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Quote of the Day
"While we look to the past for guidance as to the "worst case," there's no reason why future experience should be limited to that of the past."
(Howard Marks)
Chart of the Day
Some 96% of S&P 500 stocks are above their 50-day moving average, the highest reading of the 21st century. (via @michaelbatnick)
Quotes
- Ben Carlson, "Stuff that “never” happens in the markets seems to happen all the time now." (awealthofcommonsense.com)
- Morgan Housel, "Predictions that come true bring invitations to be on CNBC. Predictions that don’t bring client redemptions. Black and white." (collaborativefund.com)
Strategy
- Time spent obsessing over the stock market is not time well spent. (humbledollar.com)
- On the dangers of confusing opinion with fact. (novelinvestor.com)
Business
- Why is everybody seemingly investing in India's Jio? (protocol.com)
- Co-working was a big trend even without WeWork. Then the pandemic happened. (wired.co.uk)
- Elon Musk earned his first big tranche of incentive compensation at Tesla ($TSLA). (cnbc.com)
Restaurants
- Rob Anderson, "I run a restaurant in a seaside town. I’m not an epidemiologist or a fortune-teller. But as I’m forced to make what could be life-and-death decisions—with little official support or guidance—I’m left no choice but to pretend I am." (theatlantic.com)
- Restaurants are reopening even thought many workers (and patrons) don't feel safe. (eater.com)
- The world's best restaurant, Noma, is now serving burgers and beers on picnic tables outside. (esquire.com)
- Some restaurants are experimenting with at-home meal kits. (wsj.com)
Coffee
- JDE Peet’s just went public in Amsterdam. (uk.reuters.com)
- A deep dive into how Luckin Coffee inflated its sales. (wsj.com)
Fund management
- US money market fund managers are cutting fees to keep yields from going negative. (ft.com)
- Guinness Atkinson Dividend Builder plans to swap its mutual fund structure for the ETF structure. (barrons.com)
Covid-19
- The blood from recovered Covid-19 patients has become a hot commodity. (wsj.com)
- We are still learning about how the body develops (or not) immunity to the novel coronavirus. (smithsonianmag.com)
- By this measure, 80% of coronavirus infections are asymptomatic. (news.yahoo.com)
- There’s a good chance the coronavirus will never go away. (washingtonpost.com)
Global
- The UK is offering a path to citizenship for many Hong Kong residents. (ft.com)
- A visualization of which global economies are reopening. (visualcapitalist.com)
Economy
- April saw a record surge in the personal savings rate. (cnbc.com)
- Nobody knows what the shape of the economic recovery will look like. (nytimes.com)
- Drawing straight lines on economic charts right now is short-sighted. (ftalphaville.ft.com)
Earlier on Abnormal Returns
- Podcast links: reclaiming normalcy. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: business quality. (abnormalreturns.com)
- Abnormal Returns was #2 on the list of the "Top 10 best investing blogs you should read in 2020." (valuewalk.com)
Books
- Want a business book that will make you laugh? Then check out Peter McGraw and Shane Mauss' "Schtick to Business." (thewaiterspad.com)
- Some new books Adam Grant thinks are worth your time including Maria Konnikova's new book "The Biggest Bluff: How I Learned to Pay Attention, Master Myself and Win." (marker.medium.com)
- Some books about walking including "In Praise of Walking: A New Scientific Explanation" by Shane O'Mara. (wsj.com)
