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Quote of the Day
"Expectations are powerful, and people can adapt to bad news even when it’s personally painful. A little bad news you didn’t expect can feel worse than big bad news you knew was coming."
(Morgan Housel)
Markets
- Since 2000, the aggregate bond index has outperformed the S&P 500. (wsj.com)
- Markets are projecting a big decline in dividend payments. (ft.com)
- A look at hedge fund performance during this downdraft. (mrzepczynski.blogspot.com)
Strategy
- If you are going to automate your investing, actually automate it. (thereformedbroker.com)
- On the origins of the phrase: “In bear markets, stocks return to their rightful owners.” (theirrelevantinvestor.com)
- Larry Swedroe, "My hope is that this serves as a warning that your risk preference should not shift just because rates turn negative." (evidenceinvestor.com)
Industries
- Online grocers have been unable to keep up with accelerated demand. (axios.com)
- Shifting production from commercial to consumer production, think toilet paper, isn't easy. (marker.medium.com)
Finance
Commodities
- There is a bull market for isopropyl alcohol. (wsj.com)
- Falling ethanol demand is hurting corn prices. (barrons.com)
Masks
- How 3M ($MMM) plans to ramp mask production. (bloomberg.com)
- The many reasons why mask production has not caught up with demand. (washingtonpost.com)
- Why is the FDA preventing the import of masks? (marginalrevolution.com)
- Our attitudes about mask wearing are going to have to change. (seths.blog)
- Should you wear a mask? (nytimes.com)
Covid-19
- Cities that isolated more effectively during the 1918 influenza pandemic performed better. (ritholtz.com)
- Americans are slowly coming to terms with the impact of the coronavirus pandemic. (usatoday.com)
- We really have no idea what the Covid-19 death rate is. (newscientist.com)
Good news
- The Gates Foundation is funding the construction of manufacturing lines for Covid-19 vaccines in advance of approval. (businessinsider.com)
- How grass roots solutions are helping to combat Covid-19. (epsilontheory.com)
- The captain of the USS Theodore Roosevelt was given a hero's sendoff by his crew. (reuters.com)
- HBO is offering free access to hundreds of hours of shows and movies. (variety.com)
Economy
- The March NFP report showed a predictable rise in lost jobs. (calculatedriskblog.com)
- The 'real' unemployment rate is probably closer to 13%. (nytimes.com)
Earlier on Abnormal Returns
- Podcast links: the coronavirus recession. (abnormalreturns.com)
- ESG links: ratings scrutiny. (abnormalreturns.com)
- What you missed in Thursday's linkfest. (abnormalreturns.com)
- Startup links: picking up the pieces. (abnormalreturns.com)
Mixed media
- Why some families are using second homes to quarantine and self-isolate. (wsj.com)
- Reports of the rich running roughshod through vacation hot spots are rife. (axios.com)
- Like Ketchum, Idaho for example. (newyorker.com)
- Stories of the wealthy fleeing epidemics is nothing new in human history. (daily.jstor.org)
