@Sven,
Thanks for the list of highest-returning stocks YTD.
I wasn't paying close attention to stocks with the highest 2025 returns—the results surprised me.
The two Mag 7 stocks with the highest returns/rankings are:
Nvidia (29.20% - 48th)
Microsoft (21.88% - 86th)
@WABAC,
I haven't done a deep dive on Seagate Technology.
But a quick search indicated there was robust growth for storage in data centers running AI workloads.
Seagate's rival, Western Digital, ranked 13th on the list with a 52.69% return YTD.

Here is 2025 best performing stocks in S&P 500, and they are not the Magnificat 7.
https://slickcharts.com/sp500/performance

I'm guessing Seagate hasn't been that high on a list like that since the 1980's. Have hard disk drives become a meme stock?

I enjoyed this thought-provoking discussion with Larry Swedroe.
"Larry dives deep into the concept of 'self-healing mechanisms' in markets,
explaining how periods of poor performance often set the stage for strong future returns.
He uses fascinating examples from reinsurance to value stocks to illustrate this principle.
The discussion also covers why 'Sell in May and Go Away' is a dangerous myth,
why active management continues to disappoint, and why proper diversification means
always having some parts of your portfolio that aren't performing well."
0:00 - Introduction to timeless market lessons
3:00 - Why Warren Buffett and Peter Lynch's advice gets ignored
9:52 - Why valuations can't be used to time markets (PE ratios & CAPE)
16:48 - The importance of patience and discipline in investing
21:00 - Three shocking periods where stocks underperformed T-bills
28:49 - Understanding "self-healing mechanisms" in markets
40:00 - Why even a perfect crystal ball wouldn't help predict markets
44:00 - Debunking the "Sell in May and Go Away" myth
47:24 - Why last year's winners often become this year's losers
50:39 - Active management's persistent underperformance
55:28 - Why proper diversification means something always looks "wrong"
1:03:00 - The postage stamp analogy: Sticking to your investment plan
https://www.youtube.com/watch?v=hdQWw6amBg8&list=PLOPDD0ChIJDhoLhgfYwTpLn116h-rVM1x&index=32

Thank you, @Observant1. It was an excellent interview, and LizAnn answered many questions with much details.
Here is 2025 best performing stocks in S&P 500, and they are not the Magnificat 7.
https://slickcharts.com/sp500/performance
Edits:. She stated that the tariff will either be absorbed by the import companies or the consumers. Companies will NOT lower their own earnings for this administration and will pass on this added cost to the consumers as history has shown over and over. Question is when it will show up this year?

In this episode of Excess Returns, we welcome back Liz Ann Sonders, Chief Investment Strategist
at Charles Schwab, for an in-depth conversation about what's really driving markets right now.
Drawing on her latest research and commentary, we dig into retail trading dynamics, the implications of rising
tariffs, the debt burden, inflation pressures, market concentration, and why the Fed might be holding the line.
Liz Ann delivers clear, actionable insights—cutting through the noise and helping investors understand
what matters most in today’s unstable environment.
00:00 – Opening clip: debt, growth, inflation & the Fed
01:00 – Welcome and introduction
02:00 – Retail trader impact on market rally since April
05:25 – Sentiment washout and pain trade dynamics
08:00 – Policy instability and tariff complacency
12:00 – What investors can do in the face of uncertainty
14:50 – Budget deficits, debt burden, and growth implications
18:00 – Inflationary risks embedded in the new spending bill
20:30 – Dissecting inflation: tariffs, goods vs. services, and inequality
23:45 – Inflation vs. margins: where the impact shows first
26:00 – Instability vs. uncertainty: the new investor reality
30:30 – Labor market risks and misleading employment metrics
35:00 – Immigration's hidden macroeconomic effects
38:00 – Fed independence, Powell’s job security, and mispriced rate expectations
42:00 – Why the Fed may not cut—and why that’s bullish
44:20 – Mag 7 myth: contribution vs. true performance
48:00 – Broadening the rally: high-quality vs. low-quality stocks
50:30 – AI's second-order effects and sector-level surprises
55:00 – Liz Ann’s contrarian take: why year-end targets are pointless
https://www.youtube.com/watch?v=Lcq0Mux3oC8

