Meanwhile, in the world of fashion, I learned of two notable successions of sorts. At Gucci, Tom Ford has been replaced by a "young handbag designer." (Online subscription required.) And Karl Lagerfeld is stepping back to let a team of employees design his new line.

Risk? Reward? Both exist.

The Wall Street Journal characterizes Frida Giannini, Ford's successor at Gucci, as someone who "hasn't run a menswear group" and "hasn't proven herself as a women's clothing designer." Huh. Meanwhile, why is Lagerfeld taking a role on the sidelines at what might be the very peak of his popularity?