WSJ
A Company Offers a Hand
EXCHANGE
What’s
News
World-Wide
H ouse Democrats cited
witnesses and documents
the White House kept from
impeachment investigators to
press their case that Trump
has obstructed Congress. A1
 The Trump administra-
tion told California it is vi-
olating federal law by re-
quiring insurers to cover
abortion and threatened to
withhold federal funding. A1
 Infections and deaths
from the spread of the new
coronavirus mounted in
China, as the virus appeared
in Europe and Australia for
the first time. A1, A6, A7
 Federal prosecutors
have evidence indicating
Bezos’ girlfriend provided
text messages to her
brother that he then sold to
the National Enquirer. A3
 A report concluding Saudi
Arabia likely hacked Bezos’
phone has spurred ques-
tions and confusion among
cybersecurity experts. A3
 Thousands of Iraqis pro-
tested the U.S. military pres-
ence in demonstrations in-
voked by a Shiite cleric who
has capitalized on anger
over Soleimani’s killing. A8
 At least 34 U.S. troops
suffered concussions or trau-
matic brain injuries during
an Iranian ballistic-missile
strike earlier this month. A8
 Died: Clayton Christensen,
67, management guru. A10
Business & Finance
 Commerce Department
officials have withdrawn
proposed regulations that
would make it harder for
U.S. companies to sell to
Huawei from their overseas
facilities, following objec-
tions from the Pentagon and
the Treasury Department. A1
 The mortgage market in
2019 had its best year since
the height of the precrisis
boom, the latest sign housing
is firming up after showing
weakness early last year. A1
 A California couple
whose solar company
counted Berkshire Hatha-
way as an investor pleaded
guilty to running a $900
million Ponzi scheme. B1
 Oil prices suffered their
worst week in more than a
year, dragged lower by fears
that the spreading corona-
virus outbreak will weigh
on economic growth. B1
 U.S. stocks fell Friday,
with the Dow shedding 0.6%
and the S&P 500 and Nasdaq
both losing 0.9%. The indexes
posted losses for the week. B11
 Business activity in the
U.S. improved in early 2020,
contrasting with weaker eco-
nomic performance in some
other major economies. A2
 The latest trial over
Bayer’s Roundup weedkiller
was postponed indefinitely
to allow room for settle-
ment talks to continue. B3
NOONAN
Impeachment
Needs Witnesses
On Both Sides A13
CONTENTS
Books..................... C7-12
Food......................... D5-6
Gear & Gadgets D9-10
Heard on Street...B12
Markets..................... B11
Obituaries............... A10
s 2020 Dow Jones & Company, Inc.
All Rights Reserved
THE WALL STREET JOURNAL WEEKEND
* * * * * * * * SATURDAY/SUNDAY, JANUARY 25 - 26, 2020 ~ VOL. CCLXXV NO. 20
Blast at Houston Manufacturing Plant Kills at Least Two
DRONE BASE/REUTERS
DESTRUCTION: An early-morning blast Friday at Watson Grinding & Manufacturing Co. on the northwest side of the Texas
city leveled buildings, damaged hundreds of homes and shook the ground for miles. The cause was under investigation. A2
Pentagon Blocks Limits on Huawei
In a Bid to Protect U.S. Tech Firms
BY BOB DAVIS
The Commerce Depart-
ment’s efforts to tighten the
noose on Huawei Technologies
Co. is facing a formidable ob-
stacle: the Pentagon.
Commerce officials have
withdrawn proposed regula-
tions that would make it
harder for U.S. companies to
sell to Huawei from their over-
seas facilities following objec-
tions from the Defense Depart-
ment as well as the Treasury
Virus Tests China’s Scientific Ambitions
Early indications point to a troubled performance, even after Beijing invested billions
NICOLAS ASFOURI/AGENCE FRANCE-PRESSE/GETTY IMAGES
Passengers wearing protective masks walked into the
Beijing West Railway Station on Friday.
Science Class Ritual,
Dissecting Real Frogs, Croaks
i i
Schools try out synthetic ones that can
be reused; there is also a cat option
BY TAWNELL D. HOBBS
Destiny Castillo hovered
Opinion............... A11-13
Sports....................... A14 over the glistening wet frog in
Style & Fashion D2-3 science class. It was dark-col-
Travel...................... D7-8 ored, with buggy eyes and fe-
U.S. News............ A2-5
Weather................... A14
male anatomy.
World News....... A6-9 She had no qualms about
slicing into its pudgy abdomen
and pulling out the insides, be-
> cause it wasn’t real.
“It was a lot easier, and
didn’t smell as bad,” said Des-
tiny, a 16-year-old student at
J.W. Mitchell High School in
Pasco County, Fla. “I didn’t re-
ally like cutting through a real
Department, people familiar
with the matter said.
The Pentagon is concerned
that if U.S. firms can’t con-
tinue to ship to Huawei, they
will lose a key source of reve-
nue—depriving them of money
for research and development
needed to maintain a techno-
logical edge, the people said.
The chip industry has pressed
that argument in talks with
government officials.
Defense Secretary Mark Es-
per was asked about The Wall
i Fuels Mortgage Boom
frog. I felt bad.”
A synthetic frog has leapt
into the hearts of some edu-
cators and animal-rights ac-
tivists. The model, complete
with man-made internal or-
gans, has become the humane
answer to classroom dissec-
tions and an antidote for
squeamish students.
But some teachers ask: Are
we protecting students too
much from the messiness of
real life and real science?
They say students are miss-
ing out on the feel and, yes,
Please turn to page A10
Street Journal’s reporting on
the concern during an appear-
ance Friday at the Center for
Strategic and International
Studies in Washington.
“We have to be conscious of
sustaining those [technology]
companies’ supply chains and
those innovators,” Mr. Esper
said. “That’s the balance we
have to strike.”
The Treasury Department
wanted to make sure that Sec-
retary Steven Mnuchin had a
chance to weigh in, said one of
China wants to become a
world leader in health and
science. It has invested bil-
lions in cutting-edge drugs,
state-of-the-art laboratories
and research at the frontiers
By Betsy McKay,
James T. Areddy
and Chao Deng
of medicine. Its political
leaders want Chinese scien-
tists to win Nobel Prizes.
All that prowess and am-
bition is now being put to
the test by an elementary
health challenge: a deadly in-
fectious disease outbreak.
Early indications are that
its performance is troubled.
Refinancing Frenzy
BY ORLA MCCAFFREY
The mortgage market in
2019 had its best year since the
height of the precrisis boom,
the latest sign that housing is
firming up after showing weak-
ness early last year.
Lenders extended $2.4 tril-
lion in home loans last year, the
most since 2006, according to
industry research group Inside
Mortgage Finance. That was
also a 46% increase from 2018.
Robust mortgage lending is
generally a good sign for
housing, which has seen a re-
bound in price growth and
home sales after a period of
declining gains.
A refinancing frenzy, in-
Work at Home,
The 5G Way
OFF DUTY
WSJ.com
the people. Cabinet officials
are expected to meet on Hua-
wei and other China issues in
the coming weeks.
The splits within the Trump
administration on how to deal
with Huawei show the diffi-
culty of confronting China on
technology without harming
U.S. companies.
People in Congress and the
administration who are skepti-
cal over China have been
pushing to limit sales to Hua-
Please turn to page A7
A new coronavirus that
began infecting people in the
city of Wuhan in December
has sickened nearly 1,300
people in China, killing at
least 41, and has appeared in
a handful of other countries,
including the U.S. A second
case was disclosed in the U.S.
on Friday, a woman in Chi-
cago who was infected in
Wuhan, and the disease
spread into Europe and Aus-
tralia for the first time.
Chinese and international
health authorities are racing
to learn more about the new
Please turn to page A6
 Cases, deaths rise; disease
spreads to more countries......A6
duced by last year’s trio of in-
terest-rate cuts, fueled the
mortgage making and helped
steady the industry. The refi-
nancing boom also bodes well
for the broader economy, since
homeowners saving on their
monthly mortgage payments
are likely to spend more on
goods and services.
“When a large and cyclical
part of the economy—hous-
ing—is starting to improve,
it’s a good sign for the econ-
omy at large,” said Sam
Khater, chief economist of
mortgage-finance giant Fred-
die Mac.
The Mortgage Bankers As-
sociation estimates that refi-
Please turn to page A10
HHHH $5.00
Democrats
Say Trump
Obstructed
Congress
BY LINDSAY WISE
WASHINGTON—House Dem-
ocrats cited witnesses and doc-
uments the White House kept
from impeachment investiga-
tors to press their case that
President Trump has ob-
structed Congress, seeking to
win over enough Republican
senators to subpoena addi-
tional materials.
Friday marked the last
chance for the Democratic
managers—House lawmakers
acting as prosecutors—to make
their opening pitch to GOP sen-
ators who may be wavering on
whether to subpoena witnesses
and documents. Democrats say
the material could bolster the
allegation that Mr. Trump im-
properly withheld nearly
$400 million in aid to Ukraine
as leverage for the country to
open investigations into Vice
President Joe Biden, a potential
election opponent, then tried to
cover it up.
Mr. Trump “invited foreign
interference in our elections
and sold out our country’s se-
curity for his personal benefit,
Please turn to page A5
 Follow live coverage of the
trial Saturday at WSJ.com.
President
Targets
Abortion
Coverage
BY STEPHANIE ARMOUR
AND CATHERINE LUCEY
WASHINGTON—The Trump
administration told California
it is violating federal law by
requiring insurers to cover
abortion and threatened to
withhold federal funding if the
state doesn’t end its mandate,
the latest move in a broader
White House effort to establish
religion-based exemptions to
reproductive-rights statutes.
Officials in the Republican
administration signaled they
could also take aim at similar
policies in other states, poten-
tially putting hundreds of bil-
lions of dollars in federal
health funding at risk.
California Gov. Gavin
Newsom, a Democrat, pushed
back in response to the admin-
istration’s move against the
nation’s most populous state.
“California will continue to
protect a woman’s right to
choose, and we won’t back
down from defending repro-
ductive freedom for every-
body—full stop,” he said in a
Please turn to page A4
New Evidence
In Bezos Leak
MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES
Prosecutors have evidence
that the girlfriend of Amazon
CEO Jeff Bezos gave texts to
her brother, who leaked them
to the National Enquirer. A3
 A2 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

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

GPS Changes How Air-Traffic Control Works

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

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

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

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

Business activity in the U.S.

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

facturing sector that is not out

of the woods yet, with goods
producers seeing only modest
gains in output and new or-
ders,” said IHS Markit econo-
mist Sian Jones.
Fransisco Castrejon’s home was among hundreds damaged Friday by an explosion at a manufacturing outfit in Houston. Two workers were killed, authorities said. Japan saw an uptick in
business activity, according to
TEXAS The cause is under investigation. vorable custody recommendation, turn a message seeking com- and, for the first time, individuals. a separate Markit survey, sig-
Fire officials said it appeared a authorities said. ment. Purdue reached an agreement naling a return to growth after
Industrial Blast Kills tank of propylene gas was leak- Candace Talley, 27 years old, —Associated Press with some states and localities a weak end to 2019.
Two Men in Houston ing. of Winslow, N.J., was working that could be worth more than By contrast, Europe’s econ-
The company couldn’t be for the Division of Children and NEW YORK $10 billion over time as part of omy remained a global weak
When an explosion jolted Ju- reached to comment Friday. Its Youth Services in Delaware its bankruptcy filing. Judge Rob- spot as 2020 began, with its
lio Garcia from his bed early Fri- website says it provides full-ser- County, Pa., when she coerced Claims Deadline Set ert Drain emphasized at a hear- services sector losing momen-
day, he feared Houston was be- vice manufacturing and precision the mother, whose children were In Opioid Bankruptcy ing in White Plains, N.Y., that no tum while factories saw export
ing bombed. His windows were grinding of large parts and ex- in foster care and whose case final settlement was in place. orders begin to stabilize after
blown out, and his ceilings and otic alloys. Ms. Talley was managing, into State and local governments Those who became addicted a long and deep decline.
walls were cracked. —Elizabeth Findell working as a prostitute, the Del- have been leading the legal fight to opioids or their families aren’t “The U.S. has been doing
The damage wasn’t from a aware County District Attorney’s against the opioid industry, seek- guaranteed to get any money, better than either of those
bomb. It was an explosion at a PENNSYLVANIA office announced Thursday. ing payouts to help address the and the judged stressed the economies for a long time and
nearby manufacturing plant that Ms. Talley drove the woman impact of the addiction crisis. Av- claims would be open only to I expect that to continue,” said
killed two men, the latest in a Sex Trafficking by to and from jobs and took more erage Americans are about to people who believe they were Stephen Stanley, chief econo-
city where industrial blasts have Caseworker Alleged than 25% of the money that get their shot. harmed by Purdue’s products, mist at Amherst Pierpont.
become a common occurrence. was made, authorities said. On Friday, the federal judge not opioids generally. Still, law- Still, “as trade tensions
The blast, at around 4:30 a.m. A former child-services case- She promised the woman overseeing the bankruptcy case yers for plaintiffs say people ratchet down in 2020, not only
at Watson Grinding & Manufac- worker was charged with human she would help falsify her drug- of Purdue Pharma set a June 30 should file claims even if they will China and the U.S. econo-
turing Co., leveled buildings, trafficking, accused of recruiting test results to help her case, deadline to file a claim against are unsure Purdue’s drugs were mies do better but also those
damaged hundreds of homes a mother who was her client into the district attorney’s office said. the company. That includes gov- involved in their injuries. that are closely tied to trade”
and shook the ground for miles. prostitution in exchange for a fa- Ms, Talley’s lawyer didn’t re- ernments, entities like hospitals —Associated Press like Germany, he said.
IHS Markit’s surveys of pur-
chasing managers at busi-
THE WALL STREET JOURNAL
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CORRECTIONS  AMPLIFICATIONS nesses around the eurozone
pointed to continued weakness
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in activity during January, ac-
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
In some editions Friday, streaming service incorrectly that he could match prices of cording to figures released
Published daily except Sundays and general legal holidays. China’s National Health Com- said the film assigns both other chains without penalty.
Periodicals postage paid at New York, N.Y., and other mailing offices.
Friday. The composite pur-
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Postmaster: Send address changes to The Wall Street Journal,
200 Burnett Rd., Chicopee, MA 01020. the National Health Committee An 85-foot-tall statue of measure of activity in the
All Advertising published in The Wall Street Journal is subject to the applicable rate card, in a Page One article about Sears Hometown Stores the Hindu god Hanuman is a manufacturing and services
copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., Beijing’s efforts to control a Inc. says its price-matching popular attraction in Trinidad. sectors, was unchanged at
1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to coronavirus outbreak. policy is the same for all retail A Jan. 18 Off Duty travel arti- 50.9. The currency area’s man-
accept an advertiser’s order. Only publication of an advertisement shall constitute final
acceptance of the advertiser’s order. chains; price matches can be cle about the Caribbean island ufacturing sector continued to
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com The film “Dreams From My deducted from store owners’ incorrectly described the contract, but more slowly than
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By web: customercenter.wsj.com; By email: wsjsupport@wsj.com that Barack Obama’s grandfa- Business & Finance article rectly gave the name of the orders were only slightly down
By phone: 1-800-JOURNAL (1-800-568-7625) ther was a CIA agent and that Tuesday about the company god as Hanuman Murti. Also, on the previous month.
Reprints & licensing: his father was a member of incorrectly said that a Sears the Trinidad town of Couva is In Europe, Germany has
By email: customreprints@dowjones.com
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the Communist Party. A Busi- Hometown store owner’s com- located inland. The article in- been hardest hit by the slow-
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WSJ back issues and framed pages: wsjshop.com
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 THE WALL STREET JOURNAL.
Evidence Ties Text Leak to Bezos’ Lover
BY JOE PALAZZOLO
AND CORINNE RAMEY
Federal prosecutors in Man-
hattan have evidence indicat-
ing Jeff Bezos’ girlfriend pro-
vided text messages to her
brother that he then sold to
the National Enquirer for its
article about the Amazon.com
Inc. founder’s affair, according
to people familiar with the
matter.
The text messages, which
were reviewed by The Wall
Street Journal, were among
the materials turned over to
federal prosecutors as part of
their investigation into
whether American Media Inc.,
publisher of the National En-
quirer, attempted to extort Mr.
Bezos, the people said. The
U.S. attorney’s office has also
been investigating whether
Mr. Bezos’ phone was hacked,
according to the people.
The evidence gathered by
federal prosecutors includes a
May 10, 2018, text message
sent from the phone of Lauren
Sanchez, Mr. Bezos’ girlfriend,
to her brother Michael San-
chez containing a flirtatious
message from the Amazon
chief, the people said.
The Enquirer quoted the
text in its January 2019 article
about Mr. Bezos’ extramarital
affair with Ms. Sanchez. A July
3, 2018, text message sent
GERALD HERBERT/ASSOCIATED PRESS
Workers opened bays of the Bonnet Carré Spillway to divert rising water from the Mississippi River to Lake Pontchartrain last year. Mississippi says it wasn’t consulted before the decision was made.
Mississippi Presses Corps Over Flood-Control System
BY CAMERON MCWHIRTER
The state of Mississippi,
concerned a bad flood season
this spring will hurt its coast
and economy, is pressing the
U.S. Army Corps of Engineers
to change how it handles high
waters on the Mississippi River.
Worrisome signs indicate
likely flooding in coming
months from the Midwest to
the southern Mississippi Val-
ley, said National Weather Ser-
vice hydrologist Mark Fuchs in
St. Louis. With the ground
soaked, rain or snow has no-
where to go but into streams,
creeks and rivers, then head
south to the Gulf of Mexico.
The Corps opens flood-con-
trol barriers called spillways
or floodways along the Missis-
sippi River during periods of
extremely high water to allevi-
ate pressure on a multistate
levee system and protect com-
munities. But decisions to
shield low-lying, heavily popu-
lated parts of the region, such
as New Orleans, often cause
problems for other areas.
Mississippi says it wasn’t
consulted before the Corps de-
cided last year to open the
Bonnet Carré Spillway in Loui-
siana twice for a total of 123
days, which caused “unprece-
dented devastation upon the
Mississippi Sound” when river
water flowed in, according to
a federal civil lawsuit filed in
late December.
Mississippi is asking that
further openings of the Bonnet
Carré be halted until scientific
studies could be done to find
alternative flood controls.
The brewing legal fight high-
lights tensions between states
and the federal government
over how to manage the south-
ern Mississippi River in an era
of rising water levels. In recent
years, Louisiana and Mississippi
have sued the Corps over how it
operates and maintains the
enormous flood-control system.
The 2019 Bonnet Carré open-
ings sent large volumes of water
* * * *
Hack Report
Puzzles Experts
A report concluding that
Saudi Arabia likely hacked into
Jeff Bezos’ smartphone has
spurred questions and confu-
sion among cybersecurity ex-
perts, even as it has prompted
renewed scrutiny of the king-
dom and its crown prince.
Cyberforensics specialists
said the report, which is dated
November 2019 but didn’t sur-
face publicly until this week, re-
lied heavily on circumstantial
evidence to make the case that
a WhatsApp account associated
with Saudi Crown Prince Mo-
hammed bin Salman was proba-
bly used to hack into the iPhone
of Mr. Bezos, the founder of
from Ms. Sanchez’s phone to
her brother’s includes a photo
of a shirtless Mr. Bezos.
Mr. Bezos’ security consul-
tant, Gavin de Becker, sug-
gested in an opinion article
last year for the Daily Beast
that Saudi Arabia might have
had a hand in the Enquirer’s
reporting on Mr. Bezos. The
claim resurfaced this week af-
ter a forensic audit commis-
sioned by Mr. Bezos alleged
that his phone was hacked us-
Spillway Impact
When the U.S. Army Corps of Engineers opens the Bonnet
Carré Spillway, it diverts water from the Mississippi River
into Lake Pontchartrain. That fresh river water then flows
into the Mississippi Sound. In 2019, the spillway was opened
for an unprecedented 123 days.
Effects of fresh water on coastal communities
Seafood business
The influx of river water
into the Sound last
summer ruined oyster,
shrimp, crab and fish
harvests. Oysters can’t
survive or grow in fresh
water.
Swamp and wetland
Mississippi
River flow
Baton Rouge
At
ch
afa
lay
aR
ive
r
Morgan City
Atchafalaya
Bay
Morganza Floodway
Opened only three times, the Morganza floodway
empties out onto a combination of farmland and the
Atchafalaya National Wildlife Refuge until it spills out
with the Atchafalaya River into the Gulf of Mexico.
into Lake Pontchartrain, north
of New Orleans. That freshwa-
ter, including fertilizer runoff
from farms along the river, then
spewed out into Mississippi
Sound—driving away or killing
sea animals and causing toxic
U.S. NEWS
Amazon.com Inc. and owner of
the Washington Post. They say
the audit left several major
technical questions about the
incident unexplained and in
need of more examination.
“It is not a conclusive report,”
said Bill Marczak, a researcher
with Citizen Lab, a Toronto-
based technology watchdog that
has tracked Saudi Arabia’s use
of surveillance tools.
The report was produced by
business-advisory firm FTI Con-
sulting following an investiga-
tion commissioned by Mr. Bezos.
Gavin de Becker, a security con-
sultant hired separately by Mr.
Bezos, publicly alleged last
March that the investigators
had determined “with high confi-
dence” that the Saudis had ac-
cessed private information on
Mr. Bezos’ phone.
ing a WhatsApp account asso-
ciated with Saudi Crown
Prince Mohammed bin Salman.
The text messages reviewed
by the Journal, as well as a
$200,000 payment Mr. San-
chez received from the En-
quirer under an October 2018
contract the Journal also re-
viewed, supports American
Media’s earlier statements
that he was the source for the
National Enquirer’s article.
The Saudi government said
Tourism Wildlife
Mississippi closed public The quick drop in salt
beaches out of concern a in the waters off the
bloom of toxic blue-green Mississippi Coast
algae, which bloomed caused many sea
from being fed large animals—from
amounts of fertilizer in dolphins and turtles
the fresh water, might to fish—to die or
harm swimmers. swim away.
Urban area MISSISSIPPI
LOUISIANA
Detail area above
Bonnet Carré Lake
Spillway
Pontchartrain
New Orleans
blue-green algae blooms. The in-
flux damaged Mississippi’s sea-
food harvest and forced the
state to shut its beaches, hurt-
ing tourism during the peak
summer season.
The nearby Morganza Spill-
FTI, which is based in
Washington, has repeatedly de-
clined to comment publicly
about its study. The report con-
cluded—with “medium to high
confidence”—that the Whats-
App account associated with
Prince Mohammed was used to
compromise Mr. Bezos’ phone,
likely by sending a video file in
May 2018 that contained an
encrypted file.
Investigators said that video
file appeared to contain mali-
cious code, citing as evidence
that the phone began transmit-
ting large amounts of data
hours after it was received.
Saudi Arabia has denied the
allegations, calling them absurd.
A spokesman for Mr. Bezos de-
clined to comment.
The FTI probe appeared to
forgo important investigatory
the allegation that the crown
prince hacked Mr. Bezos’
phone was absurd and called
for an investigation.
“In September of 2018, Mi-
chael Sanchez began providing
all materials and information
to our reporters,” a spokes-
man for American Media said
Friday. He added that any sug-
gestion that a third party, such
as Saudi Arabia, “was involved
in or in any way influenced
our reporting is false.”
Water salinity parts per thousand
Not suitable for oyster farms
0 5
January 7 – 13, 2019
Gulfport
Pass
Christian
May 27 – June 2, 2019
Gulfport
Pass
Christian
Gulfport
Biloxi
Pass Christian
ppi Sound Pascagoula
Mississi
The Bonnet Carré is primarly
used to ease pressure on the
flood-control system of New
Orleans.
Gulf of Mexico
way, which floods farmland and
swamp in Louisiana when open,
wasn’t used last year, sparing
that area west of the Mississippi
River from comparable damage.
The Corps’ system has four
spillways along the Mississippi
Saturday/Sunday, January 25 - 26, 2020 | A3
steps that could have yielded a
fuller picture of what occurred
on Mr. Bezos’ iPhone X, foren-
sics specialists said.
Perhaps the most important
piece of evidence absent from
the report, experts say, is the
malicious software allegedly
used to hack into Mr. Bezos’
phone. The FTI report suggests
this so-called malware may lie
in an encrypted file sent to Mr.
Bezos’ phone, but FTI said it
wasn’t able to decrypt this file.
It should be able to do so,
according to Mr. Marczak and
Alex Stamos, director of the
Stanford Internet Observatory
at Stanford University, who un-
til August 2018 was chief secu-
rity officer at Facebook Inc.,
which owns WhatsApp.
—Dustin Volz
and Robert McMillan
Mr. Sanchez declined to
comment on the texts or his
contract with American Media.
“With spoon-fed lies and half-
truths, Wall Street Journal
keeps getting it wrong,” Mr.
Sanchez said in an emailed
statement.
Ms. Sanchez didn’t respond
to requests for comment. An
attorney for Mr. Bezos de-
clined to comment.
Federal prosecutors haven’t
charged Michael Sanchez, Lau-
Sea water
15 25
Biloxi
Pascagoula
Biloxi
Pascagoula
ALA.
25 miles
25 km
Sources: Lake Pontchartrain Basin Foundation
(salinity levels); USGS (water, Morganza
Floodway); Virginia Department of
Environmental Quality (oyster salinity)
Dylan Moriarty/THE WALL STREET JOURNAL
River, and the Bonnet Carré
has been opened a total of 14
times since it was built in
1931, more than the openings
of the other spillways com-
bined, according to the Corps.
Joe Spraggins, executive di-
ren Sanchez or anyone else
with a crime in the probe.
Mr. Bezos’ affair with Ms.
Sanchez, a former television
reporter who started an aerial
film-production company, was
publicized the same month he
and his now ex-wife, Mac-
Kenzie Bezos, said their 25-
year marriage was ending.
They agreed to a divorce set-
tlement in April.
The Amazon chief is the
owner of the Washington Post,
where the late columnist Ja-
mal Khashoggi wrote critically
of the kingdom’s leadership
before he was slain last Octo-
ber by a Saudi security team.
The CIA, in a secret assess-
ment reviewed by the Journal,
said that Prince Mohammed
likely ordered Mr. Khashoggi’s
death, although it acknowl-
edged it didn’t have direct evi-
dence of a kill order by the
Saudi crown prince.
On Wednesday, United Na-
tions officials probing Mr.
Khashoggi’s death called on
U.S. authorities to investigate
the findings of the audit com-
missioned by Mr. Bezos.
The October 2018 contract
between Mr. Sanchez and
American Media gave the com-
pany exclusive rights to “cer-
tain information, photographs,
and text messages document-
ing an affair between Jeff Be-
zos and Lauren Sanchez.”
rector of the Mississippi De-
partment of Marine Resources,
said the Corps has opened the
Bonnet Carré with greater fre-
quency in recent years, and
35
last year’s prolonged openings
caused a drop in Mississippi’s
shrimp harvest by 85%, crab
harvest by 35% to 40%, and
oyster harvest by 100%. Sea-
food and fishery revenue
losses were about $216 mil-
lion.
A Corps spokesman de-
clined to comment on the law-
suit, as did the Department of
Justice, which is representing
the Corps. A spokesman for
the Louisiana Department of
Environmental Quality de-
clined to comment. The Louisi-
ana Farm Bureau, which repre-
sents both oyster fishermen
and farmers in neighboring
Louisiana, hasn’t taken a posi-
tion on the lawsuit, according
to a spokesman.
The lawsuit also named the
Mississippi River Commission,
a federal board that oversees
flood-control projects on the
lower Mississippi but doesn’t
handle day-to-day operations.
The commission declined to
comment on the litigation.
Along the Mississippi Coast,
fishermen and businesses
worry this summer could
mean more spillway openings,
leading to another troubled
season.
Amanda Mavar-Schmidt
owns a store in Ocean Springs
that focused on selling paddle-
boards, but after last sum-
mer’s beach closures, she
started selling skateboards,
yoga gear and other items. She
is thinking about opening an-
other store in Destin, Fla., and
she might end up moving
away from Mississippi, she
said.
She said she saw a lot of
dead fish on paddle tours out
to nearby islands last summer.
“I got tired of trying to con-
vince people it’s safe to go out
on the water when I wasn’t so
sure myself,” she said.
A4 | Saturday/Sunday, January 25 - 26, 2020
WASHINGTON
WIRE
Dispatches from the
Nation’s Capital
BY GABRIEL T. RUBIN
IMPEACHMENT CASH DASH:
The cash spigots flow as the Sen-
ate deliberates over President
Trump’s impeachment. The Trump
campaign says it has seen a
20%-30% jump in fundraising be-
cause of impeachment. Vulnerable
senators in both parties face in-
tense scrutiny from groups who
threaten major expenditures
against them if they vote the
wrong way on conviction and
lesser votes such as compelling
Democrats’ Iowa Ads Take Aim at Trump
BY CHAD DAY
AND JULIE BYKOWICZ
WASHINGTON—Joe Biden
and Bernie Sanders are argu-
ing about Mr. Biden’s position
on Social Security. Elizabeth
Warren confronted Mr. Sand-
ers over whether he told her a
woman couldn’t be elected
president. Ms. Warren and
Pete Buttigieg have sniped at
each other over fundraising.
But there is no sign of the
enmity—shown online and in
debates in recent months—in
the Democratic presidential
campaign that is playing out
on Iowa TV screens. In a bar-
rage of 85 different ads that
have aired more than 72,000
times in the past two months
on local television, no Demo-
crat has even mentioned a pri-
mary rival by name, a Wall
Street Journal review found.
Instead, the candidates and
political groups backing them
have trained their collective
fire on President Trump and
talked about health care, cor-
ruption and their ability to
unite the country and win in
November’s general election,
according to the Journal’s
analysis.
“They’re not too mean yet,”
Ellen Kay, 57 years old, said of
the ads she has seen on televi-
sion from her home in Mason
City, where she works at a
credit union. “I’m hoping they
keep it clean and stick to the
issues,” added Ms. Kay, who
spoke to the Journal at a Bi-
den event this week but is also
considering supporting Sen.
Amy Klobuchar.
With a little more than a
week before the Feb. 3 cau-
cuses, the Democrats in the
race and outside groups sup-
porting them have poured
more than $65 million into
Iowa TV and radio ads since
the beginning of last year, ac-
cording to political ad tracker
Kantar/CMAG. More than half
of that spending has occurred
since late November as the
candidates make their closing
arguments to voters in what
has consistently been a close
race.
Mr. Sanders, a Vermont
senator and two-time presi-
dential candidate, and Mr. Bi-
den, the former vice president
President
Targets
Abortion
Continued from Page One
statement on Friday.
A broader legal battle be-
tween states and the White
House is likely.
Religious groups say the
mandates force them to vio-
late their beliefs by purchas-
ing health insurance that cov-
ers abortions or by using their
premiums to help pay for
other consumers’ abortions.
Abortion-rights groups say
that states have the long-held
right to regulate their own in-
surance markets. They say
that abortion, which has been
legal nationally for decades, is
a medical procedure that
should be covered just like
prenatal and maternity care.
Under Friday’s action, the
Department of Health and Hu-
man Services’ Office for Civil
certain witnesses to testify. The
conservative American Action
Network is spending $2.5 million
on digital and TV ads during the
trial against swing-district House
Democrats and a total of $11 mil-
lion in ads focused on impeach-
ment. Donation pages on the GOP
platform WinRed that include the
word “impeach” or “impeachment”
raised over 300% more than non-
impeachment pages.
With Republican senators such
as Cory Gardner, Susan Collins
and Martha McSally taking the
brunt of Democratic spending,
Doug Jones and Gary Peters are
the Democrats most in the GOP
line of fire. Dark money group
America First Policies debuted a
$450,000 ad buy in Alabama this
week targeting Jones for “stand-
ing with the radical left” on im-
peachment. Even out-of-cycle sen-
ators are taking a moment to fill
their coffers with impeachment
money: Ted Cruz, who isn’t up for
re-election until 2024, urged sup-
porters to donate to him “to know
if you’re on the President’s team.”
At least one politician is tak-
ing a different approach: Michael
Bennet, a Democratic presiden-
tial candidate, says he “will not
Democrats in the race and outside groups have poured more than $65 million into Iowa TV and radio ads since the beginning of last year.
In TV ads, the top polling Democratic candidates have focused on attacking President Trump and
pressing issues for voters.
Biden Buttigieg
Number of ad spots aired in Iowa
0 thousand
Anti-Trump
Health care
Economy
Campaign-finance reform
Environment
Taxes
Health-insurance reform
Global warming
Corruption
Pro-Obama
Note: Biden figure includes spending by supportive super PAC Unite the Country
Source: Kantar/CMAG as of Jan. 23
and three-time presidential
candidate, have led most re-
cent Iowa polls, with Ms. War-
ren, a Massachusetts senator,
and Mr. Buttigieg, the former
mayor of South Bend, Ind.,
close behind them.
Tom Steyer, a billionaire
Rights issued a notice of viola-
tion against California. In it,
the agency said the state’s re-
quirement violates federal law
banning government entities
that receive HHS funding from
discriminating against health-
care organizations because
they don’t provide abortion or
abortion coverage. The state
has 30 days to signal compli-
ance before the agency takes
action that could result in cut-
ting HHS funds.
The Trump administration
announced its plan on the day
that thousands of antiabortion
activists gathered on the Na-
tional Mall for the annual
March for Life rally. President
Trump addressed the event
Friday, making him the first
president to do so in person.
“Unborn children have
never had a stronger defender
in the White House,” Mr.
Trump said. “We are fighting
for those who have no voice
and we will win because we
know how to win.”
Mr. Trump has appeared by
video in previous years, fol-
lowing past Republican presi-
dents who spoke by phone to
P W L C 10 11 12
conduct any campaign fundrais-
ing while the trial is in session.”
REPUBLICANS see danger and
opportunity in post-2020 reap-
portionment that determines
how many congressional seats
each state gets. Most new seats
are likely to be in states that
currently lean Republican such
as Texas and Idaho. But the
GOP may lose seats in blue
states where legislatures could
choose to eliminate a Republi-
can-leaning seat in a rural area
while preserving left-leaning
suburban and urban seats in
places like New York and Illinois.
The continuing national realign-
ment making the expanding sub-
urbs bluer and the emptying rural
areas redder only exacerbates
those trends. “We’re growing in
shrinking areas and shrinking in
growing areas,” said Republican
State Leadership Committee
President Austin Chambers. That
adds pressure to maintain their
grip on diversifying states such as
North Carolina and Texas, where
Democrats have made inroads.
PLANNED PARENTHOOD AC-
TION FUND’s endorsement of
Klobuchar
Sanders
5 10 15
self-funding his presidential
campaign, has put about $15
million into Iowa ads, but re-
cently better-polling candi-
dates have been matching or
exceeding his weekly spend-
ing, according to Kantar/
CMAG. Messrs. Sanders and
the gathering that marks the
anniversary of the Supreme
Court’s 1973 Roe v. Wade de-
cision that recognized a na-
tionwide right to abortion.
“The President & VP are
once again attacking women’s
health in order to grandstand
at today’s anti-choice rally,”
California Attorney General
Xavier Becerra tweeted Friday.
Hundreds of billions of dol-
lars could be at stake. Califor-
nia gets $51 billion from HHS
for its Medicaid program, ac-
cording to the Kaiser Family
Foundation. The six states that
mandate abortion coverage get
more than $100 billion annu-
ally in federal Medicaid funds
alone, according to Kaiser.
Other states should expect
the same actions, Roger Sever-
ino, director of the HHS Office
for Civil Rights, said Friday,
adding, “Just as a government
shouldn’t force a kosher deli to
serve ham, you shouldn’t re-
quire nuns to pay for abortion.”
California’s requirement that
private health-insurance poli-
cies include abortion coverage
was challenged by a Catholic
mission, the Missionary Guada-
H T G K R F A M 1 2 3 4 5 6 7 8
POLITICS
Susan Collins’s opponent in the
Maine Senate race, Sara Gideon,
marks perhaps a final break with
Senate Republicans among or-
ganizations that support abor-
tion rights. PPFA didn’t endorse
Collins or her opponent in 2014,
and they haven’t endorsed or
donated to a Republican Senate
candidate since giving $5,000 to
Mark Kirk’s failed re-election bid
in Illinois in 2016. In 2017 the
group did honor Collins for being
an “outspoken champion for
women’s health.”
Republican Majority for
Choice, which once backed candi-
dates like Collins who support
Roe v. Wade, shut its doors in
2018 after its leaders concluded
that the GOP’s “big tent has col-
lapsed for good.” Similarly, very
few antiabortion lawmakers re-
main in the Democratic ranks.
“Collins has not changed, but
leadership at Planned Parenthood
certainly has,” her campaign
spokesman Kevin Kelley said.
OBAMA ADMINISTRATION
alumni see City Hall as the next
step after the White House.
Mary Miller, a former top Obama
Treasury Department official, an-
Yang
Steyer Warren
Cumulative total spent by
week
20 25
$8. million
6 past two months, more than
4 president is dangerous and
2 in one of his campaign ads,
0 of this nation.”
Dec. ’19 Jan. ’20
Buttigieg each have spent
more than $9.5 million on
Iowa ads, followed by the
combined efforts of Mr. Biden
and Unite the Country, a super
political-action committee
supporting him, at about $7.7
million.
lupanas of the Holy Spirit. A
three-judge panel of the Cali-
fornia Court of Appeals in Au-
gust dismissed that lawsuit.
Meanwhile, Oregon Right to
Life this month said it had
filed a suit against Oregon’s
law, which was passed in 2017.
A complaint against Illinois’s
abortion-coverage requirement
was filed in October on behalf
of the Thomas More Society,
an antiabortion legal group.
During his remarks Friday,
Mr. Trump attacked Demo-
cratic support for abortion
rights and stressed his record
on restricting abortion access,
noting his policy efforts and
judicial appointments. He also
framed the issue in a religious
context, saying: “Every human
soul is divine, and every hu-
man life—born and unborn—is
made in the holy image of Al-
mighty God.”
The Trump administration
has pushed to include reli-
gious rights in health-care pol-
icy. Last May, it issued a rule
supporting health workers
with moral or faith-based ob-
jections to certain medical
procedures. The rule was later
9 O I X X **** THE WALL STREET JOURNAL.
nounced a run for Baltimore ing it much easier for its tens of
mayor on the heels of former thousands of partner groups to
Treasury staffer Paige Cognetti help people respond. But that
becoming mayor of Scranton, Pa. can infringe on the confidential-
Another former Treasury official, ity of collecting census data.
Luke Bronin, is the mayor of The bureau is circulating a
Hartford, Conn. Shaun Donovan, delicately worded note to set
President Obama’s Secretary of ground rules for volunteers, in-
Housing and Urban Develop- cluding a reminder that they
ment, has been widely reported state that they aren’t Census
to be interested in the New York
mayoralty, though he passed on
Bureau employees and an ad-
monishment not to collect data
challenging Bill de Blasio’s re-
election in 2017.
door-to-door on their own. “We
want to reduce concerns about
impostors so the public will be
PRESIDENT TRUMP TWEETED motivated to open the door for
in response to Fox News and census takers,” the note says.
Fox Business programming 657
times during 2019, according to MINOR MEMOS: Sen. Kyrsten
an estimate by the liberal Sinema of Arizona adds color to
watchdog group Media Matters. somber impeachment trial pro-
That was around 10% of his to- ceedings with a fuzzy pink coat.…
tal tweets for the year. The net- Sen. Tom Carper of Delaware
work’s “Fox & Friends” morning sneaks up behind Rep. Mark
show was live-tweeted the Meadows of North Carolina dur-
most, at least 206 times, more ing the impeachment press con-
than 35 other Fox shows he re- ference to play reporter.… “What
sponded to. would Washington be without
its gossip, and what would the
CENSUS BUREAU gets love- gossip be worth just now with-
bombed by outside groups want- out impeachment?” asked the
ing to get everyone counted. The New York Herald during Presi-
online response option has the dent Andrew Johnson’s impeach-
unintended consequence of mak- ment trial in March 1868.
involved in that race.
Democratic candidates, wary
of turning off voters whose
support might shift during the
caucusing process, have instead
tried to implicitly distance
themselves from rivals.
In a heavily aired spot, Mr.
Sanders invokes President
Kennedy’s speech about how
Americans try to do things
such as go to the moon “not
because they are easy but be-
cause they are hard.”
Mr. Sanders says that while
“other candidates” might say
it is impossible to combat cli-
mate change, make health care
and college affordable and cre-
ate world peace, “remember,
America is best when we
strive to do big things, even
when it’s hard.”
Health care—the second-
most common issue men-
tioned by Democratic candi-
dates in ads after opposition
to Mr. Trump—appears promi-
JACK KURTZ/ZUMA PRESS
nently in at least one heavily
aired ad by Messrs. Sanders,
Biden and Buttigieg.
One of Mr. Sanders’s most
frequently aired ads opens
with people standing at a
gravestone of a 22-year-old.
Mr. Sanders narrates, “There
Overall, hundreds of Demo- are people who are dying in
cratic TV ads are airing in America because they cannot
Iowa each day, according to afford the outrageous cost of
Kantar/CMAG. On Monday, for prescription drugs in this
example, more than 530 aired country. And we have a gov-
in Cedar Rapids alone. ernment that does nothing
Anti-Trump messages ap- about it because this govern-
pear in more Democratic ads ment is owned by the pharma-
than any other theme, Kantar/ ceutical industry.”
CMAG data show. Over the Both Messrs. Biden and
Buttigieg have ads that implic-
25,000 such spots have aired, itly criticize their opponents
many of them saying the who are advocating for Medi-
care for All.
unfit for office. If Mr. Trump Only Ms. Warren has no
is re-elected, Mr. Biden says Iowa commercials that include
her stance on health care,
“he will forever and funda- which proved a tricky topic for
mentally alter the character her in the fall. While she, like
Mr. Sanders, has advocated for
Ahead of the 2016 Iowa Medicare for All, she took heat
contest, there were about a from the rest of the 2020 field
dozen Republicans in the race, for months for declining to
about the same number as the outline how she would pay for
Democratic field has this year. it. Ms. Warren eventually said
But the Republicans that year she would fund the expansion
were much more willing to at- of government insurance
tack each other in messages to through tax increases on the
Iowa voters, with negative ads wealthy and corporations,
popping up from Sen. Ted rather than the middle class.
Cruz of Texas and the numer- —Tarini Parti
ous well-funded super PACs contributed to this article.
blocked in federal court.
Administration officials
and religious groups say laws
For example, eleven states ban
abortion coverage in all pri-
vate insurance plans regulated
that mandate contraception
or abortion coverage
shouldn’t stand because they
by the state, according to the
Guttmacher Institute, an or-
ganization that supports abor-
violate deeply held beliefs.
Their position is part of a
broader effort to harness fed-
tion rights.
“This sounds quite extraor-
dinary,” said Nicholas Bagley,
eral civil-rights laws to pro- a University of Michigan law
tect groups and individuals professor of the administra-
that oppose abortion. tion’s action against Califor-
Abortion rights groups say nia. “This is the kind of
the federal government is at- change you’d normally see
tacking access to reproductive through rule making. To just
rights that are protected under go after California, it seems
Roe v. Wade and other court vindictive.”
rulings. They add that letting Mr. Trump has been at odds
insurers opt out of providing with California, which is domi-
abortion coverage particularly nated by Democrats and sup-
harms lower-income women ported Hillary Clinton in 2016,
who can’t afford abortions. on several fronts. He has criti-
Alexis McGill Johnson, act- cized its policies on homeless-
ing president and chief execu- ness, and his administration
tive of Planned Parenthood has cited air-quality concerns
Action Fund, said, “Since day in threatening to withhold fed-
one, this administration has eral highway funding.
carried out a full-out assault Mr. Trump and his cam-
on our health and our rights.” paign have been eager to court
Some legal experts say the and expand support from anti-
Trump administration threat abortion voters heading into
of withholding funds tramples the 2020 election.
on states’ right to regulate —Sadie Gurman
their own insurance markets. contributed to this article.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, January 25 - 26, 2020 | A5

