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 a CLO surge to the new wireless normal, here are four charts that tell you what you need to know in business today.

What Now?
The U.S. wireless market looks pretty saturated, which is pushing some into entertainment and others into risky merger attempts.
Source: Bloomberg
Lower Volatility
Sometimes trying to protect against disaster can create a disaster of its own.
Source: Bloomberg Intelligence
Note: Returns are YTD through Oct. 24, 2017.
Mounting Trouble
After Tajikistan managed to successfully sell sovereign debt last month, Uzbekistan is a solid bet to be the next to tap the market.
Source: Bloomberg
CLO Surge
The volume of CLO sales and where they're coming from are likely to create issues if a downturn comes.
Source: Bloomberg

And don't miss Shira Ovide and Sarah Halzack on WeWork's purchase of Lord & Taylor's Manhattan flagship: "On its face, it seems like a classic tale of "out with the old, in with the new." But a better way of looking at this deal is that it exposes a key contrast crystallizing in two major industries: Retail is being forced to get realistic about threats to its business model, while technology startups -- or those that can pass for one -- are still dwelling in a fantasy land."

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 mnisen@bloomberg.net

To contact the editor responsible for this story:
Mark Gongloff at mgongloff1@bloomberg.net