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Quote of the Day
"I am not arguing that investing in small cap stocks is a bad strategy, but investing in small companies, just because they are small, and expecting to get rewarded for doing so, is asking to be rewarded for doing very little. Markets are unlikely to oblige."
(Aswath Damodaran)
Chart of the Day
16.5% of the labor force in the US was on unemployment as of the end of last week. (via @charliebilello)
Markets
- It has been 47 trading days since SPX posted its last 3-day pullback (quantifiableedges.com)
- Top-heavy rallies don't fare well. (sentimentrader.com)
- When it comes to the markets it's okay to say 'I don't know.' (howardlindzon.com)
Strategy
- Is value investing broken? (theirrelevantinvestor.com)
- Why it's easy to mistake trading for investing when you are just getting started. (jerseyshorefinancialadvisor.com)
- On the limits of market history. (novelinvestor.com)
Companies
- An interesting look at recent retail trends including the surges at Instacart and DoorDash. (nytimes.com)
- Why Uber ($UBER) and GrubHub ($GRUB) need each other. (sf.eater.com)
- FedEx ($FDX) is struggling with increased shipping volumes. (wsj.com)
Media
- Jeffrey Katzenberg blames the pandemic for Quibi's rough start. (nytimes.com)
- Cord-cutting has accelerated amidst the pandemic. (wsj.com)
- Disney+ needs new product, fast. Hence the early release of 'Hamilton.' (hollywoodreporter.com)
- What CBS All Access will carry on relaunch. (theverge.com)
- Inside the launch of HBO Max. (variety.com)
Hotels
- Hotels that are currently serving front line workers are getting a preview of a post-pandemic environment. (wsj.com)
- Hotels vs. Airbnb in a post-pandemic world. (nytimes.com)
Housing
- People are reluctant to put their houses on the market in the most important time of the year. (marketwatch.com)
- Homeward has developed an alternative to iBuying programs. (news.crunchbase.com)
- Americans are still searching for houses online. (housingwire.com)
WFH
- Hackers are looking to take advantage of people working from home. (institutionalinvestor.com)
- What happens to San Francisco if tech work is largely WFH? (buzzfeednews.com)
- Don't let working from home ruin your neck and back. (wsj.com)
- How to avoid work from home burnout. (marketwatch.com)
- What it's like to get fired over Zoom. (theatlantic.com)
Fund management
- Big money managers want more strict labeling when it comes to ETFs. (wsj.com)
- Asset management employees are going to see pay cut in 2020. (institutionalinvestor.com)
Remdisivir
- Nobody really knows how Remdsivir is getting distributed to the states. (npr.org)
- Doctors are flying blind when it comes to administering remdisivir. (ft.com)
Covid-19
- Abbott's ($ABT) rapid coronavirus test seems to miss a lot of positive cases. (washingtonpost.com)
- Roche's antibody test has been approved for use in the UK. (bbc.com)
- Location data has been helpful in tracking the coronavirus. (washingtonpost.com)
- This study in Indiana shows we are nowhere near 'herd immunity.' (nytimes.com)
Economy
- Weekly initial unemployment claims came in near 3 million and continued claims are at record highs. (calculatedriskblog.com)
- The unemployment numbers have not really registered. (thereformedbroker.com)
- Some counties that are more (and less) vulnerable in this environment. (barrons.com)
Earlier on Abnormal Returns
- Startup links: respect and followership. (abnormalreturns.com)
- How the coronavirus turned a pilot shortage into a surplus overnight. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: choosing your narrative. (abnormalreturns.com)
- There ARE second acts in American business. (abnormalreturns.com)
- Why you need to understand what constitutes an acceptable risk in a world full of uncertainty. (abnormalreturns.com)