Nations can 'agree to do/buy/invest $X' all they want to appease Emperor Hirocheeto, but that doesn't mean they'll actually ever do it. Look at the alleged "5 trillion" or whatever he claimed would be invested in the Middle East for AI. It was mostly pledges ... well I can pledge to give something but never actually do it. But he could thump his chest and scream "winning!" and get his headline, which is all he cares about.
You can bet the EU didn't give up anything they weren't prepared to give up, and will respond accordingly when he goes off on his next tariff tantrum bender....
Relatedly, if SCOTUS rules hia tariffs illegal, that would be a wonderful thing.

The Constitution grants Congress the power to levy tariffs.
Trump invoked the International Emergency Economic Powers Act (IEEPA) to impose most of his tariffs.
From the CNBC article:
"IEEPA gives Trump some powers to deal with national emergencies stemming
from 'any unusual and extraordinary threat' that comes in whole or in large part from outside the U.S."
"But attorneys representing the handful of small businesses that sued Trump
argue that the law does not let him unilaterally impose tariffs."
"'IEEPA nowhere mentions tariffs, duties, imposts, or taxes, and no other President in the statute’s
nearly 50-year history has claimed that it authorizes tariffs,' they wrote in a court brief this month."
Stating the obvious, there will be significant turmoil if Trump's tariffs are deemed illegal by the Supreme Court.

https://www.cnbc.com/2025/07/26/trump-tariffs-trade-lawsuits.html
-A federal appeals court will soon hear oral arguments in a high-profile lawsuit challenging Trump’s authority to impose sweeping “reciprocal” tariffs.
-The case is the furthest along of more than half a dozen federal cases targeting Trump’s imposition of tariffs using an emergency-powers law known as IEEPA.
-Piper Sandler analysts said Trump will “probably continue to lose in the lower courts” and at the Supreme Court, rendering his recent trade deals “illegal.”
“If the Supreme Court rules against Trump, all of the trade deals Trump has reached in recent weeks — and those he will reach in the coming days — are illegal,” the analysts wrote.
“So are his letters informing countries of their new tariffs, the current 10% minimum, and the reciprocal tariffs he has proposed or threatened,” they added.

continue playing the fool in another new thread, not realizing how tariff burdens are split.
there is no 3rd-party vetting of any 'signed' contracts, the majority of which have been to have further talks. call me skeptical on either side trusting the other to comply...trump broke his own prior nafta agreement.
the revenue reported is mostly via logistics providers able to somewhat encode all the changes and carve-outs. the estimate of 'stable' tariffs is ~5-10X, and you can pretend that has no impact because all forecasters are wrong.
google 'things that flow downhill'
https://www.mutualfundobserver.com/discuss/discussion/comment/195531/#Comment_195531

#2 Here are the major details of the agreement:
Tariff rate: A 15% tariff will be imposed on most EU goods imported into the US, including automobiles, semiconductors, and pharmaceutical goods. This is a reduction from the previously threatened 30% tariff rate.
EU commitments:
Energy Purchases: The EU has agreed to purchase $750 billion worth of American energy, specifically liquefied natural gas (LNG) and nuclear fuel over three years. This is intended to help reduce Europe's dependence on Russian gas.
Investment: The EU will invest an additional $600 billion in the US on top of existing expenditures.
Market Access: The EU has agreed to open its markets to US exporters with zero tariffs on certain products.
Military Equipment: The EU has also committed to purchasing "vast amounts" of US military equipment.
Exclusions:
Steel and Aluminum: The existing 50% tariffs on European steel and aluminum will remain in place, though there are suggestions they could be replaced by a quota system in the future.
Pharmaceuticals: Pharmaceuticals are also excluded from the 15% tariff, and their tariff rate will be determined globally, according to von der Leyen.
Zero Tariffs: Specific products like all aircraft and component parts, certain chemicals, certain generic drugs, semiconductor equipment, some agricultural products, natural resources, and critical raw materials will have zero tariffs.
Wine and spirits: The tariff rate for wine and spirits is yet to be determined.

