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Quote of the Day
"But when markets are roiling, don’t discount the value of doing nothing."
(Nir Kaissar)
Chart of the Day

You need a chart to get a handle on the surge in unemployment claims.
Markets
- 95% of all stocks in the S&P 500 are down year-to-date. (theirrelevantinvestor.com)
- How the bear market is going to affect endowment funds. (mrzepczynski.blogspot.com)
Strategy
- Dollar cost averaging means you will likely buy near the bottom without even trying. (awealthofcommonsense.com)
- How TAA strategies performed in March. (allocatesmartly.com)
Crypto
Companies
- Apple ($AAPL) is going to allow Amazon ($AMZN) Prime Video users to do in-app purchases. (theverge.com)
- Softbank has withdrawn its tender for WeWork shares. (news.crunchbase.com)
- Under Armour ($UA) is now making masks. (fastcompany.com)
Restaurants
- Toast has pivoted to helping restaurants managing takeout and delivery. (cnbc.com)
- The transition to delivery-only is a challenge for fine dining establishments. (nytimes.com)
- Restaurants are turning to merch sales to help stay afloat. (wsj.com)
Finance
- Missed rent and mortgage payments are going to course through the financial system. (economist.com)
- The wave of shale bankruptcies is just getting started. (ft.com)
- Hard-hit companies are cutting 401(k) contributions. (wsj.com)
- Kabbage, the online small business lender, has stopped making loans. (ft.com)
- Proving insider trading by members of Congress is really difficult. (theconversation.com)
Funds
- Fidelity has closed three Treasury-focused money market funds to new investors. (pionline.com)
- Non-transparent ETFs are set to launch in the midst of a bear market. (msn.com)
- The 2019 ETF.com Award Winners. (etf.com)
- 72 ETFs closed in Q1. (investmentnews.com)
Covid-19
- What epidemiological models are good for: affecting behavior and eliminating worst-case scenarios. (theatlantic.com)
- Why economists and epidemiologists keep disagreeing. (bloomberg.com)
- This might be a better measure of coronavirus hotspots. (scientificamerican.com)
- Where America is shut down (and not) is clear in the travel data. (nytimes.com)
- US testing has not taken off yet. (marginalrevolution.com)
- Social distancing works. (washingtonpost.com)
Global
- Germany is conducting 50,000 Covid-19 tests a day. (ft.com)
- Emerging market economies on lockdown are unable to provide as much fiscal support as richer economies. (economist.com)
- China likely hid the size of its coronavirus outbreak. (cnbc.com)
Real estate
- The real estate market is pretty much frozen in place. (nytimes.com)
- Putting prior real estate downturns into perspective. (ritholtz.com)
Economy
- The damage to employment is simply staggering. (thereformedbroker.com)
- Weekly initial unemployment claims jumped to 6,648,000 - simply unbelievable. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Startup links: picking up the pieces. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: effective interventions. (abnormalreturns.com)
RIP, Adam Schlesinger
- Stephen Thompson, "Taken as a body of work, Schlesinger's creative output was astounding." (npr.org)
- Schlesinger's band, Fountains of Wayne made smart music. (lefsetz.com)
- Schlesinger wrote perfect (power) pop songs. (theringer.com)
- Schlesinger made be known more for his work in movies and television. (fastcompany.com)
- In praise of Schlesinger's other band, Ivy. (variety.com)
- A list of some of Schlesinger's most essential songs. (rollingstone.com)
- Tributes to Schlesinger poured in on social media. (slate.com)