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Quote of the Day
"Building isn’t easy, or we’d already be doing all this. We need to demand more of our political leaders, of our CEOs, our entrepreneurs, our investors. We need to demand more of our culture, of our society. And we need to demand more from one another. We’re all necessary, and we can all contribute, to building."
(Marc Andreessen)
Markets
- The relative performance of the Big Tech stocks has been unbelievable. (theirrelevantinvestor.com)
- The last time we saw volatility like this was the Great Depression. (awealthofcommonsense.com)
Active management
- Warren Buffett has been adamant about not playing games he does not understand. (novelinvestor.com)
- It's hard to find evidence of skill in the hedge fund return numbers. (evidenceinvestor.com)
- Don't worry about Renaissance Technologies, they are doing just fine. (wsj.com)
ETFs
Airbnb
- Airbnb is doing everything it can to buy itself time. (wsj.com)
- Some Airbnb activity continues as people look for new ways to hunker down. (nytimes.com)
Business
- Mary Meeker's slide deck on where things stand right now. (assets.documentcloud.org)
- In April, strip mall owners collected only 30 to 50% of scheduled rent payments. (ft.com)
- The summer season is huge for leisure and entertainment destinations. Will crowds come back? (wsj.com)
- Why restaurants (and other businesses) are boarding up their windows. (ny.eater.com)
- Americans are tipping more these days. (wsj.com)
- CO2 supplies are dwindling. (reuters.com)
Global
- China's economy has emerged from lockdown but now has to deal with plunging demand for its products. (ft.com)
- South Korea has succeeded, in large part, against the coronavirus with the cooperation of its populace. (newyorker.com)
- The global trade in flowers has been thoroughly disrupted by the coronavirus. (bloomberg.com)
Immunity
- If immunity to Covid-19 fades over time we are at-risk of future flare-ups. (nautil.us)
- Evidence of Covid-19 antibodies is not yet proof of actual immunity. (cnbc.com)
- Everyone agrees testing is a vital part of reopening the economy. We aren't doing nearly enough and there is no plan to get there. (newyorker.com)
Income inequality
- The coronavirus shutdowns demonstrate the stark class differences in the US. (theatlantic.com)
- Income inequality is only going to get worse, post-pandemic. Expect anger to grow. (theirrelevantinvestor.com)
Bailout nation
- How might the world be different if Chrylser didn't get bailed out in 1980? (ritholtz.com)
- How might the world be different if LTCM hadn't been rescued in 1998? (ritholtz.com)
Historical lessons
- Why did the world shut down for Covid-19 but not SARS or Ebola? (fivethirtyeight.com)
- Five lessons learned from WWII production that can be applied to coronavirus. (vox.com)
- America used to build stuff. We need to get back to it. (a16z.com)
Economy
- Americans are pretty gloomy about the prospects for the economy. (nytimes.com)
- The economy may 're-open' but that doesn't mean it will get back to normal. (barrons.com)
- A succinct summary of the week's major economic events. (ritholtz.com)
- The economic release schedule for the coming week. (calculatedriskblog.com)
- Putting into perspective US jobs losses historically. (visualcapitalist.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: standing on the shoulder of giants. (abnormalreturns.com)
Mixed media
- The Greatest Generation got their moniker for handling the adversity they faced with honor and energy. (iheartwallstreet.com)
- We need to buckle up for a much longer time to 'normal.' (businessinsider.com)
- Jeff Miller, "Be optimistic about science, cautious about politics, suspicious of economic forecasts, and open-minded about the future economy." (dashofinsight.com)
