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Quote of the Day
"There are no good conspiracy theories, because they are attractive precisely because they’re unproven, imprecise and non-falsifiable."
(Seth Godin)
Markets
- One asset class stands out for its poor performance over the past five years. (capitalspectator.com)
- Stocks have been stuck between the 50 and 200 day moving averages for awhile now. (sentimentrader.com)
Strategy
- How do you value the stock market when so many companies have zero earnings? (ritholtz.com)
- Why so few sell out of a raging bull market. (novelinvestor.com)
Retail
- The 'coronavirus surcharge' in many cases reflects a higher cost of doing business. (wsj.com)
- How American consumers are spending differently in lockdown. (visualcapitalist.com)
- How do you manage a retail shop in the new era? (washingtonpost.com)
WFH
- Facebook ($FB) is going to go all-in on remote work. (washingtonpost.com)
- How banks have managed to have traders WFH. (ft.com)
- WFH won't kill cities but it will change them. (330ramp.com)
- WFH is not helping the whole 'always on feeling.' (hbr.org)
- WFH is decidedly more impersonal. (specfn.com)
Spotify
- The case for Shopify ($SHOP) and Spotify ($SPOT) are becoming clearer. (howardlindzon.com)
- Why Spotify ($SPOT) should buy Sonos ($SONO). (venturedesktop.substack.com)
Restaurants
- Starbucks ($SBUX) is going to focus more on drive-through locations. (wsj.com)
- America's restaurant business model was broken even before the pandemic. (newrepublic.com)
- Just because a restaurant is open, is it safe to visit? (eater.com)
Finance
- CLOs fueled the private debt market. Then the pandemic hit. (wsj.com)
- Why the pandemic won't induce a wave of dealmaking. (ft.com)
Funds
- A real estate fund's NAV depends right now on whether it is invested in REITs or private deals. (wsj.com)
- Direct indexing is tailor-made for ESG style strategies. (marketwatch.com)
- When it comes to bond fund classifications trust, but verify. (evidenceinvestor.com)
Covid-19
- Is your state read to re-open? Probably not. (fastcompany.com)
- Ending lockdown does not mean going back to normal. (newscientist.com)
- How to assess what risks you should be willing to take. (wsj.com)
- A calculator to help you assess coronavirus risks. (blogs.scientificamerican.com)
Vaccines
- An effective vaccine would prevent disease, not necessarily infection. (statnews.com)
- Why a strong T-cell response is key to any vaccine effort. (scientificamerican.com)
- It goes without saying that you should take early vaccine data with a big grain of salt. (nature.com)
- A firsthand account of what it takes to get a coronavirus vaccine study going. (slate.com)
- Researchers need to better understand if the coronavirus is mutating. (bloomberg.com)
Global
- Five-year UK gilts are trading with a negative yield for the first time ever. (ft.com)
- A look at some countries that have done a great job fighting off the coronavirus. (reasonstobecheerful.world)
- Berlin's new airport opened, then the pandemic happened. (wsj.com)
Economy
- No US state avoided job losses in April. (reuters.com)
- A disjointed approach to the coronavirus ensure a 'horrific recession.' (finance.yahoo.com)
- Americans have been easing their social distancing since late April. (dallasfed.org)
Earlier on Abnormal Returns
- Podcast links: the Spotify experience. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: what matters for customers. (abnormalreturns.com)
- Coronavirus links: testing and safety. (abnormalreturns.com)
Mixed media
- Some Summer reading suggestion based on prior books, for example if “Into Thin Air” you might like “Fire in Paradise: An American Tragedy“ by Alastair Gee and Dani Anguiano. (nytimes.com)
- What books Bill Gates is reading this Summer including "The Ride of a Lifetime" by Bob Iger. (gatesnotes.com)
- Matt Hall talks with book influencer and podcaster Libby Owens. (takethelongview.com)