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Quote of the Day
"We can't build a building jumping from one set of blueprints to another. Ultimately we have to decide on our structure and lay the foundation brick by brick, gaining relevant experience as we go along."
(Brett Steenbarger)
Cash
- Chris Cordaro, "You think it’s going to make you feel better, but once you get there, you realize that cash is the most difficult allocation when it’s not part of your long-term strategy. In this crisis, I’ve had two clients go to cash, and both of them regretted doing it." (nytimes.com)
- Record high money market fund holdings show investors have a cash problem again. (wsj.com)
- Advisers should be proactive about discussing cash holdings with clients. (thinkadvisor.com)
Strategy
- Everybody wants to protect their portfolio from blowups, but it's not that simple in practice. (theirrelevantinvestor.com)
- On the danger of making predictions from a 'sample of one.' (priceactionlab.com)
- Four open investment questions worth pondering. (realreturns.blog)
- Why there is a big difference between financial political pundits. (ritholtz.com)
Companies
- CEO Shantanu Narayen on how Adobe ($ADBE) is managing through the crisis. (fortune.com)
- What Uber ($UBER) hopes to accomplish with the acquisition of Postmates. (ft.com)
- Intel's ($INTC) strategic mistakes are coming home to roost. (ft.com)
Airlines
- There's no meaningful airline recovery on the horizon. (axios.com)
- In the midst of the pandemic Boeing ($BA) has reopened its 737 Max production line. (washingtonpost.com)
Finance
- Analysts were worried about the level of corporate debt even before the pandemic hit. (ft.com)
- The red hot IPO market is going to lure companies to go public in 2020. (axios.com)
- SoFi is the latest fintech to apply for a full national bank charter. (cnbc.com)
- How would a 'financial transactions tax' work in practice? (morningstar.com)
Cybersecurity
- Cyberattacks on money managers are now a thing. (institutionalinvestor.com)
- Why private equity may have a cybersecurity problem. (media.thinknum.com)
ETFs
- The Vanguard Information Technology ETF ($VGT) is now larger than the SPDR Technology ETF ($XLK). (marketwatch.com)
- Leveraged and/or inverse ETNs have seen a lot of closures in 2020. (etf.com)
- Money managers are none too happy with the Department of Labor's attack on ESG funds. (ft.com)
- Precious metals ETFs are seeing big inflows. (sentimentrader.com)
Covid-19
- Pfizer ($PFE) partner, BioNTech, anticipates having its coronavirus vaccine ready for approval by year-end. (wsj.com)
- How the novel coronavirus changed Novavax's ($NVAX) financial future. (wsj.com)
Global
- Canada's employment situation is getting better. (bnnbloomberg.ca)
- Australia is inviting emigres from Hong Kong. (washingtonpost.com)
- Hong Kongers who want to emigrate put Taiwan at the top of their list. (foreignpolicy.com)
Economy
- Why a second wave of permanent layoffs is coming. (axios.com)
- The state of California was on a roll and then the pandemic hit. (nytimes.com)
- How Rhode Island crushed the coronavirus. (politico.com)
Earlier on Abnormal Returns
- Podcast links: playing the idea lottery. (abnormalreturns.com)
- What you missed in our Thursday linkfest. (abnormalreturns.com)
- Longform links: the foundation of a health society. (abnormalreturns.com)
- Finding better ways to care for your clients and yourself: why you should sign up for our new weekly adviser-focused e-mail newsletter. (abnormalreturns.com)
