WSJ
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
What’s
News
World-Wide
urope is facing a season
E of political turmoil in its
North and South as charis-
matic right-wing leaders in
the U.K. and Italy pursue
bids for greater power that
entail clashes with the EU. A1
 Trump expressed hopes
that Republicans would join
with Democrats to consider
proposals expanding back-
ground checks for gun buyers,
adding he believes the NRA
wouldn’t stand in the way. A4
 The suspect in the El Paso
attack admitted to police he
was the gunman and told in-
vestigators he had targeted
Mexicans, according to doc-
uments unsealed Friday. A4
 Trump said he was in no
rush to pick a candidate for
the nation’s permanent intelli-
gence chief, as current and ex-
officials and Democratic law-
makers raised concerns. A3
 China ratcheted up its ac-
cusations of U.S. involvement
in fomenting protests in Hong
Kong, spotlighting a top
diplomat in state media. A7
 North Korea conducted
another missile test, hours
after Trump expressed op-
timism about nuclear talks
that remain stalled. A8
 The EPA is proposing a
change in Clean Water Act
rules in a bid to streamline
the approval process for per-
mits for pipelines and other
infrastructure projects. A2
Business & Finance
 Stocks ended on a down
note Friday, capping a week
in which investors ricocheted
between riskier and safer as-
sets amid advances and re-
treats of the U.S.-China trade
war and watched warily as
currency markets emerged as
a new front in the dispute. A1
 Saudi Aramco is reviving
IPO plans with the aim of ac-
complishing what would be
the world’s biggest listing as
soon as early next year. B1
 Malaysia filed criminal
charges against 17 current
and former Goldman exec-
utives in connection with
the 1MDB scandal. B1
 The British pound took
a hit as the U.K. economy
showed signs of being
hampered by the political
standoff with Europe. A9
 Huawei offered details
about the operating system
designed to replace Android
on its smartphones, following
the firm’s U.S. blacklisting. B3
 PG&E reported a steep
loss as the utility con-
tended with wildfire-re-
lated costs and efforts to
improve its electric grid. B3
 The U.S. Postal Service
delivered fewer packages
in the latest quarter for the
first time in nine years. B3
 Uber’s shares tumbled
6.8% a day after the com-
pany reported its largest-
ever quarterly loss. B3
NOONAN
An American Song,
An American Crisis A13
CONTENTS
Books..................... C7-12
Design & Decor.... D9
Food......................... D6-7
Gear & Gadgets D10
Heard on Street...B14
Obituaries................. A6
s 2019 Dow Jones & Company, Inc.
All Rights Reserved
Our New
Terrorism
Problem
REVIEW
* * * * * * *
Opinion............... A11-13
Sports....................... A14
Style & Fashion D2-3
Travel...................... D4-5
U.S. News............ A2-4
Weather................... A14
World News....... A7-9
> Archery Tournament Champ.
THE WALL STREET JOURNAL WEEKEND
SATURDAY/SUNDAY, AUGUST 10 - 11, 2019 ~ VOL. CCLXXIV NO. 35
Trade Tension
Sends Markets
On Wild Week
Concerns about
growth sparked some
of the most volatile
sessions of the year
BY ALEXANDER OSIPOVICH
The stock market ended
this week slightly below where
it started. But a lot happened
from Monday through Friday.
Investors ricocheted be-
tween riskier and safer assets,
following the advances and re-
treats of the U.S.-China trade
war, and watching warily the
emergence of a new front: the
currency markets. The big
winners were gold and U.S.
Treasurys, typical havens in
times of trouble.
Friday ended on a down
note. President Trump raised
the possibility that a meeting
with China on trade might be
canceled, pressuring stocks.
The Dow Jones Industrial Aver-
age ended Friday down 0.3% to
26287.44. The S&P 500 dropped
0.7% while the tech-heavy Nas-
daq Composite fell 1%.
After all the big swings of
recent days, all three major in-
College
Pays Off,
But Not
For All
BY JOSH MITCHELL
Investing in a college degree
still pays off for most students
with higher salaries and
greater wealth, but in recent
years it has become riskier,
splitting graduates more widely
into haves and have-nots.
“It just has not been the
blanket guarantee of following
the same path to prosperity
that the earlier generations
followed,” says economist Wil-
liam Emmons of the St. Louis
Federal Reserve.
There are three related
shifts causing economists to
re-examine the returns of col-
lege. First, the wages of col-
lege graduates have remained
mostly flat this century, after
inflation. Second, the cost of
attending college has soared.
Third, even with higher sala-
ries, significant numbers of
college graduates in recent
years are failing to build the
kind of wealth that previous
generations did.
The question of higher edu-
cation’s value has gained ur-
gency because so many more
Americans are going to college
than before and because they
are paying far more to do so.
The share of Americans be-
Please turn to page A2
Grads Bring Competitive Drive to Alumni Summer Camp
At Michigania, adults brave rustic cabins, polish rocks, vie in archery
BY BETSY MCKAY
WALLOON LAKE, Mich.—
Pete von Bernthal pulled his
bow taut, let go and sank an
arrow into the red ring on a
target 40 yards away.
“I’m psyched!” he ex-
claimed. The shot made him
It capped an awesome stay
at summer camp—for a 52-
year-old investor and manu-
facturer’s representative.
Mr. von Bernthal comes
with his family every year to
dexes were down less than 1%
for the week.
“We’re not ready to make a
deal, but we’ll see what hap-
pens,” Mr. Trump told report-
ers Friday morning. “We will
see whether or not China keeps
our meeting in September.”
The week began with a rout
Monday after moves from
China’s central bank to weaken
the yuan triggered fears that
the standoff between Washing-
ton and Beijing could deepen.
U.S. stocks had their worst
one-day drop of the year.
But they turned around the
next day after Beijing backed
off further escalation in the
dispute. The S&P 500 rose
through the middle of the
week before falling again on
Friday.
For much of this year,
stocks have rallied on expecta-
tions that the U.S. Federal Re-
serve would cut interest rates,
lifting the Dow to record highs
in July. But after the Fed de-
livered its long-awaited rate
cut last week, stocks tumbled
as the trade dispute between
Washington and Beijing wors-
ened and the U.S. central bank
Please turn to page A7
Political Gambits Add Risk in Europe
BY MARCUS WALKER IN ROME
AND STEPHEN FIDLER IN LONDON
Europe is facing a season of
political turmoil in its North
and South.
In the U.K. and Italy, charis-
matic right-wing leaders are
pursuing bids for greater
power that entail clashes with
the European Union, poten-
tially disrupting their nations’
economies and Europe’s al-
ready faltering growth.
The British economy is tak-
ing a hit from the risk of a
Sorrow as El Paso Buries Victims
Pallbearers on Friday carried the casket of Angelina Englisbee, 86,
who was killed in the El Paso, Texas, mass shooting. In
Washington, President Trump expressed optimism about prospects
for proposals to expand background checks for gun buyers. A4
i i i its growing energy demand
Camp Michigania, part of the
University of Michigan alumni
association, on a picturesque
lake about four hours north of
Detroit. While his two teenage
daughters are occupied with
activities, he relives his youth.
This year, Mr. von Bernthal, of
Waterford, Mich., also tie-dyed
an old polo shirt, sang songs
around a bonfire and sailed a
Hobie Cat, which he tipped
over.
Chief executives, doctors
and professors say they attend
Camp Michigania to have fun
0%
–1
–2
25%
–3
20
–4
15
10
–5
5 Dow Jones
–6
0
–7 –5
2019
–8
July 29 30
U.S. Treasury yields
2.8%
10-year
2.6
2.4
Three-month
2.2
2.0
1.8
1.6
J F M A
*Front-month contract
Sources: FactSet (indexes); Ryan ALM (Treasurys); CQG (oil, gold)
chaotic Brexit on Halloween,
the latest date set for the U.K.
to leave the EU. The U.K. econ-
omy, the world’s fifth-largest,
contracted at an annualized
rate of 0.8% in the second
quarter as business confidence
plunged, according to data re-
leased on Friday.
It was Britain’s first quar-
terly contraction since 2012.
The weak data, amid Prime
Minister Boris Johnson’s de-
termination to take the U.K.
out of the EU on Oct. 31,
pushed the British pound
and spend time with family
and close camp friends. Michi-
gan grad Suzanne Demirjian, a
53-year-old accountant from
Chicago who has come with
her family 24 summers, says:
“It’s a great time to just un-
plug.”
Unplug, maybe, but not nec-
essarily unwind.
Some campers pack their
schedules—skipping breakfast
to make it to tennis, shooting
for awards, writing their own
camp rules. The camp enjoys
Please turn to page A10
Investors moved between risky assets
like stocks and safe havens such as bonds
and gold as tensions between U.S. and
China escalated.
10-day index performance
This year
PAST 10 DAYS
31 Aug. 1 2 5
U.S. crude oil price*
$65 a barrel
60
55
50
45
40
M J J A J F M A M J J
down to a multiyear low of
$1.2057, before it recovered
somewhat.
Some of the U.K. economy’s
weakness derives from intensi-
fying global trade conflicts,
but the U.K. has a particular
problem with weak business
investment, which has fallen
in five of the past six quarters.
Some forecasters say a Brexit
with no agreement on the
U.K.’s future relations with the
EU could push the country
into a recession.
In Italy, anti-immigration
SoftBank’s Bid to
Build a Solar-Power
Empire Founders
Masayoshi Son sought renewable clout but
has achieved a fraction of firm’s promises
MARIO TAMA/GETTY IMAGES
BY PHRED DVORAK
AND RORY JONES
For years, SoftBank Group
Corp. Chief Executive
Masayoshi Son has talked
about building a global renew-
able-energy empire capable of
carrying solar power across
continents.
The Japanese investor
sought deals of immense scale
in Saudi Arabia, India and be-
yond. He promised to spend
hundreds of billions of dollars
tackling one of the world’s
toughest challenges—meeting
with less carbon-intensive
sources.
Today, his boldest propos-
als are foundering. Mr. Son
has announced plans to build
as much as 220 gigawatts of
solar capacity in Saudi Arabia
The Retro Road Trip
OFF DUTY
WSJ.com HHHH $5.00
Industrial
Average
S&P 500
Nasdaq
Composite
6 7 8 9
Gold futures price*
$1,500 a troy ounce
1,450
1,400
1,350
1,300
1,250
A J F M A M J J A
firebrand Matteo Salvini is
pushing to bring down the
government and trigger snap
elections for October. Opinion
polls make him the strong fa-
vorite to win a vote.
Mr. Salvini’s promises in-
clude sharp tax cuts that could
challenge the EU’s rules on fis-
cal discipline and spook bond
Please turn to page A9
 British pound takes hit,
touching multiyear lows..... A9
 Italian banks, in a reversal,
make good on bad loans.... A9
and India by 2030—equivalent
to half of what exists today
around the world. Yet Soft-
Bank has managed to contract
for around 3 gigawatts in In-
dia and has about 700 mega-
watts in Japan. The company
hasn’t completed a project in
Saudi Arabia and doesn’t ap-
pear close to winning a major
contract there soon.
In India, developers includ-
ing SoftBank were hit last
year by unexpected increases
in taxes and tariffs, cancella-
tions of auctions and land dis-
putes. One solar park in the
country where SoftBank is
building a plant has been hit
by delays stemming from
squatters refusing to move off
the land allocated to the proj-
ect.
Rivals within the company
Please turn to page A10
EXCHANGE
LAW REVIEW
Making partner once
meant a job for life.
Now it means
something very
different. B1
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Saturday/Sunday, August 10 - 11, 2019
THE NUMBERS | Jo Craven McGinty
Can Amazon Break Outside the Box?
E-com-
merce has
buoyed the
paper indus-
try for years
by increasing
demand for cardboard boxes.
So what happens when
online stores decide to cut
costs by shipping packages
in fewer and smaller con-
tainers?
In the short term, proba-
bly not much. But in the long
term, it gets more compli-
cated.
At the turn of the millen-
nium, e-commerce accounted
for only 1% of retail sales in
the U.S. But by last year, to-
gether with mail order, it ac-
counted for 17%, excluding
cars and gas, according to
Fastmarkets RISI, which ana-
lyzes the forest-products
market and has examined
the relationship between on-
line shopping and paper
packaging.
(By itself, e-commerce ac-
counted for 9.7% of retail
sales, but for its analysis,
Fastmarkets combined it
with mail order, which has
similar shipping require-
ments.)
As the e-commerce and
mail-order sector has grown,
cardboard boxes, the most
common type of shipping
container in the U.S., have
hitched a ride.
In 2018, about half of all
domestic corrugated-box
shipments for the retail sec-
tor—consuming 40 billion
square feet of material—
PENTAGON
Computing Contract
Award Is Delayed
The Pentagon will take weeks
to brief Defense Secretary Mark
Esper and await his approval be-
fore awarding a potentially lucra-
tive cloud-computing contract,
officials said Friday.
“We are not going to rush to
a decision,” said Dana Deasy,
chief information officer at the
Defense Department. “I’m not go-
ing to try to predict an end date.”
On Aug. 1, Mr. Esper said he
would be reviewing the program
known as the Joint Enterprise
Defense Infrastructure, or JEDI.
He didn’t give a timeline.
The Pentagon previously had
signaled it could award the po-
tentially $10 billion contract by
the end of August, with Ama-
zon.com Inc. and Microsoft
Corp. as finalists.
—Ryan Tracy
NEW JERSEY
Ex-Campaign Staffer
Sues State Employee
A former staffer on New Jer-
sey Gov. Phil Murphy’s guberna-
torial campaign has countersued
Degrees
Don’t Pay
Off for All
Continued from Page One
tween ages 25 and 29 with a
bachelor’s degree rose to 37%
last year from 29% in 2000, Ed-
ucation Department data show.
College and graduate-school
tuition has risen at triple the
rate of inflation this century,
according to Labor Depart-
ment data. Students who bor-
rowed now leave college with
more than $30,000 in debt, on
average, and a small but grow-
ing number is carrying
$50,000 and beyond, accord-
ing to a report last year by the
Brookings Institution.
College graduates still earn
far more than those who never
got an education beyond high
school. Americans with a
bachelor’s degree—but not a
graduate degree—earned an
average of $77,239, nearly
$32,000 more than the aver-
age earnings of workers with
only a high-school diploma,
according to the New York
Federal Reserve. That pre-
mium remains near an all-time
high, after inflation. And yet,
while college grads’ inflation-
adjusted wages rose steadily
throughout the 20th century,
they have been flat since
were used for e-commerce
and mail-order deliveries, ac-
cording to Fastmarkets.
In the past, some of these
boxes would have been di-
verted to traditional bricks-
and-mortar stores, but Fast-
markets attributed at least
80% of the boost in demand
to e-commerce and mail-or-
der. In part, that’s because
online and mail-order outlets
use about seven times as
many boxes per dollar spent
as bricks-and-mortar stores.
Even so, the box indus-
try’s profits have grown
slowly, perhaps because the
majority of the products are
generic and generate intense
price-based competition, ac-
cording to IBISWorld, a mar-
ket-research firm that has
analyzed the cardboard-box
and container-manufacturing
industry.
The average profit margin,
measured as earnings before
interest and taxes, increased
from 5% of revenue in 2014
to an estimated 5.8% in
2019—or a total of $3.9 bil-
lion out of $67.9 billion in
revenues, according to IBIS-
World.
A
t the same time, the
number of paperboard
mills and manufactur-
ers has declined. Nearly 300
mills operated in 2001 with
about 41,000 employees, ac-
cording to the Bureau of La-
bor Statistics, and more than
3,000 manufacturers oper-
ated with 211,000 employees.
Now, there are 255 mills
HOOKED: Youngsters played basketball on Friday at Clasky Common Park in New Bedford, Mass.,
during a block party sponsored by Creative Courts, which painted the court with a nautical theme.
a state employee who accused
him of sexual assault, claiming
she defamed him and made false
accusations to get him fired.
Katie Brennan, a former vol-
unteer for Mr. Murphy’s cam-
paign who now works as chief
about 2001. Several factors are
likely to blame. After the tech
bust of the early 2000s, the
economy demanded less of the
type of cognitive skills that
college graduates typically
have, according to a paper
published in the Journal of La-
bor Economics by economists
Paul Beaudry, David A. Green
and Benjamin Sand.
As a result, college gradu-
ates started taking up jobs
previously held by those who
went only to high school,
pushing down wages for high-
school graduates. College
grads thus maintained an
earnings advantage over non-
grads, but their real wages
didn’t rise. New York Fed data
show roughly four in 10 recent
college graduates—those be-
tween ages 22 and 27—are in
jobs that typically don’t re-
quire a degree. And other re-
search shows that during the
recession, some employers re-
quired bachelor’s degrees for
jobs that previously required
only a high-school education.
The result: Many students
ended up paying far more for
higher education than previ-
ous generations but may not
have gotten the type of in-
come boost they expected.
Research published in 2014
by the New York Fed shows
that among college graduates,
the bottom 25% of earners
made roughly the same or less
than the typical high-school
graduate without a degree.
“Although higher education
U.S. NEWS
Paper Trail
Paperboard production in the U.S. has risen despite a drop in
employees at the plants.
Net supply of new paperboard
50 million tons
40
30
20
10
0 0
2005 ’08 ’11 ’14
Note: Supply is production plus imports minus exports. 2018 supply figure is preliminary.
Source: The American Forest and Paper Association (supply); Bureau of Labor Statistics
(employees)
with about 31,000 workers
and fewer than 2,400 manu-
facturers with around
150,000 workers.
The American Forest and
Paper Association, a national
trade group that represents
the paper and wood-prod-
ucts industry, attributes the
decreases to streamlining.
“The number of facilities
has gone down, but the ca-
pacity of existing facilities
has gone up,” said Terry
Webber, executive director of
packaging at the association.
“We’re investing in our mills
so they have more capacity.”
The supply of new paper-
board, according to figures
U.S. WATCH
of staff for New Jersey’s hous-
ing agency, accused then-cam-
paign staffer Al Alvarez of as-
saulting her after a campaign
event in Jersey City in 2017.
The allegation, which Mr. Al-
varez denies, was first reported
Percentage difference in
average net worth of college
graduates vs. nongraduates
500%
Black White Hispanic
400
300
200
100
0 1980s. Among some demo-
1930s 40s 50s 60s 70s 80s
DECADE BORN
Note: Doesn’t include graduate degree holders
Source: St. Louis Federal Reserve
may be financially advanta-
geous on average, the flatten-
ing of returns as costs have
continued to rise suggests that
college may be an unfavorable
financial investment for rising
numbers of individuals,” econ-
omist Robert Valletta of the
San Francisco Fed wrote in a
2016 working paper put out by
the National Bureau of Eco-
nomic Research.
Then there is wealth, which
measures a person’s assets—
such as savings in a bank ac-
count, the value of a home and
any stock ownership—minus
any debts, such as a mortgage,
student loans and credit-card
debt. College graduates still
have more wealth than non-
graduates, as they have had
Number of paperboard
employees
Paperboard manufacturers
Paperboard mills
200,000
160,000
120,000
80,000
40,000
’17 2005 ’08 ’11 ’14
provided by the Forest and
Paper Association, has in-
creased from 46 million tons
in 2000 to 47.9 million tons
last year.
G
oing forward, the rela-
tionship between e-
commerce and paper
packaging will weaken, Fast-
markets predicts, thanks to
the increased use of shipping
alternatives such as plastic
mailers, efforts to “right
size” packages to do away
with outsize boxes, and at-
tempts to reduce “overbox-
ing,” when a product must
be stowed in a second, stur-
dier container because its
in The Wall Street Journal. He
wasn’t charged with a crime.
Mr. Alvarez was hired as chief
of staff for the New Jersey
Schools Development Authority in
January 2017. He left his position
in October 2018 after being con-
for decades.
In 2016, the typical house-
hold headed by someone with
a bachelor’s degree but no
graduate degree had more
than twice as much wealth as
the typical household headed
by a nongraduate, according to
a St. Louis Fed paper released
in January, which analyzed
data from the Fed’s Survey of
Consumer Finances. But that
wealth premium has declined
substantially for younger gen-
erations of college graduates,
particularly those born in the
graphic groups, there is little
or no wealth advantage at all.
The typical black family
headed by someone with a col-
lege degree—but no graduate
degree—born in the 1970s and
1980s barely had any more
wealth than the typical black
household headed by a non-
graduate. Hispanic households
of the same age groups have
only a small wealth premium.
The paper concludes:
“Among families born in the
1980s, the college wealth pre-
mium weakens to the point of
statistical insignificance with
the single exception of white
bachelor’s-degree holders,
which remains positive but
much smaller than that en-
joyed by previous cohorts.”
One caveat: The wealth pre-
mium for young college gradu-
ates today may increase over
time, as their earnings con-
tinue to rise and as they pay
off student debt.
* *** THE WALL STREET JOURNAL.
Rule Aims
To Speed
Pipeline
original packaging is too
flimsy to survive shipping.
Egged on by irritated cus-
tomers, Amazon.com Inc.,
Approvals
the largest online retailer, BY TIMOTHY PUKO
has branded its plans to re-
duce packaging waste as a WASHINGTON—The Envi-
way to eliminate “wrap ronmental Protection Agency
rage.” But cutting down on is proposing a change in Clean
packaging could also save Water Act regulations aimed
the company substantial at streamlining the approval
amounts in shipping and process for permits that are
transportation costs. Last often a sticking point for pipe-
year, the retail giant spent lines and other major infra-
$27.7 billion on shipping, in- structure projects.
cluding transportation, ac- The proposed regulatory
cording to its annual report, change is aimed at bolstering
up from $21.7 billion in 2017 federal authority in granting
and $16.2 billion in 2016. these permits and at prevent-
To help mitigate the cost, ing states from overstepping
the company employs a team their authority, EPA Adminis-
of machine-learning experts trator Andrew Wheeler said in
’17
and physicists to calculate an interview.
how much material can be He singled out New York
removed from standard cor- and its yearslong fight with
rugated boxes without risk- Williams Cos. about the Con-
ing shipping mishaps, and its stitution Pipeline and other
“frustration-free packaging” stymied pipeline projects that
program requires the pack- have kept new natural-gas
ages it dispatches to meet supplies from reaching the
one of three certification Northeast.
tiers, including “ships in its “What we’ve seen is states
own container.” using the Clean Water Act…to
Since Aug. 1, Amazon has hold up these projects,” Mr.
required items larger than 18 Wheeler said. “It’s a regulation
inches by 14 inches by 8 to tell all the states to follow
inches or weighing 20 the law.”
pounds or more to be certi- Mr. Wheeler signed a copy
fied as ready-to-ship without of the proposal Thursday eve-
the need for additional pack- ning, setting in motion a 60-
aging. But here’s the conun- day public-comment period.
drum: As Amazon seeks to The proposed measure tar-
curb its packaging excesses, gets New York and other
it also aims to increase its states that have cited Clean
sales. And you know what Water Act authority in deci-
that means. sions that have blocked or de-
More boxes. layed projects, EPA officials
said. But some analysts think
the move could have limited
impact because states still
have broad authority, both un-
der the Clean Water Act and
tacted by The Wall Street Journal several other statutes, to slow
for comment on the allegation. permit reviews.
A lawyer for Ms. Brennan de- The proposed regulatory
clined to comment. Mr. Alvarez’s change would more clearly put
lawyer didn’t respond to a re- a one-year deadline into
quest to comment. agency policy that applies to
—Joseph De Avila states that have permitting
authority under the Clean Wa-
VIRGINIA ter Act. Those states also
could cite only water-quality
Judge Sanctions issues in rejecting a permit.
White Nationalists If states miss the deadline
or cite another rationale for a
PETER PEREIRA/STANDARD TIMES/ASSOCIATED PRESS
A federal judge sanctioned rejection, their authority could
white nationalists for their “un- be waived or invalidated. Per-
acceptable” behavior in a lawsuit mitting decisions would then
against them in connection with revert to federal agencies such
a deadly rally in Charlottesville as the Federal Energy Regula-
nearly two years ago. tory Commission or the U.S.
The judge on Friday ordered Army Corps of Engineers.
Elliot Kline, Matthew Heimbach, Christopher Gray, spokes-
and the organization Vanguard man at New York University
America to pay “reasonable attor- School of Law’s State Energy
ney’s fees” over their “refusal” to and Environmental Impact
participate in the discovery pro- Center, which has worked with
cess. He suggested “more drastic several state attorneys general
sanctions” could be imposed if on clean-energy issues, dis-
their behavior doesn’t change. puted the claim that states are
The lawsuit brought by Virginia abusing the law.
residents hurt during two days of He said states frequently
violence accuses the white nation- deal with companies that sub-
alists of violating civil-rights laws. mit incomplete applications or
It seeks a court ruling prohibiting omit critical data, a bigger
the white nationalists and other cause for delays. That problem
groups from committing further could get worse under the
civil-rights violations. EPA’s new proposal, Mr. Gray
—Associated Press said.
CORRECTIONS  AMPLIFICATIONS
Andrew McCabe is a former
deputy director of the FBI. In
some editions Friday, the head-
yer for the family of the El
Paso, Texas, shooting suspect.
In some editions Friday, a Page
line on a U.S. News brief about
Mr. McCabe’s lawsuit over his
firing incorrectly described
One article misspelled his sur-
name as Ayes in one instance.
him as former FBI director. Eric Zarnikow, the execu-
tive director of the Illinois
The Twitter handle for the Student Assistance Commis-
account of Sen. Mitch McCon- sion, spoke at an Illinois legis-
nell’s campaign is lative hearing Thursday about
@team_mitch. A U.S. News ar- a loophole that has allowed
ticle Friday about some Repub- some middle-class and wealthy
lican groups freezing spending parents to get financial aid in-
on the site incorrectly said the tended for poor students. A
handle was @teammitch. U.S. News article Friday incor-
rectly said Kevin Huber, the
Christopher Ayres is a law- chairman of the group, spoke.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Medicine Shortfall Hits Many Patients
BY PETER LOFTUS
A shortage of a versatile
medicine used to treat immune
disorders and other diseases
has forced U.S. hospitals and
infusion clinics to suspend
treatment for many patients.
The medicine, immune glob-
ulin, contains antibodies har-
vested from plasma, a compo-
nent of blood. The injected
product helps people with com-
promised immune systems fight
off infections, and treats certain
muscle and nerve disorders.
The drug’s shortage increases
the risk of infection for patients
and the amount of pain they
are suffering, doctors say.
Recently, many hospitals
and infusion clinics have re-
ceived less immune globulin,
or IG, than they need. Some
have started to ration it, prior-
itizing it for patients who need
it to stay alive and canceling
infusions for patients deemed
to have non-life-threatening
conditions. The shortage has
gotten to an acute status, said
Michelle Vogel, vice president
of patient advocacy and pro-
vider relations at CSI Phar-
macy, a specialty pharmacy.
Trump Sees No Rush
On Intelligence Chief
BY DUSTIN VOLZ
WASHINGTON—President
Trump said he was in no hurry
to select a candidate for the
nation’s permanent intelli-
gence chief, after current and
former national security offi-
cials and Democratic lawmak-
ers warned of instability fol-
lowing the ouster of the
director of national intelli-
gence and his top deputy.
Speaking to reporters on
Friday, Mr. Trump said Joseph
Maguire, a retired Navy admi-
ral he named to take over as
acting director of national in-
telligence, was highly re-
spected and a great leader. He
offered no clarity on how long
Mr. Maguire, who currently
runs the National Counterter-
rorism Center, would stay in
that role or whom he would
nominate to seek Senate ap-
proval for the permanent post.
‘I want to get
somebody that
everybody can really
come together with.’
“I’m in no rush because we
have a great acting [director],”
Mr. Trump said.
Mr. Trump on Thursday
ousted Sue Gordon, the No. 2
intelligence official, after his
allies urged her removal to
block her ascension to acting
director of national intelli-
gence following the departure
of Dan Coats next week. Mr.
Trump announced Mr. Coats’s
planned departure last month.
The president initially said
he would nominate Rep. John
Ratcliffe (R., Texas), a staunch
ally who sharply criticized for-
mer special counsel Robert
Mueller’s Russia investigation,
as his permanent successor,
but Mr. Ratcliffe withdrew less
than a week later amid scru-
tiny of his résumé and opposi-
tion from key senators.
Mr. Trump’s critics have
warned him against politiciz-
ing an intelligence community
which he has often denigrated
and with which he has dis-
agreed on a number of na-
tional security issues.
“The mission of the intelli-
gence community is to speak
truth to power,” said Virginia
Sen. Mark Warner, the top
Democrat on the Senate Intel-
ligence Committee. “In push-
NICHOLAS KAMM/AGENCE FRANCE-PRESSE/GETTY IMAGES
Joseph Maguire is named acting director of national intelligence.
* * * *
Running Low
The number of drugs in low supply is nearing its 2014 peak, while the number of new shortages has
increased for almost every type of drug.
Total drugs in shortage*
300 drugs
250
200
150
100
50
0 CNS‡
2010 ’12 ’14 ’16 ’18
*Counted at the end of each quarter †Eye, ear, nose and throat ‡Central nervous system
Source: University of Utah Drug Information Service
IG manufacturers, including
Takeda Pharmaceuticals Co.
and CSL Ltd., say there has
been increased demand for IG.
They cite higher rates of diag-
nosis of conditions that IG has
long treated, plus new uses for
the drug. The global market
for these drugs was $11 billion
in 2018, projected to rise to
$17 billion in 2023, according
ing out two dedicated public
servants in as many weeks, the
president has shown he has no
problem prioritizing his politi-
cal ego even at the expense of
our national security.”
Ms. Gordon’s removal is
viewed as more alarming
within the intelligence com-
munity than the ousting of
her boss, current and former
U.S. officials said. Though Mr.
Coats had more face time
with Mr. Trump and typically
delivered the presidential
daily briefing, Ms. Gordon
oversaw the day-to-day oper-
ations of the Office of Na-
tional Intelligence, helping to
coordinate the activities of
the 17 agencies that make up
the intelligence-community
bureaucracy.
“The loss of Sue Gordon
will be devastating,” Michael
Morell, the former deputy di-
rector of the Central Intelli-
gence Agency, said on Twitter.
“The nation is the loser.”
Allies of the White House
and security officials predicted
she would resign after Mr.
Trump said Mr. Coats would
step down. The White House
hadn’t communicated directly
with Ms. Gordon about her
status until this week, the Of-
fice of the Director of National
Intelligence said Aug. 2. But
allies of the president accused
her of being part of an alleged
“deep-state” group of anti-
Trump bureaucrats, making
her position untenable.
On her letter of resignation
to the president, Ms. Gordon
wrote in longhand that she
was resigning “as an act of re-
spect & patriotism, not prefer-
ence. You should have your
team.”
Former National Security
Agency director Michael Rog-
ers, a retired Navy admiral,
has a “leg up” in the running
to be director of national in-
telligence, a former senior in-
telligence official said. Mr.
Rogers was considered for the
role during the presidential
transition period after Mr.
Trump’s 2016 election.
Asked by reporters whether
he was considering Pete Hoek-
stra, the U.S. ambassador to
the Netherlands, for the job,
Mr. Trump said he liked the
former Republican lawmaker
but was talking to the Senate
Intelligence Committee about
a range of candidates.
“I want to get somebody
that everybody can really
come together with,” Mr.
Trump said.
U.S. NEWS
New shortages each year, by drug type
2010-17 average
Gastrointestinal
Autonomic
Hormone
Chemotherapy
EENT†
Cardiovascular
Electrolytes
Antibiotics
0 shortages
to a recent Takeda presenta-
tion to investors.
The companies say they are
boosting production. Still, sup-
ply snags have emerged. Takeda
executives on a recent earnings
call noted delays in shipments
of certain IG products.
Pfizer Inc. notified custom-
ers in June they would receive
minimal or no supply of the im-
Jerome and Cathy Jenkins, owners and operators of Cathy’s Kitchen, one of the few minority-owned businesses in Ferguson, Mo.
Ferguson Still Shows Scars of Riots
BY SHAYNDI RAICE
FERGUSON, Mo.—Cathy
Jenkins spent much of 2014
feeding the protesters that
would congregate in front of
the Ferguson Police Depart-
ment each day to express their
rage at the shooting death of
an unarmed black teenager,
Michael Brown, by a white po-
lice officer.
By 2015, the protesters and
the press had left.
“It was like a nuclear bomb
fell,” said Jerome Jenkins, who
runs Cathy’s Kitchen with his
wife, one of the few minority-
owned businesses that has
survived. People stayed away
from the area for years and
only now has the business
fully recovered, he said.
Today, Ferguson still shows
scars from the upheaval, in-
cluding boarded-up stores that
never got rebuilt after the
looting and rioting that tore
apart the small city of 21,000
on the outskirts of St. Louis.
A series of multimillion-dol-
lar investments announced re-
cently have some thinking the
city may finally be on the cusp
of a turnaround. But to many
residents, those investments
don’t address the systemic
challenges that are holding
back African-Americans from
economic progress on par with
the rest of the country.
“Big-box projects, no matter
how much fanfare is built
around their announcement, do
not transform the realities of
racial inequity in income and
wealth in our community,” said
the Rev. Dr. Starsky D. Wilson,
who was appointed by the gov-
ernor to a commission that
made recommendations for ad-
dressing the region’s chal-
lenges exposed by the unrest.
A $12 million Boys and Girls
Club teen center is slated to
open in October on the most
desolate stretch of West Flo-
rissant Avenue, just across the
street from the Ferguson Mar-
ket and Liquor store where Mr.
Brown allegedly stole a box of
cigarillos before he was killed
by Ferguson Police Officer
Darren Wilson on Aug. 9, 2014.
A St. Louis County grand jury
2018
10 20 30 40
mune globulin Octagam
through July, which Pfizer at-
tributed to third-party manu-
facturing delays. Pfizer referred
questions to the manufacturer,
Octapharma, whose spokesman
declined to comment.
Shortages of medicines in-
cluding cancer drugs, saline
and the EpiPen injection for al-
lergic reactions have plagued
‘If anything, it’s gotten worse,’ said rapper and activist T-Dubb-O. ‘There’s no opportunity here.’
declined to indict the officer.
The Boys and Girls Club is
part of an $80 million invest-
ment that includes a new
Mercy health clinic, and an ef-
fort to obtain federal funds for
sidewalks and other improve-
ments.
On Wednesday, the Urban
League of Metropolitan St.
Louis, which built a new loca-
tion on the spot of the burned
down Quick Trip gas station,
announced a new $5 million
investment to build a strip
mall that will include a bank, a
restaurant and a minority-
business incubator.
Mr. Brown’s death and the
months of ensuing protests
sparked a national discussion
about racism and police brutal-
ity. It also exposed a system in
St. Louis County of excessive
fines and arrest warrants for
minor traffic or parking infrac-
tions that were generating rev-
enue for the city at the expense
of its poorest citizens.
Recent data from the Mis-
souri courts show that munici-
pal fees have dropped 81% in
Ferguson, while arrest war-
rants have dropped 93%.
The city has updated poli-
cies on issues like use-of-force
and body cameras, according
to an independent monitor ap-
Saturday/Sunday, August 10 - 11, 2019 | A3
the U.S. health system in recent
years. Insufficient production
capacity, manufacturing-quality
problems and quirks in the re-
imbursement system for some
drugs are among the causes.
As of June 30, there were
282 active U.S. drug shortages,
up from 224 a year earlier, ac-
cording to the University of
Utah Drug Information Service.
Cincinnati Children’s Hospi-
tal in late June sent letters to
about 150 families of patients
who receive regular IG infu-
sions informing them the hos-
pital would suspend or reduce
treatment for some patients.
The hospital said it was nec-
essary to conserve supply for
patients with life-threatening
conditions, including people
born with primary immunodefi-
ciency, a group of rare diseases
that impair the immune sys-
tem, leaving patients at signifi-
cant risk of infection if not
treated, said Derek Wheeler,
chief of staff at the hospital.
“We’re essentially rationing
to the patients with the great-
est need,” he said.
Massachusetts General Hos-
pital has canceled many infu-
sion appointments since June,
pointed by the courts in 2016
as part of a settlement be-
tween the city and the Justice
Department.
But the city hasn’t been as
successful in implementation
and still has work to do on
community engagement and
racial profiling, the monitor
most recently found. There
have been two new police
chiefs since Mr. Brown’s death,
and several interim officers
have held the position as well.
There also has been significant
turnover in officers, said
Mayor James Knowles, making
training and implementing
new policies very challenging.
The police force is down 15
officers since 2014, he said.
“After what law-enforcement
officers have gone through in
terms of criticism, it’s cer-
tainly not the hottest job, es-
pecially in the African-Ameri-
can community,” he said.
Still, the current police
chief is African-American and
the current force is 50% black,
up from 10% in 2014. The City
Council now has four black
members, up from one in 2014.
Some activists say the he
police continue to target Afri-
can-Americans.
“As long as they’re black,
they’re going to get harassed,”
said Dr. Paul Biddinger, direc-
tor of the hospital’s center for
disaster medicine. Initially, the
hospital was down to about
10% of its normal IG supply. It
has received more, but in the
coming months it doesn’t ex-
pect to get more than half of
its normal supply, he said. The
hospital expects the shortage
to last into 2020.
“For the patients affected,
it’s been very significant,” Dr.
Biddinger said. “It puts them
at elevated risk of infection. It
puts them with increased se-
verity of symptoms.”
Zachariah Otto of Aurora,
Colo., started getting IG infu-
sions in April to treat auto-
nomic neuropathy, a condition
that causes nerve damage and
limits mobility. The 23-year-old
said the treatment helped with
muscle control and relieved
pain. He was scheduled to get
another dose in late July, but a
week before the appointment
the infusion clinic canceled be-
cause of the shortage. He is now
on a waiting list for treatment.
“I understand the situation,
but I’m definitely not looking
forward to going back to hav-
ing more pain,” he said.
MICHAEL B. THOMAS FOR THE WALL STREET JOURNAL
said T-Dubb-O, 27 years old,
an activist and rapper who
participated in the protests in
2014 and still lives in Fergu-
son. “If anything, it’s gotten
worse,” he said. “There’s no
opportunity here.”
The city still faces high
rates of poverty and unem-
ployment, despite improve-
ments in the national economy
since the riots. The poverty
rate in Ferguson is 23%, com-
pared with 10% in all of St.
Louis County, according to
2017 census data.
Unemployment was 5.5% in
Ferguson as of June this year,
according to data from the
Missouri Department of Eco-
nomic Development, compared
with 3.3% for St. Louis County
in June, according to federal
data.
The state voted late last
year to raise the minimum
wage to $12 an hour by 2023.
The Ferguson Commission re-
port, co-chaired by Rev. Wil-
son, had recommended a $15
minimum wage.
Samona Jones, 35, said her
two teenage daughters were
looking for jobs all summer,
and only one recently found
one, at McDonald’s. “It’s not
easier to get a job” today than
before the riots, she said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Saturday/Sunday, August 10 - 11, 2019
Trump Is Optimistic on Gun Talks ElSuspect
Paso
President says Senate
GOP, NRA are open to
background checks
neither has endorsed
BY ANDREW RESTUCCIA
WASHINGTON—President
Trump expressed hopes that
Republicans would join with
Democrats to consider propos-
als expanding background
checks following a pair of mass
shootings last week, adding
that he believes the National
Rifle Association wouldn’t
stand in the way of the effort.
“We have tremendous sup-
port for really common-sense,
sensible, important back-
ground checks,” the president
told reporters Friday before
departing for fundraising
events in New York.
Following weekend shoot-
LEAH MILLIS/REUTERS
ings in El Paso, Texas, and
Dayton, Ohio, that killed 31
people, the president has spo-
ken privately with House and
Senate leaders in recent days,
though lawmakers don’t ap-
pear close to finding a biparti-
san path forward on gun legis-
lation. Mr. Trump has also
spoken to NRA Chief Executive
Wayne LaPierre.
“I think in the end, Wayne
and the NRA will either be
there or maybe will be a little
bit more neutral,” Mr. Trump
said.
Mr. Trump’s optimism about
the NRA appears to conflict
with a statement the group re-
leased on Thursday. Though
Mr. LaPierre declined to dis-
cuss his private conversations,
he said the NRA “opposes any
legislation that unfairly in-
fringes upon the rights of law-
abiding citizens.” He added
that the “proposals being dis-
Democrats’ Language Matters on Impeachment
BY NATALIE ANDREWS
AND SIOBHAN HUGHES
Rep. Jerrold Nadler (D.,
N.Y.) says his House Judiciary
Committee is already engaged
in “formal impeachment pro-
ceedings” against President
Trump.
Rep. Gerry Connolly (D.,
Va.) says he wants to see an
“impeachment inquiry” and
expects it to formally start
with a vote on the House floor.
House Speaker Nancy Pelosi
(D., Calif.), who would control
such a floor vote, says that
while impeachment isn’t off
the table, she first wants to
see the results of the various
House investigations into Mr.
Trump’s business dealings and
finances.
So, where exactly do House
Democrats stand?
In the wake of former spe-
cial counsel Robert Mueller’s
testimony before two House
committees last month, the
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President Trump, on his way to a fundraiser in New York, portrayed longtime foes of background checks as softening their opposition.
cussed by many would not have
prevented the horrific trage-
dies in El Paso and Dayton.”
The president also argued
that Republican lawmakers,
long opposed to expanded
background checks, were more
open to considering the matter.
“I don’t think I’m different,
but I think the Senate is dif-
ferent. I think other people in
the House are different,” Mr.
Trump said. “I think that peo-
ple that maybe had their arm
up a couple of years ago,
maybe they feel differently.”
Congress has struggled for
years to approve significant
gun legislation, despite fre-
quent calls for major changes
Judiciary Committee, chaired
by Mr. Nadler, has escalated
its investigation into allega-
tions the president obstructed
justice in interfering with the
probe into Russian interfer-
ence in the 2016 election. The
panel has said in court filings
it is “determining whether to
recommend articles of im-
peachment against the Presi-
dent based on the obstructive
conduct described by the Spe-
cial Counsel.”
The word matters politi-
cally: Both Mrs. Pelosi and Mr.
Nadler have faced pressure
from liberals on and off the
Hill to move forward on im-
peachment. The language also
has tactical significance. By
signaling that his committee is
considering whether to im-
peach the president, Mr. Na-
dler hopes to bolster the
panel’s effort to force the tes-
timony of former White House
counsel Don McGahn, who is
considered the most signifi-
P W L C 10 11 12
after past mass shootings. The
House passed background-
check bills earlier this year,
but they haven’t been taken up
by the Republican-controlled
Senate.
House Speaker Nancy Pelosi
(D., Calif.) and Senate Minority
Leader Chuck Schumer (D.,
N.Y.) said they told Mr. Trump
on a phone call Thursday that
the best way forward was for
Senate Majority Leader Mitch
McConnell to have the Senate
take up their background-
check bills and for the presi-
dent to sign them into law.
They said the president
“gave us his assurances that
he would review the biparti-
cant witness in a probe into
possible obstruction of justice
by the president.
The White House didn’t re-
turn a request to comment.
House Republicans on the Ju-
diciary Committee, who have
accused Democrats of over-
Proceedings have
previously included
a House-wide vote
to open an inquiry.
reaching, say impeachment is
a binary choice and that until
there is an inquiry vote, the
panel is conducting standard
oversight and not entitled to
the materials it has requested
from the court.
The Constitution gives the
House the sole power of im-
peachment, but it doesn’t out-
In Shift, Sanders Shares Personal Tales
BY ELIZA COLLINS
Bernie Sanders is finally
getting more comfortable do-
ing something that comes nat-
urally to most politicians—
talking about himself.
Mr. Sanders is sharing more
personal stories now than he
did during his first presiden-
tial bid in 2016. But when the
Vermont senator occasionally
talks about himself, he keeps
his comments brief; he re-
mains far more private than
the other top Democrats run-
ning for president, most of
whom eagerly share tales of
their formative years in an at-
tempt to connect with voters.
Mr. Sanders has said he
would much rather talk about
his vision for an overhaul of
the U.S. government than in-
voke stories of his childhood
growing up in a working-class,
immigrant family in Brooklyn,
or protesting as an activist
while a student at the Univer-
sity of Chicago. Advisers are
urging him to do both—per-
haps out of necessity.
Mr. Sanders has struggled
to raise his support with Dem-
ocratic voters, frequently trail-
ing former Vice President Joe
Biden by double digits in na-
tional and state polls.
The liberal policies that
made Mr. Sanders unique in
2016 have since been adopted
by some others in the field. So
something in his approach
may need to change.
“He’s a victim of his own
H T G K B F A M 1 2 3 4 5 6
U.S. NEWS
san House-passed legislation
and understood our interest in
moving as quickly as possible
to help save lives.”
Mr. McConnell said in a ra-
dio interview Thursday that at
least two types of proposals
would be “front and center” in
the Senate’s deliberations:
measures to expand back-
ground checks and to extend
grants to states enacting what
are known as “red-flag laws”
temporarily blocking danger-
ous people’s access to guns.
Mr. McConnell didn’t en-
dorse a specific policy or com-
mit to immediately calling back
lawmakers to debate the mea-
sures.
line specifically how to get
there. Congress has engaged
in impeachment proceedings
against a president three pre-
vious times.
All have included a House-
wide vote to open an inquiry,
and this investigation could
also. A House Democratic aide
said: “Nadler was careful not
to mention the word ‘inquiry,’
which has come to colloquially
connote activity by the full
House.” Mrs. Pelosi’s spokes-
woman said the speaker ap-
proves of the language the Ju-
diciary Committee is using in
court.
In the case of former Presi-
dent Nixon, the House Judi-
ciary Committee formally
opened its probe in October
1973 with a panel vote allow-
ing its chairman to issue sub-
poenas without the consent of
the full committee. In Febru-
ary of the next year, the House
voted 410-4 to grant the judi-
ciary panel power to investi-
Sen. Bernie Sanders, right, was an activist while a student at the University of Chicago in 1962.
success, in that many of his
policies are now standard or-
thodoxy within the party. So
he’s gotta find different ways
to talk about them; one way is
reflecting on his past experi-
ences,” said Jim Manley, a
Democratic strategist who
worked for former Senate Ma-
jority Leader Harry Reid. Mr.
Manley has been critical of Mr.
Sanders over the years, but is
open to supporting him.
Former Ohio State Sen.
Nina Turner, a co-chairwoman
of the 2020 campaign, framed
the two campaigns this way:
“2016 was the mission, 2020
has to be about the man, what
drives the man to have this
mission that sets him apart
from any other candidate.”
7 8 9 O I X X **** THE WALL STREET JOURNAL.
The president said Mr.
McConnell is “totally on
board” with his commitment
to passing gun legislation, but
Mr. McConnell’s office reiter-
ated Friday that he hadn’t em-
braced a specific proposal.
On Twitter earlier Friday,
Mr. Trump was similarly hope-
ful that Congress could take
action. “Serious discussions
are taking place between
House and Senate leadership
on meaningful Background
Checks,” he tweeted.
“Guns should not be placed
in the hands of mentally ill or
deranged people.”
—Alex Leary
contributed to this article.
gate the president, formally
ratifying the inquiry the com-
mittee had started.
In October 1998, the Judi-
ciary Committee, followed by
the full House, voted on open-
ing an impeachment inquiry
into the allegations of miscon-
duct against former President
Clinton in independent coun-
sel Ken Starr’s report.
Some lawmakers say that
there is no need to worry
about semantics.
“I just don’t think there’s
much reason to obsess about
the moment of origin. We are
in it,” said Rep. Jamie Raskin
(D., Md.) of impeachment.
Still, the description of his
committee’s work as “formal
impeachment proceedings”
could help Mr. Nadler on his
left flank. Liberals have an
outsize role on the Judiciary
Committee, and the chairman
also faces a primary contest
next year in his New York City
district.
Ms. Turner said Mr. Sand-
ers doesn’t like to talk about
himself, and he will never be
the type of candidate to pack-
age personal history into a
sound bite for campaign
speeches. His campaign slogan
is “Not me. Us.”
But if the political moment
calls for it, the 2020 version
of Mr. Sanders has shown a
willingness to share slivers of
his personal story.
One such event came Mon-
day after a bloody weekend of
mass shootings in Texas and
Ohio where at least 31 people
were killed and dozens of oth-
ers were injured. The shooting
in El Paso is being treated as a
case of domestic terrorism af-
ter authorities said the perpe-
Targeted
Mexicans
BY JIM CARLTON
The suspect in the mass
shooting at an El Paso Wal-
mart store last weekend ad-
mitted to arresting officers he
was the gunman and told in-
vestigators he had targeted
Mexicans, according to docu-
ments unsealed Friday.
Patrick Crusius, 21 years
old, is being held without
bond in the El Paso County
Jail in the attack with an as-
sault weapon on Aug. 3 that
claimed the lives of 22.
Most of the victims were
Hispanic and included at least
seven Mexican citizens.
More than two dozen other
people were injured in the
shooting, which took place in
a store that was crowded with
shoppers.
Mr. Crusius, who authori-
ties said drove from his home
nearly 700 miles away in the
Dallas suburb of Allen, Texas,
to carry out the crime, had
said in an online manifesto at-
tributed to him by police that
he wanted to target Hispanics
who posed an ethnic and cul-
tural threat to the U.S. and
were taking jobs from native-
born Americans.
El Paso is a predominantly
Hispanic border city that has
been at the center of the na-
tional immigration debate.
In an arrest warrant signed
by an El Paso County magis-
trate, El Paso Police Detective
Adrian Garcia said state
troopers responding to the
shooting spotted a vehicle in
front of them stopped in the
left turn lane of a nearby in-
tersection.
They then saw a man, later
identified as Mr. Crusius, step
out of the vehicle with his
hands raised, telling the offi-
cers “I’m the shooter,” Mr.
Garcia said in an affidavit.
Mr. Crusius was arrested
and taken to El Paso police
headquarters, where in an in-
terview with detectives he
agreed to waive his Miranda
rights and speak about the in-
cident, the affidavit said.
Mr. Crusius said he drove to
El Paso from Allen and entered
the Walmart with his firearm
and multiple magazines of am-
munition.
“The defendant stated once
inside the store, he opened
fire using his AK-47 shooting
multiple innocent victims,” Mr.
Garcia said in the affidavit.
“The defendant stated his tar-
get were ‘Mexicans.’ ”
Mr. Crusius is being
charged with capital murder,
and the FBI is investigating
the shooting as a domestic
terrorism case and potential
hate crime.
A lawyer for Mr. Crusius
wasn’t available to comment.
UNIVERSITY OF CHICAGO LIBRARY, SPECIAL COLLECTIONS RESEARCH CENTER
trator appears to have written
an anti-immigrant manifesto.
“When we look at El Paso
for example, we understand
that the killer there was moti-
vated by a strong hatred of
immigrants.…My father came
to this country from Poland at
the age of 17 without a nickel
in his pocket, couldn’t speak
English, and he had not much
education, so I know a little
bit about being in a family of
immigrants,” Mr. Sanders said
Monday in San Diego.
Mr. Sanders has a long his-
tory of civil-rights activism,
including being arrested for
protesting segregation as a
student in the early 1960s and
attending Martin Luther King
Jr.’s March on Washington.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | A5

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A6 | Saturday/Sunday, August 10 - 11, 2019
Tobacco Baron Diversified,
Then Dismantled Empire
BY JAMES R. HAGERTY
P
atrick Sheehy, who in the
1980s and 1990s headed what
is now called British Ameri-
can Tobacco PLC, or BAT, wrote in
his 2016 memoir that selling ciga-
rettes was “not a particularly note-
worthy or honorable occupation.”
At least, he added, it provided tax
revenue to fund social programs.
BAT dealt with the health-related
stigma of tobacco by diversifying.
The maker of Kool and Kent ciga-
rettes bought retailers including
Kohl’s and Saks Fifth Avenue, along
with cosmetics, paper and packag-
ing companies. Unsatisfied with
growth prospects in those indus-
tries, Mr. Sheehy acquired Farmers
Group Inc. and other insurers.
Philip Morris, the maker of Marl-
boro cigarettes, diversified into
Miller beer in the 1970s and later
added Jell-O and other food brands.
Then, in the late 1980s, investors
turned against conglomerates. By
the time Mr. Sheehy retired in 1995,
BAT was on its way to becoming a
pure tobacco company again.
Mr. Sheehy, who died July 22 at
age 88, largely was self-taught as a
business leader. His only formal
training was a brief course for
managerial trainees. He later said
he succeeded because he was impa-
tient for results and blessed with a
“large dollop of common sense.”
Rising through the BAT ranks,
he wasn’t impressed by the way
the company was run. Most of the
directors in 1970, he wrote, “could
not read a balance sheet, did not
understand cash flow and were un-
familiar with return on invest-
ment.”
Mr. Sheehy was born Sept. 2,
1930, in Burma, now Myanmar. “I
hardly knew my parents,” he wrote.
His Irish father, John Sheehy, be-
came a colonial bureaucrat in Brit-
ish-ruled India and Burma. His
mother, the former Jean Newton
Simpson, was of Scottish descent.
At age 3, he was sent, along
Honor your loved one’s life
in The Wall Street Journal.
PAT R I C K S H E E H Y
1930 — 2019
with two sisters, to boarding
school in Great Missenden, Eng-
land. Later he attended a prep
school in Hertfordshire, where pun-
ishment “involved lying over the
side of the bed with one’s trousers
down and being given ‘six of the
best’ with a thick leather strap.”
I
n 1940, with World War II rag-
ing, the 10-year-old Patrick and
his sisters were put on a P&O
liner and evacuated to Sydney,
Australia. Crew members on the
ship introduced him to the plea-
sures of smoking.
At his Jesuit school in Sydney, he
later wrote, “discipline was en-
forced by a thick, fairly rigid, black
strap.” When the Australian boys
taunted him as a “Pom,” he ended
up fighting one of the ringleaders
and later said: “I didn’t lose and
thereafter I was accepted.” His fa-
ther sent occasional letters to be-
rate him for poor exam results.
Young Pat informed his father he
wanted to be a sheep farmer.
In 1944, his father shattered
those farming visions by shipping
him back to England to attend the
Ampleforth boarding school. When
weak exam results thwarted his
ambition to attend Oxford, he
Share your loved one’s story with an announcement in the pages of The Wall Street Journal,
either in our national or regional editions. Our In Memoriam notices provide a digniied way
for friends, family and colleagues to pay tribute.
To learn more, visit WSJ.com/InMemoriam
OBITUARIES
joined the British Army’s Irish
Guards at age 18.
BAT hired him in 1950 and sent
him to Copenhagen, where he dis-
covered an odd rule: Employees of
the tobacco company there weren’t
allowed to smoke in the office un-
til after lunch.
Then came sales positions in Ni-
geria and the Gold Coast, soon to
be Ghana, where he helped launch
a low-price cigarette, Tusker. He
also worked in Jamaica and Barba-
dos before being assigned as a
traveling adviser to lagging subsid-
iaries around the world.
When he was promoted to chair-
man in 1982, Mr. Sheehy promptly
expanded the retailing arm by ac-
quiring the Chicago-based Marshall
Field department-store chain.
But Mr. Sheehy saw financial ser-
vices as a better long-term bet than
retailing. When Allianz Versich-
erungs AG of Germany made a hos-
tile bid for Eagle Star Holdings PLC
in 1984, BAT charged in as a white
knight and acquired the British in-
surer for the equivalent of about
$1.4 billion.
Mr. Sheehy’s grand strategy was
interrupted in 1989 by a $21 billion
hostile takeover bid from a group
of investors led by James Gold-
smith. They proposed to focus on
tobacco and sell everything else.
Mr. Sheehy countered by pledging
to sell the retailing and other busi-
nesses but keep tobacco and insur-
ance, while increasing dividends.
Though the hostile bid failed,
BAT’s days as a conglomerate were
ending. Mr. Sheehy’s successor,
Martin Broughton, shed the insur-
ance business in 1998 by merging
it with Zurich Group.
Mr. Sheehy, who was awarded a
knighthood in 1990 and became
known as Sir Patrick, is survived
by his wife, the former Jill Tyndall,
two children and two grandchil-
dren.
 Read a collection of in-depth
profiles at WSJ.com/Obituaries
* ***
ARTHUR MCGEE
1933 — 2019
New York Designer
Broke Fashion Barriers
I
n his later years, Arthur Mc-
Gee often was described as
the dean or godfather of Af-
rican-American clothing design-
ers in New York.
When he was trying to break
into the business in the 1950s,
however, he was told there were
no jobs for people of color.
Mr. McGee, who died on July 1
at the age of 86, did find work,
mainly in the background, and
set up a workshop in Manhattan.
He made clothes for Broadway
stars and other celebrities.
In 1957, he got a job designing
for the Bobbie Brooks label and
became the first African-Ameri-
can to head a design team on
New York City’s Seventh Avenue,
according to Women’s Wear
Daily.
JEROME SINGER
1921 — 2019
Berkeley Professor
Pioneered MRI
A
s a teenager, Jerome Singer
had little interest in school
but tinkered with radios and
made rifles that shot rubber bands.
He later tried various trades, in-
cluding furrier, electrician, machin-
ist and wartime ship navigator. At
Boeing Co., he failed to find a way
to make jetliners quiet.
He finally found his calling as a
professor of engineering at the
University of California, Berkeley.
Starting in 1959, he built de-
vices using magnets and radio
signals to measure blood flows
inside a mouse and then inside
human fingers and arms. He
earned patents and plaudits as a
pioneer of today’s magnetic reso-
nance imaging, or MRI, scanners.
When Paul C. Lauterbur shared
a Nobel Prize in 2003 for work in
© 2019 Dow Jones & Co., Inc. All rights reserved. 6DJ8095
THE WALL STREET JOURNAL.
He later had his own clothing
shops in New York City and Mi-
ami.
His customers over the years
included Cicely Tyson, Stevie
Wonder and Dexter Gordon.
Yet many in the industry didn’t
recognize him. If he showed up at
an office with an envelope under
his arm, receptionists sometimes
mistook him for a delivery man.
He had a playful sense of hu-
mor. When one boss ordered him
to come up with something new,
Mr. McGee produced a sweater
with three sleeves, he recalled in
a 2009 video interview recorded
by the Metropolitan Museum of
Art.
“I said, ‘Is that what you
want?’ He said, ‘OK, touché.’ ”
—James R. Hagerty
the same field, he credited Dr.
Singer with creating “an early
predecessor to MRI.”
Dr. Singer, who died July 30 at
age 97, said he and his research
colleagues earned $2 million from
patents related to MRI technology.
He taught for 25 years at UC
Berkeley and helped start compa-
nies involved in software and use
of MRI technology to monitor en-
ergy pipelines and prevent rup-
tures.
His wife, Margaret Singer, was
a psychology professor at UC
Berkeley and an expert on cults
and brainwashing techniques.
They filled two houses in Berke-
ley with books, research papers
and scientific apparatus. She died
in 2003.
—James R. Hagerty
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
China Blames U.S. for Hong Kong Protests
State media publishes
family details about a
top diplomat who met
with opposition
China ratcheted up its accu-
sations of U.S. involvement in
fomenting protests in Hong
Kong, spotlighting a top diplo-
mat in state media, as the res-
tive city prepared for a 10th
weekend of demonstrations
under the threat that Beijing
could step in.
By Eva Dou in Beijing
and Natasha Khan
and Wenxin Fan
in Hong Kong
Hundreds of black-clad pro-
testers began a three-day sit-in
at the city’s international air-
port on Friday, while several
demonstrations planned for the
weekend were banned by the
local police. That could give rise
to further clashes, days after
Beijing warned it could inter-
vene directly if Hong Kong au-
thorities were unable to quell
the unrest on their own.
The protests come amid ris-
ing trade tensions between the
U.S. and Beijing. Chinese offi-
cials have accused the U.S. of
encouraging protesters to un-
dermine the government,
though the Trump administra-
tion has offered guidance to
officials to maintain a mea-
sured response in an effort to
avoid derailing U.S. efforts on
trade talks. U.S. diplomatic
representatives in Hong Kong
have met with senior govern-
ment officials.
On Thursday and Friday, Bei-
jing-backed media outlets cir-
culated a photo of Julie Eadeh,
the political unit chief of the
Risk of Recession Grows for Asia Commercial Hub
HONG KONG—Pro-democ-
racy unrest sweeping Hong
Kong is threatening to tip the
trading hub into recession for
the first time since the global
financial crisis a decade ago,
as uncertainty grips an econ-
omy already buffeted by the
U.S.-China trade war.
By John Lyons,
Frances Yoon
and Ese Erheriene
With a summer of protests
showing no sign of abating,
crucial industries such as tour-
ism and retail sales are suffer-
ing as visitors postpone trips
and stores close amid violent
conflicts. More ominously, anxi-
ety about Hong Kong’s future
risks crimping long-term in-
vestment decisions, experts say.
As a result, several research
houses that had forecast slight
growth for the $363 billion
economy in the third quarter
now expect a quarter-on-quar-
ter contraction, the second such
decline in a row and a technical
definition of recession. For the
full year, Hong Kong’s outlook
has fallen by around half to 1%
growth, new estimates show.
The economic damage may
be permanent, observers say.
Hong Kong has weathered po-
litical crises before. But this
one has raised the specter of
Trade Sets
Markets on
Wild Week
Continued from Page One
appeared to signal it may hold
back from further monetary
easing.
The cocktail of trade ten-
sions and rate-cut hopes has
led to a stock market that has
risen about 16% year-to-date,
but is also only up a little
more than 2% from where it
was a year ago.
At Friday’s close, the Dow
Jones Industrial Average was
down 90.75 points for the day.
The S&P 500 dropped 19.44
points to 2918.65, and the Nas-
daq Composite lost 80.02
points to 7959.14.
At the heart of investors’
worries is that the trade war
could push the U.S. and world
economies into a slowdown. In
a rapid-fire series of events
this month, Mr. Trump or-
dered tariffs on $300 billion in
Chinese imports to take effect
Sept. 1, Beijing allowed the
yuan to weaken and said it
* * * *
Protesters rallied Friday at Hong Kong’s international airport. Beijing has struggled to respond to protests opposing the mainland’s growing influence in the city.
U.S. consulate general in Hong
Kong, meeting in a hotel lobby
with prominent members of the
opposition, including 22-year-
old Joshua Wong, a key figure
in protests that rocked Hong
Kong five years ago.
The reports, in the China
Daily and other mainland out-
lets, pointed to the meeting as
evidence that a U.S. “black
hand” was behind the protests.
Tai Kung Pao, a Beijing-backed
military intervention by main-
land China, a move most be-
lieve would end Hong Kong’s
status as a free-market linkage
point between China and the
West. While the chances re-
main remote, the fact that it is
even a possibility could deter
investment for years to come.
“Right now, it looks like
we’re in an endless tunnel of
turmoil. But even if there’s a so-
lution tomorrow, you’ve already
seeded the idea that there could
be further uncertainty down the
road, and that will deter busi-
ness decisions by foreign inves-
tors,” said Tommy Wu, senior
Asia economist at Oxford Eco-
nomics in Hong Kong.
In recent days, Mr. Wu re-
vised his quarter-on-quarter
growth figure for the July-Sep-
tember period to minus 0.3%.
“We’re a Hong Kong busi-
ness, and like all businesses
that are based here, we’re
feeling the impact of local po-
litical unrest,” John Slosar,
chairman of Hong Kong’s flag-
ship airline Cathay Pacific
Ltd., told reporters this week.
He said the protests have cut
inbound traffic in July and put
a dent in future reservations.
“We are very concerned
about the impact of the cur-
rent situation on the economy
and reputation of the city,”
said Clement Kwok, chief exec-
had halted U.S. agricultural
imports, and the U.S. Treasury
designated China a currency
manipulator.
Adding to concerns about a
global slowdown, the U.K. re-
ported Friday that its gross
domestic product unexpect-
edly contracted in the second
quarter, as Brexit worries took
their toll on business confi-
dence. It was the first quar-
terly contraction since 2012.
“There’s a lot more reces-
sion talk coming up,” said Jack
Janasiewicz, a portfolio strate-
gist at Natixis Investment
Managers. “2008 remains
fresh in a lot of investors
minds, and people are pretty
quick to de-risk.”
Investors have piled into
safe-haven assets such as U.S.
government bonds and gold
amid the latest turmoil.
The yield on the 10-year
U.S. government bond hit its
lowest level in several years
earlier this week. It settled at
1.731%, up from 1.710% on
Thursday, after choppy trad-
ing. Yields move in the oppo-
site direction of prices.
Gold futures slipped less
than 0.1% to $1,496.60 a troy
ounce on Friday, after reach-
ing six-year highs on Wednes-
day when it hit $1,500 an
WORLD NEWS
newspaper in Hong Kong,
called Ms. Eadeh an expert in
subversion with experience in
Iraq. It publicized the names of
her children and husband, cit-
ing a church publication from
her hometown. The narrative
and some of the personal de-
tails were reposted on numer-
ous mainland Chinese publica-
tions and websites.
State broadcaster CCTV
said Friday that the Central In-
Protest Movement
Social unrest is dragging Hong Kong’s economy down.
Retail sales, change from a year earlier
40%
30
20
10
0
–10
–20
2018
Quarterly GDP, change from a year earlier*
15%
10
5 people who see themselves as
0 or-death struggle for their fu-
–5
–10
2000 ’05
*Latest figure is an estimate.
Sources: Refinitiv (retail, GDP); Hong Kong Census and Statistics Department (GDP estimate)
utive of Hongkong & Shanghai
Hotels, which runs the iconic
Peninsula Hong Kong in a pop-
ular harborside shopping dis-
trict. The hotel had a double-
digit fall in occupancy in July,
ounce.
The yuan remained stable
Friday, but the offshore rate to
the dollar was weaker than a
previous key level, with the
currency trading at 7.08 to the
dollar.
“The prospect that both
governments were going to
reach for measures that they
hadn’t previously used was
very disappointing for markets
this week,” said Paul Christo-
pher, head of global market
strategy for Wells Fargo In-
Investors have piled
into safe-haven
assets amid the
latest turmoil.
vestment Institute.
In the U.S., shares of Uber
Technologies fell 6.8% to
$40.05 after the ride-hailing
company reported a bigger-
than-expected quarterly loss
after markets closed on Thurs-
day.
In Europe, the benchmark
Stoxx 600 index dropped 0.8%,
while the British pound
touched multiyear lows
telligence Agency was known
for instigating “color revolu-
tions,” a reference to demon-
strations that sprang up in for-
mer Soviet states during the
previous decade. Beijing offi-
cials also said this week that
the Hong Kong unrest had the
markings of a color revolution.
A spokesman for the U.S.
consulate general in Hong Kong
said Ms. Eadeh wasn’t available
to comment, and referred ques-
Total
Apparel
Motor vehicles
& parts
Valuables such
as jewelry
and watches
’19
’10 ’15 ’19
its worst performance since
the city was hit by severe
acute respiratory syndrome, or
SARS, in 2003.
The weakening economy is
sure to add pressure on the
against the euro and the dol-
lar.
Italian government bonds
sold off heavily, pushing yields
sharply higher after Matteo
Salvini, the head of the far-
right League party, sought to
trigger elections.
China’s Shanghai Composite
Index fell 0.7% after economic
data on Friday showed that
producer prices have fallen
into deflation for the first
time in three years, as worries
over the trade war with the
U.S. sapped demand.
That complicates matters
for China’s central bank, which
could loosen monetary policy
in a bid to stimulate demand
and lift producer prices. But a
massive stimulus program
would risk pushing consumer
inflation higher and causing
the property market to over-
heat, economists say.
U.S. crude oil gained 3.7% to
$54.50 a barrel, rebounding
after a big selloff earlier in the
week sent oil futures to their
lowest settle since January.
The WSJ Dollar Index, which
measures the U.S. currency
against a basket of 16 others,
was up less than 0.1%.
—Paul J. Davies
and Caitlin Ostroff
contributed to this article.
Saturday/Sunday, August 10 - 11, 2019 | A7
tions to Washington.
A State Department spokes-
woman said Thursday that
Beijing’s circulation of Ms.
Eadeh’s personal information
was unacceptable and showed
China is a “thuggish regime,”
using the epithet twice. A
spokesman for the U.S. Em-
bassy denied that Washington
was behind the protests, say-
ing that the Hong Kong dem-
onstrations reflected resi-
city’s Chief Executive Carrie
Lam, who is facing calls for
her resignation. She is blamed
for sparking the protests by
pushing a law to speed extra-
dition of Hong Kong residents
for trial in mainland China,
enraging locals in the semiau-
tonomous region of China.
Hong Kong is grounded in val-
ues like rule of law and free-
dom of expression that aren’t
protected in the mainland.
More than two months
later, some observers say Mrs.
Lam missed chances to defuse
the protest movement and has
instead exacerbated it by re-
fusing to acknowledge
any protester demands, such
as permanent retraction of the
extradition law.
The protesters, mostly young
fighters for democracy in a life-
tures, are unlikely to be de-
terred by economic concerns.
In July, the American Cham-
ber of Commerce in Hong Kong
said the crisis had hurt member
businesses and instilled anxiety
about the future. In a poll, a
majority of members called on
Hong Kong leaders to drop the
controversial extradition bill
that sparked the protests and
meet other protester demands.
“We are now in the worst-
case scenario, where the gov-
Japan Shows Resilience
As Its Partners Battle
BY MEGUMI FUJIKAWA
Japan is showing a nasty
trade conflict between its two
biggest trading partners
needn’t mean economic deterio-
ration—at least not right away.
The economy posted an-
other strong quarter backed
by healthy domestic spending,
with gross domestic product
rising 1.8% on an annualized
basis in the April-June period
following a 2.8% expansion in
the first quarter of 2019.
The trade war between the
U.S. and China, the world’s
two largest economies, is a big
risk for No. 3 Japan, since its
companies export so much to
the two giants. Exports were
down a bit in the second quar-
ter, but consumer spending
more than made up for that.
“The immune system of the
Japanese economy is getting
stronger, so it wouldn’t fall
back into a recession,” Société
Générale economist Takuji
Aida said.
Investment by companies
was also strong, spurred by a
ANTHONY WALLACE/AGENCE FRANCE-PRESSE/GETTY IMAGES
dents’ concerns about eroding
autonomy.
The Chinese Foreign Minis-
try’s Hong Kong Commis-
sioner’s Office on Friday said
the U.S. remarks revealed
again the “dark and twisted
side of U.S. psychology.”
Mr. Wong said Friday that
neither he nor his group re-
ceive any funding, supplies or
advice from the U.S. govern-
ment.
ernment chooses to toughen
its stance on protesters,” said
Kevin Lai, a Hong Kong-based
economist at Daiwa Capital
Markets. Mr. Lai now forecasts
the economy will shrink to mi-
nus 0.8% in the third quarter
from the previous quarter, and
he said a recession was inevi-
table.
On Friday Mrs. Lam, who re-
tains support from Beijing, said
the economic impact had been
worse than the 2003 SARS epi-
demic and blamed it on violent
protesters. She vowed to take
measures to boost the economy
and protect Hong Kong’s image.
“This economic downturn is
very fast, some people have
described it as a coming tsu-
nami,” Mrs. Lam said.
At a separate news confer-
ence, Finance Secretary Paul
Chan said: “If the weakness
continues in the third quarter
of this year, we’ll technically
enter into a recession.”
Officials from the Hong
Kong Monetary Authority have
sought to send out reassuring
signals regarding possible
risks such as capital flight and
short selling against the local
currency, citing high capital
requirements and massive re-
serves.
The MSCI Hong Kong index
has fallen around 9% since the
protests began in June.
labor shortage. Major conve-
nience store operator Lawson
Inc. said in July it intended to
roll out self-checkout termi-
nals at all of its approximately
15,000 stores in Japan by the
end of September, hoping to
reduce the burden on clerks at
the cash register.
“Although external demand
is negative due to the slow-
down in overseas economies,
private consumption and capi-
tal investment have increased
steadily, thus showing a do-
mestic demand-spurred grad-
ual recovery,” Economy Minis-
ter Toshimitsu Motegi said.
Still, the spillover from
global uncertainty could take a
greater toll in the second half
of this year and next year.
Already, trade tensions are
affecting Japanese companies
that export materials and
equipment to China. Indus-
trial-robot maker Fanuc Corp.
said July 29 that net profit fell
by nearly half in the April-
June quarter, as factories in
China and Taiwan ordered
fewer machine tools.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Saturday/Sunday, August 10 - 11, 2019 * ****** THE WALL STREET JOURNAL.

WORLD NEWS WORLD WATCH

Turkey to Send Syrian Refugees Home

NORTH KOREA
Two Short-Range
Missiles Are Fired
Turkey is taking steps to North Korea fired two short-
stem a backlash against the range ballistic missiles off the
nearly four million displaced country’s east coast Saturday,
people from war-ravaged Seoul officials said. The weapons
Syria, whose presence and a test came hours after President
badly faltering economy have Trump expressed optimism
stoked anger at President Re- about the future of stalled nu-
cep Tayyip Erdogan. clear talks, and said North Ko-
rean leader Kim Jong Un sent
By David Gauthier- him “a really beautiful letter.”
Villars in Istanbul U.S. defense officials said the
and Nazih Osseiran missiles test were similar to the
in Beirut North’s other recent launches. In
Washington, a senior administra-
The government is working tion official said the U.S. will con-
on a plan to relocate 700,000 tinue to monitor the situation.
Syrians to territories it hopes North Korean state media
to seize from a U.S.-backed didn’t comment immediately.
Kurdish group in northern Pyongyang is angry about joint
Syria, people familiar with the U.S.-South Korea military drills.
OZAN KOSE/AGENCE FRANCE-PRESSE/GETTY IMAGES

matter said. —Timothy W. Martin

Police in Istanbul, where the
candidate from the president’s CANADA
ruling Justice and Development
Party, or AKP, was trounced in Rise in Joblessness
July’s mayoral election, are con- Fuels Rate Cut Talk
ducting more identity checks in
a bid to lower the number of Canada’s unemployment rate
Syrian refugees living in the rose in July as the economy un-
country’s economic hub who expectedly shed jobs for a sec-
were registered elsewhere. ond straight month, fueling spec-
“We aim to accelerate the ulation about a possible Bank of
return of Syrian refugees to Canada rate cut this year.
their homes,” Mr. Erdogan told Syrian refugees boarded buses in Istanbul that were bound for Syria this week. Turkey is relocating Syrians, whose presence is unpopular. The Canadian economy lost a
Turkish ambassadors in An- net 24,200 jobs in July on a sea-
kara on Tuesday. Spread Out pean Union countries closed many Syrian refugees reside, tion of the corridor plan would sonally adjusted basis, Statistics
U.S. officials have urged An- their doors to Syrian refugees, and who describes himself as be an aggression against the Canada said Friday. Market expec-
Nations near Syria are
kara not to conduct any unilat- he pledged that Turkey would a die-hard AKP supporter, said country’s sovereignty. tations were for a net job increase
pondering their next steps as
eral military operations in an help seal European borders and he voted for the opposition Turkish law-enforcement au- of 12,500. Canada’s jobless rate
the war there winds down.
area where hundreds of Amer- extend its open-door policy in candidate to convey his dis- thorities are using a hotline to rose to 5.7% in July, up from 5.5%
ican soldiers are stationed, but Total Syrian refugees by exchange for financial support content with Mr. Erdogan’s collect information from the in the previous month. Market ex-
Mr. Erdogan has said Turkey’s country of asylum from the 28-nation bloc. Many refugee policy. population on the location of pectations were for the jobless
patience was wearing thin. Syrians settled in, learning “Look, we don’t have Mr. Er- refugees illegally living in Istan- rate to remain unchanged at 5.5%.
Other countries hosting ref- Turkey 3,639,284
Turkish, launching businesses dogan’s cellphone number,” the bul. The government initially —Kim Mackrael
ugees also are reviewing their and giving birth to 434,000 ba- 43-year-old businessman said. turned a blind eye when refu-
support for refugees as the bies during the past eight years. “So we sent a message through gees didn’t stay in the city EUROPE
Lebanon 926,717
war winds down in Syria. But with the Turkish econ- the ballot boxes, and I think the where they had been registered.
In Lebanon, for example, omy now struggling, more president got it.” Now, however, those who Migrant Ship
Jordan 662,010
the government in recent Turks say the refugees have The Turkish and U.S. gov- were granted residency per- Remains Stranded
months has ordered the demo- worn out their welcome, blam- ernments on Wednesday said mits elsewhere have until Aug.
lition of homes refugees built Iraq 228,851 ing them for problems includ- they had agreed to coordinate 20 to leave. Those who have A Spanish humanitarian ship
illegally and ended a rule that ing soaring unemployment efforts on creating a safe cor- no registration face detention has been stuck in the Mediterra-
allowed children to benefit Egypt 131,433 and high house-rental prices. ridor in northern Syria to al- and possible deportation. nean for more than a week be-
from their parents’ registra- Other Empathy for the Syrian ref- low refugees to return home, Speaking by phone from cause no European government
tion status. (North 35,713 ugees fell to 40% in July from but didn’t say how Ankara and Syria, Wael Mahmoud Saeed, will offer safe harbor to the 121
In May, some 300 refugees Africa) 72% in February 2016, accord- Washington would reconcile 25, said he had been living in migrants on board, and it faces a
were deported to Syria, Leba- Source: United Nations High Commissioner ing to a national survey. their diverging views on a Istanbul for six years without fine of up to €1 million ($1.1 mil-
non’s state media reported, out for Refugees The refugee issue, long Kurdish militia controlling the registration, sending money to lion) if it enters Italian waters.
of a total of about 1.5 million minimized by pro-government area. The U.S. regards it as an his family in Aleppo, when po- The Open Arms was idle for
there. But nowhere is the policy conflict. At that time, Turkey’s media, helps explain a drop in ally for its role in combating lice detained him for 10 days an eighth day Friday in waters off
shift sharper than in Turkey. strong economy absorbed the Mr. Erdogan’s popularity, poll- Islamic State, while Turkey in July. He said he was asked Italy’s southernmost island. To
When the Syrian war began sudden inflow of cheap labor, sters said. considers it a terrorist group. to sign a voluntary return draw attention to the standoff,
in 2011, Mr. Erdogan offered especially in farming and con- Murat Mantarci, who man- Syrian government officials form and was transported to actor Richard Gere brought food
housing, health care and edu- struction. ages a real-estate agency in Is- cited by Syria’s state news the Syrian border. and supplies to the ship.
cation to families fleeing the In 2016, when most Euro- tanbul’s Ikitelli district, where agency Sana said implementa- “It was horrifying,” he said. —Associated Press

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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, August 10 - 11, 2019 | A9

WORLD NEWS

Gambits U.K. Pound Hits

Add Risk Multiyear Lows
In Europe
FROM TOP: JULIAN SIMMONDS/PRESS POOL; ALBERTO PIZZOLI/AGENCE FRANCE-PRESSE/GETTY IMAGES

BY PAUL J. DAVIES How many dollars £1 buys

$1.36
Continued from Page One The British pound took a
investors worried about Italy’s hit Friday, touching multiyear 1.34
already-high debts. lows against the dollar and
On Friday, Mr. Salvini sub- euro as the economy showed 1.32
mitted a parliamentary motion signs of being hampered by 1.30
of no-confidence in the govern- the U.K.’s political standoff
ment in which he serves as dep- with Europe. 1.28
uty prime minister and interior The currency fell to $1.2057, 1.26
minister. its lowest since early 1985,
“There is momentum behind and €1.0762, its lowest since 1.24
the idea that the EU is not deliv- October 2009, excluding the 1.22
ering, for different reasons, in very extreme levels hit for a
both the U.K. and Italy,” said few minutes during the “flash 1.20
Mujtaba Rahman, Europe head crash” in late 2016. The pound
1.18
at political-risk consulting firm recovered slightly later in the
Eurasia Group. “Johnson and day, though it remains close to Jan. March May July
Salvini are both following a sim- the more recent lows set Note: As of Aug. 9, 3:00 p.m. ET
ilar strategy of trying to consoli- against both currencies during Source: Tullett Prebon
date their domestic majority, in 2017.
order to increase their leverage Britain’s economic woes— fall further until either the
versus the EU.” highlighted by data showing British Parliament steps up to
The two countries’ looming that second-quarter output stop a no-deal Brexit or Mr.
upheavals are symptoms of shrank for the first time since Johnson softens his stance.
backlashes against a post-Cold October promises to include Brexit by Boris Johnson, center, and an Italian election from Matteo Salvini. 2012—are part of a series of “We define a ‘hard-Brexit
War political order. Many vot- global conflicts over trading equilibrium’ as the level where
ers, in Europe and beyond, are in pursuit of political change. line Mr. Farage and repair voter relationships. That is slowing Britain’s current-account defi-
rebelling against globalization, “The Brexit slogan, let’s take trust in the Conservatives with corporate investment and cit would start heading into
international agreements and back control, hit the bull’s-eye” an uncompromising commit- spending in many of the balance and that would mean
technocracy, which have in- of popular discontent with glob- ment to Brexit. world’s leading economies, in- the pound at $1.14 to $1.18 and
creasingly constrained national alization and European integra- But the plan sets him on a cluding the U.S. and China. €1.05 to €1.02,” he said.
politics and policy in the past tion, said Giovanni Orsina, di- collision course with the EU, In the U.K., a drop in manu- Despite the weak economic
quarter-century. rector of the school of which has refused to renegoti- facturing output in the second data and the pound’s troubles,
Political discontents have re- government at Rome’s LUISS ate the withdrawal agreement quarter and a rundown of in- economists don’t expect the
mained more contained in most university. “The great difference that was settled in November. ventories caused the economy U.K. to slip into recession,
other EU countries, so far. In between the two countries is Mr. Johnson’s strategy is a overall to shrink 0.2% in the which is technically defined as
Germany and Spain, main- that Italy is, in some ways, in a big gamble. His government has period compared with the first two consecutive quarters of
stream parties continue to lead worse position than the U.K., a majority of just one in the quarter, official data showed shrinking gross domestic
governments, following consen- because of our high public debt House of Commons, where law- Friday. product.
sus-oriented, pro-EU policies. and the euro,” he said. makers have made their opposi- Yields on the 10-year U.K. Almost all of the weakness
But other parties have been “Pulling out of the EU is com- tion to a no-deal exit clear. The government bonds have fallen was down to large swings in
gaining ground and the growing plicated for the U.K., but you new U.K. leader’s plan could substantially in recent months stock-building and running
fragmentation of voters’ alle- can do it,” Mr. Orsina said. “But lead to snap elections at some and on Friday fell to 0.481%, down inventories before and
giances among parties from far- in Italy we went very far in inte- more concerned about the risks point this fall. very close to record lows. after businesses prepared for
left to far-right is making it grating our economy with Eu- posed by Italy than by Brexit,” Mr. Salvini’s promise to Ital- Britain’s big fight is over its the original March 29 Brexit
harder for leaders to preserve rope’s, and the price of with- because Italy is staying in the ians is to challenge EU rules on future trading relationship deadline, according to Thomas
their majorities. drawing would be too high.” EU while increasingly threaten- budget discipline by slashing with the European Union, Pugh, a U.K. economist at re-
In Germany, where data The EU has been adept at ing to defy the bloc’s rules, said taxes and delivering a fiscal which the country voted to search firm Capital Economics.
showed Friday that exports de- muddling through a variety of Mr. Rahman. shock that his League party says leave in summer 2016. Three When you strip out those
clined in June, economic weak- crises in the past decade. Most Mr. Johnson’s determination will revive Italy’s long-stagnant years later, it is still trying to swings, underlying growth
ness has put fresh strains on the European voters continue to to leave the EU on Oct. 31 with economy. work out how to exit. A new didn’t contract, he said.
fractious left-right coalition. support the organization, often or without a deal is the latest Most economists say it isn’t government, led by Prime “There’s been a bit of a
Politicians from insurgent placing higher trust in it than in answer of the U.K. Conserva- a sustainable medicine for It- Minister Boris Johnson, has slowdown, but certainly not a
movements such as Mr. Salvini’s their national politicians, sur- tives—Europe’s establishment aly’s economy. taken a harder position over collapse,” Mr. Pugh said.
League and even some from veys show. party par excellence—to the But Italian voters have tired the past couple of weeks, say- Meanwhile, preparations
venerable establishment parties Events in late 2019 could test challenge posed by a populist of painful structural overhauls ing it is much more prepared for the new deadline on Oct.
such as the U.K. Conservatives the EU’s crisis skills again, as upstart, Nigel Farage, whose and tight fiscal policies, and to quit without any agreement 31 could stoke the economy in
are tapping those discontents. new leaders take the helm of the anti-EU campaigning has eaten look set to give Mr. Salvini’s al- in place over future relations. the third quarter, said Azad
Now, in two of Europe’s ma- European Central Bank and the deep into Conservatives’ tradi- ternative remedy its day. Jordan Rochester, an FX Zangana, senior European
jor countries, they are risking European Commission on Nov. 1. tional support. —Paul Hannon in London strategist at Nomura in Eu- economist and strategist at
significant economic disruption “EU decision makers will be Mr. Johnson hopes to side- contributed to this article. rope, believes the pound will Schroders.

