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Quote of the Day
"The single greatest life lesson I've learned from markets is that risks are not normally distributed."
(Brett Steenbarger)
Chart of the Day

At their peak on Friday, bond futures had rallied 4% in a day. (via @macrocharts)
Markets
- What happened in the markets last week. (theirrelevantinvestor.com)
- The move in oil and bonds last week were extreme. (priceactionlab.com)
Strategy
- How managers get locked into a strategy. (mrzepczynski.blogspot.com)
- How financial editors could really help readers. (humbledollar.com)
Finance
- The 100 most influential women in finance. (barrons.com)
- Despite some progress elsewhere, women are losing ground in asset management. (barrons.com)
Oil
- Russia just keeps on pumping. (finance.yahoo.com)
- Saudi Aramco shares dipped below its IPO for the first time. (wsj.com)
- Jet fuel prices are plunging. (barrons.com)
Covid-19
- Lombardy is on lockdown. (slate.com)
- Smoothing out the need for critical care is the key to managing this outbreak. (crunkybiscuit.substack.com)
- A big lesson from 1918-19 is the importance of a public health response including quarantines and a ban on public gatherings. (marginalrevolution.com)
- How Europe's social safety need should help the spread of Covid-19. (nytimes.com)
- How do you hold a multi-week, multi-site basketball tournament in the age of Covid-19? (nytimes.com)
- The end of handshakes is near. (seths.blog)
Policy
- Despite a decade-long bull market public pension funds don't seem to be making headway toward full funding. (wsj.com)
- Harsh immigration policies are likely only going to make the coronavirus situation worse in the long run. (statnews.com)
- Why politicians just can't keep their hands off the tax code. (nytimes.com)
- How to get Americans to save more for retirement. (awealthofcommonsense.com)
DST
- Why public health officials want to end daylight savings time once and for all. (wsj.com)
- The evidence against Daylight Savings is compelling. (fastcompany.com)
- If nobody likes Daylight Savings why do we still do it? (npr.org)
Economy
- Covid-19 is the definition of an exogenous shock to the economy. (nytimes.com)
- Why the Covid-19 shock is different than a weather-event for the economy. (wsj.com)
- News is running ahead of economic indicators. (dashofinsight.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: revealed truths. (abnormalreturns.com)
- Nobody wants to pay for content, but you ultimately pay for content one way or another. (abnormalreturns.com)
- Redirect your fear into a more productive option like refinancing your mortgage. (abnormalreturns.com)
- Monthly ESG links: compounding the confusion. (abnormalreturns.com)