POLITICS

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

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

Make Pitch the bulk of its arguments for

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

To GOP familiar with the discussions said.

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

Border Patrol’s New Chief

Is Fourth in Job Under Trump
BY ALICIA A. CALDWELL

A veteran Border Patrol of-

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

first female chief, who had

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

Four-Way Sprint to Iowa Finish

BY SABRINA SIDDIQUI Mayor Pete Buttigieg. Those
four candidates have been
senators have been stuck in
the upper chamber for six “Buzz”-Worthy
With just over one week closely bunched together in days a week as they weigh
until the Iowa caucuses, the surveys of Iowa, whose cau- charges against Mr. Trump Cocktail shaker
first nominating contest of cus system is notoriously that include abuse of power Ingenious design. Sought-after rarity. Stylish accessory.
2020, the Democratic race to hard to poll. and obstruction of justice.
challenge President Trump The fluidity of the race Ms. Klobuchar, who is
This Art Deco “Portable Bar” shaker features everything
in November has meant little clarity be- polling in single digits, has needed to craft the perfect cocktail. Taking the form of a
 remains a
tight battle
fore the Feb. 3 caucuses,
which might not prove deci-
given more than 10 local
television interviews since
monoplane, the silverplate set includes a shaker, three
flasks, shot glasses, a spoon with an olive fork, a corkscrew
THIS with no clear sive but could influence the Wednesday alone, mostly and a funnel. Circa 1930. 101/4”w x 91/2”d x 41/2”h. #31-0315
WEEK front-runner. Feb. 11 New Hampshire pri- targeting media markets in
Democrats mary and subsequent early Iowa and New Hampshire in
have been as- contests. the hopes of boosting her
sessing candidates for al- According to most polls, presence from afar. Ms.
most a year in a primary many Democrats’ decisions Warren and Mr. Sanders
that has largely been domi- have been driven by an un- have sent prominent surro-
nated by domestic issues derlying urgency to limit Mr. gates in their stead. All
such as health care and the Trump’s presidency to one three senators plan to blitz
economy. term. Mr. Trump’s impeach- the Hawkeye State during a
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A6 | Saturday/Sunday, January 25 - 26, 2020
Coronavirus Cases, Deaths Rise in China
Second U.S. case
confirmed; disease
appears in Europe and
Australia for first time
BY STEPHANIE YANG
AND BRIANNA ABBOTT
The tally of deaths and in-
fections from the spread of
the new coronavirus in China
jumped again on Friday—with
authorities canceling large
public gatherings and locking
down more cities—as the U.S.
confirmed its second infection
and the disease spread into
Europe and Australia for the
first time.
The number of infections
had risen to at least 1,287 con-
firmed cases as of the end of
Friday, China’s National Health
Commission reported Saturday
morning local time, more than
doubling the total number
from just a day earlier.
Chinese state media sepa-
rately reported the death on
Saturday morning of a doctor
at one of the main hospitals
treating coronavirus patients
in Wuhan, the central Chinese
city where the outbreak began.
The 62-year-old ear, nose and
throat doctor is believed to be
the first doctor to have died
from the disease, and would
bring the total count up to 42.
The new U.S. case involves
a woman in her 60s from Chi-
cago who had traveled to Wu-
han in late December and re-
turned to the U.S. on Jan. 13,
Chicago’s health commissioner
Virus Tests
China’s
Ambitions
Continued from Page One
virus, where it came from and
how easily it spreads. In the
meantime, they say it’s inevita-
ble more people will become ill.
Global health officials say
China’s response to the out-
break is a vast improvement
over its handling of a deadly
epidemic 17 years ago of severe
acute respiratory syndrome, or
SARS. Chinese authorities ini-
tially hid the outbreak of that
new virus, then played it down
for four months.
In this new outbreak, Chi-
nese health authorities dis-
closed cases within days of dis-
covery. By early January, they
had sequenced the genome of
the new virus and made it
available to researchers around
the world. That promises to
speed the development of diag-
nostic tools, as well as possible
vaccines and treatments.
Yet nearly a month after dis-
covering the first cases, Chi-
nese health officials have made
little progress in stopping its
spread. As many as 4,000 peo-
ple in Wuhan may have been
infected with the new virus as
of Jan. 18, according to the
most recent estimate by Neil
Ferguson, a disease modeler at
Imperial College London.
Basic clues
Global public-health experts
and local citizens said China
has been slow to publicly dis-
close some basic clues about
the virus and how it is being
transmitted, though some re-
search can take time.
“We don’t know how infec-
tious it is, we don’t know how
severe it is, and we don’t know
how it’s spreading,” said Tom
Frieden, former director of the
U.S. Centers for Disease Control
and Prevention who is now
president and CEO of Resolve
to Save Lives, a nonprofit ini-
tiative focused on epidemics
and heart disease.
Hospitals are overcrowded
and struggling to test everyone
who comes in. Chinese citizens
say they suspect the numbers
may be understated.
Political and health authori-
ties appeared to take strong ac-
tion only after public comments
from President Xi Jinping. Offi-
cials should “release outbreak
information in a timely manner
and deepen international coop-
eration,” he said Monday.
Officials followed by an-
nouncing the largest quarantine
in history, shutting down public
transit, blocking roads and im-
posing travel restrictions on
people in Wuhan, a sprawl of 11
million people, and in roughly a
dozen other nearby cities.
Many epidemic experts say that
said, adding that the woman
has been isolated in a hospital
and is doing well.
A man in his 30s in Wash-
ington state who had traveled
to Wuhan had been diagnosed
with the virus earlier this
week.
Officials at the federal Cen-
ters for Disease Control and
Prevention said they expected
the virus would spread to
more people in the U.S. and
elsewhere around the world.
The French health ministry
said on Friday that one patient
had been hospitalized in Bor-
deaux, in the south of France,
while two other patients were
hospitalized in Paris.
In Australia, health officials
Saturday confirmed the coun-
try’s first case of coronavirus,
a Chinese man in his 50s who
had flown into Melbourne last
week after having spent time
in Wuhan.
Singapore said it had two
new confirmed coronavirus
cases, bringing the total num-
ber there to three. All are resi-
dents of Wuhan, visiting Sing-
apore over the weeklong
Lunar New Year holiday.
Taiwan’s health ministry
confirmed two more cases on
Friday, bringing the separately
governed island’s tally to
three. Confirmed cases have
also appeared in Thailand,
Vietnam, South Korea, Japan,
Nepal and the Chinese territo-
ries of Hong Kong and Macau.
The Wuhan virus belongs to
a family of respiratory viruses
that can be spread by coughing,
kissing or making contact with
The construction site of a field hospital for coronavirus patients in Wuhan on Friday. The outbreak is straining the city’s medical resources.
is unlikely to be effective.
China’s skills in certain basic
public-health tasks, such as
outbreak investigations, are un-
even, despite its world-class ge-
nomics, virologists, and gleam-
ing hospitals, according to one
person familiar with China’s
public-health system.
The stakes are enormous for
China. Mr. Xi has made it a pri-
ority to revive the coun-
try’s stature on the global
stage. That includes proving to
the world China can handle a
health problem in ways that it
failed to with SARS, when 774
people died. Failure to contain
this new outbreak soon could
damage China’s reputation and
hurt its economy.
The country’s investment in
medical and public-health capa-
bilities means it should be able
to deliver a robust outbreak re-
sponse, experts say. China is a
hot spot for emerging viruses,
with its large bat populations—
which are hosts to many of
these pathogens—along with
densely populated rural areas
and a long tradition of eating
exotic wildlife.
“It’s very clear the govern-
ment has spent a lot of money
building technology, and at-
tracting talent from abroad,
and you would expect them to
do a better job this time,” said
Yanzhong Huang, a senior fel-
low for global health at the
Council on Foreign Relations in
New York who analyzed the
country’s response to SARS and
its aftermath.
Health officials generally
make public “epi” or epidemic
curves charts to show when ill-
nesses begin, and therefore
how intensely the virus is
spreading.
The WHO’s representative in
China, Gauden Galea, said Chi-
nese authorities shared a de-
tailed epi curve this week with
a committee considering
whether to declare the out-
WORLD NEWS
100 miles
100 km
Beijing
CHINA
Xiantao
Jingmen
Dangyang
Chengdu
Zhijiang
Qianjiang
Chongqing
Guangzhou
Sources: Harvard Dataverse (high-speed rail); Oak Ridge National Laboratory (population density); local governments (lockdowns, population)
saliva. Often, these coronavi-
ruses simply cause common
colds. But others have been
more serious, even deadly.
Health officials believe that
the incubation period for the
virus is around 14 days, mean-
ing it could take roughly two
weeks for someone infected
with the virus to develop
break a public-health concern.
“We could have had an epi
curve three weeks ago,” said
Michael Osterholm, director of
the Center for Infectious Dis-
ease Research and Policy at the
University of Minnesota.
The WHO’s current director-
general, Tedros Adhanom Ghe-
breyesus, said through a spokes-
woman that Chinese authorities
are sharing data and other in-
formation about the outbreak.
“There is an open channel with
senior officials,” he said. “We’re
getting the cooperation and on
information-sharing, they have
been very open.”
Calls to China’s National
Health Commission and Minis-
try of Science and Technology
weren’t answered Friday during
the Lunar New Year holiday.
Unusual pneumonia
The WHO first learned about
the outbreak of an unusual
pneumonia in Wuhan from an
official statement by Wuhan
authorities, Dr. Galea, the
WHO’s China representative,
said in the interview. China’s
cabinet-level National Health
Commission formally notified
the WHO the next day, he said.
Chinese officials told the
WHO emergency committee
this week that their preliminary
calculations show each infected
person infects between 1.4 and
2.5 more people, Dr. Galea said.
That number could change, he
added, because it’s unknown
how many people are infected;
people who are only mildly ill
might not seek medical care.
“Everyone is impatient to
get the answers, but we do
know that research like this is
being done and it’s just a mat-
ter of time before that also is
shared with the scientific com-
munity,” he said.
Collaboration with interna-
tional researchers could help
speed the effort to understand
Chinese officials have declared full or partial
lockdowns in multiple cities, closing airports,
center of the epidemic, is a transit hub with
Shanghai
Wuhan
Huanggang
Huangshi
Ezhou
Xianning
HONG Three largest
KONG
MAP KEY
Cities on full or
partial lockdown
High-speed rail
Population density
LOW HIGH
symptoms.
People are most likely not
contagious before symptoms
develop, health officials said.
U.S. authorities have been
screening international travel-
ers arriving at five major air-
ports for fevers and other
symptoms of an infection.
The CDC said that it is cur-
and contain the virus, he said.
There’s a diagnostic test now.
International researchers could
help develop additional tests to
detect whether people had been
infected in the past, he said.
Wuhan disclosed the first 27
cases of pneumonia, connected
to the Huanan animal whole-
sale market on Dec. 31, after ru-
mors had been circulating for
days on Chinese social media
about pneumonia cases that
were similar to SARS.
Wuhan closed the market on
New Year’s Day, but was slow
to step up public warnings
about the virus. Around the
start of the year, police tempo-
rarily detained eight people it
alleged had spread false infor-
mation about the virus. City
‘We don’t know how
infectious it is, we
don’t know how
severe it is.’
health officials said in several
statements that there was ei-
ther no evidence the virus
could be passed between hu-
mans or a low risk of it.
Officials stuck to that mes-
saging even as they disclosed
an infected family in which the
husband worked at the animal
wholesale market while his
wife, also infected, claimed no
exposure to it.
Provincial and municipal of-
ficials preoccupied themselves
with annual policy meetings.
The virus wasn’t on official
agendas.
Senior Hubei province offi-
cials were enjoying an evening
gala at a Wuhan concert hall
on Tuesday, a day after the
government disclosed a sharp
increase in the number of
cases and Mr. Xi ordered offi-
* *******
train stations and highways. Wuhan, the
high-speed rail connections to some
of China’s most populated cities.
Cities on full or partial lockdown,
population: 30 million in 2018
Wuhan: 11 million Jingmen
Officials canceled all
outbound trains, ferries,
buses and flights and Xianning
closed down local bus and
metro service beginning
at 10 a.m. local time on Huangshi
Jan. 23.
Huanggang
Xiantao
6 million Qianjiang
Ezhou
Zhijiang Dangyang
New York
cities in U.S., 8 million
estimated
population:
15 million
in 2018
Los Angeles
4 million
Chicago
rently re-evaluating the
screening process. So far, over
2,000 people coming into the
U.S. have been screened from
roughly 200 flights.
The Chicago woman who
was infected didn’t show
symptoms until a few days af-
ter returning to the U.S.,
health authorities said.
cials to improve their response
and disclose more information.
The mood was cheerful, with
shows featuring patriotic sing-
ing, red ribbons, and dancers
in ethnic minority costumes.
Soon, hospitals in and
around Wuhan were reporting
more cases to the National
Health Commission in Beijing.
It caught the attention of the
cabinet-level body, which on
Sunday sent experts to Wuhan
for a closer look.
The group concluded that
the situation was severe
enough to recommend authori-
ties lock down the city. Only top
leaders in Beijing had the au-
thority to make the call. After
the team returned to Beijing,
Mr. Xi instructed the central
government to set up a task
force to tackle the outbreak and
signed off on the lockdown.
Since SARS, China has im-
proved hygiene at wet markets,
where most Chinese people
buy food, and sought to en-
courage licensed trade in wild
animals bred on farms. Yet reg-
ulation of wildlife farms and
markets has been lax, research-
ers and wildlife activists say.
Chinese medical officials
have found traces of the virus
in the closed Huanan market,
but couldn’t determine a spe-
cific animal source, according
to Gao Fu, director of the Chi-
nese Center for Disease Con-
trol and Prevention
In the wake of SARS, China
made a play for more influence
at the top of the World Health
Organization, which had been
critical of China’s initial re-
sponse to the outbreak. In No-
vember 2006, a doctor named
Margaret Chan was named di-
rector-general of the WHO,
largely the result of lobbying by
a respected Communist Party
elder, Wu Yi. They had worked
together to contain SARS.
When Mr. Xi hosted a major
WHO conference in Beijing in
THE WALL STREET JOURNAL.
After learning about the
woman’s trip, her doctor took
steps to prevent further
spread, including sending the
woman to a hospital with in-
fection control.
Authorities in Chicago ex-
pressed doubt that the woman
who became the U.S. second
confirmed case had transmitted
the virus since she didn’t have
symptoms while flying—and af-
ter returning to the U.S., didn’t
take public transportation or
attend any large gatherings. In
addition, she didn’t have long,
close contact with anyone out-
side her home, they added.
President Trump said in a
tweet Friday that the U.S.
“greatly appreciates” China’s
efforts to control the coronavi-
rus, and its transparency. He
singled out Chinese President
Xi Jinping for praise.
In China, officials have shut
down parts of the Great Wall
and canceled Lunar New Year
events as part of efforts to
stop the spread of the respira-
tory virus.
They have also halted pub-
lic transportation out of sev-
eral cities in Hubei province,
of which Wuhan is the capital
and largest city.
On Thursday morning, local
officials locked down Wuhan,
a major transportation hub
that is home to 11 million peo-
ple. Outbound flights and
trains were canceled and
roads leading out of the city
were blocked.
—Jon Emont in Singapore
and James Glynn in Sydney
contributed to this article.
YUAN ZHENG/UTUKU/ROPI/ZUMA PRESS
2016, Dr. Chan lavished praise
on China’s advances in health
care. “In essence, China has
given its huge population a
safety net that protects people
from being impoverished by
the costs of health care. This
makes a tremendous contribu-
tion to a fair and prosperous
society,“ she said.
The WHO didn’t respond to
questions about the organiza-
tion’s relationship with top of-
ficials while Dr. Chan led it,
until 2017. Dr. Chan couldn’t
immediately be reached.
One of China’s biggest con-
tributions to its health-care
system is new hospitals. Ac-
cording to municipal govern-
ment reports, Wuhan built 69
hospitals in three years, for a
total 335 in 2017, and employed
62% more in the medical sector,
not including robots plying the
halls of some facilities.
Yet the outbreak is straining
the resources of front-line hos-
pital staff. On Friday, dozens of
construction excavators were
clearing a field for a temporary
1,000-bed isolation and treat-
ment ward built according to a
model used in Beijing to coordi-
nate efforts to control SARS.
After the citywide quaran-
tine prompted many in Wuhan
to seek medical attention on
Thursday, several hospitals
made appeals through social
media for a range of medical
supplies, including masks and
disinfectant.
“Currently, doctors and
nurses fighting at the front
lines can only supply a limited
amount of all kinds of protec-
tive materials,” said a message
from Hubei Children’s Medical
Center, which carried a re-
minder it is the city’s only
children’s hospital and that it
faces “an arduous task” in its
fever wards.
—Shan Li, Yifan Wang
and Jeremy Page
contributed to this article.
 THE WALL STREET JOURNAL. * * * * * * * * Saturday/Sunday, January 25 - 26, 2020 | A7

