MarketsStock buybacks have pretty much ground to a halt. (wsj.com)We know earnings are going to tank, but how much does it matter to a company’s long term value? (awealthofcommonsense.com)StrategyThree things you can do in a bear market without upending your portfolio (wsj.com)The worst risks are the ones we never saw in the first place. (humbledollar.com)Some of the best investment-related content from the past couple weeks. (bpsandpieces.com)Industry trendsTraffic at big box stores like Wal-Mart ($WMT) and Costco ($COST) are normalizing. (marketwatch.com)Food supply chains are in flux as restaurants close and people eat at home. (wsj.com)There are not a lot of alternatives for Airbnb hosts to make money. (ft.com)The sudden stop in tech industry events has hit event suppliers … [Read More...]

Covid-19Until there is a vaccine, estimates about the economy are just guesses. (marker.medium.com)How Michael Lewis’ book “The Fifth Risk” foreshadowed the adminstration’s mishandling of the coronavirus outbreak. (worth.com)Covid-19 will be a boon to automation in a number of fields. (protocol.com)BooksAn excerpt from “Coffeeland: One Man’s Dark Empire and the Making of Our Favorite Drug” by Augustine Sedgewick. (wsj.com)An excerpt from “The Rocket Years: How Your Twenties Launch the Rest of Your Life” by Elizabeth Segran. (fastcompany.com)HistoryIn the US the 1918 Spanish Flu was largely swept up the rug by newspapers. (newrepublic.com)Britain has forgotten about this site from WWII. (nationalgeographic.com)LongreadsLike it or not, China is well on the way of building its own Internet. (ft.com)How epidemics change civilizations. (wsj…. [Read More...]

AutosThe coronavirus is putting AV plans on pause. (axios.com)More states are imposing special registration fees on electric vehicles. (wsj.com)Are bike lanes really all that safe? (nytimes.com)EnergyCoronavirus-related declining demand is only going to accelerate the decline in coal use in the US. (qz.com)Interest in renewable energy investment is not slowing in the current environment. (wsj.com)Manatees have an affinity for coal plants. (msn.com)EnvironmentBoston is uniquely at-risk of rising sea levels. (washingtonpost.com)Data centers use a lot of water for cooling purposes (bloomberg.com)TransportWhy haven’t we stopped all non-essential air travel? (latimes.com)Overtourism was a frequent issue prior to the coronavirus pandemic. (nytimes.com)The grounding of the global airline industry, visualized. (washingtonpost.com)ScienceNeanderthals ate seafood and nuts. (newscientist.com)It would be … [Read More...]

ESGHow the coronavirus could make ESG even more important and relevant to investors. (wsj.com)Demand for ESG funds remains in place. (finance.yahoo.com)Are measures of corporate governance significant when it comes to measuring performance? (wsj.com)The amount of work for corporations and investors to show how much of their portfolio is green is substantial. (klementoninvesting.substack.com)As ESG ratings become more important, scrutiny is going to increase. (ft.com)Want a job in asset management? Become an ESG specialist. (wsj.com) [Read More...]

MarketsSince 2000, the aggregate bond index has outperformed the S&P 500. (wsj.com)Markets are projecting a big decline in dividend payments. (ft.com)A look at hedge fund performance during this downdraft. (mrzepczynski.blogspot.com)StrategyIf you are going to automate your investing, actually automate it. (thereformedbroker.com)On the origins of the phrase: “In bear markets, stocks return to their rightful owners.” (theirrelevantinvestor.com)Larry Swedroe, “My hope is that this serves as a warning that your risk preference should not shift just because rates turn negative.” (evidenceinvestor.com)IndustriesOnline grocers have been unable to keep up with accelerated demand. (axios.com)Shifting production from commercial to consumer production, think toilet paper, isn’t easy. (marker.medium.com)FinanceThe merger market is on hold. (barrons.com)CommoditiesThere is a bull market for isopropyl alcohol. … [Read More...]

