| This is Bloomberg Opinion Today, a tax-efficient savings plan of Bloomberg Opinion's opinions. Sign up here. Today's Agenda  The trick is not to sweat the small stuff. Photographer: Linh Pham/Getty Images AsiaPac Optimism Is a Balancing Act As the days of mask-wearing, people-avoidance and ouch-this-kitchen-stool-is-not-ergonomic wear on, everyone could use a dose of optimism. Some even arrived yesterday when a human trial for a Covid-19 vaccine showed early signs of working, the first speck of light at the end of this germ-filled tunnel. As good as that news was, we're still far from being able to pop into Walgreens for a quick shot to send us on our merrily immune way. Less reassuring were some studies released today suggesting antibodies built up from infection don't provide lasting immunity. But that news isn't as hopeless as it sounds, Faye Flam writes. Vaccines can create a stronger immune response than natural infections, she explains. And another, larger study not yet published suggests natural immunity holds up better than those smaller studies implied. All in all, it's best for us at-home WebMD-ers to take the onslaught of upbeat and gloomy Covid news in stride and leave interpretations to the experts. Government leaders still need to set realistic expectations about when effective Covid-19 vaccines and treatments will become widely available. They should listen to health-care experts in the trenches of this pandemic, who say that moment is a year away, if not longer, write Peter R. Orszag, David Gluckman and Stephen H. Sands. Although Anthony Fauci, America's top infectious-disease expert, has said a safe vaccine could come as soon as this year, a survey of 184 executives and 37 investors in the industry found most don't see one being ready until at least the second half of 2021. Don't expect the same measured outlook at President Donald Trump's regular pandemic briefings, which he's now resuming. Such events can, in theory, be an effective way to drive actual governing, by giving staffers incentive to push policy actions the president can talk about, Jonathan Bernstein writes. But Trump's briefings tend to be more like unscripted campaign rallies than coordinated White House efforts to inform the public. In one of his last addresses, for example, things went off the rails when he mused about injecting Covid patients with disinfectant. (Again, don't try this at home!) Further Virus Outlook Reading: College campuses need to get creative to reopen safely, but they'll need more government aid. — Andrea Gabor A Better Future Starts Today Working from home has probably caused some of us to dream of retirement. Hopefully by the time that happens, the world will once again offer such traditional golden-years luxuries as travel and restaurant dining (maybe skip the cruises). And you'll need a plush nest egg for that. But 401(k) retirement plans don't offer the same benefits they used to, especially with the availability of tax-efficient index funds to retail investors, writes Aaron Brown. He explores some ways to make 401(k) plans fruitful again, including lower taxes and fees. While you were daydreaming of retirement, something pretty exciting happened in the world of artificial intelligence: a powerful new language generator called GPT-3. If that's GPT-gibberish to you, then Tyler Cowen says to imagine a Siri-like voice-activated assistant that can handle some pretty impressive tasks with unprecedented sophistication. An article about GPT-3 was even written by GPT-3. (Hopefully, this newsletter isn't next.) The Fed Can't Stabilize Itself The Federal Reserve's swift, unprecedented actions in the face of the Covid crisis have stabilized markets. But Trump's nominee for its Board of Governors, Judy Shelton, could shake things up in a bad way, Bloomberg's editorial board writes. Her controversial views include wanting to return to the gold standard — or using oil, or perhaps sand, to stand in for money. And her willingness to mold her views to fit Trump's stance on interest rates suggests politics influences her positions, writes Karl W. Smith. He warns the Senate should delay a decision on her nomination until 2021. Central banks have another challenge ahead: managing a less-than-invigorating recovery after they've already fired their bazookas. It's about shifting "from an emergency response to settling in for the long haul," Daniel Moss writes. Investors hang onto central banks' every word, so they must be careful not to spark a sequel to the 2013 taper tantrum. Bonus gold reading: As stocks point to a shaky recovery and bonds suggests lower yields for longer, bullion prices are set to keep surging. — John Authers Telltale Charts The European Union's historic agreement to launch a 750 billion-euro ($859 billion) Covid recovery fund is a big moment for supporters of deeper European integration, writes Lionel Laurent. It's especially helpful to the bloc's most problematic member, Italy, which now has a chance to raise financing as yields drop, Marcus Ashworth writes.  If you're auctioning something on, say, EBay.com, you probably want to sell to the highest possible bidder. But Alex Webb writes that's not always the case when selling a business, as EBay Inc. itself showed when it chose a buyer for its classified-ads unit.  Further Reading China's Lehman moment is brewing; Beijing regulators have taken control of nine more troubled financial firms, but they may not be able to save them all. — Anjani Trivedi and Shuli Ren Walmart Stores Inc. may have finally killed the tradition of shopping on Thanksgiving. — Sarah Halzack Trump is exploiting a soft spot in constitutional law to empower the executive branch by sending federal agents into Oregon. — Noah Feldman The maker of Ray-Bans has to squint to see the benefits of buying an eye-exam store at a time when people are trying to avoid close contact. — Andrea Felsted Sergio Ermotti is leaving his CEO post at UBS AG on a high note after the Swiss banking giant posted estimate-crushing net income and little in the way of bad loans. — Elisa Martinuzzi ICYMI Covid-19 could undo women's economic progress. Republicans back more stimulus checks, but a payroll tax cut is in doubt. Ghislaine Maxwell's sworn testimony comes back to haunt her. Kominers's Conundrums Hint If you're having trouble scaling some of this week's pyramid puzzles, don't forget the answers to the first stage must form a pyramid themselves. That means once you've solved a few, their solutions will help you eliminate possible answers to the others. And once you've built the "meta-pyramid" at the end, you might want to step back and consider it from a meta perspective. — Scott Kominers Kickers To solve a problem, invert it. One of the first sci-fi books was written by a duchess in the 1600s. Four or 40 years old, inflatable pools are for everyone now. The app of the summer is a random-number generator. Note: Please send disinfected bars of gold to Tara Lachapelle at tlachapelle@bloomberg.net. Sign up here and follow us on Twitter and Facebook. | 
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