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 index funds ruining everything to Baidu's debt pitch, here are four charts that tell you what you need to know in business.

Cheap Is the New Expensive
Everyone's focusing so intently on the FAANG and other expensive stocks that they're ignoring the cheaper end of the market, where things are really out of the ordinary.
Source: Bloomberg
Note: Universe is the stocks in the S&P 500. Quintiles are ranked by Forward 12 Month P/E multiples, lowest to highest.


Call That Unacceptable?
Index funds and small shareholders appear to have made purchasing Stada an even more expensive proposition than Bain and Cinven thought.
Source: Bloomberg
On the Alert
Baidu's debtholders are substantially less patient than its equity investors as the search giant struggles -- and it's about to sell some new notes.
Source: Bloomberg
Hiring Mode
FedEx: delivering packages and tax reform. The company is using its leverage as a major employer to push for friendly policy.
Source: Bloomberg
Final data is not yet available for FedEx's fiscal 2017, which ended in May.

And don't miss Shelly Banjo on Asia's triple tycoon transition: "The story of Asia's ascent can't be told without tycoons like Li, Ho and Shin, who built skyscrapers, ports and manufacturing hubs, often from scratch. First-mover advantage and strong political connections helped them consolidate power and build wealth in tandem with the region's rising economic fortunes. Many investors, including institutions, have been loyal to these companies out of patriotism or sentimentality. Yet, there's little evidence the second generation can keep their parents' businesses flourishing."

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