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A Company Offers a Hand Work at Home,

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THE WALL STREET JOURNAL WEEKEND

* * * * * * * * SATURDAY/SUNDAY, JANUARY 25 - 26, 2020 ~ VOL. CCLXXV NO. 20 WSJ.com HHHH $5.00

Blast at Houston Manufacturing Plant Kills at Least Two Democrats

What’s Say Trump
News Obstructed
World-Wide
Congress
H ouse Democrats cited
witnesses and documents
the White House kept from
BY LINDSAY WISE

impeachment investigators to WASHINGTON—House Dem-

press their case that Trump ocrats cited witnesses and doc-
has obstructed Congress. A1 uments the White House kept
from impeachment investiga-
 The Trump administra-
tors to press their case that
tion told California it is vi-
President Trump has ob-
olating federal law by re-
structed Congress, seeking to
quiring insurers to cover
win over enough Republican
abortion and threatened to
senators to subpoena addi-
withhold federal funding. A1
tional materials.
 Infections and deaths Friday marked the last
from the spread of the new chance for the Democratic
coronavirus mounted in managers—House lawmakers
China, as the virus appeared acting as prosecutors—to make
in Europe and Australia for their opening pitch to GOP sen-
the first time. A1, A6, A7 ators who may be wavering on
DRONE BASE/REUTERS

whether to subpoena witnesses

 Federal prosecutors
and documents. Democrats say
have evidence indicating
the material could bolster the
Bezos’ girlfriend provided
allegation that Mr. Trump im-
text messages to her
properly withheld nearly
brother that he then sold to
$400 million in aid to Ukraine
the National Enquirer. A3
DESTRUCTION: An early-morning blast Friday at Watson Grinding & Manufacturing Co. on the northwest side of the Texas as leverage for the country to
 A report concluding Saudi
city leveled buildings, damaged hundreds of homes and shook the ground for miles. The cause was under investigation. A2 open investigations into Vice
Arabia likely hacked Bezos’
President Joe Biden, a potential
phone has spurred ques-
election opponent, then tried to
tions and confusion among
cover it up.
cybersecurity experts. A3

Pentagon Blocks Limits on Huawei

Mr. Trump “invited foreign
 Thousands of Iraqis pro- interference in our elections
tested the U.S. military pres- and sold out our country’s se-
ence in demonstrations in- curity for his personal benefit,

In a Bid to Protect U.S. Tech Firms

voked by a Shiite cleric who Please turn to page A5
has capitalized on anger
over Soleimani’s killing. A8  Follow live coverage of the
 At least 34 U.S. troops trial Saturday at WSJ.com.
suffered concussions or trau-
matic brain injuries during BY BOB DAVIS Department, people familiar Street Journal’s reporting on the people. Cabinet officials
an Iranian ballistic-missile
strike earlier this month. A8
 Died: Clayton Christensen,
The Commerce Depart-
ment’s efforts to tighten the
with the matter said.
The Pentagon is concerned
that if U.S. firms can’t con-
the concern during an appear-
ance Friday at the Center for
Strategic and International
are expected to meet on Hua-
wei and other China issues in
the coming weeks.
President
67, management guru. A10
noose on Huawei Technologies
Co. is facing a formidable ob-
stacle: the Pentagon.
tinue to ship to Huawei, they
will lose a key source of reve-
nue—depriving them of money
Studies in Washington.
“We have to be conscious of
sustaining those [technology]
The splits within the Trump
administration on how to deal
with Huawei show the diffi-
Targets
Business & Finance

 Commerce Department
Commerce officials have
withdrawn proposed regula-
tions that would make it
for research and development
needed to maintain a techno-
logical edge, the people said.
companies’ supply chains and
those innovators,” Mr. Esper
said. “That’s the balance we
culty of confronting China on
technology without harming
U.S. companies.
Abortion
officials have withdrawn
proposed regulations that
would make it harder for
harder for U.S. companies to
sell to Huawei from their over-
seas facilities following objec-
The chip industry has pressed
that argument in talks with
government officials.
have to strike.”
The Treasury Department
wanted to make sure that Sec-
People in Congress and the
administration who are skepti-
cal over China have been
Coverage
tions from the Defense Depart- Defense Secretary Mark Es- retary Steven Mnuchin had a pushing to limit sales to Hua-
U.S. companies to sell to
ment as well as the Treasury per was asked about The Wall chance to weigh in, said one of Please turn to page A7 BY STEPHANIE ARMOUR
Huawei from their overseas AND CATHERINE LUCEY
facilities, following objec-

Virus Tests China’s Scientific Ambitions

tions from the Pentagon and WASHINGTON—The Trump
the Treasury Department. A1 administration told California
 The mortgage market in it is violating federal law by
2019 had its best year since requiring insurers to cover
the height of the precrisis abortion and threatened to
boom, the latest sign housing withhold federal funding if the
is firming up after showing Early indications point to a troubled performance, even after Beijing invested billions state doesn’t end its mandate,
weakness early last year. A1 the latest move in a broader
White House effort to establish
 A California couple
China wants to become a A new coronavirus that religion-based exemptions to
whose solar company
world leader in health and began infecting people in the reproductive-rights statutes.
counted Berkshire Hatha-
science. It has invested bil- city of Wuhan in December Officials in the Republican
way as an investor pleaded
lions in cutting-edge drugs, has sickened nearly 1,300 administration signaled they
guilty to running a $900
NICOLAS ASFOURI/AGENCE FRANCE-PRESSE/GETTY IMAGES

state-of-the-art laboratories people in China, killing at could also take aim at similar
million Ponzi scheme. B1
and research at the frontiers least 41, and has appeared in policies in other states, poten-
 Oil prices suffered their a handful of other countries, tially putting hundreds of bil-
worst week in more than a By Betsy McKay, including the U.S. A second lions of dollars in federal
year, dragged lower by fears James T. Areddy case was disclosed in the U.S. health funding at risk.
that the spreading corona- and Chao Deng on Friday, a woman in Chi- California Gov. Gavin
virus outbreak will weigh cago who was infected in Newsom, a Democrat, pushed
on economic growth. B1 of medicine. Its political Wuhan, and the disease back in response to the admin-
 U.S. stocks fell Friday, leaders want Chinese scien- spread into Europe and Aus- istration’s move against the
with the Dow shedding 0.6% tists to win Nobel Prizes. tralia for the first time. nation’s most populous state.
and the S&P 500 and Nasdaq All that prowess and am- Chinese and international “California will continue to
both losing 0.9%. The indexes bition is now being put to health authorities are racing protect a woman’s right to
posted losses for the week. B11 the test by an elementary to learn more about the new choose, and we won’t back
health challenge: a deadly in- Please turn to page A6 down from defending repro-
 Business activity in the
fectious disease outbreak. ductive freedom for every-
U.S. improved in early 2020, Passengers wearing protective masks walked into the Early indications are that  Cases, deaths rise; disease body—full stop,” he said in a
contrasting with weaker eco- Please turn to page A4
Beijing West Railway Station on Friday. its performance is troubled. spreads to more countries......A6
nomic performance in some
other major economies. A2
 The latest trial over
Bayer’s Roundup weedkiller
Science Class Ritual, Refinancing Frenzy New Evidence
was postponed indefinitely Dissecting Real Frogs, Croaks In Bezos Leak
to allow room for settle-
ment talks to continue. B3 i i i Fuels Mortgage Boom
Schools try out synthetic ones that can
NOONAN BY ORLA MCCAFFREY duced by last year’s trio of in-
be reused; there is also a cat option terest-rate cuts, fueled the
MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES

Impeachment The mortgage market in mortgage making and helped

Needs Witnesses 2019 had its best year since the steady the industry. The refi-
On Both Sides A13 BY TAWNELL D. HOBBS frog. I felt bad.” height of the precrisis boom, nancing boom also bodes well
A synthetic frog has leapt the latest sign that housing is for the broader economy, since
Destiny Castillo hovered into the hearts of some edu- firming up after showing weak- homeowners saving on their
CONTENTS Opinion............... A11-13
Books..................... C7-12 Sports....................... A14 over the glistening wet frog in cators and animal-rights ac- ness early last year. monthly mortgage payments
Food......................... D5-6 Style & Fashion D2-3 science class. It was dark-col- tivists. The model, complete Lenders extended $2.4 tril- are likely to spend more on
Gear & Gadgets D9-10 Travel...................... D7-8 ored, with buggy eyes and fe- with man-made internal or- lion in home loans last year, the goods and services.
Heard on Street...B12 U.S. News............ A2-5
Markets..................... B11 Weather................... A14
male anatomy. gans, has become the humane most since 2006, according to “When a large and cyclical
Obituaries............... A10 World News....... A6-9 She had no qualms about answer to classroom dissec- industry research group Inside part of the economy—hous-
slicing into its pudgy abdomen tions and an antidote for Mortgage Finance. That was ing—is starting to improve,
and pulling out the insides, be- squeamish students. also a 46% increase from 2018. it’s a good sign for the econ-
> cause it wasn’t real. But some teachers ask: Are Robust mortgage lending is omy at large,” said Sam
“It was a lot easier, and we protecting students too generally a good sign for Khater, chief economist of
didn’t smell as bad,” said Des- much from the messiness of housing, which has seen a re- mortgage-finance giant Fred- Prosecutors have evidence
tiny, a 16-year-old student at real life and real science? bound in price growth and die Mac. that the girlfriend of Amazon
s 2020 Dow Jones & Company, Inc.
J.W. Mitchell High School in They say students are miss- home sales after a period of The Mortgage Bankers As- CEO Jeff Bezos gave texts to
All Rights Reserved Pasco County, Fla. “I didn’t re- ing out on the feel and, yes, declining gains. sociation estimates that refi- her brother, who leaked them
ally like cutting through a real Please turn to page A10 A refinancing frenzy, in- Please turn to page A10 to the National Enquirer. A3
 A2 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Jo Craven McGinty

GPS Changes How Air-Traffic Control Works

Since Gulf of Mexico. The FAA More planes are equipped with transponders that allow them to lot knows where you are, time and fuel, and control-
World War II, mandate primarily applies to be tracked by GPS coordinates. and you know where you are, lers will be able to reduce
air-traffic Class A airspace, which is but air-traffic control gets an the minimum separation dis-
controllers 18,000 feet or more above Percentage of aircraft equipped update only every 15 min- tance between aircraft, in-
have used ra- sea level; Class B airspace, utes.” creasing capacity in the na-
dar to keep the areas surrounding the 100% With the new system— tion’s airways.
Regional
track of aircraft. nation’s busiest airports; which is called automatic de-

‘T
carrier
But as of Jan. 1, most Class C airspace, the areas pendent surveillance-broad- here are more than
planes and helicopters flying around smaller regional air- Mainline cast, or ADS-B—aircraft are 1,500 flights a day
75 carrier
in the U.S. must be equipped ports; and above 10,000 feet equipped with transponders in the corridor be-
with transponders that allow in Class E, the most common International that continuously transmit tween North America and
their movements to be airspace. carrier Europe,” Mr. Thoma said.
the identification, location,
traced with GPS coordinates. LaGuardia Airport in New Turbojet and altitude, velocity and head- “Until March last year, it
The deadline caused a York is Class B. Richmond 50 turboprop* ing of aircraft flying in con- didn’t have surveillance. For
flurry of upgrades last year International Airport in Vir- Single and multi- trolled space. safety, planes would keep 40
as operators who hadn’t yet ginia is Class C. engine piston* ADS-B ground stations as to 80 nautical miles apart.
complied with the mandate The new tracking system well as a network of spe- You would get in a spot be-
rushed to equip their aircraft is faster and more accurate 25 cially equipped satellites re- hind another plane and move
in time. than radar, but it also funda- ceive the information. Other in a conga line across the
mentally changes how air- aircraft can opt to receive North Atlantic until you hit

N
ow, more than traffic control works. And al- the feed as well, allowing radar coverage.”
100,000 commercial though the technology 0 them to see what air-traffic Satellite-based ADS-B
and general aviation makes it possible to monitor July 2019 Oct. Jan. ’20 controllers see, but the FAA would allow controllers to
aircraft have the transpon- aircraft over the ocean and requires aircraft to broad- narrow that gap to 14 nauti-
*General aviation
ders, according to the Fed- other areas beyond the reach Source: Federal Aviation Administration
cast the data only for the cal miles, according to Air-
eral Aviation Administration, of radar, the U.S. isn’t yet us- benefit of the controllers. eon, allowing more planes to
including nearly all commer- ing the satellite-based sys- “It’s a new jump in tech- dred ground stations across “ADS-B is a pivot from join the conga line. (Vertical
cial aircraft and an esti- tem that provides this capa- nology, and it requires a lot the country that bounce ra- air-traffic control determin- separation has already been
mated 60% of general avia- bility. of analysis to understand the dio signals off an aircraft, ing the location of aircraft decreased in some airspace,
tion aircraft that need it. Canada and the U.K., limits,” said David Gray, act- listen for the return signal using their own equipment nearly doubling capacity in
“If you’re flying an an- working with the American ing deputy director for the and then calculate the air- to an aircraft determining those areas.)
tique plane in the middle of company Aireon, deployed FAA’s Surveillance Services craft’s position. Over the its own location and advis- But other limitations
Ohio, you don’t have to have satellite surveillance for Directorate, referring to the ocean when aircraft are be- ing air-traffic control of that might restrict the flow.
it,” said John Zimmerman, their aircraft last year, and FAA’s assessment of the sat- yond the range of radar sur- location,” said Mark Duell, “How many times have
vice president of Sporty’s Pi- the U.S. will begin testing it ellite system. “Before we veillance, they periodically vice president of FlightA- you landed and had to wait
lot Shop, an Ohio retailer in March. But for now, the make a big investment, we report their positions. ware, a Houston-based com- 20 minutes to find a gate?”
and flight school. FAA relies on ground sta- need to know how to incor- “If you fly to Europe or pany that offers free flight Mr. Zimmerman said. “And a
The U.S. controls 29.4 mil- tions equipped with the new porate it into the tools air- Asia, you think you are being tracking of private and com- lot of times it’s a runway.”
lion square miles of airspace, technology, as well as old- traffic control uses to make tracked, because you see the mercial aircraft. You can pack as many air-
including all of the U.S., fashioned radar ground sta- them more efficient.” map on the seat in front of The FAA anticipates that planes as you can in the air,
large portions of the Atlantic tions, which won’t be aban- For radar surveillance, the you,” said Don Thoma, chief aircraft will be able to fly he said, but eventually, they
and Pacific oceans and the doned completely. FAA maintains several hun- executive of Aireon. “The pi- more direct routes, saving have to find pavement.

U.S. WATCH
American
Business
Activity
Increases
BY PAUL HANNON
AND HARRIET TORRY

Business activity in the U.S.

improved in early 2020, con-
trasting with weaker economic
performance in some of the
world’s other major econo-
mies.
Data company IHS Markit
said Friday that its composite
purchasing managers index for
the U.S., a measure of activity
in businesses, posted a 10-
month high of 53.1 in January,
up from 52.7 in December.
A level above 50 points to
growth in business activity,
while a reading below that
mark points to contraction.
IHS Markit said the pickup
was due to growth in the ser-
vices sector. Manufacturing
PMI dropped to 51.7 in Janu-
ary, from 52.4 a month earlier.
The data “highlight a manu-
GO NAKAMURA/REUTERS

facturing sector that is not out

of the woods yet, with goods
producers seeing only modest
gains in output and new or-
ders,” said IHS Markit econo-
mist Sian Jones.
Fransisco Castrejon’s home was among hundreds damaged Friday by an explosion at a manufacturing outfit in Houston. Two workers were killed, authorities said. Japan saw an uptick in
business activity, according to
TEXAS The cause is under investigation. vorable custody recommendation, turn a message seeking com- and, for the first time, individuals. a separate Markit survey, sig-
Fire officials said it appeared a authorities said. ment. Purdue reached an agreement naling a return to growth after
Industrial Blast Kills tank of propylene gas was leak- Candace Talley, 27 years old, —Associated Press with some states and localities a weak end to 2019.
Two Men in Houston ing. of Winslow, N.J., was working that could be worth more than By contrast, Europe’s econ-
The company couldn’t be for the Division of Children and NEW YORK $10 billion over time as part of omy remained a global weak
When an explosion jolted Ju- reached to comment Friday. Its Youth Services in Delaware its bankruptcy filing. Judge Rob- spot as 2020 began, with its
lio Garcia from his bed early Fri- website says it provides full-ser- County, Pa., when she coerced Claims Deadline Set ert Drain emphasized at a hear- services sector losing momen-
day, he feared Houston was be- vice manufacturing and precision the mother, whose children were In Opioid Bankruptcy ing in White Plains, N.Y., that no tum while factories saw export
ing bombed. His windows were grinding of large parts and ex- in foster care and whose case final settlement was in place. orders begin to stabilize after
blown out, and his ceilings and otic alloys. Ms. Talley was managing, into State and local governments Those who became addicted a long and deep decline.
walls were cracked. —Elizabeth Findell working as a prostitute, the Del- have been leading the legal fight to opioids or their families aren’t “The U.S. has been doing
The damage wasn’t from a aware County District Attorney’s against the opioid industry, seek- guaranteed to get any money, better than either of those
bomb. It was an explosion at a PENNSYLVANIA office announced Thursday. ing payouts to help address the and the judged stressed the economies for a long time and
nearby manufacturing plant that Ms. Talley drove the woman impact of the addiction crisis. Av- claims would be open only to I expect that to continue,” said
killed two men, the latest in a Sex Trafficking by to and from jobs and took more erage Americans are about to people who believe they were Stephen Stanley, chief econo-
city where industrial blasts have Caseworker Alleged than 25% of the money that get their shot. harmed by Purdue’s products, mist at Amherst Pierpont.
become a common occurrence. was made, authorities said. On Friday, the federal judge not opioids generally. Still, law- Still, “as trade tensions
The blast, at around 4:30 a.m. A former child-services case- She promised the woman overseeing the bankruptcy case yers for plaintiffs say people ratchet down in 2020, not only
at Watson Grinding & Manufac- worker was charged with human she would help falsify her drug- of Purdue Pharma set a June 30 should file claims even if they will China and the U.S. econo-
turing Co., leveled buildings, trafficking, accused of recruiting test results to help her case, deadline to file a claim against are unsure Purdue’s drugs were mies do better but also those
damaged hundreds of homes a mother who was her client into the district attorney’s office said. the company. That includes gov- involved in their injuries. that are closely tied to trade”
and shook the ground for miles. prostitution in exchange for a fa- Ms, Talley’s lawyer didn’t re- ernments, entities like hospitals —Associated Press like Germany, he said.
IHS Markit’s surveys of pur-
chasing managers at busi-
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Postmaster: Send address changes to The Wall Street Journal,
200 Burnett Rd., Chicopee, MA 01020. the National Health Committee An 85-foot-tall statue of measure of activity in the
All Advertising published in The Wall Street Journal is subject to the applicable rate card, in a Page One article about Sears Hometown Stores the Hindu god Hanuman is a manufacturing and services
copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., Beijing’s efforts to control a Inc. says its price-matching popular attraction in Trinidad. sectors, was unchanged at
1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to coronavirus outbreak. policy is the same for all retail A Jan. 18 Off Duty travel arti- 50.9. The currency area’s man-
accept an advertiser’s order. Only publication of an advertisement shall constitute final
acceptance of the advertiser’s order. chains; price matches can be cle about the Caribbean island ufacturing sector continued to
Letters to the Editor: Fax: 212-416-2891; email: [email protected] The film “Dreams From My deducted from store owners’ incorrectly described the contract, but more slowly than
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Reprints & licensing: his father was a member of incorrectly said that a Sears the Trinidad town of Couva is In Europe, Germany has
By email: [email protected]
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ness & Finance article Friday mission would be penalized for correctly said it is a beach down in overseas demand
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 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | A3

U.S. NEWS

Evidence Ties Text Leak to Bezos’ Lover

BY JOE PALAZZOLO ren Sanchez or anyone else
AND CORINNE RAMEY Hack Report Amazon.com Inc. and owner of FTI, which is based in steps that could have yielded a with a crime in the probe.
the Washington Post. They say Washington, has repeatedly de- fuller picture of what occurred Mr. Bezos’ affair with Ms.
Federal prosecutors in Man- Puzzles Experts the audit left several major clined to comment publicly on Mr. Bezos’ iPhone X, foren- Sanchez, a former television
hattan have evidence indicat- technical questions about the about its study. The report con- sics specialists said. reporter who started an aerial
ing Jeff Bezos’ girlfriend pro- incident unexplained and in cluded—with “medium to high Perhaps the most important film-production company, was
vided text messages to her A report concluding that need of more examination. confidence”—that the Whats- piece of evidence absent from publicized the same month he
brother that he then sold to Saudi Arabia likely hacked into “It is not a conclusive report,” App account associated with the report, experts say, is the and his now ex-wife, Mac-
the National Enquirer for its Jeff Bezos’ smartphone has said Bill Marczak, a researcher Prince Mohammed was used to malicious software allegedly Kenzie Bezos, said their 25-
article about the Amazon.com spurred questions and confu- with Citizen Lab, a Toronto- compromise Mr. Bezos’ phone, used to hack into Mr. Bezos’ year marriage was ending.
Inc. founder’s affair, according sion among cybersecurity ex- based technology watchdog that likely by sending a video file in phone. The FTI report suggests They agreed to a divorce set-
to people familiar with the perts, even as it has prompted has tracked Saudi Arabia’s use May 2018 that contained an this so-called malware may lie tlement in April.
matter. renewed scrutiny of the king- of surveillance tools. encrypted file. in an encrypted file sent to Mr. The Amazon chief is the
The text messages, which dom and its crown prince. The report was produced by Investigators said that video Bezos’ phone, but FTI said it owner of the Washington Post,
were reviewed by The Wall Cyberforensics specialists business-advisory firm FTI Con- file appeared to contain mali- wasn’t able to decrypt this file. where the late columnist Ja-
Street Journal, were among said the report, which is dated sulting following an investiga- cious code, citing as evidence It should be able to do so, mal Khashoggi wrote critically
the materials turned over to November 2019 but didn’t sur- tion commissioned by Mr. Bezos. that the phone began transmit- according to Mr. Marczak and of the kingdom’s leadership
federal prosecutors as part of face publicly until this week, re- Gavin de Becker, a security con- ting large amounts of data Alex Stamos, director of the before he was slain last Octo-
their investigation into lied heavily on circumstantial sultant hired separately by Mr. hours after it was received. Stanford Internet Observatory ber by a Saudi security team.
whether American Media Inc., evidence to make the case that Bezos, publicly alleged last Saudi Arabia has denied the at Stanford University, who un- The CIA, in a secret assess-
publisher of the National En- a WhatsApp account associated March that the investigators allegations, calling them absurd. til August 2018 was chief secu- ment reviewed by the Journal,
quirer, attempted to extort Mr. with Saudi Crown Prince Mo- had determined “with high confi- A spokesman for Mr. Bezos de- rity officer at Facebook Inc., said that Prince Mohammed
Bezos, the people said. The hammed bin Salman was proba- dence” that the Saudis had ac- clined to comment. which owns WhatsApp. likely ordered Mr. Khashoggi’s
U.S. attorney’s office has also bly used to hack into the iPhone cessed private information on The FTI probe appeared to —Dustin Volz death, although it acknowl-
been investigating whether of Mr. Bezos, the founder of Mr. Bezos’ phone. forgo important investigatory and Robert McMillan edged it didn’t have direct evi-
Mr. Bezos’ phone was hacked, dence of a kill order by the
according to the people. Saudi crown prince.
The evidence gathered by from Ms. Sanchez’s phone to ing a WhatsApp account asso- the allegation that the crown Mr. Sanchez declined to On Wednesday, United Na-
federal prosecutors includes a her brother’s includes a photo ciated with Saudi Crown prince hacked Mr. Bezos’ comment on the texts or his tions officials probing Mr.
May 10, 2018, text message of a shirtless Mr. Bezos. Prince Mohammed bin Salman. phone was absurd and called contract with American Media. Khashoggi’s death called on
sent from the phone of Lauren Mr. Bezos’ security consul- The text messages reviewed for an investigation. “With spoon-fed lies and half- U.S. authorities to investigate
Sanchez, Mr. Bezos’ girlfriend, tant, Gavin de Becker, sug- by the Journal, as well as a “In September of 2018, Mi- truths, Wall Street Journal the findings of the audit com-
to her brother Michael San- gested in an opinion article $200,000 payment Mr. San- chael Sanchez began providing keeps getting it wrong,” Mr. missioned by Mr. Bezos.
chez containing a flirtatious last year for the Daily Beast chez received from the En- all materials and information Sanchez said in an emailed The October 2018 contract
message from the Amazon that Saudi Arabia might have quirer under an October 2018 to our reporters,” a spokes- statement. between Mr. Sanchez and
chief, the people said. had a hand in the Enquirer’s contract the Journal also re- man for American Media said Ms. Sanchez didn’t respond American Media gave the com-
The Enquirer quoted the reporting on Mr. Bezos. The viewed, supports American Friday. He added that any sug- to requests for comment. An pany exclusive rights to “cer-
text in its January 2019 article claim resurfaced this week af- Media’s earlier statements gestion that a third party, such attorney for Mr. Bezos de- tain information, photographs,
about Mr. Bezos’ extramarital ter a forensic audit commis- that he was the source for the as Saudi Arabia, “was involved clined to comment. and text messages document-
affair with Ms. Sanchez. A July sioned by Mr. Bezos alleged National Enquirer’s article. in or in any way influenced Federal prosecutors haven’t ing an affair between Jeff Be-
3, 2018, text message sent that his phone was hacked us- The Saudi government said our reporting is false.” charged Michael Sanchez, Lau- zos and Lauren Sanchez.”
GERALD HERBERT/ASSOCIATED PRESS

Workers opened bays of the Bonnet Carré Spillway to divert rising water from the Mississippi River to Lake Pontchartrain last year. Mississippi says it wasn’t consulted before the decision was made.

Mississippi Presses Corps Over Flood-Control System

BY CAMERON MCWHIRTER Water salinity parts per thousand rector of the Mississippi De-
Spillway Impact Not suitable for oyster farms Sea water
partment of Marine Resources,
The state of Mississippi, said the Corps has opened the
concerned a bad flood season
When the U.S. Army Corps of Engineers opens the Bonnet Bonnet Carré with greater fre-
this spring will hurt its coast Carré Spillway, it diverts water from the Mississippi River quency in recent years, and
0 5 15 25 35
and economy, is pressing the into Lake Pontchartrain. That fresh river water then flows last year’s prolonged openings
U.S. Army Corps of Engineers into the Mississippi Sound. In 2019, the spillway was opened January 7 – 13, 2019 caused a drop in Mississippi’s
to change how it handles high Biloxi shrimp harvest by 85%, crab
waters on the Mississippi River.
for an unprecedented 123 days. Gulfport Pascagoula harvest by 35% to 40%, and
Worrisome signs indicate Pass oyster harvest by 100%. Sea-
Effects of fresh water on coastal communities Christian
likely flooding in coming food and fishery revenue
months from the Midwest to Seafood business Tourism Wildlife losses were about $216 mil-
the southern Mississippi Val- The influx of river water Mississippi closed public The quick drop in salt lion.
ley, said National Weather Ser- into the Sound last beaches out of concern a in the waters off the A Corps spokesman de-
vice hydrologist Mark Fuchs in summer ruined oyster, bloom of toxic blue-green Mississippi Coast clined to comment on the law-
St. Louis. With the ground shrimp, crab and fish algae, which bloomed caused many sea suit, as did the Department of
soaked, rain or snow has no- harvests. Oysters can’t from being fed large animals—from Justice, which is representing
where to go but into streams, survive or grow in fresh amounts of fertilizer in dolphins and turtles May 27 – June 2, 2019 the Corps. A spokesman for
creeks and rivers, then head water. the fresh water, might to fish—to die or Biloxi the Louisiana Department of
south to the Gulf of Mexico. Gulfport Pascagoula Environmental Quality de-
harm swimmers. swim away. Pass
The Corps opens flood-con- clined to comment. The Louisi-
Christian
trol barriers called spillways ana Farm Bureau, which repre-
Swamp and wetland Urban area MISSISSIPPI
or floodways along the Missis- sents both oyster fishermen
sippi River during periods of and farmers in neighboring
extremely high water to allevi- Louisiana, hasn’t taken a posi-
ate pressure on a multistate Mississippi tion on the lawsuit, according
River flow
levee system and protect com- to a spokesman.
LOUISIANA
munities. But decisions to The lawsuit also named the
shield low-lying, heavily popu- Detail area above Mississippi River Commission,
ALA.
lated parts of the region, such a federal board that oversees
Baton Rouge Gulfport
as New Orleans, often cause Biloxi flood-control projects on the
problems for other areas. Pass Christian lower Mississippi but doesn’t
ppi Sound Pascagoula
Mississippi says it wasn’t At Mississi handle day-to-day operations.
consulted before the Corps de- ch Bonnet Carré Lake The commission declined to
Spillway
afa

Pontchartrain
cided last year to open the comment on the litigation.
lay
aR

Bonnet Carré Spillway in Loui- New Orleans Along the Mississippi Coast,
ive

siana twice for a total of 123 fishermen and businesses

r

days, which caused “unprece- worry this summer could

dented devastation upon the Morgan City
The Bonnet Carré is primarly mean more spillway openings,
Mississippi Sound” when river used to ease pressure on the leading to another troubled
water flowed in, according to flood-control system of New season.
a federal civil lawsuit filed in Orleans. Amanda Mavar-Schmidt
late December. owns a store in Ocean Springs
Mississippi is asking that Atchafalaya that focused on selling paddle-
further openings of the Bonnet Bay boards, but after last sum-
25 miles
Carré be halted until scientific mer’s beach closures, she
Morganza Floodway 25 km
studies could be done to find started selling skateboards,
alternative flood controls. Opened only three times, the Morganza floodway yoga gear and other items. She
empties out onto a combination of farmland and the Sources: Lake Pontchartrain Basin Foundation
The brewing legal fight high- Gulf of Mexico (salinity levels); USGS (water, Morganza is thinking about opening an-
lights tensions between states Atchafalaya National Wildlife Refuge until it spills out Floodway); Virginia Department of other store in Destin, Fla., and
and the federal government with the Atchafalaya River into the Gulf of Mexico. Environmental Quality (oyster salinity) she might end up moving
Dylan Moriarty/THE WALL STREET JOURNAL
over how to manage the south- away from Mississippi, she
ern Mississippi River in an era said.
of rising water levels. In recent into Lake Pontchartrain, north blue-green algae blooms. The in- way, which floods farmland and River, and the Bonnet Carré She said she saw a lot of
years, Louisiana and Mississippi of New Orleans. That freshwa- flux damaged Mississippi’s sea- swamp in Louisiana when open, has been opened a total of 14 dead fish on paddle tours out
have sued the Corps over how it ter, including fertilizer runoff food harvest and forced the wasn’t used last year, sparing times since it was built in to nearby islands last summer.
operates and maintains the from farms along the river, then state to shut its beaches, hurt- that area west of the Mississippi 1931, more than the openings “I got tired of trying to con-
enormous flood-control system. spewed out into Mississippi ing tourism during the peak River from comparable damage. of the other spillways com- vince people it’s safe to go out
The 2019 Bonnet Carré open- Sound—driving away or killing summer season. The Corps’ system has four bined, according to the Corps. on the water when I wasn’t so
ings sent large volumes of water sea animals and causing toxic The nearby Morganza Spill- spillways along the Mississippi Joe Spraggins, executive di- sure myself,” she said.
A4 | Saturday/Sunday, January 25 - 26, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

POLITICS
certain witnesses to testify. The conduct any campaign fundrais- Susan Collins’s opponent in the nounced a run for Baltimore ing it much easier for its tens of
conservative American Action ing while the trial is in session.” Maine Senate race, Sara Gideon, mayor on the heels of former thousands of partner groups to
Network is spending $2.5 million marks perhaps a final break with Treasury staffer Paige Cognetti help people respond. But that
on digital and TV ads during the REPUBLICANS see danger and Senate Republicans among or- becoming mayor of Scranton, Pa. can infringe on the confidential-
trial against swing-district House opportunity in post-2020 reap- ganizations that support abor- Another former Treasury official, ity of collecting census data.
Democrats and a total of $11 mil- portionment that determines tion rights. PPFA didn’t endorse Luke Bronin, is the mayor of The bureau is circulating a
lion in ads focused on impeach- how many congressional seats Collins or her opponent in 2014, Hartford, Conn. Shaun Donovan, delicately worded note to set
ment. Donation pages on the GOP each state gets. Most new seats and they haven’t endorsed or President Obama’s Secretary of ground rules for volunteers, in-
platform WinRed that include the are likely to be in states that donated to a Republican Senate Housing and Urban Develop- cluding a reminder that they
word “impeach” or “impeachment” currently lean Republican such candidate since giving $5,000 to ment, has been widely reported state that they aren’t Census

WASHINGTON raised over 300% more than non-

impeachment pages.
as Texas and Idaho. But the
GOP may lose seats in blue
Mark Kirk’s failed re-election bid
in Illinois in 2016. In 2017 the
to be interested in the New York
mayoralty, though he passed on
Bureau employees and an ad-
monishment not to collect data

WIRE With Republican senators such

as Cory Gardner, Susan Collins
states where legislatures could
choose to eliminate a Republi-
group did honor Collins for being
an “outspoken champion for
challenging Bill de Blasio’s re-
election in 2017.
door-to-door on their own. “We
want to reduce concerns about
and Martha McSally taking the can-leaning seat in a rural area women’s health.” impostors so the public will be
Dispatches from the brunt of Democratic spending, while preserving left-leaning Republican Majority for PRESIDENT TRUMP TWEETED motivated to open the door for
Nation’s Capital Doug Jones and Gary Peters are suburban and urban seats in Choice, which once backed candi- in response to Fox News and census takers,” the note says.
the Democrats most in the GOP places like New York and Illinois. dates like Collins who support Fox Business programming 657
line of fire. Dark money group The continuing national realign- Roe v. Wade, shut its doors in times during 2019, according to MINOR MEMOS: Sen. Kyrsten
BY GABRIEL T. RUBIN America First Policies debuted a ment making the expanding sub- 2018 after its leaders concluded an estimate by the liberal Sinema of Arizona adds color to
$450,000 ad buy in Alabama this urbs bluer and the emptying rural that the GOP’s “big tent has col- watchdog group Media Matters. somber impeachment trial pro-
IMPEACHMENT CASH DASH: week targeting Jones for “stand- areas redder only exacerbates lapsed for good.” Similarly, very That was around 10% of his to- ceedings with a fuzzy pink coat.…
The cash spigots flow as the Sen- ing with the radical left” on im- those trends. “We’re growing in few antiabortion lawmakers re- tal tweets for the year. The net- Sen. Tom Carper of Delaware
ate deliberates over President peachment. Even out-of-cycle sen- shrinking areas and shrinking in main in the Democratic ranks. work’s “Fox & Friends” morning sneaks up behind Rep. Mark
Trump’s impeachment. The Trump ators are taking a moment to fill growing areas,” said Republican “Collins has not changed, but show was live-tweeted the Meadows of North Carolina dur-
campaign says it has seen a their coffers with impeachment State Leadership Committee leadership at Planned Parenthood most, at least 206 times, more ing the impeachment press con-
20%-30% jump in fundraising be- money: Ted Cruz, who isn’t up for President Austin Chambers. That certainly has,” her campaign than 35 other Fox shows he re- ference to play reporter.… “What
cause of impeachment. Vulnerable re-election until 2024, urged sup- adds pressure to maintain their spokesman Kevin Kelley said. sponded to. would Washington be without
senators in both parties face in- porters to donate to him “to know grip on diversifying states such as its gossip, and what would the
tense scrutiny from groups who if you’re on the President’s team.” North Carolina and Texas, where OBAMA ADMINISTRATION CENSUS BUREAU gets love- gossip be worth just now with-
threaten major expenditures At least one politician is tak- Democrats have made inroads. alumni see City Hall as the next bombed by outside groups want- out impeachment?” asked the
against them if they vote the ing a different approach: Michael step after the White House. ing to get everyone counted. The New York Herald during Presi-
wrong way on conviction and Bennet, a Democratic presiden- PLANNED PARENTHOOD AC- Mary Miller, a former top Obama online response option has the dent Andrew Johnson’s impeach-
lesser votes such as compelling tial candidate, says he “will not TION FUND’s endorsement of Treasury Department official, an- unintended consequence of mak- ment trial in March 1868.

Democrats’ Iowa Ads Take Aim at Trump

BY CHAD DAY involved in that race.
AND JULIE BYKOWICZ Democratic candidates, wary
of turning off voters whose
WASHINGTON—Joe Biden support might shift during the
and Bernie Sanders are argu- caucusing process, have instead
ing about Mr. Biden’s position tried to implicitly distance
on Social Security. Elizabeth themselves from rivals.
Warren confronted Mr. Sand- In a heavily aired spot, Mr.
ers over whether he told her a Sanders invokes President
woman couldn’t be elected Kennedy’s speech about how
president. Ms. Warren and Americans try to do things
Pete Buttigieg have sniped at such as go to the moon “not
each other over fundraising. because they are easy but be-
But there is no sign of the cause they are hard.”
enmity—shown online and in Mr. Sanders says that while
debates in recent months—in “other candidates” might say
the Democratic presidential it is impossible to combat cli-
campaign that is playing out mate change, make health care
on Iowa TV screens. In a bar- and college affordable and cre-
rage of 85 different ads that ate world peace, “remember,
have aired more than 72,000 America is best when we
times in the past two months strive to do big things, even
on local television, no Demo- when it’s hard.”
crat has even mentioned a pri- Health care—the second-
mary rival by name, a Wall most common issue men-
Street Journal review found. tioned by Democratic candi-
Instead, the candidates and dates in ads after opposition
political groups backing them to Mr. Trump—appears promi-
JACK KURTZ/ZUMA PRESS

have trained their collective nently in at least one heavily

fire on President Trump and aired ad by Messrs. Sanders,
talked about health care, cor- Biden and Buttigieg.
ruption and their ability to One of Mr. Sanders’s most
unite the country and win in frequently aired ads opens
November’s general election, with people standing at a
according to the Journal’s Democrats in the race and outside groups have poured more than $65 million into Iowa TV and radio ads since the beginning of last year. gravestone of a 22-year-old.
analysis. Mr. Sanders narrates, “There
“They’re not too mean yet,” In TV ads, the top polling Democratic candidates have focused on attacking President Trump and Overall, hundreds of Demo- are people who are dying in
Ellen Kay, 57 years old, said of pressing issues for voters. cratic TV ads are airing in America because they cannot
the ads she has seen on televi- Biden Buttigieg Klobuchar Yang
Iowa each day, according to afford the outrageous cost of
Sanders Steyer Warren
sion from her home in Mason Kantar/CMAG. On Monday, for prescription drugs in this
City, where she works at a example, more than 530 aired country. And we have a gov-
Number of ad spots aired in Iowa Cumulative total spent by
credit union. “I’m hoping they in Cedar Rapids alone. ernment that does nothing
week
keep it clean and stick to the 0 thousand 5 10 15 20 25 Anti-Trump messages ap- about it because this govern-
$8. million
issues,” added Ms. Kay, who Anti-Trump pear in more Democratic ads ment is owned by the pharma-
spoke to the Journal at a Bi- than any other theme, Kantar/ ceutical industry.”
Health care
den event this week but is also CMAG data show. Over the Both Messrs. Biden and
considering supporting Sen. Economy 6 past two months, more than Buttigieg have ads that implic-
Amy Klobuchar. Campaign-finance reform 25,000 such spots have aired, itly criticize their opponents
With a little more than a Environment
many of them saying the who are advocating for Medi-
week before the Feb. 3 cau- 4 president is dangerous and care for All.
cuses, the Democrats in the Taxes unfit for office. If Mr. Trump Only Ms. Warren has no
race and outside groups sup- Health-insurance reform is re-elected, Mr. Biden says Iowa commercials that include
porting them have poured 2 in one of his campaign ads, her stance on health care,
Global warming
more than $65 million into “he will forever and funda- which proved a tricky topic for
Corruption
Iowa TV and radio ads since mentally alter the character her in the fall. While she, like
the beginning of last year, ac- Pro-Obama 0 of this nation.” Mr. Sanders, has advocated for
cording to political ad tracker Dec. ’19 Jan. ’20 Ahead of the 2016 Iowa Medicare for All, she took heat
Kantar/CMAG. More than half Note: Biden figure includes spending by supportive super PAC Unite the Country contest, there were about a from the rest of the 2020 field
of that spending has occurred Source: Kantar/CMAG as of Jan. 23 dozen Republicans in the race, for months for declining to
since late November as the about the same number as the outline how she would pay for
candidates make their closing and three-time presidential self-funding his presidential Buttigieg each have spent Democratic field has this year. it. Ms. Warren eventually said
arguments to voters in what candidate, have led most re- campaign, has put about $15 more than $9.5 million on But the Republicans that year she would fund the expansion
has consistently been a close cent Iowa polls, with Ms. War- million into Iowa ads, but re- Iowa ads, followed by the were much more willing to at- of government insurance
race. ren, a Massachusetts senator, cently better-polling candi- combined efforts of Mr. Biden tack each other in messages to through tax increases on the
Mr. Sanders, a Vermont and Mr. Buttigieg, the former dates have been matching or and Unite the Country, a super Iowa voters, with negative ads wealthy and corporations,
senator and two-time presi- mayor of South Bend, Ind., exceeding his weekly spend- political-action committee popping up from Sen. Ted rather than the middle class.
dential candidate, and Mr. Bi- close behind them. ing, according to Kantar/ supporting him, at about $7.7 Cruz of Texas and the numer- —Tarini Parti
den, the former vice president Tom Steyer, a billionaire CMAG. Messrs. Sanders and million. ous well-funded super PACs contributed to this article.

President Rights issued a notice of viola-

tion against California. In it,
the agency said the state’s re-
the gathering that marks the
anniversary of the Supreme
Court’s 1973 Roe v. Wade de-
lupanas of the Holy Spirit. A
three-judge panel of the Cali-
fornia Court of Appeals in Au-
blocked in federal court.
Administration officials
and religious groups say laws
For example, eleven states ban
abortion coverage in all pri-
vate insurance plans regulated

Targets quirement violates federal law

banning government entities
that receive HHS funding from
cision that recognized a na-
tionwide right to abortion.
“The President & VP are
gust dismissed that lawsuit.
Meanwhile, Oregon Right to
Life this month said it had
that mandate contraception
or abortion coverage
shouldn’t stand because they
by the state, according to the
Guttmacher Institute, an or-
ganization that supports abor-

Abortion discriminating against health-

care organizations because
they don’t provide abortion or
once again attacking women’s
health in order to grandstand
at today’s anti-choice rally,”
filed a suit against Oregon’s
law, which was passed in 2017.
A complaint against Illinois’s
violate deeply held beliefs.
Their position is part of a
broader effort to harness fed-
tion rights.
“This sounds quite extraor-
dinary,” said Nicholas Bagley,
abortion coverage. The state California Attorney General abortion-coverage requirement eral civil-rights laws to pro- a University of Michigan law
Continued from Page One has 30 days to signal compli- Xavier Becerra tweeted Friday. was filed in October on behalf tect groups and individuals professor of the administra-
statement on Friday. ance before the agency takes Hundreds of billions of dol- of the Thomas More Society, that oppose abortion. tion’s action against Califor-
A broader legal battle be- action that could result in cut- lars could be at stake. Califor- an antiabortion legal group. Abortion rights groups say nia. “This is the kind of
tween states and the White ting HHS funds. nia gets $51 billion from HHS During his remarks Friday, the federal government is at- change you’d normally see
House is likely. The Trump administration for its Medicaid program, ac- Mr. Trump attacked Demo- tacking access to reproductive through rule making. To just
Religious groups say the announced its plan on the day cording to the Kaiser Family cratic support for abortion rights that are protected under go after California, it seems
mandates force them to vio- that thousands of antiabortion Foundation. The six states that rights and stressed his record Roe v. Wade and other court vindictive.”
late their beliefs by purchas- activists gathered on the Na- mandate abortion coverage get on restricting abortion access, rulings. They add that letting Mr. Trump has been at odds
ing health insurance that cov- tional Mall for the annual more than $100 billion annu- noting his policy efforts and insurers opt out of providing with California, which is domi-
ers abortions or by using their March for Life rally. President ally in federal Medicaid funds judicial appointments. He also abortion coverage particularly nated by Democrats and sup-
premiums to help pay for Trump addressed the event alone, according to Kaiser. framed the issue in a religious harms lower-income women ported Hillary Clinton in 2016,
other consumers’ abortions. Friday, making him the first Other states should expect context, saying: “Every human who can’t afford abortions. on several fronts. He has criti-
Abortion-rights groups say president to do so in person. the same actions, Roger Sever- soul is divine, and every hu- Alexis McGill Johnson, act- cized its policies on homeless-
that states have the long-held “Unborn children have ino, director of the HHS Office man life—born and unborn—is ing president and chief execu- ness, and his administration
right to regulate their own in- never had a stronger defender for Civil Rights, said Friday, made in the holy image of Al- tive of Planned Parenthood has cited air-quality concerns
surance markets. They say in the White House,” Mr. adding, “Just as a government mighty God.” Action Fund, said, “Since day in threatening to withhold fed-
that abortion, which has been Trump said. “We are fighting shouldn’t force a kosher deli to The Trump administration one, this administration has eral highway funding.
legal nationally for decades, is for those who have no voice serve ham, you shouldn’t re- has pushed to include reli- carried out a full-out assault Mr. Trump and his cam-
a medical procedure that and we will win because we quire nuns to pay for abortion.” gious rights in health-care pol- on our health and our rights.” paign have been eager to court
should be covered just like know how to win.” California’s requirement that icy. Last May, it issued a rule Some legal experts say the and expand support from anti-
prenatal and maternity care. Mr. Trump has appeared by private health-insurance poli- supporting health workers Trump administration threat abortion voters heading into
Under Friday’s action, the video in previous years, fol- cies include abortion coverage with moral or faith-based ob- of withholding funds tramples the 2020 election.
Department of Health and Hu- lowing past Republican presi- was challenged by a Catholic jections to certain medical on states’ right to regulate —Sadie Gurman
man Services’ Office for Civil dents who spoke by phone to mission, the Missionary Guada- procedures. The rule was later their own insurance markets. contributed to this article.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, January 25 - 26, 2020 | A5

POLITICS

J. SCOTT APPLEWHITE/ASSOCIATED PRESS, SENATE TELEVISION/ASSOCIATED PRESS

Democrats plans to speak for two to three
hours, a person on the team said.
The White House plans to save

Make Pitch the bulk of its arguments for

Monday and Tuesday, when there
will be more TV viewers, a person

To GOP familiar with the discussions said.

Rep. Jason Crow (D., Colo.)
led off the Democratic arguments
Friday, wrapping up managers’
Continued from Page One presentation of the first article of
and betrayed the nation’s trust to impeachment, alleging abuse of
a foreign power,” House Intelli- power. Mr. Crow ran through the
gence Committee Chairman chronology surrounding the fro- Rep. Sylvia Garcia (D., Texas), above left, was among the Democrats arguing in Friday’s impeachment trial. Above, House Intelligence
Adam Schiff (D., Calif.) said. zen Ukraine aid, which was later Committee Chairman Adam Schiff and his fellow Californian, Rep. Zoe Lofgren, walked through the Capitol Rotunda.
Later, in his closing remarks released amid media reports and
in a tense Senate chamber, Mr. a bipartisan outcry in Congress. cus. If Democrats can’t muster
Schiff read out each allegation The hold on the aid “was only Amid Trial, Pompeo with Ukraine. The chief diplomat Ukraine, Belarus, Kazakhstan those four GOP votes, the trial
against Mr. Trump, then adding: lifted because President Trump has come under fire for his par- and Uzbekistan had been could end as soon as next week.
“The facts have been proved. had gotten caught,” he said. Plans Ukraine Trip ticipation in a July 25 call be- scheduled for early January but Republican Sens. Susan Col-
Those facts are not contested. Managers spent the bulk of tween Messrs. Trump and Zel- was postponed amid escalating lins of Maine, Lisa Murkowski of
We have met our burden,” he Friday, however, on the second ensky and the role of the State tensions with Iran. The secre- Alaska, Mitt Romney of Utah and
said. He concluded shortly be- article of impeachment, which Secretary of State Mike Department in withholding U.S. tary now is to begin the jour- Lamar Alexander of Tennessee
fore 9 p.m. with an appeal to accuses Mr. Trump of trying to Pompeo will travel next week assistance from Ukraine. ney in London, where he is set are among those who have said
senators: “I ask you, I implore thwart the House inquiry by to Kyiv for meetings with Critics also have accused to discuss U.S.-U.K. relations. they would be open to witnesses.
you, give America a fair trial.” directing witnesses not to tes- Ukrainian President Volodymyr Mr. Pompeo of failing to defend The U.K. is set to exit from the White House officials have
Mr. Trump has denied tify, refusing to allow the re- Zelensky and other officials, U.S. diplomats from domestic European Union on Friday. said they don’t expect any Re-
wrongdoing. He derided the lease of documents and order- part of a rescheduled trip to or foreign interference after In Kyiv, Mr. Pompeo is ex- publicans to vote in favor of
Democrats’ presentation Friday, ing executive-branch agencies Europe and Central Asia. former Ukrainian Ambassador pected to “highlight U.S. sup- hearing from more witnesses,
saying in an interview with Fox to do the same. Mr. Pompeo’s visit to Marie Yovanovitch was recalled port for Ukraine’s sovereignty but Senate Majority Leader
News: “They’ve been telling so “We are here today in re- Ukraine, on Thursday, comes as from her post last year follow- and territorial integrity,” accord- Mitch McConnell (R., Ky.) is pri-
many lies, so many fabrications, sponse to a blanket order issued the Senate considers articles of ing complaints by Mr. Trump ing to State Department vately far less certain, people fa-
so much exaggeration. And this by President Trump directing impeachment against President and his allies. spokeswoman Morgan Ortagus. miliar with the talks said.
is not impeachable.” the entire executive branch to Trump, centered on his dealings Mr. Pompeo’s visit to —Courtney McBride During the trial, Mr. McCon-
The president’s legal team will withhold all documents and tes- nell is using daily closed-door
kick off its three days of argu- timony from that inquiry,” said lunches as a venue for GOP sen-
ments Saturday morning, when it Rep. Val Demings (D., Fla.). that article one is bribery,” he they want to subpoena a slice of to hear from at least four wit- ators to have frank exchanges
“President Trump’s obstruction said. “If you can’t have the abil- those documents, includ- nesses, including acting White and relay feedback to party
of the impeachment inquiry was ity to enforce an impeachment ing emails from National Secu- House chief of staff Mick Mulva- leadership. Among the argu-
Saturday’s Agenda categorical, indiscriminate, and power, you might as well not rity Council officials who ex- ney and former national secu- ments some Republicans are
 At 10 a.m., the trial is set historically unprecedented.” put it in the Constitution.” pressed concern about Mr. rity adviser John Bolton. In to- making at lunch and in private
to resume with President Mr. Schiff said the second Democrats said House com- Trump’s decision to delay aid to tal, 12 current or former conversations is that voting in
Trump’s defense team impeachment article, alleging mittees issued 71 categories of Ukraine, and about a July 10 administration officials declined favor of witness testimony
presenting its opening obstruction, was just as impor- document requests or subpoenas meeting in which the U.S. am- to testify as part of the House would further prolong the trial,
arguments, rebutting three tant as the first article, alleging last year to the White House, the bassador to the European Union impeachment inquiry. people familiar with the talks
days of charges from abuse of power. If lawmakers Office of the Vice President, the urged Ukrainian officials to an- It would take a simple major- said. Mr. McConnell has made
Democrats. “lack the power to investigate a Office of Management and Bud- nounce investigations as a way ity of 51 senators to vote for the that case publicly.
 The defense team is president, there will never be get and the State, Defense and to get a Oval Office meeting additional evidence, meaning — Rebecca Ballhaus,
expected to speak for two an article one, whether that ar- Energy departments. The White with Mr. Trump and his Ukrai- that at least four Republicans Natalie Andrews
to three hours. ticle one is abuse of power, or House blocked all of the requests. nian counterpart. would have to vote with all 47 and Siobhan Hughes
that article one is treason, or Senate Democrats have said Senate Democrats also want senators in the Democratic cau- contributed to this article.

Border Patrol’s New Chief

Is Fourth in Job Under Trump
BY ALICIA A. CALDWELL

A veteran Border Patrol of-

ficial was named by the
Trump administration to lead
the agency, the fourth person
to head it since President
Trump took office.
Rodney S. Scott succeeds
Carla Provost, the agency’s
EVAN VUCCI/ASSOCIATED PRESS

first female chief, who had

previously announced plans to
retire this month.
Mr. Scott is a 27-year vet-
eran of the agency. He most
recently served as top agent in
the Border Patrol’s San Diego
sector, which covers 60 miles
of the land border with Mex- Rodney S. Scott with President Trump in 2018 in San Diego.
ico, ending at the Pacific
Ocean, and the entire Califor- American families and chil- signed to hold a handful of
nia coastline. dren. people at a time for a few
Mr. Scott takes the helm of The agency has faced criti- hours, were used to hold doz-
the Border Patrol, which is cism for its handling of mi- ens or more migrants for days
part of U.S. Customs and Bor- grants in recent years. Internal or weeks on end, according to
der Protection, in the midst of government watchdog reports government inspection reports
a sharp decline in border ar- found that migrants, including made public last summer.
rests over the past seven unaccompanied children, at Acting CBP Commissioner
months. The declines follow times were being held in dan- Mark Morgan in a statement
the highest number of arrests gerously crowded conditions Friday described Mr. Scott as
of illegal border crossers in inside Border Patrol stations. “the absolute embodiment of
the past 13 years, a flood of Holding cells inside those sta- the U.S. Border Patrol’s motto,
mostly asylum-seeking Central tions, which had been de- ‘Honor First.’ ”

Four-Way Sprint to Iowa Finish

BY SABRINA SIDDIQUI Mayor Pete Buttigieg. Those
four candidates have been
senators have been stuck in
the upper chamber for six “Buzz”-Worthy
With just over one week closely bunched together in days a week as they weigh
until the Iowa caucuses, the surveys of Iowa, whose cau- charges against Mr. Trump Cocktail shaker
first nominating contest of cus system is notoriously that include abuse of power Ingenious design. Sought-after rarity. Stylish accessory.
2020, the Democratic race to hard to poll. and obstruction of justice.
challenge President Trump The fluidity of the race Ms. Klobuchar, who is
This Art Deco “Portable Bar” shaker features everything
in November has meant little clarity be- polling in single digits, has needed to craft the perfect cocktail. Taking the form of a
 remains a
tight battle
fore the Feb. 3 caucuses,
which might not prove deci-
given more than 10 local
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A6 | Saturday/Sunday, January 25 - 26, 2020 * ******* THE WALL STREET JOURNAL.

WORLD NEWS
Coronavirus Cases, Deaths Rise in China
Second U.S. case said, adding that the woman 100 miles Chinese officials have declared full or partial After learning about the
has been isolated in a hospital lockdowns in multiple cities, closing airports, woman’s trip, her doctor took
confirmed; disease and is doing well.
100 km
train stations and highways. Wuhan, the steps to prevent further
appears in Europe and A man in his 30s in Wash- Beijing center of the epidemic, is a transit hub with spread, including sending the
ington state who had traveled high-speed rail connections to some woman to a hospital with in-
Australia for first time to Wuhan had been diagnosed of China’s most populated cities. fection control.
with the virus earlier this Authorities in Chicago ex-
BY STEPHANIE YANG week. CHINA Cities on full or partial lockdown, pressed doubt that the woman
AND BRIANNA ABBOTT Officials at the federal Cen- population: 30 million in 2018 who became the U.S. second
ters for Disease Control and confirmed case had transmitted
The tally of deaths and in- Prevention said they expected Wuhan: 11 million Jingmen the virus since she didn’t have
fections from the spread of the virus would spread to Officials canceled all symptoms while flying—and af-
the new coronavirus in China more people in the U.S. and Shanghai outbound trains, ferries, ter returning to the U.S., didn’t
jumped again on Friday—with elsewhere around the world. Xiantao Wuhan buses and flights and Xianning take public transportation or
authorities canceling large The French health ministry closed down local bus and attend any large gatherings. In
Jingmen Huanggang metro service beginning
public gatherings and locking said on Friday that one patient Dangyang Huangshi addition, she didn’t have long,
at 10 a.m. local time on Huangshi
down more cities—as the U.S. had been hospitalized in Bor- Chengdu Jan. 23. close contact with anyone out-
confirmed its second infection deaux, in the south of France, Zhijiang Ezhou side her home, they added.
and the disease spread into while two other patients were Qianjiang Xianning Huanggang
Xiantao President Trump said in a
Europe and Australia for the hospitalized in Paris. Chongqing tweet Friday that the U.S.
6 million Qianjiang
first time. In Australia, health officials “greatly appreciates” China’s
The number of infections Saturday confirmed the coun- Ezhou efforts to control the coronavi-
had risen to at least 1,287 con- try’s first case of coronavirus, rus, and its transparency. He
firmed cases as of the end of a Chinese man in his 50s who Guangzhou
Zhijiang Dangyang singled out Chinese President
Friday, China’s National Health had flown into Melbourne last Xi Jinping for praise.
Commission reported Saturday week after having spent time HONG Three largest In China, officials have shut
morning local time, more than in Wuhan. New York down parts of the Great Wall
KONG cities in U.S., 8 million
doubling the total number Singapore said it had two estimated and canceled Lunar New Year
from just a day earlier. new confirmed coronavirus MAP KEY population: events as part of efforts to
Chinese state media sepa- cases, bringing the total num- Cities on full or 15 million stop the spread of the respira-
rately reported the death on ber there to three. All are resi- partial lockdown tory virus.
in 2018
Saturday morning of a doctor dents of Wuhan, visiting Sing- High-speed rail
Los Angeles They have also halted pub-
4 million
at one of the main hospitals apore over the weeklong lic transportation out of sev-
treating coronavirus patients Lunar New Year holiday. Population density eral cities in Hubei province,
Chicago
LOW HIGH
in Wuhan, the central Chinese Taiwan’s health ministry of which Wuhan is the capital
city where the outbreak began. confirmed two more cases on Sources: Harvard Dataverse (high-speed rail); Oak Ridge National Laboratory (population density); local governments (lockdowns, population) and largest city.
The 62-year-old ear, nose and Friday, bringing the separately On Thursday morning, local
throat doctor is believed to be governed island’s tally to saliva. Often, these coronavi- symptoms. rently re-evaluating the officials locked down Wuhan,
the first doctor to have died three. Confirmed cases have ruses simply cause common People are most likely not screening process. So far, over a major transportation hub
from the disease, and would also appeared in Thailand, colds. But others have been contagious before symptoms 2,000 people coming into the that is home to 11 million peo-
bring the total count up to 42. Vietnam, South Korea, Japan, more serious, even deadly. develop, health officials said. U.S. have been screened from ple. Outbound flights and
The new U.S. case involves Nepal and the Chinese territo- Health officials believe that U.S. authorities have been roughly 200 flights. trains were canceled and
a woman in her 60s from Chi- ries of Hong Kong and Macau. the incubation period for the screening international travel- The Chicago woman who roads leading out of the city
cago who had traveled to Wu- The Wuhan virus belongs to virus is around 14 days, mean- ers arriving at five major air- was infected didn’t show were blocked.
han in late December and re- a family of respiratory viruses ing it could take roughly two ports for fevers and other symptoms until a few days af- —Jon Emont in Singapore
turned to the U.S. on Jan. 13, that can be spread by coughing, weeks for someone infected symptoms of an infection. ter returning to the U.S., and James Glynn in Sydney
Chicago’s health commissioner kissing or making contact with with the virus to develop The CDC said that it is cur- health authorities said. contributed to this article.

Virus Tests
China’s
Ambitions
Continued from Page One
virus, where it came from and
how easily it spreads. In the
meantime, they say it’s inevita-
ble more people will become ill.
Global health officials say
China’s response to the out-
break is a vast improvement
over its handling of a deadly
epidemic 17 years ago of severe
acute respiratory syndrome, or
YUAN ZHENG/UTUKU/ROPI/ZUMA PRESS

SARS. Chinese authorities ini-

tially hid the outbreak of that
new virus, then played it down
for four months.
In this new outbreak, Chi-
nese health authorities dis-
closed cases within days of dis-
covery. By early January, they
had sequenced the genome of
the new virus and made it
available to researchers around The construction site of a field hospital for coronavirus patients in Wuhan on Friday. The outbreak is straining the city’s medical resources.
the world. That promises to
speed the development of diag- is unlikely to be effective. break a public-health concern. and contain the virus, he said. cials to improve their response 2016, Dr. Chan lavished praise
nostic tools, as well as possible China’s skills in certain basic “We could have had an epi There’s a diagnostic test now. and disclose more information. on China’s advances in health
vaccines and treatments. public-health tasks, such as curve three weeks ago,” said International researchers could The mood was cheerful, with care. “In essence, China has
Yet nearly a month after dis- outbreak investigations, are un- Michael Osterholm, director of help develop additional tests to shows featuring patriotic sing- given its huge population a
covering the first cases, Chi- even, despite its world-class ge- the Center for Infectious Dis- detect whether people had been ing, red ribbons, and dancers safety net that protects people
nese health officials have made nomics, virologists, and gleam- ease Research and Policy at the infected in the past, he said. in ethnic minority costumes. from being impoverished by
little progress in stopping its ing hospitals, according to one University of Minnesota. Wuhan disclosed the first 27 Soon, hospitals in and the costs of health care. This
spread. As many as 4,000 peo- person familiar with China’s The WHO’s current director- cases of pneumonia, connected around Wuhan were reporting makes a tremendous contribu-
ple in Wuhan may have been public-health system. general, Tedros Adhanom Ghe- to the Huanan animal whole- more cases to the National tion to a fair and prosperous
infected with the new virus as The stakes are enormous for breyesus, said through a spokes- sale market on Dec. 31, after ru- Health Commission in Beijing. society,“ she said.
of Jan. 18, according to the China. Mr. Xi has made it a pri- woman that Chinese authorities mors had been circulating for It caught the attention of the The WHO didn’t respond to
most recent estimate by Neil ority to revive the coun- are sharing data and other in- days on Chinese social media cabinet-level body, which on questions about the organiza-
Ferguson, a disease modeler at try’s stature on the global formation about the outbreak. about pneumonia cases that Sunday sent experts to Wuhan tion’s relationship with top of-
Imperial College London. stage. That includes proving to “There is an open channel with were similar to SARS. for a closer look. ficials while Dr. Chan led it,
the world China can handle a senior officials,” he said. “We’re Wuhan closed the market on The group concluded that until 2017. Dr. Chan couldn’t
health problem in ways that it getting the cooperation and on New Year’s Day, but was slow the situation was severe immediately be reached.
Basic clues failed to with SARS, when 774 information-sharing, they have to step up public warnings enough to recommend authori- One of China’s biggest con-
Global public-health experts people died. Failure to contain been very open.” about the virus. Around the ties lock down the city. Only top tributions to its health-care
and local citizens said China this new outbreak soon could Calls to China’s National start of the year, police tempo- leaders in Beijing had the au- system is new hospitals. Ac-
has been slow to publicly dis- damage China’s reputation and Health Commission and Minis- rarily detained eight people it thority to make the call. After cording to municipal govern-
close some basic clues about hurt its economy. try of Science and Technology alleged had spread false infor- the team returned to Beijing, ment reports, Wuhan built 69
the virus and how it is being The country’s investment in weren’t answered Friday during mation about the virus. City Mr. Xi instructed the central hospitals in three years, for a
transmitted, though some re- medical and public-health capa- the Lunar New Year holiday. government to set up a task total 335 in 2017, and employed
search can take time. bilities means it should be able force to tackle the outbreak and 62% more in the medical sector,
“We don’t know how infec- to deliver a robust outbreak re- signed off on the lockdown. not including robots plying the
tious it is, we don’t know how sponse, experts say. China is a Unusual pneumonia ‘We don’t know how Since SARS, China has im- halls of some facilities.
severe it is, and we don’t know hot spot for emerging viruses, The WHO first learned about infectious it is, we proved hygiene at wet markets, Yet the outbreak is straining
how it’s spreading,” said Tom with its large bat populations— the outbreak of an unusual where most Chinese people the resources of front-line hos-
Frieden, former director of the which are hosts to many of pneumonia in Wuhan from an
don’t know how buy food, and sought to en- pital staff. On Friday, dozens of
U.S. Centers for Disease Control these pathogens—along with official statement by Wuhan severe it is.’ courage licensed trade in wild construction excavators were
and Prevention who is now densely populated rural areas authorities, Dr. Galea, the animals bred on farms. Yet reg- clearing a field for a temporary
president and CEO of Resolve and a long tradition of eating WHO’s China representative, ulation of wildlife farms and 1,000-bed isolation and treat-
to Save Lives, a nonprofit ini- exotic wildlife. said in the interview. China’s markets has been lax, research- ment ward built according to a
tiative focused on epidemics “It’s very clear the govern- cabinet-level National Health health officials said in several ers and wildlife activists say. model used in Beijing to coordi-
and heart disease. ment has spent a lot of money Commission formally notified statements that there was ei- Chinese medical officials nate efforts to control SARS.
Hospitals are overcrowded building technology, and at- the WHO the next day, he said. ther no evidence the virus have found traces of the virus After the citywide quaran-
and struggling to test everyone tracting talent from abroad, Chinese officials told the could be passed between hu- in the closed Huanan market, tine prompted many in Wuhan
who comes in. Chinese citizens and you would expect them to WHO emergency committee mans or a low risk of it. but couldn’t determine a spe- to seek medical attention on
say they suspect the numbers do a better job this time,” said this week that their preliminary Officials stuck to that mes- cific animal source, according Thursday, several hospitals
may be understated. Yanzhong Huang, a senior fel- calculations show each infected saging even as they disclosed to Gao Fu, director of the Chi- made appeals through social
Political and health authori- low for global health at the person infects between 1.4 and an infected family in which the nese Center for Disease Con- media for a range of medical
ties appeared to take strong ac- Council on Foreign Relations in 2.5 more people, Dr. Galea said. husband worked at the animal trol and Prevention supplies, including masks and
tion only after public comments New York who analyzed the That number could change, he wholesale market while his In the wake of SARS, China disinfectant.
from President Xi Jinping. Offi- country’s response to SARS and added, because it’s unknown wife, also infected, claimed no made a play for more influence “Currently, doctors and
cials should “release outbreak its aftermath. how many people are infected; exposure to it. at the top of the World Health nurses fighting at the front
information in a timely manner Health officials generally people who are only mildly ill Provincial and municipal of- Organization, which had been lines can only supply a limited
and deepen international coop- make public “epi” or epidemic might not seek medical care. ficials preoccupied themselves critical of China’s initial re- amount of all kinds of protec-
eration,” he said Monday. curves charts to show when ill- “Everyone is impatient to with annual policy meetings. sponse to the outbreak. In No- tive materials,” said a message
Officials followed by an- nesses begin, and therefore get the answers, but we do The virus wasn’t on official vember 2006, a doctor named from Hubei Children’s Medical
nouncing the largest quarantine how intensely the virus is know that research like this is agendas. Margaret Chan was named di- Center, which carried a re-
in history, shutting down public spreading. being done and it’s just a mat- Senior Hubei province offi- rector-general of the WHO, minder it is the city’s only
transit, blocking roads and im- The WHO’s representative in ter of time before that also is cials were enjoying an evening largely the result of lobbying by children’s hospital and that it
posing travel restrictions on China, Gauden Galea, said Chi- shared with the scientific com- gala at a Wuhan concert hall a respected Communist Party faces “an arduous task” in its
people in Wuhan, a sprawl of 11 nese authorities shared a de- munity,” he said. on Tuesday, a day after the elder, Wu Yi. They had worked fever wards.
million people, and in roughly a tailed epi curve this week with Collaboration with interna- government disclosed a sharp together to contain SARS. —Shan Li, Yifan Wang
dozen other nearby cities. a committee considering tional researchers could help increase in the number of When Mr. Xi hosted a major and Jeremy Page
Many epidemic experts say that whether to declare the out- speed the effort to understand cases and Mr. Xi ordered offi- WHO conference in Beijing in contributed to this article.
 THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, January 25 - 26, 2020 | A7

WORLD NEWS

Pentagon tration is united on trying to

block the expansion of Huawei
internationally, it is sharply
turer Micron Technology Inc.,
for instance, said in its 2019
annual report that Huawei ac-

Objects divided over how to deal with

the company domestically.
There is widespread frus-
counts for 12% of its revenue.
If those companies can’t
continue to ship to Huawei,

On Huawei tration within the administra-

tion that a move in May to
place the company on the
Pentagon officials feared, the
firms would fall behind eco-
nomically and not have the
Commerce Department’s funds to invest heavily in re-
Continued from Page One blacklist didn’t have much of search and development, ac-
wei, and some are calling for an effect as U.S. companies cording to the people.
Washington to subsidize U.S. figured out ways to keep sup- Mr. Esper’s comments re-
companies working on next- plying Huawei. flected at least in part the
generation 5G wireless tech- If chips and other electron- Pentagon’s traditional reliance
nology because of how much ics are produced overseas and on—and support for—the fi-
Beijing has subsidized Huawei. contain less than 25% U.S.- nancial health and innovative
After the Journal reported made content subject to ex- abilities of its more than
the Pentagon’s action, U.S. port restrictions, those goods 50,000 supplier firms. About a
ALY SONG/REUTERS

Sens. Ben Sasse (R., Neb.), can be shipped license-free to third of the Pentagon’s $738
Tom Cotton (R., Ark.) and Huawei. billion budget is spent on pro-
Marco Rubio (R., Fla.) sent a Recently, the Commerce De- curement and research, much
letter to Mr. Esper asking him partment sent to the Office of of that going to military sup-
to explain his rationale. Management and Budget a pliers that make up what offi-
Disney said it temporarily would close its Disneyland and Disneytown parks in Shanghai starting Saturday. “Huawei is an arm of the rule that would reduce that cials call the ”defense indus-
Chinese Communist Party and percentage to 10% when it trial base.”

U.S. Companies Close Some should be treated as such,” the

letter said. Huawei has repeat-
edly denied such a connection.
comes to Huawei, said admin-
istration officials, which would
sharply limit the items that
A 2018 Pentagon report,
however, found that those
suppliers face deep challenges

Chinese Sites in Outbreak

Separately, the administra- U.S. companies could sell and shortcomings. The report
tion is exploring how it could without an export license. cited “the rise of single and
help companies produce hard- OMB then circulated the sole source suppliers…as well
ware that could compete with rule to agencies for comment, as fragile suppliers near bank-
Huawei on 5G within 18 ruptcy and entire industries
U.S. businesses with opera- outbreak. “We will maintain Cruise lines Carnival Corp. months, a senior administra- near domestic extinction.”
tions in China are taking pre- close communication with lo- and Royal Caribbean Cruises tion official said. Discussions The Trump administration
cautions amid China’s coronavi- cal health and other relevant Ltd. said they aren’t allowing include representatives from
A 2018 Pentagon formed a governmentwide
rus outbreak, closing authorities,” a spokesman said. anyone who lives in or re- Japan and other democratic report found that task force led by Pentagon of-
restaurants in affected areas The McDonald’s spokesman cently passed through Wuhan countries, the official said. ficials to find ways to improve
and offering free changes or re- said the company is providing to board. That effort would help the
military suppliers the climate and outlook for
funds at resort destinations. hand sanitizer in restaurants, Marriott International Inc. U.S. persuade other nations, face challenges. companies seen as vital to na-
increasing disinfection of ar- and Hilton Worldwide Hold- including the U.K. and Ger- tional security.
By Dave Sebastian, eas with frequent customer ings Inc. said they are waiving many, to bar Huawei equip- A Pentagon spokeswoman
Heather Haddon contact, requiring delivery cancellation fees through Feb. ment from their networks, the said the agency is “aware of
and Alison Sider drivers to wear masks, and 8 for reservations at its hotels official said. The U.K. is ex- and the Defense Department Commerce’s proposed rule
measuring temperatures of in China, and for guests from pected in the week ahead to objected. The Huawei rule re- change” but wouldn’t “prema-
Walt Disney Co. said it store crews upon arriving to China traveling to hotels in decide whether to ban use of quired the State, Commerce, turely discuss ongoing inter-
would temporarily close its Dis- work to monitor for fevers. other countries. Hyatt Hotels Huawei equipment, which the Defense and Energy depart- agency collaboration.” The
neyland and Disneytown parks Starbucks Corp. said it had Corp. said it is letting guests U.S. considers a security risk. ments to sign on, with the Treasury Department declined
in Shanghai starting Saturday, closed some of its stores in who reserved between Jan. 23 “In almost every area of Treasury Department also get- to comment.
as the death toll from China’s China, its second biggest mar- and Feb. 10 through Hyatt’s fifth-generation technology, ting a say. In December, the Semicon-
spreading coronavirus rose. ket after the U.S. A spokesman booking platforms to cancel at the U.S. is the leader,” said the After the Pentagon’s objec- ductor Industry Association
“We will continue to care- declined to say how many. no charge. senior official, who added that tion, the Commerce Depart- wrote Commerce Secretary
fully monitor the situation and The outbreak comes amid In Macau, casino-resort Huawei’s “competitors were ment pulled the rule back Wilbur Ross to ask that “at
be in close contact with the lo- the weeklong Lunar New Year workers at Wynn Resorts Ltd., kneecapped” by China’s sub- from OMB, the people familiar minimum” the industry be al-
cal government,” Shanghai holiday, a busy travel period. MGM Resorts International sidy and trade practices. with the matter said. Pentagon lowed to “provide information
Disney Resort said Friday. Delta Air Lines Inc. and and Las Vegas Sands Corp. American officials have officials believe the change on the harmful impacts to the
Disney said it would work to American Airlines Group Inc. have been ordered by the gov- been touring the world trying, would harm U.S. companies, as U.S. economy and technology
refund tickets to Disneyland, are allowing passengers trav- ernment to wear protective with limited success, to have do some officials at the Com- leadership” before the rule is
resort hotel rooms and tickets eling between Jan. 24 and Jan. masks. The companies are foreign governments block lo- merce Department, which is published.
for the Beauty and the Beast 31 to and from Beijing and monitoring body temperatures cal network operators from split internally on the pro- At the World Economic Fo-
Mandarin production booked Shanghai to change flights of customers and staff, and using equipment from Huawei posed rule. rum in Davos, Switzerland, Mr.
through Disney’s official ticket- with no fee. United Airlines have implemented increased in their 5G networks. “OMB cannot speculate on Ross told Bloomberg News
purchasing platform. Holdings Inc. is waiving fees hygiene and cleaning mea- The U.S. government argues the position of other agencies that the rules are “works in
McDonald’s Corp. said it to reschedule flights between sures, according to the compa- that Huawei is beholden to the on any particular rule-mak- progress that will come out
has closed stores in Wuhan, Jan. 24 and Feb. 7 to Beijing, nies and analysts. Two people Chinese government and that ing,” a spokesman for the near term.” A spokesman for
the city where the virus origi- Shanghai and Chengdu. Carri- in Macau were found infected its equipment could be used agency said. Mr. Ross had no immediate
nated, and surrounding cities ers also are stocking flights to with the virus as of Friday. for spying, which Huawei de- Huawei is an enormous cus- comment on the regulations.
that have suspended local pub- China with hand sanitizer and —Katherine Sayre nies. tomer for U.S. high-tech firms. —Gordon Lubold
lic transportation due to the face masks for crew members. contributed to this article. While the Trump adminis- The semiconductor manufac- contributed to this article.

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A8 | Saturday/Sunday, January 25 - 26, 2020 NY * *** THE WALL STREET JOURNAL.

WORLD NEWS

Thousands of
Iraqis Protest
U.S. Presence
BY ISABEL COLES polarized Iraq between pro-
and anti-Iranian camps.
BAGHDAD—Thousands of Mr. Sadr—a mercurial
Iraqis protested the presence leader who alternatively has
of U.S. military in the country, battled and cooperated with
in demonstrations invoked by Iran—has sought to straddle
a prominent Shiite cleric and both camps, rallying his follow-
longtime American foe who ers against the U.S. while sup-

AMEER AL MOHAMMEDAW/DPA/ZUMA PRESS

has capitalized on anger at the porting monthslong antigov-
targeted killing of a top Ira- ernment protests that have
nian general on their soil. challenged Iranian influence
Moqtada al-Sadr fought over the country. In doing so,
American forces after they in- Mr. Sadr is seeking to increase
vaded Iraq nearly two decades his political bargaining power
ago. Now, the 45-year-old has and maintain his image as both
once again positioned himself an opponent of corruption and
at the forefront of resistance a nationalist-resistance leader,
to the U.S. presence. Iraq politicians say.
Mr. Sadr had called for a One constant is Mr. Sadr’s
million people to join Friday’s opposition to the U.S.—a stance Demonstrators marching in Baghdad against U.S. troops in Iraq were heeding a call by influential Shiite cleric Moqtada al-Sadr.
protests. An Interior Ministry he inherited from his father
official estimated more than Mohammed Sadeq al-Sadr, who the heart of the demonstra- tied around his neck. followers, Iran effectively en- Saddam Hussein’s oppression
700,000 people turned out; no also bequeathed him a devoted tions in Baghdad. Mr. Sadr has The U.S. hasn’t commented abled Mr. Sadr to outflank ri- with ordinary Iraqis.
independent assessment of the following among a swath of the lived in Iran since last year due on the march. val Shiite factions in Iraq. He burnished his creden-
crowd numbers was available. country’s Shiite underclass. to threats to his safety in Iraq. Many Iraqi officials believe “He understands that after tials by fighting U.S. troops as
The size of the demonstra- No other Iraqi political fig- Thousands responded in a precipitous withdrawal of the death of Soleimani and al- anger grew. Since entering
tions shows Mr. Sadr’s ability ure has Mr. Sadr’s ability to unison with chants of “No, no the roughly 5,300 U.S. forces Mohandes, the Iranian machine politics, Mr. Sadr has posi-
to mobilize the street by tap- mobilize the street. From Iran’s to America! No, no to the occu- in Iraq would enable Islamic of influence in Iraq is undergo- tioned himself as the torch-
ping the popular anger in Iraq perspective, having Mr. Sadr pation! No, no to corruption!” State to stage a comeback and ing a process of resetting,” said bearer of reform, often mobi-
over the targeted killing by on its side broadens support Many of the protesters came lead to the country’s economic Harith Hassan, a scholar at lizing his followers against
the U.S. of Maj. Gen Qassem for the expulsion of U.S. troops from other provinces in re- and political isolation. Carnegie Middle East Center. corruption and one time
Soleimani, the architect of beyond pro-Iranian politicians sponse to Mr. Sadr’s call. They U.S. officials say they have no “He sees this as an opportunity storming parliament. That has
Iran’s shadow wars and mili- and militias that have weapons flew Iraqi flags, as opposed to intention of leaving Iraq for to assert his position within sometimes brought him into
tary expansion in the Middle but a sparse following. party or militia flags, in keeping now, and Mr. Trump has threat- the Shia political spectrum and conflict with Iran-backed
East, and his point man in “We will exhaust all peace- with Mr. Sadr’s instructions. ened to impose sanctions if make sure that his rivals will groups inside Iraq.
Iraq, Abu Mahdi al-Mohandes. ful, political, economic, social, Some had white sheets tied American troops are forced out. not emerge stronger.” Low turnout at the most re-
The backlash badly dam- cultural and popular means to around their shoulders repre- The general’s death has Unlike many of the coun- cent election in 2018 helped
aged relations between Bagh- achieve our main goal, which is senting shrouds typically worn turned Mr. Sadr into a valuable try’s political leaders who re- him win the largest number of
dad and Washington and uni- setting a timetable for the de- by the cleric’s followers. A asset for Iran and its allies at a turned from exile only after seats in parliament, and he
fied rival Shiite political parture of the occupation large cardboard cutout of time when they are reeling the U.S.-led invasion, Mr. Sadr struck a deal with pro-Iranian
factions in opposition to the forces,” a representative for President Trump swung from from the loss of their leaders. had remained in Iraq, sharing factions to make Adel Abdul-
U.S. for now. It also has deeply Mr. Sadr said from a podium at a pole, attached by a noose In return for mobilizing his the hardships of sanctions and Mahdi prime minister.

Pentagon Again Raises Number of Troops Injured

BY NANCY A. YOUSSEF Hoffman said. leimani a few days earlier. But traumatic brain injury to ap- Switzerland, said the injuries side bombs to counter the
The service members a week after the strike, mili- pear. weren’t very serious, drawing military edge of U.S. and allied
At least 34 U.S. troops suf- treated in Iraq and the Ameri- tary officials said 11 American He said Defense Secretary the ire of veterans groups. forces in face-to-face combat.
fered concussions or traumatic can sent to Kuwait all are back service members had been Mark Esper has asked for a re- Also Wednesday, Mr. Esper More than 408,000 U.S. ser-
brain injuries during an Ira- on duty, Mr. Hoffman said, evacuated from Iraq due to view on how the military re- told a reporter that he didn’t vice members have suffered
nian ballistic-missile strike meaning half of those injured concussions, often called mild ports battlefield injuries to su- know how many were hurt, traumatic brain injuries since
this month, the Pentagon said, are still undergoing medical traumatic brain injuries. periors in Washington. He but said it was “mostly outpa- 2000, about 80% of them con-
increasing the injury assess- treatment more than two The number then was in- couldn’t provide a time frame tient stuff.” cussions, according to the Pen-
ment for at least the third weeks after the Jan. 8 Iranian creased when a senior U.S. for the review. “We can track that if you’re tagon’s Defense and Veterans
time in two weeks. missile strikes at Al Asad air commander in Iraq said earlier The U.S. military has long- really interested in it,” the de- Brain Injury Center.
Of those injured, eight were base in Iraq. this week that the number of standing procedures for re- fense chief said in remarks to It is unknown how many of
evacuated to the U.S. for addi- The morning after the at- injured was “in the teens,” and porting casualties through the reporters at Naval Air Station those troops are eligible for a
tional medical treatment, Pen- tack, President Trump re- on Friday, Mr. Hoffman said chain of command. Pensacola. Purple Heart, the U.S. military
tagon spokesman Jonathan ported that no Americans had the count was at 34. The Trump administration Traumatic brain injury has decoration awarded to those
Hoffman told reporters Friday. been harmed by the missile Mr. Hoffman said confusion also was criticized for playing been the most common wound injured in battle, Mr. Hoffman
Nine others were taken to Ger- launches, an Iranian reprisal about the number of injuries down the severity of injuries. for troops deployed to Afghan- said in response to questions.
many and one to Kuwait, and for the U.S. airstrike that killed was caused, in part, by the Mr. Trump at a news confer- istan and Iraq, where insur- —Michael M. Phillips
16 were treated in Iraq, Mr. Iranian Maj. Gen. Qassem So- time it takes for symptoms of ence Wednesday in Davos, gents turn to concealed road- contributed to this article.

