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Quote of the Day
"Hindsight allows us to see that we made it through past crises. While in the middle of a crisis, we do not have that luxury."
(Blair duQuesnay)
Chart of the Day

The bear market has seen notable consumer staples outpeformance.
Markets
- Stock buybacks have pretty much ground to a halt. (wsj.com)
- We know earnings are going to tank, but how much does it matter to a company's long term value? (awealthofcommonsense.com)
Strategy
- Three things you can do in a bear market without upending your portfolio (wsj.com)
- The worst risks are the ones we never saw in the first place. (humbledollar.com)
- Some of the best investment-related content from the past couple weeks. (bpsandpieces.com)
Industry trends
- Traffic at big box stores like Wal-Mart ($WMT) and Costco ($COST) are normalizing. (marketwatch.com)
- Food supply chains are in flux as restaurants close and people eat at home. (wsj.com)
- There are not a lot of alternatives for Airbnb hosts to make money. (ft.com)
- The sudden stop in tech industry events has hit event suppliers hard. (cnbc.com)
- Indie movie theaters are looking for ways to keep their relationship with their customers stuck at home. (variety.com)
- How work from home has affected internet traffic. (morningbrew.com)
Advertising
- Advertising hit a sudden stop along with the economy. (nytimes.com)
- Google ($GOOGL) and Facebook ($FB) stocks have held up better than other ad-supported industries. (barrons.com)
Finance
- With supply chains under stress so is supply chain finance. (wsj.com)
- The Nasdaq ($NDAQ) has been planning for disruptions like this since 9/11. (barrons.com)
- If private equity isn't willing to put money to work now, when will it? (nytimes.com)
- How Covid-19 swept through a JP Morgan ($JPM) trading floor. (wsj.com)
Pension funds
- It will take some time before we know the damage done to public pension plans. (nytimes.com)
- Coronavirus is only going to make the underfunding of pensions more acute. (mrzepczynski.blogspot.com)
- The coronavirus may be the death knell for generous state and municipal pensions. (bloomberg.com)
Covid-19
- "The United States will likely go down as the country that was supposedly best prepared to fight a pandemic but ended up catastrophically overmatched by the novel coronavirus, sustaining heavier casualties than any other nation." (washingtonpost.com)
- Suppression firs, then 'test, trace and isolate' next. (marginalrevolution.com)
- Can an old vaccine help in the fight against coronavirus? (nytimes.com)
- Why loss of smell, or anosmia, should be a trigger to self-isolate. (esquire.com)
- We are going to have to live in a state of 'semi-normal' for some time. (nytimes.com)
Masks
- Why you should wear a mask in public. (feld.com)
- Wearing a mask is a sign of respect for others. (bloomberg.com)
- What material masks for the best mask? (nytimes.com)
- The federal government had plans to mass produce masks, but never followed through. (washingtonpost.com)
Voting
- State have a lot of hoops to jump through to make mail-in voting a reality. (washingtonpost.com)
- Mail-in ballots are the only thing that will save elections. (axios.com)
Economy
- By one estimate at least 25% of the US economy has been idled. (wsj.com)
- The coming drop in GDP is going to put 2008 to shame. (econbrowser.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: working on yourself. (abnormalreturns.com)
- Monthly ESG links: ratings scrutiny. (abnormalreturns.com)