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

The Wall Street Journal
Good morning,
Judges and the Border
The Trump administration, seeking to persuade an appeals court to reinstate its travel ban, argued the president has broad authority to decide who can and can’t enter the U.S. and that preventing him from doing so puts national security at risk. The administration’s filing to the Ninth U.S. Circuit Court of Appeals in San Francisco sets the stage for oral arguments Tuesday afternoon, after which a ruling could be made at any time. The Justice Department is asking the appeals court to reverse a restraining order issued by a Seattle judge last week that blocked enforcement of President Trump’s executive order on immigration and refugees. The case is the first major legal test of the Trump administration’s executive order-heavy agenda—one that could end up redefining how much power a president has in determining who can or can’t enter the country. Meanwhile, a legal filing from scores of U.S. technology companies opposing the immigration order has drawn a new line in the industry’s complicated relationship with the administration.

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Tiger Tales
Stock picker Julian Robertson and his protégés have ruled the Wall Street jungle for decades. But a reversal in 2016 is challenging their dominion. For the year, hedge-fund losses at Tiger Global Management were roughly $900 million, marking a 15.3% loss. Lee Ainslie’s $11 billion Maverick Capital was down more than 10% in its flagship fund, while Viking Global Investors lost 4%. These “Tiger Cubs,” a generation of hedge-fund firms founded by traders who once worked for Mr. Robertson at his Tiger Management, are among a wave of stock hedge funds that fared poorly in 2016. “Bottom-up” stock pickers such as the Tiger Cubs were among the hardest hit. Last year’s markets were difficult for bottom-up investors because companies often didn’t rise or fall on their individual fundamentals.
Magic Kingdom, No Prince
With 16 months until his planned retirement and no successor in sight, Walt Disney Chief Executive Robert Iger may extend his tenure for a third time. Since former chief operating officer and presumed Iger successor Tom Staggs departed last spring, Disney’s board has made no public comments about its progress or process to find a new CEO. We report that inside Disney, few think any executives are currently poised to ascend. There also is a widespread belief that it would be difficult for an outsider to get their hands around the world’s largest media conglomerate in less than a year and a half. A further extension of Mr. Iger’s tenure may be discussed March 8, when Disney holds its annual shareholder meeting, and its directors typically meet.
Try This at Home
Most people groan at housework, embracing timesaving devices and products. Then there are those who deliberately increase their workloads by making their own household staples, using stoves, blenders and double-boilers to make homemade laundry detergent, lotion, floor cleaner and more. Inspired by the challenge, the chase of a good deal or hopes of solving perceived health and environmental concerns, these do-it-yourselfers also share the conviction that their concoctions outperform store-bought stuff. One woman estimates she saves more than $1,000 a year making cleaning products. Another spends an afternoon every month making her favorite lotion and uses beet pulp for color in homemade lip glosses. But when it comes to homemade deodorant, the jury’s still out.
TODAY'S VIDEO
Sapphire Jubilee
That Was Painless
Queen Elizabeth II has become the first British monarch to reach the “Sapphire Jubilee,” marking 65 years on the throne and Head of State of the United Kingdom and 15 other Commonwealth entities.
TOP STORIES
U.S.

Senate Expected to Vote on DeVos Confirmation as Education Secretary

For Donald Trump’s Team, Iran Moves Atop Confrontation List
WORLD

Israel Approves Legislation Retroactively Legalizing Settlements

EU to Discuss Mideast Peace With Trump Officials
BUSINESS

First Pacific Advisors to Support Elliott in Fight for Arconic Board Seats

Warning Signs Mount on Sears
MARKETS

Pay Rule Is Latest Target of SEC in Dodd-Frank Revamp

A Morality Tale of Stocks, Vice and President Trump
NUMBER OF THE DAY
$41 billion
The record amount of donations received by U.S. colleges and universities in fiscal 2016. Giving increased by 1.7%, the smallest jump since 2010, tempered by lackluster stock returns and a sharp decline in gifts from individuals.
QUOTE OF THE DAY
In my wildest nightmares…I wouldn’t have thought this would be entering its sixth year.
Andreas Georgiou, who became Athens’s statistics chief in 2010 to fix data fraud, on facing repeated accusations he manipulated figures to help impose austerity programs on Greece.
TODAY'S QUESTION
Returning to our story above, what are your thoughts on U.S. technology executives speaking out against Mr. Trump’s executive order on immigration and refugees? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Margaret Rawson
READER RESPONSE
Responding to yesterday’s question on the future of U.S.-Mexico relations, Bob Harris of New Jersey said: “Mexico will not pay for the wall directly but will pay for part of it via new taxes and other import fees. The formula will be complicated so both sides can claim victory. Relations with the U.S. will not be openly hostile because both sides have too much to lose.” Kyle Piwek of Minnesota commented: “With so many friendships in the U.S. on hold due to Mr. Trump’s divisive rhetoric, I find it hard to believe that U.S.-Mexico relations will be anything other than strained in the foreseeable future.” And Javier Regalado of Mexico wrote: “The U.S. narrative that prevails today around Nafta is that the U.S. entered the agreement to ‘help’ Mexico become more stable by lifting the standard of living. In Mexico, we saw it differently: We understood Nafta was a marriage, an agreement of free adults where everyone wins. And like any marriage, a relationship requires commitment in order to improve and adjust the difficulties of time. But as we know from experience, no marriage will survive by insulting and downgrading the other side. That will only guarantee a sour and bad divorce.”

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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