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Quote of the Day
"Most of our investing lives is spent while the markets perform within two standard deviations of the normal, but we still use our learning from these times to extrapolate and predict how the markets will behave when they are beyond two standard deviations i.e., during bubbles and crashes."
(Vishal Khandelwal)
Markets
- Investor sentiment is getting stretched. (sentimentrader.com)
- The many dangers sports gamblers face when trading stocks. (signalee.com)
Lessons
- Lessons learned about great businesses from Polen Capital’s Dan Davidowitz and Jeff Mueller. (mastersinvest.com)
- Lessons learned from Gautam Baid’s new book, "The Joys of Compounding: The Passionate Pursuit of Lifelong-Learning." (rationalwalk.com)
Restaurants
- Starbucks ($SBUX) is cutting hours as it plans to keep inside spaces closed. (wsj.com)
- Independent restaurants can't survive if delivery apps thrive. (washingtonpost.com)
- With restaurants still closed the world is awash in truffles. (bloomberg.com)
Issuance
M&A
- Which open M&A deals are likely to close and which are not. (wsj.com)
- M&A in a pandemic may not yield bargains, but it could allow for deals that would not have happened otherwise. (msn.com)
Finance
- Why innovation in asset management seems hard to find. (blogs.cfainstitute.org)
- WFH traders are not on their best behavior. (fnlondon.com)
Funds
- Amy C. Arnott, "Not only are the inner workings of these notes [ETNs] complex, but they come with high fees that are invisible to investors unless they read the prospectus." (morningstar.com)
- Marginal ETFs providers are going to be under pressure from direct mutual fund to ETF conversions. (mutualfundobserver.com)
- A look at the bond ETFs the Fed has been buying. (institutionalinvestor.com)
Covid-19
- Since a vaccine is still an uncertainty, the importance of effective Covid-19 treatments remains. (bloomberg.com)
- At least 25% of Covid-19 deaths in the US are attributable to nursing homes. (wsj.com)
- The racial impact of Covid-19 is pretty stark. (marketwatch.com)
- When it comes to social distancing, more is better. (ft.com)
Global
- Much of the UK's Covid-19 strategy never really made much sense. (ftalphaville.ft.com)
- Spain reports no virus deaths for first time since March. (apnews.com)
- Sweden is rethinking its coronavirus policies. (businessinsider.com)
- South Korea will begin logging a person's presence in 'high risk' facilities like nightclubs. (uk.reuters.com)
Economy
- Tim Duy, "I don’t know what to tell you. Seriously. Our government just seems to want to inject additional risk into an already troubled situation." (blogs.uoregon.edu)
- Q2 GDP tracking shows a bloodbath. (ritholtz.com)
- African Americans are getting hurt more by the pandemic downturn. (washingtonpost.com)
Earlier on Abnormal Returns
- Research links: revealed preferences. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: slow money. (abnormalreturns.com)