WORLD WATCH
For more information:
In Memoriam wsj.com/inmemoriam FRANCE UNITED KINGDOM
Macron Advances Facial-Recognition
 
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All Rights Reserved. sistance. ratify the deal Wednesday.
—Associated Press —Associated Press
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | A9

WORLD NEWS

Before Doomed Flight, Anxiety and a Kiss

A ticketing error kept
one passenger from
joining his wife on
Flight 752 from Tehran
Mohsen Ahmadipour ar-
rived early with his wife for
their Jan. 8 flight from Teh-
ran’s international airport to
Kyiv, eager to start a new life
together.

By Kim Mackrael
in Ottawa, Rory Jones
in Dubai and Georgi
Kantchev in Kyiv

Mr. Ahmadipour, a 38-year-

old graduate student, had
flown to Iran to visit family
and then return to Canada
with his wife, Rouja Azadian.
Joining Mohsen for his second
semester in Ottawa and ner-
vous about facing the cold
weather for the first time,
Rouja was wearing the winter
jacket he had brought her. But
she had forgotten to bring her
favorite socks.
After they had waited for
more than two hours to check
in, Mr. Ahmadipour learned he
had unwittingly canceled his
own tickets for their flights to

NURPHOTO/ZUMA PRESS
Kyiv and onward to Canada
when he changed his original
flight to Iran.
He tried to buy a new seat,
but was told there wasn’t
enough time before the sched-
uled 5:15 a.m. departure. Candles burned at a memorial for the Ukrainians—nine passengers and two crew—who died in the crash of Flight 952, at Kiev’s Boryspil International Airport on Jan. 11.
“Do you want me to cancel
the flight and stay?” Ms. Aza- ponenko decided to unload about to depart on their way emoji of a face blowing a kiss. from the cockpit could be asked his father.
dian asked him. about 80 passenger bags, ac- back to the U.K., Navaz Ebrahim Just before 6:13 a.m., nearly heard on the flight recording: “Yes, this is true,” his fa-
Mr. Ahmadipour urged her cording to Ukrainian officials. said. The couple in Texas hadn’t an hour after its scheduled de- “Gain height and turn,” he ther cried. “Unfortunately they
to go on alone. A friend would Capt. Gaponenko, a father been able to attend the event in parture, Flight 752 began taxi- said, according to Ihor Sos- were among the passengers.”
meet her at the airport in Ot- of two, was an experienced pi- Iran and were getting regular ing to the runway. novsky, Ukraine International In Kyiv, Ms. Gaponenko read
tawa, he said. “You are strong lot with 11,600 hours on the updates on the trip. “Take off!” Capt. Gaponenko Airlines vice president of op- the news online and under-
enough,” he told his wife. Boeing 737. His wife, Kateryna “Don’t stress too much told Iranian air-traffic control erations. That was the usual stood her husband likely per-
When Ms. Azadian got to Gaponenko, said she was con- when you open the news,” as he lifted the jet off the maneuver due to Tehran’s ished. She went to the phar-
the passport check, the couple cerned about this particular Niloofar told them, alluding to ground, according to a Ukraine mountainous terrain, airline macy and asked for “the most
kissed and said goodbye. “I journey, however, because of the Iranian strikes, according International Airlines repre- officials said. powerful sedative,” and then
was so sad and worried about the tensions between Iran and to Navaz. “We’ll be fine.” sentative aware of the details Those would be the last took their daughters to school.
her,” recalled Mr. Ahmadipour. the U.S. In another row, 37-year-old of the cockpit voice recording. words the outside world heard
A day earlier in Kyiv, Ms. Sahar Haghjoo snapped a Ms. Azadian sent a message from Capt. Gaponenko.
Gaponenko had urged her hus- selfie with her 8-year-old to her husband saying they Iranian officials said a ju- ‘What happened?’
‘Almost a war’ band to phone his bosses and daughter, Elsa. nior officer with the Islamic In Dallas, Navaz Ebrahim
Earlier that morning, Iran ask them to assign another pi- After leaving Iran with her Revolutionary Guard Corps saw reports on her Facebook
had attacked U.S. forces at two lot for his flights to Tehran family in 1987, Ms. Haghjoo mistook Flight 752 for an en- feed of a crash that had killed
bases in Iraq in retaliation for and back. The couple discussed had settled in Toronto, where
Capt. Gaponenko emy aircraft. A surface-to-air all on board. She called her
the killing of an Iranian gen- how dangerous it was to fly at she worked in recent years insisted on piloting missile was fired. mother, Shahin, in northern
eral, a developing conflict that that moment, she said. with refugees and new immi- A surveillance video from Tehran to ask for the number
showed no sign of abating. Ira- Capt. Gaponenko insisted grants at the Young Women’s
the flight despite the ground captured the fire- of her sister’s flight.
nian forces were on high alert. on flying. “If not me, then no Christian Association. She had U.S.-Iran tensions. ball at the moment of impact. “What happened?” her
At the airport, however, it one else,” she said he told her, been in Iran visiting family About 30 seconds later, another mother asked her. Ms. Ebra-
was business as usual. Mr. Ah- in their last conversation. with her husband, who had re- missile struck the jet, sending him told her.
madipour and others reasoned As Flight 752 waited on the turned to Canada earlier. it to the ground in flames. “She was screaming,” Ms.
it was safe to fly if Iranian of- tarmac, passengers Saeed Tah- had started to fly. He sent a At 6:18 a.m., on a clear Ebrahim said of her mother. “I
ficials were allowing commer- masebi, 35, and his new wife message back in WhatsApp morning, debris from the air- don’t know how long it took
cial flights to depart. Niloofar Ebrahim, 34, waited Preflight emojis with emoji kisses. liner scattered across houses, her. But she finally managed
Hours later, Iran’s armed for takeoff. The couple, both She sent the photo to her Capt. Gaponenko began fields and a soccer pitch. to find the flight number. And
forces fired surface-to-air mis- living in London, had flown to father, Habib Haghjoo, at 5:19 climbing to 8,000 feet. The sat- About 30 minutes later, Mr. she said that’s the flight.”
siles at Ukraine International Iran for a wedding party with a.m. Ms. Haghjoo is seen lean- ellite-transmission network on Ahmadipour returned home “We were all screaming af-
Airlines Flight 752, bringing family on Dec. 19. They carried ing close to her daughter as the plane that regularly from the airport with his wife’s ter that,” she said.
down the plane and killing ev- pictures of the ceremony in they both smile, the blue seats streams out operating data parents. At 7 a.m., he heard a Iranian officials initially
eryone on board. Families, carry-on luggage, said Ms. of Ukraine International Air- showed everything was normal. scream. His in-laws were blamed the crash on technical
newlyweds and students at uni- Ebrahim’s sister, Navaz Ebra- lines behind them. Thrust, trajectory, speed and watching the first news reports failure. Three days later, after
versities in Canada, Britain and him. Mr. Haghjoo responded with flight-control features were of the crash on television. Western aviation experts and
Iran were among the 176 peo- They called her sister and a Persian word that means working as expected, according They raced in a taxi back to foreign governments cast
ple who perished. Around 140 her husband in Dallas from their “my very dear sweetheart.” His to U.S. aviation officials. the airport. As they drove, Mr. doubt on Tehran’s version of
were headed for connecting seats to tell them they were daughter responded with an The pilot’s next instructions Ahmadipour searched online events, Iran’s military said it
flights to Canada. for more information about the had unintentionally shot down
Eight flights took off from crash. He saw a photo and was Flight 752. Thousands of Irani-
Imam Khomeini airport be- sure there were no survivors. ans took to the streets, with
tween Iran’s missile strikes on He sent a message to his protesters accusing their lead-
U.S. bases in Iraq at 2 a.m. and friend in Ottawa. “Rouja’s ership of lying.
the departure of Flight 752, in- flight crashed,” he wrote. As pictures of the crash
cluding one scheduled for the In Montreal, Armin Morattab were shared on social media,
same time as the Ukrainian had calmed down about the Ms. Ebrahim spotted one in
airliner at 5:15 a.m., according danger of his twin brother trav- which, on the ground beside a
to Flightradar24, a flight- eling through what had felt like piece of luggage, a photograph
tracking site. The Federal Avi- an impending war. President could be seen with an image of
ation Administration, the U.S. Trump had said the White her parents at her sister’s
civil aviation regulator, had re- House wouldn’t retaliate against wedding party.
stricted all U.S. commercial Iran for the strikes in Iraq. Her family in Tehran is
flights from flying over Iran, Then Mr. Morattab saw re- waiting for remains to bury,
KATERYNA GAPONENKO

Iraq and the Persian Gulf be- ports of a Ukrainian airliner she said.
cause of the military activity. crash. He called his father, On Sunday, authorities took
In the aftermath of the who had dropped Arvin and blood from Mr. Haghjoo’s son-
crash, the Iranian military said Aida at the airport. in-law in Iran, and used his
it had asked to close the skies. “Is it true what we are DNA to identify 8-year-old
It isn’t clear why that request hearing?” Armin Morattab Elsa. From Elsa they identified
wasn’t heeded. her mother, Sahar Haghjoo.
That morning, Arvin Morat- The family has asked for the
tab and his wife Aida Farzaneh remains to be returned to Can-
were also waiting to board ada.
Flight 752. The Iranian-born The remains of Mr. Morat-
couple had been on vacation tab and his wife were returned
and were returning to Mon- to their parents, who live in
treal, where they had lived to- western Iran, where they were
gether since 2012. They were buried. His brother watched
set to earn permanent resi- the burial over WhatsApp
dency once they touched down from Montreal.
in Canada, a first step toward On Sunday, the Ukrainian
MOHSEN AHMADIPOUR

becoming citizens. air force flew the bodies of the

At the airport, with 90 min- 11 Ukrainians on board—nine
utes to go until the scheduled crew and two passengers—
departure, Mr. Morattab got a back to Kyiv.
call from his twin brother, who Relatives of the victims and
was fretting about the Iranian their airline colleagues stood
strikes. on the tarmac clutching flow-
“This is almost a war,” ers, as an honor guard loaded
Armin Morattab, who also lived the coffins onto hearses. The
in Montreal, told Arvin. He ad- coffins were draped in the yel-
vised them to find a place to low-and-blue flag of Ukraine.
shelter in the airport in case it Some airline pilots fell to one
was attacked by U.S. forces. knee to honor the victims.
Arvin told his brother that Capt. Sergii Poloz, who had
nobody at the airport was talk- flown with Capt. Gaponenko,
ing about the strikes, and that laid red roses on the coffins of
people around him seemed his colleagues.
HABIB HAGHJOO

happy. “We’re going to get back “We lost our great people,”
soon,” he assured his twin. he said.
Passengers soon began —Aresu Eqbali in Tehran
boarding Flight 752, but it was and Andy Pasztor
delayed. The jet was over- On board, clockwise from top: Capt. Volodymyr Gaponenko, shown with his wife and children; Saeed Tahmasebi and Niloofar Ebrahim; in Los Angeles
loaded. Capt. Volodymyr Ga- Sahar Haghjoo and her daughter Elsa, in a selfie before takeoff; and Rouja Azadian, shown with her husband, Mohsen Ahmadipour. contributed to this article.
A10 | Saturday/Sunday, January 25 - 26, 2020 * ****** THE WALL STREET JOURNAL.

OBITUARIES
C L AY T O N M . C H R I S T E N S E N F R I E DA CA P LA N
1952 — 2020 1923 — 2020

Professor Turned His Life ‘Queen of Kiwi’

Changed Eating Habits
Into a Case Study
S
tarting with a tiny Los An- graduated from the meat and po-
geles-based wholesale fruit tatoes of the 1950s and spawned
and vegetable business in today’s culinary daredevils.
BY JAMES R. HAGERTY Rhodes scholar. In 1979, he re- 1962, Frieda Caplan helped make Ms. Caplan, who died Jan. 18 at
ceived an M.B.A. degree at Harvard the American palate more adven- age 96, became an unlikely celeb-

C
layton M. Christensen, a Har- Business School. turous by promoting kiwi fruit. rity, regularly feted by chefs and
vard Business School profes- He then went to work for Bos- It was a long struggle. Formerly quoted by food writers. She was
sor and management guru, ton Consulting Group as a manage- known as the Chinese gooseberry, pleased when they called her “the
was an authority on what he called ment consultant. He took a sabbat- it was still so obscure in 1968 that queen of kiwi.” Rather than treat-
disruptive technologies who be- ical in 1982 to be a White House a reporter felt obliged to explain it ing produce as a commodity, she
came more widely known for offer- Fellow. In the mid-1980s, he helped resembled “furry little potatoes” gave each new arrival a personal-
ing his life as a case study. found Ceramics Process Systems and had a “refreshingly tart pale ity by supplying supermarkets
JASON GROW FOR THE WALL STREET JOURNAL

Dr. Christensen, whose books in- Corp., a Cambridge, Mass.-based green meat.” with information on where it
cluded “The Innovator’s Dilemma” maker of materials used in micro- Ms. Caplan’s bet on the kiwi originated and how to eat it.
and “How Will You Measure Your electronics and other industries. eventually paid off. She went on Her daughters Karen Caplan
Life?,” died Thursday in Boston. He He joined the Harvard Business to introduce a cornucopia of other and Jackie Caplan Wiggins
was 67 and had leukemia. School faculty in 1992. One of his once-mysterious items including bought her business in 1990.
In the 1990s, he warned entre- goals was to explain why business the Belgian endive, fuyu persim- Karen Caplan serves as chief ex-
preneurs against being so focused success was hard to sustain over mon, fiddlehead fern, jicama, star ecutive and Ms. Wiggins as chief
on pleasing their current custom- long periods. fruit, spaghetti squash and man- operating officer. They report an-
ers that they missed shifts in tech- In his 1997 book, “The Innova- gosteen. Her proselytizing in the nual sales of about $60 million.
nology that could render their tor’s Dilemma,” he wrote that com- produce aisles came as Americans —James R. Hagerty
firms obsolete. “To remain at the panies could lose their way by do-
top of their industries, managers ing two things managers were
must first be able to spot disrup- taught to do in business school: lis-
tive technologies,” he wrote. Doing dents come to school thinking that tening to their best customers and S H I N K Y U K- H O
that, he said, required creating or- a career in business means buying, focusing investments on innova- 1921 — 2020
ganizations independent of the selling, and investing in compa- tions promising the highest returns.
mainstream business. nies,” he wrote. “That’s unfortu- Those practices could be disastrous
In a 2010 article and lecture,
“How Will You Measure Your
Life?,” later expanded into a book,
nate. Doing deals doesn’t yield the
deep rewards that come from
building up people.”
if they prevented executives from
spotting the potential for disruptive
technologies arising from the low
Chewing-Gum Tycoon
he advised business-school stu- end of the market.
Rose in Postwar Korea
C
dents to devote part of their time layton Magleby Christensen, Branding could apply to families
to creating a strategy for living a the second of eight children, as well as goods and services, he
good life. Having a clear purpose was born April 6, 1952, in believed. When one of his children

S
mattered more than mastering Salt Lake City. His father managed was accused of pushing another outh Korean business tycoon mer Lotte executive. “With chew-
core competence and disruptive a grocery department in a depart- student at school, Dr. Christensen Shin Kyuk-ho was the last of ing gum, he’d always say we have
innovations, he said. ment store. His mother was a high convened a family meeting. “The the country’s major first- to beat Wrigley,” said Mr. Rim.
A lifelong member of the school English teacher and wrote brand is that the Christensens are generation conglomerate heads Lotte is South Korea’s fifth-
Church of Jesus Christ of Latter- for radio programs. known for kindness,” he said. who helped raise the country out largest conglomerate with over
day Saints, he recounted a tough In sixth grade, he read the en- He expected that brand to serve of poverty. He transformed Lotte 90 affiliates. Lotte’s current
decision he made while playing tire World Book encyclopedia, ac- him well in the afterlife. Group from a chewing-gum com- chairman and Mr. Shin’s second
basketball for a team at Oxford cording to his family. Around the “When I pass on and have my in- pany into a corporate empire son, Shin Dong-bin, met President
University. He outraged teammates same age, he became a regular terview with God, he is not going ranging from international retail Trump at the White House last
by refusing to participate in a reader of the Congressional Record to say, ‘Oh my gosh, Clay Chris- stores to food and chemical plants. year after investing $3.1 billion in
championship game on a Sunday. and made charts of the voting re- tensen, you were a famous profes- Under his leadership, Lotte a chemical plant in Louisiana.
“Had I crossed the line that one cords of members of Congress. One sor at H.B.S.,’” Dr. Christensen told built a 123-story tower, South Ko- Mr. Shin held an honorary
time, I would have done it over early ambition was to become edi- the Journal in a 2016 interview. rea’s tallest, in Seoul. chairman title at Lotte until his
and over in the years that fol- tor of The Wall Street Journal. “He’s going to say…‘Can we just An aspiring writer and pas- death on Jan. 19 at age 98.
lowed,” he wrote. Standing 6-foot-8, he played bas- talk about the individual people sionate player of Go, a Chinese South Korea’s family-run con-
As a consultant and professor, ketball in high school and college. you helped become better peo- strategic board game, Mr. Shin glomerates, known as chaebols,
Dr. Christensen saw his role as While studying economics at ple?…Can we talk about what you made grandiose investments played a critical role in skyrocket-
telling people how to think rather Brigham Young University, he met did to help [your children] become throughout his life. “Whether it ing war-torn South Korea into eco-
than what to do. He urged stu- Christine Quinn, who was studying wonderful people?’” was chewing gum or the world’s nomic success. But in recent years,
dents to look beyond profit mar- English there. They married in 1976. tallest tower, he always had his they empires have been criticized
gins and near-term results. After graduating, he studied  Read a collection of in-depth sights on becoming the world’s for crowding out new firms.
“More and more M.B.A. stu- econometrics at Oxford as a profiles at WSJ.com/Obituaries best,” said Rim Seung-nam, a for- —Eun-Young Jeong

FROM PAGE ONE

Fake Frogs Refis Fuel around the federal govern-

ment shutdown.
But the uptick in mortgage

Replace Mortgage lending doesn’t mean buyers

will have an easy time this
spring. Major barriers in-

Real Ones Boom cluding a lack of housing

supply and relatively tight
bank-lending standards are
pushing homeownership out
Continued from Page One Continued from Page One of reach for many Americans.
smell of dissecting a formalde- nancings made up 38% of Home prices continue to
hyde-drenched frog, considered mortgage originations last rise faster than incomes, fuel-
a rite of passage for middle year. ing concerns that affordability
schoolers. And gone are any Kristen Devlin and her will remain an issue for buy-
surprises, they say, that come husband decided to refinance ers, especially those looking
with a real specimen—extra their south-central Pennsyl- to buy for the first time.
limbs and organs, or bellies full vania home last fall while And the tight supply that
of insects, rocks and even rem- trying to pay down a pile of has choked popular coastal
nants of other amphibians. medical bills. markets has started to seep
“Students look forward to Their rate dropped from into other cities like Boise
doing the real one,” said Robert 6.25% to 4.99%, cutting their and Philadelphia that have
Glotfelty, a middle-school sci- monthly payment. The cou- traditionally been considered
ence teacher in Baltimore City ple managed to pay down more affordable.
JESSICA SCHULTZ

Public Schools, who doubts his their medical bills and chose Low rates aren’t always
students would take a fake frog to keep paying their prerefi- entirely good for those first-
seriously. “I could see frog liv- nancing payment of $1,250 time buyers. Low rates can
ers thrown across my room for their three-bedroom, also inflate home prices,
with a synthetic frog.” Students dissect a SynFrog at J.W. Mitchell High School in Pasco County, Fla. three-bathroom house. The since borrowers can afford
The synthetic frog, called the move will shave six years off bigger mortgages and might
SynFrog, has rolled out at a struction in his wildlife class. no smell, no danger.” president-elect of the National their mortgage term. bid more for homes than
time when more educators are His marine biology class dis- The SynFrog costs $150, Science Teaching Associa- In Philadelphia, Annie they otherwise would.
moving away from dissecting sects fish, which he and the which includes five refurbish- tion. “With a model, you do not Heckenberger’s older brother It isn’t clear how long the
dead specimens. Instead, they class later fillet and cook. ments in which the frogs are see the natural variation that told her it would be smart to mortgage boom will last. Re-
are doing dissections digitally “Synthetics wouldn’t do me refilled and resealed, dropping occurs, or malformations.” refinance the house she financings are expected to
on screens or using virtual real- much good,” Mr. Lundt said. the initial cost to $25 per dis- Ms. Reeves-Pepin said, “For bought about a year earlier. decline through 2021, drag-
ity headsets. The new methods Supporters say synthetic dis- section, Mr. Sakezles said. Stan- some students in an urban en- His advice helped her lock in ging down overall mortgage
resolve animal-welfare con- sections could bring an end to dard refurbishments after the vironment, that’s the only time a new rate of 3.88%, more volume, according to esti-
cerns, cut out the ick factor and cringeworthy videos from sci- first five are $25, compared they’re going to see a frog.” than a percentage point mates from the Mortgage
don’t force terrified kids to ence classrooms. In Oklahoma, with around $8 to $10 for a real Mr. Sakezles said the com- lower than her original one. Bankers Association.
wield scalpels and forceps in students conducted a synchro- specimen. pany has received lots of inqui- “It was more paperwork Still, an expectation that
class, they say. nized dance with cat cadavers Some teachers and science ries about the SynFrog, which than I anticipated but worth interest rates will hold
Adding to the fake menag- to the Meow Mix associations wonder rolled out in November and is it in savings,” Ms. Hecken- steady or even keep falling is
erie, there are also synthetic song. Texas stu- about the makeup partly funded by People for the berger said. a good sign for mortgage
cats, dogs and even human ca- dents jumped rope of the SynFrog. “Is Ethical Treatment of Animals. The average rate on the lending in 2020, analysts
davers on the market. with cat intestines it plastics? What Erin Spellmeyer Jochum, a 30-year fixed-rate mortgage, said. Some mortgage brokers
“We have students that typi- to demon- are we contributing teacher at Jasper High School the most popular home loan said last year’s boom is ex-
cally would opt out of dissec- strate their length to in terms of in Indiana, ordered 12 Syn- in the U.S., dropped to 3.74% tending into the new year.
tions, but no one did with the and toughness as waste?” said Jaclyn Frogs, paid for with a grant, to at the end of 2019, down “It’s very likely that the
SynFrog,” said Jessica Schultz, part of a lesson. A Reeves-Pepin, exec- give it a try. from 4.55% a year earlier. first quarter or first half of
principal at J.W. Mitchell High teacher in Florida utive director of the “Letting kids attempt to dis- Freddie Mac said Thursday 2020 will be bigger than the
School, who has also ordered juggled a trio of National Associa- sect something that isn’t real that the average rate is now first half of 2019,” said Guy Ce-
four fake felines, branded Copy- dead frogs in class. tion of Biology might give them a great under- around 3.6%, its lowest level cala, chief executive of Inside
Cats, for science class. Christopher Teachers. standing of the material with- in more than three months. Mortgage Finance. “People are
The SynFrogs, which are all Sakezles, founder SynDaver won’t out the preservation and con- Mortgage making acceler- encouraged by lower rates.”
female and come with a repro- and CEO of Syn- give the exact tinued cost of purchasing ated at the end of the year. Tim Lindsey, an originat-
ductive system and eggs, were Daver, a Florida- Schrödinger’s frog makeup of the frog, preserved specimens,” she said. Last year’s fourth-quarter to- ing branch manager at Cross-
such a hit at Mitchell High that based manufac- but says she is Still, that isn’t the way stu- tals were the biggest quarter Country Mortgage in Green-
Ms. Schultz wants to phase out turer of synthetic human and “made from a proprietary for- dents in Syndi Murphy’s sci- since the third quarter of wood Village, Colo., said the
dead specimens. animal models, said the com- mula of water, salts and fibers.” ence class in West End, N.C., 2005. number of mortgages he pro-
Marissa Ellis said she has pany’s SynFrogs won’t break Science teacher associations saw it. The class was set to dis- December sales of existing cessed grew more than 25%
never dissected a real frog, but down internally like preserved have mostly stayed out of the sect owl pellets, looking for homes jumped nearly 11% last year. Mr. Lindsey said he
the fake one seemed pretty real ones can. fray, leaving it to local educa- pieces of bone or other signs of from the year before, accord- hasn’t had a day off since
real, with liquid flowing out of “Once it’s preserved, every- tors to determine the best what the hunter had eaten. But ing to the National Associa- New Year’s Day.
it when she cut into it. “I was thing changes, turns like a methods of learning, but they unbeknown to them, artificial tion of Realtors. “There was an incredibly
pretty excited,” she said. grayish mush,” Mr. Sakezles caution against banning dead pellets had mistakenly been de- The NAR said, though, large amount of origination
A fake frog has no appeal for said. “What we’re offering with specimens. livered. that the year-earlier period from previous years,” Mr.
Colorado science teacher Tim the frogs and other animals is “A synthetic frog is a model, “They quickly realized that it had been a particularly weak Lindsey said. “Everyone I
Lundt. He uses roadkill for dis- actually superior to real ani- and all models are exactly the was fake and lost some inter- month for sales in part be- know had their best year
section and skeleton recon- mals. There’s no carcinogens, same,” said Elizabeth Allan, est,” Ms. Murphy said. cause of buyers’ uncertainty ever.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | A11

OPINION
Warren G. Biden Might Win in ’20
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West Des Moines, Iowa So far, the pundits appear to done, and to do them in a rational
oby Paone isn’t floored have been wrong. In the past year way that the American people are
by the speech Joe Biden Mr. Biden has never fallen below ready to accept.” Yet his alternative
has just delivered to the 25% in the Real Clear Politics aver- won’t be enacted by acclamation,
Iowa State Education As- age of national polls. Only one and it hardly hews to Warren Hard-
sociation. A staffer at the other candidate, Ms. Warren, has ing’s line that Americans need “not
ISEA, the state’s largest public ever surpassed that mark, and it experiment, but equipoise.” Mr. Bi-
union, Mr. Paone ranks Mr. Biden’s was during a single week in Octo- den wants to put price controls on
performance fourth out of the four ber. Here in Iowa, whose first-in- prescription drugs. He wants to
candidates who’ve spoken—behind the-nation caucuses are Feb. 3, Mr. launch a “public option,” meaning a

ANDREW HARNIK/ASSOCIATED PRESS

Elizabeth Warren, Pete Buttigieg Biden leads by about four points, government health plan that com-
and Amy Klobuchar. But that hasn’t with 21%, and he boasts endorse- petes with private insurers. “I take
shaken his support for the former ments from former Gov. Tom Vil- ObamaCare and do what Barack
vice president. sack and Rep. Abby Finkenauer of and I wanted to do in the first
“This is not, for me, simply Dubuque. Running second, both na- place,” he says. “We couldn’t get
about a 15-minute speech that he’s tionally and in the Hawkeye State, the votes to get it done.”
had to give 80 times in the last two is Bernie Sanders, another white But what’s changed? Back then
weeks,” Mr. Paone says. “This is male septuagenarian. Democrats held a 60-vote Senate
about history. It’s about a whole ca- At the ISEA conference, there’s majority. Ten years later that has
reer. And I think he can win.” As a no Joe paraphernalia in sight, un- Joe Biden takes a selfie in Indianola, Iowa, Jan. 18. dwindled to a 47-vote minority.
voter, his priority isn’t necessarily less you count the framed Obama- Does Mr. Biden think many Repub-
big structural change, to borrow a Biden campaign poster at the silent figure offering “that return to nor- the late ’20s and early ’30s.” Mr. licans will support his public op-
rival candidate’s phrase. “Plans are auction, which is bid up to $125. malcy, that idea that things can’t Trump’s comments afterward ap- tion? What would he be willing to
great,” he says. But what he wants Many of the attendees are dressed stay this way, this divided.” palled Mr. Biden: “Remember? He give up in a compromise? Or does
most is a “mature adult” in the Oval in matching blue “Strong Public The event opens with the Pledge said there were ‘very fine people on he now want to kill the filibuster,
Office: “I want stability. I want our Schools” T-shirts, making it easy to of Allegiance, and then Mr. Biden ar- both sides.’ ” (He also said there meaning BidenCare could pass with
country to return to normalcy, as spot the mint-green Elizabeth War- gues that America’s Trumpified pol- were “very bad people,” as the presi- the simple majority that he expects
was said exactly 100 years ago. I’m ren stickers. A few gold flashes ad- itics has lost its decency. He calls dent’s supporters would counter.) his coattails to carry to the Capi-
not a very emotional person, but vertise “Boot Edge Edge,” as Mr. back to the 1970s, when Democrats Mr. Biden says he wants to “re- tol? If so, doesn’t that sound a lit-
Donald Trump boils my blood.” Buttigieg has sloganized his pro- and Republicans “argued like the store the soul of America” and tle . . . divisive?
nunciation guide. devil” but also broke bread together “unite the country.” Toward the And what about the unpredict-
In person, Mr. Biden is more in the Senate dining room. “Our pol- end of his talk, he acknowledges able politics of his son Hunter’s
His message of unity— poised than during those TV de- itics today has become so personal, skeptics: “They say ‘Joe Biden’s Ukraine business? Some Democrats
combined with antipathy bates that run until 11 p.m. Like the so dirty, so divisive, that it’s virtu- been around a long time, but he’s think Mr. Trump’s attacks are help-
old pro he is, he hams it up for the ally impossible, it seems, to get any- really naive. You can’t unite the ing Mr. Biden in the primary, since
for Donald Trump—has crowd. As the introduction notes thing done,” he laments. “Unless we country.’ ” He disagrees. “I think Democrats don’t believe them and
made him the front-runner that he was first elected to the Sen- start to work together, the system the American public is ready,” he instead rally around the president’s
ate in 1972, he theatrically lifts his can’t work.” says. “This carny show has come targets. Others worry the tale will
against a radical field.

T
right hand to trace the sign of the through town once, and they found let Mr. Trump depict Mr. Biden as a
cross, before flashing a wry smile. oday, Mr. Biden adds, com- out with Trump there’s no pea un- swamp creature, the way he did in
Then he introduces himself: “I’m promising has been replaced der any one of the three shells.” 2016 to “Crooked Hillary.” Nomi-
Mr. Biden might not be flattered Jill Biden’s husband, Joe”—a good by demonizing. “Look what As Mr. Biden pitches decency to nees deemed “electable”—Mrs.
by the comparison to the winner of line for this audience. Mrs. Biden, this president’s done,” he says, the center, though, his agenda has Clinton, John Kerry, Mitt Romney—
the 1920 election, Warren G. Hard- an English professor, holds a doc- “from the time that he got elected. moved steadily to the left. So far don’t always win.

T
ing, who promised a “return to nor- torate in education and once taught He came down the escalator in his he’s proposed $3.4 trillion in tax in-
malcy” after World War I. Today high school. President Biden will building in New York City, Trump creases over 10 years, twice as much here’s a 15-minute Q&A, but
Harding is best remembered for the stand up for teachers in the White Tower, announcing his presidency. as Hillary Clinton did in 2016. A nobody asks these questions.
Teapot Dome scandal, for showing House, the candidate vows: “If I He said I’m running because I want Catholic, Mr. Biden spent decades in Then the campaign’s pump-
up on worst-president lists along- didn’t do it, I’ll be sleeping in the to get rid of those Mexican rapists.” the Senate supporting the Hyde up music starts, and Mr. Biden is
side James Buchanan and Andrew Lincoln Bedroom. Hah—you all Mr. Biden calls for empathy, cit- Amendment, which blocks taxpayer off to work the rope line. As he
Johnson, and for his spicy love let- think I’m kidding. I’m not.” ing his experience as a young boy funding of abortions, and his 2007 shakes hands and takes grinning
ters that were unsealed in 2014. He says he’ll get teachers a “gen- who stuttered. “Everybody thinks memoir called it “personal principle selfies—at last, as the candidate on
Still, Mr. Biden has made nor- erous raise,” appoint one as his edu- you’re stupid,” he says. “You learn above expediency.” But progressives top, after nearly 50 years of climb-
malcy—and electability—his central cation secretary, and triple funding what bullies are really like. And, want Hyde gone, and last summer ing—Jackie Wilson’s voice purrs
selling point. “None of this matters for Title I schools (those with high you know, it’s awful hard to ask Mr. Biden switched positions in a over the loudspeaker that your love
unless we beat Donald Trump,” he concentrations of poverty). “We’re the lovely girl, ‘Would you g-go-g- matter of hours as he geared up his keeps lifting him higher. Higher
tells the union crowd, “and I’m go- going to get serious about the trag- g-go-g-go to the dance with me?’ ” presidential campaign. and higher.
ing to beat Donald Trump if I’m edy of gun violence,” he says. “Talk His parents didn’t tolerate such On health care, Mr. Biden por- To hear some Democrats, how-
your nominee.” about moral depravity: Our kids go mockery, and neither, Mr. Biden trays himself as a centrist who re- ever, if Mr. Biden rises to the high-
If primary voters do pick Mr. Bi- to school, you send them off to implies, should voters. “We have to jects the government insurance est office in the land, it won’t be
den, it would run counter to more school this September, and they’ll re-establish basic American val- takeover that his rivals have styled because of love. “I don’t know any-
than one political stereotype. The learn how to duck and cover.” ues—Iowa values,” he says. “Think Medicare for All. “One of the lead- one that’s like super passionate
old cliché is that Democrats like to A few hours later Mr. Biden is 25 about how we talk about one an- ing candidates”—presumably Ms. about Joe Biden,” says Tyler Higgs,
“fall in love” with a fresh-faced miles southeast at Simpson Col- other, how in politics the president Warren or Mr. Sanders, though col- a school psychologist wearing Eliz-
candidate: the honest peanut lege, a liberal-arts school in Indi- talks about people. Our children legially no names are mentioned— abeth Warren swag at the ISEA
farmer from Georgia, the charis- anola. There are roughly 150 chairs are listening.” “said I’m not going to tell you what conference. “It’s more like he’s the
matic saxophonist from Arkansas, and probably twice as many people, In 2015, when his son Beau died it costs, because it’s confusing,” Mr. default candidate. But, you know, I
the stirring orator from Illinois. circled in a dim hall above the cam- of cancer at 46, Mr. Biden thought Biden says at Simpson College. He mean he’s not a bad choice.”
The new cliché is that they’re ob- pus dining center. Kedron Bardwell, he was through with politics. Then leans in, eyes wide, enunciating So sure, if Mr. Biden makes it to
sessed with identity politics. Yet a professor of political science neo-Nazis went marching in Char- each syllable: “Thirty. Five. Trillion. November, Mr. Higgs would pull that
this year they might settle on a 77- here, describes himself as a moder- lottesville, Va., in 2017. “Close your Dollars over 10 years. Hear me?” A lever in a heartbeat. “We’ve got
year-old white man who arrived in ate ex-Republican who can’t bear eyes,” he says, “remember what you voice in the crowd murmurs an as- Donald Trump on the other side,” he
Washington in 1973, whose 1988 Mr. Trump. “He’s taken the party in saw on television: The veins on their tonished “wow.” says. “I would vote for a left shoe if
and 2008 presidential campaigns every direction that I thought was necks, contorted, bulging, their faces Mr. Biden says he appreciates it was the Democratic nominee.”
fizzled, and whose verbal stumbles wrong for the party,” Mr. Bardwell contorted, preaching and shouting the intention of Medicare for All.
last year led many pundits to write says. Now he’s not sure what to do, the same anti-Semitic bile that was “The point I’m making is that Mr. Peterson is a member of the
him off. but he sees Mr. Biden’s appeal, as a chanted in the streets of Europe in there’s ways to get these things Journal’s editorial board.

Goldman Sachs to Native Alaskans: Drop Dead

Utqiagvik, Alaska tude that too often has been the hall- development in Native Alaskan com- whaling hunt from starvation. forgo participation in Arctic drilling
As the mayor of mark of the way Westerners deal munities. Today I see fellow residents We are able to have all this be- projects was born of a desire to fight
Alaska’s North Slope with indigenous people. Had anyone becoming doctors, lawyers, teachers cause we treasure and protect our climate change. But given its business
Borough, I represent at Goldman Sachs bothered to ask us and engineers. Some, like me, have land and wildlife—the resources that interests in oil-producing states
about 10,000 people what we thought about funding en- become whaling captains. executives and environmental groups around the world, including involve-
in an area larger ergy plays on the North Slope, here’s We have a long way to go to enjoy in cities thousands of miles away ment in last year’s initial public offer-
than most states. Be- what we would have said: the amenities that most people in the claim to care about. The way we see ing of Saudi Arabia’s oil company,
CROSS
neath our lands are From the time of Western contact “lower 48” take for granted. But it, caring about the land and wildlife Aramco, that can’t be true.
COUNTRY
some of the largest until we were able to claim the rights thanks to oil production, our children should also mean caring about the in- Goldman executives are simply
By Harry
oil and gas reserves to our lands, the people of the North are no longer forced to live hundreds digenous people who inhabit the looking to curry political favor with
Brower Jr.
in the world, includ- Slope and other indigenous Alaskan of miles away from their families sim- land—and that means knowing us, powerful green interests. The cost of
ing Prudhoe Bay and communities suffered and lived un- ply to attend high school. We are able which Goldman Sachs hasn’t both- Goldman Sachs’s hypocrisy will be
the coastal plain of the Alaska Na- der horrific conditions. In 1953, re- to eat our native foods, practice our ered to do. We aren’t hungry for oil, paid by my people, who may soon be
tional Wildlife Refuge. searchers from the University of native ceremonies and speak in our we are hungry for progress and un- on a path back to the deprivation and
Since the 19th century, when our Pittsburgh traveled throughout rural native tongues. Many of us now live derstanding from those on the East hardship our ancestors worked so
Inupiat ancestors made initial con- Alaska conducting a health survey. near a cutting-edge medical clinic. Coast and beyond. We don’t need hard to leave behind.
tact with the West, we have worked The visitors were shocked by what We can heat our homes, turn on our your protection or judgment. We
to maintain a balance between the they found. lights with a flick of the switch, and need your respect. We need to be Mr. Brower, a whaling captain,
modern world and our rich cultural “The indigenous peoples of Native in some cases we even have indoor treated like fellow Americans. was elected mayor of Alaska’s North
inheritance. Largely because of the Alaska are the victims of sickness, plumbing. We are no longer one Goldman Sachs says its decision to Slope Borough in 2016.
oil and gas under our lands, which crippling conditions and premature
are developed using the highest envi- death to a degree exceeded in very
ronmental standards, we have come
far. My biggest fear is that we will be
set back in our quest—this time by
few parts of the world,” the team
wrote. “Among them, health prob-
lems are nearly out of hand.” They
Let the Games Begin—and Politics Pause
those who claim to care about us but documented “the large numbers of By Stanley Fish words and gestures with a political ministrative body resolves to favor

T
are using my lands and my people as the tuberculosis [sufferers], the crip- message are outlawed. none of them. Neutrality as a value
symbols for a larger political goal. pled, the blind, the deaf, the malnour- hose protesting the Interna- Such restrictions are no more po- comes into play only when the land-
ished and the desperately ill.” tional Olympic Committee’s de- litical than a rule preventing nurses scape is already politically config-
These were my direct forbears— cision to ban political state- from lobbying for higher wages dur- ured. The landscape of Olympic com-
The bank claims to value including my mother—and the ances- ments by participating athletes make ing an operation or jurors from voic- petition isn’t. The committee’s effort
tors of many who still live on the several familiar arguments, all of ing their opinions in the middle of a is a prophylactic one: Politics might
‘stakeholder engagement’ North Slope. In the face of such des- them bad. The principal one is that trial. The point isn’t to suppress po- have infected almost everything
but dropped Arctic drilling perate poverty, our ancestors—some since politics already saturates the litical views, but to recognize and about the Olympics, but the games
still alive—organized to get access to Olympics—the parade of national honor the primary obligations taken themselves are a sacred zone that
without consulting us. our lands and resources. Elders, in- flags, the contest between cities vy- must be protected.
cluding my father, helped organize ing to host—the ban is incoherent Why? Because if executing a back-
Alaska Natives throughout the state. and hypocritical, and the attempted Athletes can express their door play or breaking a world record
Last month, Goldman Sachs an- They formed associations. They interdiction of political speech is it- views everywhere except in a relay solicits our admiration as
nounced it will no longer fund oil and started a newspaper. self a political act. an act affirming freedom or women’s
gas development in the Arctic region. They traveled to Washington in No it isn’t. Declaring a politics-free on the field and rostrum. equality or indigenous rights, what
The announcement came as a shock large numbers, some even sleeping in zone is simply an assertion that one the IOC calls “sport and its values”
to me and my constituents, particu- tents outside, to lobby Congress for kind of activity is appropriate in a will have been subordinated to a par-
larly because the New York-based in- the Alaska Native Claims Settlement particular space and not another. Ath- on by those who enter a particular tisan agenda. The Olympics will be
vestment bank claims “stakeholder Act of 1971, the largest lands claim letes, like anyone else, may be inter- arena of practice. What Olympic ath- nothing more than a large scale polit-
engagement” and “consultation” with act in history. The act transferred ested in political issues such as cli- letes are forbidden to say at carefully ical messaging center. Maybe that’s
indigenous peoples are core business ownership of what had been federal mate change, income inequality or specified moments, they are perfectly what the hundreds of millions of fans
principles. No one will be more af- land to the indigenous people who minority rights. That’s why the com- free to say in ordinary settings, when want, but I don’t think so.
fected by Goldman Sachs’s decision lived there and paved the way for mittee is careful to say there will be the severe requirements of disciplin-
than the people of Alaska’s North North Slope oil production as well as no ban on political statements “during ary integrity don’t apply. Mr. Fish is a visiting professor at
Slope, yet we learned about it in the logging, mining and fishing rights in press conferences and interviews,” “at The IOC muddies the waters when Yeshiva University’s Benjamin N. Car-
media. other areas of the state. team meetings” and “on digital or tra- it proclaims the importance of keep- dozo School of Law and author of
By ignoring the concerns of Alaska I’m proud that Prudhoe Bay has ditional media.” But “on the field of ing “the Olympic Village and the po- “The First: How to Think About Hate
Natives and basking in positive pub- produced 18 billion barrels of oil play,” “during Olympic medal ceremo- dium neutral.” The word “neutral” Speech, Campus Speech, Religious
licity, Goldman Sachs demonstrated since 1977, contributing billions of nies” and “during the Opening, Clos- suggests a space where contending Speech, Fake News, Post-Truth and
the condescending, subtly racist atti- dollars to state coffers and funding ing, and other official Ceremonies,” political views are present and an ad- Donald Trump.”
A12 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

And Congress Shall Be King U.S.: Just Say ‘No More’ to the Middle East?

D
emocratic Rep. Jerrold Nadler on Presidential communications.” America’s pre-eminent position in states in the Middle East.
Thursday summed up the case for oust- As a letter from 21 GOP state attorneys gen- the world isn’t due to the vision of Is our foreign policy competent?
our elected officials or the brilliance Barely. Do I mourn the loss of Ameri-
ing President Trump this way: “Simply eral to the Senate this week adds, the Nixon
of our diplomatic corps (“The Middle can blood and treasure from our vari-
stated, impeachment is the Court also noted that commu- East Isn’t Worth It Anymore,” Review, ous efforts in the Middle East? Yes,
Constitution’s final answer to The House claims it, nications involving “military, Jan. 18). The U.S. has two irreplace- absolutely. But at a strategic level, has
a President who mistakes him- and only it, can define diplomatic or sensitive na- able advantages. We are blessed with the U.S. accomplished its necessary
self for a king.” Which brings tional security secrets” might two oceans and friendly neighbors, so policy objectives in the Middle East
us to the case Democrats executive privilege. be entitled to even more pro- we have more freedom of action than since 1945? So far, yes.
made Friday for their second tection from Congressional or any other world actor. U.S. policy DAVID HADLEY
article of impeachment charg- public exposure. makers don’t have to win major con- Manhattan Beach, Calif.
ing “obstruction of Congress.” This would make The communications Mr. Trump is trying to tests; we only have to not lose them.
Congress a king. protect relate to Ukraine, which is precisely in In the Middle East, we just had to Mr. Indyk asserts that the only
The remarkable House claim is that Mr. this more protected category of military aid, di- prevent a hegemonic power like the path to peace in the Israeli-Palestinian
U.S.S.R. (later, Russia) or Iraq from conflict is a two-state solution. Were
Trump violated the Constitution because he plomacy and national security.
gaining control of the region’s oil. that possible, it would have happened
dared to resist Congressional subpoenas. He The proper path for the House would have And our jumbled foreign-policy im- by now. However, it cannot happen
cited executive privilege to direct nine “vital” been to seek documents, and the testimony of provisations succeeded in that goal with the current leader of the Pales-
Administration officials not to cooperate with individuals, by challenging Mr. Trump’s privi- for long enough to allow American in- tinian Authority. Only when the Pales-
the House impeachment inquiry. lege claims in court. That’s what the House did novation (fracking and natural gas) tinian people decide to make a real
“President Trump thus interposed the pow- in the Nixon case, and it won. That’s also what and the efficiency of markets (re- change in their leaders, people who
ers of the Presidency against the lawful subpoe- independent counsel Ken Starr did in the Bill duced energy intensity, renewable en- will demonstrate the willingness to be
nas of the House of Representatives, and as- Clinton case, and he won. ergy) to leave Middle Eastern petro- a peace partner with Israel, could a
sumed to himself functions and judgments The House might well have won some of its states approaching the dustbin of two-state solution even be considered.
necessary to the exercise of the ‘sole Power of claims in this case too, especially for lower- history. HINDY KIERMAN
They may not be in the dustbin yet, East Brunswick, N.J.
Impeachment’ vested by the Constitution in the level aides who might not have interacted
but massive oil production from Iran,
House of Representatives,” the House declares closely with Mr. Trump. If Mr. Trump had then Iraq, Libya and Venezuela is offline si- It’s very puzzling for a career dip-
in its impeachment resolution. resisted a court order—something he hasn’t multaneously and the world economy lomat to say in one article that China
Shorter version: The House has the unilat- done as President—the House would have had has barely noticed. Martin Indyk is a rising threat and then call for ex-
eral power to define executive privilege, and a adequate grounds to impeach. should congratulate himself and other panding its involvement in protecting
President has no constitutional authority to re- On the other hand, the House probably U.S. policy makers of the last 75 years Middle East sea lanes.
sist. If he does resist, the House can throw him would have lost an attempt to call John Bolton, and declare victory that U.S. interests RUSSELL LAUGHEAD
out of office. the former national security adviser, or Secre- are no longer at the mercy of broken Houston
i i i tary of State Mike Pompeo. That may be why
This is contrary to the design and intention the House never formally sought their testi-
of the Constitution’s separation of powers, mony, and why it withdrew its subpoena to call
which establishes three co-equal branches. It Mr. Bolton’s deputy. None of those names ap- Bernie, Boomers and Earnest Young Socialists
is contrary to any previous understanding of pear on the list of nine officials in the House’s Regarding Mene Ukueberuwa’s “The The impulse driving Sen. Bernie
Congressional subpoena power and the ability second impeachment article. Weekend Interview with Edward Sanders’s popularity among a sector of
of a President to protect his power to deliberate Instead, the House asserted that it alone can Glaeser: Boomer Socialism Led to Ber- young voters isn’t a longing for the
with advisers. And it is contrary to Supreme determine what is privileged and what isn’t. nie Sanders” (Jan. 18): Mr. Glaeser be- days of Stalin, but the result of gazing
Court precedents on the tension between Con- And now Democrats are demanding that the lieves that millennials’ embrace of a at the host of modern capitalist coun-
gress and the executive. Senate call Mr. Bolton as a trial witness when “hyperredistribution” version of so- tries where all citizens are able to af-
Start with U.S. v. Nixon, which Democrats the House refused to do it. But Mr. Trump’s cialism (as opposed to state control of ford—not receive for free, but afford—
like to cite as their main justification for im- privilege claims don’t vanish simply because production) is more a matter of eco- child care, health care, housing,
peaching this President. In that case the Su- the House has impeached him. nomics than culture or education. He education for their children and the
preme Court rejected President Nixon’s sweep- We recount all this because impeachments sees the demographic deck stacked prospect of a secure retirement, all
against millennials in America’s aging while shouldering an overall tax bur-
ing claims of privilege and ordered that the set precedents even when they result in Senate
population, with entrenched groups den similar to what we pay.
White House tapes be delivered to Congress. acquittal, as this one likely will. If the Demo- such as baby boomers and government The roots of an economy that
Nixon then resigned. cratic House prevails in its claim of unilateral employees protecting their interests in doesn’t work for a broad swath of
But the Court also said explicitly in that case power to define executive privilege, then that a way that saps overall growth. young and middle-aged Americans lie
that a narrower claim of privilege might well privilege is essentially dead. Any President who Even if “it’s the economy, stupid,” not in excessive regulation, but in the
be justified. The unanimous opinion said that invokes it will risk impeachment, especially culture and education are key parts of constant self-dealing on the part of our
a “President and those who assist him must be Presidents who are down in the polls or loathed the collectivist appeal. Millennials and elites, usually in the name of the mar-
free to explore alternatives in the process of by the opposition party. Gen-Z young adults were weaned on ket, and frequently with the conniv-
shaping policies and making decisions and to The President becomes a vassal of king Con- three pillars of progressive education: ance of big finance. College for every-
do so in a way many would be unwilling to ex- gress. This is another reason for the Senate to secularism, environmentalism and one? Let’s engineer a massive
American injustice. Years of learning borrowing, taking care to rewrite bank-
press except privately. These are the consider- repudiate this House impeachment as its own
about the nation’s sordid past and ruptcy preventing those debts from be-
ations justifying a presumptive privilege for abuse of power. planet-killing capitalism took a toll on ing discharged. Expand home owner-
young minds. Many of their educators ship? I’ve got a collateralized

Elizabeth Warren Meets an Irate Dad were baby boomers, so boomer indoc-
trination gets at least honorable men-
instrument for that. The concentration
of wealth among the billionaires of

P
tion in a list of reasons for young Wall Street and the six-figure salary
residential campaigns always try to stay money. He made more than I did, but I worked adults souring on American capitalism. paid by Harvard to Elizabeth Warren
on script, but the handshake game in a double shift, worked extra. My daughter’s A Wall Street Journal/NBC News are symptoms of the same problem:
early states still offers interesting spon- worked since she was 10.” survey last year found that Americans The former “best and brightest” now
taneity. Case in point: After an It’s a tense but revealing under the age of 50 place much less serve only themselves.
Elizabeth Warren event this If she’s going to forgive moment about politics and value on patriotism, religion and hav- ED DENNISON
ing children than did young adults two Dover, Mass.
week in Grimes, Iowa, a voter student debt, this voter personal responsibility in a de-
decades earlier. Regardless of what
challenged her plan to forgive mocracy. As far as we know, drives millennial attitudes, Mr.
student debt. wants a tuition refund. the man hasn’t identified him- Glaeser’s proposed solutions for eco- Taiwan’s Democracy Is
It’s all captured on tape. As self, so there’s no way to guess nomic headwinds facing younger
C-Span’s camera rolls, a man if he supports a different candi- adults are not likely to pass muster
Thriving and Needs Support
approaches Ms. Warren and says hello: “I just date or was intentionally aiming for a viral video. with any generation. More tax cuts fi- Taiwan once again demonstrates
wanted to ask one question. My daughter’s get- In any event, he’s now all over the news, in a way nanced by curtailed entitlements cer- the strength of its democracy (“Two
ting out of school. I’ve saved all my money. She that is forcing Ms. Warren to respond. tainly would be DOA. His fixes are fea- Portents of Freedom,” Review & Out-
doesn’t have any student loans.” Ms. Warren On Friday morning she was asked about the sible only in an economic crisis or look, Jan. 13) in a presidential elec-
nods and says, “God bless you.” clip on CBS. “We build a future going forward after a couple of decades of culture tion that saw voter turnout hit 75%.
Then the shoe drops. “Am I going to get my by making it better,” she said. “By that same and education reprogramming. Even This tells us that the Taiwanese peo-
then, millennials will be protecting ple do not take lightly the future of
money back?” the man asks. Ms. Warren has logic what would we have done? Not started
scraps left behind by boomers from a their country and their right to
proposed to cancel $640 billion in student Social Security because we didn’t start it last new generation of young whipper- speak for themselves.
loans, up to $50,000 a person. She says this week for you, or last month for you?” snappers looking for a fair share of With a fresh mandate, President
would help 42 million Americans. But there’s That answer might work with Democratic the 2040 American pie. Tsai Ing-wen’s administration will
no provision to reimburse the millions of others crowds, but it ignores the man’s point about STUART GRAYcontinue to build on the robust rela-
who worked hard, saved money, and put them- unfairness and the total dysfunction in student St. Augustine, Fla.
tionship between the U.S. and Tai-
selves or their children through college. loans. The government subsidizes debt, col- wan. We thank the Journal’s advo-
“Of course not,” Ms. Warren replies. The leges raise their prices, students are told to get cating for closer ties between Taipei
man gets agitated. “So you’re going to pay for more degrees, credential inflation kicks in, and Morningstar: Competition and Washington, and especially sup-
port its call for a bilateral trade
people who didn’t save any money,” he says, taxpayers eat the losses. Ms. Warren’s propos- Will Lead to Better Ratings agreement. The latter makes perfect
“and those of us who did the right thing get als would make such problems worse. The po-
It was disappointing to read sense, given that both countries en-
screwed.” He continues: “My buddy had fun, litical press might not care, but fathers who “Morningstar’s Move Into Bond Rat- joy a free and open economy that
bought a car, went on vacations. I saved my saved for their children in Iowa do. ings Hits Bumps” (Business & Fi- values transparency and protects in-
nance, Jan. 9). It misses the forest for tellectual property rights. A trade
the trees: The financial crisis demon- agreement would help strengthen
Goldman Gets Half Woke strated that diverse views and com- Taiwan’s engagement with the U.S.

G
petition in the credit-ratings industry and establish a rules-based trade or-
oldman Sachs CEO David Solomon dem- in America that doesn’t want or feel obligated are needed for the market and for in- der in the region.
onstrated his social enlightenment in to promote women and minorities. vestors. The business model presents Taiwan’s voters have spoken. They
Davos this week by announcing that the Asset managers such as BlackRock and State potential conflicts of interest, no cannot give up on their freedom and
white-shoe investment bank Street have issued proxy doubt, but I believe that postcrisis democracy, and the international
The firm will boycott regulation and Morningstar’s 35-year community’s support is all the more
would no longer help compa- guidelines emphasizing cor-
commitment to independent research important as Taiwan stays its course
nies with exclusively white, companies with all-male porate board diversity for means those conflicts can be man- in the face of China’s bullying.
male boards go public—as firms in which they invest. So aged transparently and responsibly. LILY HSU
long as its boycott doesn’t boards—in some places. all white-male boards would The true test of a ratings methodol- Ambassador and director-general,
hurt business too much. struggle to draw large inves- ogy is the performance of the ratings Taipei Economic and Cultural Office
“Starting on July 1 in the tors and raise money in public over time, not the perceptions when in New York
U.S. and Europe, we’re not going to take a com- markets regardless of Goldman’s boycott. The implemented. Competition drives
pany public unless there’s at least one diverse bank is merely following the investment man- smarter analysis, more points of view
board candidate, with a focus on women,” Mr. agement crowd. and more performance comparisons Pepper ...
Solomon said on CNBC Thursday. “We might Well, not exactly. It turns out that Gold- over time that will empower inves-
tors to form their own opinions. Re-
And Salt
miss some business, but in the long run, this I man’s diversity drive doesn’t extend to its busi-
hashing a convenient narrative that THE WALL STREET JOURNAL
think is the best advice for companies that want ness in Asia, Latin America or the Middle East
transports us back to when big
to drive premium returns for their shareholders where all-male boards are more common. One credit-rating firms lost the trust of
over time.” third of corporate boards in China and Japan investors will more likely obviate 10
Mr. Solomon may be exaggerating his busi- have all-male boards, as do 94% of those in years of industry evolution and the
ness sacrifice. California and many European Saudi Arabia. Goldman has been chasing busi- potential to regain that trust.
countries including Germany, France and Italy ness in emerging markets as it becomes harder KUNAL KAPOOR
have already imposed gender quotas for corpo- to deliver growth in U.S. investment banking. CEO
rate directors. Goldman issued a statement not- Goldman says that it will consider extending Morningstar Inc.
ing that more than 60 U.S. and European com- the policy to other regions over time after con- Chicago
panies went public within the last two years sulting with clients, and as diversity awareness
without a “diverse” candidate. increases. Letters intended for publication should
But small companies have a harder time re- Perhaps Goldman doesn’t want to impose its be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
cruiting women and minorities to join their values on non-Western cultures that aren’t as or emailed to [email protected]. Please
boards in part because the most qualified are enlightened about identity politics. Or maybe include your city and state. All letters
being scooped up by larger firms. Every com- it doesn’t want its wokeness to cost the bank are subject to editing, and unpublished
pany in the S&P 500 has at least one woman on global customers who care more about business letters can be neither acknowledged nor
returned.
its board, and there probably isn’t a business than American politics. “Walking erect is very trendy today.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | A13

OPINION

Impeachment Needs Witnesses on Both Sides

side benefit of the impeachment pro- Mr. Biden was a U.S. senator for
ceedings this week. And it seems to 36 years. He knows that chamber, his
me there’s something new to be friends are there. He’s a public figure
gained. of long standing. It would not be un-

MICHAEL REYNOLDS/EPA/SHUTTERSTOCK: JOHN LOCHER/AP

DECLARATIONS I believe the president is guilty of duly burdensome or overwhelming
By Peggy Noonan shaking down the government of for him to be invited into that arena

W
Ukraine for personal political gain, to expand the public record.
e must take our satis- that he has rightly been embar- It would be high-risk, high-re-
factions where we rassed for this, and that the fit final ward. If Mr. Biden bobbles it when
can. It is not terrible punishment with an election coming he’s questioned about Ukraine, its
for the young that was censure, not impeachment. But country’s corruption and his son, it
they witness a certain we are where we are, and the pro- could ruin his presidential candi-
gravity emanating from Congress. ceedings can be enriched if both par- dacy. On the other hand if he brings
There’s a lot to be learned and re- ties unclench and let this thing it to Mr. Trump, if he makes the
minded of when we speak of the ge- broaden out. case he has been the object of cal-
nius of the Founders and quote Ham- The key to deepening things, cap- umnies and speaks in defense of the
ilton, Madison and the others as turing the essence of the argument career public servants the president
they created the political arrange- and satisfying the majority of the abused, such as Ambassador Marie
ments by which we live. These were people is three words: Witnesses, Yovanovitch, who lost her job in the
not shallow men. It’s good to be re- witnesses, witnesses. History de- John Bolton (left) and former Vice President Joe Biden. Ukraine scheme—well, that could
minded that for all our flaws as a serves them; the public wants them, make Joe Biden president.
nation and a people, we came from according to polls, and will not be defending me! I want my guys! He’ll ginned-up hoax, get him. He has al- This would be pretty exciting.
something magnificent and are the fully served without them. have a conversation with Mitch ready said he will testify if called. Hunter Biden shouldn’t be hauled in.
heirs of that magnificence. It is good On this, the parties are at logger- McConnell, and we’ll be off to the As for Mr. Biden, it is fair to ask: He has never sought public office
for the young to see our representa- heads, in stalemate. Senate Demo- races. What does he have to do with this? and is portrayed in the press as in
tives enact, sometimes actually crats would like certain witnesses And why not? Take the time. He’s not a fact witness. He wasn’t a perpetual personal crisis. Compel-
model, personal dignity. Impeach- but not others. They think they’ve Throw everything against the wall, participant in the scheme; he was its ling him to testify would be not
ment manager Rep. Zoe Lofgren, made their case—why open it to un- let historians sort it out. intended victim. Donald Trump ap- thoroughness but sadism.
we’re looking at you. It’s good to see expected hazards? You never know How many witnesses? Four major parently thought he was the likely The Democrats should want—His-
those hallowed halls actually seem what will be said in testimony. Re- ones in four days would not be un- Democratic 2020 nominee. So he tory would want—the testimony of
hallowed. publicans don’t want new witnesses. reasonable. muscled Ukraine to embarrass Mr. Mick Mulvaney, the president’s act-
The House had plenty of them, ques- John Bolton and Joe Biden? Yes. Biden by publicly announcing an in- ing chief of staff, also in the center
tioned them, drew up the articles Mr. Bolton was Donald Trump’s vestigating of his son Hunter. Mr. of things during the Ukraine
Forget Democrats and based on their testimony. The Senate national security adviser from April Trump apparently thought then-Vice scheme. He isn’t known to have at-
is here to weigh them, not develop 2018 to September 2019. He was in President Biden had pressed for the tempted to thwart the president’s
Republicans. The interests new evidence. Also there are aspects the thick of it but apparently apart firing of a Ukraine prosecutor who actions. Did he? If not, why not?
of a third party, History, of executive privilege. from it. He spoke of the Ukraine he thought was moving against In return for Mr. Mulvaney, Re-
Both parties are thinking of their scheme disparagingly, is said to have Hunter, who served on the board of publicans should want Rudy Giu-
are more important. own needs, which is what parties do. called it a drug deal. He called Rudy a Ukrainian company. liani. Many of Mr. Trump’s support-
But when you open the door to im- Giuliani, the apparent instigator, “a Mr. Trump’s great defense is that ers hope for a colorful, even
peachment, there’s a third party in hand grenade who’s going to blow he was simply pressing the new gov- intemperate defense of the presi-
Scott Fitzgerald, near the end of the room, History. It too has its everybody up,” according to the tes- ernment of Ukraine to be harder on dent. Rudy’s their man. If Ukraine
his life and bruised at thinking his needs, and they are less selfish than timony of Fiona Hill, the president’s corruption in general than it had been was a drug deal, it looks as if he ran
work was forgotten, wrote to his those of the political parties. History adviser on Russia and Europe. in the past. Is it unfair to ask Mr. Bi- the cartel. Get him in and under
daughter that when he considered, wants information. It wants data and Mr. Bolton is a central fact wit- den to testify on his approach to and oath. First question: What were you
objectively, his gifts and the price he testimony. It wants as near as possi- ness. The story is incomplete with- actions on Ukrainian corruption when doing?
paid to realize them, he thought he ble to know and understand the out him, and his testimony could he was vice president? Is it unfair to Then end this. The 67 votes
saw in his career “some sort of epic story. prove crucial. He is respected among ask how he viewed his son’s job with needed to convict won’t materialize.
grandeur.” That is what we too can It will be surprising if the presi- conservatives, who know him from the company of a nation on which the Scrub this saga as thoroughly as
see, objectively, when we bother to dent doesn’t come around to backing Fox News; he was U.S. ambassador senior Mr. Biden held portfolio? No. possible and then leave it to history,
look at our career as a nation, and a more witnesses. As the Democrats to the United Nations. If you want to And it would satisfy half the country: which will find in it valuable mate-
people. make their case against him, he will break through to Trump supporters “Good, we’re finally talking about the rial as to the ways and mores of
I see all this as an unanticipated begin to seethe: I want more people who think this whole case is a big, swamp and its corruptions.” early 21st-century American politics.

Happy Chinese New Year—Now Please Appropriate My Culture

By Helen Raleigh Based on the social-justice war- throw the Manchu rulers. When the Communists took over nated in India. On Super Bowl Sun-

H
riors’ logic, people must only func- After the 1912 revolution that mainland China in 1949, they re- day, I’ll eat nachos and pizza. And
appy Year of the Rat. Chinese tion within the ethnic identity and ended the Qing dynasty, Western garded the qipao as a bourgeois you bet my household celebrates In-
New Year falls on Jan. 25, and culture they were born into—for life. ideas such as equality and liberty symbol and for several decades for- dependence Day with a backyard
the festivities traditionally Authenticity, to them, means each began to influence Chinese women. bade Chinese women from wearing barbecue of hamburgers and hot
last for 15 days, concluding with the cultural group must embrace its own As more attended school and en- it. The qipao has became fashionable dogs, followed by a show of Chinese-
lantern festival. So, my fellow Amer- culture and fiercely defend its tered professions, they needed new again among ordinary Chinese made fireworks.
icans, you will have plenty of time to unique traits from others. But no women only since the 2000s. So this Chinese New Year, I en-
join me in celebrating. I invite you to culture can survive in a vacuum. All The story of the qipao demon- courage you to appropriate Chinese
appropriate my culture. of today’s cultures are the result of So-called progressives strates that “authenticity” and “orig- culture by wearing something Chi-
You’re welcome to try on tradi- cross-pollination with others in the inality” are misleading ways to think nese, learning how to say “Happy
tional Chinese clothing: the cheong- past. demand we all freeze about culture. Adopting something New Year!” (“Gong xi fa cai!” in
sam, or qipao, for ladies; a Tang The qipao, for instance, was origi- our lives at an arbitrary from another culture is unavoidable Mandarin), cooking and eating Chi-
shirt for gentlemen. You may be con- nally a Manchu dress. The Manchu and natural. Not to mention, a life nese food, and hanging out with
cerned. If you are not ethnically Chi- are an ethnic minority living in moment in historical time. lived only within one culture—frozen your Chinese friends. Don’t let any-
nese, can you really wear a tradi- northeastern China. Over decades, at an arbitrary moment in historical one dictate what you can or can’t do
tional Chinese outfit? Can you loudly Manchu armies conquered the Ming time—would be boring. in the name of “cultural appropria-
wish someone “Happy New Year” in Empire, founded the Qing Dynasty in outfits to match their enlightened As an immigrant, I have shame- tion.” Do the thing that’s increas-
Chinese? Can you cook traditional 1644, and ruled over the Han Chi- social awareness. So Han Chinese lessly appropriated American cul- ingly off-limits: Have fun.
Chinese dishes without being guilty nese population until 1912. The Han women borrowed the Manchu qipao, ture. My New Year’s resolutions in-
of “cultural appropriation”? I assure considered Manchu cultural cus- which was loose and wide, and made clude exercising more, and for that I Ms. Raleigh is a senior contributor
you that most Chinese don’t mind. toms, including their clothing, bar- it more form-fitting with various attend Zumba, a dance workout to to the Federalist and the author of
We appreciate it when outsiders in- baric, and tried many times to over- lengths and sleeve styles. Latin music, or do yoga, which origi- “Confucius Never Said.”
corporate elements of Chinese cul-
ture into their lives.
The idea of “cultural appropria-
tion” is silly. While misrepresenta-
tion of other cultures does happen
Jeff Bezos Tries to Wag the Dog
and can be harmful, “cultural appro- Jeff Bezos’s extra- The report finds with “medium to was exposed by an unfriendly foreign Bezos’s girlfriend (a former TV host)
priation” has been weaponized by marital affair is the high confidence” that the Saudi gov- intelligence agency. Unfortunately, for a picture whose styling and fram-
social-justice warriors to shut down type of story that ernment hacked Mr. Bezos’s phone. more newsworthy than Mr. Bezos ing resembled the photo allegedly
freedom of expression and control sometimes ties the Now it’s easy to believe that lots of cheating on his wife would also be sent by the prince.
others. media into knots. government spy agencies would the story of him promoting a dubious Mr. Bezos received a text message
No one is safe from being accused What was leaked want to hack the world’s richest narrative of international intrigue as apparently from the crown prince
of “cultural appropriation,” or even was potentially less man’s phone. It takes only a little ef- a possible distraction. Nor is there saying don’t believe everything you
BUSINESS
“racial identity theft.” Whether you newsworthy than fort to believe that Saudi Crown any getting around the fact that he hear about Saudi Arabia. Two days
WORLD
are rich and famous or an average who leaked it and Prince Mohammed bin Salman, earlier Mr. Bezos had gotten a pri-
By Holman W.
Joe going about your life, culture po- why. Because the whose recklessness is legendary, vate briefing on a Saudi cyber cam-
Jenkins, Jr.
lice are everywhere to make sure media is reluctant would leave his own fingerprints all Faint stirrings of media paign against him, but the text mes-
that people don’t out of their lane to to inquire into each over such an effort. sage came a week after Mr. Bezos
claim something that’s “not theirs.” other’s sources, such stories often go Unfortunately the report does not skepticism are making had already told the world about his
Chef Gordon Ramsay was accused of unreported. This case was an excep- deliver on these plausible allega- his Saudi conspiracy investigation of a Saudi role. Secret
“cultural appropriation” after he tion, at least for a while. The National tions. It finds no malware on Mr. Be- knowledge was not necessary to ex-
said he would open an “authentic” Enquirer is a disreputable supermar- zos’s phone or record of its commu- theory a harder sell. plain the prince’s text.
Asian restaurant in London. Neither ket tabloid, and Mr. Bezos strongly nicating with spyware-related web I’m all in favor of the media dig-
he nor his head chef is Asian. A suggested it was in cahoots with a sites. And missing is any claim or ging deeply into how certain stories
high-school student in Utah was crit- foreign power, Saudi Arabia, and pos- hint of a Saudi link to the embarrass- made his ownership of the Washing- become news, as the Journal and
icized on social media after posting sibly the Trump administration. ing Enqurier exposé as Mr. Bezos ton Post, employer of the murdered others did in the Bezos-Enquirer
pictures wearing a qipao to her So let’s note what a new report previously alleged. Reporting by the Saudi journalist Jamal Khashoggi, case. Russia’s alleged role in leaking
prom. Inuit singers boycotted Can- doesn’t say and isn’t. It’s not, as some Journal and other news organiza- central to his—let’s be gentle—narra- Democratic emails was certainly
ada’s Indigenous Music Awards over in the press delight in calling it, a tions long since seems to have nailed tive overreach. more newsworthy than anything
the nomination of Connie LeGrande, “United Nations report.” The report down his paramour’s brother as the Not only does the report by FTI contained in the emails. For that
whom they accused of using an Inuit was written by a private outfit hired source of the leaks, for which he was Consulting not link the Saudis to the matter, it would be nice to know if
throat-singing technique without be- by Mr. Bezos that he somehow per- reportedly paid $200,000. leak of Mr. Bezos’s photos and text any national intelligence agency was
ing an Inuit. (Ms. LeGrande is Cree, suaded (in an untold story) two U.N. More newsworthy than Mr. Be- messages, but its evidence that the behind leaks of offshore bank re-
another Canadian indigenous group.) human-rights officials to endorse. zos’s affair would be the news that it Saudis hacked Mr. Bezos’s phone at cords to a so-called consortium of in-
all is circumstantial and under- vestigative journalists that embar-
whelming. After Mr. Bezos traded rassed a range of prominent people
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Notable & Quotable phone numbers with the crown
prince, he received a promotional
in recent years.
Then there’s the mother of all
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
From Jim Lehrer’s Rules of Jour- video ostensibly from the prince’s media red herrings: Under its in-
Matt Murray William Lewis
nalism. Lehrer died Thursday at 85: WhatsApp account. Hours later came stinct to protect and identify with
Editor in Chief Chief Executive Officer and Publisher the first of several anomalous spikes its sources, the U.S. press protected
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: . . . 2. Cover, write and present ev- in outgoing data from Mr. Bezos’s and enabled foreign agent Christo-
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; ery story with the care I would want phone over the next nine months. pher Steele’s efforts to peddle apoc-
Natalie Cerny, Chief Communications Officer;
Jason Anders, Chief News Editor; Louise Story, Chief
Kamilah Mitchell-Thomas, Chief People Officer; if the story were about me. The coincidence may be significant, ryphal claims about a U.S. presiden-
News Strategist, Product & Technology Officer
Edward Roussel, Chief Innovation Officer; 3. Assume there is at least one but, as the report notes, innocent ex- tial candidate rather than exposing
Thorold Barker, Europe; Elena Cherney, News Christina Van Tassell, Chief Financial Officer other side or version to every story. planations are also possible even if those efforts as the important news
Features & Special Projects; Andrew Dowell, OPERATING EXECUTIVES:
Asia; Anthony Galloway, Video & Audio; Kenneth Breen, Commercial; 4. Assume the viewer is as smart none could be confirmed with the in- story they were.
Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; and caring and good a person as I am. formation at hand. We find ourselves in a strange po-
Features & Weekend; Emma Moody, Standards; Tracy Corrigan, Chief Strategy Officer; 5. Assume the same about all peo- Mr. Bezos received ostensibly sition today. We needed two govern-
Shazna Nessa, Visuals; Matthew Rose, Enterprise; Frank Filippo, Print Products & Services;
Kristin Heitmann, Chief Commercial Officer; ple on whom I report. . . . from the prince a photo of a young ment reports—the Mueller report
Michael Siconolfi, Investigations; Nikki Waller, Live
Journalism; Stephen Wisnefski, Professional News Nancy McNeill, Corporate Sales; 7. Carefully separate opinion and lady with a common internet meme and the latest report from Justice
Thomas San Filippo, Customer Service; analysis from straight news stories about arguing with a woman. The re- Department Inspector General Mi-
Gerard Baker, Editor at Large Josh Stinchcomb, Advertising Sales;
Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; and clearly label everything port says the woman resembles Mr. chael Horowitz—to undo the damage
Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International 8. Do not use anonymous sources Bezos’s then-secret paramour, thus is done by the credulous and dishonest
Barron’s Group: Almar Latour, Publisher or blind quotes except on rare and evidence the Saudis had access to reporting of our major news-gather-
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head;
monumental occasions. No one Mr. Bezos’s private photos. In fact, ing organizations.
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head should be allowed to attack another the resemblance between the women Think about that precedent: The
EDITORIAL AND CORPORATE HEADQUARTERS: anonymously. is trivial. What’s similar is the com- press is supposed to police govern-
1211 Avenue of the Americas, New York, N.Y., 10036 9. “I am not in the entertainment position of the photos, as if some- ment lies, but we needed the govern-
Telephone 1-800-DOWJONES
business.” body searched through images of Mr. ment to police press lies.
A14 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

SPORTS
No Lead Will Be Safe in This Super Bowl
It’s easier than ever for the best NFL teams to pull off wild comebacks. Just look at the Chiefs and 49ers.
BY ANDREW BEATON

T
he Kansas City Chiefs
were down 24-0 to the
Houston Texans, their
season on the brink of
ending mere minutes
into their first game of the play-
offs. And the strange thing at that
moment wasn’t that Patrick Ma-
homes had some fanciful idea
about his team pulling off an epic
comeback. It was that Mahomes
didn’t believe it was fanciful at all.
“They’re playing man coverage,”
he explained to his teammates on
the sidelines. “If we catch the ball
and make one person miss, it’s a
touchdown.”
“Let’s do something special,” he
added.

SCOTT WINTERS/ZUMA PRESS, JONATHAN BACHMAN/GETTY IMAGES

It was a ridiculous notion until
something even more ridiculous
happened: Mahomes was more
right than anybody could have
imagined. In the span of about nine
minutes, the Chiefs scored four
touchdowns. They scored touch-
downs on seven consecutive drives.
By the time they won 51-31, they
had turned a blowout into a com-
pletely different type of blowout
and made a deeper point clear.
Safe leads in the NFL are more
dangerous than ever.
The two teams playing in this
Super Bowl, the San Francisco
49ers and the Chiefs, arrived at
this point because
they’re intimately The Kansas City Chiefs came back from double-digits in back-to-back playoff
familiar with this games, while the San Francisco 49ers led the NFL in fourth-quarter comebacks.
phenomenon. Kan-
sas City came back per season, according to Stats LLC. But they had turned the tables in
from double-digit That’s four more than a decade just over 11 minutes of game time.
deficits in back-to- prior, which was six more than a Because Kansas City seemingly
back playoff games decade before that. Late-game he- relishes giving heartburn to their
to win the AFC roics have increasingly become fan base which hadn’t experienced
Championship. San normal. a trip to the Super Bowl in half a
Francisco became Teams like Kyle Shanahan’s century, it did something similar
the No. 1 seed in 49ers have proved, over and over the next week albeit on a smaller
the NFC because no this season, that when teams can scale. In the AFC Championship,
other team came throw the ball effectively that any- the Tennessee Titans led the Chiefs
back in the fourth thing can happen no matter how 17-7 more than halfway through the
quarter of games little time is left. Against the second quarter and once again the
this season more Saints in December, Drew Brees most remarkable part was just how
often than the marched New Orleans down the quickly Kansas City came back.
49ers did. field in 90 seconds to put his team With two quick drives that com-
These teams up by a point with 53 seconds to bined to last a mere 4:16, the
aren’t anomalies play. That was 53 seconds too Chiefs had retaken the lead before
because they’re many. Garoppolo responded by Tennessee could make its way into
simply signs of a leading the 49ers into the red the locker room and process what
changing game: this zone, and a field-goal secured the had happened.
is an era when win in what may have been this Patrick Mahomes is what hap-
teams move the ball year’s wildest game, a 48-46 barn- pened. First, he threw a 20-yard
more easily than burner. pass to Tyreek Hill. Then he dis-
ever because they Then came Kansas City’s run pensed with the formality of let-
pass more effectively than ever. Solomon Thomas. Down 28-3 in the third quarter, against Houston a few weeks ago. ting someone else touch the ball
Which means that leads that once The teams’ connections to these New England scored 25 unan- When the Texans had the ball, up when he pulled off a stunning, 27-
seemed insurmountable now seem tense and frantic moments actually swered points to send the game 24-0 in the second quarter, the yard scoring run with 11 seconds
more surmountable than ever. goes back to before Patrick Ma- into overtime. When that finished, Chiefs had a 0.6% chance at win- left in the half. The Chiefs never
Even the 49ers, who thumped homes was in the NFL or Kyle Sha- the Patriots had won 34-28 and ning. That’s another way of saying trailed again, and a few hours later
the Packers in the NFC Champion- nahan was coaching the 49ers. pulled off the unlikeliest comeback they had almost an 100% chance of the 49ers had thumped the Pack-
ship while quarterback Jimmy Ga- Three years ago, Shanahan was the in Super Bowl history. losing. ers.
roppolo threw the ball a grand to- offensive coordinator for the Fal- “As a coach, everything sticks to And the only thing crazier than Now these two teams whose
tal of eight times, have been cons, who had a historically great you,” said Mike Shanahan, the Su- Mahomes going on a jaw-dropping seasons have been defined by
buoyed by this: They came back to offense before they had a histori- per Bowl-winning coach and Kyle’s tear to defy those odds is how comebacks will meet in the Super
win in the fourth quarter of four cally ruinous meltdown in a game father. “It’s a learning experience.” quickly he did so. Near the end of Bowl. And the only time any lead
games during the regular season that was as improbable as it was And what we’ve learned is that that same second quarter, the will actually feel secure is when
when Garoppolo aired the ball out telling about the modern NFL. these types of moments are more Chiefs’ win probability had already Mahomes or Garoppolo starts
with ease. That was in the Super Bowl common than ever. Over the last surpassed 50%. Their comeback basking in confetti.
“We know how to win in any cir- against the Patriots, and you prob- decade, there have been an average was improbable even when they —Tom McGinty
cumstance,” says defensive lineman ably remember what happened: of 64 fourth-quarter comebacks had most of the game to pull it off. contributed to this article.

