In this issue:

• Vail Resorts: Land and Loyalty

• Pantry Mode

• Shock Absorbers

• Unwinding

• Excel Killers, Excel Complements

• Shopify Moves Up the Funnel

Vail Resorts: Land and Loyalty

The global economy is a magic-eye puzzle that can be plausibly described by either the flow of money and its effect on aggregates or by demand for real resources. One textbook on the Chin…