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Quote of the Day
"Said another way — if stocks don’t have the risk of a Great Depression-like crash on the table, does that mean expected returns should be lower going forward?"
(Ben Carlson)
Chart of the Day
“In 7 1/2 weeks the following two events occurred in the stock market: the S&P 500 index fell 34% from all-time closing highs and then rallied about 25%.”
Markets
- Good luck coming up with an easy explanation for market's moves these past couple weeks. (theirrelevantinvestor.com)
- The market doesn't care what anyone thinks. (humbledollar.com)
Global investing
- Mean reversion has been hard to find in US vs. international stocks. (awealthofcommonsense.com)
- John Rekenthaler, "Whenever U.S. equity-fund shareholders have needed the protection, their international funds have worsened their problems, not fixed them." (morningstar.com)
Strategy
- A letter to my future investing self. (blog.validea.com)
- Lessons learned from Charles Schwab's book "Invested - Changing Forever The Way Americans Invest." (mastersinvest.com)
Amazon
- It's hard to see how Amazon ($AMZN) comes out of the pandemic weaker. (cnn.com)
- Amazon ($AMZN) is building its own testing capabilities. (bbc.com)
Entertainment
- AMC Theaters ($AMC) will have a hard time avoiding bankruptcy. (variety.com)
- Martin Scorcese apparently needs $200 million to make 'The Killers of the Flower Moon'? (wsj.com)
Finance
- There is a lot of disparity across REIT performance. (allstarcharts.com)
- More auto insurers are offering their customers rebates. (wsj.com)
- AcreTrader, an online farmland investment platform, just raised a seed round. (news.crunchbase.com)
- Citigroup ($C) is going to offer interns who would have been on site this summer full-time jobs. (institutionalinvestor.com)
- WeWork has stopped paying rent on some its locations. (gizmodo.com)
Funds
- BNY Mellon's zero-fee ETFs are live. (etf.com)
- Private equity performance has gotten a pass. (evidenceinvestor.com)
Covid-19
- Without more testing our coronavirus models are pretty incomplete. (nymag.com)
- Our coronavirus data is wholly incomplete. (medium.com)
Back to work
- Getting back to requires: masks, testing and tracing. (continuations.com)
- There is no plausible plan in the US for any of that. (vox.com)
Global
- Singapore, Hong Kong, South Korea, and Taiwan are seeing some rebound in cases. (wired.com)
- Greece responded quickly to the coronavirus pandemic. (bloomberg.com)
- Four things Hong Kong did to manhandle the coronavirus. (medium.com)
Economy
- Electricity usage clearly shows a big slowdown in the US economy. (nytimes.com)
- Consumer sentiment, U of M, had its biggest fall on record. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Podcast links: the science of fear. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: notable layoffs. (abnormalreturns.com)
- Compounding doesn't always work for in a positive direction. We are now seeing the downside of compounding in the populace and in Americans' retirement accounts. (abnormalreturns.com)