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton
d t 10s <0
The NBA’s Best Teams Covet...Him?
0s
V
Vancouver C
Calgar
l y
Calgary 20s
30s ip
Winnipeg
10s BY BEN COHEN and 76ers among them. with LeBron James) and
Seattle 20s It’s awkward for any player guards almost everybody
30s
P tl d
Portland
l
Helena 20s t
Montreal 30s 30s FROM THE VERY FIRST to know that he’s being ogled (useful if you’re playing
ttawa
Ottawa
40s Bismarckk 40s night of his NBA career, there by half the league. It’s also against LeBron James).
Eugene Augusta
A g t
30s i
Boise g
Billings p s /St. Paul
Mpls./St. 30s Toronto
Toronto A b y
bany
Albany 50s was something odd about flattering. “It is,” Covington But what makes him espe-
t
Boston
20s
oux FFalls
Sioux Buffalo rtford
Hartford 60s Robert Covington. said. “It shows that you’re a cially useful is his contract.
50s Pierre k
Milwaukee
30s Every team had a chance valuable player within this At a time when roughly 75%
40s Cleve
Cleveland d ew Y
New Yorkk 70s
Reno City
Salt Lake City
Cheyenne
h y
Chicago
h g t
Detroit
40s Philadelphia
P hil d lph
h to draft him—and every team league.” of the league earns more than
30s h
Omaha Pitts b
Pittsburgh h 80s
Sacramento
Denver
Des
es Moines d p
Indianapolis passed on him. This is usually Covington is a basketball $20 million or less than $6
20s h
Washingtononn D.C.
D.
DC 90s
an Francisco
San Kansas Springfield
p i fi ld 30s Richmond a reliable indicator that an power adapter: He can plug million, Covington personifies
C
Colorad
Colorado Topeka City Charles
h
Charleston h d 100+
60s 50s Las p g
Springs 50s St.. Louis
Lou LLouisville
Lou ill unheralded role player into any system and his game the NBA’s shrinking middle
Ve
Vegas l igh
Raleigh h
Los A
Angel
Angeles 40s
hit
Wichita
40s Nashville
h ill doesn’t have much of a future will translate. He’s a perfect class. With more than two
Santaa FFe Oklahoma City Ch l
Charlotte
Memphis in the NBA. But what not complementary piece on any years left on a contract that
Ph
80s Phoenix 40s Alb q q
Albuquerque
C b
Columbia
Warm Rain
San Diego Little Rock Atl t
Atlanta even Covington knew was team built around star pays him $12 million per year,
70s TTucson
c Birmingham
i h 50s
P
El Paso Ft. Worth Dallas
D ll J k
Jackson Cold
that two of the league’s power—which happens to be he’s a highly useful player on
J k ill
Jacksonville T-storms
smartest franchises would be every team built to win a ti- an affordable deal, which
70s 60sAAustin ti
bil
Mobile
60s
t
Houston l d
Orlando Stationary Snow fighting over him as soon as tle. He’s big enough at 6- makes him an outlier. It also
-0s
70s
San
an Antonio
A
ew Orleans
New
Tampa the 2013 draft was over. foot-7, and shoots 3-pointers makes him tradeable.
Anchorage 70s
A0s h g Honolulu
l l Showers Flurries The Houston Rockets and well enough at 36%, that he That’s why the question of
70s Miami
80s Philadelphia 76ers, run by an- doesn’t need the ball to be ef- where he’s playing after the
10s 30s 70s 80s
20s 40s Ice alytically inclined executives fective. He spaces the floor trade deadline has become
trained to search for ineffi- (useful if you’re teammates unexpectedly interesting:
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W ciencies in the market, both Covington can swing the en-
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 31 22 c 35 27 pc Frankfurt 40 33 pc 42 36 c looked at Covington and saw The Wolves’ Robert Covington tire season. The difference in
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 71 45 s 68 53 pc Geneva 47 33 pc 46 34 pc a player they liked even if the Minnesota’s performance
Today Tomorrow Philadelphia 54 36 r 47 34 pc Havana 80 63 pc 80 60 s
City Hi Lo W Hi Lo W
rest of the league couldn’t with Covington on and off the
Phoenix 72 49 s 73 49 pc Hong Kong 73 61 c 64 54 r
Anchorage 5 -7 pc 0 -9 sn Pittsburgh 40 30 c 37 28 sf Istanbul 51 46 s 54 47 pc figure out why. court is the largest of anyone
Atlanta 51 36 pc 54 44 s Portland, Maine 39 36 c 46 33 r Jakarta 86 76 t 88 76 t This would become a on the team. This is not an
Austin 67 52 pc 73 40 sh Portland, Ore. 54 48 r 53 46 r Jerusalem 47 34 s 50 37 s theme of his NBA career. anomaly. For his entire ca-
Baltimore 54 35 r 48 33 pc Sacramento 63 55 c 64 42 r Johannesburg 72 59 sh 81 59 t
Boise 49 40 c 48 34 sh St. Louis 38 26 c 39 28 c London 49 44 c 52 42 r There is almost nothing reer, no matter where he’s
Boston 47 42 r 50 37 pc Salt Lake City 47 33 pc 47 34 c Madrid 49 34 sh 50 36 pc outwardly exceptional about played or who he’s played
Burlington 39 33 c 39 32 sn San Francisco 61 55 c 59 48 c Manila 86 76 sh 90 75 pc him. And yet almost every ti- with, Covington’s teams
Charlotte 54 31 pc 54 37 s Santa Fe 46 23 s 47 25 s Melbourne 80 59 s 79 56 s
Chicago 36 31 sn 36 30 c Seattle 54 47 r 53 45 r Mexico City 70 47 pc 70 47 t
tle contender wants him be- have played better with him
Cleveland 41 33 sn 38 31 sf Sioux Falls 28 22 pc 35 25 pc Milan 47 34 c 48 32 s fore the Feb. 6 trade dead- playing. If he makes an-
Dallas 65 49 pc 65 42 c Wash., D.C. 55 37 r 50 33 pc Moscow 37 27 pc 32 28 sn line. The best teams in the other team better, that
Denver 53 27 s 55 28 s Mumbai 90 74 pc 88 72 pc
NBA covet Robert Covington. team may win the
Detroit
Honolulu
39 32 c
82 68 pc 82 69 s
38 31 c
International Paris
Rio de Janeiro
45
81
35 pc
71 sh
49 45 c
81 72 s A rapidly escalating arms NBA title.
Houston 65 58 pc 71 48 r Today Tomorrow Riyadh 63 41 s 59 42 s race for this star role player But the Timber-
Indianapolis 36 28 sf 36 27 c City Hi Lo W Hi Lo W Rome 60 45 c 59 41 pc
Kansas City 38 26 c 42 27 s Amsterdam 41 36 c 45 42 c San Juan 82 73 sh 83 72 sh
is pitting the league’s elite wolves can demand a
Las Vegas 67 48 pc 68 49 pc Athens 57 46 pc 59 53 pc Seoul 50 29 c 52 37 c against each other. As much bounty for this
Shanghai 49 46 r 50 44 r as the Minnesota Timber- player who was mis-
JESSE JOHNSON/REUTERS

Little Rock 51 39 s 51 35 sh Baghdad 58 42 pc 57 39 s

Los Angeles 75 53 s 69 51 pc Bangkok 91 74 pc 92 74 pc Singapore 89 77 pc 90 78 pc
Miami 80 53 pc 75 57 pc Beijing 44 20 pc 44 25 c Sydney 79 74 sh 87 73 t
wolves want to keep him, this valued out of high
Milwaukee 38 33 sn 37 30 c Berlin 39 30 pc 40 33 c Taipei City 82 68 pc 75 60 r might be the time to maxi- school and college but
Minneapolis 34 20 c 30 22 c Brussels 43 36 pc 47 43 c Tokyo 47 40 c 45 42 r mize their return on Coving- still made it to the NBA.
Nashville 43 32 c 49 40 c Buenos Aires 89 72 s 88 64 s Toronto 36 30 sn 38 31 sf ton. He has no shortage of They know that every
New Orleans 62 49 pc 62 54 r Dubai 73 61 s 69 59 pc Vancouver 47 42 r 48 40 r
New York City 50 38 r 47 36 pc Dublin 48 40 c 47 35 sh Warsaw 39 34 c 39 30 c potential suitors—the Lakers, team could use a Robert
Oklahoma City 58 37 pc 58 35 pc Edinburgh 47 42 c 47 32 r Zurich 43 29 c 45 32 pc Clippers, Mavericks, Rockets Covington.
 BUSINESS | FINANCE |

DJIA 28989.73 g 170.36 0.6%

Future Tense
Don’t let apocalyptic
thinking stop you
from saving B2

TECHNOLOGY |

NASDAQ 9314.91 g 0.9%

EXCHANGE
MANAGEMENT
STOXX 600 423.64 À 0.9%
THE WALL STREET JOURNAL.
10-YR. TREAS. À 17/32 , yield 1.680%
* * * * * * * *

OIL $54.19 g $1.40

Will or Harry?
A leadership
quiz fit for a
(future) king B5

Saturday/Sunday, January 25 - 26, 2020 | B1

GOLD $1,571.10 À $6.50 EURO $1.1026 YEN 109.28

Couple
 Michael Taylor was jailed for burglary. He is now operations manager.

Admits
To Ponzi
Scheme
BY DAVE MICHAELS

WASHINGTON—A California cou-

ple whose solar company counted
Berkshire Hathaway Inc. as one of
its investors pleaded guilty Friday to
running a $900 million Ponzi scheme.
Jeff and Paulette Carpoff, who be-
gan raising money in 2011, admitted
to a scam that involved swindling so-
 Nehemiah worker Jennifer Mofford shows her hand tattoos. phisticated corporate investors who
earned valuable federal tax credits for
helping finance a renewable-energy
business. Authorities seized and auc-
tioned off 148 luxury vehicles owned
by the Carpoffs, including a 1978 Pon-
tiac Firebird once owned by Burt
Reynolds.
The solar company, DC Solar So-
lutions Inc., once sponsored a Nascar
racing outfit.
“By all outer appearances this was
a legitimate and successful company,”
said Kareem Carter, special agent in
 ‘I never knew what a goal was until I got here,’ says Gina Johnson. charge of IRS criminal investigation
in Northern California. “But in reality
it was all just smoke and mirrors—a
Ponzi scheme touting tax benefits to
the tune of over $900 million.”
DC Solar’s investors included Berk-
shire Hathaway and the insurer Pro-
gressive Corp., which last year took
a $156.1 million charge to reverse an
Please turn to page B2

Oil Prices
ANDREW SPEAR FOR THE WALL STREET JOURNAL(4)

Decline
On Growing
Virus Threat
BY SARAH TOY
 After two decades in prison, Rayshun Holt was hired as a supervisor.
Oil prices suffered their worst
week in over a year, dragged lower

The Company of
by fears that a deadly new coronavi-
rus spreading throughout China and
other countries will weigh on eco-
nomic growth and hurt demand for
crude. Brent, the global gauge of
prices, fell 6.4% this past week to
notch its biggest weekly percentage

Second Chances
decline since December 2018. U.S.
crude futures fell 7.5%, marking their
largest weekly loss since July.
Crude prices were hit this week
after reports of the emergence of a
deadly new respiratory virus in the
central Chinese city of Wuhan. The
second U.S. case was confirmed by
Cincinnati At Nehemiah Manufacturing, responsibilities extend beyond their share- health officials on Friday and the

W
hile some companies try holders. JPMorgan Chase & Co. Chief Execu- disease spread into Europe and Aus-
to attract and keep em- workers with a criminal past tive James Dimon said in October that the tralia for the first time.
ployees with yoga classes bank would step up efforts to recruit people “The virus has significant poten-
and lavish cafeterias, Ne- are the norm rather than the with criminal backgrounds. tial to take a lot of demand off the
hemiah Manufacturing exception. But the company Hiring people with a criminal past can pay market,” said Robert Yawger, direc-
Co.’s perks include a so- big dividends for companies, such as closer tor of the futures division at Mizuho
cial-service team and an attorney. has found that giving someone community ties and a loyal workforce. But Securities USA.
When two consumer-product veterans a job is just half the battle. keeping them on the job can be a struggle. On Friday, Brent declined 2.2% to
started Nehemiah a decade ago, their idea was Privately held Nehemiah started hiring $60.69 a barrel and West Texas In-
to create more opportunities in a struggling workers with a criminal record in 2011 at the termediate futures fell 2.5% to
part of Cincinnati. Increasingly, that meant hir- request of a local nonprofit. The experiment $54.19 a barrel, with some analysts
ing people who had a particularly hard time
BY RUTH SIMON got off to a rocky start. Many workers contin- saying the virus had already begun
finding jobs: those with criminal backgrounds. ued to struggle with substance abuse or mental denting oil demand.
Now, workers with criminal records make illness; some were homeless, the company says. Phil Flynn, senior market analyst
up around 80% of the company’s about 180 other consumer products. “It’s no different “We didn’t understand all of the chal- at the Price Futures Group, pointed
employees—and Nehemiah has learned that than tech companies bringing in lunch and a lenges,” says Dan Meyer, Nehemiah’s chief ex- to Beijing’s lockdown of Wuhan and
offering a job to people trying to turn their foosball table.” ecutive and veteran of Procter & Gamble Co. nearby cities during a time when
lives around is just half the battle. In one of the tightest labor markets in de- and Bristol-Myers Squibb. Employees showed many families would normally be
“We are investing in our employees in or- cades, more employers are willing to give ex- up one day, only to disappear the next. traveling for Lunar New Year fes-
der to retain them,” said Richard Palmer, convicts a chance, trying to marry business At a loss, Nehemiah enlisted the support of a tivities.
president of Nehemiah, whose brands in- needs and good intentions. Even large Amer- social-service worker to help employees with “Many of the Lunar Day festivities
clude Boogie Wipes, Saline Soothers and ican companies are rethinking whether their Please turn to page B6 Please turn to page B11

Casper’s IPO Dreams Meet

Wall Street’s Wake-Up Call
BY ELIOT BROWN than venture capitalists expected. Uber
Technologies Inc.’s stock is down 18% since
Mattress startup Casper Sleep Inc. typi- its listing last year, and Lyft Inc.’s is down
JOHANNA HUCKEBA/THE WALL STREET JOURNAL

fies the kind of startup that Silicon Valley 33%, while the Nasdaq composite index is up
investors fawned over through the 2010s, more than 17%. Their experience, along with
defined by big vision and rapid growth at the failed effort to go public by WeWork
the expense of profits. parent We Co., have left startup financiers
Now, it is seeking to go public at the very fearing the same fate for their own invest-
time that such a model appears to have ments, and sparked a scramble across Sili-
fallen out of favor, in a test of what is to con Valley to stanch the flow of red ink.
come for dozens of similar loss-heavy start- New York-based Casper, which this month
ups that need to raise money as private filed paperwork for a planned initial public
fundraising becomes more difficult. offering, is considerably smaller than the
The mood in Silicon Valley has changed ride-hailing companies and WeWork. But it
dramatically in the past year, as Wall Street shares traits, most notably a tendency to-
investors have proven far less enamored ward burning through capital and a business
with many high-profile, high-loss startups Please turn to page B4 Casper’s stock offering will be a telling sign of what’s to come for other unprofitable startups.
 B2 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

THE SCORE
THE BUSINESS WEEK IN 7 STOCKS

STARBUCKS CORP. NETFLIX INC. MATCH GROUP INC.

PERFORMANCE OF AIRLINE STOCKS THIS PAST WEEK
 First Starbucks tossed its
plastic straws. Now the cof-
Source: FactSet
 Foreign features are now in
vogue at Netflix, where an  Online dating now has an
alarm. Tinder plans to start
SBUX fee giant wants to cut its
water use and the amount of
4%
NFLX overseas expansion is provid-
ing more new streaming sub-
MTCH hit a panic
offering users an option to
button, receive
1.2% trash it sends to landfills Southwest
3.6% scribers as the U.S. slows. 1.2% check-ins, and summon au-
over the next decade, the lat- 2 Netflix said Tuesday that it thorities. To offer the service,
est big company to set fresh targets for added 423,000 domestic subscribers in Tinder parent company Match Group is
limiting its environmental impact. Star- the quarter, lower than its forecast of taking a stake and board seat in an app
bucks said Tuesday it will aim to serve 0 600,000. It beat expectations for sub- called Noonlight that tracks users’ loca-
more coffee in reusable cups, curb food scriber growth overseas. The streaming tions. Tinder plans to debut the feature
and packaging waste and set a more giant already faces heightened competi- free for U.S. users at the end of Janu-
environmentally friendly menu. New –2 tion from a gaggle of domestic rivals in- ary. The company has been criticized for
stores will make more efficient use of American cluding Walt Disney Co.’s Disney+ and not doing more to screen out bad ac-
energy and water, and improve environ- Apple Inc.’s Apple TV+. The U.S. land- tors, often in the wake of reports of
mental practices among coffee growers –4 scape will get more crowded this spring crimes that result from connections
and other suppliers. Shares fell 1.2% with the arrivals of Peacock and HBO made through dating apps. Shares fell
Tuesday. Delta Max. Shares fell 3.6% Wednesday. 1.2% Thursday.
–6

UBER TECHNOLOGIES INC. –8

EXPRESS INC. INTEL CORP.

 Uber might give drivers the

green light to set their fares.
Tues. Wed. Thurs. Fri.
 The fashion retailer said it
would close about 100 stores  Intel Corp.’s customers are
clearly hungry for more chips.
UBER Drivers who ferry passengers
from airports in Santa Bar-
EXPR by 2022, including nine stores
that closed last year and 31
INTC fourth-quarter
The company posted strong
earnings that
7% bara, Palm Springs and Sac- AMERICAN AIRLINES GROUP INC. 21% that will close by the end of 8.1% benefited from an upswing in
ramento can now charge up
to five times the fare Uber sets on a  Worries about a pneumonia-like virus are circulat-
ing through the airline industry as more people in
the month. The store closures
are part of a broader overhaul, as the
personal-computer shipments
and robust demand for server farms
ride, a test that started Tuesday. The
experiment is part of Uber’s effort to
AAL China choose not to travel. Typically hundreds of company anticipates $80 million in cost
cuts over the next three years, including
that need chips to store large amounts
of data. The results are the latest sign
show that its drivers operate with some 4.2% millions visit family or take a vacation during the $55 million primarily related to job cuts technology companies expect healthy
degree of independence. Earlier this it disclosed last week. It is cutting 10% demand despite wider expectations for
month, Uber capped its commissions on Lunar New Year holiday. This year many are staying home of the positions at its Columbus, Ohio, a modest economic rebound this year.
rides across California. Last month, it al- due to the coronavirus, which originated in China. The con- headquarters and its design studio in Intel still faces challenges, including chip
lowed drivers in the state to see where firmed cases tripled Monday, and accelerated all week. New York City. Express also said it is supply shortages, loss of market share
riders were going, letting them choose planning to relaunch its loyalty and pri- and turmoil from the U.S.-China trade
the trips they wanted to take. Shares Shares of American Airlines fell 4.2% Tuesday. vate-label credit card this fall as part of tussle. Intel shares rose 8.1% Friday.
gained 7% Tuesday. the effort. Shares gained 21% Tuesday. —Francesca Fontana

Couple
Admits
To Scheme
Continued from page B1
earlier income-tax benefit linked
to DC Solar.
Berkshire Hathaway invested
$340 million in DC Solar, accord-
ing to the conglomerate’s first-
quarter securities filing. The firm
said it reversed income tax bene-
fits it had earlier recognized be-
cause “we now believe that it is
more likely than not that the in-
come tax benefits…are not valid.”
Berkshire Hathaway, whose
chairman and chief executive offi-
cer is Warren Buffett, didn’t re-
spond to a message seeking com-
ment.
Mr. Carpoff pleaded guilty to
conspiracy to commit wire fraud
and money laundering, according
to court records. Ms. Carpoff
pleaded guilty to conspiracy to
commit an offense against the U.S.
and money laundering, court re-
cords show.
ALEX NABAUM

Malcolm Segal, an attorney for

Mr. Carpoff, said DC Solar was
started as a legitimate business,
“but as it grew, it overwhelmed
Mr. Carpoff.”
THE INTELLIGENT INVESTOR | JASON ZWEIG “Because of that he began com-
mitting acts he knew were wrong
and illegal,” Mr. Segal said. “But

Invest Like the World Isn’t Ending he tried to salvage the business
and failed.”
Mr. Carpoff is forfeiting per-
sonal and business property to
pay back investors, Mr. Segal said.
The author of ‘Fewer, Richer, Greener’ tries to convince a 22-year-old skeptic that the future is bright Bill Portanova, an attorney for
Ms. Carpoff, said she “recognizes
what she has done wrong over
A few days ago, a such drastically different terms. on until the whole world is much ing public goods and pricing exter- these past several years and she
smart 22-year-old My young interlocutor, who is greener than it is now. nalities. Public goods are functions will be working for many years
asked me how to in- skeptical that capitalism even like defense, police and fire protec- trying to make things right.”
vest some savings works, gave me some questions Q: Given the history of tobacco tion, safety nets against extreme
from her first job. I that I passed along to Mr. Siegel. companies lying about cancer risk poverty, and limits on pollution or
advised her to open Here’s what he had to say. and energy companies denying cli- harmful consumer products. I’m
an individual retire- mate change, why should young riding on a train right now [in Berkshire Hathaway
ment account. When she found out people believe that big corpora- Southern California] whose tracks
she couldn’t withdraw it without Q: Isn’t capitalism destroying the tions will take action to improve were laid on land that the U.S. gov-
invested $340 million
penalty until she turns 59½, she planet and causing massively un- the environment? ernment granted to the railroad in DC Solar Solutions.
shot back: “By then the planet will fair inequality of wealth? A: They already are. Companies are companies in the 1860s. Otherwise
be a rotating cinder!” A: For most of the history of the reacting to price signals to become unwilling property owners would
The many young people who world, almost everyone was poor more energy-efficient, at about 1.5% have prevented the tracks from go-
seem to share her gloomy view of beyond imagining. Only over the a year, which will compound pretty ing in a straight line. Government The Securities and Exchange
the future should read the new last 250 years, the period over damn quickly to a large decline in is good at equalizing opportunity, Commission also sued the Car-
book by Laurence B. Siegel, “Fewer, which capitalism has flourished, energy use over time. And, also not at optimizing production. We poffs in a civil complaint filed in
Richer, Greener.” In it, he pro- have a large number of people—in over time, the market is a powerful don’t hand out government food; Sacramento. The SEC said the
claims, “We are on the verge of the the billions—overcome poverty. Re- mechanism for driving bad and dis- the government hands out food couple, whose business is in bank-
greatest democratization of wealth markably, just in the last year, re- honest providers out of business. stamps so poor people can buy ruptcy, siphoned off at least $140
and well-being that the world has searchers determined that half the food produced by private farmers. million of investor funds to pay
ever known.” population of the world already is Q: The people who control many for their personal expenses, which
If Mr. Siegel is right, by 2056 middle class or wealthier. major corporations seem to take a Q: At the end of your book, you included the sports cars, dozens
(when this young investor will very short-term view, maybe a few write: “Apocalyptic thinking is a of properties, and a share in a pri-
turn 59½), billions of people will months at a time. Can they pro- neural mistake based on our need vate jet service.
be wealthier, healthier and hap- ‘Isn’t capitalism mote the long-term interest? to survive in a cruelly hostile envi- The investors were eligible for
pier than ever before. New tech- A: Many companies do seem to ronment that doesn’t exist any- a 30% tax credit, which roughly
nologies in energy, food, education destroying the planet take a short-term view, just trying more.” What do you mean? covered the amount of cash they
and medicine will heal the planet and causing massively to make Wall Street’s earnings esti- A: We evolved under conditions in initially placed with DC Solar, the
and enrich human life. The use of mates for the next quarter. But if which not only the individual but SEC said. The investors generally
fossil fuels will dwindle; many unfair inequality?’ they were actually wasting re- the whole species were often in assumed an obligation to contrib-
commodity prices will decline. sources and sacrificing the long- danger of extinction. Our neural ute millions more to the business
Frontier markets, including na- term value of the company to the network says to us all the time: through promissory notes, the
tions in Africa and Latin America, Historically, the environment goal of maximizing short-term That could be a tiger, or it could SEC’s lawsuit says. The SEC’s law-
will boom. has become dirtier as people begin stock price, Wall Street would fig- be a rabbit, so let’s assume it’s a suit alleges the couple committed
Mr. Siegel is an intellectual to move up from poverty world- ure it out and the stock would go tiger. In the modern world, securities fraud and seeks dis-
heavyweight who writes with a wide. But as they continue to be- down. There are some travesties though, that often leads us to gorgement of illegal profits and
light touch. He is a director at the come wealthier, people start to be relating to executive compensation, worry more about some dangers payment of civil penalties.
CFA Institute Research Foundation, willing and able to sacrifice some product safety and disobedience of than we need to, because they DC Solar, which was based in
a Charlottesville, Va.-based non- of those gains to get a cleaner en- laws. But overall, companies are rarely or never occur anymore. Benicia, Calif., supposedly made
profit that publishes analyses of the vironment. As the world gets much better managed today, with a money by leasing solar generators
financial markets for professional richer it will continue to get longer-term view, than they were that power cellphone towers and
investors. His book sparkles with greener. Switzerland is probably in the past. Believe me, you don’t As Mr. Siegel writes, apocalyptic lighting needed at major sporting
wit and sheds light on everything the most environmentally clean want to go back to the way they thinking “has always been wrong as events. The SEC alleges that most
from how the ancient Romans de- country in the world, and it is one were run in, say, the 1970s. a forecast, and it will continue to be of the generators were never man-
veloped central heating to why the of the very richest. As time passes, wrong.” Here’s hoping young people ufactured and “the vast majority”
poets Geoffrey Chaucer (born about Greece will act more like Switzer- Q: What is capitalism not good at? will take his message to heart, real- of lease income paid to investors
1340) and T.S. Eliot (born in 1888) land, Colombia more like Greece, What does government do better? ize that capitalism can be a force for came from new investor proceeds,
described the month of April in Ethiopia more like Colombia and so A: Government is better at provid- good and stop fearing the future. the hallmark of a Ponzi scheme.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | B3

BUSINESS & FINANCE NEWS

Roundup
Trial Is on
Ericsson Stung by Higher 5G Costs
BY DOMINIC CHOPPING
AND PARMY OLSON
Hold as STOCKHOLM—Ericsson AB

Sides Talk returned to profit in the fourth

quarter but concerns about
higher costs associated with
BY LAURA KUSISTO new fifth-generation mobile
AND RUTH BENDER networks and a slowdown in
North America sent its shares
ST. LOUIS—The latest trial down more than 7%.
over allegations that Bayer The Swedish telecom-equip-
AG’s popular Roundup weed- ment maker, emerging from
killer causes cancer was post- years of costly restructuring,
poned indefinitely on Friday to has bet big on the growing 5G
allow room for escalating set- market, where it is battling
tlement talks to continue. Finland’s Nokia Corp. and
Bayer was hours away from China’s Huawei Technologies
facing another jury on the is- Co. That effort, and cost cuts
sue, after the German chemi- elsewhere, have started to bear
cal and drug conglomerate fruit in recent quarters.
over the last year and a half On Friday, Ericsson said mo-

PATRICK T. FALLON/BLOOMBERG NEWS

lost the first three Roundup mentum stalled in North Amer-
trials for a total of $190.5 mil- ica in the last three months of
lion in awards. A fourth ad- 2019, with sales in the region
verse verdict could have falling 4% compared with the
handed plaintiffs, who number previous year.
more than 42,000, more am- “Due to the uncertainty re-
munition in settlement talks lated to an announced operator
that have dragged on for merger, we saw a slowdown in
months. our North American business,”
Analysts estimate any set- said Chief Executive Börje Ek-
tlement would be in the $8 holm, adding that the region A display of 5G wireless radio antennas at the company’s booth during the Mobile World Congress Americas, Los Angeles, in October.
billion to $12 billion range in generated “the lowest share of
the talks led by court-ap- total sales for some time.” to spend on 5G networks. higher costs won’t jeopardize unit, and the company raised shut out of America, its ab-
pointed mediator Ken Fein- T-Mobile US Inc. and Sprint Still, investments associated its financial targets, Citi ana- its full-year dividend. sence has given way to fierce
berg, who said he was “cau- Corp. agreed to merge almost with the new technology, lyst Amit Harchandani said he Analysts have raised expec- competition between the two
tiously optimistic” a deal two years ago but the deal which promises to supercharge expects consensus earnings tations that Ericsson and Nokia European companies. Ericsson
could be struck in weeks. hasn’t been finalized amid a cellphones and ultimately en- this year to move lower. might benefit from a U.S. push also says it has yet to see
A Friday order from Mis- protracted antitrust fight. able driverless cars and inter- Despite the challenges, Eric- to discourage allied govern- much benefit elsewhere in the
souri circuit court Judge Eliza- Ericsson said there was net-controlled factories, are in- sson reported a net profit of ments and their carriers from world. Mr. Ekholm said in an
beth Hogan said simply “cause growth among other customers creasing costs. 4.43 billion Swedish kronor buying Huawei gear. The U.S. interview that adoption of 5G
(sic) continued” in a handwrit- and that the underlying funda- Ericsson said its costs rose ($465 million) for the fourth says Huawei’s equipment could is “actually slowing down, in
ten message with no date to mentals in North America re- in the quarter as it invested in quarter, compared with a loss be commandeered by Chinese many countries” because of
resume. Bayer said in a state- main strong. It also said the acquisitions, digitization and of 6.55 billion kronor in the authorities to disrupt or spy on geopolitical concerns over
ment the case was delayed “to slowdown in North America security, and warned expenses same period last year. Sales communications, an allegation Huawei equipment. “That has
provide room for the parties was offset by operators in Asia would continue to rise this rose 4% to 66.37 billion kronor, the company denies. created more uncertainty for
to continue the mediation pro- and the Middle East continuing year. While the company said driven by its key networks However, while Huawei is our customers,” he said.
cess in good faith…and avoid
the distractions that can arise

Scooter Startups Tackle Inefficiencies, Safety

from trials.”
Bayer and a host of plain-
tiffs have moved closer in re-
cent weeks to settling the
Roundup litigation, according BY MARC VARTABEDIAN aging director in France until
to attorneys and Mr. Feinberg. last fall. Bird has since imple-
In talks, Bayer and plaintiff Shared-electric-scooter mented new forecasting soft-
lawyers are trying to establish startups have blazed into cities ware, clamped down on the use
the conditions for compensat- across the world over the past of air shipping and trained
ing plaintiffs as a step toward two years. Fueled by roughly more of its focus on smoothing
coming up with a total amount $1.5 billion in venture capital, out logistics inefficiencies, Mr.
for a potential settlement, ac- industry leaders Bird Rides Inc. Schlenker said.
cording to people familiar and Lime raced to set up Also riding on Bird and
with the settlement negotia- sprawling networks of scooter Lime’s ability to remake their
tions. Bayer wants a deal that fleets that users can rent with operations is the issue of
would include a way to handle an app. safety. Mechanics for both
potential future claims. How Over the past year, that startups say parts shortages af-
that can be done is still uncer- breakneck pace of global fected markets suddenly and
tain, though lawyers expect growth—which has enabled us- would often force them to scav-
the company to set aside a ers in more than 200 cities enge parts—including brakes,
pool of money to address fu- across the world to rent a wheels and throttles—from
ture claimants. scooter for a few hours and pay other broken scooters to make
The court cases have put with their phones—has caught fixes.
pressure on Bayer Chief Exec- up with these companies. Brian Kotts, who worked as
utive Werner Baumann, who Lime and Bird’s ambitious a Boise, Idaho-based Bird me-
lost a standard-procedure, expansions outpaced opera- chanic until September, said
nonbinding confidence vote at tions set up essentially on the mechanics there, facing short-
MIKE BLAKE/REUTERS

last year’s shareholder meet- fly, according to more than a ages, routinely fixed scooters
ing, a first in postwar Ger- dozen current and former em- using old parts with unknown
many. Investors blame Mr. ployees. The spotty logistics of structural integrity.
Baumann for getting Bayer their networks have weighed “We were told: ‘If we didn’t
into the legal dispute as he on the companies’ efforts to be- have it, make it work,’ ” Mr.
was the main architect of the come profitable and led to The companies face pressure to transition from cash-hemorrhaging startups to profitable businesses. Kotts said.
Monsanto deal. safety concerns, these people Last summer, during peak
The German company’s $63 allege. Meanwhile, the U.S. Con- learned from operations and ping, according to current and and other current and former scooter season in Los Angeles,
billion purchase of Monsanto sumer Product Safety Commis- supply chain forecasting chal- former employees. employees. a trend caught on where riders
in 2018 exposed it to the thou- sion is conducting two previ- lenges. The startup has created Alfredo Huerta, who worked Mr. Ting said Lime has im- skidded scooters along the
sands of U.S. lawsuits arguing ously unreported probes into a logistics-management system as a Milwaukee-based Lime me- proved its ability to forecast pavement by slamming on the
the Monsanto-developed Lime’s scooters, according to and developed vehicles that use chanic until October, said the demand by implementing soft- brakes. Lime’s repair ware-
Roundup causes cancer. Robert Dalton, an attorney ad- fewer parts and require less re- scooter-rental service pur- ware that tracks inventory. house became inundated by
“Bayer wants to be out of viser at the agency. A commis- pair, he added. chased more than 100 new ve- These improvements are criti- scooters with flat spots worn
the headlines,” said Tom sion representative declined to The renewed focus comes as hicles at roughly $1,000 each cal to efforts to turn a profit into the back wheel, said Jor-
Claps, an analyst at Susque- provide further details. A Lime the two companies face pres- last summer after a tool short- this year, he added. dan Van Loy, one of the lead
hanna Financial Group. “They spokesman declined to com- sure to transition from cash- age prevented mechanics from Expansions into new mar- mechanics there at the time.
don’t want to have to spend ment. hemorrhaging startups to prof- repairing about 200 scooters kets also have been costly. The Mr. Van Loy said the repair
the next seven weeks in St. Lime and Bird have been re- itable businesses. Investors, that needed a simple fix involv- startup was forced to delay its team tried to order spare
Louis while they’re trying to vamping global operations in a including prominent Silicon ing the tightening of screws. Brazil launch last summer by wheels. “Like 200 arrived. But
negotiate a very big settle- bid to cut costs. Lime, whose Valley firms, have plowed over a month because it didn’t we needed 2,000,” he said.
ment to resolve everything.” legal name is Neutron Hold- roughly $3 billion into Bird, have enough scooters on the Mechanics used old wheels
In 2015, an arm of the ings Inc., said earlier this Lime and a handful of smaller ground there. Lime is set to re- from broken scooters, Mr. Van
World Health Organization month it would lay off 14% of scooter startups since 2017, ac-
Lime and Bird have treat from Brazil as well as a Loy said. Another shortage left
pegged Roundup’s main chem- its workforce and pull out of a cording to data provider Pitch- been revamping handful of Latin American cit- mechanics to use their feet to
ical agreement as a probable dozen markets in the U.S. and Book Data Inc. Investors have ies this year. bend bent scooter forks back
carcinogen. Bayer disputes overseas. In October, Bird said valued Lime and Bird at
global operations in Bird also has turned its at- into place, he added.
that finding, and the company it would turn its focus from roughly $2.5 billion each. a bid to cut costs. tention to tackling similar Mr. Ting said that Lime
is appealing all of the first growth to shoring up losses. Collectively, Bird and Lime’s problems. doesn’t compromise on safety
three jury verdicts. “Two years ago, the industry expansion has been dramatic. The continuous rollout of and has checks and balances in
Bayer’s share price has re- didn’t exist and there were def- Founded in 2017, the startups new models designed to be place, such as an anonymous
covered some 40% since hit- initely mistakes made along the dropped scooters into metro- Mr. Ting said Lime, in gen- more durable made it hard to hotline that employees, includ-
ting a low of €52 ($57.49) at way. But our level of precision, politan areas in the U.S., Eu- eral, has turned a corner on establish a reliable supply chain ing mechanics, can use to re-
the peak of the crisis last June our level of control, is so dra- rope, Asia and the Middle East. such inefficiencies. for spare parts, while higher- port safety concerns. “I don’t
as investors grew confident matically better than three But problems soon arose. The companies have found it than-expected shipping costs know of an instance where we
that the company would soon months ago, six months ago Parts and scooter shortages difficult to forecast demand, in and duties weighed on Bird’s said we don’t have a spare part
reach a settlement. and a year ago,” said Wayne in the companies’ dozens of re- part because of inventory sys- bottom line, according to a per- and we put the scooter on the
Bayer securities traded on Ting, Lime’s global head of op- pair warehouses around the tems that offered limited visi- son familiar with Bird’s fi- road,” Mr. Ting said.
U.S. exchanges moved slightly erations and strategy, in an in- world have caused Bird and bility across networks of re- nances. “The reality is these “We never compromise the
higher on the trial delay, but terview. Lime to rush components and gional warehouses, said challenges look more like what safety of our vehicles, riders or
settled 3.7% lower Friday. Bird’s chief vehicle officer, vehicles by air from manufac- Christine Chang, who worked an automotive or industrial the communities we operate
—Jacob Bunge Scott Rushforth, said in a turers in China at roughly 10 on Lime’s logistics and supply company face,” said Kenneth in,” Bird’s Mr. Rushforth said in
contributed to this article. statement that Bird quickly times the cost of regular ship- chain team until last summer, Schlenker, the company’s man- a statement.

German Court Says Facebook Violated Consumer-Data Rules

BY SARA GERMANO of Berlin, is a regional inter- fore their data is collected. forcement of the law without the court. privacy enjoys strong legal
pretation of the EU’s General The cited terms include a the involvement of an affected Facebook said the case protection, has proved onerous
BERLIN—A state court in Data Protection Regulation, default setting to allow search consumer. dated back to 2015 and terms for companies.
Berlin ruled that some user which after nearly two years of engines to display a link to a “The Chamber of Justice cited by the VZBZ in its com- In February 2019, Germany’s
terms set by Facebook Inc. vi- being in effect still isn’t uni- user’s Facebook profile, and a has made it clear that con- plaint “have long ceased to ex- Federal Cartel Office in-
olated consumer-data protec- formly enforced across Europe. requirement that users allow sumer advice centers can take ist” as the company had up- structed Facebook to stop
tion law, in the latest example The Berlin ruling partially Facebook to use their name action against violations of the dated its user settings. combining data it collects
of back-and-forth between upheld a complaint from the and profile picture for com- GDPR,” said Heiko Dünkel, “Independent of these Ger- across its suite of products,
companies and courts to de- Federation of German Con- mercial purposes. counsel at VZBV. man proceedings, we substan- which include WhatsApp and
fine the boundaries of the Eu- sumer Organizations, finding The consumer group bring- Part of the advocacy group’s tially revised our Terms of Instagram, arguing that the
ropean Union’s extensive pri- that certain Facebook terms vi- ing the suit, known in German complaint, a challenge to Face- Service and Data Policy in the practice was anticompetitive.
vacy rules. olated a principle of privacy by the acronym VZBV, said the book’s slogan that the social spring of 2018,” Facebook said. That ruling was later over-
The ruling Friday, from the rules requiring that “informed ruling indicated that entities network “is and remains free” Enforcement of the law, turned on appeal to a higher
highest court in the city-state consent” be given by users be- like itself could seek legal en- of cost, was struck down by particularly in Germany where court.
 B4 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

EXCHANGE
What brought you to Salt Lake How far does a $50K salary go when you’re starting out? What are your typical Friday Do you do anything else, like
City? Where do you live? It depends a lot on where you live. night or weekend plans? carbon offsetting?
I’m originally from Idaho, and I My partner and I like to go out to I don’t do carbon offsetting. I
moved to Salt Lake to go to col- Recent graduates in entry-level jobs made an average of $51,347 an- breweries and bars nearby, and a think it’s worthwhile for more
lege at the University of Utah. I nually in 2019, according to recruiting firm Korn Ferry. In this series, typical date night includes going wealthy individuals and busi-
graduated a few years ago and millennial workers tell The Wall Street Journal about what it’s like to out to dinner and a concert. With nesses to do it, but I think it’s
decided to stay after I fell in love live on roughly $50,000 a year in their city. From Oklahoma City to our salaries, we can do that once most valuable and effective to try
with Salt Lake City. It’s such an Detroit, they share their living expenses, whether they’re able to save, a week. and live your life reducing your
up-and-coming city with so much and what they do for fun. Here is the story of Christianna Johnson, We’re both vegan and there climate impact in the first place.
access to the outdoors. edited and condensed from a recent interview. are a surprising number of vegan
I’ve lived in a few different —Francesca Fontana restaurants in Salt Lake, like Sea- Are you able to save money?
places in Salt Lake. My partner sons Plant Based Bistro. If we’re What does that look like?
and I were lucky to find our cur- going to a nicer dinner we proba- For retirement, I save $200 a
rent apartment in Central City bly spend about $50 each and month in my 401(k) and $60 per
right near downtown because about $20 to $30 on a concert month for my Roth IRA. I also
housing costs have definitely in- ticket, and we each split all ex- have a health savings account; I
creased in the city. The rent penses for the most part. have a couple thousand dollars
where we are now is very afford- We both ski, which is really in it so I’m not putting money
able, especially for such a great fun but can get expensive. The into it right now.
location. I’ve always planned on pass I get costs about $600 for a I have a personal savings ac-
paying at least $750 to $1,000, season, but they go up to at count. I don’t have a set amount
and now I pay $500. STARTING OUT ON $50K least $1,000 or more. Then each month that I try to save,

How do you get to work?

SALT LAKE CITY there’s the food at the resort,
which tends to be very pricey. It’s
but I’d say the most I put in
there is $50 to $100 each month.
I prefer to take the train or ride a lot more affordable to bring
my bike, which I bought used for your own. Do you have student loans?
about $200. Both ways allow me When I decided to go to the Uni-
to not spend any money. Salt How does your focus on living versity of Utah, I knew it was
Lake City government employees an environmentally sustainable going to be more affordable
get a free transit pass that helps lifestyle affect your budget? than other colleges I considered,
me with my budget. Salt Lake Some things are less expensive, and eventually I was able to get
City also has some of the worst like shopping for clothes. I try to in-state tuition. I don’t have any
air quality in the U.S. It’s a huge reduce what I buy, but when I do student debt. My parents saved
issue for us and a big reason buy new clothes I get them sec- for my college account and I was
why taking public transit is so ondhand. There are a couple of able to get enough scholarships
important to me. thrift stores in Salt Lake City to pay for the rest.
I try to use other transporta- that I go to, like one consignment
tion options, but I do have an thrift store called Uptown Cheap- What are you saving for?
electric car as well. I got it in skate. The clothes are good qual- I have enough in my savings ac-
2017 because my old car broke ity, and I can find Ann Taylor Loft count for an emergency, and I’m
down, and there were a lot of sweaters or jackets that would privileged to have a support sys-
new incentives to buy an electric be $50 or $100 and I can get tem I can rely on. I do really
car when I bought it. It cost them for $10 or $20. want to save for a down pay-
LINDSAY D’ADDATO FOR THE WALL STREET JOURNAL

$15,000; my parents paid But I definitely spend more on ment for a house, but that feels
$10,000 and I paid $5,000. I don’t groceries. It’s a lot cheaper to eat out of reach for now.
have to pay for oil changes and a hamburger than a Beyond Meat
Salt Lake City makes a lot of the burger, or to buy regular cheese Since you graduated, what’s
charging stations free. than vegan cheese. I also try to the biggest purchase you’ve
I try to live my life with cli- Ms. Johnson and her boyfriend at a farmer’s market in Salt Lake City. buy things that are packaged in made?
mate change in mind as much as glass or other reusable packaging, Other than my car, my partner
possible. That’s honestly a big Christianna Johnson which increases the price. and I went on a two-week trip to
reason why I studied urban plan- Age: 25 My boyfriend and I spend an Europe in the spring of 2018. It
ning in college, why I am vegan, Salary: $50,000 average of about $500 to $600 cost us about $2,000 each. I still
why I try to drive as little as pos- Occupation: Civic Engagement Specialist for Salt Lake City Corporation on groceries a month. It’s a lot have too much stuff, but I try to
sible, and why I tend to only buy Rent: $500 for a $1,000 two-bedroom apartment she shares more than I would spend before I spend more on experiences, not
clothes from thrift stores. with her boyfriend started making these choices. just on material things.

Wall Street to play into a growing category it

calls the “global sleep economy,”
which includes everything from
in the past few weeks, including
Oyo Hotels & Homes, delivery
company Rappi Inc. and scooter
brand written in sans serif font in
a soothing shade of blue. Execu-
tives trumpeted an origin story in
subway. The company fashioned it-
self as “the Nike of sleep,” rather
than just a mattress seller, expand-

Eyes Casper’s pillows to sheets to sleep-tracking

devices. Meanwhile, old incumbent
mattress sellers have struggled
company Lime Inc. That follows
recent guidance from the largest
funder of such companies, Soft-
which the co-founders realized the
value of sleep after they were
overworked in a startup incubator.
ing into products like pillows and
dog beds and telling investors it
was poised to dominate a sleeping-

Bedtime Story with years of slow growth.

The company also is pushing a
nontech approach: expanding its
Bank Group Corp., that the start-
ups it backs should move toward
profitability—reversing its prior
Executives less frequently men-
tioned that co-founder and chief
executive Philip Krim previously
related market it estimates at
$432 billion. It launched a maga-
zine devoted to wellness and com-
retail store footprint, which it emphasis on growth. ran an online mattress company he fort, with many stories on sleep.
Continued from page B1 says is “complementary, not can- Fundraising for such startups eventually sold. Its early success spawned imita-
model vulnerable to intense nibalistic” to its online sales. It has become far more difficult. Casper ads flooded podcasts, In- tors who realized the basic busi-
competition. can point to revenue that is con- Companies including Lime and stagram and the New York City ness model was easy to replicate.
For the first nine months of last tinuing to grow significantly food delivery-focused DoorDash Competitors found that Casper
year, Casper reported a net loss of faster than losses—a trait not Inc.—once able to raise large infu- didn’t make its own mattresses
$67 million on $312 million of rev- shared by WeWork. sions of cash with little trouble— Dreaming Big but procured them from a handful
enue, with $54 million of cash. It David Hsu, a management pro- both sought to raise hundreds of of U.S. foam factories that supply
has raised more than $300 million fessor at the University of Penn- millions of dollars in the past Casper hasn't turned a profit numerous brands. Work piled into
from investors, with a valuation on sylvania’s Wharton business three months and haven’t yet suc- despite growing revenue. these factories from dozens of
the private markets of $1.1 billion, school, said the company is burn- ceeded, people familiar with the Revenue Net loss competitors. They found the pro-
and sought additional private attempts said. cess easy given that some facto-
$150 million
funding late last year, according to Of course, any chill could be ries design, produce and ship the
people familiar with the matter. In six years, Casper has fleeting. Money continues to pour mattresses directly to consumers
That funding was never finalized, into venture-capital funds by the for the companies.
and now it is seeking much-needed become a leading name billions, as yield-starved investors 100 But the new entrants in the
cash on the public markets. in mattresses thanks to remain anxious of missing the market—including Purple Innova-
The company has for years been next big thing. tion Inc. and Leesa Sleep LLC—
marketing itself like a tech its marketing effort. Casper, which delivers com- meant that prices for online ads
startup, though its IPO prospectus pressed foam beds direct to cus- 50 targeting mattress-inclined millen-
emphasizes other key selling tomers’ doors, launched in 2014 nials soared ever higher, dimming
points, such as the rapid growth of ing large sums of money on mar- seeking to disrupt the mattress in- the hopes of making a profit.
its brand. In six years, it has be- keting and could face a tough re- dustry by cutting out middlemen 0 Purple, a main competitor that
come a leading name in mat- ception on Wall Street given the and drawing customers happy to 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q went public through a shell com-
tresses—aided by $422 million in new environment. “There’s more avoid slogging to mattress stores. 2017 ’18 ’19 pany a couple of years ago, re-
marketing in the past four years discipline in today’s financial mar- Its early approach—which is 0 cently turned a profit and sports a
alone. Its IPO prospectus cited a kets,” Mr. Hsu said. mostly unchanged today—was faster growth rate. The stock has
survey that 31% of the U.S. is The effects of that newfound sprinkled with tropes and strate- almost doubled in the past year,
aware of its brand. discipline are rippling broadly. A gies commonplace among startups and its $304 million of revenue in
–50
Casper says that brand—and string of high-profile startups has aiming at millennials. It paired the first nine months of 2019 was
marketing spending—set it up well engaged in cost cutting and layoffs clever advertising with a friendly Source: the company just shy of Casper’s $312 million.
Sam Bernards, the former CEO
of Purple, said he tracked more
than 200 companies in the space
at the height. While many were
small, they were “all competing for
the same keywords on Google, and
the same on Facebook.”
The result, he said, was “just
economics 101. The more competi-
tion, the higher the spend.”
To find new forms of growth,
Casper began opening stores in
malls and hip retail strips, requir-
ing new investment and employ-
ees. Then it started selling
through other retailers too, in-
cluding U.S. furniture chain Ray-
mour & Flannigan, adding a mid-
dleman and the costs that come
with it. Casper said its online
sales have grown faster in cities
with retail stores, suggesting they
spur online growth too.
Incumbent online retailers in-
cluding Amazon.com Inc. and Wal-
mart Inc. began making their own
mattresses, undercutting the oth-
ers on price. Casper’s lowest-price
queen mattress is listed on its
website for $536. An Amazon-
branded memory foam queen-sized
mattress sells for $289.
Casper’s revenue in the first
nine months of 2019 grew 20%
from a year earlier and full-year
BENJAMIN LOWY/GETTY IMAGES

revenue in 2018 climbed 43%.

“Twenty percent growth isn’t
that high given the size of the op-
erating losses,” said Jason Stoffer,
a partner at venture capital firm
Maveron. He said ideally, a strong
direct-to-consumer company
would be closer to profitability at
Casper CEO Philip Krim plans to take the New York-based company public this year as it seeks funds to dominate the ‘global sleep economy.’ this point.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | B5

HUMAN CAPITAL
THE CAPTAIN CLASS | SAM WALKER

The Eternal
Clash Between
Harrys and
Williams

FROM TOP: TOBY MELVILLE/GETTY IMAGES; GETTY IMAGES(2)

The royal brothers offer a near-perfect
embodiment of a classic leadership divide:
the stalwart versus the maverick

Prince Harry prince would make a better

and Meghan chief executive. That would
Markle’s sur- probably depend on the com-
prise retire- pany’s present circum-
ment from stances. But there’s little The diverging attitudes of Prince William, left, and his brother, Prince Harry, about royal obligations have us all spellbound.
Britain’s royal doubt about which prince
family has pro- seems better suited to be-
duced scores of pressing come king. At some point,
questions that, if you’re any- perhaps even now, the Brit-
THE LEADERSHIP QUIZ:
thing like me, demand multi-
ple daily hours of your undi-
ish monarchy might stand to
benefit from a shakeup. But
ARE YOU A WILLIAM OR A HARRY?
vided attention. history strongly suggests One prince is a dutiful stalwart, the other an unpredictable maverick. Find out which type you most resemble.
Will Canada deport them? that William’s steadiness
Did Oprah Winfrey put makes him a better fit.
them up to this? After all, both William’s
Are they headed to Netflix? great-grandfather (King Most leaders fall into one of two basic camps. kind of leader are you?
Will they end up doing milk George) and grandmother There’s the “maverick” type who brings fresh ideas but One word of advice: be honest. There are no cor-
advertisements in China? (Queen Elizabeth) managed to may cause disruption; and the “stalwart” type who rect answers and this test won’t tell you if you’ve
And do they even like become beloved, capable and avoids drama and takes a more cautious approach. got what it takes to be a great boss. Some of you
hockey? stalwart monarchs despite be- Britain’s royal brothers, Prince Harry and Prince will fit perfectly into the Harry or William camp, but
I’m obviously exaggerat- ing outshone by a more color- William, seem to fall at different ends of this spectrum. many others won’t.
ing. The world has far big- ful and mercurial sibling. Here’s a highly unscientific 5-item quiz to help At best, this exercise may help you better under-
ger problems than a blowup (Season three of the Netflix answer the most important question of all: Which stand why these two brothers behave the way they do.
at Buckingham Palace. But series “The Crown” addressed
before we change the chan- this point directly.)
nel, it’s worth examining Let’s cut to the real ques-
one subplot that doesn’t tion, though: which kind of
seem silly at all. It’s the ap- leader are you? QUESTION A
parent rift between Prince Short of taking up resi-
Harry and his brother, dence at Buckingham Palace, When I’m around other people, I absorb their emotions.
Prince William. or moving into the corner
This isn’t a power strug- office, the fastest way to get
gle. William is the heir by a handle on that question is
birth and Harry, sixth in line to take our highly unscien-
to the throne, has no realis- tific five-question Harry or AGREE NEUTRAL DISAGREE
tic shot at becoming king. William leadership quiz.
But in a broader sense, these I’m sure many of you have
two wildly popular princes visited this circus before.
seem to be a near-perfect There are scores of personal-
embodiment of a classic ity tests available online, and QUESTION B
leadership divide. many companies administer
Many companies, when them to job candidates and Most people would describe me as upbeat and optimistic.
they set out to hire a new employees. Any number of
boss, will inevitably come to tests, including the Myers-
the same familiar crossroads: Briggs Type Indicator, Gal-
a choice between opposites. lup’s CliftonStrengths and the
Candidate “A” is the reli- DiSC profile, may do a bang- AGREE NEUTRAL DISAGREE
able, stalwart pick; someone up job of painting a broad
who’ll keep a steady hand on picture of a person’s deeply
the tiller. Candidate “B” is wired tendencies.
the unpredictable-maverick Our quiz is engineered to
option; a creative, impulsive analyze your leadership style. QUESTION C
manager who’s liable to turn
things upside down. When my mind’s made up, I rarely change it.
A version of this dynamic Goldman Sachs and
played out in 2018 at Gold-
man Sachs, where the race other companies
to replace outgoing Chief Ex- have faced versions
ecutive Lloyd Blankfein in- AGREE NEUTRAL DISAGREE
volved a 15-month bakeoff of this dynamic.
between two men.
The stalwart candidate
was Harvey Schwartz, a Gold- To measure that, we’ve
man lifer and karate black adapted questions from the QUESTION D
belt who helped guide the five-factor model of person-
bank through the financial ality (FFM), a widely used I always think before I act.
crisis and was considered the assessment tool that mea-
stronger bet for managing sures five broad traits: con-
risk and regulation. scientiousness, extraversion,
The maverick choice, and openness, agreeableness and
eventual winner, was David emotional stability. To ori- AGREE NEUTRAL DISAGREE
Solomon, an avid skier and ent our test toward leader-
kite-surfer who moonlights ship, we’ve consulted studies
as D-Sol, a dance-club DJ. in which the FFM was ad-
Mr. Solomon, the rare Gold- ministered to large groups
man partner who was hired of business executives and QUESTION E
from the outside, had argued political leaders.
forcefully that the firm was Long story short, re- I would rather follow a routine than do something creative.
too stuck in its ways and has searchers have found that
wasted no time rethinking “mavericks” and “stalwarts”
some of its oldest traditions. often post significantly dif-
If nothing else, recent ferent scores across all five
events have made it clear categories. To arrive at a fi- AGREE NEUTRAL DISAGREE
that Prince Harry and Prince nal verdict, we’ve calibrated
William also have different our quiz to give you “Harry”
temperaments and, beyond points or “William” points
that, diverging views about depending on how you re-
the privileges and obliga- spond to each question. ADD UP YOUR POINTS
tions of royalty. One word of advice: Just be A. Agree: 0; Neutral: 0; Disagree: 1 | B. Agree: 1; Neutral: 0; Disagree: 0 | C. Agree: 1; Neutral: 1; Disagree: 0
In published reports and honest. There are no “correct” D. Agree: 2; Neutral: 0; Disagree: 0 | E. Agree: 2; Neutral: 2; Disagree: 0
public appearances, William answers, here. Most of you
comes across as a diligent, won’t fit perfectly into either
deliberate, conscientious up- camp, but that certainly
holder who respects tradition doesn’t mean that you’re not SCORES 0-3 SCORES 4-7
and leans toward incremental leadership material.
change. He seems more even- If anything, I’d argue, re- YOU ARE A HARRY YOU ARE A WILLIAM
keeled, socially confident and cent events have shown that The “maverick” type: Harrys are cre- The “stalwart” type: Williams are or-
emotionally placid than his the ideal future King of Eng- ative, inquisitive managers who ganized, diligent, deliberate and
brother. He doesn’t appear to land—or for that matter, the gravitate to new experiences and conscientious managers who tend
shrink at delivering private world’s most desirable unconventional ideas. They tend to be even-keeled, socially confi-
criticism, however, and may CEO—might not be Harry or to be more gentle, flexible, pa- dent and emotionally independent.
be stubborn and inflexible in William at all, but some tient and agreeable when dealing The trade-off is that they’re often
his views. combination of both. with others. The downside is that less comfortable experimenting
Harry, by contrast, has In any case, give the quiz they can be disorganized, impul- with new or nontraditional ideas.
consistently embraced new a try. It’ll only take a few sive and mercurial. Harrys are of- Williams are better at delivering
ideas and experiences and minutes. That should leave ten charming, likeable and charis- criticism but can be stubborn and
challenged the status quo. plenty of time to explore to- matic, but are also more likely to unforgiving in their views. They’re
He comes across as more day’s burning question: Has feel shy and socially anxious. not generally as charismatic as
likeable, agreeable and char- Meghan worn her last tiara? They experience Harrys, but may be more
ismatic but also perhaps less greater emotional naturally extroverted
conscientious and more im- Mr. Walker, a former ups and downs and consistently up-
pulsive. He has acknowl- reporter and editor at The than Williams beat when dealing
edged experiencing social Wall Street Journal, is the typically do. with others.
anxiety and struggling with author of “The Captain Class:
emotional ups and downs. A New Theory of Leadership”
I have no idea which (Random House).  To play the full quiz, visit wsj.com/royal-quiz
B6 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

EXCHANGE

‘I Wanted
To Make
A Change’
Continued from page B1
anything from finding housing to
staying clean.
“They were thinking that pro-
viding jobs would fix things,” said
Dana Merida, who initially pro-
vided social services for Nehemiah
employees a few hours a week and
now heads the company’s three-
person social-service team. But
some of them would take a break
and never come back, she said. “If
you are homeless, couch surfing,
how productive can you be?”
Karrie Norgren, a 26-year-old
recovering heroin addict, said she

ANDREW SPEAR FOR THE WALL STREET JOURNAL(3)

wasn’t reliable when she first
joined Nehemiah in 2018. But
“something clicked” after she
missed three days of work and Ms.
Merida sat her down for a chat.
She now runs a small team of em-
ployees as a line captain.
Gina Johnson, 56 years old, has
a seventh-grade education and was
in and out of prison for drug-re-
lated crimes. Nehemiah helped her
find housing, clean up her credit
record and set a budget. She now
runs a team that fulfills Amazon
orders for items from Nehemiah
and other companies. named the company Nehemiah af-
“I never knew what a goal was
until I got here,” Ms. Johnson said.
ter an Old Testament prophet. A
family member’s struggles with
Catching On
She spent seven months as a tem- substance abuse has also shaped Nehemiah has tried to help
porary Nehemiah worker before be- Mr. Meyer’s willingness to offer other Cincinnati companies
ing taken on full time. “It was the workers more than one chance. open their workforces to
best feeling in the world,” she said. Government support, such as fed- those with criminal pasts.
Having a steady job has helped eral tax credits for hiring workers It launched the Beacon of
her rebuild her relationship with who face barriers to employment, Hope Business Alliance for
her children, who were raised by has been minimal, the company employers and held a golf
her sister and grandmother. Her says, but $300,000 in state funding outing to raise funds for
oldest daughter is now helping her helped lower the cost of building a three vans that Alliance
study to obtain her GED. “It’s good new 183,000-square-foot facility, members can use to trans-
for the kids to say they are proud which opened last year in a ZIP port workers without cars to
of me,” she said. Code where more than a third of far-flung jobs. The social-ser-
Since its first days, Nehemiah has residents live below the poverty line. vice team connected workers
become more deliberate about iden- Jeffrey Korzenik, chief invest- to other employers until this
tifying candidates who are likely to ment strategist for Cincinnati- fall, when Nehemiah handed
be good, reliable employees and has based Fifth Third Bancorp, who the job to Cincinnati Works,
developed a more formal system for has studied the practices of Nehe- a nonprofit.
providing them with support. Nehemiah’s manufacturing floor, top; Nehemiah Chief Executive Dan miah and other employers, says Kroger Co. Chief Executive
Today, Nehemiah’s annual turn- Meyer and President Richard Palmer, above. Nehemiah’s screening process is Rodney McMullen toured Ne-
over stands at roughly 15%, well crucial for success. “For this to hemiah’s operation in 2016
below the 38.5% average for con- work on a business basis, not as and, a year later, asked the
sumer-products companies, as re- other challenges. pocket, he said, “I was filled with charity, it requires selectivity in consumer-products company
ported by Mercer’s 2019 U.S. Turn- Companies also have differenthope and overwhelmed by fear.” who is hired,” he said. for help with recruiting. The
over Survey. Nehemiah says it had tolerances for the types of crimes
His first job was in a fast-food res- One job candidate had been grocery giant hired 40 people
operating income of $5.7 million they are willing to look beyond:taurant specializing in chicken fin- drug-free for 25 days when he with criminal records in two
on sales of $59.4 million in 2018. More employers are comfortable gers. “I was the oldest person there showed up at Nehemiah for an in- Cincinnati manufacturing
Even among companies embrac- overlooking minor drug offenses and the most enthusiastic. It was terview in the fall. “It was com- plants; Kroger is expanding
ing so-called second-chance hiring, but not violent crimes. the first time in my life I was earn- mendable; he had made changes,” the program to manufactur-
Nehemiah is unusual, with a work- Nehemiah’s hiring process typi-
ing an honest check,” he said. said Basette Smith, a member of the ing and distribution facilities
force where a criminal past is the cally includes a session with a mem-
But he struggled to find steady social-service team. But Mr. Smith in Indiana, South Carolina,
norm rather than the exception. ber of the social-service team who
work with decent pay. Nehemiah wasn’t ready to make him an offer. Wisconsin and Oregon.
“We found that the population scrutinizes applicants’ histories and
hired him as a second-shift supervi- “I wanted a more stable history of At Kroger, with 460,000
we were hiring who had criminal current support systems. Applicants
sor at $19 an hour. treatments,” he said. “It’s not a ‘yes’ employees, only hiring man-
backgrounds were our most loyal also sign a release that allows theMs. Merida said she was im- right now. It’s not a ‘no.’ ” agers know workers’ back-
people,” said Mr. Palmer. “When team to contact the agencies that
pressed by Mr. Holt’s passion, hu- New hires must not only be job grounds. Kroger partners
we were looking for people to provide them with housing, drug mility and sincerity when he told ready, Mr. Smith added, but also with nonprofits and local
work overtime, come in on Satur- treatment or other support. his life story. “I knew this was a be prepared “for what life looks business groups for services
day or go that extra mile, it was Only half of applicants make it
born leader who could really have like as a working adult,” which in- its human-resources depart-
the second-chance population that through that initial screening, the
a profound impact on our employ- cludes everything from having a ment doesn’t offer.
was saying, ‘I’m in.’ ” company says. Those that do are ees,” said Ms. Merida. “He could bank account to deposit pay- Of the initial hires, 37 still
Nehemiah’s approach to hiring taken on as temporary workers and
show them that no matter how checks to a support system and work for Kroger; about half
works only if the entire company assigned a job coach who helps bad it is, your life isn’t over.” treatment plan. have been promoted from en-
is committed to it, said Matt them understand employer expec- Mr. Holt now works as the com- Permanent employees at Nehe- try-level jobs to lead manu-
Mooney, a vice president with non- tations. They typically spend a pany’s commercialization coordi- miah start at $12.50 an hour, with facturing roles paying $20 or
profit Cincinnati Works, which week or more in a job-readiness nator, responsible for taking new midlevel workers earning around more an hour. “We have
helps people with criminal records program. After a probation period
products and product improve- $15. That is roughly in line with the many examples of people
find work and navigate barriers to of three to six months or so, about
ments from concept to market. national average for similar work, buying their first car, buying
self-sufficiency. “If you have front- 60% of the temp workers are ele- Nehemiah spends about according to the Bureau of Labor a house,” Mr. McMullen said.
line supervisors who are not com- vated to full-time employees. $120,000 a year on its social-ser- Statistics. Nehemiah workers also JBM Packaging, a privately
fortable, it will collapse,” he said. vice team, not including the stan-
“There’s a misconception that Ne- receive a year-end bonus of around held maker of seed packets
At Nehemiah, having a criminal dard human-resources tasks the
hemiah will hire anybody,” said Mr. 7%. All full-time employees are also and other specialty packag-
past carries less of a stigma because team also handles. It donates
Palmer. “No, we won’t. If we bring eligible for health insurance, tuition ing, began “second-chance”
so many workers have been incar- on somebody who is not ready to about $150,000 a year to nonprof- reimbursement, a retirement-sav- hiring after struggling to find
cerated. Employers with a more tra- its including City Gospel Mission,
work, it will impact our operations.” ings plan and other benefits. new employees. The 35-year-
ditional workforce must grapple Conversely, Nehemiah’s ap- which sends job candidates to Ne- Roughly 70% of Nehemiah’s em- old Lebanon, Ohio, company
with what, if any, information about proach also means it can spot po-
hemiah and provides drug-treat- ployees have dealt with drug ad- donated two excess folding
employees’ backgrounds to share tential other employers might ment classes and rehab programs diction or committed drug-related machines that are used to
with managers and others. overlook. When Rayshun Holt to the company’s employees. crimes. About a dozen have been train workers at the Pickaway
“We don’t put a red star on came to Nehemiah roughly two Other expenses include about fired after relapsing, said Michael Correctional Institution; it
their names,” said Fred Keller, $15,000 for the services of an at-
years ago, Ms. Merida said he im- Taylor, Nehemiah’s operations also recruits at the Dayton
founder and chair of Cascade En- mediately stood out as someone torney who helps workers with le- manager who has struggled with Correctional Institution, a
gineering Inc., a privately held the company wanted. gal issues such as getting criminal drug and alcohol addiction and women’s prison. Roughly 25
Grand Rapids, Mich., contract records expunged or navigating
Mr. Holt, 40, spent two decades was jailed for burglary. of JBM’s 145 employees have
manufacturer with about 1,700 bankruptcy proceedings and about
in prison after fatally shooting a At a previous job, Mr. Taylor criminal records.
employees that has hired people $50,000 for continuing education.
friend when he was 15 during what was escorted off the premises by “Nehemiah has been a big
with criminal records for more he describes as a scuffle over aThe company owns four apartment armed guards after the company inspiration,” said JBM Chief
than two decades. “We believe it’s gun. While in prison, Mr. Holt units it rents out to employees at determined he had lied about his Executive Marcus Shean-
important to treat them the same started taking classes and beganhalf of market rates; it hopes to past, he said. “I wanted to make a shang, who uses the van ser-
as everybody else.” Cascade uses add more in the next few years.
coaching other prisoners on how to change,” he said. On his first day, vice launched by Nehemiah
a local nonprofit that assists turn their lives around. “Can I cut some of this stuff Mr. Meyer shook his hand. to ferry workers to his facil-
workers with criminal records or and make a little more money? I
Released in 2016 with $96 in his He said employees support each ity. A JBM “change coach”
sure don’t want other. “We tell our stories; we teaches classes to inmates
to,” said Mr. Meyer. show our scars,” he said. “I will nearing release and helps
“This is a business tell my story a million times if it employees find housing, set
model about a so- helps one person.” up bank accounts, obtain reli-
cial enterprise Nehemiah conducts random able transportation and navi-
making money.” drug tests of employees; it may gate other challenges.
In their previous pay the cost of treatment for those The extra services cost
lives, Mr. Meyer who fail the tests as well as work- about $200,000 a year, said
had sold a business ers’ salaries while they’re out. Mr. Sheanshang. Turnover
he founded to a Its hiring model hasn’t scared has fallen, he added, as JBM
private-equity com- away customers, Mr. Palmer said, has strengthened its support
pany; part of Mr. but the company’s leaders have program and focused on
Palmer’s work had sometimes struggled to balance identifying inmates who
focused on eco- heart and head. want to change their lives
nomic develop- After discovering that a tempo- upon release. —Ruth Simon
ment. Both wanted rary worker was living in his car,
to bring manufac- Mr. Meyer pulled out his wallet to
turing jobs, which give the man money for a hotel.
had moved to the Instead of handing cash to the cure a government ID, therapy and a
suburbs, back to temporary worker, the social-ser- bed at a shelter; it bought him new
the city and part- vice team paid his hotel bill for clothes and an alarm clock. He
ner with social-ser- three weeks, then moved him to an spent a rocky six months at the
vice agencies as a apartment and bought him furni- company, and was ultimately fired
way to allow peo- ture. He eventually moved on to a for showing up drunk.
ple a chance to job in the construction industry. “He wasn’t ready,” said Mr.
work their way out Another time, Mr. Meyer brought Meyer. But “we are about second
of poverty. a man who had been panhandling chances, third chances,” he said.
Their Christian on a nearby street corner to Nehe- “I may go to five.”
beliefs were a mo- miah’s offices and told the staff to —Jim Oberman
Tameka Miller, who has worked at Nehemiah for about 16 months, operates a forklift. tivator; the pair hire him. Nehemiah helped him se- contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | B7

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Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
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28989.73 Trailing P/E ratio 21.20 17.90 3295.47 Trailing P/E ratio * 25.94 19.95 9314.91 Trailing P/E ratio *† 29.02 22.05 commodities performed around the world for the week.
t 170.36 P/E estimate * 19.16 15.43 t 30.07 P/E estimate * 19.25 15.75 t 87.57 P/E estimate *† 24.15 18.42
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Major U.S. Stock-Market Indexes Trading Diary S&P/TSX Comp 0.04
Latest 52-Week % chg Volume, Advancers, Decliners -0.09 Sao Paulo Bovespa
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. -0.20 Kospi Composite
Dow Jones Total volume* 871,015,744 20,197,394 -0.22 Stoxx Europe 600
Industrial Average 29288.79 28843.31 28989.73 -170.36 -0.58 29348.10 24528.22 17.2 1.6 13.3 Adv. volume* 123,995,055 11,870,909 -0.34 Swiss franc
Transportation Avg 11149.04 10972.35 11059.84 -83.58 -0.75 11304.97 9734.68 11.5 1.5 6.0 Decl. volume* 738,617,220 7,903,992 -0.35 Nasdaq 100
Utility Average 934.46 924.50 931.94 3.37 0.36 931.94 704.51 31.6 6.0 12.5 Issues traded 3,012 278 -0.37 iShJPMUSEmgBd
-0.93 Advances 848 110 -0.38 Indian rupee
Total Stock Market 34070.66 33525.03 33672.96 -317.70 34035.89 27261.82 22.4 1.9 12.4
Barron's 400 743.39 728.95 732.70 -9.19 746.64 638.79 9.4 0.1 6.3 Declines 2,081 151 -0.48 S&P 500 Consumer Staples
-1.24
Unchanged 83 17 -0.50 Euro Stoxx
Nasdaq Stock Market New highs 237 13 -0.51 Corn
Nasdaq Composite 9451.43 9273.23 9314.91 -87.57 -0.93 9402.48 7028.29 30.0 3.8 18.5 New lows 63 0 -0.59 Canada dollar
Nasdaq 100 9272.37 9101.44 9141.47 -75.51 -0.82 9216.98 6632.79 34.7 4.7 21.5 Closing Arms† 2.31 0.43 -0.60 Euro area euro
Block trades* 5,927 141 -0.66 Lean hogs
S&P
Nasdaq NYSE Arca
-0.67 Mexico peso
500 Index 3333.18 3281.53 3295.47 -30.07 -0.90 3329.62 2640.00 23.7 2.0 13.1
-0.70 Australian dollar
MidCap 400 2090.88 2054.38 2065.15 -21.71 -1.04 2100.34 1810.50 13.6 0.1 6.8 Total volume*2,636,954,046 288,609,130
-0.71 FTSE MIB
SmallCap 600 1033.48 1010.16 1015.98 -15.49 -1.50 1041.03 888.72 10.1 -0.5 6.6 Adv. volume* 627,047,189 75,134,110
-0.75 South Korean won
Decl. volume*1,994,043,143 212,667,030
Other Indexes -0.76 iShiBoxx$HYCp
Issues traded 3,310 1,597
Russell 2000 1689.15 1653.19 1662.23 -22.78 -1.35 1705.22 1456.04 12.1 -0.4 6.7 -0.77 Russian ruble
Advances 817 336
NYSE Composite 14120.02 13920.57 13978.47 -123.57 -0.88 14183.20 12065.11 15.3 0.5 7.5 -0.79 Nasdaq Composite
Declines 2,398 1,241
Value Line 557.08 546.32 -6.94 -1.25 562.05 490.20 -0.5
-0.79 S&P BSE Sensex
549.21 6.2 2.1 Unchanged 95 20
-0.89 Nikkei 225
NYSE Arca Biotech 5085.04 4922.01 4953.78 -106.72 -2.11 5261.79 4098.37 1.7 -2.2 16.5 New highs 196 143
-1.03 S&P 500 Industrials
NYSE Arca Pharma 666.90 653.95 655.32 -10.32 -1.55 670.32 552.42 17.6 0.3 11.8 New lows 60 28
-1.03 S&P 500
KBW Bank 109.77 106.89 107.70 -2.09 -1.91 114.12 89.30 9.7 -5.0 5.6 Closing Arms† 1.08 0.73
-1.11 Chinese yuan
PHLX§ Gold/Silver 104.94 102.47 104.82 1.89 1.83 107.17 66.14 47.3 -2.0 4.5 Block trades* 11,962 1,770
-1.15 FTSE 100
PHLX§ Oil Service 70.05 67.44 68.40 -2.09 -2.96 102.39 59.66 -30.1 -12.6 -28.6 * Primary market NYSE, NYSE American NYSE Arca only. -1.22 Dow Jones Industrial Average
PHLX§ Semiconductor 1974.99 1910.19 1924.03 -21.34 -1.10 1945.37 1236.25 50.2 4.0 26.9 †(TRIN) A comparison of the number of advancing and declining
-1.23 IBEX 35
issues with the volume of shares rising and falling. An
Cboe Volatility 15.98 12.62 14.56 1.58 12.17 24.59 11.54 -16.4 5.7 9.6 -1.25 CAC-40
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -1.37 S&P 500 Telecom Svcs
-1.45 S&P MidCap 400
-1.48 IPC All-Share
International Stock Indexes Percentage Gainers... -1.49 S&P 500 Consumer Discr
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -1.52 Norwegian krone
-1.94 Dow Jones Transportation Average
World The Global Dow 3254.21 –9.34 –0.29 0.1 NanoViricides NNVC 8.45 2.98 54.48 13.60 1.27 48.5
Vaccinex VCNX 6.89 1.81 35.73 8.49 3.77 38.3
-2.01 S&P 500 Health Care
DJ Global Index 439.62 –1.78 –0.40 1.3
Mediaco Holding MDIA 5.90 1.54 35.32 17.00 1.10 ... -2.18 S&P 500 Financials
DJ Global ex U.S. 264.76 0.51 0.19 0.4
SAExploration Holdings SAEX 3.02 0.74 32.46 5.73 1.42 -19.7 -2.20 Russell 2000
Americas DJ Americas 775.68 –6.91 –0.88 1.9 Casa Systems CASA 4.69 1.06 29.20 12.47 3.09 -61.8 -2.24 S&P SmallCap 600
Brazil Sao Paulo Bovespa 118376.36 –1151.27 –0.96 2.4 -2.27 S&P 500 Materials
eHealth EHTH 123.26 26.13 26.90 130.00 49.19 122.9
Canada S&P/TSX Comp 17565.34 –56.44 –0.32 2.9 -2.98 Soybeans
Cincinnati Bell CBB 13.75 2.50 22.22 14.01 3.19 64.7
Mexico S&P/BMV IPC 45141.62 –334.81 –0.74 3.7 -3.13 Bloomberg Commodity Index
Era Group ERA 10.24 1.65 19.21 12.43 6.95 -0.2
Chile Santiago IPSA 3307.04 –7.95 –0.24 –0.9
Equillium EQ 5.10 0.82 19.16 11.17 2.56 -48.3 -3.22 Shanghai Composite
EMEA Stoxx Europe 600 423.64 3.61 0.86 1.9 Alpha Pro Tech APT 6.00 0.91 17.88 6.87 3.20 45.3 -3.81 Hang Seng
Eurozone Euro Stoxx 410.04 4.12 1.02 1.5 Vir Biotechnology VIR 19.95 2.97 17.49 20.16 11.65 ... -4.25 S&P 500 Energy
Belgium Bel-20 4002.84 24.54 0.62 1.2 Consolidated Comm Hldgs CNSL 5.00 0.73 16.96 12.10 3.24 -52.0 -5.49 Nymex natural gas
Denmark OMX Copenhagen 20 1193.56 9.77 0.83 5.1 Atreca Cl A BCEL 18.48 2.26 13.93 23.65 9.51 ... -5.76 Comex copper
France CAC 40 6024.26 52.47 0.88 0.8 Adaptive Biotechnologies ADPT 30.55 3.70 13.78 55.12 24.05 ... -6.73 Nymex ULSD
Germany DAX 13576.68 188.26 1.41 2.5 Town Sports Intl Hldgs CLUB 2.37 0.25 11.79 6.29 1.11 -61.0 -7.49 Nymex crude
Israel Tel Aviv 1735.88 … Closed 3.1 -7.64 Nymex RBOB gasoline
Italy FTSE MIB 23969.13 262.08 1.11 2.0 Percentage Losers *Continuous front-month contracts
Netherlands AEX 614.24 8.62 1.42 1.6 Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Russia RTS Index 1599.82 3.71 0.23 3.3 THE WALL STREET JOURNAL
South Africa FTSE/JSE All-Share 57261.04 366.37 0.64 0.3 Trans World Entertainment TWMC 5.27 -1.71 -24.50 20.00 1.68 -55.6
Spain IBEX 35 9562.00 43.50 0.46 0.1 ShiftPixy PIXY 9.82 -2.93 -22.98 73.60 7.03 -80.8 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
Sweden OMX Stockholm 700.45 1.05 2.9 Bridgford Foods BRID 23.61 -5.93 -20.07 38.00 22.01 -16.1 and commodities at WSJ.com/TrackTheMarkets
7.25
Switzerland Swiss Market 10849.75 35.81 0.33 2.2 Harsco HSC 15.80 -3.64 -18.72 27.97 15.69 -26.9
Turkey BIST 100 122141.75 –398.47 –0.33 6.7 AMAG Pharmaceuticals AMAG 9.63 -2.07 -17.69 17.13 6.81 -41.5
U.K. FTSE 100 7585.98 78.31 1.04 0.6 FRONTEO ADR FTEO 4.96 -0.99 -16.70 14.45 4.38 -65.9
U.K. FTSE 250 21763.94 223.38 1.04 –0.5 Epizyme
Art's Way Mfg
EPZM
ARTW
22.40
1.83
-4.32
-0.35
-16.17
-15.99
27.82
3.81
8.98
1.75
131.9
-9.0
Speed-Read the Markets
Asia-Pacific
0.04
Concert Pharmaceuticals CNCE 10.86 -1.92 -15.00 17.83 5.36 -25.2
Australia S&P/ASX 200 7090.50 2.54 6.1
PolarityTE PTE 3.34 -0.54 -13.92 18.14 2.10 -80.4
China Shanghai Composite 2976.53 … Closed –2.4 With 30-plus charts and concise analysis,
Hong Kong Hang Seng 27949.64 40.52 0.15 –0.9 Veru VERU 3.74 -0.55 -12.82 4.74 1.18 167.1
India S&P BSE Sensex 41613.19 0.55 0.9 Aslan Pharmaceuticals ADR ASLN 2.18 -0.32 -12.80 8.18 0.35 -40.3 The Daily Shot morning newsletter delivers an
226.79
Japan Nikkei Stock Avg 23827.18 31.74 0.13 0.7 HOOKIPA Pharma HOOK 12.06 -1.74 -12.61 14.76 6.06 ... overview of the trends impacting global markets.
China Rapid Finance ADR XRF 1.92 -0.27 -12.27 18.00 1.41 -85.0
Singapore Straits Times 3240.02 5.45 0.17 0.5 Sign up now at WSJ.com/DailyShot
South Korea Closed 2.2
Bellicum Pharmaceuticals BLCM 1.88 -0.26 -12.15 4.14 0.72 -42.9
Kospi 2246.13 … © 2018 Dow Jones & Co., Inc. All rights reserved. 2DJ6399
Taiwan TAIEX 12118.71 … Closed 1.0
Thailand SET 1569.55 –4.15 –0.26 –0.7
Most Active Stocks
Volume % chg from Latest Session 52-Week
Sources: FactSet; Dow Jones Market Data Company Symbol (000) 65-day avg Close % chg High Low

iShares MSCI Emg MarketsEEM 88,649 49.0 44.60 -0.80 46.32 38.72 Currencies
Get real-time U.S. stock quotes and track most-active SPDR S&P 500 SPY 87,316 55.2 328.77 -0.89 332.95 261.79

WSJ stocks, new highs/lows and mutual funds. Intel INTC 84,630 330.2 68.47 8.13 69.29 42.86 U.S.-dollar foreign-exchange rates in late New York trading
Advanced Micro Devices AMD 79,830 50.1 50.35 -2.63 52.81 19.05 US$vs, US$vs,
Plus, deeper money-flows data and email delivery of Chesapeake Energy CHK 75,809 -7.1 0.56 -2.67 3.57 0.55 YTDchg YTDchg
Fri Fri
.COM key stock-market data. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Americas Vietnam dong .00004315 23173 unch
Argentina peso .0167 60.0116 0.2 Europe
Brazil real .2391 4.1816 4.0 Czech Rep. koruna .04381 22.827 0.7
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Canada dollar .7608 1.3145 1.2 Denmark krone .1475 6.7780 1.7