WORLD NEWS

Pentagon tration is united on trying to

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

Objects divided over how to deal with

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

On Huawei tration within the administra-

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

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

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

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

Chinese Sites in Outbreak

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

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A8 | Saturday/Sunday, January 25 - 26, 2020
Thousands of
Iraqis Protest
U.S. Presence
BY ISABEL COLES
BAGHDAD—Thousands of
Iraqis protested the presence
of U.S. military in the country,
in demonstrations invoked by
a prominent Shiite cleric and
longtime American foe who
has capitalized on anger at the
targeted killing of a top Ira-
nian general on their soil.
Moqtada al-Sadr fought
American forces after they in-
vaded Iraq nearly two decades
ago. Now, the 45-year-old has
once again positioned himself
at the forefront of resistance
to the U.S. presence.
Mr. Sadr had called for a
million people to join Friday’s
protests. An Interior Ministry
official estimated more than
700,000 people turned out; no
independent assessment of the
crowd numbers was available.
The size of the demonstra-
tions shows Mr. Sadr’s ability
to mobilize the street by tap-
ping the popular anger in Iraq
over the targeted killing by
the U.S. of Maj. Gen Qassem
Soleimani, the architect of
Iran’s shadow wars and mili-
tary expansion in the Middle
East, and his point man in
Iraq, Abu Mahdi al-Mohandes.
The backlash badly dam-
aged relations between Bagh-
dad and Washington and uni-
fied rival Shiite political
factions in opposition to the
U.S. for now. It also has deeply
Pentagon Again Raises Number of Troops Injured
BY NANCY A. YOUSSEF
At least 34 U.S. troops suf-
fered concussions or traumatic
brain injuries during an Ira-
nian ballistic-missile strike
this month, the Pentagon said,
increasing the injury assess-
ment for at least the third
time in two weeks.
Of those injured, eight were
evacuated to the U.S. for addi-
tional medical treatment, Pen-
tagon spokesman Jonathan
Hoffman told reporters Friday.
Nine others were taken to Ger-
many and one to Kuwait, and
16 were treated in Iraq, Mr.
In Memoriam
 
polarized Iraq between pro-
and anti-Iranian camps.
Mr. Sadr—a mercurial
leader who alternatively has
battled and cooperated with
Iran—has sought to straddle
both camps, rallying his follow-
ers against the U.S. while sup-
porting monthslong antigov-
ernment protests that have
challenged Iranian influence
over the country. In doing so,
Mr. Sadr is seeking to increase
his political bargaining power
and maintain his image as both
an opponent of corruption and
a nationalist-resistance leader,
Iraq politicians say.
One constant is Mr. Sadr’s
opposition to the U.S.—a stance
he inherited from his father
Mohammed Sadeq al-Sadr, who
also bequeathed him a devoted
following among a swath of the
country’s Shiite underclass.
No other Iraqi political fig-
ure has Mr. Sadr’s ability to
mobilize the street. From Iran’s
perspective, having Mr. Sadr
on its side broadens support
for the expulsion of U.S. troops
beyond pro-Iranian politicians
and militias that have weapons
but a sparse following.
“We will exhaust all peace-
ful, political, economic, social,
cultural and popular means to
achieve our main goal, which is
setting a timetable for the de-
parture of the occupation
forces,” a representative for
Mr. Sadr said from a podium at
Hoffman said.
The service members
treated in Iraq and the Ameri-
can sent to Kuwait all are back
on duty, Mr. Hoffman said,
meaning half of those injured
are still undergoing medical
treatment more than two
weeks after the Jan. 8 Iranian
missile strikes at Al Asad air
base in Iraq.
The morning after the at-
tack, President Trump re-
ported that no Americans had
been harmed by the missile
launches, an Iranian reprisal
for the U.S. airstrike that killed
Iranian Maj. Gen. Qassem So-
NY
WORLD NEWS
Demonstrators marching in Baghdad against U.S. troops in Iraq were heeding a call by influential Shiite cleric Moqtada al-Sadr.
the heart of the demonstra-
tions in Baghdad. Mr. Sadr has
lived in Iran since last year due
to threats to his safety in Iraq.
Thousands responded in
unison with chants of “No, no
to America! No, no to the occu-
pation! No, no to corruption!”
Many of the protesters came
from other provinces in re-
sponse to Mr. Sadr’s call. They
flew Iraqi flags, as opposed to
party or militia flags, in keeping
with Mr. Sadr’s instructions.
Some had white sheets tied
around their shoulders repre-
senting shrouds typically worn
by the cleric’s followers. A
large cardboard cutout of
President Trump swung from
a pole, attached by a noose
leimani a few days earlier. But
a week after the strike, mili-
tary officials said 11 American
service members had been
evacuated from Iraq due to
concussions, often called mild
traumatic brain injuries.
The number then was in-
creased when a senior U.S.
commander in Iraq said earlier
this week that the number of
injured was “in the teens,” and
on Friday, Mr. Hoffman said
the count was at 34.
Mr. Hoffman said confusion
about the number of injuries
was caused, in part, by the
time it takes for symptoms of
tied around his neck.
The U.S. hasn’t commented
on the march.
Many Iraqi officials believe
a precipitous withdrawal of
the roughly 5,300 U.S. forces
in Iraq would enable Islamic
State to stage a comeback and
lead to the country’s economic
and political isolation.
U.S. officials say they have no
intention of leaving Iraq for
now, and Mr. Trump has threat-
ened to impose sanctions if
American troops are forced out.
The general’s death has
turned Mr. Sadr into a valuable
asset for Iran and its allies at a
time when they are reeling
from the loss of their leaders.
In return for mobilizing his
traumatic brain injury to ap-
pear.
He said Defense Secretary
Mark Esper has asked for a re-
view on how the military re-
ports battlefield injuries to su-
periors in Washington. He
couldn’t provide a time frame
for the review.
The U.S. military has long-
standing procedures for re-
porting casualties through the
chain of command.
The Trump administration
also was criticized for playing
down the severity of injuries.
Mr. Trump at a news confer-
ence Wednesday in Davos,
For more information:
wsj.com/inmemoriam
* *** THE WALL STREET JOURNAL.
followers, Iran effectively en-
abled Mr. Sadr to outflank ri-
val Shiite factions in Iraq.
“He understands that after
the death of Soleimani and al-
Mohandes, the Iranian machine
of influence in Iraq is undergo-
ing a process of resetting,” said
Harith Hassan, a scholar at
Carnegie Middle East Center.
“He sees this as an opportunity
to assert his position within
the Shia political spectrum and
make sure that his rivals will
not emerge stronger.”
Unlike many of the coun-
try’s political leaders who re-
turned from exile only after
the U.S.-led invasion, Mr. Sadr
had remained in Iraq, sharing
the hardships of sanctions and
Switzerland, said the injuries
weren’t very serious, drawing
the ire of veterans groups.
Also Wednesday, Mr. Esper
told a reporter that he didn’t
know how many were hurt,
but said it was “mostly outpa-
tient stuff.”
“We can track that if you’re
really interested in it,” the de-
fense chief said in remarks to
reporters at Naval Air Station
Pensacola.
Traumatic brain injury has
been the most common wound
for troops deployed to Afghan-
istan and Iraq, where insur-
gents turn to concealed road-
WORLD WATCH
FRANCE
Macron Advances
AMEER AL MOHAMMEDAW/DPA/ZUMA PRESS
Saddam Hussein’s oppression
with ordinary Iraqis.
He burnished his creden-
tials by fighting U.S. troops as
anger grew. Since entering
politics, Mr. Sadr has posi-
tioned himself as the torch-
bearer of reform, often mobi-
lizing his followers against
corruption and one time
storming parliament. That has
sometimes brought him into
conflict with Iran-backed
groups inside Iraq.
Low turnout at the most re-
cent election in 2018 helped
him win the largest number of
seats in parliament, and he
struck a deal with pro-Iranian
factions to make Adel Abdul-
Mahdi prime minister.
side bombs to counter the
military edge of U.S. and allied
forces in face-to-face combat.
More than 408,000 U.S. ser-
vice members have suffered
traumatic brain injuries since
2000, about 80% of them con-
cussions, according to the Pen-
tagon’s Defense and Veterans
Brain Injury Center.
It is unknown how many of
those troops are eligible for a
Purple Heart, the U.S. military
decoration awarded to those
injured in battle, Mr. Hoffman
said in response to questions.
—Michael M. Phillips
contributed to this article.
UNITED KINGDOM
Facial-Recognition

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 +,  *              month. Parliament is widely ex- technology uses artificial intelli-
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 many schools to close. court. The Metropolitan Police
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Honor your loved one’s life in The Wall Street Journal grants “demanded permits for European Council President
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The Wall Street Journal, either in our national or regional editions. Our the United States.” the overnight signing with the
In Memoriam notices provide a dignified way for friends, family and National guardsmen in riot president of the EU’s powerful ex-
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( , +, )-*E- WSJ.com/InMemoriam
(-    ( to 20 waiting buses without re- The EU Parliament is expected to
+- © 2020 Dow Jones & Company, Inc.
All Rights Reserved. sistance. ratify the deal Wednesday.
—Associated Press —Associated Press
THE WALL STREET JOURNAL.
Before Doomed Flight, Anxiety and a Kiss
A ticketing error kept
one passenger from
joining his wife on
Flight 752 from Tehran
Mohsen Ahmadipour ar-
rived early with his wife for
their Jan. 8 flight from Teh-
ran’s international airport to
Kyiv, eager to start a new life
together.
By Kim Mackrael
in Ottawa, Rory Jones
in Dubai and Georgi
Kantchev in Kyiv
Mr. Ahmadipour, a 38-year-
old graduate student, had
flown to Iran to visit family
and then return to Canada
with his wife, Rouja Azadian.
Joining Mohsen for his second
semester in Ottawa and ner-
vous about facing the cold
weather for the first time,
Rouja was wearing the winter
jacket he had brought her. But
she had forgotten to bring her
favorite socks.
After they had waited for
more than two hours to check
in, Mr. Ahmadipour learned he
had unwittingly canceled his
own tickets for their flights to
Kyiv and onward to Canada
when he changed his original
flight to Iran.
He tried to buy a new seat,
but was told there wasn’t
enough time before the sched-
uled 5:15 a.m. departure.
“Do you want me to cancel
the flight and stay?” Ms. Aza-
dian asked him.
Mr. Ahmadipour urged her
to go on alone. A friend would
meet her at the airport in Ot-
tawa, he said. “You are strong
enough,” he told his wife.
When Ms. Azadian got to
the passport check, the couple
kissed and said goodbye. “I
was so sad and worried about
her,” recalled Mr. Ahmadipour.
‘Almost a war’
Earlier that morning, Iran
had attacked U.S. forces at two
bases in Iraq in retaliation for
the killing of an Iranian gen-
eral, a developing conflict that
showed no sign of abating. Ira-
nian forces were on high alert.
At the airport, however, it
was business as usual. Mr. Ah-
madipour and others reasoned
it was safe to fly if Iranian of-
ficials were allowing commer-
cial flights to depart.
Hours later, Iran’s armed
forces fired surface-to-air mis-
siles at Ukraine International
Airlines Flight 752, bringing
down the plane and killing ev-
eryone on board. Families,
newlyweds and students at uni-
versities in Canada, Britain and
Iran were among the 176 peo-
ple who perished. Around 140
were headed for connecting
flights to Canada.
Eight flights took off from
Imam Khomeini airport be-
tween Iran’s missile strikes on
U.S. bases in Iraq at 2 a.m. and
the departure of Flight 752, in-
cluding one scheduled for the
same time as the Ukrainian
airliner at 5:15 a.m., according
to Flightradar24, a flight-
tracking site. The Federal Avi-
ation Administration, the U.S.
civil aviation regulator, had re-
stricted all U.S. commercial
flights from flying over Iran,
Iraq and the Persian Gulf be-
cause of the military activity.
In the aftermath of the
crash, the Iranian military said
it had asked to close the skies.
It isn’t clear why that request
wasn’t heeded.
That morning, Arvin Morat-
tab and his wife Aida Farzaneh
were also waiting to board
Flight 752. The Iranian-born
couple had been on vacation
and were returning to Mon-
treal, where they had lived to-
gether since 2012. They were
set to earn permanent resi-
dency once they touched down
in Canada, a first step toward
becoming citizens.
At the airport, with 90 min-
utes to go until the scheduled
departure, Mr. Morattab got a
call from his twin brother, who
was fretting about the Iranian
strikes.
“This is almost a war,”
Armin Morattab, who also lived
in Montreal, told Arvin. He ad-
vised them to find a place to
shelter in the airport in case it
was attacked by U.S. forces.
Arvin told his brother that
nobody at the airport was talk-
ing about the strikes, and that
people around him seemed
happy. “We’re going to get back
soon,” he assured his twin.
Passengers soon began
boarding Flight 752, but it was
delayed. The jet was over-
loaded. Capt. Volodymyr Ga-
* * * *
Candles burned at a memorial for the Ukrainians—nine passengers and two crew—who died in the crash of Flight 952, at Kiev’s Boryspil International Airport on Jan. 11.
ponenko decided to unload
about 80 passenger bags, ac-
cording to Ukrainian officials.
Capt. Gaponenko, a father
of two, was an experienced pi-
lot with 11,600 hours on the
Boeing 737. His wife, Kateryna
Gaponenko, said she was con-
cerned about this particular
journey, however, because of
the tensions between Iran and
the U.S.
A day earlier in Kyiv, Ms.
Gaponenko had urged her hus-
band to phone his bosses and
ask them to assign another pi-
lot for his flights to Tehran
and back. The couple discussed
how dangerous it was to fly at
that moment, she said.
Capt. Gaponenko insisted
on flying. “If not me, then no
one else,” she said he told her,
in their last conversation.
As Flight 752 waited on the
tarmac, passengers Saeed Tah-
masebi, 35, and his new wife
Niloofar Ebrahim, 34, waited
for takeoff. The couple, both
living in London, had flown to
Iran for a wedding party with
family on Dec. 19. They carried
pictures of the ceremony in
carry-on luggage, said Ms.
Ebrahim’s sister, Navaz Ebra-
him.
They called her sister and
her husband in Dallas from their
seats to tell them they were
On board, clockwise from top: Capt. Volodymyr Gaponenko, shown with his wife and children; Saeed Tahmasebi and Niloofar Ebrahim;
Sahar Haghjoo and her daughter Elsa, in a selfie before takeoff; and Rouja Azadian, shown with her husband, Mohsen Ahmadipour.
Saturday/Sunday, January 25 - 26, 2020 | A9
WORLD NEWS
NURPHOTO/ZUMA PRESS
about to depart on their way emoji of a face blowing a kiss. from the cockpit could be asked his father.
back to the U.K., Navaz Ebrahim Just before 6:13 a.m., nearly heard on the flight recording: “Yes, this is true,” his fa-
said. The couple in Texas hadn’t an hour after its scheduled de- “Gain height and turn,” he ther cried. “Unfortunately they
been able to attend the event in parture, Flight 752 began taxi- said, according to Ihor Sos- were among the passengers.”
Iran and were getting regular ing to the runway. novsky, Ukraine International In Kyiv, Ms. Gaponenko read
updates on the trip. “Take off!” Capt. Gaponenko Airlines vice president of op- the news online and under-
“Don’t stress too much told Iranian air-traffic control erations. That was the usual stood her husband likely per-
when you open the news,” as he lifted the jet off the maneuver due to Tehran’s ished. She went to the phar-
Niloofar told them, alluding to ground, according to a Ukraine mountainous terrain, airline macy and asked for “the most
the Iranian strikes, according International Airlines repre- officials said. powerful sedative,” and then
to Navaz. “We’ll be fine.” sentative aware of the details Those would be the last took their daughters to school.
In another row, 37-year-old of the cockpit voice recording. words the outside world heard
Sahar Haghjoo snapped a Ms. Azadian sent a message from Capt. Gaponenko.
selfie with her 8-year-old to her husband saying they Iranian officials said a ju- ‘What happened?’
daughter, Elsa. nior officer with the Islamic In Dallas, Navaz Ebrahim
After leaving Iran with her Revolutionary Guard Corps saw reports on her Facebook
family in 1987, Ms. Haghjoo mistook Flight 752 for an en- feed of a crash that had killed
had settled in Toronto, where
Capt. Gaponenko emy aircraft. A surface-to-air all on board. She called her
she worked in recent years insisted on piloting missile was fired. mother, Shahin, in northern
with refugees and new immi- A surveillance video from Tehran to ask for the number
grants at the Young Women’s
the flight despite the ground captured the fire- of her sister’s flight.
Christian Association. She had U.S.-Iran tensions. ball at the moment of impact. “What happened?” her
been in Iran visiting family About 30 seconds later, another mother asked her. Ms. Ebra-
with her husband, who had re- missile struck the jet, sending him told her.
turned to Canada earlier. it to the ground in flames. “She was screaming,” Ms.
had started to fly. He sent a At 6:18 a.m., on a clear Ebrahim said of her mother. “I
message back in WhatsApp morning, debris from the air- don’t know how long it took
Preflight emojis with emoji kisses. liner scattered across houses, her. But she finally managed
She sent the photo to her Capt. Gaponenko began fields and a soccer pitch. to find the flight number. And
father, Habib Haghjoo, at 5:19 climbing to 8,000 feet. The sat- About 30 minutes later, Mr. she said that’s the flight.”
a.m. Ms. Haghjoo is seen lean- ellite-transmission network on Ahmadipour returned home “We were all screaming af-
ing close to her daughter as the plane that regularly from the airport with his wife’s ter that,” she said.
they both smile, the blue seats streams out operating data parents. At 7 a.m., he heard a Iranian officials initially
of Ukraine International Air- showed everything was normal. scream. His in-laws were blamed the crash on technical
lines behind them. Thrust, trajectory, speed and watching the first news reports failure. Three days later, after
Mr. Haghjoo responded with flight-control features were of the crash on television. Western aviation experts and
a Persian word that means working as expected, according They raced in a taxi back to foreign governments cast
“my very dear sweetheart.” His to U.S. aviation officials. the airport. As they drove, Mr. doubt on Tehran’s version of
daughter responded with an The pilot’s next instructions Ahmadipour searched online events, Iran’s military said it
for more information about the had unintentionally shot down
crash. He saw a photo and was Flight 752. Thousands of Irani-
sure there were no survivors. ans took to the streets, with
He sent a message to his protesters accusing their lead-
friend in Ottawa. “Rouja’s ership of lying.
flight crashed,” he wrote. As pictures of the crash
In Montreal, Armin Morattab were shared on social media,
had calmed down about the Ms. Ebrahim spotted one in
danger of his twin brother trav- which, on the ground beside a
eling through what had felt like piece of luggage, a photograph
an impending war. President could be seen with an image of
Trump had said the White her parents at her sister’s
House wouldn’t retaliate against wedding party.
Iran for the strikes in Iraq. Her family in Tehran is
Then Mr. Morattab saw re- waiting for remains to bury,
KATERYNA GAPONENKO
ports of a Ukrainian airliner she said.
crash. He called his father, On Sunday, authorities took
who had dropped Arvin and blood from Mr. Haghjoo’s son-
Aida at the airport. in-law in Iran, and used his
“Is it true what we are DNA to identify 8-year-old
hearing?” Armin Morattab Elsa. From Elsa they identified
her mother, Sahar Haghjoo.
The family has asked for the
remains to be returned to Can-
ada.
The remains of Mr. Morat-
tab and his wife were returned
to their parents, who live in
western Iran, where they were
buried. His brother watched
the burial over WhatsApp
from Montreal.
On Sunday, the Ukrainian
MOHSEN AHMADIPOUR
air force flew the bodies of the
11 Ukrainians on board—nine
crew and two passengers—
back to Kyiv.
Relatives of the victims and
their airline colleagues stood
on the tarmac clutching flow-
ers, as an honor guard loaded
the coffins onto hearses. The
coffins were draped in the yel-
low-and-blue flag of Ukraine.
Some airline pilots fell to one
knee to honor the victims.
Capt. Sergii Poloz, who had
flown with Capt. Gaponenko,
laid red roses on the coffins of
his colleagues.
HABIB HAGHJOO
“We lost our great people,”
he said.
—Aresu Eqbali in Tehran
and Andy Pasztor
in Los Angeles
contributed to this article.
A10 | Saturday/Sunday, January 25 - 26, 2020
Professor Turned His Life
Into a Case Study
BY JAMES R. HAGERTY
C
layton M. Christensen, a Har-
vard Business School profes-
sor and management guru,
was an authority on what he called
disruptive technologies who be-
came more widely known for offer-
ing his life as a case study.
Dr. Christensen, whose books in-
cluded “The Innovator’s Dilemma”
and “How Will You Measure Your
Life?,” died Thursday in Boston. He
was 67 and had leukemia.
In the 1990s, he warned entre-
preneurs against being so focused
on pleasing their current custom-
ers that they missed shifts in tech-
nology that could render their
firms obsolete. “To remain at the
top of their industries, managers
must first be able to spot disrup-
tive technologies,” he wrote. Doing
that, he said, required creating or-
ganizations independent of the
mainstream business.
In a 2010 article and lecture,
“How Will You Measure Your
Life?,” later expanded into a book,
he advised business-school stu-
dents to devote part of their time
to creating a strategy for living a
good life. Having a clear purpose
mattered more than mastering
core competence and disruptive
innovations, he said.
A lifelong member of the
Church of Jesus Christ of Latter-
day Saints, he recounted a tough
decision he made while playing
basketball for a team at Oxford
University. He outraged teammates
by refusing to participate in a
championship game on a Sunday.
“Had I crossed the line that one
time, I would have done it over
and over in the years that fol-
lowed,” he wrote.
As a consultant and professor,
Dr. Christensen saw his role as
telling people how to think rather
than what to do. He urged stu-
dents to look beyond profit mar-
gins and near-term results.
“More and more M.B.A. stu-
Fake Frogs
Replace
Real Ones
Continued from Page One
smell of dissecting a formalde-
hyde-drenched frog, considered
a rite of passage for middle
schoolers. And gone are any
surprises, they say, that come
with a real specimen—extra
limbs and organs, or bellies full
of insects, rocks and even rem-
nants of other amphibians.
“Students look forward to
doing the real one,” said Robert
Glotfelty, a middle-school sci-
ence teacher in Baltimore City
JESSICA SCHULTZ
Public Schools, who doubts his
students would take a fake frog
seriously. “I could see frog liv-
ers thrown across my room
with a synthetic frog.”
The synthetic frog, called the
SynFrog, has rolled out at a
time when more educators are
moving away from dissecting
dead specimens. Instead, they
are doing dissections digitally
on screens or using virtual real-
ity headsets. The new methods
resolve animal-welfare con-
cerns, cut out the ick factor and
don’t force terrified kids to
wield scalpels and forceps in
class, they say.
Adding to the fake menag-
erie, there are also synthetic
cats, dogs and even human ca-
davers on the market.
“We have students that typi-
cally would opt out of dissec-
tions, but no one did with the
SynFrog,” said Jessica Schultz,
principal at J.W. Mitchell High
School, who has also ordered
four fake felines, branded Copy-
Cats, for science class.
The SynFrogs, which are all
female and come with a repro-
ductive system and eggs, were
such a hit at Mitchell High that
Ms. Schultz wants to phase out
dead specimens.
Marissa Ellis said she has
never dissected a real frog, but
the fake one seemed pretty
real, with liquid flowing out of
it when she cut into it. “I was
pretty excited,” she said.
A fake frog has no appeal for
Colorado science teacher Tim
Lundt. He uses roadkill for dis-
section and skeleton recon-
* ****** THE WALL STREET JOURNAL.
OBITUARIES
C L AY T O N M . C H R I S T E N S E N F R I E DA CA P LA N
1952 — 2020 1923 — 2020
‘Queen of Kiwi’
Changed Eating Habits
S
tarting with a tiny Los An- graduated from the meat and po-
geles-based wholesale fruit tatoes of the 1950s and spawned
and vegetable business in today’s culinary daredevils.
Rhodes scholar. In 1979, he re- 1962, Frieda Caplan helped make Ms. Caplan, who died Jan. 18 at
ceived an M.B.A. degree at Harvard the American palate more adven- age 96, became an unlikely celeb-
Business School. turous by promoting kiwi fruit. rity, regularly feted by chefs and
He then went to work for Bos- It was a long struggle. Formerly quoted by food writers. She was
ton Consulting Group as a manage- known as the Chinese gooseberry, pleased when they called her “the
ment consultant. He took a sabbat- it was still so obscure in 1968 that queen of kiwi.” Rather than treat-
ical in 1982 to be a White House a reporter felt obliged to explain it ing produce as a commodity, she
Fellow. In the mid-1980s, he helped resembled “furry little potatoes” gave each new arrival a personal-
found Ceramics Process Systems and had a “refreshingly tart pale ity by supplying supermarkets
JASON GROW FOR THE WALL STREET JOURNAL
Corp., a Cambridge, Mass.-based green meat.” with information on where it
maker of materials used in micro- Ms. Caplan’s bet on the kiwi originated and how to eat it.
electronics and other industries. eventually paid off. She went on Her daughters Karen Caplan
He joined the Harvard Business to introduce a cornucopia of other and Jackie Caplan Wiggins
School faculty in 1992. One of his once-mysterious items including bought her business in 1990.
goals was to explain why business the Belgian endive, fuyu persim- Karen Caplan serves as chief ex-
success was hard to sustain over mon, fiddlehead fern, jicama, star ecutive and Ms. Wiggins as chief
long periods. fruit, spaghetti squash and man- operating officer. They report an-
In his 1997 book, “The Innova- gosteen. Her proselytizing in the nual sales of about $60 million.
tor’s Dilemma,” he wrote that com- produce aisles came as Americans —James R. Hagerty
panies could lose their way by do-
ing two things managers were
taught to do in business school: lis-
dents come to school thinking that tening to their best customers and S H I N K Y U K- H O
a career in business means buying, focusing investments on innova- 1921 — 2020
selling, and investing in compa- tions promising the highest returns.
nies,” he wrote. “That’s unfortu- Those practices could be disastrous
nate. Doing deals doesn’t yield the
deep rewards that come from
building up people.”
if they prevented executives from
spotting the potential for disruptive
technologies arising from the low
Chewing-Gum Tycoon
end of the market.
Rose in Postwar Korea
C
layton Magleby Christensen, Branding could apply to families
the second of eight children, as well as goods and services, he
was born April 6, 1952, in believed. When one of his children
S
Salt Lake City. His father managed was accused of pushing another outh Korean business tycoon mer Lotte executive. “With chew-
a grocery department in a depart- student at school, Dr. Christensen Shin Kyuk-ho was the last of ing gum, he’d always say we have
ment store. His mother was a high convened a family meeting. “The the country’s major first- to beat Wrigley,” said Mr. Rim.
school English teacher and wrote brand is that the Christensens are generation conglomerate heads Lotte is South Korea’s fifth-
for radio programs. known for kindness,” he said. who helped raise the country out largest conglomerate with over
In sixth grade, he read the en- He expected that brand to serve of poverty. He transformed Lotte 90 affiliates. Lotte’s current
tire World Book encyclopedia, ac- him well in the afterlife. Group from a chewing-gum com- chairman and Mr. Shin’s second
cording to his family. Around the “When I pass on and have my in- pany into a corporate empire son, Shin Dong-bin, met President
same age, he became a regular terview with God, he is not going ranging from international retail Trump at the White House last
reader of the Congressional Record to say, ‘Oh my gosh, Clay Chris- stores to food and chemical plants. year after investing $3.1 billion in
and made charts of the voting re- tensen, you were a famous profes- Under his leadership, Lotte a chemical plant in Louisiana.
cords of members of Congress. One sor at H.B.S.,’” Dr. Christensen told built a 123-story tower, South Ko- Mr. Shin held an honorary
early ambition was to become edi- the Journal in a 2016 interview. rea’s tallest, in Seoul. chairman title at Lotte until his
tor of The Wall Street Journal. “He’s going to say…‘Can we just An aspiring writer and pas- death on Jan. 19 at age 98.
Standing 6-foot-8, he played bas- talk about the individual people sionate player of Go, a Chinese South Korea’s family-run con-
ketball in high school and college. you helped become better peo- strategic board game, Mr. Shin glomerates, known as chaebols,
While studying economics at ple?…Can we talk about what you made grandiose investments played a critical role in skyrocket-
Brigham Young University, he met did to help [your children] become throughout his life. “Whether it ing war-torn South Korea into eco-
Christine Quinn, who was studying wonderful people?’” was chewing gum or the world’s nomic success. But in recent years,
English there. They married in 1976. tallest tower, he always had his they empires have been criticized
After graduating, he studied  Read a collection of in-depth sights on becoming the world’s for crowding out new firms.
econometrics at Oxford as a profiles at WSJ.com/Obituaries best,” said Rim Seung-nam, a for- —Eun-Young Jeong
FROM PAGE ONE
Refis Fuel around the federal govern-
ment shutdown.
But the uptick in mortgage
Mortgage lending doesn’t mean buyers
will have an easy time this
spring. Major barriers in-
Boom cluding a lack of housing
supply and relatively tight
bank-lending standards are
pushing homeownership out
Continued from Page One of reach for many Americans.
nancings made up 38% of Home prices continue to
mortgage originations last rise faster than incomes, fuel-
year. ing concerns that affordability
Kristen Devlin and her will remain an issue for buy-
husband decided to refinance ers, especially those looking
their south-central Pennsyl- to buy for the first time.
vania home last fall while And the tight supply that
trying to pay down a pile of has choked popular coastal
medical bills. markets has started to seep
Their rate dropped from into other cities like Boise
6.25% to 4.99%, cutting their and Philadelphia that have
monthly payment. The cou- traditionally been considered
ple managed to pay down more affordable.
their medical bills and chose Low rates aren’t always
to keep paying their prerefi- entirely good for those first-
nancing payment of $1,250 time buyers. Low rates can
for their three-bedroom, also inflate home prices,
Students dissect a SynFrog at J.W. Mitchell High School in Pasco County, Fla. three-bathroom house. The since borrowers can afford
move will shave six years off bigger mortgages and might
struction in his wildlife class. no smell, no danger.” president-elect of the National their mortgage term. bid more for homes than
His marine biology class dis- The SynFrog costs $150, Science Teaching Associa- In Philadelphia, Annie they otherwise would.
sects fish, which he and the which includes five refurbish- tion. “With a model, you do not Heckenberger’s older brother It isn’t clear how long the
class later fillet and cook. ments in which the frogs are see the natural variation that told her it would be smart to mortgage boom will last. Re-
“Synthetics wouldn’t do me refilled and resealed, dropping occurs, or malformations.” refinance the house she financings are expected to
much good,” Mr. Lundt said. the initial cost to $25 per dis- Ms. Reeves-Pepin said, “For bought about a year earlier. decline through 2021, drag-
Supporters say synthetic dis- section, Mr. Sakezles said. Stan- some students in an urban en- His advice helped her lock in ging down overall mortgage
sections could bring an end to dard refurbishments after the vironment, that’s the only time a new rate of 3.88%, more volume, according to esti-
cringeworthy videos from sci- first five are $25, compared they’re going to see a frog.” than a percentage point mates from the Mortgage
ence classrooms. In Oklahoma, with around $8 to $10 for a real Mr. Sakezles said the com- lower than her original one. Bankers Association.
students conducted a synchro- specimen. pany has received lots of inqui- “It was more paperwork Still, an expectation that
nized dance with cat cadavers Some teachers and science ries about the SynFrog, which than I anticipated but worth interest rates will hold
to the Meow Mix associations wonder rolled out in November and is it in savings,” Ms. Hecken- steady or even keep falling is
song. Texas stu- about the makeup partly funded by People for the berger said. a good sign for mortgage
dents jumped rope of the SynFrog. “Is Ethical Treatment of Animals. The average rate on the lending in 2020, analysts
with cat intestines it plastics? What Erin Spellmeyer Jochum, a 30-year fixed-rate mortgage, said. Some mortgage brokers
to demon- are we contributing teacher at Jasper High School the most popular home loan said last year’s boom is ex-
strate their length to in terms of in Indiana, ordered 12 Syn- in the U.S., dropped to 3.74% tending into the new year.
and toughness as waste?” said Jaclyn Frogs, paid for with a grant, to at the end of 2019, down “It’s very likely that the
part of a lesson. A Reeves-Pepin, exec- give it a try. from 4.55% a year earlier. first quarter or first half of
teacher in Florida utive director of the “Letting kids attempt to dis- Freddie Mac said Thursday 2020 will be bigger than the
juggled a trio of National Associa- sect something that isn’t real that the average rate is now first half of 2019,” said Guy Ce-
dead frogs in class. tion of Biology might give them a great under- around 3.6%, its lowest level cala, chief executive of Inside
Christopher Teachers. standing of the material with- in more than three months. Mortgage Finance. “People are
Sakezles, founder SynDaver won’t out the preservation and con- Mortgage making acceler- encouraged by lower rates.”
and CEO of Syn- give the exact tinued cost of purchasing ated at the end of the year. Tim Lindsey, an originat-
Daver, a Florida- Schrödinger’s frog makeup of the frog, preserved specimens,” she said. Last year’s fourth-quarter to- ing branch manager at Cross-
based manufac- but says she is Still, that isn’t the way stu- tals were the biggest quarter Country Mortgage in Green-
turer of synthetic human and “made from a proprietary for- dents in Syndi Murphy’s sci- since the third quarter of wood Village, Colo., said the
animal models, said the com- mula of water, salts and fibers.” ence class in West End, N.C., 2005. number of mortgages he pro-
pany’s SynFrogs won’t break Science teacher associations saw it. The class was set to dis- December sales of existing cessed grew more than 25%
down internally like preserved have mostly stayed out of the sect owl pellets, looking for homes jumped nearly 11% last year. Mr. Lindsey said he
real ones can. fray, leaving it to local educa- pieces of bone or other signs of from the year before, accord- hasn’t had a day off since
“Once it’s preserved, every- tors to determine the best what the hunter had eaten. But ing to the National Associa- New Year’s Day.
thing changes, turns like a methods of learning, but they unbeknown to them, artificial tion of Realtors. “There was an incredibly
grayish mush,” Mr. Sakezles caution against banning dead pellets had mistakenly been de- The NAR said, though, large amount of origination
said. “What we’re offering with specimens. livered. that the year-earlier period from previous years,” Mr.
the frogs and other animals is “A synthetic frog is a model, “They quickly realized that it had been a particularly weak Lindsey said. “Everyone I
actually superior to real ani- and all models are exactly the was fake and lost some inter- month for sales in part be- know had their best year
mals. There’s no carcinogens, same,” said Elizabeth Allan, est,” Ms. Murphy said. cause of buyers’ uncertainty ever.”
THE WALL STREET JOURNAL.
Warren G. Biden Might Win in ’20
T
West Des Moines, Iowa
oby Paone isn’t floored
by the speech Joe Biden
has just delivered to the
Iowa State Education As-
sociation. A staffer at the
ISEA, the state’s largest public
union, Mr. Paone ranks Mr. Biden’s
performance fourth out of the four
candidates who’ve spoken—behind
Elizabeth Warren, Pete Buttigieg
and Amy Klobuchar. But that hasn’t
shaken his support for the former
vice president.
“This is not, for me, simply
about a 15-minute speech that he’s
had to give 80 times in the last two
weeks,” Mr. Paone says. “This is
about history. It’s about a whole ca-
reer. And I think he can win.” As a
voter, his priority isn’t necessarily
big structural change, to borrow a
rival candidate’s phrase. “Plans are
great,” he says. But what he wants
most is a “mature adult” in the Oval
Office: “I want stability. I want our
country to return to normalcy, as
was said exactly 100 years ago. I’m
not a very emotional person, but
Donald Trump boils my blood.”
His message of unity—
combined with antipathy
for Donald Trump—has
made him the front-runner
against a radical field.
Mr. Biden might not be flattered
by the comparison to the winner of
the 1920 election, Warren G. Hard-
ing, who promised a “return to nor-
malcy” after World War I. Today
Harding is best remembered for the
Teapot Dome scandal, for showing
up on worst-president lists along-
side James Buchanan and Andrew
Johnson, and for his spicy love let-
ters that were unsealed in 2014.
Still, Mr. Biden has made nor-
malcy—and electability—his central
selling point. “None of this matters
unless we beat Donald Trump,” he
tells the union crowd, “and I’m go-
ing to beat Donald Trump if I’m
your nominee.”
If primary voters do pick Mr. Bi-
den, it would run counter to more
than one political stereotype. The
old cliché is that Democrats like to
“fall in love” with a fresh-faced
candidate: the honest peanut
farmer from Georgia, the charis-
matic saxophonist from Arkansas,
the stirring orator from Illinois.
The new cliché is that they’re ob-
sessed with identity politics. Yet
this year they might settle on a 77-
year-old white man who arrived in
Washington in 1973, whose 1988
and 2008 presidential campaigns
fizzled, and whose verbal stumbles
last year led many pundits to write
him off.
Goldman Sachs to Native Alaskans: Drop Dead
Utqiagvik, Alaska
As the mayor of
Alaska’s North Slope
Borough, I represent
about 10,000 people
in an area larger
than most states. Be-
CROSS
neath our lands are
COUNTRY
some of the largest
By Harry
oil and gas reserves
Brower Jr.
in the world, includ-
ing Prudhoe Bay and
the coastal plain of the Alaska Na-
tional Wildlife Refuge.
Since the 19th century, when our
Inupiat ancestors made initial con-
tact with the West, we have worked
to maintain a balance between the
modern world and our rich cultural
inheritance. Largely because of the
oil and gas under our lands, which
are developed using the highest envi-
ronmental standards, we have come
far. My biggest fear is that we will be
set back in our quest—this time by
those who claim to care about us but
are using my lands and my people as
symbols for a larger political goal.
The bank claims to value
‘stakeholder engagement’
but dropped Arctic drilling
without consulting us.
Last month, Goldman Sachs an-
nounced it will no longer fund oil and
gas development in the Arctic region.
The announcement came as a shock
to me and my constituents, particu-
larly because the New York-based in-
vestment bank claims “stakeholder
engagement” and “consultation” with
indigenous peoples are core business
principles. No one will be more af-
fected by Goldman Sachs’s decision
than the people of Alaska’s North
Slope, yet we learned about it in the
media.
By ignoring the concerns of Alaska
Natives and basking in positive pub-
licity, Goldman Sachs demonstrated
the condescending, subtly racist atti-
* * * *
So far, the pundits appear to
have been wrong. In the past year
Mr. Biden has never fallen below
25% in the Real Clear Politics aver-
age of national polls. Only one
other candidate, Ms. Warren, has
ever surpassed that mark, and it
was during a single week in Octo-
ber. Here in Iowa, whose first-in-
the-nation caucuses are Feb. 3, Mr.
ANDREW HARNIK/ASSOCIATED PRESS
Biden leads by about four points,
with 21%, and he boasts endorse-
ments from former Gov. Tom Vil-
sack and Rep. Abby Finkenauer of
Dubuque. Running second, both na-
tionally and in the Hawkeye State,
is Bernie Sanders, another white
male septuagenarian.
At the ISEA conference, there’s
no Joe paraphernalia in sight, un-
less you count the framed Obama-
Biden campaign poster at the silent
auction, which is bid up to $125.
Many of the attendees are dressed
in matching blue “Strong Public
Schools” T-shirts, making it easy to
spot the mint-green Elizabeth War-
ren stickers. A few gold flashes ad-
vertise “Boot Edge Edge,” as Mr.
Buttigieg has sloganized his pro-
nunciation guide.
In person, Mr. Biden is more
poised than during those TV de-
bates that run until 11 p.m. Like the
old pro he is, he hams it up for the
crowd. As the introduction notes
that he was first elected to the Sen-
ate in 1972, he theatrically lifts his
right hand to trace the sign of the
cross, before flashing a wry smile.
Then he introduces himself: “I’m
Jill Biden’s husband, Joe”—a good
line for this audience. Mrs. Biden,
an English professor, holds a doc-
torate in education and once taught
high school. President Biden will
stand up for teachers in the White
House, the candidate vows: “If I
didn’t do it, I’ll be sleeping in the
Lincoln Bedroom. Hah—you all
think I’m kidding. I’m not.”
He says he’ll get teachers a “gen-
erous raise,” appoint one as his edu-
cation secretary, and triple funding
for Title I schools (those with high
concentrations of poverty). “We’re
going to get serious about the trag-
edy of gun violence,” he says. “Talk
about moral depravity: Our kids go
to school, you send them off to
school this September, and they’ll
learn how to duck and cover.”
A few hours later Mr. Biden is 25
miles southeast at Simpson Col-
lege, a liberal-arts school in Indi-
anola. There are roughly 150 chairs
and probably twice as many people,
circled in a dim hall above the cam-
pus dining center. Kedron Bardwell,
a professor of political science
here, describes himself as a moder-
ate ex-Republican who can’t bear
Mr. Trump. “He’s taken the party in
every direction that I thought was
wrong for the party,” Mr. Bardwell
says. Now he’s not sure what to do,
but he sees Mr. Biden’s appeal, as a
tude that too often has been the hall-
mark of the way Westerners deal
with indigenous people. Had anyone
at Goldman Sachs bothered to ask us
what we thought about funding en-
ergy plays on the North Slope, here’s
what we would have said:
From the time of Western contact
until we were able to claim the rights
to our lands, the people of the North
Slope and other indigenous Alaskan
communities suffered and lived un-
der horrific conditions. In 1953, re-
searchers from the University of
Pittsburgh traveled throughout rural
Alaska conducting a health survey.
The visitors were shocked by what
they found.
“The indigenous peoples of Native
Alaska are the victims of sickness,
crippling conditions and premature
death to a degree exceeded in very
few parts of the world,” the team
wrote. “Among them, health prob-
lems are nearly out of hand.” They
documented “the large numbers of
the tuberculosis [sufferers], the crip-
pled, the blind, the deaf, the malnour-
ished and the desperately ill.”
These were my direct forbears—
including my mother—and the ances-
tors of many who still live on the
North Slope. In the face of such des-
perate poverty, our ancestors—some
still alive—organized to get access to
our lands and resources. Elders, in-
cluding my father, helped organize
Alaska Natives throughout the state.
They formed associations. They
started a newspaper.
They traveled to Washington in
large numbers, some even sleeping in
tents outside, to lobby Congress for
the Alaska Native Claims Settlement
Act of 1971, the largest lands claim
act in history. The act transferred
ownership of what had been federal
land to the indigenous people who
lived there and paved the way for
North Slope oil production as well as
logging, mining and fishing rights in
other areas of the state.
I’m proud that Prudhoe Bay has
produced 18 billion barrels of oil
since 1977, contributing billions of
dollars to state coffers and funding
OPINION
Joe Biden takes a selfie in Indianola, Iowa, Jan. 18.
figure offering “that return to nor-
malcy, that idea that things can’t
stay this way, this divided.”
The event opens with the Pledge
of Allegiance, and then Mr. Biden ar-
gues that America’s Trumpified pol-
itics has lost its decency. He calls
back to the 1970s, when Democrats
and Republicans “argued like the
devil” but also broke bread together
in the Senate dining room. “Our pol-
itics today has become so personal,
so dirty, so divisive, that it’s virtu-
ally impossible, it seems, to get any-
thing done,” he laments. “Unless we
start to work together, the system
can’t work.”
T
oday, Mr. Biden adds, com-
promising has been replaced
by demonizing. “Look what
this president’s done,” he says,
“from the time that he got elected.
He came down the escalator in his
building in New York City, Trump
Tower, announcing his presidency.
He said I’m running because I want
to get rid of those Mexican rapists.”
Mr. Biden calls for empathy, cit-
ing his experience as a young boy
who stuttered. “Everybody thinks
you’re stupid,” he says. “You learn
what bullies are really like. And,
you know, it’s awful hard to ask
the lovely girl, ‘Would you g-go-g-
g-go-g-go to the dance with me?’ ”
His parents didn’t tolerate such
mockery, and neither, Mr. Biden
implies, should voters. “We have to
re-establish basic American val-
ues—Iowa values,” he says. “Think
about how we talk about one an-
other, how in politics the president
talks about people. Our children
are listening.”
In 2015, when his son Beau died
of cancer at 46, Mr. Biden thought
he was through with politics. Then
neo-Nazis went marching in Char-
lottesville, Va., in 2017. “Close your
eyes,” he says, “remember what you
saw on television: The veins on their
necks, contorted, bulging, their faces
contorted, preaching and shouting
the same anti-Semitic bile that was
chanted in the streets of Europe in
development in Native Alaskan com-
munities. Today I see fellow residents
becoming doctors, lawyers, teachers
and engineers. Some, like me, have
become whaling captains.
We have a long way to go to enjoy
the amenities that most people in the
“lower 48” take for granted. But
thanks to oil production, our children
are no longer forced to live hundreds
of miles away from their families sim-
ply to attend high school. We are able
to eat our native foods, practice our
native ceremonies and speak in our
native tongues. Many of us now live
near a cutting-edge medical clinic.
We can heat our homes, turn on our
lights with a flick of the switch, and
in some cases we even have indoor
plumbing. We are no longer one
Let the Games Begin—and Politics Pause
By Stanley Fish
T
hose protesting the Interna-
tional Olympic Committee’s de-
cision to ban political state-
ments by participating athletes make
several familiar arguments, all of
them bad. The principal one is that
since politics already saturates the
Olympics—the parade of national
flags, the contest between cities vy-
ing to host—the ban is incoherent
and hypocritical, and the attempted
interdiction of political speech is it-
self a political act.
No it isn’t. Declaring a politics-free
zone is simply an assertion that one
kind of activity is appropriate in a
particular space and not another. Ath-
letes, like anyone else, may be inter-
ested in political issues such as cli-
mate change, income inequality or
minority rights. That’s why the com-
mittee is careful to say there will be
no ban on political statements “during
press conferences and interviews,” “at
team meetings” and “on digital or tra-
ditional media.” But “on the field of
play,” “during Olympic medal ceremo-
nies” and “during the Opening, Clos-
ing, and other official Ceremonies,”
Saturday/Sunday, January 25 - 26, 2020 | A11
the late ’20s and early ’30s.” Mr.
Trump’s comments afterward ap-
palled Mr. Biden: “Remember? He
said there were ‘very fine people on
both sides.’ ” (He also said there
were “very bad people,” as the presi-
dent’s supporters would counter.)
Mr. Biden says he wants to “re-
store the soul of America” and
“unite the country.” Toward the
end of his talk, he acknowledges
skeptics: “They say ‘Joe Biden’s
been around a long time, but he’s
really naive. You can’t unite the
country.’ ” He disagrees. “I think
the American public is ready,” he
says. “This carny show has come
through town once, and they found
out with Trump there’s no pea un-
der any one of the three shells.”
As Mr. Biden pitches decency to
the center, though, his agenda has
moved steadily to the left. So far
he’s proposed $3.4 trillion in tax in-
creases over 10 years, twice as much
as Hillary Clinton did in 2016. A
Catholic, Mr. Biden spent decades in
the Senate supporting the Hyde
Amendment, which blocks taxpayer
funding of abortions, and his 2007
memoir called it “personal principle
above expediency.” But progressives
want Hyde gone, and last summer
Mr. Biden switched positions in a
matter of hours as he geared up his
presidential campaign.
On health care, Mr. Biden por-
trays himself as a centrist who re-
jects the government insurance
takeover that his rivals have styled
Medicare for All. “One of the lead-
ing candidates”—presumably Ms.
Warren or Mr. Sanders, though col-
legially no names are mentioned—
“said I’m not going to tell you what
it costs, because it’s confusing,” Mr.
Biden says at Simpson College. He
leans in, eyes wide, enunciating
each syllable: “Thirty. Five. Trillion.
Dollars over 10 years. Hear me?” A
voice in the crowd murmurs an as-
tonished “wow.”
Mr. Biden says he appreciates
the intention of Medicare for All.
“The point I’m making is that
there’s ways to get these things
whaling hunt from starvation.
We are able to have all this be-
cause we treasure and protect our
land and wildlife—the resources that
executives and environmental groups
in cities thousands of miles away
claim to care about. The way we see
it, caring about the land and wildlife
should also mean caring about the in-
digenous people who inhabit the
land—and that means knowing us,
which Goldman Sachs hasn’t both-
ered to do. We aren’t hungry for oil,
we are hungry for progress and un-
derstanding from those on the East
Coast and beyond. We don’t need
your protection or judgment. We
need your respect. We need to be
treated like fellow Americans.
Goldman Sachs says its decision to
words and gestures with a political
message are outlawed.
Such restrictions are no more po-
litical than a rule preventing nurses
from lobbying for higher wages dur-
ing an operation or jurors from voic-
ing their opinions in the middle of a
trial. The point isn’t to suppress po-
litical views, but to recognize and
honor the primary obligations taken
Athletes can express their
views everywhere except
on the field and rostrum.
on by those who enter a particular
arena of practice. What Olympic ath-
letes are forbidden to say at carefully
specified moments, they are perfectly
free to say in ordinary settings, when
the severe requirements of disciplin-
ary integrity don’t apply.
The IOC muddies the waters when
it proclaims the importance of keep-
ing “the Olympic Village and the po-
dium neutral.” The word “neutral”
suggests a space where contending
political views are present and an ad-
done, and to do them in a rational
way that the American people are
ready to accept.” Yet his alternative
won’t be enacted by acclamation,
and it hardly hews to Warren Hard-
ing’s line that Americans need “not
experiment, but equipoise.” Mr. Bi-
den wants to put price controls on
prescription drugs. He wants to
launch a “public option,” meaning a
government health plan that com-
petes with private insurers. “I take
ObamaCare and do what Barack
and I wanted to do in the first
place,” he says. “We couldn’t get
the votes to get it done.”
But what’s changed? Back then
Democrats held a 60-vote Senate
majority. Ten years later that has
dwindled to a 47-vote minority.
Does Mr. Biden think many Repub-
licans will support his public op-
tion? What would he be willing to
give up in a compromise? Or does
he now want to kill the filibuster,
meaning BidenCare could pass with
the simple majority that he expects
his coattails to carry to the Capi-
tol? If so, doesn’t that sound a lit-
tle . . . divisive?
And what about the unpredict-
able politics of his son Hunter’s
Ukraine business? Some Democrats
think Mr. Trump’s attacks are help-
ing Mr. Biden in the primary, since
Democrats don’t believe them and
instead rally around the president’s
targets. Others worry the tale will
let Mr. Trump depict Mr. Biden as a
swamp creature, the way he did in
2016 to “Crooked Hillary.” Nomi-
nees deemed “electable”—Mrs.
Clinton, John Kerry, Mitt Romney—
don’t always win.
T
here’s a 15-minute Q&A, but
nobody asks these questions.
Then the campaign’s pump-
up music starts, and Mr. Biden is
off to work the rope line. As he
shakes hands and takes grinning
selfies—at last, as the candidate on
top, after nearly 50 years of climb-
ing—Jackie Wilson’s voice purrs
over the loudspeaker that your love
keeps lifting him higher. Higher
and higher.
To hear some Democrats, how-
ever, if Mr. Biden rises to the high-
est office in the land, it won’t be
because of love. “I don’t know any-
one that’s like super passionate
about Joe Biden,” says Tyler Higgs,
a school psychologist wearing Eliz-
abeth Warren swag at the ISEA
conference. “It’s more like he’s the
default candidate. But, you know, I
mean he’s not a bad choice.”
So sure, if Mr. Biden makes it to
November, Mr. Higgs would pull that
lever in a heartbeat. “We’ve got
Donald Trump on the other side,” he
says. “I would vote for a left shoe if
it was the Democratic nominee.”
Mr. Peterson is a member of the
Journal’s editorial board.
forgo participation in Arctic drilling
projects was born of a desire to fight
climate change. But given its business
interests in oil-producing states
around the world, including involve-
ment in last year’s initial public offer-
ing of Saudi Arabia’s oil company,
Aramco, that can’t be true.
Goldman executives are simply
looking to curry political favor with
powerful green interests. The cost of
Goldman Sachs’s hypocrisy will be
paid by my people, who may soon be
on a path back to the deprivation and
hardship our ancestors worked so
hard to leave behind.
Mr. Brower, a whaling captain,
was elected mayor of Alaska’s North
Slope Borough in 2016.
ministrative body resolves to favor
none of them. Neutrality as a value
comes into play only when the land-
scape is already politically config-
ured. The landscape of Olympic com-
petition isn’t. The committee’s effort
is a prophylactic one: Politics might
have infected almost everything
about the Olympics, but the games
themselves are a sacred zone that
must be protected.
Why? Because if executing a back-
door play or breaking a world record
in a relay solicits our admiration as
an act affirming freedom or women’s
equality or indigenous rights, what
the IOC calls “sport and its values”
will have been subordinated to a par-
tisan agenda. The Olympics will be
nothing more than a large scale polit-
ical messaging center. Maybe that’s
what the hundreds of millions of fans
want, but I don’t think so.
Mr. Fish is a visiting professor at
Yeshiva University’s Benjamin N. Car-
dozo School of Law and author of
“The First: How to Think About Hate
Speech, Campus Speech, Religious
Speech, Fake News, Post-Truth and
Donald Trump.”
A12 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

