In this issue:

• A Strange Cycle for Cyclical Stocks

• Amazon's Full-Stack Advantage

• Industrial Policy in the US and China

• Vaccine Diplomacy

• Privatization in India

• Privatization in Nevada

• Hysteresis

• Carbon

• Teslacoin

A Strange Cycle for Cyclical Stocks

A good question to ask but an impossible question to Google is: "Why are cyclical stocks... cyclical?" There's a set o…