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

The Wall Street Journal
Good morning,
A Sharp Change of Tone
President Trump on Tuesday intoned a remarkably different rhetoric from the campaign trail and his early days in the White House as he delivered an impassioned plea for Congress to capitalize on a political uprising and unite behind significant overhauls of health care and tax laws. Mr. Trump opened his first congressional address with a call for unity over attacks on Indians in Kansas and the desecration of Jewish cemeteries: “We are a country that stands united in condemning hate and evil in all its forms.” He then offered guidelines for Congress to repeal and replace the Affordable Care Act, rebuild the nation’s roads and bridges, and find an elusive compromise on an overhaul of immigration laws. Mr. Trump’s ability to persuade his fellow Republicans will be the first major test of his leadership after an erratic start to his administration. Meanwhile, Mr. Trump will soon sign a revised executive order banning certain travelers from entering the U.S. Unlike the original version, it is likely to apply only to future visa applicants from targeted countries.

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Moment of Veritas
The new head of Harvard University’s endowment is wasting little time getting his turnaround plan into place. Just weeks after starting as head of the $36 billion endowment in December, N.P. Narvekar, who goes by “Narv,” said in late January that he would lay off half the staff. Traders have until the end of March to wind down their investment portfolios. Harvard Management Co. is preparing to close its hallmark internal hedge funds and invest nearly all its money with outside money managers. It also is overhauling how it makes its investment decisions, adopting a generalist approach instead of having staffers specialize in specific areas. The decisions represent the biggest overhaul of the world’s wealthiest endowment in decades and a repudiation of an investment framework used by countless pensions and other institutional investors.
The Urge to Splurge
A soaring U.S. stock market is propelling sales of super-luxury cars. Buyers are feeling more confident about shelling out six figures for a set of wheels as market investors have been on a tear in recent months. Sales of vehicles made by Volkswagen’s Bentley, Ferrari, Fiat’s Maserati, Porsche and BMW’s Rolls-Royce jumped an estimated 18% since the U.S. presidential election through January, compared with the same period in 2016. U.S. auto sales as a whole, meanwhile, were flat in the three months following the election. Dubbed the “wealth effect” by economists, perceived gains in portfolio values can prompt ultrahigh-net-worth buyers to splurge on hard assets such as fine art, real estate and luxury cars. Attractive financing and, in some cases sizable discounts, are also aiding sales of the most expensive vehicles on the market.
Crash and Burn
Burnout is claiming victims at work, and companies aren’t ready to cope, say psychology and human-resources experts. An always-on work culture, combined with feelings of job insecurity and directives to do more with less—even when business is booming—has driven workers to the breaking point, they say. And the problem appears to be worsening, resulting in steep turnover and health costs. Younger workers may be especially prone to burnout, which begins when a worker feels overwhelmed for a sustained period, then apathetic and ultimately numb. Those feelings—historically more common in professions such as medical resident and litigator, jobs known for round-the-clock schedules and high pressure—are growing widespread. We offer tips for how to tell if you’re burned out.
TODAY'S VIDEO
Locked Out
That Was Painless
Yondr’s smartphone-locking pouches are the new thing at parties, concerts and other events. Our Personal Technology columnist Joanna Stern surrenders her device in the name of journalism.
TOP STORIES
U.S.

Trump Trade Policy Expected to Seek Smaller WTO Role in the U.S.

Sessions Says Justice Department to Ease Up on Police Probes
WORLD

China’s Heavy Hand Pushes Preferred Pick for Hong Kong’s Next Leader

The Death of Kim Jong Nam: Malaysia to Charge Two Women With Murder
BUSINESS

Target Gets a Lesson That Low Prices Matter

SoftBank Orchestrates Satellite Deal to Expand Internet Reach
MARKETS

Fidelity Buyouts Target Older Staff

For Snap, the Truth Will Be in Advertising
NUMBER OF THE DAY
$35
The amount per month that Google’s YouTube will charge for its new web-TV service that will offer a package of more than 40 broadcast and cable channels, making the tech giant the latest entrant in a race to win over millions of consumers who are shifting away from traditional TV.
QUOTE OF THE DAY
It is a sad day on the Security Council when member states start making excuses for other member states killing their own people.
Nikki Haley, the recently appointed U.S. ambassador to the U.N., confronted Russia and China over their votes to block a Syria sanctions resolution, saying they were taking an indefensible stance by putting the protection of Syrian President Bashar al-Assad’s regime ahead of global security.
TODAY'S QUESTION
Returning to our story above, what did you think of Mr. Trump’s speech? 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 Mr. Trump’s proposal for an increase in military spending, Thomas H. Adams of Indiana said: “I am in favor of increasing spending on our defense capabilities. But I am also in favor of an in-depth analysis of ways to make military spending more efficient…With the size of the budget and the nature of federal administration of any program, I am convinced there is plenty of room to get more for our investment in the military.” Zach Robock of Ohio commented: “While there is merit to deterrence through military strength, the U.S. already leads the world in military spending by several orders of magnitude. This money would be better spent on infrastructure—from a national security standpoint and for creating jobs and economic growth.” And John Radick of Pennsylvania weighed in: “I agree completely with Mr. Trump’s proposed increase in military spending and upgrade. A stronger military = a safer country = a safer world. However, I don’t think the amount he is requesting is enough to properly provide our military with the manpower, equipment and supplies truly needed to protect our nation. He should reconsider his budget request and increase it.”

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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