In this issue:

• Social Teflonization

• Fiscally Conservative by way of Socially Liberal

• End of an Arbitrage

• Record-Setting Bug Bounty

• CLOs and Sticky Benchmarks

• Risk/Reward in Science Funding

• App Politics

Social Teflonization

Usually, quarterly earnings calls are almost pathologically upbeat. Every quarter is a “great quarter, guys,” expectations are always exceed…