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Quote of the Day
"Beating yourself up over a decision gone wrong is every bit as egocentric as convincing yourself you are amazing because a decision went right."
(Vishal Khandelwal)
Chart of the Day
The spread between Treasuries and 30-year mortgage rates is at GFC levels. (chart via @ycharts)
Strategy
- The market has risen in part due to the fact that stress indicators have reversed course. (mrzepczynski.blogspot.com)
- Leverage is the great portfolio killer. (theirrelevantinvestor.com)
- Sinning a little is okay when it comes to your portfolio, just keep it in check. (aaii.com)
Active management
- Mark Rzepczynski, ""Picking managers and building an investor portfolio has a different skill set than manager skill." (mrzepczynski.blogspot.com)
- If beating the benchmark is your goal in life, you are going to end up pretty miserable. (howardlindzon.com)
Warren Buffett
- Unfortunately we've likely seen 'Peak Buffett.' (thereformedbroker.com)
- Warren Buffett should have listened to Warren Buffett when it comes to airline stocks. (nymag.com)
- Investors didn't like seeing a cautious Warren Buffett. (institutionalinvestor.com)
- Two books Warren Buffett is recommending including "Keeping At It: The Quest for Sound Money and Good Government" by Paul Volcker. (cnbc.com)
Retail
- J. Crew is the first of many retail bankruptcies. (bloomberg.com)
- Some retailers are holding off filing for Chapter 11 because they can't run liquidation sales. (cnn.com)
- The death of small business will change the landscape for years to come. (theatlantic.com)
Exchanges
- The Members Exchange just received approval from the SEC to operate as a national securities exchange. (businessinsider.com)
- All in all, the stock exchanges have responded well to higher volumes. (wsj.com)
Finance
- John Rekenthaler, "Happy banks do not always make for happy stock prices, but unhappy ones inevitably lead to misery." (morningstar.com)
- Credit card companies are clamping down on borrowers. (bloomberg.com)
Funds
Food
- Costco ($COST) is limiting meat purchases. (eater.com)
- Tyson Foods ($TSN) says pork production is down 50%. (washingtonpost.com)
- Kroger ($KR) is donating surplus milk to food banks. (cnn.com)
Covid-19
- Vaccines based on messenger RNA are the first into clinical trials. (nytimes.com)
- The FDA is tightening standards for coronavirus antibody tests. (wsj.com)
- Researchers are seeing a surge in a rare syndrome in children they think is due to the coronavirus. (businessinsider.com)
Global
- Governments have a wellspring of goodwill to use in a pandemic. Depleting that well through dishonesty ends badly for everyone involved. (ftalphaville.ft.com)
- It's estimated that Canada lost 4.25 million jobs in April. (bnnbloomberg.ca)
- The global industry should be worried about future demand and less about supply. (ft.com)
Economy
- Existing home sales have slowed but prices have not fallen much, if any. (wsj.com)
- US heavy truck sales fell over 50% in April. (calculatedriskblog.com)
- It will be hard to say the world has gone back to normal until the 'Disney Park Indicator' revives. (ftalphaville.ft.com)
Earlier on Abnormal Returns
- Research links: future small value returns. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: better client service. (abnormalreturns.com)
- Monthly ESG links: the nature of the pandemic. (abnormalreturns.com)
Mixed media
- Re-opening decisions are fraught with risk for CEOs. (ft.com)
- Warren Buffett is skeptical we will need as much office space as we have now. (wsj.com)
- The open, modern office space is going to get transformed to allow for social distancing. (nytimes.com)
- Cubicles could be making a comeback. (mentalfloss.com)