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Chile peso .001287 777.30 5.1 Euro area euro 1.1026 .9070 1.7
U.S. consumer rates notes and bonds major U.S. trading partners Colombiapeso .000297 3365.07 2.5 Hungary forint .003279 304.96 3.3
New car loan Ecuador US dollar 1 1 unch Iceland krona .008025 124.61 2.9
A consumer rate against its
Mexico peso .0532 18.7872 –0.7 Norway krone .1105 9.0484 3.1
benchmark over the past year 4.00% 8%
Bankrate.com avg†: 4.48% Uruguay peso .02678 37.3400 0.5 Poland zloty .2590 3.8614 1.8
First Command Bank 2.99% Asia-Pacific Russia ruble .01611 62.073 0.01
One year ago 3.00 4 WSJ Dollar index Sweden krona .1045 9.5669 2.1
6.00% Fort Worth, TX 888-763-7600 t s Australian dollar .6825 1.4652 2.8
Prime rate China yuan Switzerland franc 1.0297 .9712 0.4
Think Mutual Bank 2.99% .1442 6.9367 –0.4
t 2.00 0 Turkey lira .1684 5.9391 –0.2
5.50 Hong Kong dollar .1287 7.7725 –0.2
Rochester, MN 800-288-3425 Ukraine hryvnia .0407 24.5652 3.8
t India rupee .01402 71.316 –0.1
New car loan 5.00 Cambridge Savings Bank 3.24% 1.00 –4 s s Indonesia rupiah .0000737 13573 –2.2 UK pound 1.3074 .7649 1.4
t Cambridge, MA Tradeweb ICE Friday Close Yen Euro
888-418-5626 Japan yen .009151 109.28 0.6 Middle East/Africa
4.50 0.00 –8 Kazakhstan tenge .002641 378.60 –0.8
PNC Bank 3.34% Bahrain dinar 2.6529 .3769 –0.03
Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 710 30 2019 2020 Macau pataca .1249 8.0069 –0.1 Egypt pound .0633 15.8006 –1.5
4.00 month(s) years Malaysia ringgit .2460 4.0655 –0.6 Israel shekel .2894 3.4550 0.03
F M A M J J A S O N DJ First Savings Bank of Hegewisch 3.50% New Zealand dollar .6607 1.5135 1.9
maturity Kuwait dinar 3.2912 .3038 0.2
2019 Chicago, IL 773-646-4200 Pakistan rupee .00647 154.625 –0.2 Oman sul rial 2.5974 .3850 unch
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.801 0.2 Qatar rial .2747 3.641 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7400 1.3514 0.4 Saudi Arabia riyal .2665 3.7517 0.01
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008546 1170.20 1.3 South Africa rand .0695 14.3928 2.8
Sri Lanka rupee .0055063 181.61 0.1
Federal-funds rate target 1.50-1.75 1.50-1.75 1.75 l 2.25 1.00 Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Taiwan dollar .03328 30.050 0.5
Prime rate* 4.75 4.75 4.75 l 5.50 1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03272 30.560 2.7 WSJ Dollar Index 90.66 0.14 0.16 1.22
Libor, 3-month 1.80 1.82 1.79 l 2.75 0.76 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Barclays 2305.370 1.640 1.760 2.690 1.510 8.44 3.80
Money market, annual yield 0.50 0.50 0.50 l 0.78 0.22
Five-year CD, annual yield 1.40 1.40 1.40 l 2.07 0.18 U.S. Treasury Long, Barclays 4187.390 2.090 2.270 3.090 1.880 20.08 8.47
30-year mortgage, fixed† 3.82 3.86 3.60 l 4.61 -0.34 Aggregate, Barclays 2153.480 2.150 2.250 3.290 2.060 9.64 4.46
Commodities Friday 52-Week YTD
15-year mortgage, fixed† 3.28 3.29 3.14 l 3.89 -0.08 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
Fixed-Rate MBS, Barclays 2154.780 2.380 2.450 3.430 2.200 6.67 3.48
Jumbo mortgages, $510,400-plus† 4.09 4.10 4.02 l 4.71 -0.45 DJ Commodity 612.36 -7.68 -1.24 647.86 586.24 1.03 -4.66
High Yield 100, ICE BofA 3194.834 4.749 4.516 6.712 4.516 9.87 5.66
Five-year adj mortgage (ARM)† 3.41 3.43 3.41 l 4.78 -0.17 TR/CC CRB Index 175.75 -2.77 -1.55 189.66 167.89 -2.73 -5.40
New-car loan, 48-month 4.48 4.48 4.41 l 4.81 1.39 Muni Master, ICE BofA 573.151 1.378 1.433 2.472 1.378 8.03 4.55 Crude oil, $ per barrel 54.19 -1.40 -2.52 66.30 51.09 0.93 -11.25
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 890.879 4.726 4.733 6.629 4.718 11.38 5.94 Natural gas, $/MMBtu 1.893 -0.033 -1.71 3.178 1.893 -40.43 -13.52
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1571.10 6.50 0.42 1571.80 1269.30 21.10 3.40
B8 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures April 75.350 75.350 72.825 73.450 –1.900 111,453 June 29115 29209 28778 28907 –194 172 June 9269.50 9305.00 s 9131.25 9164.00 –103.75 1,154
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. S&P 500 Index (CME)-$250 x index Mini Russell 2000 (CME)-$50 x index
Contract Open March 3335.30 3336.40 3281.00 3293.50 –32.50 34,675
March 425.30 432.30 425.30 426.20 .20 2,271 March 1685.70 1694.30 1652.50 1663.40 –22.10 505,347
Open High hi lo Low Settle Chg interest June 3336.00 3336.00 s 3329.00 3294.00 –32.60 29
May 427.00 428.70 423.10 424.20 2.20 598 June 1689.00 1695.40 1654.90 1665.10 –22.20 610
Copper-High (CMX)-25,000 lbs.; $ per lb. Milk (CME)-200,000 lbs., cents per lb. Mini S&P 500 (CME)-$50 x index
Jan 2.7230 2.7230 t 2.6790 2.6855 –0.0405 982
Mini Russell 1000 (CME)-$50 x index
Jan 17.04 17.05 17.02 17.04 .04 2,603 March 3326.50 3337.00 3280.50 3293.50 –32.50 2,731,397
March 2.7310 2.7360 t 2.6775 2.6840 –0.0420 152,385 March 1844.00 1844.00 1813.90 1822.60 –16.00 7,454
Feb 18.05 18.28 s 17.93 18.00 .02 2,899 June 3327.50 3337.25 3281.25 3294.00 –32.50 41,732
Gold (CMX)-100 troy oz.; $ per troy oz. Mini S&P Midcap 400 (CME)-$100 x index U.S. Dollar Index (ICE-US)-$1,000 x index
Cocoa (ICE-US)-10 metric tons; $ per ton. March 97.49 97.74 s 97.45 97.65 .17 34,701
Jan 1556.30 1570.30 1556.30 1571.10 6.50 21 March 2087.70 2095.30 2053.60 2065.10 –22.50 78,398
March 2,783 2,792 2,729 2,733 –38 101,316
Feb 1562.90 1575.50 1555.80 1571.90 6.50 289,014 June … 2094.60 2062.90 2072.40 –21.80 57 June 97.11 97.35 s 97.11 97.27 .16 954
May 2,795 2,812 2,753 2,758 –32 73,509
April 1568.40 1581.60 1562.10 1578.20 6.60 367,125 Mini Nasdaq 100 (CME)-$20 x index
Coffee (ICE-US)-37,500 lbs.; cents per lb.
June 1574.00 1587.20 1568.20 1583.90 6.60 79,312 March 9252.00 9287.25 s 9109.50 9144.50 –103.75 221,200 Source: FactSet
March 112.60 112.65 t 109.85 110.15 –2.45 95,814
Aug 1577.00 1591.80 1574.20 1589.30 6.80 23,579
May 114.80 114.85 t 112.05 112.40 –2.40 56,348
Dec 1589.10 1601.40 1583.10 1599.00 6.90 21,906
Palladium (NYM) - 50 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
14.57 14.69 14.26 14.39 –.18 399,766
Bonds | WSJ.com/bonds
Jan … … … 2329.30 –12.70 ...
March
March 2365.00 2394.00 2287.20 2316.30 –12.70 19,232 May 14.47 14.55 14.19 14.32 –.15 262,433
June 2353.20 2370.50 2281.00 2310.30 –12.20 5,023 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Sept 2308.00 2339.80 2285.40 2294.80 –11.70
Platinum (NYM)-50 troy oz.; $ per troy oz.
949 March
July
25.80
27.14
25.80
27.14
t 25.75
27.14
25.76
27.14
–.04
.05
2,386
1,977
Global Government Bonds: Mapping Yields
Jan ... ... ... 1005.20 3.50 1 Cotton (ICE-US)-50,000 lbs.; cents per lb. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
April 1008.30 1021.90 1004.10 1010.60 3.30 100,404 March 69.98 70.25 69.35 69.40 –.63 120,858
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 70.55 70.92 70.16 70.20 –.55 62,899 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Jan 17.870 18.050 17.870 18.057 0.284 103 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
March 95.00 96.45 94.95 95.75 .80 15,861 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
March 17.800 18.145 17.740 18.113 0.284 172,223
May 98.80 100.05 98.80 99.30 .50 2,194
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
March 55.69 55.95 t 53.85 54.19 –1.40 479,247 1.625 U.S. 2 1.480 t l 1.518 1.629 2.575
April 55.72 55.97 t 53.88 54.20 –1.41 152,153 Interest Rate Futures 1.750 10 1.678 t l 1.734 1.902 2.714
May 55.70 55.90 t 53.82 54.12 –1.42 137,626
June 55.39 55.69 t 53.63 53.91 –1.43 225,623
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2.000 Australia 2 0.765 s l 0.758 0.917 1.858 -71.5 -76.0 -71.7
March 188-000 190-020 187-020 189-230 1-24.0 1,235,849
Sept 54.46 54.48 t 52.65 52.85 –1.42 108,840 2.750 10 1.097 t l 1.111 1.319 2.277 -58.2 -62.3 -43.8
June 188-310 190-270 187-270 190-160 1-25.0 1,700
Dec 53.25 53.52 t 51.65 51.85 –1.36 271,591
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 0.000 France 2 -0.567 t l -0.558 -0.602 -0.468 -204.7 -207.6 -304.2
March 159-190 160-280 159-010 160-200 1-02.0 1,060,962
Feb 1.7933 1.7980 t 1.7261 1.7340 –.0576 35,702
June 158-200 159-300 158-050 159-220 1-02.0 7,592 0.000 10 -0.075 t l -0.061 0.058 0.589 -175.3 -179.5 -212.6
March 1.7944 1.8010 t 1.7295 1.7374 –.0569 120,243
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 129-260 130-120 129-190 130-090 16.0 3,777,486
0.000 Germany 2 -0.615 t l -0.601 -0.629 -0.584 -209.5 -211.8 -315.9
Feb 1.5636 1.5741 t 1.5060 1.5152 –.0450 51,224
March 1.5754 1.5860 t 1.5178 1.5259 –.0471 159,345
June 129-170 130-065 129-140 130-040 16.5 70,932 0.000 10 -0.333 t l -0.305 -0.239 0.185 -201.1 -203.8 -253.0
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 119-067 119-172 119-037 119-152 8.2 4,274,065 1.200 Italy 2 -0.058 t l -0.057 -0.138 0.485 -153.9 -157.5 -209.0
Feb 1.938 1.945 t 1.872 1.893 –.033 56,858
June 119-175 119-277 119-137 119-260 9.0 97,842 1.350 10 1.229 t l 1.254 1.429 2.674 -48.0 -4.1
March 1.914 1.919 t 1.854 1.870 –.034 582,968 -44.9
April 1.946 1.949 t 1.893 1.908 –.032 182,556
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
May 2.002 2.003 t 1.955 1.968 –.029 140,220
March 107-269 107-295 107-256 107-291 2.3 3,573,105 0.100 Japan 2 -0.131 s l -0.137 -0.094 -0.160 -161.1 -165.5 -273.5
June 107-316 108-022 107-302 108-020 2.6 95,931
June 2.070 2.072 t 2.027 2.039 –.029 71,199
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 0.100 10 -0.020 s l -0.024 0.007 0.010 -169.8 -175.7 -270.4
Oct 2.195 2.196 t 2.157 2.166 –.033 90,724
Jan 98.4525 98.4525 98.4500 98.4500 .0000 415,312 0.050 Spain 2 -0.371 s l -0.377 -0.384 -0.191 -185.1 -189.5 -276.6
Feb 98.4250 98.4250 98.4200 98.4200 .0000 455,285
Agriculture Futures 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 0.600 10 0.350 t l 0.362 0.434 1.251 -132.8 -137.2 -146.4
Corn (CBT)-5,000 bu.; cents per bu. March 102-250 103-140 102-205 103-115 19.5 88,527 3.750 U.K. 2 0.430 s l 0.425 0.554 0.768 -109.3 -180.7
Eurodollar (CME)-$1,000,000; pts of 100% -105.0
March 393.25 393.25 386.50 387.25 –6.50 678,615
July 402.75 402.75 397.00 397.75 –5.50 264,820 Feb 98.2650 98.2725 98.2575 98.2725 .0050 346,403 4.750 10 0.585 t l 0.617 0.775 1.152 -109.3 -111.7 -156.3
Oats (CBT)-5,000 bu.; cents per bu. March 98.2750 98.2900 98.2700 98.2900 .0100 1,490,560
June 98.3550 98.3900 98.3450 98.3800 .0200 1,331,865 Source: Tullett Prebon
March 315.50 316.75 303.00 303.25 –13.25 4,157
May 310.00 310.00 s 298.25 298.75 –10.75 799 Dec 98.4700 98.5150 98.4450 98.5050 .0400 1,225,548
Soybeans (CBT)-5,000 bu.; cents per bu.
Currency Futures
Corporate Debt
March 909.25 t 900.75
909.25 902.00 –7.50 337,599
May 923.00 t 914.50
923.25 915.75 –7.50 152,047
Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Soybean Meal (CBT)-100 tons; $ per ton. Feb .9137 .9170 .9131 .9164 .0023 529
that same company’s share price.
298.50 300.50 297.60 298.30 –.60 219,431
March
May 302.80 304.50 301.90 302.50 –.70 112,406
March .9153 .9184
Canadian Dollar (CME)-CAD 100,000; $ per CAD
.9143 .9177 .0023 194,574 Investment-grade spreads that tightened the most…
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Feb .7616 .7621 .7603 .7610 –.0008 1,802 Spread*, in basis points Stock Performance
March 32.54 32.54 t 31.86 32.02 –.46 221,250 March .7619 .7625 .7603 .7610 –.0008 182,359 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
May 32.87 32.87 t 32.20 32.37 –.45 121,788 British Pound (CME)-£62,500; $ per £
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Feb 1.3129 1.3167 1.3066 1.3089 –.0038 1,985 Brunswick BC 7.375 Sept. 1, ’23 102 –29 n.a. 62.44 –0.59
March 1358.00 1365.50 1353.00 1358.50 –4.00 10,377 March 1.3142 1.3198 1.3076 1.3100 –.0038 192,965
May 1368.00 1372.00 1362.00 1367.50 –2.50 910 Swiss Franc (CME)-CHF 125,000; $ per CHF Wells Fargo WFC 4.900 Nov. 17, ’45 127 –12 n.a. 47.57 –1.35
Wheat (CBT)-5,000 bu.; cents per bu. March 1.0351 1.0354 1.0326 1.0337 –.0013 49,758 Halliburton HAL 5.000 Nov. 15, ’45 174 –11 179 23.10 –2.04
March 581.75 581.75 569.50 573.50 –7.00 217,735 Australian Dollar (CME)-AUD 100,000; $ per AUD
July 579.75 579.75 569.25 573.00 –5.75 107,508 Feb t
.6848 .6821 .6859
.6825 –.0019 2,627 Johnson & Johnson JNJ 2.050 March 1, ’23 9 –11 18 148.32 –0.14
Wheat (KC)-5,000 bu.; cents per bu. March t
.6848 .6823 .6863
.6829 –.0019 140,460
Mexican Peso (CME)-MXN 500,000; $ per MXN Apache APA 4.250 Jan. 15, ’44 247 –8 232 29.98 –0.96
March 492.50 493.00 483.75 486.00 –6.25 137,219
May 500.50 500.50 491.75 493.50 –6.25 59,027 Feb .05294 .05318 .05286 .05305 –.00011 14 Enable Midstream Partners ENBL 4.150 Sept. 15, ’29 281 –8 270 9.75 –3.75
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March .05294 .05301 .05262 .05281 –.00010 299,166
Euro (CME)-€125,000; $ per € MPLX MPLX 4.500 April 15, ’38 195 –7 207 24.57 –1.13
Jan 142.775 143.125 t 141.725 141.850 –.925 1,932
Feb 1.1067 1.1072 t 1.1034 1.1045 –.0026 3,092
March 140.350 141.125 t 139.200 139.675 –.850 23,792 Boeing BA 2.950 Feb. 1, ’30 102 –6 97 323.05 1.66
March 1.1089 1.1101 t 1.1051 1.1064 –.0026 572,614
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Feb 124.825 125.225 t 124.100 124.850 .175 55,471 …And spreads that widened the most
April 124.200 124.475 t 123.350 124.300 .125 163,795
Index Futures
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index General Electric GE 5.000 Jan. 21, ’49 290 224 279 11.71 –0.51
Feb 68.400 68.400 66.750 67.225 –1.275 45,446 March 29129 29241 28796 28933 –194 102,498
Pitney Bowes PBI 4.625 March 15, ’24 446 33 427 3.83 –5.90
Bank of America BAC 5.200 June 1, ’49 280 24 n.a. 33.54 –1.70
Exchange-Traded Portfolios | WSJ.com/ETFresearch Goldman Sachs GS 5.500 Aug. 10, ’24 n.a. 23 n.a. 241.92 –1.49

Closing Chg YTD Walgreens Boots Alliance WBA 3.450 June 1, ’26 141 22 143 52.04 –2.36
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Analog Devices ADI 3.125 Dec. 5, ’23 44 18 n.a. 117.57 –2.72
Closing Chg YTD iShRussell2000Val IWN 126.00 –1.35 –2.0
Friday, January 24, 2020 Athene Global Funding ATH 2.500 Jan. 14, ’25 95 17 94 … …
ETF Symbol Price (%) (%) iShRussell3000 IWV 192.29 –0.94 2.0
Closing Chg YTD
ETF Symbol Price (%) (%) iShEdgeMSCIMinEAFE EFAV 75.56 –0.16 1.4
iShRussellMid-Cap IWR 60.62 –0.93 1.7 Enable Midstream Partners ENBL 5.000 May 15, ’44 330 16 300 9.75 –3.75
iShRussellMCValue IWS 95.19 –1.05 0.4
CnsmrDiscSelSector XLY 125.95 –1.39 0.4 iShEdgeMSCIMinUSA USMV 67.75 –0.47 3.3
CnsStapleSelSector XLP 63.59 –0.69 1.0 iShEdgeMSCIUSAQual QUAL 103.16 –1.04 2.1
iShS&P500Growth IVW 201.38 –0.86 4.0 High-yield issues with the biggest price increases…
iShS&P500Value IVE 130.00 –1.00 –0.1
EnSelectSectorSPDR XLE 56.62 –1.15 –5.7 iShFloatingRateBd FLOT 51.05 0.02 0.3 Bond Price as % of face value Stock Performance
iShShortCpBd IGSB 53.92 0.06 0.5
FinSelSectorSPDR XLF 30.39 –1.27 –1.3 iShGoldTr IAU 15.02 0.54 3.6
iShShortTreaBd SHV 110.58 0.01 0.1 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
FT ValDivFd FVD 36.50 –0.63 1.3 iShiBoxx$InvGrCpBd LQD 130.07 0.17 1.6
iShTIPSBondETF TIP 117.90 0.22 1.1
HealthCareSelSect XLV 102.46 –1.67 0.6 iShiBoxx$HYCpBd HYG 87.69 –0.42 –0.3
iSh1-3YTreasuryBd SHY 84.87 0.04 0.3 ION Geophysical IO 9.125 Dec. 15, ’21 95.500 5.25 95.000 5.51 –3.16
IndSelSectorSPDR XLI 83.55 –0.46 2.6 iShJPMUSDEmgBd EMB 114.78 –0.13 0.2
iSh7-10YTreasuryBd IEF 112.44 0.36 2.0 Intelsat Connect Finance S.A. INTEL 9.500 Feb. 15, ’23 71.500 2.75 73.375 ... ...
InvscQQQI QQQ 222.70 –0.84 4.7 iShMBSETF MBB 108.64 0.06 0.5
iSh20+YTreasuryBd TLT 142.08 0.81 4.9
InvscS&P500EW RSP 116.81 –1.03 0.9 iShMSCI ACWI ACWI 80.27 –0.83 1.3 Uniti UNIT 7.125 Dec. 15, ’24 79.000 1.56 82.750 6.52 –0.23
iShRussellMCGrowth IWP 157.92 –0.87 3.5
InvscS&P500LowVol SPLV 60.20 –0.17 3.2 iShMSCIBrazil EWZ 46.49 –1.21 –2.0
iSh3-7YTreasuryBd IEI 126.98 0.17 1.0 iShMSCI EAFE EFA 69.49 –0.43 0.1
iShUSTreasuryBdETF GOVT 26.30 0.25 1.4 CHS/Community Health Systems CYH 6.875 Feb. 1, ’22 91.750 1.50 83.740 … …
JPM UltShtIncm JPST 50.53 ... 0.2
iShCoreDivGrowth DGRO 42.45 –0.84 0.9 iShMSCI EAFE SC SCZ 61.70 –0.64 –0.9
PIMCOEnhShMaturity MINT 101.87 0.03 0.3 Spirit Aerosystems SPR 4.600 June 15, ’28 101.779 1.40 101.294 70.45 4.03
iShCoreMSCIEAFE IEFA 65.27 –0.44 0.0 iShMSCIEmgMarkets EEM 44.60 –0.80 –0.6
SPDR BlmBarcHYBd JNK 109.30 –0.39 –0.2 Qwest Capital Funding QWECOM 7.625 Aug. 3, ’21 106.500 1.40 n.a. ... ...
iShCoreMSCIEmgMk IEMG 53.57 –0.76 –0.4 iShMSCIJapan EWJ 59.53 –0.38 0.5
SPDR Gold GLD 147.98 0.58 3.6
iShCoreMSCITotInt IXUS 61.94 –0.59 0.1 iShNatlMuniBd MUB 115.42 0.11 1.3 Conn's CONN 7.250 July 15, ’22 100.625 1.25 n.a. 9.17 –4.83
SchwabIntEquity SCHF 33.72 –0.41 0.3
iShCoreS&P500 IVV 330.23 –0.91 2.2 iShPfd&Incm PFF 38.05 ... 1.2
iShCoreS&P MC IJH 206.10 –1.07 0.1 iShRussell1000Gwth IWF 183.25 –0.90 4.2
SchwabUS BrdMkt SCHB 78.47 –0.93 2.1 Gulfport Energy GPOR 6.625 May 1, ’23 70.500 1.25 77.000 1.64 –1.20
SchwabUS Div SCHD 58.84 –0.74 1.6
iShCoreS&P SC IJR 83.43 –1.56 –0.5 iShRussell1000 IWB 182.37 –0.92 2.2
iShS&PTotlUSStkMkt ITOT 74.14 –0.96 2.0 iShRussell1000Val IWD 136.76 –0.89 0.2
SchwabUS LC
SPDR DJIA Tr
SCHX
DIA
78.58
289.80
–0.90
–0.60
2.3
1.6
…And with the biggest price decreases
iShCoreUSAggBd AGG 113.79 0.18 1.3 iShRussell2000Gwth IWO 217.46 –1.35 1.5
SPDR S&PMdCpTr MDY 375.90 –1.06 0.1 Valaris VAL 7.750 Feb. 1, ’26 50.000 –3.00 57.500 4.61 –4.55
iShSelectDividend DVY 106.36 –0.79 0.7 iShRussell2000 IWM 165.39 –1.23 –0.2
SPDR S&P 500 SPY 328.77 –0.89 2.1
SPDR S&P Div SDY 107.08 –0.98 –0.5 Whiting Petroleum WLL 6.250 April 1, ’23 74.002 –2.72 84.000 4.96 –0.40
TechSelectSector XLK 97.43 –0.47 6.3 Oasis Petroleum OAS 6.875 March 15, ’22 95.002 –2.70 99.750 2.40 –3.23
Borrowing Benchmarks | WSJ.com/bonds UtilitiesSelSector
VanEckGoldMiner
XLU
GDX
68.36
29.22
0.26
1.95
5.8
–0.2
Cleveland–Cliffs CLF 5.875 June 1, ’27 93.750 –2.25 95.250 7.38 –0.94
VangdInfoTech VGT 260.26 –0.52 6.3 Mallinckrodt International Finance S.A. MNK 5.750 Aug. 1, ’22 53.500 –2.25 47.500 … …
Money Rates January 24, 2020 VangdSC Val VBR 136.25 –1.16 –0.6
6.625 Jan. 15, ’27 –2.06 96.500 9.50
VangdSC Grwth VBK 202.85 –1.01 2.1 SM Energy SM 91.000 –2.66
Key annual interest rates paid to borrow or lend money in U.S. and VangdDivApp VIG 127.79 –0.69 2.5 Ascent Resources Utica Holdings ASCRES 7.000 Nov. 1, ’26 75.000 –2.02 79.875 ... ...
international markets. Rates below are a guide to general levels but VangdFTSEDevMk VEA 44.13 –0.38 0.2
Transocean RIG 7.250 Nov. 1, ’25 94.980 –1.96 98.750 5.10 –2.67
VangdFTSE EM VWO 44.29 –0.76 –0.4
don’t always represent actual transactions. VangdFTSE Europe VGK 58.25 –0.36 –0.6
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Week —52-WEEK— VangdFTSEAWxUS VEU 53.84 –0.54 0.2
Inflation Latest ago High Low Note: Data are for the most active issue of bonds with maturities of two years or more
VangdGrowth VUG 190.95 –0.86 4.8
Dec. index Chg From (%) Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
VangdHlthCr VHT 192.63 –1.77 0.5
level Nov. '19 Dec. '18 Switzerland 0.50 0.50 0.50 0.50
VangdHiDiv VYM 93.60 –0.89 –0.1
Britain 0.75 0.75 0.75 0.75
VangdIntermBd BIV 88.48 0.23 1.4
U.S. consumer price index
All items 256.974 –0.09 2.3
Australia 0.75 0.75 1.50 0.75 VangdIntrCorpBd VCIT 92.56 0.17 1.3 Dividend Changes
VangdLC VV 151.25 –0.94 2.3
Core 264.935 –0.07 2.3 Secondary market VangdMC VO 182.21 –0.95 2.3 Dividend announcements from January 24.
VangdMC Val VOE 120.19 –0.95 0.8
Fannie Mae Amount Payable / Amount Payable /
International rates VangdMBS VMBS 53.44 0.07 0.5 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
30-year mortgage yields
VangdRealEst VNQ 95.45 –0.34 2.9
Increased Pacific Premier Bancorp PPBI 2.8 .25 /.22 Q Feb14 /Feb03
Week 52-Week 30 days 3.032 3.125 4.134 2.871 VangdS&P500ETF VOO 302.03 –0.91 2.1
Latest ago High Low Reliant Bancorp RBNC 1.6 .10 /.09 Q Feb14 /Feb04
60 days 3.048 3.143 4.152 2.890 VangdST Bond BSV 80.98 0.05 0.5 Air Products & Chemicals APD 1.9 1.34 /1.16 Q May11 /Apr01
Republic Bancorp KY Cl A RBCAA 2.4 .286 /.264 Q Apr17 /Mar20
Notes on data: VangdSTCpBd VCSH 81.43 0.06 0.5 Applied Indl Techs AIT 1.9 .32 /.31 Q Feb28 /Feb14
Prime rates Shell Midstream Partners SHLX 7.9 .46 /.445 Q Feb14 /Feb03
U.S. prime rate is the base rate on corporate VangdSC VB 166.58 –1.17 0.6 Cmnty Bankers Acqu ESXB 2.2 .05 /.04 Q Mar02 /Feb20
U.S. 4.75 4.75 5.50 4.75 Teradyne TER 0.5 .10 /.09 Q Mar20 /Feb21
loans posted by at least 70% of the 10 largest VangdTotalBd BND 84.91 0.15 1.3 First American Financial FAF 2.7 .44 /.42 Q Mar16 /Mar09
Washington Federal WAFD 2.4 .22 /.21 Q Feb21 /Feb07
Canada 3.95 3.95 3.95 3.95 U.S. banks, and is effective October 31, 2019. VangdTotIntlBd BNDX 57.26 0.16 1.2 Graham Holdings GHC 0.9 1.45 /1.39 Q Feb20 /Feb06
Other prime rates aren’t directly comparable; Heritage Financial 2.8 .20 /.19 Feb20 /Feb06
Japan 1.475 1.475 1.475 1.475 VangdTotIntlStk VXUS 55.68 –0.57 –0.0 HFWA Q
lending practices vary widely by location.
JB Hunt Transport JBHT 0.9 .27 /.26 Q Feb21 /Feb07 Special
Complete Money Rates table appears Monday VangdTotalStk VTI 167.09 –0.95 2.1
Policy Rates Kimberly-Clark KMB 2.9 1.07 /1.03 Q Apr02 /Mar06 Columbia Banking System COLB 2.8 .22 Feb19 /Feb05
through Friday. VangdTotlWrld VT 81.92 –0.79 1.1
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 119.80 –0.96 –0.0 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FairIsaac FICO 420.20 -1.4 ICE ICE 98.09 -0.2 NextEraEnergyUn NEEpO 54.04 0.8 SherwinWilliams SHW 599.95 -0.3 WEX WEX 234.95 3.4 Core-Mark CORE 24.64 -2.1 NemauraMedical NMRD 3.11 -4.2
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE FidNatlInfo FIS 150.42 -0.7 InvescoMtg IVR 17.58 -0.2 NextEraEnergy NEE 264.08 1.4 SiliconLab SLAB 122.90 -2.0 WNS WNS 73.48 -0.7 Culp CULP 12.92 -0.7 Nutrien NTR 44.17 -2.4
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low FirstBusFinSvcs FBIZ 27.35 4.6 InvitatHomes INVH 31.59 -0.1 Nordson NDSN 173.40 -0.8 Skyworks SWKS 128.48 -4.6 W.R.BerkleyDeb59 WRBpF 25.75 0.3 DIRTT Envl DRTT 2.81 -1.0 OneSmartIntl ONE 6.32 -1.5
in the latest session. % CHG-Daily percentage change from the previous trading session. FirstIndRlty FR 43.72 -0.3 JackHenry JKHY 153.44 -0.8 NorthwestPipe NWPX 35.72 -2.8 SleepNumber SNBR 53.59 -2.3 WasteMgt WM 121.93 -0.1 DelekUS DK 29.51 1.4 PacificDrilling PACD 1.85 -11.3
FirstInternetBncp INBK 27.96 4.7 JamesHardie JHX 21.78 1.3 Novanta NOVT 98.38 -1.0 Smith&Nephew SNN 50.69 2.4 WaysideTech WSTG 16.67 0.3 DelphiTechs DLPH 9.52 -2.5 PanhandleOil&Gas PHX 7.19 1.7
Friday, January 24, 2020 FirstEnergy FE 50.75 0.2 JetBlue JBLU 21.19 -2.0 NVIDIA NVDA 259.50 -0.9 Snap SNAP 19.76 -1.0 WellsFargoPfdL WFCpL1530.00 0.8 DollarTree DLTR 87.34 -0.3 PeabodyEnergy BTU 7.28 -2.0
Fiserv FISV 122.93 -1.1 KKR RealEstFin KREF 21.19 -0.7 OGE Energy OGE 46.09 -0.6 SolarEdgeTech SEDG 112.99 1.3 WestAllianceBcp WAL 58.94 -0.3 DuPont DD 59.29 -1.9 PebblebrookHotel PEB 24.24 -1.9
52-Wk % 52-Wk % 52-Wk %
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FleetCorTech FLT 320.96 1.2 KLA KLAC 184.50 -1.7 OceanBioChem OBCI 4.68 9.5 SoligenixWt SNGXW 0.90 4.4 WesternAssetMort WMC 10.80 -0.6 EQT EQT 6.47 -6.6 PA Reit Pfd B PEIpB 17.71 -6.0
Flex FLEX 13.76 -0.5 KimcoRealtyPfdL KIMpL 26.62 ... 1895Bancorp BCOW 11.39 2.1 Soligenix SNGX 3.23 -0.7 WilliamLyonHomes WLH 23.66 -0.5 EnantaPharma ENTA 54.77 -2.1 PennREITPfdC PEIpC 15.75 -7.9
AtlanticaYield AY 28.54 1.4 Cel-Sci CVM 15.00 -1.1 Forestar FOR 23.11 -0.4 Kulicke&Soffa KLIC 28.45 -0.6 OrmatTech ORA 82.71 ... SouthPlainsFin SPFI 21.60 1.6 WillisTowers WLTW 209.29 1.1 Encana ECA 3.70 -6.2 Phunware PHUN 1.04 -6.3
Highs Atlanticus
Atlassian
ATLC 14.87
TEAM 150.71
-1.9
10.7
CelsiusHldg
ChimeraInvPfdB CIMpB
CELH 6.37
27.17
1.2
0.2
FormFactor FORM 28.58 -3.8 LIVCapAcqn LIVK 9.85 0.5 OysterPtPharma OYST 36.00 -2.0 Southern SO 69.52 0.7 XPEL XPEL 18.00 -1.2 Enerplus ERF 5.37 -1.8 PortolaPharm PTLA 13.37 -0.7
Fortis FTS 44.49 0.4 LIVCapAcqnUn LIVKU 10.19 -0.2 PNM Resources PNM 53.46 1.0 SouthernUnSeriesA SOLN 57.12 0.4 XcelEnergy XEL 67.48 0.4 EpsilonEnergy EPSN 2.87 0.7 ProAssurance PRA 32.10 -3.0
AAON AAON 53.85 -0.7
AtmosEnergy ATO 117.66 0.4 ChimeraPfdC CIMpC 26.60 1.3 Franco-Nevada FNV 110.46 1.5 L3HarrisTech LHX 224.50 0.1 PPL PPL 36.82 -0.5 STMicroelec STM 30.68 0.3 Y-mAbsTherap YMAB 35.66 0.6 Qudian QD 3.16 -4.2
AG Mortgage PfdC MITTpC 26.97 0.5 EuroDry EDRY 6.01 -2.4
AuburnNatlBncp AUBN 61.60 0.2 ChurchillCapCorp.IIWt CCX.WS 1.95 8.8 GS Acquisition GSAH.U 13.02 2.4 LamResearch LRCX 316.73 -1.9 PacGE pfH PCGpH 21.50 -0.4 Strats Dom GJP GJP 23.66 0.1 ZaiLab ZLAB 55.53 0.2 RTW Retail RTW 0.45 -3.7
Ansys ANSS 280.22 -0.1 ExxonMobil XOM 66.04 -0.7
Autodesk ADSK 200.90 0.3 CincinnatiBell CBB 14.01 22.2 GSAcquisition GSAH 12.16 1.8 Lantronix LTRX 4.42 -1.6 PapaJohn's PZZA 67.11 -0.6 Strats GSG GJS GJS 21.64 0.7 RangeResources RRC 3.16 -4.7
AcamarPtrs ACAMU 10.44 0.4 FTS Intl FTSI 0.66 -6.0
Adobe ADBE 355.69 -0.1
AxonEnterprise AAXN 80.84
Azul AZUL 44.11
2.4
-2.8
ClarivateAnalyWt CCC.WS
ClarivateAnaly CCC
9.21
20.77
4.5
1.5
GSAcquisitionWt GSAH.WS
GabelliEquityPfdK GABpK
2.87
25.89
3.6
...
Lennar A LEN 68.04
LibertyBroadbandC LBRDK 132.07
-0.9
-1.3
ParTechnology PAR
Paychex PAYX
33.88
89.96
3.5
-0.8
SunnovaEnergy NOVA
SwitchbackEner SBE.U
13.66
10.15
0.8
0.4
Lows Farmmi FAMI 0.70 0.1 RepublicFirstBncp FRBK
RhythmPharm RYTM
3.76 -1.6
17.96 -2.2
AdvMicroDevices AMD 52.81 -2.6 0.32 -10.1 FstCmntyBcsh FCBC 29.68 -1.9
BOKFinNts2056 BOKFL 26.55 ... Coca-Cola KO 57.87 -0.3 Gallagher AJG 97.30 -0.1 LibertyProperty LPT 65.26 0.5 PepsiCo PEP 144.15 -0.5 Synaptics SYNA 75.48 -4.1 AkazooWt SONGW RiceBranTech RIBT 1.19 2.5
AgileTherap AGRX 3.58 8.8 Alcoa AA 15.36 -4.8 Frank'sIntl FI 3.73 -1.8
B2Gold BTG 4.37 2.4 Cognex CGNX 59.14 -1.4 Gaming&Leisure GLPI 46.96 -0.3 LimelightNetworks LLNW 5.57 0.2 Perficient PRFT 50.32 0.2 SyneosHealth SYNH 65.17 -3.1 RigNet RNET 4.48 -5.5
Agilysys AGYS 30.18 3.2 AllogeneTherap ALLO 23.30 -5.3 GasLogPfdA GLOGpA 24.67 -1.3
BancorpSthBkPfA BXSpA 26.11 ... Cohen&Steers CNS 75.80 0.3 Generac GNRC 107.63 3.6 LockheedMartin LMT 433.52 0.9 PortlandGenElec POR 60.51 0.7 Synopsys SNPS 156.97 -0.6 RoadrunnerTrans RRTS 6.46 -6.5
AirProducts APD 244.61 2.8 AlussaEnergyWt ALUS.WS 0.75 2.6 GasLog GLOG 7.22 -7.3
BankofAmPfdGG BACpB 27.87 0.1 Cohu COHU 25.89 -2.5 Gerdau GGB 5.34 -2.6 LogitechIntl LOGI 48.83 -0.7 Prologis PLD 96.78 0.5 TC Energy TRP 55.10 0.3 Seacor CKH 39.11 -1.1
AkamaiTech AKAM 97.75 -1.0 AmericanRscs AREC 0.32 -10.9 GasLogPartners GLOP 11.00 -10.6
BankofAmPfd1 BMLpG 22.42 0.7 CollierCreek CCH.U 11.43 0.3 GigCapital2Wt GIX.WS 0.45 9.8 Macom Tech MTSI 30.35 -3.8 PropTechAcqnUn PTACU 10.50 -1.6 TE Connectivity TEL 101.00 -2.0 Safe-T SFET 2.26 -3.4
AlexandriaRlEst ARE 165.74 -0.5 AmplitudeHlthA AMHC 9.80 0.3 GrahamHoldings GHC 593.00 -2.0
BankofAmPfdL BACpL1539.00 1.3 Compugen CGEN 6.70 1.4 GladstoneLand LAND 13.61 0.8 MDU Rscs MDU 30.21 -0.9 PulteGroup PHM 44.32 -0.3 Telus TU 39.91 0.3 SalariusPharm SLRX 2.70 -4.5
AlgonquinPwr AQN 15.19 ... AnteroResources AR 1.80 -3.0 GreenlandTech GTEC 4.00 -5.4
BeazerHomes BZH 17.10 -1.9 CompX Intl CIX 17.50 2.9 GSK GSK 48.25 -1.2 MI Homes MHO 48.02 -2.1 PureCycle PCYO 13.05 1.2 TRowePrice TROW 134.56 -1.5 SandRidgeEnergy SD 2.77 -4.7
Allegion ALLE 130.58 -1.4 ArchCoal ARCH 55.35 -4.3 GuangshenRail GSH 14.20 -1.7
BectonDicknsn BDX 280.56 -0.2 ConsldWater CWCO 18.25 0.1 GlobalIndemNt GBLIZ 26.77 0.5 MagicSoftware MGIC 11.46 -1.7 RELX RELX 26.99 1.1 TeladocHealth TDOC 103.53 -4.6 SchnitzerSteel SCHN 18.67 -3.9
AllianceBernstein AB 33.95 -0.3 47.69 2.1 101.11 0.4 AstroNova ALOT 12.50 -1.3 GulfportEnergy GPOR 1.57 -1.2
Bill.com BILL Copart CPRT GlbNetLeasePfdA GNLpA 26.54 0.1 MarineMax HZO 23.15 1.2 RadNet RDNT 21.57 -0.5 10xGenomics TXG 101.00 6.0 SenesTech SNES 0.34 -20.5
AlliantEnergy LNT 59.02 0.8 BlackHills BKH 83.09 -0.1 Costco COST 314.28 -0.8 AutolusTherap AUTL 9.45 -2.3 Harsco HSC 15.69 -18.7
GlobalPayments GPN 202.58 -0.5 Marsh&McLen MMC 114.74 -0.3 Rambus RMBS 15.09 1.1 ThunderBridgeII THBRU 10.63 0.3 SpectrumPharm SPPI 2.69 -6.1
AlliedHealthcare AHPI 4.15 93.3 BlackRock BLK 547.35 -0.9 CowenNts2033 COWNL 27.61 -0.3 AvanosMedical AVNS 29.88 -3.5 HaynesIntl HAYN 27.00 -0.6
Globant GLOB 126.79 0.6 Mastercard MA 327.09 -0.4 RedViolet RDVT 22.21 2.1 Tiffany TIF 134.39 0.1 StealthBioTher MITO 2.65 -8.3
Allstate ALL 118.75 0.1 Blackstone BX 64.18 -2.4 CrescentAcqn CRSAU 10.56 0.5 Baozun BZUN 31.55 -4.3 HeatBiologics HTBX 0.27 -6.7
GoresHldgsIIIWt GRSHW 2.25 4.0 McCormick MKC 174.58 -0.1 Redfin RDFN 25.50 0.2 Toll Bros TOL 46.66 -1.5 SummitWireless WISA 0.40 -10.9
AlphaProTech APT 6.87 17.9 BostonProps BXP 142.24 -0.1 CrescentAcqn CRSA 10.08 ... 10.72 4.5 BlackStoneMin BSM 11.08 -3.1 IONGeophysical IO 5.35 -3.2
GoresHldgsIV GHIVU MesaLab MLAB 271.11 -1.6 RenaissancePfdF RNRpF 27.50 ... TopBuild BLD 119.99 -3.2 TechnipFMC FTI 17.84 -2.5
Amdocs DOX 75.19 -1.0 Bristol-MyersRt BMYr 3.62 -0.8 CrownCastle CCI 150.71 0.1 GraniteREIT GRP.U 54.53 -0.6 Mesoblast MESO 10.88 0.6 RepublicSvcs RSG 94.93 0.2 TortoiseAcqn SHLL 10.08 -0.4 BlueApron APRN 4.42 -6.7 Imax IMAX 17.71 -1.7 TeckRscsB TECK 14.19 -5.1
Ameresco AMRC 20.15 1.8 Bristol-MyersRt CELGr 0.60 2.3 DaVita DVA 85.59 3.3 GreenBrickPtrs GRBK 12.44 0.6 Metlife pfA METpA 25.14 0.7 RingCentral RNG 201.61 -0.2 TransDigm TDG 667.29 -0.2 BlueHatInt BHAT 1.64 -5.2 IsraelChemicals ICL 4.27 -0.7 TherapixBiosci TRPX 0.53 -2.9
AEP AEP 102.36 1.2 Broadcom AVGO 331.58 1.4 DiamondEagleA DEAC 14.72 -0.6 Harmonic HLIT 8.57 -1.9 MobileTeleSys MBT 10.82 1.6 SCVX SCVX.U 10.33 3.2 TrilliumTherap TRIL 4.86 6.8 BlueprintMed BPMC 64.30 -2.4 JianpuTech JT 1.27 -2.3 Tuniu TOUR 2.13 -2.2
AmerExpress AXP 138.13 2.8 BroadcomPfdA AVGOP1210.17 1.3 DiamondEagle DEACU 16.62 -1.1 HawaiianElec HE 48.84 0.4 MonolithicPower MPWR 184.95 0.1 SJW Group SJW 74.95 0.2 TwoHarborsPfdC TWOpC 26.65 0.8 BrighamMin MNRL 17.33 -3.1 KBLMergerIV Wt KBLMW 0.04 -42.9 Unit UNT 0.43 -9.2
AmHomes4Rent AMH 27.54 0.1 BrookfieldMgt BAM 63.09 -0.3 DukeRealty DRE 36.28 0.4 HealthcareRealty HR 35.74 0.1 MonsterBev MNST 68.01 -1.0 SPS Commerce SPSC 59.98 -0.7 TwoHarbors TWO 15.38 -0.7 Buenaventura BVN 12.92 0.3 KellyServices B KELYB 19.75 -9.3 US NatGas UNG 14.53 -2.2
AmerWaterWorks AWK 136.41 0.4 Brown&Brown BRO 42.03 0.1 EastGroup EGP 138.36 -0.3 HealthcareAmer HTA 32.13 0.8 Moody's MCO 258.89 -0.6 SVB Fin SIVB 270.40 -2.5 Unitil UTL 64.74 0.4 CBL AssocPfdD CBLpD 3.87 -7.4 KellyServices A KELYA 19.96 -3.0 US Steel X 9.25 -3.0
AmplitudeHlthA AMHC 9.88 0.3 Brown-Forman B BF.B 72.85 -0.2 eHealth EHTH 130.00 26.9 DR Horton DHI 59.86 -0.8 MuellerWater MWA 12.37 -0.9 Safehold SAFE 45.42 0.3 US BancorpPfdB USBpH 22.33 -0.8 CHF Solutions CHFS 0.46 -40.7 Kraton KRA 19.86 -4.3 US12mthNtlGas UNL 7.73 -1.4
AmtechSystems ASYS 7.88 -0.4 Brown-Forman A BF.A 67.84 -0.6 ElectronicArts EA 114.13 -1.0 Hovnanian HOV 32.90 -5.3 NVR NVR 4058.00 -1.1 Sanmina SANM 34.83 -0.4 UnionPacific UNP 188.96 -0.8 CONSOL Energy CEIX 9.08 -2.7 KuraOncology KURA 11.75 -3.8 Upwork UPWK 9.13 -4.3
Aon AON 214.84 0.2 Brunswick BC 63.36 -0.6 Enbridge ENB 41.16 0.1 HovnanianPfdA HOVNP 6.05 5.4 NXP Semi NXPI 137.92 -0.8 SapiensInt SPNS 26.86 -0.6 UniversalHealth UHT 125.85 -1.0 CVR Energy CVI 35.84 -1.0 LIVCapAcqnWt LIVKW 0.25 ... VelocityFinl VEL 13.17 -1.8
ApexTechAcqnWt APXTW 1.34 4.6 CACI Intl CACI 274.05 -0.9 Entergy ETR 131.19 0.6 ImageSensingSys ISNS 6.00 -7.9 Nasdaq NDAQ 110.29 0.5 Sea SE 46.50 1.3 VICI Prop VICI 26.86 0.2 CabotOil COG 14.44 -3.9 LaredoPetrol LPI 1.92 -3.9 Veoneer VNE 13.29 0.6
ApolloGlbMgmt APO 52.42 -2.2 CGI GIB 87.13 -0.3 EquitablePfdA EQHpA 26.32 -0.1 Innospec IOSP 107.85 -0.7 NationalGrid NGG 66.46 1.5 SeaChange SEAC 4.62 -2.5 ValueLine VALU 36.31 10.6 CallonPetrol CPE 3.16 -3.3 LuokungTech LKCO 0.93 5.1 Veritone VERI 2.18 -3.9
AppFolio APPF 127.29 -0.7 CMS Energy CMS 67.74 0.6 EverestRe RE 281.98 -1.3 Inphi IPHI 85.04 -1.3 NatlResearch NRC 71.35 -1.2 Seagate STX 64.17 0.7 VeriskAnalytics VRSK 165.95 0.1 CapitalSrLiving CSU 2.87 -4.0 MadrigalPharm MDGL 76.90 -5.8 WestwaterRscs WWR 1.96 -4.2
Apple AAPL 323.33 -0.3 CSP CSPI 15.85 -0.1 Evergy EVRG 71.48 1.7 InstalledBldg IBP 80.25 -2.6 Natura&Co NTCO 23.90 0.1 SelectMedical SEM 24.60 -2.5 VerraMobility VRRM 16.40 2.6 CastorMaritime CTRM 1.53 -9.6 Marcus MCS 29.73 -2.7 WisdomTreeInvs WETF 3.81 -2.7
ApplMaterials AMAT 64.93 -3.0 CVD Equipment CVV 4.88 8.0 EverQuote EVER 40.60 -2.2 Insulet PODD 193.96 0.3 NeoGenomics NEO 33.55 -2.1 SempraEnPfdA SREpA 126.22 -0.3 Vicor VICR 55.59 -3.5 C&S QuIncRltyRt RQIr 0.08 -1.3 MediciNova MNOV 6.25 -1.5 XFinancial XYF 1.43 -3.2
AquaAmericaUn WTRU 68.31 -0.2 CableOne CABO 1764.22 2.0 EversourceEner ES 92.13 0.6 InsAcqnWt INSUW 1.20 0.8 NeuroMetrixWt NUROW 1.20 22.3 SempraEnPfdB SREpB 124.74 -0.3 VirBiotech VIR 20.16 17.5 CommVehicle CVGI 5.41 -2.4 Meredith MDP 29.14 -2.4 X4 Pharm XFOR 9.26 -2.6
AquaAmerica WTR 52.58 -0.5 Carlyle CG 34.98 -2.1 ExlService EXLS 74.86 -0.2 Intel INTC 69.29 8.1 NewResidentialPfdB NRZpB 26.42 0.5 SempraEnergy SRE 160.51 -0.2 VoyaFinlPfdB VOYApB 27.83 0.1 Conduent CNDT 4.90 -6.8 MySize MYSZ 2.83 3.4 XinyuanRealEst XIN 3.51 -1.1
ArmadaHoffler AHH 19.43 0.4 CavcoIndustries CVCO 227.97 0.1 Exponent EXPO 73.76 -1.3 Intellicheck IDN 10.25 ... Newmont NEM 44.36 1.4 ServiceNow NOW 318.84 -0.7 WEC Energy WEC 99.70 0.3 Conn's CONN 8.99 -4.8 NaturalHlthTrends NHTC 4.51 -4.9 YayYo YAYO 1.06 2.7
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | B9