@catch22
Thanks for the detailed information.
I've read WSJ and Reuters articles regarding the EU agreement.
Much of their information corresponds with what you have posted (quoted above).
Energy Purchases: Dollar amounts are the same. Energy sources were unspecified.
Market Access: "Trump also said the EU had agreed 'to open up their countries to trade at zero tariff.' Von der Leyen said the two had agreed to zero-for-zero tariffs for certain strategic products including aircrafts and their parts, certain chemicals, semiconductor equipment and certain agricultural products, among others, and said the two sides would work to add more products to that list." (WSJ)
Military Equipment: Military equipment wasn't mentioned specifically in either article.
Steel and Aluminum: "Trump indicated in comments to the press that his global steel-and-aluminum tariffs, which are currently at 50%, would remain unchanged. Von der Leyen said the two had agreed to a quota system that would keep tariffs lower for some EU metals exports to the U.S." (WSJ)
Pharmaceuticals: Von der Leyen said that 15% tariffs will apply to pharmaceuticals according to both articles.
Zero Tariffs: Reuters reported the same information (almost verbatim).
Wine and spirits: Von der Leyen: "'We will keep working to add more products to this list,' she said, adding that the situation on spirits was still to be established." (Reuters)
The EU trade agreement resembles the Japan agreement.
We still have not reached trade agreements with several of our largest trading partners:
Mexico, Canada, and China.
U.S. and Chinese officials are meeting in Stockholm on Monday and Tuesday—
it's anticipated that their trade truce will be extended beyond the Aug. 12 expiration date.

I did two searches for the EU US tariff deal using slightly different wording. The results are below with some redundancy.
#1 A trade deal between the US and EU was announced with a 15% tariff on most European goods imported to the US. The deal also involves the EU agreeing to purchase $750 billion of American energy and increase investment in the US by over $600 billion. Steel and aluminum tariffs were not included in this deal and remain at 50%.
Here's a more detailed breakdown:
15% Tariff: Most European goods exported to the US will now face a 15% tariff.
Energy and Investment: The EU agreed to purchase $750 billion of American energy and increase investment in the US by more than $600 billion.
No Tariffs on Some Goods: Some goods, including pharmaceuticals, will not be subject to tariffs.
Steel and Aluminum: The 50% tariff on steel and aluminum remains in place.
Temporary Resolution: The agreement temporarily resolves months of tense negotiations between the two trade partners.
"Big One": President Trump described this deal as "the biggest of them all".
EU Concessions: The EU agreed to accept US imports without tariffs.
"Rebalancing" Trade: The agreement aims to "rebalance" trade between the US and EU.
#2 Here are the major details of the agreement:
Tariff rate: A 15% tariff will be imposed on most EU goods imported into the US, including automobiles, semiconductors, and pharmaceutical goods. This is a reduction from the previously threatened 30% tariff rate.
EU commitments:
Energy Purchases: The EU has agreed to purchase $750 billion worth of American energy, specifically liquefied natural gas (LNG) and nuclear fuel over three years. This is intended to help reduce Europe's dependence on Russian gas.
Investment: The EU will invest an additional $600 billion in the US on top of existing expenditures.
Market Access: The EU has agreed to open its markets to US exporters with zero tariffs on certain products.
Military Equipment: The EU has also committed to purchasing "vast amounts" of US military equipment.
Exclusions:
Steel and Aluminum: The existing 50% tariffs on European steel and aluminum will remain in place, though there are suggestions they could be replaced by a quota system in the future.
Pharmaceuticals: Pharmaceuticals are also excluded from the 15% tariff, and their tariff rate will be determined globally, according to von der Leyen.
Zero Tariffs: Specific products like all aircraft and component parts, certain chemicals, certain generic drugs, semiconductor equipment, some agricultural products, natural resources, and critical raw materials will have zero tariffs.
Wine and spirits: The tariff rate for wine and spirits is yet to be determined.
This deal is seen as a way to bring stability and predictability to the transatlantic trade relationship and prevent a potentially damaging trade war. However, it's important to note that the agreement is still preliminary and further details need to be finalized. It is also worth noting that the 15% tariff rate is still significantly higher than the 2.5% that applied before the Trump administration took office.
Lastly, the Japan and EU deals both indicate $600 billion each investments into the U.S. over a period of years. We shall find what becomes of this, eh?

