"Skeletons are Scary, Markets are Not"

  • By: Joseph R. Tranchini, CFA
  • October 2020









[ See Below for Disclosures & Annotations]


Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

The companies presented here are for illustrative purposes only and are not to be viewed as an investment recommendation.



  1. Nvidia. “NVIDIA to Acquire Arm for $40 Billion, Creating World’s Premier Computing Company for the Age of AI”. September 13, 2020
  2. Global Times. “Chinese regulators may block Nvidia’s $40b Arm buyout: analysts”. September 14, 2020
  3. Nikkei Asian Review. “Nvidia’s $40bn Arm deal faces China risks and industry pushback”. September 16, 2020
  4. Reuters. “Silicon Valley startup Visby’s portable COVID-19 test gets FDA approval”. September 17, 2020
  5. Federal Reserve. “Federal Reserve Board releases hypothetical scenarios for second round of bank stress tests”. September 17, 2020
  6. Global Times. “Source: If the United States gets stuck on Huawei, China’s counterattack list will include these US companies”. May 15, 2020
  7. South China Morning Post. “Beijing says firms on ‘unreliable entities list’ will be banned from trading with, investing in China”. September 19, 2020
  8. The Wall Street Journal. “Johnson & Johnson Begins Final-Stage Testing of Covid-19 Vaccine”. September 23, 2020
  9. Bloomberg. “House Passes Stopgap Funding Measure to Keep Government Open”. September 22, 2020
  10. CNBC. “Novavax starts late-stage Covid-19 vaccine trial in UK”. September 24, 2020
  11. Reuters. “China must prepare for ‘long tech march’ following U.S. restrictions on SMIC: Global Times”. September 27, 2020.
  12. Fortune. “The U.S. just undercut China’s best shot at semiconductor independence”. September 28, 2020
  13. Nikkei Asian Review. “US lawmakers weigh $25bn subsidies to boost chipmaking”. September 26, 2020
  14. Forbes. “Stimulus Update: Mnuchin To Counter Pelosi’s $2.2 Trillion Stimulus Package; Will He Include $1,200 Stimulus Checks And State/City Aid?”. September 30, 2020
  15. Statnews. “AstraZeneca resumes Covid-19 vaccine trials in the U.K.”. September 12, 2020
  16. Federal Reserve. “Federal Reserve Board announces it will extend for an additional quarter several measures to ensure that large banks maintain a high level of capital resilience”. September 30, 2020
  17. Roll Call. “Exclusive: Mnuchin coronavirus relief plan includes more state, local funds”. September 30, 2020
  18. NPR. “President Signs Spending Stopgap Measure, Averting Government Shutdown”. September 30, 2020