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Situational awareness: It looks like Stephen Schwarzman is going to flip the Thomson Reuters terminal business to the London Stock Exchange for $27 billion. (He bought a controlling stake 18 months ago at a valuation of $20 billion, funded mostly with debt.)

  • It also looks like Pfizer is making a deal with Mylan. The people currently running Pfizer’s off-patent drugs business would leave the company, take its drugs (foremost among them Viagra and Lipitor) with them, and run Mylan instead. Pfizer investors would end up owning most of the enlarged Mylan.

Many thanks to everybody who wrote in last week pointing out that the time it takes to close a mortgage has fallen from 74 days to 36 days over the past year and a half. It has not fallen to 36 months!

In this week's 1,951 words (a 7-minute read): The ECB's new monetary policy, the appeal of price disaggregation, the disparate impact of climate change, Les Wexner, Warren Kanders, and a very silly sports team valuation formula. Enjoy!

Elsewhere: How Bob Geldof’s African investment fund avoids paying taxes to African countries. Apollo and Leon Black start trying to deal with the Jeffrey Epstein elephant in the room. Robinhood is now worth $7.6 billion, despite exposing its users' passwords. Swiss banks are issuing negative-rate loans. The Payments Modernization Act. Wanda Sports' disastrous IPO.