Italian Banks, in Reversal,

Make Good on Bad Loans
BY GIOVANNI LEGORANO Italy’s nonperforming loans as system—sold €1.16 billion in
a percentage of total loans bad loans to two buyers. UBI
ROME—Italian banks have outstanding Banca SpA, the country’s fifth-
made a big leap forward in largest lender, sold a €900
20%
tackling bad loans, a problem million portfolio in July.
that has dogged them for The share of Italian com-
years and threatened the sta- 15 pany loans turning sour
bility of the eurozone. dropped to 2.5% last year, ac-
At the end of 2016, bad cording to research by Italian
loans on Italian banks’ balance 10 banking lobby ABI and debt-
sheets totaled about €350 bil- services firm Cerved Group
lion ($391 billion), or 17% of SpA, or the same level of 2009,
5
total loans, according to the underscoring the recovery.
Bank of Italy. That number had However, ABI and Cerved
dropped to €190 billion, or 0 warned that due to Italy’s
around 9%, at the start of this sluggish growth—the coun-
2015 ’16 ’17 ’18
year, according to the most re- try’s economy is expected to
cent figures. Source: European Central Bank expand 0.1% this year, accord-
“The cleanup of Italian ing to the European Commis-
banks’ balance sheets has been ros in bad loans to large sion—the inflow of company
completed, for the large part,” investors including Pacific In- bad loans is set to increase
said Fabrizio Bernardi, senior vestment Management Co., slightly this year and next.
analyst at Milan-based broker- Cerberus Capital Management Italian banks have been try-
age firm Fidentiis. LP and Fortress Investment ing to adjust to an ultralow-
However, Italian banks still Group LLC. and negative-rate environment,
hold more than double the The Italian government also but more pain could come if
proportion of bad loans of the spurred their sale by introduc- interest rates fall further.
whole eurozone. ing a scheme to help banks “It’s obvious that if they go
Italian banks have strug- bundle bad loans into bonds a few basis points, we are
gled for years with mountains by selling guarantees to lend- fighting as much as we can to
of bad loans after the eco- ers that will make some por- compensate with a very disci-
nomic slump caused by the tion of them less risky. plined approach to the lending
sovereign-debt crisis of 2011 According to a report by activity. If they go much far-
and 2012 put a plethora of
small companies out of busi-
consulting firm PwC, Italian
banks have announced or
ther, it’s obvious that there is
a limit to the possibility of
Innocent Impressions
ness. Those companies often compensation,” said Victor Childe Hassam
hadn’t provided banks with Massiah, chief executive of
sufficient guarantees for their
loans.
The banking sector, UBI Banca.
Many Italian banks, notably
Important artist. Sentimental portrait.
Charming subject. Childe Hassam is
That left the country’s lend- while cleaning up, Intesa, have tried to shift the
among the most important American
ers, whose profitability had
long been among the weakest
remains vulnerable to focus of their business to activ-
ities generating fees and com- Impressionists, and this original pastel
in Europe, with thin capital buf- political instability. missions, such as asset man- is a significant example of his early
fers to cover losses on loans. agement and insurance, to tap Impressionist style. It represents a
Italian banks remain vul- into Italians’ private wealth. highly personal subject for the artist, as
nerable to political instability. “All banks have seen a good it captures the son of his close friend
On Friday, Italian banking closed sales of roughly €36 inflow of deposits and liquid-
shares fell heavily on the pros- billion in bad loans so far this ity, which, however, need time and fellow artist Ross Sterling Turner.
pect of a snap election. The year. In 2017 and 2018 com- to become assets under man- Signed and dated 1890. Board: 91/2”h x
spread between Italian and bined, they sold €153 billion. agement,” Alberto Nagel, CEO 71/4”w; Frame: 163/4”h x 143/4”w. #30-9401
German government bonds Last week, Intesa Sanpaolo of Mediobanca SpA, said after
widened, hurting banks that SpA, the country’s second- the publication of the lender’s
are generally large holders of largest lender, said it agreed results last week.
Italian sovereign debt. to sell €3 billion of so-called Cutting costs is a lever Ital-
In the wake of the debt cri- unlikely-to-pay loans, the sec- ian banks could use to become
sis, Italian banks tried to clean ond-worst category of bad more profitable. But they of-
up balance sheets and often loans, to Prelios SpA, a credit- ten encounter limitations in
resorted to sales of fresh servicing company. reducing their workforce, a big
shares to absorb losses on Intesa also agreed with Pre- share of their costs. 630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com
loans and maintain capital lev- lios that the firm would man- “The only thing they can do
els above regulatory thresh- age an additional €7 billion of as far as their profit and loss Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry.
olds. bad loans. In the same week, account is concerned is cut- Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
Besides hiring more quali- Banca Monte dei Paschi di Si- ting costs,” said Mr. Bernardi.
fied staff to tackle the prob- ena SpA—a perennial trouble “But, in Italy, you can’t cut
lem, banks sold billions of eu- spot for the European banking costs with a machete.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Saturday/Sunday, August 10 - 11, 2019
Alums Take
Competition
To Camp
Continued from Page One
fierce loyalty among its
alumni—product of a Big Ten
school with some of the most
intense rivalries in college ath-
letics. Many families return
yearly to the rustic wood cab-
ins, often stifling heat, mini-
mal Wi-Fi and camp coffee.
There are waiting lists for
the weeklong stays, though
about 90% of applicants get in,
says U of M grad Mitch Rosen-
wasser, Michigania’s executive
director.
Jennifer Friedes, a 50-year-
old Chicago screenwriter,
raced from archery to riflery
to tennis on Week 5 in mid-
July, with pickleball and rock
polishing in between. The
Michigan grad’s goals: to take
SoftBank’s
Solar Bid
Founders
Continued from Page One
have jousted over who would
lead expansion efforts, and ex-
ecutives misread markets or
fumbled relationships with gov-
ernment officials, according to
interviews with people familiar
with its solar business. Many of
its new projects aren’t likely to
generate the kinds of returns
Mr. Son had hoped for, the peo-
ple say.
The problems have sowed
doubts among potential part-
ners, leading government offi-
cials with grand energy visions
of their own to question
whether SoftBank is capable of
delivering what it has proposed.
In the technology sector, bet-
ting big can accelerate growth
and disrupt markets, says Manoj
Upadhyay, CEO of ACME Solar
Holdings Ltd., one of India’s big-
gest solar developers. “But in
infrastructure, it cannot.”
Mr. Son said SoftBank’s solar
business has been focusing on
India and “is still expanding vig-
orously” at a pace that could
eventually make it one of the
world’s biggest developers. “As
for Saudi Arabia, it has its own
internal plans and things to
manage, so it will take a little
while,” he said at a press con-
ference this week.
SoftBank says it has made in-
roads in India and Japan, and
company executives see more to
come. “I honestly believe what
we’re doing today is a tenth, a
fifteenth, a hundredth of what’s
about to happen,” says Raman
Nanda, chief executive of Soft-
Bank’s Delhi-based energy unit.
Competing units
SoftBank runs and invests in
the $100 billion Vision Fund, the
world’s largest technology-in-
vestment vehicle. The company
is launching a second fund it
says will be even bigger.
For solar ventures, SoftBank
has two main energy units—one
in Japan, the other in India.
Both have said they are respon-
sible for new projects in Africa,
and both are exploring opportu-
nities in Saudi Arabia, people
familiar with them say. Soft-
Bank never formally decided
who would handle a major
Saudi solar development, al-
though the India unit ended up
spearheading work, those peo-
ple say. Both units are called SB
Energy, although the India team
late last year added “Global” to
its name.
Mr. Son, who founded Soft-
Bank in 1981, is famous for his
grand visions, even among tech-
nology founders. In 2016, he or-
chestrated a $32 billion pur-
chase of U.K. chip designer ARM
Holdings PLC, predicting Arm’s
architecture would be in 90% of
a trillion connected devices by
2035. The Vision Fund, which
poured billions into WeWork
Cos., rarely cuts checks of less
than $100 million and often
presses companies to take more
money than they had planned.
Mr. Son’s alternative-energy
efforts date from 2011, when a
tsunami caused a nuclear melt-
down and energy crisis in
Japan. Mr. Son announced plans
for dozens of solar projects at
home and began seeking deals
abroad, aiming to create trans-
national power grids that could
export solar or wind energy
from places including India,
Mongolia or the Middle East.
In 2011, Mr. Son told his
board that he was planning to
part in activities alongside her
children and earn awards on
her lanyard, a round wooden
emblem campers wear around
their necks. When a camper
reaches a milestone or passes
a challenge, a staff member
makes a Sharpie mark on it.
People get Sharpie envy.
“You want your lanyard filled
up with stuff,” says Ms. Frie-
des, who also won the
women’s tennis singles tour-
nament and an archery award
with her family. “A bunch of us
totally care.”
Ms. Demirjian’s husband,
Charles, who runs a manufac-
turing company, won a ceram-
ics “guru” award this summer.
He made five pieces, including
a plate depicting Lake Como,
where the couple took a non-
Michigania vacation this year.
Mr. Demirjian, 54, a U of M
undergrad and law-school grad-
uate, brings paints and brushes
from home, and pictures for
ideas. “I get a little obsessed,”
he says. “I like the time to be in
my own head space.”
Michigania is one of a num-
A solar plant in Saudi Arabia, a country where SoftBank said it would build 200 gigawatts of solar capacity. It has yet to complete a project in the country.
quit SoftBank for a year to focus
on energy issues, prompting a
shouting match as they argued
him out of it, he has said.
In 2015, Mr. Son met Indian
Prime Minister Narendra
Modi—another renewable-en-
ergy fan—and they hit it off, ac-
cording to Satoshi Shima, then-
head of SoftBank’s office of the
CEO. They exchanged cellphone
numbers, Mr. Shima says.
The two discussed an invest-
ment of as much as $100 billion,
Mr. Shima says. Mr. Son after
the meeting announced a more
modest plan for 20 gigawatts of
solar-energy in India, at an esti-
mated cost of $20 billion. That
is almost seven times what the
country had installed in 2015.
SoftBank brought in Mr.
Nanda, a solar veteran who had
been working with the com-
pany’s renewable-energy team
in Japan, to run the new India
unit. It landed its first contract
for a 350 megawatt plant in De-
cember of 2015—more than half
the size of SoftBank’s entire
Japan solar portfolio—four
months after it was founded,
with eight staffers.
The real boost to SoftBank’s
solar ambitions would come
months later in 2016, after Mr.
Son connected with Saudi Ara-
bia’s Crown Prince Mohammed
bin Salman. Mr. Son has said it
only took him 45 minutes to
convince the Saudi royal to in-
vest $45 billion in SoftBank’s Vi-
sion Fund. In return, Mr. Son
has publicly promised to help
remake the kingdom’s oil-de-
pendent economy.
As SoftBank sought to
deepen its financial ties in Saudi
Arabia, discussions between Mr.
Son and the country’s sover-
eign-wealth fund, called the
Public Investment Fund, or PIF,
turned to solar. SoftBank could
help Saudi Arabia achieve its
long-sought goal of using less
oil in domestic power produc-
tion and exporting it instead,
Mr. Son said, by building up the
kingdom’s solar-power capacity,
according to a person familiar
with the discussions.
In the fall of 2017, Mr. Son
and PIF floated their initial plan
with a group of Saudi energy of-
ficials. As partners, they would
build 1,500 gigawatts of energy-
generating capacity, complete
with plants to make the solar
panels and create 100,000 jobs.
Saudi officials burst out
laughing, according to people
familiar with the proposal. The
1,500 gigawatt total was more
than triple the entire world’s so-
lar-power capacity at the time.
For decades, the country’s
powerful energy ministry has
FROM PAGE ONE
ber of camps around the coun-
try that cater to alumni-asso-
ciation members and their
families. At the “Lair of the
Golden Bear,” members of the
Cal Alumni Association of the
University of California, Berke-
ley stay in tent-cabins. UCLA’s
“Bruin Woods” is a more up-
scale resort. Indiana Univer-
sity has Camp Brosius.
Competition can get as
heated as the non-aircondi-
tioned cabins. Jim Harbaugh,
Michigan football head coach,
brought a competitive streak
to the camper softball team
when attending in 2017.
“He cared very much about
how well we did,” recalls
Douglas Quint, a 63-year-old
professor of neuroradiology
and MRI at the University of
Michigan Medical Center, who
is team coach and pitcher. The
campers lost a series against
the staff, but Coach Quint
doesn’t blame Coach Har-
baugh. “He played a good
third base.”
A spokesman confirmed Mr.
Harbaugh attended in 2017,
Solar Dreams
SoftBank has sought to install more solar capacity in two countries than some analysts think the
whole world will achieve by 2030.
Solar-power market in gigawatts
Optimistic estimate
(15% annual increase)
Conservative estimate
(10% annual increase)
2005 ’10
Global capacity
in 2030*
Global
capacity
in 2018
480 2,587
gw gw
*Optimistic estimate Note: 2019 and onwards are estimates.
Sources: 2005-2018 International Renewable Energy Agency; 2019-2023 International Energy Agency; 2024-2030 Institute of Energy Economics Japan
analyst estimate, Yasushi Ninomiya; Benchmark Mineral Intelligence (batteries)
driven a hard bargain with in-
ternational oil companies, seek-
ing to maximize the value of the
kingdom’s abundant natural re-
sources. They had the same plan
with Saudi Arabia’s abundant
sunshine, and the ministry had
its own renewable-energy unit
with a less ambitious solar plan.
In March, Prince Mohammed
and Mr. Son made a surprise
appearance at New York’s Plaza
Hotel. Together, SoftBank and
PIF announced a plan to build
200 gigawatts of solar capacity
at a cost of $200 billion by
2030. The press release, issued
by the Saudi embassy in the U.S.
and PIF, didn’t mention the en-
ergy ministry at all.
The deal wasn’t subjected to
the kind of vetting and bidding
process energy officials in the
country use for oil deals, ac-
cording to people familiar with
the process. Energy officials felt
slighted and saw the proposal
as unrealistic, the people say.
A month later, Mr. Son
pitched Indian officials a plan to
develop 1,200 gigawatts of solar
power by 2030, along with
2,200 gigawatt hours of battery
storage capacity and manufac-
turing plants to make panels
and batteries domestically, ac-
cording to people familiar with
the proposal. The world’s big-
gest lithium-battery factory, run
by Tesla, Inc., has a capacity of
around 35 gigawatt hours.
SoftBank’s energy unit in In-
dia went shopping for compa-
saying he wasn’t available for
comment.
Campers fared better in a
volleyball match this summer,
beating the staff. The winning
camper team included Greg
Baty, a former New England
Patriots and Miami Dolphins
tight end. “I try not to be
competitive, but then the in-
ner me comes out,” says Mr.
Baty, 54, of Fort Lauderdale,
Fla., who comes for friends
and the “family vibe.” He was
also drafted for a greased-wa-
termelon competition and won
at bocce ball with his wife,
Brenda, and friends.
Mary Margaret Johnson, 59,
2,500 Batteries for electric-grid storage,
installed capacity estimates
in gigawatt hours
2,000
1,500
1,000
500
0 0
’20 ’30 2015
Capacity proposed
by SoftBank in 2030
Global
capacity
For For
India Saudi
in 2030
Arabia Global
capacity
in 2018
1,200 1,500
gw gw 12gwh
nies to make the batteries
needed to support all that ca-
pacity. It proposed to invest in
Kentucky-based startup Ener-
Blu, which was seeking $60 mil-
lion to build a modest battery-
manufacturing plant, its first.
SoftBank said it needed more.
A SoftBank official said Mr.
Son would want to make a far
greater investment and pushed
EnerBlu to build a facility that
was 10 times the size of its ini-
tial plan. SoftBank said it would
invest around $400 million, ac-
cording to former EnerBlu CEO
Daniel Elliott.
‘Shame on us for
trusting them,’ says
a former battery
company executive.
“Frankly, $60 million doesn’t
move our needle; I can’t take
that back to Masa-san,” a senior
SoftBank executive over India
told EnerBlu at a May 2018
meeting, using a common moni-
ker for Mr. Son, Mr. Elliott says.
SoftBank’s Japan solar busi-
ness was making high returns in
the country’s heavily subsidized
market, targeting around 30%
investment returns, according
to one person familiar with the
matter. Mr. Son expected re-
turns of 15% to 30% in Saudi
* ***
used to go after awards. “Then
I just decided I need to chill
out,” says the internist from
Marshall, Mich., with Michigan
undergrad and medical de-
grees. She went to boating and
ceramics this summer.
Murray Wikol enjoys un-
sanctioned activities. CEO of a
commercial-real-estate-devel-
opment company in Bloomfield
Hills, Mich., he holds a party
every summer that isn’t on the
official schedule. The 60-year-
old, with U of M undergrad and
graduate degrees, has come
since he was a preschooler. He
decorates his cabin with props
from home and holds his own
contests, like best specialty
cocktail. This year’s theme: “Pi-
rates of the Murribean.”
Mr. Rosenwasser says he
doesn’t object if the party
doesn’t get in the way of other
camp activities.
Camp accommodations
have improved since Mr.
Wikol’s childhood, when his
father duct-taped holes in the
cabin roof to keep rain out.
Still, the idea of totally rough-
’20 ’25
Capacity proposed
by SoftBank
for India in 2030
854gwh 2,200gwh
Arabia and India, people famil-
iar with the company say.
In India, government officials
reviewing SoftBank’s proposal
decided the country could ab-
sorb only a maximum of 350
gigawatts of solar energy by
2030, an energy official says.
With solar technology and
prices changing so fast, the gov-
ernment felt it wouldn’t be wise
to award so much capacity at
once, the official says.
Fierce competition for con-
tracts, pressure from local gov-
ernments wanting cheap power,
land acquisition struggles and
other complications were driv-
ing down the profitability of so-
lar-project returns in the coun-
try. Mr. Nanda and his team
were torn between Mr. Son’s de-
mand for scale and his push for
high returns, the people familiar
with SoftBank’s business say.
SoftBank skipped one tender
for 10 gigawatts of solar-genera-
tion capacity. For another auc-
tion of 3 gigawatts last summer,
SoftBank told officials it would
take the entire amount at a fa-
vorable price if authorities re-
vised regulations to let it do so,
an Indian official says. When
the government obliged, Soft-
Bank bid for much less, at a
much less favorable price, an-
noying New Delhi. The award
was later canceled.
“Masa has a big dream” for
unprecedented solar-energy
scale, says the Indian official.
“But they are not capable of
THE WALL STREET JOURNAL.
ing it is bunk, he says. On a re-
cent sticky day, an air condi-
tioner he brought in hummed
in his family cabin unit’s bath-
room window. “Fans just don’t
make it,” he says. “I’m pretty
good at figuring out ways to
break the rules without break-
ing the rules.”
Air conditioners, says Mr.
Rosenwasser, are “not encour-
aged.”
Mark LoPatin, 66, brings a
Nespresso machine and has
lobbied Mr. Rosenwasser for
cappuccino in the dining hall.
“I see no reason why I should
have to sacrifice my coffee ob-
session,” says the real-estate-
development-company presi-
dent and Michigan grad from
West Bloomfield, Mich., who
comes with his wife, children
and grandchildren. He also
brings real maple syrup for
camp waffles and reorganized
a tennis-court sign-up system
so more can play.
Michigania doesn’t need a
cappuccino machine, Mr.
Rosenwasser says. “This is not
a resort.”
FAISAL AL NASSER/REUTERS
handling such a large project.”
Mr. Nanda says SoftBank’s
India plants “have consistently
performed above” targets set by
1,000 his board and are getting
“above-market returns.” He says
the company has a business that
800 can grow quickly.
In Saudi Arabia, energy offi-
cials had auctioned off solar
600 contracts to other developers
based on the lowest price that
400 builders could offer. Saudi offi-
cials proposed buying electricity
from SoftBank at prices similar
200 to those achieved at auction,
which would allow profit mar-
gins of 4% to 6%, the people fa-
miliar with the matter say.
’30
Low returns
By early this year, Mr. Son
had told officials their proposed
returns were too low for Soft-
Bank, a person familiar with
Saudi Arabia’s renewable pro-
gram says. The murder of Saudi
journalist Jamal Khashoggi in
October, accompanied by allega-
tions, which Saudi Arabia de-
nied, that Prince Mohammed
was involved, complicated the
kingdom’s relationship with
SoftBank and made it difficult
for the partners to do anything
together, people with knowledge
of the events say.
SoftBank walked away its
proposed deal with EnerBlu in
January. EnerBlu, drained of
money by the long courtship
with SoftBank, has filed for
bankruptcy protection.
“SoftBank shows up and says
they’re going to do all this
stuff,” says Mr. Elliott, who is
now working for a private-eq-
uity firm in California. “Shame
on us for trusting them.”
SoftBank concluded EnerBlu
wasn’t equipped to handle the
scale needed for the deal and
decided not to proceed, accord-
ing to a company statement.
“No commitments were made at
any stage,” the statement said.
On Jan. 15, the Saudi energy
minister unveiled a scaled-down
energy plan calling for 40 giga-
watts of solar-power generation
by 2030. The energy ministry
would be responsible for 30% of
that and PIF and international
partners the remaining 70%, ac-
cording to a diagram of the
plan. SoftBank wasn’t men-
tioned.
SoftBank remains an “impor-
tant partner for PIF and for the
Kingdom,” the fund said in a
written response. It declined to
comment on specific investment
decisions.
—Summer Said and Mayumi
Negishi contributed
to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Nathan Law | By Jillian Kay Melchior
Hong Kong’s Millennial Dissidents
H
Hong Kong
ong Kongers have spent
the past 10 weeks pro-
testing to protect their
liberty and legal auton-
omy from Chinese en-
croachment. “We’re not optimistic,
but we don’t calculate,” Nathan
Law, one of the territory’s best-
known activists, told me at the
start of it. “We just do what we
think is right. And if we don’t do
this, we’ll regret it.” Noting that so
far no one has been killed protest-
ing, Mr. Law remarks this week: “I
always think we are so lucky.”
I first met Mr. Law, 26, in June,
during the first week of Hong
Kong’s protests. He scarfed down a
cinnamon danish at a Starbucks in
the Sheung Wan district. With his
glasses, lightly wrinkled T-shirt
and backpack, he had the sleep-de-
prived demeanor of a student dur-
ing finals week. His youth belies
his deep political experience.
As an undergraduate, Mr. Law
helped lead Hong Kong’s 2014 pro-
democracy Umbrella Movement,
the precursor to today’s protests.
“I didn’t have much time to study,”
he says, sounding genuinely apolo-
getic. He later became the youn-
gest person ever elected to Hong
Kong’s Legislative Council. That
drew the eye—and the ire—of Bei-
jing, which intervened to have him
unseated and imprisoned.
At 26, he’s already been
elected to office and spent
time in jail. He explains
why the protesters have
become more aggressive in
their tactics and demands.
Mr. Law insisted in June that
most Hong Kong youths share his
yearning for democracy and fear of
Chinese communism. His peers
have proved him right. The politi-
cal crisis began when the Legisla-
tive Council, dominated by law-
makers sympathetic to Beijing,
rushed to enact a bill that would
allow China to extradite people in
Hong Kong to the mainland. Mil-
lions took to the streets in protest.
Chief Executive Carrie Lam backed
down and declared the bill “dead,”
but opponents are not reassured
because she hasn’t withdrawn it
fully. She has also refused protest-
ers’ demands to resign, to investi-
gate police brutality against dem-
onstrators, to release and
exonerate those who have been ar-
rested, and to retract claims that
they were “rioting” on June 12.
Since June 9, Hong Kong police
have arrested almost 600 people
and fired more than 1,800 rounds
of tear gas and 160 rubber bullets
at demonstrators. “I myself have
On Two Wheels, the Trump Train Rolls Into the Black Hills
Sturgis, S.D.
They’re selling
Trump T-shirts and
shot glasses, Trump
squishy dolls and
teddy bears. They’ve
got bobblehead
CROSS
COUNTRY Trumps and bumper
By Faith
stickers for sale
alongside Trump
Bottum
coasters and coffee
cups, Trump flags
and flasks. Everywhere you look it’s
Trump, Trump, Trump—Donald
Trump’s face on merchandise at the
dozens of pop-up stores serving the
hundreds of thousands of bikers who
have come to the Black Hills this
week for the annual Sturgis Motor-
cycle Rally.
Each August, topless women pa-
rade up Main Street in this town of
7,000, as an endless line of motorcy-
clists roar back down Lazelle Street.
People come to Sturgis from all over
the country to be around other lov-
ers of machines and the open road.
It’s a chance to look at classic hogs
and custom choppers, an occasion to
celebrate bikers and the old outlaw
culture.
The hardest question to answer
here is how outlaw culture came to
be so Republican. During the 10-day
extravaganza, the last remnants of
the Hells Angels mingle with Chris-
tian bikers, stockbrokers riding ex-
pensive Harley-Davidsons, old men
on Triumphs, and young gearheads
on light Suzukis. Together they
cruise the Black Hills, enjoy concerts
by George Thorogood and Keith Ur-
ban, drink at the bars, and buy lots
and lots of Trump memorabilia.
Cornell “Tuffy” Nicholas, a circus
owner from Florida, opened five
“loud and proud” Trump shops in an-
ticipation of the rally. But nearly ev-
ery pop-up store in Sturgis sells
Trump merchandise alongside rally
* * * *
been tear-gassed numerous times,
and some cans of the tear gas ex-
ploded just by my feet,” Mr. Law
says. Earlier this week, he watched
police on a high perch firing tear
gas into the crowd below. He wor-
ries “if they hit someone, and the
particular person does not wear a
helmet, then it will cause serious
damage.” Thugs in plain clothes
have beaten protesters and by-
standers with batons and rods,
sending dozens to the hospital.
The pro-democracy camp suspects
the attackers belong to organized-
crime triads and acted with the
approval of the government.
Is worse yet to come? On Mon-
day Ms. Lam said that Hong Kong
is “on the verge of a very danger-
ous situation.” On Tuesday, the
spokesman for China’s Hong Kong
and Macau Affairs Office of the
State Council warned: “Those who
play with fire will perish by it.” On
Wednesday, the office’s director,
Zhang Xiaoming, said the Hong
Kong protests have “the clear
characteristics of a color revolu-
tion” and that “if the situation
worsens further, and there is tur-
moil that the Hong Kong govern-
ment is unable to control, the cen-
tral government absolutely will not
just watch without doing any-
thing.” More than 10,000 mainland
police conducted antiriot drills in
nearby Shenzhen this week, squar-
ing off against fake protesters who
wore the same yellow hard hats
and black T-shirts as Hong Kong’s
demonstrators.
Far from being intimidated, Mr.
Law says, protesters are embold-
ened. The harsh response has com-
pelled them to demand direct elec-
tion of the chief executive and
legislators. “People clearly under-
stand that if we don’t have a re-
sponsible government that is ac-
countable to the people, then this
chaos could be repeated very eas-
ily because there’s no checks and
balances,” he says. “We’re dealing
with a government that does not
listen to its people, so I think that
is exactly why we should not
stop—because we’ve got such huge
momentum, and people are getting
clear that only by having a true
democracy shall our rights be pro-
tected.”
Mr. Law argues that the Chinese
have violated the treaty under
which Britain handed Hong Kong
over in 1997. “Autonomy and de-
mocracy are the things that have
been promised by China, and we
haven’t been asking for more,” he
says. “But if such humble demands
are not being met by them, it’s
easy to predict that people may
ask more.” Still, he says: “I don’t
think this has become a pro-inde-
pendence movement.”
It has, however, become more
aggressive in its tactics. Though
the vast majority of protesters
have been peaceful, some have re-
souvenirs. There’s nothing compara-
ble for the Democrats—no Beto mugs
or Kamala Harris cigarette lighters. I
watched a mother holding a Trump
shirt up to her 10-year-old daughter,
gauging the size. “We sell 30 a day,”
Love for the president
among the ‘patriots,’
‘rebels’ and ‘crazies’ at the
Sturgis Motorcycle Rally.
one vendor said of the shirts, and the
rally is definitely “one-way political.”
After only a single day, “we’re al-
ready on our second box,” another
vendor confided.
Asked what brings him to the
Sturgis Rally, Mike Ford, a 55-year-
old biker from Oklahoma City, an-
swered, “I come for the crazy peo-
ple.” The crazies are certainly
around. A man in a beer barrel wad-
dles through the crowd. Bikers perch
dogs, some wearing doggy goggles,
on their handlebars. A self-pro-
claimed “professional hobo” named
“Tinker” offers a business card and
fancy knives for sale. Todd Gilmore
from Colorado, dressed up as Bat-
man, captures Goblin, his mock-
criminal companion in a green camo
morphsuit. “It makes everyone so
happy when I’m here,” he boasted
when I interviewed him. Meanwhile,
a biker gang of California Sikhs, all
in turbans, rolls past the sales tents
and the strolling police, who are
careful not to notice the public nu-
dity and minor misdemeanors.
Even in a weak year the half a
million people who come to the
Sturgis Rally drop around $800 mil-
lion. South Dakota’s total state bud-
get is only $4.6 billion. Concert
headliners have ranged from Bob Dy-
OPINION
sorted to disorderly behavior. Last
month, some broke into the Legis-
lative Council building and dam-
aged property, and others defaced
China’s national emblem at the
government’s liaison office. Some
have thrown bricks and Molotov
cocktails.
Yet Mr. Law says even the most
militant protesters have avoided
damaging private property or put-
ting bystanders in harm’s way.
That’s “such an important feature
that we have to bear in mind be-
cause it shows these protesters are
not out of order. These protests
are directed to symbols of power
and power itself.” It’s a risky strat-
egy: “They’ve been charging pro-
testers with rioting, which can lock
them up in jail up to 10 years.”
Mr. Law’s political evolution be-
gan not at home but in the class-
room of a publicly subsidized pro-
Beijing high school in Hong Kong.
Chinese dissident and political
prisoner Liu Xiaobo had won the
2010 Nobel Peace Prize for his Ti-
ananmen Square activism and his
role in drafting the Charter 08
manifesto. Mr. Law recalls his
school principal condemning Liu,
“saying he was a traitor.”
T
he 17-year-old Nathan had
never heard of Liu. Nor had
he been taught much “about
democracy and human rights and
liberalism,” the principles es-
poused in Charter 08, he says. But
the teen reasoned that “people
who are awarded with a Nobel
Prize means that he or she has an
excellent contribution in that
area.” Moreover, he adds with a
smirk, authorities’ propaganda and
attempts at brainwashing “make
people more curious about the
things that they condemn.” So “I
decided to explore things.” He be-
gan to read about human rights,
history and politics online, and
what he learned shocked and trou-
bled him. Eventually, it also drove
him to activism.
lan to Snoop Dogg to “Weird Al”
Yankovic. Sarah Palin and the 78-
year-old drag racer Don Prudhomme
are among the visiting celebrities
this year.
“We’re all on the same side,” a
motorcycle-shop owner named David
MacDonald explained about the poli-
tics of the riders. “It does seem a lot
of bikers are on the Trump side,” a
young man told me, while asking not
to be named for fear he would lose
his job in California. “I saw bikers
wearing Trump gear like the gear
I’m wearing”—because under Trump
“unemployment has gone down and
the economy is doing better.”
And yet the Sturgis gathering
isn’t overwhelmingly political. Al-
most everyone there is for Trump,
but the rally doesn’t feel like a
My Younger Brother’s Laugher Curve
By Mike Kerrigan
H
e who eats alone chokes
alone, warns an Arabian
proverb. That depends on the
company you keep. The company I
kept through young adulthood was
my kid brother, Jack. Two years my
junior, Jack was almost always in
school with me. I liked to think he
chose to follow his big brother. I see
now that some of it was his not
wanting to part company with such
an easy mark.
We often ate together when we
attended the University of Virginia
law school. I usually paid. My
brother is a generous fellow now,
but truly no man can have forgotten
his wallet as frequently he claimed
to have back then. Not that subsidiz-
ing him was without entertainment.
Whenever the check came, Jack
danced an ersatz Macarena, demon-
Saturday/Sunday, August 10 - 11, 2019 | A11
KEN FALLIN
Mr. Law’s mother learned of his
political activism in 2014 “by
watching television and seeing
that I got arrested.” That was dur-
ing the Umbrella Movement. Police
held him only a few hours, but a
difficult conversation awaited him
at home. Both his parents had fled
mainland China for Hong Kong,
and they carried a “refugee men-
tality—stable life, taking care of
your family, find a stable job,
that’s it,” Mr. Law explains. “They
do not talk about politics” and
“were very worried” about his ac-
tivism. “They kept saying, ‘You
cannot mess with the Chinese gov-
ernment, with the Communist
Party. They are way more awful
than you expect.’ ”
Mr. Law was undeterred. After
the Umbrella Movement receded,
he and Joshua Wong founded the
Demosistō, a pro-democracy politi-
cal party, and ran for the Legisla-
tive Council in 2016. “Most of the
seats are basically reserved for
Beijing,” Mr. Law explains. “So in
every election, the pro-democracy
camp wins by a majority, but in
the council, we are a minority.” Mr.
Wong, now 22, was disqualified for
his youth, but Mr. Law won one of
the few seats chosen by direct
election.
At his induction ceremony, Mr.
Law made clear that his loyalties
were with Hong Kong, not Beijing.
The oath of office has become “a
tool of the authorities,” Mr. Law
said, so “while I will go through
the necessary procedure, it doesn’t
mean that I will bend and bow to
absolute authority. . . . I will never
bear allegiance to the powers that
be that kill their people. I will use
my conscience to defend Hong
Kong people.” He recited the pre-
scribed oath, then added: “Power
returns to the people. Absolute
and autocratic powers will not live
forever. There should be demo-
cratic self-determination, and
there will be continuous struggle.”
Thus ended Mr. Law’s political
Trump campaign event. The vibe is
different. “We have good jobs, we’re
educated,” insisted David Breunig,
president of the Highway Riders, a
California motorcycle club. “Just be-
cause we ride a Harley and look like
this, we’re [still] good people.” The
point of the Sturgis Rally, he said, is
to be “a pilgrimage,” an “expression
of freedom” and deeply “patriotic,
[with] everyone flying American
flags.”
And maybe something like that
explains how we got from outlaw
biker culture to support for Donald
Trump. The answer is partly socio-
logical: There’s an old American tale
of freedom, and the open road be-
came a conservative cause when the
left embraced the coastal cities over
Middle America’s countryside and
stratively tapping each shirt and
pants pocket to convince me he was
wallet-free.
I trace my communal-dining skep-
ticism to one particular lunch during
his first and my third year in law
school. We were at an inexpensive
restaurant we frequented, and the
waiter brought our food just as I was
drawn into conversation with a
friend seated nearby. A small win-
dow, but it was all the time Jack
needed. Turning my attention back
to my brother, I picked up the con-
versation where it had ended.
I should have noticed Jack was up
to something. We usually kept our
discussions light, but he was laugh-
ing a little too loud and smiling a lit-
tle too long over my pleasantries. By
the fifth bite, something felt amiss—
something I felt in my bones and,
more to the point, in the back of my
throat.
career. Beijing issued an interpre-
tation of the section of the Hong
Kong Basic Law that pertains to
oaths of office. Anyone who “takes
the oath in a manner which is not
sincere or not solemn, shall be
treated as declining to take the
oath,” Beijing decreed. Mr. Law
was unseated, along with five
other pro-democracy legislators. A
month after his defenestration, Mr.
Law was sentenced and impris-
oned on charges dating back to his
2014 Umbrella Movement activism.
He spent two months at the
Tong Fuk Correctional Institution
on Lantau Island—“a great experi-
ence for me, actually,” Mr. Law
says. “Spending time in jail is—it’s
really hard to describe.” It “basi-
cally isolates you from the rest of
the world, and then they try to
make you obedient by imposing all
the restraints, all the rules, all the
restrictions in jail.” He tried to
look at it as “kind of like training
or testing for me.” He worked on
cultivating mental strength, “to be
stable, be consistent, to face any
difficulties that lie ahead.” He
gained exposure to different
swaths of Hong Kong society—ma-
fiosos, drug dealers, petty crimi-
nals. “You know more about the
world by staying in jail.”
Y
et he hasn’t lost interest in
conventional education. This
month he’ll begin a graduate
program in East Asian studies at
Yale—“as long as they don’t arrest
me. I don’t know.” He plans to do
whatever he can to help the move-
ment from New Haven, but a seri-
ous education is “a very precious
opportunity.” Mr. Law worries he’ll
be unable to return to Hong Kong
after Yale, or that he won’t recog-
nize the place: “Will the political
severity and condition become
worse in the future? I don’t think
that is a fantasy. That might hap-
pen if we face a true crackdown,
and all of us face political retalia-
tion coming from the Communist
Party.”
Still, his fellow protesters give
him reason to hope. Many are his
age or younger. Without anyone
telling them what to do, they
spread the word about where and
when to meet, and they show up
with useful supplies like water bot-
tles and first-aid kits. Some even
tidy up the streets afterward to
prove their orderly and law-abid-
ing intentions. “It’s a leaderless
movement, so they have to think
about what to do by themselves,”
Mr. Law says. “That’s very valu-
able. These kinds of independent
acts actually make them more ma-
ture and make them more experi-
enced in terms of having political
actions.” Sounds like excellent
preparation for self-government.
Ms. Melchior is a Journal edito-
rial page writer.
turned against fossil fuels. The an-
swer is also partly economic: Motor-
cycles were always associated with
the working class, and the blue-col-
lar Rust Belt now falls in the Trump
column. Vietnam vets and their MIA
movement added the American flag
back into the mix.
In the 1953 biker movie “The Wild
One,” a waitress asks Marlon
Brando’s character what he is rebel-
ling against. “What do you got?” he
answers. Bikers are still rebels, only
now they are rebelling against a
dominant liberal culture that seems
dull and prissy, and never liked them
anyway.
Ms. Bottum is a civil-engineering
student at the South Dakota School
of Mines.
I peeled back the bread on my re-
maining half-sandwich to find what
I feared: a partly eaten paper-nap-
kin, one with red-ink drink specials
printed on it. Jack had jammed it be-
tween the turkey and lettuce while I
had looked away.
It wasn’t my bons mots that had
delighted him so. It was watching his
big brother devour a cocktail napkin,
bite by oblivious bite. Jack claims he
stood ready to deliver the Heimlich
maneuver if that proved necessary.
I’m not sure he, doubled over with
laughter by the end, could have done
it.
It may well be that he who eats
alone chokes alone. But he who eats
with my brother without watching
his food like a hawk chokes on a
cocktail napkin.
Mr. Kerrigan is an attorney in
Charlotte, N.C.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Elizabeth the Vampire Slayer Does Diversity Help or Hurt Most Students?

E
lizabeth Warren’s favorite image for reduce the incentive to invest in companies Anthony Kronman argues that the which he sees as a tool to silence di-
businesses is that they “suck” profits with uncertain prospects. Ditto Ms. Warren’s downgrading of excellence and origi- vergent opinions. But even skin-deep
nality is the real crisis in higher edu- diversity can amplify debates. Our
out of American society like vampires. proposal to hold private-equity firms liable for
cation (“The Downside of Diversity,” research, published in the Proceed-
Her latest targets are private- the debts, legal judgments and Review, Aug. 3). But instead of using ings of the National Academy of Sci-
equity firms that invest in The Senator takes out pension obligations of the truth (always a subjective concept) ences, shows that when financial
struggling companies, often
replace management and bet
the garlic and crosses companies in which they in-
vest. No investor will sink
as a barometer of excellence, I would traders interact with others who are
choose knowledge. The absence of ethnically different, they process in-
on a turnaround. She wants to against private equity. money into a failing enter- such a term in the article is both re- formation more carefully—and price
put them out of business. prise if doing so requires as- vealing and symptomatic. In our age assets more accurately—than traders
“The Stop Wall Street Loot- suming all its liabilities. of high-speed access and focus on working in ethnically homogenous
ing Act,” as Ms. Warren calls her new bill, would Some PE-backed businesses like Toys “R” Us information, identity politics may settings. Diversity enhances perfor-
impose new taxes, legal liabilities and regulations and iHeartRadio have filed for bankruptcy, but turn people into instant experts on mance not because minorities neces-
that would make it more costly and risky for in- they might have failed sooner due to industry- their social predicament. But aca- sarily bring different views, but be-
demic excellence, regardless of race cause it fosters greater interpersonal
vestors to try to revive businesses. It would also wide problems without a private-equity inter-
or gender, can’t be achieved without friction and encourages more scru-
effectively rewrite the bankruptcy code. vention. Moody’s has found PE-controlled busi- a rigorous, time-consuming pursuit tiny, guarding against irrational
Ms. Warren describes private equity as nesses are no more likely to file for bankruptcy, of knowledge. Today everyone has herding and price bubbles. Prof.
“bleeding the company dry and walking away and investor equity is typically wiped out in an opinion because of access to the Kronman is right to fear the tyranny
enriched even as the company succumbs.” Per- bankruptcy. internet and other media, yet there of majority opinion, but he is wrong
haps she’s trying to appeal to “Twilight” and Senator Warren nonetheless wants to re- are no shortcuts to book-acquired to blame diversity for it. When man-
“Buffy” loving millennials. But her garlic-wield- write the bankruptcy law for private equity. Her knowledge. aged right, diversity can be the anti-
ing caricature overlooks that private-equity bill would reorder the creditor hierarchy by re- ANOUAR MAJID dote.
managers lose money if their investments fail. quiring that company pension contributions Portland, Maine PROF. SHEEN S. LEVINE
Private-equity firms make long-term invest- and employee severance receive equal priority The University of Texas at Dallas
ments in underperforming companies and aim to operating and “administrative expenses.” Prof. Kronman’s article ignores Dallas
America’s history. Diversity isn’t the
to create value—and turn a profit—by fixing in- This would push unsecured creditors further equivalent of identity politics. He The article should give all higher
efficiencies. They raise capital from institu- down the priority line. wants us to see the downside of di- education faculty pause. Those who
tional investors like college endowments and While bondholders may now seek to take versity when suggesting that stu- influence and guide young minds
public pension funds, which they often supple- control of a company in bankruptcy, Ms. War- dents claim “something is true be- need to re-evaluate how the push for
ment with debt, to buy out public shareholders. ren’s bill “directs bankruptcy courts to approve cause I believe it or feel it to be diversity is ruining the education of
Managers are compensated with an annual the offer that best preserves the company’s jobs true.” Even Alexis de Tocqueville and the minority groups they profess to
fee—typically between 1.5% to 2% of a fund’s in- and maintains the terms and conditions of em- Aristotle honor the individual expe- be helping. Pushing groups into cor-
vested capital, which is taxed as ordinary in- ployment for its workers.” In other words, a rience, which today means acknowl- ners by embracing victimhood and
come. Only if a company returns profits over buyer’s investment or financial offer wouldn’t edging the trauma faced for centu- instilling guilt can never create an
several years that exceed a “hurdle rate”—on matter if another bidder promises workers a ries by blacks in America. Still today, environment for objectivity, building
despite the mass shootings by white character or independent thought.
average 8%—do managers get a cut. If returns better deal, even if it is financially unsustain-
supremacists, despite the killings of Bravo to Prof. Kronman for so elo-
decline, outside investors can claw back profits able. The upshot is that creditors will be more unarmed blacks by police officers, quently presenting his case.
from managers. likely to push to liquidate failing companies in the black community is standing tall. JOHN BURK
This aligns the incentives of fund managers a chapter 7 bankruptcy rather than try to sal- These facts aren’t feelings but rather Santa Barbara, Calif.
with their investment partners and encourages vage them for reconstruction. serve to retraumatize an entire peo-
the long-term investment that progressives like The Warren bill would also require PE funds ple. The author criticizes this “cul- I was with the author until near
Ms. Warren supposedly desire. Private equity to publicly disclose their performance and fees. ture of grievance and group loyalty.” the end when he let his mask slip
has turned around Dunkin’ Donuts, Hilton ho- Most PE managers already disclose this infor- When Robert Smith gave his $40 and revealed that he is a practitio-
tels, Dollar General and many other companies, mation to investment partners. But the Senator million gift to Morehouse graduates ner of the behavior he laments. He
though most success stories aren’t known to is trying to please union pension funds that this spring, he spoke of the resil- just couldn’t resist a swipe at Donald
consumers while failures grab headlines. want more leverage over private-equity firms ience of the black community, chal- Trump with “especially at a moment
lenging the graduates to pay it for- when our basic norms of truthful-
Ms. Warren assails private equity for loading when deciding whether to invest.
ward, take care of their own. If ness and honesty are mocked every
companies with debt, which the corporate tax The irony is that public pension funds have sticking together, voicing true griev- day by a president who respects nei-
code has encouraged by allowing a deduction been increasing their investments in these vam- ances, naming historical facts and ther.” If he were honest, he would
for interest payments. The GOP tax reform lim- pires, er, private-equity funds as they shoot for calling out racist behavior is wrong, acknowledge that politicians playing
ited the deductibility for interest to 30% of a higher returns to finance generous worker re- then I don’t want to be right. fast-and-loose with the truth has a
company’s adjusted earnings, which we sup- tirements. The 10-year average annual return CHARLOTTE BEYER very long tradition. Furthermore, his
ported along with the corporate rate cut. But for private equity is 10.2%—13.63% in Ms. War- New York phrase “our basic norms” is an ex-
Ms. Warren opposed that trade-off and now ren’s home state—compared to 8.5% for stocks ample of his assumption that every-
wants to raise tax rates and set a stricter cap and 6.7% overall. Why does the Senator want A free exchange of ideas is crucial one of right thinking agrees with
on “excessive leverage” for private equity. Her to hurt union retirees? in bringing us closer to a Socratic him. Evidently, this is his “truth,”
bill doesn’t say what it should be, but it would Senator Warren describes herself as a “capi- truth, and the author bemoans that but it isn’t mine.
such diversity of views has been JEFFREY KAHN
significantly raise the cost of capital. talist to the bones.” She must have a strange
substituted by superficial diversity, Milton, Ga.
The Senator would also tax the profits above definition of capitalism. Every policy she pro-
the hurdle rate of return at the ordinary income poses would increase government control over
rate rather than as capital gains, which would the private economy.
The Wireless Swamp Is a Pretty Uniform One
A Political Steel Trap Holman Jenkins’s conclusions re-
garding the Sprint and T-Mobile
bile’s or Sprint’s, and won’t be af-
ter 5G introduction. There are mar-

L
ast June the president and CEO of JSW
Steel USA, John Hritz, was praising
President Trump for the tariffs he felt
would reward companies such as his, whose
$1 billion investment in America included the
restoration of a shuttered steel plant in Ohio.
“We are completely in lockstep with the presi-
dent,” Mr. Hritz told CNBC.
That was then. Now JSW Steel USA, the U.S.
arm of an Indian infrastructure conglomerate,
is suing the Trump Commerce Department.
The beef? That Commerce denied the company
the exclusions it sought from the very steel
tariffs it earlier endorsed.
Specifically, the company is seeking tariff
exemptions for steel slab that it says is “not
available in the U.S. market in the quality and
quantities” the company requires. In denying
its request for an exclusion, says JSW, the
Trump Administration “yielded to the objec-
tions” of three U.S. steelmakers—United States
Steel Corporation, AK Steel Corporation, and
Nucor Corporation—without examining
whether they could produce the steel slab JSW
needs to make its own products. JSW com-
plains it has had to pay “tens of millions in tar-
iffs from which it should have been exempted.”
JSW makes a good case. Still, the company
thought it would be a winner under the steel
and aluminum tariffs. It’s now finding out it
will be one of the losers. That can happen
when you rely on political mediation via trade
policy to gain a competitive advantage. What
politicians giveth they can also taketh away.
merger are absolutely correct
(“Faster Wireless vs. the Swamp,”
Business World, July 31). When in
the course of antitrust determina-
tion did the Justice Department pick
specific firms as winners in the bat-
tle? The simple fact is that after all
these years of cellular communica-
tions development, the marketplace
for service has settled on three via-
ble providers. Yes, it is true that
without a merger of almost equals,
Sprint or T-Mobile would face the
wrath of creditors and face elimina-
tion, but that is a natural occur-
rence in any market for homogenous
goods and services.
Let’s face it, AT&T’s personal
communications services aren’t any
different from Verizon’s or T-Mo-
keting claims about good, better or
best, but in reality, it is the same
service, packaged differently. As a
former wireless professional, I hark
back to the words I often used dur-
ing regulatory hearings: “How much
competition is too much competi-
tion?” As for Charlie Ergen, the
FCC, Justice and all those interven-
ers who have turned a blind eye to
the regulatory duties that come
with the acquisition of spectrum li-
censes—build it, or lose it. The FCC
should follow its own rules and not
play games. Require Mr. Ergen to
follow the rules before awarding
him another chance to get out un-
scathed.
EDWARD HORNER
Columbus, Ga.

Europe’s Autumn of Economic Discontent Facial-Recognition Technology a Big Threat

I
n case you missed it while markets were on Keynesian public works projects. A better
melting down over the U.S.-China trade use of the fiscal headroom afforded by a bal- Regarding Andy Kessler’s “Have old talking point: face recognition is
war, Europe’s economy is hitting the skids. anced budget and falling debt would be cutting No Fear of Facial Recognition” (In- essential to stop crime. But there is
side View, Aug. 5): Facial recogni- no data to back up his claims. In a
Dismal recent data, with more some of the taxes by which the tion is fundamentally different than recent Congressional hearing, the
expected, highlight the baleful The looming dismal government eats up 46% of fingerprints. Fingerprints can’t be FBI admits that it doesn’t even
consequences of President season is bigger than national output in taxes and used to identify hundreds of people track statistics regarding how often
Trump’s hostility to global other revenue each year. That from a single photograph, or track facial recognition technology leads
trade—but also Europe’s Trump, or Germany. idea rarely makes the agenda. anyone and everyone as they go to arrests or prosecutions—includ-
chronic refusal to help itself. Italy’s Prime Minister In All about their daily lives. ing wrongful identifications.
This week’s downbeat Ger- But Name Matteo Salvini un- A technology like facial recogni- In a democracy, we have the
man signals are bad enough. Industrial produc- derstands this point better and is preparing to tion shouldn’t be deployed without right to reject forms of surveillance
tion fell 5.2% year-on-year in June, the worst cancel a scheduled increase in the value-added democratic oversight and controls— that threaten our rights—which is
decline since 2009. A survey of managers found tax on consumption supposed to take effect but that is exactly what has hap- exactly what communities across
pened. Congress never passed a law the country have done. Police
a gloomy outlook for the next few months. Ber- next year. This will leave some €23 billion ($26
authorizing the FBI to use facial should not use this technology un-
lin expects economic growth of 0.5% this year, billion) in the hands of what there is of a pro- recognition. It hasn’t been subject less and until our rights can be
but that may be against the headwind of a quar- ductive private economy in Italy. Mr. Salvini’s to full judicial oversight. And, in safeguarded.
terly contraction once the next batch of GDP intention to force snap elections in October also many cases, it appears that individ- NEEMA SINGH GULIANI
data come out. shook markets at week’s end. uals aren’t even being notified when American Civil Liberties Union
That’s worse for being part of a trend. The In France, Mr. Macron has overhauled labor this technology is being used Washington
United Kingdom’s economy contracted in the regulations to good effect. But deeper reforms, against them so that they can raise
second quarter at an annualized rate of 0.8%. especially to public spending, are stalling in legal challenges.
France is perched on a knife edge after disap- both countries. Mr. Kessler also ignores the facts Pepper ...
pointing GDP growth in the second quarter, Instead, economic stimulus in the eurozone when it comes to accuracy. He dis-
misses an ACLU test, but never
And Salt
waiting to see whether President Emmanuel will come from the European Central Bank. ECB
mentions that these findings have THE WALL STREET JOURNAL
Macron’s reforms to date are enough to perma- President Mario Draghi is expected to make one
been replicated. MIT researchers
nently lift business investment. Ditto for Italy, last push for monetary easing in September be- noted that some widely available fa-
where recent signs of optimism among service fore he hands off to successor Christine Lagarde cial recognition algorithms were
companies are balanced by pessimism among in November, perhaps cutting the ECB’s already 99% accurate on white men, yet
manufacturers. negative policy rate and reviving bond pur- only 70% accurate on women with
Mr. Trump’s fulminations on trade aren’t chases under the dormant quantitative easing dark skin.
helping. Germany is a direct target of one of Mr. program. In summarily dismissing such
Trump’s common threats, to impose tariffs on These measures will strain unprofitable concerns over this technology as
European autos. A messy British divorce from banks, especially in Germany, with unpredict- “hysteria,” Mr. Kessler repeats an
the European Union, if one happens in October, able consequences for loan-dependent busi-
will be a more serious shock to Continental nesses. If monetary maneuvering created dura- Letters intended for publication should
economies than some leaders seem to realize. ble economic growth, Europe wouldn’t be in its be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
But for all the blame directed at Mr. Trump by current predicament. Europe needs more mar- or emailed to wsj.ltrs@wsj.com. Please
European leaders, much of Europe’s economic ket-opening policy reforms. Its leaders should include your city and state. All letters
misery has been created closer to home. know by now what they need to do to revive are subject to editing, and unpublished
Everyone’s preferred solution for Germany’s their economies, but their inability to do it letters can be neither acknowledged nor
returned.
economy is for the government to spend more paves the way for an autumn of discontent.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
An American Song, an American Crisis
DECLARATIONS
By Peggy Noonan
Moon river wider than a mile
I’m crossing you in style someday
I
’m in the waiting area of the
doctor’s office and it comes on
the Muzak system and I’m sit-
ting peacefully, not scrolling or
looking at headlines, and I
hear the music and remember the
lyrics and my eyes start to fill.
That old American song, mid-20th
century, and those words . . .
Someone once said a hallmark of
good music is that it is confident of
the values it asserts. In this case
those values include tranquillity, or-
der, harmony. But really it’s a song
about yearning.
In times like this, brave
and bold experimentation
is the closest we’ll get to
finding a solution.
It has always seemed to me such
an American song. I see a lot of
songs as “such an American song.”
Here are two examples off the top of
my head. Al Jolson’s “She’s a Latin
From Manhattan,” is about a 1920s
vaudeville hoofer. Sultry, glamorous
Latins are all the rage on the stage,
so she’s changed her name and walks
around with a tambourine passing
herself off as a mysterious lady from
Madrid or Havana. A guy in the audi-
ence falls in love but then thinks:
Wait, I remember her! “Though she
does a rumba for us / And she calls
herself Dolores / She was in a Broad-
way chorus / Known as Susie Dona-
The U.S. Abandoned Iraq. Don’t Repeat History in Afghanistan
By David Petraeus
And Vance Serchuk
T
he announcement of a peace
agreement between the U.S.
and the Taliban is said to be
imminent, after years of combat and
months of negotiation. The U.S. will
reportedly promise to reduce its
military presence in Afghanistan in
exchange for a Taliban commitment
to cooperate against international
terrorism and enter direct talks with
the Afghan government.
The Taliban have left no
doubt that they’ll try to
overthrow the government
if American forces leave.
For Americans as well as Afghans,
any possibility of settling this con-
flict is cause for hope. But even as
citizens in both countries pray for
peace, leaders in Washington must
proceed with caution. While diplo-
matic progress with the Taliban may
justify a reduction in U.S. force lev-
els, under no circumstances should
the Trump administration repeat the
mistake its predecessor made in Iraq
and agree to a total withdrawal of
combat forces from Afghanistan.
A complete military exit from Af-
ghanistan today would be even
more ill-advised and risky than the
Obama administration’s disengage-
ment from Iraq in 2011. Iraq had
largely been stabilized by the time
the last U.S. combat elements left,
with al Qaeda having been routed
during the 2007 surge. In Afghani-
stan, by contrast, the Taliban are
far from defeated, while some 20
foreign terrorist organizations like
al Qaeda and ISIS retain a presence
in the region. It is unlikely that any
will join a peace deal.
The idea that the U.S. can leave if
the Taliban promise to combat
rather than conspire with these
groups is also wrongheaded. Until
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hue.” It’s about wanting to make
it in America and being what-
ever you have to be to do it.
Another “such an American
song”: “Tik Tok,” by Kesha.
“Wake up in the morning feeling
like P Diddy / Grab my glasses,
I’m out the door; I’m gonna hit
this city.” I guess it’s about a
pretty worldly person, but in my
imagination she’s a 15-year-old
kid from Jersey, she’s on the
Route 4 bus from Paramus, she’s
from a beat-up family, no one’s
taking care of her, she’s on her
own, but she’s imagining an al-
ternative self, this tough, care-
less, glamorous self she’s going
to turn into when she gets to
New York. It’s about the stories
we tell ourselves to keep going,
the worlds we imagine to keep up
our morale.
But “Moon River”—I’ve always
thought it such an American song be-
cause there’s not only yearning in it
but loneliness. This comports with my
sense of America as a vast place set-
tled by people from somewhere else,
most of whom were on a losing
strain—no money, no prospects. Ban-
dits who hadn’t been caught, adven-
turers, dreamers, earnest younger
brothers who stood to inherit noth-
ing, lost girls on their own. They got
a chance and left families behind, left
centuries of a certain way of being
behind. In this way our parent-forget-
ting country was born and invented
itself. They got to America, pushed
west, lit out for the territories,
searched for Sutter’s gold. Or, dragged
from Africa, lived in the South, joined
the great migration North. Always on
the move, all of us.
“Moon River” is about how you’re
going to move. It’s a promise to
yourself: “I’m crossing you in style
someday.” It’s not enough you’ll
cross that river, you’ll cross it in
style. “I will rise and everyone will
see it, everyone will know. I’m going
the Taliban demonstrate they have
both the determination and the ca-
pability to work with the Afghan
government against international
terrorists—and there is ample rea-
son to doubt this—common sense
dictates the U.S. must retain its own
means to pressure extremist net-
works plotting against the American
homeland and U.S. allies. This can
be accomplished only by having
some number of capable American
forces in Afghanistan, along with
substantial “enablers” such as un-
manned aerial vehicles and close air
support.
While Iraq’s sectarian unraveling
after the U.S. withdrawal in 2011 was
a possibility that some foresaw, it
was far from assured. If the Trump
administration orders a full pullout
from Afghanistan, there is consider-
ably less doubt about what will hap-
pen—full-blown civil war and the re-
establishment of a terrorist
sanctuary as existed when the 9/11
attacks were planned there.
The Taliban have clearly indicated
what they will try to do once U.S.
forces are gone: overthrow the Af-
ghan government and reimpose me-
dieval rule. Their resistance to a for-
mal cease-fire, continued barbaric
attacks on civilians, and opposition
to elections scheduled for this fall
are all warning signs. Such a confla-
gration is likely to reinvigorate the
flagging fortunes of Islamist extrem-
ism world-wide and the global ter-
rorist threat—which, despite the de-
struction of Islamic State’s territorial
caliphate in Iraq and Syria, is by no
means defeated.
Some have suggested that, should
Afghanistan implode following the
departure of American ground
troops, the U.S. can simply adopt an
“offshore” counterterrorism strat-
egy—relying on drone strikes and
targeted raids from afar to disrupt
plots. That is a fantasy. Unlike Ye-
men or Somalia, landlocked Afghani-
stan is distant from U.S. air bases.
For all the wizardry of technology,
drones can fly only so fast and stay
aloft only so long. Effective counter-
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OPINION
to make money and be respected.”
Oh, dream maker
You heartbreaker
Wherever you’re going I’m going
your way
That’s America, the dream maker
and heartbreaker, but you’re inter-
twined with it, you’re not alone.
Two drifters off to see the world
There’s such a lot of world to see
I’m nobody from nowhere but it’s
all out there waiting for me. You’re
not really American until you have a
poignant sense of the bigness of
things. When “Moon River” came
out, in 1961, the American president
had a little plaque on his desk: “O,
God, Thy sea is so great and my boat
is so small.”
We’re after the same rainbow’s
end
Waiting round the bend
My huckleberry friend
Moon river and me
It’s all within grasp, all possible.
Again, I’m not alone. The lyricist
Johnny Mercer nodded to Huckle-
berry Finn, the abandoned boy who
shoved off down the river and came
upon the man who became his best
friend, the escaped slave Jim. “The
terrorism operations in Afghani-
stan—and, just as important, in
neighboring tribal areas of Paki-
stan—will prove all but impossible
absent an enduring U.S. footprint on
Afghan soil.
Others say it still isn’t worth
staying even if Afghanistan is poised
to collapse without U.S. troops. In
an era of resurgent great-power
competition and record deficits, the
thinking goes, keeping U.S. forces in
Afghanistan is an unaffordable dis-
traction from other, more pressing
national issues. This, too, is wrong.
The cost of retaining a few thousand
troops in Afghanistan pales in com-
parison with the price the nation
will pay, strategically and economi-
cally, if al Qaeda or ISIS rebuilds a
terrorist platform there.
The Obama administration left
Iraq in part because it believed that
doing so would free up resources for
its “rebalance” in favor of Asia and
domestic priorities. Instead, renewed
How Bad Will It Get for Netflix?
Netflix got there
fustest with the
mostest, in the
apocryphal words
of a Civil War gen-
eral. Its dominance
of the streaming
BUSINESS
entertainment
WORLD
business is re-
By Holman W.
flected in its mar-
Jenkins, Jr.
ket cap, which rose
15-fold, to more
than $150 billion, in eight years. But
a line in its latest earning report
was a stunner: Its U.S. subscribers
actually dropped in the second
quarter.
More Americans left the service
than signed up. Wow.
Netflix blamed a weak lineup of
new shows. It said growth would
soon return. And maybe it will, but
the episode reminds us of one way
streaming is different from cable TV:
the ease of quitting. And with the
arrival now of determined competi-
tors, Netflix’s next decade is likely to
be very different from its last.
Take the loss of its two most pop-
ular shows, “Friends,” which AT&T’s
WarnerMedia is reclaiming for its
forthcoming streaming service, and
“The Office,” which NBCUniversal is
taking back for its own streaming
service. Netflix’s Reed Hastings and
Ted Sarandos anticipated this mo-
ment. They long since got Netflix
heavily into the business of produc-
ing original shows. Netflix expects
to spend a massive $15 billion this
year. But the shows and franchises it
creates will be new and unfamiliar—
Netflix doesn’t have the library of
cultural comfort food that some of
its rivals have, nor the guaranteed
access to studio franchises and con-
tent hoards that produce instant ca-
chet with viewers.
Into this challenge Disney plans
to inject a new complication. In the
fall, it will launch its own much-
Saturday/Sunday, August 10 - 11, 2019 | A13
huckleberry reference was an at-
tempt to engage in a suggestive, even
protometaphorical manner with
America’s central and founding di-
lemma, race,” Mercer said.
Actually he never said that. I
made it up. But years ago that’s what
I thought was on his mind, that we’re
all on this journey together and have
to get it right. And maybe it is what
Mercer meant.
That song came from our culture.
And I’m thinking of what the
words mean to me as they call my
name and I meet with the doctor and
have my exam.
Then, because this is America and
we are citizens, our conversation
turned to what has been happening.
The doctor is worried about his
three kids in grade school. They see
the headlines and hear everything.
They do shooter drills in their
schools. “And it’s everywhere.”
Yes. I said one of the painful
things we’re witnessing is the loss of
the fantasy worried parents had, the
fantasy of “I can give all this up and
move to Ketchum, Idaho. I can leave
the unsafe place and go to a safe
place and bring up my children
instability in Iraq and the civil war
in Syria opened the door to ISIS,
which promptly became the all-con-
suming problem for American na-
tional security and compelled the
administration to rush thousands of
soldiers back to Iraq and later Syria.
If the U.S. abandons Afghanistan to
chaos, this pattern is likely to repeat
itself and the resulting crisis will
once again dominate Washington’s
foreign-policy bandwidth, to the det-
riment of its ability to manage other
challenges, including China.
The alternative is to recognize
that the U.S. doesn’t need a plan for
leaving but a strategy for staying—
one that carefully minimizes Ameri-
can, coalition and Afghan costs and
casualties but accepts the necessity
of a sustained and sustainable
troop presence to safeguard vital
U.S. interests.
We’ll never know whether Iraq’s
collapse could have been averted
had the Obama administration left
awaited streaming service at $6.99 a
month, about half the $12.99 Netflix
charges for its basic high-definition
service.
With diabolical intent, Disney
seems out to scramble viewer per-
ceptions of what constitutes a “pre-
mium” service. Netflix positioned it-
self as the basic cable of streaming,
valued for its breadth of watchable
stuff even if you then also sub-
scribed to HBO or Showtime for
their cultural landmark shows.
Disney clearly wishes to unbase
these expectations. Its price point is
meant not only to get Disney’s ser-
vice taken up but Netflix’s canceled.
Disney further upped the ante this
week by announcing that for the
same $12.99 Netflix charges it will
throw in Hulu and ESPN+ as well.
Everything we knew
about streaming when
one company dominated
may soon be obsolete.
This seems like a plan to get Net-
flix demoted from the must-have
tier to the nice-to-have tier, which
I’m pretty sure is not how Netflix
imagined it would be positioned in
the future streaming wars.
All this comes when Netflix
watchers are noticing that throwing
money at stars and producers is (un-
surprisingly) no guarantee of good
results. Then there’s another wrinkle:
Disney and others have ways of gen-
erating revenue from content that
Netflix doesn’t have, including from
advertising, cable fees and theme
parks, etc. Even worse, several giant
competitors, such as Apple, Amazon
and AT&T, basically are using
streaming as a sweetener, sometimes
even as a free add-on, for much
apart from all this.”
I said the lesson of the last 20
years is that there is no safe
place.
He agreed: “This is us.” Then
he said, “So we’ll have to solve
it.”
You’re hating that I left the
music, aren’t you? I hate it.
But here a responsible person
would note that we are in a cri-
sis, as the doctor suggested. It’s
not a problem, it’s a crisis, it’s
GETTY IMAGES/ISTOCKPHOTO
continuing, it has a hundred
causes, we have to chip away at it
hard. In a crisis you try this thing
and then that; you experiment,
boldly. You become daring.
We argue about which solu-
tions are right, but all the solu-
tions are part of the solution. We
are in a mental health crisis; it’s not
a right-wing talking point. We need
more hospitalizations and more hos-
pitals. We do need red-flag laws so
that those who are potentially harm-
ful to themselves or others have their
guns taken. We do need deep national
background checks, and let judges ad-
judicate disputes. We do have to help
the single mother who knows her son
is a ticking time bomb—she needs a
better response than “There’s nothing
we can do until he hurts someone.”
We should try banning assault weap-
ons. I don’t care if we don’t have sta-
tistics proving it will help—do it any-
way, as a crisis measure, do it for 10
years again and see if it helps. If the
National Rifle Association were wise,
it would be supple now, in crisis. If
the president were wise, he’d look to
the country and put distance between
the NRA and himself. If Democrats
were wise they wouldn’t turn this
into a game.
I want so badly on this pretty Au-
gust day to tie this back to the old
songs and their confidently asserted
values. I can’t. There’s no nice song
about people scared for their kids
and afraid for their country.
a few thousand combat troops
there in 2011. What isn’t debatable
is that the U.S. would have been in
a stronger position to respond
when the country’s fragile politics
began to fracture and could have
reacted much more rapidly when
ISIS appeared.
The Trump administration should
apply the lessons of that tragic ex-
perience to the present situation in
South Asia. Simply put, the kind of
U.S. withdrawal that was inadvisable
in Iraq eight years ago would be in-
defensible for Afghanistan today.
Mr. Petraeus, a retired U.S. Army
general, served as commander of
U.S. Central Command and of coali-
tion forces in Iraq and Afghanistan
and as director of the Central Intelli-
gence Agency. Mr. Serchuk is an ad-
junct senior fellow at the Center for
a New American Security and served
as foreign-policy adviser to former
Sen. Joseph Lieberman.
larger underlying businesses.
Now throw in the possibility that
these complicated economics, along
with the industry’s giant collective
overspend on content, will be hitting
the fan just as the economy enters
recession. Will consumers treat
streaming subscriptions the way
they did their cable bills? Back in
the day, Americans cut back on food
before they cut back on TV. Percep-
tions of streaming’s superfluity of
content may be very different. If you
drop Netflix, how much you will re-
ally miss a show you haven’t found
time to watch in weeks? Plus you
can always renew and catch up later.
Netflix was once the last service a
consumer might think about cancel-
ing. Not anymore.
Netflix’s proposition to consum-
ers used to be simple: “more con-
tent than you can possibly watch
for the price of a movie ticket.”
With the ease of switching and pro-
liferation of alternatives, customers
will start asking “which service has
the most enticing lineup this
month?” With its lack of sticky un-
related offerings, Netflix will be un-
der constant pressure to roll out
eye-catching new content. It will
also be under pressure to cut deals
with rivals allowing its content to
be bundled with theirs. Is Netflix up
to the creative challenge, especially
when it lacks the safety net of, say,
live news and sports that some ri-
vals may have?
This column does not make stock
recommendations (though you
would have done well if you heeded
my Netflix-isn’t-doomed column in
2011). Let’s also recognize that Net-
flix’s executive team has shaked,
shimmied and adapted with the best
of them. Purely from a sporting per-
spective, though, its business model
will soon be facing a competitive en-
vironment completely unlike the one
in which it thrived till now.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Saturday/Sunday, August 10 - 11, 2019 * ******* THE WALL STREET JOURNAL.

SPORTS

BRYNN ANDERSON/ASSOCIATED PRESS

Tiger Woods hits a shot during
the 2018 PGA Championship.

Golf Fans Are Taking All the Shots

The atmosphere at pro golf tournaments has been upended by relaxed restrictions on the use of mobile devices

BY BRIAN COSTA older sport connect with a youn- fans to create and curate their duo ended up splitting ahead of his poor shot, it was not a trivial
ger audience, making social-media own content and share it on social the fall Ryder Cup, in which the distraction for a player who went

N
Jersey City, N.J. moments out of tournament hap- media,” said then-PGA Tour chief U.S. was routed by Europe. on to finish tied for third.
ormally, when Rita penings. At worst, it has annoyed marketing officer Joe Arcuri, who For star players in particular, “Ninety-nine percent of people
Choi watches Tiger players, as phone-clicks interrupt has since left the organization, in the deluge of devices have added do a good job of understanding
Woods, it’s through a backswings and tantrums recorded an interview last year. stress to recovery shots from out- how to put your phone on silent,”
television screen. So by fans go viral. The photos and videos can high- side the ropes. Rose said. “And some people just
when the 59-year-old In between, it has altered the light one of golf’s best selling Spieth, after taking relief from a haven’t quite figured that part out
fan spotted Woods approaching acoustics of the sport, whose fa- points: fans can end up standing cart path one day last year, told yet.”
the 14th green at Liberty National mously restrained cheering coined within a few feet of players, no re- the crowd, “If everybody could do After a fan’s cellphone rang dur-
Golf Club on Wednesday, she the phrase “golf clap.” served seat required. But the na- me a huge favor and not video this ing his swing at a European Tour
watched him the way people do in “The art of the clap is gone,” ture of that content isn’t always fa- shot. Thank you. Sometimes it’s event the following week, former
2019 when they see a famous said Woods, who withdrew from vorable to players. The same rules cool to actually watch.” world No. 1 Lee Westwood re-
golfer in the flesh: through her the Northern Trust on Friday, cit- that have helped promote their By rule, phones are supposed to corded a seven-second tutorial
phone screen. ing an oblique strain. “People best moments have also amplified remain in silent mode. But that video on the subject. “It really is
“My memory of this will fade,” don’t clap, because how can you their most controversial ones. hasn’t stopped the occasional cam- this simple,” he says as he silences
Choi said after recording videos clap when you have a cellphone in Sergio Garcia, who was disquali- era-click sound from piercing the his phone.
and photos of Woods ahead of the your hand? People are now fied from a February tournament silence during a player’s swing. Phones occasionally become in-
opening FedEx Cup playoff event screaming and they are pretty for intentionally damaging the In May, an apparent noise from advertent shields from errant
here. “But if I take a video of him, loud. Especially late in the day greens, has had two recent tan- a woman’s phone interrupted shots. Rory McIlroy’s first shot at
I will have this forever.” when it’s hot and they have tipped trums caught on videos posted on- Kevin Na’s swing as he tried to the British Open, which led to his
For years, professional golf back a few, it gets even louder.” line by fans. At the British Open, protect his lead at the Charles opening-hole collapse, struck and
tournaments tried to resist the in- Two years ago, the PGA Tour he was seen throwing his driver at Schwab Challenge. After his shot damaged a woman’s phone. A year
vasion of mobile devices outside changed its policy to allow specta- his caddie. The following week in flew over the green, he slammed earlier at the same tournament, a
the ropes. Even as they became tors to take photos and videos Memphis, he damaged a tee box in his club and turned toward the shot by Woods smashed a fan’s
ubiquitous at nearly every other during competition, which had frustration after a poor drive. gallery. His caddie berated the phone as it was recording a video.
sporting event in the world, previously been restricted to prac- Only because of a spectator woman. Naturally, the fan posted it online.
phones would often be confiscated tice rounds. The U.S. Open has ad- video did it become public early “I was upset at first,” Na said af- The Masters has become such
if spotted in the open. opted a similar policy, while only last year when Patrick Reed, while terward, “and then I saw the lady’s an outlier in this regard that play-
Now golf is embracing them vir- the Masters bans cellphones from lobbying a rules official for a free face and I was like, ‘Oh, my God. ers are increasingly struck by the
tually everywhere except the Mas- the premises outright. drop, took a shot at his two-time She’s going to pee in her pants.’” difference in how spectators there
ters, upending the atmosphere at The idea was to make golf tour- Ryder Cup partner. “I guess my At the U.S. Open in June, Justin watch the sport.
professional events in ways that naments more modern and less name needs to be Jordan Spieth,” Rose of England had a tee shot in- “They don’t constantly have
were both predictable and not. staid, which has happened, to Reed groused after being denied terrupted by a phone click. While their face in the device,” McIlroy
At best, the shift has helped an some degree. “We really want our the drop. The previously successful Rose didn’t blame the sound for said. “It’s refreshing.”

