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Quote of the Day
“Data are not truth. Data are facts that we have out in the world that have been collected for a particular purpose and then we model the data.”
(Annie Duke)
Chart of the Day

30 year mortgage rates hit a new all-time low. (chart via Freddie Mac)
Markets
- On the parallels between American retail speculators in 2020 and China’s stock market fever of 2015. (economist.com)
- The rise in institutional money market fund AUM seems to have peaked. (sentimentrader.com)
- Individual investors, as measured by AAII, are not buying into the rally. (disciplinedinvesting.blogspot.com)
Strategy
- Why going all to cash in your portfolio makes for difficult decisions ahead. (theirrelevantinvestor.com)
- Why shorting a stock all the way down to $0 is so difficult. (alephblog.com)
- Investing is all about dealing with errors. (breakingthemarket.com)
Crypto
Companies
- Zoom (ZM) is going to roll out secure end-to-end encryption for all users. (washingtonpost.com)
- TikTok's US-based revenue expected to hit $500 million in 2020. (theinformation.com)
- Twitter ($TWTR) is going to add the ability to record voice messages. (axios.com)
Media
- The rising number of new traders means more clicks for the financial media. (thereformedbroker.com)
- Online publishers are trying to use the pandemic to get people to pay for subscriptions, even discounted ones. (digiday.com)
- Why micropayments for articles will never take off. (cjr.org)
- Why the Cooper Black font is seemingly everywhere these days. (vox.com)
Small business
- Small business owners are largely on their own when it comes to working out the logistics of reopening. (nytimes.com)
- Reopening orders don't necessarily reopen the economy, especially for small businesses. (vox.com)
- Business owners are struggling to deal with if, how and when to test workers for Covid-19. (wsj.com)
- Professional photographers are getting crushed by the pandemic. (fivethirtyeight.com)
Restaurants
- Reopening a restaurant is not as simple as turning the lights back on. (wsj.com)
- The case for a rebound in restaurant spending, albeit with a different mix. (msn.com)
- One side effect of the pandemic has been restaurants simplifying their menus for takeout. (marketwatch.com)
Housing
- Banks have tightened their standards for home equity lines of credit. (wsj.com)
- A unique set of circumstances is making for a crazy Summer house selling season this year. (barrons.com)
- WFH has reset many people's expectations about where they want to live. (wsj.com)
- Apartment rents are falling in major cities like San Francisco. (wsj.com)
Private equity
- How private equity interest in software companies is changing their life cycle. (institutionalinvestor.com)
- Private equity has shifted from triage to new deals. (ft.com)
Funds
- Why the first negative fee ETF, the Salt Low TruBeta U.S. Market ETF ($LSLT) never took off. (marketwatch.com)
- Indexing is catching on in India. (evidenceinvestor.com)
- Six things to consider when selecting among target date funds. (vanguardblog.com)
Covid-19
- Why states need not go on full lockdown the next time there is a spike in infections. (msn.com)
- 'Caution fatigue' is one reason for the increase in coronavirus cases in Florida. (slate.com)
- Higher levels of 'civic capital' correlated with better voluntary social distancing. (privpapers.ssrn.com)
- The states are ramping up the ranks of contact tracers but only a handful currently have enough. (npr.org)
- Everybody wants sports to return, but the more you dig the more challenging it becomes. (nytimes.com)
Economy
- 1.51 million Americans filed for unemployment claims last week. (calculatedriskblog.com)
- The economic down spiral has stopped. What comes next? (capitalspectator.com)
- The Fed has shown an ability to deal with markets, but can it affect the real economy? (economist.com)
- The US is facing a shortage of coins. (reuters.com)
Earlier on Abnormal Returns
- Longform links: sacrificing humaneness. (abnormalreturns.com)
- What you missed in our Wednesday linkfest. (abnormalreturns.com)
- Personal finance links: the road to wealth. (abnormalreturns.com)