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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
Contrary Wins the Race
It wasn’t easy to make money in most markets in 2015. The investors who did the best are the ones who defied conventional wisdom. While many star traders had a rocky year as consensus predictions persistently came up short, those who did well employed strategies including betting against already downtrodden energy stocks and taking a contrarian stance on that most golden of stocks, Apple. In currencies, few foresaw the big moves of 2015, but those who bet against the euro scored hefty returns. Other hedge funds are now coming around to trading against the views of their peers. And, in the latest sign of the commodities price rout in energy and mining, we report that Freeport-McMoRan Executive Chairman James R. Moffett is stepping down months after activist investor Carl Icahn took an 8.5% stake in the U.S. mining company.
The Continental Rift
As the U.S. heads into a dramatic election year, its defining political characteristic is a deep and growing ideological divide, writes our Washington bureau chief Gerald F. Seib. Republican and Democratic primary voters disagree deeply on social issues and the nation’s top priorities, and there is clear evidence that the split is growing wider. Disillusionment with the political system is taking its biggest toll in the center, creating a self-perpetuating downward cycle. Partisan divisions and election-year politics may undermine hopes for a smoother spending-bill process and the Pacific trade pact. Meanwhile, Chicago Mayor Rahm Emanuel is facing a wave of criticism that isn’t letting up more than a month after the release of a video showing a police officer shooting and killing a black teenager.
Web of Spending
Malaysian Prime Minister Najib Razak promised repeatedly that the 1Malaysia Development Bhd. state-investment fund would boost Malaysia’s economy by attracting foreign capital. Instead, it was used as a source of political funding to ensure Mr. Najib’s ruling party stayed in power through a 2013 election. A six-month Journal examination found hundreds of millions of dollars in unreported political spending, much of it from public sources or programs set up for other purposes. The payments, while legal, represented a new milestone in Malaysia’s freewheeling electoral system. Meanwhile, 1MBD rolled up more than $11 billion in debt without luring major investments. Mr. Najib’s party lost the popular vote, but its coalition won enough votes to hold on to power nationally.
A Better Love Life in 2016
New Year is a traditional time to think about making our lives healthier and happier. Our Bonds columnist Elizabeth Bernstein calls in the experts for advice on how to improve your relationships in 2016. If online dating isn’t working, it’s time to look up from your phone. If you owe an apology, deliver it sooner rather than later. In other health topics, fitness experts are highlighting a danger in the weight room and researchers are using stem cells to evaluate experimental Alzheimer’s drugs. We take a look at the top health issues of 2015 and profile a senior athlete who stays on his toes by playing handball.
Out of This World
That Was Painless
NASA’s New Horizon spacecraft recorded the first-ever movie of Pluto. Using a special infrared imaging device, the video depicts the dwarf planet in brilliant stained-glass colors.

Fed Poised to Look a Bit More Divided

Deadly Storms Move Across the U.S.

Victory Marks Turnaround for Iraq Army

Tapping Fears Over Migrants, Germany’s Far Right Expands Influence

Valeant Says CEO J. Michael Pearson Is on Medical Leave

P&G Looks to Lift Olay Sales With Fewer Choices on the Shelf

Bankers, Bulls, Activists: The People of Finance to Watch in 2016

Want to See Technology Taking Over Finance? Look at China
$8.3 million
The amount of government funds Japan will supply to support Korean women who were used as sex slaves by Japanese soldiers during World War II. South Korea and Japan reached an agreement that aims to resolve a decades-old dispute and ease tensions between the U.S.’s two most important allies in Asia.
We just tell patients it is an error and they let it go at that.
St. Louis dermatologist Madhavi Kandula on being listed in a UnitedHealth Medicare Advantage HMO directory for 2016, although she opted out of Medicare 10 years ago and has repeatedly asked for her name to be removed. New regulations, set to take effect on Friday, allow the Centers for Medicare and Medicaid Services to fine insurers up to $25,000 per beneficiary for errors in Medicare Advantage directories.
What are your thoughts on the new penalties for insurers that fail to correct their doctor directories? Send your comments, which we may edit before publication, to Please include your name and location.
—Compiled by Margaret Rawson
On yesterday’s question about Sen. Ted Cruz’s outsider strategy, Paul Kahle of California commented, “Republicans are fed up with being promised one thing and getting another. Cruz has been one of the few consistent national-level Republicans willing to stand tall on his campaign positions and basic Republican principles.” But Susan Jancar of Colorado wrote, “I am holding out hope for a silent majority in both the Republican and Independent parties that will finally raise its head and see Cruz for his radical positions. I have to wonder what happened to the moderate conservatives that have mostly run the Republican party for decades?” Isaac Block of Massachusetts weighed in: “Mr. Cruz’s strategy certainly makes a lot of people feel good—who doesn’t want to take Washington down a peg? Unfortunately, the senator will have to deal with those he currently demonizes if he is to actually govern.” In a similar vein, Douglas Callen of Virginia opined: Mr. Cruz’s “idea of problem solving is burning the barn to get rid of the mice.”
This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.
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