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Quote of the Day
"The way forward for asset management — and financial services broadly — is not different from other sectors with respect to diversity, equity, and inclusion."
(Sundrawn Thomas)
Chart of the Day

2020 has seen 6 of the biggest 50 down days for the Dow in history.
Markets
- The S&P 500 now yields decisively more than the 10-year US Treasury. (wisdomtree.com)
- The story of why some bored sports gamblers are now trading stocks. (nytimes.com)
Strategy
- Just because the market is doing something, doesn't mean you can pinpoint why. (theirrelevantinvestor.com)
- Why you shouldn't be reading too much into market moves these days. (awealthofcommonsense.com)
IPOs
- Why we need more public companies. (mylesudland.substack.com)
- The IPO market is moving again. (news.crunchbase.com)
Companies
- Piece by piece, Apple ($AAPL) is building an 'OS for Health.' (divinations.substack.com)
- Startup video service Quibi is struggling post-launch. (wsj.com)
- The top 100 companies Americans think are most essential amidst the pandemic. (prnewswire.com)
Private equity
- Calpers is planning to increase its exposure to private assets in order to meet its 7% return goals. (wsj.com)
- Private equity firms have been in no hurry to put capital to work. (institutionalinvestor.com)
- Softbank invested in a fund that subsequently purchased the debt of Softbank-backed companies. (ft.com)
Funds
- Why target date funds work well for so many in 401(k) funds. (thewaiterspad.com)
- New leveraged ETNs targeted to individual investors? Sure, why not... (barrons.com)
Covid-19
- Germany has invested in a mRNA vaccine maker, CureVac, as it enters a trial. (ft.com)
- Eli Lilly’s arthritis drug Olumiant is going to be tested in Covid-19. (barrons.com)
Places
- Remote areas that got through the first wave of the pandemic are worried about an influx of tourists and vacation home owners this Summer. (statnews.com)
- Many media executives are riding out the pandemic in different circumstances than the rank and file. (nytimes.com)
- Hedge fund traders are going use WFH as an opportunity to avoid NY taxes. (wsj.com)
Global
- The world is finding it difficult to quit China. (nytimes.com)
- Sweden bet on its own exceptionalism in the pandemic. (ft.com)
Economy
- Six high frequency economic indicators show Americans back on the move. (calculatedriskblog.com)
- Low rates and disrupted supply are making for a hot housing market despite the pandemic. (finance.yahoo.com)
- Start bracing for a wave of personal bankruptcies as the pandemic plays out. (americanbanker.com)
Equity and equality
- The US Supreme Court has ruled that federal law prohibits discrimination against LGBTQ workers. (vox.com)
- On the difference between equality and equity. (mentalfloss.com)
- Visualizing the racial wealth gap in America. (visualcapitalist.com)
Earlier on Abnormal Returns
- Adviser links: succession failures. (abnormalreturns.com)
- What you missed in our Sunday linkfest. (abnormalreturns.com)
- What everyone was reading last week on the site. (abnormalreturns.com)