Boris Johnson just keeps winning by losing

[Bloomberg]( This is Bloomberg Opinion Today, a collateralized debt obligation of Bloomberg Opinion’s opinions. [Sign up here](. We're looking for your feedback to help improve this newsletter. Please follow [this link]( to our survey, which will only take a few minutes. Today’s Agenda - Even while losing, [Boris Johnson is winning]( on Brexit. - We don’t have to wait to [start fixing higher education](. - [Chile’s protests are a warning]( for the rest of us. - Change is in the air for [UPS](, [Kohl’s](, [Biogen]( and [WeWork](. Boris Johnson’s Brexit Dream Deferred Way back in January of 2019, about a decade ago, this newsletter [described]( Brexit using Zeno’s Paradox, the idea that to get anywhere you first must travel half the distance, meaning you never reach your destination. Theresa May was running things then. Her successor Boris Johnson is learning how it works. Today Johnson won Parliament’s approval of his new Brexit deal, something May never managed. He had just a few minutes to enjoy that triumph before Parliament [trashed]( his plan to fast-track the deal and leave the EU by Halloween. So now all outcomes are back on the table, including another delay and a general election. (Even a disastrous no-deal Brexit is not out of the question, though its [chances have faded a lot](, boosting the pound, as John Authers notes). Johnson’s [deal is a bad one for the U.K.](, Bloomberg’s editors have written. But [it is substantially better than May’s](, argues Clive Crook. And the momentum Johnson has built has put all of his critics at a disadvantage, which could pay off for him if this goes to an election, as it still might. Further Brexit Reading: Many Brexiters hope leaving the EU will slow the flow of immigrants. But [Britain needs immigrants]( to offset its stagnant and aging population. — Mark Gilbert We Can Start Fixing College Now America’s higher-education system is broken. It has gotten too expensive, it leaves too many people in debt and too often provides no useful benefit. Bernie Sanders wants to make college tuition free for all, and Elizabeth Warren wants to forgive all student debt. But both would be expensive and primarily benefit the wealthy, argues Bloomberg’s editorial board — not to mention the cost and political resistance. There are [better solutions to expand access for poor students, control soaring costs]( and improve the quality of education. Unlike the Sanders or Warren approaches, they have bipartisan support and can be done almost right away. Welcome to Protest World Chile is sort of the “A” student of South America, politically stable and wealthier than Argentina, Brazil and other neighbors. So it’s jarring to see it rocked by deadly protests, all because the government tried to raise subway fares. John Authers writes [Chile is a cautionary tale for many other countries](, including the U.S. For one thing, it’s a sign of the damage the trade war is doing — in this case to demand for the copper on which Chile’s economy depends. More significant, though, is growing disgust with how Chile’s wealth has been shared unequally. It’s also another reminder of the political unpopularity of raising transportation costs, which we must do if we’re going to fight climate change, as Tyler Cowen notes. [Good luck, in fact, raising any costs](, which is a unifying theme of protests around the world. Another common thread in protests in the Middle East is [heavy government reliance on foreign credit]( and the harsh austerity that brings, writes Amr Adly. Further Unrest Reading: AMLO is [losing control of Mexico to armed gangs](, and that’s a problem for the U.S. too. — Shannon O’Neil Corporate Change Is Hard One of the lousier facts of life is that you can do all the right things, play by the rules and still not win. United Parcel Service Inc., for example, is dutifully cutting costs and boosting profit margins, but the [global economy is still making its life uncomfortable](, writes Brooke Sutherland. Retailer [Kohl’s Corp., meanwhile, is trying some bold experiments](, including a partnership with Destroyer of Retail Worlds Amazon.com Inc. and unveiling a slew of new brands, writes Sarah Halzack. The whole retail industry has its fingers crossed this will work. Otherwise, it will sink further into irrelevance brought on partly by, uh, Amazon. Drugmaker Biogen Inc. enjoyed a stock bounce after it said it was going to [give its once-failed Alzheimer’s drug a second try]( with the FDA. But Max Nisen warns its do-over rests on shaky scientific scaffolding. WeWork is having the change-iest day of all, being taken over by SoftBank and giving founder Adam Neumann a $1.7 billion consolation prize. We should definitely scorn Neumann, but his [many, many enablers also bear blame]( for this debacle, writes Shira Ovide. Telltale Charts: Mark Tea-Leaf Edition After years of unprecedented outperformance, “glamour” stocks — those with low profits and high prices — are [finally losing favor to boring old profitable companies](, writes Nir Kaissar. Goldman Sachs is [bucking the consensus and embracing risky debt]( while everybody else heads for the hills, writes Brian Chappatta. The [hot thing to hoard these days is physical cash](, particularly in developed countries that suffered through the financial crisis. That in turn helps explain the trend, write Leonid Bershidsky and Mark Whitehouse. Further Reading Canada’s election results show a split between [climate activism and love for the oil industry](. Producers should take this as a message to compromise. — Liam Denning Vladimir Putin has [Russia punching above its weight in the Middle East](, but American mistakes keep helping with that. — Hal Brands Squeezing H1-B visas makes no sense. Skilled immigrants boost productivity, and there’s [no evidence they hurt American wages]( or employment. — Noah Smith China wants to excel in soccer and basketball. It’s finally figured out [state-run sports leagues are getting in the way](. What else might it privatize when it sees this works? — Adam Minter ICYMI Trump is [floating potential replacements]( for temporary chief of staff Mick Mulvaney. Get ready to start paying for [Google storage space](. Silicon Valley is on [Team Buttigieg](. Kickers Scientists discover rare Madagascan lemurs have [six-fingered hands](. (h/t Ellen Kominers) Here’s a sneak peek of when the [Milky Way and Andromeda galaxies]( collide, in four billion years. The business of [schools digitally monitoring kids]( is booming. We’re about to see history’s [best collection of World Series pitching]( talent. Note: Please send storage space and complaints to Mark Gongloff at mgongloff1@bloomberg.net. [Sign up here]( and follow us on [Twitter]( and [Facebook](. [FOLLOW US [Facebook Share]]( [Twitter Share]( SEND TO A FRIEND [Share with a friend] You received this message because you are subscribed to Bloomberg's Bloomberg Opinion Today newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022