The bizIn quarantine, people are listening to fewer podcasts. (wwd.com)Market historyBen Carlson talks with William Bernstein to put the current situation into perspective. (awealthofcommonsense.com)Robin Powell talks market history with Elroy Dimson. (evidenceinvestor.com)FinancePatrick O’Shaughnessy talks about stocks today with Gavin Baker. (investorfieldguide.com)Howard Lindzon continues his ‘Panic With Friends’ series with Raoul Paul of Real Vision. (lindzanity.libsyn.com)Ted Seides talks asset allocation with Ben Inker of GMO. (capitalallocatorspodcast.com)Noah Kagan talks investing with Aswath Damodaran. (okdork.com)Christine Benz and Jeff Ptak spoke with Fran Kinniry about Vanguard’s plans for private equity. (morningstar.com)PsychologyDan Harris talks with Joseph Goldstein about meditating in the midst of a pandemic. (tenpercent.com)Scott Barry Kaufman talks cognitive behavioral therapy with Dr. Seth Gillihan. (scottbarrykaufman.com)Justin Castelli talks with Phil … [Read More...]

Markets95% of all stocks in the S&P 500 are down year-to-date. (theirrelevantinvestor.com)How the bear market is going to affect endowment funds. (mrzepczynski.blogspot.com)StrategyDollar cost averaging means you will likely buy near the bottom without even trying. (awealthofcommonsense.com)How TAA strategies performed in March. (allocatesmartly.com)CryptoBinance is acquiring CoinMarketCap. (theblockcrypto.com)CompaniesApple ($AAPL) is going to allow Amazon ($AMZN) Prime Video users to do in-app purchases. (theverge.com)Softbank has withdrawn its tender for WeWork shares. (news.crunchbase.com)Under Armour ($UA) is now making masks. (fastcompany.com)RestaurantsToast has pivoted to helping restaurants managing takeout and delivery. (cnbc.com)The transition to delivery-only is a challenge for fine dining establishments. (nytimes.com)Restaurants are turning to merch sales to help stay afloat. (wsj.com)FinanceMissed rent and … [Read More...]

MarketsHow major asset classes performed (poorly) in March 2020. (capitalspectator.com)March 2020 was officially the craziest month in stock market history. (ofdollarsanddata.com)StrategyPrior bear markets can only teach us so much today. (blog.validea.com)Did coronavirus kill off the secular bull market? (finance.yahoo.com)Howard Marks on where things stand. (oaktreecapital.com)Information flow and idea flow are two different things. (traderfeed.blogspot.com)AmazonAmazon ($AMZN) has become central to the economy but it is not a charity. (ft.com)The many ways in which coronavirus is disrupting Amazon’s ($AMZN) business model. (bigthink.com)CompaniesMore companies now fit Warren Buffett’s acquisition criteria. (finance.yahoo.com)The Zoom ($ZM) backlash is growing. (wired.com)PayPal ($PYPL) is pledging no layoffs. (cnbc.com)The Sprint ($S) acquisition of T-Mobile is now final. (arstechnica.com)FinanceCompanies are drawing down … [Read More...]

MarketsA 20% rally need not a bull market make. (ritholtz.com)Defensive sectors are leading the bounce. (allstarcharts.com)StrategyThe market DGAF about your opinions, or any one else’s, for that matter. (theirrelevantinvestor.com)The market typically bottoms before the worst of the news is out. (ofdollarsanddata.com)Even Warren Buffett can’t nail market bottoms. (awealthofcommonsense.com)CompaniesWe are only now coming to terms with the human cost of Amazon ($AMZN) delivery. (finance.yahoo.com)At what point will Apple ($AAPL) miss Jony Ive? (rationalwalk.com)The financial toll for Airbnb keeps adding up. (axios.com)Private equity is now likely regretting its push into the restaurant industry. (institutionalinvestor.com)Ugh. Zoom ($ZM) has some questionable privacy practices. (daringfireball.net)Covid-19 modelsWhy making a good Covid-19 model is so difficult. (fivethirtyeight.com)Modeling a pandemic is challenging even … [Read More...]

