What is she doing? Some say she’s just staying in to see what happens. Others, in the Trump camp, think she’s angling to be the candidate on some other line, like No Labels. Nobody knows, so here’s my theory.

Haley is running in case Trump loses. She will have been the last Republican standing, and since Iowa she has honed her message to a fine point, which is this: Trump is not a winner. He’s a loser. ...

The person who can say “I told you so” in that case, and simultaneously offer a new path to the future, will be Nikki Haley.