Much of the media spent yesterday speculating on the damage that Trump’s campaign has done to his brand. It’s certainly true that millions of Americans who previously paid him little attention now despise him, but it’s equally true that millions of others now adore him. To understand what’s happening to brand Trump, consider two overlooked but important realities:

-Research by the Young & Rubicam ad agency has established that brand strength springs from two sources – differentiation and relevance. That’s true regardless of whether a brand is widely known or well liked. From the day he came down the Trump Tower escalator to announce his candidacy last year, Trump has been this race’s most differentiated candidate, and he’s extremely relevant, even to those who loathe him; otherwise he wouldn’t get under their skin. Love him or hate him, his brand has become even stronger.

-The people to whom his brand appeals have changed, but that doesn’t necessarily make it less valuable. The Trump brand has long been schizoid, both upscale and down-market. His buildings and golf courses have succeeded at the high end, while Trump-branded consumer products like clothing are decidedly downscale; Donald Trump Success for Men Eau de Toilette is sold at Walmart, for example. His campaign has apparently tarnished his high-end brand, which has been the main source of his wealth, but his millions of new followers could power new post-election opportunities at the low end. A much-rumored possibility is a media business built on his increased brand strength and man-of-the-people persona.

So the new Trump International Hotel in Washington may suffer, as may the value of condos in Trump Tower on Fifth Avenue, though the retail businesses in that property may do just fine with the neighborhood’s hordes of tourists. More deeply, his transformed brand may offer him a way past the trauma of losing (if he loses). Five hours of recorded interviews with Trump, recently shared by his biographer with the New York Times, revealed that public humiliation may be his greatest fear. Yet this real estate tycoon whose businesses have repeatedly gone bankrupt, whose personal net worth was once negative $900 million, also says on the tapes, “I never had a failure because I always turned a failure into a success.” He could do it again.

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What We're Reading Today

GE seeks partnership with Baker Hughes
Jeff Immelt's GE says it's discussing ways to partner with (not buy) the oil field services operator. Reports yesterday said GE approached Martin Craighead's Baker Hughes to talk about a merger. Baker Hughes hasn't commented. Reuters

Didi Chuxing slowly kills off Uber China 
The ride sharing service bought Uber China earlier this year, saying Uber would maintain "independent branding and business operations." But slowly Cheng Wei's company seems to be moving users to Didi. Uber's latest app in the country doesn't allow English, doesn't accept foreign credit cards, and can't be used outside China. By slowly killing off the brand, Didi can operate more easily while also growing its own brand outside the country. Fortune

Alphabet's new financial discipline 
Under CFO Ruth Porat, Alphabet appears to be ensuring its moonshots don't consume too much of the bottom line. With the news that it would scale back Google Fiber, and reduced losses in the "other bets" department, Larry Page's company is signaling it will enforce financial discipline as it tests new ideas. NYT

Governor Pence's plane slides off the runway
The plane carrying Donald Trump's running mate skidded off a wet runway at New York City's LaGuardia airport last night, coming to an abrupt halt in grass next to the runway. No one was injured, but Pence skipped a closed-door fundraiser following the incident. CNN

Building a Better Leader

Employers' responsibility in the talent shortage
A new report finds that a major reason why more than half of employers say there's a talent shortage is that they don't adequately train employees for new tasks or prepare younger workers to replace those retiring. Fast Company

Companies are starting to accommodate and recruit... 
…workers with autism. EY, SAP, and Microsoft have launched programs to recruit them and make sure they feel comfortable in the office.  Fortune

One of the worst mistakes you can make during a salary negotiation...
...is to say "I need." It weakens the argument that you deserve higher pay. Business Insider

Election Fervor Fallout

Trump is way short of his $100-million promise
Donald Trump has repeatedly said he would personally spend $100 million on his run for president, but the latest figures show he was still $44 million shy of the mark as of October 16. Trump appears to have stopped funding his campaign, having donated no cash in the first three weeks of October. USA Today

Paul Ryan's tightening contest
If Democrats gain 20 House seats, as now seems possible, Ryan's path to re-election as Speaker becomes narrow. Just ten GOP votes against could block him. While most House Republicans still support Ryan, some could oppose him for his repudiation of Trump.  WSJ

Backlash against Yuengling's support of Trump
Richard Yuengling Jr., who runs his family's Pennsylvania brewery, announced his support of Trump this week. Customers are voicing anger online, calling for boycotts of the beer. It's unclear if sales will suffer significantly or if all will be forgotten after November 8.  Washington Post

Up or Out

Neiman Marcus has promoted Sarah Miller to CIO.  WSJ

Fortune Reads and Videos

Announcing a hearing on the AT&T-Time Warner merger,...
…the Senate Judiciary Committee said CEO Rob Marcus would testify. Trouble is that Marcus stepped down as CEO of Time Warner Cable in May, and Time Warner Cable hasn't been part of Time Warner since 2009. Fortune

Martin Shkreli refuses to apologize...
…for hiking drug prices while CEO of Turing Pharmaceuticals, Shkreli says the "drug [Daraprim] was woefully underpriced" before the company raised it from $13.50 to $750 per pill. Fortune

GM expands its car-sharing service to Los Angeles
It's the tenth city that the service, Maven, has entered in less than a year. Fortune

Amazon Prime offered in China
Eleven years after the free shipping program debuted in the U.S. Fortune

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