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Quote of the Day
"Whether it be the vestigial assets of a fictitious nation called Poyais that was already outed as a scam, or the shares of a company that just declared bankruptcy, financial history is riddled with ‘rubbish rallies’ that make absolutely no sense on paper."
(Jamie Catherwood)
Chart of the Day

“Corporate bond investors today are left with the prospect of little reward (2.35% yield) and higher risk (potential for rising rates/credit spreads).”
Strategy
- Why it helps to reframe questions away from forecasts into something more insightful. (ritholtz.com)
- You're probably not smarter than Stanley Druckenmiller when it comes to the stock market. (moneymaven.io)
- Why we love free stuff, like stock trades, too much. (betterment.com)
Crypto
Companies
- How Salesforce ($CRM) is re-engineering its offices to reopen safely albeit being more 'sterile and antiseptic.' (nytimes.com)
- Cloud database provider Snowflake has filed an IPO. (msn.com)
- Twitter and Square have designated Juneteenth, which celebrates the end of slavery in America, as a company holiday. (nytimes.com)
- Stop underestimating TikTok. (theverge.com)
Food
- Starbucks ($SBUX) is shifting its store footprint in the US due to the coronavirus. (wsj.com)
- Grubhub ($GRUB) is likely to merge with Just Eat Takeway, not Uber ($UBER). (cnbc.com)
- The pandemic is forcing restaurants to confront the high cost of third-party delivery apps. (nytimes.com)
Bankruptcy
- Chesapeake Energy ($CHK) bonds are trading at less than 10 cents on the dollar. (nytimes.com)
- Hertz ($HTZ) shares have rolled over. (ftalphaville.ft.com)
Finance
- Real estate crowdfunding sites are seeing a surge in demand for deals. (wsj.com)
- Keeping financial secrets is a challenge when working from home. (ft.com)
ETFs
- The ETF industry has not done itself any favors with all the acronyms. (etf.com)
- The ETF Deathwatch for May 2020. (investwithanedge.com)
- The most popular ETFs among Robinhood traders. (etf.com)
Covid-19
- There is some evidence that the coronavirus outbreak started earlier in Wuhan than commonly thought. (cnn.com)
- The NIH is funding three Phase 3 coronavirus vaccine trials starting this Summer. (wsj.com)
- A discussion among experts on the prospects for a vaccine. (nytimes.com)
Global
- Expats are leaving Dubai. (msn.com)
- The coronavirus pushed nearly the entire world into recession. (ft.com)
Economy
Earlier on Abnormal Returns
- Personal finance links: a lack of experience. (abnormalreturns.com)
- A limited-time opportunity reader giveaway. (abnormalreturns.com)
- What you missed in our Tuesday linkfest. (abnormalreturns.com)
- Research links: generating random trades. (abnormalreturns.com)
- Red light, yellow light, green: three take on the retail stock trading boom. (abnormalreturns.com)
Mixed media
- Why Facebook ($FB) employees, and others in tech, find it difficult to quit over principle. (theatlantic.com)
- Why putting a real-world conference online doesn't really work. (ben-evans.com)
- Elevators are a big problem for office buildings. (khn.org)
- Covid-19 is going to affect the ability of older workers to stay on the job. (wsj.com)
- Why your AI project is likely to fail. (hbr.org)