On Wall Street, some bankers and traders are comparing Kamala Harris’s recent campaign surge to cotton candy—suggesting, perhaps, that it’s an ephemeral sugar high and that the narrative may change when the euphoria passes. (Personally, I hope her early momentum will be sustained all the way to victory on November 6.) But to try to get Wall Street’s perspective on the vitality of her campaign, I rang up Charles Phillips, the former Morgan Stanley banker and Oracle executive who, as a Paramount Global board member, played a crucial role in steering its still-pending sale to David Ellison, son of Larry, and RedBird Capital. What did Phillips think of the cotton candy metaphor that’s making the rounds, I wondered?