Three Coins in the Fountain

(1) Spooky bond market. (2) Nostalgia. (3) Coronavirus math: What if lots more people are infected but with mild symptoms? (4) Coronavirus worldometer. (5) The relevance of Tom Hanks, Kelly Clarkson, and Clint Eastwood. (6) Putting subjective probabilities on the Good, the Bad, and the Ugly: 65%/25%/10%. (7) Good: Panic Attack #66 ends soon as pandemic of fear recedes too—65%. (8) Stocks are cheap compared to bonds. (9) S&P 500 forward revenues and earnings remain amazingly resilient at record highs. (10) Bad: Excessively high Fear Factor causes a recession and a bear market—25%. (11) Ugly: Zombie Apocalypse—10%; to avert, the Fed will ZIRP and QE again, and rev up the monetary helicopters. (12) Movie review: “The Invisible Man” (+).