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Quote of the Day
"If I have learned one thing over the last few weeks, it is that the psychology of the American public is weirder — and perhaps more flexible — than I ever would have thought."
(Tyler Cowen)
Rates
- The US Treasury yield curve is steepening. (ft.com)
- The Fed isn't finding many takers for its corporate bond purchase program. (wsj.com)
- How zero interest rates can actually dampen liquidity. (ft.com)
Strategy
- Why we extrapolate trends and how it can go wrong. (behaviouralinvestment.com)
- Why we don't learn from history, redux. (awealthofcommonsense.com)
Companies
- Zoom ($ZM) not surprisingly had a blowout Q1 earnings report. (markets.businessinsider.com)
- Mark Zuckerberg and Facebook ($FB) are at a turning point. (bloomberg.com)
- Warner Music Group ($WMG) is now public. (reuters.com)
- Las Vegas casinos are set to reopen at 50% capacity. (npr.org)
- Who makes tear gas? PE firms, of course. (axios.com)
Fund management
- The CFA Institute had to delay testing. What it didn't do is offer refunds to CFA candidates. (ftalphaville.ft.com)
- Things were pretty quiet in ETF-land in May. (etf.com)
- The Canadian fund management industry is no better than others in outpacing their benchmarks. (evidenceinvestor.com)
Global
- Australia is on track for its first recession in 28 years. (wsj.com)
- How Canada is recommending to its people on how to widen out their (safe) social networkds. (vox.com)
- Where did the UK's approach to the coronavirus go wrong? (newscientist.com)
- How Japan got a handle on the coronavirus. (ft.com)
- The UK is going to provide some 3 million in Hong Kong a path to citizenship. (scmp.com)
Energy
- It's not out of the realm of possibility for natural gas prices to go negative. (finance.yahoo.com)
- Consumer spending on energy has fallen to an all-time low. (calculatedriskblog.com)
Housing
- Applications for home mortgages have surged. (housingwire.com)
- This crisis is unique because it has not affected house prices. (klementoninvesting.substack.com)
- Inventory removed from Airbnb won't do much to affect the housing market. (housingwire.com)
- Greystar Real Estate Partners, the largest largest operator of rental apartments in the US just keeps growing. (wsj.com)
Earlier on Abnormal Returns
- Personal finance links: an important money lesson. (abnormalreturns.com)
- June ESG links: a single global standard. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: revealed preferences. (abnormalreturns.com)
