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 Sino-Russian political chess to busted retail bonds, here are four charts that tell you what you need to know in business today.

As Steven A. Cohen preps what may be the biggest U.S. hedge fund launch in history, it's important to remember that bigger isn’t always better.
Sources: Frontline, author's calculations
Busted Toy
Bond investors have had a hard time reconciling a rough retail reality with their endless appetite for junk debt -- Toys "R" Us bonds are just the latest victim.
Source: Finra's Trace bond-price reporting system
Broader Horizons
China is at the center of the fight for oil-market share, creating complicated political chess for Saudi Arabia and Russia.
Source: Bloomberg Intelligence
Note: "LTM" refers to the last 12 months through July 2017.
Double-Edged Sword
Calpers may lower fees by outsourcing the management of its private equity investments. But it will likely sacrifice returns to do so.
Source: Preqin

And don't miss Marcus Ashworth on an interesting time for catastrophe bonds: "... with so many big storms coming at once, it's easy to assume that substantial losses will be in store, and these will spell the end for catastrophe insurance. But in fact, for the cat bond universe, it's quite the reverse. These securities are where financial engineering meets disaster insurance, and the current environment has made them a key destination in the global search for yield. They offer investors a decent premium for a type of risk that has no correlation to other asset classes Gains have been respectable lately, but with perhaps a bit less shine -- so far this year they've returned 3.4 percent, versus 6.9 percent last year." 

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