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Quote of the Day
"History is only interesting because nothing is inevitable. The biggest lesson from the last three months is that whatever your view of the future is, it’s probably wrong. Things change in ways people can’t imagine at times they never considered."
(Morgan Housel)
Chart of the Day

“The current employment recession is by far the worst recession since WWII in percentage terms, and the worst in terms of the unemployment rate.”
Markets
- The Nasdaq is now positive for the year. (sentimentrader.com)
- Remember the market is always forward-looking. (novelinvestor.com)
- Individual investors are still pretty bearish. (sentimentrader.com)
Strategy
- We are seeing company birth (and death) at an accelerated rate. (theirrelevantinvestor.com)
- There's no one-size-fits-all rule when it comes to portfolio rebalancing. (morningstar.com)
- Like it or not, we are all risk managers now. (realreturns.blog)
Netflix
- Not all content is created equal or why Netflix ($NFLX) need to create more enduring content. (matthewball.vc)
- The Netflix ($NFLX) subscription model is not going to work for every service. (msn.com)
- What does Netflix ($NFLX) truly compete with? (thewaiterspad.com)
Companies
- How the pandemic has turned Americans into big fans of Big Tech. (wsj.com)
- The sharing economy, most notably Uber ($UBER) and Lyft ($LYFT), has not been spared in the pandemic. (nytimes.com)
Finance
- Why are private equity LPs paying fees on investments that are effectively bankrupt? (institutionalinvestor.com)
- There is a stark disparity between public and private (institutionalinvestor.com)
Housing
- Mortgage availability is falling. (housingwire.com)
- Zillow ($Z) has re-started its iBuying program. (barrons.com)
- So has RedfinNow. (housingwire.com)
- JP Morgan ($JPM) is doubling the size of its investment with American Homes 4 Rent. (msn.com)
- Airbnb hosts who levered up are now paying the price. (npr.org)
Restaurants
- What sort of reduction in capacity can a restaurant handle and still be profitable? (winemag.com)
- The coronavirus is going to help kill off buffet-style restaurants. (businessinsider.com)
- Why restaurants have turned to groceries to survive. (newyorker.com)
Meat
- If you want beef, skip the steaks and go for other cuts. (latimes.com)
- Some Wendy's stores have run out of hamburgers. (nytimes.com)
- Grocery stores are adding plant-based meats to fill the void. (abcnews.go.com)
- Why have meatpacking conditions so bad, for so long? (daily.jstor.org)
Trust
- Mark Cuban hired secret shoppers to test procedures at Dallas restaurants. The results were not encouraging. (blogmaverick.com)
- Trust is going to be a big part of reopening of the economy. (marginalrevolution.com)
- Out-of-staters are flocking to open Georgia businesses. (washingtonpost.com)
Covid-19
- The distribution of Remdesivir by the federal government is already off-track. (washingtonpost.com)
- Most Americans think its too early to get back to normal just yet. (fivethirtyeight.com)
- States are not meeting re-opening guidelines. (ritholtz.com)
- Wearing a mask does not make you invincible. (fastcompany.com)
Global
- How is Sweden's economy faring in the age of the coronavirus? (wsj.com)
- Ireland’s unemployment rate rose to 28.2% at the end of April, up from 4.8% two months prior. (reuters.com)
- Canada lost 2 million jobs in April which equates to a 13% unemployment rate. (bnnbloomberg.ca)
- How the coronavirus has affected real estate in various European cities. (wsj.com)
Economy
- Unemployment rates are literally off the charts. (nytimes.com)
- The headline employment numbers understate the damage done. (fivethirtyeight.com)
- The health care industry is no longer recession-proof. (npr.org)
- It's hard to overstate the shock that the labor economy has taken. (politico.com)
- Americans credit card spending has plummeted. (axios.com)
- Foregone services are gone forever. (marketwatch.com)
Earlier on Abnormal Returns
- Podcast links: effective coaching. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- 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)
- Monthly ESG links: the nature of the pandemic. (abnormalreturns.com)