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. -7.12 148.22 95.52 FiveBelow FIVE ... 43 118.75 3.14 -9.56 69.65 43.96 MarathonPetrol MPC 3.9 12 54.49 -0.84 -0.86 51.65 34.58 SchwabC SCHW 1.4 18 47.15 -1.27
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX s 11.44 320.96 196.49 FleetCorTech FLT ... 30 320.63 3.93 3.95 1216.47 950.16 Markel MKL ... 31 1188.38 7.91 2.32 114.63 67.73 ScottsMiracleGro SMG 2.1 13 108.64 0.31
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. s 6.70 13.76 8.55 Flex FLEX ... dd 13.46 -0.06 -5.23 421.45 207.16 MarketAxess MKTX 0.6 68 359.27 -8.01 s 12.71 46.50 13.00 Sea SE ... dd 45.33 0.58
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 4.26 55.54 44.18 FlirSystems FLIR 1.3 28 54.29 -0.59 -6.87 153.39 107.81 Marriott MAR 1.4 34 141.02 -3.94 s 6.27 64.17 41.63 Seagate STX 4.1 10 63.23 0.47
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -3.03 54.16 39.75 Flowserve FLS 1.6 26 48.26 -0.83 s 2.21 114.74 82.10 Marsh&McLen MMC 1.6 39 113.87 -0.36 -0.60 122.36 62.90 SeattleGenetics SGEN ... dd 113.57 -1.78
-0.94 100.35 84.85 FomentoEconMex FMX 1.6 25 93.62 -0.25 -5.63 281.82 174.38 MartinMarietta MLM 0.8 29 263.89 -3.98 s 5.47 160.51 112.45 SempraEnergy SRE 2.4 18 159.76 -0.30
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -3.23 10.56 8.16 FordMotor F 6.7 22 9.00 -0.14 2.82 28.86 17.77 MarvellTech MRVL 0.9 dd 27.31 -0.71 -6.63 54.72 42.50 SensataTechs ST ... 17 50.30 -1.10
10.52 120.44 68.87 Fortinet FTNT ... 53 117.99 -1.08 1.17 49.90 31.14 Masco MAS 1.1 19 48.55 -0.86 4.06 49.20 38.92 ServiceCorp SCI 1.5 21 47.90 -0.45
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. s 6.62 44.49 34.70 Fortis FTS 3.3 16 44.27 0.16 6.97 175.25 118.93 Masimo MASI ... 51 169.08 -0.92 s 9.59 318.84 184.00 ServiceNow NOW ...1777 309.39 -2.07
s-New 52-week high. standards vj-In bankruptcy or receivership or 0.68 89.48 63.51 Fortive FTV 0.4 10 76.91 -0.68 s 8.40 327.09 197.66 Mastercard MA 0.5 48 323.67 -1.31 -2.22 21.07 18.69 ShawComm B SJR 4.6 19 19.84 -0.05
t-New 52-week low. lf-Late filing being reorganized under the 6.38 70.85 41.43 FortBrandsHome FBHS 1.4 24 69.51 -1.05 4.21 95.32 50.70 MatchGroup MTCH ... 49 85.57 -2.90 s 1.94 599.95 389.01 SherwinWilliams SHW 0.8 40 594.84 -1.70
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -1.24 41.95 29.70 FoxA FOXA 1.3 15 36.61 -0.88 1.71 65.73 51.26 MaximIntProducts MXIM 3.1 22 62.56 -1.03 -7.96 40.59 32.14 ShinhanFin SHG 3.0 ... 35.04 -0.28
four quarters. requirements. assumed by such companies. -0.99 41.73 29.61 FoxB FOX 1.3 15 36.04 -0.86 0.97 174.09 119.50 McCormickVtg MKC.V 1.4 33 172.73 0.13 17.08 476.79 154.52 Shopify SHOP ... dd 465.48 -3.77
FD-First day of trading. t-NYSE bankruptcy s 6.79 110.46 69.16 Franco-Nevada FNV 0.9104 110.31 1.60 s 1.73 174.58 119.72 McCormick MKC 1.4 33 172.67 -0.10 7.05 11.27 2.96 Sibanye-Stillwater SBGL ... dd 10.63 0.35
-2.77 35.82 24.73 FranklinRscs BEN 4.3 11 25.26 -0.42 6.90 221.93 173.41 McDonalds MCD 2.4 28 211.24 -2.18 6.73 148.64 111.91 SignatureBank SBNY 1.5 13 145.80 -0.48
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -9.76 14.68 8.43 FreeportMcM FCX 1.7 dd 11.84 -0.13 10.34 156.97 110.52 McKesson MCK 1.1 dd 152.62 -2.49 -2.78 186.44 142.40 SimonProperty SPG 5.7 21 144.82 -2.43
7.17 42.75 31.63 FreseniusMed FMS 1.1 17 39.47 0.36 6.11 22.65 16.83 MedicalProp MPW 4.6 28 22.40 ... -0.56 7.23 5.23 SiriusXM SIRI 0.7 35 7.11 -0.05
YTD 52-Week Yld Net 5.12 122.15 82.77 Medtronic MDT 1.8 34 119.26 -1.71 -8.57 44.49 25.68 SkechersUSA SKX ... 18 39.49 -1.10
Friday, January 24, 2020
% Chg Hi Lo Stock Sym % PE Last Chg GHI -12.12 26.97 18.68 MelcoResorts MLCO 3.0 23 21.24 0.03 s 1.18 128.48 66.29 Skyworks SWKS 1.4 26 122.31 -5.88
YTD 52-Week Yld Net 1.94 121.12 80.20 MellanoxTech MLNX ... 38 119.45 0.02 -8.41 42.00 19.53 SlackTech WORK ... dd 20.59 -0.63
-0.41 87.62 73.20 CIBC CM 5.3 10 82.86 -0.12 1.96 74.31 43.65 GCI LibertyA GLIBA ... 15 72.24 -0.62 15.50 698.98 335.28 MercadoLibre MELI ... dd 660.58 -2.75 -4.64 56.66 40.38 SmithAO AOS 2.1 19 45.43 -1.28
% Chg Hi Lo Stock Sym % PE Last Chg 1.45 55.63 25.08 GDS Holdings GDS ... dd 52.33 -1.78 -5.46 92.64 72.05 Merck MRK 2.8 24 85.98 -2.58 3.40 128.43 99.54 Smucker SJM 3.3 22 107.67 -0.71
4.56 96.53 80.95 CanNtlRlwy CNI 1.7 20 94.57 -0.74
11.86 242.38 94.75 Galapagos GLPG ... 46 231.36 -0.74
ABC -6.43 32.79 22.58 CanNaturalRes CNQ
2.48 267.63 195.34 CanPacRlwy CP
3.8 12 30.27
1.0 21 261.28
-0.59
0.72 s 1.71 97.30 71.55 Gallagher AJG 1.8 27 96.86 -0.13
0.59 52.76 41.41 MetLife MET 3.4 7 51.27
3.36 873.51 606.14 MettlerToledo MTD ... 38 819.95
-0.53
-11.17
s 16.66 19.75 6.20 Snap
-2.02 174.00 143.12 SnapOn
SNAP
SNA
... dd 19.05
2.6 13 165.97
-0.20
-2.47
1.65 30.12 25.49 Canon CAJ 4.6 20 27.80 -0.23 s 7.29 46.96 35.39 Gaming&Leisure GLPI 6.1 31 46.19 -0.16 2.39 112.47 77.66 MicrochipTech MCHP 1.4 70 107.22 -3.04 -4.78 66.57 54.64 SonocoProducts SON 2.9 18 58.77 -0.63
-0.75 24.45 17.71 ABB ABB 2.7 36 23.91 0.08 -0.11 31.39 15.11 Gap GPS 5.5 8 17.66 -0.15
-8.04 53.70 21.04 ACADIA Pharm ACAD ... dd 39.34 -1.45 7.40 52.74 13.81 CanopyGrowth CGC ... dd 22.65 -1.91 7.40 60.56 32.14 MicronTech MU ... 19 57.76 -1.44 5.71 72.95 41.91 Sony SNE 0.4 12 71.88 -0.71
1.35 107.59 76.82 CapitalOne COF 1.5 9 104.30 -1.73 -5.51 37.24 22.85 GardnerDenver GDI ... 32 34.66 -0.21 4.65 168.19 102.17 Microsoft MSFT 1.2 31 165.04 -1.68 s 9.01 69.52 47.11 Southern SO 3.6 16 69.44 0.48
15.14 50.52 28.11 AECOM ACM ... dd 49.66 -0.22 2.08 101.31 67.05 Garmin GRMN 2.3 24 99.59 -0.97
2.41 20.71 14.60 AES AES 2.8 27 20.38 -0.18 6.41 56.88 41.03 CardinalHealth CAH 3.6 dd 53.82 -1.05 3.87 140.15 99.30 MidAmApt MAA 2.9 60 136.96 0.55 -6.19 44.82 29.39 SoCopper SCCO 4.0 21 39.85 -1.15
-3.29 164.80 106.19 Carlisle CSL 1.3 20 156.52 -2.95 4.20 171.78 124.77 Gartner IT ... 59 160.57 -0.70 4.25 142.98 105.77 Middleby MIDD ... 19 114.17 1.60 4.76 58.77 47.40 SouthwestAir LUV 1.3 13 56.55 1.15
-0.96 57.18 46.96 Aflac AFL 2.1 13 52.39 -0.17 s 6.04 107.63 49.15 Generac GNRC ... 26 106.67
s 5.11 34.98 17.33 Carlyle CG 4.0 12 33.72 -0.73 3.68 -4.42 5.54 4.49 MitsubishiUFJ MUFG 3.4 9 5.19 -0.07 -3.33 100.34 63.12 SpiritAeroSys SPR 0.7 12 70.45 2.73
3.79 18.53 14.51 AGNC Invt AGNC 10.5 dd 18.35 -0.08 4.94 193.76 160.21 GeneralDynamics GD 2.2 16 185.07 0.45 -3.88 3.28 2.66 MizuhoFin MFG 3.5152 2.97 -0.07 4.83 161.49 107.16 Splunk SPLK ... dd 157.00 -0.84
s 7.74 280.22 158.27 Ansys ANSS ... 54 277.34 -0.37 10.33 100.49 57.98 CarMax KMX ... 19 96.73 -1.38
-6.51 59.24 39.92 Carnival CCL 4.2 11 47.52 -1.93 4.93 12.23 7.65 GeneralElec GE 0.3405 11.71 -0.06 s 6.11 10.82 7.39 MobileTeleSys MBT 6.7 10 10.77 0.17 -1.95 161.38 110.57 Spotify SPOT ... 87 146.63 -2.34
-6.65 5.70 3.56 ASETech ASX 2.0 22 5.19 0.01
-6.96 58.31 38.11 Carnival CUK 4.5 10 44.81 -1.65 0.28 56.40 42.80 GeneralMills GIS 3.6 15 53.71 -0.53 7.98 29.79 11.54 Moderna MRNA ... dd 21.12 -0.35 -7.29 8.06 4.72 Sprint S ... dd 4.83 -0.21
-0.04 305.90 171.24 ASML ASML 1.0 49 295.83 1.51
4.16 179.21 122.86 CaseysGenStores CASY 0.8 26 165.60 -2.54 -6.26 41.90 33.08 GeneralMotors GM 4.4 6 34.31 -0.57 4.02 156.60 108.93 MohawkInds MHK ... 15 141.86 -1.95 13.71 83.20 54.41 Square SQ ... dd 71.14 1.85
-1.48 39.70 28.92 AT&T T 5.4 17 38.50 -0.13
9.38 61.98 35.53 Catalent CTLT ... 65 61.58 0.01 1.07 24.50 14.51 Genmab GMAB ... 62 22.57 -0.41 -0.83 159.00 106.50 MolinaHealthcare MOH ... 11 134.57 -3.40 0.45 173.67 118.61 StanleyBlackDck SWK 1.7 36 166.48 -2.00
4.08 92.45 68.80 AbbottLabs ABT 1.6 44 90.40 -0.33
-4.94 150.55 111.75 Caterpillar CAT 2.9 13 140.38 -2.37 5.07 45.03 28.92 Genpact G 0.8 29 44.31 -0.31 4.12 67.24 49.82 MolsonCoorsB TAP 4.1 79 56.12 -0.62 4.67 99.72 65.91 Starbucks SBUX 1.8 31 92.03 -1.72
-5.65 91.99 62.66 AbbVie ABBV 5.6 38 83.54 -1.73
-6.99 128.88 92.25 Celanese CE 2.2 16 114.51 -1.07 6.35 31.27 19.55 Gentex GNTX 1.5 19 30.82 -0.02 -3.55 71.50 54.00 MolsonCoorsA TAP.A 3.6 89 63.00 -1.68 -5.75 26.64 12.59 StarsGroup TSG ... dd 24.59 -0.19
7.26 364.31 155.02 Abiomed ABMD ... 38 182.98 -1.48
11.64 5.52 2.82 Cemex CX -7.68 115.20 87.26 GenuineParts GPC 3.1 18 98.07 -2.10 0.02 56.72 42.53 Mondelez MDLZ 2.1 20 55.09 -0.35 2.65 25.66 21.24 StarwoodProp STWD 7.5 17 25.52 -0.10
-0.95 213.25 150.20 Accenture ACN 1.5 28 208.57 -2.11 2.4 33 4.22 -0.02
s 5.51 5.34 2.73 Gerdau
-0.03 61.90 39.85 ActivisionBliz ATVI 0.6 28 59.40 -0.73 -13.79 10.82 7.23 CenovusEnergy CVE 2.2 20 8.75 -0.29 GGB 1.3 23 5.17 -0.14 15.58 184.78 83.30 MongoDB MDB ... dd 152.11 3.54 -0.96 85.89 48.62 StateStreet STT 2.7 14 78.34 -2.12
s 6.54 355.69 237.27 Adobe 5.95 69.25 41.62 Centene CNC ... 21 66.61 -1.41 1.05 40.40 23.45 Gildan GIL 1.8 21 29.84 -0.28 s 2.96 184.95 114.84 MonolithicPower MPWR 0.9 80 183.29 0.26 -9.67 39.35 25.02 SteelDynamics STLD 3.1 10 30.75 -0.88
ADBE ... 58 351.37 -0.39 -2.82 70.50 60.89 GileadSciences GILD 4.0 30 63.15
-11.54 182.56 130.09 AdvanceAuto AAP 0.2 23 141.68 -8.05 -2.97 31.42 24.25 CenterPointEner CNP 4.3 21 26.46 -0.47 -0.79 s 5.59 68.01 52.23 MonsterBev MNST ... 34 67.10 -0.67 -0.74 156.66 112.25 Steris STE 1.0 39 151.29 -0.52
s 0.51 48.25 38.16 GSK GSK 4.3 20 47.23 -0.59 s 7.67 258.89 154.60 Moody's MCO 0.8 37 255.62 -1.47 s 12.00 30.68 14.28 STMicroelec STM 0.7 26 30.14 0.10
s 9.79 52.81 19.05 AdvMicroDevices AMD ...260 50.35 -1.36 4.18 11.69 7.41 CentraisElBras EBR ... 3 9.71 -0.14
s 8.88 202.58 110.69 GlobalPayments GPN 0.4 80 198.77 -1.01 6.71 57.57 38.76 MorganStanley MS 2.6 11 54.55 -0.98 8.17 45.62 20.67 StoneCo STNE ... 70 43.15 -1.88
-6.84 5.43 3.69 Aegon AEG 6.7 9 4.22 -0.03 11.36 15.57 9.64 CenturyLink CTL 6.8 dd 14.71 -0.14
5.45 74.02 38.68 CeridianHCM CDAY -0.44 107.28 79.70 GlobeLife GL 0.7 16 104.79 0.02 3.56 165.88 116.99 Morningstar MORN 0.8 40 156.69 -0.48 2.04 223.45 160.79 Stryker SYK 1.1 24 214.23 -1.99
-2.24 62.89 40.16 AerCap AER ... 8 60.09 -1.02 ...133 71.58 -1.00
1.46 76.47 54.21 Cerner CERN 4.96 82.30 59.93 GoDaddy GDDY ...109 71.29 -0.54 -11.55 33.91 17.36 Mosaic MOS 1.0 dd 19.14 -0.81 -4.45 7.56 6.36 SumitomoMits SMFG 4.0 8 7.08 -0.08
3.46 90.64 65.35 AgilentTechs A 0.8 26 88.26 -0.81 1.0 48 74.46 -1.22
1.66 161.39 116.90 CharlesRiverLabs CRL 5.21 250.46 180.73 GoldmanSachs GS 2.1 12 241.92 -3.66 11.49 182.28 113.70 MotorolaSol MSI 1.4 30 179.66 2.62 5.30 166.32 104.67 SunComms SUI 1.9 99 158.06 0.95
0.62 64.88 39.66 AgnicoEagle AEM 1.1 dd 61.99 1.02 ... 33 155.30 -1.40
s 3.81 244.61 158.00 AirProducts 4.04 517.07 286.80 CharterComms CHTR ... 91 504.67 -8.47 -0.04 53.91 41.36 Graco GGG 1.3 27 51.98 -0.78 8.71 32.23 16.63 Mylan MYL ...249 21.85 -0.29 6.08 48.79 34.78 SunLifeFinancial SLF 3.5 15 48.34 -0.11
APD 1.9 29 243.95 6.66 -2.81 346.60 255.09 Grainger GWW 1.8 19 329.00 -3.54
s 10.58 97.75 63.78 AkamaiTech AKAM ... 35 95.52 -0.92 4.07 132.75 105.13 CheckPoint CHKP ... 23 115.48 -0.03 14.11 182.06 106.81 NICE NICE ... 61 177.04 -1.43 -1.40 34.87 27.28 SuncorEnergy SU 3.9 14 32.34 -0.40
8.76 485.15 286.50 Chemed -0.90 24.82 17.57 Grifols GRFS 1.3 25 23.08 -0.14 -4.50 43.66 32.63 NRG Energy NRG 0.3 17 37.96 -0.91 5.49 13.47 6.62 Suzano SUZ 1.0 dd 10.38 -0.24
-1.52 72.22 53.39 AlaskaAir ALK 2.1 14 66.72 -0.46 CHE 0.3 38 477.73 -2.33
0.13 70.60 57.90 CheniereEnergy LNG 7.49 135.31 85.02 GpoAeroportuar PAC 3.0 26 127.49 -0.90 s 4.60 4058.00 2470.00 NVR NVR ... 18 3983.60 -44.64 -9.39 38.18 29.19 SynchronyFin SYF 2.7 6 32.63 -3.57
11.14 93.14 58.63 Albemarle ALB 1.8 15 81.18 -0.72 ... dd 61.15 -1.70
1.23 49.30 38.08 CheniereEnerPtrs CQP 2.43 112.22 38.71 GuardantHealth GH ... dd 80.04 -1.48 s 6.30 137.92 82.61 NXP Semi NXPI 1.1 97 135.28 -1.13 s 5.37 65.17 36.72 SyneosHealth SYNH ... 77 62.67 -2.02
8.84 63.73 53.78 Alcon ALC ... dd 61.57 -0.17 6.0 27 40.30 -0.82
s 1.91 165.74 123.39 AlexandriaRlEst ARE 2.5156 164.66 -0.75 -7.19 127.34 110.42 Chevron CVX 4.3 16 111.85 -1.25 1.86 123.59 83.85 Guidewire GWRE ... dd 111.81 -0.19 s 2.90 110.29 82.22 Nasdaq NDAQ 1.7 35 110.21 0.58 10.85 153.07 78.55 Synnex SNX 1.1 15 142.78 -1.82
-1.83 41.34 21.68 Chewy -2.95 150.17 110.31 HCA Healthcare HCA 1.1 14 143.45 -3.24 s 5.78 66.46 48.84 NationalGrid NGG 4.6 24 66.29 0.96 s 10.67 156.97 89.77 Synopsys SNPS ... 44 154.05 -0.91
-2.66 141.86 94.59 AlexionPharm ALXN ... 16 105.27 -3.28 CHWY ... dd 28.47 0.44
-6.53 65.89 47.25 HDFC Bank HDB 0.5 ... 59.23 0.49 7.37 48.22 38.01 NatlInstruments NATI 2.2 38 45.46 -0.80 -3.40 85.98 61.49 Sysco SYY 2.2 25 82.63 -0.96
0.78 231.14 147.95 Alibaba BABA ... 25 213.75 -5.38 -6.00 14.70 11.08 ChinaLifeIns LFC 0.6 10 13.00 -0.22 -0.27 47.13 36.99 HD Supply HDS ... 15 40.11 -0.25 -12.65 32.63 18.05 NatlOilwell NOV 0.9 dd 21.88 -0.84
-3.25 334.64 169.84 AlignTech ALGN ... 52 269.98 -0.80 5.96 55.84 37.44 ChinaMobile CHL 3.7 12 44.79 0.41
0.66 816.56 600.23 Alleghany Y ... 91 804.85 -4.54 -4.97 87.17 54.94 ChinaPetrol SNP 8.7 9 57.16 -0.61
6.96 24.09 15.93 HP
-4.02 44.93 35.35 HSBC
HPQ 3.2 11 21.98
HSBC 6.8 12 37.52
-0.12
-0.20
5.39 59.26 49.57 NatlRetailProp NNN 3.6 40 56.51 -0.07 TUV
s 2.78 130.58 83.03 Allegion ALLE 0.8 27 128.00 -1.80 -7.05 13.66 8.45 ChinaUnicom CHU 2.1 16 8.70 0.06 s ... 23.90 19.06 Natura&Co NTCO ... 76 23.45 0.02
-5.60 32.71 16.97 Halliburton HAL 3.1 dd 23.10 -0.48 -3.92 78.35 44.55 NetApp NTAP 3.2 15 59.81 -0.76 -3.15 56.93 29.45 TAL Education TAL ...138 46.68 -1.75
-1.56 194.61 114.27 Allergan AGN 1.6 dd 188.19 -2.41 3.89 887.60 519.09 Chipotle CMG ... 79 869.71 -10.13 s 3.19 55.10 41.05 TC Energy TRP 4.2 17 55.01 0.18
s 7.69 59.02 42.51 AlliantEnergy LNT 2.6 26 58.93 0.47 -2.95 62.75 45.91 HartfordFinl HIG 2.0 13 58.98 0.17 7.01 352.00 209.01 Netease NTES 1.9 15 328.15 -6.79
-2.34 162.44 128.58 Chubb CB 2.0 19 152.01 -0.08 -5.47 47.71 35.96 TCF Financial TCF 3.2 21 44.24 -0.99
s 5.18 118.75 85.55 Allstate -0.88 126.87 82.87 Hasbro HAS 2.6 51 104.68 -0.80 9.14 385.99 252.28 Netflix NFLX ... 85 353.16 3.56
ALL 1.7 15 118.28 0.13 -2.06 37.57 33.61 ChunghwaTel CHT 3.1 26 36.14 -0.03
s 6.01 32.13 26.41 HealthcareAmer HTA 3.9185 32.10 0.24 -7.74 119.65 71.85 Neurocrine NBIX ...587 99.17 -3.00 -0.76 57.88 32.69 TD Ameritrade AMTD 2.5 14 49.32 -1.38
5.17 35.42 25.31 AllyFinancial ALLY 2.4 7 32.14 -0.56 1.38 80.99 59.64 Church&Dwight CHD 1.3 29 71.31 0.33 s 2.67 101.00 78.53 TE Connectivity TEL 1.9 17 98.40 -1.97
7.34 37.93 28.86 HealthpeakProp PEAK 4.0 21 37.00 -0.03 2.77 141.60 72.73 NewOrientalEduc EDU ... 61 124.61 -4.40
4.19 125.72 65.81 AlnylamPharm ALNY ... dd 120.00 2.04 1.36 46.78 32.76 Ciena CIEN ... 27 43.27 0.77 s 2.79 39.91 34.60 Telus TU 4.4 18 39.81 0.11
9.70 1503.21 1025.00 Alphabet C 7.22 147.93 78.85 Heico HEI 0.1 51 122.39 0.89 2.42 17.34 13.63 NewResidInvt NRZ 12.1 20 16.50 -0.18
GOOG ... 31 1466.71 -19.94 0.74 214.44 141.95 Cigna CI 0.0 18 206.01 -6.69 2.41 20.30 12.79 TIM Part TSU 2.0 11 19.57 -0.51
9.47 1500.58 1027.03 Alphabet A 7.70 113.69 62.45 Heico A HEI.A 0.2 40 96.42 0.24 3.49 22.06 13.04 NewellBrands NWL 4.6 dd 19.89 -0.27
GOOGL ... 31 1466.17 -18.52 0.82 118.19 78.14 CincinnatiFin CINF 2.1 19 106.02 0.03 0.21 63.03 48.19 TJX TJX 1.5 24 61.19 -1.26
34.59 147.79 64.52 Alteryx 6.71 72.81 56.58 HenrySchein HSIC ... 22 71.20 0.20 s 1.93 44.36 29.77 Newmont NEM 1.3 16 44.29 0.59
AYX ...713 134.68 1.53 5.34 287.74 181.17 Cintas CTAS 0.9 33 283.44 -2.58 4.03 85.22 65.56 T-MobileUS TMUS ... 21 81.58 -0.60
2.52 31.78 18.48 AlticeUSA -12.10 61.77 33.62 Herbalife HLF ... 20 41.90 -1.79 -1.41 15.07 11.22 NewsCorp A NWSA 1.4 dd 13.94 -0.41
ATUS ... 55 28.03 -0.82 1.86 58.26 43.40 CiscoSystems CSCO 2.9 19 48.85 -0.15 s 7.67 134.56 86.61 TRowePrice TROW 2.3 17 131.18 -2.03
0.68 57.88 39.30 Altria 5.24 162.20 100.80 Hershey HSY 2.0 25 154.68 0.85 -1.14 15.36 11.38 NewsCorp B NWS 1.4 dd 14.35 -0.36
MO 6.7 54 50.25 -0.31 -1.84 83.11 60.05 Citigroup C 2.6 10 78.42 -1.38 -0.64 60.64 36.29 TaiwanSemi TSM 3.3 28 57.73 0.25
-5.69 26.12 13.76 Amarin AMRN ... dd 20.22 -0.54 -3.59 74.11 51.05 Hess HES 1.6 dd 64.41 -2.12 s 8.90 264.08 171.74 NextEraEnergy NEE 1.9 34 263.72 3.64
-3.64 41.29 31.30 CitizensFin CFG 3.7 10 39.13 -0.73 2.33 135.70 84.41 TakeTwoSoftware TTWO ... 40 125.28 -3.79
0.75 2035.80 1566.76 Amazon.com AMZN ... 82 1861.64 -22.94 -6.94 17.59 12.52 HewlettPackard HPE 3.3 19 14.76 -0.40 4.24 27.57 17.94 NielsenHoldings NLSN 1.1 dd 21.16 -0.21
15.65 130.55 90.28 CitrixSystems CTXS 1.1 25 128.26 -0.22 0.51 21.61 16.10 TakedaPharm TAK 3.2131 19.83
-3.22 5.45 4.00 Ambev ABEV ... 25 4.51 0.06 s 21.79 20.77 10.34 ClarivateAnaly CCC 1.24 87.00 65.02 Hexcel HXL 0.9 21 74.22 -0.23 0.71 105.62 77.07 Nike NKE 1.0 36 102.03 -0.99 -0.19
... dd 20.46 0.31 -3.43 117.10 93.88 Hill-Rom 1.19 39.63 18.54 Tapestry TPR 4.9 15 27.29 -0.65
-3.23 11.77 9.18 Amcor AMCR 4.5 ... 10.49 -0.24 3.09 166.90 143.58 Clorox CLX 2.7 25 158.28 -0.79 HRC 0.8 49 109.64 -3.17 4.45 30.67 25.91 NiSource NI 2.8 24 29.08 -0.11
-2.18 113.96 70.89 Hilton HLT 0.6 34 108.49 -2.47 -12.76 28.40 19.01 NobleEnergy NBL 2.2 dd 21.67 -0.68 -5.27 48.78 32.00 TargaResources TRGP 9.4 dd 38.68 -0.69
s 2.69 75.19 52.90 Amdocs DOX 1.5 21 74.13 -0.72 s 4.21 57.87 44.42 Coca-Cola KO 2.8 32 57.68 -0.15 -10.83 130.24 69.07 Target TGT 2.3 18 114.32 -1.21
-1.21 426.50 336.39 Amerco UHAL 0.0 20 371.27 -2.53 -8.24 58.88 37.73 HollyFrontier HFC 3.0 9 46.53 0.33 9.16 6.65 3.33 Nokia NOK 4.2 dd 4.05 -0.01
4.40 58.94 44.63 Coca-Cola Euro CCEP 2.6 ... 53.12 0.01 0.08 17.14 7.38 TataMotors TTM ... dd 12.94 -0.18
4.67 80.85 66.97 Ameren AEE 2.5 25 80.39 0.09 s 3.02 59.14 39.98 Cognex 2.89 54.73 42.61 Hologic HOLX ... dd 53.72 -0.10 -1.36 5.31 3.05 NomuraHoldings NMR 2.8 18 5.09 -0.14
CGNX 0.4 60 57.73 -0.81
6.24 239.31 177.41 HomeDepot HD 2.3 23 232.00 -1.65 t -16.18 28.57 17.84 TechnipFMC FTI 2.9 dd 17.97 -0.46
4.25 16.72 12.93 AmericaMovil AMX 2.2 19 16.68 0.02 0.64 74.84 56.73 CognizantTech CTSH 1.3 17 62.42 -0.13 s 5.00 173.40 124.72 Nordson NDSN 0.9 30 170.98 -1.31
-5.02 30.12 22.87 HondaMotor HMC 3.3 10 26.89 -0.52 -5.52 48.87 25.01 Nordstrom JWN 3.8 11 38.67 -0.67 t -16.81 25.75 14.19 TeckRscsB TECK 1.1 7 14.45 -0.77
-3.63 37.23 24.23 AmerAirlines AAL 1.4 7 27.64 -1.16 2.12 76.41 60.96 ColgatePalm CL 2.4 26 70.30 -0.31 s 17.18 103.53 48.57 TeladocHealth TDOC ... dd 98.10 -4.70
-0.28 50.94 43.05 AmCampus ACC 4.0 61 46.90 -0.24 0.07 184.06 138.87 Honeywell HON 2.0 21 177.13 -2.45 7.07 211.46 160.19 NorfolkSouthern NSC 1.7 20 207.86 -0.75
-6.83 109.74 86.72 ColumbiaSportswr COLM 1.0 19 93.35 -2.36 4.42 398.99 216.52 TeledyneTech TDY ... 34 361.87 -6.26
s 8.09 102.36 76.30 AEP AEP 2.7 24 102.16 1.19 -0.39 39.10 20.05 HorizonTherap HZNP ... 95 36.06 -1.05 -4.35 110.48 83.95 NorthernTrust NTRS 2.8 15 101.62 -2.45
-0.85 47.74 34.67 Comcast A CMCSA 1.9 16 44.59 -1.06 0.95 389.26 264.78 Teleflex TFX 0.4 40 380.02 -4.80
s 8.53 138.13 99.48 AmerExpress AXP 1.3 17 135.11 3.74 4.70 47.37 37.00 HormelFoods HRL 2.0 26 47.23 0.24 10.95 384.68 263.29 NorthropGrum NOC 1.4 20 381.64 0.14
-9.78 88.96 58.54 Comerica CMA 4.1 8 64.73 -1.26 s 10.92 59.86 34.96 DR Horton -5.13 10.46 7.58 Ericsson ERIC 0.8 dd 8.33 -0.65
0.77 111.86 90.20 AmericanFin AFG 1.6 15 110.49 0.25 0.15 69.48 52.05 CommerceBcshrs CBSH 1.5 19 68.04 -0.22
DHI 1.2 14 58.51 -0.48 9.99 28.70 17.50 NortonLifeLock NLOK 1.8 20 28.07 -0.33
-7.92 20.34 15.51 HostHotels HST 4.7 11 17.08 -0.37 -4.40 59.78 45.64 NorwegCruise NCLH ... 13 55.84 -2.38 -0.07 14.68 10.91 TelefonicaBras VIV 5.9 13 14.31 -0.13
s 4.43 27.54 21.15 AmHomes4Rent AMH 0.7103 27.37 0.02 -1.20 15.24 9.26 SABESP SBS ... 21 14.87 -0.09 -3.73 9.01 6.50 Telefonica TEF 5.1 18 6.71 -0.14
-0.53 58.66 40.00 AIG AIG 2.5 25 51.06 -0.55 -19.37 45.39 29.36 Huazhu HTHT ... 93 32.31 -0.82 -0.87 96.06 74.97 Novartis NVS 2.0 18 93.87 -1.05
-5.72 35.59 20.85 ConagraBrands CAG 2.6 20 32.28 -0.41 0.11 31.48 24.27 TelekmIndonesia TLK 2.2 20 28.53 0.20
3.35 242.00 165.67 AmerTowerREIT AMT 1.6 66 237.52 -0.31 -0.60 149.88 103.99 Hubbell HUBB 2.5 21 146.94 -1.76 5.53 62.69 46.10 NovoNordisk NVO 1.4 25 61.08 -0.51
-5.73 124.53 61.37 ConchoRscs CXO 0.6 13 82.55 -1.62 s 32.18 101.00 45.11 10xGenomics TXG ... dd 100.79 5.73
s 10.53 136.41 92.36 AmerWaterWorks AWK 1.5 39 135.78 0.49 16.62 207.98 137.30 HubSpot HUBS ... dd 184.85 -0.56 3.58 98.84 41.51 Novocure NVCR ... dd 87.29 -4.41
-3.71 71.01 50.13 ConocoPhillips COP 2.7 9 62.62 -0.52 -0.18 30.32 19.90 Tenaris TS 3.6 16 22.60 ...
0.54 40.42 27.74 AmericoldRealty COLD 2.3235 35.25 -0.48 -2.62 376.39 225.65 Humana HUM 0.6 19 356.90 -6.68 -10.57 62.31 46.10 Nucor NUE 3.2 9 50.33 -1.42
3.47 94.97 75.25 ConEd ED 3.3 22 93.61 0.84 5.73 81.57 35.28 Teradyne TER 0.5 27 72.10 -4.11
0.59 173.75 117.09 Ameriprise AMP 2.3 12 167.57 -3.81 -0.92 122.29 83.64 JBHunt JBHT 0.9 24 115.71 -0.79 12.70 54.68 17.74 Nutanix NTNX ... dd 35.23 -0.35
2.76 214.51 166.50 ConstBrands B STZ.B 1.4 54 193.99 1.37 35.02 594.50 176.99 Tesla TSLA ... dd 564.82 -7.38
4.59 94.75 70.55 AmerisourceBrgn ABC 1.8 22 88.92 -2.24 -9.02 15.63 12.14 HuntingtonBcshs HBAN 4.4 11 13.72 -0.55 t -7.58 56.00 44.16 Nutrien NTR 4.1 19 44.28 -1.07
0.95 214.48 163.52 ConstBrands A STZ 1.6 48 191.56 -2.41 3.06 20.21 6.07 TevaPharm TEVA ... dd 10.10 -0.29
-0.17 102.31 69.51 Ametek AME 0.6 27 99.57 -1.21 10.20 279.71 196.26 HuntingIngalls HII 1.5 19 276.47 -0.63 s 6.45 259.50 131.00 NVIDIA NVDA 0.3 64 250.48 -2.38
-14.11 52.03 27.26 ContinentalRscs CLR 0.7 14 29.46 -1.08 1.74 135.70 100.17 TexasInstruments TXN 2.8 25 130.52 -3.73
-6.42 244.99 166.30 Amgen -6.14 91.13 66.83 HyattHotels H 0.9 18 84.20 -1.59
AMGN 2.8 17 225.59 -9.45 9.67 365.68 270.54 Cooper COO 0.0 38 352.36 -4.64
-2.65 110.24 83.78 Amphenol APH 0.9 28 105.36 -0.98 s 10.28 101.11 49.33 Copart CPRT ... 34 100.29 0.39
3.12 49.96 34.95 IAA IAA ... 34 48.53
5.72 278.85 201.50 IAC/InterActive IAC ... 48 263.36
0.74
-6.52
OPQ 0.22 58.00 42.30 Textron TXT 0.2 12 44.70
2.71 342.26 235.90 ThermoFisherSci TMO 0.2 37 333.68
-0.40
-1.70
-1.07 124.78 94.86 AnalogDevices ADI 1.8 32 117.57 -3.29 0.86 35.34 26.75 Corning GLW 2.7 22 29.36 -0.19 s 2.36 46.09 39.86 OGE Energy OGE 3.4 20 45.52 -0.29 10.54 79.54 50.56 ThomsonReuters TRI 1.8168 79.15 0.38
10.67 60.36 29.40 Anaplan PLAN ... dd 57.99 1.10 -2.85 15.35 9.45 ICICI Bank IBN 0.2 51 14.66 0.02
-5.45 32.78 24.10 Corteva CTVA 1.9 dd 27.95 -0.50 7.52 294.57 198.75 IdexxLab IDXX ... 58 280.77 -5.13 -1.10 77.26 61.29 ONEOK OKE 5.0 25 74.84 -0.52 0.98 219.75 150.58 3M MMM 3.2 21 178.15 0.41
-6.09 23.85 11.29 AngloGoldAsh AU 0.3 41 20.98 0.83 8.75 670.60 372.65 CoStar CSGP ... 77 650.65 4.24 -1.71 454.31 331.34 OReillyAuto ORLY ... 25 430.77 -5.28 s 0.48 134.39 78.60 Tiffany TIF 1.7 30 134.29 0.08
6.03 81.28 50.47 IHS Markit INFO 0.9 65 79.89 -0.70
-5.24 102.70 72.87 AB InBev BUD 1.9 21 77.74 -0.52 s 5.64 314.28 205.75 Costco COST 0.8 37 310.51 -2.37 2.45 68.83 37.25 OccidentalPetrol OXY 7.5 28 42.22 -0.30 s 15.41 46.66 33.52 Toll Bros TOL 1.0 11 45.60 -0.69
2.55 10.51 8.07 AnnalyCap NLY 10.9 dd 9.66 -0.04 -6.47 13.72 9.22 ING Groep ING 5.5 8 11.27 -0.19
-6.31 14.13 6.99 Coty COTY 4.7 dd 10.54 -0.17 1.06 22.18 15.15 Invesco IVZ 6.8 16 18.17 -0.30 12.39 141.85 70.44 Okta OKTA ... dd 129.66 1.82 2.95 84.26 58.12 Toro TTC 1.2 32 82.02 -0.81
-1.57 317.99 227.16 Anthem ANTM 1.1 18 297.28 -7.12 11.93 174.27 77.12 CoupaSoftware COUP ... dd 163.70 -1.55 7.74 210.18 130.87 OldDomFreight ODFL 0.3 26 204.47 -0.90 0.59 59.55 53.44 TorontoDomBk TD 4.0 12 56.46 -0.04
s 2.46 214.84 151.65 Aon AON 0.8 36 213.42 0.32 -0.41 182.17 113.67 IPG Photonics IPGP ... 30 144.33 -2.51
-0.66 41.95 32.89 CousinsProperties CUZ 2.8121 40.93 -0.47 2.32 164.13 123.57 IQVIA IQV ...131 158.10 -2.81 4.51 24.10 19.68 OldRepublic ORI 3.4 7 23.38 0.70 -5.50 58.82 47.70 Total TOT ... 14 52.26 -0.39
17.16 38.12 18.33 Apache APA 3.3 dd 29.98 -0.29 2.04 252.49 199.83 Credicorp BAP 2.8 14 217.47 -1.75 2.22 45.01 34.64 OmegaHealthcare OHI 6.2 28 43.29 0.06 1.58 145.41 116.40 ToyotaMotor TM 2.5 12 142.76 -0.30
4.59 55.49 47.55 ApartmtInv AIV 2.9 23 54.02 0.21 -3.38 75.56 50.71 ITT ITT 0.8 21 71.41 -0.73
3.46 509.99 385.36 CreditAcceptance CACC ... 14 457.65 -1.94 4.99 79.37 59.41 IcahnEnterprises IEP 12.4 20 64.57 -0.33 -4.10 85.05 71.75 Omnicom OMC 3.3 13 77.70 -1.05 0.14 114.25 82.62 TractorSupply TSCO 1.5 21 93.57 -0.09
s 6.92 52.42 27.13 ApolloGlbMgmt APO 4.0 25 51.01 -1.13 0.07 14.12 10.94 CreditSuisse CS ... 12 13.46 -0.08 2.50 25.92 16.65 ON Semi ON ... 33 24.99 -0.48 7.85 293.90 132.97 TradeDesk TTD ...137 280.17 -0.22
s 8.40 323.33 153.66 Apple AAPL 1.0 27 318.31 -0.92 1.58 176.97 127.58 Icon ICLR ... 26 174.95 0.16
18.81 101.88 44.58 CrowdStrike CRWD ... dd 59.25 -2.30 0.08 176.70 130.00 IDEX IEX 1.2 31 172.14 -1.60 5.29 47.07 34.79 OpenText OTEX 1.5 39 46.40 0.01 -2.83 50.48 33.68 Tradeweb TW 0.7 67 45.04 0.14
s 1.57 64.93 36.80 ApplMaterials AMAT 1.4 22 62.00 -1.89 s 5.45 150.71 112.30 CrownCastle CCI 3.2 76 149.90 0.12 2.06 60.50 49.19 Oracle ORCL 1.8 17 54.07 -0.91 s 17.27 667.29 344.61 TransDigm TDG 0.0 47 656.73 -1.20
1.30 126.19 97.07 Aptargroup ATR 1.2 33 117.12 -0.25 -1.85 182.34 129.72 IllinoisToolWks ITW 2.4 23 176.30 -3.30
3.39 78.28 48.40 CrownHoldings CCK ... 21 75.00 -0.87 -3.67 380.76 263.30 Illumina ILMN ... 49 319.58 -7.42 -1.58 16.80 14.24 Orange ORAN 4.3 16 14.36 -0.10 8.49 94.67 58.25 TransUnion TRU 0.3 49 92.88 -0.55
-3.61 99.04 63.36 Aptiv APTV 1.0 24 91.54 -0.79 0.54 36.32 29.05 CubeSmart CUBE 4.2 34 31.65 0.14 2.13 86.10 68.58 Orix IX 3.7 7 85.19 -0.75 -1.58 155.09 123.61 Travelers TRV 2.4 14 134.78 0.59
s 10.48 52.58 33.82 AquaAmerica WTR 1.8 74 51.86 -0.24 -3.48 30.38 23.66 ImperialOil IMO 2.7 9 25.55 -0.44
-4.37 106.23 79.86 Cullen/Frost CFR 3.0 13 93.51 -1.52 -12.12 96.79 72.00 Incyte INCY ... 41 76.74 -1.50 -5.65 95.62 66.04 Oshkosh OSK 1.3 11 89.30 -0.32 5.73 46.25 35.00 Trimble TRMB ... 35 44.08 -0.31
6.20 47.22 25.49 Aramark ARMK 1.0 26 46.09 -0.63 -5.48 186.72 140.88 Cummins CMI 3.1 11 169.15 -2.51 0.32 68.72 44.46 OwensCorning OC 1.5 14 65.33 -1.94 -4.89 46.50 28.55 Trip.com TCOM ... 37 31.90 -2.36
-12.20 24.24 12.53 ArcelorMittal MT 1.1 8 15.40 -0.22 6.88 12.08 8.76 Infosys INFY 2.2 22 11.03 -0.03
4.68 149.90 108.96 CurtissWright CW 0.5 21 147.49 -0.46 -1.75 138.33 93.05 Ingersoll-Rand IR 1.6 23 130.60 -1.69 31.28 25.19 3.55 PG&E PCG ... dd 14.27 0.54 -1.49 56.92 44.51 TruistFinl TFC 3.2 14 55.48 -0.88
4.90 45.59 28.60 ArchCapital ACGL ... 13 44.99 -0.25 0.56 23.55 13.37 CypressSemi CY 1.9 30 23.46 0.05 -5.79 161.79 118.70 PNC Fin PNC 3.1 13 150.38 -2.33 23.50 151.00 89.81 Twilio TWLO ... dd 121.38 0.58
-4.42 47.20 36.45 ArcherDaniels ADM 3.2 21 44.30 -0.67 -0.74 99.91 73.00 Ingredion INGR 2.7 16 92.26 -0.62
-4.29 79.73 48.94 CyrusOne CONE 3.2 dd 62.62 -0.92 s 12.48 193.96 75.20 Insulet PODD ...713 192.56 0.56 -0.99 62.95 41.14 POSCO PKX 3.8 21 50.12 -0.79 3.56 45.85 28.63 Twitter TWTR ... 16 33.19 -0.70
-5.39 31.98 16.66 Arconic ARNC 0.3 38 29.11 -0.42 -5.75 134.36 102.51 PPG Ind PPG 1.6 24 125.81 -0.45 3.29 320.46 187.64 TylerTech TYL ... 94 309.90 -1.85
s 14.40 69.29 42.86 Intel
17.04 331.27 173.31 AristaNetworks ANET ... 25 238.05 7.99
-3.80 86.62 62.35 ArrowElec ARW ... dd 81.52 -0.60
DEF s 4.93 98.09 71.90 ICE
INTC 1.8 15 68.47
ICE 1.1 26 97.11
5.15
-0.19 s 1.81 36.82 28.55 PPL PPL 4.5 15 36.53 -0.18 -5.61 94.24 58.20 TysonFoods TSN 2.0 16 85.93 -2.03
3.58 44.48 28.13 DISH Network DISH ... 14 36.74 -0.15 -9.10 71.02 56.45 InterContinentl IHG 1.8 27 62.42 -1.30 -5.25 115.50 85.00 PRA HealthSci PRAH ... 29 105.31 -0.40 0.56 13.55 10.12 UBS Group UBS 5.8 11 12.65 -0.16
-2.39 142.94 66.11 AscendisPharma ASND ... dd 135.80 -1.20 14.90 102.47 62.05 PTC PTC ... dd 86.05 0.98 3.17 50.61 42.00 UDR UDR 2.8 81 48.18 ...
16.03 142.89 94.33 AspenTech AZPN ... 36 140.31 -0.28 2.23 134.72 112.86 DTE Energy DTE 3.1 22 132.76 -1.14 4.86 152.95 126.85 IBM IBM 4.6 13 140.56 -2.31
-8.27 69.45 26.02 DXC Tech DXC 2.4 dd 34.48 -1.08 5.25 152.95 104.86 IntlFlavors IFF 2.2 40 135.79 -0.26 -9.70 134.24 67.41 PVH PVH 0.2 11 94.95 -1.94 -3.50 57.28 40.52 UGI UGI 2.9 30 43.58 -0.42
-1.45 134.89 91.84 Assurant AIZ 2.0 33 129.18 -1.15 -2.92 83.41 60.96 Paccar PCAR 1.7 11 76.79 -0.81 -1.31 43.10 32.90 US Foods USFD ... 23 41.34 -0.45
-1.16 51.55 35.30 AstraZeneca AZN 2.8 61 49.28 -0.92 5.71 164.54 104.50 Danaher DHR 0.4 48 162.25 -0.23 -5.47 48.24 36.45 IntlPaper IP 4.7 13 43.53 -1.13
7.41 128.41 104.25 Darden DRI 3.0 23 117.09 -0.53 1.34 24.15 19.56 Interpublic IPG 4.0 14 23.41 -0.13 -5.66 114.78 87.85 PackagingCpAm PKG 3.0 13 105.65 -1.41 23.74 47.08 25.58 Uber UBER ... dd 36.80 -0.60
-5.10 48.12 36.00 Athene ATH ... 5 44.63 -0.28 1.76 53.43 20.25 PagSeguroDig PAGS ... 34 34.76 -0.21 -8.39 199.91 105.51 Ubiquiti UI 0.7 36 173.13 2.23
s 21.98 150.71 92.42 Atlassian 11.30 44.09 27.55 Datadog DDOG ... dd 42.05 -0.76 9.00 102.66 57.72 InterXion INXN ...130 91.35 0.79
TEAM ... dd 146.79 14.15 9.98 295.77 207.69 Intuit INTU 0.7 48 288.08 -0.50 5.04 260.63 192.17 PaloAltoNtwks PANW ... dd 242.90 -2.00 7.84 368.83 222.00 UltaBeauty ULTA ... 23 272.98 0.78
s 4.93 117.66 93.86 AtmosEnergy ATO 2.0 27 117.38 0.50 s 10.88 85.59 43.40 DaVita DVA ... 32 83.19 2.69
-1.81 180.48 132.68 Deere DE 1.8 17 170.12 -1.94 -0.33 616.56 455.15 IntuitiveSurgical ISRG ... 51 589.20 -25.80 -3.66 212.05 152.18 ParkerHannifin PH 1.8 18 198.28 -3.53 4.79 7.90 3.61 UltraparPart UGP 2.0 24 6.56 -0.06
s 8.57 200.90 129.70 Autodesk ADSK ...300 199.19 0.59 s 4.53 89.96 69.40 Paychex PAYX 2.8 30 88.91 -0.74 -2.97 24.55 15.05 UnderArmour C UA ... 76 18.61 -0.17
1.79 117.99 65.46 Autohome ATHM ... 22 81.44 -0.50 -2.74 70.55 44.35 DellTechC DELL ... 10 49.98 -0.39 s 4.57 31.59 21.23 InvitatHomes INVH 1.7668 31.34 -0.02
0.56 63.44 46.90 DeltaAir DAL 2.7 8 58.81 -1.46 -1.64 86.58 53.34 IonisPharma IONS ... 20 59.42 -0.98 18.90 324.00 139.10 PaycomSoftware PAYC ...110 314.81 -0.04 -2.82 27.72 16.74 UnderArmour A UAA ... 85 20.99 -0.24
-8.36 87.01 61.07 Autoliv ALV 3.2 31 77.35 -2.29 14.77 145.20 66.42 Paylocity PCTY ...133 138.67 -0.90 0.07 63.62 52.62 Unilever UN 2.7 14 57.50 0.94
3.94 179.89 133.76 ADP ADP 2.1 33 177.21 -0.62 5.42 60.87 40.26 DentsplySirona XRAY 0.7 83 59.66 ... 3.69 29.18 15.12 iQIYI IQ ... dd 21.89 -2.04
10.15 9.47 6.44 DeutscheBank DB 1.4 dd 8.57 0.01 -1.00 37.32 29.28 IronMountain IRM 7.8 27 31.55 -0.36 8.14 121.48 86.62 PayPal PYPL ... 55 116.98 -0.91 3.59 64.84 51.66 Unilever UL 3.0 15 59.22 1.51
-4.29 1274.41 803.28 AutoZone AZO ... 18 1140.23 -25.77 10.13 89.86 54.49 Pegasystems PEGA 0.1 dd 87.72 -0.21 s 2.70 188.96 149.09 UnionPacific UNP 2.1 22 185.68 -1.51
12.44 94.31 37.55 Avalara AVLR ... dd 82.36 -0.86 -7.78 35.39 19.72 DevonEnergy DVN 1.5 7 23.95 -0.45 -11.15 10.80 7.59 ItauUnibanco ITUB 0.6 12 8.13 -0.08
6.95 242.14 107.44 DexCom DXCM ... dd 233.94 -1.66 7.39 37.02 20.46 Peloton PTON ... dd 30.50 0.44 -7.03 96.03 77.02 UnitedAirlines UAL ... 7 81.90 -2.98
4.59 222.87 185.36 Avalonbay AVB 2.8 30 219.33 0.84
2.05 52.85 47.50 Avangrid AGR 3.4 27 52.21 0.51 0.46 176.22 141.81 Diageo DEO 2.0 25 169.19 0.13 JKL 4.37 39.32 33.23 PembinaPipeline PBA
0.72 47.43 34.50 Pentair PNR
5.0 17 38.68
1.6 23 46.20
-0.01
-0.58
-3.36 2.81 1.69 UnitedMicro
-0.34 125.31 92.65 UPS B
UMC 2.5 50 2.59
UPS 3.3 20 116.66
-0.04
-0.27
3.03 19.59 13.33 Avantor AVTR ... dd 18.70 -0.07 -10.79 114.14 73.17 DiamondbkEner FANG 0.9 12 82.84 -1.86 12.26 42.00 22.47 JD.com JD ... dd 39.55 -1.22
7.12 136.32 102.81 DigitalRealty DLR 3.4128 128.26 1.15 4.55 185.70 122.40 Penumbra PEN ...137 171.75 0.43 -9.07 170.04 101.90 UnitedRentals URI ... 10 151.65 -3.50
-0.87 134.88 96.40 AveryDennison AVY 1.8 47 129.68 -1.14 -4.48 141.10 98.09 JPMorganChase JPM 2.7 12 133.15 -3.39 -6.21 18.03 13.81 People'sUtdFin PBCT 4.5 12 15.85 -0.21 -9.19 61.11 47.57 US Bancorp USB 3.1 13 53.84 -1.04
-5.10 32.20 23.34 AxaltaCoating AXTA ... 24 28.85 -0.41 -10.06 92.98 64.86 DiscoverFinSvcs DFS 2.3 8 76.29 -9.56 3.68 44.20 24.50 Jabil JBL
-7.39 33.66 25.08 DiscoveryA DISCA ... 12 30.32 -0.13
0.7 33 42.85 -0.36 s 4.57 144.15 108.00 PepsiCo PEP 2.7 16 142.91 -0.74 2.29 155.53 113.77 UnitedTech UTX 1.9 26 153.19 -0.61
2.50 49.58 41.93 BCE BCE 5.1 19 47.51 -0.13 s 3.83 153.44 126.00 JackHenry JKHY 1.1 42 151.25 -1.16 1.42 52.97 33.67 PerformanceFood PFGC ... 31 52.21 -0.09 -0.40 302.54 208.07 UnitedHealth UNH 1.5 20 292.81 -6.65
-0.49 59.02 46.61 BHP Group BHP 4.9 16 54.44 -1.20 -6.05 31.20 23.46 DiscoveryC DISCK ... 11 28.64 -0.09 7.98 98.08 62.58 JacobsEngg J 0.8 dd 97.00 0.94
-3.15 153.41 107.32 Disney DIS 1.3 20 140.08 -2.12 2.76 103.00 78.35 PerkinElmer PKI 0.3 47 99.78 0.39 ... 230.32 99.02 UnivDisplay OLED 0.2 74 206.07 -4.96
-1.57 51.87 40.57 BHP Group BBL 5.7 14 46.27 -0.95 s 9.93 21.78 10.73 JamesHardie JHX 1.6 37 21.59 0.27 13.74 60.48 40.68 Perrigo PRGO 1.4 33 58.76 -0.72 2.65 157.79 117.77 UniversalHealthB UHS 0.5 18 147.26 -0.52
1.03 45.38 35.73 BP BP 6.4 27 38.13 -0.07 0.09 77.01 43.13 DocuSign DOCU ... dd 74.18 -0.15 -2.37 154.24 116.52 JazzPharma JAZZ ... 14 145.74 -3.36
0.65 70.17 56.09 DolbyLab DLB 1.3 28 69.25 -0.30 -5.92 68.80 44.80 PetroChina PTR 3.6 11 47.35 -0.77 4.98 10.13 7.59 VEREIT VER 5.7 dd 9.70 -0.04
-7.82 9.96 5.02 BRF BRFS ... dd 8.02 -0.27 2.43 22.64 16.53 JefferiesFin JEF 2.7 7 21.89 -0.24 -7.34 17.90 12.68 PetroleoBrasil PBR 1.5 11 14.77 -0.14 -15.18 100.25 76.77 VF VFC 2.3 26 84.53 -0.88
6.15 66.70 44.50 BWX Tech BWXT 1.0 31 65.90 -0.40 -1.05 166.98 108.74 DollarGeneral DG 0.8 24 154.34 -0.80 s 10.28 21.19 15.60 JetBlue
t -6.74 119.71 87.34 DollarTree DLTR ... dd 87.71 -0.23
JBLU ... 11 20.64 -0.43 -6.23 15.74 11.42 PetroleoBrasilA PBR.A 2.8 10 13.99 -0.16 s 4.31 26.86 20.47 VICI Prop VICI 4.5 19 26.65 0.04
2.85 186.22 93.39 Baidu BIDU ... dd 130.00 -4.20 1.68 150.17 126.10 J&J JNJ 2.6 26 148.32 -0.21 1.63 44.56 33.97 Pfizer PFE 3.8 14 39.82 -0.89 1.69 255.37 181.62 VailResorts MTN 2.9 34 243.88 -6.13
-10.81 28.65 20.43 BakerHughes BKR 3.1106 22.86 -0.10 1.42 84.42 68.28 DominionEner D 4.4 63 84.00 -0.07 1.57 44.82 32.11 JohnsonControls JCI 2.5 73 41.35 -0.40
-2.95 302.05 220.90 Domino's DPZ 0.9 31 285.10 -2.92 1.25 92.74 69.27 PhilipMorris PM 5.4 18 86.15 -0.93 -2.73 15.45 10.20 Vale VALE ... 18 12.84 -0.46
11.23 81.88 48.81 Ball BLL 0.8 44 71.93 0.06 -2.66 175.99 124.01 JonesLang JLL 0.5 17 169.46 -0.46 -9.95 119.92 80.24 Phillips66 PSX 3.6 10 100.32 -1.76 -4.69 101.99 69.44 ValeroEnergy VLO 4.0 16 89.26 -0.25
-9.86 6.44 4.62 BancoBilbaoViz BBVA 4.7 9 5.03 -0.13 -7.34 58.32 45.82 Donaldson DCI 1.6 27 53.39 -0.82 -0.20 28.77 22.42 JuniperNetworks JNPR 3.1 23 24.58 0.09
-3.46 45.08 36.31 DouglasEmmett DEI 2.6 66 42.38 -0.37 -14.81 33.67 18.82 PilgrimPride PPC ... 20 27.87 -0.77 4.42 150.06 103.92 VarianMed VAR ... 44 148.29 -1.12
-9.81 9.48 6.65 BancoBradesco BBDO 2.2 11 7.83 -0.07 -3.94 43.64 30.83 KB Fin KB 3.5 6 39.74 ... -1.27 45.25 18.46 Pinduoduo PDD ... dd 37.34 -1.03 0.81 11.30 7.04 Vedanta VEDL 11.8 7 8.70 -0.05
-3.67 32.83 19.62 BancodeChile BCH ... 8 20.22 -0.20 1.61 120.04 77.95 Dover DOV 1.7 26 117.11 -1.54 5.21 31.84 22.01 KKR KKR 1.6 16 30.69 -0.51
-11.40 60.52 40.44 Dow DOW 5.8 ... 48.49 -1.76 8.00 99.81 84.26 PinnacleWest PNW 3.2 22 97.12 1.28 3.22 176.90 104.68 VeevaSystems VEEV ... 75 145.19 -0.38
-13.44 13.72 9.68 BancSanBrasil BSBR 6.3 21 10.50 -0.13 s 0.69 184.50 98.65 KLA KLAC 1.9 25 179.40 -3.15 20.39 36.83 17.39 Pinterest PINS ... dd 22.44 -0.17 1.89 75.40 54.59 Ventas VTR 5.4 44 58.83 0.35
-6.59 32.97 20.78 BcoSantChile BSAC 3.9 12 21.55 -0.31 3.50 42.91 34.67 DrReddy'sLab RDY 0.6 18 42.00 -0.35 8.76 168.81 101.11 KSCitySouthern KSU 1.0 31 166.58 -0.15
-3.18 26.49 16.08 Dropbox DBX ... dd 17.34 -0.37 -6.17 178.22 114.79 PioneerNatRscs PXD 1.2 33 142.03 1.60 10.42 221.78 163.75 VeriSign VRSN ... 39 212.75 -2.27
-6.28 5.25 3.65 BancoSantander SAN 6.5 8 3.88 -0.08 0.26 71.05 51.34 Kellogg K 3.3 32 69.34 -1.10 -3.37 25.27 16.77 PlainsAllAmPipe PAA 8.1 5 17.77 -0.38 s 10.69 165.95 115.24 VeriskAnalytics VRSK 0.6 59 165.30 0.20
-1.39 56.10 42.99 BanColombia CIB 2.3 12 54.03 -0.09 5.56 97.37 84.28 DukeEnergy DUK 3.9 20 96.28 0.20 -3.14 32.00 25.05 KeurigDrPepper KDP 2.1 36 28.04 0.27
s 4.12 36.28 28.56 DukeRealty DRE 2.6 32 36.10 0.14 5.14 81.90 56.14 PlanetFitness PLNT ... 59 78.52 0.37 -1.82 62.22 52.28 Verizon VZ 4.1 15 60.28 -0.23
-4.77 35.72 26.21 BankofAmerica BAC 2.1 12 33.54 -0.58 -4.69 20.52 14.82 KeyCorp KEY 3.8 12 19.29 -0.54 3.56 228.19 147.76 Pool POOL 1.0 35 219.95 -0.83 4.62 237.47 163.68 VertxPharm VRTX ... 28 229.06 -4.85
2.10 79.93 66.42 BankofMontreal BMO 4.0 12 79.13 -0.23 3.73 84.73 64.11 Dunkin' DNKN 1.9 28 78.36 -0.63 0.34 110.00 70.70 KeysightTechs KEYS ... 32 102.98 -1.18
t -7.49 85.47 59.28 DuPont DD ... 56 59.39 -1.15 0.16 113.73 91.14 PostHoldings POST ... 67 109.28 -0.97 -12.03 53.68 38.42 ViacomCBS A VIACA 2.4 5 39.47 -1.23
-8.70 54.27 40.52 BankNY Mellon BK 2.7 10 45.95 -0.76 -1.85 85.29 67.32 KilroyRealty KRC 2.4 30 82.35 -0.98 -1.16 60.81 46.56 PrincipalFin PFG 4.0 12 54.36 -0.97 -14.72 53.71 35.02 ViacomCBS B VIAC 2.7 5 35.79 -1.20
-1.24 58.22 50.36 BkNovaScotia BNS 5.0 11 55.79 -0.14 9.72 30.15 17.05 Dynatrace DT ... dd 27.76 -0.12 4.27 149.23 107.44 KimberlyClark KMB 2.9 23 143.42 -1.23
-3.91 36.34 28.54 ENI E 4.5 19 29.75 -0.28 0.19 127.00 92.97 Procter&Gamble PG 2.4 74 125.14 0.15 -4.16 15.46 6.00 Vipshop VIPS ... 20 13.58 -0.37
-5.46 10.22 6.54 Barclays BCS 3.9 ... 9.00 -0.02 -1.74 21.86 16.45 KimcoRealty KIM 5.5 27 20.35 -0.10 6.02 84.96 64.70 Progressive PGR 0.5 14 76.75 0.42 9.10 210.13 133.30 Visa V 0.6 40 205.00 -1.52
0.65 20.07 11.65 BarrickGold GOLD 1.1 42 18.71 0.28 -4.67 107.89 64.33 EOG Rscs EOG 1.4 15 79.85 -1.98 1.84 21.88 17.54 KinderMorgan KMI 4.6 22 21.56 -0.20 s 7.86 96.78 64.93 Prologis PLD 2.2 39 96.15 0.45 -3.57 27.96 21.32 VistraEnergy VST 2.3 22 22.17 -0.79
-5.08 31.97 18.72 BauschHealth BHC ... dd 28.40 -0.79 7.26 236.04 136.56 EPAM Systems EPAM ... 53 227.57 -2.73 3.80 5.47 3.00 KinrossGold KGC ... 37 4.92 0.17 12.02 133.58 95.72 Proofpoint PFPT ... dd 128.58 1.42 -0.76 206.80 128.69 VMware VMW ... 10 150.63 -2.45
8.56 91.86 69.86 BaxterIntl BAX 1.0 31 90.78 -0.32 0.57 52.35 34.68 E*TRADE ETFC 1.2 12 45.63 -0.44 -2.29 51.08 28.58 KirklandLakeGold KL 0.6 18 43.06 0.42 -5.61 75.36 61.85 ProsperityBcshs PB 2.7 14 67.86 -1.23 1.22 70.54 58.60 VornadoRealty VNO 3.9 4 67.31 -0.64
s 2.31 280.56 221.47 BectonDicknsn BDX 1.1 71 278.25 -0.48 1.09 56.09 37.69 EastWestBncp EWBC 2.2 11 49.23 -1.70 3.40 39.37 27.03 Knight-Swift KNX 0.6 16 37.06 -0.44 -0.23 106.39 77.65 PrudentialFin PRU 4.3 10 93.52 -2.01 0.80 63.37 45.41 VoyaFinancial VOYA 1.0 15 61.47 -0.64
-1.33 210.35 113.01 BeiGene BGNE ... dd 163.56 -5.48 -7.68 86.18 61.22 EastmanChem EMN 3.6 13 73.17 -0.89 -10.72 75.91 43.33 Kohl's KSS 5.9 10 45.49 -0.73 -3.18 46.50 31.84 Prudential PUK 3.4 12 36.88 -0.19 -2.41 152.49 98.93 VulcanMatls VMC 0.9 31 140.52 -2.04
4.30 77.54 49.59 Berkley WRB 0.6 20 72.07 0.69 2.24 99.82 67.97 Eaton ETN 2.9 17 96.84 -1.06 2.62 50.78 36.68 KoninklijkePhil PHG 1.6 32 50.08 0.18 4.42 63.88 52.08 PublicServiceEnt PEG 3.0 22 61.66 -0.08
0.18 347400 294510 BerkHathwy A BRK.A ... 21 340199 -4214.95
0.16 231.61 195.40 BerkHathwy B BRK.B ... 21 226.86 -2.52
-2.08 42.00 32.77 eBay
2.60 209.87 152.91 Ecolab
EBAY
ECL
1.6 16 35.36
0.9 38 198.01
-0.25
-0.29
-4.65 15.78 9.90 KoreaElcPwr KEP ... dd 11.28 -0.06 5.40 266.76 199.53 PublicStorage PSA 3.6 27 224.47 1.27 WXYZ
-5.35 48.66 24.86 KraftHeinz KHC 5.3 dd 30.41 -0.27 s 12.65 44.31 25.10 PulteGroup PHM 1.1 13 43.71 -0.14
-3.05 59.16 36.98 BerryGlobal BERY ... 15 46.04 -1.22 -2.30 23.24 15.21 Ecopetrol EC 4.9 11 19.50 -0.12 -2.76 29.97 20.70 Kroger KR 2.3 14 28.19 -0.25 0.27 146.68 109.93 WABCO WBC ... 21 135.87 0.08
3.43 43.16 25.04 Qiagen QGEN ... dd 34.96 0.14
1.87 91.83 57.78 BestBuy BBY 2.2 16 89.44 -0.38 2.00 78.49 54.25 EdisonInt EIX 3.3 dd 76.92 -0.77 -0.14 51.97 27.04 Line LN ... dd 48.94 0.02 s 7.30 99.70 69.76 WEC Energy WEC 2.6 29 98.96 0.26
-2.44 118.78 58.52 Qorvo QRVO ... 55 113.39 -5.29
58.06 239.71 45.00 BeyondMeat BYND ... dd 119.49 0.85 -1.22 247.64 163.08 EdwardsLife EW ... 63 230.45 -0.82 -5.85 36.63 24.44 LKQ LKQ ... 24 33.61 -0.74 s 9.81 234.95 155.97 WEX WEX ...153 230.00 7.61
1.61 96.17 49.10 Qualcomm QCOM 2.8 25 89.65 -2.35
-2.07 223.29 161.11 Bio-Techne TECH 0.6 90 214.96 -3.80 7.20 35.46 25.25 ElancoAnimal ELAN ...124 31.57 -0.68 2.92 99.60 67.11 LPL Financial LPLA 1.1 15 94.94 -2.11 5.37 93.62 70.79 W.P.Carey WPC 4.9 36 84.34 0.09
0.94 108.95 82.59 QuestDiag DGX 2.0 20 107.79 -0.20
-0.02 391.22 235.52 Bio-RadLab A BIO ... 31 369.97 -5.37 -0.80 167.75 120.75 ElbitSystems ESLT 1.1 38 153.82 -1.35 s 12.69 224.50 140.88 L3HarrisTech LHX 1.3 28 222.98 0.17 -7.13 70.80 50.91 WPP WPP 5.7 18 65.28 -0.55
s 4.48 114.13 78.00 ElectronicArts EA
-6.26 338.87 215.78 Biogen BIIB ... 10 278.14 -6.07
1.89 100.13 62.88 BioMarinPharm BMRN ... dd 86.15 0.52 0.58 78.38 55.98 EmersonElec EMR
... 12 112.33
2.6 21 76.70
-1.15
-0.89
4.73 181.49 135.19 LabCpAm
s 4.84 316.73 159.00 LamResearch LRCX
LH ... 23 177.18 -2.59 RS 1.59 81.75 61.00 Wabtec WAB 0.6 59 79.04
-11.74 74.94 49.03 WalgreensBoots WBA 3.5 13 52.04
-0.94
-1.26
1.5 23 306.54 -5.88
3.28 48.85 12.53 BioNTech BNTX ... dd 34.99 -1.71 s 3.22 41.16 32.23 Enbridge ENB 6.0 19 41.05 0.05 5.33 94.67 72.32 LamarAdv LAMR 4.1 26 94.02 0.15 s 5.62 26.99 21.20 RELX RELX 2.0 27 26.69 0.30 -3.76 125.38 93.11 Walmart WMT 1.9 23 114.37 -1.44
2.22 66.87 47.70 BlackKnight BKI ... 65 65.91 0.07 13.82 80.72 56.74 EncompassHealth EHC 1.4 25 78.84 -0.14 5.42 94.46 58.83 LambWeston LW 1.0 26 90.69 -0.20 -4.86 77.47 53.40 RPM RPM 2.0 29 73.03 -1.02 8.40 98.62 80.21 WasteConnections WCN 0.8 46 98.42 0.92
s 6.79 547.35 401.82 BlackRock BLK 2.5 19 536.84 -5.10 -8.20 11.21 7.47 EnelAmericas ENIA 3.8 8 10.08 -0.08 -1.72 74.29 51.16 LasVegasSands LVS 4.5 28 67.85 -1.60 -0.84 133.63 82.69 RalphLauren RL 2.4 20 116.23 -1.79 s 6.18 121.93 93.85 WasteMgt WM 1.7 30 121.00 -0.14
s 11.21 64.18 32.30 Blackstone BX 3.1 27 62.21 -1.52 2.74 5.62 3.58 EnelChile ENIC 3.6 13 4.88 0.01 -2.51 160.00 105.10 Lear LEA 2.2 10 133.75 -3.20 1.07 97.66 72.94 RaymondJames RJF 1.6 12 90.42 -0.82 1.66 255.21 199.11 Waters WAT ... 29 237.53 -4.40
-0.83 446.01 302.72 Boeing BA 2.5 50 323.05 5.26 -0.62 15.98 10.84 EnergyTransfer ET 9.6 10 12.75 -0.24 0.10 55.42 35.35 Leggett&Platt LEG 3.1 23 50.88 -0.43 5.23 233.48 164.70 Raytheon RTN 1.6 20 231.24 1.01 -1.14 183.00 136.45 Watsco WSO 3.6 28 178.09 -0.40
-4.42 2094.00 1640.54 BookingHldgs BKNG ... 20 1962.96 -30.24 11.66 58.35 30.37 Entegris ENTG 0.6 28 55.93 -1.56 3.81 104.36 56.52 Leidos LDOS 1.3 22 101.62 -1.01 4.75 82.17 64.24 RealtyIncome O 3.6 60 77.13 -0.11 18.11 173.72 78.61 Wayfair W ... dd 106.74 -0.18
9.60 79.97 47.58 BoozAllen BAH 1.4 25 77.96 -0.42 s 9.12 131.19 85.97 Entergy ETR 2.8 33 130.73 0.78 s 19.45 68.04 43.26 Lennar A LEN 0.8 12 66.64 -0.63 -5.35 224.02 70.00 ReataPharm RETA ... dd 193.49 -13.33 -11.58 54.75 43.34 WellsFargo WFC 4.3 12 47.57 -0.65
-9.54 46.60 30.71 BorgWarner BWA 1.7 11 39.24 -1.32 -2.88 30.86 25.04 EnterpriseProd EPD 6.5 13 27.35 -0.45 18.50 54.07 35.01 Lennar B LEN.B 0.9 9 52.97 -0.65 1.10 70.26 60.35 RegencyCtrs REG 3.7 39 63.78 -0.30 6.32 93.17 71.18 Welltower WELL 4.0104 86.95 -0.29
s 3.01 142.24 121.52 BostonProps BXP 2.8 42 142.01 -0.13 9.91 155.43 104.21 Equifax EFX 1.0 dd 154.01 -0.94 -1.23 298.49 221.96 LennoxIntl LII 1.3 26 240.97 -4.96 -8.04 442.00 271.37 RegenPharm REGN ... 18 345.28 -11.32 3.61 159.21 98.60 WestPharmSvcs WST 0.4 51 155.75 -0.80
-4.44 46.62 34.34 BostonSci BSX ... 56 43.21 -0.36 1.42 609.97 363.90 Equinix EQIX 1.7100 591.96 -4.05 4.41 24.50 16.00 LeviStrauss LEVI 3.0 20 20.14 0.19 -8.39 17.54 13.38 RegionsFin RF 3.9 10 15.72 -0.45 9.53 72.00 35.61 WesternDigital WDC 2.9 dd 69.52 -1.41
8.37 168.28 113.27 BrightHorizons BFAM ... 54 162.87 -1.15 -0.40 23.97 16.24 Equinor EQNR 4.1 12 19.83 -0.14 s 3.51 132.07 74.08 LibertyBroadbandC LBRDK ...596 130.17 -1.74 -4.81 169.26 139.83 ReinsGrp RGA 1.8 13 155.21 -1.07 -5.03 35.75 17.46 WesternMidstrm WES 13.2 14 18.70 -0.45
-0.05 68.34 42.48 Bristol-Myers BMY 2.8 18 64.16 -2.71 0.81 26.38 18.00 Equitable EQH 2.4 12 24.98 -0.51 3.25 130.71 73.95 LibertyBroadbandA LBRDA ...589 128.61 -1.88 -2.52 122.17 76.89 RelianceSteel RS 1.9 13 116.74 -1.32 1.19 28.00 17.43 WesternUnion WU 3.0 10 27.10 -0.65
4.92 45.64 30.91 BritishAmTob BTI 5.8 13 44.55 -0.01 2.40 74.55 50.53 EquityLife ELS 1.7 47 72.08 0.25 -9.81 28.62 19.69 LibertyGlobal A LBTYA ... 24 20.51 0.26 -3.03 201.35 132.22 RenaissanceRe RNR 0.7 14 190.09 -2.41 -5.96 81.04 55.82 WestlakeChem WLK 1.6 18 65.97 -1.57
-2.59 22.74 16.23 BrixmorProp BRX 5.4 22 21.05 ... 2.27 89.55 70.29 EquityResdntl EQR 2.7 39 82.76 -0.32 -8.74 30.05 20.00 LibertyGlobal B LBTYB ... 24 20.75 0.75 s 5.59 94.93 75.03 RepublicSvcs RSG 1.7 28 94.64 0.23 0.53 20.56 16.27 WestpacBanking WBK 7.0 13 17.07 -0.08
s 2.53 331.58 250.09 Broadcom AVGO 4.0 50 324.00 4.35 0.80 270.23 141.78 ErieIndemnity A ERIE 2.3 27 167.32 0.39 -10.94 27.84 18.92 LibertyGlobal C LBTYK ... 22 19.41 0.10 4.79 165.00 90.64 ResMed RMD 1.0 56 162.39 1.00 -4.59 44.39 31.94 WestRock WRK 4.5 12 40.94 -1.11
6.06 136.99 93.77 BroadridgeFinl BR 1.6 34 131.03 -0.23 2.86 334.17 261.52 EssexProp ESS 2.5 48 309.47 -3.04 2.75 48.95 29.43 LibertyFormOne C FWONK ... dd 47.23 -0.51 0.74 79.46 60.70 RestaurantBrands QSR 3.1 32 64.24 -1.04 1.09 31.58 22.35 Weyerhaeuser WY 4.5 dd 30.53 -0.29
s 7.91 63.09 41.23 BrookfieldMgt BAM 1.0 17 62.37 -0.21 -0.58 220.42 125.67 EsteeLauder EL 0.9 40 205.34 -3.53 2.33 46.52 29.13 LibertyFormOne A FWONA ... dd 44.80 -0.65 s 17.00 201.61 86.46 RingCentral RNG ... dd 197.34 -0.31 -0.10 30.90 19.02 WheatonPrecMet WPM 1.2872 29.72 0.53
8.68 54.80 38.06 BrookfieldInfr BIP 3.7368 54.33 -0.02 14.04 73.34 39.76 Etsy ETSY ... 62 50.52 0.29 1.14 49.90 35.32 LibertySirius A LSXMA ... 32 48.89 -0.50 -2.70 64.02 47.88 RioTinto RIO 5.7 7 57.76 -1.15 1.28 163.64 114.00 Whirlpool WHR 3.2 9 149.42 -1.30
s 5.95 42.03 26.23 Brown&Brown BRO 0.8 30 41.83 0.04 3.51 171.25 109.80 EuronetWorldwide EEFT ... 30 163.09 -3.57 2.81 50.34 35.43 LibertySirius C LSXMK ... 33 49.49 -0.48 -1.90 69.08 51.90 RobertHalf RHI 2.0 16 61.95 -0.59 -6.45 29.55 21.90 Williams WMB 6.8176 22.19 -0.25
s 7.01 67.84 45.72 Brown-Forman A BF.A 1.0 38 67.17 -0.42 s 0.18 281.98 208.00 EverestRe RE 2.2 27 277.35 -3.57 s 8.01 65.26 45.09 LibertyProperty LPT 2.5 23 64.86 0.32 -1.46 207.94 143.91 Rockwell ROK 2.0 34 199.72 -2.58 s 3.50 209.29 156.90 WillisTowers WLTW 1.2 31 209.01 2.35
s 6.20 72.85 45.00 Brown-Forman B BF.B 1.0 40 71.79 -0.11 s 9.65 71.48 54.57 Evergy EVRG 2.8 27 71.37 1.17 5.81 142.25 101.36 EliLilly LLY 2.1 31 139.07 -2.14 1.27 55.93 45.94 RogersComm B RCI 3.0 17 50.30 -0.54 1.33 4.62 3.51 Wipro WIT 0.4 16 3.80 0.02
2.81 54.49 34.23 Bruker BRKR 0.3 40 52.40 -0.42 s 7.92 92.13 66.68 EversourceEner ES 2.3 33 91.81 0.57 -4.17 67.52 50.81 LincolnNational LNC 2.8 14 56.55 -1.78 -2.85 176.55 41.27 Roku ROKU ... dd 130.09 -3.98 15.24 155.75 103.30 Wix.com WIX ... dd 141.03 0.62
-5.61 59.65 47.26 Bunge BG 3.7 dd 54.32 -1.28 -3.15 123.99 75.35 ExactSciences EXAS ... dd 89.57 -2.61 -1.37 214.45 156.88 Linde LIN 1.7 22 209.99 0.37 10.40 43.91 31.36 Rollins ROL 1.1 59 36.61 ... 0.81 129.06 76.89 Woodward WWD 0.5 30 119.40 -0.61
-3.20 236.02 136.30 BurlingtonStrs BURL ... 34 220.74 -4.42 2.27 25.31 15.02 Exelixis EXEL ... 9 18.02 -1.55 0.77 76.06 52.10 LiveNationEnt LYV ... dd 72.02 -2.33 6.38 385.51 278.43 RoperTech ROP 0.5 34 376.84 -1.62 -8.89 42.76 26.96 WooriFin WF 0.0 4 27.57 0.03
s 7.80 274.05 155.44 CACI Intl CACI ... 27 269.48 -2.49 4.69 51.18 43.41 Exelon EXC 3.0 20 47.73 -0.22 -9.37 3.58 2.30 LloydsBanking LYG 5.5 11 3.00 -0.01 -0.57 122.62 88.31 RossStores ROST 0.9 26 115.76 -2.45 13.15 226.83 151.06 Workday WDAY ... dd 186.07 1.69
-0.85 61.90 43.85 CBRE Group CBRE ... 20 60.77 -0.07 3.70 144.00 93.53 Expedia EXPE 1.2 34 112.14 -1.59 s 11.07 433.52 281.00 LockheedMartin LMT 2.2 21 432.50 3.72 1.62 82.58 73.19 RoyalBkCanada RY ... 12 80.48 -0.45 -2.97 153.41 102.03 WynnResorts WYNN 3.0 22 134.75 -4.36
-0.31 63.90 41.50 CDK Global CDK 1.1 61 54.51 -0.79 -4.72 81.64 67.03 ExpeditorsIntl EXPD 1.3 21 74.34 0.37 -2.17 56.20 44.17 Loews L 0.5 29 51.35 -0.11 -9.78 7.31 4.33 RoyalBkScotland RBS ... 13 5.81 0.02 0.03 43.52 32.10 XP XP ...102 38.53 -2.47
-3.44 146.09 80.84 CDW CDW 1.1 29 137.92 -0.81 5.03 124.45 91.00 ExtraSpaceSt EXR 3.2 35 110.93 0.37 s 2.06 48.83 34.79 LogitechIntl LOGI 1.5 29 48.13 -0.35 -5.24 135.31 100.00 RoyalCaribbean RCL 2.5 14 126.51 -3.08 15.23 96.20 45.73 XPO Logistics XPO ... 28 91.84 -1.38
-14.26 55.15 38.90 CF Industries CF 2.9 19 40.93 -1.57 t -4.96 83.49 66.04 ExxonMobil XOM 5.2 19 66.32 -0.45 0.39 123.14 91.60 Lowe's LOW 1.8 32 120.23 -2.48 -3.07 66.48 54.56 RoyalDutchA RDS.A 5.6 11 57.17 -0.23 s 5.80 67.48 50.10 XcelEnergy XEL 2.4 27 67.17 0.27
s 2.97 87.12 63.88 CGI GIB ... 25 86.20 -0.28 -2.74 173.44 121.36 F5Networks FFIV ... 19 135.82 1.86 3.75 247.51 141.01 lululemon LULU ... 56 240.35 -2.71 -2.52 67.45 54.64 RoyalDutchB RDS.B 6.4 12 58.46 -0.11 -3.66 39.47 24.02 Xerox XRX 2.8 13 35.52 -0.71
1.82 92.72 74.12 CH Robinson CHRW 2.6 17 79.62 -0.18 -4.15 101.95 67.29 FMC FMC 1.8 24 95.68 -1.15 -1.06 84.49 40.28 Lumentum LITE ... dd 78.46 -0.55 -6.04 138.78 80.65 RoyalGold RGLD 1.0 50 114.86 2.22 3.10 141.60 87.56 Xilinx XLNX 1.5 27 100.80 -1.61
4.24 224.91 161.05 CME Group CME 1.4 37 209.24 1.00 6.18 222.75 143.43 Facebook FB ... 35 217.94 -1.82 12.58 88.60 37.07 Lyft LYFT ... dd 48.43 -0.05 3.78 140.67 100.97 SAP SAP 0.9 43 139.06 0.92 3.41 85.67 68.43 Xylem XYL 1.2 29 81.48 -0.88
s 7.40 67.74 50.08 CMS Energy CMS 2.4 31 67.49 0.38 3.08 305.38 210.31 FactSet FDS 1.0 30 276.56 -3.55 -10.09 98.91 68.61 LyondellBasell LYB 4.9 9 84.95 -1.29 7.98 299.59 185.08 S&P Global SPGI 0.8 35 294.83 -2.36 4.35 45.77 28.91 Yandex YNDX ... 55 45.38 0.48
-0.13 50.47 42.28 CNA Fin CNA 3.1 19 44.75 ... s 9.24 420.20 212.75 FairIsaac FICO ... 65 409.30 -5.78 5.05 270.42 175.17 SBA Comm SBAC 0.6211 253.15 -1.86 4.22 119.72 88.52 YumBrands YUM 1.6 29 104.98 -1.00
-4.64 11.99 8.53 CNH Indl
-0.34 193.66 139.77 CNOOC
CNHI 1.9 9 10.49 -0.16
CEO 5.0 9 166.10 -2.13
-3.87 37.94 28.38 Fastenal
0.84 141.35 124.36 FederalRealty FRT
FAST 2.8 26 35.52
3.2 39 129.81
-0.54
-1.26
MN -2.70 67.14 46.60 SEI Investments SEIC
-1.38 27.03 21.22 SK Telecom SKM
1.1 20 63.71
3.4 8 22.79
-1.54
0.04
-7.83 50.74 34.89 YumChina YUMC 1.1 25 44.25
-3.17 24.19 16.72 ZTO Express ZTO ... 26 22.61
-0.43
-0.50
4.52 18.34 13.87 CPFLEnergia CPL 1.2 15 18.02 -0.12 1.89 199.32 137.78 FedEx FDX 1.7 10 154.07 -0.81 1.03 176.11 141.50 M&T Bank MTB 2.6 12 171.49 1.12 1.61 96.39 75.45 SLGreenRealty SLG 3.8 32 93.36 -0.71 0.38 34.88 24.20 ZayoGroup ZAYO ... 57 34.78 -0.02
-4.39 40.88 28.57 CRH CRH 2.1 19 38.56 0.17 4.19 175.40 108.84 Ferrari RACE 0.7 40 172.48 0.22 s 0.30 30.21 24.37 MDU Rscs MDU 2.8 18 29.80 -0.28 6.60 67.73 42.51 SS&C Tech SSNC 0.8 48 65.45 0.38 -1.07 260.40 166.15 ZebraTech ZBRA ... 28 252.70 -1.66
6.00 80.73 63.97 CSX CSX 1.3 18 76.70 0.06 -9.12 17.46 12.11 FiatChrysler FCAU ... 7 13.35 -0.07 -5.11 34.63 23.68 MGM Resorts MGM 1.62588 31.57 -0.75 3.25 40.96 30.11 StoreCapital STOR 3.6 31 38.45 -0.28 12.48 94.89 62.38 Zendesk ZEN ... dd 86.19 0.22
-3.85 77.03 51.72 CVS Health CVS 2.8 21 71.43 -2.10 6.50 48.40 33.94 FidNatlFin FNF 2.7 17 48.30 0.27 2.64 119.22 70.47 MKS Instrum MKSI 0.7 37 112.91 -3.90 s 0.65 270.39 183.04 SVB Fin SIVB ... 12 252.66 -6.42 5.44 51.47 28.46 Zillow C Z ... dd 48.44 0.21
s 16.71 1764.21 850.49 CableOne CABO 0.5 60 1737.20 33.73 s 6.35 150.42 103.41 FidNatlInfo FIS 0.9 69 147.92 -1.09 -3.50 35.85 22.60 MPLX MPLX 10.8 11 24.57 -0.28 1.05 25.44 19.41 Sabre SABR 2.5 27 22.68 -0.05 5.09 50.99 28.12 Zillow A ZG ... dd 48.07 0.15
t -15.91 27.64 14.44 CabotOil COG 2.7 8 14.64 -0.59 -6.18 31.64 24.17 FifthThirdBncp FITB 3.3 9 28.84 -0.52 6.94 283.42 160.03 MSCI MSCI 1.0 40 276.11 -3.04 11.97 186.44 137.87 Salesforce.com CRM ...193 182.11 -1.87 -1.26 151.69 105.35 ZimmerBiomet ZBH 0.6 dd 147.80 -1.71
7.53 77.08 45.76 CadenceDesign CDNS ... 49 74.58 -0.84 -3.31 74.17 47.20 58.com WUBA ... 11 62.59 -2.00 0.86 315.95 247.57 MadisonSquGarden MSG ... dd 296.72 0.62 -2.93 51.84 40.00 Sanofi SNY 2.4 30 48.73 -0.87 -10.19 52.48 39.11 ZionsBancorp ZION 2.9 11 46.63 -1.16
12.28 29.99 20.41 CAE CAE 1.1 31 29.71 0.41 6.34 64.37 48.30 FirstAmerFin FAF 2.7 12 62.02 0.81 1.70 67.75 56.75 MagellanMid MMP 6.4 14 63.94 -0.76 0.51 27.75 17.68 SantanderCons SC 3.7 9 23.49 -0.40 2.99 143.33 82.96 Zoetis ZTS 0.6 45 136.31 -2.03
... 13.85 8.00 CaesarsEnt CZR ... dd 13.60 -0.14 -3.15 122.34 87.43 FirstRepBank FRC 0.7 22 113.75 -2.16 -3.54 57.09 42.51 MagnaIntl MGA 2.8 10 52.90 -0.91 -12.90 158.80 72.05 SareptaTherap SRPT ... dd 112.39 -1.29 7.29 107.34 59.94 ZoomVideo ZM ...1434 73.00 -1.47
4.66 116.67 92.61 CamdenProperty CPT 2.9 66 111.04 -0.14 s 3.85 50.75 38.11 FirstEnergy FE 3.1 24 50.47 0.12 1.77 21.23 15.50 ManulifeFin MFC 3.7 11 20.65 -0.15 -15.73 34.03 16.48 Sasol SSL 3.8 36 18.21 0.20 24.30 89.54 40.05 Zscaler ZS ... dd 57.80 -1.51
-1.27 49.56 32.17 CampbellSoup CPB 2.9 56 48.79 -0.17 s 4.51 122.93 81.62 Fiserv FISV ... 56 120.84 -1.39 -12.15 18.93 11.06 MarathonOil MRO 1.7 11 11.93 -0.29 -11.02 48.88 30.65 Schlumberger SLB 5.6 dd 35.77 -0.66 -0.33 6.92 4.32 Zynga ZNGA ...159 6.10 -0.29

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotRetBdI 10.75 +0.01 1.1 OTC 13.35 -0.12 4.4 DevMktY 45.41 -0.30 -0.4 PIMCO Funds I2 BalAdml 39.94 -0.19 1.8 USGroAdml 117.59 -1.01 5.5 WndsrII 36.81 -0.42 1.1
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti Puritn 23.24 -0.15 2.2 JPMorgan I Class Income NA ... NA CAITAdml 12.22 ... 1.2 ValAdml 46.74 -0.44 -0.1 VANGUARD INDEX FDS
EdgewoodGrInst 40.12 -0.35 4.2 SAIUSQtyIdx 15.08 -0.19 2.7 EqInc 19.50 -0.20 0.3 PIMCO Funds Instl CapOpAdml r160.33 -2.43 1.6 WdsrllAdml 65.30 -0.75 1.1 MdCpVlAdml 62.25 -0.62 0.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Fidelity SrsEmrgMkt 20.76 -0.14 0.6 JPMorgan R Class IncomeFd NA ... NA DivAppIdxAdm 34.68 -0.25 2.5 WellsIAdml 67.21 -0.05 1.6 SmValAdml 58.51 -0.70 -0.6
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, CoreBond
500IdxInstPrem114.38 -1.04 2.1 SrsGlobal 13.21 -0.04 0.3 12.02 +0.03 1.5 Price Funds EMAdmr 36.90 -0.30 -0.1 WelltnAdml 76.03 -0.35 1.5 TotBd2 11.14 +0.02 1.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Contrafund K6 15.04 -0.13 3.9 SrsGroCoRetail 18.70 -0.20 BlChip TotIntl
5.4 Lord Abbett A 129.62 -1.42 4.2 EqIncAdml 79.95 -0.67 0.5 WndsrAdml 72.13 -0.86 -0.2 17.89 -0.08 0.2
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not ExtMktIdxInstPre 66.12 -0.73 1.6 SrsIntlGrw 17.96 -0.01 2.5 ShtDurIncmA p NA ... NA DivGro 54.34 -0.41 1.9 ExplrAdml 98.44 -1.15 1.3 VANGUARD FDS TotSt 81.30 -0.76 2.1
available due to incomplete price, performance or cost data. NE-Not released by Lipper; IntlIdxInstPrem 43.08 -0.08 0.3 SrsIntlVal 9.86 -0.03 -0.4 Lord Abbett F EqInc 31.86 -0.37 -0.7 ExtndAdml 97.12 -1.07 1.6 DivdGro VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 31.29 -0.19 2.4
MidCpInxInstPrem 24.03 -0.23 1.7 TotalBond 11.03 +0.02 1.3 ShtDurIncm NA ... NA EqIndex 87.62 -0.79 2.1 GNMAAdml 10.57 +0.01 0.3 INSTTRF2020 24.40 -0.07 1.2 BalInst 39.94 -0.20 1.8
SAIUSLgCpIndxFd 17.64 -0.16 2.0 Fidelity SAI Lord Abbett I Growth 76.58 -0.74 4.4 GrwthAdml 98.27 -0.87 4.7 INSTTRF2025 25.06 -0.09 1.3 DevMktsIndInst 14.20 -0.05 0.3
Friday, January 24, 2020 SmCpIdxInstPrem 20.96 -0.29 -0.3 TotalBd 10.61 +0.02 1.2 ShtDurInc p NA ... NA HelSci 81.20 -1.55 -0.3 HlthCareAdml r 88.74 -1.28 1.1 INSTTRF2030 25.45 -0.11 1.3 DevMktsInxInst 22.20 -0.07 0.3
Net YTD Net YTD Net YTD TMktIdxInstPrem 92.41 -0.87 2.0 First Eagle Funds Metropolitan West InstlCapG 45.82 -0.47 4.0 HYCorAdml r 5.96 -0.01 0.3 INSTTRF2035 25.83 -0.13 1.3 ExtndInst 97.12 -1.07 1.6
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret USBdIdxInstPrem 12.05 +0.02 1.3 GlbA 57.72 -0.22 -0.4 TotRetBdI 11.06 +0.03 1.3 IntlStk 18.80 -0.06 0.9 InfProAd 26.17 +0.06 1.1 INSTTRF2040 26.22 -0.15 1.3 GrwthInst 98.28 -0.87 4.7
Fidelity Advisor I FPA Funds TRBdPlan 10.40 +0.02 1.2 MidCap 97.29 -0.82 2.1 IntlGrAdml 103.86 -0.87 1.0 INSTTRF2045 26.52 -0.17 1.3 InPrSeIn 10.66 +0.02 1.1
American Century Inv Baird Funds EmgMktVa 28.20 -0.17 -1.7 NwInsghtI 33.89 -0.27 3.0 FPACres 34.13 -0.20 0.9 MFS Funds Class I N Inc 9.81 +0.01 1.2 ITBondAdml 11.97 +0.03 1.5 INSTTRF2050 26.57 -0.17 InstIdx 296.32 -2.70 2.1
Ultra 54.51 -0.60 4.5 AggBdInst 11.36 +0.03 1.3 EmMktCorEq 21.76 -0.12 ... 1.3
Fidelity Freedom Franklin A1 ValueI 45.03 -0.44 0.8 NHoriz 62.30 -0.34 4.9 ITIGradeAdml 10.15 +0.01 1.2 InstPlus 296.34 -2.70 2.1
American Funds Cl A CorBdInst 11.72 +0.03 1.4 IntlCoreEq 13.71 -0.06 -0.7 IntlVal 37.52 -0.14 ...
FF2020 16.35 -0.06 0.9 CA TF A1 p 7.77 +0.01 1.8 MFS Funds Instl OverS SF r 11.18 -0.06 -0.1 LTGradeAdml 11.32 +0.06 3.6 InstTStPlus 70.07 -0.66 2.1
AmcpA p 34.38 -0.27 2.4 BlackRock Funds IntSmCo 18.67 -0.07 -1.2 IntlEq LifeCon 21.31 -0.03 1.3
FF2025 14.45 -0.06 0.9 IncomeA1 p 2.34 -0.01 ... 28.16 +0.03 1.1 R2020 22.35 -0.09 1.2 MidCpAdml 225.65 -2.09 2.3 MidCpInst 49.85 -0.46 2.3
AMutlA p 43.91 -0.28 0.9 HiYldBd Inst 7.76 -0.02 0.2 IntSmVa 18.82 -0.10 -2.7 FF2030 R2025 LifeGro 36.61 -0.21 1.3
17.99 -0.09 0.9 FrankTemp/Frank Adv Northern Funds 18.01 -0.09 1.3 MuHYAdml 11.88 ... 1.4 MidCpIstPl 245.84 -2.28 2.3
BalA p 28.90 -0.10 1.4 BlackRock Funds A LgCo 25.30 -0.23 2.1 Freedom2020 K 16.34 -0.05 0.9 IncomeAdv 2.32 -0.01 ... StkIdx 37.84 -0.35 2.1 R2030 26.26 -0.15 1.4 MuIntAdml 14.62 ... 1.2
LifeMod 29.24 -0.11 1.3
RealEstaInstl 20.94 -0.06 2.8
BondA p 13.22 +0.02 1.1 GlblAlloc p 19.54 ... 1.7 TAUSCoreEq2 20.35 -0.22 0.9 Freedom2025 K 14.42 -0.06 0.8 FrankTemp/Franklin A Nuveen Cl I R2035 19.31 -0.12 1.5 MuLTAdml 12.06 +0.01 1.5 PrmcpCor 28.11 -0.40 0.7 SmCapInst 79.81 -0.92 0.6
CapIBA p 63.77 -0.11 0.7 BlackRock Funds Inst US CoreEq1 26.21 -0.28 1.1 Freedom2030 K 17.97 -0.09 1.0 RisDv A p 70.81 -0.57 1.7 HYMunBd 18.32 +0.02 2.1 R2040 27.47 -0.19 1.5 MuLtdAdml 11.14 ... 0.7 STAR 27.77 -0.14 1.6 STIGradeInst 10.77 +0.01 0.5
CapWGrA 52.90 -0.18 1.2 EqtyDivd 20.87 -0.19 ... US CoreEq2 23.87 -0.26 0.8 Freedom2035 K 15.20 -0.10 0.9 FrankTemp/Franklin C Oakmark Funds Invest Value 38.29 -0.34 0.9 MuShtAdml 15.88 ... 0.3 TgtRe2015 15.36 -0.03 1.2 STIPSIxins 24.73 -0.01 0.1
EupacA p 55.96 -0.01 0.5 MultiAstIncome 11.06 ... 1.0 US Small 34.72 -0.47 -0.9 Freedom2040 K 10.68 -0.07 0.9 Income C t 2.38 ... 0.4 OakmrkInt 24.14 -0.01 -3.2 PRIMECAP Odyssey Fds PrmcpAdml r145.71 -2.02 1.1 TgtRe2020 32.92 -0.10 1.2 TotBdInst 11.18 +0.02 1.3
FdInvA p 63.03 -0.46 1.6 StratIncOpptyIns 10.04 ... 0.9 US SmCpVal 33.43 -0.55 -2.9 Fidelity Invest FrankTemp/Temp Adv Old Westbury Fds AggGrowth r 45.87 -0.92 2.2 RealEstatAdml135.30 -0.41 2.8 TgtRe2025 20.10 -0.08 1.3 TotBdInst2 11.14 +0.02 1.3
GwthA p 52.72 -0.41 3.1 Bridge Builder Trust US TgdVal 22.63 -0.35 -2.4 Balanc 25.14 -0.17 2.2 GlBondAdv p 10.59 ... -0.7 LrgCpStr 15.34 -0.10 1.8 Growth r 41.43 -0.72 1.2 SmCapAdml 79.81 -0.93 0.6 TgtRe2030 36.93 -0.17 1.3 TotBdInstPl 11.18 +0.02 1.3
HI TrA p 10.10 -0.02 0.6 CoreBond 10.55 +0.02 1.2 USLgVa 38.39 -0.38 -0.7 BluCh 113.44 -1.14 5.3 Guggenheim Funds Tru Parnassus Fds Stock r 34.54 -0.55 0.1 SmGthAdml 71.29 -0.78 2.0 TgtRe2035 22.82 -0.11 1.3 TotIntBdIdxInst 34.35 +0.04 1.2
ICAA p 40.12 -0.28 1.4 CorePlusBond 10.29 +0.02 1.2 Dodge & Cox Contra 14.26 -0.12 4.0 TotRtnBdFdClInst 27.44 +0.07 1.3 ParnEqFd 47.97 -0.32 2.0 Schwab Funds STBondAdml 10.61 +0.01 0.5 TgtRe2040 39.64 -0.23 1.3 TotIntlInstIdx r119.70 -0.53 0.2
IncoA p 23.43 -0.11 0.8 Intl Eq 12.00 -0.05 0.1 Balanced 101.89 -1.00 0.3 ContraK 14.28 -0.12 4.0 Harbor Funds PGIM Funds Cl Z 1000 Inv r 72.68 -0.66 2.2 STIGradeAdml 10.77 +0.01 0.5 TgtRe2045 25.03 -0.16 1.3 TotItlInstPlId r119.72 -0.53 0.2
N PerA p 48.38 -0.27 2.4 LargeCapValue 13.85 -0.14 1.1 GblStock 12.63 -0.15 -0.6 CpInc r 10.28 -0.05 0.5 CapApInst 79.98 -0.65 5.6 TotalReturnBond NA ... NA S&P Sel 50.43 -0.46 2.1 TotBdAdml 11.18 +0.02 1.3 TgtRe2050 40.29 -0.26 1.3 TotStInst 81.35 -0.76 2.1
NEcoA p 47.07 -0.29 3.0 Del Invest Instl Income 14.19 +0.02 1.1 GroCo 22.46 -0.24 5.1 Harding Loevner PIMCO Fds Instl TSM Sel r 57.08 -0.54 2.0 TotIntBdIdxAdm 22.89 +0.03 1.2 TgtRet2055 43.75 -0.28 1.3 ValueInst 46.74 -0.44 -0.1
NwWrldA 71.30 -0.26 1.1 Value 22.47 -0.17 0.2 Intl Stk 43.01 -0.30 -1.4 GrowCoK 22.50 -0.23 5.2 IntlEq 24.14 +0.01 1.4 AllAsset 11.91 -0.01 0.3 TIAA/CREF Funds TotIntlAdmIdx r 29.93 -0.13 0.2 TgtRetInc 14.20 -0.02 1.1 WCM Focus Funds
SmCpA p 59.76 -0.38 1.6 Dimensional Fds Stock 193.60 -3.02 -0.1 InvGrBd 11.70 +0.02 1.3 Invesco Funds A TotRt 10.47 +0.02 1.4 BdIdxInst 11.24 +0.02 1.3 TotStAdml 81.33 -0.76 2.1 TotIntBdIxInv 11.45 +0.02 1.2 WCMFocIntlGrwIns 19.36 +0.03 2.4
TxExA p 13.48 +0.01 1.3 5GlbFxdInc 10.77 +0.01 0.4 DoubleLine Funds LowP r 49.83 -0.51 -0.4 EqIncA 10.30 -0.08 0.1 PIMCO Funds A VANGUARD ADMIRAL TxMCapAdml169.70 -1.56 2.3 WellsI 27.74 -0.03 1.5 Western Asset
WshA p 48.76 -0.31 1.3 DFARlEst 42.17 -0.11 3.1 CoreFxdIncmI 11.21 +0.02 1.3 Magin 10.68 -0.08 4.7 Invesco Funds Y IncomeFd NA ... NA 500Adml 304.40 -2.77 2.1 TxMIn r 14.18 -0.05 0.3 Welltn 44.03 -0.20 1.5 CorePlusBdI NA ... NA
B10 | Saturday/Sunday, January 25 - 26, 2020 * ******* THE WALL STREET JOURNAL.

BUSINESS & FINANCE NEWS

Troubled Borrowers Hurt Discover Tiger

Global Discover Financial Services
Credit-card company’s to help consumers who are ex-
periencing temporary hard- AmEx Results Send Shares of the company rose share price
shares fall 11% after it
reports rise in problem
ships.
Discover executives de-
scribed the jump in restruc-
Shares 3% Higher
2.9% Friday.
Total revenue net of inter-
est expense was $11.37 billion
$90
Fund Hits
consumer debt Friday

BY ANNAMARIA ANDRIOTIS
tured loans as a good thing.
Many of the customers with
modified loans are now cur-
American Express Co.’s
fourth-quarter profit beat Wall
in the quarter, meeting ana-
lysts’ consensus estimate. Rev-
enue was up more than 8%
85
$76.29
t11% Its Limit
rent, they said. Once an ac- Street’s expectations and the from the comparable quarter a BY JULIET CHUNG
Shares in Discover Finan- count is placed in the restruc- credit-card company gave an year earlier. AND KATIE ROOF
cial Services fell 11% Friday turings category, Discover optimistic earnings outlook for Net card fees were $1.08
after analysts raised questions typically keeps it there even if 2020. billion, up from $897 million. Tiger Global Management
about troubled borrowers in the cardholder returns to pay- The company said Friday its American Express is expecting 80 has closed on a $3.75 billion
its credit-card portfolio. ing on time. profit was $1.69 billion, or that revenue segment to con- private-equity fund, the latest
At issue is how Discover In an interview, Chief Exec- $2.03 a share, in the quarter, 2 tinue to grow the fastest in sign of investors’ continued
classified some customers who utive Roger Hochschild said cents ahead of what analysts 2020, Chief Financial Officer interest in private technology
have fallen behind on their the company hasn’t seen a de- polled by FactSet were expect- Jeffrey Campbell said on the companies despite worries
loans. The company, among terioration of consumer loan ing. Earnings were down 16% company’s earnings conference 75 about overheated valuations.
the larger U.S. credit-card is- performance. Analysts, from a year earlier, when call Friday. For 2019, that reve- The New York investment
suers, is a gauge of the finan- though, questioned whether so American Express recorded an nue line increased 17% from a Thursday Friday firm told its clients about the
cial health of a broad swath of many borrowers needing help income-tax benefit. year earlier. Source: FactSet fund’s status in a letter Friday
consumers. It doesn’t focus on could be a sign of broader The company expects earn- In the fourth quarter, total and said in a communication
the affluent, like American consumer problems. ings for 2020 to be between expenses increased more than think that’s something that earlier in the week that the
Express Co., or subprime bor- “The fact that they talked $8.85 and $9.25 a share and 8% to $8.36 billion. makes a ton of sense just fund was oversubscribed, with
rowers, like Capital One Fi- about TDRs is never good,” revenue, adjusted for foreign- While the company’s ex- about anytime, but certainly more than $4 billion of de-
nancial Corp. said Don Fandetti, an analyst exchange fluctuations, to rise penses rose more than ex- late cycle” in an economic ex- mand.
The company was the worst at Wells Fargo & Co. between 8% and 10%, Chief Ex- pected in the fourth quarter, in- pansion, Mr. Hochschild said A prominent venture- and
performer in the S&P 500 on Discover’s troubled debt re- ecutive and Chairman Stephen vestors are more focused on on the earnings call. hedge-fund investor, Tiger
Friday. On a call with analysts structurings have been rising Squeri said in written remarks. the company’s revenue and Discover upped its forecast Global began raising its 12th
following Thursday’s after- for several years. Against that Analysts are guiding for earn- earnings hitting targets, No- for operating expenses for private-equity fund last fall af-
hours earning release, Discover trend, the U.S. economy has ings to be within that range. In mura Instinet analysts said in a 2020, which disappointed ter the departure of Lee Fixel,
executives said the company been expanding for more than 2019, earnings were $7.99 a note. some analysts. It said the a top executive who ran the
had $3.4 billion of credit-card a decade, though many ob- share. —Allison Prang jump is intended for ongoing firm’s private-equity business.
balances in a category called servers wonder how long that investments in its brand, tech- The fund’s size matches that
troubled debt restructurings, up will last. nology and increasing accep- of the previous private-equity
$1.1 billion from the prior year. The share of Discover’s structuring, it isn’t always fac- said all of the company’s trou- tance of cards abroad. fund Tiger Global raised in
Companies can place loans credit-card balances that are tored into a company’s delin- bled debt restructuring loans Some analysts said they 2018 under Mr. Fixel, suggest-
in the category of troubled roughly 30 days delinquent quency rate, analysts said. are included in total delin- were disappointed in the lack ing investors continue to have
debt restructurings, or TDRs, was 2.62% in the fourth quar- That means a greater propor- quency. of guidance on the key metrics confidence in the firm’s profit-
when a customer falls behind ter, up slightly from the year tion of customers could fall Discover also said it contin- of net interest margin and re- able private-equity business.
on the loan and the company before but within industry behind on payments—but ues to invest in its operations wards costs. The company also The business is now led by
changes the terms to try to norms. One wrinkle, though: If without a company’s delin- that focus on collecting pay- said it is increasing its loan- Scott Shleifer.
help the customer get back on a loan goes delinquent and is quency rate going up. Late Fri- ments from borrowers who loss reserves due to a new ac- The $3.75 billion fundraise
track. That is typically meant moved into troubled debt re- day, a Discover spokesman are behind on their debts. “I counting rule. also signifies investors’ con-
tinued hunger for yield in a
low-interest-rate environment

Fiat Seeks to Dismiss GM’s Racketeering Lawsuit and their belief that exposure
to private technology, one of
the highest-returning proposi-
tions over the last decade,
BY NORA NAUGHTON with a civil case under the according to Fiat Chrysler’s The legal dispute is a rare from a yearslong federal cor- continues to be a good invest-
Racketeer Influenced and Cor- motion. GM has until March 9 public clash between two large ruption investigation of top ment. Tiger Global invests in
Fiat Chrysler Automobiles rupt Organizations Act, or to respond. car companies who compete UAW officials and labor-rela- private tech companies that
NV filed two motions seeking RICO. That includes lacking an GM stands by the legal and head-on in key vehicle catego- tions executives at Fiat Chrys- focus on consumer, enterprise
to dismiss a lawsuit brought ability to prove the Italian- factual underpinnings of its ries in the U.S., including ler. The probe became public and financial technology.
by crosstown rival General American auto maker was op- lawsuit, the company said in a pickup trucks, where Fiat in 2017 and has since widened Concern about valuations
Motors Co., arguing that GM erating a criminal enterprise statement. Chrysler’s Ram brand has been to the union’s GM department has increased lately after the
doesn’t have grounds to bring through its relations with the GM filed its lawsuit against making inroads against GM. and into the top ranks of the
a racketeering case alleging United Auto Workers union, Fiat Chrysler in November, al- The confrontation comes as UAW, leading to 11 convictions
bribery of union officials. the court filings show. leging its Detroit competitor Fiat Chrysler’s profitability or guilty pleas so far. The firm’s
In court documents filed The company also claims paid off union officials to gain has improved in the U.S. and it In its lawsuit, GM claims private-equity
Friday in Michigan, Fiat GM isn’t the primary victim of a labor-cost advantage in con- is trying to execute a proposed Fiat Chrysler bribed UAW offi- business is led
Chrysler argues GM’s lawsuit the alleged bribery scheme, tracts negotiated for tens of merger with France’s PSA cials with money and gifts to by Scott
doesn’t adequately meet the another requirement for mov- thousands of blue-collar work- Group that, if completed, win better contract terms and Shleifer, who
requirements for proceeding ing forward with the lawsuit, ers at U.S. factories. would create an auto-making lower costs for its unionized succeeded Lee
giant that would rival GM in workforce. The two auto mak- Fixel.
total global sales. ers are direct competitors in
ADVERTISEMENT
General Motors, the U.S.’s the U.S. market, where all of
largest by sales, claims in the their factories use UAW-repre- swift fall of WeWork, which
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
lawsuit that Fiat Chrysler’s
then-chief executive, Sergio
sented workers.
GM has said Fiat Chrysler’s
was backed by SoftBank Group
Corp.
alleged conduct “inflicted mas- Even so, venture-capital
sive direct damage,” though it firms including Founders Fund
AUCTIONS COMMERCIAL REAL ESTATE hasn’t pegged an amount it is and Kleiner Perkins are among
GM said it stands by seeking to recover. GM could those targeting large new
the legal and factual
 
 

seek damages of more than $6 funds. Some venture- and
billion, analysts at JPMorgan growth-stage investors have
underpinnings of its
 
 
  
     !"  #

  lawsuit.
Chase have estimated.
Fiat Chrysler is also asking
said they believe overvalued
startups are a SoftBank prob-
 
     
to put a hold on the discovery lem, not a broader industry di-
  
    process until the motion to lemma.
 
  
dismiss is decided by a federal Tiger Global has been in-
 
 Marchionne, directed the brib- judge, according to the court vesting in private companies
    ery scheme, looking to pur- documents filed Friday. since 2003.
 
              posely hurt GM and pressure GM has said it filed the suit Across its private-equity
 

 
   




       its rival into merger talks. in November to get ahead of business, which focuses on the
     
  
     !"# $  %&'$(      ( Mr. Marchinonne had pub- the four-year statute of limita- U.S., China and India, the
     
  
)
 
       !  " #  **+,$ licly lobbied for merger talks tions on civil RICO cases that firm’s net internal rate of re-
 
 with GM in 2015 but GM execu- was set to expire. But Fiat turn is 24%, according to a
  
  tives declined his advances. The Chrysler, in its legal filings, ar- 2019 investor document.
ANNOUNCEMENTS BUSINESS OPPORTUNITIES 
lawsuit alleges Mr. Marchionne, gues GM’s claims are outside The firm made $5 billion on
 
 who died in 2018, then ap- the statute of limitations be- a $200 million investment in
 
 
  
     

 


pealed to top United Auto cause the damages laid out in what is now the e-commerce
      Workers officials to support his the lawsuit would have begun giant JD.com Inc., and more
    
  

  
 

     
   
 !"#$ ! merger effort, including the before GM signed its 2015 con- recently made more than $1
    
          union’s former president. tract with the UAW. billion on the Chinese online-
    GM built its case largely on —Mike Colias services platform Meituan Di-

 
   #!   

 court documents stemming contributed to this article. anping.


          

     
 
  




 

  

 



 

  

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FINANCE WATCH
      
     
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  U.K. REGULATOR DEUTSCHE BANK INSIDER TRADING



     


 
     

TRAVEL Interim Chief Tapped Ex-German Minister A Former Bank Chief
For Watchdog Agency To Join Bank’s Board Sanctioned for Trades
BUSINESS OPPORTUNITIES
 The U.K. government ap- Deutsche Bank AG said that Switzerland’s financial regula-

 
     pointed Christopher Woolard as it picked Sigmar Gabriel, a for- tor said an unnamed former
 interim chief executive of its mer minister in German Chancel- bank chief executive must pay
            
 
  main financial regulator to suc- lor Angela Merkel’s government, 730,000 Swiss francs
 

        
 

ceed Andrew Bailey, who’s leav-
ing to become governor of the
to join its board, after the ap-
pointment of another nominee
($774,150) and banned him from
dealing securities for six years
    ! 
"#$ ! % &' %
( ' % $"$ )   * Bank of England. fell through. over unlawful insider trades
     &   " )  ,
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       ! ! %&   & %    ! nancial Conduct Authority’s head left Social Democratic Party that counts.
         ( ! &'   !&  , ! %! %& , ! % (  ! of strategy and competition, is a partner to Ms. Merkel’s con- The Swiss Financial Market
  !!  
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 ) $!%& - ulator in March, as the U.K. faces eign minister in 2017 and 2018, said the CEO used information
"" ##$%$ &' " () *     
a time of uncertainty. The coun- and as minister of economic af- received on the job and shared
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try is preparing to leave the Euro- fairs and environment before. He inside information with others




 pean Union without a clear agree- was vice chancellor from 2013 to for share trades, breaking inter-
     
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 continue doing business across appointed chairman of Atlantik CEO or say whether any criminal
 
 
 
 
    
  the region. Brücke, a nonprofit institution proceedings are under way.

  
   ' The FCA has faced criticism based in Berlin that seeks to The regulator supervises
 
  

 




 

   
   for its response to a series of deepen cooperation between banks and other financial firms
 
 
     
 scandals including the suspension Germany and the U.S. on issues but doesn’t have criminal en-
  

 
  
   of a fund managed by star stock from security to finance. forcement powers. It isn’t re-
  CAREERS 
picker Neil Woodford and the col- Mr. Gabriel succeeds Jürg quired to name individuals when
 
  
 lapse of investment firm London Zeltner, a former UBS wealth it takes action against them. In-
  
   
 
    
  Capital & Finance. The FCA over- management boss who had sider trading is illegal in Switzer-
       
 

  
 

 
   
    
 
 
  THEMARKETPLACE sees the conduct of 59,000 finan- been nominated to the board in land.
             !! !
 
  ADVERTISE TODAY cial companies that employ more August. Mr. Zeltner stepped Finma said the former CEO
 "#$  
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  &$


 
    
  !
 '
!   (800) 366-3975 than 2.2 million people and gener- down from Deutsche Bank’s made unlawful profits over sev-
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 ate billions in tax revenue for the board last year, the bank said, eral years based on sensitive
) * +   
  , 
 © 2020 Dow Jones & Company, Inc.

 
    !"! 
  All Rights Reserved.
British government each year. having served just a few weeks. market information.
—Simon Clark —Patricia Kowsmann —Margot Patrick
THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, January 25 - 26, 2020 | B11

MARKETS

New Bond
Sales Set
Stocks Decline Over Spread of Virus
BY AVANTIKA CHILKOTI for the week, ending two-week S&P 500 daily moves 600 index rose 0.9% on fresh
AND ALEXANDER OSIPOVICH
Fast Pace U.S. stocks dropped Friday,
winning streaks for the Dow
and S&P and a six-week win-
ning streak for the Nasdaq.
1.0%
economic data that signaled a
halt to the slowdown in the
German manufacturing sector.

