Jesse Felder

'Most health care leaders believe it may be more than a year or two before there is an effective Covid-19 treatment — if one ever materializes. Indeed, only 49% of health care industry leaders put the likelihood of such a therapeutic at better than even.' bloomberg.com/opinion/articl…

'Comparing share prices to fundamentals like corporate profits or book value is essentially futile in complex markets.' bloomberg.com/news/articles/…

GMO's latest 7-year real return asset class forecasts: gmo.com/americas/resea…

'Precious-metals miners once seen as too leveraged and high-risk for the typical investor raised $2.4 billion in secondary equity offerings during Q2. That’s the most since 2013 and seven times more than the funds they raised a year earlier.' bloomberg.com/news/articles/…

'Gold’s chief problem as an asset is that it pays no yield. It therefore becomes far more attractive when the real yield on alternative investments becomes negative.' bloomberg.com/opinion/articl…

'The world’s major central banks aren’t purchasing debt fast enough, leaving almost $1 trillion of new sovereign bonds looking for buyers in the months ahead.' bloomberg.com/news/articles/…

'More than half of companies that defaulted in the second quarter are owned by private equity firms.' institutionalinvestor.com/article/b1mjsr…

'Since 2008, companies have taken advantage of historically low interest rates to gorge themselves on debt. Then came the pandemic and the sharpest downturn in history, which resulted in an odd solution for those that did all that borrowing: more debt.' nytimes.com/2020/07/20/bus…

"It’s like one of those Jenga games, where the ones that are at the top are the most top-heavy, and if something changes that’s not expected, it could have it all fall down." wsj.com/articles/for-s…

'Trading volumes on the technology-heavy Nasdaq compared with the New York Stock Exchange are rising in a way reminiscent of the dot-com bubble.' wsj.com/articles/dont-…

'The rally has pushed the Nasdaq 100 further away from its recent trend line. Trading 21% above its average price over the past 100 days, the gap is the widest since the dot-com peak in March 2000.' bloomberg.com/news/articles/…

“One of the comments that was made at the meeting that I thought was interesting is: ‘How will we know if it’s a bubble?’ And the answer is: ‘After the stock market crashes.’” bloomberg.com/news/articles/…

Citi Says It’s ‘Only a Matter of Time’ Before Gold Hits a Record bloomberg.com/news/articles/…

'Inflation could kick higher without the economic growth to go with it. The legacy of Covid-19, in terms of high structural unemployment and hefty debt loads — as well as higher taxes and a rising regulatory burden for companies — will suppress growth.' ft.com/content/df4f7d…

'Without more housing, workers, hospitals and child care, shortages will hold back growth like the oil embargo did almost 50 years ago.' bloomberg.com/opinion/articl…

'Roughly 7 million workers have likely received a dock in pay. Combined with those who have been forced to log fewer hours, the number climbs to 20 million people — or 1 in 8 workers.' politico.com/news/2020/07/1…

"Waning antibodies affect vaccine development. Where natural immunity doesn’t really develop or last, then vaccine programs are not likely to be easily successful or achievable." sfchronicle.com/health/article…

'As things stand today, America is on the verge of a deeply worrisome vicious spiral in which the increasing permanence of the outbreak leads to self-reinforcing economic decisions that only make matters worse.' -@Peter_Atwater linkedin.com/pulse/time-anx…

'The fierce resurgence of Covid-19 cases and related business shutdowns are dashing hopes of a quick recovery. Businesses are turning furloughs into permanent layoffs, de-emphasizing their core businesses and downsizing production indefinitely.' wsj.com/articles/u-s-c…

'R is above 1 in 45 of the 50 U.S. states, which between them account for 95% of U.S. GDP. Unless this number reduces quickly, the likelihood is that the disease will become prevalent enough to change people’s behavior, whatever politicians do.' bloomberg.com/opinion/articl…