In this issue:

• The Rich Are Different (Even Adjusting for Factor Exposures)

• Anonymity is a Free Call Option

• The Limits to Transparency

• Apple and the Smart Home

• Clickless Search

• The Cost of Ransomware

• Reflexive M&A

The Rich Are Different (Even Adjusting for Factor Exposures)

Economists like to propose taxes that minimize distortion. Since taxes change incentives,…