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

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

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

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

G
petition in the credit-ratings industry and establish a rules-based trade or-
oldman Sachs CEO David Solomon dem- in America that doesn’t want or feel obligated are needed for the market and for in- der in the region.
onstrated his social enlightenment in to promote women and minorities. vestors. The business model presents Taiwan’s voters have spoken. They
Davos this week by announcing that the Asset managers such as BlackRock and State potential conflicts of interest, no cannot give up on their freedom and
white-shoe investment bank Street have issued proxy doubt, but I believe that postcrisis democracy, and the international
The firm will boycott regulation and Morningstar’s 35-year community’s support is all the more
would no longer help compa- guidelines emphasizing cor-
commitment to independent research important as Taiwan stays its course
nies with exclusively white, companies with all-male porate board diversity for means those conflicts can be man- in the face of China’s bullying.
male boards go public—as firms in which they invest. So aged transparently and responsibly. LILY HSU
long as its boycott doesn’t boards—in some places. all white-male boards would The true test of a ratings methodol- Ambassador and director-general,
hurt business too much. struggle to draw large inves- ogy is the performance of the ratings Taipei Economic and Cultural Office
“Starting on July 1 in the tors and raise money in public over time, not the perceptions when in New York
U.S. and Europe, we’re not going to take a com- markets regardless of Goldman’s boycott. The implemented. Competition drives
pany public unless there’s at least one diverse bank is merely following the investment man- smarter analysis, more points of view
board candidate, with a focus on women,” Mr. agement crowd. and more performance comparisons Pepper ...
Solomon said on CNBC Thursday. “We might Well, not exactly. It turns out that Gold- over time that will empower inves-
tors to form their own opinions. Re-
And Salt
miss some business, but in the long run, this I man’s diversity drive doesn’t extend to its busi-
hashing a convenient narrative that THE WALL STREET JOURNAL
think is the best advice for companies that want ness in Asia, Latin America or the Middle East
transports us back to when big
to drive premium returns for their shareholders where all-male boards are more common. One credit-rating firms lost the trust of
over time.” third of corporate boards in China and Japan investors will more likely obviate 10
Mr. Solomon may be exaggerating his busi- have all-male boards, as do 94% of those in years of industry evolution and the
ness sacrifice. California and many European Saudi Arabia. Goldman has been chasing busi- potential to regain that trust.
countries including Germany, France and Italy ness in emerging markets as it becomes harder KUNAL KAPOOR
have already imposed gender quotas for corpo- to deliver growth in U.S. investment banking. CEO
rate directors. Goldman issued a statement not- Goldman says that it will consider extending Morningstar Inc.
ing that more than 60 U.S. and European com- the policy to other regions over time after con- Chicago
panies went public within the last two years sulting with clients, and as diversity awareness
without a “diverse” candidate. increases. Letters intended for publication should
But small companies have a harder time re- Perhaps Goldman doesn’t want to impose its be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
cruiting women and minorities to join their values on non-Western cultures that aren’t as or emailed to wsj.ltrs@wsj.com. Please
boards in part because the most qualified are enlightened about identity politics. Or maybe include your city and state. All letters
being scooped up by larger firms. Every com- it doesn’t want its wokeness to cost the bank are subject to editing, and unpublished
pany in the S&P 500 has at least one woman on global customers who care more about business letters can be neither acknowledged nor
returned.
its board, and there probably isn’t a business than American politics. “Walking erect is very trendy today.”
THE WALL STREET JOURNAL.
Impeachment Needs Witnesses on Both Sides
DECLARATIONS
By Peggy Noonan
W
e must take our satis-
factions where we
can. It is not terrible
for the young that
they witness a certain
gravity emanating from Congress.
There’s a lot to be learned and re-
minded of when we speak of the ge-
nius of the Founders and quote Ham-
ilton, Madison and the others as
they created the political arrange-
ments by which we live. These were
not shallow men. It’s good to be re-
minded that for all our flaws as a
nation and a people, we came from
something magnificent and are the
heirs of that magnificence. It is good
for the young to see our representa-
tives enact, sometimes actually
model, personal dignity. Impeach-
ment manager Rep. Zoe Lofgren,
we’re looking at you. It’s good to see
those hallowed halls actually seem
hallowed.
Forget Democrats and
Republicans. The interests
of a third party, History,
are more important.
Scott Fitzgerald, near the end of
his life and bruised at thinking his
work was forgotten, wrote to his
daughter that when he considered,
objectively, his gifts and the price he
paid to realize them, he thought he
saw in his career “some sort of epic
grandeur.” That is what we too can
see, objectively, when we bother to
look at our career as a nation, and a
people.
I see all this as an unanticipated
Happy Chinese New Year—Now Please Appropriate My Culture
By Helen Raleigh
H
appy Year of the Rat. Chinese
New Year falls on Jan. 25, and
the festivities traditionally
last for 15 days, concluding with the
lantern festival. So, my fellow Amer-
icans, you will have plenty of time to
join me in celebrating. I invite you to
appropriate my culture.
You’re welcome to try on tradi-
tional Chinese clothing: the cheong-
sam, or qipao, for ladies; a Tang
shirt for gentlemen. You may be con-
cerned. If you are not ethnically Chi-
nese, can you really wear a tradi-
tional Chinese outfit? Can you loudly
wish someone “Happy New Year” in
Chinese? Can you cook traditional
Chinese dishes without being guilty
of “cultural appropriation”? I assure
you that most Chinese don’t mind.
We appreciate it when outsiders in-
corporate elements of Chinese cul-
ture into their lives.
The idea of “cultural appropria-
tion” is silly. While misrepresenta-
tion of other cultures does happen
and can be harmful, “cultural appro-
priation” has been weaponized by
social-justice warriors to shut down
freedom of expression and control
others.
No one is safe from being accused
of “cultural appropriation,” or even
“racial identity theft.” Whether you
are rich and famous or an average
Joe going about your life, culture po-
lice are everywhere to make sure
that people don’t out of their lane to
claim something that’s “not theirs.”
Chef Gordon Ramsay was accused of
“cultural appropriation” after he
said he would open an “authentic”
Asian restaurant in London. Neither
he nor his head chef is Asian. A
high-school student in Utah was crit-
icized on social media after posting
pictures wearing a qipao to her
prom. Inuit singers boycotted Can-
ada’s Indigenous Music Awards over
the nomination of Connie LeGrande,
whom they accused of using an Inuit
throat-singing technique without be-
ing an Inuit. (Ms. LeGrande is Cree,
another Canadian indigenous group.)
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* * * * Saturday/Sunday, January 25 - 26, 2020 | A13
OPINION
side benefit of the impeachment pro- Mr. Biden was a U.S. senator for
ceedings this week. And it seems to 36 years. He knows that chamber, his
me there’s something new to be friends are there. He’s a public figure
gained. of long standing. It would not be un-
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK: JOHN LOCHER/AP
I believe the president is guilty of duly burdensome or overwhelming
shaking down the government of for him to be invited into that arena
Ukraine for personal political gain, to expand the public record.
that he has rightly been embar- It would be high-risk, high-re-
rassed for this, and that the fit final ward. If Mr. Biden bobbles it when
punishment with an election coming he’s questioned about Ukraine, its
was censure, not impeachment. But country’s corruption and his son, it
we are where we are, and the pro- could ruin his presidential candi-
ceedings can be enriched if both par- dacy. On the other hand if he brings
ties unclench and let this thing it to Mr. Trump, if he makes the
broaden out. case he has been the object of cal-
The key to deepening things, cap- umnies and speaks in defense of the
turing the essence of the argument career public servants the president
and satisfying the majority of the abused, such as Ambassador Marie
people is three words: Witnesses, Yovanovitch, who lost her job in the
witnesses, witnesses. History de- John Bolton (left) and former Vice President Joe Biden. Ukraine scheme—well, that could
serves them; the public wants them, make Joe Biden president.
according to polls, and will not be defending me! I want my guys! He’ll ginned-up hoax, get him. He has al- This would be pretty exciting.
fully served without them. have a conversation with Mitch ready said he will testify if called. Hunter Biden shouldn’t be hauled in.
On this, the parties are at logger- McConnell, and we’ll be off to the As for Mr. Biden, it is fair to ask: He has never sought public office
heads, in stalemate. Senate Demo- races. What does he have to do with this? and is portrayed in the press as in
crats would like certain witnesses And why not? Take the time. He’s not a fact witness. He wasn’t a perpetual personal crisis. Compel-
but not others. They think they’ve Throw everything against the wall, participant in the scheme; he was its ling him to testify would be not
made their case—why open it to un- let historians sort it out. intended victim. Donald Trump ap- thoroughness but sadism.
expected hazards? You never know How many witnesses? Four major parently thought he was the likely The Democrats should want—His-
what will be said in testimony. Re- ones in four days would not be un- Democratic 2020 nominee. So he tory would want—the testimony of
publicans don’t want new witnesses. reasonable. muscled Ukraine to embarrass Mr. Mick Mulvaney, the president’s act-
The House had plenty of them, ques- John Bolton and Joe Biden? Yes. Biden by publicly announcing an in- ing chief of staff, also in the center
tioned them, drew up the articles Mr. Bolton was Donald Trump’s vestigating of his son Hunter. Mr. of things during the Ukraine
based on their testimony. The Senate national security adviser from April Trump apparently thought then-Vice scheme. He isn’t known to have at-
is here to weigh them, not develop 2018 to September 2019. He was in President Biden had pressed for the tempted to thwart the president’s
new evidence. Also there are aspects the thick of it but apparently apart firing of a Ukraine prosecutor who actions. Did he? If not, why not?
of executive privilege. from it. He spoke of the Ukraine he thought was moving against In return for Mr. Mulvaney, Re-
Both parties are thinking of their scheme disparagingly, is said to have Hunter, who served on the board of publicans should want Rudy Giu-
own needs, which is what parties do. called it a drug deal. He called Rudy a Ukrainian company. liani. Many of Mr. Trump’s support-
But when you open the door to im- Giuliani, the apparent instigator, “a Mr. Trump’s great defense is that ers hope for a colorful, even
peachment, there’s a third party in hand grenade who’s going to blow he was simply pressing the new gov- intemperate defense of the presi-
the room, History. It too has its everybody up,” according to the tes- ernment of Ukraine to be harder on dent. Rudy’s their man. If Ukraine
needs, and they are less selfish than timony of Fiona Hill, the president’s corruption in general than it had been was a drug deal, it looks as if he ran
those of the political parties. History adviser on Russia and Europe. in the past. Is it unfair to ask Mr. Bi- the cartel. Get him in and under
wants information. It wants data and Mr. Bolton is a central fact wit- den to testify on his approach to and oath. First question: What were you
testimony. It wants as near as possi- ness. The story is incomplete with- actions on Ukrainian corruption when doing?
ble to know and understand the out him, and his testimony could he was vice president? Is it unfair to Then end this. The 67 votes
story. prove crucial. He is respected among ask how he viewed his son’s job with needed to convict won’t materialize.
It will be surprising if the presi- conservatives, who know him from the company of a nation on which the Scrub this saga as thoroughly as
dent doesn’t come around to backing Fox News; he was U.S. ambassador senior Mr. Biden held portfolio? No. possible and then leave it to history,
more witnesses. As the Democrats to the United Nations. If you want to And it would satisfy half the country: which will find in it valuable mate-
make their case against him, he will break through to Trump supporters “Good, we’re finally talking about the rial as to the ways and mores of
begin to seethe: I want more people who think this whole case is a big, swamp and its corruptions.” early 21st-century American politics.
Based on the social-justice war- throw the Manchu rulers. When the Communists took over nated in India. On Super Bowl Sun-
riors’ logic, people must only func- After the 1912 revolution that mainland China in 1949, they re- day, I’ll eat nachos and pizza. And
tion within the ethnic identity and ended the Qing dynasty, Western garded the qipao as a bourgeois you bet my household celebrates In-
culture they were born into—for life. ideas such as equality and liberty symbol and for several decades for- dependence Day with a backyard
Authenticity, to them, means each began to influence Chinese women. bade Chinese women from wearing barbecue of hamburgers and hot
cultural group must embrace its own As more attended school and en- it. The qipao has became fashionable dogs, followed by a show of Chinese-
culture and fiercely defend its tered professions, they needed new again among ordinary Chinese made fireworks.
unique traits from others. But no women only since the 2000s. So this Chinese New Year, I en-
culture can survive in a vacuum. All The story of the qipao demon- courage you to appropriate Chinese
of today’s cultures are the result of So-called progressives strates that “authenticity” and “orig- culture by wearing something Chi-
cross-pollination with others in the inality” are misleading ways to think nese, learning how to say “Happy
past. demand we all freeze about culture. Adopting something New Year!” (“Gong xi fa cai!” in
The qipao, for instance, was origi- our lives at an arbitrary from another culture is unavoidable Mandarin), cooking and eating Chi-
nally a Manchu dress. The Manchu and natural. Not to mention, a life nese food, and hanging out with
are an ethnic minority living in moment in historical time. lived only within one culture—frozen your Chinese friends. Don’t let any-
northeastern China. Over decades, at an arbitrary moment in historical one dictate what you can or can’t do
Manchu armies conquered the Ming time—would be boring. in the name of “cultural appropria-
Empire, founded the Qing Dynasty in outfits to match their enlightened As an immigrant, I have shame- tion.” Do the thing that’s increas-
1644, and ruled over the Han Chi- social awareness. So Han Chinese lessly appropriated American cul- ingly off-limits: Have fun.
nese population until 1912. The Han women borrowed the Manchu qipao, ture. My New Year’s resolutions in-
considered Manchu cultural cus- which was loose and wide, and made clude exercising more, and for that I Ms. Raleigh is a senior contributor
toms, including their clothing, bar- it more form-fitting with various attend Zumba, a dance workout to to the Federalist and the author of
baric, and tried many times to over- lengths and sleeve styles. Latin music, or do yoga, which origi- “Confucius Never Said.”
Jeff Bezos Tries to Wag the Dog
Jeff Bezos’s extra- The report finds with “medium to was exposed by an unfriendly foreign Bezos’s girlfriend (a former TV host)
marital affair is the high confidence” that the Saudi gov- intelligence agency. Unfortunately, for a picture whose styling and fram-
type of story that ernment hacked Mr. Bezos’s phone. more newsworthy than Mr. Bezos ing resembled the photo allegedly
sometimes ties the Now it’s easy to believe that lots of cheating on his wife would also be sent by the prince.
media into knots. government spy agencies would the story of him promoting a dubious Mr. Bezos received a text message
What was leaked want to hack the world’s richest narrative of international intrigue as apparently from the crown prince
was potentially less man’s phone. It takes only a little ef- a possible distraction. Nor is there saying don’t believe everything you
BUSINESS
newsworthy than fort to believe that Saudi Crown any getting around the fact that he hear about Saudi Arabia. Two days
WORLD
who leaked it and Prince Mohammed bin Salman, earlier Mr. Bezos had gotten a pri-
By Holman W.
why. Because the whose recklessness is legendary, vate briefing on a Saudi cyber cam-
Jenkins, Jr.
media is reluctant would leave his own fingerprints all Faint stirrings of media paign against him, but the text mes-
to inquire into each over such an effort. sage came a week after Mr. Bezos
other’s sources, such stories often go Unfortunately the report does not skepticism are making had already told the world about his
unreported. This case was an excep- deliver on these plausible allega- his Saudi conspiracy investigation of a Saudi role. Secret
tion, at least for a while. The National tions. It finds no malware on Mr. Be- knowledge was not necessary to ex-
Enquirer is a disreputable supermar- zos’s phone or record of its commu- theory a harder sell. plain the prince’s text.
ket tabloid, and Mr. Bezos strongly nicating with spyware-related web I’m all in favor of the media dig-
suggested it was in cahoots with a sites. And missing is any claim or ging deeply into how certain stories
foreign power, Saudi Arabia, and pos- hint of a Saudi link to the embarrass- made his ownership of the Washing- become news, as the Journal and
sibly the Trump administration. ing Enqurier exposé as Mr. Bezos ton Post, employer of the murdered others did in the Bezos-Enquirer
So let’s note what a new report previously alleged. Reporting by the Saudi journalist Jamal Khashoggi, case. Russia’s alleged role in leaking
doesn’t say and isn’t. It’s not, as some Journal and other news organiza- central to his—let’s be gentle—narra- Democratic emails was certainly
in the press delight in calling it, a tions long since seems to have nailed tive overreach. more newsworthy than anything
“United Nations report.” The report down his paramour’s brother as the Not only does the report by FTI contained in the emails. For that
was written by a private outfit hired source of the leaks, for which he was Consulting not link the Saudis to the matter, it would be nice to know if
by Mr. Bezos that he somehow per- reportedly paid $200,000. leak of Mr. Bezos’s photos and text any national intelligence agency was
suaded (in an untold story) two U.N. More newsworthy than Mr. Be- messages, but its evidence that the behind leaks of offshore bank re-
human-rights officials to endorse. zos’s affair would be the news that it Saudis hacked Mr. Bezos’s phone at cords to a so-called consortium of in-
all is circumstantial and under- vestigative journalists that embar-
whelming. After Mr. Bezos traded rassed a range of prominent people
Notable & Quotable phone numbers with the crown
prince, he received a promotional
in recent years.
Then there’s the mother of all
Robert Thomson
Chief Executive Officer, News Corp
From Jim Lehrer’s Rules of Jour- video ostensibly from the prince’s media red herrings: Under its in-
William Lewis
nalism. Lehrer died Thursday at 85: WhatsApp account. Hours later came stinct to protect and identify with
Chief Executive Officer and Publisher the first of several anomalous spikes its sources, the U.S. press protected
DOW JONES MANAGEMENT: . . . 2. Cover, write and present ev- in outgoing data from Mr. Bezos’s and enabled foreign agent Christo-
Ramin Beheshti, Chief Technology Officer; ery story with the care I would want phone over the next nine months. pher Steele’s efforts to peddle apoc-
Natalie Cerny, Chief Communications Officer;
Kamilah Mitchell-Thomas, Chief People Officer; if the story were about me. The coincidence may be significant, ryphal claims about a U.S. presiden-
Edward Roussel, Chief Innovation Officer; 3. Assume there is at least one but, as the report notes, innocent ex- tial candidate rather than exposing
Christina Van Tassell, Chief Financial Officer other side or version to every story. planations are also possible even if those efforts as the important news
OPERATING EXECUTIVES:
Kenneth Breen, Commercial; 4. Assume the viewer is as smart none could be confirmed with the in- story they were.
Jason P. Conti, General Counsel; and caring and good a person as I am. formation at hand. We find ourselves in a strange po-
Tracy Corrigan, Chief Strategy Officer; 5. Assume the same about all peo- Mr. Bezos received ostensibly sition today. We needed two govern-
Frank Filippo, Print Products & Services;
Kristin Heitmann, Chief Commercial Officer; ple on whom I report. . . . from the prince a photo of a young ment reports—the Mueller report
Nancy McNeill, Corporate Sales; 7. Carefully separate opinion and lady with a common internet meme and the latest report from Justice
Thomas San Filippo, Customer Service; analysis from straight news stories about arguing with a woman. The re- Department Inspector General Mi-
Josh Stinchcomb, Advertising Sales;
Suzi Watford, Chief Marketing Officer; and clearly label everything port says the woman resembles Mr. chael Horowitz—to undo the damage
Jonathan Wright, International 8. Do not use anonymous sources Bezos’s then-secret paramour, thus is done by the credulous and dishonest
Barron’s Group: Almar Latour, Publisher or blind quotes except on rare and evidence the Saudis had access to reporting of our major news-gather-
Professional Information Business:
Christopher Lloyd, Head;
monumental occasions. No one Mr. Bezos’s private photos. In fact, ing organizations.
Ingrid Verschuren, Deputy Head should be allowed to attack another the resemblance between the women Think about that precedent: The
anonymously. is trivial. What’s similar is the com- press is supposed to police govern-
9. “I am not in the entertainment position of the photos, as if some- ment lies, but we needed the govern-
business.” body searched through images of Mr. ment to police press lies.
A14 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

