Good Monday. (Want this by email? Sign up here.) Pinterest\u2019s modest I.P.O. valuation should worry other unicorns The digital pin board company disclosed today that its I.P.O. would value it at less than its last private fund-raising round. That\u2019s a big warning sign for other tech companies that are poised to go public this year. The high range of Pinterest\u2019s I.P.O. would value it at $11.3 billion, below the $12 billion attained from private investors two years ago. In Silicon Valley speak, that\u2019s a \u201cdown round\u201d \u2014 something companies generally hope to avoid because it undermines confidence. Coupled with early volatility in Lyft\u2019s first days of trading, the Pinterest offering suggests that public market investors are wary of maintaining high valuations for tech start-ups, especially given that many won\u2019t turn a profit for years. It comes as a slew of unicorns are preparing to go public, including Uber (whose I.P.O. was expected to give a valuation as high as $120 billion), the workplace messaging platform Slack and the software company PagerDuty. But there\u2019s some reason not to panic yet. After initially falling below their I.P.O. price, Lyft shares bounced back. Other companies have gone on to do well after down rounds: For instance, the file-sharing company Box is trading well above its debut price two years after its I.P.O. And Pinterest could end up pricing its offering higher if investor demand proves robust during its road show. More I.P.O. news: Though many investors are betting against Lyft\u2019s newly public stock, the high-profile short seller Andrew Left isn\u2019t among them. How Ray Dalio would fix capitalism The Bridgewater Associates founder argued last week that capitalism \u201cneeds to be reformed.\u201d Now he has outlined how he would do it: Declare the wealth and opportunity gaps a national emergency. \u201cI have a principle that you will not effect change unless you affect the people who have their hands on the levers of power so that they move them to change things the way you want them to change,\u201d he writes. Devise clear metrics for success. \u201cI\u2019d bring that sort of accountability down to the individual level to encourage an accountability culture in which individuals are aware of whether they are net contributors or net detractors to the society, and the individuals and the society make attempts to make them net contributors.\u201d Redistribute resources to eliminate disparities. Mr. Dalio\u2019s personal recommendations include: \u2022 Creating private-public partnerships that would vet and invest in projects that produce both social and economic returns. \u2022 Raise taxes on pollution and other causes of bad health. \u2022 Impose targeted tax increases on the wealthiest to pay for social welfare programs to bolster economic productivity. Better coordinate monetary and fiscal policies, so that more money ends up in the hands of people who will spend it (the lower and middle classes) as opposed to saving it (the wealthy). Britain\u2019s plan to police the internet The British government has proposed sweeping new powers to regulate harmful content and false information, recommending one of the world\u2019s most aggressive actions to police the internet, Adam Satariano of the NYT reports. \u2022 A regulator would be given the power to \u201cissue fines, block access to websites if necessary and make individual executives legally liable for harmful content spread on their platforms.\u201d \u2022 Terrorism, inciting violence, encouraging suicide, spreading disinformation and cyberbullying are among the topics that companies would be required to address. The rules would apply to social media platforms, discussion forums, messaging services and search engines. \u2022 Facebook and Twitter will work with the government, representatives from the companies said. \u201cActions in Britain and elsewhere signal a new era for the internet. Western democracies have largely avoided regulating online communication,\u201d Mr. Satariano writes. But governments have become more willing to intervene \u201cas evidence mounts that online actions are having harmful real-life consequences by contributing to violence, compromising elections and spreading hateful ideologies.\u201d \u201cIn the United States, where free speech is more of a core value than in other nations, there\u2019s been less momentum to regulate internet content,\u201d Mr. Satariano adds. But even in America, there is increasing support for new rules. Why you don\u2019t want a partisan Fed President Trump is ready to nominate Herman Cain and Stephen Moore \u2014 two vocal supporters of his policies \u2014 to the Federal Reserve board. Many analysts say such a move would politicize the central bank. Neil Irwin of the Upshot takes a look at what that would mean. Historically, Fed appointees have generally been economic experts who kept their political views out of policy discussions. Mr. Moore and Mr. Cain wouldn\u2019t change much at first. They\u2019d hold two of 12 votes on the Fed\u2019s Open Market Committee, so their ability to swing other governors would depend on their politicking abilities. But over time, the Fed could lose credibility. \u201cThe United States\u2019 role as the global reserve currency \u2014 which results in persistently low interest rates and little fear of capital flight \u2014 is built in significant part on the credibility the Fed has accumulated over decades,\u201d Mr. Irwin writes. The financial world is watching closely. \u201cI think it\u2019s a very big benefit to the U.S. economy and the financial markets that we have a strong and independent Fed, and I hope that continues,\u201d Ed Keon, the chief investment strategist at QMA, told CNBC. Carlos Ghosn is ousted from Nissan\u2019s board Nissan shareholders voted today to remove their former chairman, Carlos Ghosn, from the board altogether, the WSJ reports. \u2022 \u201cMuch of the meeting was devoted to questions from angry shareholders, with many demanding Nissan executives step down for failing to find alleged wrongdoing.