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Quote of the Day
"So, in 1929, there was no reason for the onslaught of bearishness. In 2020, there are toddlers in strollers who could tell you why we’re selling off. Everyone knows why we’re down. Everyone knows that it’s temporary."
(Josh Brown)
Chart of the Day

The autocorrelation of daily S&P 500 returns has fallen off the table.
Markets
- WTI dipped below $20 a barrel. (ft.com)
- Has extreme volatility peaked? (crossingwallstreet.com)
- A short history of dead-cat bounces. (awealthofcommonsense.com)
Strategy
- The 60/40 portfolio is having a bad year. (cnbc.com)
- US investors need to look globally for higher returns. (finance.yahoo.com)
- Why you should discount what dividends tell us right now. (psyfitec.com)
Industries
- Some evidence that grocery supply chains are getting stretched. (slate.com)
- Restaurants aren't going away, but they are going to look different. (marker.medium.com)
- The coronavirus is going to accelerate the death of legacy newspapers. (nytimes.com)
Credit
- Investment-grade deals are still getting done at a few years ago would have been crazy yields. (ftalphaville.ft.com)
- The bond markets are still open for investment grade credits. (ft.com)
Finance
- Community banks are in uncharted territory in this new economy. (wsj.com)
- It's a good time to be in the restructuring business. (nytimes.com)
- Good luck tracking trader conversations in the age of working from home. (wsj.com)
Fund management
- Investment alpha is...still fleeting. (ritholtz.com)
- This crisis is going to put pressure on sponsors to close unprofitable ETFs. (ft.com)
- Activist investors are putting aside their campaigns for now. (wsj.com)
Testing
- Testing everyone for Covid-19 is expensive, but there is no real alternative. (marginalrevolution.com)
- If 'test and trace' is going to happen in the US, smartphones are going be central to the effort. (techcrunch.com)
- Where testing needs to go before we open things up again. (calculatedriskblog.com)
- Test, test, test. (compoundadvisors.com)
Covid-19
- J&J ($JNJ) is starting clinical trials for a Covid-19 vaccine in September. (cnbc.com)
- Americans are going to have to come to terms with wearing masks in public. (kottke.org)
- Waiting and watching is not an American strong suit. (axios.com)
Global
- Japan's economy wasn't in great shape before coronavirus hit. (nytimes.com)
- Many emerging market countries have more debt than officially stated because of China's desire for secrecy. (wsj.com)
- Sweden is not going to the lengths of its neighbors to combat Covid-19. (cnbc.com)
- Economic sanctions have hindered Iran's ability to fight the coronavirus outbreak. (washingtonpost.com)
New York
- How the coronavirus could affect the New York economy going forward. (newgeography.com)
- Is urban density to blame for New York City's outbreak? (finance.yahoo.com)
Economy
- It's not just that the US economy is going to get, the bigger question is how long is this all going to take? (thereformedbroker.com)
- Bill McBride, "When the eventual recovery starts, it will be interesting to track hotel occupancy, restaurant traffic and movie box office data." (calculatedriskblog.com)
Earlier on Abnormal Returns
- Adviser links: working from home indefinitely. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- Top clicks last week on the site. (abnormalreturns.com)
Mixed media
- You find out what you truly value in times of stress and change. (fs.blog)
- How coronavirus has made us more aware of the issue of loneliness. (blogs.scientificamerican.com)
- Why it helps to consider the conoravirus a challenge and not a threat. (theconversation.com)
- Here are some ways to spread generosity, help and connection while on lockdown. (bakadesuyo.com)