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Quote of the Day
"Guarding against one type of risk always exposes investors to others."
(Jason Zweig)
Chart of the Day

A good visualization of what Americans are buying more of (groceries) and less of (travel).
Markets
- Q1 earnings are going to be bad - the question is how bad? (wsj.com)
- Investment grade bond yields are still below where they were at the beginning of 2019. (mrzepczynski.blogspot.com)
- The tech companies that are powering us through this difficult time. (blog.yardeni.com)
Companies
- Everyone wants to know what Warren Buffett is waiting for? (barrons.com)
- The big are getting bigger in the retail space. (axios.com)
- The coronavirus has touched every part of Disney's ($DIS) business. (barrons.com)
- WeWork may be the least of Softbank's problems. (barrons.com)
Private equity
Contact tracing
- Apple ($AAPL) and Google ($GOOGL) are setting up a system to allow for contact tracing. (tidbits.com)
- How anonymous, contact tracing would work in practice. (ncase.me)
- Why contact tracing will be challenging in the real world. (theverge.com)
- These states are moving ahead with test-and-trace programs. (bloomberg.com)
Pension funds
- The PBGC was fully funded prior to the coronavirus outbreak. Now it's anyone's guess. (pionline.com)
- Underfunded public pension funds are between a rock and hard place. (pionline.com)
Failures
- Why the administration's response to Covid-19 was slow and disjointed. (nytimes.com)
- Widespread unfilled roles at key agencies have hampered the federal government's response to Covid-19. (politico.com)
- How the Federal government essentially opted out of trying to fix the PPE mess. (newyorker.com)
- Political lies are common, but in the midst of a pandemic they can be deadly. (wired.com)
State and local
- The state of California is increasingly at odds with Washington DC. (bloomberg.com)
- "The exact number of people who returned from leisure trips to Florida with the coronavirus may never be known. " (nytimes.com)
- Mayors are sharing best practices in the age of coronavirus. (politico.com)
Global
- Iceland has tested a larger portion of its populace. What has it learned? (marketwatch.com)
- Sweden has a relatively high case fatality rate. (time.com)
- Many restrictions in China still have not been lifted. (nymag.com)
- Wuhan's populace has been traumatized by the coronavirus. (ft.com)
- The Netherlands plowed under hundreds of millions of tulips. (nytimes.com)
The Fed
- Tim Duy, "No matter how much you want this to be a story about bad debt or excessive lending or stock buybacks or whatever, it just isn’t about that. It’s about the virus." (blogs.uoregon.edu)
- Two reasons why the Fed is so polarizing including the fact that the vast majority of people don't know what it does. (awealthofcommonsense.com)
- The Fed has more power than ever. Does that endanger its independence? (wsj.com)
- Answering some of your Fed-related questions. (pragcap.com)
- The growth in the Fed's balance sheet visualized. (safalniveshak.com)
Economy
- The US needs to meet two milestones before lifting restrictions on the economy. (calculatedriskblog.com)
- This crisis will exacerbate income and wealth inequality. (collaborativefund.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 this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: changed minds. (abnormalreturns.com)