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Quote of the Day
"We are always either over- or under-reacting to new situations and events during the course of our lifetimes. We cannot ever know what will be fifty days out, let alone five months or five years later."
(Josh Brown)
Markets
- The S&P 500 just had its best 50 day gain, EVER. (lplresearch.com)
- If you're not impressed by the markets rebound, then you aren't paying attention. (howardlindzon.com)
- 2020 is not the only year to see up/down moves like this. (awealthofcommonsense.com)
- What's behind everyone trading like mad right now? (monevator.com)
- At this point, only one sector looks undervalued. (morningstar.com)
Strategy
- Amy C. Arnott, "All told, the case for currency hedging is far stronger in fixed income than equity." (morningstar.com)
- Lessons learned from Darrell Huff's book "How to Take a Chance." (novelinvestor.com)
- Is there a clear winner in the Nassim Taleb-Cliff Asness tail-risk hedging debate? (economist.com)
Delivery
- Amazon ($AMZN) Air is leasing 12 more plans. (bloomberg.com)
- FedEx ($FDX) is boosting fees as it struggles to keep up with demand. (wsj.com)
Companies
- Businesses don't have a playbook for coming out of a pandemic. (washingtonpost.com)
- Why (almost) funds social media startups any more, think Google and Facebook. (klementoninvesting.substack.com)
Chapter 11
- The wave of commercial bankruptcies is coming. (thereformedbroker.com)
- AMC Entertainment ($AMC) warns it could file for bankruptcy. (apnews.com)
- Chesapeake Energy ($CHK) is also expected to file at some point. (ft.com)
- Half of commercial retail rent wasn't paid in April and May. At some point it will all have to be sorted out. (washingtonpost.com)
Finance
- Silver Lake has been aggressively investing throughout the pandemic. (ft.com)
- Incoming investment banking analysts are getting paid to defer their start dates. (wsj.com)
Funds
- The Dept. of Labor has opened up a path for private equity funds in 401(k) plans. (nytimes.com)
- The US Global Jets ETF ($JETS) now has more than $1 billion in AUM. (markets.businessinsider.com)
- Fidelity Investments is launching three active, non-transparent ETFs. (etf.com)
Global
- Wealthy Lebanese are pulling assets of the country's banks. (wsj.com)
- Sweden is reconsidering its approach to the novel coronavirus. (elemental.medium.com)
- Europe's economies are going to miss the typical Summer tourism season. (theatlantic.com)
- What is happening to commercial real estate in Europe? (ftalphaville.ft.com)
Economy
- Derek Thompson, "If you’re confused about the economy, I don’t blame you. What I can tell you is that today’s economy is that of 1830, 1930, and 2030, all at once." (theatlantic.com)
- Continuing unemployment claims now total nearly 22 million. (calculatedriskblog.com)
- Legislation to ease restriction on PPP loans has passed Congress. (cnbc.com)
- Tomorrow's Department of Labor NFP report will be the first of its kind. (institutionalinvestor.com)
- Some workers are being given the option of coming back to work or being fired. (nytimes.com)
Cities vs. suburbs
- Demand for suburban housing is on the uptick in the midst of the pandemic. (wsj.com)
- Cities come back from tragedies, but are often changed in the process. (washingtonpost.com)
- Behind the calculus of moving from the city to the country, post-pandemic. (washingtonpost.com)
- A whole host of (negative) factors are hitting New York City all at once. (marketwatch.com)
Cities
- Las Vegas was rolling before the pandemic hit, but the recovery could take time. (wsj.com)
- Even in prosperous cities the gap between races and classes remain. (theatlantic.com)
- Cities that funded new sports stadiums for professional teams are struggling. (wsj.com)
Earlier on Abnormal Returns
- Startup links: huge ideas. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: an important money lesson. (abnormalreturns.com)
- June ESG links: a single global standard. (abnormalreturns.com)
