Challenges

-The inherent conflict in arguing that President Obama did a great job, but things need to change. Obama has endorsed Clinton and has already started campaigning for her; it’s in both their interests to be seen as a team. But polling shows that voters massively believe the country is “on the wrong track,” that most of them think the economy is terrible, and that most don’t like Obamacare. Clinton can’t tell voters “I feel your pain,” as her husband did so famously and successfully in 1992 (and by the way, the economy was growing far faster then than it is today). Yet she must somehow connect with people’s dissatisfaction while promising that she can fix what Obama couldn’t. A delicate assignment. She’ll presumably blame the Republicans for all problems, a nifty way of urging voters to vote Dem down the whole ballot. But while the electorate is deeply unhappy, spending too much time acknowledging their mood risks souring the optimistic, hopeful message Clinton hopes to orchestrate, in contrast to the GOP convention’s emphasis on fear and anger.

-Smoothing over disunity in the party. “Discord for the Party on Eve of Its Convention” is the lead story in this morning’s New York Times – exactly the opposite of what the Democrats wanted. The release of 19,000 Democratic National Committee emails over the weekend, apparently timed by Russian hackers for maximum embarrassment to Clinton, shows DNC staff plotting against Bernie Sanders during the primaries. His supporters are furious, and he dissed her running mate, Tim Kaine, on a Sunday morning interview show yesterday. Sanders speaks this evening. He has already endorsed Clinton; anything less than a full-throated, podium-pounding endorsement tonight will look like the Dems’ own Ted Cruz betrayal.

-Balancing support of police and support of police victims. Mothers of African-American men and women who have died at the hands of police are scheduled to appear onstage tomorrow night. Philadelphia’s police union has lambasted Clinton for not also inviting family members of slain police officers. Will the schedule be amended?

Opportunities

-Star power. For sheer high-wattage celebrity, this convention should far outshine the GOP shindig last week. Obama, Michelle Obama, Joe Biden, Bill Clinton, several senators, at least two governors, and the mayors of New York and Los Angeles are scheduled to speak. Entertainers Lena Dunham, Debra Messing, Demi Lovato, and several more will be on the scene; they aren’t on the official program, but don’t be surprised if some appear onstage.

-Trump bashing. As a target, he exceeds every political speechwriter’s wildest dreams. Taking full advantage of the opportunity, if the Dems can do it, could resonate for weeks or months.

Please check out Fortune’s new podcast, Fortune Unfiltered [http://for.tn/29YRLjY], which features in-depth conversations with the brightest leaders in business today. Hosted by our award-winning Digital Editor, Aaron Task, Fortune Unfiltered takes audiences on a journey of discovery into how and why these important figures went from visionary to leader. Fortune Unfiltered: The Journey To Success: Untold and Unguarded. This week’s interviewees: General Electric vice chair Beth Comstock, Major League Baseball Commissioner Rob Manfred, and entrepreneur and investor Gary Vaynerchuk.

Correction: On Friday we said Amazon would offer student loans at an interest rate of 0.5%. Rates these days are low, but not that low; the loans will be offered at an interest rate discount of 0.5%.

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