By conventional thinking, this is a leadership speech. As the new nominee, having vanquished his opponents, Trump is now on a higher plane, speaking to the whole country and inviting voters to picture him as president. By tradition he would be magnanimous, inclusive, uplifting, reaching beyond the segment of Republicans who gave him the nomination to welcome all voters of all parties.

Trump did the opposite. From beginning to end he stoked fear and anger in fearful, angry voters. This wasn’t a presidential speech; it was a gloves-off attack speech. It was red meat for his base of fervent supporters but made no attempt to reach beyond them, except for one sentence inviting Bernie Sanders supporters to come over to his side. The speech whipped most (not all) of the convention delegates into a frenzy but seemed unlikely and unintended to attract others into his camp.

In the speech’s final moments Trump made a weak attempt at outreach — “So to every parent who dreams for their child, and every child who dreams for their future…. To all Americans tonight…” But this came after 70 minutes of making clear that he wasn’t speaking to all Americans. He was speaking to those who feel victimized by globalization – “the laid off factory workers and the communities crushed by our horrible and unfair trade deals. These are the forgotten men and women of our country. People who work hard but no longer have a voice. I AM YOUR VOICE.” (The all-caps are in the draft that was leaked yesterday.)

The speech’s most striking feature was what it told those voters about the source of their suffering. Trump spent relatively little time attacking Hillary Clinton, Barack Obama, “big business,” and “elite media,” though they all took their lumps. The main problem, he made clear, comes from outside the country. “The number of new illegal immigrant families who have crossed the border so far this year already exceeds the entire total from 2015,” he said. “They are being released by the tens of thousands into our communities with no regard for the impact on public safety or resources…. Decades of record immigration have produced lower wages and higher unemployment for our citizens…” He repeated his promise to build a wall on the Mexican border, eliciting thunderous applause and chants of “Build that wall! Build that wall!”

He rejected the Trans-Pacific Partnership – “not gonna happen!” he ad-libbed – and repeated his promise to re-negotiate NAFTA or “we’ll walk away.” He emphasized his “America First” theme and explicitly rejected globalization – “Americanism, not globalism, will be our credo.”

Trump made his campaign storyline clear: America’s problems come largely from outside our borders, so we’re going to stop letting those problems in. Will that isolationist pitch resonate with a majority? To the world’s shock, it resonated with a majority of U.K. voters last month, even though opinion polls said it wouldn’t. It would be foolish to think the same can’t happen here.

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What We're Reading Today

Ailes out at Fox News
Rupert Murdoch will serve as Fox News chairman and acting CEO until a permanent replacement is found. Roger Ailes said he looks forward to working with parent company 21st Century Fox as an adviser, though the role will be limited. The departure comes just weeks after Gretchen Carlson filed a sexual harassment suit against Ailes, leading at least six other women to step forward. Ailes has denied the accusations.  ABC News

China's top leaders disagree on economic policy
Earlier this month, China's State Council members were read remarks from President Xi Jinping outlining the need for larger, "stronger," state-owned companies. They were then read remarks from Premier Li Keqiang, China's No. 2 official, calling for slimmer state companies that "follow market rules." As the Chinese economy slows, the conflicting strategies threaten to paralyze the government's policy response. It's also telling that the disagreements are becoming public.  WSJ

NBA moves 2017 All-Star Game from Charlotte...
…because of North Carolina's law requiring transgender people to use public bathrooms according to the sex stated on their birth certificates. Commissioner Adam Silver had warned he'd move the game if the law wasn't changed; a new host city will be named in coming weeks. The decision is an estimated $100-million hit to Charlotte. North Carolina Governor Pat McCrory called the decision an example of "the selective corporate elite" trying to dictate laws. ESPN

Amazon to offer student loans
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Building a Better Leader

When a startup begins to grow, complexity follows
And that complexity can slow growth by moving executives from the front line, diluting the founder's mission and increasing bureaucracy. Knowledge@Wharton

If you tend to take on the entire burden of projects...
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Richard Branson: Hire ex-cons
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At the GOP Convention

Donald Trump accepts the GOP nomination
After being introduced by his daughter, Ivanka Trump, the Donald repeatedly bashed Hillary Clinton and painted a bleak picture of the U.S., domestically and in the world. He said, "I alone can fix it." CNN

Peter Thiel tells GOP: "I am proud to be gay"
PayPal co-founder Thiel told the delegates he was proud to be gay, a Republican, and an American. He added that focusing on who uses which bathroom is "a distraction" from America's real problems. Trump followed, vowing to protect the LGBTQ community NPR

The convention's angry tone may have wasted an opportunity
Some delegates regret that by hammering the themes of an unsafe America and  Clinton's mistakes as secretary of state, the convention missed an opportunity to market the party's overall platform, promote candidates in other races, and present an uplifting vision of the party's agenda.  WSJ

Up or Out

Biogen CEO George Scangos will step down.  The Boston Globe

Theranos has hired Dave Wurtz as vice president overseeing regulation and quality and Daniel Guggenheim as chief compliance officer.  Reuters

Fortune Reads and Videos

Chipotle sales continue to crumble
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If GM is forced to recall 4.3 million vehicles...
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Starbucks blames slowing sales growth...
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The rich list, Star Trek edition
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