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 Tencent's bolus of one-offs to the pound's pounding, here are four charts that tell you what you need to know in business. 

Bad Options
Many arguments against a fiduciary standard -- like that it would cut down on investor choice -- are fairly pungent red herrings. Most mutual funds aren’t worth owning.
Source: Morningstar, author's calculations
Why would Energy Transfer Partners' $1 billion-plus sale of new units hammer its share price, but boost that of its parent company? Follow Liam Denning into the odd world of MLPs.
Source: Bloomberg
Note: Intra-day pricing on August 15th, 2017. performance indexed to 100.
Changing Times
Take a closer look at Tencent's blowout earnings report and it's much less impressive -- the company is relying on one-off gains as content costs erode its margins.
Source: Tencent, Bloomberg Gadfly
Bottoming Out
The pound is at its lowest value against the euro so far this year -- and Brexit is only going to continue to loom.
Source: Bloomberg

And don't miss Shuli Ren and Nisha Gopalan on a very crowded investment consortium at Unicom: "...can the new investors actually craft a (still state-controlled) entity that's able to hire and fire workers and make fast strategic decisions? After this so-called mixed-ownership reform is done, the 14 will theoretically have equal ownership with the government of Unicom's A shares. Several of these firms are bitter competitors, however, so the potential for inter-investor squabbling is great."

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:
Daniel Niemi at