PandemicsA look back at how prior pandemics affected economies and markets. (investoramnesia.com)What, if anything, can we learn about stock performance in and around the 1918 Flu epidemic? (papers.ssrn.com)A round-up of research on the economic impact of Covid-19. (capitalspectator.com)Bear marketsMost Vanguard investors aren’t doing squat with their accounts. (institutional.vanguard.com)How some DIY TAA strategies have performed in the downdraft. (allocatesmartly.com)Why does the myth of active management outperformance in bear markets persist? (evidenceinvestor.com)ResearchWhat matters for portfolio rebalancing: the doing, not the precise plan. (theirrelevantinvestor.com)How to think about how luck matters with trend models. (blog.thinknewfound.com)Good luck implementing short-VIX strategies in practice. (factorresearch.com)Comparing some standard risk mitigation strategies and how to combine them. (blog.thinknewfound.com)Why value stocks have … [Read More...]

MarketsWTI dipped below $20 a barrel. (ft.com)Has extreme volatility peaked? (crossingwallstreet.com)A short history of dead-cat bounces. (awealthofcommonsense.com)StrategyThe 60/40 portfolio is having a bad year. (cnbc.com)US investors need to look globally for higher returns. (finance.yahoo.com)Why you should discount what dividends tell us right now. (psyfitec.com)IndustriesSome evidence that grocery supply chains are getting stretched. (slate.com)Restaurants aren’t going away, but they are going to look different. (marker.medium.com)The coronavirus is going to accelerate the death of legacy newspapers. (nytimes.com)CreditInvestment-grade deals are still getting done at a few years ago would have been crazy yields. (ftalphaville.ft.com)The bond markets are still open for investment grade credits. (ft.com)FinanceCommunity banks are in uncharted territory in this new economy. (wsj.com)It’s … [Read More...]

MarketsMuni bonds are once again attractive relative to US Treasuries. (barrons.com)We are all just taking a stab at how bad real GDP is going to look. (theirrelevantinvestor.com)There never is an all-clear signal in bear markets. (wsj.com)StrategyHow can anyone be certain of anything market-related at the moment? (awealthofcommonsense.com)It doesn’t seem like it now, but opportunities will arise out of this mess. (howardlindzon.com)Steps to becoming an ‘Investing Buddha.’ (safalniveshak.com)FundsVIX ETNs are once again all the rage. (wsj.com)A badly designed ETF shows its true colors in the midst of panic. (wsj.com)SocietyThis experience is going to sear itself in the memory of children. (thereformedbroker.com)How Covid-19 will change societal attitudes toward risk. (collaborativefund.com)PollicyIt’s crazy that members of Congress can … [Read More...]

BooksAn excerpt from Jared Diamond’s new book “Swing Kings: The Inside Story of Baseball’s Home Run Revolution.” (wsj.com)A Q&A with Ben Cohen author of “The Hot Hand: The Mystery and Science of Streaks.” (psychologytoday.com)Covid-19Four timelines on how we get back to a ‘normal’ life. (theatlantic.com)Is Covid-19 going to kill globalization? (wsj.com)How the pandemic will end. (theatlantic.com)OpioidsHow Wal-Mart ($WMT) escaped criminal prosecution over opioids. (propublica.org)How J&J ($JNJ) became a central part of the opioid supply chain in the US. (washingtonpost.com)LongreadsJosé Andrés and World Central Kitchen want to feed a world in crisis. (time.com)Banning targeted advertising solves a lot of problems. (wired.com)How our educational system is failing children become self-sufficient adults. (perell.com) [Read More...]

AutosBig rigs are going electric and they will be easier to drive. (nytimes.com)Some evidence that EVs really are more carbon efficient. (newscientist.com)EnergyWhat the closing of a coal-fired plant in Western Kentucky means. (abcnews.go.com)New York state’s last coal-fired plant is closing. (nytimes.com)EnvironmentChicago’s shoreline is getting pummeled by high Lake Michigan waters. (chicagotribune.com)Individuals are working to clean up shoreline plastic waste. (nytimes.com)Why we think about food waste differently after coronavirus. (esquire.com)TransportHow the airline companies are dealing with the logistics of canceled flights and storing planes. (nytimes.com)Coronavirus shutdowns can help us understand traffic congestion. (venturebeat.com)A growing number of planes are parked waiting out the pandemic. (bloomberg.com)ScienceCovid-19 is one of hundreds of thousands of viruses. (nytimes.com)How squid … [Read More...]

