Tech Stocks: tech sector ETFs just recently witnessed their largest inflows ever, and now comprise around 50% of sector ETF assets under management. Investors the world over have a huge amount of confidence in the outlook for US stocks, to put it lightly.

Source: Topdown Charts

..

2. These Flows Do Not Match AAII Investor Sentiment ….Highest Bears in 12 Months

Bears are at their highest level since May 2025.

Source: Kevin Gordon

..

3. More than 50% of S&P Stocks Trading Below 200 Day

@barchart

..

4. Bond Yields in Historical Range

Capital Group

..

5. Hyper Scaler Debt was Addressed by Fed Chair Warsh

Dave Lutz Jones Trading One interesting point in the presser came in Warsh’s response to the rise in Treasury yields, according to Jonestrading chief strategist Mike O’Rourke. The Fed chair highlighted surging AI-related capex causing intense competition for capital. “Up until now the hyperscalers had asset-light business models generating free cash flow with almost no debt.” Those days are over, and “the rest of the AI trade is highly dependent on debt and equity capital markets to fund expansion.”

Dave Lutz Jones

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6. Bond Volatility Driving Stocks?

Kobessi Letter

.

7. The Result of Marriott Splitting into Two Companies….Marriott International Service Business Skyrocketed

Fiscal.ai

.

8. Demographics is Destiny…American Population has Shrunk Only During the Two Global Pandemics

..

9. Pew Research Poll Israelis/Palestinians

Pew Research

.

10. Dealing with Defensiveness

INC EXPERT OPINION BY JUSTIN BARISO, AUTHOR, EQ APPLIED @JUSTINJBARISO

Three simple phrases for dealing with defensiveness

Another effective method for dealing with defensiveness is to use self-talk. Some expressions that I’ve found helpful:

They don’t know. They don’t know what it’s like to be me or to walk in my shoes, so their comment is likely coming out of ignorance, and my dwelling on it isn’t going to do anyone any good.

I don’t know. In the same vein, I don’t know what it’s like to be them or to walk in their shoes. Maybe they’re dealing with their own insecurity, baggage, or difficult problem in their personal life, and that’s coming out in this situation.

This is not an attack. Perceived attacks aren’t always attacks. Can I see below the surface as to why the person is saying what they’re saying? Is it actually a plea for help, even if not communicated in the best way? Can I shift my focus to see how I can help the other person, to somehow create a win-win scenario, so we go from adversaries to teammates? (This one is most helpful after a pause, if the feelings of defensiveness continue to linger.)

And here’s a bonus tool you can use:

The golden question. How am I going to feel about this in five days? Five weeks? Five months? Five years? This helps me keep things in perspective.

(These are all examples of my “rules” and “words” of emotional intelligence, tools I use to help clients—and myself—manage emotions in the moment.)

All of us are human. Part of that means dealing with feelings of defensiveness from time to time. The key to effectively managing those feelings is to first understand the “why,” the root cause behind them. Then, you can use tools like the ones we’ve discussed to develop a strategy for dealing with those feelings.

The goal isn’t to end the feeling of defensiveness once and for all. But by applying these methods, you can reduce the frequency you experience it, and handle those feelings more effectively when they arise, leading to stronger relationships at work and home. That’s making emotions work for you, instead of against you—and it’s turning emotional into emotionally intelligent.

https://www.inc.com/justin-bariso/emotional-intelligence-why-how-to-stop-defensive-3-short-phrases/91404753?utm_source=newsletters&utm_medium=email&oly_enc_id=9218E7578789E9D

.

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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.

.

1. Stock Market History of Fed Rate Hikes

Opening Bell Daily

..

2. Gasoline in Driving Most of Inflation

Steve Rattner

..

3. Are AI Data Centers Raising Your Electric Bill?

AI data centers use a lot of power, and it’s easy to assume that demand drives up electricity bills. A new data center can use as much power in a year as hundreds of thousands of homes. However, electricity markets don’t work like most markets, and the data tells a complicated story. USAFacts gathered data on electricity prices, data center locations, and much, much more for our deepest data dive yet. 

