The economics of borrowing to invest make sense right now, but it’s not for everyone

Over the past six weeks, our clients have come to us with a wide array of emotions and questions. They’ve ranged from great concern to unabashed enthusiasm, and everything in between. On the upbeat calls, one question initially caught me off guard — “What do you think of me borrowing money and investing in bank stocks?”

I was surprised because usually this strategy comes up when markets have been good, and lenders are begging us to borrow money. Obviously, our current circumstance is quite different. Markets are down and have been hyper-volatile, partially due to the use of debt. Margin calls have caused forced selling which in turn has exaggerated price declines.

Look in the mirror

Nonetheless, I’m delighted by this contrarian thinking. After all, money is cheap and stocks are down, so the economics of borrowing to invest make sense. In the case of banks, the Big Five now

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Cuba sends doctors to South Africa to combat coronavirus By Reuters


HAVANA (Reuters) – Cuba sent 216 healthcare workers to South Africa on Saturday, the latest of more than 20 medical brigades it has sent worldwide to combat the coronavirus pandemic, in what some call socialist solidarity and others medical diplomacy.

The Communist-run country has sent around 1,200 healthcare workers largely to vulnerable African and Caribbean nations but also to rich European countries such as Italy that have been particularly hard hit by the novel coronavirus.

The administration of U.S. President Donald Trump has urged nations not to accept Cuba’s medical missions on charges it exploits its workers, which Havana denies. But the calls have largely gone unheeded as overwhelmed healthcare systems have welcomed the help.

Cuba, which has confirmed ,1337 cases of the virus at home and 51 deaths, has one of the world’s highest number of doctors per capita and is renowned for its focus on prevention, community-oriented primary

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The pandemic will curb office space, one tech investor says

This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here.

Egon Durban, the co-CEO of tech-focused private-equity firm Silver Lake, has made memorable appearances at Fortune’s Brainstorm Tech conference in Aspen over the years. I interviewed him on Thursday over Zoom for a Brainstorm Tech virtual audience. He talked about playing the long game, which makes sense. He has no choice but to do so for ailing entertainment and live-events investments such as AMC movie theaters and the Endeavor talent empire. He also has the long game in mind for two massive travel investments for which his firm got in at Buffett-like markdowns: Airbnb and Expedia.

Some key takeaways: (Huge thanks to Lucinda Shen, who generously shared her notes with me, since I was busy. See Term Sheet’s take on the Read More