MarketsMarket moves don’t have to fit some logical narrative. (thereformedbroker.com)Three-day buying thrusts like we just saw are bullish historically. (sentimentrader.com)”The medium to longer-term trend is more important that any intermediate counter-trend rallies.” (priceactionlab.com)StrategyLike Warren Buffett, all you can do i focus on what you can control. (novelinvestor.com)There is a big gap between financial noise and information these days. (blog.brinkercapital.com)Lessons from Joel Greenblatt’s book “The Big Secret for the Small Investor.” (novelinvestor.com)CompaniesBig Tech is going to lose advertising revenue through this. (axios.com)Coronavirus-related video game console shortages portend a surge in gaming. (ftalphaville.ft.com)Luxury retail is uniquely affected by the pandemic. (nytimes.com)FinanceBDCs are uniquely at-risk in the midst of the coronavirus sudden … [Read More...]

The bizWhy ‘Reply All’ is a welcome respite. (esquire.com)Anchor is making it easier for casual podcasters to get started. (theverge.com)FinanceTed Seides talks with Michael Mauboussin about making good decision in turbulent markets. (capitalallocatorspodcast.com)Kurt Nelson and Tim Houlihan spoke Barry Ritholtz about financial implications of the financial crisis resulting from the pandemic. (behavioralgrooves.com)Joe Weisenthal and Tracy Alloway talk with Josh Younger about how the Treasury market fell apart amidst the coronavirus panic. (overcast.fm)Christine Benz and Jeff Ptak talk coronavirus with Mohamed El-Erian. (morningstar.com)Everyone Howard Lindzon has spoken to with during his ‘Panic With Friends’ series including Marcus (@aureliuscapital). (directory.libsyn.com)BusinessReid Hoffman talks about layoffs with Danny Meyer of Union Square Hospitality Group. (mastersofscale.com)Meb Faber talks with Jeremy Yamaguchi the … [Read More...]

BondsCrossover buyers are sifting through the muni bond market. (ft.com)How various asset classes are being affected by poor liquidity and how the Fed might help. (mrzepczynski.blogspot.com)The average high yield bond is down some 20%. (ft.com)StocksConsumer staples, health care and tech have all made relative gains YTD. (klementoninvesting.substack.com)Some of the hardest hits stocks since February 19th. (visualcapitalist.com)StrategyThis crisis reminds us that risk capacity and risk tolerance are two different things. (morningstar.com)Making more decisions in a time of stress is a recipe for disaster. (theirrelevantinvestor.com)Why you should rebalance your portfolio. (morningstar.com)Now is the time to take a breath. (tonyisola.com)HistoryA list of the greatest investment quotes of all-time, actually sourced. (ofdollarsanddata.com)The best books about financial panic including … [Read More...]

MarketsWide moat companies have outperformed during this bear market. (morningstar.com)Small cap stocks have markedly underperformed large caps. (wsj.com)Private equity replication strategies are indicating a big drawdown. (institutionalinvestor.com)Strategy10% up days are not normal. (theirrelevantinvestor.com)Markets have had to incorporate a lot of information all at once. (blairbellecurve.com)Point, counterpoint on small cap value stocks. (blog.validea.com)CryptoOnCoins is TechMeme for cyptocurrencies. (avc.com)CompaniesWhy hasn’t Warren Buffett done any deals yet? (ritholtz.com)Target ($TGT) saw a surge in food and household good sales while other areas slumped. (wsj.com)Boeing ($BA) got a special provision in the Senate’s stimulus package. (washingtonpost.com)MediaMedia usage is up, but ad rates have cratered. (vox.com)NBCUniversal has an Olympic-sized programming hole to fill. (variety.com)HBO has seen a 40% … [Read More...]