--- title: Friday Fast Five - 10/20/2023 description: We aim to help investors separate the news from the noise by providing our perspective. Every Friday the Hodges Capital research analysts list the five most interesting things they discovered that week. Subscribe to receive the Hodges Friday Fast Five in your inbox every Friday. image: https://blog.hodgescapital.com/hubfs/Hodges-FridayFastFive.jpg --- [![Hodges-Logo-1](https://blog.hodgescapital.com/hs-fs/hubfs/Hodges-Logo-1.png?width=215&height=98&name=Hodges-Logo-1.png "Hodges-Logo-1")](https://www.hodgescapital.com/) [![Connect With Us](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/9402040/5025aacb-6e9a-4ab0-8651-1dfa57e962c6.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/9402040/5025aacb-6e9a-4ab0-8651-1dfa57e962c6) ** ** [![](https://blog.hodgescapital.com/hs-fs/hubfs/Hodges-Logo-1.png?width=521&height=237&name=Hodges-Logo-1.png)](https://blog.hodgescapital.com/) [![Connect With Us](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/9402040/5025aacb-6e9a-4ab0-8651-1dfa57e962c6.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/9402040/5025aacb-6e9a-4ab0-8651-1dfa57e962c6) ** ** **Menu** ** ** ![Outside 1-1-2](https://blog.hodgescapital.com/hs-fs/hubfs/Outside%201-1-2.jpeg?width=4106&name=Outside%201-1-2.jpeg "Outside 1-1-2") # Hodges Friday Fast Five *"In the investment business, you go to school every day, but never graduate." - Don Hodges*   # Friday Fast Five - 10/20/2023 by [Hodges Investment Team](https://blog.hodgescapital.com/capital-fast-five/author/hodges-investment-team), on October 20, 2023 Five interesting things that Hodges Capital research analysts discovered this week... **#1 ****REGIONAL BURDEN: **The global commercial real estate market is worth $20 trillion, and regional banks hold 80% of its debt. Five to ten office towers each month are newly at risk of defaulting because of low occupancy, expiring leases, or maturing debt refinanced at a higher rate, Manus Clancy of data firm Trepp told The Wall Street Journal. **#2**** ****PACK LEADERS: **The top 10 stocks in the S&P 500 have accounted for 96% of the Index’s returns this year as of the end of September (Hedgeye). **#3 ****DON’T BE A-FREIGHT: **With ocean container freight rates down as much as 90% since early 2022, carriers are removing capacity. Container capacity has been reduced by 7% in September compared to the prior year, but it has yet to make up for the modest demand. U.S. shippers (retailers and manufacturers) are seeing their ocean freight rates nearly cut in half this year. Spot rates have fallen below contract rates again (RBC Capital). ** ****#4 ****PULLING ITS WEIGHT: **The most significant positive divergence between a sector’s earnings and market cap weight is in Energy (8.7% vs. 4.7%). The greatest negative divergences are in the Technology sector (18.3% vs. 27.5%) (Hedgeye). ** ****#5 ****HEALTHY COST: **Health insurance costs are expected to surge by as much as 6.5% next year, according to a recent survey from consulting firm Mercer. Healthcare costs have long been a major expense for U.S. employers, with the cost of covering an employee running an average of $14,000 per year, according to Mercer — and over $22,000 per year for a family. It’s why a 6% increase can make the balance sheet look as scary as a bad diagnosis. In the past decade, health insurance rates have typically increased by only 3-5% each year. In 2015, the average cost of healthcare plans per employee was around $11,500. To lower costs, Walmart recently expanded virtual primary care coverage to the vast majority of its 2 million employees, which the company expects to reduce healthcare expenses by as much as 11%. If the nation’s largest private employer serves as any indication, your next doctor’s appointment may be a Zoom call (The Daily Upside).    *HCM is an Investment Advisory Firm registered with the Securities and Exchange Commission (“SEC”), is a wholly owned subsidiary of Hodges Capital Holdings and serves as investment advisor to the Hodges Funds. HCM is affiliated with First Dallas Securities, Inc, a broker-dealer, and investment advisor registered with the SEC.* *This discussion is not intended to be a forecast of future events and should not be considered a recommendation to buy or sell any security. Past performance is not indicative of future results. Investing involves risk. Principal loss is possible. Investing in smaller companies involves additional risks such as limited liquidity and greater volatility. No current or prospective client should assume that information referenced in this communication is a recommendation to buy or sell any security or is a substitute for personalized investment advice from your individual advisor. HCM does not provide tax or legal advice. Consult your tax or legal advisor for any related questions.* *All information referenced herein is from sources believed to be reliable and is provided as general market commentary and does not constitute investment advice. This material was created for informational purposes only and the opinions expressed are solely those of HCM. HCM shall not in any way be liable for claims and makes no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information. The data and information are provided as of the date referenced and are subject to change without notice.* ### Hodges Friday Fast Five We aim to help investors separate the news from the noise by providing our perspective. Every Friday the Hodges Capital research analysts list the five most interesting things they discovered that week. 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