Quote of the Day
"Today is the one-year anniversary of Black Monday 2.0. On March 16, 2020, the Dow Jones Industrial Average plunged 2,997 points for a loss of 12.93%. The S&P 500 lost 11.98%. Only the 1987 crash was worse."
(Eddy Elfenbein)
Chart of the Day
Forecasting forward bond returns is a relatively simple affair.
Yields
- German bunds yield almost 200 bp less than US Treasurys. (axios.com)
- There is still $13.7 trillion in negative-yield debt out there globally. (bloomberg.com)
- Expectations for US GDP growth far exceed those of Europe. (ft.com)
Strategy
- It's easy to call names when someone disagrees with your market call. (ofdollarsanddata.com)
- A moat and market power are two different things. (blogs.cfainstitute.org)
- Why most investors should opt out of the race for alpha. (etf.com)
Crypto
- The currently available Bitcoin fund options are expensive. (theetfeducator.com)
- Canada's nascent Bitcoin ETF market already has a price war. (etf.com)
Companies
- Comparing Amazon's ($AMZN) ad business to AWS. (ben-evans.com)
- Stripe wants to be the "AWS of money." (protocol.com)
Crowdfunding
- The regulation crowdfunding limit has increased from $1.07 million to $5 million. (news.crunchbase.com)
- Other rules have changed around crowdfunding as well. (axios.com)
SPACs
- SPACs are looking to roll up multiple smaller targets at once. (axios.com)
- Online broker eToro is going public via a SPAC merger. (ft.com)
- Why SPACs aren't going anywhere. (feld.com)
ETFs
- How much longer can ESG ETFs charge a premium? (wsj.com)
- A list of the 2020 ETF.com Awards Finalists. (etf.com)
China
- Thing things driving emerging market indices, like China, are different than they were a decade ago. (allstarcharts.com)
- Vanguard has put on pause its plans to launch in China. (wsj.com)
Housing
- National homebuilder sentiment fell in March due to rising costs. (calculatedriskblog.com)
- How this pandemic housing boom is different including better credit and higher down payments. (wsj.com)
Earlier on Abnormal Returns
- Research links: currency chaos. (abnormalreturns.com)
- What you missed in our Monday linkfest. (abnormalreturns.com)
- Adviser links: a world of probabilities. (abnormalreturns.com)
- Are you a financial adviser looking for some out-of-the-box thinking? Then check out our weekly e-mail newsletter. (newsletter.abnormalreturns.com)