USAFacts

• A new data center built with capacity for 100 to 1,000 megawatts of power could consume as much electricity in a year as 80,000 to 800,000 homes. Virginia’s existing data centers currently draw enough for 7.5 million homes — more than double the state’s 3.4 million households.
   ​

• It’s understandable to think that more demand would mean higher prices in general. And new grid infrastructure costs money. But the electricity market works in unique ways: power plants and other infrastructure are expensive to build, yet extra electricity is cheap to produce once those things exist.
   ​

• National electricity prices (adjusted for inflation) have increased somewhat modestly nationally since ChatGPT kicked off the AI boom in 2022. Last year, the average residential electricity price was $0.17 per kilowatt-hour. In 2001, the inflation-adjusted average was $0.16.
   

• Of course, rates have swung quite a bit for some people when you move past national averages. Washington, DC’s rose 45% from $0.16 in December 2022 to $0.24 in December 2025. Yet rates fell in states ranging from Hawaii to New Hampshire and Massachusetts.
   

• And price swings aren’t new. We looked at other three-year stretches since 2000 and found nine other instances in which a state’s prices grew by more than 50%. All of these instances were before the AI boom.
   

• States are working to keep data centers, not households, covering these costs. Some regulators are pushing utilities to charge data centers directly, and more utilities now bill them separately from other customers. Some AI developers have pledged to cover the costs themselves.

..

4. Half of Millennials are Getting Prenuptial Agreements

Perplexity

..

5. Russia is Churning Out Cheap Weapons from Chinese Parts

WSJ

.

6. What States Most Exposed to Canada? WSJ

WSJ

.

7. New York City New Housing Coming From Office Conversions

NYT-So far this year, the city has issued permits for 74 such projects that will create roughly 10,100 new homes, according to an analysis of city data by The New York Times. That amounts to a third of all of the new housing permitted in the city during that period, showing how quickly New York is embracing residential conversions.

NY Times

U.S.-New Apartments Being Built -53% from 2022 Peak.

Thompson Thrift

.

8. Mid-Term Election Money…..Crypto PAC $137m and AI PAC $140m

Perplexity

.

9. Japan has 100,000 People Over 100 Years Old…90% Women

OLD NEWS

Japan has a problematic age gap

Morning brew

Unsplash

For the first time in its history, Japan has more than 100,000 people over the age of 100—and nearly 90% of them are women. The surge of centenarians is straining the country’s resources and making the male/female ratio at senior home mixers impossibly unbalanced.

To put the official total of 107,677 into context, that’s enough 100-year-olds to nearly fill AT&T Stadium in Dallas. When paired with Japan’s record-low fertility rates, the number of centenarians—which has risen for 56 straight years—is creating a host of fiscal problems:

• Around one-third of the country’s ~120 million residents are drawing from public pensions.

• The health ministry asked for $218 billion for pensions and medical care for next year’s fiscal budget, representing about a quarter of the overall requests.

• The government estimates that it will need 2.4 million elder care workers in 2026, up from 2.1 million in 2024.

To supplement its withering workforce, Japan is recruiting care workers from abroad. After reaching 66,000 last year under a skilled-worker visa program, the government will now allow nearly three times that many under a new foreign-aid worker plan despite its usually strict immigration policies.—DL

.

10. Patterns of Unhappy People-Shane Parish

Patterns of unhappy people: 

- Need social approval 
- Are reliably unreliable 
- Feel sorry for themselves 
- Choose comfort over truth 
- Refuse to learn from others 
- Spend more than they make 
- Use chemicals to alter mood 
- Make everything about them 
- Resent the success of others 
- Confuse motion with progress 
- Confuse cynicism with intelligence 
- Promiscuous with their attention 
- Always in love with their first idea 
- Are always too smart to look stupid 
- Need to learn everything from mistakes 
- Build a life that looks better than it feels 
- Protect their potential by never testing it 
- Stay loyal to decisions that no longer make sense 
- Win arguments at the expense of the relationships 
- Standards for others and explanations for themselves 

Not a good place to be.

https://fs.blog/about/

..

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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.

)..

1. QQQ Never Made New Highs on Chart after Summer Sell Off

StockCharts

..

2. Consumer Discretionary Stocks Sideways Chart for 12 Months

StockCharts

..

3. Same Store Sales Still Growing 5%

The Irrelevant Investor

..

4. Retail Sales Ex-Gas Stations Still Trending Up

Not even sky-high gasoline prices could dent their spending on bars & restaurants, ecommerce, cannabis stores, etc.  By Wolf Richter for WOLF STREET.

Gasoline prices soared in August, and consumers continued to buy gasoline, but paid much higher prices, and so sales at gas stations in dollars (not gallons) also soared and pushed up overall retail sales, which spiked by 1.2% in August from July, to $773 billion, seasonally adjusted, and were up by 6.0% year-over-year, according to data from the Census Bureau today.

