Markets are somewhat more calm this week but don’t be mistaken – we’re most certainly closer to the beginning of the bear than the end. As quick and sharp as the fall in the markets have been, bear markets don’t usually end in the same month that they start.

We haven’t even seen the damage pop up in the wider parts of the economy yet. Here are some reads if you’re in home quarantine or if you’re practising social distancing.

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Fight the Pandemic, Save the Economy: Lessons from the 1918 Flu (Liberty Street Economics)

The Fed’s New York Branch finds that:

Our paper yields two main insights. First, we find that areas that were more severely affected by the 1918 Flu Pandemic saw a sharp and persistent decline in real economic activity. Second, we find that cities that implemented early and extensive NPIs suffered no adverse economic effects over the medium term.

NPIs refer to Non-pharmaceutical interventions such as social distancing measures. If you’re worried about the impact of lockdown and social distancing measures on the economy, read the full post.

The Hardest Part of a Buy & Hold Strategy (A Wealth of Common Sense)

Just remember that buying and holding gold nuggets that have turned to turds is not a wise strategy.

Surviving Your Very First Market Crash (A Wealth of Common Sense)

This is for the beginning investor. I’ve been telling younger people that this is the best time to be in the markets. You rarely get to live through experiences like this without much to lose.