Weather

60s
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton
d

Calgary
t

70s
50s <0
0s
Juiced Ball Hits Triple-A
Vancouver
V 50s 60s 60s 10s BY JARED DIAMOND Manfred acknowledges that
Winnipeg
p
Seattle
80s 20s AND AMANDA CHRISTOVICH the current baseballs have
Portland
P
Por d
Helena Montreal 30s less air resistance and are
Ottawa
Billings
g
80s
80s Augusta
A g t 40s IF THERE WAS any lingering more aerodynamic than the
Eugene 70s Bismarckk 60s doubt about the cause of the previous ones. He denies that
Boise 50s
60s Mpls./St. Paul
p s / . Pau T
Toronto Albany
A bany
ny t
Boston
70s 70s unprecedented power surge they have changed at the di-
Hartford
rtford 60s
60s Pierre Sioux
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Milwaukee Detroit l
Buffalo across Major League Baseball, rection of MLB, attributing
90s Cleveland
Cl
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ew Y 70s
Chicago
C h
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es Moines Ph
hil d lphi
Philadelphia
the highest level of the minor the difference to quirks in the
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p g
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Indianapolis Pittsb h leagues is erasing it. manufacturing process, which
60s Denver Charleston hington
g on D.C.
Washington DC 90s
San
n Francisco 70s This season, the two Tri- is done largely by hand.
Colorado
Colorad
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90s LLas 90s Springs
p 90s Kansas St.. Lou
LLouis
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Richmond
h d 100+ ple-A leagues switched to the The majors and minors
Vegas
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Raleigh
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80s Wichita
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Chh same baseball used in the have long used different balls.
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Los A
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Columbia majors, rather than a cheaper The MLB ball, which is manu-
Phoenix 70s
100s Ph Oklahoma
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San Diego Birmingham
h ball used elsewhere in the mi- factured in Costa Rica, has
Tucson El Paso Dallas
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Ft. Worth Cold
80s 100s Jackson
Jack T-storms stunning. Triple-A teams are slightly different materials
100s Mobile
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Houston
t Stationary Snow
on pace to hit more than than its minor-league coun-
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2,000 additional home runs terpart, which is made in
San
an Antonio Tampa
Ta p
90s from last year—a ridiculous China and costs about half
Anchorage
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l l 80s 80s Showers Flurries
70s Miami
70s
increase of about 60%. as much. Players say the
Ice In other words, the debate MLB ball has lower seams.
over why so many home runs Both balls are produced by
U.S. Forecasts City
Today Tomorrow
Hi Lo W Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W
are being hit is over. It’s not Rawlings, which has been
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 90 71 c 86 75 t Frankfurt 80 58 pc 80 57 t
launch angle. It’s not in- owned by MLB since last year.
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice creased pitcher velocity. It MLB and its teams thought
Orlando 91 75 pc 91 74 t Geneva 76 60 t 83 63 t
Today Tomorrow
City Hi Lo W Hi Lo W
Philadelphia 85 65 s 84 67 s Havana 91 73 t 91 73 pc isn’t the bats. It’s the ball. there would be “player devel-
Phoenix 101 80 t 100 84 pc Hong Kong 91 83 t 92 83 t
Anchorage 73 58 pc 71 59 c Pittsburgh 78 56 s 81 61 pc Istanbul 88 75 s 85 75 s
One man who should know opment benefits” to Triple-A
Atlanta 94 76 pc 97 76 pc Portland, Maine 76 55 pc 78 60 s Jakarta 91 74 s 92 74 pc is Cody Decker, a real-life using the big-league ball, ac-
Austin 101 76 s 101 76 s Portland, Ore. 76 60 c 77 60 c Jerusalem 84 62 s 85 64 s Crash Davis who retired last cording to a person familiar
Baltimore 87 63 s 86 63 s Sacramento 85 59 s 92 62 s Johannesburg 68 47 s 72 52 s
Boise 81 57 t 78 56 s St. Louis 90 73 pc 91 75 pc London 72 57 sh 73 54 pc
month after hitting his 204th with the matter. Officials be-
Boston 81 61 s 81 63 s Salt Lake City 92 68 s 85 60 s Madrid 91 64 pc 89 60 pc career home run in the mi- lieved that the players closest
Burlington 71 55 t 79 61 pc San Francisco 76 59 pc 75 57 pc Manila 88 80 sh 88 81 t nors. He calls the current ball to the majors should have the
Charlotte 94 70 pc 92 70 s Santa Fe 86 58 pc 83 54 t Melbourne 52 42 r 55 44 sh
“a joke.” “The fact that the experience using the ball be-
STEPHEN SMITH/FOUR SEAM IMAGES/ASSOCIATED PRESS

Chicago 82 67 pc 81 69 pc Seattle 74 59 c 73 59 c Mexico City 75 58 t 75 58 t

Cleveland 79 61 s 82 65 pc Sioux Falls 79 62 r 82 69 pc Milan 92 71 s 92 71 pc balls don’t say ‘Pro V1’ on fore being promoted.
Dallas 101 81 pc 101 82 s Wash., D.C. 87 68 pc 86 68 s Moscow 64 50 sh 67 52 c them is laughable,” said Despite the emphasis on
Denver 86 62 t 84 62 pc Mumbai 86 79 t 86 79 t
Decker, referring to the popu- hitting the ball in the air
Detroit
Honolulu
81 61 s
90 78 pc 89 79 pc
82 66 s
International Paris
Rio de Janeiro
79
87
57 pc 72 56 pc
71 s 81 69 pc lar Titleist golf ball. “I don’t sweeping across the sport, the
Houston 99 80 pc 99 80 pc Today Tomorrow Riyadh 111 79 s 110 80 s think having these balls in Tri- Kevin Cron of the Reno Aces other minor-league levels—us-
Indianapolis 85 64 pc 87 69 pc City Hi Lo W Hi Lo W Rome 90 70 s 89 69 s
San Juan 89 79 s 88 78 s
ple-A is helping anybody.” ing the old minor-league ball—
Kansas City 91 71 pc 88 73 t Amsterdam 72 60 pc 71 57 pc
Las Vegas 101 76 s 100 76 s Athens 96 80 s 91 75 s Seoul 98 79 pc 94 78 pc Late last month, the Las Ve- “It was truly something to are actually seeing a home run
Little Rock 87 75 r 97 76 pc Baghdad 111 79 s 112 83 s Shanghai 87 81 r 87 79 r gas Aviators, the Oakland Ath- see,” said Aviators first base- decline in 2019. Double-A is on
Los Angeles 82 64 pc 83 64 pc Bangkok 89 80 sh 89 80 sh Singapore 89 82 t 90 82 t letics’ Triple-A affiliate, man Seth Brown, who con- pace to see around a 9% de-
Miami 92 78 pc 91 78 t Beijing 83 72 t 83 74 t Sydney 61 48 s 60 47 pc
Milwaukee 78 65 pc 78 66 c Berlin 82 62 pc 82 62 pc Taipei City 98 86 pc 100 83 pc launched a record 11 home tributed one of the homers. crease in total home runs this
Minneapolis 72 61 t 83 66 pc Brussels 74 58 pc 71 55 pc Tokyo 90 79 pc 89 79 pc runs in one game against the “It seemed like every pitch season. The South Atlantic and
Nashville 93 73 pc 96 76 pc Buenos Aires 60 42 s 62 43 pc Toronto 75 56 pc 82 63 pc El Paso Chihuahuas, the San that was thrown was hit out Midwest Leagues, both classi-
New Orleans 93 79 pc 91 79 t Dubai 112 93 c 107 91 pc Vancouver 70 58 c 71 58 pc
New York City 82 62 s 81 66 s Dublin 67 53 sh 61 47 r Warsaw 82 63 t 83 60 pc Diego Padres’ affiliate. The fi- of the ballpark.” fied as Single-A, are on pace
Oklahoma City 101 76 pc 101 75 s Edinburgh 68 54 t 57 49 r Zurich 73 58 t 83 60 t nal score was 20-11. MLB commissioner Rob to see a 4% to 5% decrease.
 EXCHANGE
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Rocked Out A Bigger Slice

What bands must Women are about to
do now to climb the shake up the
charts B7 economy B14

BUSINESS | FINANCE | TECHNOLOGY | MANAGEMENT THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | B1
DJIA 26287.44 g 90.75 0.3% NASDAQ 7959.14 g 1.0% STOXX 600 371.56 g 0.8% 10-YR. TREAS. g 6/32 , yield 1.731% OIL $54.50 À $1.96 GOLD $1,496.60 g $1.10 EURO $1.1201 YEN 105.67
ILLUSTRATION: ZOHAR LAZAR; ROCK ALBUMS: CARLOS GONZALEZ/STAR TRIBUNE/GETTY IMAGES

The Flip Side of Making Partner

At the modern law firm, a focus on billing has replaced
tight-knit camaraderie—and not all partners are created equal

BY SARA RANDAZZO

F
our hundred of Kirkland & Ellis LLP’s
top lawyers gathered in May at an
oceanfront resort in Southern Cali-
fornia to toast another banner year.
Kirkland was the highest-grossing
law firm in the world for the second
year running, earning $3.76 billion in revenue.
When a slide flashed on the screen, showing
the value of the firm’s shares, the partners in
the room quickly did the math. They would be
taking home $1.75 million to $15 million.
Not invited were another 560 partners,
who were back at the firm’s 15 offices around
the world, working. Though outwardly carry-
ing the same title as those lounging poolside
in California, they hold no equity in the firm
and generally can expect to make $800,000 at
most. While a comfortable living, the salary
and its implied second-class status is not the
reward many expected after striving to join
the venerated partnership.
This is life at the modern law firm, where
not all partners are created equal, and data
and money rule.
Being named a partner once meant joining
a band of lawyers who jointly tended to long-
time clients and took home comfortable, and
roughly equal, paychecks. Job security was
virtually guaranteed and partners rarely
jumped ship.
43:1 That model, and the culture that grew up
around it, is all but dead. Law firms are now of-
The spread ten partnerships in name only. Full-time chief
between the executives, some without law degrees, have re-
highest- and placed the senior partner running human re-
lowest-paid sources and accounting. Law firm names have
partners at trended toward the shorter and snappier, more
Kirkland & Ellis befitting a tote bag than a law library.
Many firms have expanded rapidly to mir-
ror the growth of their corporate clients, with
29 hundreds of partners spread around the
world. The largest, Dentons, recently hit
U.S. firms 10,000 lawyers in 78 countries, around a third
with at least of them partners.
1,000 lawyers. Please turn to page B6

Saudis Revive Plans Goldman

For Biggest IPO Ever Executives
Confidence builds for plans to host an earnings call to
Are Charged
showcase its first-half results to the
Aramco listing after oil financial community. The business BY YANTOULTRA NGUI
has been largely a closed book since AND LIZ HOFFMAN
giant’s debut bond sale Saudi Arabia nationalized the once-
American-run company more than KUALA LUMPUR, Malaysia—Ma-
Saudi Arabia’s oil company is re- three decades ago. The call scheduled laysia filed criminal charges against
viving plans for an initial public offer- for Monday is seen as a staging for 17 current and former Goldman
ILLUSTRATION BY WSJ; ISTOCK (2)

ing with the aim of accomplishing
what would be the world’s biggest
listing as soon as early next year, ac-
cording to people familiar with the
discussions.
By Summer Said in Cairo
and Julie Steinberg
and Ben Dummett in London
The IPO process for Saudi Arabian
Oil Co., known as Saudi Aramco, is
being accelerated as government offi-
cials hope to capitalize on the positive
market reaction to the state-owned
company’s debut bond sale in April,
which raised $12 billion, people close
to the talks said.
Saudi officials also believe interna-
tional outrage over the murder of dis-
sident journalist Jamal Khashoggi in
the kingdom’s consulate in Istanbul is
easing, according to people familiar
with the matter.
The Saudi government needs the
proceeds from the IPO to finance so-
cial and military spending, and to di-
rect toward Neom, a futuristic city it
is building at a cost of $500 billion.
Higher public spending will boost
Saudi Arabia’s budget deficit to 7% of
gross domestic product in 2019, well
above the government’s forecast of
4.2%, the International Monetary
Fund said in May.
In an unprecedented move, Aramco
the company’s listing, which had been
previously put off.
The financial results are expected
to show that Aramco remains the
world’s most profitable business, out-
stripping the likes of Apple Inc. and
Exxon Mobil Corp. Still, the company
may not be keeping pace with last
year because of lower oil prices and
reduced output, Aramco executives
familiar with the matter said.
Before an Aramco IPO was all but
shelved last year, it was meant to be
the centerpiece of a Saudi plan—
championed by Crown Prince Moham-
med bin Salman—to open up the
economy and give investors access to
the kingdom’s flagship company.
Prince Mohammed had announced
plans to list 5% of Aramco in 2018 at
a valuation of roughly $2 trillion for
the entire company. Even that small
portion would constitute the world’s
largest IPO at around $100 billion.
The process stalled partly due to
concerns that international valuations
put on the company weren’t close to
the royal’s estimate. Prince Moham-
med more recently called for an IPO
later in 2020 or in 2021.
The Saudi leadership is now more
confident about a listing following
Please turn to page B2
 Heard on the Street: Odds look
better in Aramco take two............ B14
That Offer to Make You Debt-Free?
It Can Make You Worse Off
BY JEAN EAGLESHAM
AND ANNAMARIA ANDRIOTIS
Early this year, Phoebe Tu
was rejected for a $30,000 loan
to consolidate her credit-card
debt. Within days, the gears
were turning in a multibillion-
dollar lending machine that en-
ables consumers to borrow and,
more recently, has tried to profit
as they run into trouble.
The system is powered by the
companies that compile credit
reports based on consumers’
borrowing histories. These
credit-reporting companies typi-
cally sell the data to financial in-
stitutions offering loans, but as
consumer debt has risen, another
type of offer is being pitched to
tens of millions of households.
Sachs Group Inc. executives over
their handling of the sprawling fi-
nancial scandal at state investment
fund 1Malaysia Development Bhd.
Malaysia is ramping up pressure
on Goldman as the bank negotiates
what is likely to be a multibillion-
dollar settlement with the U.S. De-
partment of Justice for its role in
the fund, known as 1MDB.
Among the current and former
Goldman employees charged Friday
are two members of Goldman’s top
executive committee: Richard
“You may be completely debt Gnodde, who runs the bank’s inter-
free in only 24-48 months,” said national operations, and Robin
a typical mailer from New York- Vince, its chief risk officer.
based National Debt Relief, Others include Michael Sher-
which added that the offer was wood, who was overseeing Gold-
based on a credit report. man’s trading operation at the time
Companies like National Debt of the scandal but is no longer with
Relief seek out heavily indebted the bank, and Michael Evans, a se-
consumers with a promise to nior executive at the time of the
help them get out from under it. 1MDB dealings who is now president
But regulators say these debt- of Chinese e-commerce company
settlement programs can leave Alibaba Group Holding Ltd.
customers worse off, facing high Goldman raised $6.5 billion for
fees, damaged credit scores and 1MDB through three bond sales in
unexpected income-tax bills. 2012 and 2013.
Steven Boms, an adviser to U.S. authorities allege that more
the American Fair Credit Coun- than $4.5 billion went to fraudulent
cil, the debt-settlement indus- shell companies controlled by cor-
try’s trade body, said most peo- rupt officials in Malaysia and Abu
ple who enroll in debt- Dhabi.
settlement programs already are Malaysian officials said last year
Please turn to page B8 Please turn to page B12
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Saturday/Sunday, August 10 - 11, 2019
NEW MEDIA INVESTMENT
GROUP INC.
 Two giant local newspaper
chains made their own head-
NEWM lines Monday when New
Media’s GateHouse Media
-7.6% and Gannett Co. announced
a $1.4 billion union. Gan-
nett’s shares closed 2.7% higher while
New Media’s closed 7.6% lower. The
acquirer is GateHouse, the largest owner
of U.S. newspapers by titles with 400
papers, while Gannett is the largest
newspaper group by circulation with a
readership of 4.32 million and 215 titles
including USA Today, according to a Uni-
versity of North Carolina study. Gate-
House is known for its cost-cutting.
WALT DISNEY CO.
 Yes, “X-Men: Dark Phoenix”
was that much of a flop. The
DIS Century
poor performance of the 21st
Fox Inc. film and
-4.9% other entertainment assets
purchased by Disney in
March led to the media giant’s weaker-
than-expected second-quarter earnings,
the company said Tuesday. The $71.3
billion purchase of Fox has given Disney
valuable franchises like “Avatar,” but has
also tied the industry leader to a
smaller rival that is lagging behind. Even
the success of Disney’s “Avengers: End-
game” and other record-setting hits
couldn’t buoy the quarter’s performance.
Shares fell 4.9% Wednesday.
Home Depot’s CFO on How the
Retail Giant Renovated Itself
W
hen Carol Tomé be-
came chief financial
officer at Home
Depot Inc. in 2001
she faced several
challenges. Sales
were slowing, and new Chief Execu-
tive Robert Nardelli was struggling
to change the home-improvement
retailer’s strategy and ruffling
feathers with efficiency measures.
Over the next 19 years, Ms.
Tomé helped the company return
to a solid footing, successfully
navigate the housing crisis and,
thus far, fend off incursions from
Amazon.com Inc.
In 2014, she was one of three
top executives considered by the
board to succeed Frank Blake as
CEO. She didn’t get the job, but
decided to stay on as finance chief.
The 62-year-old executive will
retire from Home Depot this
month and be succeeded by Rich-
ard McPhail, whom Ms. Tomé
helped to groom for the role over
many years, she said.
From the back room of a Home
Depot store in Lodi, N.J., Ms. Tomé
reflected on her nearly two decades
as CFO at the retailer. The interview
has been edited and condensed for
readability. —Sarah Nassauer
WSJ: Home Depot was struggling
a bit in those years before the
housing crisis. What was it like to
be in your role at the largest
home-improvement retailer?
Carol Tomé: We took our focus off
of the retail business to invest in
the wholesale distribution busi-
ness, but there was more to it than
that. There was a cultural revolu-
tion happening in the company in
that we had turned what is really
a unique management construct,
the inverted pyramid, where we’re
at the bottom of the pyramid sup-
porting our associates who take
care of our customers. We had
turned that pyramid around and
our associates were at the bottom
of the pyramid. So, when Frank
Blake became our CEO beginning
in 2007, he turned to me and said,
“What should we do with HD Sup-
ply?” And I said, “Sell it. We’ve
got to focus back on the core.”...
We sold HD Supply at a time
when we were heading into the
worst recession since the Great De-
pression. As you know it was led by
housing. It was led by the financial
crisis, and we felt it. We felt it big.
Between 2006 and 2009, we lost
$13 billion in our sales, or 25%.
WSJ: Can you talk us through
some of the key hard decisions,
and how you felt about them at
the time?
Ms. Tomé: We had to close stores.
We had to take new stores out of
our store opening pipeline. We had
to exit businesses. When we closed
our Expo business [a chain of high-
end home remodeling stores]
Frank and I got in a plane and we
flew to Florida, because we had a
number of Expo stores in Florida.
We walked into the store and the
associates were there who were
losing their jobs. I sat down and
THE BUSINESS WEEK IN 7 STOCKS
PERFORMANCE OF BANK STOCKS THIS WEEK
Source: FactSet
1%
0
–1
–2
–3
–4
–5
–6
–7
Mon. Tues. Wed.
WELLS FARGO & CO.
 Uncertainty surrounding the trade battle between
the U.S. and China roiled financials all week long.
WFC Wells Fargo was among the big banks that fell
-0.2% early in the week as President Trump urged the
Federal Reserve to cut interest rates “bigger and faster.”
Wells Fargo surged Thursday as geopolitical tensions
eased. Shares of financials tend to fare poorly when inter-
est rates are declining. Wells Fargo fell 0.2% Friday.
EXIT INTERVIEW | CAROL TOMÉ
Carol Tomé stayed on as chief financial officer of Home Depot after being passed over as chief executive.
held the hand of the associates
who were crying. I’m like, “It’s not
your fault. We had a big, bad busi-
ness model.” I vowed to myself on
that day that I would never allo-
cate capital again to another store
that needed to be closed, because
it was just too hard. [We decided]
our economic engine will no longer
be driven by square-footage
growth. It will be driven by pro-
ductivity and efficiency coming off
of effective capital allocation.
WSJ: Today we see other retailers
making or thinking about similar
choices. Do you remember back in
those days what some of the de-
bate was around that shift?
Ms. Tomé: The leadership team,
we were all on board. We under-
stood that this was the right
thing to do. We had to bring ev-
erybody else along with us...We
would put up data. When I
started, there were 75,000 house-
holds per home-improvement
store. By the 2007, 2008 time
frame, 33,000 to 35,000 house-
holds per home-improvement
store. The market was getting sat-
urated, so you could show, hey,
opening up stores in markets
where we are already present ac-
tually is dilutive. We had to talk
about it, and talk about it, and
talk about it again. But when we
came out of the recession and we
started to show that we could
grow, and not only grow, but out-
perform our next largest big-box
competitor, people started to be-
lieve.
WSJ: What advice do you have for
other CFOs that are helping a
company navigate a time of diffi-
culty beyond their control?
Ms. Tomé: I think the best CFOs
are business people first, and fi-
THE SCORE
S&P 500
Wells
Fargo
KBW
Bank Index
Thurs. Fri.
Carol Tomé
Age: 62
Education: Bachelor’s in
communication, University
of Wyoming. M.B.A., Univer-
sity of Denver
Early life: Grew up in Jackson
Hole, Wyo., where her father
ran a bank. On ski team in
high school and college.
nance people second. It’s really
clearly important to your effective-
ness to understand the business
you’re supporting. And that means,
for me, when I started, I had to put
on an apron and work in the store.
You need to be able to speak the
language of the business, not the
language of finance. You have to
figure out what motivates people.
Is it career opportunities? Is it ca-
reer growth? Hit those emotional
sweet spots. Try to be an inspira-
tional leader. So many finance
folks are not very inspirational.
WSJ: What are your thoughts and
advice on how to navigate three
very different CEOs? How do you
stay valuable to the company, and
want to keep doing the job?
Ms. Tomé: I view my role as a
partner. I view my role as someone
who should debate. Debate from a
point of facts, but debate...But
once the play is called, as long as
the play is ethical. I run the play
full out. I’m as loyal as the day is
long. When Frank Blake was get-
ting ready to retire he had identi-
fied three internal candidates who
might follow him, and I was one of
those. When Craig Menear was
named CEO, I was thrilled for
Craig...But I had to make some de-
* *** THE WALL STREET JOURNAL.
FEDEX CORP. KRAFT HEINZ CO.
 FedEx is marking “return to
sender” on a contract to de-  Investors are losing their
taste for Kraft Heinz. The
FDX liver KHC company
Amazon.com Inc. pack- reported falling
ages through its ground net-
+2.2% work, essentially severing ties
sales Thursday and wrote
-8.6% down the value of its brands
with one of the world’s big- again due to operational mis-
gest shippers. Its shares gained 2.2% steps and pressure on big food makers
Thursday following the announcement to improve their products as consumers
Wednesday. In June, FedEx said it was gravitate to newer alternatives. Food gi-
ending its air-shipping contract with ants have seen sales suffer in recent
Amazon in the U.S. but would continue years as customers forgo their packaged
handling ground deliveries. The moves foods. Kraft Heinz has been hit harder
indicate tensions between the longtime than most, in part due to fact that it
partners as Amazon builds its delivery hasn’t acquired smaller brands more fo-
network. FedEx is positioning itself as a cused on healthfulness or natural ingre-
go-to carrier for Target Corp., Walmart dients, or updated its products. Shares
Inc. and other Amazon competitors. fell 8.6% Thursday.
CARE.COM INC. SYMANTEC CORP.
 The founder and chief execu-
tive of Care.com announced  Chip maker Broadcom Inc.
wasn’t able to buy Symantec
CRCM her resignation Tuesday.
Sheila Lirio Marcelo’s disclo-
SYMC outright. So it’s settling for a
piece of the cybersecurity
-24.4% sure came five months after +12% firm instead. Broadcom has
The Wall Street Journal pub-
lished an investigation showing that
agreed to buy Symantec’s en-
terprise business for $10.7 billion, Broad-
the online marketplace provided limited
vetting of its caregivers, sometimes
com said late Thursday, after The Wall
Street Journal reported Wednesday that
with tragic results. Ms. Marcelo will re- the two were close to a deal. Shares of
main CEO until a successor is ap- Symantec surged 12% Thursday after
pointed. Shares fell 24.4% as the com- the Journal report. The stock price of
pany reduced revenue and earnings the antivirus software seller fell sharply
expectations for the 2019 fiscal year, in last month when the two companies
part due to the “word-of-mouth” im- failed to reach an agreement on terms
pact of the Journal’s investigation, the of a full-company sale.
company said. —Francesca Fontana
Aramco
IPO Plan
Is Revived
Continued from page B1
Aramco’s bond sale. As part of
that sale, the company disclosed
key financial metrics for the first
time, including earnings of $111
billion for 2018, making it the
world’s most profitable business
by a long shot.
The sale exceeded expectations
and was seen inside the company
and among bankers and investors
as a successful precursor to an
IPO. The company’s $69.1 billion
purchase of a majority stake in
petrochemicals maker Saudi Basic
Industries Corp., announced in
March, also fortified it in the eyes
of investors as a firm looking to
diversify beyond pumping oil.
Prince Mohammed has said the
IPO was held up to allow Aramco
to acquire the stake in Sabic from
the country’s sovereign-wealth
fund. The transaction, which
SALLY MONTANA FOR THE WALL STREET JOURNAL
hasn’t been completed, would in-
fuse the fund with billions of dol-
lars to carry out the prince’s
agenda and possibly make new in-
vestments abroad.
The company is expected in the
next couple of weeks to request
proposals from international in-
vestment banks hoping to get a
role underwriting the deal, some
of the people said.
Saudi officials are
again debating the
cisions at that point, because typi-
cally if you’re in line and you don’t
valuation of the listing
get it, well, you’ve got to decide as well as the venue.
what you’re going to do.
The other person who was be-
ing considered was Marvin Ellison Aramco had previously ap-
[the current CEO at rival Lowe’s pointed JPMorgan Chase & Co.,
Cos.], and he elected to leave our Morgan Stanley and HSBC Hold-
company. Frank Blake, who I just ings PLC to work as underwriters
adore, he gave me a piece of ad- on the IPO. It isn’t clear whether
vice. He said, “Carol, as you think the banks’ previous work would
about it, I’d ask that you think give them an advantage in the
about it through the lens of im- competition to sell the oil com-
pact. Where could you have the pany’s shares this time around.
biggest impact?” And so I thought Aramco in recent months has
long and hard about that. I’m like, been speaking with banks lobbying
“You know what? I think I could for an advisory role on the deal
have the biggest impact at The that wouldn’t involve underwrit-
Home Depot.” And it was by far ing, some of the people said. Moe-
the best decision I’ve ever made. lis & Co. and Evercore Partners
previously held that role.
WSJ: If you look into your crystal Some bankers have expressed
ball beyond the time you will be skepticism that the deal can get
at Home Depot, how do you think done at the prince’s preferred val-
Amazon will challenge the home- uation and are worried about once
improvement space? again sending dozens of bankers
Ms. Tomé: The difference between to Saudi Arabia to prepare for an
us and Amazon is this: We don’t offering that might not even hap-
have a moat around our business. pen or not generate much in fees.
But we have a number of barrier Saudi officials are again debat-
islands, and we’re investing in ing the valuation of the listing as
those barrier islands. One would well as the venue. Prince Moham-
be our people. Customers come med and his advisers have tele-
into our store because they need graphed that the target valuation
help, right? “I don’t want to burn remains around $2 trillion, accord-
down my house, and yet I need to ing to people familiar with the
rewire this socket. Could you help messaging.
me?” When you think about our “We are all well aware of one
potential contractor customer thing: How Aramco is sensitive to
making 45% of our sales, you know oil price,” said a senior Saudi offi-
why they come into our store? cial. “If, let’s say, oil prices are
They come into our store for a trading at $60 a barrel, there is no
break. We have free coffee for way we can get the $2 trillion val-
them. They can use our bath- uation the crown prince wants.”
rooms, and they can chat it up at Brent crude prices—the global
the Pro desk. That’s not an Ama- oil benchmark—have fallen more
zon-like experience. Amazon is a than 13% since early July to
fantastic, amazing company. But around $58 per barrel.
we offer a different experience, so —Maureen Farrell in New York
that’s a bit of a barrier island. contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Huawei
Readies
Operating
System
BY DAN STRUMPF
DONGGUAN, China—Huawei
Technologies Co. offered the
first details of the operating
system designed to replace
Google’s Android on its smart-
phones, as the Chinese com-
pany races to develop backups
to American technology fol-
lowing its blacklisting by the
Trump administration.
The new operating system,
called HarmonyOS, is intended
to run on all of Huawei’s con-
sumer gadgets, said Richard
Yu, the head of the company’s
consumer-device business. He
said Huawei prefers to con-
tinue using Android, the
world’s most popular smart-
phone operating system, but
could switch its handsets to
HarmonyOS “in just one or
two days” if it had to.
Mr. Yu offered scant details
about the interface and func-
tionality of HarmonyOS, which
would be open source like An-
droid.
Overseas sales of the com-
pany’s hugely popular smart-
phones have taken a hit after
the U.S. Commerce Depart-
The smartphone
maker has been
struggling with a
U.S. blacklisting.
ment added Huawei to its “en-
tity list” in May. The blacklist-
ing for national-security
reasons prevents companies
from selling Huawei U.S.-
sourced technology without a
license.
The company faces numer-
ous hurdles to getting its oper-
ating system off the ground in
the event it loses future access
to Android—and the stakes are
high. Smartphones contribute
a large chunk of the consumer-
products revenue that makes
up more than half of Huawei’s
overall sales.
Handset users are typically
reluctant to change operating
systems, and there are numer-
ous Android-based handset al-
ternatives. In addition to per-
suading consumers to switch,
Huawei would also have to fos-
ter the development of a new
ecosystem of smartphone apps
and other software.
Mr. Yu announced the new
operating system at an event
at a basketball stadium on the
edge of Dongguan, a southern
Chinese factory town. The
meeting was packed with jour-
nalists and software develop-
ers from across China.
The launch comes as Hua-
wei struggles to cope with the
U.S. blacklisting, which cut it
off from billions of dollars
worth of American compo-
nents and software. Especially
problematic for Huawei is the
prospect of losing access to
Android and other software
from Alphabet Inc.’s Google,
which has been crucial in mak-
ing Huawei smartphones popu-
lar in Europe and many other
Western markets.
The company also uses Mi-
crosoft Corp.’s Windows on its
PCs.
Huawei was the world’s No.
2 smartphone maker in the
first half of the year, ahead of
Apple and behind Samsung
Electronics Co. Shipments
rose 24% to 118 million units in
the first half, the company
said. Mr. Yu said Huawei might
have unseated Samsung in the
second quarter if not for the
“external environment.”
Huawei is also the world’s
largest maker of telecom gear,
including equipment for the
coming generation of superfast
5G networks. With its emer-
gence, U.S. officials consider
Huawei to be a security
threat—which the company
denies. Despite their popular-
ity around the world, Huawei
smartphones have a tiny mar-
ket share in the U.S. because
major carriers don’t sell the
brand.
The company’s smartphone
sales soared in China during
the second quarter amid the
U.S. clampdown. Google prod-
ucts are largely banned in the
country. But overseas many
analysts think Huawei’s gadget
business is likely to suffer
heavily without consistent ac-
cess to Android and Google’s
suite of apps.
* * * *
Uber Is Feeling Post-IPO Blues
BY CORRIE DRIEBUSCH
Uber Technologies Inc.
joined an illustrious group
Friday as its shares tumbled.
Many of the most antici-
pated technology IPOs in the
past decade have also disap-
pointed investors after re-
porting their first quarterly
results as public companies.
Shares of Facebook Inc.,
Twitter Inc., Snap Inc. and
Lyft Inc. all tanked after re-
porting results in the early
months after their respective
Losses Balloon at
PG&E as Wildfire
Expenses Add Up
BY KATHERINE BLUNT
AND KIMBERLY CHIN
PG&E Corp. reported a
steep second-quarter loss as
the utility contended with
costs associated with wildfire-
related lawsuits, bankruptcy
and efforts to repair and im-
prove its electric grid in
Northern California.
The parent of Pacific Gas &
Electric Co. posted a loss of
$2.55 billion, or $4.83 a share,
compared with a loss $984
million, or $1.91 a share, dur-
ing the same quarter last year.
It recorded a pretax charge
of $3.9 billion, or $3.1 billion
post-tax, related to claims
stemming from a series of
deadly wildfires in 2017 and
2018. That figure reflects a $1
billion settlement PG&E
reached earlier this year to
compensate more than a
dozen California cities, coun-
ties and agencies for fire-re-
lated losses, as well as the
company’s efforts to settle
other claims tied to fires
sparked by its equipment.
PG&E has to date recorded
more than $17 billion in wild-
fire-related charges, a total
that exceeds its current mar-
ket capitalization.
The company sought bank-
ruptcy protection in January,
The quasigovernmental agency said it delivered 3.2% fewer packages in the latest quarter. A worker at a Postal Service facility in Virginia.
Postal Service Sees Drop in Packages
BY PAUL ZIOBRO
The U.S. Postal Service de-
livered fewer packages in the
latest quarter for the first
time in nine years, as compa-
nies such as Amazon.com Inc.,
United Parcel Service Inc.
and FedEx Corp. increasingly
begin to deliver online orders
to homes themselves.
The shift among the U.S.
delivery giants is depriving
the Postal Service, a quasigov-
ernmental agency, of much-
needed volume, which it has
relied on for revenue as the fi-
nancial picture in its legacy
first-class mail business dete-
riorates.
The Postal Service warned
that it might not be able to
pay all of its obligations with-
out government intervention.
The Postal Service said it
delivered 3.2% fewer packages
for the quarter ended June 30.
Revenue from packages rose
4.8%, however, from a combi-
BUSINESS & FINANCE NEWS
IPOs, illustrating how difficult
it is for companies to live up
to the hype—and counter the
expenses of an offering—after
a splashy debut.
Uber shares fell 6.8% to
$40.05 on Friday.
One reason for a hiccup in
earnings post-IPO is the high
cost related to these compa-
nies’ recent offerings. Uber
reported $3.9 billion of stock-
based compensation costs re-
lated to its May IPO, making
up most of the ride-hailing gi-
ant’s $5.23 billion loss in the
citing more than $30 billion in
potential liability costs.
State fire investigators in
May concluded that one of the
company’s high-voltage trans-
mission lines sparked the
deadliest fire in California his-
tory, the Camp Fire, which
killed 86 people and destroyed
the town of Paradise in No-
vember. They have also found
the company’s equipment re-
sponsible for 18 wildfires in
2017, in most cases because
trees made contact with
lower-voltage lines.
PG&E has for months been
spending heavily to ramp up
inspections and repairs in an
effort to make its electric sys-
tem safer ahead of wildfire
season.
The company earlier this
year discovered nearly 10,000
problems throughout its net-
work of power lines, and it
said it has repaired almost all
of the ones that posed a high
safety risk.
“We recognize we are oper-
ating from a deficit when it
comes to public trust, and to
regain that trust, we must sus-
tain excellent operational per-
formance day after day, month
after month, year after year,”
Chief Executive Bill Johnson
said Friday.
A Wall Street Journal inves-
nation of higher prices and
growth among package op-
tions like Priority Mail and
First-Class Packages. Those
options typically provide more
revenue than the service from
which delivery companies are
pulling out, since they tra-
verse the entire postal net-
work instead of just the final
stretch of a package’s trip.
Postmaster General Megan
Brennan said Friday that the
other delivery players are
working hard to convince
shippers to switch to their
networks, noting that they are
“aggressively pricing their
products and services in order
to fill their networks.”
She added, “That said, we
are constantly adapting our
competitive posture to counter
emerging developments.”
The Postal Service will
likely lose more package busi-
ness in coming months. FedEx
has said it intends to shift all
of the 2 million daily packages
most recent quarter.
Another reason earnings
tend to disappoint is that tech
companies often spend a lot
of money through promotions
to drum up support (and
sales) ahead of the IPO.
Snap’s first results as a public
company in May 2017 re-
vealed that the company was
struggling to maintain strong
user growth as it worked to
fend off competition from
Facebook’s Instagram. Lyft
shares fell in May after the
San Francisco-based ride-hail-
The utility’s wildfire safety operations in San Francisco. The company posted a quarterly loss of $2.55
billion that included compensation paid to more than a dozen California cities, counties and agencies.
tigation last month found that
PG&E knew for years that its
aging power lines could fail
and spark wildfires, yet it re-
peatedly failed to make neces-
sary upgrades. U.S. District
Judge William Alsup, who is
overseeing PG&E’s federal pro-
bation resulting from a 2010
natural-gas pipeline explosion,
ordered the company to re-
spond to the article “on a
paragraph-by-paragraph ba-
sis.”
The company acknowledged
the central findings of the ar-
it passes on to the Postal Ser-
vice for “last-mile delivery”
into its Ground network next
year.
The broader shipping mar-
ket is in the midst of a major
realignment. FedEx is ending
two major shipping contracts
with Amazon, which will re-
quire the Postal Service and
UPS, as well as its own grow-
ing logistics network, to han-
dle those packages.
Amazon has said it is confi-
dent that its shipping network
and third-party carriers will
be able to handle the dis-
placed volume.
Overall for the quarter, the
Postal Service posted a slight
drop in revenue to $17.09 bil-
lion. Each of its other catego-
ries of service, including first-
class mail, marketing mail and
periodicals, posted revenue
declines.
Total operating expenses
rose 4.3% to $19.3 billion.
The total loss for the period
Saturday/Sunday, August 10 - 11, 2019 | B3
ing company’s revenue Lyft shares remain roughly
growth had been hampered as
a result of competition from
Uber.
18% below their $72 IPO price.
Uber’s stock also wallows
about $5 below the level at
If Lyft is any indication,
Uber could turn a corner.
Lyft’s second quarterly results
which the company priced its
shares in its offering.
Both ride-share companies
as a publicly traded company are still a long way from the
topped analysts’ estimates for success of tech leader Face-
both active riders and reve- book. Its shares closed down
nue per rider, and its loss on 12% at $23.71 after the social-
adjusted earnings was signifi- media giant reported its first
cantly less than analysts ex- results as a publicly traded
pected. Total expenses also company in July 2012. On Fri-
declined. day, the stock closed at
Despite this good news, $187.85.
JUSTIN SULLIVAN/GETTY IMAGES
ticle but disputed the sugges- and satisfy its debt obliga-
tion that it had neglected tions, wildfire claims settle-
maintenance. ments and power-purchase
PG&E is working to propose contracts.
a reorganization plan with The company is considering
help from some of its largest issuing tax-exempt bonds to
shareholders. Earlier in the support the plan, people famil-
week, two hedge funds that iar with the matter have said.
together hold about 7.8% of To do so, the company would
the company’s stock proposed likely have to seek legislative
to raise $15 billion in equity to approval.
support its emergence from The San Francisco company
bankruptcy. missed revenue estimates, as
PG&E said Friday that the sales fell 6.9% to $3.94 billion.
plan would have no immediate Analysts were expecting $4.44
impact on its electricity prices billion in revenue.
AB InBev’s
Hard Seltzer
Targets
College Crowd
BY JENNIFER MALONEY
After failing to make a
splash with a hard seltzer tar-
geting women, Anheuser-
Busch InBev NV is taking an-
other run at the buzzy
category with a seltzer aimed
at a different group: college-
age drinkers of Natural Light.
U.S. sales of alcoholic selt-
zer have surged over the past
two years even as beer sales
have slumped. AB InBev, the
world’s largest brewer, has
largely missed out on the
gains. The U.S. market is dom-
ANDREW HARRER/BLOOMBERG
inated by White Claw hard
seltzer, owned by Mike’s Hard
Lemonade Co.
AB InBev is rolling out Nat-
ural Light Seltzer later this
month. Like its namesake beer,
which is better known for its
low prices than its taste, Natu-
ral Light Seltzer will cost
about 20% less than main-
stream brands, or roughly $1
less per 12-pack. It will be
available in 12-ounce cans and
25-ounce tallboy cans, rather
was $2.26 billion, compared than the slim cans of most al-
with $1.49 billion a year ear- coholic seltzers.
lier. The controllable loss, And it will have more in-
which excludes items like esti- tense flavors and a higher al-
mates for future pension obli- cohol content than White Claw
gations, rose to over $1 billion or AB InBev’s current seltzer
from $889 million last year. brand, Bon & Viv, AB InBev
The Postal Service contin- said.
ues to call for legislative and “That’s exciting,” said Pax-
regulatory reforms to fix what son Sutton, a 21-year-old stu-
Ms. Brennan has called a bro- dent at the University of North
ken business model, where its Carolina at Chapel Hill. At par-
largest and most-profitable ties in his fraternity house,
business of first-class mail re- about 20% of the drinks set
mains in decline but the out at the start of the night
agency is unable to raise are hard seltzers—and the rest
prices beyond a certain level. cheap beers like Natty Light,
“We anticipate that given he said. The White Claws dis-
our ongoing liquidity con- appear in as little as 10 min-
cerns, and without legislative utes.
action and regulatory reform, “The key word here is port-
we may not be able to pay all folio,” said Ricardo Marques,
legally required obligations vice president of marketing
and also invest in much- for the brewer’s value brands.
needed capital expenditures in “There’s a gap in the market
2019 and future years that are that Natural Light Seltzer can
necessary to ensure our ability address.…We believe this is an
to fulfill our primary mission,” offering that will disrupt the
the agency said Friday. segment.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B4 | Saturday/Sunday, August 10 - 11, 2019
GAS-COMPRESSOR, INFRARED: EARTHWORKS; WILSON, BLAIR: JAMES DURBIN FOR THE WALL STREET JOURNAL
 In the infrared image in black and white, natural gas, which can’t be seen by the naked eye, is released into the atmosphere at an
Energy Transfer LP gas-compressor station in Reeves County, Texas. Such releases, which include methane, can be legally permitted.
E The Leaks That Threaten the
nergy companies are
producing record vol-
umes of natural gas,
thanks in part to the
U.S. fracking boom.
They have ambitious
plans to make the cleaner-burn-
ing fuel a big part of the global
energy mix for decades to come
by sending tankers of liquefied
gas around the world.
But growing public concern
over leaks and intentional re-
leases of gas and its primary
component, methane, threaten to
derail the dominance of gas in the
new energy world order.
Methane is far more potent
than carbon dioxide in contribut-
ing to climate change. That makes
it particularly harmful to the en-
vironment when it is discharged
into the atmosphere.
In the U.S. alone, the methane
that leaks or is released from oil
and gas operations annually is
equivalent to the greenhouse-gas
emissions from more than 69 mil-
lion cars, according to a Wall
Street Journal analysis using
conversion formulas from the
Environmental Protection Agency
and emissions estimates for
2015 published last year in the
journal Science.
The Intergovernmental Panel
on Climate Change, a United Na-
tions body, says methane is even
more potent than the estimates
the EPA uses. By its calculation
the annual releases would be
equal to those of about 94 million
cars, or roughly a third of the na-
tion’s registered vehicles.
About 2.3% of the natural gas
produced in the U.S. escapes di-
rectly into the atmosphere due in
part to leaky equipment or inten-
tional discharges, according to
the Science study, which analyzed
2015 emissions. (Some discharges
are legally permitted.) At that
rate, it would have amounted to
about $7.6 million worth of gas
lost each day last year.
Another roughly $4.5 million in
U.S. gas went up in smoke each
day in 2018, World Bank data
show, as energy companies
burned fuel they couldn’t move to
market or chose not to ship be-
cause the cost of doing so would
have exceeded the price the gas
would fetch in some regions.
Many companies drill primarily
for oil and treat the gas released
in the process as a byproduct.
The practice of burning off gas,
known as flaring, also contributes
to climate change, though less so
because methane produces carbon
dioxide when burned, and carbon
dioxide is less harmful to the en-
vironment in the near term.
Leaking and flaring are a
global problem. As gas displaces
coal for electricity production in
the U.S. and other countries its
side effects are drawing more at-
tention, not just from environ-
mental activists but investors
fretting about how gas will com-
pete over the long term against
renewable energy sources such as
wind and solar, which are drop-
ping in price.
President Trump’s administra-
tion has moved to relax existing
federal requirements for monitor-
ing and fixing leaks. Still, from oil
giants to the independent drillers
powering the shale boom, compa-
nies are scrambling to rein in
emissions over concerns from
their executives, shareholders and
environmentalists that gas waste
could undermine the argument
for gas as the “bridge fuel” to a
cleaner future of renewables.
“It is clearly an issue not only
for BP but for the entire energy
business,” said David Lawler,
chief executive of BP PLC’s U.S.
onshore business.
Clean Image of Natural Gas
U.S. energy companies are scrambling to reduce methane emissions—both
unintended and deliberate—that contribute to global warming
Oil and Gas Companies’ Methane Problem
Methane makes up about 10% of total greenhouse gas emissions in the U.S., a far smaller share than carbon dioxide,
but it traps much more heat.
Global warming potential
The EPA uses estimates showing that
methane is about 25 times as potent as
carbon dioxide in trapping the earth's
heat when measured over 100 years.
Others put methane's global warming
potential far higher.
Methane
25x
Carbon
Dioxide
A study published in the journal Science last year found that methane emissions from U.S. oil and gas in 2015 were
60% higher than the EPA had estimated
2015 methane emissions along the oil and gas supply chain, in teragrams
 
Study estimates
Production
EPA estimates
Gathering
Processing
Transmission/Storage
Local distribution
Refining/Transportation
13 teragrams of methane is roughly equivalent to†...
69 million 795 billion
Passenger Miles driven
vehicles driven by an average
for one year passenger
vehicle
*Industrial processes make up less than 0.5% of emissions †Passenger vehicles and miles driven are greenhouse gas emission equivalents, while the rest are carbon dioxide equivalents
Sources: Study published in Science was done by a consortium that included researchers from Stanford University,
the University of Texas at Austin and the Environmental Defense Fund; Environmental Protection Agency
An eye in the sky
Methane is invisible to the naked
eye, so companies detect leaks with
infrared cameras and lasers. That
can be a tall task—the gas can seep
out of countless places, from wells
to pipelines to storage facilities.
As a result, energy companies
are increasingly supplementing
manual inspections with aerial
monitoring to survey large swaths
of land checkerboarded with oil
and gas infrastructure.
In West Texas, BP has begun
monthly flights over its wells by a
drone equipped with methane-de-
tection equipment. The flights gen-
erate data on the location and size
of leaks that BP uses to identify
faulty equipment and direct repairs.
The company also is looking to
cut back on flaring, which many
companies do in the Permian Basin
of Texas and New Mexico because
EXCHANGE
BY REBECCA ELLIOTT
U.S. greenhouse gas emissions, in metric tons of carbon dixode equivalent
7 billion
6 Fluorinated
5 Nitrous
4 Methane
3 tons, 2017
2 The companies in the organization
1 erage methane emissions to less
0 “A very small number of facilities
1990 ’95 ’00 ’05 ’10 ’15
 3
Study total
13 teragrams
37 billion 355 billion
Gallons of Pounds of coal
gasoline burned
consumed
they lack access to pipelines to move
the product to market.
About 18% of the gas produced
on BP’s acreage in the Permian
was either flared or released di-
rectly into the air during this
year’s first quarter, compared with
an average of 5% across the re-
gion, according to a Rystad Energy
analysis of public data. That pe-
riod includes two months in which
BHP Group Ltd., the prior owner,
was operating the wells.
BP is investing in a new gas-gath-
ering and compression system that
will allow it to send more gas to cus-
tomers instead of burning it away.
“We all have to get better,” said
Brian Pugh, chief innovation officer
for BP’s U.S. onshore business. The
company said it has already hit its
target of limiting methane emis-
sions, both unintended and inten-
tional, to 0.2% of the total gas it
* *** THE WALL STREET JOURNAL.
 Sharon Wilson, with the advocacy group Earthworks,
monitors leaks in Texas. Bottom, Landon Blair of Kairos
Aerospace identifies methane releases from the sky.
similar to BP, it aims to reduce
methane leaks and intentional re-
leases to less than 0.2% of the over-
all gas sold from its operations by
2025. Shell declined to provide a
companywide baseline but said its
2018 methane emissions rate in the
Permian was 0.29%.
Shell, like others, also has
pledged to eliminate what it calls
routine flaring by 2030.
“The more centralized you are,
the less venting and flaring,” said
Amir Gerges, the company’s general
manager for the Permian.
Crunching the data
As more companies monitor meth-
ane emissions, it is spurring the for-
mation of startups focused on leak
detection and management.
Kairos Aerospace, a Mountain
View, Calif.-based company, spe-
cializes in identifying larger meth-
ane releases by flying small planes
about 3,000 feet above the ground.
Together, the planes typically tra-
Methane emissions by source*
verse more than 150 square miles
Agriculture Energy a day in the Permian. Kairos sells
the data to operators below, such
gases 37% 43%
as shale driller Pioneer Natural Re-
sources Co.
oxide
Kairos has received funding
from the Oil and Gas Climate Ini-
665.1 tiative, an industry organization
Carbon million metric
whose members include Exxon
dioxide
Mobil Corp. and Chevron Corp.
have pledged to collectively cut av-
Landfills
than 0.25% of gas sold by 2025.
19%
Land use, land-use are actually leaking a significant
change and forestry 1%
amount of methane,” said Kairos
Chief Executive Steve Deiker.
The leak police
One reason companies are stepping
up monitoring is that environmental
4   7 8 activists are watching, using tech-
nology to record leaks as they seek
to boost public awareness of meth-
ane emissions.
Sharon Wilson, an organizer for
the advocacy group Earthworks, vis-
its the Permian almost every month
to monitor leaks from oil and gas
sites, using a hand-held infrared
camera. She submits the footage as
evidence in state regulatory com-
EPA total plaints against energy companies
and often posts it on YouTube.
8 teragrams
“Nobody’s watching, so they
[the companies] can take all the
shortcuts they want to,” Ms. Wil-
son said during a recent monitor-
ing trip through the Permian. Still,
the activists believe they are hav-
ing an impact.
Earthworks has filed more than
752 million 57 million 41 trillion 100 complaints in Texas and New
Barrels of oil Homes’ Number of Mexico since the beginning of 2018.
consumed electricity smartphones State regulators issued violations or
use for charged compelled operators to make repairs
one year or install new equipment in fewer
than 10% of the instances as of July,
according to estimates by the group.
Luis Santiago & Kurt Wilberding/THE WALL STREET JOURNAL
Frackers feel the heat
Bigger companies have been more
sells. BP, like many of its peers, outspoken about taking action on
doesn’t include emissions from as- methane than smaller ones, be-
sets it doesn’t operate in its figures. cause they tend to face more pres-
sure from investors and activists.
Building fewer trouble spots But some small and midsize shale
Another way companies can reduce drillers are taking steps to curb
leaks is by rethinking facilities so emissions.
they have fewer potential places for Devon Energy Corp. said in June
gas to escape. it plans to cut methane emissions to
Royal Dutch Shell PLC is build- 0.28% of the gas it produces by
ing central processing facilities in 2025, from a 2018 baseline of 0.32%.
West Texas that take in oil and gas To get there, it is stepping up envi-
from large groups of wells. There, ronmental inspections and evaluat-
the company separates the gas ing detection technologies.
from oil, compresses it, removes The independent Oklahoma
oxygen and sends it through a City-based driller said it set the
pipeline to market. target to help the environment and
The additional infrastructure appeal to a growing number of
helps Shell ensure the gas is up funds on Wall Street that focus on
to the pipeline’s specifications and socially responsible investing.
doesn’t have to be released “That just helps us broaden our
or burned. investor base,” said Chris Kirt, who
The company hopes such mea- heads Devon’s environmental, social
sures can help it achieve its target: and governance steering committee.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | B5

EXCHANGE
THE INTELLIGENT INVESTOR | JASON ZWEIG

Investors Need
This Cop to Get
Off Its Duff
Does the CFP Board have the backbone to
improve its scrutiny of financial advice?

Last month, a Page to report in November.

One article in The The CFP Board’s history sug-
Wall Street Journal gests, however, that it may lack the
described loose dis- backbone to push such an upgrade
closure and disciplin- far enough. “There’s much more in-

ary practices at the
Certified Financial
Planner Board of Standards Inc.,
which awards the CFP designation
coveted among financial advisers.
How soon and how much the
CFP Board can improve its proce-
dures is a critical question for the
millions of families who rely on
the nation’s nearly 85,000 certified
financial planners for competent
and ethical advice.
LetsMakeAPlan.org, the CFP
Board’s online search directory, ne-
glected to inform the public that
thousands of the planners listed
there have disclosed customer com-
plaints, criminal histories, financial
problems or regulatory proceedings,
the Journal’s investigation found.
Among these CFPs were 499
who have faced criminal charges,
324 who left a previous firm amid
allegations of misconduct, 323
who had been disciplined or inves-
tigated by regulators, and 68 who
filed bankruptcy within the past 10
years. According to Lets-
MakeAPlan.org, none had been dis-
ciplined by CFP Board. Yet all
these red flags were disclosed at
BrokerCheck, a website run by the
Financial Industry Regulatory Au-
thority, which oversees how bro-
kerage firms sell investments.
After the Journal’s article, the
Washington-based, nonprofit CFP
Board said it was creating a task
force to “examine and modernize”
its disclosure and disciplinary pro-
cedures. The task force is expected
terest in growing the number of
CFPs than there is in vetting them
to protect the public,” says a for-
mer CFP Board executive.
That contention is “simply in-
correct,” says the CFP Board, add-
ing that all its strategic priorities
are “tied to [its] mission to bene-
fit the public.”
The CFP Board’s enforcement
history isn’t encouraging, though.
According to its tax filings, in
2010 the Board reviewed 1,472
cases of alleged violations of its
professional standards. That re-
sulted in 103 formal hearings and
68 disciplinary actions that were
made public. In 2017, the latest
year available, the CFP Board re-
viewed “in excess of 336” cases—a
decline of approximately 75% since
2010. Only 68 formal hearings re-
sulted; the Board tells me it meted
out 53 public disciplinary actions in
2017, although its tax filings no lon-
ger disclose those numbers.
At year-end 2010, there were
61,951 CFPs; by the end of 2017
there were 80,035. So, even as the
number of certified planners rose
by nearly one-third, the number of
investigations fell by three-quarters.
The CFP Board tells me that
“the comparison you seek to draw
is inaccurate and the numbers are
not comparable.”
In 2012, says the CFP Board, it
began reporting only those cases
that result in “ongoing investiga-
tions.” It stopped investigating sin-
gle bankruptcy filings. And, the
Board says, more CFPs have been
volunteering to be disciplined, re-
ducing the number of investigations.
The fall-off in investigations
isn’t the only concern.
In 2013, the Journal reported
that hundreds of CFPs were falsely
describing themselves as “fee-
only” on LetsMakeAPlan.org while
working for firms that collect com-
missions. Although the CFP Board
cracked down on that practice, it
continued for six more years to
rely on self-reporting by planners
to monitor their conduct. Only af-
ter the Journal’s latest article did
the Board say it will stop “solely
relying on self-disclosure.”
Finally, it isn’t clear how re-
sponsive the CFP Board is to com-
plaints from the public.
On Dec. 4, 2013, David Klein filed
a complaint with the CFP Board
against two CFPs, Anthony Gugino
and Megan Burke of Tompkins Fi-
nancial Advisors in Pittsford, N.Y.
Mr. Klein contended that in
2009, as his then-wife was dying
of cancer, Mr. Gugino and Ms.
Burke had recommended a $6.2
million life-insurance policy (an-
nual premiums: $140,000) for him.
That may not have been necessary,
given the insurance and other as-
sets Mr. Klein already had.
More and Less
As the number of certified financial
planners has gone up, the number of
investigations by the CFP Board of
Standards has gone down.
1,500
2010
1,000 2008
500
2013
0 commitment to making sure that
65,000
CFPs
Note: Investigation totals from 2011-15 are low estimates.
Source: CFP Board annual tax filings (investigations);
CFP Board 2017 annual report (CFPs)
“I’m a well-to-do guy who
should have known better, but it
was a difficult time in my life,”
says Mr. Klein. Later, he became
“concerned that they hadn’t done
good planning.”
A spokeswoman for Tompkins,
speaking on behalf of Mr. Gugino
and Ms. Burke, declined to comment.
ALEX NABAUM
On Dec. 22, 2017—four years after
he filed the complaint—the CFP
Board finally told Mr. Klein that its
investigation was complete and “did
not result in a public sanction”
against either of the planners.
Mr. Klein is baffled by that in-
conclusive response. He is the re-
tired chief executive of a major
health-care insurer in Rochester.
He has an M.B.A. from the Univer-
sity of Chicago and serves on the
board of directors of Computer
Task Group Inc., a publicly traded
company that provides technology
services and staffing.
“I got the impression that this
2017
was more of a marketing cam-
paign,” he says, “than an earnest
75,000
CFPs perform in full compliance
with the standards of ethics the
CFP Board sets forth.”
The CFP Board says it doesn’t
disclose details on its investiga-
tions, but “the time it takes to re-
solve each complaint may vary sig-
nificantly case by case.”
Roughly 1,900 years ago, the
Latin poet Juvenal asked, in loose
translation, “But who will watch
the watchdogs?” Consumers can
only hope the CFP Board’s task
force for modernizing its enforce-
ment has more bite than bark.

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B6 | Saturday/Sunday, August 10 - 11, 2019
Partnership
Isn’t What It
Used to Be
Continued from page B1
“Can you be partners with
someone you don’t even know?”
said legal consultant Aric Press.
In the new paradigm, lawyers
are expendable, and partners may
jump to a competitor for the right
amount of money, taking as many
clients as possible with them on
the way out.
Junior lawyers always worked
long hours for years before being
promoted, but that meant a kind
of lifetime tenure. Today, making
partner can take more than a de-
cade and still requires scraping for
new business. Becoming a partner,
the industry saying goes, is like
winning a pie-eating contest only
to find the prize is more pie.
“If you get partners in their pri-
vate moments to talk about ambi-
tions for their children, I would be
very surprised if many would ar-
ticulate partnership in a large law
firm,” said Elliott Portnoy, Den-
tons’s global chief executive.
Gradual change
In the 1980s, the most elite law
firms were small and leaned on
close ties to a few marquee clients
passed down from one generation
of partners to the next. Cravath,
Swaine & Moore LLP worked for
International Business Machines
Corp. Davis Polk & Wardwell LLP
represented Morgan Stanley.
Shearman & Sterling LLP had Citi-
bank. With a steady stream of
work ensured, few partners
thought to look elsewhere.
In 1985, trade magazine Ameri-
can Lawyer began publishing the
revenue and profits of the nation’s
top firms. Partners suddenly real-
ized they could make more money
at a competitor. Often, clients fol-
lowed them.
Meanwhile, firms grew and
merged into one-stop legal shops,
combing deal work, litigation, and
tax and labor advice. In the late
1960s, the country’s largest was
Shearman & Sterling, with 169
lawyers. Today there are 29 U.S.
firms with at least 1,000 lawyers.
A focus on data replaced tight-
knit camaraderie. Firms closely
track how many billable hours each
lawyer has logged, which clients
are late on payment, and how many
hours an assignment usually takes.
When Miles Scully joined Gor-
don & Rees 30 years ago, he said,
“I don’t know if we knew how to
look at a financial statement.”
“It was still the ‘Mad Men’ days.
We’d have three-martini lunches,”
he said. “At the end of the year,
you looked at what was in the
bank account and distributed it.”
No firm embodies the changes
more than Kirkland, which was
founded in Chicago in 1909 and
made its name on trial work for
the Tribune Co. and other clients.
The firm declined to comment for
this article.
Over the past decade, Kirkland
has become known for making
high-price offers to rising stars at
competitors, for $10 million a year
or more in some cases. It has em-
braced the two-tiered partner sys-
tem, made up of a junior class paid
a set salary and an inner circle of
equity partners, who split the
firm’s profits.
The system is meant to reward
ambitious young lawyers faster,
before they weary of the entry-
level title of associate. Left unsaid:
The promotion often justifies a
bump in their hourly rate to
around $1,000, which enriches se-
nior partners who share in the
firm’s profits.
The changes have pushed the
spread between Kirkland’s highest-
and lowest-paid partners to 43-
to-1. Among its equity partners,
the spread is nearing 9-to-1. Tradi-
tionally, the best-paid partner
Elliott Portnoy, global chief executive of Dentons, the world’s largest law
firm, with 10,000 lawyers in 78 countries, around a third of them partners.
The entrance at Kirkland & Ellis’s office building in New York. The highest-grossing firm in the world, it has embraced the two-tiered partner system.
Top Billing
Law firms are getting bigger...
Average number of lawyers per firm
1,000
750
500
250
0 0
1990 2000 ʼ10
Profits per equity partner at the most profitable U.S. firms
Wachtell, Lipton, Rosen & Katz
Kirkland & Ellis
Paul, Weiss, Rifkind, Wharton & Garrison
Cravath, Swaine & Moore
Quinn Emanuel Urquhart & Sullivan*
Sullivan & Cromwell
Davis Polk & Wardwell
Simpson Thacher & Bartlett
Weil, Gotshal & Manges
Milbank
* 1986 data not available
Note: Data are for top 100 firms (number of lawyers and average profits) and top 15 most-profitable firms (hourly rates)
Sources: The American Lawyer and ALM Intelligence (number of lawyers and average profits); Bodhala
made no more than three or four
times the most junior at the na-
tion’s top law firms.
Leaders at rival firms say Kirk-
land’s pay has forced them to pay
their own top performers more, at
risk of blowing apart their culture.
Simpson Thacher & Bartlett LLP,
a frequent target of Kirkland’s
poaching efforts, has boosted the
range between highest and lowest
paid partners from less than 4-to-1
to about 6-to-1 in recent years, ac-
cording to one partner. Top part-
ners earn about $9 million. Simp-
son declined to comment.
The investment-bank model
When David Greenwald returned
to co-lead Fried, Frank, Harris,
Shriver & Jacobson LLP in 2013 af-
ter a turn as a top Goldman Sachs
in-house lawyer, the Wall Street
firm was dragging. Revenue had
fallen 17% since 2007 and competi-
tors were picking off its lawyers.
One problem, he noticed, was
that partners were notoriously lax
about turning in their timesheets,
which meant clients weren’t al-
ways getting billed. The slips were
costing the firm $6 million a year.
Mr. Greenwald realized the firm
needed to operate less like a law
firm partnership and more like the
investment bank he’d just left, if it
wanted to survive.
He closed underperforming Asia
offices and created a finance com-
mittee. All partners had to turn in
plans for how to expand their
EXCHANGE
...more profitable ...
Average profits per equity partner
$2.0 million
1.5
1.0
0.5
1990 2000
$0 million 1 2
businesses. Partners were paid
more on merit than seniority, and
could no longer see how much
each of their peers made.
And Mr. Greenwald told part-
ners to submit their timesheets ev-
ery week or risk a fine.
Average profits for equity part-
ners at Fried Frank have doubled
since 2013, to more than $3 mil-
lion last year, according to the
firm. Gone is the egalitarianism
that marked Mr. Greenwald’s early
days at the firm: Fried Frank’s
highest-paid partner makes 13
times its lowest-paid.
“We’re all on the path from be-
ing small partnerships, in which
everyone can get in a room and
debate and make a decision, to by
necessity having to centralize a lot
of the decision-making in a group
of people or an individual,” Mr.
Greenwald said.
That journey from partnerships
to profit machines has made some
lawyers very wealthy. At the 15
most-profitable law firms, top
partners bill on average $1,655 an
hour and their rates are rising
faster than inflation, according to
legal analytics company Bodhala.
At the nation’s 100 largest
firms, average equity-partner prof-
its have doubled since 2004, to
$1.88 million last year, according
to American Lawyer. Eight firms
average more than $4 million.
“We’re making much more than
anybody who doesn’t save lives
deserves,” said David Boies, the
litigator who broke off from Cra-
vath in 1997 to launch his own
firm. In his best years, Mr. Boies
has paid himself $25 million, a
spokeswoman confirmed.
Pity the associate
As firms compete to keep profits
rising for those at the top, lawyers
further down the ladder are some-
times getting left behind. Promis-
ing associates who could once ex-
pect to be named a partner within
seven or eight years are waiting 10
years or more.
Firms have created new stepping-
stones along the way to appease
them—and keep them grinding.
One newly promoted partner at
a big firm said he was shocked to
learn he would have to spend a
year as counsel, an increasingly
popular interim title. The firm told
him it was to prepare him for the
bigger change of being partner. “I
wouldn’t be a cynical lawyer if I
didn’t think there were other
profit-motive reasons,” he said.
Another popular stop-off is
“non-equity partner,” the title held
by those 560 Kirkland lawyers not
* ******
...and are charging more than ever.
Hourly rate charged by top lawyers
$1,750
1,500
1,250
1,000
750
500
250
0 Kevin Smith went to law school in
ʼ10 2005 ʼ10 ʼ15
1986 2018
3 4 5 6
invited to the California retreat.
They earn a salary rather than
sharing firm profits.
In 2000, 78% of partners held
equity in their firms, according to
American Lawyer’s ALM Intelli-
gence. Last year, 56% did.
At Kirkland, junior partners
compete each year for a few cov-
eted slots in the equity-earning
partnership, many billing more
than 2,500 hours a year to try to
set themselves apart. Given how
much of the day’s work isn’t bill-
able, that can require working 80
hours or more a week.
At elite New York firms, a two-
tiered system was once unthink-
able. Partners were partners. In
the past year, however, cracks
have emerged at two of them.
‘Can you be partners
with someone you
don’t even know?’
Simpson Thacher’s leaders told
partners in April that they plan to
start naming non-equity partners. It
is hard not to see the move as a re-
sponse to poaching by Kirkland,
which has lured away more than a
dozen Simpson lawyers since 2016,
most of them associates and counsel
that Kirkland made into partners.
“If the firm won’t be loyal to
you,” said David Lat, a longtime
lawyer and legal blogger turned
recruiter, “why should you be loyal
to the firm?”
Willkie Farr & Gallagher LLP, a
131-year-old firm that was home to
a future U.S. Supreme Court jus-
tice and two New York governors,
made a similar announcement this
spring when it rolled out a two-
tiered partnership. Its leaders said
the move is intended to reward
promising young lawyers earlier
and make the firm more competi-
tive in recruiting.
“It was getting harder to tell as-
sociates, ‘stick around for 10 years
and see what happens then,’ ” said
Willkie’s chairman, Steven Gartner.
“They wanted more certainty and
wanted it sooner.”
Making partner doesn’t just
take longer. It takes hustle. A few
decades ago, partner titles were
handed out largely on the basis of
being technically proficient. Now,
being a business generator is a
crucial component.
Janice Mac Avoy, a Fried Frank
partner, said when she earned the
partner title 23 years ago, the
business model was “wait for the
THE WALL STREET JOURNAL.
LEXEY SWALL/GRAIN FOR THE WALL STREET JOURNAL
phone to ring” and do a good job
for the client on the other end.
When a partner suggested a law-
yer being considered for promotion
had great contacts and could gener-
ate new business, she recalls a fel-
low partner saying, “You know that’s
not an appropriate consideration.”
Those who do make the cut en-
counter a new set of stressors. Bu-
reaucratic tasks pile on top of the
same billable-hour expectations.
New partners face pressure to
bring in enough new business to
cover their own salary, plus those
beneath them.
the early 2000s because he had law-
yers in his family and wasn’t sure
what else to do. After graduating, he
clerked for two federal judges then
joined an international law firm.
Making partner five years later
was one of the best days of his life,
he says. He soon realized the new
title “makes all the bad things
worse” about working in a law firm.
“There’s more email, more of the
blame if anything goes wrong, just
more stress in general,” he said.
After 6½ years, he quit the
partnership to travel abroad while
working part time for the firm.
The holdouts
Even as the world changes around
them, some law firms are holding
on to the old partnership ethos.
A handful of law firms still op-
erate under a lockstep compensa-
tion system, which pays partners
in a relatively tight band based on
seniority, rather than how much
revenue they bring in.
At one such firm, Cleary Gott-
lieb Steen & Hamilton LLP, the hi-
erarchy is laid out on the firm’s
letterhead, where partners are
listed by rank. (The list doubles as
a handy tool for summer interns
unsure which partner assigning
them tasks is more important.)
Cravath, another lockstep firm
and long considered one of the na-
tion’s most elite, recently celebrated
its 200th year with a party at the
New-York Historical Society. Guests
left with a glossy coffee-table book
titled “Becoming Cravath” that
highlights the firm’s most famous
clients and boasts of the “Cravath
system” of nurturing talent.
The firm’s partners are still, by
any measure, well-paid; the average
made $4.6 million last year, accord-
ing to American Lawyer. But being
paid by years of service, rather than
productivity, can fail to keep the
biggest rainmakers happy.
A high-profile deal partner,
Scott Barshay, jumped in 2016
from Cravath to New York firm
Paul, Weiss, Rifkind, Wharton &
Garrison LLP. Mr. Barshay, who
brought over clients including
IBM and Xerox Corp., is now one
of a handful of Paul Weiss part-
ners paid more than $10 million a
year, according to people familiar
with his pay.
Paul Weiss declined to comment.
The firm has long had a modi-
fied lockstep model, which gives
Chairman Brad Karp the ability to
pay bonuses to those at the top.
Mr. Karp has expressed concern
about what’s happening to the pro-
fession. At a December 2017 meet-
ing of the firm’s partners, he spoke
at length about how modern law
firms bore little resemblance to
those a decade earlier, before the
recession hit.
“Many law firms have become
so focused on the next client, the
next matter, the next dollar, that
they have failed to notice the
gradual, but inexorable, disintegra-
tion of their cultural glue,” he
said, according to a transcript of
his remarks.
In the same talk, he noted that
Paul Weiss profits had risen 92%
over the previous decade.
Last year, they rose even higher,
to an average of $5.02 million per
partner.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | B7

EXCHANGE

I To Rock the Charts in 2019,

t’s a long way to the top if
you want to rock ’n’ roll in
2019.
Gone are the days when a
rock album could achieve the
No. 1 spot on the Billboard
200 chart on the strength of record
sales alone. Instead, rock acts have
turned to their tours to get the
boost, adding a CD to every ticket
sold to help inflate their ranking.
The bundling strategy is particu-
larly effective in rock ’n’ roll, since
many rock albums lack viral hit sin-
gles whose millions of streams can
carry an album to No. 1, like Drake
found with “God’s Plan” last year.
Bands such as Vampire Weekend
and the Raconteurs have outper-
formed established rockers like
Bruce Springsteen this year thanks
in part to the bundle, which can of-
ten mean additional fees for concert
tickets for consumers and a physical
copy of a CD they may never open.
But for rockers, handing out CDs
with concert tickets can be what
they need for a No. 1 album ranking,
a distinction that still carries a high
premium in the industry. The brag-
ging rights and marketing opportu-
nities that come with the top spot
can make a crucial difference.
“The charts are a form of market-
ing,” said Merck Mercuriadis, a long-
time music executive and founder of
music investment company Hipgno-
sis Songs Fund. “If you’re able to say
‘I’m Jack White, and in 2019 I’m still
having No. 1 albums,’ that’s a major
statement to the industry.”
Bands Need a Little Help
In the streaming era, the rare rock albums that reach No. 1 on the
charts tend to be offered as an add-on with a concert ticket
Nearly every top-three album this
year has employed a bundle. Unlike
rock acts, hip-hop artists Chris
Brown and J. Cole had enough
streams to earn the top spot without
the bundle or even traditional album
sales, according to Nielsen Music
data, but still bundled their albums
with merch or tickets to bolster
first-week sales.
Ticket bundles have the poten-
tial to heavily drive album sales; a
ticket-bundle promotion for Bon
Jovi’s 2018 tour almost single-
handedly brought the rocker’s
2016 release “This House Is Not
for Sale” back to the No. 1 spot
two years after the CD’s release. It
plummeted to No. 169 the week af-
ter tickets went on sale.
The practice has rankled some ex-
ecutives, who argue sales charts
should count only albums that fans
BY ETHAN MILLMAN
actively sought out, not ones that
came with tickets or T-shirts. The
Billboard 200 measures a combina-
tion of physical and digital album
sales, along with streaming activity
on services like Spotify.
Since 2017, nearly every rock al-
bum that reached No. 1 on the
charts was offered as part of a
ticket bundle, including the only
two rock albums to top the charts
so far this year—the Raconteurs’
“Help Us Stranger” and Vampire
Weekend’s “Father of the Bride.”
And “Father of the Bride’s” rock
designation was a stretch to some;
it topped Billboard’s rock chart,
but Spotify data designates the
band as more of an indie-pop act.
The Raconteurs’ “Help Us
Stranger” was the band’s first re-
cord in a decade. It was released
through singer-guitarist Jack
White’s Third Man Records label,
which also operates a record-
pressing plant and shot to the No.
1 spot in June.
It sold the equivalent of about
88,000 albums, according to Niel-
sen, with about 84,000 classified
as traditional album sales, includ-
ing 25,000 vinyl records. The re-
mainder came from online song
sales and streaming activity.
According to Billboard, ticket
bundles on the Raconteurs’ current
tour supplemented the album’s
sales from there and helped get it
to the top spot.
Rock duo the Black Keys publicly
denounced the bundling practice
when they released their album
“Let’s Rock” in June.
“It feels like a gimmick. It exists
solely as a way to game the charts
and we want no part of that,”
Black Keys drummer Patrick Car-
ney said in a statement.
The band’s previous album, which
came out in 2014 when traditional
album sales more prominently drove
rankings, debuted at No. 1. Their
most recent album hit No. 4.
Rock ’n’ roll bands “don’t get to
No. 1 without the ticket bundle at
this point in time,” Mr. Mercuri-
adis said. But he cited a number of
nonrock artists who he said would
also need a ticket bundle to com-
pete for a No. 1 spot.
Justin Laynon, 24 years old,
saw the Raconteurs’ July 12 con-
cert in Detroit and received a CD
of “Help Us Stranger” when he
bought his ticket. He’s streamed
the album multiple times, but said
if it weren’t for the bundle, he
wouldn’t have bought a copy.
Not even the genre’s biggest
names are shoo-ins for the top of
the charts. The most recent album
by Mr. Springsteen, without a
ticket bundle, made it to the top 3
but fell short of No. 1. Mr. Spring-
steen didn’t tour after his most re-
cent album release, so bundling
wasn’t an option.
Fred Goldring, chairman of Mu-
sic Aficionado, an album-focused
streaming service launching this
summer, said the hit-oriented
streaming era has hurt rock’s
chances of competing for top
spots. “If an album doesn’t have a
song that will come off as an in-
stantaneous, one-time hit,” he
said, “it’s going to get lost.”

Rock albums used to Genre of the top album on the Billboard 200, by week
dominate the Billboard 200 Rock Pop R&B/Hip-hop Country/Folk Jazz/Classical Soundtrack/Compilation
chart, but now they struggle
to hit No. 1. That has led some Jan. Dec.
artists to bundle albums with
concert tickets to lift their
'70
1970s
Billboard rankings.
'75
Rock albums dominated in the ’70s.
Fleetwood Mac’s ‘Rumors’ held the
'79 top spot for 31 weeks in 1977 and
1978.

1980s '80

'85
Michael Jackson’s pop album ‘Thriller’
holds the record for longest time on
top of the modern-day chart, with 37 '89
total weeks from 1983-84.
'90
1990s
'95
Soundtracks have occasionally
topped the Billboard 200 since the
'99 beginning. ‘Titanic’ was No. 1 for 16
weeks in the spring of 1998.

2000s '00

'05
Pop is now the dominant genre—led
by megastars like Taylor Swift, who’s
had five albums hit No. 1. Her first to '09
hit the top, “Fearless,” stayed for 11
weeks.
'10
2010s
'15
Rock albums now rarely top the
Note: Genre categories are based on a Wall Street
charts. So far, the Raconteurs’ ‘Help
Journal analysis of Spotify genres attached to each '19 Us Stranger’ is the only one this year.
artist. Billboard releases charts weekly, so some years
have one more chart than others.
Sources: Billboard (albums); Spotify (genres) Peter Andringa/THE WALL STREET JOURNAL

Strauss PERSONAL BOARD OF DIRECTORS

The trusted advisers of top business leaders

Zelnick
CEO of Take-Two Michael Donald J. Richard Barry Diller
Interactive Software Inc. Dornemann Gogel Parsons Chairman of
CEO of Chairman, Former CEO IAC/InterActive
Strauss Zelnick credits his suc- Dornemann & Co. president and and chairman of
CEO of Clayton, Time Warner Mr. Diller once
cesses in life in part to having the
Mr. Dornemann Dubilier & Rice hired Mr. Zelnick
nerve to introduce himself to any- went from being While serving as to manage the
one he finds intriguing and then Mr. Zelnick’s boss Mr. Zelnick was in president and business opera-
cautiously leaning on them for at BMG his 20s working CEO of BMG, Mr. tions of Twenti-
knowledge or advice. “My strat- Entertainment in as a summer as- Zelnick cold called eth Century Fox.
egy is: Make an introduction and the late 1990s to sociate at McKin- Mr. Parsons, in Today, the two
don’t overstay your welcome.” his boardroom sey & Co. when hopes of building men regularly
colleague at Take- he began poking a rapport. Mr. Zel- keep in touch. Mr.
Mr. Zelnick oversees a video- Zelnick says he
Two in 2007. He his head into Mr. nick was contem-
game maker that is responsible once gave advice Gogel’s office. plating launching has adopted a
for Grand Theft Auto and NBA that Mr. Zelnick “I would go by his own media in- number of prac-
2K. He also runs private-equity will never forget. and say hello for vestment firm. tices from Mr.
firm ZMC and authored “Be- “He said, ‘Strauss, two minutes,” “He said if you’re Diller. One exam-
coming Ageless: The Four Se- you’re very, very Mr. Zelnick says. going to start ple: “Respond to
crets to Looking and Feeling smart. Too bad it “And if I could something that’s everyone, always
doesn’t matter,’ ” bring an interest- this challenging, within 24 hours.
Younger Than Ever.” Here are It’s courteous and
Mr. Zelnick says. ing question or lash yourself to
Mr. Zelnick’s trusted advisers: “It was his kind bring an interest- the deck, so that you never know
—Sarah E. Needleman way of saying ing piece of infor- if the ship goes where opportuni-
become a better mation, that down, you go ties are going to
IKE EDEANI FOR THE WALL STREET JOURNAL

listener.” would be better.” down with it.” come from.”

Age: 62
Education: B.A., Wesleyan Univer-
sity; M.B.A., Harvard Business
School; J.D., Harvard Law School.
What is your workout routine?
“I typically exercise somewhere be-
tween eight and 11 times a week.”
What’s your favorite videogame?
“I love all my children equally.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

EXCHANGE

The Risks of settlement, according to for-

mer employees of the compa-
nies and telephone sales scripts
GreenLink Financial's mailers*
12 million

Debt-Relief reviewed by the Journal. 10

Jeff Sovern, a law profes- 8
sor at St. John’s University in

Programs New York, said that, based on

his reading of the Fair Credit
Reporting Act, it isn’t legal to
6

4
use consumer-credit reports 2
Continued from page B1 for debt-settlement solicita-
behind on payments. “The only real tions since “that’s not a firm 0
alternative many of these consum- offer of credit.” He added 2015 ’16 ’17 ’18 ’19
ers have to debt-settlement is bank- that the law requires credit- Average household credit-card debt†,
ruptcy,” he said. reporting companies to ob- adjusted for inflation
Consumer debt, not counting tain certification from the en-
$10,000 RECESSION
mortgages, hit a record $4.02 tril- tities with which they share
lion this year, a big reversal after such information that it will
8,000
Americans aggressively paid down be used for a lawful purpose.
what they owed and lenders wrote Credit-reporting companies
6,000
off unpaid debts following the fi- that sell data used to solicit
nancial crisis. As borrowers have debt-settlement services
4,000
fallen deeper into debt, the amount “bear some responsibility”
enrolled in debt-settlement pro- for the practices of some in
2,000
grams has risen sevenfold, from that industry because they
$1.7 billion to $12 billion in the five should be vetting the firms
0
years that ended in March 2017, ac- they sell the information to
1990 2000 2010
cording to a survey by the debt-set- and how those firms use it,
*Estimated numbers of mailed solicitations †Average
SARA STATHAS FOR THE WALL STREET JOURNAL

tlement industry’s trade group. said Chi Chi Wu, staff attor- credit-card debt per household for consumers who carry
Data from credit-reporting com- ney at the National Consumer this debt, as of the end of each calendar year
panies has been used by some debt- Law Center, a nonprofit con- Sources: WalletHub (debt); Competiscan (mailers)
settlement firms to solicit consum- sumer-advocacy group.
ers as their debt is rising and when TransUnion told the Jour-
many are trying to sort out their fi- nal it no longer supplies sent earlier this year by CreditAsso-
nancial situation. Other firms flood credit-report data to the ciates. “This ‘pre-screened’ offer of
mailboxes with offers of loans, but debt-settlement industry. A credit is based on information in
when consumers call, the pitch can spokesman said the company your credit report.”
be very different. “historically…has sold pre- Rick Burton, a co-founder of
screen data” to some debt- CreditAssociates, said its debt-set-
‘Get the client’s guard down’ settlement companies, adding tlement offer in the mailer qualified
Ms. Tu, a 33-year-old business de- that this complied with fed- as credit because clients can pay the
velopment manager in the San Amanda Ricchio, a 34-year-old accounting student in Wisconsin, was mailed eral law because these firms fees it charges in installments,
Francisco Bay Area, said that after loan offers after she put a few thousand dollars in college costs on credit cards. allowed consumers to delay rather than a lump sum. This ap-
she was rejected for the personal payments for their services— proach was approved by TransUnion
loan, a mailing from GreenLink Fi- which TransUnion said was a compliance personnel, he said.
nancial LLC arrived offering a loan GreenLink, of Santa Ana, Calif., agement plan. These plans usually form of credit—or because they A TransUnion spokesman said it
of about $60,000—twice what she sent about 27 million mailers last don’t reduce the amounts owed; in- actually offered loans. doesn’t provide legal or compliance
wanted—and at a surprisingly low year, according to estimates from stead, creditors may agree to lower An Equifax spokeswoman said advice to its customers and doesn’t
interest rate. But when she called data-provider Competiscan, up from interest rates or waive fees. Credit the company “does not, as a matter approve customers’ mailers.
the firm, it turned her down for the about 1.2 million in 2015, the first counselors may charge fees for of policy, provide consumer-report Prof. Sovern called the practice
loan and pitched her a debt-settle- calendar year after the company some of their services. information to companies who it of letting customers pay fees in in-
ment program instead, she said. was formed. knows to be charging advance fees stallments a “quite imaginative”
“They said, ‘It’s to help you get Freedom Debt Relief in July Legal gray area for debt or mortgage-assistance re- way of using the fair-credit law’s
by because you’re in a financial cri- agreed to pay $25 million to settle a At least some debt-settlement lief.” The spokeswoman didn’t re- provision allowing the use of credit-
sis.’ I’m not in a financial crisis, just civil lawsuit filed by the federal firms have used information from spond to questions about whether report data for loan offers “for a
trying for a low interest rate,” she Consumer Financial Protection Bu- credit-reporting companies to Equifax sells information to debt- completely different purpose of
told The Wall Street Journal. reau that claimed it charged con- pounce on troubled borrowers. The settlement companies that don’t debt-settlement offers.”
Former GreenLink employees sumers without settling their debts federal Fair Credit Reporting Act charge advance fees, a group that
said only a small number of people as promised, and misled them about allows the companies, including includes the biggest players in the Concern about credit score
who responded to the company’s fees. Freedom didn’t admit or deny TransUnion, Equifax Inc. and Ex- industry. By law, for-profit compa- In some cases, sales pitches for
mailings were offered loans. In- the allegations. perian PLC, to sell the data from nies that sell debt-settlement ser- debt-settlement programs appear to
stead, they were pitched a debt-set- A representative of Freedom credit reports only for certain uses, vices over the phone are barred minimize the risk to a consumer’s
tlement program that GreenLink Debt Relief, which describes itself such as firm offers of credit. Debt from charging advance fees. credit score. Amanda Ricchio, a 34-
sells on behalf of San Mateo, Calif.- as the nation’s biggest debt-settle- settlement isn’t specified in the law Experian said it has never sold year-old accounting student in Ra-
based Freedom Debt Relief, the for- ment company, didn’t respond to as a permitted use of this sensitive information from credit reports to cine, Wis., was mailed offers for
mer employees said. requests to comment. National Debt financial information to solicit con- the debt-settlement industry for so- loans after she put a few thousand
GreenLink’s salespeople were Relief also didn’t respond. sumers, and some experts consider licitation purposes. dollars of college costs on her credit
taught to “get the client’s guard Consumers who sign up for these it a gray area. CreditAssociates LLC, a Dallas- cards. The offers said they were
down,” according to a GreenLink programs are often told to stop Some firms use the data to based debt-settlement company, based on credit reports.
telephone sales script reviewed by paying their credit-card bills and pitch debt-settlement plans, ac- said it stopped receiving data from Ms. Ricchio called Simple Path Fi-
the Journal. The Journal couldn’t other debts and instead put the cording to mailings reviewed by TransUnion last year, but sent of- nancial LLC, of Irvine, Calif., but was
determine the date of the script. payments in a special bank account, the Journal and lawsuits filed by fers to consumers based on the refused the 4.99% loan she had been
Most people who responded to regulators say. Then the debt-settle- consumers. The lawsuits reviewed company’s information as recently pitched. Instead, she said she was
GreenLink mailers were told they ment company negotiates with by the Journal all were settled as last month. offered a debt-settlement program,
would be called back after loan-un- creditors to try to get them to re- confidentially by the firms. “You are preapproved for a debt which she was told would cause
derwriting checks had been made, duce the consumer’s debt. Other firms first offer loans and relief program that can save you only a “slight hit at first” to her
the former employees said. On that Halting payments, though, can then shift their sales pitches to debt thousands of dollars,” said a mailer credit score.
second call, the salespeople were trigger big penalties and potentially Ms. Ricchio, who had worked for
told to say, “I couldn’t stop thinking lawsuits by creditors and can hurt a a credit union where her father was
about your file” and to pledge, “I person’s credit score. Even if the Selling Relief chairman, said she didn’t believe
am going to make YOU my top pri- company persuades a creditor to re- the claim. “I know this kind of pro-
How information from lenders has been used to sell
ority today,” according to the script. duce the debt—and there is no gram would actually cause serious
debt-settlement services.
Then, the consultants were told guarantee of this—the customer damage to my credit score,” Ms.
to break it to the caller that he or may owe income taxes on the 1. Banks and other lenders sent
Ricchio said.
she didn’t qualify for the loan offer amount of debt forgiven. information on consumers' 1 Mr. Boms, the adviser to the
the company mailed, the script said. Taxes combined with fees these debts to a credit-reporting CREDIT debt-settlement industry trade
“But this actually turned out to firms charge of as much as 25% of company. BANK REPORTING group, said the credit scores of the
be GREAT NEWS!” the salespeople enrolled debt could wipe out any 2. Credit-reporting company COMPANY “vast majority” of people who en-
were instructed to say, according to savings from a reduced debt bal- sold lists of consumers who roll in the programs would fall due
the script, before pitching the debt- ance. And a lower credit score that appear to be getting deeper to their existing financial problems,
2
settlement program that offers “a the strategy can trigger could make into debt to loan brokers. whether or not they go this route.
payment which fits perfectly within future borrowing more expensive. 3. Loan brokers mailed indebted Simple Path was founded in 2016
your budget.” The trade group’s Mr. Boms said consumers an offer for a loan, by Bradley Smith and Branden Mill-
Responding to an online com- companies marketing loans often to consolidate their debts at a
LOAN stone and sells debt-settlement
plaint on Yelp by Ms. Tu, GreenLink discover information during the low interest rate. 3 plans from another firm founded by
BROKER
wrote in May that its agent had loan-underwriting process, such as 4. Consumers called loan the two men, public records show.
“handled the call with utmost re- additional debts, that wasn’t known brokers and typically were CONSUMER Mr. Millstone in an interview said a
spect.” It added that Ms. Tu did when a mailer was sent. The group refused a loan. “very large number of people” who
“not meet the minimum require- said last year that a survey of its 5. Instead, the loan brokers respond to Simple Path mailers are
ments needed to get approved for members found debt-settlement pitched a program from an 4 offered a loan, adding that he didn’t
affiliated debt-settlement firm. have the exact numbers.
any loan with our funding source.” plans reduced consumers’ debts by
These programs can involve high
In response to a complaint on the an average of $2.64 for every dollar fees, damaged credit People who do qualify for a loan
Better Business Bureau website, they paid the firms in fees. and unexpected tax bills. may choose debt-settlement as a
5
GreenLink wrote that debt-settle- Alternatives to debt-settlement better option than “putting a Band-
ment “is only an option for clients companies include nonprofit credit Aid on their situation” by taking on
that we can’t qualify for a loan.” counseling services, which attempt more debt, he added.
The company didn’t respond to to work with the borrower and DEBT —Lisa Schwartz
requests for further comment. creditors to agree on a debt-man- SETTLEMENT FIRMS contributed to this article.