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

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

SCOTT WINTERS/ZUMA PRESS, JONATHAN BACHMAN/GETTY IMAGES

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

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

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

Los Angeles 75 53 s 69 51 pc Bangkok 91 74 pc 92 74 pc Singapore 89 77 pc 90 78 pc
Miami 80 53 pc 75 57 pc Beijing 44 20 pc 44 25 c Sydney 79 74 sh 87 73 t
wolves want to keep him, this valued out of high
Milwaukee 38 33 sn 37 30 c Berlin 39 30 pc 40 33 c Taipei City 82 68 pc 75 60 r might be the time to maxi- school and college but
Minneapolis 34 20 c 30 22 c Brussels 43 36 pc 47 43 c Tokyo 47 40 c 45 42 r mize their return on Coving- still made it to the NBA.
Nashville 43 32 c 49 40 c Buenos Aires 89 72 s 88 64 s Toronto 36 30 sn 38 31 sf ton. He has no shortage of They know that every
New Orleans 62 49 pc 62 54 r Dubai 73 61 s 69 59 pc Vancouver 47 42 r 48 40 r
New York City 50 38 r 47 36 pc Dublin 48 40 c 47 35 sh Warsaw 39 34 c 39 30 c potential suitors—the Lakers, team could use a Robert
Oklahoma City 58 37 pc 58 35 pc Edinburgh 47 42 c 47 32 r Zurich 43 29 c 45 32 pc Clippers, Mavericks, Rockets Covington.
 BUSINESS | FINANCE |
DJIA 28989.73 g 170.36 0.6%
Future Tense
Don’t let apocalyptic
thinking stop you
from saving B2
TECHNOLOGY |
NASDAQ 9314.91 g 0.9%
MANAGEMENT
 Nehemiah worker Jennifer Mofford shows her hand tattoos.
ANDREW SPEAR FOR THE WALL STREET JOURNAL(4)
 After two decades in prison, Rayshun Holt was hired as a supervisor.
The Company of
Second Chances
Cincinnati
W
hile some companies try
to attract and keep em-
ployees with yoga classes
and lavish cafeterias, Ne-
hemiah Manufacturing
Co.’s perks include a so-
cial-service team and an attorney.
When two consumer-product veterans
started Nehemiah a decade ago, their idea was
to create more opportunities in a struggling
part of Cincinnati. Increasingly, that meant hir-
ing people who had a particularly hard time
finding jobs: those with criminal backgrounds.
Now, workers with criminal records make
up around 80% of the company’s about 180
employees—and Nehemiah has learned that
offering a job to people trying to turn their
lives around is just half the battle.
“We are investing in our employees in or-
der to retain them,” said Richard Palmer,
president of Nehemiah, whose brands in-
clude Boogie Wipes, Saline Soothers and
Casper’s IPO Dreams Meet
Wall Street’s Wake-Up Call
BY ELIOT BROWN
Mattress startup Casper Sleep Inc. typi-
fies the kind of startup that Silicon Valley
investors fawned over through the 2010s,
defined by big vision and rapid growth at
the expense of profits.
Now, it is seeking to go public at the very
time that such a model appears to have
fallen out of favor, in a test of what is to
come for dozens of similar loss-heavy start-
ups that need to raise money as private
fundraising becomes more difficult.
The mood in Silicon Valley has changed
dramatically in the past year, as Wall Street
investors have proven far less enamored
with many high-profile, high-loss startups
EXCHANGE
STOXX 600 423.64 À 0.9%
THE WALL STREET JOURNAL.
10-YR. TREAS. À 17/32 , yield 1.680%
 Michael Taylor was jailed for burglary. He is now operations manager.
 ‘I never knew what a goal was until I got here,’ says Gina Johnson.
At Nehemiah Manufacturing,
workers with a criminal past
are the norm rather than the
exception. But the company
has found that giving someone
a job is just half the battle.
BY RUTH SIMON
other consumer products. “It’s no different
than tech companies bringing in lunch and a
foosball table.”
In one of the tightest labor markets in de-
cades, more employers are willing to give ex-
convicts a chance, trying to marry business
needs and good intentions. Even large Amer-
ican companies are rethinking whether their
than venture capitalists expected. Uber
Technologies Inc.’s stock is down 18% since
its listing last year, and Lyft Inc.’s is down
33%, while the Nasdaq composite index is up
more than 17%. Their experience, along with
the failed effort to go public by WeWork
parent We Co., have left startup financiers
fearing the same fate for their own invest-
ments, and sparked a scramble across Sili-
con Valley to stanch the flow of red ink.
New York-based Casper, which this month
filed paperwork for a planned initial public
offering, is considerably smaller than the
ride-hailing companies and WeWork. But it
shares traits, most notably a tendency to-
ward burning through capital and a business
Please turn to page B4
* * * * * * * *
OIL $54.19 g $1.40
Will or Harry?
A leadership
quiz fit for a
(future) king B5
Saturday/Sunday, January 25 - 26, 2020 | B1
GOLD $1,571.10 À $6.50
responsibilities extend beyond their share-
holders. JPMorgan Chase & Co. Chief Execu-
tive James Dimon said in October that the
bank would step up efforts to recruit people
with criminal backgrounds.
Hiring people with a criminal past can pay
big dividends for companies, such as closer
community ties and a loyal workforce. But
keeping them on the job can be a struggle.
Privately held Nehemiah started hiring
workers with a criminal record in 2011 at the
request of a local nonprofit. The experiment
got off to a rocky start. Many workers contin-
ued to struggle with substance abuse or mental
illness; some were homeless, the company says.
“We didn’t understand all of the chal-
lenges,” says Dan Meyer, Nehemiah’s chief ex-
ecutive and veteran of Procter & Gamble Co.
and Bristol-Myers Squibb. Employees showed
up one day, only to disappear the next.
At a loss, Nehemiah enlisted the support of a
social-service worker to help employees with
Please turn to page B6
Casper’s stock offering will be a telling sign of what’s to come for other unprofitable startups.
EURO $1.1026 YEN 109.28
Couple
Admits
To Ponzi
Scheme
BY DAVE MICHAELS
WASHINGTON—A California cou-
ple whose solar company counted
Berkshire Hathaway Inc. as one of
its investors pleaded guilty Friday to
running a $900 million Ponzi scheme.
Jeff and Paulette Carpoff, who be-
gan raising money in 2011, admitted
to a scam that involved swindling so-
phisticated corporate investors who
earned valuable federal tax credits for
helping finance a renewable-energy
business. Authorities seized and auc-
tioned off 148 luxury vehicles owned
by the Carpoffs, including a 1978 Pon-
tiac Firebird once owned by Burt
Reynolds.
The solar company, DC Solar So-
lutions Inc., once sponsored a Nascar
racing outfit.
“By all outer appearances this was
a legitimate and successful company,”
said Kareem Carter, special agent in
charge of IRS criminal investigation
in Northern California. “But in reality
it was all just smoke and mirrors—a
Ponzi scheme touting tax benefits to
the tune of over $900 million.”
DC Solar’s investors included Berk-
shire Hathaway and the insurer Pro-
gressive Corp., which last year took
a $156.1 million charge to reverse an
Please turn to page B2
Oil Prices
Decline
On Growing
Virus Threat
BY SARAH TOY
Oil prices suffered their worst
week in over a year, dragged lower
by fears that a deadly new coronavi-
rus spreading throughout China and
other countries will weigh on eco-
nomic growth and hurt demand for
crude. Brent, the global gauge of
prices, fell 6.4% this past week to
notch its biggest weekly percentage
decline since December 2018. U.S.
crude futures fell 7.5%, marking their
largest weekly loss since July.
Crude prices were hit this week
after reports of the emergence of a
deadly new respiratory virus in the
central Chinese city of Wuhan. The
second U.S. case was confirmed by
health officials on Friday and the
disease spread into Europe and Aus-
tralia for the first time.
“The virus has significant poten-
tial to take a lot of demand off the
market,” said Robert Yawger, direc-
tor of the futures division at Mizuho
Securities USA.
On Friday, Brent declined 2.2% to
$60.69 a barrel and West Texas In-
termediate futures fell 2.5% to
$54.19 a barrel, with some analysts
saying the virus had already begun
denting oil demand.
Phil Flynn, senior market analyst
at the Price Futures Group, pointed
to Beijing’s lockdown of Wuhan and
nearby cities during a time when
many families would normally be
traveling for Lunar New Year fes-
tivities.
“Many of the Lunar Day festivities
Please turn to page B11
JOHANNA HUCKEBA/THE WALL STREET JOURNAL
 B2 | Saturday/Sunday, January 25 - 26, 2020
STARBUCKS CORP.
 First Starbucks tossed its
plastic straws. Now the cof-
SBUX fee giant wants to cut its
water use and the amount of
1.2% trash it sends to landfills
over the next decade, the lat-
est big company to set fresh targets for
limiting its environmental impact. Star-
bucks said Tuesday it will aim to serve
more coffee in reusable cups, curb food
and packaging waste and set a more
environmentally friendly menu. New
stores will make more efficient use of
energy and water, and improve environ-
mental practices among coffee growers
and other suppliers. Shares fell 1.2%
Tuesday.
UBER TECHNOLOGIES INC.
 Uber might give drivers the
green light to set their fares.
UBER Drivers who ferry passengers
from airports in Santa Bar-
7% bara, Palm Springs and Sac-
ramento can now charge up
to five times the fare Uber sets on a
ride, a test that started Tuesday. The
experiment is part of Uber’s effort to
show that its drivers operate with some
degree of independence. Earlier this
month, Uber capped its commissions on
rides across California. Last month, it al-
lowed drivers in the state to see where
riders were going, letting them choose
the trips they wanted to take. Shares
gained 7% Tuesday.
ALEX NABAUM
Invest Like the World Isn’t Ending
The author of ‘Fewer, Richer, Greener’ tries to convince a 22-year-old skeptic that the future is bright
A few days ago, a
smart 22-year-old
asked me how to in-
vest some savings
from her first job. I
advised her to open
an individual retire-
ment account. When she found out
she couldn’t withdraw it without
penalty until she turns 59½, she
shot back: “By then the planet will
be a rotating cinder!”
The many young people who
seem to share her gloomy view of
the future should read the new
book by Laurence B. Siegel, “Fewer,
Richer, Greener.” In it, he pro-
claims, “We are on the verge of the
greatest democratization of wealth
and well-being that the world has
ever known.”
If Mr. Siegel is right, by 2056
(when this young investor will
turn 59½), billions of people will
be wealthier, healthier and hap-
pier than ever before. New tech-
nologies in energy, food, education
and medicine will heal the planet
and enrich human life. The use of
fossil fuels will dwindle; many
commodity prices will decline.
Frontier markets, including na-
tions in Africa and Latin America,
will boom.
Mr. Siegel is an intellectual
heavyweight who writes with a
light touch. He is a director at the
CFA Institute Research Foundation,
a Charlottesville, Va.-based non-
profit that publishes analyses of the
financial markets for professional
investors. His book sparkles with
wit and sheds light on everything
from how the ancient Romans de-
veloped central heating to why the
poets Geoffrey Chaucer (born about
1340) and T.S. Eliot (born in 1888)
described the month of April in
THE BUSINESS WEEK IN 7 STOCKS
PERFORMANCE OF AIRLINE STOCKS THIS PAST WEEK
Source: FactSet
4%
2 Netflix said Tuesday that it
0 600,000. It beat expectations for sub-
–2
–4
–6
–8
Tues. Wed. Thurs.
AMERICAN AIRLINES GROUP INC.
 Worries about a pneumonia-like virus are circulat-
ing through the airline industry as more people in
AAL China choose not to travel. Typically hundreds of
4.2% millions visit family or take a vacation during the
Lunar New Year holiday. This year many are staying home
due to the coronavirus, which originated in China. The con-
firmed cases tripled Monday, and accelerated all week.
Shares of American Airlines fell 4.2% Tuesday.
THE INTELLIGENT INVESTOR | JASON ZWEIG
such drastically different terms.
My young interlocutor, who is
skeptical that capitalism even
works, gave me some questions
that I passed along to Mr. Siegel.
Here’s what he had to say.
Q: Isn’t capitalism destroying the
planet and causing massively un-
fair inequality of wealth?
A: For most of the history of the
world, almost everyone was poor
beyond imagining. Only over the
last 250 years, the period over
which capitalism has flourished,
have a large number of people—in
the billions—overcome poverty. Re-
markably, just in the last year, re-
searchers determined that half the
population of the world already is
middle class or wealthier.
‘Isn’t capitalism
destroying the planet
and causing massively
unfair inequality?’
Historically, the environment
has become dirtier as people begin
to move up from poverty world-
wide. But as they continue to be-
come wealthier, people start to be
willing and able to sacrifice some
of those gains to get a cleaner en-
vironment. As the world gets
richer it will continue to get
greener. Switzerland is probably
the most environmentally clean
country in the world, and it is one
of the very richest. As time passes,
Greece will act more like Switzer-
land, Colombia more like Greece,
Ethiopia more like Colombia and so
THE SCORE
Southwest
American
Delta
Fri.
on until the whole world is much
greener than it is now.
Q: Given the history of tobacco
companies lying about cancer risk
and energy companies denying cli-
mate change, why should young
people believe that big corpora-
tions will take action to improve
the environment?
A: They already are. Companies are
reacting to price signals to become
more energy-efficient, at about 1.5%
a year, which will compound pretty
damn quickly to a large decline in
energy use over time. And, also
over time, the market is a powerful
mechanism for driving bad and dis-
honest providers out of business.
Q: The people who control many
major corporations seem to take a
very short-term view, maybe a few
months at a time. Can they pro-
mote the long-term interest?
A: Many companies do seem to
take a short-term view, just trying
to make Wall Street’s earnings esti-
mates for the next quarter. But if
they were actually wasting re-
sources and sacrificing the long-
term value of the company to the
goal of maximizing short-term
stock price, Wall Street would fig-
ure it out and the stock would go
down. There are some travesties
relating to executive compensation,
product safety and disobedience of
laws. But overall, companies are
much better managed today, with a
longer-term view, than they were
in the past. Believe me, you don’t
want to go back to the way they
were run in, say, the 1970s.
Q: What is capitalism not good at?
What does government do better?
A: Government is better at provid-
* ***
NETFLIX INC.
 Foreign features are now in
vogue at Netflix, where an
NFLX overseas expansion is provid-
ing more new streaming sub-
3.6% scribers as the U.S. slows.
added 423,000 domestic subscribers in
the quarter, lower than its forecast of
scriber growth overseas. The streaming
giant already faces heightened competi-
tion from a gaggle of domestic rivals in-
cluding Walt Disney Co.’s Disney+ and
Apple Inc.’s Apple TV+. The U.S. land-
scape will get more crowded this spring
with the arrivals of Peacock and HBO
Max. Shares fell 3.6% Wednesday.
EXPRESS INC.
 The fashion retailer said it
would close about 100 stores
EXPR by 2022, including nine stores
that closed last year and 31
21% that will close by the end of
the month. The store closures
are part of a broader overhaul, as the
company anticipates $80 million in cost
cuts over the next three years, including
$55 million primarily related to job cuts
it disclosed last week. It is cutting 10%
of the positions at its Columbus, Ohio,
headquarters and its design studio in
New York City. Express also said it is
planning to relaunch its loyalty and pri-
vate-label credit card this fall as part of
the effort. Shares gained 21% Tuesday.
ing public goods and pricing exter-
nalities. Public goods are functions
like defense, police and fire protec-
tion, safety nets against extreme
poverty, and limits on pollution or
harmful consumer products. I’m
riding on a train right now [in
Southern California] whose tracks
were laid on land that the U.S. gov-
ernment granted to the railroad
companies in the 1860s. Otherwise
unwilling property owners would
have prevented the tracks from go-
ing in a straight line. Government
is good at equalizing opportunity,
not at optimizing production. We
don’t hand out government food;
the government hands out food
stamps so poor people can buy
food produced by private farmers.
Q: At the end of your book, you
write: “Apocalyptic thinking is a
neural mistake based on our need
to survive in a cruelly hostile envi-
ronment that doesn’t exist any-
more.” What do you mean?
A: We evolved under conditions in
which not only the individual but
the whole species were often in
danger of extinction. Our neural
network says to us all the time:
That could be a tiger, or it could
be a rabbit, so let’s assume it’s a
tiger. In the modern world,
though, that often leads us to
worry more about some dangers
than we need to, because they
rarely or never occur anymore.
As Mr. Siegel writes, apocalyptic
thinking “has always been wrong as
a forecast, and it will continue to be
wrong.” Here’s hoping young people
will take his message to heart, real-
ize that capitalism can be a force for
good and stop fearing the future.
THE WALL STREET JOURNAL.
MATCH GROUP INC.
 Online dating now has an
alarm. Tinder plans to start
MTCH hit a panic
offering users an option to
button, receive
1.2% check-ins, and summon au-
thorities. To offer the service,
Tinder parent company Match Group is
taking a stake and board seat in an app
called Noonlight that tracks users’ loca-
tions. Tinder plans to debut the feature
free for U.S. users at the end of Janu-
ary. The company has been criticized for
not doing more to screen out bad ac-
tors, often in the wake of reports of
crimes that result from connections
made through dating apps. Shares fell
1.2% Thursday.
INTEL CORP.
 Intel Corp.’s customers are
clearly hungry for more chips.
INTC fourth-quarter
The company posted strong
earnings that
8.1% benefited from an upswing in
personal-computer shipments
and robust demand for server farms
that need chips to store large amounts
of data. The results are the latest sign
technology companies expect healthy
demand despite wider expectations for
a modest economic rebound this year.
Intel still faces challenges, including chip
supply shortages, loss of market share
and turmoil from the U.S.-China trade
tussle. Intel shares rose 8.1% Friday.
—Francesca Fontana
Couple
Admits
To Scheme
Continued from page B1
earlier income-tax benefit linked
to DC Solar.
Berkshire Hathaway invested
$340 million in DC Solar, accord-
ing to the conglomerate’s first-
quarter securities filing. The firm
said it reversed income tax bene-
fits it had earlier recognized be-
cause “we now believe that it is
more likely than not that the in-
come tax benefits…are not valid.”
Berkshire Hathaway, whose
chairman and chief executive offi-
cer is Warren Buffett, didn’t re-
spond to a message seeking com-
ment.
Mr. Carpoff pleaded guilty to
conspiracy to commit wire fraud
and money laundering, according
to court records. Ms. Carpoff
pleaded guilty to conspiracy to
commit an offense against the U.S.
and money laundering, court re-
cords show.
Malcolm Segal, an attorney for
Mr. Carpoff, said DC Solar was
started as a legitimate business,
“but as it grew, it overwhelmed
Mr. Carpoff.”
“Because of that he began com-
mitting acts he knew were wrong
and illegal,” Mr. Segal said. “But
he tried to salvage the business
and failed.”
Mr. Carpoff is forfeiting per-
sonal and business property to
pay back investors, Mr. Segal said.
Bill Portanova, an attorney for
Ms. Carpoff, said she “recognizes
what she has done wrong over
these past several years and she
will be working for many years
trying to make things right.”
Berkshire Hathaway
invested $340 million
in DC Solar Solutions.
The Securities and Exchange
Commission also sued the Car-
poffs in a civil complaint filed in
Sacramento. The SEC said the
couple, whose business is in bank-
ruptcy, siphoned off at least $140
million of investor funds to pay
for their personal expenses, which
included the sports cars, dozens
of properties, and a share in a pri-
vate jet service.
The investors were eligible for
a 30% tax credit, which roughly
covered the amount of cash they
initially placed with DC Solar, the
SEC said. The investors generally
assumed an obligation to contrib-
ute millions more to the business
through promissory notes, the
SEC’s lawsuit says. The SEC’s law-
suit alleges the couple committed
securities fraud and seeks dis-
gorgement of illegal profits and
payment of civil penalties.
DC Solar, which was based in
Benicia, Calif., supposedly made
money by leasing solar generators
that power cellphone towers and
lighting needed at major sporting
events. The SEC alleges that most
of the generators were never man-
ufactured and “the vast majority”
of lease income paid to investors
came from new investor proceeds,
the hallmark of a Ponzi scheme.
THE WALL STREET JOURNAL.
Roundup
Trial Is on
Hold as
Sides Talk
BY LAURA KUSISTO
AND RUTH BENDER
ST. LOUIS—The latest trial
over allegations that Bayer
AG’s popular Roundup weed-
killer causes cancer was post-
poned indefinitely on Friday to
allow room for escalating set-
tlement talks to continue.
Bayer was hours away from
facing another jury on the is-
sue, after the German chemi-
cal and drug conglomerate
over the last year and a half
lost the first three Roundup
trials for a total of $190.5 mil-
lion in awards. A fourth ad-
verse verdict could have
handed plaintiffs, who number
more than 42,000, more am-
munition in settlement talks
that have dragged on for
months.
Analysts estimate any set-
tlement would be in the $8
billion to $12 billion range in
the talks led by court-ap-
pointed mediator Ken Fein-
berg, who said he was “cau-
tiously optimistic” a deal
could be struck in weeks.
A Friday order from Mis-
souri circuit court Judge Eliza-
beth Hogan said simply “cause
(sic) continued” in a handwrit-
ten message with no date to
resume. Bayer said in a state-
ment the case was delayed “to
provide room for the parties
to continue the mediation pro-
cess in good faith…and avoid
the distractions that can arise
from trials.”
Bayer and a host of plain-
tiffs have moved closer in re-
cent weeks to settling the
Roundup litigation, according
to attorneys and Mr. Feinberg.
In talks, Bayer and plaintiff
lawyers are trying to establish
the conditions for compensat-
ing plaintiffs as a step toward
coming up with a total amount
for a potential settlement, ac-
cording to people familiar
with the settlement negotia-
tions. Bayer wants a deal that
would include a way to handle
potential future claims. How
that can be done is still uncer-
tain, though lawyers expect
the company to set aside a
pool of money to address fu-
ture claimants.
The court cases have put
pressure on Bayer Chief Exec-
utive Werner Baumann, who
lost a standard-procedure,
nonbinding confidence vote at
last year’s shareholder meet-
ing, a first in postwar Ger-
many. Investors blame Mr.
Baumann for getting Bayer
into the legal dispute as he
was the main architect of the
Monsanto deal.
The German company’s $63
billion purchase of Monsanto
in 2018 exposed it to the thou-
sands of U.S. lawsuits arguing
the Monsanto-developed
Roundup causes cancer.
“Bayer wants to be out of
the headlines,” said Tom
Claps, an analyst at Susque-
hanna Financial Group. “They
don’t want to have to spend
the next seven weeks in St.
Louis while they’re trying to
negotiate a very big settle-
ment to resolve everything.”
In 2015, an arm of the
World Health Organization
pegged Roundup’s main chem-
ical agreement as a probable
carcinogen. Bayer disputes
that finding, and the company
is appealing all of the first
three jury verdicts.
Bayer’s share price has re-
covered some 40% since hit-
ting a low of €52 ($57.49) at
the peak of the crisis last June
as investors grew confident
that the company would soon
reach a settlement.
Bayer securities traded on
U.S. exchanges moved slightly
higher on the trial delay, but
settled 3.7% lower Friday.
—Jacob Bunge
contributed to this article.
German Court Says Facebook Violated Consumer-Data Rules
BY SARA GERMANO
BERLIN—A state court in
Berlin ruled that some user
terms set by Facebook Inc. vi-
olated consumer-data protec-
tion law, in the latest example
of back-and-forth between
companies and courts to de-
fine the boundaries of the Eu-
ropean Union’s extensive pri-
vacy rules.
The ruling Friday, from the
highest court in the city-state
* * * *
Ericsson Stung by Higher 5G Costs
BY DOMINIC CHOPPING
AND PARMY OLSON
STOCKHOLM—Ericsson AB
returned to profit in the fourth
quarter but concerns about
higher costs associated with
new fifth-generation mobile
networks and a slowdown in
North America sent its shares
down more than 7%.
The Swedish telecom-equip-
ment maker, emerging from
years of costly restructuring,
has bet big on the growing 5G
market, where it is battling
Finland’s Nokia Corp. and
China’s Huawei Technologies
Co. That effort, and cost cuts
elsewhere, have started to bear
fruit in recent quarters.
On Friday, Ericsson said mo-
mentum stalled in North Amer-
ica in the last three months of
2019, with sales in the region
falling 4% compared with the
previous year.
“Due to the uncertainty re-
lated to an announced operator
merger, we saw a slowdown in
our North American business,”
said Chief Executive Börje Ek-
holm, adding that the region
generated “the lowest share of
total sales for some time.”
T-Mobile US Inc. and Sprint
Corp. agreed to merge almost
two years ago but the deal
hasn’t been finalized amid a
protracted antitrust fight.
Ericsson said there was
growth among other customers
and that the underlying funda-
mentals in North America re-
main strong. It also said the
slowdown in North America
was offset by operators in Asia
and the Middle East continuing
Scooter Startups Tackle Inefficiencies, Safety
BY MARC VARTABEDIAN
Shared-electric-scooter
startups have blazed into cities
across the world over the past
two years. Fueled by roughly
$1.5 billion in venture capital,
industry leaders Bird Rides Inc.
and Lime raced to set up
sprawling networks of scooter
fleets that users can rent with
an app.
Over the past year, that
breakneck pace of global
growth—which has enabled us-
ers in more than 200 cities
across the world to rent a
scooter for a few hours and pay
with their phones—has caught
up with these companies.
Lime and Bird’s ambitious
expansions outpaced opera-
tions set up essentially on the
fly, according to more than a
dozen current and former em-
ployees. The spotty logistics of
their networks have weighed
on the companies’ efforts to be-
come profitable and led to
safety concerns, these people
allege. Meanwhile, the U.S. Con-
sumer Product Safety Commis-
sion is conducting two previ-
ously unreported probes into
Lime’s scooters, according to
Robert Dalton, an attorney ad-
viser at the agency. A commis-
sion representative declined to
provide further details. A Lime
spokesman declined to com-
ment.
Lime and Bird have been re-
vamping global operations in a
bid to cut costs. Lime, whose
legal name is Neutron Hold-
ings Inc., said earlier this
month it would lay off 14% of
its workforce and pull out of a
dozen markets in the U.S. and
overseas. In October, Bird said
it would turn its focus from
growth to shoring up losses.
“Two years ago, the industry
didn’t exist and there were def-
initely mistakes made along the
way. But our level of precision,
our level of control, is so dra-
matically better than three
months ago, six months ago
and a year ago,” said Wayne
Ting, Lime’s global head of op-
erations and strategy, in an in-
terview.
Bird’s chief vehicle officer,
Scott Rushforth, said in a
statement that Bird quickly
of Berlin, is a regional inter-
pretation of the EU’s General
Data Protection Regulation,
which after nearly two years of
being in effect still isn’t uni-
formly enforced across Europe.
The Berlin ruling partially
upheld a complaint from the
Federation of German Con-
sumer Organizations, finding
that certain Facebook terms vi-
olated a principle of privacy
rules requiring that “informed
consent” be given by users be-
BUSINESS & FINANCE NEWS
A display of 5G wireless radio antennas at the company’s booth during the Mobile World Congress Americas, Los Angeles, in October.
to spend on 5G networks.
Still, investments associated
with the new technology,
which promises to supercharge
cellphones and ultimately en-
able driverless cars and inter-
net-controlled factories, are in-
creasing costs.
Ericsson said its costs rose
in the quarter as it invested in
acquisitions, digitization and
security, and warned expenses
would continue to rise this
year. While the company said
The companies face pressure to transition from cash-hemorrhaging startups to profitable businesses.
learned from operations and
supply chain forecasting chal-
lenges. The startup has created
a logistics-management system
and developed vehicles that use
fewer parts and require less re-
pair, he added.
The renewed focus comes as
the two companies face pres-
sure to transition from cash-
hemorrhaging startups to prof-
itable businesses. Investors,
including prominent Silicon
Valley firms, have plowed
roughly $3 billion into Bird,
Lime and a handful of smaller
scooter startups since 2017, ac-
cording to data provider Pitch-
Book Data Inc. Investors have
valued Lime and Bird at
roughly $2.5 billion each.
Collectively, Bird and Lime’s
expansion has been dramatic.
Founded in 2017, the startups
dropped scooters into metro-
politan areas in the U.S., Eu-
rope, Asia and the Middle East.
But problems soon arose.
Parts and scooter shortages
in the companies’ dozens of re-
pair warehouses around the
world have caused Bird and
Lime to rush components and
vehicles by air from manufac-
turers in China at roughly 10
times the cost of regular ship-
fore their data is collected.
The cited terms include a
default setting to allow search
engines to display a link to a
user’s Facebook profile, and a
requirement that users allow
Facebook to use their name
and profile picture for com-
mercial purposes.
The consumer group bring-
ing the suit, known in German
by the acronym VZBV, said the
ruling indicated that entities
like itself could seek legal en-
higher costs won’t jeopardize
its financial targets, Citi ana-
lyst Amit Harchandani said he
expects consensus earnings
this year to move lower.
Despite the challenges, Eric-
sson reported a net profit of
4.43 billion Swedish kronor
($465 million) for the fourth
quarter, compared with a loss
of 6.55 billion kronor in the
same period last year. Sales
rose 4% to 66.37 billion kronor,
driven by its key networks
ping, according to current and
former employees.
Alfredo Huerta, who worked
as a Milwaukee-based Lime me-
chanic until October, said the
scooter-rental service pur-
chased more than 100 new ve-
hicles at roughly $1,000 each
last summer after a tool short-
age prevented mechanics from
repairing about 200 scooters
that needed a simple fix involv-
ing the tightening of screws.
Lime and Bird have
been revamping
global operations in
a bid to cut costs.
Mr. Ting said Lime, in gen-
eral, has turned a corner on
such inefficiencies.
The companies have found it
difficult to forecast demand, in
part because of inventory sys-
tems that offered limited visi-
bility across networks of re-
gional warehouses, said
Christine Chang, who worked
on Lime’s logistics and supply
chain team until last summer,
forcement of the law without
the involvement of an affected
consumer.
“The Chamber of Justice
has made it clear that con-
sumer advice centers can take
action against violations of the
GDPR,” said Heiko Dünkel,
counsel at VZBV.
Part of the advocacy group’s
complaint, a challenge to Face-
book’s slogan that the social
network “is and remains free”
of cost, was struck down by
Saturday/Sunday, January 25 - 26, 2020 | B3
PATRICK T. FALLON/BLOOMBERG NEWS
unit, and the company raised shut out of America, its ab-
its full-year dividend. sence has given way to fierce
Analysts have raised expec- competition between the two
tations that Ericsson and Nokia European companies. Ericsson
might benefit from a U.S. push also says it has yet to see
to discourage allied govern- much benefit elsewhere in the
ments and their carriers from world. Mr. Ekholm said in an
buying Huawei gear. The U.S. interview that adoption of 5G
says Huawei’s equipment could is “actually slowing down, in
be commandeered by Chinese many countries” because of
authorities to disrupt or spy on geopolitical concerns over
communications, an allegation Huawei equipment. “That has
the company denies. created more uncertainty for
However, while Huawei is our customers,” he said.
aging director in France until
last fall. Bird has since imple-
mented new forecasting soft-
ware, clamped down on the use
of air shipping and trained
more of its focus on smoothing
out logistics inefficiencies, Mr.
Schlenker said.
Also riding on Bird and
Lime’s ability to remake their
operations is the issue of
safety. Mechanics for both
startups say parts shortages af-
fected markets suddenly and
would often force them to scav-
enge parts—including brakes,
wheels and throttles—from
other broken scooters to make
fixes.
Brian Kotts, who worked as
a Boise, Idaho-based Bird me-
chanic until September, said
mechanics there, facing short-
MIKE BLAKE/REUTERS
ages, routinely fixed scooters
using old parts with unknown
structural integrity.
“We were told: ‘If we didn’t
have it, make it work,’ ” Mr.
Kotts said.
Last summer, during peak
and other current and former scooter season in Los Angeles,
employees. a trend caught on where riders
Mr. Ting said Lime has im- skidded scooters along the
proved its ability to forecast pavement by slamming on the
demand by implementing soft- brakes. Lime’s repair ware-
ware that tracks inventory. house became inundated by
These improvements are criti- scooters with flat spots worn
cal to efforts to turn a profit into the back wheel, said Jor-
this year, he added. dan Van Loy, one of the lead
Expansions into new mar- mechanics there at the time.
kets also have been costly. The Mr. Van Loy said the repair
startup was forced to delay its team tried to order spare
Brazil launch last summer by wheels. “Like 200 arrived. But
over a month because it didn’t we needed 2,000,” he said.
have enough scooters on the Mechanics used old wheels
ground there. Lime is set to re- from broken scooters, Mr. Van
treat from Brazil as well as a Loy said. Another shortage left
handful of Latin American cit- mechanics to use their feet to
ies this year. bend bent scooter forks back
Bird also has turned its at- into place, he added.
tention to tackling similar Mr. Ting said that Lime
problems. doesn’t compromise on safety
The continuous rollout of and has checks and balances in
new models designed to be place, such as an anonymous
more durable made it hard to hotline that employees, includ-
establish a reliable supply chain ing mechanics, can use to re-
for spare parts, while higher- port safety concerns. “I don’t
than-expected shipping costs know of an instance where we
and duties weighed on Bird’s said we don’t have a spare part
bottom line, according to a per- and we put the scooter on the
son familiar with Bird’s fi- road,” Mr. Ting said.
nances. “The reality is these “We never compromise the
challenges look more like what safety of our vehicles, riders or
an automotive or industrial the communities we operate
company face,” said Kenneth in,” Bird’s Mr. Rushforth said in
Schlenker, the company’s man- a statement.
the court. privacy enjoys strong legal
