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 dark portents in the bond market to Berkshire's growing deal hunger, here are four charts that tell you what you need to know in business today.

Pretty Spoofy
Bitcoin prices may still be soaring -- but near-constant volatility continues to make it a pretty shoddy currency.
Source: Bloomberg data
Off Form
Sluggish earnings and a burgeoning cash pile mean that Warren Buffett needs to get a move on with his next deal -- or risk watching a recent share surge collapse.
Source: Bloomberg
Why Though?
Rockwell Collins is expensive, and has gotten more so recently. It's also highly profitable -- limiting cost synergies. So why on earth is United Technologies trying to buy it?
Source: Bloomberg
Measures of Risk
Investors are still diving headlong into risky bonds -- which means central bankers must be cautious in unwinding nearly a decade of massive stimulus.
Source: Bloomberg

And don't miss Shuli Ren on the becalmed Chinese IPO market: "As of the end of May, Chinese companies had raised $14.4 billion of capital through IPOs, compared with $22 billion for the whole of 2016. The amount is little more than 1 percent of the $1 trillion raised in the corporate bond market in the first five months."

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