Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: FactSet; Chart: Axios Visuals

Netflix co-founder Reed Hastings is on a publicity tour for his how-to management book, in which he attempts to teach other CEOs how to manage the Netflix way.

Between the lines: Hastings' real superpower as a manager — one that he never really admits to in the book — is that, thanks to the gravity-defying Netflix share price, he isn't cash constrained. In fact, the more cash he burns, the more valuable his company becomes.

  • Netflix staffers are all paid "top of personal range," which means base salaries as high as $20 million per year. Meanwhile, Hollywood producers like Shonda Rhimes and Ryan Murphy can effectively name their price.

By the numbers: In just five years — from 2015 to 2019 — Netflix had more than $10 billion of negative free cash flow. That's just the cash going out the door; it doesn't include many billions more in promised future payments.

  • Cash flow improved this year because production halted on so many projects after the pandemic hit. But expect it to go sharply negative again as soon as filming restarts in earnest.

Context: Hastings is similar to Bridgewater CEO Ray Dalio, another proponent of radical honesty and the salutary effects of receiving a constant barrage of negative feedback. This week, while on book tour, Hastings still found time to fire a senior executive.

The big picture: Columbia Business School professor Jonathan Knee reviewed Hastings' book for the New York Times, noting that "the problem of encouraging innovation in high performing work environments of the creative economy" is pretty low down anybody's list of priorities in this age of existential cultural crises.

  • Hastings seems to go out of his way to avoid larger cultural issues, telling the Financial Times that "it is not smart to dabble" in news programming. He recently cancelled "Patriot Act with Hasan Minhaj," a current affairs show that won Emmy and Peabody awards.

Go deeper

Journalism enters dangerous new era

Illustration: Brendan Lynch/Axios

The Capitol attack on Jan. 6 resulted in at least nine physical assaults against journalists and at least five arrests, per the U.S. Press Freedom Tracker's top editor.

Why it matters: President Trump's harsh rhetoric towards the press has empowered leaders abroad and locally in the U.S. to continue to attack press that they don't like.

Ben Geman, author of Generate
3 hours ago - Politics & Policy

The beginning of the beginning for Biden's climate push

Illustration: Annelise Capossela/Axios

Joe Biden's inauguration and the days right after will bring a rat-tat-tat burst of climate policy moves, but keep this in mind amid the splashy pledges: pushing through most of his agenda will be a long, uncertain slog.

Why it matters: Biden's climate plan is far more expansive than anything contemplated under President Obama. But for all the immediate pledges, it will take years to see how far Biden gets.

Dion Rabouin, author of Markets
4 hours ago - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.