On today’s show we discuss
- “Just a bear market rally”
- How tech could help us with the virus
- Dispersion in target-date funds
- The flight to safety
- Spitznagel killed it in March
- Millennials sold stocks
- Nearly one-third of renters missed their April payment
- What does AirBnb spend so much money on?
- Disney plus is crushing
- $17 billion in cruise bonds
- A corporate debt reckoning is coming
- William Bernstein is always worth reading
Some of the rally earlier this week may very well have been coronavirus optimism. BUT, it looks more likely it was technical, driven by short covering.
Nomura says that in recent days, CTAs reduced SPX shorts by 11%. And by 45% in the Russell 2000!
— Dani Burger (@daniburgz) April 8, 2020
The Fed can now buy $HYG too as part of the just announced additional $25b facility. In related news, $HYG went up 3.5% in about 10min flat in pre-market. $JNK not getting same love. h/t @mbarna6 pic.twitter.com/Nv9O7TTerB
— Eric Balchunas (@EricBalchunas) April 9, 2020
While we knew Vanguard would do well relative to peers during selloff (bc they always do) we were surprised they did so well relative to themselves w/ record $47b in Q1 ETF flows. (Blk #2 w/ $10b). Notable: it was ALL equity ETFs, their fixed income ETFs netted out to $0. pic.twitter.com/HojdCWwFyE
— Eric Balchunas (@EricBalchunas) April 7, 2020
I’ll take the other side of almost all of these
People are going way too far w/how they think behavior will change following this crisis https://t.co/wvanlRtLVu
— Ben Carlson (@awealthofcs) April 7, 2020
— George Pearkes (@pearkes) April 9, 2020
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