Facebook said the case protection, has proved onerous
dated back to 2015 and terms for companies.
cited by the VZBZ in its com- In February 2019, Germany’s
plaint “have long ceased to ex- Federal Cartel Office in-
ist” as the company had up- structed Facebook to stop
dated its user settings. combining data it collects
“Independent of these Ger- across its suite of products,
man proceedings, we substan- which include WhatsApp and
tially revised our Terms of Instagram, arguing that the
Service and Data Policy in the practice was anticompetitive.
spring of 2018,” Facebook said. That ruling was later over-
Enforcement of the law, turned on appeal to a higher
particularly in Germany where court.
 B4 | Saturday/Sunday, January 25 - 26, 2020
What brought you to Salt Lake
City? Where do you live?
I’m originally from Idaho, and I
moved to Salt Lake to go to col-
lege at the University of Utah. I
graduated a few years ago and
decided to stay after I fell in love
with Salt Lake City. It’s such an
up-and-coming city with so much
access to the outdoors.
I’ve lived in a few different
places in Salt Lake. My partner
and I were lucky to find our cur-
rent apartment in Central City
right near downtown because
housing costs have definitely in-
creased in the city. The rent
where we are now is very afford-
able, especially for such a great
location. I’ve always planned on
paying at least $750 to $1,000,
and now I pay $500.
How do you get to work?
I prefer to take the train or ride
my bike, which I bought used for
about $200. Both ways allow me
to not spend any money. Salt
Lake City government employees
get a free transit pass that helps
me with my budget. Salt Lake
City also has some of the worst
air quality in the U.S. It’s a huge
issue for us and a big reason
why taking public transit is so
important to me.
I try to use other transporta-
tion options, but I do have an
electric car as well. I got it in
2017 because my old car broke
down, and there were a lot of
new incentives to buy an electric
car when I bought it. It cost
LINDSAY D’ADDATO FOR THE WALL STREET JOURNAL
$15,000; my parents paid
$10,000 and I paid $5,000. I don’t
have to pay for oil changes and
Salt Lake City makes a lot of the
charging stations free.
I try to live my life with cli-
mate change in mind as much as
possible. That’s honestly a big
reason why I studied urban plan-
ning in college, why I am vegan,
why I try to drive as little as pos-
sible, and why I tend to only buy
clothes from thrift stores.
Wall Street
Eyes Casper’s
Bedtime Story
Continued from page B1
model vulnerable to intense
competition.
For the first nine months of last
year, Casper reported a net loss of
$67 million on $312 million of rev-
enue, with $54 million of cash. It
has raised more than $300 million
from investors, with a valuation on
the private markets of $1.1 billion,
and sought additional private
funding late last year, according to
people familiar with the matter.
That funding was never finalized,
and now it is seeking much-needed
cash on the public markets.
The company has for years been
marketing itself like a tech
startup, though its IPO prospectus
emphasizes other key selling
points, such as the rapid growth of
its brand. In six years, it has be-
come a leading name in mat-
tresses—aided by $422 million in
marketing in the past four years
alone. Its IPO prospectus cited a
survey that 31% of the U.S. is
aware of its brand.
Casper says that brand—and
marketing spending—set it up well
BENJAMIN LOWY/GETTY IMAGES
Casper CEO Philip Krim plans to take the New York-based company public this year as it seeks funds to dominate the ‘global sleep economy.’
EXCHANGE
How far does a $50K salary go when you’re starting out?
It depends a lot on where you live.
Recent graduates in entry-level jobs made an average of $51,347 an-
nually in 2019, according to recruiting firm Korn Ferry. In this series,
millennial workers tell The Wall Street Journal about what it’s like to
live on roughly $50,000 a year in their city. From Oklahoma City to
Detroit, they share their living expenses, whether they’re able to save,
and what they do for fun. Here is the story of Christianna Johnson,
edited and condensed from a recent interview.
—Francesca Fontana
STARTING OUT ON $50K
SALT LAKE CITY
Ms. Johnson and her boyfriend at a farmer’s market in Salt Lake City.
Christianna Johnson
Age: 25
Salary: $50,000
Occupation: Civic Engagement Specialist for Salt Lake City Corporation
Rent: $500 for a $1,000 two-bedroom apartment she shares
with her boyfriend
to play into a growing category it
calls the “global sleep economy,”
which includes everything from
in the past few weeks, including
Oyo Hotels & Homes, delivery
company Rappi Inc. and scooter
pillows to sheets to sleep-tracking
devices. Meanwhile, old incumbent
mattress sellers have struggled
company Lime Inc. That follows
recent guidance from the largest
funder of such companies, Soft-
with years of slow growth.
The company also is pushing a
nontech approach: expanding its
Bank Group Corp., that the start-
ups it backs should move toward
profitability—reversing its prior
retail store footprint, which it emphasis on growth.
says is “complementary, not can- Fundraising for such startups
nibalistic” to its online sales. It has become far more difficult.
can point to revenue that is con- Companies including Lime and
tinuing to grow significantly food delivery-focused DoorDash
faster than losses—a trait not Inc.—once able to raise large infu-
shared by WeWork. sions of cash with little trouble—
David Hsu, a management pro- both sought to raise hundreds of
fessor at the University of Penn- millions of dollars in the past
sylvania’s Wharton business three months and haven’t yet suc-
school, said the company is burn- ceeded, people familiar with the
attempts said.
Of course, any chill could be
In six years, Casper has fleeting. Money continues to pour
into venture-capital funds by the
become a leading name billions, as yield-starved investors
in mattresses thanks to remain anxious of missing the
next big thing.
its marketing effort. Casper, which delivers com-
pressed foam beds direct to cus-
tomers’ doors, launched in 2014
ing large sums of money on mar- seeking to disrupt the mattress in-
keting and could face a tough re- dustry by cutting out middlemen
ception on Wall Street given the and drawing customers happy to
new environment. “There’s more avoid slogging to mattress stores.
discipline in today’s financial mar- Its early approach—which is
kets,” Mr. Hsu said. mostly unchanged today—was
The effects of that newfound sprinkled with tropes and strate-
discipline are rippling broadly. A gies commonplace among startups
string of high-profile startups has aiming at millennials. It paired
engaged in cost cutting and layoffs clever advertising with a friendly
* ***
What are your typical Friday
night or weekend plans?
My partner and I like to go out to
breweries and bars nearby, and a
typical date night includes going
out to dinner and a concert. With
our salaries, we can do that once
a week.
We’re both vegan and there
are a surprising number of vegan
restaurants in Salt Lake, like Sea-
sons Plant Based Bistro. If we’re
going to a nicer dinner we proba-
bly spend about $50 each and
about $20 to $30 on a concert
ticket, and we each split all ex-
penses for the most part.
We both ski, which is really
fun but can get expensive. The
pass I get costs about $600 for a
season, but they go up to at
least $1,000 or more. Then
there’s the food at the resort,
which tends to be very pricey. It’s
a lot more affordable to bring
your own.
How does your focus on living
an environmentally sustainable
lifestyle affect your budget?
Some things are less expensive,
like shopping for clothes. I try to
reduce what I buy, but when I do
buy new clothes I get them sec-
ondhand. There are a couple of
thrift stores in Salt Lake City
that I go to, like one consignment
thrift store called Uptown Cheap-
skate. The clothes are good qual-
ity, and I can find Ann Taylor Loft
sweaters or jackets that would
be $50 or $100 and I can get
them for $10 or $20.
But I definitely spend more on
groceries. It’s a lot cheaper to eat
a hamburger than a Beyond Meat
burger, or to buy regular cheese
than vegan cheese. I also try to
buy things that are packaged in
glass or other reusable packaging,
which increases the price.
My boyfriend and I spend an
average of about $500 to $600
on groceries a month. It’s a lot
more than I would spend before I
started making these choices.
brand written in sans serif font in
a soothing shade of blue. Execu-
tives trumpeted an origin story in
which the co-founders realized the
value of sleep after they were
overworked in a startup incubator.
Executives less frequently men-
tioned that co-founder and chief
executive Philip Krim previously
ran an online mattress company he
eventually sold.
Casper ads flooded podcasts, In-
stagram and the New York City
Dreaming Big
Casper hasn't turned a profit
despite growing revenue.
Revenue Net loss
$150 million
100
50
0 Purple, a main competitor that
4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2017 ’18 ’19
0 cently turned a profit and sports a
–50
Source: the company
THE WALL STREET JOURNAL.
Do you do anything else, like
carbon offsetting?
I don’t do carbon offsetting. I
think it’s worthwhile for more
wealthy individuals and busi-
nesses to do it, but I think it’s
most valuable and effective to try
and live your life reducing your
climate impact in the first place.
Are you able to save money?
What does that look like?
For retirement, I save $200 a
month in my 401(k) and $60 per
month for my Roth IRA. I also
have a health savings account; I
have a couple thousand dollars
in it so I’m not putting money
into it right now.
I have a personal savings ac-
count. I don’t have a set amount
each month that I try to save,
but I’d say the most I put in
there is $50 to $100 each month.
Do you have student loans?
When I decided to go to the Uni-
versity of Utah, I knew it was
going to be more affordable
than other colleges I considered,
and eventually I was able to get
in-state tuition. I don’t have any
student debt. My parents saved
for my college account and I was
able to get enough scholarships
to pay for the rest.
What are you saving for?
I have enough in my savings ac-
count for an emergency, and I’m
privileged to have a support sys-
tem I can rely on. I do really
want to save for a down pay-
ment for a house, but that feels
out of reach for now.
Since you graduated, what’s
the biggest purchase you’ve
made?
Other than my car, my partner
and I went on a two-week trip to
Europe in the spring of 2018. It
cost us about $2,000 each. I still
have too much stuff, but I try to
spend more on experiences, not
just on material things.
subway. The company fashioned it-
self as “the Nike of sleep,” rather
than just a mattress seller, expand-
ing into products like pillows and
dog beds and telling investors it
was poised to dominate a sleeping-
related market it estimates at
$432 billion. It launched a maga-
zine devoted to wellness and com-
fort, with many stories on sleep.
Its early success spawned imita-
tors who realized the basic busi-
ness model was easy to replicate.
Competitors found that Casper
didn’t make its own mattresses
but procured them from a handful
of U.S. foam factories that supply
numerous brands. Work piled into
these factories from dozens of
competitors. They found the pro-
cess easy given that some facto-
ries design, produce and ship the
mattresses directly to consumers
for the companies.
But the new entrants in the
market—including Purple Innova-
tion Inc. and Leesa Sleep LLC—
meant that prices for online ads
targeting mattress-inclined millen-
nials soared ever higher, dimming
the hopes of making a profit.
went public through a shell com-
pany a couple of years ago, re-
faster growth rate. The stock has
almost doubled in the past year,
and its $304 million of revenue in
the first nine months of 2019 was
just shy of Casper’s $312 million.
Sam Bernards, the former CEO
of Purple, said he tracked more
than 200 companies in the space
at the height. While many were
small, they were “all competing for
the same keywords on Google, and
the same on Facebook.”
The result, he said, was “just
economics 101. The more competi-
tion, the higher the spend.”
To find new forms of growth,
Casper began opening stores in
malls and hip retail strips, requir-
ing new investment and employ-
ees. Then it started selling
through other retailers too, in-
cluding U.S. furniture chain Ray-
mour & Flannigan, adding a mid-
dleman and the costs that come
with it. Casper said its online
sales have grown faster in cities
with retail stores, suggesting they
spur online growth too.
Incumbent online retailers in-
cluding Amazon.com Inc. and Wal-
mart Inc. began making their own
mattresses, undercutting the oth-
ers on price. Casper’s lowest-price
queen mattress is listed on its
website for $536. An Amazon-
branded memory foam queen-sized
mattress sells for $289.
Casper’s revenue in the first
nine months of 2019 grew 20%
from a year earlier and full-year
revenue in 2018 climbed 43%.
“Twenty percent growth isn’t
that high given the size of the op-
erating losses,” said Jason Stoffer,
a partner at venture capital firm
Maveron. He said ideally, a strong
direct-to-consumer company
would be closer to profitability at
this point.
THE WALL STREET JOURNAL.
THE CAPTAIN CLASS | SAM WALKER
The Eternal
Clash Between
Harrys and
Williams
The royal brothers offer a near-perfect
embodiment of a classic leadership divide:
the stalwart versus the maverick
Prince Harry
and Meghan
Markle’s sur-
prise retire-
ment from
Britain’s royal
family has pro-
duced scores of pressing
questions that, if you’re any-
thing like me, demand multi-
ple daily hours of your undi-
vided attention.
Will Canada deport them?
Did Oprah Winfrey put
them up to this?
Are they headed to Netflix?
Will they end up doing milk
advertisements in China?
And do they even like
hockey?
I’m obviously exaggerat-
ing. The world has far big-
ger problems than a blowup
at Buckingham Palace. But
before we change the chan-
nel, it’s worth examining
one subplot that doesn’t
seem silly at all. It’s the ap-
parent rift between Prince
Harry and his brother,
Prince William.
This isn’t a power strug-
gle. William is the heir by
birth and Harry, sixth in line
to the throne, has no realis-
tic shot at becoming king.
But in a broader sense, these
two wildly popular princes
seem to be a near-perfect
embodiment of a classic
leadership divide.
Many companies, when
they set out to hire a new
boss, will inevitably come to
the same familiar crossroads:
a choice between opposites.
Candidate “A” is the reli-
able, stalwart pick; someone
who’ll keep a steady hand on
the tiller. Candidate “B” is
the unpredictable-maverick
option; a creative, impulsive
manager who’s liable to turn
things upside down.
A version of this dynamic
played out in 2018 at Gold-
man Sachs, where the race
to replace outgoing Chief Ex-
ecutive Lloyd Blankfein in-
volved a 15-month bakeoff
between two men.
The stalwart candidate
was Harvey Schwartz, a Gold-
man lifer and karate black
belt who helped guide the
bank through the financial
crisis and was considered the
stronger bet for managing
risk and regulation.
The maverick choice, and
eventual winner, was David
Solomon, an avid skier and
kite-surfer who moonlights
as D-Sol, a dance-club DJ.
Mr. Solomon, the rare Gold-
man partner who was hired
from the outside, had argued
forcefully that the firm was
too stuck in its ways and has
wasted no time rethinking
some of its oldest traditions.
If nothing else, recent
events have made it clear
that Prince Harry and Prince
William also have different
temperaments and, beyond
that, diverging views about
the privileges and obliga-
tions of royalty.
In published reports and
public appearances, William
comes across as a diligent,
deliberate, conscientious up-
holder who respects tradition
and leans toward incremental
change. He seems more even-
keeled, socially confident and
emotionally placid than his
brother. He doesn’t appear to
shrink at delivering private
criticism, however, and may
be stubborn and inflexible in
his views.
Harry, by contrast, has
consistently embraced new
ideas and experiences and
challenged the status quo.
He comes across as more
likeable, agreeable and char-
ismatic but also perhaps less
conscientious and more im-
pulsive. He has acknowl-
edged experiencing social
anxiety and struggling with
emotional ups and downs.
I have no idea which
* * * * Saturday/Sunday, January 25 - 26, 2020 | B5
HUMAN CAPITAL
FROM TOP: TOBY MELVILLE/GETTY IMAGES; GETTY IMAGES(2)
prince would make a better
chief executive. That would
probably depend on the com-
pany’s present circum-
stances. But there’s little The diverging attitudes of Prince William, left, and his brother, Prince Harry, about royal obligations have us all spellbound.
doubt about which prince
seems better suited to be-
come king. At some point,
perhaps even now, the Brit-
THE LEADERSHIP QUIZ:
ish monarchy might stand to
benefit from a shakeup. But
ARE YOU A WILLIAM OR A HARRY?
history strongly suggests One prince is a dutiful stalwart, the other an unpredictable maverick. Find out which type you most resemble.
that William’s steadiness
makes him a better fit.
After all, both William’s
great-grandfather (King Most leaders fall into one of two basic camps. kind of leader are you?
George) and grandmother There’s the “maverick” type who brings fresh ideas but One word of advice: be honest. There are no cor-
(Queen Elizabeth) managed to may cause disruption; and the “stalwart” type who rect answers and this test won’t tell you if you’ve
become beloved, capable and avoids drama and takes a more cautious approach. got what it takes to be a great boss. Some of you
stalwart monarchs despite be- Britain’s royal brothers, Prince Harry and Prince will fit perfectly into the Harry or William camp, but
ing outshone by a more color- William, seem to fall at different ends of this spectrum. many others won’t.
ful and mercurial sibling. Here’s a highly unscientific 5-item quiz to help At best, this exercise may help you better under-
(Season three of the Netflix answer the most important question of all: Which stand why these two brothers behave the way they do.
series “The Crown” addressed
this point directly.)
Let’s cut to the real ques-
tion, though: which kind of
leader are you? QUESTION A
Short of taking up resi-
dence at Buckingham Palace, When I’m around other people, I absorb their emotions.
or moving into the corner
office, the fastest way to get
a handle on that question is
to take our highly unscien-
tific five-question Harry or AGREE NEUTRAL DISAGREE
William leadership quiz.
I’m sure many of you have
visited this circus before.
There are scores of personal-
ity tests available online, and QUESTION B
many companies administer
them to job candidates and Most people would describe me as upbeat and optimistic.
employees. Any number of
tests, including the Myers-
Briggs Type Indicator, Gal-
lup’s CliftonStrengths and the
DiSC profile, may do a bang- AGREE NEUTRAL DISAGREE
up job of painting a broad
picture of a person’s deeply
wired tendencies.
Our quiz is engineered to
analyze your leadership style. QUESTION C
When my mind’s made up, I rarely change it.
Goldman Sachs and
other companies
have faced versions
AGREE NEUTRAL DISAGREE
of this dynamic.
To measure that, we’ve
adapted questions from the QUESTION D
five-factor model of person-
ality (FFM), a widely used I always think before I act.
assessment tool that mea-
sures five broad traits: con-
scientiousness, extraversion,
openness, agreeableness and
emotional stability. To ori- AGREE NEUTRAL DISAGREE
ent our test toward leader-
ship, we’ve consulted studies
in which the FFM was ad-
ministered to large groups
of business executives and QUESTION E
political leaders.
Long story short, re- I would rather follow a routine than do something creative.
searchers have found that
“mavericks” and “stalwarts”
often post significantly dif-
ferent scores across all five
categories. To arrive at a fi- AGREE NEUTRAL DISAGREE
nal verdict, we’ve calibrated
our quiz to give you “Harry”
points or “William” points
depending on how you re-
spond to each question. ADD UP YOUR POINTS
One word of advice: Just be A. Agree: 0; Neutral: 0; Disagree: 1 | B. Agree: 1; Neutral: 0; Disagree: 0 | C. Agree: 1; Neutral: 1; Disagree: 0
honest. There are no “correct” D. Agree: 2; Neutral: 0; Disagree: 0 | E. Agree: 2; Neutral: 2; Disagree: 0
answers, here. Most of you
won’t fit perfectly into either
camp, but that certainly
doesn’t mean that you’re not SCORES 0-3 SCORES 4-7
leadership material.
If anything, I’d argue, re- YOU ARE A HARRY YOU ARE A WILLIAM
cent events have shown that The “maverick” type: Harrys are cre- The “stalwart” type: Williams are or-
the ideal future King of Eng- ative, inquisitive managers who ganized, diligent, deliberate and
land—or for that matter, the gravitate to new experiences and conscientious managers who tend
world’s most desirable unconventional ideas. They tend to be even-keeled, socially confi-
CEO—might not be Harry or to be more gentle, flexible, pa- dent and emotionally independent.
William at all, but some tient and agreeable when dealing The trade-off is that they’re often
combination of both. with others. The downside is that less comfortable experimenting
In any case, give the quiz they can be disorganized, impul- with new or nontraditional ideas.
a try. It’ll only take a few sive and mercurial. Harrys are of- Williams are better at delivering
minutes. That should leave ten charming, likeable and charis- criticism but can be stubborn and
plenty of time to explore to- matic, but are also more likely to unforgiving in their views. They’re
day’s burning question: Has feel shy and socially anxious. not generally as charismatic as
Meghan worn her last tiara? They experience Harrys, but may be more
greater emotional naturally extroverted
Mr. Walker, a former ups and downs and consistently up-
reporter and editor at The than Williams beat when dealing
Wall Street Journal, is the typically do. with others.
author of “The Captain Class:
A New Theory of Leadership”
(Random House).  To play the full quiz, visit wsj.com/royal-quiz
B6 | Saturday/Sunday, January 25 - 26, 2020
‘I Wanted
To Make
A Change’
Continued from page B1
anything from finding housing to
staying clean.
“They were thinking that pro-
viding jobs would fix things,” said
Dana Merida, who initially pro-
vided social services for Nehemiah
employees a few hours a week and
now heads the company’s three-
person social-service team. But
some of them would take a break
and never come back, she said. “If
you are homeless, couch surfing,
how productive can you be?”
Karrie Norgren, a 26-year-old
recovering heroin addict, said she
wasn’t reliable when she first
joined Nehemiah in 2018. But
“something clicked” after she
missed three days of work and Ms.
Merida sat her down for a chat.
She now runs a small team of em-
ployees as a line captain.
Gina Johnson, 56 years old, has
a seventh-grade education and was
in and out of prison for drug-re-
lated crimes. Nehemiah helped her
find housing, clean up her credit
record and set a budget. She now
runs a team that fulfills Amazon
orders for items from Nehemiah
and other companies.
“I never knew what a goal was
until I got here,” Ms. Johnson said.
She spent seven months as a tem-
porary Nehemiah worker before be-
ing taken on full time. “It was the
best feeling in the world,” she said.
Having a steady job has helped
her rebuild her relationship with
her children, who were raised by
her sister and grandmother. Her
oldest daughter is now helping her
study to obtain her GED. “It’s good
for the kids to say they are proud
of me,” she said.
Since its first days, Nehemiah has
become more deliberate about iden-
tifying candidates who are likely to
be good, reliable employees and has
developed a more formal system for
providing them with support.
Today, Nehemiah’s annual turn-
over stands at roughly 15%, well
below the 38.5% average for con-
sumer-products companies, as re-
ported by Mercer’s 2019 U.S. Turn-
over Survey. Nehemiah says it had
operating income of $5.7 million
on sales of $59.4 million in 2018.
Even among companies embrac-
ing so-called second-chance hiring,
Nehemiah is unusual, with a work-
force where a criminal past is the
norm rather than the exception.
“We found that the population
we were hiring who had criminal
backgrounds were our most loyal
people,” said Mr. Palmer. “When
we were looking for people to
work overtime, come in on Satur-
day or go that extra mile, it was
the second-chance population that
was saying, ‘I’m in.’ ”
Nehemiah’s approach to hiring
works only if the entire company
is committed to it, said Matt
Mooney, a vice president with non-
profit Cincinnati Works, which
helps people with criminal records
find work and navigate barriers to
self-sufficiency. “If you have front-
line supervisors who are not com-
fortable, it will collapse,” he said.
At Nehemiah, having a criminal
past carries less of a stigma because
so many workers have been incar-
cerated. Employers with a more tra-
ditional workforce must grapple
with what, if any, information about
employees’ backgrounds to share
with managers and others.
“We don’t put a red star on
their names,” said Fred Keller,
founder and chair of Cascade En-
gineering Inc., a privately held
Grand Rapids, Mich., contract
manufacturer with about 1,700
employees that has hired people
with criminal records for more
than two decades. “We believe it’s
important to treat them the same
as everybody else.” Cascade uses
a local nonprofit that assists
workers with criminal records or
Tameka Miller, who has worked at Nehemiah for about 16 months, operates a forklift.
EXCHANGE
Nehemiah’s manufacturing floor, top; Nehemiah Chief Executive Dan
Meyer and President Richard Palmer, above.
other challenges. pocket, he said, “I was filled with
Companies also have differenthope and overwhelmed by fear.”
tolerances for the types of crimes
His first job was in a fast-food res-
they are willing to look beyond:taurant specializing in chicken fin-
More employers are comfortable gers. “I was the oldest person there
overlooking minor drug offenses and the most enthusiastic. It was
but not violent crimes. the first time in my life I was earn-
Nehemiah’s hiring process typi-
ing an honest check,” he said.
cally includes a session with a mem-
But he struggled to find steady
ber of the social-service team who
work with decent pay. Nehemiah
scrutinizes applicants’ histories and
hired him as a second-shift supervi-
current support systems. Applicants
sor at $19 an hour.
also sign a release that allows theMs. Merida said she was im-
team to contact the agencies that
pressed by Mr. Holt’s passion, hu-
provide them with housing, drug mility and sincerity when he told
treatment or other support. his life story. “I knew this was a
Only half of applicants make it
born leader who could really have
through that initial screening, the
a profound impact on our employ-
company says. Those that do are ees,” said Ms. Merida. “He could
taken on as temporary workers and
show them that no matter how
assigned a job coach who helps bad it is, your life isn’t over.”
them understand employer expec- Mr. Holt now works as the com-
tations. They typically spend a pany’s commercialization coordi-
week or more in a job-readiness nator, responsible for taking new
program. After a probation period
products and product improve-
of three to six months or so, about
ments from concept to market.
60% of the temp workers are ele- Nehemiah spends about
vated to full-time employees. $120,000 a year on its social-ser-
vice team, not including the stan-
“There’s a misconception that Ne-
dard human-resources tasks the
hemiah will hire anybody,” said Mr.
team also handles. It donates
Palmer. “No, we won’t. If we bring
on somebody who is not ready to about $150,000 a year to nonprof-
its including City Gospel Mission,
work, it will impact our operations.”
Conversely, Nehemiah’s ap- which sends job candidates to Ne-
proach also means it can spot po-
hemiah and provides drug-treat-
tential other employers might ment classes and rehab programs
overlook. When Rayshun Holt to the company’s employees.
came to Nehemiah roughly two Other expenses include about
$15,000 for the services of an at-
years ago, Ms. Merida said he im-
mediately stood out as someone torney who helps workers with le-
the company wanted. gal issues such as getting criminal
records expunged or navigating
Mr. Holt, 40, spent two decades
bankruptcy proceedings and about
in prison after fatally shooting a
$50,000 for continuing education.
friend when he was 15 during what
he describes as a scuffle over aThe company owns four apartment
gun. While in prison, Mr. Holt units it rents out to employees at
started taking classes and beganhalf of market rates; it hopes to
add more in the next few years.
coaching other prisoners on how to
turn their lives around. “Can I cut some of this stuff
and make a little more money? I
Released in 2016 with $96 in his
sure don’t want
to,” said Mr. Meyer.
“This is a business
model about a so-
cial enterprise
making money.”
In their previous
lives, Mr. Meyer
had sold a business
he founded to a
private-equity com-
pany; part of Mr.
Palmer’s work had
focused on eco-
nomic develop-
ment. Both wanted
to bring manufac-
turing jobs, which
had moved to the
suburbs, back to
the city and part-
ner with social-ser-
vice agencies as a
way to allow peo-
ple a chance to
work their way out
of poverty.
Their Christian
beliefs were a mo-
tivator; the pair
* ***
named the company Nehemiah af-
ter an Old Testament prophet. A
family member’s struggles with
substance abuse has also shaped
Mr. Meyer’s willingness to offer
workers more than one chance.
Government support, such as fed-
eral tax credits for hiring workers
who face barriers to employment,
has been minimal, the company
says, but $300,000 in state funding
helped lower the cost of building a
new 183,000-square-foot facility,
which opened last year in a ZIP
Code where more than a third of
residents live below the poverty line.
Jeffrey Korzenik, chief invest-
ment strategist for Cincinnati-
based Fifth Third Bancorp, who
has studied the practices of Nehe-
miah and other employers, says
Nehemiah’s screening process is
crucial for success. “For this to
work on a business basis, not as
charity, it requires selectivity in
who is hired,” he said.
One job candidate had been
drug-free for 25 days when he
showed up at Nehemiah for an in-
terview in the fall. “It was com-
mendable; he had made changes,”
said Basette Smith, a member of the
social-service team. But Mr. Smith
wasn’t ready to make him an offer.
“I wanted a more stable history of
treatments,” he said. “It’s not a ‘yes’
right now. It’s not a ‘no.’ ”
New hires must not only be job
ready, Mr. Smith added, but also
be prepared “for what life looks
like as a working adult,” which in-
cludes everything from having a
bank account to deposit pay-
checks to a support system and
treatment plan.
Permanent employees at Nehe-
miah start at $12.50 an hour, with
midlevel workers earning around
$15. That is roughly in line with the
national average for similar work,
according to the Bureau of Labor
Statistics. Nehemiah workers also
receive a year-end bonus of around
7%. All full-time employees are also
eligible for health insurance, tuition
reimbursement, a retirement-sav-
ings plan and other benefits.
Roughly 70% of Nehemiah’s em-
ployees have dealt with drug ad-
diction or committed drug-related
crimes. About a dozen have been
fired after relapsing, said Michael
Taylor, Nehemiah’s operations
manager who has struggled with
drug and alcohol addiction and
was jailed for burglary.
At a previous job, Mr. Taylor
was escorted off the premises by
armed guards after the company
determined he had lied about his
past, he said. “I wanted to make a
change,” he said. On his first day,
Mr. Meyer shook his hand.
He said employees support each
other. “We tell our stories; we
show our scars,” he said. “I will
tell my story a million times if it
helps one person.”
Nehemiah conducts random
drug tests of employees; it may
pay the cost of treatment for those
who fail the tests as well as work-
ers’ salaries while they’re out.
Its hiring model hasn’t scared
away customers, Mr. Palmer said,
but the company’s leaders have
sometimes struggled to balance
heart and head.
After discovering that a tempo-
rary worker was living in his car,
Mr. Meyer pulled out his wallet to
give the man money for a hotel.
Instead of handing cash to the
temporary worker, the social-ser-
vice team paid his hotel bill for
three weeks, then moved him to an
apartment and bought him furni-
ture. He eventually moved on to a
job in the construction industry.
Another time, Mr. Meyer brought
a man who had been panhandling
on a nearby street corner to Nehe-
miah’s offices and told the staff to
hire him. Nehemiah helped him se-
THE WALL STREET JOURNAL.
ANDREW SPEAR FOR THE WALL STREET JOURNAL(3)
Catching On
Nehemiah has tried to help
other Cincinnati companies
open their workforces to
those with criminal pasts.
It launched the Beacon of
Hope Business Alliance for
employers and held a golf
outing to raise funds for
three vans that Alliance
members can use to trans-
port workers without cars to
far-flung jobs. The social-ser-
vice team connected workers
to other employers until this
fall, when Nehemiah handed
the job to Cincinnati Works,
a nonprofit.
Kroger Co. Chief Executive
Rodney McMullen toured Ne-
hemiah’s operation in 2016
and, a year later, asked the
consumer-products company
for help with recruiting. The
grocery giant hired 40 people
with criminal records in two
Cincinnati manufacturing
plants; Kroger is expanding
the program to manufactur-
ing and distribution facilities
in Indiana, South Carolina,
Wisconsin and Oregon.
At Kroger, with 460,000
employees, only hiring man-
agers know workers’ back-
grounds. Kroger partners
with nonprofits and local
business groups for services
its human-resources depart-
ment doesn’t offer.
Of the initial hires, 37 still
work for Kroger; about half
have been promoted from en-
try-level jobs to lead manu-
facturing roles paying $20 or
more an hour. “We have
many examples of people
buying their first car, buying
a house,” Mr. McMullen said.
JBM Packaging, a privately
held maker of seed packets
and other specialty packag-
ing, began “second-chance”
hiring after struggling to find
new employees. The 35-year-
old Lebanon, Ohio, company
donated two excess folding
machines that are used to
train workers at the Pickaway
Correctional Institution; it
also recruits at the Dayton
Correctional Institution, a
women’s prison. Roughly 25
of JBM’s 145 employees have
criminal records.
“Nehemiah has been a big
inspiration,” said JBM Chief
Executive Marcus Shean-
shang, who uses the van ser-
vice launched by Nehemiah
to ferry workers to his facil-
ity. A JBM “change coach”
teaches classes to inmates
nearing release and helps
employees find housing, set
up bank accounts, obtain reli-
able transportation and navi-
gate other challenges.
The extra services cost
about $200,000 a year, said
Mr. Sheanshang. Turnover
has fallen, he added, as JBM
has strengthened its support
program and focused on
identifying inmates who
want to change their lives
upon release. —Ruth Simon
cure a government ID, therapy and a
bed at a shelter; it bought him new
clothes and an alarm clock. He
spent a rocky six months at the
company, and was ultimately fired
for showing up drunk.
“He wasn’t ready,” said Mr.
Meyer. But “we are about second
chances, third chances,” he said.
“I may go to five.”
—Jim Oberman
contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | B7

