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Quote of the Day
"Kahneman quotes are amazing and all but completely useless for investors during a correction. I loved this book but even he says all of the studying he did on human behavior hasn’t changed his own behavior."
(Ben Carlson)
Chart of the Day

A look at all the corrections in the current bull market. (via @charliebillelo)
Markets
- The downturn has been swift and somewhat orderly. (thereformedbroker.com)
- What a market washout looks like. (theirrelevantinvestor.com)
- A crisis is a bad time to figure out your risk tolerance. (pragcap.com)
- Panic is problem no matter how old you are. (humbledollar.com)
- There is no such thing as a magical money machine in the markets. (alephblog.com)
Strategy
- Is is time to lock-in lower mortgage rates? (thebasispoint.com)
- Now may be a good time to re-balance your portfolio. (themacrotourist.com)
- If you've been sitting on cash, here's your chance. (blairbellecurve.com)
Recency bias
- We are wired to fight the last war. (rpseawright.wordpress.com)
- In finance, recency depends on your time frame and the decisions you are trying to make. (mrzepczynski.blogspot.com)
Crypto
- Another day, another Bitcoin ETF gets rejected by the SEC. (fa-mag.com)
- Steven Seagal was charged by the SEC for “unlawfully touting” a cryptocurrency offering. (reuters.com)
Companies
- Market leader DoorDash has confidentially filed for an IPO. (media.thinknum.com)
- Peloton ($PTON) has settled with music publishers. (variety.com)
- Zillow ($Z) is losing money as an iBuyer. (mikedp.com)
Funds
Coronavirus
- The sharing economy is taking a hit from coronavirus. (ftalphaville.ft.com)
- Amazon ($AMZN) sellers are going to run out of inventory soon. (wsj.com)
- The 2020 Tokyo Olympics are at risk of being cancelled. (axios.com)
Economy
- Freight volume is trending lower. (econbrowser.com)
- Weekly initial unemployment claims ticked higher last week. (calculatedriskblog.com)
- Why is nobody talking about America's rising savings rate? (economist.com)
Earlier on Abnormal Returns
- Startup links: exit options. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: a more meaningful life. (abnormalreturns.com)
- What I'm reading: the coronavirus edition. (abnormalreturns.com)
- An annual tradition: the 2020 Credit Suisse Global Investment Yearbooks it out. (abnormalreturns.com)