In January ending the week lower, on

worries the deadly coronavi-
rus outbreak is
The benchmarks are still
within 1.3% of record highs set
in recent days before the virus
0.5
Preliminary data on pur-
chasing managers indexes,
measures of business activity,
BY MATT WIRZ spreading. started worrying investors. suggested that the manufac-
FRIDAY’S The Dow Jones The crude-oil market had turing sector in the euro-
Corporate bond prices
MARKETS Industrial Average its worst week since July as 0 zone—and Germany, in partic-
pushed higher Friday, extend- fell 170.36 points, the widening outbreak threat- ular—fared better in January
ing a rally that has spurred a or 0.6%, to 28989.73, declining ened to disrupt travel. U.S. oil than the market had expected.
wave of issuance by companies below the 29000 level that it futures fell 2.5% to $54.19 on “The markets are reacting
–0.5
of all kinds. crossed for the first time ear- Friday, in their fourth consec- to the signs of bottoming in
New bond sales by U.S. lier this month. utive day of losses. German manufacturing,” said
high-yield and investment- The S&P 500 tumbled 30.07 Investors bought assets Biggest decline since Oct. 8 Mike Bell, global market strat-
grade companies are on track points, or 0.9% to 3295.47 in seen as havens. Gold futures –1.0 egist at J.P. Morgan Asset
for one of their biggest Janu- its steepest one-day drop since gained 0.4% to settle at Friday Management. “It’s pretty key
arys in years. October. The Nasdaq Compos- $1571.10 a troy ounce. t0.9% because the big question on
CREDIT Bond issuance ite lost 87.57 points, or 0.9%, The yield on the 10-year everyone’s mind has been: Is
MARKETS is typically to close at 9314.91. U.S. Treasury note fell to –1.5
there recession risk?”
heavy at the All three indexes opened 1.680%, from 1.739% on Thurs- Nov. Dec. Jan. U.K. stocks rose, with the
start of the year, when corpo- higher Friday morning but day, as investors snapped up Source: FactSet FTSE 100 index climbing 1%
rations rush the market to pulled back after officials con- government bonds. Bond after the latest purchasing
raise as much of their annual firmed a second U.S. case of yields and prices move in the to $68.47. The company late American Express climbed managers index data was bet-
financing targets as possible, the deadly coronavirus that opposite direction. Thursday reported fourth- $3.74, or 2.9%, to $135.11 after ter than analysts expected.
but the wave of deals this year has led to a lockdown of three Utilities was the only one of quarter earnings that beat ex- the credit-card company’s Japan’s Nikkei 225 bench-
is unusually heavy, according major Chinese cities, including the S&P 500’s 11 sectors to pectations after an upswing in earnings beat analysts’ expec- mark closed up 0.1%, and Hong
to data from Dealogic. Wuhan where it was first rise on the day. personal-computer shipments tations and it gave an optimis- Kong’s Hang Seng advanced
Sales of high-yield bonds identified. In corporate news, shares and robust demand for chips tic earnings outlook for 2020. almost 0.2%. Chinese markets
are on pace for the strongest The indexes posted losses of Intel surged $5.15, or 8.1%, to power data centers. Overseas, the Stoxx Europe were closed for holidays.
January of the decade, with
new issuance through Jan. 23
amounting to $29.4 billion.
That exceeds all full-month
January totals over the past 10
Oil Market
years except 2013, when issu-
ance was $30.2 billion, accord-
ing to MarketAxess.
Suffers
Investment-grade corporate
bond issuance has reached
$140 billion this month, the
Tough Week
second-strongest January in
the past decade behind 2017, Continued from page B1
when companies sold $182 bil- have been canceled along with
lion of debt, according to Dea- flights due to airport closures
logic. and trains shutting down,” he
Buying of some investment- wrote in a note. “That will
grade corporates is outpacing eventually add up to hundreds
strength in the Treasury mar- of thousands of unused bar-
rels of jet fuel, diesel and gas-
oline.”
The virus

$140B
Investment-grade corporate
COMMODITIES is the latest
blow to U.S.
crude-oil prices, which have
fallen more than 11% so far
LUKE SHARRETT/BLOOMBERG NEWS

bond issuances this month this year. Investors are wor-

ried that there is too much oil
in the world, despite recent
production cuts by the Organ-
kets, where the 10-year yield ization of the Petroleum Ex-
fell to 1.680% Friday from porting Countries that could
1.739% Thursday amid con- tamp down supply and a lim-
cerns about China’s coronavi- ited trade agreement between
rus outbreak and signs of the U.S. and China that could
weakness in European econo- Some investors see lagging shares of companies in the sector as an indicator of sluggishness in the economy. spur demand.
mies. Yields fall as bond prices Low prices have persisted
rise.
The extra yield investors
demand to hold pharmaceuti-
cal company Bayer US’s triple-
Transport Stocks Flash Warning Signs even through shocks that
many expected would break
them from their rut. Crude
shot up 15% in mid-Septem-
B rated bond due in 2025 in- Index performance tivity, showed shipment vol- ber, after an attack on Saudi
BY KAREN LANGLEY
stead of Treasurys fell to S&P 500 umes dropped 7.9% in Decem- Arabian production facilities,
20%
about 0.90 percentage points ber from a year earlier, while but returned to pre-attack
Dow Jones
Friday, compared with a Transportation stocks ha- Industrial
freight expenditures dropped levels in less than two weeks.
spread of about 0.93 percent- ven’t hit a new high in 16 15 Average 6.2%. Both measurements In early January, prices spiked
age points Thursday, according months, a potentially ominous were at their lowest level of after the president ordered an
to data from MarketAxess. sign for investors betting on a 2019. airstrike that killed a power-
10
Spreads have declined in re- pickup in global growth. “They’re like hand in ful Iranian general, but fell
cent months thanks to strong The Dow Jones Transporta- glove,” said Nela Richardson, past their pre-attack levels
investor appetite. The average tion Average—which tracks 5 Dow Jones an investment strategist at fi- soon afterward.
yield of a Bank of America the performance of 20 large Transportation nancial services company Ed- More recently, futures ral-
Average
Corp. investment-grade bond U.S. airlines, truckers, rail- ward Jones, referring to the lied earlier this past week af-
index was 2.74% Thursday, roads and shippers—is still 0 relationship between transpor- ter a rebel group in Libya
compared to 4.25% at the end 4.4% below its record from tation and global manufactur- blocked a significant portion
of 2018, according to Credit- Sept. 14, 2018. Over the same –5 ing. of the country’s crude ex-
Sights. period, the Dow Jones Indus- “We’re seeing transporta- ports, but prices have since
Junk debt is also climbing. trial Average has risen 11%, tion doing pretty well, given fallen, highlighting investors’
Community Health System’s notching 31 closing highs –10 low volumes, but a catalyst for concerns of a supply glut.
new bond due 2025 was the along the way, according to growth in the transportation In another sign of caution,
most-traded corporate bond Dow Jones Market Data. –15 Weekly sector would be a rebound in bets by hedge funds and other
Friday morning, hitting a low The transport stocks have manufacturing.” speculative investors on rising
July 2018 ’19 ’20
yield of about 6.27% compared also underperformed the blue- The long-simmering trade U.S. crude prices have fallen
to around 6.4% on Thursday, chip index over the past three Source: FactSet war between the U.S. and from a recent peak hit earlier
according to MarketAxess. months, rising 3.6% versus the China has weighed on global this month.
Bonds of Intelsat SA, a widely Dow industrials’ 8.1% gain. berg, chief economist and gist at multiasset manager manufacturing activity. News of the virus largely
traded proxy for the riskier That disconnect raises con- strategist at Rosenberg Re- QMA. But the outlook has bright- overshadowed Thursday’s in-
portion of the high-yield mar- cern for proponents of the search, who noted that small- To be sure, the stocks have ened as the two countries ventory report from the En-
ket, traded as high as 60 cents Dow Theory who say weakness cap stocks also have failed to underperformed at other reached an agreement in re- ergy Information Administra-
on the dollar after falling to 56 in shares of companies that make new highs. The Russell points in the bull-market run cent weeks. The International tion. U.S. crude stockpiles fell
on Thursday. transport raw goods and ma- 2000 index of small companies and the broader index has Monetary Fund predicted this by 400,000 barrels the week
In emerging markets, bonds terials can point to turmoil for is 4.5% below its record close continued to hit new highs. week that global gross domes- ended Jan. 17, according to the
of the Province of Buenos Ai- the broader market. from Aug. 31, 2018. Although the economy as a tic product will expand by EIA, more than the 300,000-
res fell 7% this past week in Disappointing results from The recent market rally has whole appears to be humming 3.3% in 2020, up from 2.9% in barrel drop that analysts and
thin trade to about 54 cents on companies including trucker been largely fueled by investor along, manufacturing has been 2019. traders surveyed by The Wall
the dollar, according to data J.B. Hunt Transport Services demand for shares of fast- in a rut. “If we’re right that the Street Journal had expected.
from MarketAxess. Argentine Inc. and logistics firm Expedi- growing companies, such as The U.S. factory sector con- trade deal as well as some of “The bullish EIA report was
sovereign debt slid with its tors International of Washing- technology firms, while the tracted in December for a fifth the firming of economic data steamrolled by demand con-
bond due 2021 falling about 1% ton Inc., along with signs of members of the transport consecutive month, with a leads to an improvement in cerns surrounding coronavi-
to 52.79 cents on the dollar, weakness in freight activity, group tend to be slower-grow- reading from the Institute for overall volumes, then that rus,” Mr. Yawger said.
according to MarketAxess have weighed on the trans- ing and more subject to eco- Supply Management at its should be a benefit for this Elsewhere in commodities,
The WSJ Dollar Index, ports lately. nomic fluctuations. lowest level since June 2009. group,” said Chris Shipley, front-month copper futures
which measures the U.S. cur- “The fact that the trans- “The transports lagging is In one sign of the tough en- head of fundamental equities had their worst week since
rency against a basket of 16 ports have lagged is a signpost part of the general lagging of vironment for transport, the at Northern Trust Asset Man- November 2014, falling 5.8%
others, rose Friday to 90.66 of sluggishness in the overall value-oriented stocks,” said Ed Cass Freight Index, a measure agement, of the transport on worries that the coronavi-
from 90.51 on Thursday. economy,” said David Rosen- Keon, chief investment strate- of North American freight ac- stocks. rus would hit industrial activ-
ity in China and reduce de-
mand for base metals. The

Yuan Weakens as Investors Worry About China Growth price of copper fell 1.5% to
$2.6855 a pound on Friday.
The price of natural gas fell
BY JOANNE CHIU markets closed Jan 24 for a city of Wuhan in December. is traditionally the country’s day,” he said. to its lowest level since March
weeklong holiday. The government has imposed busiest travel season. Mr. Cheung said he expects 2016, driven down by a supply
China’s currency weakened The currency’s slide has lockdowns on three major cit- “The bad news is that the the yuan to trade around 6.9 glut and persistent warmer-
ahead of the Lunar New Year erased recent gains it chalked ies, stopping flights and shut- worst has yet to come, as the to the dollar as the market as- than-usual winter weather
holiday, as the widening up after the U.S. in mid-Janu- ting public transportation sys- number of new infections is sesses the impact of the coro- across the U.S. that has
spread of the Wuhan coronavi- ary removed China from a list tems to curb the spread of the still on the rise,” said Larry navirus outbreak on China’s tamped down demand. Natu-
rus fanned of trading partners it consid- coronavirus. Hu, chief China economist at growth outlook and consump- ral-gas futures slipped 1.7% to
CURRENCIES worries of a ers currency manipulators. The country was already Macquarie Capital Ltd. tion patterns. $1.893 per million British
deeper eco- The signing of a first-stage contending with slower eco- Ken Cheung, chief Asian Back in 2003, the outbreak thermal units on Friday.
nomic slowdown in parts of trade deal between Beijing and nomic growth, and the yuan foreign-exchange strategist at of severe acute respiratory Natural-gas stockpiles fell
the country. Washington had also helped could come under more pres- Mizuho Bank in Hong Kong, syndrome—caused by a simi- by 92 billion cubic feet last
The yuan traded at 6.9263 buoy the yuan. sure if the viral outbreak said some investors who prof- lar but more deadly virus—ini- week, according to the EIA. An-
against the U.S. dollar in off- China this week reported worsens and crimps consumer ited from the yuan’s recent tially caused China’s economic alysts and traders surveyed by
shore trading Friday afternoon sharp increases in the number spending, travel and business climb have closed out their growth to slow, but the econ- the Journal had been expecting
in Hong Kong, after declining of people who have died or activity, strategists say. Al- positions ahead of the Lunar omy rebounded quickly later an 88-billion cubic foot with-
around 1% this week. Onshore, been sickened by a pneumo- ready, many Chinese citizens New Year break. “They’re in the year after the disease’s drawal, though total invento-
the currency fell by a similar nia-causing virus that was have canceled or modified wary of an escalation of con- spread was brought under ries are still around 9% higher
magnitude before Chinese first identified in the central their travel plans during what firmed cases after the holi- control. than the five-year average.
 B12 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

vestors are hopeful Chief Execu-

tive Carlos Tavares can achieve
something of the same magic in
PSA’s merger with Fiat Chrysler,
TESLA: XINHUA NEWS AGENCY/GETTY IMAGES; VW: KRISZTIAN BOCSI/BLOOMBERG NEWS

which is due to be completed in

early 2021.
Scale could matter even more in
electric-vehicle production. One
reason is already clear: Research
and development costs have esca-
lated as auto makers have electri-
fied their lineups. As PSA and Fiat
Chrysler detailed in their merger
agreement last month, the larger
the production base over which
these can be spread, the better.
Smaller players, like Tata Motors’
Jaguar Land Rover, are struggling
to keep up.
The other reason will be prop-
erly tested only as production
ramps up. Battery technology is
still too expensive. High-volume
assembly and negotiating power
over suppliers might offer car
makers their best chance of mak-
ing it more affordable. This helps
Tesla, whose market value has overtaken Volkwagen’s, displays a model at a November expo in Shanghai, left. At right, a VW electric car gets a scan. explain why investors are broadly
bullish on VW. The auto maker’s

Bigger Isn’t Always Better—Just Ask Tesla

big, early bet on a dedicated elec-
tric-vehicle platform puts it in a
stronger position than most to
earn acceptable margins.
The big risk for VW—and for
the entire industry except Tesla—
In the market for cars, big is full-year sales and production next in 2008. Former VW boss Martin Price/sales ratio is that it ends up with more facto-
beautiful these days. In the market week. The two giants were neck Winterkorn finally achieved his ries and workers than it needs.
for car stocks, things are more and neck for most of last year, but longtime goal to be No. 1 in the Ferrari 707 times Battery-electric vehicles are less
complicated. VW pulled ahead in the final first half of 2015, just months be- Tesla 3.44 complex and labor-intensive to as-
Tesla’s market value raced past months, with growth of 12.5% in fore resigning amid the diesel Toyota 085
semble. GM’s battle with the
the $100 billion mark this week. December deliveries compared scandal. Carlos Ghosn made much United Auto Workers union last
While it’s still less than half of with the same month in 2018. of the fact that his alliance of Nis- Suzuki 065 fall illustrated how costly the pro-
Toyota’s, it overtook Volkswagen’s The company isn’t celebrating. san, Renault and Mitsubishi made Subaru 063 Small Is cess of winding down factories can
and reached twice that of U.S. Chief Executive Herbert Diess ex- more cars than its peers in 2017, be for companies. The largest play-
market-share leader General Mo- plicitly urged his executives to fo- only to wind up in a Japanese de- BMW 044 Beautiful ers could end up with the most
tors. VW is still bigger by enter- cus on profit rather than sales in a tention center. Honda 036 The stock price stranded assets, even as they face
prise value—a better measure of speech at VW’s Wolfsburg head- Toyota is the one company that VW 035 is a much bigger the most political pressure to
relative weight as it accounts for quarters this month. He praised has achieved industry leadership multiple of sales maintain jobs.
different capital structures—but the Mexican business, where the without seeming to accumulate big GM 034 per share for VW and Tesla have one big chal-
whichever way it is calculated the company culled some unprofitable problems. With one dominant SAIC 031 some smaller lenge in common over the coming
valuation gap relative to funda- vehicles, sacrificing market share brand and similarly engineered car makers like years: scaling up electric-vehicle
Hyundai 030
mental measures such as revenue for the sake of narrower losses. products across the world, it is the Tesla than for production profitably. Given its su-
is staggering. VW’s late-year growth spurt was “only globally scaled auto maker,” KIA 029 the industry perior resources and experience,
Some might conclude that in- for all the wrong reasons. New Eu- says Philippe Houchois, an analyst Daimler 028 leaders. VW may well prove better at the
vestors are valuing scale less ropean Union emissions rules that at brokerage Jefferies. Toyota’s job. Tesla’s valuation will doubt-
highly as electric vehicles replace took effect this month make gas- market value is $238 billion. Nissan 024 less remain bumpy. When a story
conventional ones, largely for rea- guzzlers more expensive for auto For others, global reach has of- Ford 023 stock meets a red-hot momentum
sons of regulation in Europe and makers to sell in the region. Incen- ten seemed a problem to fix rather PSA 023 trade, as seems to be the case
Note: Car manufacturers
China. The reality is messier: Scale tives for dealers and consumers to than an advantage. GM under with a market value now, investors tend to get burned.
will be both a benefit and a bur- buy ahead of the change seem to Mary Barra addressed this head Renault 020 more than $10 billion. Yet Tesla is also in the almost
den for incumbent auto makers in have turbocharged sales—possibly on, retreating from big markets in- FCA 017 Source: FactSet unique position of having nothing
the industry’s technological transi- at the expense of margins. Sales cluding Europe and India. The to lose in the auto industry’s jour-
tion. The inherent uncertainty is were also weak at the end of 2018, largest U.S. auto manufacturer has ney to a greener future. All told,
one reason investors are so reluc- exaggerating the recovery. tumbled down global sales rank- owner PSA was able to transform the enormous valuation gap be-
tant to buy the stocks. Auto-industry leadership has ings but improved profitability. the finances of Opel Vauxhall, tween Elon Musk’s company and
VW will likely become the offi- proven something of a curse ever Yet GM’s transformation also GM’s subscale European business, its peers isn’t quite as outlandish
cial global industry leader by sales since a near-bankrupt GM, after 77 underlines how scale still matters by bringing its vehicles onto as it seems.
for 2019 when Toyota publishes its years at the top, ceded it to Toyota at the regional level. Peugeot shared production platforms. In- —Stephen Wilmot

Online Brokers Go
ETIENNE LAURENT/EPA/SHUTTERSTOCK; SONOS: F. MARTIN RAMIN/WSJ

OVERHEARD
Sonos learned the hard way
From Zero to Hero
that hell hath no fury like its
oldest customers.
Many of those customers A move to eliminate trading commissions has led
got an email earlier this week
informing them that devices online brokerage customers to trade more
introduced between 2005 and
2011 would no longer receive
software updates and new fea- When you give something away
tures due to lack of necessary free, people are probably going to
Free For All
memory and processing power. want more of it. Trading activity at online brokerages
The devices would still work, That is the experience so far has jumped since a move to zero
but the company warned that for online brokers following the commissions in the fall.
Intel executive Gregory Bryant shows off the company’s latest tech. lack of updates affect a home’s industrywide move to zero-com- Average daily trades
Sonos system if those older mission trading in October. Inves-

To Keep Up,
products were networked with tors initially punished the compa- 1.5 million
newer ones. The email help- nies for vaporizing a big chunk of
fully included a pitch for its up- their revenue but wised up when
TD Ameritrade

Intel Has to Chip In

grade program that offers 30% they began to consider the bigger
off new products. picture. More people trading 1.0
That wasn’t enough. means more cheap cash that can
#SonosBoycott started trend- generate other revenue, plus big-
ing on Twitter, along with in- ger opportunities to sell services
0.5
Spending money to make company’s revenue. vectives unprintable in this like wealth management or auto-
money is taking on new dimen- Intel’s challenge is that its newspaper. CEO Patrick mated portfolio tools.
sions at Intel. spending will need to stay at ele- Spence apologized and prom- The optimist’s case was borne
E*Trade
On the one hand, the chip-mak- vated levels for the foreseeable fu- ised older products would at out in the last three months of
0
ing giant benefits greatly from ture, while its customers’ spend- least receive bug fixes and se- the year at TD Ameritrade Hold-
capital investments made by ing will be wildly unpredictable. curity updates “for as long as ing. Clients traded more than a 2017 ’18 ’19
cloud-computing powerhouses Intel issued a relatively positive possible.” And he promised the million times a day on average for Note: E*Trade figures are daily average revenue trades
such as Google, Amazon and Mi- forecast for 2020, with revenue company would work on a way the first time. Total trades Sources: the companies
crosoft. Those three combined for the year more than $1 billion for older devices to keep oper- jumped 13% from the prior year,
spent $50 billion in capital outlays higher than Wall Street had antici- ating when networked with even though the quarter was far
over the first nine months of 2019, pated. But that upside is coming newer ones. less volatile. The trend looks like compiled by investment manager
largely to build out their networks almost entirely from strong data- In a market being flooded it is holding into 2020, too: Janu- MFS. In 2018, it was around nine
that all use Intel’s server proces- center spending expected in the with much cheaper smart ary’s average daily trade count is months. Other trends have inter-
sors and other components. And first quarter. Intel predicted in speakers from Amazon and tracking at 1.4 million so far, vened, like the rise of high-speed
that spending seems to have Thursday’s earnings call that Google, Sonos can’t really af- Ameritrade said. market-making. Individual inves-
picked up in the fourth quarter. In- cloud providers would enter a so- ford to alienate those who paid The same trend held at tors in general make up a smaller
tel reported Thursday that sales in called digestion phase by the sec- up early on. E*Trade Financial. Daily average share of the market now than they
its data-center segment jumped ond half of the year to absorb revenue trades made by custom- did in decades past, but all trading
19% year over year to $7.2 bil- their recent expansion. ers in the quarter topped 330,000, has been encouraged by lower ex-
lion—13% higher than Wall Street It will be a while longer before a company record and a jump of plicit trading costs.
was expecting. The stock surged Intel can slow its own spending. 16% from a year ago. The benefits are flowing else-
more than 8% Friday. The company is finally shipping It shouldn’t be a surprise that where too. BlackRock’s exchange-
But Intel has its own bills to processors made on its latest 10- knocking back costs has boosted traded funds are popular with in-
pay. The company also announced nanometer production process fol- volume. The relationship between dividual investors and
Thursday that its capital expendi- lowing years of delays. It is also commission and trading has been independent advisers. Chief Exec-
tures are expected to rise 5% this developing its next 7-nanometer a driving force on Wall Street for utive Larry Fink told analysts in
year to about $17 billion. That re- process, from which it expects to decades. Through the 1960s, turn- mid-January that “our monthly
cord outlay is necessary as Intel begin shipping product by the end over of stocks listed on the New flows accelerated across these
rushes to update its chip-manufac- of next year. But TSMC is already York Stock Exchange was much platforms since the move to com-
turing process—an area where it shipping high volumes from its lower than it is today. It wasn’t mission-free trading,” and that he
has lost considerable ground to own 7-nanometer process and will unusual for the average annual anticipated seeing the “benefit of
Taiwan Semiconductor Manufac- be ramping up its 5-nanometer holding time to be six years. these moves [playing] out in the
turing. That spending equates to process by the end of this year. The abolishment of fixed com- coming months and years.”
about 23% of the company’s pro- For Intel, the current chip-mak- missions in 1975 sped up turnover So far, the laws of supply and
jected revenue for 2020. From ing arms race is starting to look dramatically. By the 1980s, average demand are playing out with a
2010 to 2015, Intel’s annual capex more like a marathon. Sonos is listening. annual holding times were around vengeance.
bill averaged about 18% of the —Dan Gallagher two years, according to figures —Telis Demos
 CULTURE | SCIENCE | POLITICS
Phone Fan
Jason Gay resolves to buck
a 2020 trend and spend
more time on his device C6

| HUMOR
REVIEW THE WALL STREET JOURNAL. * * * *
Weimar West
A salon for Hitler’s exiles
in the golden age of
Hollywood Books C7

Saturday/Sunday, January 25 - 26, 2020 | C1

ILLUSTRATION BY KASIA BOGDANSKA

What Was
Going Wrong
A
fter 29 weeks of “I’ve had to just embrace that there’s
an unremarkable a lot of things we don’t know,” he adds.
pregnancy, I woke My doctors rattled off the possibili-

With My
up one morning ties. Maybe the baby had a genetic dis-
and could not get order. Maybe I had contracted a rare
the baby to move. infection. Or the problem could be with
I tried all the me and my body, with the placenta

Pregnancy?
tricks: orange juice to wake her up, ly- that was the baby’s lifeline.
ing on my side to better feel her kicks. “Maybe my uterus is the world’s
Still, nothing. My husband and toddler worst Airbnb,” I told Dave, my husband.
son headed to day care drop-off. A re- An issue with the placenta—the or-
pairman arrived to check our furnace. gan that acts as a respiratory and nutri-
I forced myself to eat an Oreo—what ent system for the baby—is akin to
kid doesn’t like sugar? She stayed slowly dialing down the oxygen in a
quiet. I canceled my 9 a.m. work call
As a mother-to-be discovered in her distress, room, explained a physi-
and got in the car. By the time I ar- much of prenatal medicine is still a mystery. cian family friend who
rived at my obstetrician’s office on
that day in the autumn of 2018, I was
By Rachel Feintzeig specializes in high-risk
pregnancy. For a while,
By the time
shaking with adrenaline. you’d hardly notice. Even- I arrived
A nursing assistant placed monitors tually, things could spiral at my
on my belly, and there it was: her cian himself—I expected genetic testing, looking at shadows,” says Dr. Neel downward. But the idea
heartbeat. She was still there. But dur- a diagnosis, a plan. Instead I learned it Shah, an assistant professor of obstet- was to track the baby obstetrician’s
ing the next series of tests, as an ultra- was possible to suddenly be suspended rics at Harvard Medical School who carefully and pick the per- office, I was
sound technician and then a high-risk in limbo in the third trimester, not wasn’t involved with my case. Adjust fect moment to get her
doctor glided a probe over my belly, knowing if a baby would be coming the angle of the probe, move your cali- out, the moment where shaking with
the reassurances dwindled. The baby home at all. Even after decades of medi- per a millimeter to the right, and being born prematurely adrenaline.
was small. Her growth had slowed cal advancement, it turns out that much you’ve warped the measurement. was a less terrifying pros-
since her routine 20-week scan. Now, a of pregnancy remains a mystery. There are other tools too, like the pect than staying inside.
measure of blood flow to her brain was All of medicine has its uncertainties fetal monitoring that tracks the peaks We started rooting for a placental
off. I started shaking again. The ultra- and oddities, of course. But only in ob- and valleys of a baby’s heart rate. But problem—it seemed like the best
sound tech handed me a box of tissues. stetrics are there two interdependent they’re imperfect and ambiguous and chance she could be OK.
What was going on? patients, one nested inside the other. sometimes even harmful, like when The family friend, who Dave and I
The problem was, no one seemed to You can’t see or communicate with the they prompt physicians to jump to Ce- reached out to for guidance, was skepti-
know. Sitting in that exam room, grip- smaller one. You can take a peek with sarean sections that are riskier for cal that I had a problem at all. He dis-
ping hands with my husband—a physi- an ultrasound machine, but “you’re just mothers, Dr. Shah says. Please turn to the next page

Inside
TABLE TALK
Climate MIND & MATTER HISTORY

Bringing science into

the kitchen doesn’t Reality New research on
chimpanzees
Survival Diary
After 75 years,
mean giving up While alarmists and shows that the urge Sheindi Miller
family traditions and deniers fight, experts
are developing ways to dance lies deep has published
inherited craft, writes to cope with a in our evolutionary her journal from
Bee Wilson. C5 warmer world. C3 past. C4 Auschwitz. C4
C2 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

REVIEW

For Elites at A 1974

paperback
and cultural leadership pro-
motes. There is almost univer-
doom”—but his speech was
received in almost total si-

Davos, Some of George

Orwell’s
1945 novel
sal agreement on the urgency
of the issues at hand: combat-
ing climate change, promoting
lence. Other tribunes of the
modern populist movement
were notable by their absence:
Animals ‘Animal Farm.’ racial and ethnic diversity,
supporting the rights of mi-
no Boris Johnson of Britain,
no Matteo Salvini of Italy, no
EDITOR AT
LARGE Are More Equal the private jets,
the helicopters
grants and the free movement
of labor, empowering women,
Viktor Orban of Hungary.
Just as in “Animal Farm,”
GERARD
BAKER Than Others and the fine cui-
sine, this struck
me as a pretty
promoting transgender rights.
Of course, these are almost
exclusively liberal-left ideas,
we are experiencing a great
Orwellian inversion of our po-
litical order. In the U.K. last
good parable for and the loudest voices in month, working class voters in
our times. global business are liberals— the old industrial north who
The IN ADDITION TO MARKING fiction, “Ani- Davos is, with- the likes of Laurence Fink at had voted Labour all their
the 50th anniversary edition mal Farm,” out rival, the BlackRock, David Rubenstein lives instead chose Boris John-
global of the World Economic Fo- seemed more global forum of of the Carlyle Group, Sheryl son and his Conservatives.
leaders rum’s annual meeting in Da- relevant to the people who Sandberg at Facebook, Marc In the U.S. in 2016, blue-col-
gathered vos, this past week also our current state. run most of the Benioff of Salesforce. lar voters in erstwhile Demo-
marked the 70th anniversary Like “Nineteen Eighty- world: chief execu- As well as being highly tal- cratic strongholds like Penn-
in the of the death of George Orwell. Four,” “Animal Farm” is a po- tives, investors, leaders of ented and supremely well-re- sylvania, Wisconsin and
Swiss In the literary and media litical parable, a satire about emerging technology compa- warded, these leaders are ea- Michigan chose Mr. Trump
world, much has been made of the hypocrisy of egalitarian nies, heads of government, ger to drive the public and his Republican Party. Re-
Alps call the contemporary relevance of ideology, the enduring nature leading writers, artists, per- discourse on issues that go pelled by modern political cor-
to mind the life and work of one of the of man’s insuperable capacity formers, the panoply of non- way beyond their own bottom rectness, they found a new
the masters of 20th-century Eng- for selfishness and domina- governmental organizations lines. The conversation at Da- home, one that embraces tra-
lish literature. In our age of tion. The animals at Manor that direct global conversation vos and in the wider world is ditional values and rejects the
rulers of “fake news,” the erosion of Farm overthrow its owner, Mr. about the big issues of the day. so convergent these days that hyper-modernism of the new
Orwell’s truth, the manipulation of lan- Jones, and install themselves Half a century ago, the de- it charges a high premium for political left.
‘Animal guage for political purposes in power, committed to com- bate among this elite crowd dissent. Anyone who deviates This rising new political
and the rise of illiberal au- munist-like absolute equality. represented a fair diversity of from the left’s global agenda dispensation confounds and
Farm.’ thoritarianism, it is “Nineteen They quickly assume all the views. If anything, the consen- is marginalized. troubles the modern, pluto-
Eighty-Four,” his dystopian characteristics of their human sus, such as it was, tended to- Other voices do get heard, cratic liberal elites, whose ide-
novel of life in an imaginary oppressors and in the end be- ward a conservative one: The but only because shifting poli- ological agenda has dominated
totalitarian state, which pre- come indistinguishable from dominating issues were how tics—the backlash to this the developed world for so
dictably gets most of the at- them. The novel is the story of to restore growth in a stag- global leadership—means they long. As they seek to promote
tention. a great inversion, one in nating world, how to revive have to be. President Trump their own ideas and quell the
But as I listened for another which the ruled replace their capitalism. himself came to Davos this challenge from others, Or-
year to the grand pronounce- rulers but end up lording it Today, Davos reflects per- year, delivered a speech about well’s own words capture their
ments of the global elite here over each other in just the fectly the stultifying ideologi- the successes of the U.S. econ- mantra: “All animals are
in the Swiss Alps, Orwell’s same way as the old regime. cal consensus that this global- omy and took a swipe at envi- equal, but some animals are
other great work of political Here in the high Alps, amid ized, deracinated economic ronmental “prophets of more equal than others.”

A Prenatal Crisis
With No Answers
were off by then, her heart-
beat still echoed in my ears.
I’d turn on my side and place
my hands on my belly and try
Continued from the prior page early pregnancy to placental to read the Morse code of her
missed the brain measure—known as problems later on. Of course, movements. I was far from
the middle cerebral artery Doppler— there’s still not much to do alone, in a hospital full of
that had looked abnormal. It reflects once you suspect trouble is medical staff, and yet it felt
how much resistance there is to brewing. For now, doctors like it was just the two of us,
blood flowing to the brain. A higher can follow high-risk patients on an island.
level of resistance is normal. Our closely and prescribe medica- Soon this part will be over,
baby’s resistance was low. In theory, tion like aspirin that’s been Dave told me.
that showed something called shown to help prevent issues He was right. At the next
“brain-sparing effect,” whereby a like preeclampsia. growth scan, her weight was
starving baby diverts the little she’s There have been other ad- estimated at two pounds,
getting to essential organs. But it’s vancements in prenatal test- fourteen ounces, landing her
controversial. There’s no consensus ing in recent years. Some- around the fourth percentile
on what it all means, and our family thing called cell-free DNA for a nearly 34-week-old
friend said he never would have screening can pinpoint a fe- baby. Total fetal growth fail-
done the test on me at all. tus’s risk for disorders such ure, the doctor said. It was
Growth scans, too, were hazy, he as Down syndrome early in time to get her out.
told me. “It’s like trying to guess pregnancy; it tests fragments They started with the gen-
someone’s weight using only their of placental DNA that circu- tlest form of induction, a
shoe size and height,” he said. late in a mother’s blood. Am- medication intended to nudge
Most likely, he insisted, the baby niocentesis—a longstanding, open my cervix. But an hour
would be born healthy and full- more invasive test where doc- after the medication was
term, and one day cost us a lot in tors extract a small amount placed, the line on the heart-
college tuition. of amniotic fluid—can now be rate monitor dropped. Nurses
I didn’t know who to believe, or used to spot previously unde- and medical residents ran in
how to act. Should I set up her nurs- tectable microdeletions in and put an oxygen mask on
ery? What to say to the coffee-shop DNA, allowing us to diagnose my face. My OB came in and
cashier who asked when I was due? rare disorders in utero. sat on my bed.
Twice a day, I counted her kicks. But even these advances “I think it’s a good day for
Twice a week, I went to the hospital are fraught. Cell-free DNA is a birthday,” she said. “I think
for scans. My placenta was disap- just a screen, meant to iden- she’s telling us what she
pointingly gorgeous on the screen. I tify high-risk babies, not to wants. Let’s get her out.”
wanted it to look decrepit, the um- diagnose them definitively. A The operating room was
bilical cord so unruly the doctors genetic microdeletion could filled with people. The team
would say, “Aha! That’s it!” I even mean everything or nothing— from the neonatal intensive-
sometimes wished I’d come down a parent might have the same care unit wore yellow smocks,
with preeclampsia, a pregnancy genetic error and be just fine. In came in. She was very The author and an hour at a neighbor- and an incubator was waiting. Dave
complication marked some cases, the tech- kind, but when I asked her daughter, hood party, silently will- came into the room, suited up.
by newly high blood nology has eclipsed our her if the baby would be December 2019. ing the baby to move Suddenly, there was screaming.
pressure that can be I didn’t understanding of it. In OK, she patted my leg while my 16-month-old It took me a minute to realize it
another signal of pla- some cases, babies just gently and offered to get son, dressed as an avo- was coming from a baby. Then Dave
cental malfunction. I
know who baffle the doctors. me an ice pop. cado, played on the floor. In the la- and I were bawling, too. The neona-
didn’t mind feeling ill if to believe One morning, the ul- I understood. No one knew what bor and delivery triage, the OB on tologist whisked the baby away, but
it meant we knew what
was happening and
or how trasound tech pressed
the probe down hard
would happen next.
Three years before, I had lost my
call pointed out the curve of my
daughter’s spine on the ultrasound
we were expecting that. Our daugh-
ter was here, and she had cried, and
how to fix it. My blood to act. on my belly, but the first pregnancy at 12 weeks. The screen and let me go home when that was enough.
pressure remained text- Should I baby stayed still on the trouble started at an early ultra- her heartbeat finally calmed. In the end, all the doctors were
book perfect. screen. Her heart rate sound showing the baby’s growth Two days later, the amniotic right, in their own way. There had
The placenta can be set up her was in the 180s—not was behind and its heart rate was fluid the baby was floating in been something wrong and strange
an inscrutable organ, nursery? abnormally high for a slow. For weeks, as we waited a dropped. Low fluid can signal that going on inside my body. That brain
especially when it’s baby bopping around, seemingly interminable length be- something is wrong with a baby’s Doppler was probably a warning.
still inside the body. Dr. but strange for one not tween check-ups, all I wanted to kidneys, but hers had looked fine My blood pressure soared after de-
Alfred Abuhamad, the chairman of moving at all. know was the answer to that ques- anatomically on every scan. An- livery; the problem was likely my
the obstetrics and gynecology de- I was brought to a room with a tion: Would the baby be OK? I other possibility: that she really placenta after all.
partment at Eastern Virginia Medi- small warming bed in it, for a new- would have stopped whatever I was was diverting blood But the other doc-
cal School, estimates we’ve discov- born. It was October. My daughter doing, at any minute of the day, to flow to crucial or- tor’s optimism was
ered less than 10% of was due on Boxing Day. talk to someone willing to promise gans, neglecting her right too. The baby,
what it does. He’s re- This seemed all wrong. me an answer. Now here I was, in a kidneys in the pro-
Some who we named Lou-
searching new ways of An ultrasound A nurse gave me a hospital, surrounded by people cess. This time, I was babies isa, weighed three
identifying placental image taken on steroid shot to help ma- who, in theory, were the ones I was transferred to a large just baffle pounds, five and a
problems. Using new ul- Nov. 5, 2018, at ture the baby’s lungs. desperate to hear from. But it room for high-risk half ounces, a bit big-
trasound capabilities, he nearly 33 weeks. One of my obstetricians turned out they didn’t know either. patients. I’d be stay- doctors. ger than expected.
can count the tiny ma- I learned to stop ask- ing for a while. ‘I wish She took breaths on
ternal spiral arteries ing the question. In- “I wish I could ask her own from the
that supply the placenta stead, I asked about her what she wants,” I could ask start. And four hours
FROM TOP: ELISABETH MILLAY; COURTESY RACHEL FEINTZEIG

with oxygen and nutri- other things: What one high-risk doctor her what after she came into
ents. Imaging called would a C-section be told us. this world, I was al-
elastography illumi- like? What does a three- My husband and I
she wants,’ lowed to hold her.
nates how dense the tis- pound baby look like? walked laps around one told us. There would be
sue is. And fragments of Will she cry when she’s the labor and deliv- some hard moments
RNA in a mother’s blood born? ery unit, my IV pole to come: preeclamp-
indicate which genes in Yes, one of my obste- in tow. Usually unflappable and op- sia treatment, 22 days in the NICU.
the placenta are acti- tricians told me, falter- timistic, even Dave seemed at a But for now, I put one hand on her
vated and deactivated. ing slightly. She should loss. head, clad in an impossibly tiny
Dr. Abuhamad is still cry when she’s born. At around 10 o’clock at night he pink hat, and one on her back. I
analyzing data from 620 I bounced in and out would leave, and the last nurse of could feel the rise and fall of her
pregnant patients, but of the hospital. On Hal- the evening would check my vitals. breath, the weight of her body on
the hope is his findings loween, 32 weeks into Then it would just be me and the my chest. Nearly everything felt
will link changes in my pregnancy, I lasted baby. Even though the monitors easier with her on the outside.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | C3

REVIEW

Ignore the Fake Climate Debate

Extreme views
dominate the
headlines, but behind
the scenes, experts
and officials are
discussing practical,
incremental steps
to respond to
global warming.

BY TED NORDHAUS

B
eyond the headlines and
social media, where Greta
Thunberg, Donald Trump
and the online armies of
climate “alarmists” and
“deniers” do battle, there is a real
climate debate bubbling along in
scientific journals, conferences and,
occasionally, even in the halls of
Congress. It gets a lot less attention

ANDREAS SOLARO/AGENCE FRANCE-PRESSE/GETTY IMAGES

than the boisterous and fake debate
that dominates our public discourse,
but it is much more relevant to how
the world might actually address
the problem.
In the real climate debate, no one
denies the relationship between hu-
man emissions of greenhouse gases
and a warming climate. Instead, the
disagreement comes down to differ-
ent views of climate risk in the face
of multiple, cascading uncertainties.
On one side of the debate are opti-
mists, who believe that, with improv-
ing technology and greater affluence,
our societies will prove quite adapt-
able to a changing climate. On the Affluent, developed societies are tions are most vulnerable to a and solar energy has begun Marchers sensitivity, the world could
other side are pessimists, who are also much better equipped to re- changing climate, it is also true that to have an effect on the in Rome hold still experience 4 or 5 de-
more concerned about the risks asso- spond to climate extremes and natu- the fastest way to reduce that vul- growth of fossil fuels. Even a banner grees of warming in this
ciated with rapid, large-scale and ral disasters. That’s why natural di- nerability is through economic devel- nuclear energy has made a of climate century, even with signifi-
poorly understood transformations sasters kill and displace many more opment, which requires infrastruc- modest comeback in Asia. activist Greta cantly lower emissions.
of the climate system. people in poor societies than in rich ture and industrialization. Those All of this suggests that Thunberg, Moreover, even if climate
But most pessimists do not be- ones. It’s not just seawalls and flood activities, in turn, require cement, continuing political, eco- March 2019. change does not threaten
lieve that runaway climate change or channels that make us resilient; it’s steel, process heat and chemical in- nomic and technological social or economic collapse,
a hothouse earth are plausible sce- air conditioning and refrigeration, puts, all of which are impossible to modernization, not a radical remak- anyone who has lived through the
narios, much less that human extinc- modern transportation and commu- produce today without fossil fuels. ing of society, is the key to both California wildfires of recent years,
tion is imminent. And most opti- nications networks, early warning For this and other reasons, the slowing climate change and adapting or the bushfires that are currently
mists recognize a need for policies to world is unlikely to cut emissions to it. And while the progress we’ve encircling Sydney, Australia, can tell
address climate change, even if they fast enough to stabilize global tem- made has mostly not been due to cli- you that this is not a future most
don’t support the radical measures peratures at less than 2 degrees Cel- mate policies that would cap, regu- people would desire. And even if hu-
that Ms. Thunberg and others have
Higher sius above pre-industrial levels, the late or tax emissions, it has required man societies end up adapting well
demanded. per capita energy long-standing international target, government action. to climate change, the planet’s biodi-
In the fake climate debate, both
sides agree that economic growth
consumption much less 1.5 degrees, as many activ-
ists now demand. But recent fore-
We have better and cleaner tech-
nologies available today because pol-
versity almost certainly will not.
Such conclusions are unlikely to
and reduced emissions vary in- is likely to be casts also suggest that many of the icy-makers in the U.S. and elsewhere satisfy the noisy participants in the
versely; it’s a zero-sum game. In the offset by worst-case climate scenarios pro- set out to develop those technolo- fake climate debate. But the utopian
real debate, the relationship is much duced in the last decade, which as- gies, from hydraulic fracturing to so- dreams of those who wish to radi-
more complicated. Long-term eco- lower population sumed unbounded economic growth lar panels to electric vehicles. Adap- cally reorganize the world to stop
nomic growth is associated with growth. and fossil-fuel development, are also tive capacities around the world climate change are not a plausible
both rising per capita energy con- very unlikely. have also improved dramatically be- global future. Nor will denying the
sumption and slower population There is still substantial uncer- cause policy-makers have invested in relationship between carbon emis-
growth. For this reason, as the world systems, first responders and public tainty about how sensitive global infrastructure, technology and eco- sions and global warming make the
continues to get richer, higher per health bureaucracies. temperatures will be to higher emis- nomic development. And a decades- real risks of climate change go away.
capita energy consumption is likely New research published in the sions over the long-term. But the long commitment to expanded global The world will tackle this problem
to be offset by a lower population. journal Global Environmental Change best estimates now suggest that the trade and international development the way that it tackles most other
A richer world will also likely be finds that global economic growth world is on track for 3 degrees of institutions has brought greater eco- problems, partially and incremen-
more technologically advanced, over the last decade has reduced cli- warming by the end of this century, nomic opportunities to many regions tally, by taking up the challenges
which means that energy consump- mate mortality by a factor of five, not 4 or 5 degrees as was once of the world that historically have that are right in front of us—adapta-
tion should be less carbon-intensive with the greatest benefits docu- feared. That is due in part to slower been left behind. tion, economic development, energy
than it would be in a poorer, less mented in the poorest nations. In economic growth in the wake of the Acknowledging that we have modernization, public health—and
technologically advanced future. In low-lying Bangladesh, 300,000 peo- global financial crisis, but also to de- made progress should not deter con- finding practical ways to address
fact, a number of the high-emis- ple died in Cyclone Bhola in 1970, cades of technology policy and en- tinued investment in clean technol- them.
sions scenarios produced by the when 80% of the population lived in ergy-modernization efforts. ogy and climate adaptation. Rather,
United Nations Intergovernmental extreme poverty. In 2019, with less The energy intensity of the global it should encourage us to redouble Mr. Nordhaus is the founder
Panel on Climate Change involve fu- than 20% of the population living in economy continues to fall. Lower- those efforts, especially because un- and executive director of the
tures in which the world is rela- extreme poverty, Cyclone Fani killed carbon natural gas has displaced certainty still looms large in any as- Breakthrough Institute and
tively poor and populous and less just five people. coal as the primary source of new sessment of climate risk. At the high a co-author of “An Ecomodernist
technologically advanced. So while it is true that poor na- fossil energy. The falling cost of wind end of current estimates of climate Manifesto.”

A Term tor for the House

Democrats, ac-
from Maryland,
Virginia, Ken-
advisers, “cahute” could have
followed a similar route for la-

For Hidden cused Senate Ma-

jority Leader
Mitch McConnell
tucky and Missis-
sippi, glossed in
standard English
beling a band of conspirators.
Yet another theory relates
“in cahoots” to “cahot” or “ca-
Scheming of “working in
cahoots with the
as “He is in part-
nership with me.”
hoo,” a New England regional-
ism borrowed from Canadian
WORD ON
THE STREET Has Murky president,” add-
ing that Mr.
John R. Bart-
lett entered “ca-
French that was used in the
19th century to refer to a pot-
BEN
ZIMMER Origins McConnell “has
made himself an
active participant
hoot” in his 1848
Dictionary of
Americanisms
hole in a road or an obstacle
more generally. Thus, perhaps,
being “in cahoots” could have
in the president’s and offered an originally referred to compatri-
coverup.” That early stab at an ots facing difficulties together.
PRESIDENT TRUMP’S impeach- theme continued etymology, saying A final suggestion, proposed
ment trial has brought an old among pro-impeachment pro- woods orator named Barney that the word was “probably by the lexicographer Frederic G.
American slang term to the testers on Capitol Hill this week, Blinn. In a homespun speech from ‘cohort,’ Spanish and Cassidy in a 1993 journal arti-
fore: “cahoots.” one of whom told USA Today railing against President John French,” defined as “a company, cle, breaks “cahoots” down into
After Arizona Sen. Martha that Senate Republicans, instead Quincy Adams overturning a a band.” That fit the usage that its two syllables. The first sylla-
McSally rebuffed an impeach- of serving as an impartial jury, treaty between the state of he noted in the American South ble could represent a playful in-
ment-related question from are “working in cahoots with Georgia and the Creek Nation, and West, “to denote a company tensive prefix, akin to the “ka-”
CNN’s Manu Raju by calling him the defendant.” Blinn complained that “Gin’ral or union of men for a predatory in “kaboom” or the “ker-” in
“Cahoots” only ever appears Government and the ministra- excursion, and sometimes for a “kerfuffle.” That then might

[Cahoots]
in the phrase “in cahoots,” to tion are going in cahoot to un- partnership in business.” have attached to the word
suggest a questionable collabo- dermine and overrule the un- In the years since, scholars “hoot,” which in some older di-
ration or secret partnership. It’s dertakings of the free People of have suggested many compet- alects could refer to a business
a sketchy word with an even Georgia.” ing conjectures. One theory, or affair.
sketchier history, and etymolo- As in other examples from supported by the Oxford Eng- While we may never know
gists continue to theorize about the era, “cahoot” was initially lish Dictionary, traces the term for sure which of these specula-
a “liberal hack,” she doubled where it came from, nearly two used as a singular noun, before to a different French root: “ca- tions is correct, the curious
down on Laura Ingraham’s Fox centuries after it entered Ameri- it settled into the now familiar hute,” meaning a cabin or tem- phrase “in cahoots” has proved
News show last week by claim- can English. “cahoots.” It was also frequently porary hut, which was taken up remarkably sturdy over the de-
ing that CNN reporters “are so The earliest known example spelled as “cohoot,” as in an in Scottish usage. Much as “cab- cades, especially when suspi-
JAMES YANG

in cahoots with the Democrats.” comes from an 1827 item in a 1829 English grammar that in- inet” (originally referring to a cions arise about secret political
Earlier this month, Rep. Georgia newspaper, the Augusta cluded “Hese in cohoot with small cabin) got extended to a schemes being hatched behind
Adam Schiff, the lead prosecu- Chronicle, about a fictional back- me” as a regional expression circle of confidential political closed doors.
 C4 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

REVIEW
MIND & MATTER
SUSAN PINKER
Sheindi Miller
in her Jerusalem
Humans and apartment in 2019,
holding cards
Other Dancing she used for her
diary in Auschwitz.
Animals Below right,
Ms. Miller in 1947.

MOST OF US have
heard of dancing bears
or dogs that can do the
samba. But those ani-
mals are trained to per-
form; none of our animal friends can
spontaneously cut a rug. Or so I
thought.
Now a study published in Proceed-
ings of the National Academy of Sci-
ences shows that chimpanzees exposed
to electronic music will sway along
with the beat. Like us, they are better
at matching their moves to the music
when they are standing, as opposed to
sitting or crouching on all fours. But
make no mistake, these chimps move
in a way that looks an awful lot like
dancing: “The chimpanzees mostly
swayed their whole body, but rhythmic
movements of body parts such as hand
clapping or foot tapping were also ob-
served,” the study reports.
Pan troglodytes, to use the scientific
name for chimps, is one of our closest
evolutionary ancestors. They have pre-
viously been known to bang rhythmi-

A Survivor’s
cally on tree trunks and to hoot and
call to each other in a way that sounds
like call-and-response singing. But the
observation that chimps can move

Diary Emerges
their bodies in time to music is new. It
suggests that dancing has existed in
higher-level primates—a group that
would include us humans—for at least

From Auschwitz
six million years. That’s roughly how
long ago humans split off from other
higher apes, like chimps.
The authors of the new study—Yuko
Hattori, a researcher at the Kyoto Uni-
versity Primate Research Institute, and
Masaki Tomonaga, a professor of lan-
guage and intelligence there—discov- For 75 years, Sheindi Miller hid the journals she kept
ered this rhythmic ability by playing as a teenage prisoner of the Nazis. Now she is sharing them
two-minute audio clips to seven chimps
in their lab. The music sounds like a se- with the world.
ries of thrumming bass chords played
on an electronic piano. The cadence
and tempo of the recordings changed BY BOJAN PANCEVSKI Jander, who co-curated the exhi- The publication of the diary poor mother…won’t even know

S
at regular intervals so that the re- bition. Frank’s famous diary broke comes as Germany is experiencing where she’ll be buried,” she wrote.
searchers could assess whether the hortly after arriving at off when she and her family were a rise in anti-Semitic crimes, from “Life is hard and humans can take
chimpanzees could sync their move- Auschwitz on June 14, arrested in Amsterdam and de- verbal abuse of Jews to threats more than animals.”
ments to what they were hearing. 1944, 14-year-old Shei- ported to Auschwitz, while Ms. and physical attacks. Last year on When the transport arrived in
ndi Ehrenwald stood Miller’s tells the story of what Yom Kippur, the most sacred Jew- Auschwitz, Ms. Miller’s grandpar-
with other inmates, na- happened after she arrived there. ish holiday, a gunman attempted ents, parents and two of her sib-
ked, her head shaved and dripping Ms. Miller, 90, survived World to attack a synagogue in Halle, lings were deemed unfit for work
with disinfectant. War II and emigrated to Israel, leaving two dead. and taken to the gas chambers.
An SS officer was present. After where she kept her journals in the Ms. Miller began to keep her The next morning, she awoke to
inspecting the group, he ordered kitchen cupboard of her Jerusalem diary in March 1944, on the day the suffocating smell of burned
the wardens to take Sheindi’s 12- home for 70 years. For decades, that German troops invaded Hun- human bodies. “We’re burning
year-old sister, Dori, to his quar- she said, she was unable even to gary. Over the next three months, your parents now,” a soldier told
ters. The man, she later realized, speak to her children about the Ho- more than 400,000 Hungarian the prisoners.
was Josef Mengele, a physician no- locaust, let alone seek publication Jews were transported to On index cards that she hid in
torious for conducting grotesque of her writings. Auschwitz, with eager assistance the dank walls of her prison bar-
experiments on Jewish prisoners, They might have stayed there, from local authorities. Most of rack, Ms. Miller described further
many of them children. Dori never forgotten, if it hadn’t been for a them were killed on arrival. ordeals. The female inmates were
made it out of the camp. friend of the family who mentioned “In the night there was a loud made to undress in front of sol-
The episode is part of the diary the diary to reporters at Bild, Ger- banging on the door,” Ms. Miller diers: “We undressed. The men
that Sheindi Miller, as she is now many’s highest-circulation newspa- wrote in April 1944. “My father ran around the room laughing, we
called, secretly kept while she was per, last year. The journalists vis- stood around naked and deeply
a prisoner in Auschwitz, the most ited Ms. Miller in Jerusalem and ashamed.”
notorious Nazi extermination persuaded her to publish it in Bild. Ms. Miller survived in part be-
camp. At the risk of her life, Ms. She agreed, she said, partly be- ‘Life is hard cause she was assigned to work in
A new study finds Miller wrote down the details of cause of her anxiety about the cur- and humans a factory, making grenades and
that chimpanzees will dance her ordeal, including her work as a rent resurgence of anti-Semitism in bombshells for Karl Diehl, a Ger-
to a musical beat. slave laborer for an arms manufac- Europe. “When I was writing the
can take more man arms manufacturer that still
turer. Written in Hungarian, it is a diary, my greatest fear was that a than animals.’ exists today. In 1998, Diehl Stiftung
Though the chimps in this study rare and possibly unique document, German would read it,” Ms. Miller FROM MS. MILLER’S DIARY
& Co. KG, as the company was later
seemed like they were grooving to the recording the plight of European said this week. “Today, 76 years renamed, paid her the equivalent of
beat, not all primatologists would call Jews toward the end of World War later, my greatest joy is that Ger- around $5,000—without admission
that dancing. “It depends on what is II, as Nazi Germany redoubled its mans are reading it.” opened and there were three Hun- of legal responsibility, according to
meant by dancing,” according to Rich- efforts to exterminate them. Wolfgang Schäuble, president of garian gendarmes in front of him letters by company representatives
ard Wrangham, a Harvard University This week, Ms. Miller’s diary the German parliament, who inau- and they ordered him to leave the now included in the exhibition.
anthropologist who is an authority on was exhibited to the public for the gurated the exhibition on Wednes- house. He turned round with tears “There is no question that the
chimpanzees. “Jane Goodall called the first time at the German History day, said that the diary was an in- and said: ‘Don’t cry, be strong. Diehl reparation fund was created
male group displays given at the onset Museum in Berlin. The exhibition, valuable bulwark in the fight We’ll return soon.’ But we never late, but it still was the first of its
of rain or heavy wind ‘rain dances,’ but which includes a film about her against anti-Semitism. “Today ev- returned.” kind in Germany,” a company
that seems an exaggerated use of the life, is part of Germany’s official ery word of your densely written The diary offers a graphic ac- spokesman said in a statement.
term,” he told me in an email. “I have commemoration of the 75th anni- manuscript on the yellowed index count of the train transport to “The company took a step that
seen horses and hartebeest respond to versary of the liberation of cards of the arms factory is a Auschwitz. Ms. Miller and her fam- most of the German industry was
heavy rain by galloping about. The Auschwitz by the Red Army, on unique document for posterity—54 ily were thrown into cattle cars at the time not prepared to take.”
more conservative view that I prefer is Jan. 27, 1945. pages of priceless his- with dozens of other people. When He added that Diehl welcomed the
that the capacity for dancing is more Ms. Miller’s diary Pages from toric value, emotional an infant died of exhaustion, she new exhibition and documentary.
than six million years old.” starts where the di- Ms. Miller’s diary, vehemence and a leg- recounts, Nazi soldiers snatched Before World War II, the Jew-
That capacity has been observed in ary of Anne Frank which she started acy against oblivion,” the corpse away from her mother ish population of Galanta, Ms.
other species too, like sea lions, bono- stopped, said Thomas to keep in 1944. Mr. Schäuble said. and threw it off the train. “The Miller’s hometown, was around
bos and parrots. In fact, members of 1,500. She was one of only 150
the parrot family, like budgies and survivors to return; four of her
cockatoos, are even better at syncing seven siblings perished. In 1949,
their movements to a beat than chim- she moved to the newly founded
ANDREAS THELEN/BILD (2); © PRIVATE COLLECTION SHEINDI MILLER-EHRENWALD, JERUSALEM

panzees are, wrote Dr. Hattori. state of Israel, where, she said,
Take Snowball the cockatoo, whose life was hard in the early years.
fancy footwork, timed to Queen’s “An- Her oldest son, a paratrooper,
other One Bites the Dust,” has become died in the Yom Kippur War in
clickbait. After Harvard psychologist 1973, at age 20.
Aniruddh Patel saw videos of Snowball Last week, Ms. Miller traveled
on YouTube, he decided to investigate. to Berlin in the company of 24
Given that parrots are superb mimics, members of her extended family,
could Snowball have been imitating including two of her 40 great-
someone outside the frame? Or was he grandchildren. She summoned
trained to dance? them on stage at the exhibition’s
The answer to both questions was opening on Wednesday. “Until my
no: Snowball was independently bob- daughter married, I had not had
bing his head and high-stepping to more than a few weeks of happy
the song. Like Akira, the best dancer times. But now, looking at my big
in the chimpanzee study, his brain family, I think my life was worth
seems wired for music. Clearly, our it—and I am still young, only 90!”
human brains also have evolved to she exclaimed.
sway, shimmy and shake our bodies She added that the publication
along to music. But so far, anyway, of her diaries in Germany is the
we’re the only ones who know the crowning achievement of her long
ISTOCK

words and can sing along. struggle. “We have won,” she said.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | C5

REVIEW
IS COOKING A SCIENCE? For HISTORICALLY SPEAKING
years, many home cooks—myself
AMANDA FOREMAN
included—would have said no. A
kitchen is a place we go in search
of warmth and coziness. I used to
find the idea of treating this
Royal
homely space as some kind of
high-tech laboratory slightly off-
Treasures,
putting.
But there are signs that more
Lost and Found
home cooks are embracing science
in the kitchen. The other day, while WHAT SORT OF nitwit
browsing for food books, I noticed goes off in a snowstorm
that “The Food Lab: Better Home to feed leftovers to the
Cooking Through Science,” by J. chickens while still
Kenji López-Alt, had overtaken the wearing her Christmas
2019 edition of “The Joy of Cook- Day finery? In my defense, I was
ing” in the number of customer re- just trying to share the love. Alas, I
views it had received on Amazon, ended up sharing an antique ring
with an average along with the Brussels sprouts.
rating of five Only the chickens know where it is,
stars. and they aren’t talking.
Ratings aren’t One doesn’t need to read J.R.R.
everything, but Tolkien’s “The Lord of The Rings” to
this is surely a be reminded that lost treasures are
sign that thou- often the result of epic folly. In Oc-
sands of home tober 1216, King John of England
TABLE cooks now see lost the crown jewels while leading
TALK scientific cook- a campaign against rebellious bar-
ing as a positive ons. Against all advice, John—who
BEE thing, giving us is chiefly remembered for being
WILSON the tools to pro- forced to sign the Magna Carta, one
duce everyday of the cornerstones of civil liberty—
dishes in a more delicious or reli- took a shortcut via the Wash, a tidal
able way. If science can help us estuary on England’s East Coast. He
make a meat loaf that won’t fall got across the causeway just in time
apart (gelatin is the secret ingredi- to see the waters come rushing up
ent) or produce lighter waffles (by behind him. The wagon train with

Embracing
adding club soda), then what’s not all his supplies and baggage—in-
to like? tested this and found that he got cluding, crucially, the king’s trea-
The new kitchen science is more “reliably tender” results by sury—sank without a trace. The in-

The Science
partly driven by the vogue for cutting the asparagus spears 6 to 7 cident has given countless British
weekend cooking projects such as inches from the tip. Mr. López-Alt schoolchildren the joy of being able
sourdough-making and fermenta- confirms that snapping asparagus to say, “Bad King John lost his
tion, which naturally lend them- is “a bunch of hokum.” crown in the wash.”

Of Home
selves to a scientific approach. At its simplest, the science of Folly also played a starring role
Sourdough bakers often start tin- cooking just means constantly in the disappearance of the treasure
kering obsessively with hydration asking, “Why do we do it like this of the Aztec Emperor Montezuma II.
levels in the dough, and from there and not like that?” To take one of In 1520, the inhabitants of the Aztec

Cooking
it’s a short step to thinking about the more mind-blowing examples city of Tenochtitlan rose up against
all cooking in a more precise way. in his book, Mr. López-Alt decided the occupying Spanish forces led by
Take a quick look inside any kitch- to test whether “pasta should be Hernán Cortés. By July 1, the situa-
enware store and you can see it’s cooked in a large volume of salted tion was so critical that the out-
become completely normal to water and added to the pot only numbered conquistadors attempted
weigh ingredients on digital scales, after the water has reached a roll- a midnight escape from the city.
or to check the doneness of a roast ing boil.” That is the “traditional Hampered by their haul of plunder,
chicken using an instant-read ther- Experience and inherited craft are essential wisdom,” but Mr. López-Alt de- however, the Spanish were too slow
mometer. for great food—but an experimental vised another method that in- in crossing Lake Texcoco. Unable to
Like many people, I grew up volves pouring hot water over the run or fight, desperation overcame
convinced that science was the en-
frame of mind is a big help too. pasta in the pot, adding salt, their greed and the conquistadors
emy of good cooking. For my bringing the water back to a boil tossed the treasures into the water.
mother, it meant cheap, industrial scientist without even realizing it. stance, that you must never press and then cooking for a minute less
food—the opposite of the tradi- “The kitchen is perhaps the eas- down on your burger in the pan than it says on the package. To
tional things she did in her own iest place for a regular person to when cooking it. But Mr. López-Alt my astonishment, this actually
kitchen, where she took fresh veg- practice science every day,” writes has found through extensive exper- worked, but it would take nerve to
etables and meat and herbs and Mr. López-Alt in “The Food Lab,” iments that smashing the burger cook pasta this way if I had an
turned them into a beef stew. She which is one of the most useful slightly as it cooks will actually in- Italian friend over for dinner.
believed that microwave ovens cookbooks I have ever read. What crease the surface area “directly in I feel lucky to be cooking at a
were only slightly less terrifying contact with the hot metal,” result- time when people like Mr. López-
than nuclear bombs. If she disliked ing in a deep brown crust and ex- Alt are conducting such fun
a dish she ordered in a restaurant, When my cellent flavor. Another of his great kitchen experiments. Yet it’s also
she would often say it had a insights is that to chop onions in a true that science can never tell
“chemical” taste. mother cooked, way less likely to make you cry, the whole story of cooking. A
Yet there is chemistry behind she was you must always chop from tuft to great meal is not just an assem-
all cooking, like it or not. As Har- stalk, rather than around the mid- blage of chemicals and physical
old McGee wrote in his ground- thinking like dle. That way the onion releases processes. It is also a reflection of
breaking 1984 book “On Food and a scientist fewer of its “lachrymators,” the culture and family and the craft of
Cooking: The Science and Lore of tear-producing chemicals. the people who cooked before us.
the Kitchen,” “Foods, like most ev-
without even As Mr. McGee has written, un- As long ago as 1866. John Rus-
erything else on earth, are mix- realizing it. derstanding how cooking works on kin wrote that the best cooking
ALAMY

tures of different chemical com- a chemical level can help us should be an amalgam of “the
pounds.” One reason my mother’s “snatch success from the jaws of economy of great-grandmothers, The Honours of Scotland.
stews were so delicious was that he means by science is not making failure.” I will be forever grateful and the science of modern chem-
she took care to brown the meat, futuristic foams or “plated-with- to him for debunking the myth ists.” If I had to choose, I’d still Despite losing half his men on what
thus triggering the Maillard reac- tweezers, deconstructed/recon- that the way to trim the woody vote for the cooking of great- he called “La Noche Triste,” the
tion, a chemical process that cre- structed cuisine.” Rather, he sees ends of asparagus is to snap them grandmothers over that of scien- Night of Sorrows, Cortes captured
ates distinctive flavors. Then she science as a method of observation off. Most cookbooks will tell you tists. But I also feel that if our the Aztec capital a year later. But he
cooked it long and slow enough to that can help you cook your favor- that a stalk of asparagus naturally great-grandmothers were alive to- never found the lost gold.
MITCH BLUNT

allow the collagen to break down ite dinners, from salads to pan- “knows” where the tender part day, they would be happy to learn It was a case of absent-minded-
slowly, leaving the meat tender cakes, with more satisfying results. stops and the stringy ends begin. a way to chop onions without ness that led to the disappearance
and moist. She was thinking like a Many TV chefs insist, for in- But Mr. McGee systematically tears. of the Scottish royal sword, scepter
and crown, known collectively as
the Honours of Scotland. Having
been successfully hidden during the
Interregnum, England’s brief experi-
EXHIBIT ment with republicanism in
1649-60, the Honours were returned

Nature on Fans and Scrolls to Edinburgh Castle for safekeeping.

Too safe, it turned out: No one
could remember where they were.
But the story has a happy ending. In
ONE OF THE GREATEST artists of the Ming Dy- will be the first show of his work outside of Asia. 1818, the Scottish novelist Sir Wal-
nasty, Qiu Ying (ca. 1494-ca. 1552), belonged to A volume with the same title, published by Del- ter Scott received permission to
the Wu School of Chinese painters, known for Monico Books and Lacma, includes 80 color illus- conduct his own search of the cas-
their personal, expressive works. He is celebrated trations and a monograph on the artist’s life and tle. He found the Honours in a
for his poetic depictions of nature, featuring lush legacy. “Crab Apple and Mountain Birds,” below, locked storeroom, inside a trunk
landscapes, towering mountains and translucent is a fan painting on gold-flecked paper. “The Em- packed with linens.
blue-green pigments. “Where the peror Guangwu Fording a River,” Occasionally, royal treasures have
Truth Lies: The Art of Qiu Ying,” A fan painting (below) and right, is a hanging scroll on silk. been lost on purpose. One of the
opening next month at the Los a hanging scroll (right) by Both works were made ca. last rulers to be buried with his
Angeles County Museum of Art, Qiu Ying, ca. 1534-42. 1534-42. —Elizabeth Winkler jewels was Emperor Tu Duc of Viet-
nam (1829-83). To outwit potential
grave robbers, he left orders that he
should not be buried in his elabo-
rate official tomb but in a secret lo-
FROM LEFT: SHANGHAI MUSEUM; NATIONAL GALLERY OF CANADA, OTTAWA

cation; to ensure it stayed secret,

the laborers who interred him were
executed. In 1913, Georges Mahé,
the French colonial administrator of
the Vietnamese city of Hue, pro-
voked a national outcry after he dug
up Tu Duc’s official tomb in the
hope of finding the hidden jewels.
The French swiftly apologized and
Mahé was sacked.
Tu Duc’s treasure remains lost,
but it may not stay that way for-
ever. Earlier this month, scientists
in Mexico City confirmed that a
gold bar found on a construction
site is one of the ingots discarded
by Cortés and his fleeing conquista-
dors almost exactly 500 years ago.
 C6 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

REVIEW

images of brain activity. Now she’s

also applying her work to uncover
patterns in electrocardiograms to help
doctors better detect changes and ar-
rhythmia in patients.
“I don’t know where ideas come
from, but I do believe they come from
the interaction of many things in our
head,” she says. Sometimes they come
when she’s gardening or making ce-
ramics: “Manual activity is very good,
keeping your mind open and kind of
loose so that connections can be
made.” Sometimes they come when
she is bouncing ideas off others and
sometimes when she’s entirely alone.
“When my children were small, I used
to get ideas when I was nursing,” she
says. “Because to nurse you have to
be very relaxed, and I would then
think of mathematics.”
Last year, Dr. Daubechies was a re-
cipient of UNESCO’s women in science
award—the latest in a long string of
mathematical and scientific prizes. It
recognized her “groundbreaking”

‘I don’t know
where ideas
come from.’
work on wavelet theory, the many in-
novations she catalyzed and her ef-
forts to reduce barriers to women en-
tering mathematics.
“I do think it’s a question of
habit—of girls not seeing women
mathematicians,” she says. “And then
I do think there are people who don’t
JEREMY M. LANGE FOR THE WALL STREET JOURNAL

encourage girls because they believe

there’s a sexual difference in the tal-
ent for it, which is not justified at all.”
She points to the considerable varia-
tion in the number of women mathe-
maticians across European countries.
“Genetics doesn’t change enormously
across Europe. Cultural differences ex-
plain most everything.”
For Dr. Daubechies, even tenure and
acclaim didn’t bring an end to bias. In
faculty meetings, she was taken less
seriously, her ideas ignored—unless a

I
man repeated them as his own. In one-
ngrid Daubechies is a woman of WEEKEND CONFIDENTIAL | ELIZABETH WINKLER on-one discussions, she was harassed.
formidable firsts: the first ten- “Did they have to pinch my bottom?”
ured female professor of math-
ematics at Princeton University
(1994), the first woman to re-
ceive the National Academy of Sci-
ences Award in Mathematics (2000)
Ingrid Daubechies she asks. “I was explaining some math.
Come on.” She learned not to be alone
with some male colleagues. A more se-
nior woman taught her that instead of
resenting men regurgitating her ideas
and the first woman elected president
of the International Mathematical
The barrier-breaking math pioneer behind ‘wavelets’ in meetings, she should say, “‘What a
great idea.’ Make them own it. Then
Union (2011). But she isn’t particularly you can have more of your ideas real-
interested in planting stakes on math- things work,” she says, “why things them as “mathematical building “I like understanding what people ized. It’s the idea that’s important.”
ematical territory or laying claim to are that way and not other ways, and blocks” that can be used to extract want to do in various fields, the prob- Dr. Daubechies has been the James
laurels. then you automatically come to math- the essential elements of images or lems they have, the mathematics that B. Duke Distinguished Professor of
“I feel successful being part of a ematical questions.” Her father en- signals without losing their quality— is needed in order to answer their Mathematics and Electrical and Com-
bigger whole,” she says. “It’s such a couraged her questions, and because in effect, a new universal language for questions,” Dr. Daubechies says. She puter Engineering at Duke University
man thing to want your effigy. That she attended an all-girls school, she scientists and researchers. finds satisfaction in building the math- since 2011. She has helped the univer-
may be a reason why women have never encountered the notion that she Wavelets have found applications ematical frameworks to help them, but sity to promote female mathemati-
been so forgotten.” might be less suited to math than in an astonishing range of fields. They “it’s also nourishment for mathemat- cians and likes to draw attention to
She is referring to her foremothers, boys. When she did encounter it later are fundamental to the image-com- ics,” she adds. “Mathematics needs the lecture series named for the long-
the female mathematicians and scien- at university, “I felt that it said more pression technology used to shrink new questions. Applications lead to forgotten first woman on Duke’s phys-
tists whose names have been left out about the person making this assump- digital images, movies and sound se- new questions, and some of the appli- ics faculty, Hertha Sponer, a German
of textbooks or who are recurrently tion than me.” quences so that they take up fewer ki- cations lead to questions for which molecular physicist, who broke that
“recovered” only to be lost again— She earned her Ph.D. in theoretical lobytes and can be stored, for in- you don’t have the pure mathematics barrier in 1936.
women such as Emilie du Chatelet, physics at the Free University of Brus- stance, on a smartphone. In the 1990s, tools yet, so then you build further on Many math and science depart-
Sophie Germain, Ada Lovelace and sels and continued to conduct re- the FBI adopted wavelets to compress what already exists. And in some ments are now having “a serious look
Emmy Noether. When Princeton hired search there until 1987, when she its database of fingerprints to make cases, you hit on some deep, needed at themselves,” says Dr. Daubechies.
Dr. Daubechies, “they wanted to make joined Bell Laboratories in New Jer- them easier to transmit and store. structure that doesn’t exist yet.” The discussion is beneficial for
a big thing about it,” she recalls. “I sey. That year, she also married Rob- Wavelets have been used to recon- Dr. Daubechies is currently collabo- women, underrepresented minorities
didn’t like that. I thought they should ert Calderbank, an American mathe- struct images too—for example, early rating with fossil experts to help them and mathematics itself, she argues.
be ashamed that they didn’t have a matician, with whom she has two Hubble Telescope images and artwork trace evolutionary changes by analyz- “The atmosphere you need for these
tenured woman on their [mathemat- children. that has cracked or faded—and to de- ing the surfaces of teeth and bones, groups to feel appreciated is an atmo-
ics] faculty until 1994.” Dr. Daubechies is best known for tect forged documents and paintings. even as she works with biologists sphere that will encourage creativ-
Dr. Daubechies, 65, was born in her work on mathematical structures In 2007, Dr. Daubechies showed how studying birdsong to uncover how ity—just to be more open, to entertain
Houthalen, Belgium. Her mother was called wavelets; her discoveries have wavelets can be used to authenticate young birds learn their local dialect a different way of looking at things.”
a homemaker, her father a mining en- been so influential, in fact, that these artwork, differentiating true van from older birds. Her wavelets have She adds, “I always feel I’m compet-
gineer in the local coal mines. “I was are referred to in the field as Goghs from forgeries based on subtle helped geologists analyze seismo- ing with a mathematical problem, not
always interested in what makes Daubechies wavelets. She describes differences in brush strokes. grams and neuroscientists read MRI with other people.”

My Plan is simple: I’m

going to spend
rage. “Stop
Spending So
vistas for miles—and check my
Twitter feed until dusk. Tim

For 2020: more time with

my phone.
Yeah. Why
Much Time with
My Phone” is
really the “in”
Cook will send me a medal. And
another phone.
Don’t sit next to me on a

JASON More Time not? Everyone’s

beating up on
resolution for
2020. Even the
plane, a train or at the movies.
I’m going to be a phone-check-
GAY
With smartphones
these days—
Journal’s Tech
Gandalf Joanna
ing nightmare. I’m going to ig-
nore my family. I’m going to

My Phone how they’re ru-

ining attention
spans, civility,
Stern is giving
readers advice
about how to
stop reading bedtime stories to
my kids—at least bedtime sto-
ries in print. Those slackers
sleep and our curb phone use, should start reading to them-
Everyone IT’S STILL JANUARY, my lives in general. which is like selves. (I’m tired of “Make Way
friends, so technically, I have Once regarded Jacques Pepin for Ducklings,” anyway.) I’m go-
claims time to make a bold New as wonders of innovation— phone at my kid’s pre-K singa- swearing off butter. I went into ing to put my phone on the
to be Year’s resolution. I promise it’s something to be shown off in long, and people looked at me Joanna’s office recently, and she nightstand—even though every-
giving up not another fruitless pledge to public, like a magic bunny pop- like I’d taken out a blood-splat- didn’t look at a phone once. one says that’s a bad idea—and
hit the gym (so boring!), eat ping out of a top hat—phones tered chain saw. Come on, peo- And she has 2,300 phones. I’m going to check it at least 20
tech this better (yuck!) or read more are now a great cultural villain, ple! Have you ever had to sit I choose to go in the other times a night. Sure, my sleep
year. books (zzzz!). And I don’t want modern enemy No. 1, techno- through a pre-K singalong? direction. I think the phone has will stink, and my health will
I want to be a kinder human in logical handcuffs that should be Even workplaces—which gotten a little too beaten up. suffer—but when the president
2020—I’m kind enough, you ignored and unused almost all have never cared about our I’m going to show mine some pecks out an indecorous tweet,
to buck ingrate jerks. of the time. personal well-being—are start- more love. I think I’ll take my I’ll know seconds before you.
the trend. Likewise, I’m not going to Every environment is getting ing to frown on phones. Next phone use up to 16 hours a day, I don’t get why this would be
learn a new language; you all in on the “phone free” fad: time you’re at lunch with the then go for the full 24. I’m go- controversial. People say phones
know I can barely manage com- movie theaters, churches, res- boss, yank out your phone and ing to use my phone in places take away from human interac-
prehensible English. I’m not go- taurants, weddings, soccer prac- scroll through your Instagram I’ve never used it before. The tion—I say exactly! That’s the
ing to visit a new country, call tices, operating rooms. Taking for 10 minutes. Just wait: The shower—phones are supposed idea. I fail to see the problem.
my mother twice a day or stop out a phone in these settings is boss will be offended. And it’s a to be waterproof these days, You know I’m right. You know
ZOHAR LAZAR

singing Dean Martin songs in seen as uncouth, vulgar, a signal company phone! The boss is right? I will ignore the natural this is perfect wisdom for the
line at the post office. of disinterest and distraction. paying for it! Hypocrite. world. I will travel to Tuscany, new year. Now somebody tell
No. My New Year’s resolution Not long ago, I picked up my And yet Luddism remains the find beautiful open fields—with me where I put my phone.
 BOOKS
Angel of Death The Family We Choose
The life and pursuit The gift and
of Josef Mengele necessity of friendship
C9 C8

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | C7

Weimar in Hollywood
The forgotten actress-screenwriter whose salon for German émigrés enriched American culture
The Sun and Her Stars
By Donna Rifkind
Other Press, 550 pages, $30

The Kindness of Strangers

By Salka Viertel
NYRB, 343 pages, $17.95
BY SCOTT EYMAN

E
RICH VON STROHEIM
was probably the first
European artist to mi-
grate to Los Angeles, but
he was an unknown aspi-
rant at the time and always a psycho-
logical and professional isolate. The
first eminent artist to try it was Ernst
Lubitsch, arriving from Germany in
1922. From the beginning, he loved
America, its bounty and its movie
studios. He stayed.
Arriving in Lubitsch’s wake were
Germans and non-Germans alike:
Conrad Veidt, F.W. Murnau, Paul Leni,
William Dieterle, James Whale. After
Hitler ascended to power in 1933, they
came in droves: Fritz Lang, Thomas
Mann, Otto Klemperer, Charles Boyer,
STEPHANIE DALTON COWAN

Arnold Schoenberg, Robert Siodmak,

Franz Waxman, Aldous Huxley. And
then there were the young guns wait-
ing for their shot: Billy Wilder, Christo-
pher Isherwood, Fred Zinnemann.
They all came to Salka Viertel’s
house in Santa Monica, Calif. For the KAFFEEKLATSCH Salka Viertel (right) with Greta Garbo and Thomas Mann.
food, for the warmth, for a trans-
planted but authentic Gemütlichkeit. into the kitchen to see how things were far: Schoenberg didn’t have syphilis. heavy management structure of the A lot of people agreed with Peter
Viertel, an actress and screenwriter, going. I remember her most vividly at They were a contentious bunch, but, studio. Viertel could construct scripts Viertel. A few years after the disaster
didn’t limit herself to fellow German- this moment of greeting: she was strik- as Theodor Adorno wrote, “Every intel- that accommodated Garbo’s weird, of “Two-Faced Woman” (1941), Salka
speakers; Charlie Chaplin and Harpo ingly aristocratic and unaffected. Her lectual in emigration is, without excep- somnambulistic affect, which was lined up a project for Garbo and had
Marx were also frequent guests at her posture, the line of her spine and neck, tion, mutilated.” nearly as pronounced as her social completed two-thirds of the script
Sunday kaffeeklatsches. Between the was still beautiful; you could believe Viertel was also creative, but with- anxiety. She also offered what Ms. when the actress got the vapors and
guests and the dogs—Viertel always that she had been a great actress.” out the artist’s narcissistic veil; she Rifkind calls “stability, patience, iron- bailed. Ernst Lubitsch wrote to Garbo:
had three or four—the house was The director James Whale ran into seems to have been happiest as a clad loyalty and a gift for advocacy.” “I haven’t read the script, but I must
crowded. Franz Waxman at the Viertels’ and ex- nurturer, putting herself in the service “If there was ever any argument tell you that if it’s good, you behaved
There have been other books about claimed, “I’ve been looking all over the of others. When Murnau left for Tahiti about a script I always had this woman badly. If it’s bad, you behaved even
the immigrant diaspora that providen- world for you! You are the composer to make “Tabu,” his final film, Salka to fight for me,” said Garbo. “She was worse. You threw an old friend to the
tially landed in Los Angeles and en- for my next film!” That was “The Bride saw him off at San Pedro harbor with indefatigable and worked on [the wolves. You have been in Hollywood
riched American culture for decades, of Frankenstein,” which sent Waxman 2 pounds of Malossol caviar, which scripts] . . . to saturation point and long enough to know how much dam-
but Donna Rifkind’s idea to use Viertel off on several decades of composing moved Murnau to tears. Then, with always found something good that age you have done to Salka.”
(1889-1978) as the focus for a moving, such magnificent scores as “Sunset others wouldn’t bother about.” The two women eventually recon-
mournful new biography, “The Sun and Boulevard” and “A Place in the Sun.” Garbo thought enough of Viertel’s ciled, but Garbo never acted again.
Her Stars,” was a particularly brilliant Similarly, Charles Laughton met Bertolt They all came to Viertel’s acting skills to have her co-star in the “Work is a habit,” Salka later wrote,
idea. Viertel was the best representa- Brecht at the Viertels’, and the two German-language version of “Anna “and she lost it.”
tion of both her country and her sex men collaborated on a new version
house in Santa Monica, Christie,” her first talkie, which is con- During World War II, a lot of Vier-
imaginable—a combination of mother of Brecht’s “Galileo.” Calif.—for the food, for siderably better than the more widely tel’s time was taken up with the Euro-
hen, chef, career counselor, referee and, She was born Salomea Sara Steuer- the warmth, for the known English version. Viertel plays pean Film Fund, organized by Lubitsch
in her own right, artist. mann, which she thankfully shortened the old waterfront whore that Marie and others. The war, not to mention
Guests and host alike were in flight to Salka Viertel. She and Berthold, a unfeigned Gemütlichkeit. Dressler played in the English version, anti-Semitism, had provoked one of
from a regime specializing in brutality writer and director, arrived in America and she’s very good, albeit without the America’s periodic spasms of immi-
and murder. As Berthold Viertel wrote early in 1928 at the bidding of the humor that Dressler brought to every- grant paranoia. Europeans who were
to his wife: “One can really say that the great director F.W. Murnau. Berthold letters and telegrams, she offered him thing. Viertel was unhappy with her employed by the studios would tithe 1%
world is coming to an end in Europe, had written Murnau’s now-lost “Four guidance for his shoot in the South costume, her makeup and, ultimately, of their earnings to the fund, which
or at least the biggest part of what was Devils,” and Murnau wanted him to Seas. (One of the few flaws of Ms. her performance. She was, she decided, dispensed stipends to needy émigrés.
our world.” She was typically defiant: write his next film, “City Girl.” Berthold Rifkind’s book is that she doesn’t a creature of the stage, but in fact she The fund also assisted with the moun-
“Hitler is the triumph of the German worked in America but never truly quote from these letters; another is never acted again, which Ms. Rifkind tain of paperwork it took to get émi-
Spiesser [philistine] and we will live settled down. Salka worked but also occasionally taking her eye off the calls “an acute sort of exile for her, grés into America. Her activities were
to see his downfall.” made a home for herself. ball by spending pages writing about a death of self.” duly noted. J. Edgar Hoover’s FBI,
She was right, but so was Berthold. It wasn’t all sunny on those Sunday extraneous locations—the German col- Her son Peter Viertel, the author always on the lookout for premature
The only replication of German and afternoons. There was comedy, largely onies in other places, for instance.) of “White Hunter, Black Heart,” the antifascists, were tapping Salka’s phone
Austrian cafes for these people was at deriving from delicate egos in per- Her own career moved into high legendary roman à clef about John by 1942, as well as opening her mail.
165 Mabery Road in Santa Monica, petual need of soothing. Salka had to gear after she met Greta Garbo in Huston, told me that he thought Garbo The bond between Salka and
where the pièce de resistance was make sure that Igor Stravinsky was not Lubitsch’s living room. They formed used his mother far more than his Berthold was emotionally strong, but
Salka’s chocolate cake, which was par- seated in the same room as Arnold a bond—a friendship complicated by mother used Garbo. He resented the they never seemed to realize that they
ticularly cherished by Thomas Mann. Schoenberg—they detested each other. a deep need on Garbo’s part. Viertel fact that Garbo never spoke up for his were characters in a Lubitsch film—the
Christopher Isherwood evocatively Then there was the animus Schoenberg worked on the scripts for “Queen mother when MGM let her go and chains of matrimony were so heavy
described Viertel’s manner: “She had for Thomas Mann, because of the Christina,” “The Painted Veil” and failed to use her considerable leverage that it took four to carry them. Salka
greeted newcomers warmly and got syphilitic avant-garde composer Mann “Conquest,” among others, becoming to help his mother when it came to had a long affair with the much youn-
them involved in conversations with had written into “Doctor Faustus,” Garbo’s most frequent screenwriter at salary: Salka never seems to have ger Gottfried Reinhardt, the son of the
earlier arrivals, then she disappeared although the comparison went only so MGM as well as her liaison to the top- received more than $750 a week. Please turn to page C8

attributes of human nature and exerts intellectuals fused such ideas into an
Downfall its legitimacy at the expense of custom,
tradition and community sensibility.
oppositional critique of church and
state, a critique that was itself refined

Of the The assumptions of the Enlightenment,

for some people nowadays, are naive,
in underground writings and then
launched into a wider readership in
even dangerous. the mid-18th century.
Radicals To make sense of such claims, it
helps to step back and ask a simple
The culmination came in the 1770s
and ’80s, when Enlightenment ideals
question: What exactly is the Enlight- played a fateful role in the American
The Enlightenment enment? How is the term to be prop- and French revolutions. Revolts before
That Failed erly understood? What is its history? 1775, Mr. Israel says, strove to restore
By Jonathan I. Israel Jonathan Israel, an emeritus professor “supposedly foundational constitutions
at the Institute for Advanced Study grounded in tradition and religion.”
Oxford, 1,070 pages, $45
in Princeton, N.J., has been grappling In America, and especially in France,
BRIDGEMAN IMAGES

BY WILLIAM ANTHONY HAY with such questions for nearly two he says, the emphasis was secular, and
decades. He is not a skeptic of the the program for change offered a