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Bars measure the point change from session's open DAX 0.37
26000 2900 7700 S&P/ASX 200 0.37
Nov. Dec. Jan. Nov. Dec. Jan. Nov. Dec. Jan. S&P 500 Information Tech 0.31
Comex silver 0.24
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
WSJ Dollar Index 0.22
iSh 1-3 Treasury 0.12
Major U.S. Stock-Market Indexes Trading Diary S&P/TSX Comp 0.04
Latest 52-Week % chg Volume, Advancers, Decliners -0.09 Sao Paulo Bovespa
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. -0.20 Kospi Composite
Dow Jones Total volume* 871,015,744 20,197,394 -0.22 Stoxx Europe 600
Industrial Average 29288.79 28843.31 28989.73 -170.36 -0.58 29348.10 24528.22 17.2 1.6 13.3 Adv. volume* 123,995,055 11,870,909 -0.34 Swiss franc
Transportation Avg 11149.04 10972.35 11059.84 -83.58 -0.75 11304.97 9734.68 11.5 1.5 6.0 Decl. volume* 738,617,220 7,903,992 -0.35 Nasdaq 100
Utility Average 934.46 924.50 931.94 3.37 0.36 931.94 704.51 31.6 6.0 12.5 Issues traded 3,012 278 -0.37 iShJPMUSEmgBd
-0.93 Advances 848 110 -0.38 Indian rupee
Total Stock Market 34070.66 33525.03 33672.96 -317.70 34035.89 27261.82 22.4 1.9 12.4
Barron's 400 743.39 728.95 732.70 -9.19 746.64 638.79 9.4 0.1 6.3 Declines 2,081 151 -0.48 S&P 500 Consumer Staples
-1.24
Unchanged 83 17 -0.50 Euro Stoxx
Nasdaq Stock Market New highs 237 13 -0.51 Corn
Nasdaq Composite 9451.43 9273.23 9314.91 -87.57 -0.93 9402.48 7028.29 30.0 3.8 18.5 New lows 63 0 -0.59 Canada dollar
Nasdaq 100 9272.37 9101.44 9141.47 -75.51 -0.82 9216.98 6632.79 34.7 4.7 21.5 Closing Arms† 2.31 0.43 -0.60 Euro area euro
Block trades* 5,927 141 -0.66 Lean hogs
S&P
Nasdaq NYSE Arca
-0.67 Mexico peso
500 Index 3333.18 3281.53 3295.47 -30.07 -0.90 3329.62 2640.00 23.7 2.0 13.1
-0.70 Australian dollar
MidCap 400 2090.88 2054.38 2065.15 -21.71 -1.04 2100.34 1810.50 13.6 0.1 6.8 Total volume*2,636,954,046 288,609,130
-0.71 FTSE MIB
SmallCap 600 1033.48 1010.16 1015.98 -15.49 -1.50 1041.03 888.72 10.1 -0.5 6.6 Adv. volume* 627,047,189 75,134,110
-0.75 South Korean won
Decl. volume*1,994,043,143 212,667,030
Other Indexes -0.76 iShiBoxx$HYCp
Issues traded 3,310 1,597
Russell 2000 1689.15 1653.19 1662.23 -22.78 -1.35 1705.22 1456.04 12.1 -0.4 6.7 -0.77 Russian ruble
Advances 817 336
NYSE Composite 14120.02 13920.57 13978.47 -123.57 -0.88 14183.20 12065.11 15.3 0.5 7.5 -0.79 Nasdaq Composite
Declines 2,398 1,241
Value Line 557.08 546.32 -6.94 -1.25 562.05 490.20 -0.5
-0.79 S&P BSE Sensex
549.21 6.2 2.1 Unchanged 95 20
-0.89 Nikkei 225
NYSE Arca Biotech 5085.04 4922.01 4953.78 -106.72 -2.11 5261.79 4098.37 1.7 -2.2 16.5 New highs 196 143
-1.03 S&P 500 Industrials
NYSE Arca Pharma 666.90 653.95 655.32 -10.32 -1.55 670.32 552.42 17.6 0.3 11.8 New lows 60 28
-1.03 S&P 500
KBW Bank 109.77 106.89 107.70 -2.09 -1.91 114.12 89.30 9.7 -5.0 5.6 Closing Arms† 1.08 0.73
-1.11 Chinese yuan
PHLX§ Gold/Silver 104.94 102.47 104.82 1.89 1.83 107.17 66.14 47.3 -2.0 4.5 Block trades* 11,962 1,770
-1.15 FTSE 100
PHLX§ Oil Service 70.05 67.44 68.40 -2.09 -2.96 102.39 59.66 -30.1 -12.6 -28.6 * Primary market NYSE, NYSE American NYSE Arca only. -1.22 Dow Jones Industrial Average
PHLX§ Semiconductor 1974.99 1910.19 1924.03 -21.34 -1.10 1945.37 1236.25 50.2 4.0 26.9 †(TRIN) A comparison of the number of advancing and declining
-1.23 IBEX 35
issues with the volume of shares rising and falling. An
Cboe Volatility 15.98 12.62 14.56 1.58 12.17 24.59 11.54 -16.4 5.7 9.6 -1.25 CAC-40
Arms of less than 1 indicates buying demand; above 1

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

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

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

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

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

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

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

New Highs and Lows | WSJ.com/newhighs Stock

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

BIGGEST 1,000 STOCKS

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

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotRetBdI 10.75 +0.01 1.1 OTC 13.35 -0.12 4.4 DevMktY 45.41 -0.30 -0.4 PIMCO Funds I2 BalAdml 39.94 -0.19 1.8 USGroAdml 117.59 -1.01 5.5 WndsrII 36.81 -0.42 1.1
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti Puritn 23.24 -0.15 2.2 JPMorgan I Class Income NA ... NA CAITAdml 12.22 ... 1.2 ValAdml 46.74 -0.44 -0.1 VANGUARD INDEX FDS
EdgewoodGrInst 40.12 -0.35 4.2 SAIUSQtyIdx 15.08 -0.19 2.7 EqInc 19.50 -0.20 0.3 PIMCO Funds Instl CapOpAdml r160.33 -2.43 1.6 WdsrllAdml 65.30 -0.75 1.1 MdCpVlAdml 62.25 -0.62 0.7
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Fidelity SrsEmrgMkt 20.76 -0.14 0.6 JPMorgan R Class IncomeFd NA ... NA DivAppIdxAdm 34.68 -0.25 2.5 WellsIAdml 67.21 -0.05 1.6 SmValAdml 58.51 -0.70 -0.6
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, CoreBond
500IdxInstPrem114.38 -1.04 2.1 SrsGlobal 13.21 -0.04 0.3 12.02 +0.03 1.5 Price Funds EMAdmr 36.90 -0.30 -0.1 WelltnAdml 76.03 -0.35 1.5 TotBd2 11.14 +0.02 1.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Contrafund K6 15.04 -0.13 3.9 SrsGroCoRetail 18.70 -0.20 BlChip TotIntl
5.4 Lord Abbett A 129.62 -1.42 4.2 EqIncAdml 79.95 -0.67 0.5 WndsrAdml 72.13 -0.86 -0.2 17.89 -0.08 0.2
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not ExtMktIdxInstPre 66.12 -0.73 1.6 SrsIntlGrw 17.96 -0.01 2.5 ShtDurIncmA p NA ... NA DivGro 54.34 -0.41 1.9 ExplrAdml 98.44 -1.15 1.3 VANGUARD FDS TotSt 81.30 -0.76 2.1
available due to incomplete price, performance or cost data. NE-Not released by Lipper; IntlIdxInstPrem 43.08 -0.08 0.3 SrsIntlVal 9.86 -0.03 -0.4 Lord Abbett F EqInc 31.86 -0.37 -0.7 ExtndAdml 97.12 -1.07 1.6 DivdGro VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 31.29 -0.19 2.4
MidCpInxInstPrem 24.03 -0.23 1.7 TotalBond 11.03 +0.02 1.3 ShtDurIncm NA ... NA EqIndex 87.62 -0.79 2.1 GNMAAdml 10.57 +0.01 0.3 INSTTRF2020 24.40 -0.07 1.2 BalInst 39.94 -0.20 1.8
SAIUSLgCpIndxFd 17.64 -0.16 2.0 Fidelity SAI Lord Abbett I Growth 76.58 -0.74 4.4 GrwthAdml 98.27 -0.87 4.7 INSTTRF2025 25.06 -0.09 1.3 DevMktsIndInst 14.20 -0.05 0.3
Friday, January 24, 2020 SmCpIdxInstPrem 20.96 -0.29 -0.3 TotalBd 10.61 +0.02 1.2 ShtDurInc p NA ... NA HelSci 81.20 -1.55 -0.3 HlthCareAdml r 88.74 -1.28 1.1 INSTTRF2030 25.45 -0.11 1.3 DevMktsInxInst 22.20 -0.07 0.3
Net YTD Net YTD Net YTD TMktIdxInstPrem 92.41 -0.87 2.0 First Eagle Funds Metropolitan West InstlCapG 45.82 -0.47 4.0 HYCorAdml r 5.96 -0.01 0.3 INSTTRF2035 25.83 -0.13 1.3 ExtndInst 97.12 -1.07 1.6
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret USBdIdxInstPrem 12.05 +0.02 1.3 GlbA 57.72 -0.22 -0.4 TotRetBdI 11.06 +0.03 1.3 IntlStk 18.80 -0.06 0.9 InfProAd 26.17 +0.06 1.1 INSTTRF2040 26.22 -0.15 1.3 GrwthInst 98.28 -0.87 4.7
Fidelity Advisor I FPA Funds TRBdPlan 10.40 +0.02 1.2 MidCap 97.29 -0.82 2.1 IntlGrAdml 103.86 -0.87 1.0 INSTTRF2045 26.52 -0.17 1.3 InPrSeIn 10.66 +0.02 1.1
American Century Inv Baird Funds EmgMktVa 28.20 -0.17 -1.7 NwInsghtI 33.89 -0.27 3.0 FPACres 34.13 -0.20 0.9 MFS Funds Class I N Inc 9.81 +0.01 1.2 ITBondAdml 11.97 +0.03 1.5 INSTTRF2050 26.57 -0.17 InstIdx 296.32 -2.70 2.1
Ultra 54.51 -0.60 4.5 AggBdInst 11.36 +0.03 1.3 EmMktCorEq 21.76 -0.12 ... 1.3
Fidelity Freedom Franklin A1 ValueI 45.03 -0.44 0.8 NHoriz 62.30 -0.34 4.9 ITIGradeAdml 10.15 +0.01 1.2 InstPlus 296.34 -2.70 2.1
American Funds Cl A CorBdInst 11.72 +0.03 1.4 IntlCoreEq 13.71 -0.06 -0.7 IntlVal 37.52 -0.14 ...
FF2020 16.35 -0.06 0.9 CA TF A1 p 7.77 +0.01 1.8 MFS Funds Instl OverS SF r 11.18 -0.06 -0.1 LTGradeAdml 11.32 +0.06 3.6 InstTStPlus 70.07 -0.66 2.1
AmcpA p 34.38 -0.27 2.4 BlackRock Funds IntSmCo 18.67 -0.07 -1.2 IntlEq LifeCon 21.31 -0.03 1.3
FF2025 14.45 -0.06 0.9 IncomeA1 p 2.34 -0.01 ... 28.16 +0.03 1.1 R2020 22.35 -0.09 1.2 MidCpAdml 225.65 -2.09 2.3 MidCpInst 49.85 -0.46 2.3
AMutlA p 43.91 -0.28 0.9 HiYldBd Inst 7.76 -0.02 0.2 IntSmVa 18.82 -0.10 -2.7 FF2030 R2025 LifeGro 36.61 -0.21 1.3
17.99 -0.09 0.9 FrankTemp/Frank Adv Northern Funds 18.01 -0.09 1.3 MuHYAdml 11.88 ... 1.4 MidCpIstPl 245.84 -2.28 2.3
BalA p 28.90 -0.10 1.4 BlackRock Funds A LgCo 25.30 -0.23 2.1 Freedom2020 K 16.34 -0.05 0.9 IncomeAdv 2.32 -0.01 ... StkIdx 37.84 -0.35 2.1 R2030 26.26 -0.15 1.4 MuIntAdml 14.62 ... 1.2
LifeMod 29.24 -0.11 1.3
RealEstaInstl 20.94 -0.06 2.8
BondA p 13.22 +0.02 1.1 GlblAlloc p 19.54 ... 1.7 TAUSCoreEq2 20.35 -0.22 0.9 Freedom2025 K 14.42 -0.06 0.8 FrankTemp/Franklin A Nuveen Cl I R2035 19.31 -0.12 1.5 MuLTAdml 12.06 +0.01 1.5 PrmcpCor 28.11 -0.40 0.7 SmCapInst 79.81 -0.92 0.6
CapIBA p 63.77 -0.11 0.7 BlackRock Funds Inst US CoreEq1 26.21 -0.28 1.1 Freedom2030 K 17.97 -0.09 1.0 RisDv A p 70.81 -0.57 1.7 HYMunBd 18.32 +0.02 2.1 R2040 27.47 -0.19 1.5 MuLtdAdml 11.14 ... 0.7 STAR 27.77 -0.14 1.6 STIGradeInst 10.77 +0.01 0.5
CapWGrA 52.90 -0.18 1.2 EqtyDivd 20.87 -0.19 ... US CoreEq2 23.87 -0.26 0.8 Freedom2035 K 15.20 -0.10 0.9 FrankTemp/Franklin C Oakmark Funds Invest Value 38.29 -0.34 0.9 MuShtAdml 15.88 ... 0.3 TgtRe2015 15.36 -0.03 1.2 STIPSIxins 24.73 -0.01 0.1
EupacA p 55.96 -0.01 0.5 MultiAstIncome 11.06 ... 1.0 US Small 34.72 -0.47 -0.9 Freedom2040 K 10.68 -0.07 0.9 Income C t 2.38 ... 0.4 OakmrkInt 24.14 -0.01 -3.2 PRIMECAP Odyssey Fds PrmcpAdml r145.71 -2.02 1.1 TgtRe2020 32.92 -0.10 1.2 TotBdInst 11.18 +0.02 1.3
FdInvA p 63.03 -0.46 1.6 StratIncOpptyIns 10.04 ... 0.9 US SmCpVal 33.43 -0.55 -2.9 Fidelity Invest FrankTemp/Temp Adv Old Westbury Fds AggGrowth r 45.87 -0.92 2.2 RealEstatAdml135.30 -0.41 2.8 TgtRe2025 20.10 -0.08 1.3 TotBdInst2 11.14 +0.02 1.3
GwthA p 52.72 -0.41 3.1 Bridge Builder Trust US TgdVal 22.63 -0.35 -2.4 Balanc 25.14 -0.17 2.2 GlBondAdv p 10.59 ... -0.7 LrgCpStr 15.34 -0.10 1.8 Growth r 41.43 -0.72 1.2 SmCapAdml 79.81 -0.93 0.6 TgtRe2030 36.93 -0.17 1.3 TotBdInstPl 11.18 +0.02 1.3
HI TrA p 10.10 -0.02 0.6 CoreBond 10.55 +0.02 1.2 USLgVa 38.39 -0.38 -0.7 BluCh 113.44 -1.14 5.3 Guggenheim Funds Tru Parnassus Fds Stock r 34.54 -0.55 0.1 SmGthAdml 71.29 -0.78 2.0 TgtRe2035 22.82 -0.11 1.3 TotIntBdIdxInst 34.35 +0.04 1.2
ICAA p 40.12 -0.28 1.4 CorePlusBond 10.29 +0.02 1.2 Dodge & Cox Contra 14.26 -0.12 4.0 TotRtnBdFdClInst 27.44 +0.07 1.3 ParnEqFd 47.97 -0.32 2.0 Schwab Funds STBondAdml 10.61 +0.01 0.5 TgtRe2040 39.64 -0.23 1.3 TotIntlInstIdx r119.70 -0.53 0.2
IncoA p 23.43 -0.11 0.8 Intl Eq 12.00 -0.05 0.1 Balanced 101.89 -1.00 0.3 ContraK 14.28 -0.12 4.0 Harbor Funds PGIM Funds Cl Z 1000 Inv r 72.68 -0.66 2.2 STIGradeAdml 10.77 +0.01 0.5 TgtRe2045 25.03 -0.16 1.3 TotItlInstPlId r119.72 -0.53 0.2
N PerA p 48.38 -0.27 2.4 LargeCapValue 13.85 -0.14 1.1 GblStock 12.63 -0.15 -0.6 CpInc r 10.28 -0.05 0.5 CapApInst 79.98 -0.65 5.6 TotalReturnBond NA ... NA S&P Sel 50.43 -0.46 2.1 TotBdAdml 11.18 +0.02 1.3 TgtRe2050 40.29 -0.26 1.3 TotStInst 81.35 -0.76 2.1
NEcoA p 47.07 -0.29 3.0 Del Invest Instl Income 14.19 +0.02 1.1 GroCo 22.46 -0.24 5.1 Harding Loevner PIMCO Fds Instl TSM Sel r 57.08 -0.54 2.0 TotIntBdIdxAdm 22.89 +0.03 1.2 TgtRet2055 43.75 -0.28 1.3 ValueInst 46.74 -0.44 -0.1
NwWrldA 71.30 -0.26 1.1 Value 22.47 -0.17 0.2 Intl Stk 43.01 -0.30 -1.4 GrowCoK 22.50 -0.23 5.2 IntlEq 24.14 +0.01 1.4 AllAsset 11.91 -0.01 0.3 TIAA/CREF Funds TotIntlAdmIdx r 29.93 -0.13 0.2 TgtRetInc 14.20 -0.02 1.1 WCM Focus Funds
SmCpA p 59.76 -0.38 1.6 Dimensional Fds Stock 193.60 -3.02 -0.1 InvGrBd 11.70 +0.02 1.3 Invesco Funds A TotRt 10.47 +0.02 1.4 BdIdxInst 11.24 +0.02 1.3 TotStAdml 81.33 -0.76 2.1 TotIntBdIxInv 11.45 +0.02 1.2 WCMFocIntlGrwIns 19.36 +0.03 2.4
TxExA p 13.48 +0.01 1.3 5GlbFxdInc 10.77 +0.01 0.4 DoubleLine Funds LowP r 49.83 -0.51 -0.4 EqIncA 10.30 -0.08 0.1 PIMCO Funds A VANGUARD ADMIRAL TxMCapAdml169.70 -1.56 2.3 WellsI 27.74 -0.03 1.5 Western Asset
WshA p 48.76 -0.31 1.3 DFARlEst 42.17 -0.11 3.1 CoreFxdIncmI 11.21 +0.02 1.3 Magin 10.68 -0.08 4.7 Invesco Funds Y IncomeFd NA ... NA 500Adml 304.40 -2.77 2.1 TxMIn r 14.18 -0.05 0.3 Welltn 44.03 -0.20 1.5 CorePlusBdI NA ... NA
B10 | Saturday/Sunday, January 25 - 26, 2020
Troubled Borrowers Hurt Discover Tiger
Global
Credit-card company’s
shares fall 11% after it
reports rise in problem
consumer debt
BY ANNAMARIA ANDRIOTIS
Shares in Discover Finan-
cial Services fell 11% Friday
after analysts raised questions
about troubled borrowers in
its credit-card portfolio.
At issue is how Discover
classified some customers who
have fallen behind on their
loans. The company, among
the larger U.S. credit-card is-
suers, is a gauge of the finan-
cial health of a broad swath of
consumers. It doesn’t focus on
the affluent, like American
Express Co., or subprime bor-
rowers, like Capital One Fi-
nancial Corp.
The company was the worst
performer in the S&P 500 on
Friday. On a call with analysts
following Thursday’s after-
hours earning release, Discover
executives said the company
had $3.4 billion of credit-card
balances in a category called
troubled debt restructurings, up
$1.1 billion from the prior year.
Companies can place loans
in the category of troubled
debt restructurings, or TDRs,
when a customer falls behind
on the loan and the company
changes the terms to try to
help the customer get back on
track. That is typically meant
Fiat Seeks to Dismiss GM’s Racketeering Lawsuit
BY NORA NAUGHTON
Fiat Chrysler Automobiles
NV filed two motions seeking
to dismiss a lawsuit brought
by crosstown rival General
Motors Co., arguing that GM
doesn’t have grounds to bring
a racketeering case alleging
bribery of union officials.
In court documents filed
Friday in Michigan, Fiat
Chrysler argues GM’s lawsuit
doesn’t adequately meet the
requirements for proceeding
The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds
AUCTIONS
 
