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Quote of the Day
"The odd thing about reporting on the coronavirus is that the nonexperts are supremely confident in their predictions, while epidemiologists keep telling me that they don’t really know much at all."
(Nicholas Kristof)
Chart of the Day

Making money in stocks is much harder than it looks from the numbers.
Bonds
- The US Treasury issued its first 20-year bond since 1986. (ft.com)
- US investment grade companies have already sold $1 trillion in debt YTD. (axios.com)
Markets
- Small options traders are unusually bullish. (sentimentrader.com)
- Things are not going to end well for all the newbie traders these days. (businessinsider.com)
Strategy
- It's difficult to understand what's going on with the growth-value relationship unless you look at sectors. (theirrelevantinvestor.com)
- The Brooklyn Investor, "I think overall, crummy stocks are cheap and higher quality stocks are expensive." (brooklyninvestor.blogspot.com)
- A recap of the Cliff Asness-Nassim Taleb Twitter dust-up. (marketwatch.com)
Crypto
- How have crypto hedge funds managed through the pandemic? (ft.com)
- E-commerce could be an application for stablecoins. (hbr.org)
Business
- Malls have reopened in many parts of the country, but foot traffic way down. (barrons.com)
- The so-called 'Experience Economy' was booming, then the pandemic hit. (nytimes.com)
- Amazon's Prime Day has moved to September. (wsj.com)
Finance
- Closing exchange floors has only made for better executions. (wsj.com)
- SelectQuote ($SLQT) is the largest U.S. IPO since early February. (reuters.com)
- Apollo Global is putting $1.75 billion into Albertson's. (reuters.com)
Institutional
- Checking in on performance of the Yale University endowment, circa 2019. (capitalallocatorspodcast.com)
- The pandemic is only serving to entrench the biggest private fund managers. (institutionalinvestor.com)
Covid-19
- The CDC is conflating the results of two different types of coronavirus tests, distorting several important metrics. (theatlantic.com)
- An earlier lockdown could have helped reduce case counts. (businessinsider.com)
- Apple ($AAPL) and Google ($GOOGL) have released their tracking tools. The hard part comes next. (politico.com)
- Fever checks won't do a lot if there isn't follow-up. (slate.com)
- Just how safe is it to swim this Summer? (kottke.org)
- Most Americans are find with wearing a mask. (huffpost.com)
Global
- Global human development -- a measure that combines education, health and living standards from the UNDP -- will this year decline for the first time in at least three decades. (msn.com)
- Harvard professor Carmen Reinhart is the new Chief Economist at the World Bank. (ft.com)
Housing
- Mortgage rates are sitting at all-time lows. (housingwire.com)
- The rate of mortgage delinquencies nearly doubled in April. (calculatedriskblog.com)
- The cross-currents in the housing market are many. Some of which have yet to play out. (marketwatch.com)
Economy
- Weekly continued unemployment claims are now in excess of 25 million Americans. (calculatedriskblog.com)
- 15 million credit card accounts are now in 'hardship.' (wsj.com)
- Americans are not expecting a quick bounce back in the economy. (nytimes.com)
Earlier on Abnormal Returns
- Startup links: what matters for customers. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: extreme low interest rates. (abnormalreturns.com)
- Coronavirus links: testing and safety. (abnormalreturns.com)