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Quote of the Day
"Take away a great performer’s live audience, and you take away their source of narrative power."
(Ben Hunt)
Chart of the Day

Why it could take awhile for dividend payments to recover to 2019 levels.
Markets
- Real yields are once again solidly negative. (capitalspectator.com)
- A look at, in aggregate, how TAA models are currently positioned. (allocatesmartly.com)
Strategy
- Even a perfect portfolio isn't perfect, which is why you have to find something to live with. (ofdollarsanddata.com)
- A bet against stocks is a bet against human ingenuity. (humbledollar.com)
Companies
- Peloton ($PTON) has seen a surge in interest in the pandemic. (techcrunch.com)
- Disney ($DIS) is really going to be the bellwether for if 'things go back to normal.' (nymag.com)
- Beyond Meat ($BYND) margins are significantly higher then traditional meat processors. (ftalphaville.ft.com)
Restaurants
- What happens to cities if a large portion of their independent restaurants don't re-open? (nytimes.com)
- This Indianapolis restaurateur thinks 50% of restaurants will never re-open. (indianapolismonthly.com)
- Tock To Go is helping some restaurants weather the pandemic. (bloomberg.com)
- What happens when only chain restaurants are left? (grubstreet.com)
- The coronavirus is killing off some beloved local, landmark restaurants for good. (wsj.com)
Finance
- Silver Lake has been busy in 2020 including its investment in Twitter ($TWTR). (wsj.com)
- Why the major ratings agencies have avoided major reforms to-date. (economist.com)
Funds
- Invesco is going to pay $105 million to correct a missed index rebalancing in its Invesco Equally-Weighted S&P 500 Fund. (investmentnews.com)
- Three reasons to avoid commodity ETFs. (movement.capital)
Covid-19
- A graph showing US coronavirus cases continuing to expand once you take out New York. (axios.com)
- A 17-page report by a Centers for Disease Control and Prevention team, titled “Guidance for Implementing the Opening Up America Again Framework" has gotten shelved. (apnews.com)
- How did the country's response to a deadly pandemic become so politicized? (blairbellecurve.com)
- The US healthcare sector could lose more than $200 billion due to the coronavirus. (buzzfeednews.com)
- Rural America is uniquely at-risk of the coronavirus because of the hollowing out of rural hospitals. (foreignaffairs.com)
- Moderna's ($MRNA) coronavirus vaccine candidate has entered Phase 2 trials. (cnbc.com)
- Why so many people think they have already had Covid-19. (washingtonpost.com)
- Dolly Parton is backing research into antibody research to treat Covid-19. (thedailybeast.com)
Global
- Shopify ($SHOP) is Canada's most valuable company. (bnnbloomberg.ca)
- Paris, France was not built with social distancing in mind. (ft.com)
Oil
- Oil storage at Cushing, Oklahoma has never been this full before. (wsj.com)
- The state of Texas is having to deal with the coronavirus AND the plunge in oil prices. (msn.com)
- A review of what happened on April 20th, the day that crude oil prices actually went negative. (institutionalinvestor.com)
- Why oil sellers want a foothold in China. (economist.com)
Economy
- Continued unemployment claims now exceed 22.6 million Americans. (calculatedriskblog.com)
- A lot of what the Fed accomplished was psychological. (awealthofcommonsense.com)
- Millions of Americans can't go back to work until they have childcare re-established. (wsj.com)
Earlier on Abnormal Returns
- Startup links: a more resilient future. (abnormalreturns.com)
- Having no plan is just as bad as not the following the plan you have. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: continual surprises. (abnormalreturns.com)
- Monthly ESG links: the nature of the pandemic. (abnormalreturns.com)