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

The Wall Street Journal
Good morning,
Prime-Time President
In his address to Congress on Tuesday, President Trump will call for a $20 billion boost in current military spending and sharp cuts in other programs, and insist on raising budget caps that call for future cuts to defense outlays. Mr. Trump will use his first opportunity to formally address the nation since Inauguration Day to highlight actions taken during his first month in office and set an affirmative vision for the future with a theme focused on the “renewal of the American spirit,” aides said. The White House plan calls for $603 billion in military spending, signaling a significant reordering of America’s programs at home and abroad. The Trump administration is proposing to cut discretionary domestic and foreign-aid programs by $54 billion to offset the increase, but the funding request faces an uncertain fate in Congress.

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The More-Affordable Hedge Fund
Paul Tudor Jones for years charged some of the highest fees in the hedge-fund industry. Now the billionaire is cutting them for the second time in eight months. The move is a dramatic retreat by one of Wall Street’s best-known investors, a former cotton trader who rose to fame with a big score during 1987’s stock-market crash. His fund’s only annual loss in the past three decades came during the 2008 financial crisis. But in recent years, clients have pulled billions from Tudor Investment as Mr. Jones struggled to equal the profits of earlier years. The firm’s flagship fund was roughly flat in 2016 despite a run-up in the U.S. stock market, and some investors objected to its hefty fees. Tudor responded by recently informing clients that it would now be charging as low as a 1.75% management fee and 20% of any profits.
The Unsocial Network
Snap, which this week could become the biggest technology public offering in years, is the unsocial social-media company. Not only does its app feature messages that disappear, the company defiantly operates unlike most Silicon Valley outfits, where collaboration and wide-open office spaces are prized. CEO Evan Spiegel avoids holding companywide meetings and prefers to dispense information to individuals or small groups, former employees say. In contrast to the big, open campuses of Facebook and Google, Snap doesn’t have a headquarters. Its main offices are scattered around Venice, Calif., keeping employees siloed and making communication difficult. So far, Snapchat has won legions of teenage users and attracted advertisers who want to reach a young audience. The question is whether this management style and focus on privacy will help the company compete with television networks and challenge Facebook.
The Right Kind of Worry
Good news for worrywarts: New research illuminates what leads to excessive worrying—and what can be done to stop it. For most people, worrying is a form of problem-solving, which can be constructive. But some people worry too much. Pathological worriers are chronic worriers whose apprehension affects their functioning. They’re just as likely to fret over a real problem, such as a job setback, as they are to stew over something that may not be a problem at all, say the weather next week. Excessive worrying is hard to stop, because it triggers brain areas that maintain arousal and that are related to fear. But experts say that it is possible to teach yourself not to overly worry. Tips include making a plan, setting a timer to worry and more.
TODAY'S VIDEO
Tube Time
That Was Painless
YouTube viewers world-wide are now watching more than 1 billion hours of videos a day, a milestone passed with the help of the Google unit’s aggressive embrace of artificial intelligence to recommend videos.
TOP STORIES
U.S.

Senate Confirms Wilbur Ross as Commerce Secretary

New Wave of Anti-Semitic Threats Rattle U.S.
WORLD

Saudi King Leads Hundreds of Princes, Clerics, Military Officials on Asia Trip

Chinese Diplomat Meets Trump, Holds White House Talks
BUSINESS

Samsung Heir Lee Jae-yong to Be Indicted on Bribery Charges

Indian Workers in U.S. Fear Trump H-1B Visa Crackdown
MARKETS

A New Way to Look at Crazy Stock Valuations

AIG Directors Weigh Consequences for CEO After Big Setback
NUMBER OF THE DAY
38%
The decrease in what Fidelity is charging clients to trade certain holdings online, as the brokerage firm joins a race to the bottom for increasingly cost-focused customers.
QUOTE OF THE DAY
This was our issue. PwC made the error, and we’re accountable.
Tim Ryan, PricewaterhouseCoopers’s U.S. chairman, on the worst mix-up in the history of the Academy Awards. We report that the PwC managing partner who gave the wrong envelope to best-picture presenter Warren Beatty tweeted from backstage minutes beforehand.
TODAY'S QUESTION
Going back to our story above, what do you think about Mr. Trump’s proposal for an increase in military spending? 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 new GOP strategy to repeal the Affordable Care Act, Susan Morris of Florida said: “I am fortunate enough that I do not need this alternative. I know many young people and older people who do. I definitely think the system needs improving but it is just politics to get rid of it and start all over. And it means a lot more wasted time in Congress trying to reinvent the wheel.” Jim Mines of Michigan wrote: “None of the ACA replacement schemes that have been made public address the core issue of why health insurance and drug companies are able to charge such exorbitant amounts for policies and drugs. Lack of competition is an obvious explanation for this situation and the utter lack of ethics revealed in Rep. Tom Price’s confirmation as Health and Human Services secretary is an equally obvious explanation for the lack of competition.” And Christopher Buehler of Ohio shared: “It’s really unfortunate that the GOP is going to try to force legislation on the repeal of the ACA through a ‘gamble.’ It’s exactly that kind of mentality that got us here in the first place. Until the GOP and Democrats can learn to work together, we can’t continue to seesaw on these regulations due to mere partisan support. If the parties spent half as much energy trying to work together as they do trying to oppose one another, we’d all be a lot better off.”

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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