Good Thursday afternoon. Today's newsletter, edited by Sam Baker, is 504 words, a 2-min. read. Thanks to Carolyn DiPaolo for copy editing.

Elite institutions — from Harvard to white-shoe law firms to major nonprofits — are leading the resistance to President Trump's second-term agenda, Axios' Eleanor Hawkins writes.

• The large protests and mass political movements of Trump's first term haven't been nearly as potent this time around. Democrats don't have a clear political leader, or a clear strategy to fight Trump.
• The most consistent pushback is instead emerging mainly from famous, wealthy institutions that have billions on the line.