T
HE ENLIGHTENMENT Enlightenment; indeed, he is an ardent much bolder challenge to the past and
provides a touchstone for admirer of it, but he believes that its traditional understandings.
our understanding of we’ve lost a sense of its proper dimen- By the late 18th century, Mr. Israel
modern history and, not sions and don’t fully grasp how much FREEHAND Study for ‘Liberty Leading the People’ (1830) by Eugène Delacroix. observes, the script for revolution had
least, for our sense of the more bold and history-altering the come to emphasize “universal and
current moment. More than two centu- Enlightenment might have been. In favor of “representative, democratiz- Mr. Israel traces the outlook of the equal rights,” alongside freedom of
ries ago, a shift in outlook sought to “The Enlightenment That Failed: Ideas, ing republicanism.” Seeing truth as Radical Enlightenment to its origins expression and a republican governing
throw off superstition and irrational Revolution, and Democratic Defeat, something to be determined by math- in a group of thinkers surrounding structure. These ideals propelled the
prejudice by elevating the power of 1748-1830,” Mr. Israel ambitiously ematical, scientific reason alone, it at- the philosopher Baruch Spinoza, who first revolutionaries in France but were
reason and the status of skeptical in- seeks to connect the collapse of what tacked both religion and what Baron explored egalitarian critiques of au- capsized, he argues, by the coup of
quiry. Over time, the Enlightenment he calls the “Radical Enlightenment” d’Holbach, an 18th-century philoso- thority—in religion, government and June 1793. A key part of “The Enlight-
was credited with exponential ad- with worrisome trends in Europe and pher, called the “political superstition” society—amid the Dutch Republic’s enment That Failed” describes this epi-
vances in learning, as well as improved the Americas that lingered into the of venerating institutions or customs factional tensions and turmoil in the sode in French history. Maximilien
social conditions and modes of gover- 19th century and beyond. simply because they were part of a 1660s. Conflicts in the Netherlands, Robespierre, together with his faction
nance. But it has drawn criticism, too, Mr. Israel defines the Radical tradition. In short, nothing in politics Mr. Israel shows, shaped arguments of authoritarian populists known as
especially of late, for asserting—so it is Enlightenment as a set of philosoph- or society could be upheld, in the favoring democratic republics over Jacobins, seized power to impose a dic-
said—a narrow, simplistic vision of ical ideas that, among much else, Radical Enlightenment’s frame, with- their aristocratic counterparts in Ven- tatorship marked by paranoid violence
human endeavor, one that ignores core rejected aristocracy and monarchy in out rational justification. ice and Geneva. Over time, Continental Please turn to page C8
C8 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

BOOKS
‘Friendship . . . is the instrument by which God reveals to each the beauties of all the others.’ — C . S . LEWIS

Let’s Get Together When

Weimar Came
Friendship
By Lydia Denworth
Norton, 297 pages, $26.95
To Hollywood
BY DANIEL AKST Continued from page C7

L
director Max Reinhardt, while Berthold had a suc-
ET’S FACE IT, nearly cession of mistresses.
every friend comes After Garbo retired, work for Viertel got scarce,
with benefits. They and she began renting out rooms in her house.
include not just fel- For a while, Hurd Hatfield, the star of “The
lowship, sympathy Picture of Dorian Gray,” paid $35 a month for a
and aid but better health and, room, as did Brecht’s mistress Ruth Berlau. When
probably, longer life. Friends bring the Viertels’ house was on the verge of being
us up to speed by sharing news foreclosed, Chaplin fronted the money to save it.
and gossip, but they can also let us After the war, there were still some interesting
know when we’re going off the people around—Norman Mailer, James Agee,
rails, driven by our worst instincts. Montgomery Clift—but Lubitsch died, and many
All of this is a matter of human of the Germans drifted back to Europe. And then
nature. People are social animals, the Blacklist finished the job the war had started.
and friendship is a crucial and Viertel wasn’t a Communist, but some of her
increasingly important category of friends were. She wrote the narration for Jean
ROY TOFT/NATIONAL GEOGRAPHIC

relationship for us in the modern Renoir’s “The River” (1951) but received no credit
world. You can bet your life on it, because either Renoir
because loneliness kills. As Lydia or United Artists didn’t
Denworth notes in “Friendship,” want to publicize the When Salka
her deft exploration of the biology fact that they had hired
of a “fundamental bond,” studies a graylisted writer.
Viertel was
have found that “overall, social For Viertel, it was all in danger
isolation roughly doubled the risk a grim repetition. In of losing
of mortality.” GIMME SHELTER Two young Japanese macaques hug to keep warm on a rock. Germany in the 1920s,
The term “friend” is used pro- she had seen Stravinsky, her house,
miscuously nowadays, including larly sociable, had long assumed conflict or aggression, more often in a single volume; indeed, the au- Schoenberg, Erich Maria Charlie Chaplin
(thanks to Facebook) as a verb. Yet this shared characteristic to be cul- than chance would predict.” thor’s parade of scientists and find- Remarque and James
the expanding currency of the tural, but it’s clear now that genes And make no mistake, you’re an ings, though carefully presented, Joyce denounced by
bailed her out.
word hasn’t brought to friendship help determine how sociable. Thus animal, one that evolved to feel the inevitably blurs in places as it goes repressive reactionaries
the emphasis it deserves. With the this trait is to some extent “passed pain that nature associated with by, trying our patience as even our as Kulturbolsheviks.
splintering of the family, the rise from generation to generation.” isolation. The likely evolutionary best friends can sometimes do. She and Berthold finally divorced in 1947. A
of solo living, and the decline of The corollary, of course, is that purpose? To safeguard your genes Whenever things seem to be week after the divorce was final, she wrote him:
churches, fraternal organizations it’s also partly environmental—or getting out of hand—you really “I loved you and I shall always do so. We have held
and other social institutions, social or cultural or whatever such have to like primates, for example, each other and belonged to each other through all
friendship would seem to be the term you prefer. That makes it Modern life has only to go bananas over “Friendship”— the storms. Nothing will ever change that.” In 1954
one roomy, all-terrain vehicle de- easier to comprehend the notion, Ms. Denworth steps up with a per- she was forced to sell her house—another loss,
signed to carry us securely into as some have suggested, that lone-
intensified our need sonal or animal anecdote illustrat- beginning a third act that piled exile on exile. She
the future. There is a great deal to liness is increasing, although the for friendship. Luckily, ing the importance of friendship or ended up in Klosters, Switzerland, near her son
like about it. We get to pick our evidence is far from clear-cut. we have a genetic the science behind it. Sylvia, a ba- Peter, who had married the actress Deborah Kerr.
friends, after all, and most de- We do know that Americans have boon in Botswana, was nicknamed She was afflicted with Parkinson’s, with deafness,
cently functioning friendships are more divorces and fewer children, propensity for it. the “Queen of Mean” for playing with melancholy wrought by the isolation and the
both mutual and limited, asking smaller families, and a higher like- the malevolent dowager, “scatter- multiple humiliations of old age. Her loneliness
neither too much nor too little. lihood of living alone than in past ing subordinates and biting or would be broken by yearly visits from Garbo.
They’re not exclusive either. generations. Religious affiliation from the vulnerability of being whacking animals that failed to It was in this period that she wrote her memoir,
Marriages might be more en- is down, as are social activities alone with hungry tigers and move out of her way.” Then a lion “The Kindness of Strangers” (1969). It’s a rich,
during if friendship had a more like golf. The political scientist marauding strangers on some long- killed her daughter, and in her grief nourishing book, happily reissued to coincide
prominent role in our lives, taking Robert Putnam lamented the de- ago savanna. Ms. Denworth’s book, she signaled conciliation to other with Ms. Rifkind’s biography. It reflects Viertel’s
some of the pressure off spouses. cline of bowling leagues. These in fact, is not just a biological baboons, some of whom “fled in generous nature, and it even gives a sense of what
Byron pointed out that friendship patterns are manifest not just in account of friendship but a quick panic.” But she stayed with it, her chocolate cake must have been like: The tone
is “love without his wings,” and America but in most of the indus- and painless tutorial in the history working hard to make the friends is prevailingly kind but with a perceptible—not to
Cole Porter might have been talk- trialized world. of evolutionary science, which is she desperately needed. Research- mention perceptive—taste of the bitter beneath
ing about friendship, rather than It’s not far-fetched to infer that revealed to us through the prism ers have found, in fact, that female the sweet.
just falling in love, when he wrote such developments have only of a subject all of us can relate to. baboons blessed with “strong sta- Salka Viertel died in 1978, but her biographer
that birds and bees both “do it.” heightened the need for friendship, Given how much there is to be ble social bonds didn’t just have performs an act of spiritual as well as cultural
Ms. Denworth observes that and Ms. Denworth, a veteran sci- said about friendship, maintain- more babies, they lived longer.” resurrection. “Through her experience as a woman,
“friendship or something ap- ence writer specializing in the ing this sharp focus must have Here and throughout, the author an immigrant, and a Jew,” writes Ms. Rifkind,
proaching it has recently been brain, does an admirable job of required discipline. Although Ms. is judicious in weighing scientific “she charted Hollywood’s role on the twentieth
identified in a surprising number outlining the sources of our yearn- Denworth mentions social psychol- evidence, most clearly with respect century world stage . . . [and showed] that
of other creatures, from dolphins ing for it. She has a solid command ogist Theodore Newcomb, who to the effects of videogames and women’s influence in the picture business was
to zebras.” Zebra fish, in fact, of the complex material before her “demonstrated the importance of social media on people’s social not limited to that of movie stars.”
show less fear when they can see and a seemingly effortless ability proximity, similarity, and reciproc- lives. (Short version: no need for “The Sun and Her Stars” is a feat of daunting
their finned “friends,” and sheep to make it not just digestible but ity in creating friendships,” she alarm.) In these polarized times, research and appropriately passionate writing.
can recognize animals they grew engaging. Observing that genes can sensibly resists trying to wrap her when some readers may object to Translating quantities of letters and diary entries
up with after years apart. be turned on or off by circum- arms around research on (to cite a the very premise that there is from the German would put off many biographers,
Our propensity for friendship stances, she explains: “Genes some- few examples) the effect of our something called human nature but Ms. Rifkind sailed ahead. It’s the story of a
(like our susceptibility to loneli- times stay silent, like an opinion sprawling built environment, our that can’t be wished away, Ms. valiant earth mother who transcended an emotion-
ness) is significantly genetic, like that is never voiced.” increased tendency to sort our- Denworth sticks to the science, ally nomadic existence and devoted her energy to
almost everything else about us, Just what is friendship? Among selves by our politics and prefer- calmly telling us the truth no mat- providing for others while managing to write
and thus heritable. The author, for various definitions, primatologist ences, or our growing ethnic diver- ter what we think we need to hear. “Queen Christina” in what seems to have been
example, describes with contagious John Capitanio offers perhaps the sity—all of which have ramifica- What else are friends for? her spare time. Like the multitudes who came to
pleasure the joy that her mother, most elegant one, which the author tions for friendship and could fill 165 Mabery Road, you’ll be glad you met her.
now suffering dementia, took in explains this way: “Two animals additional books. For there is more Mr. Akst, a former science
the convivial dinners she put on in are friends by his calculation if they than enough in the life sciences columnist for the Journal, Mr. Eyman’s biography of Cary Grant will be
younger days. Ms. Denworth, simi- hang out together happily, without and adjacent fields to keep us busy writes the weekend news quiz. published in October.

racy and monarchy.” Proponents of the merit and intellect”; otherwise dema- author’s earlier works, such as “Radical tests and invoked a universalist lan-
Downfall Moderate Enlightenment favored re-
form, not revolution. Their ideas gave
gogues or reactionaries might prevail.
One way of defining the Enlight-
Enlightenment: Philosophy and the
Making of Modernity, 1650-1750” and
guage of rights—but the predominant
shapers of colonial opinion were Prot-

Of the conservatives arguments against radi-

calism and the tools to manage change.
enment, then, is: empowering the
enlightened.
“The Expanding Blaze: How the Ameri-
can Revolution Ignited the World,
estant clergymen. There was a limited
constituency in America, at best, for
“Liberal Toryism” in Britain after 1815, Even if the Radical Enlightenment 1775-1848.” Mr. Israel tends to define militant irreligion, a key element in the
Radicals for example, showed that the system
could meet popular complaints on its
never recovered the momentum it lost
in 1793, turning back its reforms and
terms like “radical” and “Enlighten-
ment” in ways that bolster his larger
Radical Enlightenment outlook. Thus
outspoken skeptics like Ethan Allen
own terms. Sweeping transformation effects proved beyond the reach of the claims and that define away the claims were outliers more than representative
Continued from page C7 lost its allure. post-1815 restoration in France and of those with whom he disagrees. figures. Lacking a readership, radical
and repression. Curtailing dissent and The heroes of Mr. Israel’s narrative elsewhere. Damage to established He says at one point that “the term journals vanished from sight in Amer-
free expression, it valued the feelings are those who—without giving way to churches, especially from lost wealth, ‘radical’ must strictly be reserved” for ica after Thomas Paine died in 1809.
of ordinary people over the educated fanaticism and dictatorship—sought to could not be undone, nor could many the particular tendencies he high- Mr. Israel concedes that the Radical
and the philosophically minded. Mr. overthrow the ancien régime entirely of the institutional changes imposed lights—such as universalism and free Enlightenment lacks a public constit-
Israel cites one of the philosophes, and build anew from the reasoned ap- after 1789 (e.g., opening careers to tal- expression. Never, he says, should we uency today; we are, so to speak,
Antoine Destutt de Tracy, who called plication of first principles. He is eager ent rather than reserving army and call “radicals” the rebellious outsiders Hume’s descendants—not d’Holbach’s
the Revolution after 1793 a “blind, un- to refine our sense of these people and civil-service posts for members of the and transgressors that Marxists and or Spinoza’s. The Moderate Enlighten-
reasoning revolt against ‘reason’ itself.” their positions, lest we blend them nobility). Still, counter-revolutionaries cultural historians on the extreme left ment is closer to our preference for
As we know, Robespierre was him- carelessly with the Revolution’s fero- pushed back, either defeating revo- lionize as instruments of so-called compromise and reliance on experi-
self done in by this fury of righteous- cious Jacobins, whose program, he lution or deflecting it, as in Britain, radicalité. And of course Moderate ence over theory. Still, Mr. Israel
ness, and the Revolution eventually says, followed an “authoritarian and with moderate reform. Enlightenment figures like David defends the rationalist principles of
lost its momentum and retreated into quasi-religious” line that later revolu- Mr. Israel is at pains to say that the Hume and Montesquieu, however pro- the Radical Enlightenment as “a su-
a softer authoritarianism under Napo- tions, especially in the 20th century, shift to revolutionary socialism in the found or insightful, fall short of adopt- perior alternative to either traditional
leon. But the Terror, instituted in the would follow disastrously. 19th century—which seems to pick up ing the undiluted spirit of the Radical religion or an enfeebling, ultimately
name of the people, “succeeded in per- In the Radical Enlightenment phase, the “radical” torch—ended up margin- Enlightenment that Mr. Israel valor- absurd Postmodernism.”
manently weakening the democratic equal rights did not mean equal par- alizing the Radical Enlightenment as izes. They are, in his view, too willing Why then does it not have more
impulse,” Mr. Israel writes. Few sought ticipation. It was true that any man or much as the conservative reaction to compromise with tradition and not support? In part, because the rational-
to revive the spirit of the Radical En- woman had the capacity to act ratio- against it. A populist movement with willing enough to attack religion ism he proposes is far too narrow.
lightenment. Conservatives, in France nally, without regard to wealth or no 18th-century precursors, socialism openly. Even the British empiricists Claiming mathematical science as the
and elsewhere, instead tainted revo- status. But the public good—under- sought to empower the urban prole- subverted reason, he believes, by plac- criterion for truth excludes far more
lution or radical reform by associating stood as “a body of universal truth”— tariat rather than broaden conscious- ing lived experience over abstract rea- than religion, not least the riches of
it with the Terror. With the moment required limiting the reins of power to ness or end prejudice. Karl Marx, Mr. soning. Casting the Radical Enlighten- tradition. And for many of us today,
lost, it would never be glad confident those who could understand the public Israel shows, defected from the Radical ment as the primary—and the only empowering the enlightened looks a
morning again. good and pursue it rationally. Super- Enlightenment to “the creed of class- fully praiseworthy—strain of a broad lot like empowering those who hold
Of course, the Enlightenment didn’t stitious and credulous citizens—a sub- war” and the primacy of economics, intellectual movement tips the scales the right opinions in exactly the cor-
utterly collapse as a broad idea, but it stantial portion of any populace— part of a larger pattern that followed toward Mr. Israel’s interpretation. rect way—for now. Everyone else is
lost ground to a rival: the Moderate posed a threat. Proponents of the the thwarted revolutions of 1848. And some of Mr. Israel’s assump- left with the dubious privilege of
Enlightenment, which conserved “the Radical Enlightenment, Mr. Israel As Mr. Israel unfolds his narrative tions are debatable. How central was following their superior wisdom. No
main components of the existing notes, “never had much good to say and argument, “The Enlightenment the Radical Enlightenment to the wonder that vision of the Enlighten-
ancien régime framework,” according about ordinary people’s beliefs and That Failed”—an enormous volume, it American Revolution? Benjamin Frank- ment failed.
to Mr. Israel. These components in- opinions, as distinct from their needs, should be said, filled with daunting lin and Thomas Jefferson may have
cluded “established religious authority, moral capacity, and rights.” Political erudition and dense historical detail— fallen under its influence—they fa- Mr. Hay is the author of “Lord
and social hierarchy based on aristoc- power had to rest with “an elite of pauses to reply to the critics of the vored, for instance, ending religious Liverpool: A Political Life.”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | C9

BOOKS
‘I have never accepted that Mengele believed he was doing serious medical work. He was exercising power.’ —ALEX D EK EL , S U RV IVO R O F AUS C H WITZ

The Demon Doctor of Auschwitz

Mengele Yiddish.) Only in 1985 did they, along with the
By David G. Marwell Americans and Germans, learn that six years
earlier, at age 67, following a stroke suffered while
Norton, 432 pages, $30
taking a dip, he’d washed ashore on a Brazilian
BY DAVID MARGOLICK beach. They promptly dug up his remains.

I
Mr. Marwell’s account of that investigation is
N THE POPULAR IMAGINATION at least, gripping, from the realization that he’d already
Josef Mengele has come to personify died, to the farcical exhumation (the gravedigger
the Holocaust. Hitler and Himmler, first mangled his skull, then brandished it before
Heydrich and Eichmann: They all sat the throngs of press), to the moment, seven
behind desks in Berlin. But Mengele years later, when he was incontrovertibly iden-
manned the front lines, literally: two of them, tified. Or as incontrovertibly as he ever could
one of men, the other of women and children. have been: For some, notably the twins on
With a slight twist of his thumb, he determined whom he’d performed his experiments, he was
who’d live, if only briefly, and who’d head off more potent as a fugitive than as a bag of bones.
to the gas chambers of Auschwitz. To me at least, though, Mengele decomposing
Nearly 35 years after the world finally is far less interesting than Mengele alive, and
mobilized to find him, which turned out to be I’d have liked a bit more. How did he unwind at
six years after he’d died, Mengele still fasci- Auschwitz, or pass all those years in hiding?
nates. You want to know how someone with Might not more have been squeezed out of all
graduate degrees in medicine and anthropol- those documents—date books, letters, an auto-
ogy, a cultured man from a Catholic family biographical novel—that he left behind? One
who whistled classical music as he went about thing Mr. Marwell makes clear is that Mengele
his work, could have done what he did, and never felt a moment’s remorse. He’d followed
how he felt about it, and could have walked off orders, he told intimates. He’d been part of a
unpunished when it was over. great historic epoch. And just think of all those
David Marwell has been thinking about Jews he’d saved by consigning them to work
Mengele for a long time. In February 1985, rather than to be murdered right away!
when the search for him reached an almost This sober and meticulous book generates all
comical pitch—when Al D’Amato morphed the sorrow and horror, despair and indignation
(briefly) into Simon Wiesenthal—Mr. Marwell one expects from such histories. The Holocaust,
worked for the Justice Department’s Nazi- both in its astonishing vastness and heart-
hunting office. He visited Mengele’s German breaking particularity—the Hungarian doctor
hometown and his South American hideout, watching his wife and three young daughters
interviewed his friends and victims and dentist, walk off to their fates; the 20 Jewish children
and, ultimately, held his bones in his hands. infested with typhus, then hung from steam
Mr. Marwell’s mission in his new book is to pipes; the glass vials containing human eyes—
peel away the myths that have grown up around is all here. Simply for coping with such material,
Mengele and, strange as it might sound, to Mr. Marwell is a hero, as is his wife, as he
humanize him. No, Mengele did not run all the acknowledges. “She is, I know, as relieved as I am
selections; many other doctors—to the Nazis, to get Josef Mengele out of our home,” he writes.
they lent scientific legitimacy to the process— And in the end, his book is oddly reassuring.
shared the work. But Mengele bucked up the For Nazis of Mengele’s ilk, retribution was
more squeamish, arguing that since the higher- often mercifully swift. It’s a tiny bit consoling
ups had already doomed all Jews, they really to know that Mengele’s punishment went on
weren’t deciding anything. for decades and took multiple forms. Though
No, he wasn’t some “handsome Siegfried,” the efforts to find him sputtered, they were
but short and dark, with a gap between his front enough to torment him, prompting him at one
ALAMY

teeth. No, he didn’t wear the white gloves and point to disfigure his face. He missed the funerals
monocle that Elie Wiesel recalled. No, he wasn’t FOUND After the search for Mengele ended with discovery of his remains, controversy continued. of his parents and brothers. His two wives left
a man of “unfathomable perversity,” trying to Comparing images of his skull to known photographs was one method used to establish identity. him. He barely knew his son, who, when they
turn brown eyes blue for kicks. Mengele saw finally got together, grilled him on his deeds.
himself as a serious man of science, plumbing May 1943, at age 32, he was assigned to Ausch- to fall into American, rather than Soviet, hands. How was it, he asked, that so many of those
the mysteries of heredity to perfect the Volk. witz, possibly at the urging of his mentor Unaware of his background—he lacked the usual sub-humans he dispatched were more brilliant
Auschwitz was his laboratory, offering limitless (whose own research on twins had once been SS tattoo on the underside of his left arm—and than those who did the dispatching?
subjects and unbound by noisome ethical funded by the Rockefeller Foundation), possibly overwhelmed by 3 million German POWs, the Cut off from his language, culture, profession
inhibitions. Where more than a million people after pushing for the post himself. As he later G.I.s let him go. After hiding for three years on and passions, stripped of his fancy degrees, bitter
lost their lives, Mengele found his. said, to have passed up such an opportunity a German farm, he absconded to Argentina. and self-pitying and at least said to be suicidal,
He’d grown up in the small city of Günzburg, would have been “a sin, a crime,” and “totally Thanks to smuggled family money, Mengele Mengele always knew how history would judge
son of a local industrialist. He’d had a church irresponsible.” settled in there: buying a house and car, publish- him. Then there was his Job-like list of afflictions,
wedding, unusual for an SS man (though his The work proved taxing to Mengele, and he ing an article on genetics (under one of many God’s only cameo in this whole horrific saga:
future wife was vetted for body type, eye color resolved to his wife to take it easier. But duty aliases), traveling to Switzerland once by way of migraines, swollen joints, a mouthful of rotten
and the width of her pelvis). Only in 1938 had called: After all, over three months in New York. He fraternized with former Nazis (he and missing teeth, a fecal stone he had to reach
he joined the Nazi party. But he had focused his mid-1944, 430,000 Hungarian Jews had to be found Eichmann, broke and depressed, a drag) in and push aside whenever nature called.
medical studies on the same issues of race, gassed and burned. Home leaves and family and eventually reclaimed half of his old identity: Upon returning from covering the circus in
genetics and anthropology that obsessed the visits, including two from Frau Mengele, helped “José Mengele,” he would become. But after the Brazil, Ralph Blumenthal of the New York Times
Germans long before the Third Reich, and, like a bit. She stayed outside the barbed wire, pick- publication of Anne Frank’s diary rekindled told his colleagues (I was one) of yet another of
Hitler, he had concluded that Germany had gone ing blackberries for marmalade, noting only a interest in him, German authorities set out to Mengele’s ailments: hemorrhoids. “The anality
cellularly astray and needed to be cleansed. “sweet” odor emanating from the camp. One find and try him. The Israeli team that kidnapped of evil,” he explained.
The war—he’d been a doctor on the Eastern of her visits to Auschwitz coincided with Anne Eichmann in 1960 tried picking him up, too.
Front, in a unit that murdered thousands of Frank’s. (Frank was to die in Bergen-Belsen.) Mengele fled to Paraguay, then Brazil. In July Mr. Margolick is the author, most recently,
Jews—shelved his research and ethnic errands: As the Red Army approached in January 1962, the Israelis thought they’d tracked him of “The Promise and the Dream: The Untold
ascertaining the Jewishness of certain Germans, 1945, Mengele packed frantically, arranged to down on a farm near São Paolo. (“We’ve found Story of Martin Luther King Jr. and Robert F.
and the Germanness of certain foreigners. In have two of the crematoria blown up, took care him, the little s—!” a Mossad agent exclaimed in Kennedy.”

Dulce et Decorum Est . . .

IN 2018, Emmanuel Macron Case for Nationalism” (Broad- will—a point that Mr. Trump’s Enterprise Institute, argues for Treaty of Westphalia in 1648
remarked that “patriotism is the side, 280 pages, $26.99) in an detractors, many of whom a different sort of inclusiveness was never the collection of
exact opposite of nationalism: attempt to put a stop to this foresaw the return of fascism in “In Defense of Globalism” unitary nation-states imagined
Nationalism is a betrayal of intellectual infantilism. Alas, with his election, might have (Rowman & Littlefield, 157 by conservatives today; instead
patriotism.” It was a silly thing he won’t succeed, but he does paused to consider. pages, $29). He worries that it was a network of overlapping,
to say. The words are nearly accomplish three other goals: Mr. Lowry, as many readers the American right and its “polycentric” powers. Mr.
synonyms, and neither is good to distinguish between proper will know, is the editor of European counterparts are Rohac’s historical analysis is
or bad by definition: Many nationalism and ideology-driven National Review, a magazine succumbing to a latent clear and, to a point, cogent.
crimes have been perpetrated militarism; to explain that it that has long taken a moder- tendency to spurn international The book’s most revealing
by people who claimed to be, was American nationalism, not ately restrictionist position on cooperation and retreat “into chapter, to my mind, is its sixth,
POLITICS and who were thought to be, some notional adherence to immigration. “The Case for the cocoon of the nation-state.” “The Mirage of Sovereignty.”
BARTON great patriots; and nationalism ideas and principles, that Nationalism” leaves that policy Mr. Rohac is surely right to Mr. Rohac, rejecting the idea of
SWAIM has been responsible for the accomplished both the American question to one side, but the insist that a stable market democratic control as a kind of
breakup of oppressive empires Revolution and the abolition of author hotly contests the idea economy depends on a web of fiction, dismisses the concerns
and the flourishing of formerly slavery; and to point out the commitments among nations: of “Leave” voters in Britain and
oppressed peoples. folly intrinsic to the left-liberal THIS WEEK trade deals especially but also others worried about ceding
The French president was faith in transnational elites. nuclear-proliferation treaties sovereignty to transnational
drawing on a long tradition of Once you grant the first of The Case for Nationalism and information-sharing agree- bodies. “The purpose of
equating nationalism with these—that militarism and By Rich Lowry ments. A strident nationalism elections and plebiscites is not
If you racism and bigotry, and the nationalism are different would indeed get in the way of to extract what ‘the people’
accept journalists who delighted in his things—the others almost take In Defense of Globalism such commitments. collectively think—there is no
remark only did so because care of themselves. Napoleon, By Dalibor Rohac But are we really now at such thing,” he writes. For any
the President Trump, who stood though often portrayed as a that point? Will Mr. Trump’s one voter, he says, the ability
nation- nearby, calls himself a hyper-nationalist, “drew on defenestration of the carbon- “to ‘control’ policies is minus-
state, nationalist. People who claim to Roman, Byzantine, and Carolin- that American nationalism is limiting Paris accords, say, or of cule, as any given vote carries
you believe that all nationalisms are gian influences for the emblems fundamentally concerned with the Iran nuclear deal oblige the a negligible chance of being
evil aren’t as dim as that—they of his regime,” Mr. Lowry race and ethnicity. He argues U.S. to cut itself off from other, pivotal in an election or a
subscribe don’t condemn, say, the Polish notes, and he relied on a “pan- instead that reduced levels of healthier forms of collabora- referendum.”
to some nationalism of the 1980s. European elite” to bring the immigration encourage tion? Mr. Rohac doesn’t put it What’s the point of elections,
form of What they really want to Enlightenment “to dark corners intermarriage, which in turn that bluntly, but that is the then? “The challenge of public
convey is their disapproval of of the empire.” The “French” discourages the kind of ethnic thrust of his argument. I’m policy,” Mr. Rohac continues, “is
national- American nationalism. army that invaded Russia in solidarity that is so much a skeptical. Indeed I’m more about structuring decentralized
ism. But is even this selective 1812 (disastrously) was only part of identity politics. I’m not inclined to view the political and spontaneous processes,
But that anti-nationalism genuine? one-third French. “Napoleon sure I buy that argument—the developments the author often spanning across national
When Mr. Trump’s despisers had no use for the nationalism most energetic proponents of deplores—the Brexit vote, the borders, toward desirable and
doesn’t accuse him of “betraying the that inspired resistance to his identity politics are white elites Trump phenomenon, the rise politically sustainable outcomes.”
make national interest,” as a House conquests in other countries.” married to other white elites. of nationalist parties in Eastern It’s reasonable to believe that
you a impeachment report does, they The chief obstacle to a judi- It does indicate, though, that Europe—as messy but in some sovereignty and control are
bigot, a are appealing to a nationalist cious discussion of nationalism Mr. Lowry’s concern with respects healthy correctives to often fetishized (as Mr. Rohac
sentiment: the belief that the is, of course, fascism. But both national solidarity and social the high-handed and profoundly puts it) by demagogic politi-
militarist nation’s interest is greater than Nazism and Italian fascism, cohesion is explicitly not about undemocratic maneuverings of cians. But does democratic self-
or a any individual’s. If you accept Mr. Lowry reminds us, were race but about inclusiveness, in transnational bureaucrats over governance really only amount
fascist. the nation-state, you subscribe ideologies of the elites rather the best sense of the word. the past 30 years. to a lot of “decentralized and
to some form of nationalism. than spontaneous expressions Dalibor Rohac, a resident Much of the book seeks to spontaneous processes”? Would
Rich Lowry has written “The of a rabidly nationalist popular scholar at the American show that Europe after the anybody fight and die for that?
C10 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

BOOKS
‘Death is inscribed in everything that constitutes life; any moment of our existence is a breath away from being the last one.’ —ALEK SAN DAR H EMO N

The Eye of the Storm cal heroine is a tragic figure who stoi-
Abigail
By Magda Szabó cally absorbs the buffetings of fate.
But her characters are also—and
NYRB, 333 pages, $16.95
above all—human, just as her novels,
BY ANNA MUNDOW however timeless their themes, are

W
intensely domestic and intimate. The
HEN MAGDA Sz- mother and daughter in “Iza’s Ballad,”
abó died in 2007 the writer-narrator in “The Door” and
at the age of 90, the denizens of “Katalin Street” dwell
the funeral bells not only in history and in their shift-
that rang out in ing thoughts and memories but also
her native city of Debrecen on Hun- in households that Szabó paints with
gary’s Great Plain seemed to echo careful, detailed brushstrokes. In this
across Europe. For Szabó had long she emulates, among other Central
been not only Hungary’s most beloved European antecedents, the early-20th-
writer, but also a monumental literary century master Dezső Kosztolányi,
figure to readers and writers world- best known for the 1924 novel “Sky-
wide. (Hermann Hesse was an early lark,” a muted evocation of provincial
advocate.) The author of 50 works of life, revered by modern Hungarian
fiction, nonfiction, poetry and drama, writers. “It was like a sorcerer, con-
she remains best known for the novels necting world to world,” Szabó once
“Iza’s Ballad” (1963), “Katalin Street”
(1969) and “The Door” (1987), all later
published in translation by New York A deceptively simple
Review Books.
Those invaluable volumes are now
novel of World War II
joined by “Abigail,” a tense, intimate as lived by a Hungarian
narrative that brilliantly depicts girl at a fortresslike
youthful innocence ensnared by lethal
menace. (The fine translation is by school in the countryside.
Len Rix, whose renderings of “The
Door” and “Katalin Street” both
earned awards.) Written in 1970, this said of Kosztolányi’s style, whose
enduringly popular work completes influence is detectable throughout
the author’s portrait of Hungary from “Abigail,” most notably in Szabó’s
World War I to the aftermath of restrained descriptions of turbulent
the anti-Soviet uprising in 1956 and emotion. “She was sure she could
reflects the terror that she and her make out his form even after he disap-
country endured. Szabó had been a peared into the street,” Szabó writes
teacher during the Nazi occupation of Gina watching her father. “She had
and was banned from publishing by no idea that she would never see
Hungary’s Communist regime in 1949 him again.”
(her first novel appeared a decade Yet for all its heartbreak, this de-
later), by which time she had joined ceptively simple novel in its atmo-
New Moon, a group of writers who sphere and setting is one of Szabó’s
resisted totalitarianism and conse- airiest. The winds of the Great Plain
MIRRORPIX/GETTY IMAGES

quently vowed not to have children. seem to agitate its pages, and Gina,
It was “a pledge we made together,” crossing that expanse for the first
Szabó, then 89, recalled in an inter- time, senses a timeless landscape of
view with the writer János Háy. “We “water, earth and air.” Months later, in
did not have families or children to a memorably bucolic scene, she and
be blackmailed through. . . . If we did, her schoolmates are picking apples
we would expose ourselves to the there when a train trundles past
regime.” Decades later, that dreaded you.” The general knows that he “Abigail,” the name given by Gina’s late evening,” Szabó writes as Gina’s carrying soldiers to the front. “It was
possibility—of your child falling into “might not be strong enough to stay schoolmates to a statue in the meditative drama turns into one of one of those experiences whose
enemy hands—became the reality at silent” should fascist forces seize and grounds thought to have magical pow- nerve-wracking escape. Yet even as deeper significance struck Gina only
the heart of this novel. torture the 14-year-old girl. That is ers, the friendly dispatches soon be- the action accelerates, a sober tone much later,” Szabó writes. “All those
“Abigail” opens with its cosseted why Gina has been “plucked away as come gravely urgent. Then one, terri- prevails. Gina is safe, but also lost, as soldiers suddenly falling silent, their
young protagonist facing catastrophe: if by a bird” from her Budapest home fyingly, brings news of Gen. Vitay’s she sits in the darkness, savoring “the eyes fixed on her and her compan-
being sent away to boarding school. and set down in the remote, monasti- capture. “When the Germans invaded fresh air of the spring night, with all ions. . . . They had been thinking of
Gina Vitay is convinced that her cally strict Bishop Matula Academy, on the nineteenth he was among the that it promised and threatened.” their own children . . . the little
widowed father requires her absence “a world set apart, a world of black first to be arrested,” Gina learns in Hope and fear, inevitably, go hand patches of earth that were their own
in order to remarry. But the reader and white.” March 1944. “What happens to you in hand. For nothing is certain, in gardens. . . . It was what they too
suspects otherwise. This is, after all, Heartbroken and desolate, but also from now on is for me to decide, and Szabó’s cosmology, but death and the would have been doing had the train
1943; Nazi leaders are impatient with headstrong and quick-witted, Szabó’s any message I send you is to be need for endurance, a quality embod- not been taking them off to kill or be
the Hungarian regime’s reluctance to young heroine is quickly embroiled in treated as an order from him.” This ied by her most memorable female killed.” This moment of vision, like so
round up its Jewish population, the girlish dramas of loyalty and betrayal. blow, falling late in the novel, breaks characters. Emerence, the house many in the novel, seems to shimmer
German army is poised to invade and But there are darker secrets within open the cloistered narrative and cleaner in “The Door,” for example, on the page, as Szabó the magician
Gina’s father is a principled military the school’s fortresslike walls, ones within a few pages, the atmosphere of “washed for the Germans and then for reveals, for an instant, time, history
man. “There is an active resistance in connected somehow to the world out- claustrophobic reverie that Szabó has the Russians” to survive the war and and human folly, all glimpsed through
the country,” Gen. Vitay must explain side, the world at war. And as those so artfully created becomes charged afterward concludes that “it is better a child’s clear eyes.
to Gina when she threatens to run mysteries deepen, Gina begins to re- with real danger. “For the third time not to love anyone.” There’s an echo
away from school. “If we fail . . . I will ceive notes of reassurance and advice she found herself running across the of Sophocles’ declaration “Not to be Ms. Mundow is a writer in central
be arrested and they will come for from a shadowy guardian. Signed lawn, in the cold, violet-scented air of born is best.” And indeed Szabó’s typi- Massachusetts.

A Headlong City Symphony

‘IF BERLIN WERE a part of their lives, making the city a anything, “My Red Heaven” culture largely as a backdrop A startling reversal to the
speech . . . it would be a transi- kind of phantasmagoria filled captures the eeriness of a city for zany eccentrics. The com- typical survival story plays out,
tive verb,” Lance Olsen writes with the living dead. “Berlin: a on the brink of an epochal edy is aggressively quirky, a as Cloris, experiencing some-
in “My Red Heaven” (Dzanc, doomed Pompeii,” thinks archi- descent into barbarism. For word that should be listed as thing akin to wilderness
264 pages, $16.95), his whirl- tect Mies van der Rohe during all its strangeness, the novel’s an antonym of “funny.” One Stockholm Syndrome, begins
ing, kinetoscopic view of a a morning stroll. The Expres- meaning is unmistakable— aging dealer becomes unhealth- to kibosh her own chances at
single day in the German sionist painter Käthe Kollwitz or as one character puts it, ily obsessed with an MC Ham- being found.
capital in 1927. In brief, brightly observes, “Art doesn’t make “Things are as simple and mer doll. Another has conversa- The sizable misstep in
flashing chapters, Mr. Olsen life more bearable or longer or baffling as that.” tions with her Barbie collection. “Kingdomtide” involves the
strings together the artists and impervious to anguish. Its real History is for sale in Luke In the novel’s most torturously rescue team, led by an alcoholic
FICTION revolutionaries who lived in goal is the opposite: to teach you Geddes’s first novel, “Heart contrived twist, a lonely, mis- forest ranger named Debra
SAM SACKS the city into an intricate skein nobody can be saved in the end.” of Junk” (Simon & Schuster, understood deltiologist—or Lewis. These alternating
of happenstance. Figures as “My Red Heaven” is Mr. 240 pages, $26), set in the postcard hobbyist—accidentally chapters document the con-
disparate as Werner Heisenberg Olsen’s 15th novel, but because sprawling Heart of America kidnaps a toddler, which sets trasting dysfunctions back in
and a young Vladimir Nabokov he publishes in the hinterlands the novel’s few plot gears into civilization—Debra has a bleary,
are momentarily entangled. In of avant-garde indie presses THIS WEEK creaky motion. Whether the act unpleasant affair with a man
one scene, Hannah Arendt and he may be unfamiliar to even marks him out as a collector or from the National Guard—
Martin Heidegger, on a lovers’ devoted readers of fiction. If My Red Heaven an accumulator, I’m not sure. and although Mr. Curtis again
A master tryst, witness a deadly traffic one had to give him a label it By Lance Olsen Rye Curtis’s debut, complicates the expected
of accident; Walter Benjamin is would be as a master of the “Kingdomtide” (Little, Brown, adventure-novel payoff, the
literary disturbed by the commotion montage. In his 2005 novel Heart of Junk 293 pages, $28), opens with truth is that Debra just isn’t
from a nearby cafe, while “10:01,” set in a movie theater By Luke Geddes a plane crash in Montana’s interesting enough to justify
montage Greta Garbo views the ruckus during the 10 minutes of Bitterroot Mountains, which the amount of ink used on her.
composes indifferently through her hotel trailers before the feature, Kingdomtide kills the hired pilot and a Or maybe she’s only un-
a kinetic, window. Elsewhere in the city, he likened his technique to By Rye Curtis Texas vacationer named interesting compared to Cloris,
the soon-to-be anti-Nazi the cinematographer’s zip pan Richard Waldrip. The only whose narration grows increas-
polyphonic martyrs Otto and Elise Hampel (also known as the whip pan), survivor is Richard’s 72-year- ingly vulnerable, surprising and
novel of walk their dog past the apart- a means of rapidly transitioning Antique Mall in Wichita, Kan., old wife, Cloris, who tells the profound. The wonder of her
1920s ment of Franz Kafka’s lover among the points of view of a where an austere hierarchy story of her ordeal some 20 ordeal has detached her from
Dora Diamant just as, overhead, host of characters. To differen- separates the competing dealers. years after the fact. ordinary cares yet made her
Berlin. an airplane carries Goebbels tiate these perspectives, Mr. Some are “true collectors,” who Time and age haven’t dulled ravenously curious about the
and Hitler away from a suc- Olsen likes to toy with typogra- “focus on one type of thing and Cloris’s memories, which big, unanswerable questions.
cessful rally . . . phy. Words are arranged on the appreciate each piece as an abound in homespun sensory One night, after scaring away
The vertiginous feeling page with the same variety as individual.” The rest are mere detail. (“The next day I crawled a desperate mountain lion, she
created in these chapters is one accents and personality traits. accumulators—nostalgia whole- in the fields eating little gray broods about her own secret
of all the parts of history plum- The effect is disorienting salers who hardly even notice flowers. They tasted like peccadillos. They “bothered
meting together toward an but rarely opaque, because on what they’re buying and selling. Cynthia Weaver’s summer me that rainy night out in the
appointed destiny. Mr. Olsen the sentence level Mr. Olsen is The disputes between these melon salad after it had sat Bitterroot, when little else
understands that his setting— a fine, clear stylist. The jostling, two breeds bring about a a few days in the icebox. made any good sense anymore
Berlin in 1927—is inherently headlong pace of the novel certain tetchy energy in the Not good.”) She stays in the and God sure seemed less like
portentous, weighty with fore- means that the experimenta- novel’s early scenes, and there mountains for nearly 80 days, Himself than He ever had,” she
shadowing, and he freely darts tions don’t have time to harden are a few enjoyable deep dives and it gives nothing away to thinks. “Most of all, I could not
ahead in time to describe the into gimmickry, as they do in, into the musty subculture of say that this is possible only fathom the way He had worked
fates of each famous personage. say, Mark Z. Danielewski’s antique selling. Disappointingly, because of a chance encounter in me. I am the greatest
Their endings are inscribed on “House of Leaves.” More than Mr. Geddes treats that sub- she has shortly after the crash. mystery to myself.”
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | C11

BOOKS
‘Could the most complex and sophisticated works of art legitimately be considered somewhat as “proverbs writ large”?’ —K EN N ETH B U RK E

MYSTERIES
TOM NOLAN

Five
Faces
Of Murder
FREDERIC HAMILTON/HULTON ARCHIVE/GETTY IMAGES

JOE IDE’S “Hi Five” (Mulholland,

341 pages, $27) marks the
return of Isaiah “IQ” Quintabe—
the brilliant young African-
American private investigator
working in East Long Beach,
Calif. IQ, known to have the
largest brain in the neighbor-
hood, continues to accept pay-
ment for certain cases (such as the safe return
of a kidnapped Pomeranian) in goods and
services (such as “a hearty stew of vegetables,

Better LivingWith Beckett

spices and pork cooked in butter”). But his
latest “client” is no good-hearted local citizen;
Angus Byrne is a loathsome arms dealer whom
IQ calls a “plague on the world.”
Byrne wants—demands—IQ to clear his
The Self-Help Compulsion tion of self-help books, places them character is so ensorcelled by the maxim comes from Samuel Beck- troubled daughter of suspicion in the murder
By Beth Blum in historical context, and, perhaps latest self-help guru that she ett, a personal hero of mine. ‘Ever of a goon’s partner, who was killed while being
most strikingly, suggests that doesn’t notice her husband falling tried. Ever failed. No matter. Try fitted for a suit at the daughter’s boutique.
Columbia, 328 pages, $35
they’re worthy of more respect than in love with their daughter-in-law. again. Fail again. Fail better.’ You If IQ doesn’t comply, Byrne promises to smash
BY JOANNE KAUFMAN they get. Mr. Blum also discovers a Amusingly, Ms. Blum observes won’t believe what you can accom- his violinist girlfriend’s fingers in career-

‘H
kind of cross-pollination between that “Miss Lonelyhearts,” Natha- plish by attempting the impossible wrecking fashion.
OW TO Win literature and self-help, certainly nael West’s bleak novella of an with the courage to repeatedly fail The job seems impossible: Security footage
Friends and liberal borrowing. The wall separat- anguished advice columnist, was better.” Arguably, Beckett’s point shows no one else entering or leaving the scene
Influence ing the two genres, she argues, has simplistically dismissed by real-life was a bit more fatalistic and des- of the crime. The daughter herself is a split
People” has been frequently breached, some- syndicated advice columnists and pairing than anything the chipper personality whose five
generally times mockingly, sometimes admir- twin sisters Abigail Van Buren and Mr. Ferriss could ever conjure. THIS WEEK elusive “alters” bring
been viewed as the self-help ingly, sometimes to teach a moral Ann Landers. For them, Ms. Blum Unfortunately, the people who further suspicion that
mother ship. But long, long before lesson. The titles of several works of says, the main character’s moral really need help are Ms. Blum’s Hi Five she herself committed
the 1936 publication of Dale Car- literary fiction—among them, Sheila crisis was merely a “temperamen- readers. Her style ranges from the By Joe Ide the deed.
negie’s guide to self-betterment Heti’s “How Should a Person Be?,” clumsy to the downright opaque: Mr. Ide is a
and reinvention (30 million copies Mohsin Hamid’s “How to Get Filthy “ ‘Self-help’ is a term perched upon The Truants remarkable writer,
sold and counting), the untutored Rich in Rising Asia” and Jesse Ball’s Close reading may the reticent tip of Flaubertain crit- By Kate Weinberg inhabiting the
and insecure had a choice of read- “How to Set a Fire and Why”— icism’s tongue.” And far, far too personae and render-
ing matter for the lowdown on how cunningly ape self-help language.
reveal a kind of cross- often “The Self-Help Compulsion” House on Fire ing the back stories of
to live well and prosper. In fact, Ms. Blum offers a close analysis pollination between reads like a parody of a scholarly By Joseph Finder a diverse assortment
such books date back to antiquity, of works by Gustave Flaubert, literary fiction and journal. Of Smiles’s “Self-Help,” Ms. of characters: the
according to Beth Blum, author of Edith Wharton, Virginia Wolff and Blum writes: “The book’s reception brutal Angus Byrne
“The Self-Help Compulsion.” What James Joyce, offering a compelling self-help books. furnishes a portal onto the mecha- (whose personal history makes his professional
is Ovid’s “Ars Amatoria,” she asks, argument for “Ulysses” as a self- nisms of literature’s transmission behavior understandable if not excusable);
“but an ancient Men Are from help manual par excellence. Joyce, through vernacular genres around his daughter’s multiple personalities in their
Mars, Women Are from Venus?” she says, employed proverbial tal flaw.” He let his readers’ prob- the globe. Self-help not only trans- bickering disarray; and IQ’s own intuitive but
As for one of the major works of advice in his works as “an anchor lems “get to him to the point mits literary culture but also intro- socially inept psyche. “Hi Five” more than
the Stoic philosopher Epictetus, for his more experimental, eso- where he couldn’t function him- duces an element of taxonomic earns its triumphant title.
it is “cognitive behavioral therapy teric formulations.” One particular self,” Ann Landers noted disap- confusion into preexisting institu- Jess Walker, the English university student
before its time.” favorite: “Let bygones be bygones.” provingly. Dear Abby’s diagnosis: tional bibliographic arrangements.” who narrates Kate Weinberg’s debut novel,
Age has apparently not withered She notes that Flaubert drew on West needed to lighten up. But as As for “Bouvard and Pécuchet,” “The Truants” (Putnam, 311 pages, $26), is
the appeal of the genre. In the past a popular contemporary manual, Ms. Blum points out, West didn’t it “points to the textual codepen- mesmerized by the teacher of her literature
30 years, notes Ms. Blum, an as- fittingly titled “Self-Help”—by “forget the saving grace of humor,” dency perpetuated by early self- course. Best-selling star professor Dr. Lorna
sistant professor of English at Samuel Smiles, a Scottish writer as Dear Abby claimed. He simply help manuals as an overlooked Clay contends that “writers needed to break
Harvard, the self-help category has and reformer—to lampoon the feared its “anesthetizing effects.” referent for modernist autonomy.” the rules to be brilliant” and that “the collat-
been among the most lucrative in foolish aspirations and failed DIY There are some decidedly By the end of the book, readers eral damage that they left in their wake . . .
publishing. It’s easy to understand projects of the title characters in strange bedfellows here. Who may feel less enlightened than was vindicated through their art.” Jess is
why. Self-help makes the sort of his posthumous novel “Bouvard would have thought that the re- worn down. “Self-help’s most valu- eager for the charismatic Clay to teach her
claims and promises—a whole new and Pécuchet.” Flaubert, Ms. Blum lentlessly upbeat self-help guru able secrets are not about getting about life and literature.
you! a whole new in-control, wise, says, showed how self-help advice Timothy Ferriss would make rich or winning friends but about The professor’s latest subject of critical
cultivated, savvy, beautiful you!— “can’t account for the infinite par- common cause with a pessimistic how and why people read,” Ms. scrutiny is Agatha Christie. (“Miss Marple’s
that readers find it hard to resist. ticularities of real life” and “need- avatar of postmodernism? Ms. Blum claims. If she says so. Revenge: Feminism in the Rose Garden” is one
A recondite, sedulously re- lessly meddles with the natural Blum cites Mr. Ferriss writing in lecture’s title.) In her discussion of Christie’s
searched monograph, “The Self- order.” In Wharton’s novel “Twi- “The 4-Hour Workweek”: “I deal Ms. Kaufman writes on culture books, Clay asks Jess and the rest of the class:
Help Compulsion” traces the evolu- light Sleep,” meanwhile, the main with rejection by persisting. . . . My and the arts for the Journal. “Who should we call the criminal? The person
who commits a crime, or the one who tricks
another into doing so? Is it ever valid to take
justice into one’s own hands?”
Jess, in the heady presence of a glamorous

The Flowers of Companionship professor and fascinating new classmates, soon

has occasion to ponder such matters in earnest.
Members of her new social circle—who have
become romantically intertwined—get ensnared
IN A FRAUGHT political colored illustrations and Anna Pignataro’s watercolor pictures by Dutch illustrator in a web of jealousy and despair. One pal,
epoch, partisan angst often enthusiastic text, Hannah illustrations for “The Heart Sanne te Loo. Polly wounded in love, takes a near-fatal overdose.
makes its way into books Salyer draws readers ages of a Whale” (Philomel, Lawson’s translation from Another actually dies from an overdose of
for young readers. So hats 4-8 into the beauty and 30 pages, $17.99), a picture the Dutch begins: “Some painkillers, during a trip abroad. His death
off to Mark Shulman and variety of wild creatures in book for 3- to 7-year-olds friends are more than is ruled accidental, but the circumstances
Serge Bloch for keeping “Packs” (Houghton Mifflin that touches on the wistful- friends. They grow like twin are suspicious. Could it have been suicide?
things even-tempered with Harcourt, 48 pages, ness of solitude and the joy cherries from the same Or murder?
“I Voted” (Holiday House, $17.99). The first few pages of finding a companion. stem.” Such is the case with It’s beginning to look like someone is
40 pages, $18.99), a picture of full-page art “Whale’s song Dina and Adin, two children bringing Clay’s literary theories to real life—
book that introduces offer a gorgeous THIS WEEK was so beautiful who meet when Adin’s with fatal results. “The Truants” is well written,
CHILDREN’S children ages 3-7 to a basic introduction to it could reach mother takes a job picking though it pushes the genre envelope a bit too
BOOKS democratic concept without the concept of I Voted the farthest of fruit on the farm where far, and its combination of unreliable narrator
MEGHAN trying to instill anxiety or zoological By Mark Shulman faraways,” we Dina lives. The inseparable and ambitious culmination may bode ill for
COX GURDON indignation. The text is collective nouns. Illustrated by read as a great companions ramble in readers who like loose ends tied.
clear and lively, and Mr. We see the Serge Bloch blue-gray meadows and harvest We’re on firmer ground with “House on
Bloch’s stylish, color- sharp muzzles creature moves cherries (“for every cherry Fire” (Dutton, 371 pages, $28), the fourth
splashed line drawings and yellow eyes Packs through the they picked, they ate one book by Joseph Finder to feature Boston
(see below) expand on it of a pack of By Hannah Salyer deep. “It sang too”) and, in a special game, “private spy” Nick Heller, a former Special
in a humorous way. wolves, the of happiness plant the pits wherever they Forces soldier. At the funeral of Sean, his best
Mr. Shulman starts woolly heads The Heart and hope, magic can. But separation looms comrade from Afghanistan, Nick meets a
‘Some small, with one person and humped of a Whale and wonder, when Adin’s mother takes daughter of the big-pharma tycoon who
friends choosing between alterna- backs of a herd By Anna Pignataro always and a job in the city. In farewell, manufactures the addictive painkiller that
tives. “Some choices are of buffaloes, everywhere.” Dina gives Adin a bag of caused the death of his service buddy (and
are more easy to make,” he writes. the blue-black Cherry Blossom The song drifts cherry pits (“self-picked thousands of other users). This guilt-ridden
than “Ice cream or onions? Some tuxedo jackets and Paper Planes through the and self-spat out”). From woman has launched a covert campaign to
friends. choices are harder: Ice and curving By Jef Aerts ocean, lulling the balcony of his high-rise, bring down her father’s fatal empire: “I’ve got
They cream or cupcakes?” From beaks of a hud- Illustrated by sea horses, Adin continues their game a chance to pull the brake cord.” She wants to
there he widens the scope, dle of penguins. Sanne te Loo cheering by wedging the pits into hire Nick to find a deep-sixed research study
grow like depicting groups of people For other ani- urchins, calming paper planes and sending that warned of the painkiller’s deadly potential
twin voting—first schoolkids mals, Ms. Salyer octopuses. Yet them into the world. in advance of its marketing.
cherries choosing a class pet, then goes into detail, speaking at times the whale feels Lots of children’s books Nick accepts her case. Soon he’s attending
adults choosing a political on behalf of ants, bats, empty-hearted; we see it deal with what it’s like to the drug executive’s 80th birthday party,
from the leader—and emphasizing frogs and lions, among curled up in the watery have a friend move away, posing as his client’s new boyfriend while
same the importance of accept- others. “We are wilde- vastness, the embodiment but this one is unusual in searching for a file on the man’s estate. Also
stem.’ ing an election result beest, also known of loneliness. It gives a sigh. that it shows the awkward- at the birthday gala is Maggie Benson, an
“even if it isn’t the as gnus, and our But what is this? The sigh ness of reuniting. When ex-colleague and former girlfriend of Nick’s
one you wanted.” herds are called becomes a kind of song, Dina visits Adin, we read, from his stint in government intelligence.
It’s a charming an implausi- too, for it travels through “for a moment, they Maggie too is undercover, hired by a different
and useful book, bility—often the water, “like a wish,” [forget] everything they family member with a separate agenda. Nick
but because it a million until it reaches the hearing had been waiting so long and Maggie form a quick alliance and hunt for
deals in only strong,” she —and the responsive to tell each other.” The the incriminating evidence together. The fun
the simplest writes in this heart—of another. estrangement soon passes, ends abruptly when Maggie is found next
concepts, adults picture book It is not a wish that though, and in this picture morning with her neck broken at the bottom
may wish to for 3- to 8-year- connects two friends but book for children ages 4-8 of a ravine.
explain com- olds. “Together, something gloriously springtime brings some- “Sean and Maggie both were killed,” Nick
plexities such we travel!” tangible in “Cherry thing fantastic. All those sees, “because of the same drug.” He vows,
E OUS

as proportional The seafloor is a Blossom and Paper cherry pits have produced in this canny thriller, to take the manufacturer
AY H

representation and lovely place of deli- Planes” (Floris, 48 pages, “a carpet of flowers” that down by whatever means possible: “It was
HOLID

the Electoral College. cate colors, waving $17.95), written by Belgian runs from Adin’s building already personal. Now it bordered on
With supple, richly fronds and tiny fish in author Jef Aerts, with all the way to Dina’s farm. obsession.”
C12 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

BOOKS
‘We are what we pretend to be, so we must be careful about what we pretend to be.’ —KURT VONNEGUT

APoeticsforTyrants FIVE BEST ON PRESIDENTS, MORALITY AND FOREIGN POLICY

Machiavelli
By Patrick Boucheron
Other Press, 159 pages, $14.99
ruthless chief of staff. Because it is
there in the shadows that republics
are either built up or destroyed.
Joseph S. Nye Jr.
Machiavelli, in Mr. Boucheron’s
BY PHILIP DELVES BROUGHTON analysis, never held that ends justify
The author, most recently, of ‘Do Morals Matter?

T
means. But he did suggest that in Presidents and Foreign Policy From FDR to Trump’
HE NAME Niccolò Ma- the great wash of history, any action
chiavelli is synonymous tends to be explained away eventu-
with the most devious ally—even the most repulsive. And Why Wilson Matters
use of power. The thrust the most hard-headed tyrants know By Tony Smith (2017)

1
of “Machiavellianism” is this. Machiavelli’s gift, Mr. Bou-
known even to people who have never cheron argues, was “naming with By the end of World War I,
read a word he wrote: Wielding precision that which was happen- to which he had sent two
power is not for the faint of heart; ing.” He explains the behavior of million American combatants,
Fear is more useful an instrument tyrants not to excuse them, but to Woodrow Wilson became an
than love; Noble ends justify unscru- show the rest of us what to look out advocate of the view that America
pulous means; Deceit is worth it for for, in the clearest terms possible. should abandon isolationism and
the greater good. Machiavelli’s “lucidity,” says Mr. instead promote democracy in the
Machiavelli’s lessons are not pleas- world. He further conceived of an
ant. An English cardinal once said international institution to assure
that his works were written “by the collective security. But he failed to
finger of Satan.” But anyone who sell his League of Nations to the
observes politics, business or even the U.S. Senate, thus engendering a
loftiest social institutions will know public reaction of increased

BETTMANN/GETTY IMAGES
that the world is rife with back- isolationism. It also contributed to
stabbers, hypocrites and ethical ne’er- the image of Wilson as an exemplar
do-wells all thriving at the highest of ineffectuality and naiveté.
levels—beyond the reach of law or George Kennan, father of the Cold
hashtag. So perhaps the author of War containment doctrine, warned
“The Prince” deserves a re-evaluation. in 1951 against Wilson’s moralistic
This is the task that Patrick Bou- approach. Wilson, he charged, AT THE HELM President Truman aboard USS Franklin D. Roosevelt, 1946.
cheron, a French historian, has set for “went to Versailles unprepared to
himself in “Machiavelli: The Art of face the sordid but all-important Truman been a highly successful politician,
Teaching People What to Fear” (ren- details of the day.” More recently it By David McCullough (1992) winning two presidential elections

3
dered into English by Willard Wood). has been alleged that the Iraq War despite being “an introvert in an
Machiavelli (1469-1527) was a pub- was the legacy of the Wilsonian Harry Truman was, as David extrovert’s business.” References
lic official in Florence who traveled viewpoint. Challenging the notion McCullough writes, a little to “two Nixons” have long been
on several diplomatic missions to the that Wilson was no more than man with glasses who never commonplace, but in Evan Thomas’s
courts of Europe. He also observed a utopian moralist, Tony Smith graduated college and spent gripping biography there was only
Cesare Borgia, the cold-hearted inspi- argues that Wilson’s prescriptions 10 years working on his father’s one. “In Nixon the light and dark
ration for “The Prince.” When the for easing international conflict Missouri farm: a very different past strains are inextricably intertwined,
Medicis returned to power, Machia- have stood the test of time. It is from his Harvard-educated impossible to disentangle. They fed
veilli was ousted from government, worth noting, too, that Kennan predecessor’s. This penetrating each other. Nixon’s strengths were
tortured and imprisoned. After his eventually revised his harsh view biography portrays Truman as a his weaknesses, and vice versa.
release, he retreated to his Tuscan of Wilson. 19th-century man fated to make The drive that propelled him also
estate and spent his later years study- some of the most crucial decisions crippled him. The underdog’s
ing and thinking. In addition to “The of the 20th century. Although he sensitivity that made him farsighted
Certain Trumpets
BRIDGEMAN IMAGES

Prince,” he wrote plays, poetry and said he lost no sleep over dropping also blinded him. He wanted to
wonderful letters to his friends. By Garry Wills (1994) atomic bombs on Hiroshima and show he was hard because he felt

2
To reframe our understanding Nagasaki, he refused to use a third soft. He learned to be popular
of Machiavelli, Mr. Boucheron asks, More convinced than ever— bomb because the idea of killing “all because he felt rejected.”
Who was he writing for? If you be- thanks to Kristallnacht in those kids” was too horrible. And in
lieve his audience was tyrants, then ANATOMIST OF POWER 1938—of the grave threat 1950 when Chinese involvement in
his negative reputation is justified. Machiavelli by Antonio Maria Crespi. posed by Hitler, Franklin the Korean War led to a stalemate, Eyewitness to Power
But what if he was writing for the Roosevelt set about neutralizing Truman refused Gen. Douglas By David Gergen (2000)

5
rest of us? If “The Prince” was meant Boucheron, was the “weapon of the the forces of American isolationism. MacArthur’s request to drop up to
to help ordinary people understand despairing.” In the view of Garry Wills, 50 atomic bombs on Chinese cities. Bill Clinton—a mass of
what their leaders were up to, then Other political thinkers have read Roosevelt’s powers as a leader A yes to MacArthur might have contradictions, as David
it is not a handbook for the power- Machiavelli this way. Jean-Jacques derived mainly from his respon- paved the way to accepting nuclear Gergen describes him—
crazed but a means of stopping Rousseau wrote in “The Social siveness to public opinion, which bombs as normal weapons and wanted to have the most
them, or at least catching them in Contract” that Machiavelli was not Mr. Wills traces to the polio that caused the world to look like a very ethical administration in history yet
the act. And Machiavelli moves from advising tyrants but “instructing the crippled Roosevelt in 1921—an different place. Mr. McCullough he became the first elected president
behind the arras to the barricades. people on what they have to fear.” event, the author maintains, that sums up Truman as a man who held to be impeached. His foreign policy
The key passage in “The Prince,” John Adams credited Machiavelli for made Roosevelt preternaturally to the old guidelines: Work hard, do was respectable. His country had a
writes Mr. Boucheron, is in chapter 15, helping him think through the likely aware of how the world perceived your best, speak the truth, assume budget surplus. Alliances with the
where Machiavelli explains himself: threats to a young American repub- him. Determined to control those no airs, trust in God, have no fear. EU and Japan were strengthened,
“As my intention is to write something lic. He is still keenly read nearly 500 perceptions, he became a consum- He had a bedrock faith in the relations with Russia and China were
useful for discerning minds, I find it years after his death, Mr. Boucheron mate actor. He resorted to a sem- democratic process and never reasonable. Mr. Clinton supported
more fitting to seek the truth of the writes, because unlike the many blance of a walk, though he had no a doubt about who he was. Nafta—despite opposition in his
matter rather than imaginary concep- dreamers and idealists in his field, use of his legs, when it was necessary own party—and took measures to
tions. Many have imagined republics Machiavelli offers useful advice for for him to be seen walking—an deal with climate change and missile
and principalities that have never the darkest times. “If we’re reading exhausting exercise in which he Being Nixon proliferation. But he failed to respond
been seen or heard of.” him today,” the author concludes, “it shifted his weight from a cane to By Evan Thomas (2015) adequately to the growth of al

4
Machiavelli is telling us to pay less means we should be worried. He’s the supporting arm of a man walk- Qaeda. Not least, his looseness with
heed to George H.W. Bush’s “thousand back: wake up.” ing at his side, all the while smiling Richard Nixon’s ethical the truth as regards to his behavior
points of light,” and more to the and keeping up a pleasant banter. lapses led him to resign in with an intern undercut trust in his
blackguards of Texas politics. To Mr. Delves Broughton is the Roosevelt made many deals with 1974 to avoid impeachment. presidency. Mr. Clinton’s problem,
forget about Barack Obama’s rhetoric author of “The Art of the Sale: the devil, including Stalin, Mr. Wills As president, he had proved Mr. Gergen concludes, was the lack of
of hope and change, and recall the Learning From the Masters About notes, but when he died in 1945 himself skillful and innovative, an inner compass. He had 360-degree
machinations of Rahm Emanuel, his the Business of Life.” he had helped defeat Hitler. particularly in foreign policy. He had vision “but no true north.”

Best-Selling Books | Week Ended January 18

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST NPDBookScan gathers point-of-salebook data
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommore than16,000locationsacrossthe U.S.,
representing about85%ofthe nation’sbook sales.
Leadership Strategy and Tactics 1 New Educated: A Memoir 6 3 Dog Man: Fetch-22 1 2 Wrecking Ball 6 5 Print-bookdata providersincludeallmajor booksellers,
Jocko Willink/St. Martin’s Tara Westover/Random House Dav Pilkey/Graphix Jeff Kinney/Amulet Books webretailers andfoodstores. E-bookdataproviders
includeall majore-book retailers. Freee-books and
Eat What You Love 2 — Talking to Strangers 7 4 Where the Crawdads Sing 2 1 Grumpy Monkey 7 8 those sellingforless than99centsareexcluded.The
Marlene Koch/Running Press Malcolm Gladwell/Little, Brown Delia Owens/Putnam Suzanne Lang/Random House Books for Young Readers fiction andnonfictioncombined listsinclude
aggregatedsales forall bookformats(except audio
The Blue Zones Kitchen 3 8 Atomic Habits 8 5 Lost 3 New Moral Compass 8 4 books, bundles,boxedsets andforeign
Dan Buettner/National Geographic James Clear/Avery James Patterson & James O. Born/Little, Brown Danielle Steel/Delacorte language editions) andfeaturea
combination ofadult, youngadultand
StrengthsFinder 2.0 4 6 The Defined Dish 9 2 The Boy, the Mole, the Fox and... 4 3 Dog Man: For Whom the Ball Rolls 9 — juveniletitles. The hardcoverfiction
Tom Rath/Gallup Alex Snodgrass/Houghton Mifflin Harcourt Charlie Mackesy/HarperOne Dav Pilkey/Graphix andnonfiction listsalso encompassa
mixof adult,young adultandjuveniletitleswhile the
Tightrope 5 New Brain Wash 10 New The Conference of the Birds 5 New Dear Edward 10 6 businesslist featuresonlyadult hardcovertitles.
Nicholas D. Kristof & Sheryl WuDunn/Knopf David Perlmutter et al./Little, Brown Spark Ransom Riggs/Dutton Books for Young Readers Ann Napolitano/Dial Referquestions [email protected].

Nonfiction E-Books Nonfiction Combined Fiction E-Books Fiction Combined Hardcover Business
TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK

Non Obvious Megatrends 1 New Leadership Strategy and Tactics 1 New Sweep With Me 1 New Where the Crawdads Sing 1 1 StrengthsFinder 2.0 1 2
Rohit Bhargava/Ideapress Jocko Willink/St. Martin’s Ilona Andrews/NYLA Delia Owens/Putnam Tom Rath/Gallup
The Princess Diarist 2 — Just Mercy 2 2 Securing Zoey 2 New Lost 2 New Atomic Habits 2 1
Carrie Fisher/Blue Rider Bryan Stevenson/Spiegel & Grau Susan Stoker/Susan Stoker James Patterson & James O. Born/Little, Brown James Clear/Avery
Your Money or Your Life 3 — Educated: A Memoir 3 1 Lost 3 New Sweep With Me 3 New The Total Money Makeover 3 3
Vicki Robin & Joe Dominguez/Penguin Tara Westover/Random House James Patterson & James O. Born/Little, Brown Ilona Andrews/Ilona Andrews Dave Ramsey/Thomas Nelson
Running Against the Devil 4 New Eat What You Love 4 — The Last Sister 4 New Dog Man: Fetch-22 4 3 Extreme Ownership 4 6
Rick Wilson/Crown Forum Marlene Koch/Running Press Kendra Elliot/Montlake Dav Pilkey/Graphix Jocko Willink & Leif Babin/St. Martin’s
Educated: A Memoir 5 2 Tightrope 5 New The Fight for Forever 5 New The Last Wish 5 4 Emotional Intelligence 2.0 5 8
Tara Westover/Random House Nicholas D. Kristof & Sheryl WuDunn/Knopf Meghan March/Meghan March Andrzej Sapkowski/Orbit Travis Bradberry & Jean Greaves/TalentSmart
Leadership Strategy and Tactics 6 New Running Against the Devil 6 New The Last Wish 6 6 Securing Zoey 6 New Fanocracy 6 New
Jocko Willink/St. Martin’s Rick Wilson/Crown Forum Andrzej Sapkowski/Orbit Susan Stoker/Stoker Aces David Meerman Scott & Reiko Scott/Portfolio
Uncanny Valley: A Memoir 7 New The Blue Zones Kitchen 7 — Where the Crawdads Sing 7 8 The Guardians 7 9 Dare to Lead 7 4
Anna Wiener/MCD Dan Buettner/National Geographic Delia Owens/Putnam John Grisham/Doubleday Brené Brown/Random House
Essential Mexican Instant Pot Cookbook 8 — Talking to Strangers 8 5 Eye of the Needle 8 — The Boy, the Mole, the Fox and... 8 — The Five Dysfunctions of a Team 8 9
Deborah Schneider/Ten Speed Malcolm Gladwell/Little, Brown Ken Follett/Penguin Charlie Mackesy/HarperOne Patrick M. Lencioni/Jossey-Bass
Tightrope 9 New StrengthsFinder 2.0 9 — The Guardians 9 9 The Conference of the Birds 9 New The Energy Bus 9 7
Nicholas D. Kristof & Sheryl WuDunn/Knopf Tom Rath/Gallup John Grisham/Doubleday Ransom Riggs/Dutton Books for Young Readers Jon Gordon/Wiley
Maybe You Should Talk to Someone 10 6 7-Day Apple Cider Vinegar Cleanse 10 4 Sex and Other Shiny Objects 10 New The Last Sister 10 New Comeback Careers 10 New
Lori Gottlieb/Houghton Mifflin Harcourt JJ Smith/Simon & Schuster Lauren Blakely/Little Dog Kendra Elliot/Montlake Mika Brzezinski & Ginny Brzezinski/Hachette
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s NUMBER PUZZLES Starting with today’s puzzle, Killer Sudoku will run in a four-week cycle
Wall Street Journal of increasing difficulty from Level 1 to Level 4.

1. University of
C. 16% Cell Blocks SOLUTIONS TO

Oregon hoop star
D. 6% Divide the grid
into square or
LAST WEEK'S PUZZLES
Sabrina Ionescu
has won praise rectangular blocks, Cell Blocks
5. What proportion each containing
from Steph Curry
of chronic pain one digit only. For previous
and LeBron
patients respond to Every block must weeks’ puzzles,
James. In what
a placebo, even contain the number and to discuss
category has she
though they’ve been of cells indicated by strategies with
surpassed any other
told it’s a placebo? the digit inside it. other solvers, go
Division I player in
to WSJ.com/
history—male or female?

A. 3% puzzles.

B. 10 to 30%

A. Points scored

C. 30 to 50%

B. Career assists

D. 50 to 70%

C. Triple doubles Killer Sudoku

D. All of the above Level 4 Suko
6. A deadly new coronavirus is
spreading outward from China.
2. The price of rhodium, the
Which province is the epicenter Killer Sudoku Level 1
world’s most expensive precious
of the outbreak?
metal, is surging. Why? As with standard
Sudoku, ill the

A. Hainan

A. It strips pollutants from grid so that every

B. Henan
exhaust fumes, so car makers column, every row

C. Hunan
need it to meet stricter emission and every 3x3 box

D. Hubei contains the digits
standards.

B. It’s essential to long-lived 1 to 9. Each set of
next-generation batteries. 7. A proposed new federal rule cells joined by

C. It’s at the center of most would help airlines with the dotted lines must Singular Songsters
carbon-sequestration technolo- problem of emotional support add up to the O M A H A I N C L A S S R A D A R
target number in A N A L O G S C R A P E R D E M U R E
gies. animals. How? R E D A L E P R O B O N O L AWY E R S

D. A vogue for rhododendrons, its top-left corner.
C L O S E R S N E G E WA L L E T
which thrive on rhodium
A. By limiting crocodiles and Within each set W I N K S T I C K L E D P I N K S T S
of cells joined by E T N A B A H A I E E E S E C
fertilizer other large reptiles to domestic L E A S A N E S T S A G A A T M S
dotted lines, a digit
flights D R A K E S C A K E S B E L L H O P
cannot be repeated.

B. By letting airlines N E A T E R E D AMA M E E M O
3. India wants deeper ties with T O D A T E A S T E R I S K S H E R
distribute tranquilizers instead
Washington without antagoniz- A B C S B A C K S L A S H C O N K

C. By banning them except for H R H S C O R E A H I T C L O U T S
ing China, whose economy was Suko
professionally trained service I I I E A G E R T O V A U L T S
the same size as India’s in 1978. Place the numbers T E L L I N G T R A I N E D S E A L
dogs
How much bigger is China’s 1 to 9 in the spaces I N D Y S I Z E O MA N I S O D E
FROM TOP: CHRIS PIETSCH/ASSOCIATED PRESS; JULIO CORTEZ/ASSOCIATED PRESS

D. By requiring travelers to E S T R AM T E N O N C F O S
economy today? so that the number
buy a seat for any animal D I S C H E A P B R A N D Y S O U P S
in each circle is equal I N T E A R S R O T S N A P S T O

A. Ten times as large to the sum of the S T I N G O P E R A T I O N A N T H E R

B. Five times as large four surrounding K R E S G E N I C E O N E S T E E R S
S A G E S D O E S N O T H E R R S

C. Twice as large
ALL PUZZLES © PUZZLER MEDIA LTD - WWW.PUZZLER.COM

spaces, and

D. It’s the same size each color total
is correct. y
Curly Quote
S E N A N I A E S I P U E P
4. The share of U.S. workers in A B H E M I T N H G E O T N H
unions continued to drop. T I O L A R H E A S N T S E
Roughly what percentage of T T W H C E D E Y D E G P E D
private sector workers belong E R T E Y A U J A R T E I T
to one? M I E S A N M T E A T S R S P
T H H C L A P J H T I L S U

A. 36% M A E F L E M B O U A T I T N

B. 26% S I D I O F E T R E G N M A
K H J E R V F I S E B W O I G
N I O Y E E A N O L O L R I
Answers are listed below the T S D B B E L T S T O E C R S
crossword solutions at right. S E N A N I A E S I P U E P

Answers to News Quiz: 1.C, 2.A, 3.B, 4.D, 5.C, 6.D, 7.C
THE JOURNAL WEEKEND PUZZLES edited by MIKE SHENK

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 44
Every last piece 1 2 3 4 5 6
19 20 21 22 Call on 45
46
Singer Janelle 7 8 9 10
23 24 25 26
47
Spoil a surprise,
27 28 29 30 31 perhaps 11 12
32 33 34 35 36 48 Sparkling wine
50 Package tracking 13 14
37 38 39 40
status
41 42 43 44 45 46 47 48 51 They’re 15 16 17
49 50 51 52
delivered in
spring
18 19 20
53 54 55 56 57 52 Dependable
58 59 60 61 62 63 64 65
moneymaker
21 22 23 24
56 Joined
66 67 68 69
59 “Stop your
25 26 27 28 29
70 71 72 73 74 75 76 77 78 sniveling!”
79 80 81 82 83 84 85 60 Makeup of
some insoles 30 31
86 87 88 89 90 91
62 High ball?
32 33
92 93 94 95 64 MLB honchos
96 97 98 99 67 Mocked
34 35
68 Brother, in
100 101 102 103 104 105 106 107
Bretagne
36 37
108 109 110 111 112 69 Vane turner
113 114 115 116 117 70 Bickering
118 119 120 121
71 The Bronx or
Brooklyn,
122 123 124 125 informally Letter Dictation | a cryptic puzzle by Emily Cox & Henry Rathvon
72 Dull doings
Cutting Both Ways | by Alex Eaton-Salners 76 What kid’s 25 Game birds recoil in fear
The grid’s 24 exterior squares will 6 Many a connection of mine
shoes should contain 24 different letters. The (5) gets broken (8)
Across 43 Tool with a blade 92 Like saws Down have two remaining letters of the
1 Prepare for the 44 Opposite of après 93 Powerful piece 1 Kirin competitor alphabet may be said, depending 28 Folk in Pennsylvania like 8 Brit coins name of a U.S.
77 Lighting
stage 46 Kettles of film, 94 Angsty music 2 Parceled specialist? on their order, to be a case of mornings? (5) veep (5)
6 It might contain e.g. 95 Yr. divisions 3 Covered in 78 Declares 21-Across or a place of 15-Down. 30 Recite the letters of “hex” 10 Bugs anger a former White
bugs 49 •Persian goose bumps (5) House resident (6)
96 National park of 80 Bosom buddies
10 Throws over trafficker’s crime? southwest Utah 4 Venmo’s parent 82 Riyal spender Across 32 As an afterthought, change 15 SEE INSTRUCTIONS
15 Botch 52 Lodgings for 97 Autobahn auto company
84 “Frozen” deer book of hymns (7) 16 Jeweler’s tool for
19 Green energy vacationers
98 Winter transport 5 Three-headed? 7 A potato’s skin left inside
choice 53 Man, e.g. 87 Fix the footnotes, light pastry (8) 33 Arizona meadow occupied magnifying ring in a
100 •Colorado 6 Stars’ city, e.g.
20 Supermodel 54 Undulating informally by a flowering shrub (6) person’s ear (5)
cousins? 89 Tack part 9 Vehicle with alien mark in
Sastre swimmers 7 Audience shout 34 Pass a court east of Central 17 Not reversing itself,
105 City east of Los 90 “Pass me the the shape of a wedge (5)
21 Heartland of 55 “Manhattan Angeles 8 ___ Haute Avenue (5) American League is
America Park Beach” author ball!” 11 Viewed in retrograde, Mars
setting Jennifer 108 Nadal, to fans 9 To date 91 Pixar film set circles northeast star close 35 Worse experience again concerned with pitches (5)
22 Rub the wrong 57 Part of a wintry 109 Cartoonist 10 Enjoy a run during the Day to Venus (6) recalled (6) 19 Feel sorry for very
Walker of the Dead
way mix 11 “Don’t test me!”
12 More than a couple of nuts 36 Dictated two letters in outspoken French painter
23 •“We’re with 58 Court figure, 110 Swift specialty 93 Due doubled (8)
12 Michael who there (5) woman’s name (5)
you!”? briefly 112 Stars’ problems, appeared on 97 Duke’s
perhaps the cover of TV transport? 13 “Sort of a dwarf,” Bond 37 Green telecom once 22 Empty container of beer
25 Bottled spirits? 61 Drudgery
113 Sarcastic Guide 22 times 98 Duke of the said, coming to no backing typewriter brand into container of wine (6)
26 Alexei 63 Missouri
Alexandrovich tributary response 13 Lift operator? Dodgers conclusions (6) (8) 23 Disrupted power to ski lift
Karenin’s wife 99 “Cocoon” co-star (4,3)
65 Enjoy a run 114 Spoiled sorts 14 March honoree, 14 Transposed aria to G, with Down
27 Jumbled mess 116 Jockey’s tool, or familiarly 100 Rugby scores
66 •Present Time? thanks from Seiji Ozawa 1 Mythical captain Hook 24 One skewering an albino’s
28 Put on a pedestal a description of 15 Not identical 101 “Se ___ español”
70 Crunch targets what’s been done (7) while in performance (5) boast? (7)
30 Port at the 16 Court figures 102 Bellini opera
mouth of the
73 Russian flapjacks to the starred 15 Retracted story about CIA’s 2 Renounce phony, penning 26 Like a fancy floor nail I’d
answers 17 Arm bones 103 Pope John Paul
Red Sea 74 ___-a-brac II’s first name first big success (5) choice words? (7) hammered (6)
118 Alternative 18 Trimmer target
31 Salty drop 75 Has noodles 104 Musician’s 18 They’re kayaking around 3 Faceless men in Sin City 27 Cavils translated in Polish
noisily introducer 24 Capital once
32 Some have pet
119 Some oil barons known as autobiography town in Siskiyou County rarely using autos (6) or Czech (6)
names 79 “Pagliacci” fool of 1986
120 Place before a
Charles Town (5) 4 Retro art in small square 29 Bit of offshore land is
34 •“The Beverly 81 Stand-up stock 29 Boxer Roberto 106 Nary a soul
Hillbillies” dot 20 Operator called “big ape” board at a station (7) rented (5)
83 Chimp in space 33 Attach (onto) 107 In accordance
reunion show? 121 You might get with (5) 5 Greater beer having the 31 Budget alternative causes
85 Tofu source called on it 35 Sweep
37 Litigious threat 111 Game with 21 SEE INSTRUCTIONS ultimate in flavor (6) pain in speech (5)
86 Goethite and 122 Hurdles for srs. 36 Make airtight,
39 Picnic hamperer magnetite 42 territories
123 Blathered in a way
Get the solutions to this week’s Journal Weekend Puzzles in next
s

40 Home of many 88 •England’s 115 Fig. on IRS

Quechua 124 Caper 38 Hankering forms Saturday’s Wall Street Journal. Solve crosswords and acrostics
outcome at
speakers the Battle of 125 Ninja turtles’ 41 Pupil’s spot 117 Hiker’s helper, online, get pointers on solving cryptic puzzles and discuss all of the
41 Charged particle Agincourt? home 42 Depose briefly puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

REVIEW

ICONS

A New Look
At Britain’s
Old Treasures
Redesigned galleries at the Metropolitan Museum
spotlight the entrepreneurs and innovators behind
centuries of British decorative art.

