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Quote of the Day
"Just because revenues fall or growth rates fall or profits fall a certain amount doesn’t mean the market should move in tandem with them."
(Tomasz Tunguz)
Chart of the Day
Americans are simultaneously optimistic about the stock market and pessimistic about their personal finances.
Markets
- The S&P 500 is above its 50-day MA but still below its 200-day MA. (sentimentrader.com)
- Ten years ago, ExxonMobil ($XOM) was the largest company by market cap. Now it's no longer in the top 10. (morningstar.com)
Value investing
- Systematic value strategies may no longer work because investor have gotten smarter over time. (theirrelevantinvestor.com)
- Value investing can't die, but it may have to change to stay up with the times. (thereformedbroker.com)
Strategy
- How long can international stocks underperform US stocks? (blairbellecurve.com)
- What is a reasonable expectation for stock market declines during your investing career? (ofdollarsanddata.com)
- Howard Marks' latest memo on the many unanswered questions investors face these days. (oaktreecapital.com)
- Overtrading is trading without an edge. (traderfeed.blogspot.com)
Crypto
- JPMorgan Chase ($JPM) has taken on two well-known bitcoin exchanges, Coinbase and Gemini Trust Co., as banking customers. (wsj.com)
- The Bitcoin halvening is here. (ftalphaville.ft.com)
Finance
- The numbers coming from the major online brokers are really amazing. (cnbc.com)
- The Members Exchange just received an investment from from BlackRock ($BLK), Wells Fargo ($WFC) among others. (institutionalinvestor.com)
Funds
- PNC Financial ($PNC) is selling its entire 22% stake in Blackrock ($BLK). (barrons.com)
- Private equity firms have a lot of discretion on how they mark their portfolios to market...and they use it. (prestondmcswain.com)
- TIAA has offered 75% of its workforce a voluntary separation package. (citywireusa.com)
Covid-19
- It takes 2-3 weeks to see newly infected people end up in the hospital. (nytimes.com)
- Finding a safe and effective coronavirus is one thing, manufacturing it for the global population is another. (washingtonpost.com)
- The CDC thinks fatalities in New York are higher than official figures. (wsj.com)
- This app was relatively effective at identifying people who would go on to test positive for the coronavirus. (nytimes.com)
Global
- Eventually the pandemic will hurt emerging markets' ability to pay their debts. (ft.com)
- A look at how various countries look based on mobility data. (marketwatch.com)
Economy
- Freight volume has fallen off the table. (axios.com)
- The CPI had its biggest monthly decline on record. (calculatedriskblog.com)
- Small business optimism, per the NFIB, fell sharply in April. (calculatedriskblog.com)
- Just how far has US GDP fallen? (ritholtz.com)
- Even in a run of the mill recession it takes years for employment to recover. (capitalspectator.com)
- Amazon ($AMZN) and Google ($GOOGL) are helping states deal with the surge in unemployment applications. (wsj.com)
Earlier on Abnormal Returns
- Research links: mean reverting value. (abnormalreturns.com)
- Why you need to understand what constitutes an acceptable risk in a world full of uncertainty. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: testing times. (abnormalreturns.com)