\u201d \u2022 \u201cIn response to a shareholder who accused Chief Executive Hiroto Saikawa of failing to take responsibility for any of the alleged wrongdoing, Mr. Saikawa said: \u2018I never said we didn\u2019t have responsibility. The problem built up over 20 years, and we cannot correct it overnight.\u2019 \u201d Mr. Ghosn will be replaced by Renault\u2019s chairman, Jean-Dominique Senard. Greg Kelly, who is accused of abetting inaccurate disclosure of Mr. Ghosn\u2019s compensation, was also voted off the board. More: Mr. Ghosn\u2019s wife has appealed to the French government to help her husband. Time is running out of time for a Brexit compromise Prime Minister Theresa May sought to rekindle cross-party talks about her Brexit deal yesterday, just days before Britain is due to leave the E.U. without a deal, Benjamin Mueller of the NYT reports: \u2022 Mrs. May is seeking a way to persuade members of the opposition Labour Party to back her deal. \u2022 But Labour leaders maintained on Sunday \u201cthat Mrs. May had not yet bent to any of their demands on the withdrawal.\u201d \u2022 \u201cAnd whatever overtures she makes to Labour, analysts said, she will struggle to guarantee that her successor as prime minister or a future Parliament will not rip up any compromise deal \u2014 a major sticking point in the cross-party talks.\u201d Mrs. May will try to get another extension from Brussels this week. What such a delay would look like is undecided: Mrs. May wants a simple extension, while the European Council\u2019s president, Donald Tusk, wants something more flexible. Either way, it will require the support of all 27 E.U. leaders at a summit meeting on Wednesday. If she doesn\u2019t get an extension, Britain may crash out of the E.U. without a deal \u2014 or remain in the political bloc. Revolving door Kirstjen Nielsen resigned as the secretary of homeland security yesterday. She\u2019ll be replaced in the interim by Kevin McAleenan, the commissioner of Customs and Border Protection. Warren Buffett urged Wells Fargo, in which he owns a nearly 10 percent stake, to avoid picking a Wall Street veteran as its next C.E.O. Amazon has reportedly hired Rajeev Badyal, SpaceX\u2019s former vice president of satellites, to lead its new satellite internet program. The Wing, the women-focused co-working company, has hired Rachel Racusen from Snap as its vice president of communications. Kathe Sackler and Mortimer D.A. Sackler, members of the family that controls the OxyContin maker Purdue Pharma, are said to have stepped down from the board of the New York Academy of Sciences. The speed read Deals \u2022 Saudi Aramco has reportedly drawn $30 billion worth of demand for its forthcoming bond offering, which had been expected to raise $10 billion. (FT) \u2022 The N.Y.S.E. and Nasdaq are fighting to secure I.P.O. listings by offering goodies like champagne receptions and scoreboard commercials at minor league baseball games. (WSJ) \u2022 Deutsche Bank told employees that it remained committed to its U.S. investment banking operations amid its merger talks with Commerzbank. (Bloomberg) \u2022 Grab, the Southeast Asia ride-hailing company, plans to raise $2 billion in funding. (Reuters) \u2022 Starboard Value called off its proxy fight at Dollar Tree after the company said it would consider new prices for the products it sells. (Bloomberg) Politics and policy \u2022 Mick Mulvaney, the acting White House chief of staff, said yesterday that Democratic lawmakers will \u201cnever\u201d see President Trump\u2019s tax returns. (Hill) \u2022 Don McGahn, the former White House counsel, reportedly told Republican senators that Mr. Trump is focused on appointing federal judges who will roll back the power of government agencies. (Axios) \u2022 70 percent of Wall Street executives surveyed about the 2020 elections think that Mr. Trump will be re-elected in 2020. (CNBC) \u2022 Attorney General William Barr ordered investigations into whether the F.B.I. and other parts of the Justice Department discriminated on the basis of sexual orientation and gender identity. (NYT) Trade \u2022 Republicans fear that Speaker Nancy Pelosi may be holding up President Trump\u2019s Nafta replacement in an attempt to kill it. (Axios) Boeing \u2022 Boeing is cutting production of its 737 Max jet after two fatal crashes. (NYT) Tech \u2022 There\u2019s one screen that tech companies are still fighting to control: the one in your car. (WSJ) \u2022 Two college students in Oregon are accused of tricking Apple into replacing nearly 1,500 counterfeit iPhones with genuine ones that they later sold. (NYT) \u2022 Facebook hosted at least 74 cyber criminal groups where crooks traded stolen data, according to researchers. (Bloomberg) \u2022 And the company reportedly has an infrastructure plan for cutting internet costs in Africa. (WSJ) \u2022 Tesla\u2019s board reportedly investigated an allegation that Elon Musk pushed a former employee, but found no evidence that the incident happened. (Bloomberg) Best of the rest \u2022 The lawyer Michael Avenatti, who is facing extortion charges, released 41 pages of documents that he claims show Nike bribed college basketball players. (CNBC) \u2022 Oil companies are investing in carbon-removal technologies. (NYT) \u2022 Wall Street is cutting forecasts for U.S. government bond yields. (WSJ) \u2022 Southeast Asia might not be the next \u201cfactory of the world,\u201d according to Bain and Company. (CNBC) \u2022 Modern monetary theory is gaining traction at some of America\u2019s biggest banks. (NYT) \u2022 Picking through the trash of Silicon Valley billionaires can be highly lucrative. (NYT) Thanks for reading! We\u2019ll see you tomorrow. We\u2019d love your feedback. Please email thoughts and suggestions to firstname.lastname@example.org.