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Quote of the Day
"Warren wants to keep Berkshire safe for people who have 90% of their net worth invested in it. We’re always going to be on the safe side. That doesn’t mean we couldn’t do something pretty aggressive or seize some opportunity. But basically we will be fairly conservative. And we’ll emerge on the other side very strong."
(Charlie Munger)
Markets
- A look at how long it took the stock market to recover from previous 'black turkey' events. (morningstar.com)
- The performance of Big Tech will play a huge role in how this bear market plays out over time. (awealthofcommonsense.com)
Strategy
- How to filter daily news in the age of a pandemic. (dashofinsight.com)
- If financial disclosures were written in plain language. (safalniveshak.com)
Companies
- Zoom ($ZM) is hiring like crazy to help fix its security issues. (wsj.com)
- Rackspace is prepping an IPO. (reuters.com)
Finance
- It's hard to see how credit card debt isn't going to become an issue for banks. (thereformedbroker.com)
- Some banks are garnishing stimulus checks despite a prohibition against it. (nytimes.com)
Homes
- iBuying got waylaid by the coronavirus just as it was going mainstream. (wsj.com)
- Mortgage are still near record-lows, but that isn't the barrier to lending right now. (marketwatch.com)
- Leveraged Aribnb hosts could put more pressure on mortgage deliquencies. (ca.finance.yahoo.com)
Private equity
- The GFC was the peak for the hedge fund industry. The pandemic may by the peak for private equity. (capitalallocatorspodcast.com)
- Is private equity facing it's 'Minsky Moment'? (mattstoller.substack.com)
- Two big lessons private equity should take away from the last recession. (institutionalinvestor.com)
Funds
Drugs
- Some early, hopeful data that remdesivir could be a potential treatment for Covid-19. (statnews.com)
- Some other drugs that are being tested to help treat Covid-19. (washingtonpost.com)
- The big question about the challenge of making a Covid-19 vaccine. (blogs.sciencemag.org)
- Covid-19 has put a halt to many non-coronanvirus clinical trials. (wired.com)
Covid-19
- We don't know the truth death rate due to Covid-19. (nytimes.com)
- Evidence that the US is still not testing enough people for the coronavirus. (theatlantic.com)
- Testing is the first step in a public health response. (johnhcochrane.blogspot.com)
- That being said, things are going to be weird for a while. (theatlantic.com)
Global
- China's economy shrank in Q1 for the first time since the government has been releasing quarterly GDP numbers. (businessinsider.com)
- These autocrats are giving no ground to their society's need to battle the coronavirus. (ft.com)
- New Zealand has likely avoided the worst of the coronavirus, but its tourism industry is going to be decimated. (ft.com)
- The central Chinese city of Wuhan upped its death rate due to Covid-19. (businessinsider.com)
- Will the coronavirus spare the most remote parts of the world? (newyorker.com)
Economy
- A full-stop is the economy is nothing like a typical recession. (blairbellecurve.com)
- The horrible economic numbers mean that social distancing is working. (blogs.uoregon.edu)
Earlier on Abnormal Returns
- Podcast links: a new regime. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: lengthened runways. (abnormalreturns.com)
