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 Takata's mountainous liabilities to Italianate bailouts, here are four charts that tell you what you need to know in business today. 

Feel the Cash Burn
Pandora has posted negative free cash flow for 10 of the past 13 quarters and made a seemingly endless series of strategic blunders; it's time for a shakeup at the top.
Source: Bloomberg
No Bargain
Hedge funds are betting big-time on U.S. small-cap stocks despite the fact they're among the most expensive in the world.
Source: Bloomberg
Note: Based on 10-year trailing average positive earnings.
Sorting It Out
For now, a bank bailout is boosting Italy's credit. But the true cost may only be revealed later.
Source: Bloomberg
Counting the Cost
Takata's bankrutpcy will only be the beginning of the long and difficult process of dealing with the aftermath of the liabilities created by its faulty airbags.
Source: Bloomberg, news reports
Note: Jefferies, Tokyo Shoko and worst-case scenario estimates are based on total recall costs, including those already incurred and sums spent by automakers. Valient and Takata bankruptcy estimates are based on future liabilities to Takata alone.

And don't miss Shira Ovide and Elaine He on the big mess Amazon has made this year:  "The spread of Inc., or whispers that it's on the move, has helped erase $69 billion of collective stock market value from companies in affected industries during the last year, according to a Bloomberg Gadfly analysis. This loss refers to the change from the previous day's close to the intraday low after an Amazon bombshell dropped, so wasn't necessarily permanent. Groceries, pharmaceutical sales, fashion retail and restaurant food delivery have all taken a hit." 

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

To contact the author of this story:
Max Nisen in New York at

To contact the editor responsible for this story:
Mark Gongloff at