Lab-Grown Kangaroo: In a school cafeteria kitchen in the Sydney

suburbs, George Peppou recently steamed a
trio of dumplings with a unique filling: ginger,
kangaroo is cultivated in labs world-wide.
“This is, as far as we know, the first time
someone’s gone from an undomesticated land

It’s What’s for Dinner

coriander, green onion and lab-grown kanga-
roo meat.
Mr. Peppou’s startup, called VOW, took four
weeks to produce a few grams of kangaroo in
a lab after obtaining a tissue sample from a
farm where wild kangaroos were culled. Other
companies have cultivated beef, chicken and
tuna, but Mr. Peppou’s effort illustrates the
broader potential of lab-grown
meat: It could turn exotic, hard-
to-find fare into routine meals
for adventurous meat eaters.
“Nature has created food
secrets and animals that were
never appropriate for us to do-
MIKE CHERNEY/THE WALL STREET JOURNAL
animal to cultivated meat,” said Mr. Peppou,
28, who has an undergraduate degree in bio-
chemistry and previously worked as a chef.
A new generation of plant-based burgers,
which mimic real meat by combining plant
proteins with starches and sometimes ap-
pear to bleed, are already available in stores
and restaurants. Meanwhile, startups like
Finless Foods, Memphis
Meats and Aleph Farms are
investing in lab-grown meat
and fish—but more work is
needed before their products
are ready for consumers.
Whether consumers would

mesticate,” said Tim Noake- spring for lab-grown kanga-

smith, 24, who founded VOW with Mr. Pep-
pou and most recently worked at hearing-
implant giant Cochlear Ltd. Consumers could
one day dine on a “Galapagos tortoise burger,
but without any Galapagos tortoises needing
to be harmed,” Mr. Noakesmith said.
Kangaroo meat, which is lean, high in iron
and zinc, and harvested from the wild, is
readily available in big Australian supermar-
George Peppou, a former chef and co-founder of lab-grown meat startup VOW, kets. But it’s more difficult to find and more
offers a dumpling made of kangaroo meat cultured from a tissue sample. expensive overseas—which could change if
roo or other unusual meats is also uncertain.
VOW, which used fetal bovine serum for its
first batch of kangaroo, estimates it would cur-
rently cost about 2,000 Australian dollars to
produce a kilogram of kangaroo, or more than
US$600 a pound. A kilo of kangaroo mince
sells for A$10.50 in Australian grocery stores.
The startup is hedging its bets: It previ-
ously grew pork and plans to experiment
with different species in the near future.
—Mike Cherney
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | B9

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
26287.44 Trailing P/E ratio 19.01 22.85 2918.65 Trailing P/E ratio * 22.67 24.05 7959.14 Trailing P/E ratio *† 23.54 25.01 commodities performed around the world for the week.
t 90.75 P/E estimate * 16.92 16.41 t 19.44 P/E estimate * 17.69 17.61 t 80.02 P/E estimate *† 21.24 21.21
Stock Currency, Commodity, Exchange-
Dividend yield 2.37 2.14 Dividend yield * 1.92 1.82 or 1.00% Dividend yield *† 1.05 0.96
or 0.34% or 0.66% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Comex silver 4.16%
8330.21, 07/26/19
27359.16, 07/15/19 0.14744568353097 3025.86, 07/26/19 Lean hogs 3.61
Comex gold 3.53
27000 3000 8400 Soybeans 2.76
Corn 2.69
26500 2950 8150 iSh 20+ Treasury 2.59
Wheat 1.78
7900 S&P 500 Real Estate 1.77
26000 2900
Sao Paulo Bovespa 1.29
Session high
S&P BSE Sensex 1.25
DOWN UP 25500 2850 7650
IPC All-Share 1.11
t

Session open Close

65-day moving average 65-day moving average S&P 500 Utilities 1.04
Close Open 25000 2800 7400 Swiss franc
t

0.99
65-day moving average iSh TIPS Bond 0.93
Session low 7150 iSh 7-10 Treasury 0.88
24500 2750
Bars measure the point change from session's open Japanese yen 0.86
24000 2700 6900 Euro area euro 0.83
June July Aug. June July Aug. June July Aug. Comex copper 0.74
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
S&P 500 Materials 0.72
iShJPMUSEmgBd 0.66
iShiBoxx$InvGrdCp 0.66
Major U.S. Stock-Market Indexes Trading Diary iShNatlMuniBd 0.60
Latest 52-Week % chg Volume, Advancers, Decliners VangdTotalBd 0.59
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. VangdTotIntlBd 0.50
Dow Jones Total volume* 775,288,122 16,970,147 S&P/TSX Comp 0.43
Industrial Average 26413.36 26097.64 26287.44 -90.75 -0.34 27359.16 21792.20 3.8 12.7 12.4 Adv. volume* 167,175,264 6,488,315 Norwegian krone 0.41
Transportation Avg 10310.18 10161.28 10207.21 -117.17 -1.13 11570.84 8637.15 -8.0 11.3 9.2 Decl. volume* 582,746,356 8,478,668 S&P 500 Health Care 0.41
Utility Average 829.81 823.71 826.30 1.28 0.16 831.33 692.00 14.2 15.9 6.2 Issues traded 3,033 288 Bloomberg Commodity Index 0.26
Total Stock Market 30144.35 29787.73 29959.66 -220.42 -0.73 31091.22 24126.04 1.7 16.5 9.9 Advances 981 124 iSh 1-3 Treasury 0.17
Barron's 400 673.02 661.21 663.32 -9.69 786.73 571.68 -13.5 8.8 6.5 Declines 1,946 150 S&P 500 Consumer Staples 0.01
-1.44
Unchanged 106 14 -0.01 S&P 500 Consumer Discr
Nasdaq Stock Market New highs 177 11 -0.04 Indonesian rupiah
Nasdaq Composite 8020.56 7910.35 7959.14 -80.02 -1.00 8330.21 6192.92 1.5 20.0 15.1 New lows 114 8 -0.09 Nymex natural gas
Nasdaq 100 7709.50 7591.14 7646.27 -78.56 -1.02 8016.95 5899.35 3.2 20.8 16.8 Closing Arms† 1.79 1.01 -0.12 Russian ruble
Block trades* 5,353 186 -0.13 Canada dollar
S&P
Nasdaq NYSE Arca
-0.15 WSJ Dollar Index
500 Index 2935.75 2900.15 2918.65 -19.44 -0.66 3025.86 2351.10 3.0 16.4 10.2
-0.16 iShiBoxx$HYCp
MidCap 400 1917.06 1896.08 1901.33 -23.98 -1.25 2050.23 1567.40 -4.7 14.3 6.8 Total volume*2,240,495,294 228,586,465
-0.24 Australian dollar
SmallCap 600 940.40 928.81 930.75 -11.60 -1.23 1098.36 793.86 -12.3 10.2 7.7 Adv. volume* 781,457,614 35,338,176
-0.46 S&P 500
Decl. volume*1,440,220,919 191,190,220
Other Indexes -0.53 Mexico peso
Issues traded 3,219 1,590
Russell 2000 1530.96 1509.96 1513.04 -19.09 -1.25 1740.75 1266.93 -10.3 12.2 7.1 -0.56 Nasdaq Composite
Advances 1,020 282
NYSE Composite 12828.82 12689.67 12748.42 -80.39 -0.63 13239.87 10769.83 -0.7 12.1 5.7 -0.58 CAC-40
Declines 2,107 1,290
Value Line 517.04 509.40 -6.41 -1.24 593.57 446.06 8.1
-0.60 Nasdaq 100
510.63 -11.9 1.9 Unchanged 92 18
-0.62 S&P 500 Industrials
NYSE Arca Biotech 4669.89 4544.04 4599.60 -70.29 -1.51 5400.34 3890.37 -10.4 9.0 10.6 New highs 62 21
-0.64 S&P 500 Telecom Svcs
NYSE Arca Pharma 586.86 579.76 583.64 0.44 0.07 612.45 535.91 3.0 2.6 2.6 New lows 141 14
-0.69 S&P MidCap 400
KBW Bank 95.05 93.56 94.48 -0.39 -0.41 111.44 80.78 -13.4 10.1 10.5 Closing Arms† 0.89 1.00
-0.75 Dow Jones Industrial Average
PHLX§ Gold/Silver 97.26 95.55 95.78 -1.14 -1.17 96.92 61.84 29.7 35.6 -4.8 Block trades* 9,425 1,251
-0.79 S&P SmallCap 600
PHLX§ Oil Service 67.53 65.16 65.46 -2.07 -3.07 154.64 65.46 -55.4 -18.8 -26.4 * Primary market NYSE, NYSE American NYSE Arca only. -0.80 South Korean won
PHLX§ Semiconductor 1481.33 1455.20 1464.34 -26.92 -1.81 1622.02 1069.39 8.1 26.8 23.4 †(TRIN) A comparison of the number of advancing and declining
-0.81 S&P 500 Information Tech
issues with the volume of shares rising and falling. An
Cboe Volatility 19.44 17.31 17.97 1.06 6.27 36.07 11.61 36.6 -29.3 15.5 -1.10 UK pound
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -1.34 Russell 2000
-1.43 Euro Stoxx
-1.50 DAX
International Stock Indexes Percentage Gainers... -1.57 IBEX 35
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -1.61 Dow Jones Transportation Average
-1.67 S&P 500 Financials
World The Global Dow 2967.60 –17.51 –0.59 8.5 Arcadia Biosciences RKDA 4.51 2.50 124.38 10.40 1.82 -24.2
InnerWorkings INWK 4.50 1.66 58.45 8.12 2.58 -33.4
-1.73 Chinese yuan
DJ Global Index 391.60 –2.09 –0.53 11.6
Two River Bancorp TRCB 20.40 6.87 50.78 20.40 11.54 13.0 -1.74 Stoxx Europe 600
DJ Global ex U.S. 236.52 –0.75 –0.32 6.2
CannTrust Holdings CTST 3.17 0.92 40.89 11.97 1.87 -39.0 -1.89 Indian rupee
Americas DJ Americas 691.47 –4.58 –0.66 16.5 Cutera CUTR 33.61 8.50 33.85 35.85 12.32 -2.9 -1.91 Nikkei 225
Brazil Sao Paulo Bovespa 103996.16 –119.07 –0.11 18.3 -2.07 FTSE 100
Sientra SIEN 6.39 1.40 28.06 26.65 4.78 -69.4
Canada S&P/TSX Comp 16341.34 –63.19 –0.39 14.1 -2.08 Nymex crude
PC-Tel PCTI 5.67 1.14 25.17 6.00 3.88 27.7
Mexico S&P/BMV IPC 40421.28 –18.14 –0.04 –2.9 -2.22 S&P 500 Energy
Harte-Hanks HHS 3.32 0.65 24.34 8.82 2.20 -56.3
Chile Santiago IPSA 3525.42 1.81 0.05 –6.3
Atreca Cl A BCEL 12.93 2.51 24.09 20.00 10.29 ... -2.72 S&P/ASX 200
EMEA Stoxx Europe 600 371.56 –3.15 –0.84 10.0 Fulgent Genetics FLGT 11.31 2.04 22.06 12.20 3.02 143.3 -3.02 Kospi Composite
Eurozone Euro Stoxx 362.48 –4.43 –1.21 10.3 Puma Biotechnology PBYI 11.16 1.95 21.17 54.20 8.45 -75.0 -3.07 South African rand
Belgium Bel-20 3534.57 –39.85 –1.11 9.0 iFresh IFMK 2.60 0.45 20.93 4.00 0.80 -11.6 -3.25 Shanghai Composite
Denmark OMX Copenhagen 20 1003.53 –5.20 –0.52 12.6 IMPAC Mortgage Holdings IMH 5.37 0.92 20.67 7.95 2.81 -28.2 -3.43 FTSE MIB
France CAC 40 5327.92 –60.04 –1.11 12.6 Corvus Pharmaceuticals CRVS 4.32 0.74 20.67 11.23 3.22 -53.9 -3.64 Hang Seng
Germany DAX 11693.80 –151.61 –1.28 10.7 Prevail Therapeutics PRVL 9.70 1.65 20.50 16.90 7.41 ... -4.35 Nymex ULSD
Israel Tel Aviv 1614.53 … Closed 10.3 -6.03 Nymex RBOB gasoline
Italy FTSE MIB 20324.23 –516.92 –2.48 10.9 Percentage Losers *Continuous front-month contracts
Netherlands AEX 542.22 –6.66 –1.21 11.1 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 1289.47 –14.33 –1.10 20.9 THE WALL STREET JOURNAL
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Switzerland Swiss Market 9749.92 –1.63 –0.02 15.7 Assertio Therapeutics ASRT 1.52 -1.29 -45.91 8.08 1.49 -78.9
Turkey BIST 100 99405.03 196.54 0.20 8.9 Farfetch Cl A FTCH 10.13 -8.12 -44.49 32.40 9.22 ...
U.K. FTSE 100 7253.85 –32.05 –0.44 7.8 Fluent FLNT 3.06 -1.86 -37.80 7.47 1.95 27.5
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Mesa Air Group
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Australia S&P/ASX 200 6584.40 16.25 16.6
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Hong Kong Hang Seng 25939.30 –181.47 –0.69 0.4 QuinStreet QNST 11.81 -4.56 -27.86 20.02 11.14 -13.2
India S&P BSE Sensex 37581.91 0.68 4.2 TrueCar TRUE 3.52 -1.30 -26.97 14.55 3.01 -72.5 The Daily Shot morning newsletter delivers an
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Japan Nikkei Stock Avg 20684.82 91.47 0.44 3.3 Asure Software ASUR 6.05 -2.20 -26.67 16.09 4.26 -58.9 overview of the trends impacting global markets.
ProPetro Holding PUMP 12.75 -4.59 -26.47 25.38 11.27 -26.4
Singapore Straits Times 3168.94 … Closed 3.3 Sign up now at WSJ.com/DailyShot
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Conduent CNDT 6.38 -2.28 -26.33 23.39 5.26 -68.1
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Thailand SET 1650.64 –14.48 –0.87 5.5
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Advanced Micro Devices AMD 132,289 92.2 34.19 0.80 35.55 16.03 Currencies
Get real-time U.S. stock quotes and track most-active SPDR S&P 500 SPY 92,152 28.4 291.62 -0.68 302.23 233.76

WSJ stocks, new highs/lows and mutual funds. General Electric GE 76,675 49.5 9.15 -3.58 13.25 6.40 U.S.-dollar foreign-exchange rates in late New York trading
iShares MSCI Emg MarketsEEM 64,637 -4.2 39.87 -1.02 44.84 37.58 US$vs, US$vs,
Plus, deeper money-flows data and email delivery of Arcadia Biosciences RKDA 56,446 42757.8 4.51 124.38 10.40 1.82 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 Europe
Argentina peso .0221 45.2440 20.2 Czech Rep. koruna .04332 23.081 3.0
Brazil real .2536 3.9425 1.6 Denmark krone .1501 6.6633 2.3
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Canada dollar .7563 1.3222 –3.1 Euro area euro 1.1201 .8928 2.4

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Chile peso .001408 710.10 2.3 Hungary forint .003453 289.59 3.4
U.S. consumer rates notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .008147 122.75 5.7
New car loan Mexico peso .0515 19.4100 –1.2 Norway krone .1126 8.8807 2.8
A consumer rate against its
Uruguay peso .02831 35.3200 9.0 Poland zloty .2590 3.8606 3.2
benchmark over the past year 4.00% 8%
Bankrate.com avg†: 4.66% Asia-Pacific Russia ruble .01532 65.262 –5.7
First Command Bank 2.99% Sweden krona .1048 9.5443 7.8
Australian dollar .6786 1.4736 3.9
One year ago 3.00 4 WSJ Dollar index Switzerland franc 1.0283 .9725 –0.9
5.50% Fort Worth, TX 888-763-7600 China yuan .1416 7.0624 2.7
t t s
Turkey lira .1821 5.4917 3.8
Hong Kong dollar .1275 7.8418 0.1
Prime rate Think Mutual Bank 2.99% 2.00 0 Ukraine hryvnia .0396 25.2540 –8.9
5.00 India rupee .01408 71.044 2.1
Rochester, MN 800-288-3425 t
Indonesia rupiah .0000705 14190 UK pound 1.2028 .8314 6.1
–1.3
t 4.50 Cambridge Savings Bank 3.24% Friday 1.00 –4 s Japan yen .009464 105.67 –3.6
s
New car loan Kazakhstan tenge .002578 387.87 0.9
Middle East/Africa
Cambridge, MA 888-418-5626 Yen Euro
4.00 0.00 –8 Macau pataca .1236 8.0877 0.2 Bahrain dinar 2.6525 .3770 0.01
First Savings Bank of Hegewisch 3.50%
1 3 6 1 2 3 5 710 30 Malaysia ringgit .2390 4.1845 1.3 Egypt pound .0604 16.5510 –7.6
Chicago, IL 773-646-4200 2018 2019 New Zealand dollar Israel shekel .2875 3.4781 –7.0
3.50 month(s) years .6466 1.5466 3.9
S O ND J FMA M J J A PNC Bank 3.79% Pakistan rupee .00633 158.065 13.1 Kuwait dinar 3.2875 .3042 0.3
maturity
2018 2019 Washington, DC 888-PNC-BANK Philippines peso .0192 52.044 –0.9 Oman sul rial 2.5976 .3850 –0.01
Sources: Ryan ALM; Tullett Prebon; Dow Jones Market Data Singapore dollar .7218 1.3855 1.7 Qatar rial .2745 3.642 0.2
South Korea won .0008234 1214.45 9.0 Saudi Arabia riyal .2666 3.7513 –0.01
Yield/Rate (%) 52-Week Range (%) 3-yr chg
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee
Taiwan dollar
.0056532 176.89
.03187 31.382
–3.3
2.6
South Africa rand .0656 15.2540 6.2

Federal-funds rate target 2.00-2.25 2.00-2.25 1.75 l 2.25 1.75 Yield (%) 52-Week Total Return (%) Thailand baht .03252 30.750 –4.9 Close Net Chg % Chg YTD%Chg
Bond total return index Close Last Week ago High Low 52-wk 3-yr
Prime rate* 5.25 5.25 5.00 l 5.50 1.75 Vietnam dong .00004309 23205 0.04 WSJ Dollar Index 90.76 0.02 0.03 1.22
Libor, 3-month 2.18 2.24 2.18 l 2.82 1.36 Treasury, Ryan ALM 1598.878 1.728 1.848 3.154 1.669 10.625 2.084 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.72 0.72 0.41 l 0.75 0.45 10-yr Treasury, Ryan ALM 1914.892 1.731 1.864 3.232 1.675 13.381 1.739
Five-year CD, annual yield 1.94 1.85 1.81 l 2.07 0.75 n.a. n.a.
30-year mortgage, fixed† 3.77 3.81 3.70 l 4.99 0.25
DJ Corporate n.a. 3.072 n.a. n.a. n.a. Commodities
Aggregate, Barclays Capital 2105.340 2.290 2.380 3.660 2.250 9.321 2.707 Friday 52-Week YTD
15-year mortgage, fixed† 3.24 3.26 3.20 l 4.34 0.45 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
High Yield 100, Merrill Lynch n.a. n.a. 5.618 n.a. n.a. n.a. n.a.
Jumbo mortgages, $484,350-plus† 4.23 4.21 4.16 l 5.16 0.11 DJ Commodity 598.87 3.58 0.60 642.46 572.87 -2.53 4.54
Fixed-Rate MBS, Barclays 2116.180 2.460 2.540 3.810 2.410 6.920 2.264
Five-year adj mortgage (ARM)† 4.18 4.41 3.94 l 4.89 1.01 TR/CC CRB Index 172.09 1.77 1.04 201.23 167.89 -10.23 1.35
Muni Master, Merrill n.a. n.a. 1.631 n.a. n.a. n.a. n.a.
New-car loan, 48-month 4.66 4.65 3.89 l 4.81 1.79 Crude oil, $ per barrel 54.50 1.96 3.73 76.41 42.53 -19.41 20.02
EMBI Global, J.P. Morgan 870.357 5.354 5.465 7.372 5.354 13.296 4.505
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest Natural gas, $/MMBtu 2.119 -0.009 -0.42 4.837 2.070 -28.02 -27.93
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Gold, $ per troy oz. 1496.60 -1.10 -0.07 1507.30 1176.20 23.57 17.08
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Saturday/Sunday, August 10 - 11, 2019 * *** 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 Nov 358.20 358.20 346.10 346.70 –12.80 814 S&P 500 Index (CME)-$250 x index Dec 7713.5 7737.8 7614.0 7677.5 –75.5 1,955
Contract Open
Milk (CME)-200,000 lbs., cents per lb. Sept 2930.20 2935.30 2900.00 2919.70 –20.40 29,117 Mini Russell 2000 (CME)-$50 x index
Open High hi lo Low Settle Chg interest Aug 17.51 17.61 17.51 17.61 .07 3,003 Mini S&P 500 (CME)-$50 x index Sept 1527.80 1532.30 1508.20 1513.70 –20.40 454,699
Sept 17.79 17.90 17.78 17.87 .08 3,393 Sept 2928.00 2935.75 2899.00 2919.75 –20.25 2,482,349 Mini Russell 1000 (CME)-$50 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 2929.50 2936.00 2899.75 2920.25 –20.25 64,805 Sept 1620.60 1628.10 1607.40 1618.00 –10.10 8,415
Aug 2.5970 2.5970 2.5850 2.5840 –0.0180 1,193
Sept 2,205 2,216 2,184 2,195 –10 38,752 Mini S&P Midcap 400 (CME)-$100 x index U.S. Dollar Index (ICE-US)-$1,000 x index
Sept 2.5970 2.6175 2.5820 2.5890 –0.0185 148,473
Dec 2,254 2,260 2,239 2,242 –12 90,022 Sept 1918.90 1923.30 1895.30 1901.60 –25.10 70,273 Sept 97.41 97.47 97.18 97.32 –.11 53,492
Gold (CMX)-100 troy oz.; $ per troy oz. Coffee (ICE-US)-37,500 lbs.; cents per lb. … 1923.90 1900.50 1905.60 –25.10 114
Dec Dec 96.97 97.00 96.82 96.93 –.11 1,550
Aug 1506.20 1507.50 1495.60 1496.60 –1.10 2,418 Sept 97.20 98.10 96.65 97.30 –.10 78,033 Mini Nasdaq 100 (CME)-$20 x index
Oct 1512.40 1513.20 1500.00 1502.00 –1.10 45,654 Dec 100.55 101.45 100.15 100.70 –.15 88,440 Sept 7699.5 7724.0 7596.8 7660.3 –75.5 199,599 Source: FactSet
Dec 1515.90 1521.10 1506.20 1508.50 –1.00 456,209 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Feb'20 1522.30 1525.40 1512.30 1514.50 –0.90 48,867 Oct 11.43 11.90 11.43 11.86 .43 538,205
April 1528.80 1528.80 1517.80 1519.40 –0.80 20,809 March'20 12.56 12.98 12.56 12.95 .39 278,167
June 1526.00 1533.80 1522.70 1523.30 –0.70
Palladium (NYM) - 50 troy oz.; $ per troy oz.
18,267 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Nov 25.76 25.95 25.76 25.88 .11 3,199
Bonds | WSJ.com/bonds
Aug … ... ... 1414.10 5.80 Jan'20 26.00 26.00 25.94 25.95 –.07 1,137
Sept 1416.40 1430.20 1412.70 1419.30 5.80 18,151 Cotton (ICE-US)-50,000 lbs.; cents per lb. Global Government Bonds: Mapping Yields
Dec 1418.00 1430.30 1415.20 1421.00 5.90 4,784 Oct 59.00 59.35 58.76 59.05 –.49 264
Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 59.62 59.70 58.79 58.90 –.68 141,885 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Aug ... ... ... 861.10 –3.70 110 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Oct 868.70 871.90 861.30 863.80 –3.70 70,568 Sept 101.50 102.65 100.20 102.30 .50 12,896
Silver (CMX)-5,000 troy oz.; $ per troy oz. Nov 104.00 105.25 102.80 104.95 .50 4,165 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Aug ... ... ... 16.897 –0.004 256 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
Sept 16.940 17.140 16.860 16.931 –0.005 142,440 Interest Rate Futures 1.750 U.S. 2 1.632 s l 1.617 1.917 2.649
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 1.625 10 1.736 s l 1.720 2.068 2.928
Sept 52.88 54.92 52.37 54.50 1.96 301,000
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Oct 52.72 54.75 52.31 54.37 1.91 239,418 Sept 187-310 189-130 187-010 187-170 –2.0 1,179,878 5.750 Australia 2 0.736 t l 0.753 0.969 2.049 -89.6 -86.4 -60.0
Dec 189-250 190-050 187-270 188-090 –2.0 22,797
Nov 52.57 54.42 52.14 54.09 1.80 178,173 3.250 10 0.953 t l 0.987 1.330 2.663 -78.4 -73.2 -26.5
Dec 52.30 54.11 51.93 53.78 1.68 258,870 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
June'20 50.96 52.48 50.66 52.20 1.33 161,131 Sept 161-250 162-140 161-010 161-090 –9.0 971,823 0.000 France 2 -0.751 t l -0.746 -0.657 -0.425 -238.3 -236.3 -307.4
Dec 50.39 51.71 50.06 51.39 1.12 161,745 Dec 160-310 161-190 160-080 160-150 –8.0 20,546 0.500 10 -0.272 s l -0.280 -0.053 0.712 -200.8 -199.9 -221.5
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Sept 1.7846 1.8210 1.7719 1.8080 .0314 122,548 Sept 130-000 130-085 129-210 129-220 –7.5 3,855,797 0.000 Germany 2 -0.862 t l -0.847 -0.728 -0.608 -249.4 -246.4 -325.7
Oct 1.7915 1.8281 1.7789 1.8148 .0317 79,151 Dec 130-185 130-265 130-070 130-080 –7.5 173,042 0.000 10 -0.572 t l -0.555 -0.352 0.379 -230.8 -227.4 -254.9
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Sept 1.6505 1.6895 1.6417 1.6740 .0283 118,786 0.050 Italy 2 0.344 s l 0.023 0.093 0.990 -128.9 -159.4 -166.0
Sept 119-017 119-067 118-247 118-280 –4.5 4,379,882
Oct 1.4980 1.5332 1.4873 1.5213 .0294 92,045 Dec 119-142 119-185 119-077 119-080 –4.7 283,249 3.000 10 1.817 s l 1.536 1.741 2.898 8.1 -18.4 -3.0
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Sept 2.124 2.145 2.064 2.119 –.009 369,849 0.100 Japan 2 -0.272 t l -0.239 -0.190 -0.110 -190.4 -185.6 -276.0
Sept 107-235 107-255 107-212 107-217 –1.5 3,669,623
Oct 2.140 2.159 2.084 2.133 –.013 234,028
Dec 107-310 108-007 107-286 107-290 –1.5 294,194 0.100 10 -0.219 t l -0.190 -0.139 0.115 -195.5 -191.0 -281.2
Nov 2.226 2.239 2.171 2.214 –.014 151,908
Dec 2.412 2.426 2.363 2.406 –.012 134,054
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 0.750 Spain 2 -0.487 s l -0.496 -0.439 -0.288 -211.9 -211.3 -293.7
Aug 97.8700 97.8750 97.8675 97.8700 –.0025 446,957
Jan'20 2.531 2.544 2.486 2.530 –.010 119,647 0.600 10 0.252 s l 0.219 0.370 1.395 -148.4 -150.1 -153.3
March 2.435 2.455 2.403 2.445 –.009 80,643 Oct 98.1950 98.2250 98.1800 98.1900 –.0050 327,964
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 1.500 U.K. 2 0.445 t l 0.465 0.625 0.734 -118.8 -115.2 -191.5
Agriculture Futures Sept 113-065 113-150 112-290 113-000 –10.0 25,205 1.625 10 0.487 t l 0.523 0.722 1.298 -119.7 -163.0
-124.9
Eurodollar (CME)-$1,000,000; pts of 100%
Corn (CBT)-5,000 bu.; cents per bu. Aug 97.8825 97.8900 97.8600 97.8650 –.0025 375,829 Source: Tullett Prebon
Sept 410.75 417.00 407.25 410.25 –.75 450,514
Dec 418.25 424.50 415.25 417.75 –.50 780,290 Sept 97.9950 98.0250 97.9800 97.9800 –.0150 1,467,051
Oats (CBT)-5,000 bu.; cents per bu. Dec 98.1850 98.2200 98.1550 98.1600 –.0250 1,833,984 Corporate Debt
Sept 275.75 275.75 273.25 274.75 … 485 March'20 98.4500 98.4850 98.4100 98.4150 –.0300 1,232,109
Dec 273.00 276.75 272.75 275.75 1.75 3,781
Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
Soybeans (CBT)-5,000 bu.; cents per bu. Currency Futures that same company’s share price.
871.75 875.25 865.00 873.75 8.75 1,205
Aug
Nov 883.50 894.50 881.75 891.75 8.75 339,373 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Investment-grade spreads that tightened the most…
Soybean Meal (CBT)-100 tons; $ per ton. Aug .9450 .9500 s .9440 .9477 .0034 998 Spread*, in basis points Stock Performance
Aug 295.60 296.90 294.50 296.70 1.90 721 Sept .9469 .9524 s .9450 .9497 .0034 150,047 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Dec 302.50 305.00 301.00 303.70 1.70 197,884 Canadian Dollar (CME)-CAD 100,000; $ per CAD
.7557 .7574 .7557 .7572 .0016 778
GE GE 5.000 Jan. 21, ’49 292 –102 278 9.15 –3.58
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Aug
Aug 29.60 29.60 29.28 29.51 .55 261 Sept .7562 .7583 .7538 .7576 .0017 153,675 Viacom VIA 4.850 Dec. 15, ’34 266 –27 n.a. 34.24 –1.81
Dec 29.35 30.03 29.21 29.95 .57 220,625 British Pound (CME)-£62,500; $ per £ Altria MO 3.875 Sept. 16, ’46 200 –17 206 46.16 –0.73
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Aug 1.2127 t 1.2037
1.21441.2058 –.0080 1,109 Bank of New York Mellon BK 2.200 Aug. 16, ’23 58 –15 53 45.81 0.53
Sept 1137.00 1139.50 1132.00 1137.00 1.50 4,826 Sept 1.2159 t 1.2044
1.21671.2073 –.0080 281,829
Nov 1163.50 1170.00 1163.00 1168.00 2.00 3,141 Swiss Franc (CME)-CHF 125,000; $ per CHF Bayer US Finance II BAYNGR 3.875 Dec. 15, ’23 113 –14 124 ... ...
Wheat (CBT)-5,000 bu.; cents per bu. Sept 1.0301 1.0333 1.0286 1.0319 .0030 54,395 Aetna AET 2.750 Nov. 15, ’22 71 –12 n.a. ... ...
Sept 498.25 505.25 496.00 499.50 1.00 133,311 Dec 1.0392 1.0412 1.0366 1.0400 .0031 82 Amazon.com AMZN 4.050 Aug. 22, ’47 86 –12 n.a. 1807.58 –1.38
Dec 499.25 506.25 497.50 501.50 1.50 137,934 Australian Dollar (CME)-AUD 100,000; $ per AUD
Wheat (KC)-5,000 bu.; cents per bu. Broadcom* AVGO 4.250 April 15, ’26 n.a. –12 219 275.73 1.75
Aug .6800 .6800 .6790 .6793 –.0013 716
Sept 417.00 421.00 414.75 417.00 –1.50 119,481
Dec 432.75 436.75 431.25 433.50 –1.50 92,604
Sept .6809 .6826 .6789
Mexican Peso (CME)-MXN 500,000; $ per MXN
.6800 –.0013 174,402 …And spreads that widened the most
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Aug 139.875 140.275 138.650 138.900 –.950 5,279
Aug .05229 .05197 .05197 .05143 .00015 1 Citizens Financial CFG 4.150 Sept. 28, ’22 120 22 129 33.31 –0.57
Sept 139.800 139.875 138.075 138.450 –1.425 13,250 Sept .05120 .05129 .05098 .05119 .00015 214,873 Royal Bank of Scotland RBS 7.500 Aug. 10, ’49 382 18 388 5.05 –0.79
Cattle-Live (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € UniCredit SpA* UCGIM 5.861 June 19, ’32 444 18 373 ... ...
Aug 108.000 108.400 107.550 108.050 .100 14,603 Aug 1.1194 1.1227 1.1191 1.1214 .0020 845
Sept 1.1222 1.1254 1.1214 1.1238 .0020 517,572
Intesa Sanpaolo SpA* ISPIM 5.017 June 26, ’24 339 14 277 ... ...
Oct 107.000 107.850 106.425 106.750 … 151,310
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Occidental Petroleum OXY 2.700 Feb. 15, ’23 119 13 85 47.13 ...
Aug 77.875 79.300 77.700 79.025 1.675 12,432 Index Futures Fluor FLR 4.250 Sept. 15, ’28 220 12 n.a. 19.41 –3.05
Oct 68.300 68.650 66.600 66.975 –.900 98,881
Mini DJ Industrial Average (CBT)-$5 x index Argentum Netherlands ZURNVX 5.125 June 1, ’48 183 12 n.a. ... ...
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept 26286 26394 26074 26268 –97 94,238
Sept 360.00 360.80 347.30 348.90 –14.70 1,907 Merck MRK 2.350 Feb. 10, ’22 30 11 26 85.52 0.93
Dec 26280 26360 26044 26243 –98 753
High-yield issues with the biggest price increases…
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Bond Price as % of face value Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg

Closing Chg YTD CommScope Technologies COMM 6.000 June 15, ’25 90.500 5.50 89.250 12.20 –5.79
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) New Gold NGDCN 6.250 Nov. 15, ’22 99.500 3.25 95.750 ... ...
Friday, August 9, 2019 Closing Chg YTD iShRussell1000Val IWD 125.02 –0.71 12.6 Diamond Offshore Drilling DO 7.875 Aug. 15, ’25 88.000 1.97 94.125 5.91 –2.96
ETF Symbol Price (%) (%) iShRussell2000Gwth IWO 197.08 –1.26 17.3
Closing Chg YTD iShRussell2000 IWM 150.62 –1.26 12.5
Titan International TWI 6.500 Nov. 30, ’23 79.916 1.92 81.250 3.02 –0.33
ETF Symbol Price (%) (%) iShSelectDividend DVY 97.66 –0.90 9.3
iShEdgeMSCIMinEAFE EFAV 71.90 –0.32 7.9
iShRussell2000Val IWN 115.49 –1.32 7.4 Banco Bilbao Vizcaya Argentaria S.A. BBVASM 6.125 Nov. 16, ’49 94.230 1.83 94.143 ... ...
AlerianMLPETF AMLP 9.04 –0.55 3.6 iShRussell3000 IWV 171.31 –0.75 16.6
CnsmrDiscSelSector XLY 118.29 –0.94 19.5 iShEdgeMSCIMinUSA USMV 63.24 –0.28 20.7 iShRussellMid-Cap IWR 55.31 –0.93 19.0
Weatherford International WFT 9.875 March 1, ’39 38.000 1.75 n.a. ... ...
CnsStapleSelSector XLP 59.32 –0.55 16.8 iShEdgeMSCIUSAMom MTUM 120.15 –0.32 19.9 iShRussellMCValue IWS 87.18 –1.03 14.2 Cincinnati Bell CBB 7.000 July 15, ’24 88.980 1.48 85.011 4.27 6.75
iShEdgeMSCIUSAQual QUAL 90.65 –0.85 18.1
EnSelectSectorSPDR XLE 59.10 –1.10 3.1
iShFloatingRateBd FLOT 50.82 –0.02 0.9
iShS&P500Growth IVW 179.34 –0.59 19.0 CNX Resources CNX 7.250 March 14, ’27 85.500 1.44 84.750 7.07 –1.26
FinSelSectorSPDR XLF 27.17 –0.33 14.1 iShS&P500Value IVE 115.21 –0.68 13.9
iShGoldTr IAU 14.33 –0.42 16.6
FT DJ Internet
HealthCareSelSect
FDN
XLV
138.23
91.40
–1.59
0.12
18.5
5.7
iShiBoxx$InvGrCpBd LQD 125.94 –0.29 11.6
iShShortCpBd
iShShortTreaBd
IGSB
SHV
53.50
110.55
–0.02
0.01
3.6
0.2
…And with the biggest price decreases
iShiBoxx$HYCpBd HYG 86.25 –0.14 6.4
IndSelSectorSPDR XLI 75.42 –0.84 17.1
iShJPMUSDEmgBd EMB 114.43 –0.05 10.1
iShTIPSBondETF TIP 116.54 –0.10 6.4 Exela Intermediate EXLINT 10.000 July 15, ’23 57.063 –12.94 81.750 ... ...
InvscQQQI QQQ 186.49 –0.94 20.9 iSh1-3YTreasuryBd SHY 84.82 –0.06 1.4
iShMBSETF MBB 107.93 –0.12 3.1
iSh7-10YTreasuryBd IEF 112.13 –0.15 7.6
Harland Clarke Holdings HARCLA 8.375 Aug. 15, ’22 75.000 –6.25 n.a. ... ...
InvscS&P500EW RSP 105.64 –0.92 15.6
iShMSCI ACWI ACWI 71.98 –0.68 12.2 MallinckrodtInternationalFinanceS.A.AndMallinckrodtCb MNK 5.750 Aug. 1, ’22 59.500 –6.25 75.644 … …
InvscS&P500LowVol SPLV 56.10 0.04 20.3 iSh20+YTreasuryBd TLT 140.05 –0.20 15.3
iShMSCIBrazil EWZ 43.99 –0.63 15.2
iShCoreMSCIEAFE IEFA 58.97 –0.74 7.2 iShMSCI EAFE EFA 62.94 –0.69 7.1
iShRussellMCGrowth IWP 143.19 –0.88 25.9 Polaris Intermediate MLTHCO 8.500 Dec. 1, ’22 84.250 –6.00 92.980 ... ...
iShCoreMSCIEmgMk IEMG 47.99 –0.97 1.8 iShUSTreasuryBdETF GOVT 26.19 –0.11 6.2
iShMSCI EAFE SC SCZ 55.36 –0.79 6.8 Neiman Marcus NMARI 8.000 Oct. 25, ’24 35.000 –5.25 n.a. ... ...
iShCoreMSCITotInt IXUS 56.07 –0.74 6.7 PIMCOEnhShMaturity MINT 101.62 0.02 0.7
iShMSCIEmgMarkets EEM 39.87 –1.02 2.1
iShCoreS&P500 IVV 293.36 –0.65 16.6 iShMSCIJapan EWJ 53.57 –1.05 5.7
SPDR BlmBarcHYBd JNK 107.60 –0.10 6.8 Envision Healthcare EVHC 8.750 Oct. 15, ’26 59.990 –4.09 69.250 ... ...
SPDRBloomBar1-3MTB BIL 91.50 –0.01 0.0
iShCoreS&P MC IJH 190.00 –1.31 14.4 iShNatlMuniBd MUB 114.57 –0.04 5.1 Mattel MAT 6.750 Dec. 31, ’25 101.250 –3.63 104.845 11.31 –15.79
76.59 10.5
SPDR Gold GLD 141.26 –0.33 16.5
iShCoreS&P SC IJR –1.24 37.06 0.08 8.3
iShPfd&Incm PFF
SchwabIntEquity SCHF 30.74 –0.65 8.4 Endo Finance ENDP 5.375 Jan. 15, ’23 59.446 –3.55 n.a. … …
iShS&PTotlUSStkMkt ITOT 66.19 –0.66 16.6 iShRussell1000Gwth IWF 158.98 –0.73 21.4
SchwabUS BrdMkt SCHB 70.02 –0.68 16.8
iShCoreUSAggBd AGG 112.64 –0.13 5.8 iShRussell1000 IWB 162.04 –0.78 16.8 *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.
SchwabUS Div SCHD 52.30 –1.15 11.3
SchwabUS LC SCHX 69.79 –0.70 16.9 Note: Data are for the most active issue of bonds with maturities of two years or more
SPDR DJIA Tr DIA 263.18 –0.36 12.9 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
Borrowing Benchmarks | WSJ.com/bonds SPDR S&PMdCpTr
SPDR S&P 500
MDY
SPY
346.42
291.62
–1.36
–0.68
14.5
16.7
SPDR S&P Div SDY 99.50 –0.79 11.1

Money Rates August 9, 2019 TechSelectSector

UtilitiesSelSector
XLK
XLU
78.49
60.87
–1.13
0.12
26.6
15.0 Dividend Changes
VanEckGoldMiner GDX 29.36 –1.38 39.2
Key annual interest rates paid to borrow or lend money in U.S. and VangdInfoTech VGT 211.58 –1.14 26.8 Dividend announcements from August 9.
international markets. Rates below are a guide to general levels but VangdSC Val VBR 125.97 –1.28 10.4
Amount Payable / Amount Payable /
VangdSC Grwth VBK 185.45 –1.08 23.1
don’t always represent actual transactions. VangdDivApp VIG 116.99 –0.49 19.4
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
VangdFTSEDevMk VEA 39.90 –0.72 7.5 Increased ETRACS Monthly 2xLev xEn LMLP 13.1 .0703 M Aug20 /Aug12
Week —52-WEEK—
Inflation Latest ago High Low VangdFTSE EM VWO 40.09 –0.99 5.2
Cogent Communications CCOI 4.0 .62 /.60 Q Sep09 /Aug23
ETRACS Monthly Pay 2xLev DVHL 14.9 .1006 M Aug20 /Aug12
June index Chg From (%) VangdFTSE Europe VGK 52.35 –0.48 7.7 ETRACS Monthly Pay 2xLev CEFL 17.2 .1963 M Aug20 /Aug12
Hennessy Advisors HNNA 4.6 .1375 /.11 Q Sep10 /Aug20
level May '19 June '18 Switzerland 0.50 0.50 0.50 0.50 VangdFTSEAWxUS VEU 48.67 –0.69 6.8 ETRACS Mortgage REIT MORL 20.5 .0861 M Aug20 /Aug12
164.58 –0.77 22.5
Peabody Energy BTU 3.1 .145 /.14 Q Sep11 /Aug21
VangdGrowth VUG Franco-Nevada FNV 1.1 .25 Q Sep26 /Sep12
Britain 0.75 0.75 0.75 0.75 VangdHlthCr VHT 171.68 –0.05 6.9
Skyworks Solutions SWKS 2.0 .44 /.38 Q Sep17 /Aug27
U.S. consumer price index Magna Intl MGA 2.9 .365 Q Sep06 /Aug23
Australia 1.00 1.00 1.50 1.00 VangdHiDiv VYM 86.14 –0.52 10.5 Reduced Manulife Financial MFC 4.5 .1879 Q Sep19 /Aug20
All items 256.143 0.02 1.6 VangdIntermBd BIV 87.61 –0.24 7.8 Pan American Silver PAAS 0.8 .035 Q Aug30 /Aug19
Portman Ridge Finance PTMN 17.2 .06 /.10 Q Aug29 /Aug12
Core 263.177 0.22 2.1 Secondary market VangdIntrCorpBd VCIT 90.61 –0.23 9.4 PartnerRe Pfd. F PREpF 5.7 .36719 Q Sep03 /Aug23
VangdLC VV 134.06 –0.64 16.7 Initial PartnerRe Pfd. G PREpG 6.1 .40625 Q Sep03 /Aug23
International rates Fannie Mae VangdMC VO 165.40 –0.85 19.7
Armada Hoffler Pfd. A AHHpA 6.4 .54844 Oct15 /Oct01 PartnerRe Pfd. H PREpH 6.6 .45313 Q Sep03 /Aug23
30-year mortgage yields VangdMC Val VOE 109.42 –0.83 14.9
52.98 –0.02 2.9
PartnerRe Pfd. I PREpI 5.7 .36719 Q Sep03 /Aug23
Week 52-Week
VangdMBS VMBS Foreign
30 days 3.016 3.114 4.607 2.971 VangdRealEst VNQ 90.85 –0.12 21.8 Pembina Pipeline PBA 5.0 .1503 M Sep13 /Aug23
Latest ago High Low Banco Bradesco Ord ADR BBDO 2.3 .00434 M Oct08 /Sep04
60 days 3.043 3.138 4.632 2.997 VangdS&P500ETF VOO 267.70 –0.70 16.5 Quarterhill QTRH 2.8 .0094 Q Oct04 /Sep13
Banco Bradesco Pref ADR BBD 2.3 .00477 M Oct08 /Sep04 S&P 2xDiv Aristo ETN SDYL 5.6 .3952 M Aug20 /Aug12
Notes on data: VangdST Bond BSV 80.74 –0.07 2.8
Prime rates Chubb CB 1.9 .75 Q Oct11 /Sep20 Stantec STN 2.1 .109 Q Oct15 /Sep30
U.S. prime rate is the base rate on corporate VangdSTCpBd VCSH 80.81 –0.05 3.7
DJ 2xSelect Div ETN DVYL 8.2 .2351 M Aug20 /Aug12 Taiwan Semiconductor ADR 2.5 .3177 Oct17 /Sep20
U.S. 5.25 5.25 5.50 5.00 loans posted by at least 70% of the 10 largest VangdSC VB 153.40 –1.21 16.2
Domtar UFS 5.1 .455 Q Oct15 /Oct02
TSM A
Canada 3.95 3.95 3.95 3.70 U.S. banks, and is effective August 1, 2019. Other VangdTotalBd BND 83.97 –0.18 6.0 TE Connectivity TEL 2.0 .46 Q Sep06 /Aug23
prime rates aren’t directly comparable; lending VangdTotIntlBd BNDX 58.46 0.09 7.8
ETRACS 2xLev US Hi Div HDLV 11.4 .1731 M Aug20 /Aug12 Tsakos Energy Pfd D TNPpD 10.0 .54688 Q Aug28 /Aug23
Japan 1.475 1.475 1.475 1.475 practices vary widely by location. Complete VangdTotIntlStk VXUS 50.38 –0.77 6.7 ETRACS 2xM 092548 PFFL 9.9 .2204 M Aug20 /Aug12 Tsakos Energy Pfd E TNPpE 10.4 .57813 Q Aug28 /Aug23
Money Rates table appears Monday through VangdTotalStk VTI 148.92 –0.71 16.7 ETRACS Month Pay 2x Lvgd SMHB 23.3 .161 M Aug20 /Aug12
Policy Rates Friday. VangdTotlWrld VT 73.38 –0.77 12.1
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 109.13 –0.56 11.4 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
MercadoLibre MELI 698.98 0.3 SolarEdgeTech SEDG 84.61 1.9 AnteroResources AR 3.50 -6.1 CornerstoneBldg CNR 4.06 -10.0 ING Groep ING 9.65 -1.5 PFSweb PFSW 3.08 -16.9 Spherix SPEX 2.03 0.4
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MidAmerAptPfdI MAApI 68.12 4.3 Southern SO 58.56 0.2 ArcelorMittal MT 13.47 -7.0 Cresud CRESY 9.12 7.1 iHeartMedia IHRT 12.73 -1.0 PVH PVH 74.61 -5.0 SpiritAirlines SAVE 39.74 -2.1
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low MidAmApt MAA 123.90 0.6 SpiritRealtyCap SRC 46.56 -0.3 ArlingtonAssetPfB AIpB 21.10 -0.9 Cytosorbents CTSO 5.48 -4.3 INmuneBio INMB 6.50 -6.9 PacificDrilling PACD 4.97 -10.0 SpokHoldings SPOK 11.66 -2.7
in the latest session. % CHG-Daily percentage change from the previous trading session. ModelN MODN 26.84 -0.6 Steris STE 154.90 -0.4 AscenaRetail ASNA 0.28 -7.9 DPW DPW 2.06 2.6 Interface TILE 11.26 -3.9 ParkerDrilling PKD 11.56 -3.7 StandexInt SXI 61.14 -3.3
MosaicAcqnUn MOSC.U 10.80 1.4 SunComms SUI 141.50 1.0 AssertioTherap ASRT 1.49 -45.9 DXC Tech DXC 34.61 -30.5 JaguarHealth JAGX 1.48 -3.8 PattersonUTIEn PTEN 8.92 -5.9 Stantec STN 20.22 -1.7
Natera NTRA 33.25 1.5 SunnovaEnergy NOVA 11.95 3.9 Astrotech ASTC 2.17 -1.7 DasekeWt DSKEW 0.05 0.3 JanusHenderson JHG 18.71 -4.0 Peck PECK 4.18 -6.6 SturmRuger RGR 41.45 -3.6
Friday, August 9, 2019
NatlStorage NSA 32.17 1.3 Switch SWCH 14.94 4.3 AtHomeGroup HOME 4.74 -4.2 DataIO DAIO 3.82 1.3 JumiaTech JMIA 12.16 -6.8 PenneyJC JCP 0.60 -13.5 SummerInfant SUMR 0.21 -4.5
52-Wk % 52-Wk % 52-Wk % NatlStoragePfdA NSApA 26.55 1.1 Teleflex TFX 373.84 1.4 Athersys ATHX 1.20 -3.1 Datasea DTSS 1.06 -2.8 KB Fin KB 31.97 -1.8 PA Reit PEI 5.39 -4.6 SummitMidstream SMLP 5.60 -13.5
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Nelnet NNI 68.51 6.0 TeleNav TNAV 9.98 9.5 AtlasAir AAWW 29.00 -5.8 DestMaternity DEST 0.62 0.8 KLX Energy KLXE 11.59 -2.8 PermianBasin PBT 4.91 -2.4 SunOpta STKL 1.98 4.6
12.30 -0.7 132.24 1.4 NeoGenomics NEO 26.81 -0.5 TerraFormPower TERP 16.79 -0.8 AutolusTherap AUTL 10.76 -13.0 DonnelleyFin DFIN 11.74 -3.7 KT KT 10.92 -0.5 PivotalSoftware PVTL 8.27 -5.8 SuperCom SPCB 0.95 5.1
BluerockResREIT BRG EquityLife ELS
Highs BoozAllen
BostonBeer
BAH 72.78
SAM 411.59
0.2
-1.0
Evergy
EversourceEner ES
EVRG 62.85
78.88
0.8
...
Nevro NVRO
NextEraEnergyUn NEEpR
77.43
69.31
17.6
0.7
ThunderBridgeII THBRU 10.09
TradeDesk TTD 289.51
0.7
-0.6
BT Group
Baidu
BT
BIDU
10.59 -0.4
96.61 -2.5
Dropbox DBX
DuluthHoldings DLTH
18.40 -12.8
10.98 -4.4
KVH Inds
Kennametal
KVHI
KMT
9.01 -3.3
29.98 -4.4
Plantronics
PrecisionBio
PLT
DTIL
28.01 -10.2
8.70 -16.3
SuperiorGroup SGC
Synacor SYNC
14.15 -2.8
1.33 -2.2
ACADIA Pharm ACAD 30.38 1.7 NextEraEnergy NEE 217.18 0.6 TridentAcqns TDACU 10.60 0.1 Barclays BCS 6.89 -1.1 EnableMidstream ENBL 11.97 0.8 KewauneeSci KEQU 16.02 -1.3 ProtalixBio PLX 0.22 2.2 TD Ameritrade AMTD 44.69 -3.2
BrookfieldMgt BAM 51.03 1.5 ExtraSpaceSt EXR 119.19 -0.1
AXIS Capital AXS 64.46 0.2 NorthropGrum NOC 374.68 0.4 TrineAcqnUn TRNE.U 10.20 0.3 BarnesGroup B 44.83 -2.2 EnteraBio ENTX 1.35 9.4 Kirkland's KIRK 1.34 -9.9 ProteostasisTher PTI 0.69 -2.2 TKKSymphonyRt TKKSR 0.16 -5.9
CEVA CEVA 32.15 -3.2 FMC FMC 90.00 -0.5
AdvMicroDevices AMD 35.55 0.8 NorthwestPipe NWPX 26.71 -4.0 BedBath BBBY 8.41 -6.0 EpsilonEnergy EPSN 3.22 -9.9 KoreaElcPwr KEP 10.35 -2.9 Prothena PRTA 8.60 -3.8 TKKSymphonyWt TKKSW 0.06 -11.1
CIM Comm CMCT 23.10 8.8 FidNatlFin FNF 44.62 -0.2 TriplePtVent TPVG 15.71 -0.6
Agilysys AGYS 27.80 0.8 NovaGoldRscs NG 7.07 0.3 BelFuse B BELFB 10.73 -5.6 ErosIntl EROS 1.21 -5.9 Lear LEA 114.12 -2.3 QuickLogic QUIK 0.30 -10.5 TraconPharm TCON 0.40 7.7
CME Group CME 216.73 2.2 FidNatlInfo FIS 137.25 0.1 TwoHarborsPfdB TWOpB 26.76 1.3
AgnicoEagle AEM 60.17 -0.3 Novocure NVCR 88.47 -1.2 BellicumPharm BLCM 1.06 -8.5 ExelaTech XELA 1.26 -47.8 LeviStrauss LEVI 16.72 -1.6 QuinStreet QNST 11.14 -27.9 TakungArt TKAT 0.39 -6.9
CMS Energy CMS 60.76 0.4 FirstRepBkPfdH FRCpH 25.32 0.5 TwoRiverBancorp TRCB 20.40 50.8
AlgonquinPwr AQN 13.01 0.2 OaktreeCapital OAK 51.73 0.7 BigLots BIG 22.24 -7.7 Express EXPR 1.98 -9.1 LibertyTripAdvA LTRPA 10.40 -2.5 RTI Surgical RTIX 3.29 -7.1 TeckRscsB TECK 16.80 -6.2
CMSEnerNts2079 CMSD 27.44 0.1 FleetCorTech FLT 297.13 -0.2 TysonFoods TSN 89.34 -0.4
Alleghany Y 759.54 1.7 OutfrontMedia OUT 28.25 -1.2 BigRockPtrsRt BRPAR 0.15 -4.2 Exterran EXTN 10.27 -3.1 LincolnEduc LINC 1.51 1.1 RalphLauren RL 93.21 -3.4 Tecogen TGEN 2.90 -2.0
CableOne CABO 1271.15 0.3 Fortis FTS 40.93 0.4 US Foods USFD 39.37 0.6
AlliantEnergy LNT 51.68 0.3 75.40 1.9 4.32 -0.2 1.64 -8.3 2.34 -0.2 3.50 -4.0 Telefonica TEF 7.05 -1.9
Cardlytics CDLX 34.30 -0.1 FortressBioPfdA FBIOP 21.89 0.2 PROS PRO VeriskAnalytics VRSK 157.24 0.2 BioCardia BCDA FangHoldings SFUN LloydsBanking LYG RamacoRscs METC
AllstatePfdG ALLpG 27.22 0.6 Tellurian TELL 5.19 -4.6
CareerEducation CECO 22.26 3.5 Franco-Nevada FNV 95.41 -1.1 PSBusParksPfdX PSBpX 25.97 0.1 ViemedHealthcare VMD 8.39 -8.2 BionanoGenom BNGO 1.90 -9.7 Farfetch FTCH 9.22 -44.5 Luxfer LXFR 15.52 -4.9 Ranpak PACK 4.50 -2.9
Alphatec ATEC 6.00 1.2 Terex TEX 25.40 -3.9
Carvana CVNA 79.25 7.8 FulgentGenetics FLGT 12.20 22.1 Paylocity PCTY 111.61 9.1 WEC Energy WEC 90.17 0.6 BlackRidgeAcqn BRACU 7.65 -10.0 Fastly FSLY 15.50 -18.1 Macerich MAC 30.17 -1.5 Reading A RDI 11.72 -3.9
Alteryx AYX 135.00 -1.3 TetraphasePharm TTPH 0.31 -9.7
CentralEurMedia CETV 4.81 1.5 GabelliEqPfdG GABpG 25.50 1.0 PerionNetwork PERI 5.25 0.2 W.P.Carey WPC 88.07 0.9 BlackRidgeAcqn BRAC 4.45 -24.7 Fluidigm FLDM 6.57 5.8 Macy's M 19.36 -4.4 RealReal REAL 17.67 -23.3
AmerStWater AWR 84.90 1.2 Textainer TGH 7.20 -5.9
Chemed CHE 433.97 1.1 Genmab GMAB 19.05 0.7 Phreesia PHR 28.99 3.1 WasteMgt WM 119.56 0.5 BloomEnergy BE 8.43 -4.0 Fluor FLR 19.18 -3.0 MammothEnergy TUSK 3.94 -0.9 RedLionHotels RLH 5.95 -2.4
TherapixBiosci TRPX 2.10 -1.3
AmerTowerREIT AMT 224.71 0.5 ChimeraInvPfdA CIMpA 26.72 0.5 HCP HCP 34.30 -0.3 Pool POOL 200.00 0.9 WellsFargoPfdL WFCpL1413.00 0.6 Blucora BCOR 22.93 -1.3 FortySeven FTSV 7.70 -1.1 MartinMidstream MMLP 4.31 -7.6 RedRiverBcshs RRBI 45.75 -0.9
TileShop TTS 2.41 -5.9
AmerWaterWorks AWK 121.30 1.0 ChimeraInvPfdB CIMpB 26.59 -0.1 Haemonetic HAE 135.28 -0.8 PretiumResources PVG 13.21 0.5 Welltower WELL 88.44 0.4 Box BOX 13.91 -3.7 ForumEnergyTech FET 1.66 -8.2 MasterCraftBoat MCFT 14.47 -4.0 RegalwdGlbEnWt RWGE.WS 0.56 ...
TransWorldEnt TWMC 0.24 -11.4
AmericasSilver USAS 3.92 3.0 ChimeraInvt CIM 19.97 -0.1 HarmonyGold HMY 3.07 2.4 ProspectCapNt29 PBC 26.07 0.6 WestPharmSvcs WST 144.82 0.6 CAI Intl CAI 18.87 -2.0 Frank'sIntl FI 4.70 -5.0 MayvilleEngg MEC 11.36 -2.8 Remark MARK 0.72 -10.5
Transocean RIG 4.30 -5.5
AmericoldRealty COLD 35.51 2.5 Chipotle CMG 822.88 0.5 HartfordFinl HIG 59.04 -0.2 PublicStoragePfC PSApC 26.28 0.9 WheatonPrecMet WPM 28.19 0.7 CONSOL Energy CEIX 17.65 -2.0 FreightCarAmer RAIL 4.54 0.2 MeritMedical MMSI 36.23 -3.8 ReplayAcqnWt RPLA.WS 0.52 -8.3
TravelCenters TA 13.88 -6.8
Appian APPN 51.99 19.0 Chubb CB 160.23 1.2 HealthCatalyst HCAT 46.74 7.1 PublicStoragePfE PSApE 25.56 0.4 WhiteMtnIns WTM 1104.14 0.8 CUI Global CUI 0.63 -8.2 FrontierComm FTR 0.83 -10.7 MesaAir MESA 5.35 -32.2 ResideoTech REZI 16.32 -3.7
Trinseo TSE 30.59 -12.1
AquaAmericaUn WTRU 58.43 1.2 ChurchillCapCorp.IIWt CCX.WS 1.50 ... Hershey HSY 156.60 0.6 PublicStoragePfD PSApD 25.70 0.2 Workiva WK 64.11 ... Capri CPRI 30.52 -5.2 FulcrumTherap FULC 11.25 -7.0 Michaels MIK 5.95 -6.7 RosehillRscsWt ROSEW 0.13 -12.0 TripAdvisor TRIP 41.18 -1.3
AquaAmerica WTR 43.19 1.3 CincinnatiFin CINF 110.46 0.2 HighlandIncmPfdA HFROpA 25.27 ... PublicStorage PSA 258.71 0.4 YorkWater YORW 37.71 3.4 CarrolsRestr TAST 7.74 5.8 GamidaCell GMDA 3.52 -2.4 MiragenTherap MGEN 0.98 -18.5 RosehillRscs ROSE 1.67 -20.0 3.01 -27.0
TrueCar TRUE
AquinoxPharm AQXP 3.84 6.1 Cintas CTAS 266.56 -0.3 IDACORP IDA 106.20 -1.3 PublicStoragePfV PSApV 25.50 ... ZimmerBiomet ZBH 139.71 -0.4 Cars.com CARS 8.87 -1.8 GasLog GLOG 12.17 -1.8 NaturalGasSvcs NGS 12.28 -4.5 Ryanair RYAAY 59.47 -2.6 TurquoiseHill TRQ 0.45 -7.6
AsankoGold AKG 1.05 3.4 ClarivateAnalyWt CCC.WS 6.09 1.5 IndepRealty IRT 13.33 0.7 QTS Realty QTS 48.82 -0.7 Zoetis ZTS 125.88 0.8 CellectBiotech APOP 0.40 -3.4 Genfit GNFT 16.19 -3.2 Natuzzi NTZ 1.56 ... SINOPEC SHI 32.13 -1.9 TutorPerini TPC 9.26 -9.7
AssurantPfdD AIZP 121.27 0.2 ClarivateAnaly CCC 17.33 -0.2 Insulet PODD 152.81 4.5 QTSRealtyPfdB QTSpB 116.81 0.7 Changyou.com CYOU 6.01 -5.1 GolarLNGPartners GMLP 10.01 -2.3 NavideaBiopharm NAVB 0.49 -15.3 Safe-T SFET 1.00 1.0 TwinDisc TWIN 11.00 -7.3
Assurant
AstraZeneca
AIZ
AZN
120.59
45.28
0.3
1.4
CrowdStrike CRWD 98.00
CrownCastlePfA CCIpA 1269.17
3.5
0.2
ICE
InterXion
ICE
INXN
93.40
78.78
1.1
...
RLI
RPM
RLI
RPM
93.55
69.62
-0.6
-1.6
Lows ChaparralEnergy CHAP
Chemours CC
2.04 -14.1
13.22 -8.0
GolarLNG
Goodyear
GLNG
GT
13.23 -5.0
12.05 -2.2
NektarTherap NKTR
NeonTherap NTGN
17.50 -29.3
2.36 -7.3
SanJuanBasin SJT
SanchezMidstrm SNMP
2.56 -2.8
0.42 4.1
US Cellular USM
UniqueFabricating UFAB
35.43 -3.1
2.27 -4.4
Atlanticus ATLC 6.46 15.0 CrownCastle CCI 141.87 0.2 JacobsEngg JEC 86.43 0.4 RegionalHlthPfdA RHEpA 6.55 -5.0 ARC Document ARC 1.40 -9.5 CherryHillMtg CHMI 13.71 -3.7 GraniteConstr GVA 28.26 -4.8 Nesco NSCO 7.36 -3.9 SandRidgeEnergy SD 5.44 -3.2 UnumTherapeutics UMRX 1.75 1.7
AvonProducts AVP 4.47 ... CryoPortWt CYRXW 19.60 13.1 KinrossGold KGC 5.17 -1.8 RenaissanceRe RNR 190.71 -0.1 Ability ABIL 0.59 -1.4 ChinaDistanceEd DL 3.89 -2.6 Groupon GRPN 2.51 -6.0 NetElement NETE 3.37 3.9 Sasol SSL 19.17 -1.8 UrbanOutfitters URBN 21.08 -4.1
Azul AZUL 43.14 0.6 CryoPort CYRX 23.69 14.9 LaureateEduc LAUR 17.97 5.0 ReplayAcqn RPLA 9.94 ... AcerTherap ACER 2.34 -8.1 ChinaEastrnAir CEA 23.52 -0.7 HSBC HSBC 37.53 -1.5 NetfinAcqn NFINU 10.00 ... SchwabC SCHW 36.49 -1.5 VenatorMaterials VNTR 2.42 -14.7
BB&T Pfd H BBTpH 27.35 1.0 CubeSmart CUBE 35.36 0.6 CBTCS 04-6 JBK 29.90 1.6 Roku ROKU 128.20 2.7 AclarisTherap ACRS 0.89 -9.1 ChinaRecycling CREG 0.28 -0.3 HTG Molecular HTGM 1.04 -5.9 NeuroMetrix NURO 0.35 -2.5 ScrippsEW SSP 12.10 -11.4 ViewRay VRAY 2.76 -54.0
BRF BRFS 9.96 4.9 Cytokinetics CYTK 14.25 -0.9 LibertyFormOne A FWONA 39.42 -0.4 RoyalGold RGLD 129.86 1.9 AdaptimmuneTher ADAP 1.85 -2.0 CinerRscs CINR 15.32 -3.0 Harsco HSC 18.36 -5.0 NineEnergy NINE 9.79 -5.4 SeaDrill SDRL 2.52 -5.9 Virtusa VRTU 34.22 -21.0
Ball BLL 77.88 1.8 DRDGOLD DRD 4.08 -3.0 LibertyFormOne C FWONK 41.47 ... SBA Comm SBAC 254.68 0.7 Advaxis ADXS 0.42 -9.0 Cision CISN 6.65 -32.5 Heidrick&Strug HSII 27.32 -2.6 Noble NE 1.48 -8.5 Semgroup SEMG 9.77 -9.7 VistaOutdoor VSTO 5.05 -8.1
BallardPower BLDP 4.69 -1.5 DigitalTurbine APPS 6.39 9.7 LockheedMartin LMT 379.36 ... StoreCapital STOR 36.27 0.9 Aegon AEG 4.21 -1.8 ClearChannelOutdr CCO 2.06 3.0 Hemispherx HEB 1.91 -10.4 NovelionTherap NVLN 0.60 -1.4 SequentialBrands SQBG 0.30 -29.7 Waitr WTRH 1.31 -49.7
BancoMacro BMA 77.31 10.6 EdisonInt EIX 75.39 -1.0 LunaInnov LUNA 5.72 -3.0 SelectiveIns SIGI 80.83 -0.2 AirT Wt AIRTW 0.03 -50.0 ClovisOncology CLVS 5.20 -2.6 HimaxTechs HIMX 2.32 -13.7 Olin OLN 17.58 -0.9 ShinhanFin SHG 33.30 -2.8 Weidai WEI 7.45 -1.8
BankofAmPfdHH BACpK 27.10 0.4 ElbitSystems ESLT 166.50 ... MartinMarietta MLM 252.91 -0.6 ShakeShack SHAK 90.55 0.1 AlleghenyTechs ATI 18.30 -7.2 ColonyCredRlEst CLNC 15.06 -5.7 HomologyMed FIXX 15.06 0.1 OlympicSteel ZEUS 11.09 -5.9 SignetJewelers SIG 14.40 -9.4 WestellTech WSTL 1.57 -2.0
BankofAmPfdKK BACpM 26.04 0.7 EnphaseEnergy ENPH 32.80 0.9 MasTec MTZ 61.61 1.6 SherwinWilliams SHW 524.00 -0.7 AmericanAxle AXL 7.65 -3.4 CommScope COMM 12.14 -5.8 HookerFurniture HOFT 18.62 -2.4 OnTrackInnov OTIV 0.32 -1.3 Silicom SILC 28.59 -9.9 WideOpenWest WOW 5.94 -1.9
BankofAmPfdL BACpL1428.68 0.9 Entergy ETR 107.96 0.4 McCormickVtg MKC.V 164.20 0.7 Shopify SHOP 371.63 3.4 AnaptysBio ANAB 47.73 -2.8 Conduent CNDT 5.26 -26.3 HoughtonMifflin HMHC 4.72 -0.4 111 YI 3.25 -3.0 SilverBowRscs SBOW 8.58 -7.1 WinsFinance WINS 12.00 -11.0
BaxterIntl BAX 86.68 0.3 EntergyTX Bds EZT 27.60 -0.1 McCormick MKC 164.71 0.8 SilvercorpMetals SVM 3.82 5.9 AnchianoTherap ANCN 2.53 -3.2 ContangoO&G MCF 1.07 -5.0 HoustonWire HWCC 4.30 9.4 Organogenesis ORGO 3.80 ... SonimTech SONM 7.51 -12.8 WisdomTreeInvs WETF 5.30 -1.5
BioceresCropWt BIOX/WS 0.57 20.0 Equinix EQIX 553.52 0.6 McDonalds MCD 221.93 1.4 SimonPropPfdJ SPGpJ 71.99 2.0 AnteroMidstream AM 7.16 -5.5 CoreLabs CLB 39.79 -2.3 HudbayMinerals HBM 3.33 -3.9 OrionEngCarbons OEC 12.81 -5.8 SonomaPharm SNOA 5.38 -1.1 YY YY 51.98 -5.7
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | B11

