Back in July we first revealed something troubling: leadership breadth was collapsing not just across the Nasdaq...

... but the broader market as well:

As the WSJ had calculated, out of a total of 500 stocks, just Amazon, Google, Apple, Facebook, Gilead and Walt Disney accounted for more than all of the $199 billion in market-capitalization gains in the S&P 500. In fact, as of July, just these six firms were responsible for more than half of the $664 billion in value added to the Nasdaq Composite Index as of July.

Earlier today, we highlighted comments from the Ayatollah who spoke out yesterday against the execution of prominent Shiite cleric Nimr al-Nimr.

The Sheikh was killed by the Saudis for his role in anti-government protests during the Arab Spring. His execution sent shockwaves across the Shiite world as protesters took to the streets from Bahrain to Pakistan in a dramatic outpouring of grief and anger.

Submitted by John Rubino via DollarCollapse.com,

How do you make money in a world where history is meaningless? The answer, for a growing number of big fund managers, is that you don’t.

Hedge funds, generally the most aggressive species of money manager, do a lot of “black box” trading in which bets are placed on previously-identified patterns and relationships on the assumption that those patterns will repeat in the future.

Nestle Waters North America is under investigation by the US forest service. The world’s largest food company has applied to renew its bottling operations permit in southern California’s San Bernardino National Forest. According to reports, the US forest service has begun an environmental review of Nestle Waters North America’s bottling operations in drought stricken southern California. The company is allowed to operate while awaiting the result of its permit renewal.

As Wilbur Ross so eloquently noted, for Puerto Rico "it's the end of the beginning... and the beginning of the end," as he explained "Puerto Rico is the US version of Greece." However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond risk will only become more important over time, as assets of some severely underfunded plans are gradually depleted.

Wilbur Ross discusses Puerto Rico's debt struggles and where it goes from here...

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