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Quote of the Day
"In the end, rebalancing is unlikely to raise your return. The point of investing isn’t to get the best return, though; it’s to get the best return at the least risk."
(Jason Zweig)
Chart of the Day

So you want to own gold…should you own bullion or gold miners? (chart via @ycharts)
Markets
- How major asset classes performed in April 2020. (capitalspectator.com)
- This rally off the bottom doesn't really have any historical analogues. (sentimentrader.com)
- How has the stock market performed after a 10% up month? (quantifiableedges.com)
Strategy
- Four lessons from the current crisis including "There’s no alternative to safe bonds." (evidenceinvestor.com)
- A falling stock market doesn't necessarily need a catalyst to find a bottom. (theirrelevantinvestor.com)
- All the excess returns from value come from periods of higher inflation. (awealthofcommonsense.com)
Companies
- Gilead ($GILD) is planning to produce 1 million courses of treatment of Remdsivir by year-end. (ft.com)
- Apple ($AAPL) Watch is now the equivalent of a Fortune 140 company. (appleinsider.com)
- Amazon ($AMZN) is going to spend big to battle the coronavirus. (nytimes.com)
Berkshire Hathaway
- Five questions for Warren Buffett including "Is it time to name a successor?" (finance.yahoo.com)
- Omaha, Nebraska is going to suffer as the 'Woodstock for Capitalists' and other events are cancelled. (wsj.com)
Quibi
- How much of Quibi's struggles are due to the pandemic and how much to its business model? (wsj.com)
- Quibi doesn't want these podcasters talking about it. (huffpost.com)
- It doesn't seem like anybody is watching Quibi. (ft.com)
Funds
- Why did Wealthfront feel the need to launch a risk-parity fund? (riabiz.com)
- There is now an index to measure OCIO performance. (institutionalinvestor.com)
- Funds like $USO exist because you can't buy spot oil. (etf.com)
Covid-19
- Who is still getting infected at this point? (washingtonpost.com)
- Just because kids don't get sick with the coronavirus doesn't mean that can't spread it. (theguardian.com)
- You can't really re-open the economy without kids back in school. (bloomberg.com)
- Finding a coronavirus vaccine is one thing. Manufacturing it at scale is whole other thing. (nytimes.com)
- The CDC could start testing for the coronavirus in wastewater. (politico.com)
- Different beliefs about the coronavirus pandemic are splitting families apart. (thedailybeast.com)
Global
- Norway is cutting oil production. (msn.com)
- Sweden hasn't cracked the code on Covid-19. (bloomberg.com)
- How Germany has managed to avoid the worst of the coronavirus. (wsj.com)
- The coronavirus has highly disparate impacts across racial groups in the UK. (ft.com)
Economy
- The PMI was at 41.5% in April, down from 49.1% in March. (calculatedriskblog.com)
- How should the Fed buy junk bonds? (ftalphaville.ft.com)
- The Fed is buckling up for the long haul. (blogs.uoregon.edu)
- A rent crisis is brewing. (wired.com)
Earlier on Abnormal Returns
- Podcast links: tempering your expectations. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: sticking around long enough. (abnormalreturns.com)
Mixed media
- "Third places" like restaurants, bars and gyms are a big part of our lives. (theconversation.com)
- How do you get a haircut in the age of social distancing? (slate.com)
- How do you deal with elevators in the age of social distancing? (ft.com)
- How does a bar even exist in the this time and place? (la.eater.com)
- Why social distancing wears on us. (fastcompany.com)