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. s 33.11 137.25 94.53 FidNatlInfo FIS 1.0 59 136.50 0.11 9.50 57.85 42.51 MagnaIntl MGA 2.9 6 49.77 -0.29 -4.30 66.10 33.94 Schlumberger SLB 5.8 23 34.53 -0.68
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 13.64 30.31 22.12 FifthThirdBncp FITB 3.6 9 26.74 -0.10 18.18 18.95 13.33 ManulifeFin MFC 4.5 8 16.77 -0.09 t -11.22 52.70 36.49 SchwabC SCHW 1.8 14 36.87 -0.58
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. -3.45 77.60 49.93 58.com WUBA ... 21 52.34 -0.69 -10.25 24.20 11.56 MarathonOil MRO 1.6 11 12.87 0.01 78.73 114.63 57.96 ScottsMiracleGro SMG 2.1 17 109.85 -0.45
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 27.96 58.82 41.96 FirstAmerFin FAF 2.9 12 57.12 -0.65 -18.00 88.45 45.47 MarathonPetrol MPC 4.4 10 48.39 -1.13 206.45 38.00 10.52 Sea SE ... dd 34.69 -0.89
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 8.61 107.75 79.42 FirstRepBank FRC 0.8 19 94.38 0.94 10.27 1228.32 950.16 Markel MKL ... 21 1144.63 3.35 16.30 57.20 35.38 Seagate STX 5.6 6 44.88 -0.26
49.57 69.23 36.51 FirstSolar FSLR ...298 63.50 -1.26 71.38 373.98 172.09 MarketAxess MKTX 0.6 74 362.15 9.79 28.96 47.13 30.22 SealedAir SEE 1.4 19 44.93 -0.38
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 17.71 44.75 35.33 FirstEnergy FE 3.4 21 44.20 -0.05 22.02 144.24 100.62 Marriott MAR 1.4 30 132.46 2.12 35.69 84.37 50.71 SeattleGenetics SGEN ... dd 76.88 -0.19
43.28 107.06 68.45 Fiserv FISV ... 44 105.30 -0.13 24.49 103.36 74.30 Marsh&McLen MMC 1.8 34 99.28 -0.38 27.26 141.86 104.88 SempraEnergy SRE 2.8 20 137.68 0.97
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 6.68 148.22 86.57 FiveBelow FIVE ... 40 109.16 -2.99 s 45.12 252.91 150.75 MartinMarietta MLM 0.8 31 249.41 -1.57 2.01 56.03 40.78 SensataTechs ST ... 14 45.74 -0.44
s-New 52-week high. standards vj-In bankruptcy or receivership or s 59.23 297.13 172.18 FleetCorTech FLT ... 30 295.72 -0.65 52.69 27.64 14.34 MarvellTech MRVL 1.0 dd 24.72 -0.64 16.99 48.54 37.52 ServiceCorp SCI 1.5 21 47.10 0.18
t-New 52-week low. lf-Late filing being reorganized under the 11.58 63.88 40.52 FlirSystems FLIR 1.4 24 48.58 -0.13 33.93 42.58 27.03 Masco MAS 1.2 16 39.16 -0.67 55.06 58.78 34.28 ServiceMaster SERV ... dd 56.97 -0.50
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 15.20 56.86 35.88 Flowserve FLS 1.7 28 43.80 -1.33 44.17 160.25 98.23 Masimo MASI ... 44 154.80 -1.09 48.17 303.17 147.63 ServiceNow NOW ...20773 263.82 -3.29
four quarters. requirements. assumed by such companies. 4.33 100.35 80.86 FomentoEconMex FMX 1.6 27 89.78 0.65 45.75 283.33 171.89 Mastercard MA 0.5 42 274.95 -3.09 7.79 21.07 17.50 ShawComm B SJR 4.6 17 19.50 -0.09
FD-First day of trading. t-NYSE bankruptcy 23.53 10.56 7.41 FordMotor F 6.3 17 9.45 -0.11 100.21 95.32 33.30 MatchGroup MTCH ... 51 85.63 -1.54 s 32.10 524.00 355.28 SherwinWilliams SHW 0.9 42 519.76 -3.55
18.60 96.96 64.41 Fortinet FTNT ... 39 83.53 -0.84 6.00 65.73 46.64 MaximIntProducts MXIM 3.6 18 53.90 -1.44 t -5.97 41.79 33.30 ShinhanFin SHG 3.2 ... 33.37 -0.97
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. s 22.24 40.93 31.37 Fortis FTS 3.3 21 40.78 0.17 s 17.42 164.71 119.00 McCormick MKC 1.4 32 163.50 1.28 s 167.21 371.63 117.64 Shopify SHOP ... dd 369.95 12.14
4.20 89.48 62.89 Fortive FTV 0.4 9 70.50 -1.34 s 17.67 164.20 119.50 McCormickVtg MKC.V 1.4 32 163.34 1.15 17.59 137.94 98.54 SignatureBank SBNY 1.9 11 120.89 1.21
36.51 58.15 35.27 FortBrandsHome FBHS 1.7 18 51.86 -1.18 s 24.54 221.93 156.56 McDonalds MCD 2.1 29 221.15 3.14 -7.76 191.49 150.80 SimonProperty SPG 5.3 22 154.95 -0.20
Friday, August 9, 2019 YTD 52-Week Yld Net ... 41.95 33.78 FoxA FOXA 1.3 14 35.40 0.27 26.90 149.99 106.11 McKesson MCK 1.2 47 140.19 -0.31 7.18 7.25 5.23 SiriusXM SIRI 0.8 28 6.12 -0.05
% Chg Hi Lo Stock Sym % PE Last Chg ... 41.73 33.32 FoxB FOX 1.3 ... 35.37 0.37 12.62 18.92 13.98 MedicalProp MPW 5.5 7 18.11 -0.09 15.67 94.39 60.12 Skyworks SWKS 2.0 15 77.52 -2.75
YTD 52-Week Yld Net s 33.59 95.41 58.26 Franco-Nevada FNV 1.1117 93.74 -1.05 35.51 98.60 60.10 MedidataSolutions MDSO ...128 91.36 -0.08 ... 42.00 29.10 SlackTech WORK ... dd 30.78 -0.75
% Chg Hi Lo Stock Sym % PE Last Chg s 53.64 1271.15 754.43 CableOne CABO 0.6 46 1260.01 4.30
-22.28 27.64 16.82 CabotOil COG 2.1 9 17.37 -0.30 -1.15 35.82 27.34 FranklinRscs BEN 3.5 11 29.32 -1.25 11.77 103.95 81.66 Medtronic MDT 2.1 28 101.67 -0.61 94.53 55.79 20.34 Smartsheet SMAR ... dd 48.36 -0.64
ABC 61.55 77.08 39.08 CadenceDesign CDNS
47.79 28.03 16.96 CAE CAE
... 46 70.24
1.1 29 27.12
-1.15
-0.17
-5.43 15.26 9.47 FreeportMcM FCX
3.92 53.40 30.99 FreseniusMed FMS
2.1 22 9.75
1.3 9 33.66
-0.37
0.07
14.36 26.97 15.33 MelcoResorts MLCO 3.0 27 20.15
16.45 121.12 65.68 MellanoxTech MLNX ... 36 107.58
-0.18
-1.24
6.63 61.08 40.34 SmithAO
22.28 47.05 32.22 Smith&Nephew SNN
AOS 1.9 18 45.53
1.5 29 45.71
-0.38
-0.06
-5.00 24.45 17.71 ABB ABB 3.5 25 18.06 -0.09 69.66 12.23 5.83 CaesarsEnt CZR ... dd 11.52 -0.13 s 135.65 698.98 257.52 MercadoLibre MELI ... dd 690.10 2.00 19.63 128.43 91.32 Smucker SJM 3.1 25 111.84 -1.70
7.68 18.52 13.00 AES AES 3.5 26 15.57 -0.28 20.14 110.42 83.67 CamdenProperty CPT 3.0 65 105.78 0.53 GHI 11.92 87.07 65.68 Merck MRK 2.6 24 85.52 0.79 208.17 18.36 4.82 Snap SNAP ... dd 16.98 0.22
16.07 57.18 41.45 Aflac AFL 2.0 13 52.88 ... 26.67 43.66 32.03 CampbellSoup CPB 3.4 35 41.79 -0.24 14.25 51.16 37.76 MetLife MET 3.8 8 46.91 -0.26 5.31 189.46 135.29 SnapOn SNA 2.5 12 153.00 -1.47
44.34 64.85 38.72 GCI LibertyA GLIBA ... 8 59.41 -0.17 24.17 873.51 500.74 MettlerToledo MTD ... 33 702.28 -11.14 10.43 66.57 50.30 SonocoProducts SON 2.9 19 58.67 -0.52
32.33 80.64 49.50 AGCO AGCO 0.9 15 73.67 0.51 2.50 96.98 72.96 CIBC CM 5.6 9 76.40 -0.27 92.94 191.63 85.00 Galapagos GLPG ... dd 177.00 0.01
-2.68 19.39 16.19 AGNC Invt AGNC 11.2 dd 17.07 -0.11 26.82 96.49 70.36 CanNtlRlwy CNI 1.7 21 93.99 -0.01 16.84 27.25 14.66 MicroFocus MFGP 6.2 dd 20.01 -0.47 16.22 61.02 41.91 Sony SNE 0.4 10 56.11 -0.14
22.69 92.74 68.19 Gallagher AJG 1.9 25 90.42 0.22 22.15 101.35 60.70 MicrochipTech MCHP 1.7 59 87.85 -2.95 s 32.81 58.56 42.50 Southern SO 4.3 14 58.33 0.14
45.70 215.39 136.80 Ansys ANSS ... 41 208.27 -3.06 1.08 35.95 21.85 CanNaturalRes CNQ 4.6 8 24.39 -0.06 16.77 40.82 31.19 Gaming&Leisure GLPI 7.2 24 37.73 -0.07
14.67 4.92 3.46 ASETech ASX 2.5 11 4.30 -0.11 31.24 247.52 167.48 CanPacRlwy CP 1.1 19 233.10 1.02 30.85 53.68 28.39 MicronTech MU ... 5 41.52 -1.11 3.93 45.98 29.01 SoCopper SCCO 5.0 17 31.98 -1.30
-30.86 32.98 17.12 Gap GPS 5.4 6 17.81 -0.39 35.58 141.68 93.96 Microsoft MSFT 1.3 27 137.71 -1.18 8.54 64.02 44.28 SouthwestAir LUV 1.4 12 50.45 -0.04
38.79 234.50 144.50 ASML ASML 0.9 35 215.99 -4.04 -2.86 32.27 26.36 Canon CAJ 4.7 18 26.81 -0.23 48.70 36.22 18.70 GardnerDenver GDI ... 24 30.41 -0.54
21.02 34.64 26.80 AT&T T 5.9 15 34.54 ... 22.44 59.25 24.46 CanopyGrowth CGC ... dd 32.90 0.04 s 29.34 123.90 91.21 MidAmApt MAA 3.1 60 123.78 0.70 3.20 100.34 64.48 SpiritAeroSys SPR 0.6 12 74.40 -0.82
24.83 89.72 59.98 Garmin GRMN 2.9 20 79.04 0.39 9.40 142.98 96.65 Middleby MIDD ... 19 112.39 -1.68 24.16 143.70 83.69 Splunk SPLK ... dd 130.18 3.30
26.28 23.21 14.72 AXA Equitable EQH 2.9 11 21.00 0.09 16.03 101.26 69.90 CapitalOne COF 1.8 8 87.71 -1.05 2.14 171.78 120.89 Gartner IT ... 54 130.58 -1.89
19.76 88.76 63.07 AbbottLabs ABT 1.5 53 86.62 1.06 -0.56 58.31 41.03 CardinalHealth CAH 4.3 10 44.35 0.46 -1.03 6.47 4.49 MitsubishiUFJ MUFG 3.4 7 4.82 -0.04 36.57 196.95 103.29 Spotify SPOT ...100 155.01 -2.65
17.10 207.72 143.87 GeneralDynamics GD 2.2 16 184.10 -0.07 -0.67 3.65 2.66 MizuhoFin MFG 3.5 44 2.98 0.01 17.01 8.06 5.44 Sprint S ... dd 6.81 -0.04
-28.86 100.23 63.31 AbbVie ABBV 6.5 24 65.58 0.13 40.18 146.16 92.16 Carlisle CSL 1.4 20 140.91 0.02 25.74 13.25 6.40 GeneralElec GE 0.4 dd 9.15 -0.34
-41.24 459.75 181.02 Abiomed ABMD ... 34 191.00 -0.70 33.96 92.01 55.24 CarMax KMX ... 17 84.03 ... 12.00 9.63 6.64 MobileTeleSys MBT 7.2 47 7.84 -0.04 15.90 101.15 49.82 Square SQ ... dd 65.01 -1.26
38.47 54.74 36.42 GeneralMills GIS 3.6 19 53.92 -0.10 -0.16 196.30 109.35 MohawkInds MHK ... 11 116.77 -1.19 14.64 155.22 106.41 StanleyBlackDck SWK 2.0 29 137.27 -2.13
35.79 197.47 132.63 Accenture ACN 1.5 27 191.48 -2.70 -6.69 67.69 44.58 Carnival CCL 4.3 10 46.00 -0.45 18.42 41.90 30.56 GeneralMotors GM 3.8 6 39.61 -0.49
3.20 84.68 39.85 ActivisionBliz ATVI 0.8 22 48.06 -1.27 -8.74 67.00 43.22 Carnival CUK 4.5 10 44.47 -0.52 15.68 159.00 105.28 MolinaHealthcare MOH ... 11 134.44 -0.77 49.53 99.72 51.20 Starbucks SBUX 1.5 34 96.30 0.03
48.28 110.72 68.27 Genesee&Wyoming GWR ... 30 109.76 -0.13 6.74 75.20 54.42 MolsonCoors A TAP.A 3.5 13 66.00 -4.01 20.14 23.85 19.16 StarwoodProp STWD 8.1 18 23.68 -0.07
30.32 313.11 204.95 Adobe ADBE ... 55 294.83 -2.95 30.09 167.98 110.43 CaseysGenStores CASY 0.8 30 166.70 -0.09 s 15.82 19.05 12.09 Genmab GMAB ... 10 18.94 0.13
-8.34 186.15 139.96 AdvanceAuto AAP 0.2 25 144.33 -0.10 83.42 58.38 29.23 Catalent CTLT ... 54 57.19 ... -6.25 69.13 49.92 MolsonCoors B TAP 4.3 13 52.65 -0.07 -16.03 90.20 51.34 StateStreet STT 3.5 10 52.96 -0.45
55.32 44.55 25.48 Genpact G 0.8 28 41.92 0.01 36.62 55.84 38.78 Mondelez MDLZ 2.1 27 54.69 -0.26 -6.16 48.17 25.02 SteelDynamics STLD 3.4 6 28.19 -1.12
s 85.21 35.55 16.03 AdvMicroDevices AMD ...194 34.19 0.27 -6.05 159.37 112.06 Caterpillar CAT 3.5 11 119.38 -2.64 34.54 27.95 17.80 Gentex GNTX 1.7 17 27.19 -0.54
t -8.60 6.81 4.21 Aegon AEG 6.6 10 4.25 -0.08 21.32 119.29 82.91 Celanese CE 2.3 14 109.15 0.01 77.81 184.78 60.56 MongoDB MDB ... dd 148.90 -0.61 s 44.07 154.90 99.14 Steris STE 0.9 41 153.94 -0.68
-4.78 115.20 89.25 GenuineParts GPC 3.3 17 91.43 -0.48 28.34 161.50 101.99 MonolithicPower MPWR 1.1 63 149.19 -3.25 27.74 21.06 12.00 STMicroelec STM 1.2 14 17.73 0.17
33.18 57.94 36.16 AerCap AER ... 7 52.74 -0.46 48.45 98.97 58.59 Celgene CELG ... 13 95.14 -0.15 23.16 40.40 28.11 Gildan GIL 1.4 26 37.39 -0.46
1.75 82.27 61.01 AgilentTechs A 1.0 20 68.64 -0.85 21.48 10.65 6.15 CenovusEnergy CVE 1.8 51 8.54 0.05 20.34 66.38 47.74 MonsterBev MNST ... 31 59.23 -2.95 95.61 45.62 16.14 StoneCo STNE ... ... 36.07 -2.03
4.30 79.61 60.32 GileadSciences GILD 3.9 14 65.24 0.42 52.91 220.68 129.26 Moody's MCO 0.9 33 214.13 -0.52 39.55 222.59 144.75 Stryker SYK 1.0 23 218.74 0.95
s 46.63 60.17 32.18 AgnicoEagle AEM 0.8 dd 59.24 -0.16 -15.52 74.49 45.44 Centene CNC ... 16 48.70 -0.75 5.91 42.47 36.41 GSK GSK 4.9 18 40.47 -0.03
43.62 232.47 148.44 AirProducts APD 2.0 30 229.87 1.89 -2.16 31.42 26.73 CenterPointEner CNP 4.2 24 27.62 -0.21 4.67 50.42 36.74 MorganStanley MS 3.4 9 41.50 0.23 3.99 8.42 6.33 SumitomoMits SMFG 4.0 7 6.77 -0.11
55.21 172.20 94.81 GlobalPayments GPN 0.0 52 160.07 -0.31 40.99 157.96 99.67 Morningstar MORN 0.7 38 154.86 1.09 s 38.86 141.50 94.63 SunComms SUI 2.1 93 141.23 1.43
47.22 90.76 57.18 AkamaiTech AKAM ... 35 89.92 1.01 74.33 11.16 3.51 CentraisElBras EBR ... 4 11.07 0.12 18.09 93.26 69.68 GlobeLife GL 0.8 14 88.01 -0.09
5.06 74.83 53.39 AlaskaAir ALK 2.2 16 63.93 -0.60 -28.84 24.20 9.64 CenturyLink CTL 9.3 dd 10.78 0.08 -22.63 37.37 20.05 Mosaic MOS 0.9 34 22.60 -0.47 19.89 42.59 31.49 SunLifeFinancial SLF 4.0 13 39.79 -0.13
-3.09 84.97 56.66 GoDaddy GDDY ...209 63.59 -2.38 53.25 179.14 108.25 MotorolaSol MSI 1.3 30 176.30 -2.76 2.32 42.16 25.81 SuncorEnergy SU 4.5 11 28.62 ...
-8.85 108.74 63.10 Albemarle ALB 2.1 14 70.25 -3.24 51.78 56.10 31.39 CeridianHCM CDAY ...356 52.35 0.76 23.86 245.08 151.70 GoldmanSachs GS 2.4 9 206.90 -0.10
... 63.73 53.78 Alcon ALC ... ... 59.95 0.31 36.17 76.47 48.78 Cerner CERN 1.0 39 71.41 -0.08 -28.91 39.59 16.63 Mylan MYL ...325 19.48 0.39 21.11 75.08 46.05 SunTrustBanks STI 3.3 11 61.09 -0.27
11.06 53.91 37.36 Graco GGG 1.4 23 46.48 -0.71 42.01 155.76 100.54 NICE NICE ... 57 153.67 0.02 -22.68 26.94 14.86 Suzano SUZ 1.3 dd 15.31 -0.52
26.10 153.51 109.04 AlexandriaRlEst ARE 2.8 42 145.32 -1.13 17.16 149.06 103.00 CharlesRiverLabs CRL ... 30 132.60 -2.20 -4.96 372.06 255.09 Grainger GWW 2.1 18 268.36 -6.88
12.96 141.86 92.56 AlexionPharm ALXN ... 19 109.98 -2.13 33.20 417.13 272.91 CharterComms CHTR ... 64 379.57 -0.46 -13.76 43.66 32.41 NRG Energy NRG 0.4 19 34.15 -0.97 21.67 26.07 17.43 Symantec SYMC 1.3129 22.99 0.07
30.93 130.10 90.67 GrandCanyonEduc LOPE ... 26 125.88 1.00 44.63 3582.99 2040.71 NVR NVR ... 17 3524.56 -18.74 50.30 36.87 21.77 SynchronyFin SYF 2.5 7 35.26 0.25
16.09 195.72 129.77 Alibaba BABA ... 4 159.12 -3.10 8.17 132.75 98.57 CheckPoint CHKP ... 22 111.04 -0.66 19.93 23.03 17.42 Grifols GRFS 1.4 23 22.02 -0.09
-12.46 398.88 177.93 AlignTech ALGN ... 36 183.33 -4.95 s 52.37 433.97 260.03 Chemed CHE 0.3 36 431.63 4.89 36.30 108.51 67.62 NXP Semi NXPI 1.0 15 99.88 -1.60 55.51 138.72 79.14 Synopsys SNPS ... 33 131.00 -0.97
-13.72 149.35 60.20 GrubHub GRUB ...242 66.27 -3.19 20.80 104.69 75.49 Nasdaq NDAQ 1.9 31 98.54 0.28 12.29 51.55 29.93 SynovusFin SNV 3.3 11 35.92 -0.37
s 20.39 759.53 574.42 Alleghany Y ... 35 750.42 12.41 5.32 71.03 55.09 CheniereEnergy LNG ... 63 62.34 -0.47 174.22 112.22 27.04 GuardantHealth GH
19.28 47.21 32.55 CheniereEnerPtrs CQP ... dd 103.08 -7.22 6.38 59.01 46.36 NationalGrid NGG 6.0 18 51.04 -0.36 11.70 75.98 59.44 Sysco SYY 2.2 23 69.99 -0.64
23.86 111.99 74.83 Allegion ALLE 1.1 21 98.73 -0.42 5.7 33 43.06 -0.56 20.60 109.06 73.82 Guidewire GWRE ...105 96.76 -1.71
19.59 197.00 114.27 Allergan AGN 1.9 dd 159.84 -0.01 12.53 127.60 100.22 Chevron CVX 3.9 16 122.42 -0.81 -3.57 51.00 38.01 NatlInstruments NATI 2.3 38 43.76 0.11
2.43 250.27 133.56 AllianceData ADS 1.6 10 153.72 -1.56 ... 41.34 29.03 Chewy CHWY ... dd 33.75 -0.20
2.45 147.42 110.31 HCA Healthcare HCA 1.3 12 127.50
s 22.09 34.30 24.47 HCP HCP 4.3 17 34.10
0.88
-0.11
-21.87 47.46 19.57 NatlOilwell NOV 1.0 dd 20.08 -0.76 TUV
s 21.87 51.68 40.68 AlliantEnergy LNT 2.8 24 51.49 0.15 9.63 14.51 9.86 ChinaLifeIns LFC 0.8 18 11.50 -0.25 13.36 55.97 42.97 NatlRetailProp NNN 3.7 39 54.99 -0.01
8.96 131.78 85.43 HDFC Bank HDB 0.6 ... 112.87 0.28 -21.94 88.08 44.79 NetApp NTAP 4.1 10 46.58 -1.17 20.69 39.66 21.08 TAL Education TAL ... 66 32.20 ...
25.97 109.13 77.00 Allstate ALL 1.9 14 104.09 -1.21 -13.88 55.84 40.02 ChinaMobile CHL 4.5 9 41.34 0.83 2.00 47.13 35.35 HD Supply HDS ... 17 38.27 -0.24 34.73 51.36 34.58 TC Energy TRP 4.6 14 48.10 ...
40.56 34.23 20.60 AllyFinancial ALLY 2.1 8 31.85 -0.20 -14.84 102.47 59.31 ChinaPetrol SNP 9.2 8 60.12 -0.79 3.20 289.69 184.60 Netease NTES 0.9 27 242.90 4.88
-5.77 27.08 18.06 HP HPQ 3.3 8 19.28 -0.25 15.42 386.80 231.23 Netflix NFLX ...121 308.93 -6.97 t -8.60 60.22 44.69 TD Ameritrade AMTD 2.7 12 44.75 -1.48
10.79 124.22 60.27 AlnylamPharm ALNY ... dd 80.78 -2.19 -14.02 57.09 42.34 ChinaTelecom CHA 3.3 11 43.62 0.49 t -8.10 46.62 37.53 HSBC 18.70 97.99 69.84 TE Connectivity TEL 2.0 10 89.77 -0.45
14.72 1289.27 970.11 Alphabet C GOOG ... 29 1188.01 -16.79 -13.04 13.66 9.05 ChinaUnicom CHU 1.9 18 9.27 ...
HSBC 6.7 11 37.78 -0.57 33.73 126.98 64.72 Neurocrine NBIX ...715 95.50 -2.35
s 32.96 135.28 80.23 Haemonetic HAE ...143 133.03 -1.07 89.45 109.90 50.30 NewOrientalEduc EDU ... 70 103.84 -0.38 8.60 38.32 32.46 Telus TU 4.7 16 35.99 -0.04
13.77 1296.97 977.66 Alphabet A GOOGL ... 24 1188.90 -17.29 s 89.42 822.88 383.20 Chipotle CMG ... 92 817.90 3.85 -26.56 42.57 19.11 Halliburton HAL 3.7 13 19.52 -0.41 2.67 17.68 12.79 TIM Part TSU 1.6 7 15.75 -0.26
20.85 79.18 54.75 Altaba AABA ... dd 70.02 0.08 s 23.56 160.23 119.54 Chubb CB 1.9 20 159.62 1.84 5.49 18.75 13.86 NewResidInvt NRZ 13.3 18 14.99 -0.28
s 31.83 59.04 40.54 HartfordFinl HIG 2.0 13 58.60 -0.10 -14.79 24.57 13.04 NewellBrands NWL 5.8 dd 15.84 -0.36 18.37 57.15 41.49 TJX TJX 1.7 22 52.96 -0.57
s 120.43 135.00 42.23 Alteryx AYX ...464 131.09 -1.77 -5.28 36.92 33.61 ChunghwaTel CHT 4.3 23 33.90 -0.11 40.96 126.87 76.84 Hasbro HAS 2.4 47 114.53 -2.11 21.87 85.22 59.96 T-MobileUS TMUS ... 20 77.52 -0.38
62.47 27.74 14.49 AlticeUSA ATUS ... 62 26.84 0.05 16.62 79.22 54.46 Church&Dwight CHD 1.2 32 76.69 -0.51 12.64 40.33 29.06 NewmontGold NEM 1.4 dd 39.03 -0.26
8.93 29.39 24.21 HealthcareAmer HTA 4.6 27 27.57 0.02 21.82 15.20 10.85 NewsCorp B NWS 1.4 dd 14.07 0.71 17.69 118.03 84.59 TRowePrice TROW 2.8 14 108.65 -1.60
-6.54 66.04 42.40 Altria MO 6.9 14 46.16 -0.34 28.72 46.78 25.71 Ciena CIEN ... 36 43.65 -0.23 21.91 101.58 50.29 HealthEquity HQY ... 50 72.72 -7.13 12.19 45.64 34.21 TaiwanSemi TSM 2.5 20 41.41 -0.49
8.52 23.91 2.65 Amarin AMRN ... dd 14.77 -3.04 -10.54 226.60 141.95 Cigna CI 0.0 16 169.90 3.30 20.70 15.06 10.65 NewsCorp A NWSA 1.5 52 13.70 0.67
83.82 143.71 71.47 Heico HEI 0.1 66 142.42 -0.40 s 24.54 217.18 164.25 NextEraEnergy NEE 2.3 31 216.48 1.26 25.19 139.91 84.41 TakeTwoSoftware TTWO ... 48 128.87 -2.52
20.35 2050.50 1307.00 Amazon.com AMZN ... 75 1807.58 -25.31 s 42.04 110.46 71.01 CincinnatiFin CINF 2.0 15 109.97 0.23 74.56 111.40 57.84 Heico A HEI.A 0.1 51 109.97 -0.81 4.99 21.63 15.94 TakedaPharm TAK 3.5 66 17.66 0.19
28.83 5.45 3.77 Ambev ABEV ... 27 5.05 -0.05 s 56.81 266.56 155.98 Cintas CTAS 0.8 33 263.42 -0.87 -6.99 28.50 21.15 NielsenHoldings NLSN 6.5 dd 21.70 -0.42
2.40 72.81 56.58 HenrySchein HSIC ... 20 63.03 0.45 10.57 90.00 66.53 Nike NKE 1.1 33 81.98 -1.02 -18.84 54.35 27.24 Tapestry TPR 4.9 11 27.39 -1.08
... 11.77 10.11 Amcor AMCR ... ... 10.47 -0.14 21.00 58.26 40.25 CiscoSystems CSCO 2.7 18 52.43 -0.73 -35.67 61.77 36.62 Herbalife HLF ... 19 37.92 -0.23 -0.44 59.21 33.55 TargaResources TRGP 10.2 dd 35.86 -0.10
9.73 67.57 52.60 Amdocs DOX 1.8 22 64.28 0.18 26.87 75.24 48.42 Citigroup C 3.1 9 66.05 -0.69 12.70 30.34 24.19 NiSource NI 2.8 95 28.57 -0.23
s 45.06 156.59 96.75 Hershey HSY 2.0 27 155.48 0.91 18.12 32.73 17.11 NobleEnergy NBL 2.2 dd 22.16 -0.08 24.69 90.39 60.15 Target TGT 3.2 14 82.41 -1.39
9.66 403.93 316.00 Amerco UHAL ... 19 359.79 1.75 12.04 41.76 27.62 CitizensFin CFG 3.8 9 33.31 -0.19 49.68 74.81 35.59 Hess HES 1.6 dd 60.62 0.27 25.13 32.91 18.20 TechnipFMC FTI 2.1 dd 24.50 -0.76
17.57 77.77 62.05 Ameren AEE 2.5 24 76.69 0.37 -10.23 114.55 90.28 CitrixSystems CTXS 1.5 25 91.98 -0.44 -7.04 6.65 4.71 Nokia NOK 1.6 dd 5.41 0.01
1.36 17.59 12.09 HewlettPackard HPE 3.4 66 13.39 -0.16 -3.76 5.05 3.05 NomuraHoldings NMR 1.3 dd 3.58 -0.08 t -21.82 25.82 16.80 TeckRscsB TECK 0.9 5 16.84 -1.11
-1.05 17.62 12.00 AmericaMovil AMX 2.5 14 14.10 -0.21 2.68 167.70 139.25 Clorox CLX 2.7 25 158.27 -0.71 41.82 85.63 53.50 Hexcel HXL 0.8 24 81.32 -0.06 43.23 306.46 189.35 TeledyneTech TDY ... 31 296.58 -2.42
-10.37 43.89 27.02 AmerAirlines AAL 1.4 9 28.78 -0.30 12.82 54.82 44.25 Coca-Cola KO 3.0 33 53.42 -0.27 15.86 149.23 110.16 Nordson NDSN 1.0 25 138.28 -0.96
19.90 109.18 81.82 Hill-Rom HRC 0.8 33 106.17 -1.12 18.83 211.46 138.65 NorfolkSouthern NSC 1.9 17 177.70 -2.81 s 43.78 373.84 226.02 Teleflex TFX 0.4 64 371.65 5.27
12.95 49.33 38.40 AmCampus ACC 4.0 77 46.75 -0.21 21.20 58.35 41.64 Coca-Cola Euro CCEP 2.4 25 55.57 -0.27 33.12 101.14 63.76 Hilton HLT 0.6 35 95.58 -0.19 -2.48 10.46 7.63 Ericsson ERIC 0.82276 8.65 -0.07
20.38 91.99 68.92 AEP AEP 3.0 23 89.97 0.46 13.19 59.18 34.88 Cognex CGNX 0.5 37 43.77 -0.77 7.01 110.00 75.96 NorthernTrust NTRS 3.1 14 89.45 -1.12
-5.01 76.56 37.73 HollyFrontier HFC 2.7 9 48.56 -2.48 s 51.30 374.68 223.63 NorthropGrum NOC 1.4 18 370.54 1.58 11.40 14.47 9.21 TelefonicaBras VIV ... 12 13.29 -0.19
32.36 129.34 89.05 AmerExpress AXP 1.2 16 126.17 0.88 -1.61 78.59 56.73 CognizantTech CTSH 1.3 17 62.46 -1.50 21.82 52.19 37.47 Hologic HOLX ... dd 50.07 0.01 t -16.43 9.08 7.05 Telefonica TEF 5.5 10 7.07 -0.14
13.59 114.65 84.18 AmericanFin AFG 1.6 13 102.83 -0.44 20.16 76.41 57.41 ColgatePalm CL 2.4 27 71.52 -0.19 17.15 59.71 39.36 NorwegCruise NCLH ... 11 49.66 1.06
22.23 219.30 158.09 HomeDepot HD 2.6 21 210.02 -1.55 19.71 95.00 71.70 Novartis NVS 2.0 19 90.82 -0.41 15.53 30.60 21.75 TelekmIndonesia TLK 2.1 21 30.28 0.08
24.79 26.00 18.91 AmHomes4Rent AMH 0.8103 24.77 -0.07 18.80 109.74 80.03 ColumbiaSportswr COLM 1.0 22 99.90 -0.91 -9.49 31.04 23.74 HondaMotor HMC 3.7 9 23.94 -0.24 7.18 35.86 20.45 Tenaris TS 3.6 14 22.85 -0.35
42.76 57.59 36.16 AIG AIG 2.3 dd 56.26 -0.56 26.08 45.30 32.61 Comcast A CMCSA 2.0 16 42.93 0.27 9.12 52.83 41.23 NovoNordisk NVO 1.8 20 50.27 -0.40
26.15 178.47 123.48 Honeywell HON 2.0 18 166.67 -0.34 s 158.30 88.47 26.02 Novocure NVCR ... dd 86.48 -1.01 66.25 58.61 28.73 Teradyne TER 0.7 20 52.17 -0.23
s 40.48 224.71 140.40 AmerTowerREIT AMT 1.6 67 222.23 1.21 -8.82 100.64 62.06 Comerica CMA 4.3 8 62.63 -0.59 -29.38 379.49 176.99 Tesla TSLA ... dd 235.01 -3.29
-2.27 46.26 36.25 HormelFoods HRL 2.0 23 41.71 -0.07 -1.45 66.03 47.13 Nucor NUE 3.1 7 51.06 -1.11
s 32.81 121.30 85.88 AmerWaterWorks AWK 1.7 38 120.55 1.14 2.93 69.10 53.40 CommerceBcshrs CBSH 1.8 15 58.02 0.69 -54.47 25.96 6.34 TevaPharm TEVA ... dd 7.02 -0.27
36.27 48.38 32.39 DR Horton DHI 1.3 11 47.23 -0.54 11.96 58.99 43.96 Nutrien NTR 3.4157 52.62 -0.11
s 38.49 35.51 21.45 AmericoldRealty COLD 2.3197 35.37 0.87 79.80 14.60 5.58 SABESP SBS ... 18 14.51 0.18 27.63 130.37 87.70 TexasInstruments TXN 2.6 22 120.61 -3.70
-0.18 21.94 15.94 HostHotels HST 4.8 11 16.64 -0.16 15.49 292.76 124.46 NVIDIA NVDA 0.4 29 154.18 -4.08
26.30 153.91 95.69 Ameriprise AMP 2.9 10 131.82 -3.12 34.13 38.43 20.22 ConagraBrands CAG 3.0 19 28.65 0.45 36.19 135.42 89.51 HowardHughes HHC ... 54 132.95 -1.02 1.70 72.87 43.27 Textron TXT 0.2 9 46.77 -1.48
17.54 94.85 69.36 AmerisourceBrgn ABC 1.8 20 87.45 -0.44 -30.04 160.81 63.92 ConchoRscs CXO 0.7 28 71.91 -1.50
26.04 92.30 63.14 Ametek AME 0.7 24 85.33 -1.60 -13.38 80.24 52.30 ConocoPhillips COP 2.3 9 54.01 -1.06
10.13 45.39 24.90 Huazhu
27.46 137.67 91.88 Hubbell
HTHT ... 92 31.53
HUBB 2.7 19 126.62
0.15
-2.48
OPQ 23.50 305.45 208.34 ThermoFisherSci TMO 0.3 32 276.37
40.30 70.93 45.99 ThomsonReuters TRI 2.1 70 67.78
-4.13
0.30
0.81 210.19 166.30 Amgen AMGN 3.0 16 196.25 11.02 14.13 90.51 73.30 ConEd ED 3.4 21 87.26 -0.27 52.45 196.79 108.39 HubSpot HUBS ... dd 191.67 -4.55 9.39 44.41 35.29 OGE Energy OGE 3.4 21 42.87 -0.12 -14.21 219.75 158.04 3M MMM 3.5 20 163.47 -0.75
7.27 105.51 74.95 Amphenol APH 1.2 22 86.91 -1.83 18.82 229.94 151.40 ConstBrands B STZ.B 1.4 13 195.68 7.93 3.94 355.88 225.65 Humana HUM 0.7 16 297.78 2.53 27.99 72.38 50.26 ONEOK OKE 5.0 23 69.05 0.11 11.24 138.41 73.04 Tiffany TIF 2.6 19 89.56 -1.60
28.93 124.78 76.62 AnalogDevices ADI 2.0 26 110.66 -1.67 20.73 228.91 150.37 ConstBrands A STZ 1.5 16 194.15 0.89 6.09 127.93 83.64 JBHunt JBHT 1.1 23 98.71 -0.57 9.87 414.63 314.08 OReillyAuto ORLY ... 23 378.31 -3.28 31.46 75.13 52.97 Toro TTC 1.2 27 73.46 0.33
112.32 60.36 20.37 Anaplan PLAN ... dd 56.35 -1.29 -22.07 71.95 29.87 ContinentalRscs CLR 0.6 13 31.32 -0.41 9.06 16.52 11.12 HuntingtonBcshs HBAN 4.6 10 13.00 ... -23.22 83.35 44.88 OccidentalPetrol OXY 6.7 9 47.13 ... 13.64 62.00 47.73 TorontoDomBk TD 4.0 12 56.50 -0.20
61.27 21.74 7.08 AngloGoldAsh AU 0.3 63 20.24 -0.32 32.37 343.33 228.65 Cooper COO 0.0 39 336.87 2.73 10.01 262.32 173.80 HuntingIngalls HII 1.6 13 209.36 -2.76 110.34 141.85 41.88 Okta OKTA ... dd 134.20 -1.97 -6.50 65.69 47.91 Total TOT ... 12 48.79 -0.53
49.25 102.70 64.55 AB InBev BUD 1.5 45 98.22 -0.29 58.27 79.74 44.61 Copart CPRT ... 33 75.62 -0.02 11.66 81.57 63.45 HyattHotels H 1.0 19 75.48 -0.29 33.67 170.22 115.00 OldDomFreight ODFL 0.4 21 165.07 -3.70 58.78 138.66 75.58 TotalSystem TSS 0.4 38 129.07 -0.34
-3.87 10.76 8.74 AnnalyCap NLY 12.2 dd 9.44 -0.09 -6.39 36.56 27.67 Corning GLW 2.8 17 28.28 -0.87 ... 48.49 36.00 IAA IAA ... ... 45.01 -2.00 10.70 23.39 19.55 OldRepublic ORI 3.5 9 22.77 -0.05 11.11 133.16 111.12 ToyotaMotor TM 2.7 11 128.98 -0.37
9.40 317.99 227.16 Anthem ANTM 1.1 19 287.33 -1.32 ... 32.78 24.35 Corteva CTVA 1.6 dd 31.63 0.02 39.02 268.72 158.29 IAC/InterActive IAC ... 45 254.46 -2.36 10.04 40.30 31.00 OmegaHealthcare OHI 6.8 32 38.68 0.27 28.93 114.25 78.67 TractorSupply TSCO 1.3 24 107.58 -1.50
30.32 198.61 135.30 Aon AON 0.9 34 189.43 -0.27 87.86 638.16 315.85 CoStar CSGP ... 80 633.74 4.82 7.25 85.05 65.85 Omnicom OMC 3.3 13 78.55 -0.26 s 134.31 289.51 102.35 TradeDesk TTD ...131 271.94 -1.73
13.99 12.65 8.07 ICICI Bank IBN 0.6 40 11.73 -0.09
-16.30 50.03 21.44 Apache APA 4.6 dd 21.97 -0.48 34.48 284.31 189.51 Costco COST 0.9 34 273.94 -0.86 3.45 23.54 14.55 ON Semi ON ... 13 17.08 -0.85 ... 50.48 33.68 Tradeweb TW 0.7 ... 45.23 0.99
49.91 292.17 176.11 IdexxLab IDXX ... 60 278.86 3.29
12.27 52.49 43.03 ApartmtInv AIV 3.1 22 50.80 0.13 58.08 14.13 5.91 Coty COTY 4.8 dd 10.37 -0.05 17.88 44.49 30.99 OpenText OTEX 1.8 36 38.43 -0.12 60.19 555.27 307.36 TransDigm TDG 0.0 41 544.73 -6.10
34.27 66.07 44.52 IHS Markit INFO ... 64 64.41 0.02
33.82 36.49 22.63 ApolloGlbMgmt APO 6.0 28 32.84 -1.16 119.15 148.00 52.01 CoupaSoftware COUP ... dd 137.76 -0.31 t -8.72 14.08 9.65 ING Groep 19.38 60.50 42.40 Oracle ORCL 1.8 18 53.90 -0.75 45.83 84.71 52.15 TransUnion TRU 0.4 50 82.83 -1.64
27.42 233.47 142.00 Apple AAPL 1.5 17 200.99 -1.67 ING 6.3 7 9.73 -0.14
-6.44 252.49 206.25 Credicorp BAP 2.9 13 207.40 -7.44 -2.21 25.19 15.38 Invesco IVZ 7.6 11 16.37 -0.70 -8.65 17.06 14.57 Orange ORAN 4.2 17 14.79 -0.03 24.48 155.09 111.08 Travelers TRV 2.2 15 149.07 0.85
44.01 52.42 28.79 ApplMaterials AMAT 1.8 13 47.15 -0.71 23.85 509.99 356.12 CreditAcceptance CACC ... 14 472.81 ... -1.54 84.51 67.00 Orix IX 4.2 6 70.45 -0.30 16.26 46.25 29.75 Trimble TRMB ... 31 38.26 -1.08
7.43 182.17 104.64 IPG Photonics IPGP ... 22 121.71 -3.03
28.71 126.19 88.26 Aptargroup ATR 1.2 37 121.08 -1.79 6.63 15.99 10.23 CreditSuisse CS ... 13 11.58 ... 22.96 61.53 40.64 OwensCorning OC 1.6 12 54.08 -1.23 t -20.88 69.00 41.18 TripAdvisor TRIP ... 44 42.68 -0.58
34.29 164.13 104.90 IQVIA IQV ...128 156.00 -2.10
35.68 96.02 58.80 Aptiv APTV 1.1 22 83.54 -1.92 35.87 69.21 33.72 Cree CREE ... dd 58.12 -3.60 ... 16.45 15.02 OwlRock ORCC 7.8 11 15.90 -0.01 49.74 151.00 62.43 Twilio TWLO ... dd 133.72 2.04
s 25.88 43.19 32.09 AquaAmerica WTR 2.2 56 43.04 0.57 31.62 79.70 50.33 IcahnEnterprises IEP 10.6 18 75.13 -0.32
s ... 98.00 56.00 CrowdStrike CRWD ... dd 94.90 3.25 20.90 165.13 118.10 Icon ICLR ... 24 156.21 -0.83 -23.71 49.42 5.07 PG&E PCG ... dd 18.12 -0.39 44.50 43.48 26.19 Twitter TWTR ... 14 41.53 -0.54
31.52 43.70 25.49 Aramark ARMK 1.2 18 38.10 0.44 s 30.02 141.87 103.21 CrownCastle CCI 3.2 82 141.24 0.30 28.33 173.84 117.72 IDEX IEX 1.2 29 162.03 -0.09 13.20 147.00 108.45 PNC Fin PNC 3.5 12 132.34 0.75 37.52 257.50 173.26 TylerTech TYL ... 79 255.54 -0.23
t -34.59 32.73 13.47 ArcelorMittal MT 1.3 7 13.52 -1.01 56.84 66.33 39.05 CrownHoldings CCK ... 19 65.20 -0.35 -23.06 74.95 41.73 POSCO PKX 4.4 10 42.27 -0.90 s 65.49 89.34 49.77 TysonFoods TSN 1.7 15 88.37 -0.33
18.03 160.78 117.75 IllinoisToolWks ITW 2.9 20 149.53 -1.32
47.42 40.07 24.79 ArchCapital ACGL ... 13 39.39 -0.07 25.39 46.50 25.00 Ctrip.com CTRP ... 32 33.93 -1.06 12.81 121.29 94.37 PPG Ind PPG 1.8 23 115.33 -0.81 -12.12 16.68 10.63 UBS Group UBS 6.3 9 10.88 0.01
-1.98 380.76 268.62 Illumina ILMN ... 47 294.00 -4.44
-6.37 52.06 36.45 ArcherDaniels ADM 3.6 16 38.36 0.06 s 22.90 35.36 27.19 CubeSmart CUBE 3.6 38 35.26 0.22 -1.42 34.56 24.29 ImperialOil IMO 2.6 8 24.96 -0.05 3.71 32.88 27.31 PPL PPL 5.6 12 29.38 -0.43 18.90 47.39 37.87 UDR UDR 2.9 82 47.11 0.38
49.58 26.40 15.63 Arconic ARNC 0.3 29 25.22 -0.21 12.21 175.91 124.40 Cummins CMI 3.5 9 149.96 -3.76 6.15 121.98 82.12 PRA HealthSci PRAH ... 41 97.62 0.15 -10.76 59.31 45.94 UGI UGI 2.7 25 47.61 -0.99
28.62 89.30 57.00 Incyte INCY ... 58 81.79 0.53
8.56 331.27 187.08 AristaNetworks ANET ... 25 228.73 -5.76 78.30 23.11 11.75 CypressSemi CY 1.9 26 22.68 -0.18 -19.81 107.44 64.02 PTC PTC ... dd 66.48 -0.48 s 23.01 39.37 27.51 US Foods USFD ... 21 38.92 0.24
16.91 11.64 8.85 Infosys INFY 2.0 22 11.13 -0.12
-0.30 86.62 62.35 ArrowElec ARW ... dd 68.74 -1.04 23.73 69.01 48.94 CyrusOne CONE 3.1 dd 65.43 0.40 t -19.68 157.20 74.61 PVH PVH 0.2 9 74.66 -3.92 ... 47.08 36.08 Uber UBER ... dd 40.05 -2.92
30.87 128.31 85.15 Ingersoll-Rand IR 1.8 21 119.39 -1.56
66.84 142.15 74.84 AspenTech AZPN ... 37 137.11 -2.64 s 92.02 152.81 70.80 Insulet 14.12 73.00 53.43 Paccar PCAR 2.0 10 65.21 -1.29 14.63 174.95 79.99 UbiquitiNetworks UBNT 0.9 26 113.95 -5.90
PODD ...537 152.31
s 33.99 120.59 82.31 Assurant
s 17.88 45.28 35.30 AstraZeneca
AIZ 2.0 21 119.84 0.38
AZN 3.1 52 44.77 0.63
DEF -2.02 59.59 42.36 Intel INTC 2.7 11 45.98
6.51
-1.19 21.17 118.88 77.90 PackagingCpAm PKG 3.1 12 101.13 -0.99 41.60 368.83 224.43 UltaBeauty ULTA ... 30 346.70 -6.34
29.72 44.66 23.22 DISH Network DISH ... 12 32.39 -0.47 s 23.30 93.40 69.69 ICE ICE 1.2 26 92.88 0.97 145.33 48.88 17.02 PagSeguroDig PAGS ... 52 45.95 -1.02 -27.47 7.90 4.43 UltraparPart UGP 3.0 15 4.91 -0.04
0.05 53.92 36.00 Athene ATH ... 4 39.85 -0.83 14.25 260.63 160.08 PaloAltoNtwks PANW ... dd 215.19 0.14 14.26 27.72 16.52 UnderArmour A UAA ...108 20.19 -0.89
17.29 132.09 106.41 DTE Energy DTE 2.9 21 129.37 0.08 14.07 71.02 53.52 InterContinentl IHG 1.7 34 65.55 0.20
64.07 149.80 65.17 Atlassian TEAM ... dd 145.99 0.87 10.31 193.19 140.82 ParkerHannifin PH 2.1 14 164.51 -2.93 12.24 24.55 15.05 UnderArmour C UA ... dd 18.15 -0.65
t -32.46 96.75 34.61 DXC Tech DXC 2.3 9 35.91 -15.74 19.76 154.36 105.94 IBM IBM 4.8 14 136.13 -3.97
17.08 110.93 87.88 AtmosEnergy ATO 1.9 26 108.56 -0.87 28.24 88.43 61.32 Paychex PAYX 3.0 29 83.55 -0.86 5.93 62.41 52.08 Unilever UN 2.7 14 56.99 0.07
31.85 12.53 4.00 AuroraCannabis ACB ... dd 6.54 -0.10 36.06 145.50 94.59 Danaher DHR 0.5 41 140.31 -0.58 -8.74 152.95 116.87 IntlFlavors IFF 2.4 36 122.54 0.49
22.60 126.75 95.83 Darden DRI 2.9 22 122.43 0.38 -1.26 54.95 37.55 IntlPaper IP 5.0 10 39.85 -1.10 96.50 246.85 107.46 PaycomSoftware PAYC ... 90 240.62 0.15 12.65 64.10 50.80 Unilever UL 3.1 14 58.86 -0.23
17.67 178.95 117.72 Autodesk ADSK ... dd 151.34 -0.75 24.65 121.48 74.66 PayPal PYPL ... 50 104.82 -1.97 21.54 180.54 128.08 UnionPacific UNP 2.1 20 168.01 -1.69
-2.12 117.99 61.43 Autohome ATHM ... 20 76.57 -1.71 15.99 79.11 43.40 DaVita DVA ... 73 59.69 -0.10 2.76 25.10 19.61 Interpublic IPG 4.4 13 21.20 -0.27
3.80 171.22 128.32 Deere DE 2.0 15 154.84 -0.22 s 44.66 78.78 50.05 InterXion INXN ...176 78.35 -0.03 -16.58 13.19 9.70 Pearson PSO 2.4 13 9.96 -0.10 3.88 97.85 77.02 UnitedAirlines UAL ... 9 86.98 -0.65
-2.75 95.83 61.07 Autoliv ALV 3.6 24 68.30 -1.38 49.17 79.67 43.21 Pegasystems PEGA 0.2 dd 71.35 -1.29 18.68 125.09 89.89 UPS B UPS 3.3 21 115.75 -1.80
27.92 172.00 121.40 ADP ADP 1.9 32 167.73 -2.59 3.19 70.55 41.57 DellTechC DELL ... dd 50.43 -0.90 40.50 284.97 182.61 Intuit INTU 0.7 44 276.57 -0.13
19.30 63.44 45.08 DeltaAir DAL 2.7 9 59.53 -0.50 7.64 589.32 430.24 IntuitiveSurgical ISRG ... 51 515.50 -3.91 24.40 38.56 28.30 PembinaPipeline PBA 5.0 16 36.91 0.01 12.72 173.00 94.28 UnitedRentals URI ... 9 115.57 -2.28
29.86 1186.60 705.01 AutoZone AZO ... 19 1088.66 0.49 -2.46 45.99 34.72 Pentair PNR 2.0 17 36.85 -0.56 15.51 57.81 43.14 US Bancorp USB 2.8 12 52.79 -0.17
186.65 94.31 28.09 Avalara AVLR ... dd 89.29 -0.21 40.74 59.40 33.93 DentsplySirona XRAY 0.8111 52.37 ... 38.70 28.17 19.21 InvitatHomes INVH 1.910711 27.85 ...
-7.61 12.52 6.61 DeutscheBank DB 1.6 dd 7.53 -0.13 26.60 86.58 43.27 IonisPharma IONS ... 25 68.44 0.14 5.68 19.00 13.66 People'sUtdFin PBCT 4.7 12 15.25 -0.06 23.25 144.40 100.48 UnitedTech UTX 2.2 21 131.24 -0.24
18.36 214.10 167.01 Avalonbay AVB 3.0 31 206.01 -0.51 16.40 135.24 104.53 PepsiCo PEP 3.0 14 128.60 -0.87 -0.20 287.94 208.07 UnitedHealth UNH 1.7 19 248.63 1.01
0.56 53.47 45.81 Avangrid AGR 3.5 27 50.37 -0.42 6.70 43.60 20.37 DevonEnergy DVN 1.5 3 24.05 -0.39 -5.65 37.32 29.28 IronMountain IRM 8.0 30 30.58 -0.64
29.75 161.30 105.05 DexCom DXCM ... dd 155.44 1.24 -4.24 6.90 4.92 IsraelChemicals ICL 3.9 14 5.42 -0.02 4.67 103.00 71.83 PerkinElmer PKI 0.3 36 82.22 -1.88 127.31 218.28 78.78 UnivDisplay OLED 0.2 86 212.69 -3.53
... 19.59 14.00 Avantor AVTR ... ... 16.85 -0.16 21.03 78.90 36.28 Perrigo PRGO 1.8 73 46.90 -0.14 26.06 157.79 112.79 UniversalHealthB UHS 0.5 17 146.94 0.48
26.07 120.65 82.89 AveryDennison AVY 2.0 41 113.25 -1.42 15.46 176.07 131.43 Diageo DEO 2.1 24 163.72 0.14 1.42 10.80 6.57 ItauUnibanco ITUB 4.8 13 9.27 -0.08
4.01 140.78 85.19 DiamondbkEner FANG 0.8 15 96.42 1.22 -19.11 83.24 48.50 PetroChina PTR 3.4 12 49.79 -0.46 -3.61 40.76 26.77 UnumGroup UNM 4.0 11 28.32 -0.59
21.56 32.14 21.57 AxaltaCoating AXTA ... 33 28.47 -0.62
9.30 53.08 40.68 BB&T BBT 3.8 12 47.35 -0.14 12.90 125.19 100.05 DigitalRealty DLR 3.6110 120.30 0.56 JKL 11.53 17.90 10.16 PetroleoBrasil PBR
14.93 15.74 8.69 PetroleoBrasilA PBR.A
1.2
2.9
13 14.51
11 13.32
-0.12
-0.06
35.80 9.77 6.88 VEREIT
23.22 91.54 63.23 VF
VER 5.7 41 9.71
VFC 2.1 29 82.74
-0.05
-0.91
17.43 47.14 38.75 BCE BCE 5.2 19 46.42 0.06 42.40 92.98 54.36 DiscoverFinSvcs DFS 2.1 10 83.99 -0.64 29.48 35.91 19.21 JD.com JD ... 86 27.10 -0.44
19.08 34.89 23.79 DiscoveryA DISCA ... 12 29.46 -0.21 -16.72 46.47 35.86 Pfizer PFE 4.0 17 36.35 -0.52 12.73 23.27 17.64 VICI Prop VICI 5.4 14 21.17 -0.02
3.50 59.02 43.19 BHP Group BHP 4.7 22 49.98 -1.02 12.42 119.24 91.11 JPMorganChase JPM 3.3 11 109.74 -0.12 23.71 92.74 64.67 PhilipMorris PM 5.5 16 82.59 0.11 13.44 302.76 179.60 VailResorts MTN 2.9 32 239.15 -5.49
3.70 51.87 38.04 BHP Group BBL 5.4 ... 43.44 -0.91 18.02 31.55 21.99 DiscoveryC DISCK ... 20 27.24 -0.18 11.14 163.68 120.20 JackHenry JKHY 1.1 37 140.62 -0.20 16.59 123.45 78.44 Phillips66 PSX 3.6 9 100.44 -0.27 -12.43 16.13 10.89 Vale VALE ... 17 11.55 -0.42
8.85 105.22 69.96 BOK Fin BOKF 2.5 12 79.82 -0.05 26.33 147.15 100.35 Disney DIS 1.3 17 138.52 0.63 s 46.94 86.43 55.17 JacobsEngg JEC 0.8 dd 85.90 0.37 86.59 29.73 14.83 PilgrimPride PPC ... 26 28.94 -0.17 5.18 122.42 68.81 ValeroEnergy VLO 4.6 13 78.85 0.09
-2.93 47.16 36.28 BP BP 6.6 14 36.81 -0.37 13.10 68.35 35.06 DocuSign DOCU ... dd 45.33 -1.03 26.66 16.50 10.00 JamesHardie JHX 1.8 29 14.87 1.66 0.71 31.99 16.53 Pinduoduo PDD ... dd 22.60 -0.21 -1.71 142.50 101.42 VarianMed VAR ... 30 111.37 -2.63
s 69.89 9.96 4.71 BRF BRFS ... dd 9.65 0.45 -4.37 72.05 56.09 DolbyLab DLB 1.3 24 59.14 -0.67 10.82 178.32 113.52 JazzPharma JAZZ ... 12 137.37 0.25 8.50 99.81 77.19 PinnacleWest PNW 3.2 21 92.44 -0.34 -32.67 13.41 7.48 Vedanta VEDL 13.3 7 7.77 -0.03
t -29.74 17.33 10.59 BT Group BT 8.8 8 10.68 -0.04 25.44 145.06 98.08 DollarGeneral DG 0.9 22 135.58 -1.81 12.67 24.24 16.20 JefferiesFin JEF 2.6 4 19.56 -0.37 ... 35.29 23.05 Pinterest PINS ... ... 33.43 0.04 81.55 176.90 79.26 VeevaSystems VEEV ... 98 162.16 -1.14
t -38.61 234.88 96.61 Baidu BIDU ... 11 97.36 -2.53 -0.25 113.38 78.78 DollarTree DLTR ... dd 90.09 -2.83 21.11 20.14 15.19 JetBlue JBLU ... 14 19.45 -0.24 -4.07 189.78 114.79 PioneerNatRscs PXD 0.5 24 126.17 -0.61 22.17 73.74 51.80 Ventas VTR 4.4 52 71.58 -0.30
10.14 35.04 20.09 BakerHughes BHGE 3.0 68 23.68 -0.46 4.73 79.47 67.41 DominionEner D 4.9 51 74.84 -0.49 2.32 148.99 121.00 J&J JNJ 2.9 22 132.04 0.36 8.88 27.70 19.34 PlainsAllAmPipe PAA 6.6 5 21.82 -0.57 40.14 221.78 131.28 VeriSign VRSN ... 40 207.82 -3.50
s 68.46 77.88 39.41 Ball BLL 0.8 51 77.46 1.38 -0.06 305.34 231.28 Domino's DPZ 1.0 28 247.83 1.08 42.70 42.85 28.30 JohnsonControls JCI 2.5 68 42.31 -0.29 s 43.49 157.24 102.74 VeriskAnalytics VRSK 0.6 44 156.46
37.58 81.90 44.97 PlanetFitness PLNT ... 60 73.77 -1.58 0.29
-6.43 6.78 4.87 BancoBilbaoViz BBVA 4.9 6 4.95 -0.03 12.38 59.43 40.27 Donaldson DCI 1.7 20 48.76 -0.18 11.77 173.32 119.79 JonesLang JLL 0.6 14 141.50 -1.91 19.22 115.40 70.27 Polaris PII 2.7 18 91.42 -0.95 -0.78 61.58 52.20 Verizon VZ 4.3 15 55.78 -0.04
8.14 9.48 4.73 BancoBradesco BBDO 2.3 12 7.82 -0.10 19.78 42.41 32.32 DouglasEmmett DEI 2.5 59 40.88 -0.41 -5.83 30.80 24.51 JuniperNetworks JNPR 3.0 18 25.34 -0.27 s 34.11 200.00 136.83 Pool POOL 1.1 33 199.35 1.87 87.37 52.58 25.02 VersumMaterials VSM 0.6 73 51.94 -0.13
2.97 32.83 27.04 BancodeChile BCH ... 6 29.45 0.16 29.94 103.47 65.83 Dover DOV 2.1 23 92.19 -0.23 t -23.65 49.81 31.97 KB Fin KB 4.3 5 32.05 -0.60 9.64 113.73 83.88 PostHoldings POST ... 44 97.72 -1.76 10.42 195.81 151.80 VertxPharm VRTX ... 21 182.98 0.04
-0.09 13.72 7.86 BancSanBrasil BSBR 4.0 23 11.12 -0.17 ... 60.52 43.73 Dow DOW 6.0 ... 46.64 -0.15 28.22 28.73 18.30 KKR KKR 2.0 10 25.17 -0.02 24.50 61.12 40.42 PrincipalFin PFG 4.0 10 54.99 -0.70 23.12 38.00 27.01 Viacom A VIA 2.3 9 34.24 -0.63
-4.62 33.32 27.06 BcoSantChile BSAC 2.9 16 28.52 -0.05 -3.93 42.82 31.58 DrReddy'sLab RDY 0.8 20 36.22 -0.04 52.07 143.95 80.65 KLA KLAC 2.2 18 136.09 -1.24 27.05 121.76 78.49 Procter&Gamble PG 2.6 86 116.78 -0.66 16.77 34.44 23.31 Viacom B VIAB 2.7 7 30.01 -0.77
-10.27 5.43 3.96 BancoSantander SAN 4.9 8 4.02 -0.04 t -8.42 32.25 18.40 Dropbox DBX ... dd 18.71 -2.75 24.43 126.47 90.55 KSCitySouthern KSU 1.2 21 118.77 -0.39 33.60 84.96 56.71 Progressive PGR 0.5 15 80.60 0.77 35.71 184.07 121.60 Visa V 0.6 36 179.05 -0.85
32.62 55.40 35.52 BanColombia CIB 2.5 12 50.53 -0.04 4.00 91.67 78.00 DukeEnergy DUK 4.2 20 89.75 0.44 9.07 74.98 51.34 Kellogg K 3.7 25 62.18 -0.31 -3.32 27.86 20.84 VistraEnergy
39.36 83.99 55.21 Prologis PLD 2.6 30 81.83 -0.34 VST 2.3 16 22.13 -0.62
14.98 31.49 22.66 BankofAmerica BAC 2.5 11 28.33 -0.05 28.11 33.83 24.66 DukeRealty DRE 2.6 52 33.18 -0.13 13.46 31.06 22.19 KeurigDrPepper KDP 2.1 43 29.09 0.06 14.85 206.80 129.33 VMware
40.26 132.85 75.92 Proofpoint PFPT ... dd 117.55 -1.69 VMW ... 33 157.50 -1.17
10.57 84.36 62.79 BankofMontreal BMO 4.2 10 72.26 -0.04 27.96 83.22 61.69 Dunkin' DNKN 1.8 30 82.05 -0.12 11.43 21.91 13.65 KeyCorp KEY 4.5 10 16.47 -0.05 4.01 106.64 75.61 PrudentialFin PRU 4.7 9 84.82 -1.21 -6.59 23.73 15.53 Vodafone VOD 5.5 dd 18.01 -0.19
-2.68 54.27 42.12 BankNY Mellon BK 2.7 12 45.81 0.24 -39.00 152.23 63.62 DuPont DD ... 58 69.04 -1.72 40.77 94.52 53.21 KeysightTechs KEYS ... 61 87.39 -1.87 3.34 47.63 33.31 Prudential PUK 3.5 12 36.55 -0.98 -0.16 77.59 59.48 VornadoRealty VNO 4.3 4 61.93 -0.50
4.91 60.60 48.34 BkNovaScotia BNS 5.1 10 52.32 -0.13 ... 27.48 22.32 Dynatrace DT ... dd 25.25 -0.75 23.30 80.66 59.05 KilroyRealty KRC 2.5 29 77.53 -1.12 10.89 61.63 49.23 PublicServiceEnt PEG 3.3 20 57.72 -0.11 22.87 57.57 36.66 VoyaFinancial VOYA 1.2 12 49.32 -1.26
t -7.96 9.77 6.88 Barclays BCS 5.0 ... 6.94 -0.08 -6.38 39.16 29.43 ENI E 4.6 13 29.49 -0.51 21.44 140.62 100.32 KimberlyClark KMB 3.0 27 138.37 -0.17 s 26.99 258.71 193.89 PublicStorage PSA 3.1 31 257.05 1.05 41.70 141.84 82.52 VulcanMatls VMC 0.9 33 140.00 0.66
33.97 18.44 9.53 BarrickGold GOLD 0.9 dd 18.14 -0.05 -8.99 133.53 74.84 EOG Rscs EOG 1.4 13 79.37 -0.99 29.35 19.43 14.29 KimcoRealty KIM 5.9 26 18.95 -0.13 23.39 34.03 20.64 PulteGroup PHM 1.4 10 32.07 -0.44
22.47 28.45 17.20 BauschHealth BHC ... dd 22.62 -0.13
s 30.61 86.68 61.05 BaxterIntl BAX 1.0 29 85.97 0.23
60.76 201.00 104.77 EPAM Systems EPAM ... 43 186.50
20.27 80.75 62.75 EPR Prop EPR 5.8 23 77.01
-3.48
-0.09
32.44 21.50 14.62 KinderMorgan KMI
s 55.86 5.17 2.38 KinrossGold
4.9 20 20.37 ... 5.81 41.55 32.33 Qiagen QGEN ... 44 36.45 -0.56 WXYZ
KGC ...2104 5.05 -0.09 14.42 84.69 54.73 Qorvo QRVO ... 43 69.49 -2.57
12.88 265.87 208.62 BectonDicknsn BDX 1.2 89 254.35 2.78 -23.08 58.00 32.11 EQM Midstream EQM 13.7 14 33.27 -0.72 76.43 49.13 17.26 KirklandLakeGold KL 0.3 26 46.03 -1.26 25.64 90.34 49.10 Qualcomm QCOM 3.5 25 71.50 0.24 23.38 146.68 98.90 WABCO WBC ... 20 132.44 -0.11
-5.19 182.31 105.19 BeiGene BGNE ... dd 132.98 -0.50 -3.78 61.70 40.41 E*TRADE ETFC 1.3 10 42.22 -0.99 34.94 39.26 23.27 Knight-Swift KNX 0.7 14 33.83 -1.98 20.98 112.38 78.95 QuestDiag DGX 2.1 19 100.74 -0.49 s 29.76 90.17 64.96 WEC Energy WEC 2.6 26 89.87 0.57
45.45 72.43 45.91 Berkley WRB 0.6 20 71.67 -0.21 87.46 123.99 47.78 EXACT Sci EXAS ... dd 118.29 -1.60 -26.05 83.28 45.21 Kohl's KSS 5.5 10 49.06 -1.09 -26.77 24.24 11.62 QurateRetailB QRTEB ... 7 13.53 0.47 43.28 221.66 131.35 WEX WEX ... 81 200.68 0.32
-2.51 224.07 186.10 BerkHathwy B BRK.B ... 17 199.05 -1.47 -3.12 66.00 40.05 EastWestBncp EWBC 2.6 9 42.17 -0.43 32.07 48.27 32.98 KoninklijkePhil PHG 1.8 28 46.37 -0.34 -30.99 25.03 11.17 QurateRetailA QRTEA ... 12 13.47 -0.17 s 34.79 88.07 62.12 W.P.Carey WPC 4.7 31 88.07 0.78
-1.82 335900 279410 BerkHathwy A BRK.A ... ... 300435 -1470.00 -7.81 101.15 64.84 EastmanChem EMN 3.7 10 67.40 -1.05 t -29.42 15.78 10.35 KoreaElcPwr KEP ... dd 10.41 -0.31 8.03 84.64 50.31 WPP WPP 6.5 10 59.20 2.92
-11.19 59.16 40.50 BerryGlobal
27.19 84.37 47.72 BestBuy
BERY ... 18 42.21 -0.27
BBY 3.0 12 67.36 -1.55
15.10 89.46 64.46 Eaton
43.61 42.00 26.01 eBay
ETN 3.6 15 79.03
EBAY 1.4 16 40.31
-0.73
-0.94
-38.43 61.68 26.05 KraftHeinz KHC 6.0 dd 26.50 -1.72 RS -2.11 115.40 61.95 Wabtec WAB 0.7 39 68.77
-22.74 86.31 49.31 WalgreensBoots WBA 3.5 10 52.79
-3.06
-0.23
-15.20 32.74 20.70 Kroger KR 2.7 10 23.32 -0.03
... 239.71 45.00 BeyondMeat BYND ... dd 164.37 1.67 39.78 209.24 135.77 Ecolab ECL 0.9 40 205.97 0.93 -4.85 12.30 8.05 LATAMAirlines LTM 0.4214 9.80 0.49 14.62 24.99 19.23 RELX RELX 2.3 24 23.52 -0.05 15.17 115.49 85.78 Walmart WMT 2.0 37 107.28 -1.24
32.73 217.16 132.75 Bio-Techne TECH 0.7 78 192.09 -3.58 5.10 27.96 15.25 Ecopetrol EC 5.8 9 16.69 -0.18 -11.10 38.00 21.45 L Brands LB 5.3 10 22.82 -0.86 s 16.35 69.62 51.95 RPM RPM 2.0 34 68.39 -1.12 23.58 97.93 70.28 WasteConnections WCN 0.7 44 91.76 -0.58
40.15 338.67 220.05 Bio-RadLab A BIO ... 11 325.46 -6.20 s 31.02 75.39 45.50 EdisonInt EIX 3.3 dd 74.38 -0.74 -2.79 45.91 27.04 LINE LN ... dd 33.16 0.38 t -9.41 141.62 93.21 RalphLauren RL 2.9 17 93.72 -3.29 s 33.79 119.56 83.22 WasteMgt WM 1.7 29 119.06 0.59
-21.64 358.41 216.12 Biogen BIIB ... 9 235.80 -2.43 42.08 219.71 134.53 EdwardsLife EW ... 64 217.63 0.53 7.21 34.74 22.74 LKQ LKQ ... 19 25.44 -0.50 3.12 96.76 69.11 RaymondJames RJF 1.8 11 76.73 -0.37 12.38 255.21 167.94 Waters WAT ... 27 212.01 -0.96
-9.58 106.74 74.83 BioMarinPharm BMRN ... dd 76.99 0.10 -2.79 37.61 28.00 ElancoAnimal ELAN ... ... 30.65 -0.68 23.10 89.89 52.03 LPL Financial LPLA 1.3 12 75.19 -1.10 21.85 210.89 144.27 Raytheon RTN 2.0 17 186.85 -1.41 14.76 184.90 131.88 Watsco WSO 4.0 25 159.68 -0.65
36.06 64.41 42.30 BlackKnight BKI ... 58 61.31 -0.55 21.04 104.10 58.55 Elastic ESTC ... dd 86.52 -3.03 57.16 214.99 123.24 L3HarrisTech LHX 1.3 27 211.61 -2.84 28.26 66.25 42.90 RealPage RP ...141 61.81 0.11 38.67 173.72 76.60 Wayfair W ... dd 124.91 -0.23
8.53 492.00 360.79 BlackRock BLK 3.1 16 426.33 -11.29 s 45.44 166.50 109.81 ElbitSystems ESLT 1.1 34 165.83 0.02 30.53 182.75 119.38 LabCpAm LH ... 20 164.94 0.50 15.29 74.14 55.55 RealtyIncome O 3.7 55 72.68 0.69 16.90 324.99 220.63 WellCareHealth WCG ... 27 276.00 -2.50
59.54 49.81 26.88 Blackstone BX 4.4 27 47.56 -0.67 16.55 133.65 73.91 ElectronicArts EA ... 13 91.97 -3.26 43.44 218.49 122.64 LamResearch LRCX 2.3 14 195.32 -6.16 10.74 70.26 55.50 RegencyCtrs REG 3.6 38 64.98 -0.03 0.48 59.52 43.02 WellsFargo WFC 4.4 10 46.30 -0.10
8.28 29.62 22.96 BlockHR HRB 3.8 13 27.47 -0.23 -0.45 79.70 55.38 EmersonElec EMR 3.3 17 59.48 -1.29 14.43 84.50 64.51 LamarAdv LAMR 4.9 22 79.16 -0.07 -18.37 442.00 287.66 RegenPharm REGN ... 17 304.89 -4.98 s 27.19 88.44 60.93 Welltower WELL 3.9 99 88.28 0.37
26.24 176.55 87.49 bluebirdbio BLUE ... dd 125.23 0.88 8.78 38.04 28.82 Enbridge ENB 6.6 20 33.81 -0.13 -8.84 83.86 58.83 LambWeston LW 1.2 21 67.06 0.22 9.64 19.99 12.39 RegionsFin RF 4.2 10 14.67 -0.05 s 46.81 144.82 91.75 WestPharmSvcs WST 0.4 47 143.92 0.83
4.67 446.01 292.47 Boeing BA 2.4 40 337.55 1.20 -25.43 13.61 3.93 Encana ECA 1.7 4 4.31 0.08 3.69 69.60 47.39 LasVegasSands LVS 5.7 22 53.97 -1.36 5.85 163.46 127.84 ReinsGrp RGA 1.9 12 148.44 -1.46 46.77 65.97 33.83 WesternDigital WDC 3.7 dd 54.26 -0.94
11.34 2019.48 1606.27 BookingHldgs BKNG ... 21 1917.69 -23.32 2.40 82.46 56.74 EncompassHealth EHC 1.8 20 63.18 -0.95 t -6.77 176.05 114.12 Lear LEA 2.6 8 114.54 -2.64 38.29 105.25 68.62 RelianceSteel RS 2.2 11 98.42 -1.78 -12.23 36.98 23.45 WesternMidstrm WES 10.0 15 24.34 0.32
s 60.66 72.78 43.24 BoozAllen BAH 1.3 24 72.41 0.16 -4.69 10.36 6.85 EnelAmericas ENIA 4.5 7 8.37 0.21 57.55 85.47 50.33 Leidos LDOS 1.6 19 83.06 -0.84 s 41.71 190.71 118.28 RenaissanceRe RNR 0.7 14 189.46 -0.25 26.55 22.27 16.42 WesternUnion WU 3.7 8 21.59 -0.02
-2.68 46.97 32.46 BorgWarner BWA 2.0 9 33.81 -1.17 -13.33 5.62 4.14 EnelChile ENIC 4.1 14 4.29 ... 27.74 54.50 37.29 Lennar A LEN 0.3 9 50.01 -0.85 24.77 90.60 67.48 RepublicSvcs RSG 1.8 28 89.95 0.16 -6.95 99.55 57.20 WestlakeChem WLK 1.6 13 61.57 -1.69
14.92 140.35 107.84 BostonProps BXP 2.9 38 129.34 -1.56 5.22 18.52 11.68 EnergyTransfer ET 8.8 11 13.90 -0.13 26.97 44.17 29.80 Lennar B LEN.B 0.4 7 39.78 -0.89 15.39 133.16 90.64 ResMed RMD 1.2 47 131.40 -0.01 10.13 22.16 16.41 WestpacBanking WBK 6.8 13 19.24 0.01
22.24 43.66 31.56 BostonSci BSX ... 44 43.20 0.44 48.88 45.12 23.39 Entegris ENTG 0.8 20 41.53 -0.46 17.80 298.49 177.36 LennoxIntl LII 1.2 28 257.81 -1.03 42.08 78.26 50.20 RestaurantBrands QSR 2.7 51 74.31 -2.26 -9.11 57.23 32.01 WestRock WRK 5.3 11 34.32 -0.50
38.79 157.31 105.15 BrightHorizons BFAM ... 53 154.68 -0.57 s 24.82 107.96 78.99 Entergy ETR 3.4 21 107.43 0.39 38.30 108.80 68.47 LibertyBroadbandC LBRDK ...258 99.62 -0.80 69.63 146.38 64.41 RingCentral RNG ... dd 139.84 0.05 13.17 35.79 20.52 Weyerhaeuser WY 5.55623 24.74 -0.40
-8.96 63.69 42.48 Bristol-Myers BMY 3.5 12 47.32 0.03 15.58 30.86 23.33 EnterpriseProd EPD 6.2 12 28.42 -0.08 36.33 107.39 68.76 LibertyBroadbandA LBRDA ...248 97.90 -0.45 0.62 64.02 44.62 RioTinto RIO 6.8 6 48.78 -1.87 s 42.04 28.19 15.08 WheatonPrecMet WPM 1.3 29 27.74 0.18
16.23 54.19 30.67 BritishAmTob BTI 7.2 11 37.03 -0.54 52.15 144.46 88.68 Equifax EFX 1.1 dd 141.70 -2.31 21.74 29.55 19.88 LibertyGlobal A LBTYA ... dd 25.98 0.17 -0.75 79.57 52.79 RobertHalf RHI 2.2 15 56.77 -0.86 27.82 152.50 99.40 Whirlpool WHR 3.5 10 136.60 -5.39
30.43 19.20 14.11 BrixmorProp BRX 5.8 16 19.16 0.06 s 56.69 553.52 335.29 Equinix EQIX 1.8 91 552.42 3.18 25.24 28.77 19.24 LibertyGlobal C LBTYK ... 27 25.85 0.28 2.00 198.23 141.46 Rockwell ROK 2.5 18 153.49 -1.93 8.80 32.05 20.36 Williams WMB 6.3319 23.99 -0.04
8.44 323.20 202.77 Broadcom AVGO 3.8 34 275.73 4.75 -20.31 28.93 16.57 Equinor EQNR 4.6 7 16.87 -0.18 23.52 30.05 20.70 LibertyGlobal B LBTYB ... 27 25.94 -1.26 0.84 55.93 48.67 RogersComm B RCI 2.9 17 51.69 -0.30 29.87 200.93 134.50 WillisTowers WLTW 1.3 30 197.22 -1.00
30.65 138.24 91.34 BroadridgeFinl BR 1.7 31 125.75 -0.48 s 35.94 132.24 90.90 EquityLife ELS 1.9 45 132.04 1.78 s 33.78 41.47 27.51 LibertyFormOne C FWONK ... dd 41.07 -0.01 s 309.01 128.20 26.30 Roku ROKU ... dd 125.32 3.29 3.18 4.62 3.62 Wipro WIT 0.3 18 3.97 -0.05
s 32.65 51.03 36.58 BrookfieldMgt BAM 1.3 17 50.87 0.76 23.12 81.88 62.40 EquityResdntl EQR 2.8 48 81.27 0.43 s 31.09 39.42 26.63 LibertyFormOne A FWONA ... dd 38.96 -0.17 -8.78 43.91 31.80 Rollins ROL 1.3 48 32.93 -0.28 64.30 155.75 80.20 Wix.com WIX ... dd 148.43 0.32
28.06 44.74 32.26 BrookfieldInfr BIP 4.5 dd 44.22 0.06 66.80 270.23 120.15 ErieIndemnity A ERIE 1.6 38 222.36 -1.76 10.54 47.54 34.92 LibertySirius A LSXMA ... 25 40.68 -0.65 33.20 385.51 245.59 RoperTech ROP 0.5 33 355.00 -3.49 45.67 119.20 68.40 Woodward WWD 0.6 26 108.22 -0.02
33.31 36.91 25.72 Brown&Brown BRO 0.9 27 36.74 -0.07 25.41 310.54 234.99 EssexProp ESS 2.5 49 307.52 3.31 11.41 47.75 34.84 LibertySirius C LSXMK ... 26 41.20 -0.59 26.80 108.20 75.91 RossStores ROST 1.0 25 105.50 -1.54 -29.01 45.76 29.56 WooriFin WF 3.6 4 29.90 -0.42
14.87 57.34 44.42 Brown-Forman A BF.A 1.2 27 54.47 -0.44 41.13 194.74 121.47 EsteeLauder EL 0.9 38 183.61 -2.82 24.47 53.39 39.82 LibertyProperty LPT 3.1 16 52.13 -0.15 11.65 81.56 65.76 RoyalBkCanada RY 4.0 12 76.50 -0.47 19.94 226.83 117.72 Workday WDAY ... dd 191.52 -1.27
16.37 57.98 44.57 Brown-Forman B BF.B 1.2 32 55.37 -0.42 18.63 73.34 38.02 Etsy ETSY ... 66 56.43 -1.61 -1.69 132.13 101.27 EliLilly LLY 2.3 27 113.77 -0.20 -9.66 7.31 4.85 RoyalBkScotland RBS 2.8 9 5.05 -0.04 10.11 151.93 90.06 WynnResorts WYNN 3.7 14 108.91 -2.60
37.76 51.41 26.10 Bruker BRKR 0.4 34 41.01 -0.94 49.56 171.25 91.78 EuronetWorldwide EEFT ... 32 153.12 -2.44 9.30 71.27 48.07 LincolnNational LNC 2.6 8 56.08 -1.13 11.72 133.60 89.48 RoyalCaribbean RCL 2.6 12 109.25 -0.49 18.62 116.27 41.05 XPO Logistics XPO ... 23 67.66 -2.82
40.98 42.65 25.71 BuckeyePtrs BPL 7.3 dd 40.87 0.02 15.65 260.51 201.09 EverestRe RE 2.2 20 251.84 0.24 23.03 206.82 145.95 Linde LIN 1.8 19 191.97 -0.64 -1.66 70.09 55.04 RoyalDutchA RDS.A 5.6 10 57.30 -0.72 25.37 62.03 46.01 XcelEnergy XEL 2.6 25 61.77 0.13
7.07 72.35 47.26 Bunge BG 3.5 16 57.22 -0.88 s 9.97 62.85 54.19 Evergy EVRG 3.0 26 62.43 0.50 46.42 73.72 46.02 LiveNationEnt LYV ... dd 72.11 -0.19 -4.32 72.06 56.26 RoyalDutchB RDS.B 6.6 12 57.35 -0.42 42.71 36.58 18.57 Xerox XRX 3.5 13 28.20 -1.52
5.40 184.81 136.30 BurlingtonStrs BURL ... 29 171.46 -5.60 s 20.59 78.88 60.15 EversourceEner ES 2.7 29 78.43 0.02 t -7.42 3.46 2.34 LloydsBanking LYG 6.9 9 2.37 -0.01 s 50.65 129.86 70.16 RoyalGold RGLD 0.8 90 129.03 2.42 22.38 141.60 68.76 Xilinx XLNX 1.4 29 104.23 -5.61
32.94 56.47 37.45 CBRE Group CBRE ... 17 53.23 0.14 4.93 25.31 13.42 Exelixis EXEL ... 10 20.64 -0.36 s 43.98 379.36 241.18 LockheedMartin LMT 2.3 18 377.01 -0.16 t -15.90 103.15 59.47 Ryanair RYAAY ... 15 60.00 -1.63 15.14 85.39 60.65 Xylem XYL 1.2 24 76.82 -0.39
13.20 59.01 41.48 CBS A CBS.A 1.5 ... 49.64 -1.62 0.22 51.18 42.19 Exelon EXC 3.2 19 45.20 -0.22 11.97 56.20 42.06 Loews L 0.5 21 50.97 -0.69 20.29 140.62 94.81 SAP SAP 1.0 40 119.75 -1.77 24.57 18.73 11.98 YPF YPF 1.3 9 16.68 1.05
11.87 59.56 41.38 CBS B CBS 1.5 6 48.91 -1.91 14.44 144.00 108.11 Expedia EXPE 1.1 32 128.92 -1.55 26.18 49.96 29.06 LogitechIntl LOGI 1.7 25 39.47 -0.13 50.75 262.83 156.68 S&P Global SPGI 0.9 33 256.19 -1.59 35.14 42.37 24.90 Yandex YNDX ... 44 36.96 -0.40
1.63 64.77 44.01 CDK Global CDK 1.2 17 48.66 -1.05 6.17 80.69 62.90 ExpeditorsIntl EXPD 1.4 20 72.29 -0.85 6.70 118.23 84.75 Lowe's LOW 2.2 34 98.55 -1.92 s 57.08 254.68 146.13 SBA Comm SBAC 0.6221 254.29 1.73 29.48 119.72 82.01 YumBrands YUM 1.4 28 119.02 1.70
41.55 120.82 74.32 CDW CDW 1.0 25 114.73 2.03 s 31.12 119.19 83.70 ExtraSpaceSt EXR 3.0 35 118.64 -0.07 50.33 194.25 110.71 lululemon LULU ... 48 182.82 -3.53 24.48 64.21 42.27 SEI Investments SEIC 1.1 19 57.51 -0.41 30.69 48.27 30.10 YumChina YUMC 1.1 25 43.82 -1.03
17.31 56.51 38.90 CF Industries CF 2.4 25 51.04 -1.11 3.89 87.36 64.65 ExxonMobil XOM 4.9 17 70.84 -1.54 ... 88.60 47.17 Lyft LYFT ... dd 59.12 -2.98 -17.61 28.56 21.95 SK Telecom SKM 3.5 6 22.08 -0.01 20.40 21.48 14.69 ZTO Express ZTO ... 22 19.06 0.04
25.07 80.50 57.35 CGI GIB ... 23 76.53 0.03 -17.64 199.71 131.32 F5Networks FFIV ... 17 133.44 -3.97 -9.31 116.63 73.94 LyondellBasell LYB 5.6 8 75.42 -1.71 -1.91 106.53 75.45 SLGreenRealty SLG 4.4 29 77.57 -0.85 47.64 38.19 20.27 ZayoGroup ZAYO ... 62 33.72 0.03
0.46 101.20 77.72 CH Robinson CHRW 2.4 17 84.48 -1.58 s 37.80 90.00 60.11 FMC FMC 1.8 23 88.32 -0.47 1.86 67.73 40.96 SS&C Tech SSNC 0.9 38 45.95 -0.19 29.13 237.15 140.95 ZebraTech ZBRA ... 23 205.61 -6.33
s 14.67 216.72 161.05 CME Group
s 21.49 60.76 47.63 CMS Energy
CME 1.4 42 215.72 4.62
CMS 2.5 29 60.32 0.25
43.30 208.66 123.02 Facebook
39.06 305.38 188.31 FactSet
FB ... 32 187.85
FDS 1.0 33 278.30
-2.31
-3.23
MN s 28.12 36.27 26.93 StoreCapital
4.90 332.90 177.70 SVB Fin
STOR
SIVB
3.6 37 36.27
... 9 199.23
0.33
-6.40
30.79 94.89 45.60 Zendesk
25.21 51.47 26.38 Zillow C
ZEN ... dd 76.34
Z ... ... 39.54
-1.68
-2.60
9.17 48.87 41.49 CNA Fin CNA 2.9 15 48.20 -0.27 95.27 371.81 170.26 FairIsaac FICO ... 59 365.16 -3.01 6.90 180.77 133.78 M&T Bank MTB 2.6 11 153.00 0.13 15.16 26.62 19.41 Sabre SABR 2.2 29 24.92 -0.21 24.63 50.99 26.20 Zillow A ZG ... dd 39.17 -2.68
-0.76 12.68 8.41 CNH Indl CNHI 2.2 11 9.14 -0.18 13.75 35.94 24.00 Fastenal FAST 3.0 22 29.74 ... 18.92 31.68 21.61 MGM Resorts MGM 1.8 83 28.85 -0.05 76.73 193.56 79.88 SageTherap SAGE ... dd 169.29 -3.19 s 33.35 139.71 96.99 ZimmerBiomet ZBH 0.7 dd 138.31 -0.62
-0.72 202.38 142.94 CNOOC CEO 5.3 8 151.35 -2.38 11.99 139.29 115.09 FederalRealty FRT 3.2 40 132.19 0.71 -9.70 39.01 26.77 MPLX MPLX 9.5 12 27.36 -0.14 4.67 167.56 113.60 Salesforce.com CRM ... 97 143.37 -0.45 2.72 54.76 38.08 ZionsBancorp ZION 3.2 10 41.85 -0.28
15.61 18.17 10.36 CPFLEnergia CPL 1.3 15 17.11 -0.19 0.50 259.25 150.68 FedEx FDX 1.6 87 162.13 -2.10 51.97 247.57 134.28 MSCI MSCI 1.2 34 224.05 -1.42 -4.24 45.62 40.00 Sanofi SNY 2.8 25 41.57 -0.17 s 46.21 125.88 78.90 Zoetis ZTS 0.5 44 125.07 0.96
21.78 34.27 24.62 CRH CRH 2.5 24 32.09 -0.35 59.76 170.54 93.85 Ferrari RACE 0.7 31 158.87 -1.23 t -34.75 41.99 19.36 Macy's M 7.8 5 19.43 -0.89 52.02 27.75 16.10 SantanderCons SC 3.3 10 26.74 -0.20 ... 107.34 59.94 ZoomVideo ZM ...2631 94.20 -1.57
7.15 80.73 58.47 CSX CSX 1.4 16 66.57 -0.17 -9.61 18.50 12.58 FiatChrysler FCAU ... 5 13.07 -0.15 10.08 320.61 240.33 MadisonSquGarden MSG ...184 294.69 -1.57 15.56 165.87 95.21 SareptaTherap SRPT ... dd 126.11 -6.87 117.24 89.54 30.72 Zscaler ZS ... dd 85.18 0.46
-9.51 82.15 51.72 CVS Health CVS 3.4 17 59.29 0.25 s 40.11 44.62 29.50 FidNatlFin FNF 2.8 16 44.05 -0.11 13.49 72.90 54.25 MagellanMid MMP 6.3 11 64.76 0.23 t -34.48 39.73 19.17 Sasol SSL 3.7 10 19.19 -0.36 54.96 6.65 3.32 Zynga ZNGA ... dd 6.09 -0.07

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
Stock 183.91 -1.10 11.2 InvGrBd 11.56 -0.01 8.3 Harding Loevner ShortT 9.79 ... 2.0 TIAA/CREF Funds TotStAdml 72.47 -0.53 17.8 TotIntBdIxInv 11.68 -0.02 8.3
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds LowP r 47.20 -0.33 8.8 IntlEq NA ... NA TotRt 10.45 -0.02 7.5 BdIdxInst 11.14 -0.01 7.6 TxMCapAdml150.75 -1.03 18.5 WellsI 26.88 -0.06 11.6
CoreFxdIncmI NA ... NA Magin 10.84 -0.06 22.2 Invesco Funds A PIMCO Funds A VANGUARD ADMIRAL TxMIn r 12.83 -0.10 8.9 Welltn 41.54 -0.15 13.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
TotRetBdI NA ... NA OTC 12.13 -0.14 21.9 EqIncA 10.18 -0.05 12.5 IncomeFd NA ... NA 500Adml 269.80 -1.75 17.8 USGroAdml 106.04 -0.84 22.0 WndsrII 35.39 -0.23 15.0
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Edgewood Growth Instituti Puritn 22.07 -0.11 13.4 Invesco Funds Y PIMCO Funds I2 BalAdml 37.15 -0.18 13.9 ValAdml 42.57 -0.22 13.0 VANGUARD INDEX FDS
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst 35.10 -0.25 21.9 DevMktY
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not SrsEmrgMkt 17.99 -0.18 9.6 41.21 -0.33 9.6 Income NA ... NA CAITAdml 12.18 +0.01 6.6 WdsrllAdml 62.79 -0.40 15.0 500 269.78 -1.76 17.8
Fidelity SrsGroCoRetail 17.28 -0.17 22.3 JPMorgan R Class PIMCO Funds Instl CapOpAdml r148.10 -1.19 12.2 WellsIAdml 65.12 -0.14 11.7 SmValAdml 54.10 -0.70 11.5
available due to incomplete price, performance or cost data. NE-Not released by Lipper; 500IdxInstPrem101.59 -0.66 17.8 CoreBond
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SrsIntlGrw 15.99 -0.14 19.3 11.97 -0.01 8.0 IncomeFd NA ... NA EMAdmr 33.39 -0.34 6.0 WelltnAdml 71.73 -0.26 13.4 TotBd2 11.03 -0.02 7.7
ExtMktIdxInstPre 61.47 -0.67 17.6 SrsIntlVal 9.14 -0.08 6.3 CorePlusBd 8.51 -0.01 8.2 Price Funds EqIncAdml 74.22 -0.35 13.2 WndsrAdml 68.94 -0.49 13.5 TotIntl 16.17 -0.13 8.1
IntlIdxInstPrem 39.68 -0.31 9.4 TotalBond 10.90 -0.01 8.5 Lord Abbett A BlChip 115.58 -0.89 20.4 ExplrAdml 94.19 -1.00 21.1 VANGUARD FDS TotSt 72.44 -0.53 17.7
Friday, August 9, 2019 MidCpInxInstPrem 22.27 -0.21 20.0 Fidelity SAI ShtDurIncmA p 4.22 ... 4.3 EqInc 30.91 -0.19 14.5 ExtndAdml 88.54 -0.95 17.6 DivdGro 29.91 -0.05 23.3 VANGUARD INSTL FDS
Net YTD Net YTD Net YTD SAIUSLgCpIndxFd 15.76 -0.11 17.8 TotalBd 10.67 -0.01 8.4 Lord Abbett F EqIndex 77.86 -0.50 17.7 GNMAAdml 10.53 -0.01 4.7 INSTTRF2020 23.32 -0.11 10.9 BalInst 37.16 -0.18 13.9
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SerLTTreBdIdx 9.81 -0.02 16.9 First Eagle Funds ShtDurIncm 4.22 ... 4.3 Growth 68.59 -0.57 20.1 GrwthAdml 84.69 -0.66 23.2 INSTTRF2025 23.65 -0.12 11.7 DevMktsIndInst 12.85 -0.10 9.0
SmCpIdxInstPrem 19.44 -0.24 13.2 GlbA 57.27 -0.27 12.5
Metropolitan West
HelSci 77.21 -0.19 15.2 HlthCareAdml r 82.32 -0.28 7.1 INSTTRF2030 23.83 -0.13 12.2 DevMktsInxInst 20.09 -0.15 9.0
American Century Inv Baird Funds 5GlbFxdInc 10.95 ... 3.8 TMktIdxInstPrem 82.78 -0.60 17.8 TotRetBd 11.03 -0.01 7.9
Ultra 48.22 -0.47 19.3 AggBdInst 11.22 -0.01 8.3 DFARlEst 40.22 ... 24.1 FPA Funds InstlCapG 41.95 -0.33 17.5 HYCorAdml r 5.84 ... 11.2
INSTTRF2035 23.99 -0.15 12.6
ExtndInst 88.54 -0.95 17.6
USBdIdxInstPrem 11.94 -0.01 7.7 FPACres 32.46 -0.25 12.0
TotRetBdI 11.03 -0.01 8.1
IntlStk 17.01 -0.16 13.6 InfProAd 26.26 -0.03 7.7 GrwthInst 84.69 -0.66 23.2
American Funds Cl A CorBdInst 11.55 -0.01 8.6 EmgMktVa 26.16 -0.21 -2.4 INSTTRF2040 24.16 -0.15 13.1
Fidelity Advisor I TRBdPlan 10.38 -0.01 8.1 IntlGrAdml 89.90 -1.04 13.5 InPrSeIn 10.70 -0.01 7.8
AmcpA p 31.64 -0.20 14.0 BlackRock Funds EmMktCorEq 19.53 -0.16 2.2 Franklin A1 MCapVal 26.64 -0.26 9.2 INSTTRF2045 24.25 -0.17 13.3
NwInsghtI 32.43 -0.25 20.2 MFS Funds Class I ITBondAdml 11.87 -0.02 9.6 InstIdx 264.74 -1.72 17.8
AMutlA p 41.62 -0.07 12.0 HiYldBd Inst 7.61 ... 10.4 IntlCoreEq 12.37 -0.11 7.5 CA TF A1 p 7.71 +0.01 8.7 MidCap 94.56 -0.67 23.8 INSTTRF2050 24.29 -0.16 13.3
Fidelity Freedom ValueI 41.62 -0.18 18.6 ITIGradeAdml 10.05 -0.01 9.2 InstPlus 264.76 -1.72 17.8
BalA p 27.38 -0.08 11.1 BlackRock Funds A IntlVal 15.96 -0.16 2.5 IncomeA1 p 2.27 ... 9.9 N Inc NA ... NA IntlVal 34.32 -0.28 6.9
FF2020 15.73 -0.07 10.2 MFS Funds Instl LTGradeAdml 11.09 -0.03 18.8 InstTStPlus 62.98 -0.45 17.8
FrankTemp/Frank Adv NHoriz 63.22 -0.48 31.2
BondA p 13.27 -0.02 7.1 GlblAlloc p 18.69 ... 9.8 IntSmCo 17.11 -0.17 8.0 FF2025 13.71 -0.07 10.8 IntlEq 25.83 -0.15 15.4 MidCpAdml 204.84 -1.66 20.6 LifeCon 20.39 -0.08 10.4 MidCpInst 45.25 -0.37 20.6
CapIBA p 60.43 -0.21 9.1 BlackRock Funds III IntSmVa 17.18 -0.20 4.0 FF2030 16.92 -0.09 11.7
IncomeAdv 2.25 ... 10.0 Nuveen Cl I OverS SF r 9.96 -0.07 7.1
MuHYAdml 11.83 +0.01 8.3 LifeGro 33.52 -0.22 12.7 MidCpIstPl 223.17 -1.81 20.6
CapWGrA 47.80 -0.28 13.0 iShS&P500IdxK347.05 -2.26 17.8 LgCo 22.54 -0.15 17.8 Freedom2020 K 15.72 -0.07 10.3 FrankTemp/Franklin A HYMunBd 18.00 +0.02 10.0 R2020 NA ... NA MuIntAdml 14.58 +0.01 6.6 LifeMod 27.38 -0.14 11.6 SmCapInst 73.53 -0.87 17.1
EupacA p 51.13 -0.44 13.5 BlackRock Funds Inst TAUSCoreEq2 18.47 -0.17 15.8 Freedom2025 K 13.69 -0.07 10.8 Growth A p 108.62 -0.66 20.7 Oakmark Funds Invest R2025 NA ... NA MuLTAdml 12.03 +0.01 8.0 PrmcpCor 26.45 -0.22 13.0 STIGradeInst 10.75 ... 4.9
FdInvA p 58.41 -0.36 13.4 EqtyDivd 19.30 -0.10 14.4 US CoreEq1 23.74 -0.21 16.4 Freedom2030 K 16.90 -0.10 11.7 RisDv A p 66.57 -0.43 21.0 EqtyInc r 30.00 -0.13 11.6 R2030 NA ... NA MuLtdAdml 11.13 ... 3.7 STAR 26.59 -0.15 12.9 STIPSIxins 24.84 -0.01 3.7
GwthA p 49.57 -0.36 15.9 GlblAlloc 18.81 ... 10.1 US CoreEq2 21.75 -0.21 15.5 Freedom2035 K 14.02 -0.10 12.4 FrankTemp/Franklin C Oakmark 76.98 -1.01 12.7 R2035 NA ... NA MuShtAdml 15.88 ... 2.0 TgtRe2015 15.22 -0.06 9.8 TotBdInst 11.07 -0.02 7.8
HI TrA p 9.98 -0.02 8.0 MultiAstIncome 10.81 -0.01 10.1 US Small 32.48 -0.45 9.7 Freedom2040 K 9.75 -0.07 12.5 Income C t 2.30 ... 9.4 OakmrkInt 21.65 -0.20 5.8 R2040 NA ... NA PrmcpAdml r136.14 -1.12 12.6 TgtRe2020 31.74 -0.15 10.9 TotBdInst2 11.03 -0.02 7.7
ICAA p 37.73 -0.18 12.6 StratIncOpptyIns 9.92 ... 5.5 US SmCpVal 30.97 -0.45 3.7 Fidelity Invest FrankTemp/Temp A Old Westbury Fds Value 36.05 -0.13 17.9 RealEstatAdml128.78 -0.04 23.9 TgtRe2025 19.00 -0.10 11.7 TotBdInstPl 11.07 -0.02 7.8
IncoA p 22.39 -0.09 10.2 Bridge Builder Trust US TgdVal 21.17 -0.30 7.5 Balanc 23.41 -0.14 14.3 Growth A p 21.09 -0.18 1.7 LrgCpStr NA ... NA PRIMECAP Odyssey Fds SmCapAdml 73.53 -0.87 17.0 TgtRe2030 34.57 -0.20 12.2 TotIntBdIdxInst 35.05 -0.04 8.4
N PerA p 44.10 -0.35 17.1 CoreBond 10.48 -0.01 7.2 USLgVa 35.34 -0.31 11.1 BluCh 100.35 -1.17 19.5 FrankTemp/Temp Adv Parnassus Fds AggGrowth r 43.64 -0.64 13.9 SmGthAdml 65.24 -0.69 23.5 TgtRe2035 21.18 -0.13 12.5 TotIntlInstIdx r108.16 -0.89 8.2
NEcoA p 44.85 -0.34 15.5 CorePlusBond 10.37 -0.01 7.3 Dodge & Cox Contra 13.05 -0.11 19.6 GlBondAdv p 11.13 +0.03 2.5 ParnEqFd 47.19 -0.20 21.5 Growth r 38.10 -0.50 9.7 STBondAdml 10.59 -0.01 4.1 TgtRe2040 36.50 -0.24 13.0 TotItlInstPlId r108.18 -0.90 8.2
NwWrldA 66.05 -0.51 15.1 Intl Eq 10.92 -0.10 9.6 Balanced 98.79 -0.39 9.9 ContraK 13.07 -0.10 19.8 Guggenheim Funds Tru PGIM Funds Cl Z Stock r 32.43 -0.30 12.7 STIGradeAdml 10.75 ... 4.8 TgtRe2045 22.88 -0.16 13.2 TotStInst 72.49 -0.52 17.8
SmCpA p 56.06 -0.45 19.5 Del Invest Instl GblStock 11.95 -0.10 8.3 CpInc r 9.95 -0.02 12.8 TotRtnBdFdClInst 27.45 +0.16 5.0 TotalReturnBond 14.92 -0.01 9.5 Schwab Funds TotBdAdml 11.07 -0.02 7.8 TgtRe2050 36.83 -0.25 13.3 ValueInst 42.57 -0.22 13.0
TxExA p 13.40 ... 6.7 Value 21.31 -0.07 9.9 Income 14.07 -0.01 7.8 GroCo 19.51 -0.19 21.8 Harbor Funds PIMCO Fds Instl S&P Sel 45.14 -0.29 17.8 TotIntBdIdxAdm 23.36 -0.03 8.4 TgtRet2055 39.97 -0.28 13.2 Western Asset
WshA p 45.66 -0.13 14.4 Dimensional Fds Intl Stk 39.22 -0.37 6.3 GrowCoK 19.53 -0.20 21.8 CapApInst 73.72 -0.62 19.0 AllAsset 11.51 -0.02 6.3 TSM Sel r 51.33 -0.37 17.8 TotIntlAdmIdx r 27.05 -0.22 8.2 TgtRetInc 13.77 -0.04 9.0 CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

BUSINESS & FINANCE NEWS

Labor Pick Likely to Sit Out Fiduciary Rule Rewrite

BY ANDREW ACKERMAN mally nominated him.
Mr. Scalia declined to com-
WASHINGTON—President ment. A White House official
Trump’s pick to be the next said the administration ex-
secretary of labor would likely pects any nominee to follow
have to sit out the depart- the law once confirmed.
ment’s rewrite of a closely At issue is an Obama-era
watched investment-advice regulation concerning retire-
rule if he is confirmed, accord- ment advice that a federal ap-
ing to people familiar with the peals court struck down last
matter. year in a legal challenge led by
Eugene Scalia, a Washing- Mr. Scalia, the son of the late
ton lawyer who has helped Supreme Court Justice An-
companies challenge financial tonin Scalia. Mr. Scalia han-
nancial-advice rule completed
by the Securities and Ex-
change Commission known as
Regulation Best Interest. Both
federal agencies have roles in
the regulation of investment
advice.
In addition to the retire-
ment-savings initiative, Labor
Department officials are work-
ing on an overtime rule and a
regulation that would clarify
when a worker could be
jointly employed by two com-
ject of the lawsuit in govern-
ment. The restrictions are
aimed at preventing govern-
ment officials from appearing
to advance the positions they
were paid to take by former
clients.
Any recusal by the labor
secretary would shift senior
decisions to other Trump-ap-
pointed officials at the depart-
ment. Chief among those indi-
viduals is Patrick Pizzella, who
currently serves as acting sec-

STEPHEN VOSS FOR THE WALL STREET JOURNAL

rules, previously handled a le- dled the challenge and argued panies. retary but is expected to re-
gal challenge to the Obama ad- on behalf of the financial-ser- A supporter of Mr. Scalia main in a top role after Mr.
ministration’s version of the vices industry before a circuit said it wasn’t unusual for Scalia takes the helm, should
regulation, known as the fidu- court that threw out the rule. prominent private-sector at- he be confirmed.
ciary rule. Government ethics The New Orleans-based torneys to have conflicts that Business groups see Mr.
rules generally prevent offi- Fifth U.S. Circuit Court of Ap- require recusals from govern- Pizzella as more aggressive
cials from participating in is- peals invalidated the rule last ment work, and played down than the departed Mr. Acosta
sues they were involved in year, saying the department the likelihood Mr. Scalia would in pushing through new poli-
while in the private sector to had overreached its authority be recused from many issues. cies, The Wall Street Journal
guard against potential con- in crafting the measure. Richard Painter, a Univer- reported last month.
flicts of interest. The Labor Department has sity of Minnesota Law School Mr. Acosta stepped down
The fiduciary rule, which said it plans to rewrite a ver- professor and former chief after drawing criticism for his
aimed to limit conflicts of in- Eugene Scalia earlier led a court challenge to the fiduciary rule. sion of the regulation but has White House ethics lawyer in role in negotiating a plea
terest in financial advice, re- provided few details. Preston the George W. Bush White agreement for Jeffrey Epstein,
mains a hot-button issue that Mr. Scalia’s likely recusal lead the Labor Department. Rutledge, head of the depart- House, said rules of profes- a financier arrested on
affects millions of individual suggests his ties to the finan- Mr. Trump last month said ment’s Employee Benefits Se- sional conduct in most states charges of sex trafficking.
investors—workers planning cial-services industry could he intended to nominate Mr. curity Administration, said in prohibit lawyers from repre- White House officials also
for retirement, financial ser- complicate his tenure on high- Scalia to replace Alexander June the department’s senting a client in a lawsuit were frustrated with the pace
vices firms and thousands of profile initiatives should he Acosta as labor secretary. The planned fiduciary rule making and then participating in the of deregulation at the depart-
brokers and advisers. win Senate confirmation to White House hasn’t yet for- would align with a related fi- same matter that was the sub- ment, the Journal reported.

Green Dot Sinks as Competitors Circle

ADVERTISEMENT

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
BY PETER RUDEGEAIR

AVIATION BUSINESS OPPORTUNITIES Green Dot Corp. is taking on

water from Silicon Valley’s
 
    
  plunge into the banking system.
       
          Shares in the bank known
  

    
  
       for issuing prepaid debit cards
   
   
 
       recovered somewhat from a
                 
        
                      ! "!#$ 42% drop to $27.42 on Thurs-
    day after it scaled back its rev-
           
enue and profit outlook for the
rest of the year, citing compe-

RICHARD B. LEVINE/LEVINE ROBERTS/ZUMA PRESS

BOATING
 
tition from financial-tech
startups that offer checking
!" #$   
 and savings accounts. Green
    
    

! "# $%&
 ' '
 ('



 
 Dot shares closed 8.8% higher
Friday.
)) "'  $)*$)+ , 
" ' (#      
 “Several so-called neobanks
 !  
!!!""


flush with new rounds of ven-
 
#$#"#% # ture capital [are] spending a
&'()(' 



   record amount of marketing
    dollars to convert customers
BUSINESS OPPORTUNITIES 

 to their largely free bank ac-
  
 
 count offerings,” Green Dot
  
   
 
 
 CEO Steven Streit said on a
 


   
     
 
 

  -     

 conference call with analysts Shares of the bank fell amid rising competition from a growing cohort of financial-tech rivals.
   