But even without gas station sales, retail sales spiked by 1.1% seasonally adjusted in August from July, and rose by 4.9% year-over-year.

It’s not all based on Americans suddenly throwing their entire inheritance at retailers. Part of the month-to-month increase in August was due to the effect of recapturing the drop in July that in turn was due to Amazon Prime Day having shifted into June this year, from July last year, made worse by quirky seasonal adjustments, which we discussed at the time, and today’s jump wasn’t a surprise here. But it shows that spending at retailers continues growing at a solid rate, even without gasoline sales, and despite the gasoline price spike.

Wolf Street

..

5. S&P Performance After Rate Hikes

.

6. Bitcoin New Correlations to Dollar, S&P and Nasdaq

Marketwatch That's according to analysis from CoinMarketCap Research, who say in commentary sent Wednesday "the usual macro playbook for how bitcoin reacts to a rate decision is unreliable this afternoon."  Bitcoin selling on Tuesday reflected a market that had positioned for a yes vote on the crypto regulating Clairity Act and was forced to unwind when it didn't come, according to CMC.

And while the Clarity Act drove that selling, bitcoin's correlations with other assets was dwindling.  "Bitcoin's short-window correlation to the dollar index sits at +0.08, versus -0.54 over the past 30 days. Its correlation to the S&P 500 has fallen to 0.43 from 0.75 yesterday, to the Nasdaq to 0.30 from 0.60 yesterday, and to gold to 0.28 from 0.69 over 30 days," said CMC. https://www.marketwatch.com/livecoverage/stock-market-today-dow-s-p-500-nasdaq-federal-reserve-interest-rate-decision-september-meeting?mod=home_lead

StockCharts

.

7. Higher Interest Rates Negative for Small Stocks -6.5% One Month

Google

.

8. Russia Cheap New Weapons Full of Chinese Parts-WSJ

WSJ

..

9. Japan has 100,000 People Over 100 Years Old….90% Women

OLD NEWS

Japan has a problematic age gap

Unsplash

For the first time in its history, Japan has more than 100,000 people over the age of 100—and nearly 90% of them are women. The surge of centenarians is straining the country’s resources and making the male/female ratio at senior home mixers impossibly unbalanced.

To put the official total of 107,677 into context, that’s enough 100-year-olds to nearly fill AT&T Stadium in Dallas. When paired with Japan’s record-low fertility rates, the number of centenarians—which has risen for 56 straight years—is creating a host of fiscal problems:

Around one-third of the country’s ~120 million residents are drawing from public pensions.

The health ministry asked for $218 billion for pensions and medical care for next year’s fiscal budget, representing about a quarter of the overall requests.

The government estimates that it will need 2.4 million elder care workers in 2026, up from 2.1 million in 2024.

To supplement its withering workforce, Japan is recruiting care workers from abroad. After reaching 66,000 last year under a skilled-worker visa program, the government will now allow nearly three times that many under a new foreign-aid worker plan despite its usually strict immigration policies.—DL

www.morningbrew.com

.

10. Close to 50% of Millennials Looking at Prenups

Perplexity

.

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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.

)..

1. Software Revenue Per Employee Hockey Stick

Software revenue per employee. "S&P 1500 Software revenue per employee has gone parabolic. If you are looking for evidence that AI is starting to impact the real economy, this is exhibit A."

@warrenpies

..

2. Monday Biggest Intra-Day Spread Software +5% vs. Semis -5% In History

Joe Weisenthal

..

3. Mag 7 2026 Laggards Close to New Highs

StockCharts

..

4. No Money Flowing to Defensive Investments Yet

Where’s Everybody Hiding? 

• ByJC Parets

• September 14, 2026

People can say whatever they want.

But there’s a big difference between saying you’re worried and actually positioning your money like you’re worried.

I’d rather watch the money.

Especially when we’re talking about the biggest financial institutions in the world.

Because when markets really start to deteriorate, money moves.

Investors start protecting themselves. They move away from riskier parts of the market and toward safer ones.

And we can see it happening in real time.

That’s what this chart is about:

TrendLabs

These are three completely different relationships.

But they’re all telling us something similar about the health of the market.

And right now, I don’t see much evidence of deterioration.

.

5. Universal Bond Hatred

Lance Roberts

.

