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Quote of the Day
"Well, right now, markets have weighed anchor and investors are afloat and adrift in stormy seas. This has a range of perverse consequences, which themselves contribute to the ensuring volatility."
(Tim Duy)
Chart of the Day
In a wide swath of the country, gasoline prices are below $2.00 a gallon. (via @charliebilello)
Bonds
- Crossover buyers are sifting through the muni bond market. (ft.com)
- How various asset classes are being affected by poor liquidity and how the Fed might help. (mrzepczynski.blogspot.com)
- The average high yield bond is down some 20%. (ft.com)
Stocks
- Consumer staples, health care and tech have all made relative gains YTD. (klementoninvesting.substack.com)
- Some of the hardest hits stocks since February 19th. (visualcapitalist.com)
Strategy
- This crisis reminds us that risk capacity and risk tolerance are two different things. (morningstar.com)
- Making more decisions in a time of stress is a recipe for disaster. (theirrelevantinvestor.com)
- Why you should rebalance your portfolio. (morningstar.com)
- Now is the time to take a breath. (tonyisola.com)
History
- A list of the greatest investment quotes of all-time, actually sourced. (ofdollarsanddata.com)
- The best books about financial panic including "Devil Take the Hindmost" by Edward Chancellor. (theirrelevantinvestor.com)
- It's hard to believe how the 1920's in the US turned out given what came before. (awealthofcommonsense.com)
Finance
- How coronavirus could accelerate changes in how we buy and sell houses. (geekwire.com)
- Trading revenue will help offset some of the big drop in M&A revenue for banks. (ft.com)
Hedge funds
- Some hedge funds are quietly asking investors to step up. (institutionalinvestor.com)
- A list of the top earning hedge fund managers from 2019. (institutionalinvestor.com)
Funds
Covid-19
- Coronavirus may have been present in Italy earlier than previously thought. (reuters.com)
- The Trump administration was given a plan to deal with novel outbreaks, but chose to ignore it. (politico.com)
- The evidence is still out on the relationship between the spread of Covid-19 and the weather. (washingtonpost.com)
Shortages
- Food supply chains are intact. Panic buying is making things worse. (slate.com)
- You don't need to run to the ATM to pull out cash. (npr.org)
- The Internet is slowing down as everyone gets online. (nytimes.com)
Oil
- Full-up oil storage facilities will ripple through production sites. (ftalphaville.ft.com)
- The US fracking industry is frozen in place. (washingtonpost.com)
Employment
- Weekly initial unemployment claims easily surpassed the prior record. (calculatedriskblog.com)
- A decade of US jobs growth is now done. (wsj.com)
Earlier on Abnormal Returns
- Startup links: accelerating change. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: the value of a plan. (abnormalreturns.com)