    -  -
 
  
  Wednesday. “There’s little
   
       doubt in our minds that the in- lion, or 64 cents a share, on of the year.
      -
!    Bleeding Green
creased marketing spend from revenue of $278.3 million. Big banks that have the
  -  
"       
  

 so many competitors in aggre- But investors were put off
Green Dot’s share price
means to spend hundreds of
#      $ %-  



 
 

   
             gate is taking its toll on our by Green Dot’s 5% reduction in $50 millions of dollars on market-
   new-customer acquisition.” its full-year revenue forecast ing campaigns and product de-
 

 
   Green Dot’s signature prod- and its 6% cut in adjusted- velopment have grown their
 
   
 
 uct, a reloadable bank card profit guidance. Several ana- 45 active user bases over time


     
     
    that is sold and topped up with lysts cut their price targets and experienced better stock

     
    
money at Walmart Inc. and and warned that the com- performance.
   
 other retail stores, is losing pany’s shares could face more 40 Shares in Bank of America
  
   
  

 users. Total active accounts at near-term turbulence. Corp. and JPMorgan Chase &
      

  
 
    
   Green Dot fell 6% to 5.7 million Green Dot’s stock is “un- Co. are up 15% and 13%, re-
    

   35 Friday
at the end of March from their ownable at this point given spectively, since the start of

  
 

  
    

 level three months earlier. the significant uncertainty $29.82 the year, compared with a 66%
   

 
   
  !" ! #$ % &' ( Meanwhile, challengers of- arising from the sudden, steep fall in Green Dot’s stock over


  
 30
      

 
 #'&()*%+#% fering smartphone-based bank drop in demand for its prod- that period.
 
    
accounts, such as Acorns Grow ucts in what remains its larg- Some online lenders have
  


     Inc., Chime Financial Inc. and est segment,” BTIG analyst 25 also been struggling. Shares in
!    "#$%&$'(() TRAVEL
)&* + ,
 Square Inc.’s Cash App, have Mark Palmer wrote in a re- GreenSky Inc., a financial-tech
Wed. Thurs. Fri.
added millions of accounts in search note. company that arranges loans
just the past year. Mr. Streit said he expected Source: FactSet for home-improvement proj-
  
 Save Up To 60% Green Dot shares dropped active accounts and associated ects, fell as much as 37% to


 
 First & Business
despite the company’s second- revenue to start increasing that charges a $7.95 monthly $6.54 Tuesday after it an-
INTERNATIONAL

 
 

 Major Airlines, Corporate Travel quarter earnings surpassing again in 2020. At the end of fee unless users spend $1,000 nounced it was exploring a


  
 Never Fly Coach Again! the expectations of analysts July, Green Dot launched a or more a month. Mr. Streit sale or merger in addition to




 
www.cooktravel.net polled by FactSet Inc. Net in- high-yield bank account and said he expected one million second-quarter earnings that
 


 (888)-473-3941 come rose 16% to $34.7 mil- debit card called Unlimited Unlimited sign-ups by the end
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Goldman
Executives
LUXURY
Charged
Continued from page B1
the country would seek a fine
on the bank that is well above
the $2.7 billion allegedly sto-
len from the fund.
Two former Goldman bank-
ers, Tim Leissner and Roger
Ng, and Jho Low, a Malaysian
financier, are under indict-
ment in the U.S., accused of
conspiring to loot the fund.
The charges on Friday
came under a Malaysian law
that holds senior executives
responsible for any offense
that may have been commit-
ted on their watch, said Ma-
laysia’s attorney general,
Tommy Thomas.
Malaysia also has leveled
allegations against three
Goldman subsidiaries operat-
ing in the region.
“We believe the charges
announced today, along with
those against three Goldman
Sachs entities announced in
December last year, are misdi-
rected and will be vigorously
defended,” a spokesman for
the bank said Friday.
An Alibaba spokesman
didn’t reply for a request for
comment from Mr. Evans.
missed analysts’ expectations.
Mr. Sherwood couldn’t be
reached for comment.
Some of those charged, in-
cluding Mr. Evans, were in-
volved in negotiations with
1MDB.
In January 2013, Mr. Evans
and other Goldman bankers
met with Najib Razak, then
Malaysia’s prime minister, at
the World Economic Forum in
Davos, Switzerland, to discuss
the third and largest bond
deal for 1MDB.
That bond sale, along with
the two preceding ones, were
vetted by five internal com-
mittees at Goldman, including
a business-standards panel
formed in response to accusa-
Some of those
targeted by Malaysia
were involved in the
dealings with 1MDB.
tions the firm had misled cli-
ents during the financial cri-
sis.
That committee’s co-chair-
man was Mr. Evans, who had
run the firm’s Asia business
before returning to Goldman’s
New York headquarters.
Goldman earlier this year
withheld bonuses owed to
Messrs. Evans and Sherwood
pending the outcome of the
1MDB matter, The Wall Street
Journal reported.
Others charged Friday were
junior employees at the time
of the bond deals. Several no
longer work at Goldman.
Other employees who the
Journal has reported were
more closely involved in the
1MDB dealings weren’t
charged.
The criminal charges
against the current and for-
mer Goldman executives could
make them wary of traveling
internationally.
Malaysia hasn’t taken steps
to have them arrested and ex-
tradited, which would be an
escalation of the case. Malay-
sia eventually could try them
in absentia, said a govern-
ment official.
The 1MDB scandal has
sparked multinational investi-
gations from Switzerland to
the U.S., with billions of dol-
lars allegedly siphoned from
the fund, which was created
by Mr. Najib to boost the
Southeast Asian nation’s
economy. He has denied
wrongdoing.
Public anger over the 1MDB
scandal led to Mr. Najib’s
election defeat in 2018, and
his associates face charges in
Malaysia ranging from money
laundering to the abuse of
power.
Mr. Najib himself faces 42
1MDB-related criminal
charges and the first of a se-
ries of trials at the Kuala
Lumpur High Court.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Treasurys
Prices Fall
Amid
Volatility
BY DANIEL KRUGER
U.S. government bond
prices retreated Friday to
close out a week of volatile
trading that saw Treasury
yields fall to fresh multiyear
lows.
CREDIT The yield on
MARKETS the benchmark
10-year Trea-
sury note rose for a second
consecutive day, settling at
1.731% from 1.710% Thursday.
The yield has declined by
0.303 percentage point since
the start of the month.
Yields, which climb when
bond prices fall, rose as inves-
tors scaled back positions in
U.S. government debt they had
built up during a week of un-
settled trading, analysts said.
The move to higher yields
didn’t reflect any significant
change in sentiment, they
said.
“Headwinds to growth and
inflation remain intact,” said
Jon Hill, an interest-rate strat-
egist at BMO Capital Markets.
“I don’t think there’s been a
broad rethinking of the gen-
eral landscape.”
Yields fell earlier Friday af-
ter President Trump said that
‘I don’t think there’s
been a broad
rethinking,’ said
strategist Jon Hill.
trade talks between the U.S.
and China scheduled for next
month could be canceled. Mr.
Trump told reporters on Fri-
day that the planned talks may
not take place. The president
also said things are “very well
with China,” but that he’s “not
ready to make a deal.”
The comments were the lat-
est in a series of developments
that have ratcheted up inves-
tors’ anxiety about trade ten-
sions between the two nations.
U.S. government bond yields
have declined sharply since
last week after Mr. Trump said
that he would impose new tar-
iffs on an additional $300 bil-
lion of Chinese goods.
That decision prompted
China to retaliated by sus-
pending purchases of U.S. ag-
ricultural products and allow-
ing its currency to decline
versus the dollar below a lev-
els where its policy makers
have previously supported the
currency. The U.S. responded
by designating China a cur-
rency manipulator.
German government bond
yields fell Friday after turmoil
in Italy’s governing coalition.
That sent European investors
to the safety of the region’s
benchmark credit
The yield on the 10-year
German bund declined to a re-
cent negative 0.582%, near a
record low.
New Fed Rate Pulls Ahead in the Race to Replace Libor
BY DANIEL KRUGER
Federal agencies, banks and
investment firms are pushing
Wall Street to install their pre-
ferred replacement for the
London interbank offered rate,
the interest-rate benchmark
underpinning trillions of dol-
lars in financial contracts.
The Treasury Department
on Wednesday said it was con-
sidering floating-rate notes
linked to a new rate created by
the Fed—known as the secured
overnight financing rate, or
SOFR. That came after a Fed-
eral Reserve Bank of New York
working group in July en-
dorsed using SOFR in adjust-
able-rate mortgages. The Secu-
rities and Exchange
Commission has also raised
concerns about the risks of
firms dragging their feet
through the transition, or
adopting a hodgepodge of com-
peting short-term benchmarks.
At stake is the timely re-
placement of Libor, which un-
derpins $200 trillion of finan-
cial contracts ranging from
home mortgages to corporate
loans. That rate was slated for
replacement in 2021 after a
manipulation scandal.
Finding a substitute is a key
challenge for banks, companies
and investors. Each wants a
* * * * * *
Copper’s Swoon Clouds Supply
BY AMRITH RAMKUMAR
The recent slide in copper
prices threatens to limit in-
vestment in new mines, a
trend that industry analysts
and executives say could lead
in coming years to sizable
shortages of the material criti-
cal to manufacturing and re-
newable-energy projects.
Prices fell to two-year lows
recently on fears that trade
tensions will weaken the
global econ-
COMMODITIES omy and
crimp de-
mand. Because copper is heav-
ily used in construction and
manufacturing, its price move-
ments are closely tied to mo-
mentum in the world economy,
and particularly in China,
which accounts for about half
of global demand.
Some investors say the
downturn in prices could actu-
ally lead to an even bigger
rally years from now because
of the time needed to extract
metal from new projects.
Many of those mines also re-
quire capital commitments to
finish and are located in risky
operating jurisdictions around
the world.
Ore grades also decline
over time, potentially leading
to lower usable supply than
expected as demand from elec-
tric vehicles and new technol-
ogies is likely to ramp up in
the mid-2020s, analysts say.
Copper is now about 14%
below the $3-a-pound level
that investors say makes many
long-term projects viable. It
last closed above that level in
June 2018, when President
Trump approved tariffs on
about $50 billion of Chinese
imports.
“We have this great inven-
tory of opportunities, but like
other projects in the industry,
they require prices higher
than today’s price to develop,”
Richard Adkerson, chief execu-
tive of copper miner Free-
port-McMoRan Inc., said in
an interview. “If global growth
turns down, then we won’t be
in a position to invest in these
resources.”
Copper fell to $2.54 a
Trade Battle Is Crimping Global Oil Demand
BY DAVID HODARI
Worries about the health of
the economy and increasingly
uncertain trade relations be-
tween the U.S. and China will
put further pressure on global
oil demand in 2019, the Inter-
national Energy Agency said
Friday.
In its closely watched oil-
market report, the IEA down-
graded its forecast for global
oil-demand growth for the
third time in four months,
lowering it to 1.1 million bar-
rels a day from 1.2 million bar-
rels a day. Demand for the
January-to-May period was at
its weakest since 2008.
While geopolitical tensions
remain elevated in the Middle
East between Western and Ira-
nian naval forces, the IEA’s
reference rate that reflects the
risks from short-term lending
and is supported by a liquid
market that behaves in a pre-
dictable manner. Properly set-
ting the rates on business and
consumer loans can determine
whether they are affordable for
borrowers and profitable for
lenders.
While Libor is based on esti-
mates of what it costs banks to
borrow over different short-
term periods, SOFR is based on
the cost of borrowing over-
night using U.S. government
debt as collateral. Most compa-
nies have been slow to make
the switch, so the new push
from the Fed’s working group
of banks and investment
firms—known as the Alterna-
tive Reference Rate Commit-
tee—signals gathering momen-
tum.
“The ARRC is trying to
strike a balance between let-
ting markets develop organi-
cally and facilitating their
growth,” said Brian Graben-
stein, who heads Wells Fargo’s
Libor transition office, and sits
on the ARRC’s committee on
consumer products.
While companies have sold
more than $150 billion of
SOFR-linked notes, a govern-
ment bond would catch the at-
tention of “a lot of investors
MARKETS
The metal’s price recently hit a two-year low, threatening to limit investment in new mines. Rolls of copper at a New York plant.
pound on Monday, its lowest
level since May 2017, before
rebounding to $2.58 on Friday.
Jefferies projects a 1 million
metric ton deficit in 2024
without more capital commit-
ments from miners. Commodi-
ties consulting firm Wood
Mackenzie recently forecast a
roughly 4 million metric ton
supply gap by 2028, based on
annual production of about 25
million metric tons at that
time.
Driving those projections is
a belief that copper will be
critical to long-term shifts to-
ward electric vehicles and
cleaner technologies in trans-
portation and energy storage.
Another reason some inves-
tors remain confident that
prices will eventually rebound:
Operating mines in places
such as Indonesia continues to
come with a high degree of
risk.
Many expect Freeport-Mc-
MoRan’s success in the coming
years to be defined by its abil-
ity to transition a giant copper
and gold mine in Indonesia
into an underground opera-
main focus was the economy.
The agency has expressed
growing alarm over the impact
of the trade battle between
the U.S. and China on both
economic growth and oil de-
mand, having cut its forecast
in May and June.
“Now, the situation is be-
coming even more uncertain:
The U.S.-China trade dispute
remains unresolved and in
September new tariffs are due
to be imposed,” the report
said.
Despite worries about soft-
ening consumption leading to
a supply glut, U.S. crude rose
3.7% to $54.50 a barrel on the
New York Mercantile Exchange
Friday to cap off a rocky week
of trading. Brent crude, the
global price gauge, added 2%
to $58.53 a barrel on London’s
Fannie Mae and Freddie Mac have said they will
buy adjustable-rate mortgages that reset to SOFR.
3.2%
2.8
2.4
2.0
1.6
2018
Note: not seasonally adjusted
Source: ICE Benchmark Administration (LIBOR); Federal Reserve Bank of St. Louis (SOFR)
who don’t have [SOFR] floaters
on their radar,” said Thomas
Simons, a money-market econ-
omist at Jefferies Financial
Group.
Mortgage companies Fannie
Mae and Freddie Mac, both
ARRC members, have said they
will buy adjustable-rate mort-
gages linked to SOFR and re-
package the loans as bonds.
About $1.2 trillion of similar
bonds are currently linked to
Negative Momentum
Prices for copper and other materials have fallen sharply in recent
months. But analysts project copper demand will exceed supply
in the coming years.
Weekly price performance
since end of 2016*
Trump approves tariffs on
$50 billion of Chinese goods
30%
20 Copper
10
0 –1.0
–10
Bloomberg Commodity Index
–20
2017 2018 2019
*Front-month copper futures through Friday †Figures for 2019 and beyond are projections.
Sources: FactSet (performance); Jefferies (production)
tion. Late last year, the Indo-
nesian government took a 51%
stake in the mine—Grasberg—
by paying nearly $4 billion to
Freeport and Australian miner
Rio Tinto PLC. While the tran-
sition underground continues,
Freeport is posting lower rev-
Intercontinental Exchange.
West Texas Intermediate
futures, the U.S. price bench-
mark, are still down 7% for the
month as analysts weigh ongo-
ing uncertainty about trade.
Brent crude oil, the global
benchmark, was up 1.5% at
$58.26 a barrel and U.S. crude
was 1.5% higher at $53.31 a
barrel. Both remain sharply
down this month, though, hav-
ing faced heavy selling amid
escalating trade tensions.
Brent has dropped more than
10% in August, while U.S.
crude is down 9%.
Worsening relations be-
tween the U.S. and China
“could lead to reduced trade
activity and less oil demand
growth,” the report said.
In making its decision, the
IEA said it considered the In-
LIBOR
SOFR
’19
Libor. Investors and banks will
need to prepare for the new
home-loan securities, which
could be offered in the next 12
to 18 months, officials said.
Because the mortgage com-
panies have said they will buy
home loans linked to SOFR,
lenders will begin underwriting
them, said Timothy Kitt, who
oversees Freddie Mac’s mort-
gage pricing and execution.
JPMorgan Chase & Co.,
Saturday/Sunday, August 10 - 11, 2019 | B13
Annual difference between
refined-copper production
and consumption†
0.5 million metric tons
0 tight as long as we don’t have
–0.5
–1.5
–2.0
2015 ‘20
enue and higher capital costs.
In another sign of the chal-
lenges facing miners, Rio Tinto
last month said it will take
much longer than expected
and cost more to complete a
mine in Mongolia’s southern
Gobi Desert.
ternational Monetary Fund’s
downgrade to its global-
growth outlook. The IMF re-
cently cut its forecast for
global GDP growth in 2019 by
0.1 percentage point to 3.2%.
The agency isn’t the first
major body to lower its expec-
tations this month. The U.S.
Energy Information Adminis-
tration said this week it was
reducing its forecast for 2019
world-wide oil consumption
for a seventh straight month.
The Organization for the
Petroleum Exporting Coun-
tries’s monthly market report,
due out next week, will be
closely examined for signals
that the cartel wants to either
more strictly enforce the pro-
duction cut it agreed to extend
with allies in early July, or to
cut more deeply.
Honeywell International Inc.
and Mood Media Corp. have
used ARRC-approved language
in securities offering docu-
ments that addresses the re-
placement of Libor as a refer-
ence rate in certain financial
contracts. Some analysts said
that marks an important step
because regulators are pushing
companies to be ready for Li-
bor’s end and to disclose de-
tails of those preparations.
Some companies and inves-
tors said they would prefer a
reference that accounts for the
risk of not getting paid back, a
feature of Libor that is absent
from SOFR. The Intercontinen-
tal Exchange, which owns the
rights to Libor, has created a
credit-sensitive rate called the
bank yield index, which is cal-
culated using trades of bank
debt and which is intended to
behave like Libor. In early July,
the company revised the index
to link it to SOFR while main-
taining its use of bank debt
yields.
Yet ARRC officials have ex-
pressed skepticism about the
relatively small amount of
trading activity that would un-
derpin Intercontinental’s rate.
Regulators have also signaled
they have concerns about al-
ternatives to SOFR.
SEC staff “is monitoring
TODD F. MICHALEK FOR THE WALL STREET JOURNAL
And while there are plenti-
ful opportunities in countries
such as Chile and Australia,
extracting the metal could
prove trickier than expected.
“These projects take a long
period of time to bring on
line,” said Christopher
LaFemina, a metals and min-
ing analyst at Jefferies. “The
market should be very, very
a recession.”
Still, many investors say it
is difficult to invest in the
metal and shares of companies
that produce it as trade uncer-
tainty continues to hammer
copper prices.
Hedge funds and other
‘25 speculative investors pushed
net bearish bets on copper to
their highest level since No-
vember 2016 during the week
ended Tuesday, Commodity
Futures Trading Commission
data show.
“Investors continue to be
reticent about our sector,” Mr.
Adkerson said. “That’s likely
to be the case until there’s
some clarity on the direction
of this trade issue.”
Some analysts have sug-
gested OPEC has become com-
placent in enforcing cuts, al-
lowing numerous oil-exporting
countries—usually ones facing
geopolitical upheaval and eco-
nomic woes—de facto exemp-
tions from fulfilling their
agreement to cut output.
OPEC production figures
were slightly down in July.
The organization’s output was
down 2 million barrels from
the same month last year—
also because of lower output
from Venezuela and Iran—and
production dropped by
190,000 barrels a day from
June levels. Saudi Arabia was
again the largest cutter, lower-
ing production by 120,000 bar-
rels a day, while half of that
was offset by a 60,000-barrel-
a-day increase from Iraq.
whether the adoption of a vari-
ety of replacement rates for
[U.S. dollar] Libor instead of
the emergence of a dominant
successor could limit the effec-
tiveness of all replacement
benchmarks,” the commission
said in a July statement.
The ARRC and the Fed have
urged companies to find ways
to use SOFR rather than stick-
ing with Libor. Differences be-
tween the two rates have made
that difficult.
One problem is that Libor
sets interest costs into the fu-
ture, making payment streams
predictable, while SOFR is
backward-looking and can be
averaged or compounded over
a period of as many as several
months, which can produce un-
predictable results. ARRC offi-
cials expect to establish longer-
term forward-looking
maturities for the new rate by
the end of 2021.
The use of futures to derive
a forward-looking rate from
overnight SOFR, which the
ARRC suggested in May, could
produce predictable payments,
according to analysts at JP-
Morgan. Making the new rates
predictable is important for re-
ducing surprises that could
cause investors or lenders to
lose money or for borrowers’
payments to unexpectedly rise.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B14 | Saturday/Sunday, August 10 - 11, 2019
When Women Bring Home a Bigger Slice of the Bacon
The growing clout of women as drivers of the U.S. economy will radically alter the business and investing landscape in years to come
Over the past half-century,
women have profoundly reshaped
the U.S. economy. The changes
that are happening now could be
just as significant. Investors
should take notice.
In 1970, only half of women in
the U.S. aged 25 to 54 were in the
workforce. Since then that figure
has risen to three-quarters. For
men it has moved in the opposite
direction, slipping from 96% to
89%. Over the same time, more
young women enrolled in college,
leading them to more lucrative
jobs. Women working full time now
earn 80 cents on the dollar to men,
versus 59 cents in 1970.
That hardly counts as pay parity,
and the gap is particularly large in
the upper echelons of management.
There has been significant prog-
ress, though. There were no women
chief executives in the Fortune 500
in 1970. Now there are 33 and all of
the companies in the S&P 500 now
have at least one woman on their
board of directors.
Alongside that progress has come
gains in women’s spending power
that have radically altered what
companies sell and how they sell it.
Entire industries, such as child-care
services for working parents, have
sprung up. Online ordering services,
from food to clothing, are wildly
successful in selling to working
moms. Now big household decisions
from cars to home buying to retire-
ment services are being remade as
women have a bigger say in families’
financial choices.
Women are on course to take a
more commanding role in the years
to come. For years now, more
women have been attending college
than men. There are now as many
women with four-year college de-
grees working as male college grad-
uates and by next year there will
likely be more. That should trans-
late into increasingly higher pay as
today’s young female college gradu-
AHMED JADALLAH/REUTERS
Plans for the biggest-ever IPO are back on.
Odds Look Better in
Saudi Aramco Take 2
The oil giant has more reason than ever to list and
has lifted some roadblocks—but several remain
Saudi Aramco is feeling its oats.
Saudi Arabia’s state oil company
is accelerating the timeline for
what would be the world’s biggest
listing as soon as early next year,
according to people familiar with
the discussions. Some things have
changed since its failed prior at-
tempt that could help a listing,
and its owner has good reasons to
forge ahead. But a deal can only
happen if expectations are reset.
The oil giant has overcome some
big hurdles since Saudi Crown
Prince Mohammed bin Salman pro-
claimed Aramco could be worth
some $2 trillion in an IPO. That was
early 2016, when oil prices were
near 12-year lows and the kingdom
was burning through its foreign-
cash reserves. Brent crude prices,
though off from the mid-$80s a bar-
rel last year, have since roughly
doubled. The company also has
completed a $12 billion bond offer-
ing, overcoming one of its biggest
hurdles: unveiling its financial state-
ments to the public. All that points
to a higher likelihood a deal will go
through on this second attempt.
But buyers still have reasons to
be uneasy. First, unlike bondhold-
ers who receive a fixed coupon pay-
ment, equity holders will likely care
more about how its controlling
HEARD STREET FINANCIAL ANALYSIS & COMMENTARY
ON
THE
ates advance to more senior posi- More women taking the earn-
tions. The median working college ings pole position within their
graduate aged 25 or older earns families could augur a shift in
81% more than the median worker American spending patterns. Sin-
whose education didn’t extend be- gle women allocate more of their
yond high school, according to the budget toward health care, grocer-
Labor Department. ies, apparel and housing than sin-
The education gap is showing up gle men with comparable budgets,
in traditional married couples. It is Labor Department data show,
now more common for a woman to while men spend more on cars and
be more educated than her husband alcohol, among other items.
than vice versa. That might be Women’s attitudes toward
what is behind another change: As money also differ from men. In a
of 2017, 31% of women earned as recent survey conducted by Bank
much or more than their husbands, of America Merrill Lynch, 41% of
according to a Pew Research Center women said they would use extra
analysis. That compares with 25% disposable income to pay down
in 2000 and just 13% in 1980. debt versus 36% of men. Con-
OVERHEARD
August is supposed to be a
sleepy time in the market
when it’s safe for market pro-
fessionals to head to the
beach.
Not with President Trump
kicking off the month by an-
nouncing a new set of tariffs
against China, China pushing
back and Britain possibly ca-
reening toward a no-deal
Brexit. So far in August, the
S&P 500 has moved an aver-
age of 1.3% each day, putting it
on pace to be the most volatile
month this year.
This August hardly counts
as an outlier. August 2015
was awful for stocks, too,
with worries about China’s
economy setting off a selloff
that included a 1,089-point
dive in the Dow Jones Indus-
trial Average one Monday
morning. August 2011 featured
a Standard & Poor’s down-
grade of U.S. Treasury debt.
The S&P 500 fell 15% in Au-
gust 1998 as the Russian debt
crisis took hold. Over the past
25 years, only October 2008
shareholder extracts value from the was worse.
company and where the cash is be- For Wall Streeters whose
ing spent. Second, Aramco doesn’t vacations have been ruined, yet
make decisions on its own. When again, by the market’s swings,
OPEC says it is going to move to here is an idea: Take your time
reduce production, Aramco is both off in June. It is the least vola-
driving and cushioning that blow. tile month, and you can still
Saudi Arabia has used its mas- get a deal in the Hamptons.
sive exports and spare capacity as
both a carrot and a stick to get its
way in the quarreling cartel, tak-
ing a disproportionate share of the
pain of cutbacks or flooding the
markets as punishment. What
other listed oil company would
give up revenue to boost prices re-
alized by competitors?
And the kingdom still needs
cash. Investments in technology,
including Softbank’s Vision Fund,
may not be paying off as fast as it
might like. Plans including a $500
billion desert project that includes
flying cars and robot dinosaurs,
need funding, too. The IMF pro-
PHOTO ILLUSTRATION BY WSJ; ISTOCK(2)
jected in May that Saudi Arabia
would have a budget deficit of 7%
of GDP this year.
A deal can get done, but at what
price will MBS part with some of
the family silver? Aramco’s $111
billion in 2018 profit gave bond-
holders confidence to buy. A $2
trillion price tag is another matter.
—Lauren Silva Laughlin
* ***
RUTH GWILY
versely, 14% of women said they
would use the money to buy more
things versus 19% of men. Those
discrepancies suggest that stereo-
types about women overspending
are misleading. Notoriously profli-
gate American households may
even save more overall, though
higher incomes for women equal
more dollars to spend.
Such conservatism extends to-
ward women’s investing behavior.
This may hurt funds offering in-
vestment strategies to investors
that are riskier or more active and
aid funds with passive strategies—
a clear industry trend recently.
And it may affect the companies
Signs of a
Semiconductor Detente
Trade relations between Japan and South Korea
may be less messy than feared
Life just got a fraction tidier for
chip makers. The geopolitical
backdrop may still be a million
miles from the spotless order of a
semiconductor fab, but trade rela-
tions between Japan and South
Korea, two key countries for the
industry, may be less messy than
feared.
Last month, Tokyo tightened
controls on exports of three chem-
icals crucial for making memory
chips and screens. Japan domi-
nates the supply of those materi-
als, and Korean giants like Sam-
sung Electronics and SK Hynix
could struggle to produce semi-
conductors without them.
That could have knock-on effects
for many investors: Samsung stock
is widely owned by institutions in
the U.S. and elsewhere, as one of
the largest constituents in MSCI’s
key emerging markets index.
While Japan cited national secu-
rity, this is probably tied to a dis-
pute over wartime reparations.
Last week, Japan removed South
Korea from a list of preferential
trading partners, introducing extra
paperwork for exports of hundreds
more Japanese products.
On Thursday, however, Japan’s
government said it had approved
shipments of a key material used
in chip manufacturing to South
Korea for the first time since the
curbs were introduced.
To be sure, relations still
appear tense. The extra red
tape will persist for now.
But the approval should
give investors extra con-
fidence that Japan’s re-
strictions were merely
designed to show Seoul
its bargaining power,
rather than cause serious
harm.
Indeed, the market had
appeared relatively relaxed.
Samsung and SK Hynix shares
actually rose when the restric-
tions were imposed. Investors
thought they would benefit from
higher memory prices, while
avoiding serious disruption.
A major snarl-up at the South
THE WALL STREET JOURNAL.
Number of employed workers
aged 25 or older with a
bachelor’s degree or higher
30 million
Men Women
25
20
15
10
5
0
1995 2000 ’05 ’10 ’15
Note: Average annual employment; 2019 is through July
Source: Labor Department
in which they invest, leading compa-
nies to put more women into posi-
tions of power. That, in turn, could
lead to changes in firm behavior. Re-
cent research suggests that compa-
nies with female chief financial offi-
cers are less likely to misreport
results, and that companies with fe-
male directors encourage chief exec-
utives to take on fewer risks.
Naturally women make mistakes,
too. While they have the opportunity
to assume the role as a more active
participant in economic decision-
making, for example, they haven’t
yet closed the gender gap in finan-
cial literacy. That leaves women
more prone to making poor financial
decisions.
So there could be pitfalls. But
women’s growing clout is unques-
tionable. As they take on a larger
role in driving the economy, the
business and investing landscape
will be radically altered. Ignoring
the changes is the equivalent of
sticking one’s head in shifting sand.
—Justin Lahart
and Lauren Silva Laughlin
Share-price performance since
Japan’s export restrictions
were first announced
15%
SK Hynix
10
5
0
–5
Samsung
Electronics
–10
July Aug.
Source: FactSet
Korean chip companies could rip-
ple through the global supply
chain. The South Koreans have
around three-quarters of the mar-
ket for DRAM, a type of memory
chip used in smartphones, servers
and computers. But that would
hurt Japanese electronics firms
and others—making this some-
thing of a worst-case scenario.
Of course, relations between the
two capitals could worsen. And
there could be accidental damage
if, for example, export holdups
lead to inventories running out in
South Korea.
Meanwhile, U.S.-China trade
tensions have flared up again, and
the White House may stop the U.S.
government doing business with
China’s Huawei. That seems to
show U.S. attitudes hardening
anew, just a month after President
Trump suggested that American
chip companies would be allowed
to sell some products to Huawei
after all.
But at least this week brought a
smidgen of good news for the
semiconductor business.
—Jacky Wong
 REVIEW
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

The Power of Play Indispensable

U.S. schools should focus on Gen. George C. Marshall,
joy in learning, not stress the ‘Organizer of Victory’
and standardized testing C3 Books C7

CULTURE | SCIENCE | POLITICS | HUMOR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | C1

Our New
Terrorism
Problem
The U.S. should use its hard-won
experience against al Qaeda and
Islamic State to fight today’s surge of
lethal white supremacist attacks.
By Clint Watts
PHOTO ILLUSTRATION BY JOHN KUCZALA; GETTY IMAGES

P
ittsburgh, Tallahassee, Poway, Jeffersontown and now El Paso— lethal and very impactful, without resources.”
these American communities have been the scene since 2018 of the The Norway murderer’s vision helped to inspire
the Australian gunman who perpetrated the
most lethal mass shootings connected to white supremacist ideol- Christchurch massacre and surfaced in

“
ogy, but there have been many other lesser attacks and foiled plots. the attack allegedly planned by a U.S.
In the U.S., such terrorism has now eclipsed international jihadist Coast Guard lieutenant stationed in
terrorism in both frequency and severity. Events of the past week Washington, D.C. The gunman who
murdered nine black worshipers at a
seem to have finally awoken the country to the reality of this June 2015 Bible study meeting at the White
threat, but our politicians are already bickering about what to do about it. u In fact, historic Emanuel African Methodist supremacist
the formula for responding to America’s white supremacist terrorism emergency is quite Episcopal Church in Charleston, S.C.,
clear—in part because of our hard-won experience fighting jihadists from al Qaeda and made a point of writing a racist mani- terrorism has
its spawn, Islamic State. We must swiftly and carefully apply the best practices of the
festo beforehand. now eclipsed
But there are also key operational
two decades since Sept. 11, 2001, to counter this decade’s domestic terrorist threat—by differences between the two move-
international
passing new laws, increasing resources and enhancing investigative capabilities. ments, with implications for how to jihadist
fight them. Violent white supremacism terrorism in
The post-9/11 lessons are particularly applicable, extremist who murdered 51 worshipers in March at in the U.S. has grown from the bottom
in part, because of the similarities between the jiha- two mosques in Christchurch, New Zealand, used up, not the top down. Al Qaeda and Is- frequency
dists and violent white supremacists. Both extremist Facebook to broadcast live video of the massacre. lamic State often directed their most vi- and severity.
movements depend on the anger of alienated young Much like Islamic State and other transnational cious attacks from a central headquar-
men, vulnerable to moral suasion and often lacking terrorists, the atrocities of the new terrorists ters, whether al Qaeda’s safe havens in
strong community or social bonds as moderating in- serve to inspire their fellow extremists to more Please turn to the next page
fluences in their lives. Both depend on reaching and bloodshed. The white supremacists “crowd-
indoctrinating recruits via the internet. source” their ideology from the views of the
Today’s white supremacist terrorists band to- amorphous movement’s most prolific attackers. As Mr. Watts is distinguished research fellow at
gether online, further radicalize themselves and fire the terrorism expert J.M. Berger has noted, many the Foreign Policy Research Institute and the
one another up in much the same manner as their of them were particularly galvanized by a far- author of “Messing With the Enemy: Surviving
jihadist counterparts. White supremacists avidly right extremist’s shocking 2011 attack in Norway, in a Social Media World of Hackers, Terrorists,
network in the virtual world, whether or not they which left 77 dead. The killer wrote a manifesto, Russians and Fake News,” published by Harper
know each other in real life. They pick their targets which his admirers have treated as a sort of grim (which, like The Wall Street Journal, is owned
and methods and then share their manifestos, pro- proof of concept—showing, as Mr. Berger puts it, by News Corp). He is a former FBI special
nouncements and even attacks, using social media that “one person can carry out a spectacular agent and a former executive officer of the
platforms such as Gab and 8chan; the anti-Muslim terrorist attack—a terrorist attack that is highly Combating Terrorism Center at West Point.

Inside
Rolling
CULTURE LANGUAGE SCIENCE

How America’s
original ‘greatest Stone Having trouble
expressing irony
Danger Zone
Volcano risks
showman’ blazed the Keyboardist Chuck or sarcasm are lurking in
way for the likes of Leavell is the calm
center of the when you text? the U.S., but
Warhol, Madonna famously fractious Try writing not where you
and Trump. C5 rock band. C6 in lowercase. C3 may think. C4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C2 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

REVIEW

A Plan to Defeat Law enforcement and social

media companies must also work

Domestic Terrorism
Continued from the prior page
Afghanistan and Pakistan or Islamic State’s self-declared “caliphate” in
Syria and Iraq. Sometimes coordinating with foreign fighters and local
recruits, these groups were able to stage such atrocities as 9/11 and the
March 2016 suicide bombings in Brussels. These top-down-style as-
saults then inspired jihadist supporters with no direct connection to
the terrorist groups’ leadership to perpetrate local attacks against soft
targets as opportunities arose.
Lacking any such centralized leadership, white supremacist terror-
ism overwhelmingly involves the online self-radicalization of isolated
young men. As a result, there is no terrorist headquarters to discover
and target. The new terrorists don’t control territory or take shelter
with sympathetic governments.
It also means that the ideology of the
new generation of attackers is often a
mishmash of overlapping or contradictory
ideas. Today’s self-made domestic terror-
ists create their own dogmas from a long
historical tradition of white supremacy,
mixing conspiracy theories about Jewish
cabals out to “replace” embattled white
Americans with Latinos or other nonwhites
with snippets from tangential or even com-
peting extremist ideologies.
The document that authorities say the El
Paso terrorist wrote is suffused with anti-
Hispanic rhetoric but also expresses worries
about automation, corporations and environ-
mental degradation. The FBI expanded its in-
vestigation of a July 28 mass shooting at a
food festival in Gilroy, Calif., into a domestic
terrorism probe after discovering that the
19-year-old killer had prepared a list of other
potential targets, including “religious organi-
zations, courthouses, federal buildings and
political institutions involving both the Re-
publican and Democratic parties.”
Meanwhile, the bureau said that the ex-
tremist who killed nine people in Dayton,
Ohio, was “exploring violent ideologies”—
note the plural. Other killers have been involved with so-called “in-
cel” groups—short for involuntary celibates and used to denote mi-
sogynists who viciously disparage and even rape and kill women. The
rhetoric of both incel and white supremacist groups surfaced in the
vile social media videos made by the shooter who killed two women
last year in a yoga studio in Tallahassee, Fla. This stew of entitle-
ment, hatred and self-aggrandizement is likely to continue to charac-
terize American domestic terrorism, which makes identifying would-
be attackers more difficult.
A more fundamental challenge is that America’s counterterrorism
homeland-security and judiciary committees should
gather data about domestic terrorism’s different
variants and ideologies and ensure that the U.S. has
Top, people the resources and personnel to meet each threat. At
pay respect the same time, the foreign-affairs and intelligence
to nine black committees should examine the degree to which for-
worshipers eign countries and connections intersect with do-
killed during mestic extremist movements. Finally, Congress
Bible study should ensure that the FBI and the Department of
by a racist Homeland Security get additional
more transparently together to
detect likely attackers and stem
the flood of terrorist and violent
content. This should involve a
public-private partnership to cre-
ate a joint center for social media
intelligence, where investigators
and personnel at the tech compa-
nies share information about ex-
tremists. Such a center would
help to identify the fringe sites
used by white supremacists and
help smaller social media compa-
nies defend their platforms.
We should also try to conduct
online interventions with emerg-
ing white supremacist, incel and
other extremists, connecting
them with counselors to try to give them “off
ramps” before they strike. The budgets for such
programs should be increased dramatically.
Above all, domestic investigators must know
what to look for. That means a comprehensive
study of domestic extremist ideologies, however
confused or vitriolic, to understand the point when
their adherents move from protected free speech
to illegal conspiracy or violence. Last decade, the
Combating Terrorism Center at West Point
mapped the jihadist movement, illustrating the
messages and thought leaders inspiring violence.
A similar project could map domestic extremist
movements, with an eye to identifying those radi-
cals most likely to cross the line into terrorism.
Some attacks will always get past law enforce-
ment, but they need not be so bloody. Reducing
the impact of domestic terrorism requires restrict-
ing the weaponry available to radicals. America
should treat guns much the way it does cars. Few
Americans would want to share the road with unli-
censed, untrained and uninsured motorists, but
with guns, we don’t require even one of these ele-
ments to protect the public.
Ask police officers, intelligence professionals and
military leaders: Weapons of war, like the assault ri-
fles used by white supremacists in recent weeks and
the 100-round drum magazine employed by the Day-
ton shooter, have no place on American streets. To-
day’s terrorists have cops outgunned. Mandatory
background checks are just common sense. Manda-
tory gun-owner liability insurance would create a
private-sector marketplace for assessing the individ-
ual risk of weapon ownership, thereby providing ad-
ditional tips for law enforcement and slowing gun
purchases by domestic abusers, the

“
system has long depended on a clear partition between international gunman, resources and tools to investigate mentally ill and terrorists.
and domestic terrorism. This has given focus and latitude to the fight June 19, 2015, domestic terrorism. Beyond these necessary policy
against post-9/11 jihadists. In pursuing white supremacist terrorism, Charleston, We should avoid repeating some changes, the most decisive weapon
by contrast, U.S. law enforcement—from the FBI to local police S.C. of our post-9/11 mistakes, including America has for defeating terror-
forces—will find itself restricted in various ways. The rulebook, re- setting up cumbersome structures The minority ism is leadership. Three days after
sources and public support for aggressive, intelligence-led, investiga-
tive approaches differ between the domestic and international realms.
Above, and ponderous procedures that did groups 9/11, President George W. Bush
stood amid the rubble of the Twin
mourning little to disrupt terrorist recruit-
For instance, the secretary of state can formally designate a foreign after a ment. Preventing even bloodier targeted Towers, picked up a bullhorn and
group as a terrorist organization, which gives the FBI a legal basis for gunman shot white supremacist attacks will re- by white offered reassurance and direction
pursuing U.S. persons who are providing that group with material 20 dead quire nimbler tactics. Rather than to all Americans. To the rescue
support. It also lets the authorities request court-supervised surveil- at a Walmart the convoluted “whole of govern- supremacists workers at ground zero, the presi-
lance and follow social media leads about violent radicalization. in El Paso, ment” approach beloved by some haven’t dent announced, “I can hear you!
We have no comparable mechanism for designating domestic-terror- Texas. in Washington, the FBI should take The rest of the world hears you!
ist groups—but we need one. Without it, investigators are left to pur- Authorities the lead in this effort. The focus
been clearly And the people—and the people
supported by
FROM TOP: CEM OZDEL/ANADOLU AGENCY/GETTY IMAGES; CALLAGHAN O’HARE/REUTERS

sue violent white supremacists individually, charging them based on
specific crimes or conspiracies, even if they are part of a larger nexus
of online supporters bent on perpetrating violence. Moreover, investi-
gators have limited abilities to pre-emptively assess whether white su-
premacists are taking a radical turn toward violence. The FBI should
be granted more authority, with careful oversight, to designate domes-
tic terrorist groups and then open nationwide investigative cases.
In this regard, the overall balance of U.S. counterterrorism efforts
is behind the times. FBI Director Christopher Wray testified just the
week before the Gilroy shooting that the bureau has recorded
roughly as many domestic terrorism arrests as international terror-
ism ones in 2019, with the bulk of these domestic arrests arising
from white supremacist motivations. But the FBI still dedicates more
investigators to international terrorism than domestic, which likely
increases the number of cases and subsequent arrests, simply be-
cause the bureau has more resources to tackle the jihadist problem
and more legal authority to pursue its adherents.
We urgently need to reset and standardize our approach to domestic
terrorism. If Congress is truly concerned about domestic terrorism and
serious about its oversight responsibilities, it should immediately hold
hearings to clarify the extent of the threat and identify needs. The
say the killer should not be on winning over
was a white whole communities that might har- U.S. political
nationalist bor radicals but in detecting and
who called demobilizing those few hundred leaders.
the murders individuals who are closest to per-
his response petrating a shooting or a bombing.
to an The overall goal is clear and urgent: Detect vio-
‘invasion lent white supremacists online and intercept them
of Texas’ by on the ground by increasing the volume of intelli-
Hispanic gence and the speed with which it is shared among
immigrants. federal, state and local law enforcement officers.
As white supremacists have been pushed from
more mainstream social media platforms, they
have descended on less policed, more anonymous
platforms such as Gab and 8chan and even places
designed for safe discourse like Mastodon. Pene-
trating online terrorist networks without chilling
constitutionally protected speech requires an im-
mediate investment in human intelligence—in in-
vestigators who can identify those extremists most
likely to become killers.
who knocked these buildings down
will hear all of us soon!” In tone
and words, the commander-in-
chief assured all Americans that
he would protect all Americans
and helped to unify the country
for the coming war with al Qaeda.
But today, amid a seemingly endless surge of do-
mestic terrorist attacks, the minority groups tar-
geted by white supremacists—from Pittsburgh to El
Paso—haven’t been clearly heard or supported by
their political leaders. Last week, Marine One should
have landed in the Walmart parking lot on the east
side of El Paso, and the president should have de-
clared, “I hear you, America hears you, and those
who shed this blood will hear from all of us soon!
Our country will do everything possible to protect
Americans—all Americans—from white supremacy.
I am with you, I will defend you, and we will defeat
the new terrorists trying to rip our nation apart.”
That didn’t happen, but it is never too late to lead.

From a said El Paso Police Chief Greg Al-

len at a news conference on Sun-
Scrap of day, referring to the suspected
shooter, Patrick Crusius.
But some news outlets chose
Paper to a different word. The Associ-
ated Press and NBC News both
WORD ON
THE STREET A Message called the writing an “anti-im-
migrant screed” in their report-
BEN
ZIMMER Of Hate ing. “Screed” has distinctly neg-
ative connotations compared to
“manifesto,” which is a more
neutral term for a public decla-
WHEN THE NEWS BROKE on ration explaining the intentions
Sunday that the man accused behind a course of action (de-
of a mass shooting in El Paso rived via Italian from the Latin
had posted a piece of writing verb “manifestare,” meaning
online shortly before the shoot- “to make public”).
ing occurred, one immediate “Screed,” now used for a long,
question for journalists was vehement denunciation in
what to call that writing, which speech or writing, has had a
number of semantic twists and
turns in its history. When it first
woman’s cap. Charlotte Brontë,
in her 1848 novel “Shirley,” de-
scribes a “screed, or frill of the
cap” which “stood a quarter of
a yard broad round the face of
the wearer.” Builders took
“screed” in a more technical di-
rection, to refer to a strip of
plaster or wood used as a guide
for accurate finishing.
trenched in
the English
lexicon, it ac-
crued harsher
tones, likely influ-
enced by similar-sounding
words like “scream” and
“screech.” It likely helped that
“screed” at the time also had
an independent meaning in
Scottish and Irish English for a
harsh, screeching noise, as
from a poorly played fiddle or
bagpipe. In current usage, a
“screed” isn’t simply tedious
but suggests a bile-filled rant.
page document complaining
about the company’s “ideologi-
cal echo chamber,” it was often
referred to on tech blogs as a
“screed” or a “manifesto,” de-
pending on the point of view of
the observer. As verbal branding
consultant Nancy Friedman ar-
gued at the time on her blog,
“‘Screed’ betrays one kind of
bias (‘I hate what this guy is
saying’) while ‘manifesto’ be-
trays another (‘I may not agree
with what he’s saying, but at
least it—like the Unabomber
manifesto—follows a certain in-
ternal logic’).”
The “screed” vs. “manifesto”
argument returned earlier this
year when the man charged with
the mosque killings in Christ-
church, New Zealand, posted a
74-page white-supremacist mes-

[Screed]
was filled with hateful opinions
about a supposed “Hispanic in-
vasion of Texas.”
Some followed the lead of lo-
showed up in English sources in
the 14th century, its meaning
was quite different. It referred to
a fragment or scrap, particularly
a cut piece of paper, leather or
fabric. The word apparently
originated as a variant form of
“shred” appearing in some local
dialects of England.
“Screed” developed other re-
In Scottish usage, “screed”
took on yet another meaning: a
long, tiresome list or a tedious
bit of speech or writing. In a
comic play from 1748 titled “The
Double Traitor Roasted: A New
Scots Opera,” one character lam-
poons the other’s flowery
speech: “A Scots writer, by the
Lord, for they cannot speak
In 1995, when the “Un-
abomber,” later revealed to be
Ted Kaczynski, demanded that
newspapers print his 35,000-
word essay, “Industrial Society
and Its Future,” the FBI dubbed
it “The Unabomber Manifesto.”
In the press, however, the essay
was frequently called a “screed
against technology.”
sage on the online message
board 8chan in advance of the
shooting. While the press tended
to call that a “manifesto,” the
shorter statement linked to the
El Paso shooting (also posted on
8chan) hardly seems worthy of
that label. As Slate staff writer
Lili Loofbourow observed on
Twitter, calling it a “manifesto”
JAMES YANG

cal officials and called it a “man- gional meanings, such as a nar- without a screed of Latin.” Likewise, in 2017, when James would be “stupidly aggrandiz-
ifesto.” “We have to attribute row parcel of land, a bordering As the use of “screed” for Damore, an engineer at Google, ing,” while “rambling screed”
that manifesto directly to him,” strip or the frilled edge of a lengthy discourse became en- anonymously circulated a 10- fits the bill.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | C3

REVIEW

The cultural shift is profound.

Instead of annual, high-stakes stan-
dardized tests, Finnish children are
assessed all day, every day, by a
much more accurate instrument:
trusted teachers who are selected,
trained and respected as elite pro-
fessionals.
Finland has a crucial insight to
teach the U.S. and the world—one
that can boost grades and learning
for all students, as well as their so-
cial growth, emotional develop-
ment, health, well-being and happi-
ness. It can be boiled down to a
single phrase: Let children play.
Back in the U.S., that idea has a
powerful champion: the American
Academy of Pediatrics, which has a
membership of 67,000 doctors.
“The importance of playful learning
for children cannot be overempha-
sized,” declared the academy’s 2018
clinical report “The Power of Play.”
According to the doctors, play—
including recess, playful teaching
and discovery, as well as periods of
self-directed intellectual and physi-
cal activity by children with mini-
mal direct interference by adults—
boosts mental and physical health,
develops executive function and of-
fers “the ideal educational and de-
velopmental milieu for children.”
That is particularly true for chil-
GREG CLARKE

dren in poverty, who can be acutely

deprived of opportunities for play
inside school and out.
A new emphasis on play can be
seen cutting across cultures and ide-
BY PASI SAHLBERG AND WILLIAM DOYLE

To Really Learn, ologies. In China, an experiment in

F
outdoor-play-based preschool and
ive years ago, we switched countries. kindergarten known as Anji Play is
Pasi Sahlberg came to the U.S. as a visit- proving so successful in more than

ing professor at Harvard University, and Wil-
liam Doyle moved to Finland to study its
world-renowned school system as a Ful-
bright scholar. We brought our families with us. And we
were stunned by what we experienced.
In Cambridge, Mass., Pasi took his young son to have
a look at a potential preschool. The school’s director
asked for a detailed assessment of the boy’s vocabulary
and numeracy skills.
“Why do you need to know this? He is barely 3 years
old!” Pasi asked, looking at his son, for whom toilet
training and breast-feeding were recent memories.
“We need to be sure he is ready for our program,” re-
plied the director. “We need to know if he can keep up
with the rest of the group. We need to make sure all
children are prepared to make the mark.”
Pasi was flummoxed by the bizarre education concept
of “preschool readiness.” Compounding the culture
shock was the stunning price tag: $25,000 a year for
preschool, compared with the basically free, govern-
ment-funded daycare-through-university programs that
the boy would have enjoyed back in Finland.
Our Children
100 rural schools that it is being ex-
panded—and widely hailed as a na-
tional model for early childhood ed-
ucation. In Singapore, education
officials are trying to shift a nation
Need to Play of high achievers away from stress,
academic ranking and over-testing
toward a new vision of childhood ex-
ploration and “purposeful play.” In a
2018 speech, Education Minister Ong
Ye Kung said, “There is room for
A major lesson from Finland’s education system: Instead of parents to step back, give children
stress and cookie-cutter testing, focus on well-being and joy. space to explore and play.”
Meanwhile, in school districts in
Texas, Oklahoma, South Carolina and
mantras rarely heard in U.S. schools: “Let children be chil- New York, tens of thousands of children are being given
dren” and “The work of a child is to play.” A Finnish up to 60 minutes of daily outdoor, free-play recess. These
mother told William, “Here, you’re not considered a good experiments are directly inspired by Finland’s schools—
parent unless you give your child lots of outdoor play.” and educators are reporting sharp improvements in aca-
Finnish children learn to take responsibility and man- demic performance, concentration and behavior.
age risks at very young ages, in school and out. Follow- Our own children now attend public schools in two
ing local customs, William’s 7-year-old son learned to great global cities, New York and Sydney, Aus-

Pasi had entered an American school culture that is
increasingly rooted in childhood stress and the elimina-
tion of the arts, physical activity and play—all to make
room for a tidal wave of test prep and standardized
testing. This new culture was supposed to reduce
achievement gaps, improve learning and raise America’s
position in the international education rankings. Nearly
two decades and tens of billions of dollars later, it isn’t
working. Yet the boondoggle continues, even as the inci-
dence of childhood mental-health disorders such as anx-
iety and depression is increasing.
Meanwhile, in Finland, William Doyle entered the
school system ranked as #1 in the world for childhood ed-
ucation by the Organization for Economic Cooperation
and Development, the World Economic Forum and Uni-
cef—a system built in large part on research pioneered
(and increasingly ignored) in the U.S. Rather than pursu-
ing standardized-test data as the Holy Grail of education,
Finland focuses on equity, happiness, well-being and joy
in learning as the foundations of education.
Finnish parents and teachers widely agree on several
walk to school by himself, across six street crossings
and two busy main roads. One day, on a forest path, Wil-
liam came upon a delighted Finnish father applauding
his 6-year-old daughter as she scrambled up a tall tree—
to a height that would have petrified many parents
around the world. “If she falls and breaks her arm, it
will be in a good cause. She will have learned some-
thing,” the father said nonchalantly.
In Finland, William experienced an education culture
that protects and cherishes childhood, one in which stu-
dents are immersed in a play-rich education that goes
all the way to high school. At his son’s school, William
saw children rush to the cafeteria in stocking feet, gig-
gling, hugging and practicing dance steps. Students got
a 15-minute outdoor recess every single hour of the
school day, rain or shine.
“There are many reasons children must play in school,”
explained the school’s principal, Heikki Happonen. “When
they are moving, their brains work better. Then they con-
centrate more in class. It’s very important in social ways
too.” He added, “School should be a child’s favorite place.”
“
tralia. In both cities and countries, play is an
endangered or nonexistent component of edu-
cation—even though the American Academy of
Pediatrics notes that “the lifelong success of
The children is based on their ability to be creative
importance and to apply the lessons learned from playing.”
We should take a lesson from Finland, fol-
of playful low doctors’ orders and build our schools,
learning homes and communities on the learning lan-
guage of children: play.
for children
cannot This essay is adapted from the authors’
new book, “Let the Children Play: How
be over- More Play Will Save Our Schools and Help
emphasized.” Children Thrive” (Oxford University Press).
AMERICAN ACADEMY OF Mr. Sahlberg is a professor of education
PEDIATRICS, 2018 STUDY policy at the University of New South
Wales in Sydney, Australia, and a former
director-general at Finland’s Ministry of
Education. Mr. Doyle is a scholar in resi-
dence at the University of Eastern Finland.

How to Use Irony way of splitting up your

thoughts on paper, but in a

On the Internet
BY GRETCHEN MCCULLOCH
IT’S HARD TO MAKE irony shine
through in writing without the full
range of eloquent pause, verbal in-
flection, arched eyebrow and wry lip
that we can employ in person. People
noticed this problem long before the
internet, and many attempted to
remedy it. There was Henry Denham,
a British printer who used a mirrored
question mark to distinguish rhetori-
cal questions in 1575, and John Wil-
kins, a British scientist who proposed
an inverted exclamation mark to in-
dicate irony in 1668.
In more recent years, journalists
and comedians have proposed a back-
wards-slanting italics known as “iron-
ics,” the upside-down exclamation
mark again and a swirl with a dot in
the middle, which was patented in
2008 under the name SarcMark (“sar-
castic mark”) and sold for noncom-
mercial use at the bargain price of
$1.99. But all to no avail. The problem
with adopting new irony punctuation
the internet, social media
and text messages have fi-
nally succeeded where centu-
ries of word mavens have
failed. The ironic punctua-
tion mark that the social in-
ternet can claim as its own is
the sarcasm tilde, as in,
“That’s so ~on brand~” or
“Well, aren’t you ~special~.”
The sarcasm tilde has its ori-
gins in the assorted punctua-
tion marks known as “sparkles” that
once decorated status updates on
AOL and MSN Messenger or profile
pages on MySpace or Xanga.
In those early days of social me-
dia, people used sparkles such as the
tilde to express genuine enthusiasm,
as in “~*~*~happy birthday~*~*~” or
“~*~here’s a song lyric I like~*~.” A
decade or so later, the sparkles had
become a bit dated, so their original
connotation of sincere enthusiasm
shaded into a second meaning of
ironic enthusiasm.
But tildes can feel a bit obvious.
ercase. This too, is an example of an
existing style taking on a second layer
of meaning. From “Netiquette” guides
in the 1990s to forum posts into the
mid-2000s, a hot topic for griping
was internet users who typed in all
lowercase. Those who liked it, and
who didn’t, spoke about it in terms of
ease of use. As one MetaFilter post
put it, “constantly hitting shift puts a
lot of strain on the ol’ hands.”
Starting around 2013, however,
lowercasing seemed to take on a new
meaning. Instead of laziness or effi-
ciency, it became a way of indicating
cally add capitals at the beginning of
messages and after a period. Sud-
denly, instead of lowercasing taking
less effort, it often took more. Like a
pair of artfully pre-ripped jeans, mini-
malist typography took on the origi-
nal connotation of laziness and adds a
second layer of meaning, converting it
to irony or anti-authoritarianism.
“What could possibly go wrong?” is a
genuine invitation to make a contin-
gency plan, but “what could possibly
go wrong” is the wry acknowledge-
ment that an idea is unwise.
The period, too, has acquired a sec-
digital medium, where
scrolling down is easy and
unbounded, the con-
straints are different. If
you no longer need the pe-
riod to break up your
thoughts—a linebreak or a
new text bubble can do
that—it becomes fertile
ground for developing
other meanings. Using it in
the traditional way, to
mark the end of a sen-
tence, introduces a note of
irony or cognitive disso-
nance when it comes at
the end of a positive mes-
sage, creating an effect of
passive aggression (“OK. fine.”).
Irony is a linguistic trust fall. When
I write or speak with a double mean-
ing, I’m hoping that you’ll be there to
catch me by understanding my tone.
The risks are high—misdirected irony
can gravely injure the conversation—
but the rewards are high, too: the
sublime joy of feeling purely under-
stood, the comfort of knowing some-
one’s on your side. No wonder people
through the ages kept trying so hard
to write it.
Ms. McCulloch is the author of “Be-
ROB WILSON

is that if the people reading you don’t For a wryer mood, a drier wit, one attitude. The change can be traced to ond layer of meaning, predicated on cause Internet: Understanding the
understand it, you’re no better off. might try a more subdued form of the rise of smartphones, with their the ironic use of formality in a casual New Rules of Language,” which was
But in the last few years, users of ironic punctuation—writing in all low- predictive keyboards that automati- context. A small dot is an economical published last month by Riverhead.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C4 | Saturday/Sunday, August 10 - 11, 2019
WILCZEK’S UNIVERSE
FRANK WILCZEK
The Humble
Magic of
Liquid Crystals
THE MOST GLAMOR-
OUS fields in physics
are probably cosmol-
ogy and the search for
new fundamental laws.
While those subjects are glorious,
there’s also another frontier to rel-
ish: the pursuit of magic. Of course,
here I don’t mean trickery but
magic in the spirit of the science-
fiction writer Arthur C. Clarke’s fa-
mous law: “Any sufficiently ad-
vanced technology is
indistinguishable from magic.”
This kind of magic happens when
we learn new ways to control the
physical world. Many technologies
that would have seemed utterly
magical a hundred years ago—in-
cluding nuclear energy, magnetic
resonance imaging and GPS—have
bubbled up from the quantum world.
But there’s another branch of
modern magic, underappreciated
and still vastly underdeveloped, that
has humbler origins. You can see a
hint of it in the gooey residue left
behind in your soapdish. Elementary
science classes advertise three
“states of matter”—solid, liquid and
gas—but that barely scratches the
surface of what’s out there. That goo
is something else: a liquid crystal.
Liquid crystals, which flow like
liquids but interact with light like
crystal, are a distinct phase of mat-
ter. They are usually made from long
organic molecules. Their basic secret
is that those molecules are oriented
in regular patterns, while their cen-
ters can move freely. The oriented
molecules act like little antennas for
the electromagnetic waves we see as
light. They absorb those waves and
then retransmit them in altered
forms.
Because liquid crystals combine
light-altering properties with fluid-
ity, they can provide ultra-flexible,
color-sensitive lenses and polariz-
ALAMY
A liquid crystal seen under
a polarized-light microscope.
ers. This makes them tremendously
useful for building visual displays.
Indeed, liquid crystals are central
players in most modern computer
screens.
The mathematical theory of liq-
uid crystals combines the intricate
symmetry of crystalline patterns
with the dynamical richness of liq-
uid flows and then examines how
these elements interact with light.
In 1991, Pierre-Gilles de Gennes won
the Nobel Prize in Physics for his
contributions to that theory.
Yet when it comes to our under-
standing of liquid crystals, the best
is yet to come. In fact, liquid crys-
tals are central to life itself. A spe-
cial kind of two-dimensional liquid
crystal, closed up into sphere-like
surfaces, forms the membranes that
define the boundaries of cells and of
functional units within cells. These
crystals can selectively dissolve
complex protein molecules, thus ac-
commodating cellular eating, diges-
tion, excretion and respiration. They
can also grow, bud and fission—ac-
tivities that are the soul of biologi-
cal development and reproduction.
Human engineers haven’t caught
up to nature’s skill in this medium.
Our machines don’t reproduce, de-
velop, heal or regulate intercourse
with their environment with any-
thing approaching the sophistica-
tion of biology. A major bottleneck
is that although we have good equa-
tions for liquid crystals, we’re not
yet good at using those equations to
guide creative design.
This problem may be too compli-
cated for unaided human brains. It
seems likely that computer algo-
rithms, which learn by doing (or,
more accurately, by simulating), will
yield more successful designs than
conventional human logic. In this
way, today’s magic will conjure up
tomorrow’s.
REVIEW
Volcano Threats Are
Hiding in Plain Sight
BY GORDON L. DILLOW
T
he series of powerful earthquakes
that shook Southern California in
July prompted understandable con-
cern about whether the region is
prepared for a period of possibly
more active seismic shifts. It also generated,
however, a viral wave of apocalyptic warnings
that a “supervolcano” in Yellowstone National
Park, a few states away, was about to erupt and
plunge the world into darkness in a colossal ex-
plosion of lava and ash.
The Yellowstone volcano didn’t erupt, but
the internet did, with the number of Google
searches for the park’s volcano spiking after
the first California earthquake hit. That was
followed by such tabloid headlines as “‘The Big
One Is Coming’: California earthquakes ignite
Yellowstone Supervolcano fears” and “Yellow-
stone volcano: Will California earthquake trig-
ger ERUPTION?”
Such claims, which have surfaced periodi-
cally in recent years, generally take
the form that Yellowstone is “over-
due” for a major eruption (it isn’t),
that worried park officials are
evacuating tourists (they haven’t)
and even that herds of bison are
frantically fleeing the park after
sensing an impending blowup (not
so far). “Yellowstone seems to
have cornered the market on that
sort of thing,” says geophysicist
Michael Poland, the scientist-in-
charge of the Yellowstone Volcano
Observatory, a multiagency group
that monitors seismic and volcanic
activity in the park.
It’s true that Yellowstone sits
astride a giant “hot spot” of
magma that over the past two mil-
lion years has produced “supervol-
cano” eruptions that spewed out
hundreds of cubic miles of ash and
other materials, the last one
around 630,000 years ago. That
magma provides the heat that
gives us Old Faithful and some
10,000 other hydrothermal fea-
tures in the park. But for a variety
of sound geological reasons, Dr.
Poland and other scientists say
that the chances of a super-erup-
tion in our lifetimes, or even in the
next thousand years, are slim to
virtually nil. Even if an eruption
did occur, it likely would be a lo-
calized lava flow, not a world- Top, Hawaii’s Kilauea
threatening super-explosion. volcano erupting
There is a serious volcanic in June 2018. Above,
threat in the contiguous U.S., but it Yellowstone Park’s
isn’t in Wyoming. It lurks hun- Sapphire Pool sits
dreds of miles to the west, inside atop hot magma.
the snow-capped, picture-postcard
peaks of Mount Rainier, Mount
Shasta, Mount Hood and others. They might
look like ordinary mountains, but in fact they
are volcanoes—and potentially dangerous ones.
In 2018, the U.S. Geological Survey released
an updated version of its “National Volcanic
Threat Assessment,” which reviewed the vol-
cano dangers in the U.S. based on the likelihood
of eruptions, potential destructiveness, nearby
population densities and other factors. The re-
port listed 161 volcanoes in a dozen U.S. states
and two overseas territories (American Samoa
and the Northern Mariana Islands) and ranked
them in categories ranging from “very low
threat” to “very high threat.”
Hawaii’s Kilauea volcano, which erupted last
* ***
The internet has erupted
with fears about the magma
under Yellowstone Park,
but mountains to the west
pose the true dangers.
year, ranked as the No. 1 “very high threat.” Ha-
waii’s Mauna Loa volcano and five Alaskan vol-
canoes were also in that category. Of the 18 U.S.
volcanoes designated as “very high threat,” the
other 11 are situated in California, Oregon and
Washington. Washington’s Mount Rainier, near
Seattle, which has erupted dozens of times in
the past 10,000 years, ranked No. 3; California’s
Mount Shasta, which last erupted about two
centuries ago, ranked No. 5; Oregon’s Mount
Hood ranked No. 6. Yellowstone, by contrast,
was ranked No. 21, and didn’t make it into the
“very high threat” category.
To be clear, a “very high threat” ranking
doesn’t mean that any particu-
lar volcano is going to erupt
next week, or next year, or even
within the next century. It sim-
ply means the effects of the
volcano erupting could be dev-
astating and that the volcano
requires careful monitoring.
But there’s no doubt that another California-Ore-
gon-Washington volcanic eruption will happen
sometime, with potentially catastrophic results.
This isn’t hypothetical; we’ve already seen
firsthand what kind of damage an explosive vol-
canic eruption can inflict on the western U.S.
The 1980 eruption of Washington’s Mount St.
Helens was only a moderately violent explosion
as volcanic eruptions go, but it killed 57 people,
destroyed more than 200 square miles of forest
and covered much of the Northwest in a blan-
ket of ash. Today Mount St. Helens still ranks
No. 2 in the “very high threat” category.
The Mount St. Helens eruption reminded us
in the most dramatic way possible that Ameri-
THE WALL STREET JOURNAL.
FROM TOP: USGS/PLANET PIX/ZUMA PRESS; RUSSELL PEARSON/BARCROFT IMAGES/GETTY IMAGES
can volcanoes aren’t confined to exotic and
far-flung locales like Hawaii or Alaska. It was
a reminder, too, that volcanoes that have been
dormant for hundreds or even thousands of
years—Mount St. Helens had been quiet for
more than a century—can suddenly come back
to life. “Dormant” simply means “sleeping,”and
things that are sleeping usually wake up even-
tually.
The question, of course, is when. Precursor
events such as increased seismic activity and
gas emissions can indicate that a specific vol-
cano is ready to blow, which is why we need
more and better volcano monitoring systems.
After more than a decade of effort, earlier this
year Congress finally passed legislation to cre-
ate a National Volcano Early Warning System,
which will upgrade and unify the nation’s vari-
ous volcano monitoring programs.
But long-term volcano predictions are much
more difficult. For example, based on the geo-
logic record of eruptions over the past 5,000
years, the USGS estimates there’s about a 16%
chance of a small-to-moderate vol-
canic eruption occurring some-
where in California sometime in
the next three decades. That’s
pretty vague, but right now it’s
their best estimate.
In most cases, the only thing
humans can do in the face of an
erupting volcano is get out of its
way. To that end, some high-vol-
cano-threat states have developed
extensive emergency warning sys-
tems and evacuation plans, partic-
ularly for people who are in dan-
ger from lahars, the massive
volcanic mudflows that can travel
many miles and destroy everything
in their paths. In May, some 8,000
students and others in the city of
Puyallup, Washington (population
42,000), which is in a Mount Rain-
ier lahar danger zone, participated
in what was billed as the largest
volcano evacuation drill ever held
in the U.S.
Clearly, the home state of
Mount St. Helens takes this seri-
ously. “Around here, volcanoes are
part of the culture,” says Brian
Terbush, the volcano program co-
ordinator for the state’s Emer-
gency Management Division.
Elsewhere, however, alerting
the public to the volcano threat
can be a tough sell. “It’s a little dif-
ficult in California, because there’s been no
eruption here in living memory,” says USGS vol-
canologist Jessica Ball of the California Volcano
Observatory. (The last eruption in the state oc-
curred at Lassen Peak in northern California a
hundred years ago.) Meanwhile, Californians
are already besieged by other, much more fre-
quent natural disasters such as earthquakes,
wildfires and mudslides. Still, Ball says, “We’ve
been trying to spread the word to make people
aware of the (volcanic) hazards they might have
to deal with in the future.”
Whether they realize it or not, for many
Americans the volcano threat is real. But we
shouldn’t pay attention to silly social media ru-
mors and scary “news” reports about volca-
noes. The truth about our home-grown volca-
noes is scary enough.
Mr. Dillow is the author, most recently, of
“Fire in the Sky: Cosmic Collisions, Killer As-
teroids, and the Race to Defend Earth”
(Scribner)
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
BY ROBERT WILSON
T
he three-ring circus as-
pect of modern life had
to start somewhere. All
the hustle and bustle
that fills our days—the
social-media imperative to create a
persona and tirelessly promote it,
the confusing welter of information
both legitimate and illegitimate to
which we are exposed, the naked
power of advertising to create de-
sires in us we didn’t know we had—
cannot be traced to a single source.
But some people are more responsi-
ble than others.
A good place to start is with the
most famous promoter of the actual
three-ring circus, Phineas Taylor
Barnum. Born in 1810, Barnum un-
derstood from the age of 21, when he
started a newspaper in his native
Connecticut and put his name at the
top of the front page, that making
his name a brand would greatly en-
hance his ability to influence the
world around him. The paper lasted
only a few years, and one of the out-
rageous charges he made in it landed
him in jail. But even that supposed
setback added to his celebrity and
his newspaper’s sales.
As Barnum set off for New York to
turn himself into the world’s great-
est showman, he always remembered
the value of celebrity and the power
of the press. When he started his
hugely successful museum on lower
Broadway, in the early 1840s, he
made sure to call it Barnum’s Ameri-
can Museum, and every one of the
thousands of ads he would buy in
dozens of newspapers throughout
the years would include his name.
Barnum wrote for the newspapers as
well, sending them letters relating
the glamour of his travels in Europe.
He made sure to know all the editors
of his day, from Horace Greeley of
the New York Tribune to Walt Whit-
man of the Brooklyn Eagle.
As a showman, Barnum’s business
was to create events, and at first he P.T.
courted controversy. He exhibited
the highly improbable Fejee Mer-
maid—a monkey torso sewn onto a
fish—and made a morally indefensible spectacle
of Joice Heth, an enslaved woman he promoted
as George Washington’s now-161-year-old
nursemaid. Later he craved legitimacy, promot-
ing the angelic singer Jenny Lind—then the
most famous voice in the Western world—and
staging inspiring melodramas at his museum.
When he offered to bankroll Lind on an Ameri-
can tour, he calculated that it would be worth
it to lose $50,000 to enhance his reputation.
The power of proximity to fame was limit-
less in his mind. When he set off with Tom
Thumb, a dwarf who was a preternaturally tal-
ented singer and dancer, on a tour of Britain, he
put all his efforts into introducing Tom to
Queen Victoria, betting (correctly) that doing so
UNIVERSAL HISTORY ARCHIVE/UNIVERSAL IMAGES GROUP/GETTY IMAGES
would ignite the interest of her subjects.
Eventually, and long before his association
with James Bailey’s famous circus began in
1880, the name Barnum itself became short-
hand for both negative and positive qualities:
audacity, greed and humbug, but also excite-
ment, entertainment and entrepreneurial gusto.
The Greatest Show on Earth, as the Barnum and
Bailey Circus described itself, long outlived its
namesakes, going out of business only in 2017,
when it could no longer compete with the cha-
otic overabundance of entertainment that it had
helped to spawn.
Even Barnum himself might have blushed at
the idea that his name would still persist in the
public imagination 13 decades after his death.
Consider, for instance, that on the Via del Pel-
© 2019 THE COLONIAL WILLIAMSBURG FOUNDATION
Restoration Drama
IN THE 1920S AND ’30S, W.A.R. Goodwin, the pastor of a church in Wil-
liamsburg, Va., was inspired to restore the historic town to its 18th-century
colonial appearance. Backed by financing from John D. Rockefeller Jr., he
created a living history museum where visitors could better understand pre-
revolutionary America. In “Restoring Williamsburg,” published by Yale Uni-
versity Press, George Humphrey Yetter and Carl R. Lounsbury draw together
* * * *
P.T. Barnum
with Tom Thumb
in 1850.
The Man Who
Turned the U.S.
Into a Circus
Barnum pioneered the arts of celebrity, scandal and spectacle
that continue to shape our culture today.
legrino in Rome is a cafe that calls
itself, without explanation, Barnum.
Many things that Barnum did
seemed shameless and shocked the
public, especially the keepers of
public morality. But once he had
done them, they became a little less
shocking. In this way, he started us
on the path to valuing celebrity
above all else and to believing that
anything goes in advertising and
even in politics.
Generations of aspiring Americans
followed in Barnum’s footsteps,
learning to use the technology of
their time to turn our public life into
a spectacle. Think of D.W. Griffith,
who, when motion pictures were still
in their infancy, created one of the
first full-length films, the racist epic
“The Birth of a Nation,” which stirred
controversy and made big money. Or
Walt Disney, who helped develop ani-
mation and later built his own “won-
derful world” on television, fostering
in every American child the over-
whelming need to visit one of his
theme parks. Consider the careers of
Andy Warhol, Madonna and, inevita-
bly, Kim Kardashian West—all mas-
ters of using the media to enhance
the power of celebrity.
In time, political candidates
EXHIBIT
over 350 photographs, watercolors, sketches and maps from before and af-
ter the restoration. One example: The Governor’s Palace (above) was de-
stroyed by fire in December 1781. But 150 years later, excavations turned up
evidence to guide its reconstruction—well-preserved foundations, brick pav-
ing, garden walks and a forgotten cemetery. The traces and fragments made
it possible to restore the building to its original look. —Elizabeth Winkler
Saturday/Sunday, August 10 - 11, 2019 | C5
REVIEW
learned from Barnum’s tricks as
well. Huey Long used rallies and the
radio to get and keep power. And of
course there is our current presi-
dent, uncannily wielding Twitter,
television and the power of celeb-
rity in his rise to power.
As it happens, when Barnum
“
grew older, he also sought to turn
his name recognition into political
power. But it only worked for him
when he ran for mayor of Bridge-
Barnum’s port, where he served one term, and
for Fairfield representative in the
name Connecticut legislature, where he
became served four terms.
short- By this point in his life, Barnum
had become a better person—an abo-
hand for litionist and a philanthropist with a
audacity, clear moral center. Locals who knew
the man himself and not just his rep-
greed utation would vote for him. But he
and was easily defeated when he ran for
Congress, and talk of running for the
humbug. Senate and even for president went
nowhere. Barnum could never escape
his glittering, outrageous past.
Mr. Wilson is the editor of The
American Scholar. His new book,
“Barnum: An American Life,” was
published this week by Simon &
Schuster.
The Governor’s Palace
in Williamsburg, Va.,
reconstructed from
its remnants.
ASK ARIELY
DAN ARIELY
Overwhelmed
By Too Many
Choices
Dear Dan,
Does the fact that so
many Democrats are
running for president in
2020 make it more dif-
ficult for voters to choose among
them? I’m especially interested in
politics, and even I find it hard to
compare each candidate’s positions.
I wonder if many Democratic voters
will simply give up on paying atten-
tion to the primaries. —Tracy
In behavioral science, we call this
phenomenon “the paradox of
choice.” While many people report
that they like having more choices,
having too many options can end up
making it impossible to make a de-
cision at all. For example, when
people are given a lot of flavors of
jam to choose from, they tend to
sample more flavors, but they are
less likely to actually buy one of
them. In the case of the Democratic
primaries, the number of candidates
is certainly overwhelming, and I
think it is likely to decrease voter
turnout.
GWENDA KACZOR
Dear Dan,
During a recent doctor visit, I was
asked to sign an agreement saying
that if I missed a future appoint-
ment, I would have to pay a $50
fee. I thought this was excessive and
refused to sign. Does this kind of
policy really get more people to
show up for medical appointments?
—George
Negative incentives—in other
words, punishments—are more com-
plex than they seem and can back-
fire. One of my favorite studies on
this topic is by the economists Uri
Gneezy and Aldo Rustichini, who
showed that when a day-care insti-
tuted a fine for late drop-offs, par-
ents became even less likely to ar-
rive on time. Instead of viewing the
fine as a punishment, parents saw it
as a way to pay for the right to be
late, and they took advantage of
this service without guilt.
In your case, I would expect to
see a similar result: Patients might
feel more entitled to miss appoint-
ments if they know they can pay a
fee for it. In addition, the system
will probably make patients even
more furious when doctors are inev-
itably late, since it implies that the
doctors think their own time is
more valuable than that of their pa-
tients.
Dear Dan,
Do people’s salaries tend to accu-
rately reflect the value they contrib-
ute to society? Can we assume that
if someone makes a lot of money,
they are adding significantly more
value than someone who makes only
a little? —Richard
On the contrary, many people create
a lot of value and don’t get paid
much, and many others create very
little value and get paid well.
One of the best examples of this
mismatch is teachers. A paper by
Raj Chetty and colleagues in the
American Economic Review esti-
mated how much of an impact
teachers have on the future of the
students in their classes. They
found that students with strong
teachers are more likely to attend
college, have higher lifetime salaries
and are less likely to become preg-
nant as teenagers. They estimated
that replacing a teacher in the bot-
tom 5% with an average teacher
would increase their students’ life-
time income by $250,000 per class-
room. Obviously, teachers don’t
make anywhere close to that figure.
Maybe one day we will evolve as a
society and base people’s salaries
on their actual contribution to the
common good.
Have a dilemma for Dan?
Email: AskAriely@wsj.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C6 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

REVIEW

Flash’ or ‘Miss You,’ but it’s not because anyone needs

to learn them. It’s an exercise very much like what
athletes do on game day; a quarterback doesn’t only
practice throws that need work. It’s a chance to listen
to each other, remember arrangements and build a
good pool of songs we can pull from.”
The heart of the band, of course, is Mick and Keith,
“the Glimmer Twins” who have written the vast ma-
jority of the Stones’ classic catalog. Mr. Jagger and
Mr. Richards have had their famous feuds over the
years, but Mr. Leavell says that on the current tour,
they are behaving like the old school chums they are.
“Mick and Keith are getting along famously, and it’s
so cool to watch all the little smiles and glances be-
tween them,” he says. “At this stage of the band’s ca-
reer, I think there’s a recognition that this is a pre-
cious opportunity, and everyone wants to make the
most of it and have fun. There’s a strong sense of
brotherhood, which is just beautiful to watch and be
a part of.”
Though you won’t hear a lot of keyboard solos at
a Stones show, Mr. Leavell is one of the greatest pia-
nists in rock ’n’ roll history—best illustrated by his
masterful work on the Allman Brothers Band’s joyous
instrumental “Jessica.” Mr. Leavell, 67, grew up in Al-
abama and learned to play piano mostly from his
mother, who taught him an early lesson: The best mu-
sic engages the heart as well as the head, and you
have to learn to play your feelings.
“When I was 5 or 6, my mother would sit beside
me and ask what it would sound like if there was a
big thunderstorm outside,” Mr. Leavell recalls. “I’d
rumble down the low end of the keys, then do some
lightning strikes on the right hand, and she’d say,
‘What would it sound like if you hit a home run?’ Be-
cause of that, music has always been more about ex-
pressing emotions and trying to paint pictures than
worrying about chords and notes. Thanks, Mom!”
At 17, Mr. Leavell moved to Macon, Ga., where Cap-
ricorn Records was building a regional musical hub
based around the Allman Brothers Band. He toured
and recorded with several artists before working on
two landmark 1973 albums: Gregg Allman’s solo debut
“Laid Back” and the Allman Brothers’ “Brothers and
Sisters.” Featuring the classics “Jessica” and “Ramb-
lin’ Man,” the latter album became the Allman Broth-
ers’ biggest hit, even as they struggled to move on af-
ter the death of two founding members, including
LUCY HEWETT FOR THE WALL STREET JOURNAL

Duane Allman. No one knew how the guitarist could

be replaced; Mr. Leavell provided the counterintuitive
answer, helping buoy a group that was reeling emo-
tionally.
By 1981, disco and punk were making life difficult
for roots rockers, and Mr. Leavell was playing small
gigs and struggling to get by. His wife, Rose Lane, who
now works on the Stones’ backstage team, had inher-
ited 1,100 acres of Georgia farmland from her grand-
mother, and Mr. Leavell was ready to pause his musi-
cal career and become a full-time farmer.
“I said, ‘This ain’t really working. I want to learn
more about what’s happening with this land.’ She fi-
WEEKEND CONFIDENTIAL | ALAN PAUL nally said, ‘I know it’s difficult. But guess what? The

Chuck Leavell
Rolling Stones called today,’” Mr. Leavell recalls. “I was
elated to get the gig,” but after his first tour with the
Stones, “there was a lengthy gap before we started re-
cording, during which I started learning about for-
estry, land use and wildlife management. That started
out of necessity, but it turned into a passion.”
Ever since, the pianist has divided his energy be-

The calm center of the Rolling Stones tween music and farming. Besides the Stones, he has
recorded or toured with Eric Clapton, David Gilmour,
the Black Crowes, John Mayer, George Harrison and

C
huck Leavell is the calm in the eye of the Rolling Stones’
crossfire hurricane. Throughout the band’s current 17-
show “No Filter” tour of American stadiums, you’ll find
the keyboardist center-stage, within eyeshot of every
member of the 11-person group. He’s the guy they look to-
ward to steady the ship if they feel a song wobbling or need a re-
minder or a cue.
While the 76-year-old Mick Jagger rooster-struts across the giant
stage, showing no signs of his recent heart surgery, Keith Richards and
Ron Wood peel off the loud, raunchy guitar riffs that have defined the
band’s music for 55 years, and Charlie Watts drums out the beat. Mr.
Leavell sits behind an electric piano, grinning through his white beard.
He says that he came by his current role of music director for arguably
the world’s greatest rock ’n’ roll band quite organically.
“I took copious notes during rehearsals for the 1989 ‘Steel Wheels’
tour and continued to document every time we played,” Mr. Leavell says.
“I ended up with two encyclopedic books of notes and chord charts,
which made me the go-to guy for questions like, ‘What’s the bridge
again?’ Music director became an official title about five years ago, but
it’s been a de facto role for a long time.”
On tour, Mr. Leavell arrives at the venue as early as noon to get some
practice time on his own. Within a few hours, the en-
tire band arrives, and they play a soundcheck that
doubles as a rehearsal—usually emphasizing a song
chosen for each performance from an online fan vote
‘Mick and of four songs, picked by Mr. Leavell with approval
Keith are from Mr. Jagger. “About 60% of the set is consistent
getting along on the tour,” says Mr. Leavell. “We focus on the other
famously, 40% at soundcheck.”
and it’s so The morning after a show, on off days, before the
cool to watch band boards a private charter to its next destination,
all the little Mr. Leavell starts working on the next concert’s set
smiles list. He checks his database to see what the Stones
and glances played on their last visit to a city, no matter how long
between it has been, and tries to work in some curveballs. The
them.’ songs that fans vote on are all numbers the band has
prepared in rehearsal.
“We do roughly three weeks of rehearsal before
every tour, running through about 20 songs a day,”
says Mr. Leavell. “We mostly work on songs we don’t
play every night, but people are sometimes surprised
to hear that we also rehearse tunes like ‘Jumpin’ Jack
many others. Last year, Mr. Leavell released an album,
“Chuck Gets Big,” with the Frankfurt Radio Big Band.
He has also become a tree farmer of renown—he and
his wife co-manage Charlane Plantation in Bullard,
Ga.—and an outspoken advocate for environmentally
friendly forestry, writing four books, co-founding the
Mother Nature Network (an online hub for environ-
mental news) and filming several episodes of the PBS
series “America’s Forests With Chuck Leavell.”
He says that his message of responsible forestry is
harder to get across in such polarized times, when
some call for clear-cutting forests and others decry
any harvesting. “When people scream about killing
trees, I ask about their house—usually made of
wood—and their furniture and their books. All won-
derful things made from trees, and we don’t have to
rape and pillage the forests to get them.” Mr. Leavell
pauses, then adds, “Pianos are also made from trees.”
Mr. Paul is the co-author, with Andy Aledort, of
“Texas Flood: The Inside Story of Stevie Ray
Vaughan,” out Aug. 13 from St. Martin’s Press.

For Higher students for careers as

pot-savvy health care
Just thumb
through a course cat-
hash was Hieronymus Bosch us-
ing when he painted his weird,
alog to find even phantasmagoric visions of hell?
Education, professionals.
It’s not a moment
too soon. Since pot has
more ways colleges
could refresh their
Compare and contrast neo-ex-
pressionism, seen when

MOVING Try Taking become such a thriving

business in the past
approach.
Literature. “The
straight or when high.
Geology. Merely renaming
TARGETS
JOE
Courses in few years—adding
50,000 jobs to the
Wasted Land” would
focus on actual ston-
basic courses could attract a
new coterie of devotees to this
QUEENAN
Marijuana American economy last
year, reports The Wall
Street Journal—there
ers—Hunter S.
Thompson, Allen
Ginsberg, Ken Kesey,
fascinating science. Try “Every-
body Must Get Stoned” and
“Notes From Underground.”
is no reason academia the list goes on— Other possibilities abound. Is
The new AT LEAST TWO U.S. universi- should stop there. who wrote while ei- there an advanced course in
ties have just introduced high- Other prestigious insti- ther dazed or con- theoretical physics that would
curriculum level courses for students inter- tutions could offer a fused, or both. Other be enhanced by toking? An
could ested in a career in the far wider range of courses need not be limited to crass courses would take a peek fur- Eastern philosophy course
include marijuana business. Maryland studying pot’s history, entrepre- business. “Making Sense of Sin- ther back in literary history at where the myriad layers of the
classes University’s School of Phar- neurial possibilities and effects. semilla” would assist psychol- the works of famous drug us- onion rings of cosmic con-
macy will offer a master’s de- Especially its effects. ogy majors in better under- ers, from Coleridge to Baude- sciousness in the inner sanc-
like ‘Mary gree in medical cannabis. Cor- Since so many baby boomers standing the mind-sets of laire. And authors don’t need to tum of the Ur of Nod would be-
Jane Eyre’ nell University—an Ivy League have spent a major part of their reefer devotees. Anthropology have used creativity enhancers come perfectly clear after
and school apparently branching lives under the influence of hal- classes like “Cannibals and Can- themselves for their master- puffing on a couple of spliffs?
out into other leafy plants—has lucinogens, how about a class nabis: The Chicken and the pieces to be reinterpreted for a Even intramural sports
‘Cannibals introduced a course called for finance majors called Egg” would investigate the role new age: “Mary Jane Eyre,” could get in on the act. How
and “Cannabis: Biology, Society and “Pitching Variable Annuities to of marijuana use in the rituals anyone? about a pot-friendly ultimate
Cannabis.’ Industry.” the Aging Stoner”? It could be of primitive societies. “The Ket- Art history. “High Culture” Frisbee event, where the first
The Cornell offering will paired with a class called “High tle Calling the Pot Black” would would view art through the team to score a goal…or cross
cover everything from cultivat- Yield,” analyzing pot users’ in- teach students aspiring to ca- prism of hallucinogens. Was Pi- the goal-line…or score a
GUY PARSONS

ing marijuana to marketing it vestments in junk bonds. Think reers in public relations how to casso stoned out of his mind goal…would be the…well, you
more effectively. The Maryland of them as a joint offering. combat attempts to vilify mari- when he painted “Les Demoi- get the idea. It would proba-
master’s program will prepare But pot-oriented classes juana producers or users. selles d’Avignon?” How much bly be a big hit.
 BOOKS
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Death in the Rainforest Full Fathom Five

How a language and a A history of military
culture disappeared in shipwrecks from
Papua New Guinea C9 antiquity to today C8

READ ONLINE AT WSJ.COM/BOOKSHELF THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | C7

Ever the Man With the Plan

Gen. George C. Marshall, a supreme soldier-statesman, helped win both the war and the peace
George Marshall waging war and selects a military op-
By David L. Roll tion to meet that objective,” Mr. Roll
explains, “the senior military officer
Dutton Caliber, 694 pages, $34
is duty-bound either to loyally execute
BY JONATHAN W. JORDAN the option or resign.”

