One of Gavin Newsom’s first decisions as California’s governor was to cut the $77 billion high-speed rail project to a 120-mile trek connecting Merced to Bakersfield. However, despite shrinking the massive expectations of linking San Francisco, Sacramento and Los Angeles, the budget remains entirely...

Warren Buffett once said, “You only learn who has been swimming naked when the tide goes out.” In other words, it is hard to evaluate risk until tested by adversarial conditions. Those who made bad decisions are rewarded with embarrassment. However, in California, the lesson seems to cut...