6. Gasoline in Driving Most of Inflation

Steve Rattner

.

7. Core CPI Continues Trend Downward

Bespoke

.

8. BRICS Countries Met this Week….5 Year Chart S&P 500 +83% vs. BKF (BRICS ETF) -10%

Ycharts

..

9. Are AI Data Centers Raising Your Electric Bill?

AI data centers use a lot of power, and it’s easy to assume that demand drives up electricity bills. A new data center can use as much power in a year as hundreds of thousands of homes. However, electricity markets don’t work like most markets, and the data tells a complicated story. USAFacts gathered data on electricity prices, data center locations, and much, much more for our deepest data dive yet.

USAFacts

• A new data center built with capacity for 100 to 1,000 megawatts of power could consume as much electricity in a year as 80,000 to 800,000 homes. Virginia’s existing data centers currently draw enough for 7.5 million homes — more than double the state’s 3.4 million households.
   ​

• It’s understandable to think that more demand would mean higher prices in general. And new grid infrastructure costs money. But the electricity market works in unique ways: power plants and other infrastructure are expensive to build, yet extra electricity is cheap to produce once those things exist.
   ​

• National electricity prices (adjusted for inflation) have increased somewhat modestly nationally since ChatGPT kicked off the AI boom in 2022. Last year, the average residential electricity price was $0.17 per kilowatt-hour. In 2001, the inflation-adjusted average was $0.16.
   

• Of course, rates have swung quite a bit for some people when you move past national averages. Washington, DC’s rose 45% from $0.16 in December 2022 to $0.24 in December 2025. Yet rates fell in states ranging from Hawaii to New Hampshire and Massachusetts.
   

• And price swings aren’t new. We looked at other three-year stretches since 2000 and found nine other instances in which a state’s prices grew by more than 50%. All of these instances were before the AI boom.
   

• States are working to keep data centers, not households, covering these costs. Some regulators are pushing utilities to charge data centers directly, and more utilities now bill them separately from other customers. Some AI developers have pledged to cover the costs themselves.

.

10. U.S. National Multifamily Apartment Starts -53% from 2022 Peak

Thompson Thrift

.

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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.

)..

1. Re-Sending this Chart …Tracking Seasonality

..

2. 100-Year Trend Chart from Ned Davis…We Are Out of the Box Above Trend

NDR

..

3. Equal Weight S&P Has Outperformed in 2026….Closes Below 50day

Stockcharts

..

4. Commodities Ratio to S&P 500

US Funds

.

5. NVDA is Financing the Buildout It Supplies

Critics are correct to call out that Nvidia is financing the buildout it supplies.

It issued $25 billion of bonds in June and returned $25.8 billion to shareholders, against $21.4 billion of free cash flow.

Demand is not the question. Nvidia has moved its customers' financing risk onto its own balance sheet, and receivables now tell you more about the AI trade than revenue does.

ProCap Insights

.

6. Brookfield Private/Alts Manager that was Holding Up Well…Broke Trendline Going Back to Mid-2022

Stockcharts

.

7. TLT is ETF for 20-Year Treasury Bond

Barchart

.

8. Average Hourly Earnings Fall Back to 15-Year Trendline

..

9. Mid-Term Election Money…..Crypto PAC $137m and AI PAC $140m

Perplexity

.

10. Patterns of Unhappy People-Shane Parish

Patterns of unhappy people:

- Need social approval
- Are reliably unreliable
- Feel sorry for themselves
- Choose comfort over truth
- Refuse to learn from others
- Spend more than they make
- Use chemicals to alter mood
- Make everything about them
- Resent the success of others
- Confuse motion with progress
- Confuse cynicism with intelligence
- Promiscuous with their attention
- Always in love with their first idea
- Are always too smart to look stupid
- Need to learn everything from mistakes
- Build a life that looks better than it feels
- Protect their potential by never testing it
- Stay loyal to decisions that no longer make sense
- Win arguments at the expense of the relationships
- Standards for others and explanations for themselves

Not a good place to be.

https://fs.blog/about/

.

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.

)..

1. Foreigners Record Allocation to U.S. Stocks

@barchart

..

2. Diesel Crack Hits $102

Google

@zerohedge

..

3. U.S. Household Net Worth Near Record Levels

@kobessiletter

..

4. Consumer Spending….XRT Retail Shopping ETF -10% Closes Below 200day

Stock Charts

.

5. Retail XRT ETF Negative Returns for 12 Months

Google

.