A
But Roosevelt was famous for not
N OLD Army adage says telling his lieutenants what he was
there is no such thing thinking or what direction he was
as an indispensable headed in. His military chiefs often
man. Arlington Ceme- found out what the boss wanted
tery, they say, is full through random visitors or casual con-
of them. versations with his friends. Rather
George Catlett Marshall (1880- than draw out the president on his po-
1959) stands out as one of America’s litical reasoning, Mr. Roll writes, “Mar-
few possible exceptions. Sworn in as shall took it upon himself to judge
Army chief of staff on the morning what the president’s objectives should
that Hitler’s panzers crossed the have been. . . . His mistake was to try
Polish frontier, the nation’s first five- to substitute his own view of the polit-
star general transformed an impover- ical objective that should have dictated
ished home-defense force into the the decision . . . for that of the presi-
most powerful war machine the world dent’s.” In the end, Marshall followed
had ever seen. He guided global strat- FDR’s orders, but he required a firm
egy in wars hot and cold and tended push from the commander in chief.
the fires that smelted the ore of
America’s golden age.
The quiet Pennsylvanian possessed He bent the wills of
a genius for balancing democracy’s
economic and political needs against
Roosevelt and Churchill.
the demands of global war. Refusing He had a gift for spotting
to embrace any political persuasion— talented leaders—
he claimed his party affiliation was
“Episcopalian”—Marshall won the including Eisenhower.
trust of Republicans and Democrats,
unionists and magnates, isolationists
and internationalists by forthright Mr. Roll, whose prior works
talk and an assumption that all sides covered political operators Harry
acted in good faith, with the nation’s Hopkins and Louis Johnson, wisely
best interests at heart. His credibility skips much of the Marshall back
persuaded Congress to pass legisla- story that weighs down other biogra-
tion that would prepare the country phies. Ancestors, hometown, the ups
for war on two sides of the globe. and downs of the late Gilded Age,
During World War II, Marshall hazing at Virginia Military Institute,
turned draftees into hardened vet- and other such matters are woven
erans and ran military logistics in into scattered passing pages as Mr.
the Pacific, Europe, China and the Roll jumps into the core of the story:
Mediterranean. Through logic and Marshall’s rise from an obscure lieu-
eloquence, he bent the wills of con- tenant posted to the Philippines in
gressional leaders, Franklin D. Roose- the early 1900s to the most influen-
velt, Winston Churchill, the com- tial soldier of the 20th century.
bined chiefs of staff, and Gen. Occasionally Mr. Roll offers a bit
Douglas MacArthur. He had a gift for more context than World War II fans
spotting talent—including Dwight might require. America’s slide into
Eisenhower, Omar Bradley, and World War I, Jim Crow oppression in
George Patton—and, with few misses, Columbus, Ga., and Gen. Mark Clark’s
brought out the best in generals he 1944 campaign for Rome consume a
BETTMANN

promoted. few more pages than the story strictly

In councils of war, Marshall led merits. But these are short detours,
the “invade France” faction and was INDISPENSABLE Marshall in his headquarters at the War Department in Washington. and “Defender of the Republic”
the acknowledged frontrunner to quickly gets back to its strengths: re-
command the D-Day invasion of When he died in 1959, Marshall left answered written questions put academics and journalists who domi- placing a marble statue with a splen-
Normandy until Roosevelt selected behind admirers like Churchill (who to him by the Army’s official biog- nate the field of Marshallography, did color portrait.
Eisenhower at the last minute. As dubbed him the “Organizer of Vic- rapher, Forrest C. Pogue. While Washington lawyer David L. Roll takes Mr. Roll is especially good at bring-
FDR saw it, Marshall’s talents were tory”) and Presidents Truman and Marshall left behind enough official a fresh pen to the general’s life in ing Marshall’s carefully guarded per-
too valuable to limit to one war Eisenhower—bitter political enemies and private correspondence to fill “George Marshall: Defender of the sonality into the light. “In social
theater. “I didn’t feel that I could who shared little more than their seven volumes (the last installment Republic.” Despite its Jedi-like sub- situations he was typically genial,
sleep at ease if you were out of admiration for the general. Harvard being published in 2016), his per- title, Mr. Roll’s book is nicely bal- friendly, and sometimes even warm
Washington,” Roosevelt told him. president James Conant declared that sonal reticence has stymied both anced, lauding Marshall’s priestly and charming,” he writes. “Yet his
When America’s guns fell silent, only George Washington was Mar- iconoclasts and hero-worshipers. devotion to the nation’s interests emotions, including his explosive tem-
the 64-year old general retired, only shall’s equal as soldier-statesman. Not that biographers haven’t tried. while not giving him a pass for failing per, were usually masked, his fears
to be recalled to the colors one day Marshall’s heavy moral influence has Pogue’s four-volume work (1963-1987) to adequately warn the commanders and vulnerabilities well hidden.” Like
later by President Harry Truman, crossed generational lines down to provides a near-contemporary win- at Pearl Harbor of a likely Japanese his mentor, Gen. Pershing, and his
who sent him to mediate China’s civil Bill Clinton’s Secretary of State Made- dow into the mind of a man whose attack. Mr. Roll also notes Marshall’s protégé, Gen. Eisenhower, Marshall
war. As Truman’s secretary of state, leine Albright, who called him “the life revolved around tight organiza- fumbling over whether to support reeled over family tragedies as he
Marshall weathered the Berlin Block- greatest diplomatic leader in Ameri- tion and straight-shooting. Mark A. an independent state of Israel, and fulfilled his duty to country. His
ade and publicly championed the can history,” and George W. Bush’s Stoler, who helped edit Marshall’s describes wrenching race-relations struggle to control shellbursts of
European Recovery Plan (which he Secretary of State Colin Powell, like papers, wrote a concise one-volume issues that Marshall, like most leaders anger, estrangement from his brother,
refused to refer to by its popular Marshall a former general, who called biography titled “George C. Marshall: of his day, shrugged off. and fondness for quiet family life
name, the Marshall Plan). The first his predecessor “a national treasure.” Soldier-Statesman of the American The Army’s top soldier moved, for balance out a fine account.
professional soldier to earn the Nobel For all the encomia, George Mar- Century” (1989), a year before histo- instance, “with glacial reluctance” to One high point of the narrative
Peace Prize then stepped in as Tru- shall is a notoriously difficult per- rian Ed Cray published his excellent obey President Roosevelt’s orders to takes place in December 1943, when
man’s defense secretary at the low sonality to bring to life. A tight- “General of the Army: George C. Mar- invade North Africa in 1942, a British- Roosevelt was ready to appoint
point of the Korean War and sup- lipped introvert, he turned down shall, Soldier and Statesman,” argu- led strategy that Marshall doggedly Marshall supreme commander of the
ported the president’s momentous lucrative book offers, deflected pub- ably the best of the lot until now. opposed. “Normally, when a president D-Day invasion. The mission would
decision to fire MacArthur. licity to subordinates, and laconically Pulling away from the crowd of clearly states his political objective in Please turn to page C8

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C8 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

BOOKS
‘There’s never a flood goes shoreward now/But lifts a keel we manned;/There’s never an ebb goes seaward now/But drops our dead on the sand.’ —RUDYARD KIPLING

Reading the Wreckage George Marshall,

Supreme Soldier
War at Sea
By James P. Delgado
Oxford, 465 pages, $34.95
And Statesman
BY WALTER R. BORNEMAN Continued from page C7

T
have cemented his place in history; all Marshall
HERE IS something had to do was ask. But “in that moment, in the
warmly nostalgic yet quintessential moment after the president asked
also chilling about him just what he wanted to do, Marshall was
shipwrecks. Proud utterly selfless,” Mr. Roll writes. He assured
vessels that sailed Roosevelt he would loyally serve in any role the
the seas lie hidden beneath the commander in chief ordered. To an Olympian
waves. Some wrecks squat in degree, Marshall had “learned to renounce fleeting
muddy waters a few meters deep; pleasures in order to enjoy more rewarding ones
other are entombed in icy depths later, such as the lasting inner contentment that
miles beneath the surface. The comes from earning the respect and admiration
ruins of warships hold a special of one’s peers or from serving a higher cause.”
fascination: Their underwater rest- Marshall’s wife,
ing places can amount to a map Katherine, emerges
of what occurred during battle, from the pages as a At war’s end, a
NAVAL HISTORY AND HERITAGE COMMAND

sometimes unread for centuries. supportive partner,

In “War at Sea,” James P. scheduling horseback
weary Marshall
Delgado delivers a sweeping his- rides, dinner parties, retired from the
tory of naval warfare told through and canoe trips along army. Truman
the evidence of sunken ships scat- the Potomac to give her
tered around the globe. Mr. Del- husband a respite from appointed him
gado has spent a career research- the crushing demands envoy to China
ing shipwrecks and diving down to of his job. His beloved
them. In 2001, he produced “Lost stepson, Allen Brown, is
the next day.
Warships, An Archaeological Tour the portrait’s negative
of War at Sea,” a large-format TO THE DEEP A British transport sinking at an unknown location after being torpedoed by a U-boat. space, framing Marshall
survey of the subject. At least half through contrast: Brown is “temperamentally the
of the material in that book re- archaeological prize long sought but individual wrecks from the 1915 was found in 2017, one of the dis- opposite of Marshall—intensely impatient, unable
appears in “War at Sea”—some of not yet discovered, Mr. Delgado Battle of Jutland in the North Sea coveries made by a team of marine to repress his feelings.” The evocation of Mar-
it verbatim—but there is also a says, is one of Adm. Zheng Ho’s but also the entire Jutland battle- archaeologists financed by the shall’s easygoing devotion to Katherine and his
good bit of new material drawn massive treasure ships from this pe- field of some 3,000 square nautical Microsoft billionaire Paul Allen. fondness for his stepchildren sets Mr. Roll’s work
from what Mr. Delgado terms the riod—they likely “out-weighed, out- miles. In some cases, we now know In the past two years expe- apart from biographies that have gone before.
“exponential growth” in warship gunned, and out-classed anything whether ships were advancing or ditions have located the cruiser For a life that has been subjected to so much
discoveries over the past 20 years. afloat in a European navy.” Euro- retiring during the battle. Juneau off Guadalcanal, the final spilled ink, Mr. Roll has managed to encapsulate
One purpose of Mr. Delgado’s pean powers were only beginning to The scale of World War II mari- resting place of the five Sullivan George C. Marshall’s inner voice better than any
narrative is to trace the develop- build larger warships, and they time archaeology staggers the imag- brothers who insisted on serving previous work. Mr. Roll’s literary monument to
ment of seaborne technologies and “never came into contact with the ination. A total of 1,454 warships of together; the cruiser Indianapolis, one of America’s most devoted soldiers is a
the changes they brought about in full flower of Chinese naval might.” all countries—and many thousands sailing alone after delivering com- powerful antidote to a Twitter-glutted era when
naval warfare, even ahead of ship- Two of the most famous Euro- more merchant ships—were lost ponents of the first atomic bomb; political cynicism has reached its nadir and civic
wreck evidence. He describes, for pean shipwrecks from the era of during the conflict. The Battle of the and the carrier Lexington, sunk by virtue has become a punch line.
instance, the innovation of the ram sail are the well-preserved Mary Atlantic project, conducted in the U.S. Navy in May 1942 to keep it
at the bow of Greek galleys around Rose, sunk off Portsmouth, Eng- 2008-14, documented the losses of from falling into Japanese hands Mr. Jordan is the author of “American
850 B.C. as “the ancient equivalent land, in 1545 en route to dueling Allied warships and merchant ships after sustaining bomb damage in Warlords: How Roosevelt’s High Command
of introducing gunpowder.” There a French fleet, and the Vasa, King and their predator U-boats at loca- the Battle of the Coral Sea. Led America to Victory in World War II.”
are observations on tactics as well, Gustaf II Adolf’s prized galleon tions such as “Torpedo Junction” And discoveries continue. Last
such as the maneuverability of meant to rule the Baltic, sunk in off Cape Hatteras, N.C., where month, the wreck of USS Eagle 56,
Octavian’s smaller ships as they Stockholm harbor in 1628 on its U-boats made hundreds of kills one of 60 identical ships of the
won victory darting about and ram- maiden voyage. Both ships met within sight of the American coast. Eagle class of patrol boats, was
ming the larger vessels of Antony their demise not from enemy guns There have also been hunts for found off the coast of Maine. Evi-
and Cleopatra at Actium in 31 B.C. but from top-heavy designs com- the legendary ships from the con- dence from the site suggests that
No wrecks from that battle have pounded by inept seamanship. Mr. flict: the German battleship Bis- the Eagle 56 was sunk not by a
been found, but there are numerous Delgado calls the Mary Rose a marck (found in 1989), the British boiler explosion, as long thought,
sites in northern Europe dating “Tudor naval time capsule,” yield- battleship Hood (2001) and the but by a torpedo—making it the
from around A.D. 1000 that provide ing thousands of artifacts, in- American aircraft carrier Yorktown last U.S. warship sunk by a German
what Mr. Delgado terms “a detailed cluding an array of longbows. off Midway (1998): all were sunk in submarine.
sense of ‘Viking’ shipbuilding and North America holds a treasure battle. Robert D. Ballard, the man Readers of “War at Sea” may
warships”—vessels that included trove of wrecks, from the 16-gun who discovered the wreck of the Ti- find themselves wishing for even
the gracefully curved hulls and tall British sloop Boscawen, lost on tanic in the 1980s, led the efforts to more about the World War II
bows of the type “used by the Lake Champlain during the French locate the Bismarck and Yorktown. wrecks, given how many have been
Danes and the Normans to conquer and Indian War, to flat-bottomed Mr. Delgado has been involved found and how dramatic their
England.” About the same time, bateaux sunk by the British in the with not only research on USS battle histories are. And readers
Byzantine warships were operating cold lake waters. Preserving boats Arizona at Pearl Harbor but also may wish to know more of Mr. Del-
in the Mediterranean: Some of by gently sinking them meant they the initial search for a Japanese gado’s personal experience, given
them, retrieved by marine archaeol- wouldn’t come to destruction from midget submarine reportedly fired the hints he offers of his own ship-
ULLSTEIN BILD/GETTY IMAGES

ogists, are preserved so well that the winter ice or be captured by upon in the outer harbor that Sun- wreck searches. Having written a
one can see the benches where the the enemy—and could be lifted up day morning. In 2002, the sub was highly readable survey of naval
rowers sat side by side, their oars and made seaworthy again. located with a hole in its conning warfare and technology, he clearly
passing through “leather sleeves Search technology, Mr. Delgado tower, validating the report of the has more stories to tell.
that served as watertight gaskets.” notes, has improved in recent years captain of the destroyer Ward. As
Across the globe, Chinese naval and led to many discoveries. Multi- for the Ward itself, it eventually Mr. Borneman is the author of
might ruled Asian waters in the beam sonar and ROVs (remotely participated in the Battle of Leyte “Brothers Down: Pearl Harbor
1400s and protected trade as far operated vehicles) have permitted in the Philippines, where it was and the Fate of the Many Brothers ROAD TO RECOVERY A German poster
west as the Ottoman Empire. An archaeologists to map not only sunk in December 1944. The wreck Aboard the USS Arizona.” promoting the Marshall Plan, ca. 1948.

ultimate punishment on those who got and then against the French police German was attacked anywhere in the about the courageous women and girls
Youth Who in its way. Mr. Rosbottom’s sources who collaborated with the German country, these hostages could be
tend to be memoirs, letters, diaries and Occupation. murdered. The idea was to make resis-
of the Resistance. It has many inspira-
tional tales to tell, like that of the

Fought the occasional historical novel. As in Guy Môquet was only 16 when he tance seem like a cruel act against
his earlier book, he proves to be a fine was jailed. Held against court orders French prisoners—for they would be
story-teller but doesn’t have much to by French police in a maximum the ones to pay the price. It didn’t
memoirist Maroussia Naïtchenko, who
as a teenager often put her life on the
line in friendship and solidarity with
To Be Free say about the traditional con-
cerns of historians regarding so-
work: Môquet became a martyr
for the Resistance in general and
other brave young communist French
patriots. Mr. Rosbottom avoids engag-
cial context or patterns of behav- for the communists in particular. ing in the intense debates that take
Sudden Courage ior that might shed light on the His memory is still invoked today place among historians as to whether
By Ronald C. Rosbottom actions of individuals. He is con- as an example of patriotic France should be cheered for saving
Custom House, 320 pages, $27.99 vinced that young people (some- précocité résistante. around 75% of its Jews, or condemned
times he means adolescents, Students made themselves for sending a quarter of them to their
BY MICHAEL S. ROTH sometimes people under 30) visible in public protests against deaths. Nor does he ask about the role

R
were the energetic core of the German authorities and their of young people in the épuration, the
ONALD ROSBOTTOM Resistance, but he provides no Vichy allies. On Nov. 11, 1940, violent prosecution of collaborators
has been teaching col- real evidence that this was the many demonstrated in the capi- in the aftermath of the Liberation, in
lege students for many case. He cites one contemporary tal, with communists being the which tens of thousands were pun-
years now, and his af- claim that 75% of the résistants most organized followed closely ished and several thousand executed
fection for and curiosity were under 30, but how do we by the equivalent of the boy outright. Were courageous youth on
about them must be very strong. He know this is accurate? Toward scouts. For some, Mr. Rosbottom both sides of this purge?
has also been studying French litera- the end of the book, Mr. Ros- acknowledges, this sort of activ- The author does wonder “how
ture and history for many years, devot- bottom mentions that young ity was “fun with frissons,” but many Frenchmen who assisted in the
ing much of the past decade to under- people were also engaged in en- for others it was deadly serious. punishment and murder of their own
standing how France responded to the forcing the cruel laws of Vichy. “Unlike many other résistants,” fellow citizens would live long lives
Nazi occupation during World War II. Were they the energetic core of he emphasizes, “Jewish resisters of guilt” and if they were ever afraid of
In 2014 he published “When Paris the Collaboration as well? This, would have no escape.” being denounced. Sudden courage
Went Dark,” an account of what it was he tells the reader in a rather odd After 1942, things got more and lifelong fear are hard to separate
like to live in the French capital during concluding chapter, is not his serious for all. The Nazis weren’t in the story of Vichy France and its
those awful years. Now he asks what it subject. winning speedy victories in the aftermath, but Mr. Rosbottom is
was like for students at that time. How No, Mr. Rosbottom’s subject, East anymore, and they drafted committed to staying on the sunny
did some of them, as young as those one which incites his sympathy young French people to replenish side of the street where heroic young
UIG/GETTY IMAGES

he teaches at Amherst College, make and admiration, is the young who factories in Germany. The danger people defy the odds and attempt
the leap from adolescent antics to risked everything to fight an op- for young Jews increased, as great things. That may not be history,
standing up against the German in- pressive regime, to stand up for French police rounded up fami- but theirs are lives worth remember-
vaders? Mr. Rosbottom touched on this what’s right, to protect the most lies to be deported to death ing—especially if, like the author, we
in his earlier book, and he probably vulnerable of their friends and RÉSISTANT Guy Môquet in an undated photo. camps. Mr. Rosbottom awk- still look to young people for idealism
had more interesting material than he neighbors. Early on in “Sudden wardly writes that “Gentile and inspiration.
could fit into that volume. Courage,” he gives an account of the security prison, he was executed French were appalled” by this, and
In “Sudden Courage: Youth in legendary Guy Môquet, whose father within a year, in retaliation for the certainly there were many who felt the Mr. Roth is the president of
France Confront the Germans, 1940- (a communist deputy to the National assassination by communists of a sting of conscience and who spoke out. Wesleyan University. Among his
1945” the author finds many points of Assembly) had been arrested after the German soldier. But the “Gentile” French police con- books are “Safe Enough Spaces:
light in young people who acted with Hitler-Stalin pact was signed. Guy The Nazis demanded that prisoners, tinued their dirty work. A Pragmatist’s Approach to Inclu-
bravery, passion and savvy in confront- worked tirelessly to free him, first especially Jews and communists, be “Sudden Courage” looks at the good sion, Free Speech, and Political
ing a brutal enemy willing to exact the protesting against the Third Republic considered hostages, and when a guys, with a chapter added at the end Correctness on College Campuses.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | C9

BOOKS
‘To remember / Is not to rehearse, but to hear what never / Has fallen silent.’ —W. S . MERWIN
BRENT STIRTON/GETTY IMAGES REPORTAGE

LAND OF THE MANGROVE View along the Sepik River in Papua New Guinea.

To Hear a Dying Tongue

A Death in the Rainforest immense credit, Mr. Kulick refuses to embrace
By Don Kulick the postmodern conceit that anthropology is
part of the colonial agenda, yet another way of
Algonquin, 275 pages, $26.95
subjugating a people by recording their knowl-
BY WADE DAVIS edge, and that the very presence of the Western
learn, are not “mama” and “papa” but some vari-
ation on the phrase “I’m sick of it, I’m leaving.”)
Within the village Mr. Kulick becomes a
master at overstaying his welcome, hanging
about until no longer a presence, at which
goods originate, where people go in death,
where everything is white and heaven and
earth come together in a celestial realm of
power, glory and wealth. Out of this came the
“cargo cults,” the notion that if believers

A
S A YOUNG anthropologist, in
1985, Don Kulick traveled to the
most remote reaches of Papua
New Guinea to study how a
language dies. Motivating his
quest was a haunting consensus then emerging
among linguists that fully half of the world’s
7,000 languages are teetering on the brink of
extinction. As he made his way across the vast
mangrove lagoon at the mouth of the Sepik
River, wading through malarial swamps to
reach a narrow slit in the jungle that would be
his home for many months, he was acutely
aware that every fortnight, somewhere in the
world, some elder carries into the grave the
last syllables of an ancient tongue, and another
language is lost. His destination was the village
of Gapun, home to just 130 people, 90 of whom
were fluent in Tayap, one of 600 extant lan-
guages kept alive by fewer than 100 speakers.
Papua New Guinea, a nation the size of
California with a population of 8 million, has
more than a thousand distinct languages—not
dialects, but actual languages, 350 of which
have never been spoken by more than 500
people. In a mountainous land of dense jungles
where neighboring peoples share common
myths and religious beliefs, agricultural prac-
tices and hunting technologies, language alone
allows for differentiation. Isolation is not a
factor; the highest linguistic diversity in PNG is
found in areas where people readily get around
by river. Language permits people to self-
identify as distinct cultural entities. Thus the
study of language, as Mr. Kulick discovers,
provides the ideal conduit to culture.
Altogether, Mr. Kulick would spend three
years in the village, returning time and again
over nearly 30 years, his departures rivaled
only by his arrivals for pure drama, intrigue,
danger and wonder. The result is perhaps the
finest and most profound account of ethno-
graphic fieldwork and discovery that has ever
entered the anthropological literature. To his
scholar in the field is an exercise in power, a
tool of oppression. Such thinking regrettably
provoked the “wave of recriminations,” as Mr.
Kulick writes, “that paralyzed a whole genera-
tion of my younger colleagues and drove them
to stay at home and study only people like
themselves,” or even worse, ruminate inces-
santly over the practice and fate of their disci-
pline. The entire purpose of anthropology, as
Ruth Benedict wrote, is to make the world safe
for human differences. At a time when the
voice of anthropology has never been more
essential, it has been rendered largely mute by
ideological contortions, self-flagellation and
identity politics that academic institutions
today indulge to their shame.
As an ethnographic fieldworker, Mr. Kulick
has no qualms about asking the Gapun people
about their lives or expressing his interests in
their origin myths and folk tales, ritual prac-
tices abandoned in the time of their grand-
parents, or the syntactic intricacies of Tayap, a
language they are in the process of abandon-
ing. His account of learning an unwritten lan-
guage from scratch leaves the reader dazzled
by the wizardry of linguistic scholarship. Tayap
turns out to be an elaborate synthetic language
combining different morphemes, words fused
to words to create new words of extravagant
complexity. Just finding someone in the village
willing to sit with him for hours, tolerating his
ignorance, sharing the names for objects that
any child would know, was a challenge. The
language itself proved exceedingly difficult;
after 30 years of study Mr. Kulick could fully
understand Tayap yet still failed to speak it be-
yond a few stock phrases. That he even tried to
do so speaks of a reserve of personal discipline,
commitment and courage that would be tested
every day in the field. Writing with verve and
simple elegance, without a hint of bravado, he
describes the ritual humiliations of fieldwork,
including a regular diet of grubs and palm
starch the consistency of “gummy mucous.”
(The first words uttered by a Gapun child, we
point the real life of the people unfolds. His
goal is to learn not why a language dies but
how it dies. Language death is not a natural
event. What, he asks, transpires in a commu-
nity that causes parents to stop teaching their
mother tongue? His task as an ethnographer is
to see what lies beneath the surface of things,
even as the people all around him are equally
The first words uttered by a
Gapun child, we learn, are not
typically ‘mama’ and ‘papa’
but some variation on the phrase
‘I’m sick of it, I’m leaving.’
engaged in taking his measure. Within days, he
is designated “Saraki,” the name of a founding
ancestor, and told that he has returned from
death to open a road for them allowing their
black skin to crack open like a crab’s shell that
they might step out soft, white and rich, with
immediate access to all the money and goods
that white people have. A ceaseless cycle of
giving is the glue that ultimately binds him to
the community. He provides rice and betel.
They ask for a submarine, even while telling of
tunnels running beneath graveyards allowing
local people in death (and even in life) to travel
to Rome and become white.
Within days of arriving in Gapun, Mr. Kulick
is swept into a millenarian fantasy of reciproc-
ity and exchange that will color his every
experience in the village. When Europeans first
penetrated New Guinea, they were as exotic as
extraterrestrials, with clothes that locals took
to be skin, out of which they drew precious
objects, magical and rare. Who were these
creatures? Why have they come? What can
they give us? They sought explanations in
myth, later finding correlations with biblical
accounts, creating portraits of a land where all
perform certain actions in the proper way the
heavens will open and a world of abundance
will unfold. Bizarre as they appear, cargo cults
reflect, as Mr. Kulick writes, an undeniable
truth, a “rock-hard realization that white people
have too much stuff. And because they have so
much, they have an obligation to share.”
Before the colonial era, all socially valued
knowledge was encoded in the traditional
language, Tayap. Tok Pisin, a pidgin spoken
throughout PNG, arrived in Gapun in 1916.
Associated with the power of the white colonial
regime, and all things bountiful and desirable, it
was seen as the language of modernity, even as
traditional life was shattered by the arrival of
Christian missionaries, the violence of war, the
growth of a plantation economy that lured men
to the coast where Tok Pisin was the language
of choice. Parents over time unconsciously
favored Tok Pisin, even as they criticized their
children for not speaking their native tongue,
and then mocked them when they tried to do so.
In 1985, when Mr. Kulick arrives in Gapun, no
child under 10 speaks Tayap. By 1991, teenagers
switch from Tok Pisin to Tayap just for laughs.
“A language dies,” Mr. Kulick concludes, “by
contracting, by having its layers of complexity
peeled off like an onion skin, getting smaller and
smaller until there is finally nothing left.” Long
before Tayap began to wane, he writes, “the
twentieth century crushed the life out of every-
thing that people in Gapun”—and most every-
where else in PNG—“had ever believed or
accomplished.” Languages, like cultures, are not
destined to fade away, as if by natural law. In
every instance they are driven out of existence
by identifiable forces. This is, in fact, an opti-
mistic observation, for if human beings are
indeed the agents of cultural destruction, then
surely we can be the facilitators of cultural
survival. It is upon this positive note that Mr.
Kulick concludes his astonishing account.
Mr. Davis is a professor of anthropology at the
University of British Columbia.

An Atlantis eastern England, the Netherlands

and Denmark.
In “Time Song,” Julia Blackburn
scientific, switching on the light of
imagination to reveal the people
of the past.

Of the goes in search of this submerged land.

She combs the beaches of East Anglia,
The text is interspersed with 18 po-
etic pieces that the author calls “Time

North Sea
bent forward, eyes on the ground, Songs,” accompanied by drawings by
stooping to pick up anything that Enrique Brinkmann that reminded me
stirs her curiosity and imagination. of rock-carvings; while I found the in-
She meets an array of generous char- formation contained in these “songs”
Time Song acters, such as Ray, a metal detector- fascinating, I failed to hear the music.
By Julia Blackburn ist in Covehithe, England, who stores “It is only the pathetic shortness of
GETTY IMAGES

ancient treasures in plastic ice-cream human life that gives each individual
Pantheon, 292 pages, $27.95
boxes in his garage and fixes Ms. a sense of the permanence of his
BY KARIN ALTENBERG Blackburn’s flat tire before sending background,” the British archeologist

F
OR MORE than 100
years, the bones of
mammoths and other
extinct creatures—along
with simple tools made
of stone, wood and antler—have
been turning up in the nets of trawler-
men fishing in the waters between
Britain and Continental Europe.
Gradually, an awareness emerged of
a mysterious sunken world where
animals and humans once inhabited
a vast, rich landscape. More recently,
both experts and enthusiasts have
turned their attention to this Atlan-
tis of the North Sea.
Doggerland—which connected
Britain to mainland Europe—was
above water and inhabited during
the interglacial periods until about
8,000 years ago, when it was swal-
lowed by rising sea levels. Today,
archeologists and paleontologists
are charting what is left of this
drowned country—its mountains,
rivers and plains—using depth-anal-
ysis graphs produced by the oil in-
dustry. Fossil hunters and fishermen
aid in the mapping as they discover
new artifacts along the coasts of
her off with a few keepsakes, includ-
ing an Anglo-Saxon belt buckle. In the
Netherlands, she is introduced to
Klaas, an elegant Dutch fisherman
from Urk who has a “bone depot” of
mammoth skeletons and rhino skulls
and supplies her with a map of the
“North Sea and what is found where.”
This is an extraordinary book
about time, absence and perception.
Ms. Blackburn’s quest is in part per-
sonal—her husband, the Dutch sculp-
tor Herman Makkink, died in 2013.
“And then he was gone,” she writes,
“and the balance was tipped, making
his absence greater than his pres-
ence.” Through close observation and
abstract ruminations, the vanished
land that once connected their two
countries starts to emerge both as a
symbol of unity and a porous bound-
ary between the living and the dead.
By trying to see through “the fact of
absence,” the author becomes aware
of the continued presence of the
past—hoping perhaps that, in this
way, her husband will remain close.
She travels to the Netherlands and
Denmark and remembers an earlier
visit to the Australian Outback, al-
ways searching for these “images of
SEAHENGE An ancient oak circle on the shore in Norfolk, a Bronze Age
site that Blackburn calls the last trace of the ‘Mesolithic forest bed.’
time passing and yet not passing, of
the dead being absent and yet pres-
ent.” Mesolithic footprints, preserved
under the sand and silt of a lost estu-
ary near Goldcliff, Wales, fix a mo-
ment in time. In a museum in Den-
mark, Ms. Blackburn finds herself
face-to-face with Tollund Man, who
was executed and buried in a bog
almost 2,500 years ago and un-
covered in 1950 by peat cutters. His
“sad freedom,” imagined in a poem by
Seamus Heaney, is reflected in
Tollund Man’s gently closed eyes and
the stubble on his leathery chin; a
sleeping bog beauty, a reawakened
memory—with a link to Makkink’s
fragility. In a prehistoric refuse heap
on the western isle of Oronsay, Scot-
land, the reassembled bones of a
human hand had been placed on
those of a seal’s flipper. “There is no
way of knowing the meaning of such
a gesture,” Ms. Blackburn writes, “but
that does not destroy its power.”
The Mesolithic burial of a young
woman with her newborn child,
placed at her side on the wing of a
swan, brings a “prickling of tears” to
Ms. Blackburn’s eyes. I was still very
young when I stood in front of the
same burial in a Danish museum, but
the image of the baby on the swan’s
wing has lodged in my mind. The
8,000-year-old baby’s bones looked
like pick-up sticks—but I saw some-
thing else. “Nothing is ever the same
as they said it was,” the photographer
Diane Arbus once wrote. “It’s what
I’ve never seen before that I recog-
nize.” In this way I saw—and rec-
ognized—not the puzzle of bones, but
the living ancient baby resting on the
white wing, as if asleep.
Ms. Blackburn, too, sees in this
way, writing, for instance, about a
deer “slipping between the trees and
disappearing even while it was still
there.” Archeology is about exploring
absence, about sifting through sedi-
ment until meaning emerges into
the light. We reimagine the setting,
looking for the imprint of human
life—that which was left behind, the
shadows of existence. But, as a writer,
Ms. Blackburn can go beyond the
Jacquetta Hawkes wrote in 1951. “The
land we all walk upon has been under
the sea many times, and it will be
submerged again.” Ms. Blackburn
echoes this sentiment in the preface
to her book: “I wonder now if it
makes more sense to imagine infinity
going backwards in time, rather than
forwards. When you look at it that
way round, you no longer have the
vague dread of what the future holds,
instead there is the intimation of the
enormity of everything that has gone
before: a solemn procession of life in
all its myriad forms moving steadily
towards this present moment.”
The exploration of the past is an
exercise in empathy, a way of becom-
ing conscious of what it is to be
human in another time and place.
Through tracing this consciousness
back to the people who left their im-
print on Doggerland, Ms. Blackburn
shows us that, in a time of flux and
friction, the gathering of uncertainties
can bring greater awareness and a
sense of wholeness.
Ms. Altenberg is the author of
the novels “Island of Wings” and
“Breaking Light.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C10 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

BOOKS
‘You are as beautiful as Tirzah, my darling, as lovely as Jerusalem . . . Turn your eyes from me; they overwhelm me.’ —T H E S O N G O F S O N G S 6 : 4 -5

The Spirit in the Flesh

MYSTERIES
TOM NOLAN

The Song of Songs “drenched in the countless gran-

A Talent
By Ilana Pardes
Princeton, 280 pages, $24.95
deurs of God.”
Today many consider the alle-
gorical style of reading to be as ob-
For Doing
BY BENJAMIN BALINT solete as the biblical past. But in The Right Thing

A
bringing her story to the present,
T AGE 10, I found Ms. Pardes deftly demonstrates
myself learning to how the biblical past can furnish us ROLAND FORD, a private inves-
chant, by heart, a with a common storehouse of im- tigator in Southern California,
chapter of the Song ages, to be rediscovered or recast. returns in “The Last Good Guy”
of Songs from the She leads us toward the salutary (Putnam, 340 pages, $27), the
Hebrew Bible, which takes the form conclusion, as her former teacher latest entry in an engaging series
of a dialogue between two un- Robert Alter remarked, that the of novels by T. Jefferson Parker.
named lovers. In the chapter, he Bible is “not somehow apart from Ford has had an eventful life:
lavishes praise on her thighs and the Western literary tradition but a “I was once a cyclist, a surfer,
eyes and compares her breasts to generative force within it.” and a kayaker. Then a college kid,
twin fawns. She replies: “I belong In the 18th century, Protestants a Marine, a boxer, and a sheriff’s deputy. After
to my beloved, and his desire is for inaugurated what Ms. Pardes calls getting knocked out in my pro boxing debut, I
me.” Though the cadences of the “the radical endorsement of literal- had a long talk with myself and took up ballroom
Hebrew verses enthralled me, the ism that has persisted from the dancing.” And then, following his wife’s tragic
erotic poem traditionally attributed Enlightenment until today.” Ever death in a plane crash, he became a PI specializ-
to King Solomon was beyond my since, modern readers have secu- ing in locating missing persons: “I have enthusi-
young fathoming. Maybe that was larized the Song of Songs, liberat- asm for such work because I lost someone close
the point, in the synagogue in ing it from the grip of theological to me, who I know cannot be found.”
which I grew up, of assigning this allegory, and read it as poem not of When 28-year-old Penelope Rideout comes to
particular task to boys: The inno- divine love but of human love. For Roland’s office near San Diego and asks him to
cence of the recitation sheltered Herman Melville and Walt Whit- track down her 14-year-old sister, Daley, Roland
the sacredness of the words. man, the Song served “as a spring- gives her his full attention. The client says that
In “The Song of Songs: A Biog- board for a radical reimagining of she gained guardianship of her sister after the
DE AGOSTINI/GETTY IMAGES

raphy,” Ilana Pardes, a professor at
the Hebrew University of Jerusa-
lem, gives a rewarding account of
the poem’s many reverberations
over the millennia, from ancient
Israel (where it was compiled be-
tween the fifth and fourth centu-
ries B.C.) to present-day America.
She opens by touching on its puz-
zling canonical status: “Why was a
daringly sensual poem of love with
no reference whatsoever to God or
national history included in the
Bible?” Her answer follows two
intertwining interpretive lines: the
literal and the allegorical, the
“plain sense” and the figurative.
The Song of Songs, as Ms.
Pardes makes clear, is an erotic
text that owes its survival to being
read as something other than an
erotic text. In the second century,
the sage Akiva justified the inclu-
sion of Solomon’s love lyric in the
Scriptures: “All the Writings are
holy, but the Song of Songs is the
Holy of Holies.” Such a view rested
not on an appreciation of literary
subtlety but on a strenuously alle-
gorical reading of the poem. An
early rabbinic commentary on the
phrase from the chapter I had
memorized—“Your breasts are like
two fawns”—declares: “This refers
to Moses and Aaron. Just as a
woman’s breasts are her glory and
her ornament, so Moses and Aaron
are the glory and the ornament of
Israel. . . . Just as a woman’s
breasts are full of milk, so Moses
and Aaron are full of Torah.” Here
the language of physical intimacy
has been pressed, by allegory, into
the service of national origins.
Medieval poets in Spain, includ-
ing Yehuda HaLevi and Shlomo Ibn
BELOVED The Song of Songs, from volume I of the Bible of Borso
d’Este, illuminated by Taddeo Crivelli, 15th century.
Gabirol, elaborated the allegorical
without entirely impugning the lit-
eral: The longing for the beloved
becomes the yearning for the mes-
siah, and the beloved’s evasiveness
(Ms. Pardes calls it a “flirtatious
hide-and-seek”) becomes a symbol
Why was a sensual love
poem with no literal
reference to God
included in the Bible?
of divine absence during the Jews’
eras of exile. The Hebrew poetry of
medieval Andalusia, Ms. Pardes
writes, became “saturated with the
language and themes of the Song.”
Christian exegetes, associating
celibacy with the sacred, repur-
posed the rabbinic mode of alle-
gory. In the third century, Origen
composed a 10-volume commen-
tary on the Song of Songs in
Greek, portraying the poem as a
“marriage-hymn” between Christ
and the church. Jerome, who a
century later translated Origin’s
homilies on the poem into Latin,
advised that a woman shouldn’t
study the book prematurely. If she
were to read it too early, he wrote
American dreams,” Ms. Pardes
writes. She believes, for instance,
that Whitman’s “debt to the an-
cient love poem” is evident in his
“Song of Myself.” Ms. Pardes also
notes that modern-day feminists
have been keen to adopt the one
biblical book in which female de-
sire resounds in a woman’s voice.
Finally, Ms. Pardes traces the
in a letter to a mother who had significance of the Song of Songs in
asked how to raise her daughter, the African-American community.
“she might be harmed by not per- From the abolitionist rhetoric of
ceiving that it was the song of a Frederick Douglass to Toni Morri-
spiritual wedding expressed in son’s novels “Song of Solomon”
fleshly language.” and “Beloved,” she writes, the Song
In medieval cloisters, no biblical has been cherished “as an antidote
book was more frequently com- against racism.” Douglass seized on
mented upon. Monastic mystics a phrase from the song—“I am
weaved still more layers of allegori- black but comely”—to say that it
cal interpretation, often reading the was “as true now as it was in the
Virgin Mary into the poem’s de- days of Solomon.” Incidentally, the
scriptions of the unblemished bride. 1989 New Authorized Version of
In the 12th century, Bernard of the Bible translates the phrase as “I
Clairvaux, the French abbot and am black and beautiful.”
heresy-hunter who regarded carnal One puts down this book, with its
sex with dread, wrote 86 sermons erudite exploration of the poem’s
on the Song of Songs. He seems to contested meanings, wondering
have believed that, since the poem whether Ms. Pardes’s protagonists—
is either allegory or pornography, it interpreters of the most sensuous
must be the former. “When you book in Scripture—erred in assum-
think of these two lovers,” he cau- ing that allegory and literalism need
tioned, “remember always that not stay so far apart. Perhaps one of the
a man and a woman are to be Song’s virtues is to remind us that
thought of, but the Word.” A reader human love was long modeled on
immune to divine love, Bernard divine love; that the divine can
added, would read the Song in vain, speak to us through “merely” erotic
“for a cold heart cannot catch fire desire. In ruling out that possibility,
from its eloquence.” has the modern scripting of the
In 16th-century Spain, Teresa of Song of Songs as a secular text
Ávila caught fire in just this way. come at too steep a price?
The first woman to record her
reflections on the Song of Songs, Mr. Balint is the author of
Teresa understood the poem to be, “Kafka’s Last Trial” and co-
as she put it, a description of the author, with Merav Mack, of
“heavenly inebriation” of a soul “Jerusalem: City of the Book.”
deaths of their parents in a car accident, when
Penelope was 18 and Daley 4. Their relationship
has often been fractious, she admits, because
Daley has a “wild streak.”
Daley often hangs out
THIS WEEK with Nick Moreno, her 20-
year-old boyfriend. At Nick’s
The Last apartment, Roland finds him
Good Guy dead from a bullet wound.
By T. Jefferson The upstairs neighbor says
Parker he saw Daley leaving Nick’s
building in the company of
two men in a silver SUV. Has
the girl been kidnapped, or did she go with the
men of her own will? In any case, Roland reports
the murder to a San Diego police detective—and
resolves to find out what happened to Daley.
After speaking with Daley’s friends at her
private school, Roland learns of her connection
with an evangelical mega-church and its
charismatic minister. The two men last seen
with Daley, it seems, are employees of the
secretive agency that handles security for the
ministry and that is also involved in covert
activities in the remote countryside. Roland
consults a sympathetic FBI agent for informa-
tion about this mysterious firm and whatever
schemes its people may be plotting. Meanwhile,
Roland receives technical and moral support
from the “Irregulars,” the eclectic group of
tenants that live with him in the estate-complex
he inherited when his wife died.
But what’s to be made of Penelope? Whatever
Roland finds out, she always seems one step
ahead of him. Though he begins to doubt that his
client is telling him everything she knows, Roland
decides to keep at it. “I’ll plod into the truth on
my own time,” he tells her. “That’s just the way
I do things.”
All the good gals and guys in Mr. Parker’s
winning story have the reader rooting for them,
and of course they root for one another. “You’ll
do the right thing,” one of the Irregulars tells
Roland. “You always do. Doing the right thing is
your gift. And your curse.” And, just as often,
his blessing.

simply figures of speech gleaned traumatic memory, the effects of

The Need from her Midwest childhood. She
wasn’t a fabulist, yet her novels are
history on the body, the ways that
people internalize their persecution

For suffused with magic, in recognition of

the role that oral tradition had in
shaping the consciousness of her
and, finally, the ways that they set
about trying to heal.
As Morrison’s cultural importance
Tomorrows characters. Macon “Milkman” Dead grew, her fiction became more erratic.
DEBORAH FEINGOLD/CORBIS/GETTY IMAGES

can fly, in the unshackled Technicolor (In this, too, she was not unlike
love story “Song of Solomon” (1977), Tolstoy.) “A Mercy” (2008), a brief,
BY SAM SACKS just as his enslaved ancestors were scythe-like novel set in the colonial

T
said to have revealed hidden wings period, is a work of startling force
ONI MORRISON liked and flown away from their owners. and empathy, whereas “Home” (2012)
to note, when importu- She portrays reality as it was felt to and “God Help the Child” (2015) are
nate interviewers won- be by those who lived it, a space in- thin reprisals of earlier themes. But
dered when she was formed equally by history and legend. the later novels were largely over-
going to write about Morrison had influences, naturally. shadowed by Morrison’s role as a
something other than the African- Joyce and Faulkner, two defiantly pro- wise and unsparing elder states-
American experience, that Tolstoy vincial writers whose modern mythol- woman patiently accepting honors
didn’t intend his books to be read by ogies teemed with symbols and wild, write it and what the stories ought to Like blues music, they offer succor to from a generation that felt in her
black girls from Ohio. Her point was bespoke language, are the most inter- do. If this sounds like hyperbole, think the suffering by giving voice to their debt. A penetrating nonfiction collec-
that notion of universalism is fraud- esting. But there really was no prece- about how few black female authors experiences. tion published earlier this year, “The
ulent. To be a writer of any worth dent for the sort of books she con- you can name who came before The path these novels tread from Source of Self-Regard,” gives a sense
one must be a regionalist. Tolstoy’s ceived. She was a single mother of two Morrison. Then consider the floodtide trauma to recovery has proven to be of the range of her thinking as well as
subject and audience was the 19th- and a full-time editor at Random who have followed in her wake. enormously compelling, and writers her calm, almost godlike authority.
century Russian gentry, and the House when she wrote her first novel, Her 1987 masterpiece, “Beloved,” from all backgrounds have discovered Even so, she never retired from the
truths he mined from that niche have “The Bluest Eye” (1970), about a black was the key work in the transfor- that it can be applied to virtually any job of writing novels, as did some of
ensured “Anna Karenina” a place in girl who judges herself by white stan- mation. Morrison launched the novel her celebrated contemporaries. (Her
every small-town library in the world. dards of beauty. She was moved to from a newspaper clipping about a publisher has confirmed that, at the
Morrison’s focus was on black Ameri- write it, she said, because the story runaway slave who killed her daugh- time of her death, she had a book in
cans, from their place in the founding interested her and nobody had told ter rather than risk her being sent APPRECIATION progress.) Her work is afflicted by the
colonies to the present day. When she it before. The same went for her into bondage. Morrison’s protagonist, past, haunted by it, enamored with it
died on Monday at the age of 88 she graceful, intimate second work, “Sula” Sethe, visited by the ghost of the Toni Morrison and inspired by it, but it wasn’t her
was the most globally celebrated
American writer since Ernest Hem-
(1973)—this reader’s favorite—about
a friendship between girls, a subject
child she killed, is a cracked vessel
of personal and intergenerational
(1931-2019) style to resign herself to living there.
“Me and you, we got more yesterday
ingway and her books had remade then so uncommon that the book was trauma, seemingly doomed to turn than anybody,” Sethe’s dogged suitor
the field of fiction. considered a curio. From the start, inward the habits of hatred and Paul D tells her in “Beloved.” “We need
Morrison’s celebrity makes it easy Morrison obliged readers to meet her violence inflicted on her and her subject, from large-scale historical some kind of tomorrow.” Perhaps Mor-
to forget that the grandeur of her on her own terms. “I’m gonna stay out ancestors. events to private domestic crises. rison’s greatest gift was her double-
novels springs from their grassroots here on the margin,” she told an inter- But if Sethe’s felt reality is a gro- When Morrison became the guiding sightedness, her capacity to look as
origins in African-American speech viewer, “and let the center look for me.” tesque, spiraling nightmare, it is also, spirit for Oprah Winfrey’s Book Club clearly at what was ahead of her as at
and folkways. She wrote, in her own It looked for her, and found her, stirringly, a place of hope and revival. in the late 1990s (four of her novels what lay behind. We haven’t fully reck-
words, “village literature.” The lan- and then made her its polestar. More For all their Grand Guignol horror, were selected for it), the template oned with what she hoped to show us,
guage she used was something than any other author of her era, Morrison’s novels insist on present- was commercialized, albeit in a far and writers will discover much more
wholly new, meticulously hand- Morrison re-centered the mainstream ing a vision of redemption, whether it less sophisticated fashion. Today yet to guide them into the future.
carved from the material of rural understanding of what fiction is comes through family, friendship or there is simply no escaping Morri-
black dialect. What critics mistook supposed to be, changing both the community. The books themselves son’s legacy. She is to some degree Mr. Sacks reviews fiction for the
for poetic flamboyance was often assumptions about who is allowed to are an unspoken part of this vision: the influence behind every book about Journal.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | C11

BOOKS
‘Jazz is only possible in a culture of freedom.’ —A LBERT M URRAY

Notes From Underground

Everybody’s Doin’ It series of clean-up exercises had culmi-
By Dale Cockrell nated with a Committee of Fourteen
formed in 1905. Its founding members
Norton, 270 pages, $27.95
included leaders of the city’s major
BY JOSEPH HOROWITZ religions. Its financial bulwarks

O
N HIS FIRST trip to
New York, in 1835, Davy
Crockett discovered in
the drinking cellars of
the Five Points “such
fiddling and dancing nobody ever saw
before in this world. I thought they
were the true ‘heaven-borns.’ Black and
white, white and black all hug-em-snug
together, happy as lords and ladies.”
Subsequent reporters, including
armies of undercover cops, docu-
mented not only further racial inter-
mingling in New York’s brothels and
backroom saloons but also nudity,
cross-dressing and “tough dancing”—
and did so with a deadpan acumen
both thorough and hilarious. The high-
kicking can-can, appropriated from
Paris, was “extravagantly indecent”;
one 1885 incarnation, in an Eighth Ave-
nue dive, degenerated into a “drunken
orgie.” While two women danced, their
companions snatched at their clothes
until they “literally danced in nothing
except hats, shoes, and stockings.” A
1902 film shows “A Tough Dance at
McGurk’s” in which Sailor Lil begins
whirling while her partner Kid Foley’s
hands slide down her backside, after
which both dancers toss themselves on
the floor and roll on top of each other.
As the music historian Dale Cockrell
summarizes: “Few, if any, decades in
the history of American dance featured
a wider array of wildly provocative
dances than the 1910s.” In 1912 alone,
investigators identified such species as
the hoochie koochie, the grizzly bear,
“skirt & muscle dancing” and an air-
borne “exhibition dance” in which a
female was twirled clinging to her
partner’s neck.
That this world of sex, dance and
music was interracial is crucial to Mr.
Cockrell’s book “Everybody’s Doin’ It:
Sex, Music, and Dance in New York,
1840-1917.” It makes the connection to
his scholarly specialty and passion:
American popular music and its black
vernacular roots. In an earlier, essen-
tial study, “Demons of Disorder: Early
Blackface Minstrels and Their World”
(1997), he brilliantly elaborates an
unpopular truth—that, early on, black-
face music-making was not necessarily
racist. Rather, it could be about class:
a means of empowering the little guy
in a world of capitalist snobs and
prudes. And Mr. Cockrell, accordingly,
is an eloquent advocate for the most
gifted, most popular pertinent com-
poser: Stephen Foster, in whose songs
of loneliness and hardship (though
sung in exaggerated black make-up by
white performers) he finds an empa-
thetic voice arising from Foster’s own
marginality.
DANCING TOUGH ‘Old Coney Island’ by Henry ‘Hy’ Mayer, ca. 1904.
In “Everybody’s Doin’ It,” this theme
returns newly embroidered and contex-
tualized. Assessing the white minstrel
singer whose signature blackface song
was “Zip Coon,” Mr. Cockrell calls
George Washington Dixon (1801-61)
“surely one of the most complex, enig-
matic, and colorful figures in American
history.” He continues: “There is no
question that the skeleton around
which [the blackface minstrel show]
was built was the denigration of black
people. . . . And—too often forgotten—
there is no question that its enormous,
century-long appeal was because of the
music and dance that gave it flesh. That
music and dance . . . was an expression
of urban, lower-class, dance-hall and
brothel culture. To the throngs on the
stage of the Bowery Theatre, [the song]
‘Jim Crow’ belonged to them. Who
would have thought that lower-class
music and dance deserved a place on
the legitimate stage? . . . ‘Zip Coon’
belonged to them as well. The song was
of them, and once Dixon sang their
song . . . their point was made: our
music; we made it; we belong here.”
In Mr. Cockrell’s account, minstrel
extravaganzas at the Bowery over-
NORTON
lapped in audience and affect the bat-
tered pianos, cracked cornets and rau-
cous tambourines of red-hot “concert
saloon bands” down the street. And
both inculcated an American popular
music that after World War I would
sweep the world. An offspring of plan-
tation song, the blues “joined op-
pressed people together into a single
mind.” “Born in despondency,” it sang
“loudly of hope.”
But by the time jazz invaded Paris
and Berlin, New York’s brothels were
in steep decline, their biracial music
and dance squelched and sanitized. A
included John D. Rockefeller Jr., J.P.
Morgan, George Foster Peabody and
George H. Putnam. Its undercover
detectives would chat and imbibe,
even sing and stroke a barroom piano
before heading upstairs.
Some 1,200 establishments were
thus inspected. Many were successfully
shut. As incriminating evidence of
corruption and vice explicitly included
racial intermingling, a “de facto color
line” was enforced. Marshall’s Hotel on
West 53rd Street was among the most
popular nightspots in town, “a vibrant
black and tan that was the epicenter of
New York’s black bourgeois life”; its
clientele included James Weldon
Johnson, James Reese Europe, Paul
Laurence Dunbar and W.E.B. Du Bois.
A lively cultural and
musicological tour of
the brothels, saloons
and dance halls of
Old New York.
Investigators reported that white
women met their “colored lovers”
there. Marshall capitulated, newly sep-
arating his patrons by color—a Jim
Crow sea change. The tide of social
activism, Mr. Cockrell writes, changed
the city’s “approaches to morality.”
Concurrently, its music changed. Rag-
time made way for jazz, purveyed by
an army of displaced black and white
musicians who had lost access to a
secure demimonde economy. “Music
as a public, big-space, segregated ex-
perience” resulted.
A memorable epilogue to “Demons
of Disorder” reveals how Mr. Cockrell
came to chronicle all this in two linked
books. He grew up in rural Kentucky,
where—stereotypes notwithstand-
ing—he acquired black friends and a
notion of racial equality enforced by
his parents. Later, in the north, he
encountered less comfortable racial
attitudes among whites more entitled
than he had been. In his 20s, he
taught in Africa; later he joined the
music faculty of Middlebury College.
His personal odyssey turned him into
a populist on the left—in today’s
America, an honorable endangered
species. Mr. Cockrell’s identification
with his black and white childhood
peers informs his scholarship to this
day. “Everybody’s Doin’ It” is a book
to read and ponder.
Mr. Horowitz, the author of 10
works of music history, is at work
on “Dvořák’s Prophecy.”

Ducks, Drakes and Bibulous Bird-Catchers

ONCE UPON A TIME, there
lived a king so hot-tempered
that he made his courtiers
count to 1,000 before carrying
out his commands. By that
point, good King Tirunt had
usually calmed down, and
whatever miscreant had been
destined for the chop could
leave the kingdom in one piece.
CHILDREN’S Now, unlike most fairy-tale
BOOKS kings, this one expected his
MEGHAN daughter to marry for love.
COX GURDON So when kind and clever Arnica
fell for an impoverished chap
known as Poor Johnny, and he
for her, the king was delighted
for them to wed, provided
that they tested their love
with a six-month separation.
Charming Unfortunately, the Witch of a
and Hundred Faces had been
funny, scheming to trick the youth
into her thrall in order to
a minor secure her magic powers for
classic seven more years. So just as
from Johnny and Arnica should have
been rushing into each other’s
Hungary’s arms at the end of the six
Ervin months—“Oh dear, oh dear!”—
Lázár a dastardly spell turns them
into ducks.
comes “Arnica, the Duck Princess”
back into (Pushkin Children’s, 95 pages,
print. $16.95) is a sparkling tale by
the Hungarian writer Ervin
Lázár (1936-2006). It was
originally published in 1981
and is the first of his works to
appear in English, in this lively
translation by Anna Bentley.
Enhanced by Jacqueline
Molnár’s humorous and colorful
folk art (see right), the book
consists of two narratives. One
is the witch-plagued love affair
of Arnica and Johnny, who
discover that they can swap the
duck spell back and forth so
that one of them at a time can
take human form during their
quest to get the enchantment
lifted. That story is framed by
THIS WEEK
Arnica, the Duck Princess
By Ervin Lázár
Illustrated by Jacqueline Molnár
The Magic Flute
By Chris Raschka
Riding a Donkey Backwards
By Sean Taylor et al.
Illustrated by Shirin Adl
Spot & Dot
By Henry Cole
Encyclopedia of Grannies
By Eric Veillé
conversations between the
unnamed narrator and a child
who, as the tale unfurls, discuss
questions of love and anger
and the dangers of solipsism.
Quirky and philosophical, this
is a fabulous read-aloud for
children ages 6-11.
The acclaimed watercolorist
Chris Raschka has lately taken
on some sophisticated subjects
in his picture books for children
ages 5 and older. Last fall, “Paul
Writes (a Letter)” explored the
travels and teachings of Paul
the Apostle. Now Mr. Raschka
applies his paints and witty
sensibility to one of the world’s
best beloved operas with
“The Magic Flute” (Atheneum,
48 pages, $17.99). The effect
is sumptuous but quixotic.
Stripped of Mozart’s sublime
music—for this is a picture
book, not a recording—the
story of the lovers Tamino and
Pamina, the bibulous bird-
catcher Papageno and his mate
Papagena, and the powerful
enemies Sarastro and the Queen
of the Night has the benign
illogic of a dream: it doesn’t
quite work on its own. Paired
with the music or read with a
child after seeing the opera,
however, Mr. Raschka’s colorful
“replaying” will amply reward.
“In Turkey, he is Hodja.
In Central Asia, he is Afandi.
. . . Others call him Mulla
Nasruddin. He is a trickster,
and Muslims all over the world
love him because he makes
them laugh.” So we read
by way of introduction in
“Riding a Donkey
Backwards” (Candlewick,
41 pages, $18.99), a collec-
tion of 21 “wise and foolish”
stories about a character who
features in the tales of many
Eastern cultures. In Shirin
Adl’s beguiling mixed-
media illustrations, we
see Mulla Nasruddin as
an expressive fellow sport-
ing a vast fluffy white
beard and enormous PUSHKIN
CHILDREN’S
turban. Retold by
Sean Taylor and the
members of the
U.K.’s Khayaal Theatre, each
delightful tale is no longer than
a page or two, and each ends
with what children might call a
“D’oh!” moment. “Why are you
spooning yogurt into a lake?” a
villager asks Nasruddin, who is
perched in a rowboat. “It keeps
tigers away,” he replies. “But
Mulla,” protests the villager,
“there are no tigers around
here.” This brings a smile. “I
know,” Mulla Nasruddin says.
“It works well, doesn’t it?”
Henry Cole invites children
to join in a merry chase
through the streets, shops and
alleys of a busy city in “Spot &
Dot” (Little Simon, 32 pages,
$17.99), a wordless picture
book for 3- to 7-year-olds
that’s a sequel of sorts to
“Spot, the Cat,” from 2016. The
usual order of things gets
reversed here, with a cat
pursuing a dog rather
than the other way around. It
all starts when Spot the cat and
his young owner see a girl put-
ting up posters for a lost dog.
As the two children confer,
Spot catches a glimpse of the
canine fugitive. And they’re off!
Sprinting through Mr. Cole’s
intricate black-and-white
tableaux, the animals, each
with white fur marked by a
single black spot, are well
camouflaged. Children will
need to study some of the
pages hard to find the two as
they dash, here invading a
bakery, there infiltrating the
bric-a-brac of an outdoor
antiques market.
“You have to ask yourself:
exactly how old are grannies?”
Eric Veillé writes in the tongue-
in-cheek amusement
“Encyclopedia of Grannies”
(Gecko, 32 pages, $17.99).
Guided by text translated
from the French by Daniel
Hahn and by Mr. Veillé’s
comic illustrations,
children ages 4-8 can
marvel at the many
features and peculiarities of
modern grandmothers. All
grannies have nicknames,
we’re told, such as Nana,
Abuela, Oma and Bubbe.
Also, there is a granny
in every waiting room.
Not every ethnicity is
represented here, and not
every question gets
answered (e.g., “Why do
grannies have creases?”),
but, then, this no ordinary
encyclopedia.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C12 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

BOOKS
‘There are two kinds of Arctic problems, the imaginary and the real. Of the two, the imaginary are the more real.’ —V ILH JALMU R STEFAN SS O N

FIVE BEST ARCTIC ADVENTURES

ChristopherP. Heuer
The author, most recently, of ‘Into the White:
The Renaissance Arctic and the End of the Image’

Dangerous Work
UIG/GETTY IMAGES

By Arthur Conan Doyle, edited by

Jon Lellenberg & Daniel Stashower (2012)

1
In 1880, a 20-year-old Edinburgh
University medical student

A Grimm Sea named Arthur Conan Doyle

House of Salt and Sorrows
By Erin A. Craig
Delacorte, 403 pages, $18.99
accepted a role as the ship’s
surgeon on an arctic whaler. The
young Conan Doyle spent six months
be Fisher, her childhood sweetheart, on the Hope, nearly dying several
but, alas, only the housekeeper’s son? times from hypothermia. But he also
They reflect another traditional motif: kept a journal in which he wrote

CONAN DOYLE ESTATE LTD.

Dashing Rogue or Mr. Nice Guy? about birds, polar bears, stars,
BY TOM SHIPPEY Nor is it as clear a choice even as drunken shipmates and the northern

O
that, for on this side of the magic door sea itself, furtively finding his voice
NE OF the Grimms’ are the ghosts of Annaleigh’s dead as an author: “Calm as a fishpond,
lesser-known tales is sisters, trying to say what happened to water like quicksilver.” He recorded
“The Shoes That Were them. That fall from the cliff, that in minute detail the dangers and
Danced to Pieces.” apparent suicide: Was there someone mundanities of life aboard the Hope: BRAVING THE ELEMENTS Arthur Conan Doyle, third from left, during
Twelve beautiful prin- else involved? Are the deaths an blood-soaked decks and blubber, his arctic adventure of 1880.
cesses, the daughters of a stern king, attempt to clear the path for a new sailors’ hands crushed by winching
live in careful seclusion, but every dynasty? At which point another tradi- equipment, tobacco pouches crewmen murdering each other in a 24-person crew passed two winters
morning their shoes look as if they’ve tional fairy-tale theme creeps in, the fashioned from seal flippers. The lead-poisoned fog. Franklin’s crew of locked in ice. Albanov, his “nerves
been danced in all night long. Where wicked—but to complete the sentence diary, never intended for publication, 124 men vanished in 1847 near King [frayed] to the breaking point” by
have the princesses been, and who would be a spoiler. provides glimpses of Conan Doyle’s William Island, in the far north of his captain’s idiocy, finally leaves,
has taken them? If any- As for the other side later strategies. A handful of stories what is now Canada, but the North- accompanied by 13 fellows. After 90
one is set to watch over of the magic door, well, stemmed directly from these voyages, west Passage fiasco was merely the days of rough passage (and a minor
them—and many a king’s A tale about naturally, things are not including the haunting “Adventure final episode in the explorer’s strange mutiny by the other refugees, who
son tries to do so, on the as they seem. The answer of Black Peter,” wherein a man is life. Raised in backwater Lincolnshire, steal precious ship biscuits), Albanov
promise of the usual
12 dancing to Annaleigh’s questions murdered with a harpoon. England, Franklin joined the Royal reaches an abandoned settlement.
reward—he falls asleep, princesses may be there, as well as Navy at age 12. He was a teenage Startlingly introspective, “White
and in the morning his reimagined satisfaction for her inner volunteer alongside Horatio Nelson Death” eschews the heroic to detail the
head is struck off without desires, but in the realm An African in Greenland in 1801 at the horrific Battle of Copen- hellish domesticities of Arctic failure.
mercy, and without con- as a Gothic of the Weeping Woman, By Tété-Michel Kpomassie (1981) hagen, where the experience of war—

2
cern from the (one has to whodunit. enchantment changes as presented in Sten Nadolny’s
say) rather callous prin- easily to nightmare. Glam- Born in colonial Togo, Tété- dazzling, fictionalized biography— The Magnetic North
cesses. Until the tradi- our is seductive, and the Michel Kpomassie stumbled hardened in the young sailor a dis- By Sara Wheeler (2010)

5
tional brave little soldier, worst of it is, it appeals upon Greenland in a picture trust of all things rapid, unmeasured
helped by the traditional poor old to something innate within yourself. book during his youth. With and chaotic. After witnessing a The Trans-Alaska Pipeline
woman, breaks the enchantment and Those shoes don’t really dance them- charm, luck and linguistic genius, crewmate being decapitated by a snakes 800 miles south from
stays awake to solve the riddle. selves to pieces; their owners have to he worked his way over land to the cannonball, and then being forced to Prudhoe Bay to Prince William
In “House of Salt and Sorrows,” Erin long to dance in them. And nobody Arctic Circle and arrived in K’akortoq choke an enemy officer to death Sound. Hulking, silver and
Craig reimagines the fairy tale as a made them go through the magic door. (Julianehåb) in 1965. His book vividly (“John had never touched a person cosmically expensive, it follows a
gothic maritime romance. There are 12 All very Freudian, one might say, details Inuit customs crashing into for so long”), Mr. Nadolny’s Franklin zigzag pattern to resist earthquake
sisters again, daughters of the Duke of but unlike the Grimms’ princesses, modernity. A kayak hunt is followed embarks on a life devoted to cautious damage. The Haul Road, built to
the People of the Salt, but one after Annaleigh and her sisters don’t need by a dance with a Beatles cover band. thought, a “slowness” of outlook that service the pipeline, remains one of
another, four of them die, from disease, a brave little soldier to rescue them. Work at a modern fish-processing resists the frenzy of a rapidly indus- Earth’s only land routes to the Arctic
accident, drowning and suicide. And They figure things out for themselves, factory suddenly ceases when locals trializing Victorian world order. In Ocean. Such technological behemoths,
they die in order of seniority. “Had a and she figures out who’s doing it too. spot a herd of seals. He’s welcomed Mr. Nadolny’s book Franklin becomes and the human and other damage cap-
darkness branded itself on our family, It isn’t rocket science, and it isn’t all into house after house, and joins an antihero, one whose northern ital has wrought in the far north, are
taking us out one by one? Or was it magic either. But if the gender bias of walrus hunts and dayslong holiday quests—and the lavishly described two aspects of Sara Wheeler’s masterly
simply a series of terrible and unlucky the Grimms is exposed and rejected, feasts—but also discovers starvation, arctic landscape he hazards through— travelogue. “The Magnetic North”
coincidences?” wonders Annaleigh, the their class orientation toward brave neglect and rape. He encounters speak to the question of “waiting” in reports on the region’s modern coloni-
next but one in line to inherit. Pretty sailors rather than princes, and poor overt racism exactly once, when a the face of globalization’s speed. zation and the economic disasters that
soon, the problem for the survivors old women rather than duchesses, is drunken Dane shouts slurs at him loom as the Arctic warms. But it is
is that no young man dares to dance magnified and applauded. on the street. In James Kirkup’s neither a clean lament nor an apology.
with them at all. It’s a fairy tale, a young-adult ro- translation from the original French, In the Land of White Death The author embeds with geologists
Unless, that is, they go through the mance and a whodunit too. Erin Craig Mr. Kpomassie’s bracing prose shines By Valerian Albanov (1917) in the Yukon, rifle-toting biologists in

4
magic door. One big difference from the works them all together with the through to offer nothing less than an Svalbard and Sami herdsmen in Finn-
Grimms’ tale is that Annaleigh finds modern storyteller’s complex craft. The ethnographic thriller. Valerian Albanov’s breath- mark (“I was standing on the tundra
this escape for herself, a portal from Grimms provided the blueprint, one less tale of escape from the trying to lasso a reindeer”). She maps
the real world, with the assistance of might say, and a very good blueprint it Russian archipelago of Franz a north where Space Age and Stone
Cassius, a dashing and clearly magical is, but after two centuries of the realistic The Discovery of Slowness Josef Land is, in its dark Age technologies coexist and tells a
ship’s captain who seems to have novel, we need more than the sketch of By Sten Nadolny (1983) honesty, a departure from most arctic story that is unquestionably grim

3
power in both worlds. a fairy tale. We need personalities, we accounts. Rather than faulting God or (her chapter on the Russian Orthodox
This, however, creates another need individuals, we need to understand The boot-eating expeditions the weather for his disastrous jour- monastery-cum-gulag where prisoners
problem for Annaleigh: whom to trust the heroine’s interior life, all engagingly of John Franklin furnished ney, the sailor blames human folly. used corpses for mattresses is particu-
and whom to choose? Should it be presented in this charming remake. history with iconic images of He was second in command to the larly gruesome.) Darkly entertaining,
Cassius, who seems to be much more arctic desperation: toes ill-informed Capt. Brusilov on an ex- “The Magnetic North” gracefully
on her social level, but may not be Mr. Shippey regularly reviews science dropping off, sailors gnawing on the pedition tasked with opening a north- presents the Arctic as grandiose and
completely trustworthy? Or should it fiction and fantasy for the Journal. femurs of dead comrades, delirious east passage in the Kara Sea. Their terrifying, but also human.

Best-Selling Books | Week Ended August 3

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-sale bookdata
AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK AUTHOR / PUBLISHER WEEK WEEK frommorethan16,000locationsacross theU.S.,
representing about85%ofthenation’sbooksales.
Educated: A Memoir 1 1 Girl, Wash Your Face 6 8 The Poison Jungle 1 New Dark Age 6 New Print-book dataproviders includeallmajorbooksellers,
Tara Westover/Random House Rachel Hollis/Thomas Nelson Tui T. Sutherland/Scholastic Pierce Brown/Del Rey webretailersandfoodstores. E-bookdataproviders
includeallmajore-bookretailers.Freee-booksand
Unfreedom of the Press 2 4 The Subtle Art of Not Giving a F*ck 7 7 Where the Crawdads Sing 2 2 The New Girl 7 4 thosesellingforlessthan99centsareexcluded.
Mark R. Levin/Threshold Mark Manson/Harper Delia Owens/Putnam Daniel Silva/Harper Thefiction andnonfiction combinedlistsinclude
aggregated salesforallbookformats (exceptaudio
StrengthsFinder 2.0 3 2 Girl, Stop Apologizing 8 9 One Good Deed 3 1 Labyrinth 8 New books,bundles, boxedsetsandforeign
Tom Rath/Gallup Rachel Hollis/HarperCollins Leadership David Baldacci/Grand Central Catherine Coulter/Gallery languageeditions) andfeaturea
combination ofadult,youngadultand
Becoming 4 6 The Pioneers 9 5 We Don’t Eat Our Classmates 4 6 Diary of an Awesome Friendly Kid 9 10 juveniletitles.Thehardcoverfictionand
Michelle Obama/Crown David McCullough/Simon & Schuster Ryan T. Higgins/Disney-Hyperion Jeff Kinney/Amulet nonfiction listsalsoencompassamixof
adult,youngadultandjuveniletitleswhilethebusiness
Three Women 5 10 Dare to Lead 10 — The Nickel Boys 5 3 Summer of ’69 10 8 listfeaturesonlyadulthardcovertitles.Refer
Lisa Taddeo/Avid Reader/Simon & Schuster Brené Brown/Random House Colson Whitehead/Doubleday Elin Hilderbrand/Little, Brown questionstoTeresa.Vozzo@wsj.com.

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

Grant 1 8 Educated: A Memoir 1 1 Labyrinth 1 New Where the Crawdads Sing 1 2 StrengthsFinder 2.0 1 1
Ron Chernow/Penguin Press Tara Westover/Random House Catherine Coulter/Gallery Delia Owens/Putnam Tom Rath/Gallup
Educated: A Memoir 2 2 Everything...Ace American History 2 2 Where the Crawdads Sing 2 2 Labyrinth 2 New Dare to Lead 2 2
Tara Westover/Random House Workman Publishing/Workman Delia Owens/Putnam Catherine Coulter/Gallery Brené Brown/Random House
C.S. Lewis’ Little Book of Wisdom 3 — Three Women 3 6 Dark Age 3 New The Poison Jungle 3 New The Total Money Makeover 3 7
C.S. Lewis/Hampton Roads Lisa Taddeo/Avid Reader/Simon & Schuster Pierce Brown/Del Rey Tui T. Sutherland/Scholastic Dave Ramsey/Thomas Nelson
Three Women 4 5 Becoming 4 5 One Good Deed 4 1 One Good Deed 4 1 Principles: Life and Work 4 —
Lisa Taddeo/Avid Reader/Simon & Schuster Michelle Obama/Crown David Baldacci/Grand Central David Baldacci/Grand Central Ray Dalio/Simon & Schuster
Job Optional 5 — Big Preschool 5 3 The New Girl 5 3 Dark Age 5 New Extreme Ownership 5 3
Casey Weade/Brisance School Zone Publishing/School Zone Daniel Silva/Harper Pierce Brown/Del Rey Jocko Willink & Leif Babin/St. Martin’s
Becoming 6 9 Everything...Ace English Language Arts 6 9 Until December 6 New The New Girl 6 3 Atomic Habits 6 5
Michelle Obama/Crown Workman Publishing/Workman Aurora Rose Reynolds/Aurora Rose Reynolds Daniel Silva/Harper James Clear/Avery
The Subtle Art of Not Giving a F*ck 7 — The Subtle Art of Not Giving a F*ck 7 8 Smokescreen 7 New The Nickel Boys 7 4 Emotional Intelligence 2.0 7 6
Mark Manson/Harper Mark Manson/Harper Iris Johansen/Hachette Colson Whitehead/Doubleday Travis Bradberry & Jean Greaves/TalentSmart
The Moment of Lift 8 — Unfreedom of the Press 8 10 The Husband’s Secret 8 — We Don’t Eat Our Classmates 8 — The Coffee Bean 8 9
Melinda Gates/Flatiron Mark R. Levin/Threshold Liane Moriarty/Penguin Ryan T. Higgins/Disney-Hyperion Jon Gordon & Damon West/Wiley
I Am Hutterite 9 — StrengthsFinder 2.0 9 — Brazen and the Beast 9 New Willing to Die 9 New The Five Dysfunctions of a Team 9 8
Mary-Ann Kirkby/Thomas Nelson Tom Rath/Gallup Sarah MacLean/Avon Lisa Jackson/Zebra Patrick M. Lencioni/Jossey-Bass
A Father’s Betrayal 10 — Grant 10 — A Little Bit Country 10 — Summer of ’69 10 8 Good to Great 10 10
Gabriella Gillespie/Clink Street Ron Chernow/Penguin Debbie Macomber/Harlequin Elin Hilderbrand/Little, Brown Jim Collins/Harper Business
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | C13

PLAY
NEWS QUIZ DANIEL AKST From this week’s
Wall Street Journal
WSJ BRAIN GAMES Provided by Serhiy and Peter Grabarchuk (grabarchukpuzzles.com)

1. Celebrated
A. A triple-twisting double 1. HHHHH

author Toni somersault Six coins are arranged in an
Morrison died
B. A double-twisting upside-down pyramid, as
at 88. For triple-somersault shown at right. Turn the
which book did
C. A Yurchenko with pyramid 180 degrees, as
she win the preflight twist shown at far right, by moving
Pulitzer Prize?
D. A quadruple Lutz one coin at a time, in such a
way that after each move

A. “Beloved”
6. Jon Huntsman, eyeing a there are still three rows of

B. “Song of Solomon”
possible Utah gubernatorial run, three coins each.

C. “The Bluest Eye”
submitted his resignation—from

D. “Jazz”
what post?

2. The latest steakhouse trend
A. Senator from Utah

is “vaca vieja.” What’s it all
B. Ambassador to China
about?
C. Ambassador to Russia

D. Head of the National En-

A. Meat aged at least eight dowment for the Arts
years

B. Meat aged at least two
7. In a sign of the times, whose
years
latest annual report said, 2. HHHHI 3. HHHHI

C. Beef cut from animals
“Terrorist attacks or an active How many times Which of these
slaughtered at an advanced age
shooter could have a material can the shape made patterns form a

D. Senior discounts for diners
adverse effect on consumer up of black squares cube when
over 75
spending”? be found in the folded along the
orange pattern? dotted lines?
3. In the world of bourbon con-
A. Amazon The shapes can be
noisseurship, what’s a tater?
B. Home Depot
rotated and/or

C. Macy’s
overlap one another,

A. A bourbon distilled from
D. Del Taco
potato mash but they cannot be

B. A johnny-come-lately who mirrored.
8. A new CEO is trying to turn
eagerly buys any pricey new
Barnes & Noble around. What
bottle
share of U.S. adults read a book

C. A collector obsessed with
in any format over the past 12
rare Tate’s Old Snout
months?

D. A Japanese whiskey sold
as “Southern style”

A. 94%

B. 74%
SOLUTIONS TO LAST WEEK'S PUZZLES WSj Brain Games

4. India’s lockdown of Jammu and
C. 54%

Kashmir left the disputed region’s
D. 34% Escape Clause Turning Points
biggest city with closed shops p
and desolate streets. What city is I N F A C T S H H S S R S M P E G T R E S T L E B R A C E
9. Which of these has been M I R R O R O U I S L E E T I L S A
that? S T A R G A Z I N G C A R V E N O P E R I O L O B O MU UMU R B
subpoenaed in a federal probe of A R N O F O R T H AM B E R I D Y L A T B A T S R I I MM U N E
alleged poultry price collusion? D O Z Y A D E C A R B R E D S
F L I P S M I L L P O N I A

A. Jammu O L L I E S C R A P B O O K I N G

B. Visakhapatnam
A
C
L
O
E
N
A G A
T R A C T B
T E N
R I D G
O
E
M I
P E R
N
S
O
I
R
A
T E N S E O P E D S S E E M

A. Tyson Foods E B B E D R E D I R E H A B

C. Srinagar H O T WA R R O I F A S T E S T

B. Perdue E P S OM A R O OM T I N S T Y E R O U D G E N I N E U R D U

D. Rajnagar B A S E J UM P I N G
P R E S A L E S G C R U E T

C. Pilgrim’s Pride C H A R A S H A R M E D T A I L S
FROM TOP: ASSOCIATED PRESS; ISTOCK

D. All of the above R

U
A
N
R
B
E B I T
O R N C A
C S
R D C O
A
L L
L A P
E C T
S
I
E
N
S
G
I N S U R E D C O T S S P T
5. Simone Biles was to compete M O O R E D D A Y I T O S O T L E A P S M O R E S B O H R
B I R DWA T C H I N G A N T S Y L O V E P O P E S A I M E E
in the U.S. gymnastic champion- E S S O E D E R T E E A L L A
S T I R S N O R E A R T U R N A I L A S I MO N T E M P L A R S
ships this weekend. What’s her L O C I O I L E R S O A P MA K I N G R O O M E D I T B E L L E S
new move? I R O N R E I N S P E I A G E N D A
P O N G T R O T S S N N O D E A L F R AM E C H A S S I S

Answers are listed below the For previous weeks’ puzzles, and to discuss strategies with other solvers, go to WSJ.com/puzzle.
crossword solutions at right.
Answers to News Quiz: 1.A, 2.C, 3.B, 4.C, 5.A, 6.C, 7.D, 8.B, 9.D

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 48 She might attend

a class reunion 9 10 11 12 13 14 15 16
18 19 20
49 Swanky
21 22 23 51 Houston pitcher,
familiarly
1
24 25 26 27
54 DOJ division
28 29 30 31 32 33 34 35 36 56 “Twelfth Night”
lover
2
37 38 39 40 41 42
57 Convention
43 44 45 46 giveaway
47 48 49 50 51 59 At a distance
60 Stirrup setting
3
52 53 54 55 56 57
61 Builds
58 59 60 61 62 64 Fallopian tube
traveler
63 64 65 66 67 68 69
65 Rocksteady 4
70 71 72 relative
73 74 75 76 77 78
66 “Not really!”
67 Invoice anew
5
79 80 81 82 83 84 85 68 “A Synopsis of
86 87 88 89 the Astronomy of
Comets” author
90 91 92 93 94 95 69 Ominous words 6
96 97 98 99 100 70 Cheese-
101 102 103 104 105 106
producing town
72 Sounds from fans
7
107 108 109 110 111 112 113 114 115 73 Home of
Universal Studios
116 117 118 Japan
119 120 121 74 •Illegal
extractions
8
75 Magnetic quality
Occupational Therapy | by Tracy Bennett & Victor Fleming Double or Nothing | a cryptic puzzle by Emily Cox & Henry Rathvon
76 RSVP replies
Across 50 Starting squad 91 In this matter, 12 Prefix with 79 Mosque VIP Across and Down answers are 4 • Network initially 10 • Benefactor put a stop to
1 Like steak that’s 51 “Zip it!” in contracts peptic or 81 Tiny bit clued in pairs, row by row and promoting Toyota brand someone having debts (7)
going to sizzle 52 Square spread 92 Twangy function
82 High-and-mighty column by column; these answers (6)
8 How some think 53 Carried quantity 95 Drain cleaner 13 City in “Fifty sort • Calls for extensions of
Million
are to be entered normally in their
13 Tubes on the 55 Quick ingredient 84 Cry from a crib • “Are you online?” took off gym? (5)
Frenchmen” given order. In the finished grid
table assessment 96 End of the quote 85 Rosetta’s river each of the 16 shaded boxes will be in a hurry (6)
101 Big conduits 14 Choose 11 • Peak ascent unfinished by
18 Retin-A target 58 “What, will 87 Buffed surrounded by eight letters. If a
these hands ___ 102 Vapor, in 15 •Unfavorably 5 • Blue state broadcast hacker (6)
19 •Wildly excited 88 Wriggly letter occurs twice among those
state be clean?”: combinations known interrupted by famed • Get exhausted habit
16 Masked drama swimmers eight, put that letter in the box; if
20 Ungainly fella Lady Macbeth 103 Minnesota no letter is doubled, put O in the Bruin (6) broken by card game (3,3)
59 One of 17 Info needed for 92 Loopy
21 •Mandy’s role representative box. The 16 boxed letters will spell • Slowpoke starts on the
Mayberry’s Ilhan ___ those with 93 Bread machine? 12 • Regarding a match in the
on “This Is Us” our advice to gamblers. uphill race, then loses
Taylors 107 Snoopy, e.g. connections 94 Name on candy ring (5)
22 Stella ___ boxes energy (6)
62 One of Stars 109 Book reviews 19 Parable kin
(Belgian brew) • Dine, eating healthily, and
Hollow’s Gilmores 20 It may be a 97 Hole in one,
23 She sang at 113 •Reeling feeling 6 Rewoven Hellenic yarn
• get fat (5,2)
63 Eminem mouthful perhaps
Barack’s first 116 Protested (8)
collaborator 26 Start for cellular 98 Clerk’s concern 13 • Foolish to scorn partner
inauguration
64 Middle of the
strongly
99 Judges may
Across • Bar drink splashes around
24 Anagram and 117 •Start to or sexual (7)
quote 27 Stimulus administer them 1 • Small fraction of a (4)
synonym of analyze? • Brew by a digital
“ayes” 67 Density symbol
118 Swallow up 29 Savory, e.g. 100 Sacred choral bushel—hardly anything
70 Broadway’s “Dear piece (5) 7 • Good sign for bad companion (5)
25 Nation east of 119 Ref’s command 30 Smack finish
the Yucatán ___ Hansen” 104 Kunis of “Jupiter computer operator (4) 14 • Mission statements from
120 Emits odors 31 Salicylic acid • In a trial, copper is most
Channel 71 Klingon speaker, Ascending” • Culmination of a race on
121 Mount a revival target critical (7) close to a dozen aliens (6)
27 ___-Roman perhaps 105 On the edge of
72 Bring up
of 32 Friendly femme
one’s seat ice let loose (8) • Blend of citrus from the
28 Start of a quote 2 • English essayist is
by this puzzle’s 73 Bullheaded Down 33 Hatha and
106 •Hitch material, 8 • Touch of satin in beds is country (6)
Bikram, for two appearing in “Home
honoree, whose refusal to change 1 •Tudor queen and one of ten expensive (5)
2 “A Death in the 34 Vagabond one-word movies Improvement” (7) 15 • Fraction of elevation, front
120th birthday is 77 “Am I my
August 13, 2019 Family” author 35 In other words, in this puzzle • Picked up behind popular • Unstable peak can fall flat to back (6)
brother’s
keeper?” asker 3 Grammy winner in Virgil’s words directed by the (7)
37 Message from
honoree
and expensive bar (5) • Order a kit or set of three
MADD, say 78 Competent McEntire 36 Short run
40 Eyebrowless 79 Faith since the 4 Consecrated, 37 Chopin’s 107 “Close the door!” 3 • Diamond hero Jay in show Down (6)
half of a Muppet 7th century once birthplace 108 Seine substance biz makes a comeback (7) 9 • Brainy, quiet German- 16 • Jeff’s partner, back with a
pair 80 Bank job 5 DMV issuance 38 Deli device 109 Busy time at the • Indian leader turned French Dadaist (5) jazzman on the piano (5)
41 Ethically neutral 83 •Skier’s direction 6 RSVP card, e.g. 39 Like Hulu’s IRS
pricier plan 110 Put into practice
chicken before all the • K-pop star: smart • Changing gender—a craze
42 Rhoda’s mom on 86 Palindromic 7 Church figure
classic TV politeness 44 Count, perhaps 111 Go dark? rest? (5) know-it-all? (7) (7)
8 Impressive
43 Veteran 87 Calendar quartet assortment 45 Likely losing 112 “Gross!”
Get the solutions to this week’s Journal Weekend Puzzles in next
s

45 Fighting force 89 Supermarket 9 Rent out proposition 114 L.A.-NYC flight

46 Travails sections 10 “Starpeace” 46 Muffet meal path Saturday’s Wall Street Journal. Solve crosswords and acrostics
47 •One of 20 on 90 Lab-overseeing artist component 115 Fleetwoods and online, get pointers on solving cryptic puzzles and discuss all of the
the Titanic org. 11 Rap’s Lil ___ Vert the like, casually puzzles online at WSJ.com/Puzzles.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C14 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

REVIEW

FROM TOP: RONNY HARTMANN/GETTY IMAGES; MARIANNE BRANDT/BAUHAUS-ARCHIV BERLIN/VG BILD-KUNST BONN
ICONS
is linked with Germany’s post-imperial, pre-Nazi ex- original Bauhaus school building, now a fiercely pro-
periment in democracy, the Weimar Republic. The tected landmark. Designed by Gropius, the gray-and-

Designing the Bauhaus was conceived by its founder, the German ar-
chitect Walter Gropius, as an interdisciplinary arts
academy, eventually offering courses in everything
from weaving and woodworking to architecture and
white, pinwheel-like complex, with its pioneering glass
walls and geometric facades, may be one of the 20th
century’s signature structures, but it wasn’t possible
to securely exhibit objects without altering the archi-

Modern World painting.

