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Quote of the Day
"You can bet on America, but you are going to have to be careful on how you bet. Simply because markets can do anything."
(Warren Buffett)
Chart of the Day

30-year mortgage rates hit a new all-time low this week. (via @charliebilello)
Markets
- Why nothing about this market should shock you. (awealthofcommonsense.com)
- What one thing the stock market is focused on right now. (pragcap.com)
- Equity markets are implicitly forecasting a sharp, fast economic recovery. (ft.com)
Trading
- Jamie Catherwood, "Simply put, speculation increases when the barriers to speculating are reduced or removed by technology." (investoramnesia.com)
- How to overcome trading on tilt. (traderfeed.blogspot.com)
- Some lessons traders can learn from pro sports franchises including the need for balance. (stockcharts.com)
- Beware the 'brother-in-law effect.' (humbledollar.com)
- How would you teach some one to trade? (pointsandfigures.com)
Berkshire Hathaway
- It's hard not to notice a different tone from Warren Buffett. (finance.yahoo.com)
- Warren Buffett sold all his airline stocks. (axios.com)
- Berkshire is now sitting on a pile of more than $137 billion cash. (marketwatch.com)
- Berkshire Hathaway ($BRK.A) did not up its share repurchases last quarter. (barrons.com)
Business
- Companies that have taken PPP loans are reluctant to spend it. (nytimes.com)
- Where possible, Americans are not rushing back into stores. (wsj.com)
Covid-19
- Don't be making big bets on your health based on sketchy agendas. (dashofinsight.com)
- The FDA has cleared for emergency use an antibody test from Roche Holding AG. (wsj.com)
- How fast, is too fast, when it comes to vaccine testing? (washingtonpost.com)
- Remdesivir still has skeptics, in part due to its rocky track record. (nytimes.com)
- Llama based antibodies? Sure, why not. (bigthink.com)
- The concept of herd immunity makes no sense in the absence of a vaccine. (nytimes.com)
Food
- Fresh food is still going to waste as farmers are unable to get their products to market. (nytimes.com)
- Why food banks across the US are closing. (cnbc.com)
- Quick service restaurants had a built-in advantage before the pandemic - drive-through. (nytimes.com)
- A guide to grocery delivery services, post-pandemic. (wsj.com)
Policy
- What would the US look like now if we had not bailed out the banks in the Great Financial Crisis? (ritholtz.com)
- The coronavirus blew a hole most state and city budgets. (bloomberg.com)
- What would it take to make vote-by-mail available nationwide? (fivethirtyeight.com)
- The coronavirus is simply highlighting issues of class and race that already exist in the US. (nymag.com)
- Why doesn't the US have a sovereign wealth fund? (bloomberg.com)
- Quarantine may change how Americans think about incarceration. (theatlantic.com)
Global
- Mexican factories are being pressured to reopen despite ongoing coronavirus outbreaks. (washingtonpost.com)
- Cities that have already 're-opened' are not returning to normal. (theatlantic.com)
- The coronavirus is ripping through Russia and its businesses are getting little support. (nytimes.com)
Economy
- Traditional economic models aren't going to be of much use in forecasting the recovery. (econbrowser.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: more interesting ideas. (abnormalreturns.com)