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Quote of the Day
"Ten weeks into the worst crisis in 90 years, the government’s effort to save the economy has been both a spectacular success and a catastrophic failure."
(Jesse Eisinger)
Chart of the Day

Roughly a third of all US equity ETF assets under management reside in five funds. (via @nategeraci)
Markets
- 1918 was also a confounding time for the stock market. (albertbridgecapital.com)
- Why so many investors want to argue with Mr. Market. (awealthofcommonsense.com)
- The last few weeks demonstrate why you need to be open-minded when it comes to the markets. (quantifiableedges.com)
Strategy
- The experience of investing in factor-focused strategies is different than the backtest. (bpsandpieces.com)
- 13 out of the 20 biggest up months occurred just before, during or in the aftermath of the Great Depression. (awealthofcommonsense.com)
- Owning stocks is a long-term proposition. (safalniveshak.com)
Companies
- Ninentendo increasingly looks like a 'recession-proof' company (washingtonpost.com)
- Why you don't want to incentivize CEOs to 'bet the firm.' (alephblog.com)
Funds
Covid-19
- Why health officials want to see much lower case counts before reopening state economies. (vox.com)
- Why you should be focused on close person-to-person transmission of the virus. (washingtonpost.com)
- Prestige Ameritech offered to ramp up N95 mask production in January. The Feds turned them down. (washingtonpost.com)
- Epidemiological models fail when they don't take into account human behavior. (marginalrevolution.com)
- What risks you need to be aware of as you move about. (erinbromage.com)
Global
- Countries with populist leaders are not faring well against the coronavirus. (washingtonpost.com)
- South Korea has had to re-institute some social distancing measures after an outbreak. (ft.com)
- Iceland knew before Austria that it had a major coronavirus outbreak. (bloomberg.com)
Policy
- Where have PPP loans gone? Not where you would think. (libertystreeteconomics.newyorkfed.org)
- The US is undergoing a big experiment in justice reform due to the pandemic. (reasonstobecheerful.world)
- "It is possible to hold a successful and orderly election during the pandemic." But don't count on it in the US. (nytimes.com)
Economy
- Nearly a third of Kentucky’s labor force has filed for unemployment insurance. (wsj.com)
- A majority of jobs lost in April were held by women. (npr.org)
- A large percentage of laid-off Americans think they will be re-hired, but that percentage is dropping. (barrons.com)
- 80% of renters were able to make some kind of payment in the past month. (housingwire.com)
- Americans lost jobs because of the pandemic, not shutdowns. (theatlantic.com)
- A succinct summary of the week's big economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: missed signals. (abnormalreturns.com)
Mixed media
- Cities that closed down streets in quarantine may never reopen them. (reasonstobecheerful.world)
- Say what you will about Guy Fieri, the guy has worked hard to raise money for restaurant workers. (variety.com)
- Small churches are uniquely at-risk of the making to the other side of the pandemic. (slate.com)