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Quote of the Day
"I hope that this crisis will end quickly and that things will return to normal soon. But hope is not a strategy. So we all need to be clear eyed and calmly assess our situation and develop a strategy that gives us the best chance of success."
(Fred Wilson)
Chart of the Day
There were plenty of signs the stock market was oversold even before this morning.
Oil
- The current oil shock can only be temporary in nature. (klementoninvesting.substack.com)
- Putting the drop in oil prices into context. (calculatedriskblog.com)
- Occidental Petroleum's ($OXY) purchase of Anadarko isn't looking great in retrospect. (ftalphaville.ft.com)
Rates
- Treasury bonds hit record low yields today. (cnbc.com)
- The reset in interest rates is more impactful than the stock market. (awealthofcommonsense.com)
- Pension funds biggest issue: low interest rates. (business.financialpost.com)
Markets
- What was going on a month ago, is irrelevant now. (mrzepczynski.blogspot.com)
- Don't confuse non-correlation with negative correlation. (theirrelevantinvestor.com)
- Two big lessons learned from the Dotcom bubble and bust. (wsj.com)
Strategy
- Panic rarely makes things better. (ritholtz.com)
- What can you proactively do during a period of market stress. (thereformedbroker.com)
- Market stress reminds us that we are all human. (tonyisola.com)
- Uncertainty makes investors myopic. (wsj.com)
Crypto
Companies
- Twitter ($TWTR) strikes a deal to save Jack Dorsey's job as CEO. (cnbc.com)
- Covid-19 has exposed vulnerabilities in company's supply chains. (wsj.com)
Banking
- How has Wells Fargo ($WFC) gotten away with so much for so long? (slate.com)
- State Farm is getting out of the banking business. (chicagobusiness.com)
Asset management
- A bear market is not going to help asset managers with their fee problem. (institutionalinvestor.com)
- Hedge funds are gearing up their socially responsible investing chops. (wsj.com)
- The 20 largest college endowments over time. (valuewalk.com)
ETFs
- Why a wave of mutual fund to ETF conversions is coming. (wealthmanagement.com)
- Non-transparent ETFs have a bit of a learning curve. (investmentnews.com)
- Checking in on the ETF closure rate. (wsj.com)
Covid-19
- The failure of the CDC and FDA is "one of the most shocking and serious examples of government failure that I have seen in my lifetime." (marginalrevolution.com)
- At this point there is no benefit for businesses to not take Covid-19 seriously. (epsilontheory.com)
- How to work from home in the age of Covid-19. (npr.org)
- A list of some useful scientific resources on Covid-19. (traderfeed.blogspot.com)
- How soap works. (marketwatch.com)
Economy
Earlier on Abnormal Returns
- A week's worth of content all in a day. (abnormalreturns.com)
- Adviser links: game on. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
