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Quote of the Day
"The past makes sense only in retrospect, after our minds burnish it to our liking. The present almost always defies our efforts to make sense of it."
(Jason Zweig)
Chart of the Day

This has been the worst five-week period for developed markets, ever. (via @sentimentrader)
Markets
- Recounting the brutality of this sell-off in detail. (cnbc.com)
- A look at some measure of US stock valuations. (mebfaber.com)
- Common volatility is high right now. (mrzepczynski.blogspot.com)
Strategy
- 27 things to do now including "Control what you can." (humbledollar.com)
- Stay safe, then worry about investing. (psyfitec.com)
- Great investors have a combination of intelligence and rationality. (mrzepczynski.blogspot.com)
Hiring
- Amazon ($AMZN) is upping overtime pay for workers. (theverge.com)
- A number of big companies including Wal-Mart ($WMT) are upping the pay of their frontline workers. (nytimes.com)
- It's not just retail that is hiring. (nytimes.com)
Big tech
- The biggest companies will likely only get stronger when all of this shakes out. (awealthofcommonsense.com)
- It's hard to see how the current crisis weakens the position of Big Tech relative to the competition. (barrons.com)
Companies
- Sports gambling is taking a big hit just as it was taking off. (businessinsider.com)
- The restaurant industry has hit a hidden stop. (npr.org)
- People are downloading news apps like crazy. (blog.apptopia.com)
- Airbnb is getting crushed. (wsj.com)
Covid-19
- How South Korea won the war on Covid-19. (wsj.com)
- US testing is ramping up, but who is going to analyze the data? (calculatedriskblog.com)
- How Covid-19 shutdowns have reduced emissions. (visualcapitalist.com)
- The Olympics are not going to happen this year. (washingtonpost.com)
Information flow
- Why do so many people reject the recommendations of health experts? (behavioralscientist.org)
- Willful misinformation is putting people at-risk. (ritholtz.com)
Policy
- Covid-19 issues aside, what is the future of the US census? (newyorker.com)
- Policies we should make permanent in light of the coronavirus including voting-by-mail. (esquire.com)
Global
- Germany is embracing deficit spending. (ft.com)
- Persistently low oil prices are going to reverberate throughout the Gulf. (bloomberg.com)
Economy
- Nobody really knows how to model the coronavirus recession. (nytimes.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Eariier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: important innovations. (abnormalreturns.com)
- The scarcity mindset saps your ability to make good decisions. Covid-19 is making putting more of us at-risk. (abnormalreturns.com)
- Structural breaks can only be known in hindsight. (abnormalreturns.com)