Did you know you can stay up-to-date with all of our posts via our daily e-mail newsletter? Sign up today!
Quote of the Day
"Every great investment begins in discomfort. If everyone else didn’t hate the investments, they wouldn’t be cheap."
(Howard Marks)
Chart of the Day

By this measure half of the world’s stock markets are no longer in a bear market.
Markets
- Why bored sports gamblers have flooded the stock market. (ft.com)
- Muni bond prices have essentially moved sideways for the past two months. (barrons.com)
Strategy
- Is the stock market overvalued? Depends on which stocks you are talking about. (awealthofcommonsense.com)
- Deja vu all over again: the case for value stocks. (blog.validea.com)
Companies
- Which retail brands are thriving in 2020? Think Costco ($COST) and Target ($TGT). (visualcapitalist.com)
- Chains are going to gain ground on independent restaurants. (reuters.com)
- AI chatbots are taking over for call centers. (technologyreview.com)
- Some operations are having workers shelter at work to avoid disruptions. (wsj.com)
Media
- 70% of Americans would now rather watch a first-run film in their homes vs. in a theater. (variety.com)
- The pandemic has not disrupted the big launch of HBO Max in the US. (ft.com)
- In a strategy shift, Apple ($AAPL) is looking to license existing content for Apple TV+. (bnnbloomberg.ca)
Funds
- Blackrock's ($BLK) Aladdin now includes the ability to estimate the risk of private assets. (institutionalinvestor.com)
- Small fund managers are best suited to find and exploit investment opportunities, but that does scale well. (caseywolf.blog)
Work from home
- Will work from home prompt Americans to buy bigger houses? (housingwire.com)
- Work from anywhere has its limits. (pointsandfigures.com)
- The pandemic is forcing every company to rethink work at the same time. (bnnbloomberg.ca)
- Five tips for safely reopening an office. (hbr.org)
Covid-19
- New Orleans was one of the hardest hit by coronavirus, but has managed to crush the curve. (blairbellecurve.com)
- The reduction in Covid-19 in New York is dramatic. (compoundadvisors.com)
- Like it or not, American companies are going to be in the business of testing their employees for the coronavirus. (ft.com)
- Why Covid-19 deaths are likely undercounted. (fivethirtyeight.com)
Global
- The UK has sold bonds with a negative yield for the first time. (ft.com)
- Canada’s federal housing agency is pulling back credit in fear of a nationwide drop in house prices. (bnnbloomberg.ca)
- Other Nordic countries are planning to keep travel restrictions with Sweden in place. (ft.com)
- Australia avoided the worst of the pandemic. Now things are opening up and the weather is cooling off. (bloomberg.com)
Economy
- US births are at their lowest level since 1985. (calculatedriskblog.com)
- Where New Yorkers have fled. (ritholtz.com)
Earlier on Abnormal Returns
- Personal finance links: extreme low interest rates. (abnormalreturns.com)
- Coronavirus links: testing and safety. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: real annuity value. (abnormalreturns.com)