BY PETER SAENGER mous for helping to introduce Renais-

O
sance art to England (as well as for
n March 2, New York’s breaking Michelangelo’s nose in a
Metropolitan Museum fight when they were students). The
of Art will reopen its bust likely portrays Cardinal John
British galleries, follow- Fisher, a Catholic martyr who was ex-
ing a complete renova- ecuted by Henry VIII for rejecting the
tion lasting more than three years. king’s break with Rome.
The old British galleries, created in Native craftsmen soon learned to
the 1980s, were “too old-fashioned,” produce their own masterpieces, such
says Met curator Wolf Burchard. as the 15-foot-high staircase designed
They “focused primarily on aristo- for Cassiobury House, the country
cratic patronage and collecting,” in- seat of the earls of Essex, around
cluding three rooms recreated 1677-80. It is attributed to
from 18th-century mansions. Edward Pearce, an ar-
Despite their prime first- chitect and sculp-
floor location, Mr. Bur- tor whose busi-
chard recalls, “no- ness boomed
body ever went after the Great Clockwise from above:
there.” Fire of Lon- Christopher Dresser, ‘Wave
The reimagined don in 1666 Bowl’ (ca. 1880); Pietro
galleries are still created a big Torrigiano, bust of John
devoted to British demand for Fisher (1510-15); teapot
sculpture, design new construc- made in England for the
and decorative arts tion. Visitors to American market (1766-75);
between 1500 and the British gal- plate by Thomas Toft (ca.
1900. But Mr. Bur- leries can climb the 1680).
chard and his colleagues stairs, with their in-
have shifted the emphasis to tricate carvings of acan-
the entrepreneurs and innovators thus foliage, oak leaves and iver Cromwell; the tree is
who helped Britain launch the Indus- other vegetation, to inspect a new supported by a lion and a uni-
trial Revolution and create a global mezzanine area. corn, the traditional symbols
empire. Alongside images of famous Throughout the British galleries, of England and Scotland, re-
leaders like Elizabeth I, the first Duke political turmoil often lies just under spectively.
of Marlborough and the first Duke of the beautiful surfaces. A Staffordshire Much of the art on display
Wellington, visitors will find the work plate designed by Thomas Toft was paid for, in one way or
of Christopher Dresser (1834-1904), a around 1680 commemorates, in a na- another, by money derived
Glasgow-born designer who was al- ive style, an event from the life of from the slave trade, which
most ignored in the original galleries. Charles II, whose father Charles I was Mr. Burchard called “to a
Dresser’s highly inventive tableware, overthrown and executed in the Eng- large extent the backbone of
carpets, wallpaper and cast-iron fur- lish Civil War. The plate shows the the British economy,” or from
niture often broke the design rules of young Charles II hiding in an oak tree the British conquest of India
his time and seem to anticipate 20th- from the revolutionary soldiers of Ol- and other colonies. A large
century trends. A Japanese-influ- textile hanging by an Indian
enced earthenware bowl takes artist from the 18th cen-
THE METROPOLITAN MUSEUM OF ART, NEW YORK (4)

the shape of a hollowed- tury depicts a battle

out wave; the stripped- between Indian and English where it became very popular. Even here, however, politics raises
down lines and curves soldiers. A Staffordshire fig- Still more striking is the Met’s col- its head. One teapot, made in Staf-
of a toast rack foreshadow urine from the 1820s shows lection of 18th-century teapots, which fordshire for the American market
the Bauhaus style. “The Death of Munrow,” an occupies two 10-foot-tall cases and sometime between 1766 and 1775,
Early in the period covered episode from the 1790s in features every conceivable design: proclaims “America Liberty Restord”
by the galleries, British pa- which a British soldier in In- vines and scallop shells, squirrels and on one side and “No Stamp Act” on
trons often had to import ex- dia was killed by a tiger. The camels, and a pot in the shape of an the other. A Yorkshire pot for holding
pert artisans from the Conti- figurine is based on a sculpture elephant with a spout for a trunk. punch, from around 1790, displays a
nent. The first item to greet visitors owned by Tipu Sultan, the ruler of Another, made of salt-glazed stone- picture of George Washington. Not
is a terra-cotta bust by Pietro Torri- Mysore, which had been seized by the ware, takes the shape of a three-story even a revolution could get in the
giano (1472-1528), an Italian artist fa- British and put on display in London, house with a lid for a roof. way of British commerce.

MASTERPIECE | ‘THE CHESS GAME’ (1555),

BY SOFONISBA ANGUISSOLA

A Witty,
erything, of course, is painted
meticulously—an Anguissola
trademark.

Domestic Gambit
Anguissola achieved renown
in Cremona, including praise
from Michelangelo. About four
years after finishing “The Chess
Game,” she was called to the
BY JUDITH H. DOBRZYNSKI common, and her family, which in- Spanish court, where she was
cluded five sisters and one brother. officially a lady-in-waiting but
FOR WOMEN LIKE SOFONISBA “The Chess Game” is a combina- also asked to paint (her formal
Anguissola (c. 1535-1625)—the el- tion of family portrait, genre paint- appointment, some scholars be-
dest daughter of minor nobility in ing and landscape. Cited by scholars lieve, was a means of sur-
Cremona, Italy—the world was full as among the first Italian paintings mounting court tradition favor-
of limitations. But Anguissola was of everyday family life, Anguissola ing male artists). She later
both talented and lucky. With un- nevertheless conjured it all, using returned to Italy, continuing to
usual encouragement and support unrelated sketches she had made. paint until her eyesight failed.
from her parents, among others, The painting catches three of her Just months before she died,
plus her own grit, she became a fa- sisters and their maid at a surpris- Anthony Van Dyck visited her
mous and important artist in her ing moment, and the interplay garb contrasts sharply It is cited by ous eyes on the game in Palermo. He wrote fondly of
time. Her remarkable skill, finesse among them is an example of An- with the plain black-and- scholars as among board, ensuring that the learning from her, called her “a mi-
and originality are on view in an ex- guissola’s gift for telegraphing her white clothes worn by the first Italian play was fair. On seeing raculous painter from life,” and
hibition in Madrid’s Prado Museum subjects’ character and state of the maid. The girls’ paintings of this painting in 1566, painted her portrait. (That work,
through Feb. 2, especially in “The mind in their appearances and facial youthful faces—espe- everyday family life. Giorgio Vasari wrote too, is in the Prado exhibition.)
Chess Game” (1555), a work that is expressions. cially seen in the chubby that “the figures Like other early women artists,
not only charming and witty but Two girls in “The Chess Game” cheeks of the youngest one—also wanted only voice to be alive.” however, Anguissola soon suffered
also inventive. Anguissola painted it are engaged in a match, a pastime of differ from the drawn, adult face of Anguissola’s fresh family portrait from neglect, and many of her works
at the mere age of 23 (or possibly the cultural elite more usually asso- the maid. is also full of anomalies that trum- were attributed to Titian and Moroni,
younger, as no one knows her real ciated with men and boys—signaling Then Anguissola goes deeper, pet her talents. It is set in the gar- among others. It was only in the 20th
birth year). that girls, too, are intelligent. The el- capturing their psychological state, den of their home, perhaps an un- century that scholars resurrected her
Anguissola began studying art dest, Lucia, on the left, has snatched especially—here and in so many of likely spot for girls to be playing and reclaimed paintings for her.
when she was around 11 with Bernar- a pawn, startling her younger oppo- her paintings—in the expressive way chess but an innovative way to in- Over the centuries, “The Chess
dino Campi and later with Bernar- nent, Minerva, who raises her right she paints eyes. Lucia makes direct corporate a landscape. In the dis- Game” passed through several col-
dino Gatti, both well-respected paint- hand as if to halt the move. The contact with the viewer, showing her tant background is a mountainous lections in Italy, France and Eng-
ers. Her gender prevented her from youngest of them, Europa, gleefully confidence and conviction, but not scene that bears no relation to the land, then found a home at the Na-
training in their studios with male surveys the scene, while on the far superiority. Steely-eyed Minerva is area near her home in Cremona, tional Museum in Poznań, Poland, to
students, forcing her to learn from right the maid keeps a watchful more than stunned; looking directly where this artwork was created, but which it will return when the Prado
them privately—which may have en- gaze. at Lucia, she’s nonplused. Standing which adds to the depth in the show closes. It is perhaps the best,
couraged her adventurous spirit. Her The girls are dressed in fancy close to Lucia, Europa eyes Minerva painting already apparent in the but far from the only, reason that
BRIDGEMAN IMAGES

gender also precluded the sketching gowns, laced with raised gold with a broad smile, perhaps pleased shoreline below the garden. She Anguissola deserves our attention
of live studio models, so she turned threads: They are too formal for that her big sister has won the suggests texture, not only in the and admiration.
to what she knew best—herself, chess at home, but they reinforce game, perhaps to taunt Minerva? embroidered gowns but also in the —Ms. Dobrzynski writes about art
painting at least a dozen self-por- the girls’ noble background, as do One can almost hear her giggle. The craggy tree trunk and the pile of the for the Journal and other
traits at a time when that was un- their gold jewelry and pearls. Their maid, one step back, trains her seri- carpet under the game board. Ev- publications.
 OFF DUTY
Match-o An Attainable
Men Ferrari?
Six top trends The latest
from the fall Portofino is ideal
menswear for the 2%
runways D2 D9
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | D1

There’s No
Workplace
Like Home
STEVE SCOTT

Millions of tech-savvy Americans want the freedom to work from the couch. Will the anticipated ‘5G Revolution’ help
them realize that dream—or is it mostly hype? Plus: A hopeful tool kit of 5G gear and toil-at-home hacks

BY STEVEN MELENDEZ speedy 4G networks. Now 5G, accord- age quality will be in HD without and LG have only just begun ship-
ing to its evangelists, is poised to the pixelated strobing effect and ping 5G-enabled phones—but indus-
“[Working] 9 to 5, yeah they got you magically transform all aspects of awkward 5-second audio and video try officials expect a rapid rollout.
where they want you…There’s a bet- life, including our ability to reliably delays we now face. Qualcomm CEO Cristiano Amon told
ter life, and you dream about it, connect to the office from, say, a “What 5G does is make the remote press he anticipates that at least
don’t you?” hammock or a bathtub. worker feel less like a second-class 200 million 5G-enabled phones will

D
At peak performance, 5G connec- citizen in a meeting,” said Krish Ra- ship world-wide this year, while
OLLY PARTON’S lyrics tions could kick up current speeds by makrishnan, co-founder of the video- Swedish telecom brand Ericsson,
ring out as I sit in nearly 200 times, fast enough to conferencing company BlueJeans. which is tracking 5G’s global spread
front of my laptop, a download a feature-length movie—or Letting colleagues see each other’s at ericsson.com, projects that 74% of
black steaming cup of a similarly-sized bundle of business faces and body language naturally North America phone plans will be
ambition within reach, documents—in a few seconds, com- aids conversation, said Sacha Connor, 5G-enabled by 2025.
to start my workday. As one of the pared with nearly an hour via 4G. a consultant who advises businesses PC giant Lenovo announced plans
lucky folks who can labor remotely, The 5G standard also offers some se- on optimizing remote work. “It helps to release the Yoga 5G, a laptop that
however, I’m not holed up in an of- curity improvements over existing you to have context about what’s go- connects directly to 5G networks,
fice bathed in fluorescent lights, tech when it comes to VPNs that let ing on around the person you’re this spring (from $1,499, len-
bosses breathing down my neck. you sync up with work servers—good speaking to,” she said. “I’d have no ovo.com). And some phone carriers
One factor that could soon help a news for anyone conducting sensitive idea if somebody left the room…un- already offer portable hot spots, like
lot more workers ditch the daily business from home or on the road. less I could visually see this.” Sprint’s HTC 5G Hub ($600 plus
commute and the strictures of office Perhaps equally important to re- The improved connectivity that 5G data plans, sprint.com), which can
life for the comforts of home is the mote workers is 5G networks’ low promises will also make it easier for connect devices to its 5G networks
touted “5G Revolution,” or the fifth latency, or the time it takes data to colleagues to share on-screen docu- via Wi-Fi or wired connections.
generation of wireless networks that go from point A to point B, which ments and presentations on plat- Added to the promise of 5G, work-
carriers are currently rolling out. The will lead to smoother videoconfer- forms like GoToMeeting (from $14 ers may soon be able to dodge the
first generation powered the shoe- encing, said Nick Ludlum, chief per month, gotomeeting.com), in- high cost of living in metropolitan ar-
sized phones flaunted by Gordon communications officer of the wire- stead of struggling to verbally en- eas where major-league employers
Gekko in “Wall Street,” and most dig- less industry trade group CTIA. This sure, mid-conference call, that every- are based, without necessarily taking
ital devices since late-2012, including should help make remote confabs one is literally on the same page. a pay cut. I didn’t lose many opportu-
smartphones, tablets and laptops, more closely approximate physically 5G technology is still in its early nities when I moved from New York
have been energized by relatively meeting in the same space. The im- days—brands like Samsung, Huawei Please turn to page D10

Inside

DIRTY, ROTTEN
SCOUNDRELS
‘OBJET’ LESSONS FEED GOALS A HOLE IN ONE’S WALLET Why fashion’s love
Standout pieces from Maison & Objet, the On Super Bowl Sunday, satisfy your Are steep greens fees at destination of distressing is
annual design fair in Paris D4 huddle with easy, classic snacks D6 golf courses worth it? D8 distressing D3
D2 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

MEN’S FALL 2020 TREND REPORT

THE ONE SHEET

At men’s fashion shows in London, Milan and
Paris, streetwear yielded to a new formality

WHERE DID ALL the sneakers go? enough to allow for layering under-
Just one year ago, male models in all neath.
kinds of kookily colored sneakers I saw weirder styles, too—Rick
stomped down the runways. During Owens saw fit to dress a man in a
the latest edition of the men’s fash- one-legged, ribbed bodysuit, for
ion shows, which wrapped up last example. But the more effective
Sunday, athletic shoes were eerily experiments were riffs on proven
absent. I didn’t spot a single model styles of the past. The spliced,
striding down the catwalk in cushy diced and resized trench coats and
kicks at shows from brands includ- military bombers that Chitose Abe
ing Zegna, Givenchy, Dior Men and presented at Sacai combined famil-
Hermès. Instead, they wore hardy- iarity with inventiveness. Though
soled boots and traditional dress British designer Craig Green pushed
shoes. his kaleidoscopic quilted coats to ex-
Conservative cobbling, however, travagant extremes, they were still
was just one element of a shift to- rooted in work wear. Even polariz-
ward formality that informed a vast ing leather trousers, which brands
number of this month’s hundred- from Salvatore Ferragamo to Dunhill
plus shows. Also on view: tailoring to Fendi proposed with straight
aplenty, vests and topcoats. What’s faces, felt functional in decidedly
new about this spin on traditional- straightforward cuts.
ism is that it’s imbued with an of- The dominant push toward
the-moment ease. A bevy of well- proper clothes was clearest at Louis
appointed double-breasted suits Vuitton, which has become a cata-
were on offer—at Berluti, Gucci and lyst for trends under its hype-
Officine Générale—but models often maker/men’s artistic director Virgil
wore them unbuttoned, reflecting a Abloh, who recently prophesied
loose, liberal approach to tailoring. streetwear’s decline. While models MATCHED SETS A multitude of designers dressed models in topcoats and trousers in coordinating fabrics
Last year, sporty puffers prevailed. in actual suits sauntered past, the for a head-to-toe look. (The idea? At some point in the day, you shed the outerwear and break the set.) Like
This time round, Valentino, JW An- celebrities in the front row, clad in mega-suits, these elongated outfits modernized traditional tailoring. From left, ornamental and elegant at
derson and Jil Sander all presented last year’s garish streetwear, sud- Bode; a tried-and-true textural gray from Raf Simons; British designer Martine Rose’s Victorian wallpaper
Savile Row-style overcoats, albeit in denly looked entirely out of fashion. print; Nicholas Daley’s fabulously fuzzy tartan take; Jil Sander’s sweepingly compatible combo.
slope-shouldered cuts roomy —Jacob Gallagher

HIDE TIMES Paging Shaft: The oh-so-’70s leather trench coat has roared back into style.
From left: a brooding motorcycle style by Alexander McQueen; a shaggy collar softens
the look at Dolce & Gabbana; Givenchy‘s cigar-brown number has a vintage vibe; slick
and belted at Off-White; the tender tobacco option by Sies Marjan was shown with
matching leather trousers for a trend twofer.

STAMPING GROUND Shin-high THE VEST IS YET TO COME The

waders suggested that the models once chaste sweater vest has
would be rushing off to fish after the undergone an artful makeover. From
GETTY IMAGES (FKA TWIGS, DIPLO)

show. Note how all pant legs are top: a graphic geometric display by
tucked in for optimal puddle jumping. Prada; vivid diagonal splashes on a
From top: a fine pair at Fendi; GLITTER NOT INCLUDED Many designers channeled the memorable shininess of glam knit by Kiko Kostadinov; a grungy
cherry-red “gum” boots drew the rockers like New York Dolls and T.Rex. From left: shimmering silver trousers accompany crimson button-up at Gucci; Louis
audience’s eyes downward at Prada; a posh tux jacket at Gucci; the Dries Van Noten show teemed with platform boots and Vuitton‘s sweater vest featured a
OAMC’s clompers have an easy-on- (again) shiny slacks; a raucous reptilian suit by Acne Studios; Tom Ford‘s comparatively broad, curved neck showing off a
easy-off zipper on the back. tame glossy suit; bangles dangled from the models at Dior Men. tonal tie underneath.

Moments We (Mostly) Loved

AN ALL-STAR AUDIENCE CLOTHES WITH A CONCERT TO HAVE AND TO HOLD HOW THE WEST WAS WORN ANIMAL FARM
Jon Hamm and Susan Sarandon As models streamed down the At Belgian designer Raf Simon‘s Editors, models and stars like the In lieu of a runway show, Thom
(above) plus a slew of other celebs Valentino runway, British singer show, the hand muff—a stodgy musician Diplo (seen here at Louis Browne staged a feast in which
turned up for Paul Smith‘s 50th FKA Twigs belted songs from her “Little Women”-ish accessory— Vuitton) donned colossal cowboy costumed “animals” dined on a
anniversary show in Paris. recent album “Magdalene.” made an unexpected appearance. hats pretty much everywhere. suited man…in cake form.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | D3

STYLE & FASHION

Say Yes to Distressed? and consultant Solange Franklin.

“So, of course you want to fast-for-
ward through the five years it takes
to make that mold to your body.”
points and restricting big outlays to
quality pieces that can age with
you. “Ultimately it’s a smarter
move, and a better use of your cash,
These self-conscious exercises in to buy classic items,” and let them
instant fakery offend fashion insid- organically weather and develop
There is a thin, frayed line between chic and contrived when it comes to ers who value authenticity. “Some- personality over time. Yes, it’s a
ubiquitous pre-ripped jeans, pre-scuffed shoes and pre-laddered sweaters thing that’s pre-dirtied and at a process that takes much longer, but
high price point does insult me earning your rips, tears and scuffs
slightly,” said New York fashion can be sweet sartorial satisfaction.
BY MICHELLE RUIZ clothes anymore. They want to see off a cool factor,” Ms. Saustad said. stylist and consultant Laura Zapata. “It’s like a little pride stamp on

W
well-loved, tattered clothes.” “If I’m wearing my distressed She added that clothes blasted to your clothing,” Ms. Zapata said.
HEN GOLDEN Judging from the scores of “well- leather jacket and I get dirt on it, it look old can feel contrived. “These Alternately, there’s always vin-
Goose sneakers loved” clothes on runways and in just makes it more authentic and larger, mass-market brands are just tage, which boasts sustainability, a
first began stores, she’s right. From torn Acne less stuffy.” trying to jump on the whole vintage less contrived aesthetic and the bo-
sweeping Megan jeans to artfully beat-up Frye boots If overly crisp jeans or a stiff bandwagon.” nus of human connection. “Each
Saustad’s subur- and R13 leather jackets whose new jacket leave you feeling awk- Critics also find it unseemly to item has a history and former own-

F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (DISTRESSED CLOTHING); ILLUSTRATION BY VICTORIA TENTLER-KRYLOV
ban Dallas neighborhood last year, sleeves appear to have been cat- ward, already-broken-in fashion is co-opt the look of poverty. Fashion ers who made memories in them
the fashion blogger and mother of clawed, there’s clearly a market for an antidote. “Having dirt on your can have a way of romanticizing before passing them along,” said
three hesitated. Launched in 2007 purposefully aged fashion. Design- sneakers, or holes in your jeans, grungy, struggling-artist types, and Ms. Irving, who prefers vintage to
but more prevalent than ever, the ers including Junya Watanabe and kind of makes you look more blasé,” while Ms. Franklin noted that it’s prematurely destroyed clothing for
Italian-made low-tops ornamented Rokh have recently sent patch- said Starling Irving, a Brooklyn, hardly a crime to spring for Golden its authenticity.
with sparkles and stars are “crazy worked or frayed pieces down Paris N.Y.-based writer and photographer. Goose sneakers, it can be “strange Ms. Saustad has found, however,
expensive,” she wrote on her web- runways. Search “distressed” on e- “People like seeing themselves to seek humility in luxury that her Golden Goose sneakers de-
site, Truly Megan. The sneakers, commerce site Net-a-Porter and through the lens of an old Polar- items…when people who are actu- liver plenty of warm fuzzies, and not
which start at $425, come either hundreds of jeans, shoes, sweaters oid,” Ms. Irving said. But breaking ally struggling and who have holes just because some of the brand’s of-
chicly “pre-scuffed” or just plain and T-shirts pop up. At this point, in a pair of high-waisted jeans or in their jeans because they can’t af- ferings come shearling-lined. When
dirty, depending on your ability to the concept of pre-ripped denim is sturdy boots takes time, and in ford to buy new jeans don’t think she wears the imperfect sneakers,
see flaws as endearing. rather long in the tooth, but rav- 2020’s on-demand, same-day-ship- that that’s cool.” they make her chill out, too. “I’m a
After trying on a pair, Ms. Sau- aged pieces continue to trend, find- ping culture, many people lack the Nor is it necessarily savvy shop- little more relaxed in my distressed
stad warmed to the manufactured ing fans well outside New York and patience or the skill to lop off their ping. For those seeking the Golden Goose and leather jacket,”
grit on her toes. “The intrigue…is Los Angeles. Advocates of the style own denim hems in a compelling weather-beaten look, Ms. Zapata she said. Since they’re already aged,
they’re not perfect,” she ventured. argue that it conveys a certain ef- way. “We live in a need-it-now cul- advises springing for trendy, pre- “I can be less concerned about up-
“People don’t want to see perfect fortless edge. “It absolutely gives ture,” said New York fashion stylist distressed styles at lower price keep. I can just be me.”

THE AGED RANGE / CURRENT DESIGNS RANKED FROM MILDLY DISTRESSED TO STARTLINGLY RATTY

Taking grunge literally, This bright take on a Can something bedrag- This blazer defies formal- Those intentionally dirty R13, known for its dis- Will this cardigan leave
this piece has subtle button-up has un-preppy gled be work-appropri- ity with stringy hems. kicks. Golden Goose tressing, happily hacked your reputation in tat-
hem holes. Sweater, frayed hemlines. Shirt, ate? Skirt, $1,235, Maison Jacket, $2,790, Thom Shoes, $605, shop- away at this denim skirt. ters? Balmain Sweater,
$295, marcjacobs.com $128, ralphlauren.com Margiela, 212-989-7612 Browne, 212-633-1197 bop.com $450, R13.com $2,295, net-a-porter.com

I Could Do It in My Sheep
Winter temperatures tend to defeat attempts at fashion. We’re left bulbously bundled up.
In shearling, however, one can effortlessly pull off true cold-weather style. Classic
sheepskin in clean, roomy cuts exudes a chic worthy of the late Princess Grace. Wear yours
with sleek black pants (as she did in the 1960s ) or a bohemian print dress for ’70s flair

CULT FOLLOWING TOP COAT

Below: Princess
1 2 Grace of Monaco
The Scrub Club walks her dog in a
quintessential
shearling during a
A storied Paris hair stylist created 1963 trip to
his Christophe Robin Cleansing Switzerland. 1. Coat,
Purifying Scrub with Sea Salt to $6,900, Celine, 212-
535-3703 2. Coat,
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (SHEARLING COATS); GETTY IMAGES (GRACE KELLY)

get scalps squeaky clean $2,495, frame-

store.com 3. Coat,
$3,295, Arje, 866-
History Before devel- ents to use it once a 468-2753
oping his beloved exfo- week, whatever their 4. Loewe Coat,
liating cleanser in its hair type: “[It keeps] $5,400, farfetch.com
current form, Mr. hair feeling hydrated
Robin dissolved plain and your scalp in tip-
old sea salt in water top condition, free of
and used it as a post- any product buildup or
color rinse on clients. dandruff.”
Claims The many Fans Natalie Portman,
functions of this scalp Tilda Swinton
scrub—a paste includ- Cult Moment In 1995, 4 3
ing sweet almond oil Claudia Schiffer
and salt grains of vari- (whose hair color Mr.
ous sizes—might Robin maintained
come as a surprise. along with that of
The formula develops other original supes
a mellow lather and like Linda Evangelista)
deep cleans the scalp connected him with
but also moisturizes; it one of his most loyal
works well on oily and clients: Catherine De-
sensitive kinds of neuve. She’s since
ILLUSTRATION: LUCY HAN

scalp as well as color- touted his products

treated hair. Cortney regularly, including on
Crace, a hair stylist at insider-y beauty web-
New York’s Suite Car- site Into the Gloss.
oline, directs her cli- —Fiorella Valdesolo
 D4 | Saturday/Sunday, January 25 - 26, 2020 NY * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

FRESH PICK

Paris Batch
The most forward-looking and fetching entries at
FARM TO TABLEWARE
the 2020 Maison & Objet design expo A folio of 18th-century botanical
engravings inspired designer John
Derian to collaborate with Paris-
BY SARAH MEDFORD LIGHTING THE WAY based ceramists Astier de Villatte

C
Eco-friendly design often on a suite of nine greenmarket-
HAOS OUTSIDE the yields stone-cold-sober prod- themed plates. Delightfully heir-
venues, thoughtful uct, but this fanciful lamp loom compared with what’s on
evolution within. That from months-old brand display in your average produce
was the takeaway last Greenkiss breaks the mold. aisle, the patterns are made using
week in Paris, where Recycled metal acts as a the decal transfer process and
the bi-annual Maison & Objet and spine for glazed Vietri ce- are hand-wash only. John Derian
Deco Off trade fairs rallied despite ramic, a roughly textured & Astier de Villatte Fruit and
transit strikes that snarled the clay from the Amalfi coast of Vegetable Plates, from about $70
streets and forced everyone into Italy. Designer Thierry Le- a piece, preorder at johnde-
sneakers. Notable launches maire tops rian.com
strengthened the portfolios of clas- his spiky
sic French brands—artful pan- column
oramic wallpapers at Pierre Frey, with a AN OLD TALE WELL-WOVEN
flashy Deco lighting by Pouenat, shade of Who says the classics are dead?
brilliantly off-kilter porcelains Nepalese French wicker workshop Atelier
from Valerie Objects—or offered hemp. FLINTSTONE FABULOUSNESS Vime, maker of this stylish neo-
strong whiffs of 1970s curves and Kaala Capturing a zeitgeisty combination of primitive curves and 1930s spirit, classical
colors (emerald, ocher, sienna). lamp, also this dining room set by rising French design team Pierre Augustin Rose pedestal
Rounding out the buzziest entries available in white, could make a room—or complement existing vintage furnishings in an and urn,
were new, cross-cultural brands roughly 31 inches open living area. Oak chairs with sled feet come in three variations and has part-
who experimented with sustainable tall, about multiple upholstery options. Scala Oak 300 Table, about $18,600; Polus nered with
materials and production methods. $4,900, pao- 002 Chair, about $3,986; Eole Plaster Suspension Lamp, about $6,422, British paint
Here, the best-in-show examples. locastelli.com theinvisiblecollection.com and paper
company Far-
row & Ball to
CULTURAL CROSSHAIRS BETTING THE SPREAD customize the
When Dutch textile designer French furniture stalwart Ligne Roset is going long on 1960s-era fan- urn in any
Mae Engelgeer saw the nat- tasy with a modular sofa that could nearly fill an entire room in any available F&B
ural-fiber, made-in-Colombia number of configurations. Designed by Bernard Govin in 1966 and cov- color (shown:
carpets of Ames, a young eted by collectors since it was produced in its original velvet, the dune- Off Black).
ANDRES VALBUENA (AMES); NICOLAS MATHE US (ATELIER VIME)

German/Colombian brand, like piece is back with improved fill and a choice of three fabrics and The two-
she was bent on collaborat- many colors. Asmara Sofa, four modules sold singly, $825-$1,125, preor- piece design
ing. Bristly agave fibers and der at ligne-roset.com/us/contact is woven in
vegetable-dyed wools alter- Vime’s south
nate to form textured of France stu-
stripes in her artisanally dio from rat-
knotted and woven rugs—an tan grown in
asymmetrical round Indonesia.
(roughly 67 inches in diame- Atelier Vime
ter) and oval (roughly 70 Éditions Ped-
inches by 110 inches), both estal and
with softly knit edges. Uilas Vase, about
Rug, in two sizes and three $3,658, ate-
colors, $2,818 and $4,610, liervime.com
ames-shop.de

Masses of orange
tulips, dyed-blue

THE NEW anemones and maroon

hydrangea replicate

GENERATION
the saturated masses
of color in ‘book of
paint’ (2015), by

OF LUXURY Suzan Frecon.

STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR (ARRANGEMENT); © SUZAN FRECON/DAVID ZWIRNER (PAINTING)

THE ARRANGEMENT

FLOWER SCHOOL

Bold Lang Syne

Floral designer Lindsey Taylor rings in the new decade by
translating a strongly color-blocked painting

THE INTENSE large-scale container, hiding their

canvases of Suzan Frecon stems so no glimpses of
(b. 1941) force the viewer green complicated my
to stop, focus and contem- stark color story. With the
plate, an exercise that groupings of orange tulips
seems equally worth un- and the dyed blue-purple
dertaking at the beginning anemones, I cut a few of
of a new decade. So as the the central blooms a bit
inspiration for my first higher than the others to
monthly arrangement of mimic Ms. Frecon’s
the 2020s, I chose the rounded forms. A single
American abstractionist’s head of maroon hydrangea
richly pigmented “book of naturally mounded, so I
paint” (2015), with its nestled it into the blue
massive monochromatic bowl with little mediation.
forms (right). In hindsight I might have
It being winter, I turned THE INSPIRATION swapped the anemones
2901 COLLINS AVENUE to the flower market for and hydrangea for a more
MIAMI BEACH, FLORIDA 33140 blooms to match the depth of the look clean and modern by striking look, but these pon-
RESERVATIONS +800 466 9695 tone of Ms. Frecon’s work.To adopting a reductive ap- derings are all part of the
WWW.EDITIONHOTELS.COM establish the spatial relation- proach with the flowers—us- process of learning to look
ship I was after, I clustered ing only one variety in each deeper, see more and realize
three richly colored vases of vase. I cut all the blooms so there is always room for im-
different heights, then kept they hugged the rim of the provement.
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, January 25 - 26, 2020 | D5

EATING & DRINKING

A LITTLE SOMETHING SWEET
Sauternes Cake
To compound the Sauternes

Splurge
flavor, add a splash to the heavy
cream-crème fraîche topping
before whipping.

Like You
Total Time: 50 minutes
Serves: 6

Mean It
For the cake:
2 cups flour
1 tablespoon baking powder
1/
4 teaspoon fine sea salt

11/4 cups sugar

3 large eggs
Sauternes is a wine made 3/
4 cup mild extra-virgin

olive oil
for special occasions. 1/
2 cup Sauternes, ice wine,

Baked into a cake, it’s Tokaji or Muscat de Beaumes

de Venise
doubly extravagant 3/
4 cup whole milk

Zest of 1 organic lemon

Zest of 1 organic orange
BY ALEKSANDRA CRAPANZANO For the syrup:

I
1/
2 cup sugar

KNOW THE HOLIDAYS are 1/

2 cup Sauternes or alternative

over. But occasions to cele- For topping:

brate arise in every month 1 cup heavy cream
of the year. When they do, 1 cup crème fraîche
I recommend adopting this Confectioner’s sugar (optional)

TED + CHELSEA CAVANAUGH FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY CARLA GONZALEZ-HART
French festive custom: Serve a
cake infused with sweet, rich Sau- 1. Preheat oven to 350 degrees
ternes, a wine that reliably tele- (325 for convection). Grease a
graphs opulence and indulgence. 9-inch springform pan and line
Wines labeled Sauternes are with parchment. Sift together
made in the Bordeaux appellation flour, baking powder and salt.
of the same name, from Sémillon, 2. Use an electric mixer to beat
Sauvignon Blanc and/or Musca- A CUT ABOVE This rich olive oil cake makes an ideal vehicle for Sauternes, an equally sumptuous wine. together sugar and eggs until
delle grapes affected by noble pale yellow, about 5 minutes.
rot—aka Botrytis cinerea—an af- whipped consistency and dollop it vine, resulting in greater concen- of splurge. Whatever wine you Add oil, wine, milk and zests,
fliction that gives vintners their generously over each slice. tration and sweetness. Those con- choose, make it one you will want and beat to combine, 1-2 min-
own cause for celebration, as it If all of this sounds excessively cerned about the price tag of a to drink; this recipe calls for just a utes. Add sifted ingredients and
concentrates the flavor of the fruit hedonistic, it is. It need not, how- German Eiswein can opt for one of cup, plus a little extra for the beat until just combined, about 1
to a remarkable intensity. ever, empty one’s wallet. A con- the very good and reasonably whipped cream, if you like. Per- minute. Pour batter into pre-
In France, Sauternes not only versation with my trusted local priced ice wines made in North haps save a few spoonfuls for an- pared pan. Bake until a knife
features in desserts but pairs with wine merchant led me to test sev- America. The sweet and acidic other night, to drizzle on chunks emerges clean, 35-45 minutes.
them, too. Along with sweetness it Tokaji of Hungary benefits from of warm roasted pineapple or Let cake sit 10 minutes before
has just enough acidity to cut the same process of noble rot that poached apricots. inverting onto a cake plate.
through, say, an apricot frangi- gives Sauternes its lush character, The olive oil keeps the cake 3. Make the syrup: In a small
pane tart or a crème brûlée. In
The Sauternes haunts and my wine merchant found me a moist, so you can bake a day in ad- pot over low heat, dissolve
this cake, the Sauternes haunts each bite with a note bottle priced considerably lower vance and bring this beautiful des- sugar completely with a few
each bite with a note both boozy both boozy and refined. than the Sauternes I bought. The sert to the table effortlessly when spoonfuls water. Bring syrup to
and refined. cakes with ice wine and Tokaji the time comes. Keep it covered, at a simmer and cook until almost
The batter I use is perhaps less were delicious, and roughly 80% room temperature, and serve it at golden. Immediately remove
French than Italian, made with a cheaper to make. The cake made room temperature, too. I’ve in- from heat and stir in Sauternes.
mild, rounded olive oil. (An herba- eral versions of this cake: one with Muscat de Beaumes de Ve- cluded in the recipe a golden Sau- 4. Before serving, whip creams
ceous one is better saved for sa- with Sauternes; another made nise, meanwhile, was about as ex- ternes syrup to drizzle on last-min- together until billowy. Sprinkle
vory dishes and salads.) Just be- with good but far less expensive pensive as the one with Sauternes ute, and a dusting of powdered cake with confectioner’s sugar, if
fore serving, I like to add a splash ice wine; a third with Tokaji; and and had a comparable complex, sugar makes a pretty garnish. It’s using. Serve slices with a gener-
of the Sauternes to a mixture of a fourth with Muscat de Beaumes honeyed richness. overkill, really, but as long as ous drizzle of syrup and a dollop
heavy cream and crème fraîche, de Venise. Ice wine is made with I’ll leave it to you to gauge the you’re indulging, why not go all the of whipped cream.
then beat the mixture to a lightly grapes that have frozen on the occasion and the appropriate level way? —Aleksandra Crapanzano

EASY ONLINE ORDER PICKUP & RETURNS, EXPRESS ALTERATIONS AND ST YLING HELP
D5A | Saturday/Sunday, January 25 - 26, 2020 NY * *** THE WALL STREET JOURNAL.

Special Advertising Feature

Travel
LU X U RY

2020


Aman, New York

NEW HOTEL OPENINGS & RELAUNCHES The Corinthia Hotel group has arrived in Dubai,

    ,   
       
 
,    

overlooking Meydan Beach.

Slated for later in the year will be the new
offering from Thailand’s renowned Chiva-Som

DISCOVER 2020’S
Health Resort, the Zulal Wellness Resort in
Qatar; while in Oman, the Alila Hinu Bay opens
near Salalah. Heading south, Rwanda’s

HOTTEST HOTELS
One&Only Gorilla’s Nest will be 2020’s
signature opening. There are two additions to the
southern Namib desert: Sonop, a tented camp
from Zannier Hotels, and Sossusvlei Desert
Plan your vacations around these luxury Lodge from &Beyond. Botswana is the African Zulal Wellness Resort, Qatar
openings, from cool Arctic cabins to tented camps headline-stealer: the 12 room, super-luxurious
Xigera Safari Lodge is on the Western Edge of Reserve will open new accommodation on the
in the African desert, says Pamela Goodman Moremi Game Reserve in the Okavango Delta, untouched island of Elang. Further south in
and the new-look Jack’s Camp is an iconic Indonesia, LHM Hotels will open The Legian
outpost in the Makgadikgadi Salt Pans. Sire on Lombok. Australia has a brand-new
In Asia, Japan is getting ready to host the Ritz-Carlton on the waterfront in Perth, and in

T
aking Europe as a starting point, and 2020 Summer Olympics. Hotel The Mitsui New Zealand, The Lindis—an architectural
the U.K. in particular, hot on the heels Kyoto and The Ace Hotel will join Kyoto’s masterpiece situated in the remote Ahuriri
of The Pig-at Bridge Place in Kent, burgeoning hotel scene. Meanwhile, big guns Valley—has recently added three mirrored pods.
comes The Pig-at Harlyn Bay, located Mandarin Oriental and Four Seasons will open Next to the Americas where Explora opens a
in a 15th-century manor house near Padstow in in Beijing and Bangkok respectively. new lodge at El Chalten in Argentina, for
Cornwall. France might just take the prize for In India’s Rajasthan, the tented hotel at off-the-beaten-track Patagonian experiences in
the grandest opening with Les Airelles Château Chhatrasagar has been refurbished, having both Chile and Argentina. Costa Rica is on
de Versailles Le Grand Contrôle Hotel, which joined the Raas portfolio, and in Udaipur, Raffles everyone’s radar, where popular eco-resort Lapa
launches 14 luxury suites and rooms in the unveils its new hotel on an island in Lake Udai Rios on the Osa Peninsula has had a redesign
grounds of the palace where Louis XVI and Sagar. Hotspot destination Bhutan welcomes a and Nayara Tented Camp in the Arenal Volcano
Marie-Antoinette resided. In nearby Paris, new concept from COMO Hotels & Resorts, a National Park breaks in to the scene. In Belize,
LVMH will open a new addition to its Cheval mobile tented-camp experience. In Malaysia, modern luxury resort Alaia will be Marriott’s
Blanc hotel brand on Quai du Louvre; while in Castello di Reschio, Italy both One&Only and Anantara will launch new first property in the country, opening under the
Spain, the Mandarin Oriental group is finalizing resorts on the Desaru Coast, to the east of Autograph Collection brand.
a revamp of the Hotel Ritz Madrid. In prime south into Italy and the Tuscan/Umbrian which, in far-flung isolation, eco-friendly Bawah Two casualties of Hurricane Irma will make a
position beside the Danish capital’s Tivoli border, Castello di Reschio on the exquisite comeback: Le Guanahani in St. Barths and
Gardens, Villa Copenhagen, launching in Reschio estate is one of 2020’s most hotly Rosewood Little Dix Bay in the British Virgin
spring, will demonstrate a commitment to anticipated hotel openings; there is also Villa Islands. Bishop’s Lodge, 100 years old and
sustainability, not least with its 25-meter rooftop Igiea, a palazzo in Palermo, Sicily, which situated near Sante Fe, New Mexico, is
pool warmed by the hotel’s excess heat. But for promises to be a sensational newcomer from undergoing a refurbishment program as part of
minimal environmental impact, and design wow Rocco Forte Hotels. the Auberge Resorts Collection; while in
factor, don’t miss Arctic Bath, a tiny, state-of- From Sicily we go to North Africa, where California’s Napa Valley the new Four Seasons
the-art hotel and spa retreat which, according to Tunisia is bouncing back. Anantara Tozeur, a resort will be situated in a world-class vineyard.
season, will either freeze into or float on Swedish desert resort, opens imminently in the Sahara. In And finally to New York City where, hopefully
Lapland’s Lule River. Staying with water as a neighboring Morocco, the Oberoi has recently in time for Christmas, Aman is coming to town,
theme, La Reserve Group’s latest offering, Eden opened amid 28 acres of gardens on the edge of describing itself as an urban sanctuary and an
au Lac, featuring design by Philippe Starck, Marrakech. Six Senses Shaharut, in Israel’s “architectural icon.” No pressure, then.
opens on the edge of Lake Zurich. Heading romantic Negev desert, will open in April; and Les Airelles Château de Versailles, France Pamela Goodman is a travel writer and editor

I T ’ S A FA M I LY A F FA I R Baby-friendly beach break or once-in-a-lifetime trip with teenagers? Rachel Spratley on this year’s family travel trends

V I L L A R E N TA L RETURN TO THE WILD AND BABY CAME TOO W H AT ’ S C O O K I N G ?

 


The multi-generational trip allows Introduce kids to the great American Many destinations now provide In Italy, anyone interested in learning
family groups of all ages to relax and outdoors on a family vacation that special services with the youngest to cook the way ‘mamma’ does should
reconnect as a unit. Villa rentals aims to inspire and educate. Ted guests in mind. At Four Seasons look at Cesarine, a booking platform
remain a popular option for larger Turner Reserves was founded by the Resort Maui in Hawaii, for classes with local home cooks
family groups, and companies such as eponymous business leader and complimentary amenities for babies across Italy. In Florence or Lake
My Private Villas enable vacationers to philanthropist, with luxury eco- include playpens, bottle warmers, Como this summer you can book a
rent some of the world’s finest luxury tourism, conservation and meaningful organic bath products, diapers, rocking Kids’ Pasta Making Class, which
villas directly from their owners. Staff wilderness experiences in mind. chairs and baby swings. The Breakers teaches young chefs how to prepare
services include butlers, Michelin- Ted Turner Reserves, New Mexico Choose from one of the three unique Palm Beach offers a childproofing two different types of pasta.
starred chefs, personal trainers reserves, located throughout New service in its rooms for infants and Rachel Spratley is Junior Content Editor
and childcare. Mexico, and start exploring. toddlers, upon request. at Sarah Miller & Partners

WSJ. Custom Studios is a unit of The Wall Street Journal Advertising Department. • The Wall Street Journal news organization was not involved in the creation of this content.
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, January 25 - 26, 2020 | D5B

Special Advertising Feature

MINDF ULNESS TRENDS

      -

How—and
Why—to Travel
Mindfully
Make a luxurious break
even more rewarding by giving
back while you’re there,
says Rachel Spratley

A recent report by ILTM reveals volunteer

tourism—or ‘voluntourism’—is one of the
fastest-growing niche markets globally.
Many of the world’s finest vacation
destinations are looking to meet this
demand by providing community outreach
and environmental initiatives for their
guests, making it easier to swap the classic
‘fly and flop’ break for experiences that
enrich and inspire, but without
compromising on comfort or style.
Alexa Poortier, the founder of sustainable- Chiva-Som, Thailand
travel platform itmustbenow.com, says, “The
travel industry has a long way to go before it
can be considered truly committed to
sustainability. But we’re seeing an increasing
number of companies doing their utmost to
give back to their local communities and
conserve the environment, while providing
some amazing experiences for travelers.
TAKING THE TEMPERATURE
OF WELLNESS TRAVEL
Whether it’s conservation trips to support
wildlife initiatives, or interacting with
communities and buying local produce,
there are plenty of inspired, pioneering and
worthwhile initiatives that enable travelers Whether it’s forest-bathing or vinotherapy, choose an escape
to enhance people’s lives in a destination in
which they operate.”
designed to soothe mind, body and spirit. By Sarah Miller
Fairmont Château Laurier in Ottawa,
Canada, works with the non-profit Ottawa
Mission, which helps the homeless and
those at risk of homelessness in the Ottawa

A
region. Hotel guests are welcome to ccording to the Global Wellness team, plus daily classes and activities including



participate in volunteering opportunities, Summit, held in Singapore, the yoga, meditation, a daily spa treatment and
such as donating time and funds to The global wellness industry shows no beach activities.
Boys and Girls Club of Ottawa, which sign of slowing down. A growing As Tokyo gears up for the 2020 Olympics,
reaches out to 4,500 children and youths number of travelers are seeking physical and all eyes are on Japan for inspiration. Shinrin-
each year through programs designed to spiritual wellbeing experiences from the Yoku—or ‘forest bathing’—is a key wellness
build self-esteem and improve social skills. world’s top spas, hotels, retreats and medical trend that looks set to continue this year. Get
Activities can include preparing healthy centers. Here we look at some of the key immersed in nature on Crystal Cruise’s Japan
food for members, as well as gardening and wellness trends for 2020. Cultural & Coastal Discovery voyage, which
landscaping. Four Seasons Resort Costa This year, hotels and resorts will encourage runs from Aug. 27-Sept. 13, 2020. Launching
Rica at Peninsula Papagayo runs a range of their guests to reconnect with the land and from Tokyo, this round-trip expedition offers Aman Tokyo, Japan
community-centered projects, including its draw their wellness practices from the natural travelers the opportunity to canoe, bike and
Paint A School initiative, where volunteers environment around them. Guests at hike their way through some of Japan's most For those seeking a more conventional
are invited to donate supplies and paint. So Anantara Peace Haven Tangalle Resort in Sri beautiful natural landscapes, including experience, Aman Tokyo offers healing Wrap
far, six local schools have received much- Lanka can learn about the resort’s home- Shikotsu-Toya National Park and Sado Island Rituals, using materials such as amethyst,
needed paint jobs. In three schools, guests grown organic ingredients, while embracing on the Ogi Peninsula. Less well-known is seaweed and raw honey to nourish the body
and resort employees have also helped to sustainable farming practices and cooking Otonamaki. It translates directly as ‘adult and clear the mind. Water has long been an
plant community gardens. techniques. ‘Harvest Table by Anantara’ takes wrapping’ and involves swathing participants integral element of Japanese wellness
At Six Senses Yao Noi in Thailand, guests guests on an interactive culinary journey, in cloth to emulate the swaddling of newborn practices, and Amanemu’s entire approach to
can dedicate a few hours—or even a few which includes the harvest of produce from babies. Its potential benefits include the relief wellness is steeped in water. With its thermal
days—to teaching conversational English at the resort’s garden, and rice from its paddy of back and joint pain and muscle stiffness. springs, salt-infused spring water onsens, and
a local school. At One&Only Nyungwe field, as well as joining local fisherman Ranji an infinity pool overlooking the waters of Ago
in selecting a freshly caught main course. The Bay, the relaxing, restorative benefits of water
experience culminates in a four-course lunch treatments reign supreme.
with organic wine, to be enjoyed in the At Six Senses Douro Valley, in Portugal,

      

resort’s own treehouse. guests can combine advice from the resident
Wellness is also taking to the high seas, as Wellness is taking to Sleep Doctor with yoga nidra and meditation
increasing numbers of cruise lines run trips high seas as more cruise sessions, relaxing spa treatments and low-
designed with healthy living in mind. lines run trips with intensity training. Thailand’s Chiva-Som is
This year, REVĪVŌ Wellness Cruises celebrating 25 years of transforming lives with
provide guests with the opportunity to
healthy living in mind its holistic approach to wellness. An early
embark on private, tailor-made adventures adopter of the digital detox, it allows guests at
around the seas of Indonesia on a hand- its newly renovated resort to use their mobiles
crafted phinisi, or traditional teak cruiser. and devices only in their guest rooms and in
Each expedition includes a bespoke wellness the Library. The rest of their stay is dedicated
COMO Maalifushi, the Maldives program, prepared by REVĪVŌ’s wellness to switching off from the outside world.

House, Rwanda, guests can take part in the

monthly Umuganda, a traditional
community clean-up day on the last
Saturday of every month. The hands-on C H I N A’ S T R A D I T I O N S TA K E O F F
experience at Emirates One&Only Wolgan
Valley, Australia, is equally rewarding: guests
can participate in its conservation programs SANGHA Retreat by Octave people could grow together on New York-based architect Calvin well-thought-out wet area
such as tree planting and wildlife surveys. Institute is China’s first serious their individual journeys to Tsao, and situated in a 47-acre comprising pool, rhassoul and
Wildlife is also high on the agenda at wellness retreat. This wellbeing. A co-author of oasis overlooking Yangcheng Lake hammam chambers, sauna, watsu
Bensley Collection Shinta Mani Wild in innovative and impactful Quantum Leadership: New and the historic city of Suzhou, pool, ice fountain, Kneipp walk, a
Cambodia, where guests can join Wildlife holistic health and wellbeing Consciousness in Business China, home to the nine Classical Himalayan salt cave and a 12-step
Alliance rangers motorcycling through the destination was created by (Stanford Press, 2019), he has Gardens on the UNESCO World hydrothermal spa circuit.
forest on anti-poaching patrols, dismantling Fred Tsao (the fourth- seen his philosophy (best Heritage List. At the heart of SANGHA is a
snares and tracking previously unrecorded generation steward of a summed up as “expansive There are lovely views from wellness clinic, where each guest
wildlife activity. Singapore-based family mind, expansive living”) almost everywhere, even the receives a comprehensive
Funded by Shinta Mani Hotels, the business rooted in Shanghai), translated to customized adjacent purpose-built ‘village’ assessment with one of the doctors
camp’s ranger station enables the non-profit who was motivated by a programs that embrace ancient with its spaces for communal and wellness experts, who then
Wildlife Alliance to carry out vital lifelong interest in Chinese traditions, backed by learning, executive retreats, design a program to address the
conservation work in the area, including philosophies of the East and quantum science. conferences, summits and root causes of any problems using
protecting animals from poaching and West. His vision was to create The resort is elegantly festivals. The resort’s sweeping Traditional Chinese Medicine,
preventing illegal logging. a supportive community where designed by Tsao’s brother, outdoor pool and garden is acupuncture, exercise, meditation
At COMO Cocoa Island— reopening situated sensitively in the such as Qi Gong, and healing
following a complete refurbishment in landscape. The interiors, from the Chinese nutrition. Ayurvedic
      

January—and COMO Maalifushi, in the comfortable bedrooms (there are treatments are also available.
Maldives, guests can take part in a coral 60 suites and eight standalone There is a well-equipped gym, a
propagation program, sponsoring and villas) to the unexpected alcoves sound-healing/meditation room,
installing coral frames to help repopulate the featuring artworks and tucked- classes on mindfulness, stress,
surrounding reefs. They can even follow the away seating areas, are a joy. longevity and female health.
corals’ progress online after they leave. Especially powerful is the The restaurant boasts great
St. Regis Bahia Beach Resort, Puerto 65,000-square-foot spa sanctuary, views, serves cleansing soups and
Rico, is collaborating with the Bahia Beach which involves taking a glass lift, juices and personalized,
Resort Golf Club and its non-profit followed by a ritual cup of tea and nutritional light cuisine.
organization, Alma de Bahia, on initiatives the removal of shoes. A gong Only 90 minutes from
to support communities affected by signals the start of each guest’s Shanghai, the recommended
Hurricane Maria. Volunteer opportunities journey through a minimum stay at SANGHA is five
include coastal beach clean-ups, caring for ‘transformational tunnel’ days for true relaxation.
manatees and working with the U.S. illuminated by a map of the stars
Forestry Service to restore trails in El SANGHA Retreat, China and planets. The spa itself has Sarah Miller is the Founder and CEO
Yunque Forest. minimalist treatment rooms and a of Sarah Miller and Partners

E D I T E D b y S A R A H M I L L E R f o r I LT M
D6 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

BY KEITH PANDOLFI and ingredients are combined.

A
// Once onions are ready, re-
FEW YEARS ago, move from pan with a slotted
I was at Musso & spoon and transfer to a cutting
Frank Grill, the board to cool. Add 1 table-
century-old Los spoon olive oil to pan along
Angeles steak- with 3 cloves garlic, sliced.
house, with a group of fellow Sauté over medium-low heat
food writers. We’d come for until golden, 1-2 minutes. Re-
Martinis and steaks, but the move garlic with a slotted
item we couldn’t get enough spoon and place on a cutting
of—in fact, demanded multi- board with onions. Set a quar-
ple orders of—was an appe- ter of onions aside. Finely chop
tizer anyone sentient in the remaining onions and garlic,
middle decades of the last and add to sour cream mixture.
century would recognize: Stir until combined. // Create a
cream-cheese-and-Roquefort- small divot in the middle of the
stuffed celery dotted with dip and spoon in remaining car-
black olives. amelized onions Top with 1
Lately, as I scan the menus bunch chives, chopped, and a
at bars opening up around the drizzle of olive oil. Serve with
country, what seemed like a potato chips or pretzels.
nostalgic one-off that night in —Adapted from Bernie’s
L.A. is looking more like a Restaurant, Brooklyn
trend. At places nowhere near
Stuffed Celery Pimiento Hanky Pankies
100 years old, throwback Pimiento Hanky Pankies
snacks are back. Total TIme 45 minutes
I spotted one recently at Makes 40 hanky pankies
HomeMakers Bar in Cincin- In a food processor, combine
nati. “Salami roll-ups,” I 1/ 1
4 cup flat-leaf parsley, /4 cup

thought. “Where’ve you chopped chives, 1 (4-ounce)

been?” Just a cold cut rolled jar diced pimientos and a
around a cream cheese cen- pinch each of salt and pepper.
ter, it’s a snack any kid could Blend until just smooth. // In a
make. The first time Home- medium pot over medium heat,
melt 1/4 cup butter. Once
melted, add 1/4 cup flour and
‘Salami roll-ups,’ I whisk until creamy. Slowly
whisk in 2 cups milk and cook
thought. ‘Where’ve until mixture starts to thicken.
you been?’ Add 2 cups shredded extra-
sharp cheddar cheese, and stir
until fully melted. Stir in herb-
pimiento mixture and 1 tea-
Makers co-owner Catherine spoon cayenne pepper. Off
Manabat tasted salami heat, stir in 1 (4-ounce) jar
roll-ups was just after mov- diced pimientos. // In another
ing to the region from her pot, combine 2 shallots, diced,
native Los Angeles. “I re- with 1/4 teaspoon salt and
member the first time I had 1/
4 teaspoon pepper. Add 16

one,” she told me. “I thought ounces ground sweet Italian

it was genius.” sausage and 1 teaspoon
At HomeMakers, chef Bri- Worcestershire sauce. Once
anna Schulte dresses up the sausage has cooked all the way
salami rolls just a bit, with through, add pimiento-cheese
French Onion Dip Salami Roll-Ups
two kinds of cream cheese: sauce and mix until thoroughly

Play the Long Game

one mixed with tarragon, incorporated. Let mixture cool.
lemon and garlic; the other // Preheat oven to 350 degrees.
with diced celery, lime juice Spread mixture on 40 slices

F. MARTIN RAMIN/THE WALL STREET JOURNAL, PROP STYLING BY ANNE CARDENAS, FOOD STYLING BY HEATHER MELDROM
and smoked paprika. Both cocktail rye bread. Bake until
kinds come with Ritz crack- bubbly, 13-15 minutes. Garnish
ers. There’s also a ham salad with smoked paprika and
sandwich (with the crust cut chopped flat-leaf parsley.
off, of course). And occasion- What we crave now: snacks from the past, served up simply for pure nostalgia. —Adapted from HomeMakers
ally the specials include an Together, these recipes make an unstoppable Super Bowl Sunday lineup Bar, Cincinnati
old southwest Ohio favorite,
hanky pankies, a combination Salami Roll-Ups
of ground sausage and cheese rant in Greenpoint, Brook- said. “We wanted a place ounces cream cheese cut into tuce. —Adapted from Musso & Two Ways
baked on rye cocktail toasts— lyn. “Just mayo and cream that will last.” 1-inch cubes, at room temper- Frank Grill, Los Angeles Total Time 20 minutes Makes
though Ms. Schulte adds pi- cheese and sour cream, a lot Maybe it’s the times we’re ature, 1/4 cup sour cream, 1 120 roll ups
mientos to the mix and serves of things you usually have in living in. Maybe we’re crav- teaspoon Worcestershire French Onion Dip Make smoked paprika filling:
them on artisan rye from your fridge, but people love ing something everyone can sauce and 1/4 teaspoon hot Total Time 40 minutes Blend 3 pounds cream cheese,
a local bakery. it.” The décor at Bernie’s agree on. Maybe we’re sim- sauce. Purée until smooth. // Makes 6 cups softened, 8 ounces finely
This is the kind of recipe calls to mind a 1970s-era ply tired of fussing over Use a rubber spatula to trans- In a saucepan, melt 1 table- diced celery and 2 table-
once clipped from the TGI Fridays—imitation food. All I know is that I’ll fer mixture to a resealable spoon butter with 1 table- spoons smoked paprika until
“women’s section” of a daily stained glass lighting, red- be serving salami roll-ups, plastic bag. Chill in refrigerator spoon olive oil over medium- thoroughly incorporated. //
newspaper: cocktail nibbles and-white checkered table- French onion dip, stuffed at least 30 minutes. // Use low heat. Add 1 large onion, Make garlic-tarragon filling:
sourced from the cereal aisle, cloths. Beyond a French on- celery and hanky pankies at scissors to snip off a corner at sliced, and sauté until caramel- Blend 3 pounds cream cheese,
as in the party mix of Chex, ion dip topped with savory my Super Bowl party this bottom of bag containing blue ized, 20-30 minutes. // Mean- 11/2 teaspoons garlic powder,
Cheerios, Kix and pretzels caramelized onions, the year. And nobody will be an- cheese mixture. Squeeze bag while, in a large bowl, combine zest of two lemons and 1
tossed with Worcestershire menu runs to shrimp cock- gry about it. to pipe cheese mixture into 12 8 ounces cream cheese, at ounce finely chopped tarra-
sauce on the bar menu at tail on ice with a side of ribs celery, cleaned and room temperature, 32 ounces gon leaves until smooth. // To
Hammer & Nail in Detroit; or Lance saltines, baby back Stuffed Celery trimmed. Sprinkle smoked pa- sour cream, 4 ounces mayon- assemble roll-ups: Spread
dips seasoned with soup mix. ribs and brownie sundaes. Total Time 40 minutes Makes prika over celery and garnish naise, 1 tablespoon Worces- thinly sliced large salami with
“I really don’t know why “The landscape for restau- 12 or 24 celery sticks with pitted black olives, tershire sauce and 2 table- filling and roll into a tight cigar
French onion dip ever went rants is so tricky these days, In a food processor, combine 8 halved. Serve stuffed celery spoons soy sauce. Stir gently, shape. Serve with Ritz Crack-
away,” said Taylor McEwan, especially in big cities like ounces crumbled blue cheese, ribs, halved or whole, on a bed first with a large spoon, then a ers. —Adapted from Home-
co-owner of Bernie’s Restau- New York,” Ms. McEwan at room temperature, 8 of iceberg or other green let- whisk, until mixture is smooth Makers Bar, Cincinnati

SLOW FOOD FAST / SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

BRYAN GARDNER FOR THE WALL STREET JOURNAL, FOOD STYLING BY HEATHER MELDROM, PROP STYLING BY VANESSA VAZQUEZ; JOE McKENDRY (PORTRAIT)

Everyday Tarka Dal With Spinach and Spiced Yogurt

AT AGE 9 Cheetie Kumar made her first dal, In her second Slow Food Fast recipe, Ms.
the Indian staple of stewed lentils. “It was a Kumar calls for spooning hot tarka dal over
rite of passage,” she said. At 13, she mas- fresh spinach, which wilts the leaves and
tered frying spices and aromatics such as on- draws out their natural sweetness. Why not
ions, ginger and garlic in oil—a technique skip the tarka step and simply cook the
known as tarka—to unlock fat-soluble flavor spices and aromatics with the lentils? “It
compounds. Today Ms. Kumar uses tarka in wouldn’t be as tasty,” said Ms. Kumar.
The Chef a number of dishes at her restaurant Garland “Blooming cumin and sautéing onions and
Cheetie Kumar in Raleigh, N.C. “I rely on it for vibrancy,” she tomatoes in ghee is different than tossing
said. Stirred into a mellow dal, the flavorful them into boiling water. This way, you get a
Her Restaurant oil is like a bolt of lightning. top note and a base note.” —Kitty Greenwald
Garland, in
Raleigh, N.C. Time: 25 minutes 4 cups baby spinach onion starts to turn translu-
Serves: 4 Fresh cilantro, to garnish cent, about 2 minutes. Stir in
What She’s Known Flatbread, such as naan tomato and season with salt.
For Vibrantly spiced 1 1/2 cups red, pink or orange Reduce heat to medium and
dishes that draw on lentils, well rinsed 1. Make the dal: In a medium cook until tomato softens,
her Indian heritage. 5 cups water heavy pot, combine lentils, about 2 minutes.
Making waves as a 1 bay leaf water, bay leaf, 11/2 teaspoons 3. Make spiced yogurt: Stir
rock guitarist as well 2 teaspoons ground turmeric turmeric powder and half the toasted cumin seeds into yo-
as a Southern chef. 2 tablespoons minced ginger ginger. Set pot over medium gurt. Season with salt.
Kosher salt heat and simmer, stirring oc- 4. Ladle 1 cup dal into hot
1/
4 cup ghee casionally, until lentils are tarka and stir to combine,
2 teaspoons cumin seeds, very tender and breaking scraping up any browned bits
plus 1/2 teaspoon, toasted down, like a porridge, 15-20 from pan. Fold tarka mixture
and lightly smashed minutes. Add splashes of wa- into lentils, and simmer until
1/
2 cup minced onion ter as needed to loosen. Sea- flavors meld, 2 minutes. Sea-
2 teaspoons finely chopped son with salt. son with salt and lemon juice
Serrano chile 2. Make the tarka: In a small to taste. Place a large handful
2 teaspoons finely chopped skillet, melt ghee over me- of spinach in each of 4 bowls.
garlic dium heat. Add remaining Ladle hot tarka-dal over and
1 medium tomato, chopped, turmeric and cumin seeds. stir until spinach starts to
or 1 cup canned crushed When cumin begins to sput- wilt. Season with salt and
tomatoes ter, after about 30 seconds, lemon juice. Garnish with ci-
1/
2 cup whole-milk yogurt stir in onion, chile, garlic and lantro. Serve with flatbread IN FULL BLOOM Frying spices in oil, a technique known as tarka,
Juice of 1/2 lemon remaining ginger. Sauté until and spiced yogurt. releases flavors that bring verve to this lentil dal.
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | D7

ADVENTURE & TRAVEL

pouch. In the evenings they are let
out for “a little hop and wees and
poos.” I sat in their corral, my fin-
gers deep in kangaroo neck fur
(soft, so soft), marveling at this
totemic two-legged herbivore, its
sturdy tail and tiny clawed hands.
Ever since the bush fires started
raging up and down Australia’s east-
ern coast I’ve been exchanging mes-
sages with Boris and Anna. The land
all around them is grassless dirt.
Anna’s phone, the emergency help-

Fire climbed up the side

of an ancient forest wall,
devouring it like a dragon.

line, buzzes continuously. Many of

the animals they’d released into the
wild have returned with burned feet,
SPIROS HALARIS

starved and dehydrated. They put

food and water out for them all. (The
wombats and joeys I met are still at
their home, safe.) Friends in Ka-
toomba were threatened by a huge
poems and reading bird books be- fire from the north and south. Some
TRAVELER’S TALE / NOVELIST TISHANI DOSHI ON AUSTRALIA’S DEVASTATING FIRES cause, like Dylan Thomas, who could reports say that up to 80% of the
only identify the robin and the Blue Mountains have burned. The
seagull, my bird cred is weak. One pristine view of the Three Sisters I

A Brush With evening, around the fire, one of the

Varuna directors told us she knew a
couple in the nearby Kanimbla Val-
ley who fostered baby wombats and
had on my daily walks was obscured
by thick smoke. I saw a video of a fire
climbing up the side of one of those
ancient forest walls, devouring it like

Fragile Bushland kangaroos. Currently, they had two

joeys living in their spare room. Did
I want to go visit?
I remember this as the most
a dragon. Even great swaths of the
wet Gondwana rainforests, the only
living link to that primordial super-
continent, have burned.
perfect of days. Driving through Everyday there is a story, a statis-
I CAN’T STOP LOOKING at images could only interpret as screaming. down a scar in the hillside, and you swaths of that old country to Anna tic, an image from these fires that
of Australia’s bush fires. One com- This past August I left the coastal reach Three Sisters at Echo Point. Culliton and Boris Hunt’s home, belies the imagination. But there are
posite 3-D visualization created village where I live in South India Aboriginal legend interprets this the land paring off into a valley of also stories of communities coming
using NASA satellite data makes for an intense Australian book tour. trio of massive boulders as three flat fields with mobs of eastern together. Sikh volunteers offering
the country look like a charred It was my fourth trip Down Under sisters who were turned to stone, gray kangaroos in the distance. I hot meals to bush fire victims, vol-
lung turned sideways, a gash of a but my first to the Blue Mountains, forbidden from marrying the three hadn’t known what to expect. It unteer firefighters working over-
continent ablaze. A friend writes in New South Wales, where I’d been brothers they loved. It’s part of the was all magic. Clusters of golden time, artists raising funds for relief.
to say they are going through an offered a two-week residency at a Greater Blue Mountains Unesco wattle, a ragtag of cats and dogs, Boris and Anna say that they have
“ecotastrophy”—early estimates of writer’s retreat called Varuna. The World Heritage site—2.5 million and then Anna shouting, “William! no fire plan. There are sprinklers on
over a billion animals dead, more house used to belong to novelist El- acres of protected bushland, a pre- Claudia!” and seeing these two the roof, and the fire pumps work. If
than 27,000 square miles of eanor Dark, who moved there from historic landscape of eucalyptus and adorable, obedient wombats barrel the fire comes for them, they’ll grab
scorched land, and apocalyptic red Sydney for a cheaper, quieter life. pine forests, waterfalls, gorges and out of their enclosure to hop up on the animals and get in the car. Like
skies that have drifted over to Since 1989, the house and its gar- caves, all home to over 400 species a knee to take a bottle of wombat many, they are thinking about the
New Zealand. Another friend tells dens have become a haven for writ- of animals and birds. formula. Later, we met the joeys, devastation to the land and how it
me about how she goes to sit in ers. If you walk in one direction, you I arrived, four months ago, to un- Meredith and Roey, inhabitants of will recover.
the fire ground to connect with reach the vibrant town of Katoomba, expected snow. The skies were a the spare room or “nursery.” Anna
what’s left. The other day she which hosts its own Elvis Festival sharp unbroken blue and a few trees puts them to bed in slings hung Ms. Doshi’s newest novel, “Small
heard black cockatoos perched in and the world-class Blue Mountains had begun their frenzied spring from the ceiling to simulate the Days and Nights,” comes out this
burned-out trees make a sound she Writers’ Festival. Go the other way, blossom. I spent my time writing feeling of being in their mother’s week (W.W. Norton & Company)

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D8 | Saturday/Sunday, January 25 - 26, 2020 NY * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

THAT’S DEBATABLE

Are Elite Golf Courses Worth It?

Playing a round has rarely been a poor man’s sport, but a few destination courses cater to even deeper pockets.
You can argue that luxury links yield a premium experience—or dismiss them as a pathetic excuse to brag

THE GOLF BUSINESS is

YES not so busy lately. After
decades of expansion,
courses have been closing faster
than new ones open. “Grow the
game” has long been the industry
mantra. Good luck with that—Fort-
nite maybe, but golf? Not so much.
The good news is that the grand
game survives and can be played for
a reasonable cost at innumerable

FROM TOP: PEBBLE BEACH COMPANY; WYNN LAS VEGAS

municipal and “daily fee” courses.
But the kind of golf made for brag-
ging rights and tax write-offs alike
has become increasingly inaccessi-
ble as the greens fees at elite
courses have skyrocketed.
Those fortunate or profligate
enough to plunk down a cool
half-thousand to play
this infernal game at
such courses, well, I
both salute and pity
you. Plaudits for the
courage to assay the YOU’LL NEED A LOT OF GREEN From top: At California’s Pebble Beach Golf Links, which has hosted
layouts the PGA pros six U.S. Opens., greens fees cost north of $500; the newly reopened Wynn Golf Club, fastidiously
do battle with, less landscaped by Tom Fazio, charges $550 per 18 holes.
respect for the need
to name-check your lean of bankroll (up to GOLF IS GOLF IS GOLF, so more about ruthless networking
bucket list to anyone $450 per round de- NO spending what amounts to than bonding. Golf is meant to foster
in earshot. pending on the time of a luxury car payment for a fellowship and collegial behavior,
Still, there are advan- day), but has venerable round makes little sense for anyone even if you meet the odd mad-hatter
tages to overspending. championship bones worried about retirement. Maybe with a nuclear temper and the nota-
At the very private and a recent design once a year you splurge at a marquee ble knack of throwing his clubs far-
Madison Club in La makeover by noted ar- course, but you can always get your ther than he can hit the ball, poor
Quinta, Calif., Kobe beef chitect Gil Hanse. golf on thrice-weekly at the local soul. At least he’ll equip you with a
sliders are served up ad- Then there’s Pebble Beach, two goat-track and still afford a hot dog colorful anecdote to share at work.
jacent to the driving Trump will five-star you of the most whispered words in and a (non-craft) beer at the turn. With greens fees on such courses
range, and homemade jerky and into submission at their respective golf alongside Augusta National Playing with your fellow paupers rarely running more than $40 for 18
soft-serve ice cream are available clubs in Las Vegas and Miami. The and Cypress Point. Pebble will also at a public course comes with other holes, you’ll never go broke on a
on the course itself. And yes, that newly reopened, backyard course set you back $550 and a hundred- upsides: No tip-seeking toady will wasted walk, and you’ll reap that
left-handed galoot in the fairway at the Wynn Hotel is a welcome plus more for the caddie, but the ask robotically: “How was it out most rarefied of spiritual dividends:
goes by the name of Phil Mickel- breath of air on a strip choked by postcard-perfect, seaside holes there?” The lounge will not force the license to play like crap without
son. Ask your caddie for stock tips limo emissions and jackpot pipe- will live on in your mind’s eye for lavender-infused martinis or duck- the guilt and remorse you’d suffer if
rather than putting advice—they dreams. Access to one of Tom years. And the hallowed golf im- fat fries on you. And there is a good it were costing you $5 per stroke.
have big ears. Fazio’s most ingenious layouts—a mortals—like U.S. Open champs chance that you’ll meet future golf Golf will find a way to humble you,
For a healthy handful of hun- luxuriously landscaped oasis— Nicklaus, Watson and Woods—that buddies by showing up alone and and those endless Kobe sliders will
dred-dollar bills, former casino costs $550. Trump National Doral’s shadow your every shot? You getting grouped with god-knows- only hasten a one-way trip to the
moguls Steve Wynn and Donald Blue Monster course is not for the guessed it: priceless. whom, whereas high-end golf is cardiac ward. Fore! —David Weiss

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 THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, January 25 - 26, 2020 | D9

GEAR & GADGETS

this thing has a real will to
turn. Meanwhile, the low-
speed effortlessness of the
steering, and multiview cam-
era feeds, make parking this
six-figure shag-wagon much
less fretful than without.
The Portofino’s ride also
registers more supple and re-
fined than flinty and hard-
edged, relative to other Fer-
raris. Built on an all-
aluminum monocoque, with
double-wishbone suspension
front and rear, it uses active
and adaptive magnetic damp-
ers to give it some range of
purpose. There’s even a
“bumpy road” button on the
steering wheel that switches
the suspension to full soft.
File that under livability, or
long-term lease-ability.
The superb retractable
hardtop opens on skies where
there always seems to be dis-
tant thunder: the rumble
from the exhaust’s quad out-
lets. At idle and low rpm,
INTO THE RED where this car often finds it-
An entry-level Portofino self, alas, the Portofino does
goes for nearly $217,000. not make pretty sounds—
FERRARI

You get one cupholder. sometimes slobbery, some-

times tugboat-y, a lot of quiet
muttering. But the aurality of
RUMBLE SEAT / DAN NEIL the car has been universally
keyed to the tachometer.
When the V8 spins up beyond

2020 Portofino: The Attainable

around 3,000 rpm, the active
exhaust system dilates and
the chug becomes a warm,
precise warble. From here the

Ferrari—If You’re Rich

sound widens and ascends in
pitch, pressure and ferality,
fire-stoked and gorgeous,
bawling to its 7,500 rpm red-
line. Accountants at nearby
cafes raise their heads like
JACKSON is a 9-year-old boy ex-husband’s lawn—Ferrari’s and T. Rowe Price is one of its curves, glorious in its girth, refinement, ease of effort and meerkats to see what’s the
who lives in my neighbor- least quick car will hit 62 mph biggest institutional inves- wearing a smile like it’s just other sorts of pain manage- commotion. You’re still in
hood. He loves cars, some- in 3.5 seconds. Bang-bang, tors. How would you like to spoken to its banker in Zu- ment. The e-assisted steering second gear, by the way.
thing fierce. “Can you get a goes the dual-clutch auto- change a tire with this lot? rich, this very fast car had the feels strikingly light on cen- A dedicated grand tourer,
Ferrari?” he asked me not mated seven-speed transaxle, All parties now seem to curious effect of slowing traf- ter, with weight and sensitiv- the Portofino doesn’t have a
long ago. Why, yes, in fact I’m your license is dead. agree: It’s time to make fic around it. Neighbors idled ity building only as the steer- Race mode available in its
expecting a delivery from the And yet, the slowing evolu- money. Ferrari is on track to by as if they were watching a ing approaches full lock, and steering-wheel mounted ma-
big red stork any day. tion in the UX says something produce a record 10,000 cars grazing 10-point buck and not really much then. That’s nettino selector. However, an
And now a Ferrari Por- about the company back in in 2020, and the brand out- didn’t want to spook it. true in both Comfort and ESC [traction control] Off
tofino grand touring convert- Maranello, Italy, since interior reach is practically door-to- This is not only Ferrari’s Sport modes. mode is readily available if
ible is parked in front of my updates are particularly cost- door in places like Monaco, most attainable car; it’s also If the steering feels a bit some of the neighborhood
house, and so is Jackson, not sensitive. Did you know car Singapore and Beverly Hills. the most approachable in numb, the car’s actual corner- kids goad you into doing a
infrequently, just staring at it. companies have to safety cer- When I first met Mr. Mon- terms of driving and han- ing bite is tremendous. For a burnout. Of course, that
To watch him walk around tify even new colors of seat tezemolo in 1992, he swore dling. The top notes are agile big front-engine convertible, would never happen.
this $285,000 moonraker— belts? Jackson did. that Ferrari should not, could
“like the 812 Superfast,” he The Portofino has a new not build more than about
notes, with the engine in sister car, the Roma coupe, 5,000 cars a year, lest it di-
front, “not the F8 Tributo”— with a wholly new interior minish the desirability of the
is to meet myself 50 years design and updated UX, fea- cars, scarcity being the es-
ago, a child absorbing auto- sence of any luxury brand.
motive details mnemonically, So, the question for Fer-
with unblinking fascination. How can Ferrari rari, and LVMH, and other
Jackson is a pistonhead. publicly traded luxury brands:
I’m a little more reserved
reconcile Wall How to reconcile Wall Street’s
in my delight. This is my sec- Street’s irresistible irresistible expansionism
ond time driving a Portofino expansionism with a with anything like exclusiv-
since the car replaced the ity? Do you see the look on
California T, circa 2018, and sense of exclusivity? that child’s face? Answer me!
little has changed, or evolved, And by the way, Jackson
particularly in the user expe- thinks the Formula One team
rience (UX). That might be a turing a touch screen in the is shite and a bunch of wank-
backhanded way of saying the center stack. No doubt the ers. Jackson says you should
Portofino is still wonderful—a Portofino will get the updated fire the lot of them, except for
four-wheeled panther, purr- interior, probably in the next driver Charles Leclerc.
ing, prowling and guttering in year. But they didn’t pull it When it comes to ultraex-
the streets. House cats look forward this year. pensive cars, perhaps a better
longingly out of living room In any event, Ferrari’s fi- word than exclusivity is terri-
windows as it drives by. nances and future become toriality. After all, Ferrari’s
And if you’re looking for a more conjectural with each global production is irrele-
200-mph hairdo, the Por- new model. The storied rac- vant to you as long as there’s
tofino—with a masterfully ing and sports-car power- only one in your neighbor-
camouflaged retractable house went public in 2015, hood and it’s yours. And so
hardtop—has a chair waiting. having lost its longtime out here in my part of the
Under the hood is the com- leader Luca Cordero di Mon- world, with its meager sup-
pany’s grandiloquent twin- tezemolo in a power struggle plies of Italian homewreckers,
turbo V8, trumpeting and with the late Sergio Marchio- the Portofino might as well
tromboning and trilling to nne. The chairman is John El- have been a one-of-one.
7,500 rpm and 591 hp output. kann, scion of the Agnelli Let’s not be jaded: These
It’s punchy, all right. With family; the chief executive is cars make people happy—not
launch control activated, and Louis C. Camilleri, chairman necessarily owners, but peo-
on an ideal surface—not your of Philip Morris International; ple generally. Luscious in its

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not the sole retail outlets.
D10 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

STEVE SCOTT (2); SON OF ALAN (WORKSTATION)

That 5G ‘Freedom’: Not All It’s Cracked Up To Be? Please Don’t
Make Me
Work at
Continued from page D1 the speedier, premium ser- on a list of things they strug- Home!
to New Orleans and even vice. Plus, anyone who wants gled with most. It’s worst for Even if 5G
gained one advantage: I can to connect to 5G networks workers who rarely escape proves liberating,
show colleagues where to get will likely need to invest in a their home offices, not even some people
beignets and crawfish should new suite of devices: phone, to hang out in a drab Kinkos. might fail with-
they stop into town. laptop, hotspot and more. And while 5G may pave the out the structure
Here’s the problem: The And until 5G is widely ad- way for immersive videocon- and social life a
grand promise of 5G is to opted, brands might not see ferencing, experts say em- workplace pro-
change the way the world the value in pushing out ployees and employers will vides. Here, four
works and power advances in product. Even Apple is in a need to expend effort to make professionals on
A.I.—propelling us into a Jet- holding pattern when it remote work actually work. why they’re
sons-like future of automated comes to 5G-enabled iPhones. For its part, Owl Labs, a Bos- more content in
cars and connected smart “The 5G Revolution That ton-area company which a cubicle.
homes. But many experts Isn’t” was one of many nega- makes 360-degree cameras
consider that promise hollow. tive headlines to emerge from for videoconferencing shaped “In person you’re
For starters, because of the January’s Consumer Electron- like its namesake bird, holds able to communi-
necessary infrastructure, the ics Show in Las Vegas, which regular catered lunches in cate in ways that
fastest 5G speeds will be lim- some assumed would finally, conference rooms that re- are difficult to
ited to major cities, spreading truly launch the so-called rev- mote workers can “attend” replicate with
to rural areas over years. olution. It didn’t. via video. The company even tech—like white
Even then, higher speed net- And many argue that, for sends gift cards so each can boarding and dia-
works that push higher qual- those who work at home or be treated to delivery and gramming. You’re
ity video and larger amounts hope to soon, connecting via chow down in front of the able to have bet-
of data don’t come cheap, so 5G might do little to combat camera, said CEO Frank ter group commu-
an employee who wants to a sense of isolation, a fear of Weishaupt. The dream of nication. And
work from home might need not building professional and seamlessly videoconferencing there’s something
to pony up. Last year, carriers personal relationships the into work between surf les- about body lan-
including Verizon and Sprint way you can in an office. In a sons in Costa Rica may still guage that’s help-
floated the idea that instead 2019 survey titled the “State be far off. But at the very ful.”—Daniel
of making 5G their new stan- of Remote Work” conducted least 5G might let colleagues Mason, 31, tech
dard—flipping the switch by Buffer, a marketing tech share a coffee from afar. startup founder
from 4G to 5G somewhere in firm, telecommuters picked It might seem a bit sad,
the near future—they would loneliness as a close second but see how you feel after an- “Sitting with col-
charge customers more for to “unplugging after work” other week of working 9 to 5. leagues every day
is so nice. Socially,
that’s a big deal. I
can’t imagine not
Create a 3+3 be your kitchen Time Is Money having work
Listing to-dos
isn’t nearly as
island, dining-
room table, back
Your dog won’t
hold you account-
Remote Control: The Hacks friends. I get up, I
get dressed, I say
constructive as
writing out priori-
porch or a comfy
chair, you need to
able, so you need
to set specific And Gear You’ll Need good morning, so
my social skills
ties. “Each day, designate a work hours. By are sharpened by
determine what space—a close- creating a sched- Working remotely isn’t all about sweatpants. Here, tricks for staying being at work.”
your ‘3 + 3’ will by drawer or cab- ule, you tell your —Natalie Reich,
be,” Helene Se- inet, perhaps— brain (and your on task once 5G truly arrives, and a checklist of the key equipment 49, teacher
gura, author of for the things colleagues, part-
“The Inefficiency you need,” said ner and kids) 4 “Anybody who
Assassin,” said. productivity lead- when you’re going works from home
“Choose three pri- ership coach El- to be “at work.” struggles with
orities that abso- len Faye. You can keep to boundaries—it’s
lutely must get those hours by easy to take 30
finished, and Learn to Control tracking them minutes to do the
work on those as Interruptions with an app like 5 dishes. It’s easier
early in the day Working OOO Toggl (from $9/ 3 to do laundry, be-
as possible before safeguards you month, toggl.com). cause, hey, no-
fires—or opportu- from random “Even the most body else is using
nities—come your desk-side chats creative people the machine.”
way.” Then you but not awful thrive with some —Emily Tissot,
can lean on you're habits. To ensure kind of structure,” 31, health-tech
the next three you don’t waste Ms. Segura said. program man-
priorities when hours scrolling ager
humans or tech- Twitter and can Stop Trying to
nology upset your maintain your fo- Do It All “Kids are a dis-
original plans. cus, Chris Bailey, You don’t have to traction. Our
author of “The adopt all these 4-year-old has a
Get Situated Productivity Proj- hacks. Mr. Bailey half-day, so when
Dedicate a spot ect,” recommends suggested focus- she’s home she’s
where you can you download a ing on one or two 6 screaming and
physically and distractions that resonate jumping. Then
mentally set blocker, such as with you to cre- there’s the TV.
boundaries to Cold Turkey (free, ate effective and You have to be
get work done. getcoldtur- productive very disciplined—
Make sure sup- key.com). Fire up change. “Most otherwise you’ll
plies—pens, pen- the software, advice out there 2 fall into a black
cils, markers, choose distract- is just a reminder hole of distrac-
Post-its, letter ing sites or apps of what we know tions.”—Edward
pads, files, char- that you want to already. So use Libfeld, 41,
1
gers, and your block (from social the right idea at neuro-radiologist
priority lists—are media to Slack) the right time at
within arm’s and set a timer the right place in 1 A laptop that links to 5G networks. 2 A 5G smartphone for conferencing in from the road. 3 A 5G- —Edited from
reach. “While for how long you your life.” enabled camera and monitor make meetings seamless. 4 Cloud-based files can be accessed in interviews by
your ‘office’ may want to focus. —Lauren Steele seconds, not hours. 5 A 5G hotspot securely connects all devices. 6 This is a cat—no 5G required. Rachel Wolfe