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Quote of the Day
"Success in investing requires understanding that markets are like the ocean: neither good nor bad, but powerful and inexorable. If you refuse to yield to the authority of the waves and try to fight them, you will surely get smashed on the rocks, left battered and bruised."
(Christopher Schelling)
Charts
- The US economy is generating 'off the charts' charts every day. (theirrelevantinvestor.com)
- Seven charts you would not have believed a few months ago. (blog.validea.com)
Dividends
- Disney ($DIS) is suspending its dividend. (cnbc.com)
- Other companies are continuing to pay dividends despite having closed facilities and slashed their workforces. (washingtonpost.com)
Companies
- The New York Times ($NYT) says advertising revenue is down around 50%. (nytimes.com)
- Uber ($UBER) is laying off 17% of its workforce. (arstechnica.com)
- Airbnb is laying off 25% of it workforce. (npr.org)
Business
- There are so many cross-currents when it comes to the impact of the coronavirus on companies it can make your head spin. (awealthofcommonsense.com)
- The pandemic is only going to get Americans to invest more in their homes. (thereformedbroker.com)
- The coronavirus is going to kill off the American department store for good. (ft.com)
Legal
- Lawyers are gearing up for the coming wave of bankruptcies. (wsj.com)
- Expect a surge in workplace discrimination cases with the changes in where people are working. (washingtonpost.com)
Finance
- Citadel Securities is now working largely from Palm Beach. (bloomberg.com)
- A lot of investment bankers are in no hurry to get back onto planes. (wsj.com)
Funds
- Why haven't we see more funds have to shut their doors due to investors pulling their capital? (ft.com)
- “Buffer” ETFs have gained a lot of traction in 2020. (wsj.com)
Vaccines
- A lot of things have to go right for a coronavirus vaccine to make it to the mass market. (statnews.com)
- Why a vaccine based on gene therapy would be relatively easy to manufacture in volume. (nytimes.com)
- Will challenge trials get us a vaccine any faster? (qz.com)
- A graphical look at the different vaccine techniques being used. (nature.com)
Covid-19
- We didn't need sophisticated models to know that a pandemic was coming at some point in the future. (ritholtz.com)
- With time we going to get better at modeling the risk of various activities, like opening schools. (wsj.com)
- Accepting a 'herd immunity' strategy absent a vaccine will require a high cost in lives lost. (interfluidity.com)
- What are the current odds of encountering someone with the coronavirus. (slate.com)
- Some ways to sniff out a questionable coronavirus study. (newscientist.com)
Global
- Taiwan is not hurrying to open its borders. (ft.com)
- The coronavirus reached Europe way before initially thought. (ft.com)
Economy
- ADP says US private payrolls dropped 20.2 million in April. (calculatedriskblog.com)
- The pandemic has pushed interest in the yield curve aside. (wisdomtree.com)
- People are still looking for a V-like recovery. (sentimentrader.com)
- Why the unemployment rate is, at best, a flawed measure of labor under-utilization. (chicagofed.org)
Earlier on Abnormal Returns
- Personal finance links: continual surprises. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: future small value returns. (abnormalreturns.com)
- Monthly ESG links: the nature of the pandemic. (abnormalreturns.com)
Mixed media
- Bankers often take their 'overwork culture' into new careers. (news.efinancialcareers.com)
- We all need to cut each other some slack working in quarantine. (nytimes.com)
- A lot of people don't want to return to work in the office. (nytimes.com)
- Americans are getting pretty attached to their sweatpants. (wsj.com)
