MarketsNew highs keep piling up. (allstarcharts.com)Adding Tesla ($TSLA) to the S&P 500 is going to be a tricky affair, trading-wise. (wsj.com)The IPO pipeline is filling up for 2021. (axios.com)CCC-rated bonds are on a tear. (ft.com)StrategyThe principles of value investing haven’t changed, but the markets have. (investoramnesia.com)Larry Swedroe, “There is only one effective way to implement a passive, buy-and-hold investment strategy…” (evidenceinvestor.com)CryptoA role as ‘digital gold’ is the best-case scenario for Bitcoin. (awealthofcommonsense.com)CompaniesRetailers have largely abandoned bonus pay for front line workers. (washingtonpost.com)Like a lot of the industries, Hollywood has been hit by pandemic on a number of fronts. (nytimes.com)Five big trends being accelerated by pandemic. (visualcapitalist.com)Big Pharma doesn’t want to lose the goodwill engendered by creating a coronavirus vaccine. (ft.com)Not just restaurants want to get their hands on outdoor heaters this Winter. (nytimes.com)PandemicSome U.S. hospitals are simply running out of beds. (nytimes.com)The UK is poised to become the first western country to approve a Covid-19 vaccine from Pfizer ($PFE)-BioNTech ($BNTX). (ft.com)Europe has its own rural healthcare Covid crisis. (wsj.com)PolicyUnderfunded public pension funds is everyone’s problem (mrzepczynski.blogspot.com)Census categories don’t adequately capture how Americans think about race. (wsj.com)How flat tax regimes have fared in post-Soviet Eastern Europe. (marginalrevolution.com)The pandemic baby bust is here. (theatlantic.com)EconomyA succinct summary of the week’s economic events. (ritholtz.com)The economic schedule for the coming week. (calculatedriskblog.com)Earlier on Abnormal ReturnsThe most-read items this past week on Abnormal Returns. (abnormalreturns.com)What you missed in our Saturday linkfest. (abnormalreturns.com)Coronavirus links: a lack of guidance. (abnormalreturns.com)Every Friday I send out five links for advisers to help them think a little differently about the world.