6. Fear And Greed Index at Fear Levels

CNN

.

7. Draftkings and Flutter Sell Off Right When Kalshi Writes First Sports Contract

Barron’s

.

8. What States Most Exposed to Canada? WSJ

WSJ

..

9. New York City New Housing Coming From Office Conversions

NYT-So far this year, the city has issued permits for 74 such projects that will create roughly 10,100 new homes, according to an analysis of city data by The New York Times. That amounts to a third of all of the new housing permitted in the city during that period, showing how quickly New York is embracing residential conversions.

New York Times

.

10. Your Brain Has a Craving Control Center—Here’s How to Use It

By SUCCESS Staff Published August 25, 2026 4 min read

Willpower has always felt like a personality trait, something you either have or you don’t. New neuroscience is rewriting that story. Scientists studying GLP-1 drugs like Ozempic have stumbled onto something bigger than a weight-loss mechanism: a specific brain region that may function as your craving’s control panel.

That discovery matters even if you never touch one of these medications. Understanding where craving actually lives in your brain changes how you think about discipline, habits and the moments when your best intentions lose to your impulses.

Meet the Lateral Septum, Your Brain’s Craving Control Point

Researchers have long focused on dopamine-producing regions like the ventral tegmental area when studying reward and craving. But those regions turn out to have relatively few receptors for GLP-1, the hormone these weight-loss drugs mimic.

One region does have that density: the lateral septum. Neuroscientists are building evidence tracing of GLP-1 drugs to this structure, which sits one step upstream from the classic dopamine machinery and appears to help combine memory, place and reward into a single signal.

Think of it as the region that answers the question “What’s rewarding here, right now, based on where I am and what I remember?” That’s a fundamentally different function than simple willpower. It’s closer to a filter that decides which urges get amplified before you’re even consciously aware of them.

What the Newest Research Is Revealing

A Nature study led by researchers at the University of Virginia, funded by the NIH, found that newer oral GLP-1 drugs suppress “hedonic feeding,” essentially eating for pleasure rather than hunger, in mice, by acting on the central amygdala, a region deep in the brain that regulates dopamine release into the brain’s reward circuitry. This pathway appears separate from the appetite-control systems scientists already understood.

That distinction matters. Hunger and craving are not the same experience, and treating them as identical has made discipline feel harder than it needs to be. When you’re fighting a craving that has nothing to do with actual need, you’re not lacking willpower. You’re up against a specific neural circuit doing exactly what it evolved to do.

Willpower vs. ‘Pull’—The Distinction That Changes Everything

Here’s where the science gets genuinely useful for your daily life. Addiction researchers describe what GLP-1 patients report as a decreased pull toward substances, not an increase in willpower. The craving itself gets quieter, rather than requiring more effort to resist.

That reframes the whole conversation around self-control. If craving intensity is something your brain generates based on memory and place, then some of your “willpower failures” were never about weakness. They were about being in an environment engineered to spike your craving circuit.

So what does this mean for you? It means the smartest move isn’t always gritting your teeth harder. Sometimes it’s changing the cue before the craving even fires.

How to Work With Your Craving Center, Not Against It

You don’t need a prescription to use this insight. The lateral septum responds heavily to place and memory, which means your environment may be doing more work on your behavior than your discipline ever could.

• Change the room, not just the resolve. If a specific location triggers a craving, whether it’s a snack drawer, a certain bar or even a particular chair where you scroll your phone, altering that physical cue interrupts the memory-reward link before it starts.

• Notice the “vivid image” moment. Cravings often begin with a mental picture—a food, a purchase, a distraction—appearing vividly in your mind. Naming that image out loud (“I’m picturing the vending machine”) creates a half-second of awareness that weakens its automatic pull.

• Build friction into the pattern, not the decision. Instead of relying on resisting an urge in the moment, make the triggering cue harder to encounter in the first place. Removing an app, changing a route or restocking a kitchen shelf does more than any pep talk.

The High-Achievers Takeaway

For leaders and entrepreneurs, this research offers something more valuable than a weight-loss headline. It offers permission to stop treating every lapse in discipline as a character failure.

Your brain has a genuine mechanism for turning memory and place into desire. Once you understand it operates below conscious awareness, you can start redesigning your surroundings instead of white-knuckling your way through willpower alone. That’s not a lesser strategy. It’s simply a smarter one, backed by where the science is actually pointing.  www.success.com

.

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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.