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Quote of the Day
"Can an army of retail know-nothing pajama traders save a corporation through deliberate indifference to reality?"
(Josh Brown)
Chart of the Day

When, if ever, will Treasury investors care about soaring debt?
Markets
- Market timer sentiment got pretty bullish this week. (marketwatch.com)
- What corporate insiders are buying (and not). (sentimentrader.com)
- Corporate bond issued in the depth of the crisis, March, are now all trading at big premiums. (ft.com)
Trading
- How Dave Portnoy became the most popular trader in the world. (msn.com)
- Media mentions of Robinhood now exceed Vanguard. (howardlindzon.com)
- It doesn't take much to get a micro-cap stock going. (ftalphaville.ft.com)
- New day traders are going to feel the pain of short-term capital gains taxes. (perdiem.blog)
Strategy
- 93% of the time the stock market is in a drawdown of one type or another. (theirrelevantinvestor.com)
- Two asset allocation lessons from the March plunge and April/May comeback. (alephblog.com)
Startups
- Instacart has raised fresh capital amidst the surge in demand for grocery delivery. (cnbc.com)
- Headspace continues to raise capital in the meditation app space. (news.crunchbase.com)
- DoorDash has raised new capital but still plans to IPO this year. (wsj.com)
IPOs
- Quicken Loans is planning an IPO. (cnbc.com)
- Building material maker Azek Co. ($AZEK) is now public. (marketwatch.com)
- Palantir is expected to file for an IPO with a target this Fall. (bloomberg.com)
- Pershing Square Holdings is planning to launch its own SPAC. (barrons.com)
Finance
- KKR ($KKR) has asked its financial and legal advisers to “share in the economic pain” caused by the pandemic. (ft.com)
- How a hedge fund successfully engaged in 'molecule flipping.' (washingtonpost.com)
Fund management
- Universities pioneered the use of alternative investments, but on average have little to show for it. (institutionalinvestor.com)
- Why private equity in 401(k) plans is not likely to benefit participants. (marketwatch.com)
Covid-19
- Houston is at-risk of having to go back on lockdown. (bloomberg.com)
- Arizona is bracing for a surge in Covid-19 hospitalizations. (wsj.com)
Global
- The UK economy saw a 25% slump in economic activity. (news.sky.com)
- Why the economic downturn is so much worse than what happened with SARS. (wsj.com)
- While the world was not paying attention, the Assad regime in Syria has continued to weaken. (politico.com)
Onshoring
- What is holding the US manufacturing more pharmaceuticals onshore? (city-journal.org)
- The US should try and onshore more chip production. (ft.com)
- Why tariffs, and the like, didn't bring back much manufacturing. (msn.com)
Economy
- Why the continued pandemic is not going to allow for a V-shaped economic recovery. (blogs.uoregon.edu)
- Americans keep jumping on planes and pumping gas. (scottgrannis.blogspot.com)
Earlier on Abnormal Returns
- Podcast links: passive distortions. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Startup links: end of the road. (abnormalreturns.com)
- Red light, yellow light, green: three take on the retail stock trading boom. (abnormalreturns.com)