Speech in Scotland earlier today (Sunday). IMO the reporters questions wandered away from the subject matter, as has been common too often. Past this there was a lot of wandering in the speech, too; which has also been common. The eyes and ears of the world may bear witness. I can imagine what many on the global stage think and how their heads move side to side in wonderment.
The 24 minute VIDEO with CC 'on'.

During the Scotland escape, Dump rails against the use of windmills ahead of the EU meetings.
He is an embarrassment.
I would not let this guy handle any kind of negotiations. Tariff or otherwise.
15% later announced with EU on all goods. I'm sure he will pat himself on the back, no matter what the implications.

Just posted all ratings to MFO Premium site, using Refinitiv data drop from Friday, 25 July 2025.

As I expected from the start and posted many times about it, tariffs have been used as a negotiating tool — not an end in themselves.
And now, it’s all starting to fall into place.
President Trump and European Commission President Ursula von der Leyen announced that the U.S. and EU have agreed on the framework of a trade deal, following negotiations in Scotland on Sunday. Trump called it “the biggest of them all,” while von der Leyen confirmed that the EU agreed to 15% tariffs across the board.
The principle is simple: you have to pay if you want to play — just like paying fees to Amazon or Apple when you want to sell on their platforms. Access has a cost.
I told you months ago — focus on investing and stop scaring the kids.
All the fear-based talk does nothing but distract people from what actually works.

For a "small" fee of $1000 I will transfer one share of PRWCX to your taxable account :-)

I'll do it for $500 ;)

$499

The Week in Charts (07/25/25)
The most important charts and themes in markets and investing, including:
00:00 Intro
00:54 Topics
02:15 Grumpy Consumer Keeps Spending
04:59 Dimon's Warnings vs. JPM's Reality
09:38 The 2% Inflation Myth
14:12 More Tariff Deals, More All-Time Highs
23:30 Record Concentration at the Top
25:39 Tesla's Troubles, Google's Growth
30:53 Speculative Fever Is Back
36:00 The Most Unaffordable Housing Market in History
40:58 Falling Jobless Claims
Video
Blog

For a "small" fee of $1000 I will transfer one share of PRWCX to your taxable account :-)

I'll do it for $500 ;)

har, shadowstats is laughable
https://www.reddit.com/r/badeconomics/comments/3zik5t/shadowstatscom/
https://en.wikipedia.org/wiki/Shadowstats.com
'By 2021, the cumulative estimates of ShadowStats imply an average annual inflation rate of 9% for a cumulative increase in prices of over 600% since 2000. In a phone interview with Timothy B. Lee asked "John Williams" three different times for a particular good or service whose price increased 6-fold over that time. Williams could not recall any saying, "I can't give you a real hard example."'
bwahaha
I won't even track down krugman's historical demolitions.

Right, and akin to a long-winded way of saying "the other guy did it too".
If you care about the accuracy of economic stats at all, an "evolution" that serves to obfuscate is a problem, not something to be brushed off. Some changes (evolutions) have been made to better capture the reality. Some for less honorable reasons, I assume. Nonetheless, when changes are made to current accepted methods, for the sole purpose of covering for flawed policies, everyone should care.

Thanks @Observant1 for the post. I thought the point on the VIX noteworthy.
-
Opening lines from Bill Fleckenstein’s commentary tonight:
”The tractor beam was at work towing stocks higher once again, with the Nasdaq up almost 0.5% and the S&P about half of that. There was no news to impact trading, and it continues to be the case that the passive bid and mechanical flows just keep grinding the market upward.”
From ”Mechanical Flows” - The Daily Rap for Friday July 25, 2025
(Subscription Required)