New ideas about art and design were swirling
around Europe in the 1920s. The Bauhaus quickly be-
came a clearing house for a range of approaches and
ideologies, churning out proto-psychedelic children’s
carpets, extravagant coffee cups that are art deco in
The new Bauhaus Museum Dessau showcases all but name and streamlined typefaces. The school
an art school that helped define the 20th century. never had an official style, though it is now popularly
associated with flat roofs, geometric surfaces and
functionalist design.
BY J.S. MARCUS The Bauhaus Museum Dessau will act as a building-
tecture, says Claudia Perren, director and CEO of the
Bauhaus Dessau Foundation. The new museum’s cli-
mate controls and banishment of natural light allow
the foundation’s fragile photographs, aging drawings
and fraying textiles to go on display.
In the early years of the Bauhaus, students and
teachers shocked their upstanding provincial neigh-
bors with all-night parties, skinny dipping and fash-
ion faux-pas. After falling out of favor with Weimar’s
increasingly right-wing regional government, the
state-run Bauhaus relocated in 1925 to Dessau, then

T
his year marks the 100th anniversary of the founding of the
Bauhaus, post-World War I Germany’s wildly influential de-
sign school. It is being celebrated across the globe, with com-
prehensive shows in Berlin and smaller events and exhibi-
tions in places as various as São Paulo, Rotterdam and Lagos.
Meanwhile, back in the school’s hometown, the Bauhaus Dessau Founda-
tion—a research institution located in the school’s original 1926 building,
in the eastern German city of Dessau—is celebrating the anniversary by
opening a new museum on Sept. 8.
Designed by Barcelona’s Addenda Architects, the new Bauhaus Mu-
seum Dessau is a glass-enclosed black box that may not readily recall the
austere whites and off-whites of Bauhaus-inspired architecture. But it will
offer ideal conditions for displaying items drawn from the foundation’s
collection of nearly 50,000 objects, drawings and artifacts.
The centerpiece of the new museum is an orange-red bookcase, 10
feet high and 160 feet long, that serves as a vast vit-
rine. It will bring the original Bauhaus back to life
by pairing esteemed Bauhaus teachers with their
remarkable students, dramatizing their lives and
careers with documents, designs and photographs.
For instance, lithographs by Paul Klee created during
the school’s early years are presented alongside textile
swatches by his student Gunta Stölzl, whose abstract style
reflects Klee’s influence.
The new museum will also present pieces like a 1926 dressing
table by Marcel Breuer, the Hungarian-born architect and designer,
who started out as a Bauhaus student and ended up as a teacher. His
mid-1920s tubular-steel Wassily chair remains one of modernism’s best-
known pieces.
The Bauhaus was born in 1919 in Weimar, the small city whose name
size corrective to the minimalist cliché. It will greet
museumgoers with ballet costumes designed in the
Top, the early the 1920s by Oskar Schlemmer, a German artist
soon-to-open who taught a theater workshop at the school. Sug-
Bauhaus gesting a crazy, colorful cross between Dada and Sur-
Museum realism, they now seem a world away from Marcel
Dessau. Breuer’s bare-bones Wassily chair, though it would be
Below, more correct to say they came from down the hall.
a Bauhaus Over its short life, the Bauhaus was home to con-
icon: a tea trasting personalities. In the early 1920s, it was
infuser strongly marked by Johannes Itten, a Swiss artist and
by Marianne color theorist, whose student followers, in thrall to
Brandt. their master, shaved their heads, ate a lot of garlic and
trafficked in neo-Zoroastrian mysticism. By the late
1920s, the Swiss architect Hannes
Meyer, who succeeded Gropius as
director in 1928, was pushing
hard-line communism, along
with functional riffs on red-
brick buildings. The new dis-
play will include a compact
wooden desk (circa 1929), de-
signed and made by German
architect Wera Meyer-Waldeck,
then a student in the woodwork-
ing workshop. Equipped with distinctive
A-shaped legs, it was created for a trade-union
training facility that was designed by Meyer and
his architecture students.
Until now, the foundation was forced to show a
smattering of its holdings in makeshift quarters in the
a thriving industrial city. In 1932, local Nazis forced
it to relocate again to Berlin. and it was disbanded
in 1933, sending many of its former teachers and
students into exile.
Today, the Bauhaus’s legacy is dispersed among the
three cities that hosted it. Earlier this year, Weimar
opened its own new Bauhaus museum, grounding the
school’s beginnings in the aestheticism of pre-World
War I movements such as art nouveau. Berlin’s Bau-
haus Archive, home to Gropius’s papers, is renovating
and expanding its own building, which is based on a
Gropius design. Bauhaus fans will have to wait until
2022 to see what that renovation has in store, but
they can make do this fall with an enormous off-site
show at the Berlinische Galerie exhibition space.
Running from Sept. 6 to Jan. 27, 2020, “Original
Bauhaus” considers the school’s achievements by
looking at reproductions and other uses of iconic de-
signs and images—such as the famous 1920s photo-
graph of a short-skirted woman relaxing in a Breuer
Wassily chair, wearing a sinister Schlemmer mask and
looking like a flapper turned modernist warrior.
Weimar’s museum has a setting in a charming cul-
tural capital, and Berlin’s Bauhaus Archive has the
largest collection of Bauhaus holdings, but Dessau can
still tempt visitors to its new museum with the jewel
in the crown—the restored school building itself,
which, according to Gropius’s recent biographer, Brit-
ish writer Fiona MacCarthy, still embodies “all the as-
pirations of modernity.” Dr. Perren regards it as “our
largest object.”

MASTERPIECE | ‘A ROOM OF ONE’S OWN’ (1929), BY VIRGINIA WOOLF

A Writer’s Writing, for all its

elevated aura, is
the work of a
well, sleep well, if one
has not dined well,” she
puckishly observes.

Bare
human being—a Books, she suggests,
person enmeshed aren’t divined from
in the reality of Mount Olympus, “but

Necessities
BY DANNY HEITMAN
VIRGINIA WOOLF (1882-1941) is widely known
as a “woman’s writer,” a description that
doesn’t do justice to her universal appeal. Cele-
brated Woolf novels such as “To the Light-
house” and “Mrs. Dalloway” feature strong
women, and Woolf was herself a compelling
character in her many essays and reviews, gain-
ing an audience in a literary culture that was
strongly dominated by men. Those achieve-
ments have made her a seminal figure in femi-
nist thought, but like all successful literature,
her work speaks to that broader audience she
would famously popularize as the “common
reader.”
A good case in point is “A Room of One’s
Own,” Woolf’s extended essay, published as a
stand-alone book, that grew from her 1928
Cambridge lectures in her native England on
women in fiction. Her hosts had assigned her
the topic, which was general enough, she noted,
to perhaps include a few polite remarks on
Fanny Burney, Jane Austen and the Brontës.
But Woolf decided to stir things up by ex-
ploring why there were so few good books writ-
ten by women. She pointed to centuries of sex-
ism that discounted what women had to say,
making them unlikely to become authors. Eco-
nomic power rested largely with men, too, and
they also tended to get the best educations,
which better allowed them to have the skills, in-
come and space needed to thrive as writers.
on the door,” the cherished “room of one’s
own.”
Woolf’s commentary obviously speaks most
directly to the petty biases that worked against
writing careers for women, but her ruminations
on the nature of creative life offer useful in-
sights for any aspiring writer.
She knew firsthand, of course, the limita-
tions often imposed on women of her time. The
daughter of Leslie Stephen, a prominent British
critic and historian, Woolf was taught mostly at
home, although her brothers and half-brothers
got university educations. That slight pretty
much forced her to learn what she could from
perusing her father’s massive personal library,
which might have been a blessing in disguise.
Perhaps her exclusion from campus life saved
Room of One’s Own.”
Lectures transcribed into book form might
sound like dry stuff, but Woolf lends her re-
marks narrative interest by framing them
within a stroll through “Oxbridge,” a portman-
teau of Oxford and Cambridge, by a lightly fic-
tionalized version of herself. Woolf, like her fa-
ther, was an avid walker, and she often used
peripatetic story lines, perhaps most notably in
“Mrs. Dalloway” and one of her landmark es-
says, “Street Haunting.” It was her favored
method of keeping ideas planted in the terra
firma of lived experience, testing theory against
practice.
In this way, “A Room of One’s Own” endures
as a reminder that writing, for all its elevated
aura, is the physical act of a human body—a
the world. are the work of suffering
human beings, and are
attached to grossly ma-
terial things, like health and money and the
houses we live in.” It’s an essential truth,
though one not often pressed, one gathers, on
aspiring authors in today’s MFA programs.
Because she suffered from mental illness and
committed suicide, Woolf is often remembered
as a sad writer. But as “A Room of One’s Own”
amply demonstrates, she could often be wick-
edly funny. “Women have served all these cen-
turies as looking-glasses possessing the magic
and delicious power of reflecting the figure of
man at twice its natural size,” she writes.
“Without that power probably the earth would
still be swamp and jungle.”
Woolf surely knew that the notion of a
writer sequestered in a locked chamber was an
ideal few artists ever reached. Hers was not a
cloistered life, but Woolf’s crucial point—that a
measure of privacy and quiet is needed to pro-
duce great art—resonates with renewed ur-
gency as online culture makes true solitude in-
creasingly rare.
She hints that a good book can create a men-
tal space very much like a physical space—“not
made of sentences laid end to end, but of sen-
tences built, if an image helps, into arcades or
domes.”
That’s the real gift of Woolf’s lecture-turned-
literary-masterwork. It’s an immersive encoun-
ter, rewarding the reader with a sense, as we
turn the last page, that the book itself has
pleasantly enclosed us within its walls—giving
us, if only for a time, a room of our own.
Mr. Heitman, a columnist for the Advocate
RYAN INZANA

More women would achieve literary success, Woolf from the arid abstractions of the acad- person who must be sustained by basic necessi- newspaper in Louisiana, is the author of “A
Woolf argued, if they had 500 pounds a year—a emy, pointing her instead toward the vivid par- ties. Woolf had little truck with the mystique of Summer of Birds: John James Audubon at Oak-
nice sum at the time—and “a room with a lock ticularity that informs prose works like “A the starving artist. “One cannot think well, love ley House” (LSU).
 OFF DUTY
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
Brilliant
Mumbai Buys
Four souvenirs
travelers will
want to seek out
D5
FASHION | FOOD | DESIGN | TRAVEL | GEAR
Memory Lane
For your next road trip, why not rent a
vintage car that suits your destination?
To wheel around time-capsule towns in the
Midwest, Matthew Kronsberg sought
out a 1960s woody wagon
I
’VE BEEN CALLED a lot of names in my
life. More than once while I was behind
the wheel of a car. This, however, was a
first. The scene: my wife and I in a rental
with my son, paused at a stop sign in a
mellow residential Santa Cruz, Calif., neighbor-
hood two blocks from the ocean. A guy on a bi-
cycle comes bombing up behind us, and as he
swerves past, lets fly a single-finger salute and a
battle cry of “F--- you, moneybags!” Moneybags.
Thanks to some combination of dumb luck and
dumber inventory management, the car-rental
agency we’d visited two days before had upgraded
us to a silver BMW 430i convertible. It was a hoot
on the highway but a mismatch for the endear-
ingly scruffy sensibilities of Santa Cruz. I found
myself sinking low in my seat at stoplights, and
was a little relieved when I returned it.
Most rental cars play bland supporting roles
on road trips. If one calls attention to itself, it’s
Inside
SHORN BEAUTIFUL SUMMER OF SPUDS
Or not so beautiful. Essayist Jia Tolentino How the pleasure of a baked potato can be
on her ‘disgusting’ denim cutoffs D3 achieved via an outdoor grill D7
THE WALL STREET JOURNAL.
For $200 a
day, step into this
1966 Ford Country
Squire station wagon,
with the heart of a
muscle car and the
body of a school
bus.
usually for the wrong reason—a breakdown, an
accident, distressing aromas blowing from the
air conditioning or a ridiculous run-in like mine.
I spent the flight home wondering what it would
be like to take a trip where the car comes to the
fore for the right reasons, where it heightens
your experience, your connection to the land-
scape and to those who live there.
On a sunny Saturday morning a few weeks ago,
I ventured into an industrial park just outside
Minneapolis to find out. Morrie’s Heritage, a small
division of a large family of car dealerships, rents
out vintage vehicles—frequently for wedding get-
aways but also for weekenders like me. Its soft-top
’66 Ford Mustang was already gone when I ar-
rived. Another customer was there with his
nephew to rent a 1967 red Mustang fastback, in
celebration of the latter’s high-school graduation. I
watched a young woman giddily examining the
black 1969 Pontiac Firebird convertible she’d soon
IT STARTED WITH MILLENNIAL PINK...
...and now a whole palette of dusky pastels
is transforming design D8
Fast Talk
Dale Earnhardt
Jr. on his favorite
(super-nerdy)
gear and gadgets
D10
* * * * Saturday/Sunday, August 10 - 11, 2019 | D1
ACKERMAN + GRUBER FOR THE WALL STREET JOURNAL
drive off the lot. You never see people this excited
at Hertz.
The car I’d reserved, a 1966 Ford Country
Squire station wagon, had the heart of a muscle
car—a 390-cubic-inch V-8 engine—but the body of
a school bus, with seating for eight, including a
pair of inward facing seats in the back. And as
furtively formidable school buses go, it was
mighty photogenic, with stacked headlights, a
solid-wood roof rack, rear windows covered in
vintage decals of U.S. state maps, and a perfectly
preserved brownish red “Emberglo” paint job.
Choosing a landscape for a car is like choos-
ing a wine for a meal. The Country Squire—
which, I discovered, handled with all the nimble-
ness of a riverboat—felt like a natural pairing
for the Mississippi River valley south of the
Twin Cities. The curves would be gentle, and the
views sweeping: high bluffs on one side of the
Please turn to page D4
KEEP IT REEL
Fishing vests are showing up on urban
guys who covet a lot of pockets D2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D2 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

Trout
And
About
A humble fishing or

GETTY IMAGES (LEFT); F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (VESTS)
hunting vest, in the city?
Really? Yes—here’s
why the adventurer’s
classic is trending

BY JACOB GALLAGHER

I
N “THE FAREWELL,” a
recently released film
about multiple generations
of a Chinese family, an
elderly character named
Mr. Li shuffles around his apart-
ment wearing a cropped, abun-
dantly pocketed fishing vest over
a polo shirt and khakis. The Satur-
day afternoon I saw the movie in
Brooklyn, I wore a nearly identical
vest over my T-shirt.
Mr. Li is on-screen for maybe
five minutes total so we never
learn what, if anything, he’s got
stuffed in those pockets, but I’d
like to believe that he and I
could bond over the practicality of
such a thoroughly compartmental-
ized vest. For my trip to the the-
ater, I’d stashed mine with a
crossword puzzle, two pens, a
camera, my phone, my wallet and
a pack of pretzels to smuggle past
the attendant (concession prices
being what they are).
This summer, my vintage vest
has basically become a wearable
storage locker and it’s in good
company. Hoity labels like Gucci
and Louis Vuitton offer pricey zip-
IT’S NOT POCKET SCIENCE / SOME OF OUR FAVORITE STASHERS, FROM STANDARD TO SUMPTUOUS
From left to right: Authentic Angler Vest, $85, orvis.com; Tailored Topper P. Johnson Vest, $285, pjt.com; Refined
Reeler Vest, $120, stussy.com; Pouchy Pocketeer Vest, about $615, nemen.it.
CA S’APPELLE ‘LE
FISHING’ A trendy
adherent sports a vest
at Paris Fashion Week
up vests with prominent pouches.
Los Angeles streetwear brands
like Stussy and John Elliott
market fishing-style vests with
a breathable mesh lining or vin-
tage-esque distressing. Even the
elegant Australian tailoring spe-
cialist Patrick Johnson makes a
natty all-navy version in a crisp
cotton blend.
These designer vests are the af-
fluent descendants of the humble
gilets that fly fishermen use for
stockpiling lures and the cotton
canvas vests that deer hunters
throw over camo-printed jackets.
A fishing vest may feature a mesh
pocket for straining water or a
fuzzy patch on the chest for dry-
ing flies; a hunting vest, mean-
while, may have a large game
pocket, but generally the shapes
are quite similar.
The pockets on my own
circa-1950s vest were no doubt de-
signed for considerably more rug-
ged contents than my pretzels.
Wearing it, I rather feel like some-
one Norman Rockwell would have
sought out to paint—if his sub-
jects had worn Nikes.
Utility vests are part of the
wave of functional outdoorsy
trends that has infiltrated
fashion, from hiking sneakers de-
signed for traction to pouchy
cargo pants. Colin Smight, 27, a
graphic designer in Brooklyn, N.Y.,
purchased one of these vests—in
his case, a black “cheaply made”
number—for $14 in New York’s
Chinatown after admiring the
practical style on locals of that
neighborhood. “If you have a lot
of stuff in your pockets it ends
up pulling your [pants] down,”
said Mr. Smight, who was so smit-
ten with his vest that he’s since
purchased two more to wear with
shorts in the summer.
But does anyone need 10 or
12 or even 15 pockets running
up his sides? Probably not. I
rarely fill my own vest’s array of
pockets beyond half capacity. The
main thing that David Gandionco,
39, a medical device engineer
in San Francisco, keeps in his
hunting-inspired vest from New
York label Engineered Garments is
his phone. He particularly likes
how its chest pockets make the
device easily accessible, especially
as smartphones continue to bloat,
expanding beyond the scope of
pant pockets.
Having pocket room to spare is
a luxury akin to possessing a two-
car garage when you only own one
sedan. Will Bordewyk, 23, a finan-
cial analyst in Louisville, Ky.,
would rather slip on a vest to
hold his camera, headphones and
notebook than stuff his “pant
pockets to the brim.” He currently
owns four vests—two modern
iterations from Japanese brands
and two vintage pieces passed
down to him from his “avid out-
doorsman” grandfather.
Having pocket room to
spare is a luxury akin to
possessing a two-car
garage when you only
own one sedan.
His woodsy vests do turn
heads when he wears them in
the city over a T-shirts and jeans.
“Some of my closest friends
and complete strangers, they
question me and really think I’m
crazy,” he admitted.
Like me, San Francisco engineer
Joseph O’Bryan, 23, views his
vest as an important ally when
it comes to sneaking snacks
into a movie theater (“You can
bring in the whole candy store”).
He wears Engineered Garments’s
brown utility vest in the city
over wide trousers and T-shirts.
“It makes you feel like you’re
ready to go conquer the wilder-
ness,” he said, “when you
go pick up your prescription
from CVS.”

THE LOW-KEY LOAFER THE DOWN-TO-EARTH THE ALL-STRAPPED-IN THE POSH PROGRESSIVE
COMPARISON SHOPPING PROFESSIONAL
G.H. Bass Carmina Shoemaker John Lobb
Loafer Deliberations ‘Larson Weejuns’
$110, ghbass.com
Allen Edmonds
‘Wooster Street’
‘Full Strap’
$475, carminashoemaker.us
Lightweight ‘Lopez’
$1,450, johnlobb.com
$395, allenedmonds.com
This brown leather classic is reliable, sleek, Back Story Bass Weejuns, Back Story Founded in 1866 Back Story This design was
the archetypal preppy loafers, Back Story These belong to a as a shoemaking workshop on created in 1950 for a bespoke
not too risky—but which one best suits you? debuted in 1936 as a nod to brand founded in 1922 in Bel- the Spanish island of Ma- customer, a Mr. Lopez, then
Norwegian farm shoes. They gium, Wis., with shoes still llorca, Carmina dates back absorbed into the brand’s
soon became a midcentury handcrafted mainly in the U.S. five generations within the ready-to-wear line.
DEPENDING ON YOUR PERSPECTIVE, the brown penny collegiate classic. same family.
loafer might seem like a too-safe, Connecticut-country- Surface Notes Smooth, pol- Surface Notes Calf leather
club standby—or an ideal everyday shoe that blends ca- Surface Notes Thick, waxy ished leather that develops a Surface Notes Matte, supple pretreated for an almost mar-
sual and refined. Let’s argue the case for the latter: Its leather with a shine almost welcome patina. rusticalf (a durable skin with bled look that obviates the
gentle mocha hue is less aggressive than city-black. The bright enough to glimpse your a natural grain). need for extra varnish.
shoe’s simple little front slot—which held actual coins in reflection in. Distinguishing Details These
the post-WWII era but now is mostly decorative—offers loafers’ soles—fabricated Distinguishing Details As the Distinguishing Details The
some charm. Its simple, slip-on shape means it goes with Distinguishing Details Beef- with cushy rubber, cork, foam name implies, this pair’s ele- new rubber lug sole gives
everything from weekend chinos to a lightweight suit. rolled stitching at the sides and leather composite lay- gant leather saddle straps en- them the comfort and “profile
And it’s pleasingly classic: You may fondly recall your dad gives these a substantial, ers—make them all-day walk- tirely traverse the shoe from of a classic walking sole,” ac-
or your grandpa wearing a version. preppy American feel. ing machines. side to side. cording to Ms. Gerbase.
Indeed, a well-made loafer can be “a cross-generational
item,” lasting long enough to pass down to children and
even grandchildren, argued Emilie Montagne, who works
on French brand J.M. Weston’s collections. Loafers made
with a Goodyear, two-level stitched welt—like all of the
shoes shown at right except for the G.H. Bass Weejuns—
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS

have soles that can easily be refinished over time.

But the style’s longevity needn’t mean that it makes
you look like a wheezing geezer. Worn with dark jeans
and no socks, as Kanye West has done, loafers feel fresh.
Plus, brands are updating their pairs with new details and
materials, like the rubber lug sole on British shoemaker
John Lobb’s recent version (far right). “Men are much
freer nowadays to be a bit more playful with the dress
codes,” said Paula Gerbase, the artistic director of the his-
toric company. “There’s something really beautiful about
this uniform that men have and abide to…but there’s also
a little playfulness to breaking the rules.”
Whether you go for an update or one of the traditional
pairs, know that socks are optional once the shoe is bro-
ken in. “Loafers can be worn with or without socks be-
cause they’re very comfortable,” said Ms. Montagne. That
flexibility doesn’t apply from 9 to 5; at work, sock up.
—Ha Duong
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | D3

STYLE & FASHION

LOVE STORY

To Cut a Long Story Short

Writer Jia Tolentino, whose essay collection ‘Trick Mirror’ is out this week, on her addiction to substandard denim cutoffs

G
ROWING UP IN Texas, I attended drugs at the airport on her way back home
an evangelical private school from a music festival. Roughly speaking, this
whose thorough strictness was is not an aesthetic that an adult woman
expressed most clearly in the should either replicate or aspire to. And yet,
dress code. Boys wore slacks; when I think about my jean shorts, all other
girls wore pleated skirts in khaki and slate clothing starts to feel like gabardine and cha-
gabardine; for weekly chapel, everyone wore pel—like something you submit to, often be-
white oxford shirts and loafers. Summers, af- cause a code requires it, and that you run
ter so much starchy biblical confinement, from as soon as summer sets you free.
came as an all-consuming release. This was I hope, one day, to be able to measure my
Houston, and so it was mostly humid and hot life out in jean shorts. My elementary-school
to the point of unearthliness—three-digit pair was black, mid-thigh, frayed at the
temperatures were normal for months. But I edges. When I was a teenager, my jean
loved the heat, the burning dazzle during the shorts were medium-blue, whiskered, and
daytime, the way the grass stayed warm long low-rise in that terrifying early-aughts way.
into the night. On my suburban cul-de-sac, Now my most dearly beloved pair is a pale,
with its tiny pirate-ship playground and built- bleached-out color, and so short that the
LEETA HARDING FOR THE WALL STREET JOURNAL (TOLENTINO); F. MARTIN RAMIN/ THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (SHORTS)

in gang of like-minded neighbors, you could

play outside every minute you weren’t sleep-
ing. And so, on the first day of summer, I’d
ceremonially put on a pair of cutoff jean
shorts and a T-shirt—what deep spiritual
freedom!—and for months I’d hardly take this
other, far more satisfying uniform off.
Today, I live in Brooklyn, N.Y., not Houston.
But to the chagrin of many of my loved ones,
I still wear jean shorts as often as I can. I
don’t look good in them, really, not like (for
example) Jodie Comer as Villanelle in “Killing
Eve,” pulling up to a Tuscan villa on a motor-
cycle in a sheer blouse and flawlessly hip-
hugging cutoffs, then making herself a snack
to cap off the pleasure of the journey and
glowing with the irrepressible sensual energy
of someone who knows how to do everything
right. (Daisy Duke, played by Catherine Bach
on “The Dukes of Hazzard,” of course set the
standard for looking terrific in now-epony-
mous tiny jean shorts, but I don’t think about
her much—I grew up amid enough ambient
fondness for the Confederacy that I now pre-
fer to leave anything related behind.) I’ve ac-
tually been trying to find a pair of shorts like
the ones Villanelle wears in that “Killing Eve”
scene—they’re from Paige Denim, or so says
the internet. I ordered a couple of pairs, but
then I returned them. They were too nice for
me; they made me feel like I was trying to
look good, which is the opposite of what jean
shorts are supposed to do.
My preferred pair of jean shorts is so beat-
up—so frankly disgusting—that there is no
way that anyone could mistake me for a per-
JEAN QUEEN The writer, who has been compared dauntingly to both Susan Sontag and Joan
Didion, wearing her beloved shorts in her Brooklyn neighborhood.
son making an effort, not even of the good,
socially requisite, bare-minimum sort. They’re
from OneTeaspoon, a brand that specializes in
ostentatiously distressed and slouchy denim,
which was founded in the Y2K era by a
then-21-year-old Australian woman named Ja-
mie Blakey. (“Just get some scissors and sand
paper and rip in,” Ms. Blakey told retailer Ur-
ban Outfitters when prompted to give denim-
customization tips. “The blunter the scissors
the better. A big bottle of cheap bleach is al-
ways good to have on hand, too.”) OneTea-
spoon’s jean shorts make the wearer look like
a former Disney starlet having a breakdown in
front of the Los Angeles department store
Fred Segal, or a 22-year-old throwing away
There is no way that anyone
could mistake me for a person
making an effort.
pockets hang down below the rolled-up
hems (I told you they were disgusting!).
They’re loose, with a waistband that rides
on the middle of my waist as easily and
comfortably as you’d drape an arm over a
friend’s shoulder. The odd fit—the disturb-
ing combination of tiny and baggy—has
prompted multiple friends to call these
shorts my “jean diaper.” Last year, my boy-
friend started calling them my “diapies,” in
an attempt to shame me out of wearing
them in public. As he might have predicted,
this tactic backfired, and made me want to
wear the shorts more. In my attitude toward
my jean shorts, I now resemble Tobias
Fünke, David Cross’s therapist character on
the TV comedy “Arrested Development”—a
self-professed “never-nude” who took show-
ers with his booty swathed in cutoff denim.
I feel more purely myself in my jean shorts
than I could in any other attire (or lack
thereof).
I have resigned myself to the fact that, even
with my general disregard for sartorial propri-
ety, I won’t be able to wear my current pair of
jean shorts forever. But I’ll just get a new pair.
And listen, maybe they’ll be even worse.

JORTS FOR THE APOCALYPSE / BARELY ANYONE IS IMMUNE TO THE CHARMS OF EXTREME CASUALNESS. IF YOU STOOP TO THE JEAN SHORT, TRY THESE DECENT OPTIONS

For a pleasingly For a convincingly

slouchy fit Shorts, $225, whiskered wash Shorts,
moussy-global.com $69.50, levi.com

For an almost-elegant, dark, For a neat oyster shade

cuffed look Raey Shorts, Citizens of Humanity Shorts,
$103, matchesfashion.com $178, freepeople.com

THAT’S DEBATABLE

Do Men and Women Really Need

Different Skin Care?
ONE-SIZE-FITS-ALL doesn’t work for basic T-shirts, “GENERALLY SPEAKING, the needs of men’s and
YES so how could it ever work for something as per- NO women’s skin are quite similar,” argued Manhattan
sonal as skin care? “Men and women have similari- dermatologist Joshua Zeichner. Any variations in
ties in their skin—but differences as well,” said tone and texture are slight and, said San Francisco-
New York dermatologist Rachel Nazarian. Men tend to have based facialist Kristina Holey, “don’t validate the need for differ-
thicker, oily skin and denser hair growth while women have ent products.” Everyone, regardless of gender, could use gentle
less fuzz but thinner, drier skin. These variables, said Dr. Naz- cleansing, hydration, protection with antioxidants and SPF. Be-
arian, “can make the need for different products necessary.” yond that, everything else is “90 percent” marketing, said Dr.
His ’n’ Hers products needn’t mean Nazarian, who finds that many
retrograde ones: A new batch of gen- brands just alter scents: “Other-
der-specific goods is quite up-to- wise, the products are identical.”
date. Men are no longer stuck with Either gender should shop by
bar soap, beard oils and other stuff skin type, said Ms. Nabi, whose
that make “a caricature of masculin- Orveda line is unisex and features
ity,” said Sue Y. Nabi, the founder of both lightweight gels and richer ENJ OY E V ERY MOM ENT
Orveda skin care. Instead, men are creams. Gender-free brands like WITH EVERY LUXURY INCLUDED
treated as tuned-in consumers. Di- Ayond remove the “female” label
rect-to-consumer line Hims, for ex- from items like cleansing balms,
ample, offers a vitamin C serum to which are popular in Korean
even out rough skin, outfitted in beauty routines for removing
sleek packaging; Caldera + Lab brings makeup. “People should feel com-
dudes into the clean beauty fold fortable buying a product based
with a nontoxic serum; and plant- on their concerns, not because
conscious gents can get behind Fab- they’ve been told it’s made for
ric, a men’s subscription line launch- them due to their gender,” said
ing soon with vegan, PETA-certified the line’s co-founder Shani van
products. Breukelen. Or consider Meant, a
Evolved brands for women, meanwhile, have formulas that multitasking line of products for face, body and hair—a new
work in sync with their unique hormonal shifts. Online startup spin on “do it all” formulas that traditionally target men who
Intimate, Luxurious Ships Visiting More
Knours offers a calming, aloe-vera-spiked mist and fragrance- don’t want to spend more than three minutes on their routines.
free masks purported to offset symptoms triggered by hor- (Guess what: neither do some women!) Noto Botanics embraces Than 450 Destinations Worldwide.
monal cycles—when acne and hyperpigmentation can wreak nonbinary skin care along with unisex highlighters. The excep-
havoc. VENeffect has solutions pumped with phytoestrogens tion to gender-neutral formulas might be sunscreen, where Ms.
MIKEY BURTON

VISIT RSSC.COM TO REQUEST A FREE BROCHURE

that promise to ease aging-related loss of elasticity and colla- Holey finds that women still prefer tinted options more so than CALL 1.844.4REGENT (1.844.473.4368) OR CONTACT YOUR TRAVEL ADVISOR
gen. For effective skin care, personalized to you, there’s defi- men. But, who knows? Even that trend might change. As Dr.
nitely an argument that the gender divide is a good thing. Nazarian said, “We’re more alike than different.” —Kari Molvar
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D4 | Saturday/Sunday, August 10 - 11, 2019
Old Faithfuls
We asked three vintage-car
rental agencies to share their
biggest sellers and the unsung
favorites in their inventory
Morrie’s Heritage,
Golden Valley, Minn.
This eclectic fleet of 18 cars tilts
toward the sporty and iconic—
the kinds of cars that make ap-
pearances at weddings and big-
number birthdays.
Most Popular 1987 Porsche
911 Carrera
Staff Pick 1977 Mazda Rotary
Pickup. “It shoots fireballs out
the back. It makes an unholy
racket, and it’s my favorite car
in the building,” said manager
Adam Karon.
Slow Drive, Italy
This concern has nine locations
from Lake Garda to Florence,
and 73 vintage cars spread
among them, ranging from a
1959 Alfa Romeo Giulietta Spi-
der to the Love Bug itself, a
1979 VW Maggiolone Herbie.
Most Popular 1959 Alfa Romeo
Giulietta
Staff Pick 1997 Mini Cooper
British Open Sport-Pack. “It was
the first car I drove when I ar-
rived at Slow Drive,” said Katy
Baciu, a booking agent. “It’s su-
per loud and very fun to drive.”
Great Escape Cars,
Redditch, England
This Jaguar specialist is per-
fectly situated in the British
Midlands for drives in the bu-
colic Cotswolds.
Most Popular Jaguar E-Types
Staff Pick Jaguar XJS. ”They are
so smooth and comfortable. Peo-
ple drive E Types with high ex-
pectations, but they have no ex-
pectations of the XJS.
Customers often want to buy
one after they’ve driven one,”
said company director Graham
Eason. (Similar models pictured
above.)
ADVENTURE & TRAVEL
Steer a Time
Machine
Continued from page D1
car, water on the other. My family
and I would pick up Highway 61 in
St. Paul, hopscotching between it
and Wisconsin’s fantastically sce-
nic Great River Road, exploring the
small waterfront towns along the
way. We’d stop for the first night
in Red Wing, Minn., and the next
in Alma, Wis., 98 miles downriver.
The car came with a 150-mile-a-
day allowance, and a request that
we not venture farther than 100
miles from Minneapolis, should
anything happen. Adam Karon, the
program manager, told me that
fewer than 3% of his rentals have
had issues, and most of those are
simple—a balky roof or a dead bat-
tery. After a quick orientation of
the Country Squire, Mr. Karon sent
me off to with a winking warning,
“It’ll take you 45 minutes to get
gas in that thing. Everyone who
sees that car will want to talk to
you about it.”
He was right, and then some. I
hadn’t even left Morrie’s parking lot
when a customer arriving with his
family to pick up a birthday pres-
ent—a day in a (reproduction)
Shelby Cobra—came sprinting over.
“Oh my God, a Country Squire!” he
said, “I learned to drive in one of
these.”
After picking up my wife and
son at the hotel, we set off. The
Country Squire was a one-car pa-
rade. People on the highway would
point, wave and snap pictures as
we drove. After an hour of driving
(and waving back), we stopped in
Hager City, Wis., for a lunch of
broasted chicken (prepared with a
pressure fryer) and fried cheese
curds. In the parking lot, another
customer approached us, compli-
mented the car, and spoke admir-
ingly of the state of the paint, tell-
ing me about his work as a car
detailer. Repeatedly, in talking
about the car, people would give
keyhole views into their lives. Out-
side the National Eagle Center in
Wabasha, Minn., I chatted with a
Korean War vet who we found
snapping pictures of the car for
Facebook. After a slice of straw-
berry lemonade pie at Stockholm
Pie & General Store in Stockholm,
Wis., we connected with a young
girl and her parents who pointed
to the rear-window decals to indi-
cate all the places they’d been.
Not long after lunch, we pulled
into a turnout on the Great River
DESIGNER
LABELS
The 1966 Ford
Country Squire
station wagon
from Morrie’s
Heritage
comes adorned
with vintage
state decals.
REAR-VIEW MIRROR Clockwise from left: The
author’s 1966 Ford Country Squire rental beneath
Wisconsin’s Maiden Rock; Chef Shack co-owners and
chefs Lisa Carlson and Carrie Summer; their rolls.
Road to get a good look at the
400-foot-high Maiden Rock Bluff.
We were followed by a trio of cy-
clists, one of whom promptly tum-
bled from his bike. They were on a
mission, he explained, to stop at
every bar they passed in the small
towns along the river; they seemed
to be doing exceedingly well.
While we talked, another of the cy-
clists snapped pictures of the car,
and, grinning, said of me, “It’s
Clark Griswold and the family
truckster!” referring to the bum-
bling dad played by Chevy Chase
in “National Lampoon’s Vacation”
and his hulking station wagon.
Definitely more fitting than “Mon-
eybags,” I thought.
The wagon’s retro charms were
undeniable, whether they harked
back to 1966 or to 1983, when the
Griswolds made their way to Walley
World. Our ability to enjoy those
charms was partly a matter of luck:
While its floor vents and open win-
dows kept us plenty cool, if we’d set
out a day earlier when tempera-
tures were pushing 90 degrees, we
might have cursed the car’s lack of
air conditioning. Likewise, the rains
that pummeled the area the day af-
‘Everyone who sees that
car will want to talk to you
about it.’ He was right.
ter we returned our Squire would
have made for riskier driving owing
to the wagon’s lack of traction con-
trol and sash-style seat belts—
safety features we take for granted
now. Still, with auspicious weather,
and an AM radio that sounded re-
markably good thanks to the car’s
concert hall sized interior, the
Country Squire made a quite com-
fortable vessel for time travel.
The throwback theme was reaf-
firmed that evening during dinner
at Chef Shack, in Bay City, Wis., just
across the river from Red Wing. It’s
the kind of ambitious but low-key
restaurant travelers dream of stum-
bling across. Patrons sip champagne
cocktails while sitting on Adiron-
dack chairs in the garden, then duck
inside for grilled trout and baked
Alaska. When I told chef Carrie
Summer about our adventure, she
immediately saw how an old car
suited our journey. “There’s some-
thing special about rural destina-
tions like this, where there’s very
little going on. You go back in time.”
Even time travelers need to
sleep sometime, and the venerable
St. James Hotel in Red Wing ably
* ***
fit our needs. Our room overlooked
the river and the old train depot,
where Amtrak’s Empire Builder
still stops twice daily.
The next morning I found Rich-
ard DeVoe, Zoe Malinchoc and their
Fox Red Labrador retriever, Reveler,
contemplating the Squire. “My
grandparents had one of these,”
said Zoe. “My mom was one of
eight kids, so it was pretty neces-
sary.” They invited me to drop by
their shop, Fair Trade Books. There,
Richard explained the store’s oper-
ating ethos: They give all first-time
visitors a free book, after soliciting
their interests. I mentioned that we
were exploring the river valley, and
stopping that night in the town of
Alma, just two streets wide, estab-
lished by Swiss immigrants in the
mid-19th century. They sent me off
with a copy of Alton Brown’s
“Feasting on Asphalt: The River
Run,” in which Mr. Brown rides the
length of the Mississippi on his mo-
torcycle, and stops in Alma as well.
When we stopped in the town of
Pepin, Wis., we parked next to the
studio of Dougie Padilla, one of the
godfathers of the Minneapolis art
scene. His work has the primitivism
and frenetic energy of Jean-Michel
Basquiat’s paintings, shot through
with Mexican iconography. His
storefront is more workspace than
gallery, but Mr. Padilla welcomed us
in (through October he’ll be open
the third Sunday of every month,
with the caveat that he’s “eccentric
and unreliable”). There was the
obligatory car conversation: Mr. Pa-
dilla drove cross-country in a ’48
DeSoto, but that was the least of his
stories. He was, in his telling, a Ze-
lig of the counterculture. Tales of
walking hand-in-hand with Ram
Das, an ill-fated spell with a Chi-
cano underground militia in New
Mexico and a corporate gig creating
designs for World Cup uniforms. He
promised that at least half of what
he told us was true. Had we been
driving a Hyundai Elantra, I doubt
we would have heard any of it.
We walked a block down to the
river where the Harbor View Cafe
faces out onto the Mississippi
River’s widest navigable stretch,
Lake Pepin. Beyond its fare—
hearty portions of sophisticated
comfort food—the restaurant is fa-
mous for its chalkboard menu over
the bar, which was changed fre-
quently over the course of the eve-
ning, with patrons watching it like
a stock ticker. When we returned
to our car, we found two chap-
books of Mr. Padilla’s poetry
tucked beneath a windshield wiper.
The last leg of the trip led to
Alma, where we spent the night in a
rental apartment overlooking the
Big River Theater. The next morn-
ing, after a hike up the bluff to
Buena Vista Park for sweeping river
views, it was time to head back.
When we parked behind Homemade
Cafe in Pepin for breakfast, owner
Patty Wirth dashed out from the
kitchen, ladle in hand. “Aw geez,
would you look at that?” she said,
taking in our wood-paneled chariot.
They don’t make ’em like that any
more. Well, come on in. I’m glad you
stopped here.”
THE WALL STREET JOURNAL.
Driving Ambition
Three veteran motorists
choose the ideal car—
and soundtrack—for
their ultimate road trip
Paul Theroux
Author; his newest
travel memoir, ‘On the
Plain of Snakes: A Mexi-
can Journey’ comes out
in October
The Car 1970s VW Bus
The Drive Tijuana
to Los Cabos, then to
the mainland and
points south
The Dream “I’d hit all
the beaches and taque-
rias from Tijuana to Los
Cabos, then drive to La
Paz and board the ferry
to Mazatlan, and keep
going, parking at the
edge of the ocean, bird
watching, improving my
Spanish, writing in the
early morning, and tak-
ing pleasure in the zen
of the open road. For
music? Creedence Clear-
water, Philip Glass, Iris
DeMent, mariachi and
Mozart.”
Alison Mosshart
Vocalist for bands the
Dead Weather and the
Kills; author of the just-
released book ‘Car Ma’
The Car 1970
Dodge Challenger, re-
stored with a Hellcat
engine, supercharged
6.2L 707 Hp.
The Drive Los Angeles
to Louisiana
The Dream “I’m with my
niece Goldy. She’s no lon-
ger 2 ½, but 19 years old.
We take the car out just
as the sun goes down,
bomb over a hill—now it’s
midnight and we’re on
Ventura Blvd. and all the
neon signs are shining,
going 123 mph in a
straight line, all green
lights, no traffic, windows
down, blasting ‘Roadrun-
ner’ by the Modern Lov-
ers, and some pretty lady
is making frozen margari-
tas at a little stand on
the side of the road like
we’re no longer in Amer-
ica. She says, ‘Welcome
to Louisiana.’”
Andrew Feustel
Astronaut and an ambas-
ACKERMAN + GRUBER FOR THE WALL STREET JOURNAL (4); JAGUAR LAND ROVER NA ARCHIVES (JAQUAR E-TYPE, JAQUAR XJS)
sador for RPM founda-
tion, which supports au-
tomotive restoration and
preservation training
The Car 1966 Lincoln
Continental convertible
The Drive Calgary to
Vancouver
The Dream “What
better car to be driving
than one that has sofa
seats for the occupants,
both in the front and
the back? You could
take the whole family
and put a week’s worth
of stuff in the trunk. I’d
want a restomod that
had a modern fuel-injec-
tion system, slightly
modified suspension, de-
cent, bigger radial tires
and a good AC system. I
would probably listen to
classic rock stuff like
Thin Lizzy, Zeppelin, the
Stones, and maybe
some Tragically Hip.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | D5

ADVENTURE & TRAVEL

Economy Class museum. But the very-2019

exhibits impudently grab your
attention with animated vid-
eos, digital projections and in-
A visit to Paris’s new finance-focused teractive games. In the “Play-
ers” section, for example,
museum might yield unexpected dividends visitors are asked to place ev-
CHARLOTTE DONKER
a loop, and a playlist offers
money-themed music, like El-
vis Presley’s “Money Honey.”
A photo booth lets you print
your face on a bank note. “By
playing, manipulating and
touching we can better under-

eryday objects (jeans, a com- stand the economy,” said mu-

LEAVE IT TO the French to
conceive a chic museum dedi-
cated to finance. In June, Cité
de l’Économie (or Citéco)
CURRENT ASSETS The business-not-as-usual Markets opened inside an 1882 edifice
section at the new Cité de l’Économie museum in Paris. in the 17th arrondissement.
With vaulted gothic doorways
and intricate wooden wain-
scoting, the building itself is
as genteel and old-school as
you’d expect from a Parisian
mansion turned bank turned
puter) in an airport-style
scanner to learn about pro-
duction and globalization. In
the “Treasury” section, once
the vault, a video of Charlie
Chaplin’s “The Bank” plays on
seum director Philippe Gin-
este. “Unlike in class when
someone is lecturing and you
want to fall asleep, what we
provide is more impactful.”
citeco.fr —Sara Lieberman

SOUVENIR

Mumbai
Mementos
Where to scoop up
modern swag in the
Indian megalopolis

.
COAT CHECK

ly
The homegrown brand of Nico-
bar and its three breezy shops
in Mumbai embody a contem- on
porary, keenly Indian approach
to lifestyle. Think minimalist
linens and tableware with trop-
us l,

ical motifs and feather-light

cotton tunics. There’s plenty for
the guys, too: Pick up this olive
al a
e
weekender jacket that looks
sharp and travels well to boot.
ci on

$108, available at Nicobar

stores; nicobar.com.
er rs
m e
m rp

SHOE IN
Kolhapuri-style leather sandals
are a staple in every Indian
co Fo

closet. Sole Sisters has

amassed a cult following for its
playful takes on the shoes, in-
cluding this neon pair from
their CandyLand collection. The
website offers the most variety,
but it’s more fun to seek them
out at Good Earth, a high-end
home goods shop in posh Co-
laba or in the trendy mills dis-
trict. $42, goodearth.in.
ILLUSTRATIONS BY MATTHEW COOK; POSTER: A RENDERING OF THE ORIGINAL ARTWORK FROM THE BOMBAY FLASHBACK SERIES BY @THEDALLASCO FOR BOMBAY VINTAGE AND LICENSED TO KULTURE SHOP

n-
no

DRAWING ROOM
Indian-American Jas Charanjiva
co-founded Mumbai’s Kulture
Shop, an artists’ collective, in
2014. Nostalgists who still call
the city Bombay gravitate to
the vintage-inspired posters
from the Dallas Company’s
“Bombay Flashback” series.
Each one depicts iconic land-
marks like the Gateway of India
and Regal Cinema (rendering
of original above). Starting at
$14 each, kultureshop.in.

STARE QUALITY
For eye-popping baubles
glimpsed on Bollywood sets—
and a few Hollywood red car-
pets—head to Clove, a concept
shop near the Taj Mahal Pal-
ace Hotel. There, stock up on
the Valliyan label’s Evil Eye
Collection. Our pick: gold-
plated earrings encrusted in
Swarovski crystals. $108, clo-
vethestore.com —Sarah Khan
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D6 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

MESSAGE IN A BOTTLE / WELLER C.Y.P.B.

Thirsty for
Unicorns
Novelist Stewart O’Nan knows better, yet when it
comes to bourbon, he can’t resist the thrill of the hunt

G
OD HELP ME, I’m a
bourbon nerd. Not by
choice, believe me. I
was once like you. I
used to walk into my
local packy, find the bottle I wanted
on the shelf, go home and drink it
while I watched the Sox, and I was
happy. Now I lurk in subreddits and
drive twisting back roads through
neighboring states, hunting down
out-of-the-way places that might
have a few dusties or maybe, just
maybe, an elusive unicorn.
high-proof whiskeys in the Buffalo
Trace Antique Collection from the
shelves and into the arms of collec-
tors and flippers, whose ranks had
exploded.
Problem was, there were only so
many unicorns to go around. Seeing
the market, other producers rolled
out pricey limited editions—older
expressions, single barrels and
funky finished whiskeys. Among the
over-oaked and unbalanced concoc-
tions and barrels of dubious prove-
nance bearing fanciful back stories

LETTERING BY ANGELA SOUTHERN; F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOTTLE)

Good bourbon used to be cheap were a few instant must-haves like
and easy to find, snubbed by critics Michter’s 20. Drawn by novelty and
and connoisseurs in favor of single- fear of missing out, a new bourbon
malt Scotch, with its lofty vintages buyer surfaced: the tater.
and clubby pedigree. No one can say Taters were johnny-come-latelys
exactly when the bourbon boom be- who snapped up whatever premium
gan, or whether it sprang from hip- release came along. Tubes and fancy
ster mixologists’ love of retro cock- decanters and store pick stickers
tails or a generation of baby were tater bait. Taters, it was said,
boomers’ IRAs maturing or the rise didn’t even bother drinking the
of craft distilling on the back of craft whiskey. They were happy just to
brewing, but somewhere around brag that they’d snagged the latest
2008, high-end bourbon emerged as hot bottle.
a widely desirable commodity. If the flippers and taters had just
The worst case stuck to high-end stuff,
was the wheated most bourbon drinkers
Pappy Van Winkle, could live with that,
which in bourbon but now they’re target-
lore was rumored to ing our everyday bour-
contain the last bons. According to
drops from the lore, by blending
vaunted Stitzel- wheaters Weller 12 and
Weller Distillery. Old Weller Antique,
Scarce to begin with, you can make “Poor
PVW won several Man’s Pappy,” so peo- just walk into a store and buy tique—mild and sweet, with apple Almost anything else I could have
high-profile competi- Stewart O’Nan’s ple have started grab- C.Y.P.B. off a shelf. As with Pappy, and cherry notes and a thin mouth- done would have been time better
tions, was champi- award-winning fic- bing them, the flippers you either knew someone, won a lot- feel. OWA, at 107 proof, has a woody spent, yet when it arrived in its for-
oned on air by An- tion includes for profit, the taters tery or paid secondary. bite and cinnamon heat that lingers. est-green box, swaddled in excelsior,
thony Bourdain and “Snow Angels,” “A because everyone else I lost the Pennsylvania lottery, At 95, I expect C.Y.P.B. to have a I stood back after opening it like it
became a Holy Grail Prayer for the Dy- is, but some actual which got over 9,800 entries for 225 shorter, simpler finish. was the Ark of the Covenant.
for collectors, who ing,” “Last Night at bourbon drinkers are bottles. I tried out of state, but by In the glass, C.Y.P.B. is a medium Would I do it again?
camped outside li- the Lobster” and panic buying, afraid then it was long gone. Cashiers amber, indistinguishable from OWA, I’d like to say no. I’d like to quit,
quor stores hoping to “Emily, Alone.” His they’ll never see them laughed. I even contemplated trad- with a similar nose—apple and sug- but that’s wishful.
score one. The 23- latest novel, again. Bunkering, they ing an old ORVW I’d bought at retail ary grape beneath, but the acetone One day I will. Because there’s no
year-old, which re- “Henry, Himself,” call it, as if stockpiling years ago—an even swap—but just tang is muted, leaving a sweeter im- need to chase these unicorns. As fel-
tailed around $270, was published this for the apocalypse. El- couldn’t. A Van Winkle in the hand. pression. The mouthfeel’s thin low snobs tell me, there’s excellent
commanded prices in spring by Viking. mer T. Lee, a $40 stal- The only way I could land this bottle rather than viscous. The palate’s bourbon out there that’s easily
the thousands on the wart, has vanished was by writing this article. bright, opening with apple, pear, available—and far more of it than
secondary market, from shelves, and Rock But there, isn’t that the full ta- caramel and vanilla before a quick before. While raising a few special
and soon scalpers known as flip- Hill Farms, and anything from Wil- ter—chasing after a flashy bottle woody finish with a touch of spice. bottles beyond reach, the boom has
pers began showing up, buying lett. Folks are hoarding average bot- I’ve never tasted? I’m compulsive But this isn’t a review. I won’t tell let producers take risks they
bottles to sell on Facebook forums tles like Blanton’s and Weller Special and competitive, and I like a chal- you I detect hints of lemongrass and couldn’t have 15 years ago. Com-
and sites like Bottle-Spot. Reserve, which isn’t special at all. lenge. Slam a door in my face and I’ll white pepper. You can find those all pared to Scotch, bourbon is still a
It wasn’t just the 23-year-old Enter the new unicorn, Weller find a way through it, no matter over YouTube and r/bourbon, by bargain, and while Stagg Jr., Elijah
that got scooped up. The 20 and C.Y.P.B., or Craft Your Perfect Bour- what’s on the other side. It’s dumb. palates more educated than mine. Craig Barrel Proof and Old Forester
the 15 went too, and the Van Win- bon, crowdsourced from an online Though we should know better, to Essentially C.Y.P.B. is a sweeter, gen- 1920 may not be everywhere, you
kle Special Reserve 12 (technically questionnaire answered by over get the bourbon we want, we seek tler OWA, which makes sense. can walk into any store and score a
not even Pappy!), and Old Rip Van 100,000 voters. They chose a out release dates, hover, ever vigi- Is it worth $39.99? bottle of Wild Turkey Rare Breed or
Winkle 10, which retailed then for wheated 8-year-old 95 proofer from lant, chimping on our devices, re- Yes, but that’s a moot question. Knob Creek Single Barrel, both of
less than 40 bucks. Now for ORVW, the top floor of Buffalo Trace’s freshing endlessly. Thus the boom Is it worth the $350-600 flippers which are eminently affordable and
you have to know someone, win a warehouses. Both the age and does make taters of us all, stoking want for it? utterly satisfying. Forget your
lottery or shell out $500. The 23 strength seem low to aficionados, greed for the new and unobtainable. No, but again, that’s moot. FOMO and the rows of unopened
goes for $2,500. but perhaps that’s the mitigating ef- No tater, I protest, I’m opening The real question is, was it worth Pappy and BTAC on r/Whiskyporn.
The profiteering didn’t stop fect of democracy. The retail price is my C.Y.P.B. right now to see if it lives all the time and effort I put into Sit back and raise a glass. For all our
there. The same unquenchable de- $39.99, except, because of the hype up to the hype. My guess is that it tracking it down? sour grapes over the ones that got
mand and limited supply drove the surrounding its release, I couldn’t will be similar to Old Weller An- In terms of opportunity cost, no. away, this is bourbon’s golden age.

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

CHRISTOPHER TESTANI FOR THE WALL STREET JOURNAL, FOOD STYLING BY EUGENE JHO, PROP STYLING BY CARLA GONZALEZ-HART; ILLUSTRATION: MICHAEL HOEWELER

Smoked Trout and New Potato Salad With Beets and Bagnet Vert
IT BEGAN WITH an exciting ingredient—as
do most of Caroline Glover’s dishes at An-
nette, just outside Denver. “These incredi-
ble new potatoes come in from a local
farm,” said the chef. “They’re so tender
and sweet you wouldn’t believe it.”
In her second Slow Food Fast recipe,
The Chef freshly dug spuds share the plate with
Caroline Glover flakes of smoked trout and a generous
smear of bagnet vert, the green sauce
from the Italian Piedmont made with stale
bread, anchovies, capers, herbs and vine-
gar. Rounds of quick-pickled beets, more
herbs and a tart drizzle of crème fraîche
complete the well-balanced composition.
“I like acid to be the last thing you
taste,” Ms. Glover said. “It makes you go
back for more.” —Kitty Greenwald

Her Restaurant
Annette in Aurora, Total Time 35 minutes
Colo. Serves 4
What She’s Known 4 small beets
For Bringing years 11/4 cups water
of experience on Kosher salt
the farm to ingredi- 1 pound small new potatoes
1/
ent-focused cook- 2 cup plus 2 tablespoons
ing. Rustic dishes Sherry vinegar
executed with a 2 cups torn stale sourdough
light touch. bread with crusts removed
1 cup parsley leaves
11/4 cup cilantro leaves
1 tablespoon capers
1 anchovy fillet
3/
4 cup plus 2 tablespoons
olive oil
1/
2 pound smoked trout
4 tablespoons crème fraîche
1. Preheat oven to 450 de-
grees. Place beets in a small
roasting dish with 1water and
a generous pinch of salt.
Cover with aluminum foil
and roast until beets are
easily pierced with a sharp
knife, about 20 minutes. Fill
a small pot with salted wa-
ter, add potatoes and bring
to a boil over high heat. Cook
potatoes until tender, about
15 minutes, then strain.
2. In a small pot, combine
1/ 1
2 cup vinegar, /2 cup water
and a generous pinch of salt.
Bring brine to a boil, then re-
move from heat. Use a
kitchen towel to rub hot
beets until skins slip off. In a
small bowl, toss beets with
salt and pour hot brine over.
Let beets marinate, tossing
often, until lightly pickled, at
least 10 minutes.
3. Make bagnet vert: In a
bowl, soak bread with 1/2 cup
water. Let bread soften until
it absorbs all liquid, at least
5 minutes. In a blender, com-
bine soaked bread, parsley, 1
cup cilantro, capers, anchovy,
2 tablespoons vinegar and a
pinch of salt. With motor
running, drizzle in 3/4 cup oil
and continue blending until
sauce is homogenous and
smooth, 1-2 minutes.
4. Whisk together crème
fraîche, a pinch of salt and 1
tablespoon oil. Slice beets
into rounds and blot dry.
5. Spread bagnet vert over a
platter. Crack boiled potatoes
into large bite-size pieces and
distribute over sauce along
with sliced beets. Flake trout
and scatter around. Drizzle
crème fraîche over every-
thing. Finish with cilantro, a
drizzle of beets’ pickling liq- GO FISH A single anchovy blended into the herbal sauce gives it a
uid, remaining oil and salt. compelling, deep savory note.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | D7

EATING & DRINKING

Invite Baked
Grilled
Sweet
Potatoes
With

Potatoes to Spicy Coney-Style

Chili Spuds
Moroccan
Tomato
Salsa and
Lemon

The Barbecue Yogurt

The ideal dinner guest, a spud cooked on the

grill is delicious and not at all demanding

TED + CHELSEA CAVANAUGH FOR THE WALL STREET JOURNAL, FOOD STYLING BY SARAH KARNASIEWICZ, PROP STYLING BY CARLA GONZALEZ-HART
BY SARAH KARNASIEWICZ sweet flavor really shines

L
IKE WOOLLY
socks and puffy
parkas, baked po-
tatoes are usually
considered cold-
weather comforts. This miffs
me, a cook who’d make pota-
toes my desert-island staple.
So I was thrilled when I
flipped open “Charcoal,” a
new live-fire cookbook from
Los Angeles chef Josiah Cit-
rin, and found a recipe for
“loaded” potatoes with
crème fraîche, aged Gouda
and herbs. Charred and
crackling on the outside, ten-
der at the center, they’re
what Mr. Citrin calls his
“fire-roasted take on the
standard steakhouse po-
tato”—and what I call the an-
swer to my warm-weather
baked potato cravings.
The art of topping
involves contrasting
snappy, savory
elements with cool
and luscious ones.
With a little attention to
temperature control, just
about any grill can do double
duty as an outdoor “oven”—
and save you from toiling in a
through when grilled, but I
knew that, classically, the art
of topping potatoes involves
contrasting snappy, savory
elements with cool and lus-
cious ones. Think bacon and
blue cheese, or chives and
sour cream. The Romanos
needed a counterpoint, and I
found one in London chef
Yotam Ottolenghi’s most re-
cent cookbook, “Simple,”
wherein he dresses baked po-
tatoes with eggs and tonnato,
the creamy sauce of capers,
tuna and herbs. Fresh and
easy—the tonnato can be
made in the blender days
ahead—this combo is now a
summer standby on my patio.
Another night, with a few
girlfriends on their way over
for supper, I parboiled a few
sweet potatoes, fired up the
grill and surveyed my op-
tions: a mountain of ripe to-
matoes on the counter, a tub
Garlicky Grilled Potatoes With
of whole-milk yogurt in the
Charred Beans, Egg and Tonnato
fridge. Then I remembered
that my friend, Sarah Cope-
land, featured a Moroccan-
spiced tomato toast in her
beautiful new cookbook, “Ev-
ery Day Is Saturday.” Surely I
could swap one starch for an- 1 tablespoon chili powder minutes. Transfer potatoes to you’re using a gas grill, use all Cook, turning halfway through,
other? I split the spuds and 1 tablespoon unsweetened a towel to drain. (This can be the burners to heat the grill to until potatoes are tender at
spooned on a sunset-colored cocoa powder done up to 1 day ahead.) high, then turn off one side of the center and easily pierced
mixture of silky tomatoes, 1 teaspoon ground cumin 3. Heat grill to high and pre- the burners before grilling. with a knife, 35-40 minutes.
red pepper flakes, coriander 1 teaspoon ground allspice pare for indirect cooking. If 4. Brush potatoes with olive 5. To serve, split potatoes and
and cumin, and finished with 1/
2 teaspoon ground cloves you’re using a charcoal grill, oil, season with salt and pep- fluff flesh with a fork. Spoon
a drizzle of yogurt and honey. 1/
2 teaspoon cinnamon once the coals are white hot, per, and wrap tightly in alumi- 1/
2 cup chili sauce over each.

sauna-like kitchen. And grill- I saved my piece de resis- 1/

ing potatoes is a largely
hands-off affair: less time
stooped over the grill, more
time sipping rosé.
I called up Mr. Citrin for a
few pointers, and he assured
me there’s no need to get
hung up on fussy details.
Sure, at his restaurant, Char-
coal, Mr. Citrin insists on
oversize, 1-pound Yukon Gold
potatoes for their creamy,
subtle flavor. But he said it’s
perfectly fine to substitute
russets. And while he buries
whole potatoes, naked, in a
bed of smoldering embers—
an approach that produces a
charred jacket and sweet,
smoky flesh—less dramatic
yet hardly less delicious re-
tance for a family barbecue a
few weeks later. For years I’d
tinkered with a copycat rec-
ipe for the chili sauce at my
father’s favorite hot dog
joint, Capitol Lunch, in New
Britain, Conn. Spiced with
cumin, chile and allspice, it
falls loosely into the Greek
style of chili sometimes
known as Coney sauce. I was
sure it would make a rib-
sticking summer meal
spooned over smoky grill-
baked potatoes. In a nod to
the Greeks, I sprinkled crum-
bled feta and a flurry of fresh
mint on top. Dad wasn’t the
only satisfied diner.
2 cup tomato paste bank them on one side to cre- num foil. Place foil packets on Top with feta and mint, and
2 cups beef broth ate two cooking zones. If unlit side of grill and cover. season with salt and pepper.
1 tablespoon balsamic
vinegar
6 tablespoons Worcester-
shire sauce
4 large russet potatoes
1 cup crumbled feta cheese
2 tablespoons chopped fresh
mint
1. Make the chili sauce: Heat
olive oil in a large Dutch oven
over medium heat. Stir in on-
ions and garlic, and saute, stir-
ring frequently, until soft and
translucent, about 3 minutes.
Add ground beef and lamb

Find recipes for grilled sweet

sults can be achieved by
wrapping potatoes in alumi-
num foil and cooking them
over indirect heat on an ordi-
nary charcoal kettle or gas
grill. Finally, and reasonably
potatoes with Moroccan to-
mato salsa and lemon yogurt
and garlicky grilled potatoes
with charred beans, egg and
tonnato at wsj.com/food.
and stir to break up meat.
Season generously with salt
and pepper, and saute, stirring
frequently, until meat browns,
I am the
about 10 minutes. Stir in chili
powder, cocoa powder, cumin,
allspice, cloves and cinnamon.
Sauté over medium-high heat
beginning
until fragrant and most of the

enough, for perfectly even,
tender, fluffable flesh, he sug-
gests parboiling the potatoes
ahead of time, briefly, in
heavily salted water. “There’s
about a million ways to ap-
proach grilled baked pota-
toes, and they’re almost all
great,” he said.
A few days later, I was
scanning the stalls at my lo-
cal farmers market when I
spotted a pile of flat, fleshy
Romano beans. Their rich,
Spicy Coney-Style Chili
Spuds
Total Time 11/4 hours
Serves: 4
2 tablespoons olive oil
1 large yellow onion, finely
diced
4 cloves garlic, minced
1 pound ground beef
(preferably 85% lean/15%
fat)
1 pound ground lamb
Kosher salt and freshly
ground black pepper
of many
liquid evaporates, about 5
minutes. Stir in 1/2 cup tomato
paste and cook 1 minute more.
Add beef broth, balsamic vine-
gar and Worcestershire sauce,
and stir to combine. Simmer
over low heat until mixture is
thick and glossy but not com-
ideas.
pletely dry, 35-40 minutes.
2. Meanwhile, bring a large
pot of salted water to a low
boil. Add potatoes and simmer
until they almost cooked
through but still firm when
pierced with a knife, 15-20

POWER TOOL
MAX, AGE 11, BOSTON

Not the
Same Old
Fire Drill
This mighty little
grill delivers pro-
level results, fast

THE OTTO GRILL is a paragon of instant
gratification. The German-made gas-pow-
ered infrared-cooking machine can heat up
to its maximum temperature of 1500 degrees
in 3 minutes. A little larger than a toaster
MATTHEW COOK
minutes, a rib-eye sports a caramelized crust
and a soft-as-butter center. The device also
doubles, quite adeptly, as a pizza oven. In 5 826NATIONAL.ORG
minutes, a Neapolitan-style pie comes out STUDENTS WRITE THE FUTURE.
exactly as you want it: charred in spots and
VOLUNTEER. SUPPORT. BE INSPIRED.

oven, the compact grill was engineered with fluffy on the inside, with a pool of molten
steak in mind—specifically, to achieve a cheese on top. Very good things actually can
steakhouse-quality sear at home—and that come to those who don’t wait. $1,195,
it does, with astonishing results. In a few ottogrills.com —Gabriella Gershenson
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D8 | Saturday/Sunday, August 10 - 11, 2019 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

14

2
1

Behold What
Millennial Pink
Hath Wrought
13 Faucets, hoses, straws, all in a profusion of pastels not seen 4
since the 1950s. But these hues are strategically murky—neither
feminine nor masculine—to please a non-binary generation

BY JEN MURPHY trickled down to more-banal applications. Wit-

P
INK WAS FEELING lonely. In
2014, India Mahdavi’s slightly
grayed-out blush design for Lon-
12 don’s Sketch restaurant fired a
shot across the bow of traditional
neutrals like navy and tan. Since then, the
muted hue has shown up in myriad interiors,
flattered skin tones across social media, and
tinted products from vases to linens. It was in-
evitable that a complementary color scheme
would evolve around the millennial genera-
tion’s It color, said Laura Guido-Clark, a Berke-
ley, Calif. designer and color expert whose cli-
ents include Samsung and Herman Miller.
11 “Pink has come to represent an androgy-
nous neutral,” she said, ideal for the genera-
tion born between 1981 and ’96, with its
ness water faucets coated in powdery pastels
from German manufacturer Dornbracht; an-
drogynous-green blow dryers from celebrity
hairstylist Harry Josh; garden hoses in Rusty
Rose and spades in Eucalyptus Leaf from Swe-
den’s Garden Glory.
Ms. Guido-Clark theorizes that the ongoing
global obsession with clean, understated Scan-
dinavian style has popularized the region’s
penchant for slightly unsweet pastels. In 2017
American home- and office-furniture brand
Knoll acquired Denmark’s Muuto, which offers
lighting and furniture in such colors as taupe
and petroleum (a pale blue). Last fall Danish
homewares brand HAY’s collaboration with
U.S. home-audio company Sonos yielded the
HAY Sonos One speakers in in millennial-woo-
ing pink and yellow, among other colors. 5

openness to gender fluidity. An entire pal-
ette of murky pastels, from a mellow mus-
tard yellow to moody-minty green, has fol-
lowed suit, distinguished from the candy
colors of the 1980s (think the jackets on
TV’s “Miami Vice”) and the shiny happy
hues of postwar 1950s by a muting touch of
gray and a matte finish.
Architecture and design firm Cutwork re-
cently completed Flatmates, a Paris co-living
10 space; tenants get their own bedrooms, but
share most other spaces. Modular sofas adhere
to chalky blues and greens, ceilings a blanched
orange. “Millennials have embraced power
pastels because they bring people together
rather than cause divisions,” said Cutwork co-
founder Antonin Yuji Maeno. “Pinks are no
longer feminine. Blues aren’t masculine.”
Beyond velvet sofas, the dusky palette has
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (COFFEE, CHARGING PAD, SPICE GRINDER, STRAWS); CUTWORK STUDIOS (INTERIOR)
“There’s a deep respect for the way people in
these cultures live purposefully, intentionally
and holistically,” said Ms. Guido-Clark.
Charlotte Cosby, head of creative of British
company Farrow & Ball—whose pursuit of his-
torically accurate shades led it to add worldly
greys to pigments decades ago—noted that
pastels bring a sense of calm. “These colors
are optimistic yet gentle, making them great
to both fall asleep and wake up to.”
New York designer Kati Curtis sees the
trend as Generation Y’s reaction to their par-
ents’ beige Restoration Hardware tastes. She
also pointed out the colors’ versatility. Work-
ing well with woods from pale ash to rich wal-
nut, they also complement metals like rose
gold and silver, “making them easier to com-
mit to than a bright red dining-room table,”
she said. “These are easy colors to live with.” 6

1. Originals Loveseat Half Finish in Rose, $1,495, ercol.com

2. Now House Chroma Decanter by Jonathan Adler in
Green, $48, Pink, $40, amazon.com 3. Wonk Shape Vase 2
in Ochre, $119, bludot.com 4. Spice Grinder, $35, 8
wandpdesign.com 5. Hose in Caribbean Kiss, $99,
gardenglory.com 6. Catch-3 Wireless Charging Pad, $175,
staycourant.com 7. Harry Josh Pro Tools Ultra Light Dryer,
$349, dermstore.com 8. Five Two Straws, $25 for set of 7
10, food52.com 9. Flatmates Co-living Space in Paris,
designed by Cutwork 10. Drop Chair in Gen-Z Yellow, from
$377; fritzhansen.com 11. SpeakEasy Stereo Color in
Powder Blue, available this October, $499, comoaudio.com
12. Harto x Tristan Lohner Nina Table Lamp, $399;
aplusrstore.com 13. Dornbracht Meta Slim Fashion
Collection in Pastel Green, $952, qualitybath.com 14.
Coffee, from $18 for 12 ounces, coffeemanufactory.com

The Pursuit of Scrappiness SWEET DREGS Décor

One manufacturer’s trash can be your treasure
WHEN COMPANIES that deal in
high-end materials have leftovers,
the prospect of tossing those rem-
nants into a steamy landfill under-
standably pains them. Repurposing
those bits and bobs saves manu-
facturers agony (read: cash) and
lets on-a-budget aesthetes sample
luxury for less.
made from leftover
materials. From left:
Small Tray with Antique
Bronze Handles, $100,
ing. “Our lighting projects can store.cambriausa.com;
range in price from $1,000 to tens- End of Day Rocks
of-thousands of dollars, but the Glasses, $50 each,
End of Day tableware is a fraction tracygloverstudio.com;
of the cost because it takes a frac- Feather Duster, $660,
tion of the time and utilizes mate- hermes.com
rials that would otherwise be dis-
posed of,” explained Ms. Glover,
who donates 10% of the collec-
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS

Case in point: After harvesting tion’s proceeds to charity. To im-

and water-polishing quartz from
their mines, Cambria, a Minnesota
producer of stone surfaces like cut-
to-size countertops, doesn’t dismiss
the excess as rubble. If you lack the
money for vast expanses of stone,
one of Cambria’s quartz trays (or
Lazy Susans or coasters) made of
scrap could affordably glamorize
even the drabbest Formica island
or off-color coffee table.
Also rescued from the cutting-
room floor and reimagined: these
jewel-toned, spiraling handblown
drinking glasses from Tracy
Glover—a Pawtucket, R.I.-based
maker of glass objects and light-
pecuniously approximate the look
of her lighting, put small candles
in the glasses for the same glow.
And though at first glance, an
Hermès feather duster with a han-
dle made from surplus leather
might seem to echo the 1950s faux
pas of a husband’s buying his wife
a vacuum cleaner for her birth-
day— “but look, honey, the handle
feels just like the Birkin bag you
asked for!”—it’s yet another exam-
ple, albeit a rather pricey one, of
designer scraps being saved from
the waste bin and turned into
practical, attractive everyday
items. —Tim Gavan
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, August 10 - 11, 2019 | D9

DESIGN & DECORATING

Spirit Guide

To Fur,
With Love
How a historic brownstone—
including this once-formal
library—was redecorated as
an ode to the homeowner’s
patchwork fox-fur jacket

BY CATHERINE ROMANO

BOB O’CONNOR FOR THE WALL STREET JOURNAL (INTERIOR); F. MARTIN RAMIN/THE WALL STREET JOURNAL (JACKET)
HE PERSON WHO wears this
jacket doesn’t live in this house as
it stands.” So concluded Liz Caan
and her associate Cooper Her-
rlinger when their client showed
them the multicolored pieced-fur jacket she
hoped would inspire the interiors of her his-
toric Boston brownstone. The house that
would be home to her, her husband and two
college-age children was “very stately and
dark and expected,” said Ms. Caan. Its library,
for example, originally held two hulking part-
ners’ desks at which no fan of a harlequin-
hued fox-fur jacket would willingly sit. The de-
signers paired a smaller-scale desk with a
comfily enveloping, dramatic chair—“the op-
posite of what we usually get in a library.” And
“because the coat is a little bit rock ’n’ roll,”
the designers further padded the chair with a
pillow that depicts the Rolling Stones’s
tongue-and-lips logo in leather and linen.
“The jacket gave us insight into who she is
and how she wanted her house to feel,” said
the designer, based in Newton, Mass. “This
person likes to have fun, and this house should
reflect that.” Here, the myriad ways the de-
signers translated the slightly irreverent coat
into an equally irreverent library. VERY FOXY In a Boston townhouse’s library, designer Liz Caan captured some of the irreverence of the homeowner’s harlequin-hued jacket in
the scale shift of the club chair’s upholstery. Grey-painted woodwork and brown herringbone wallpaper calm things down.
A Color Infusion—Up to a Point
The wing-backed desk chair is the only “This grouping helped us reinforce the little Steering clear of strict linear patterns for “heavily manipulated natural materials” such
truly multicolored element in the room. Its blobs of color that make up the jacket, and to the rug, the designers chose a faux woodgrain as the woven-raffia wall covering and the up-
upholstery, a Christopher Farr linen, fea- break up the red, orange and pink in the deco- number from Stark. “It’s a little out there,” holstery of the ottoman, from Lance Woven
tures stripes of fuchsia, yellow, pink, blue- rating.” said Ms. Caan. The black hair-on hide that an- Leather in Norwalk, Conn. The poof’s Italian
green and a purer green on a red back- To offset the fabrics’ exuberance and instill chors the seating by the fireplace not only al- leather has been cut into strips, died coral and
ground. “We realized we couldn’t pull into a bit of the seriousness a brownstone de- ludes to the animal fur of the coat, its amoe- bronze, and manipulated into a fine weave. “It
this space all the colors found in the jacket serves, the team painted the room’s woodwork boid shape adheres to the organic theme. is over the top, but you have to get close to
without turning it into a playroom,” said a deep gray and clad the walls in brown her- “This jacket is not overly uptight and it’s understand what it is.”
Ms. Caan. The team narrowed the palette to ringbone raffia from Schumacher. Ms. Caan not over-constructed, and neither is this The drapes, too, combine nature and arti-
toned-down shades of red, pink and orange. feels the overall message is: “We’re fun and a room,” said Ms. Caan. To wit: In front of a fice. They’re sewn from another Christopher
But only so much control was called for. To little crazy, but we’re not inappropriate.” painting, in the far right corner, stand two un- Farr fabric that began life as undyed linen
convey the jacket’s wilder side, they relied usually angled African vases. “There’s nothing then was theatricalized with a pattern of or-
on slightly jarring variations in scale when Honored: The Softness of Fur structured or straight to them. They have this ange, pink and lime green. “They’re like the
it came to patterns. A large, bold Manuel The coat’s untailored blobbiness and irregu- weird posture, like they’re dancing.” jacket: ‘I am a natural material, but I’ve got
Canovas print wraps the outside of the club lar patches of fluff informed Ms. Caan’s fur- these neon colors all over me,’” said Ms. Caan.
chairs, while a smaller pattern sits de- nishing choices. “Everything is soft,” she An Unnatural Take on Nature Of the sconces that flank the mirror—
murely inside. said. The ottoman as well as the club chairs, There’s nothing purely natural about this pared-down versions of hurricane lamps—Ms.
Ms. Caan flicked at the jacket’s blue with so frequently boxy and macho, preach the room. After all, the garment that shaped its Caan said, “They’re a modern take on a classic,
the azure-bound books shelved to the left of gospel of curves. Even the right-angled arms aesthetic is fox fur that’s been dyed, chopped which is what this is all about. Little fur jack-
the fireplace. “I usually corral books by color of the Restoration Hardware globed chande- up and sewn back together. Ms. Caan allows ets have been around forever, but they haven’t
to make them look more organized,” she said. lier are gently rounded. that she may have unconsciously gravitated to always been treated this way.”
MARCEL BREUER. CLUB CHAIR (MODEL B3). 1927-1928. CHROME-PLATED TUBULAR STEEL AND CANVAS. GIFT OF HERBERT BAYER. THE MUSEUM OF MODERN ART, NEW YORK

FAST FIVE

Wax Eloquent Verdigris

trident or cactus
These modern taper holders that’s found its
calling?
speak more elegantly than a
kitschy candelabra
Foldably
Tubular
APPARENTLY, by New York’s
Marcel Breuer felt MoMA Design
that designing the Store. In the first
first furniture to catalog of Breuer’s
employ tubular tubular-steel furni-
steel wasn’t suffi- ture, this foldable
ciently category- sibling to the B3
shattering. The (nicknamed the
Hungarian-born Wassily chair, af-
architect and de- ter Bauhaus
signer created the school colleague
B3 chair (above Wassily Kandin-
F. MARTIN RAMIN/THE WALL STREET JOURNAL

right), a distillation sky) was mar-

of the classic club keted as suitable
chair inspired by seating for patios,
bicycle frames. summer homes,
Then, in 1927, he gardens and
invented the se- ships—a canny
quel: a version sales pitch that’s
that tidily col- still fitting 90
1 2 3 4 5 lapsed. Now, that years later.
chair, the D4, has D4 Folding
been newly reis- Chair, $1,600,
1. Trio Candelabra and Bud Vase, $320 for set of two, fferronedesign.com 2. Vestalia Candle Holder, $2,500, latoxlato.com 3. Kreten sued with cobalt- store.moma.org
Candelabra, $450, soudasouda.com 4. Carolina Irving and Daughters Trident Candelstick, $295, KRB, 212-288-2221 5. Conduit Balance blue canvas straps —Eleanore Park
Candelabra, $400, johnsheppard.net. John Sheppard is a former art director of Off Duty.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D10 | Saturday/Sunday, August 10 - 11, 2019
BENTLEY
RUMBLE SEAT / DAN NEIL
Bentley Continental GT: An
‘Oxford-Educated Monster’
IN THESE UNCERTAIN times it’s
comforting to know that a quarter-
million dollars still buys a lot of
automobile.
We’re having breakfast today
with Bentley’s 2020 Continental GT
V8 coupe, which represents only the
second redesign of the car since the
British brand’s reboot in the early
2000s, post-VW Group acquisition.
The C GT has been the jam on Bent-
ley’s scone, with more than 70,000
sold world-wide. In the mid-2000s
in West Los Angeles, you could
cross the street just stepping on
Bentley hoods like river rocks.
Everything is new with Conti
but pretty much the same. What
you have here is your basic four-
seat, 2.5-ton super-luxe aphrodi-
siac ($198,500 MSRP), an intimate
grand touring coupe with fastback
glass and big engine out front, say
n’more. You can still power your
Continental with the outrageously
superfluous 8.0 liter, W12-cylinder
engine (620 hp and 664 pound-
feet of torque, available late this
year); or with the hard-punching
twin-turbo V8 (542/568), like our
tester; both are paired with multi-
mode, rear-biased all-wheel drive.
The 12-cylinder model acceler-
ates its 5,000 pounds to 60 mph in
a breathtaking 3.3 seconds, says
MY TECH ESSENTIALS
Dale Earnhardt Jr.
The Nascar analyst and Daytona 500 champ, who’s
returning to the racetrack this month, nerds out on
cycling data, ’70s-era autos and steering in VR
I’m a minimalist when it
comes to carrying things—I
rarely have a wallet or cash
on me. But my Vofolen
phone case is great for
carrying a few credit cards.
I put my Nascar license in
there just so it’s handy.
When I hook my bike up to
my Wahoo KICKR smart
trainer, I can ‘race’ tons of
real people using Zwift—an
app that lets
me ride down
the virtual
streets of
London or
New York
any time.
The Wall Street Journal is not compensated by retailers listed in its articles as outlets for products. Listed retailers frequently are not the sole retail outlets.
GEAR & GADGETS
Bentley; the V8 model, a languid
3.9 seconds. The V8 is how Bentley
spells sustainability.
And, as before, the V8 and W12
models are available as either fixed
or drophead coupes. Veddy nice.
Now, what sort of mood are you
in, Apollonian or Dionysian? For the
former: What has changed most
fundamentally, new Conti versus
old, is the wheelbase, which has al-
tered the car’s weight balance and
packaging. While about the same
2020 BENTLEY CONTINENTAL GT V8
Base Price $198,500
Price, as Tested $255,805
Powertrain: Twin-turbocharged di-
rect-injection 4.0-liter 32-valve V8;
eight-speed automatic transmission;
rear-biased all-wheel drive (up to 83%
torque to rear wheels in Sport mode)
Power/Torque 542 hp at 5,750
rpm/568 lb-ft of torque at 1,960 rpm
Length/Width/Height/Wheelbase
190.9/76.9/55.1/112.2 inches
Curb Weight 4,928 pounds (before
options)
0-60 mph 3.9 seconds
Top Speed 198 mph
EPA Fuel Economy 16/21 mpg, city/
highway (estimated)
My favorite car in the garage is a beautiful blue 1976 Chevy Laguna. I just love
the 1970s, especially the late ‘70s. The fashion, the automobiles, everything.
I also own a 1977 Oldsmobile Cutlass 442. It’s not a hot rod or muscle car—it’s
a giant tank. But at the 1980 Daytona 500, Na-
scar’s biggest race of the year, eight of the
top 10 cars at the starting line
were Cutlass 442s. I love cars
that have that kind of con-
nection to our sport.
length overall (190.9 inches), the
design’s 4.1 inches additional dis-
tance between the axles allowed
moving the engine farther back and
lower, improving the car’s weight
balance (now 55/45, front/rear) with
each millimeter, and moreover,
weight transfer under hard acceler-
ation. (The more weight you can
sling onto the rear tires, the better
your hole-shot traction and acceler-
ation. This is the same reason the
Chevrolet Corvette has gone to a
* ***
GONE IN A BLUR
You can easily
blow through
$50K on options—
like embroidered-
and-quilted leather
upholstery—to
outfit your Bentley.
mid-engine design. If you know all
this already and you’ve joined me in
this parenthetical, sorry.)
In various ways, the new C GT’s
design-engineering reflects the
Veblenist tyranny of 0-60 mph ac-
celeration in the superluxury mar-
ket. The new car uses an eight-
speed dual-clutch transmission
instead of the previous, torque
converter-based transmission. Aft
of the dual-clutch transmission is
the rear-biased all-wheel-drive
system, which can shunt up to 38%
of torque to the front wheels when
it detects slipping at the rears.
With or without launch control
engaged, whether in the special
“Bentley” drive mode, Sport or
Comfort, the dual-clutch transmis-
sion and tiger-clawed AWD stand
ready to scramble the artisanal
eggs in the boot and get you
thrown out of the polo club for
scaring the ponies. It all attends
m’lord’s or m’lady’s right foot.
But opportunities to really romp
any fast car, never mind an Ox-
ford-educated monster like this—
really hold the button down and
grab a couple of 7,000 rpm up-
shifts—are hard to come by. Sure,
if you’re sweeping across the Isle
of Skye and you’ve paid off the lo-
cal constabulary. Otherwise, no.
The greatest thing about cycling is the com-
munity. You can use smartphone apps like
Strava to keep track of rides and tons of peo-
ple will comment on them to support and en-
courage you. I use a Garmin Edge 1030 bike
computer, a heart-rate monitor, power meter
and a cadence meter to record all forms of
data, from calories I burned to miles logged.
At the track, an iPad Pro is
one of my most important
pieces of equipment. Our
sport has always been
tech-driven, and with an
iPad or laptop, we can tap
into Nascar’s network and
watch our live scoring to
see where we stack up. Of
course, I also play a lot of
‘PUBG’ and other video-
games on it with friends.
THE WALL STREET JOURNAL.
Meanwhile, at the other end of
the duty cycle—the slowing, coast-
ing, stop-and-go of L.A. traffic—
the DCT can feel a bit latent, a
wee bit chuffy, for a superluxury
car. I can’t say it feels any more
refined than the torque-converter
transmission. But the added step-
off the line is huge.
A few rigid Apollonians might
also observe that, for a grand
tourer, a 55/45 weight distribution
isn’t as good as 50/50. Fair, but you
couldn’t call the new CGTV8 under-
chassised. Equipped with four-cor-
ner air suspension, adaptive damp-
ers and (optional) electrically
actuated, 48-volt anti-roll bars, this
car’s cornering limits are ridicu-
lously high and alarmingly accessi-
ble. If you have gotten this locomo-
tive to the point where you can
detect a certain nose-heaviness and
What you have here is
your basic four-seat
superluxe aphrodisiac—
an intimate coupe with a
big engine. Say n’more.
understeer on account of the weight
distribution, you should stop, be-
cause you’re probably plowing up
your neighbor’s rose beds.
For Dionysians, Pre-Raphaelites
and other lovers of beauty: Ob-
serve that the same 4.1 inches of
wheelbase also prettifies the exte-
rior, shortens the overhangs, adds
slinkiness. I am particularly fond
of the streamline moderne arches
trailing back from the lights and
over the rear wheels, recalling the
Bentley fastbacks of the early ’50s.
I am also prepared to declare
Bentley the winner of the front-
styling/grille design bake-off. That
front end looks fabulous.
Wealthy people have problems
too, you know? One is buying
something that is unique, some-
thing that thousands of other
swells around the world don’t
have. This truth of money has
driven growth in personalization
departments of high-end car com-
panies. Bentley uses the word
“specification,” though.
Our test car was highly speci-
fied, to the tune of more than
$50,000 in options, in fact. These
included the Mulliner Driving
Specification ($18,020), with the
22-inch wheels and exquisite em-
broidered-and-diamond quilted
leather upholstery; the Centenary
Specification, ($1,850) with illumi-
nated door sills; and the Continen-
tal Blackline Specification
($4,335), which murders out al-
most all the exterior brightwork
with gloss-black painted trim, in-
cluding the grille.
Returning customers will be
glad to know Bentley fully mod-
ernized the cabin electronics and
UX. Now a widescreen navi/info-
tainment takes pride of place in
the center stack, amid the nickel-
like switchgear. The optional rotat-
ing display ($6,365) will tuck the
screen behind a handsome veneer
panel with a triplet of yacht-like
instruments.
Now that’s value.
Remember how stripped-
down videogames were in
the ‘90s? Now I can turn a
few laps in VR playing a
PC game called “iRacing.”
It’s incredible! Wearing an
Oculus Go headset, it’s like
you’re sitting in a real car
going around a real track.
As a racer, I wouldn’t drive
in VR if the perspective
was the least little bit off.
It’d bug the hell out of me.
—Edited from an interview
by Haley Velasco