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Quote of the Day
"The stock market isn’t meant to mirror the economic activity you perceive on your morning walk."
(Josh Brown)
Chart of the Day
Berkshire Hathaway’s ($BRK.B) trailing five-year returns don’t go negative very often. (via @tihobrkan)
Markets
- Financial stocks cannot catch a break. (crossingwallstreet.com)
- The stock market is not the economy, nor is a country's health response. (awealthofcommonsense.com)
Strategy
- Market valuations are are Rorschach test. (blog.validea.com)
- How hard is it to value a burrito company? (theirrelevantinvestor.com)
- Individuals don't earn average returns, they earn one outcome, for better or worse. (behaviouralinvestment.com)
Uber-Grubhub
- Why an Uber-GrubHub deal needs to happen. (forbes.com)
- Why restaurants are wary of an Uber-Grubhub merger. (fastcompany.com)
- Why a Uber-Grubhub deal makes sense geographically. (media.thinknum.com)
Finance
Funds
- The best target-date series funds ranked. (morningstar.com)
- Four US ETFs have in excess of $100 billion in AUM. (etf.com)
Covid-19
- Researchers are now testing Remdisivir in conjunction with other drugs to try and beat back Covid-19. (wsj.com)
- An optimistic take on the prospects for a coronavirus vaccine. (theconversation.com)
- Herd immunity, absent a vaccine, would involve big costs in terms of lives lost. (fivethirtyeight.com)
- What's worse than not having a plan? It's not having a goal? (vox.com)
Global
- Why the world will look more like Sweden when it comes to the coronavirus. (foreignaffairs.com)
- Where Covid-19 is rising and falling around the world. (visualcapitalist.com)
Economy
- More than 100,000 small businesses have closed for good due to the pandemic. (washingtonpost.com)
- This model points to a down 30% Q2 GDP outcome. (ritholtz.com)
Earlier on Abnormal Returns
- Personal finance links: choosing your narrative. (abnormalreturns.com)
- There ARE second acts in American business. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: mean reverting value. (abnormalreturns.com)
- Why you need to understand what constitutes an acceptable risk in a world full of uncertainty. (abnormalreturns.com)
Mixed media
- Twitter ($TWTR) is going to allow most workers to work from home indefinitely. (buzzfeednews.com)
- Remote work and expensive big cities are going to cause big changes. (avc.com)
- The coronavirus is going to prompt more people to move. (politico.com)
- Some people have moved their offices outside during the pandemic. (wsj.com)
- How to avoid WFH burnout. (thesimpledollar.com)
