Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.

Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From fighting Vanguard to ignoring OPEC, here are four charts that tell you what you need to know in business today.

Earnings Polish
Earnings adjustment has become rampant, companies that do it tend to show highly buffed bottom lines, and the SEC isn't doing much about it.
Source: FactSet


Involuntary Cuts
The market just isn't buying OPEC's assurances that it can restrain output and rebalance the oil market.
Source: Bloomberg
Goldilocks Economy
The commodities market has become shockingly boring, but such stretches of calm don’t last forever.
Source: Bloomberg
Place Your Bet
Until the fund industry starts getting better at balancing investor outcomes and their own profits, Vanguard will continue to dominate.
Sources: Morningstar, Vanguard
Note: Annualized return for institutional share classes through April 2017.

And don't miss Chris Bryant on Donald Trump's German auto tirade: "Let's leave aside basic economics for a second, which is pretty clear about the advantages for a country in specializing in an industry. If selling lots of cars is somehow a hallmark of low morals, the Germans are unquestionably evil."

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Max Nisen in New York at

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Mark Gongloff at