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Quote of the Day
"Indeed, every stock is a vaccine stock. When vaccines or other treatments do well, all stocks do well which is why stock prices are now highly correlated."
(Alex Tabarrok)
Chart of the Day

Per Freddie Mac, the 30-year fixed-rate mortgage has hit its lowest level in history.
Markets
- US stocks are now the leading global market in 2020. (capitalspectator.com)
- The S&P 500 is once again above its 200 day moving average. (sentimentrader.com)
- Major US stock indices have recovered 80-90% of their pandemic-induced losses. (awealthofcommonsense.com)
- Nobody has any idea what 2020 S&P 500 earnings will look like. (wisdomtree.com)
Strategy
- Why 2020 will go down as the 'shoulda, woulda, coulda' market. (howardlindzon.com)
- What Tom Petty's greatest hits can teach you about investing. (blog.validea.com)
- Part of the challenge in investing is having to deal with both mundane and tail-event types of risk. (behaviouralinvestment.com)
- Equities are not a short-term hedge against inflation. (economist.com)
Fintwit
- Finance-types were tweeting up a storm in mid-March. (twitter.com)
- 20 Finance Twitter accounts to follow. (morningbrew.com)
Finance
- The pandemic has not slowed the pace of acquisitions by Big Tech. (ft.com)
- The Hertz ($HTZ) balance sheet was a wonder of financialization. (epsilontheory.com)
- How bad is the shakeout going to be in the CMBS market? (daily.jstor.org)
Media
- The big news organizations, think NYT, WSJ, WaPo, seem to keep taking share. (ft.com)
- Instagram is making it easier for creators to make money. (nytimes.com)
- Another example of ads being run next to plagiarized content. (buzzfeednews.com)
Funds
- Legg Mason ($LM) has launched an ETF that relies on "nontransparent active management." (etf.com)
- Shocked to hear that hedge fund managers are doing one thing and saying another publicly. (institutionalinvestor.com)
Covid-19 data
- Many countries have seen a surge in deaths in 2020, but have not attributed them to Covid-19. (wsj.com)
- State and even federal health data are being manipulated and hidden to lessen the impact of Covid-19. (politico.com)
Reopening
- Colorado was one of the first states to reopen. How's it going so far? (politico.com)
- Families are beginning to expand their 'quarantine bubbles.' (nytimes.com)
- How South Carolina does contact tracing right. (theconversation.com)
Generations
- Millennials really has gotten the short end of the economic stick. (washingtonpost.com)
- What we know about Gen Z so far, other than the fact they are online all the time. (pewsocialtrends.org)
Economy
- Weekly initial unemployment claims were once again 2 million for the past week. (calculatedriskblog.com)
- Why the economy is in the 'honeymoon phase' of the recovery from the pandemic. (axios.com)
Earlier on Abnormal Returns
- Startup links: business quality. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: the hedonic treadmill. (abnormalreturns.com)