to help consumers who are ex-
periencing temporary hard-
ships.
Discover executives de-
scribed the jump in restruc-
tured loans as a good thing.
Many of the customers with
modified loans are now cur-
rent, they said. Once an ac-
count is placed in the restruc-
turings category, Discover
typically keeps it there even if
the cardholder returns to pay-
ing on time.
In an interview, Chief Exec-
utive Roger Hochschild said
the company hasn’t seen a de-
terioration of consumer loan
performance. Analysts,
though, questioned whether so
many borrowers needing help
could be a sign of broader
consumer problems.
“The fact that they talked
about TDRs is never good,”
said Don Fandetti, an analyst
at Wells Fargo & Co.
Discover’s troubled debt re-
structurings have been rising
for several years. Against that
trend, the U.S. economy has
been expanding for more than
a decade, though many ob-
servers wonder how long that
will last.
The share of Discover’s
credit-card balances that are
roughly 30 days delinquent
was 2.62% in the fourth quar-
ter, up slightly from the year
before but within industry
norms. One wrinkle, though: If
a loan goes delinquent and is
moved into troubled debt re-
with a civil case under the
Racketeer Influenced and Cor-
rupt Organizations Act, or
RICO. That includes lacking an
ability to prove the Italian-
American auto maker was op-
erating a criminal enterprise
through its relations with the
United Auto Workers union,
the court filings show.
The company also claims
GM isn’t the primary victim of
the alleged bribery scheme,
another requirement for mov-
ing forward with the lawsuit,
ADVERTISEMENT
BUSINESS & FINANCE NEWS
AmEx Results Send
Shares 3% Higher
American Express Co.’s
fourth-quarter profit beat Wall
Street’s expectations and the
credit-card company gave an
optimistic earnings outlook for
2020.
The company said Friday its
profit was $1.69 billion, or
$2.03 a share, in the quarter, 2
cents ahead of what analysts
polled by FactSet were expect-
ing. Earnings were down 16%
from a year earlier, when
American Express recorded an
income-tax benefit.
The company expects earn-
ings for 2020 to be between
$8.85 and $9.25 a share and
revenue, adjusted for foreign-
exchange fluctuations, to rise
between 8% and 10%, Chief Ex-
ecutive and Chairman Stephen
Squeri said in written remarks.
Analysts are guiding for earn-
ings to be within that range. In
2019, earnings were $7.99 a
share.
structuring, it isn’t always fac-
tored into a company’s delin-
quency rate, analysts said.
That means a greater propor-
tion of customers could fall
behind on payments—but
without a company’s delin-
quency rate going up. Late Fri-
day, a Discover spokesman
according to Fiat Chrysler’s
motion. GM has until March 9
to respond.
GM stands by the legal and
factual underpinnings of its
lawsuit, the company said in a
statement.
GM filed its lawsuit against
Fiat Chrysler in November, al-
leging its Detroit competitor
paid off union officials to gain
a labor-cost advantage in con-
tracts negotiated for tens of
thousands of blue-collar work-
ers at U.S. factories.
COMMERCIAL REAL ESTATE
Shares of the company rose
2.9% Friday.
Total revenue net of inter-
est expense was $11.37 billion
in the quarter, meeting ana-
lysts’ consensus estimate. Rev-
enue was up more than 8%
from the comparable quarter a
year earlier.
Net card fees were $1.08
billion, up from $897 million.
American Express is expecting
that revenue segment to con-
tinue to grow the fastest in
2020, Chief Financial Officer
Jeffrey Campbell said on the
company’s earnings conference
call Friday. For 2019, that reve-
nue line increased 17% from a
year earlier.
In the fourth quarter, total
expenses increased more than
8% to $8.36 billion.
While the company’s ex-
penses rose more than ex-
pected in the fourth quarter, in-
vestors are more focused on
the company’s revenue and
earnings hitting targets, No-
mura Instinet analysts said in a
note.
—Allison Prang
said all of the company’s trou-
bled debt restructuring loans
are included in total delin-
quency.
Discover also said it contin-
ues to invest in its operations
that focus on collecting pay-
ments from borrowers who
are behind on their debts. “I
The legal dispute is a rare
public clash between two large
car companies who compete
head-on in key vehicle catego-
ries in the U.S., including
pickup trucks, where Fiat
Chrysler’s Ram brand has been
making inroads against GM.
The confrontation comes as
Fiat Chrysler’s profitability
has improved in the U.S. and it
is trying to execute a proposed
merger with France’s PSA
Group that, if completed,
would create an auto-making
giant that would rival GM in
total global sales.
General Motors, the U.S.’s
largest by sales, claims in the
lawsuit that Fiat Chrysler’s
then-chief executive, Sergio
GM said it stands by
the legal and factual
* ******* THE WALL STREET JOURNAL.
Discover Financial Services
share price
$90
Friday
85
$76.29
t11%
80
75
Thursday Friday
Source: FactSet
think that’s something that
makes a ton of sense just
about anytime, but certainly
late cycle” in an economic ex-
pansion, Mr. Hochschild said
on the earnings call.
Discover upped its forecast
for operating expenses for
2020, which disappointed
some analysts. It said the
jump is intended for ongoing
investments in its brand, tech-
nology and increasing accep-
tance of cards abroad.
Some analysts said they
were disappointed in the lack
of guidance on the key metrics
of net interest margin and re-
wards costs. The company also
said it is increasing its loan-
loss reserves due to a new ac-
counting rule.
from a yearslong federal cor-
ruption investigation of top
UAW officials and labor-rela-
tions executives at Fiat Chrys-
ler. The probe became public
in 2017 and has since widened
to the union’s GM department
and into the top ranks of the
UAW, leading to 11 convictions
or guilty pleas so far.
In its lawsuit, GM claims
Fiat Chrysler bribed UAW offi-
cials with money and gifts to
win better contract terms and
lower costs for its unionized
workforce. The two auto mak-
ers are direct competitors in
the U.S. market, where all of
their factories use UAW-repre-
sented workers.
GM has said Fiat Chrysler’s
alleged conduct “inflicted mas-
sive direct damage,” though it
hasn’t pegged an amount it is
seeking to recover. GM could
Fund Hits
Its Limit
BY JULIET CHUNG
AND KATIE ROOF
Tiger Global Management
has closed on a $3.75 billion
private-equity fund, the latest
sign of investors’ continued
interest in private technology
companies despite worries
about overheated valuations.
The New York investment
firm told its clients about the
fund’s status in a letter Friday
and said in a communication
earlier in the week that the
fund was oversubscribed, with
more than $4 billion of de-
mand.
A prominent venture- and
hedge-fund investor, Tiger
Global began raising its 12th
private-equity fund last fall af-
ter the departure of Lee Fixel,
a top executive who ran the
firm’s private-equity business.
The fund’s size matches that
of the previous private-equity
fund Tiger Global raised in
2018 under Mr. Fixel, suggest-
ing investors continue to have
confidence in the firm’s profit-
able private-equity business.
The business is now led by
Scott Shleifer.
The $3.75 billion fundraise
also signifies investors’ con-
tinued hunger for yield in a
low-interest-rate environment
and their belief that exposure
to private technology, one of
the highest-returning proposi-
tions over the last decade,
continues to be a good invest-
ment. Tiger Global invests in
private tech companies that
focus on consumer, enterprise
and financial technology.
Concern about valuations
has increased lately after the
The firm’s
private-equity
business is led
by Scott
Shleifer, who
succeeded Lee
Fixel.
swift fall of WeWork, which
was backed by SoftBank Group
Corp.
Even so, venture-capital
firms including Founders Fund
and Kleiner Perkins are among
those targeting large new
 

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

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

 


 
 




  
 
  its rival into merger talks. in November to get ahead of business, which focuses on the
     
  
 

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 ( Mr. Marchinonne had pub- the four-year statute of limita- U.S., China and India, the

    
  
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ANNOUNCEMENTS BUSINESS OPPORTUNITIES 
lawsuit alleges Mr. Marchionne, gues GM’s claims are outside The firm made $5 billion on
 
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TRAVEL Interim Chief Tapped Ex-German Minister A Former Bank Chief
For Watchdog Agency To Join Bank’s Board Sanctioned for Trades
BUSINESS OPPORTUNITIES
 The U.K. government ap- Deutsche Bank AG said that Switzerland’s financial regula-

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

        
 

ceed Andrew Bailey, who’s leav-
ing to become governor of the
to join its board, after the ap-
pointment of another nominee
($774,150) and banned him from
dealing securities for six years
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  All Rights Reserved.
British government each year. having served just a few weeks. market information.
—Simon Clark —Patricia Kowsmann —Margot Patrick
THE WALL STREET JOURNAL.
New Bond
Sales Set
Fast Pace
In January
BY MATT WIRZ
Corporate bond prices
pushed higher Friday, extend-
ing a rally that has spurred a
wave of issuance by companies
of all kinds.
New bond sales by U.S.
high-yield and investment-
grade companies are on track
for one of their biggest Janu-
arys in years.
CREDIT Bond issuance
MARKETS is typically
heavy at the
start of the year, when corpo-
rations rush the market to
raise as much of their annual
financing targets as possible,
but the wave of deals this year
is unusually heavy, according
to data from Dealogic.
Sales of high-yield bonds
are on pace for the strongest
January of the decade, with
new issuance through Jan. 23
amounting to $29.4 billion.
That exceeds all full-month
January totals over the past 10
years except 2013, when issu-
ance was $30.2 billion, accord-
ing to MarketAxess.
Investment-grade corporate
bond issuance has reached
$140 billion this month, the
second-strongest January in
the past decade behind 2017,
when companies sold $182 bil-
lion of debt, according to Dea-
logic.
Buying of some investment-
grade corporates is outpacing
strength in the Treasury mar-
$140B
Investment-grade corporate
bond issuances this month
kets, where the 10-year yield
fell to 1.680% Friday from
1.739% Thursday amid con-
cerns about China’s coronavi-
rus outbreak and signs of
weakness in European econo-
mies. Yields fall as bond prices
rise.
The extra yield investors
demand to hold pharmaceuti-
cal company Bayer US’s triple-
B rated bond due in 2025 in-
stead of Treasurys fell to
about 0.90 percentage points
Friday, compared with a
spread of about 0.93 percent-
age points Thursday, according
to data from MarketAxess.
Spreads have declined in re-
cent months thanks to strong
investor appetite. The average
yield of a Bank of America
Corp. investment-grade bond
index was 2.74% Thursday,
compared to 4.25% at the end
of 2018, according to Credit-
Sights.
Junk debt is also climbing.
Community Health System’s
new bond due 2025 was the
most-traded corporate bond
Friday morning, hitting a low
yield of about 6.27% compared
to around 6.4% on Thursday,
according to MarketAxess.
Bonds of Intelsat SA, a widely
traded proxy for the riskier
portion of the high-yield mar-
ket, traded as high as 60 cents
on the dollar after falling to 56
on Thursday.
In emerging markets, bonds
of the Province of Buenos Ai-
res fell 7% this past week in
thin trade to about 54 cents on
the dollar, according to data
from MarketAxess. Argentine
sovereign debt slid with its
bond due 2021 falling about 1%
to 52.79 cents on the dollar,
according to MarketAxess
The WSJ Dollar Index,
which measures the U.S. cur-
rency against a basket of 16
others, rose Friday to 90.66
from 90.51 on Thursday.
Yuan Weakens as Investors Worry About China Growth
BY JOANNE CHIU
China’s currency weakened
ahead of the Lunar New Year
holiday, as the widening
spread of the Wuhan coronavi-
rus fanned
CURRENCIES worries of a
deeper eco-
nomic slowdown in parts of
the country.
The yuan traded at 6.9263
against the U.S. dollar in off-
shore trading Friday afternoon
in Hong Kong, after declining
around 1% this week. Onshore,
the currency fell by a similar
magnitude before Chinese
* * * * * * * *
Stocks Decline Over Spread of Virus
BY AVANTIKA CHILKOTI
AND ALEXANDER OSIPOVICH
U.S. stocks dropped Friday,
ending the week lower, on
worries the deadly coronavi-
rus outbreak is
spreading.
FRIDAY’S The Dow Jones
MARKETS Industrial Average
fell 170.36 points,
or 0.6%, to 28989.73, declining
below the 29000 level that it
crossed for the first time ear-
lier this month.
The S&P 500 tumbled 30.07
points, or 0.9% to 3295.47 in
its steepest one-day drop since
October. The Nasdaq Compos-
ite lost 87.57 points, or 0.9%,
to close at 9314.91.
All three indexes opened
higher Friday morning but
pulled back after officials con-
firmed a second U.S. case of
the deadly coronavirus that
has led to a lockdown of three
major Chinese cities, including
Wuhan where it was first
identified.
The indexes posted losses
Some investors see lagging shares of companies in the sector as an indicator of sluggishness in the economy.
Transport Stocks Flash Warning Signs
BY KAREN LANGLEY
Transportation stocks ha-
ven’t hit a new high in 16
months, a potentially ominous
sign for investors betting on a
pickup in global growth.
The Dow Jones Transporta-
tion Average—which tracks
the performance of 20 large
U.S. airlines, truckers, rail-
roads and shippers—is still
4.4% below its record from
Sept. 14, 2018. Over the same
period, the Dow Jones Indus-
trial Average has risen 11%,
notching 31 closing highs
along the way, according to
Dow Jones Market Data.
The transport stocks have
also underperformed the blue-
chip index over the past three
months, rising 3.6% versus the
Dow industrials’ 8.1% gain.
That disconnect raises con-
cern for proponents of the
Dow Theory who say weakness
in shares of companies that
transport raw goods and ma-
terials can point to turmoil for
the broader market.
Disappointing results from
companies including trucker
J.B. Hunt Transport Services
Inc. and logistics firm Expedi-
tors International of Washing-
ton Inc., along with signs of
weakness in freight activity,
have weighed on the trans-
ports lately.
“The fact that the trans-
ports have lagged is a signpost
of sluggishness in the overall
economy,” said David Rosen-
markets closed Jan 24 for a
weeklong holiday.
The currency’s slide has
erased recent gains it chalked
up after the U.S. in mid-Janu-
ary removed China from a list
of trading partners it consid-
ers currency manipulators.
The signing of a first-stage
trade deal between Beijing and
Washington had also helped
buoy the yuan.
China this week reported
sharp increases in the number
of people who have died or
been sickened by a pneumo-
nia-causing virus that was
first identified in the central
MARKETS
for the week, ending two-week
winning streaks for the Dow
and S&P and a six-week win-
ning streak for the Nasdaq.
The benchmarks are still
within 1.3% of record highs set
in recent days before the virus
started worrying investors.
The crude-oil market had
its worst week since July as
the widening outbreak threat-
ened to disrupt travel. U.S. oil
futures fell 2.5% to $54.19 on
Friday, in their fourth consec-
utive day of losses.
Investors bought assets
seen as havens. Gold futures
gained 0.4% to settle at
$1571.10 a troy ounce.
The yield on the 10-year
U.S. Treasury note fell to
1.680%, from 1.739% on Thurs-
day, as investors snapped up
government bonds. Bond
yields and prices move in the
opposite direction.
Utilities was the only one of
the S&P 500’s 11 sectors to
rise on the day.
In corporate news, shares
of Intel surged $5.15, or 8.1%,
Index performance
20%
15
10
5 Dow Jones
0 relationship between transpor-
–5
–10
–15 Weekly
July 2018 ’19
Source: FactSet
berg, chief economist and
strategist at Rosenberg Re-
search, who noted that small-
cap stocks also have failed to
make new highs. The Russell
2000 index of small companies
is 4.5% below its record close
from Aug. 31, 2018.
The recent market rally has
been largely fueled by investor
demand for shares of fast-
growing companies, such as
technology firms, while the
members of the transport
group tend to be slower-grow-
ing and more subject to eco-
nomic fluctuations.
“The transports lagging is
part of the general lagging of
value-oriented stocks,” said Ed
Keon, chief investment strate-
city of Wuhan in December.
The government has imposed
lockdowns on three major cit-
ies, stopping flights and shut-
ting public transportation sys-
tems to curb the spread of the
coronavirus.
The country was already
contending with slower eco-
nomic growth, and the yuan
could come under more pres-
sure if the viral outbreak
worsens and crimps consumer
spending, travel and business
activity, strategists say. Al-
ready, many Chinese citizens
have canceled or modified
their travel plans during what
S&P 500 daily moves
1.0%
0.5
0 zone—and Germany, in partic-
–0.5
–1.0
–1.5
Nov.
Source: FactSet
to $68.47. The company late
Thursday reported fourth-
quarter earnings that beat ex-
pectations after an upswing in
personal-computer shipments
and robust demand for chips
to power data centers.
S&P 500
Dow Jones
Industrial
Average
Transportation
Average
’20
gist at multiasset manager
QMA.
To be sure, the stocks have
underperformed at other
points in the bull-market run
and the broader index has
continued to hit new highs.
Although the economy as a
whole appears to be humming
along, manufacturing has been
in a rut.
The U.S. factory sector con-
tracted in December for a fifth
consecutive month, with a
reading from the Institute for
Supply Management at its
lowest level since June 2009.
In one sign of the tough en-
vironment for transport, the
Cass Freight Index, a measure
of North American freight ac-
is traditionally the country’s
busiest travel season.
“The bad news is that the
worst has yet to come, as the
number of new infections is
still on the rise,” said Larry
Hu, chief China economist at
Macquarie Capital Ltd.
Ken Cheung, chief Asian
foreign-exchange strategist at
Mizuho Bank in Hong Kong,
said some investors who prof-
ited from the yuan’s recent
climb have closed out their
positions ahead of the Lunar
New Year break. “They’re
wary of an escalation of con-
firmed cases after the holi-
Saturday/Sunday, January 25 - 26, 2020 | B11
600 index rose 0.9% on fresh
economic data that signaled a
halt to the slowdown in the
German manufacturing sector.
Preliminary data on pur-
chasing managers indexes,
measures of business activity,
suggested that the manufac-
turing sector in the euro-
ular—fared better in January
than the market had expected.
“The markets are reacting
to the signs of bottoming in
German manufacturing,” said
Biggest decline since Oct. 8 Mike Bell, global market strat-
egist at J.P. Morgan Asset
Friday Management. “It’s pretty key
t0.9% because the big question on
everyone’s mind has been: Is
there recession risk?”
Dec. Jan. U.K. stocks rose, with the
FTSE 100 index climbing 1%
after the latest purchasing
American Express climbed managers index data was bet-
$3.74, or 2.9%, to $135.11 after ter than analysts expected.
the credit-card company’s Japan’s Nikkei 225 bench-
earnings beat analysts’ expec- mark closed up 0.1%, and Hong
tations and it gave an optimis- Kong’s Hang Seng advanced
tic earnings outlook for 2020. almost 0.2%. Chinese markets
Overseas, the Stoxx Europe were closed for holidays.
Oil Market
Suffers
Tough Week
Continued from page B1
have been canceled along with
flights due to airport closures
and trains shutting down,” he
wrote in a note. “That will
eventually add up to hundreds
of thousands of unused bar-
rels of jet fuel, diesel and gas-
oline.”
The virus
COMMODITIES is the latest
blow to U.S.
crude-oil prices, which have
fallen more than 11% so far
LUKE SHARRETT/BLOOMBERG NEWS
this year. Investors are wor-
ried that there is too much oil
in the world, despite recent
production cuts by the Organ-
ization of the Petroleum Ex-
porting Countries that could
tamp down supply and a lim-
ited trade agreement between
the U.S. and China that could
spur demand.
Low prices have persisted
even through shocks that
many expected would break
them from their rut. Crude
shot up 15% in mid-Septem-
tivity, showed shipment vol- ber, after an attack on Saudi
umes dropped 7.9% in Decem- Arabian production facilities,
ber from a year earlier, while but returned to pre-attack
freight expenditures dropped levels in less than two weeks.
6.2%. Both measurements In early January, prices spiked
were at their lowest level of after the president ordered an
2019. airstrike that killed a power-
“They’re like hand in ful Iranian general, but fell
glove,” said Nela Richardson, past their pre-attack levels
an investment strategist at fi- soon afterward.
nancial services company Ed- More recently, futures ral-
ward Jones, referring to the lied earlier this past week af-
ter a rebel group in Libya
tation and global manufactur- blocked a significant portion
ing. of the country’s crude ex-
“We’re seeing transporta- ports, but prices have since
tion doing pretty well, given fallen, highlighting investors’
low volumes, but a catalyst for concerns of a supply glut.
growth in the transportation In another sign of caution,
sector would be a rebound in bets by hedge funds and other
manufacturing.” speculative investors on rising
The long-simmering trade U.S. crude prices have fallen
war between the U.S. and from a recent peak hit earlier
China has weighed on global this month.
manufacturing activity. News of the virus largely
But the outlook has bright- overshadowed Thursday’s in-
ened as the two countries ventory report from the En-
reached an agreement in re- ergy Information Administra-
cent weeks. The International tion. U.S. crude stockpiles fell
Monetary Fund predicted this by 400,000 barrels the week
week that global gross domes- ended Jan. 17, according to the
tic product will expand by EIA, more than the 300,000-
3.3% in 2020, up from 2.9% in barrel drop that analysts and
2019. traders surveyed by The Wall
“If we’re right that the Street Journal had expected.
trade deal as well as some of “The bullish EIA report was
the firming of economic data steamrolled by demand con-
leads to an improvement in cerns surrounding coronavi-
overall volumes, then that rus,” Mr. Yawger said.
should be a benefit for this Elsewhere in commodities,
group,” said Chris Shipley, front-month copper futures
head of fundamental equities had their worst week since
at Northern Trust Asset Man- November 2014, falling 5.8%
agement, of the transport on worries that the coronavi-
stocks. rus would hit industrial activ-
ity in China and reduce de-
mand for base metals. The
price of copper fell 1.5% to
$2.6855 a pound on Friday.
The price of natural gas fell
day,” he said. to its lowest level since March
Mr. Cheung said he expects 2016, driven down by a supply
the yuan to trade around 6.9 glut and persistent warmer-
to the dollar as the market as- than-usual winter weather
sesses the impact of the coro- across the U.S. that has
navirus outbreak on China’s tamped down demand. Natu-
growth outlook and consump- ral-gas futures slipped 1.7% to
tion patterns. $1.893 per million British
Back in 2003, the outbreak thermal units on Friday.
of severe acute respiratory Natural-gas stockpiles fell
syndrome—caused by a simi- by 92 billion cubic feet last
lar but more deadly virus—ini- week, according to the EIA. An-
tially caused China’s economic alysts and traders surveyed by
growth to slow, but the econ- the Journal had been expecting
omy rebounded quickly later an 88-billion cubic foot with-
in the year after the disease’s drawal, though total invento-
spread was brought under ries are still around 9% higher
control. than the five-year average.
 B12 | Saturday/Sunday, January 25 - 26, 2020
TESLA: XINHUA NEWS AGENCY/GETTY IMAGES; VW: KRISZTIAN BOCSI/BLOOMBERG NEWS
Tesla, whose market value has overtaken Volkwagen’s, displays a model at a November expo in Shanghai, left. At right, a VW electric car gets a scan.
Bigger Isn’t Always Better—Just Ask Tesla
In the market for cars, big is
beautiful these days. In the market
for car stocks, things are more
complicated.
Tesla’s market value raced past
the $100 billion mark this week.
While it’s still less than half of
Toyota’s, it overtook Volkswagen’s
and reached twice that of U.S.
market-share leader General Mo-
tors. VW is still bigger by enter-
prise value—a better measure of
relative weight as it accounts for
different capital structures—but
whichever way it is calculated the
valuation gap relative to funda-
mental measures such as revenue
is staggering.
Some might conclude that in-
vestors are valuing scale less
highly as electric vehicles replace
conventional ones, largely for rea-
sons of regulation in Europe and
China. The reality is messier: Scale
will be both a benefit and a bur-
den for incumbent auto makers in
the industry’s technological transi-
tion. The inherent uncertainty is
one reason investors are so reluc-
tant to buy the stocks.
VW will likely become the offi-
cial global industry leader by sales
for 2019 when Toyota publishes its
ETIENNE LAURENT/EPA/SHUTTERSTOCK; SONOS: F. MARTIN RAMIN/WSJ
Intel executive Gregory Bryant shows off the company’s latest tech.
To Keep Up,
Intel Has to Chip In
Spending money to make
money is taking on new dimen-
sions at Intel.
On the one hand, the chip-mak-
ing giant benefits greatly from
capital investments made by
cloud-computing powerhouses
such as Google, Amazon and Mi-
crosoft. Those three combined
spent $50 billion in capital outlays
over the first nine months of 2019,
largely to build out their networks
that all use Intel’s server proces-
sors and other components. And
that spending seems to have
picked up in the fourth quarter. In-
tel reported Thursday that sales in
its data-center segment jumped
19% year over year to $7.2 bil-
lion—13% higher than Wall Street
was expecting. The stock surged
more than 8% Friday.
But Intel has its own bills to
pay. The company also announced
Thursday that its capital expendi-
tures are expected to rise 5% this
year to about $17 billion. That re-
cord outlay is necessary as Intel
rushes to update its chip-manufac-
turing process—an area where it
has lost considerable ground to
Taiwan Semiconductor Manufac-
turing. That spending equates to
about 23% of the company’s pro-
jected revenue for 2020. From
2010 to 2015, Intel’s annual capex
bill averaged about 18% of the
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
full-year sales and production next
week. The two giants were neck
and neck for most of last year, but
VW pulled ahead in the final
months, with growth of 12.5% in
December deliveries compared
with the same month in 2018.
The company isn’t celebrating.
Chief Executive Herbert Diess ex-
plicitly urged his executives to fo-
cus on profit rather than sales in a
speech at VW’s Wolfsburg head-
quarters this month. He praised
the Mexican business, where the
company culled some unprofitable
vehicles, sacrificing market share
for the sake of narrower losses.
VW’s late-year growth spurt was
for all the wrong reasons. New Eu-
ropean Union emissions rules that
took effect this month make gas-
guzzlers more expensive for auto
makers to sell in the region. Incen-
tives for dealers and consumers to
buy ahead of the change seem to
have turbocharged sales—possibly
at the expense of margins. Sales
were also weak at the end of 2018,
exaggerating the recovery.
Auto-industry leadership has
proven something of a curse ever
since a near-bankrupt GM, after 77
years at the top, ceded it to Toyota
company’s revenue.
Intel’s challenge is that its
spending will need to stay at ele-
vated levels for the foreseeable fu-
ture, while its customers’ spend-
ing will be wildly unpredictable.
Intel issued a relatively positive
forecast for 2020, with revenue
for the year more than $1 billion
higher than Wall Street had antici-
pated. But that upside is coming
almost entirely from strong data-
center spending expected in the
first quarter. Intel predicted in
Thursday’s earnings call that
cloud providers would enter a so-
called digestion phase by the sec-
ond half of the year to absorb
their recent expansion.
It will be a while longer before
Intel can slow its own spending.
The company is finally shipping
processors made on its latest 10-
nanometer production process fol-
lowing years of delays. It is also
developing its next 7-nanometer
process, from which it expects to
begin shipping product by the end
of next year. But TSMC is already
shipping high volumes from its
own 7-nanometer process and will
be ramping up its 5-nanometer
process by the end of this year.
For Intel, the current chip-mak-
ing arms race is starting to look
more like a marathon.
—Dan Gallagher
ON
THE
in 2008. Former VW boss Martin
Winterkorn finally achieved his
longtime goal to be No. 1 in the
first half of 2015, just months be-
fore resigning amid the diesel
scandal. Carlos Ghosn made much
of the fact that his alliance of Nis-
san, Renault and Mitsubishi made
more cars than its peers in 2017,
only to wind up in a Japanese de-
tention center.
Toyota is the one company that
has achieved industry leadership
without seeming to accumulate big
problems. With one dominant
brand and similarly engineered
products across the world, it is the
“only globally scaled auto maker,”
says Philippe Houchois, an analyst
at brokerage Jefferies. Toyota’s
market value is $238 billion.
For others, global reach has of-
ten seemed a problem to fix rather
than an advantage. GM under
Mary Barra addressed this head
on, retreating from big markets in-
cluding Europe and India. The
largest U.S. auto manufacturer has
tumbled down global sales rank-
ings but improved profitability.
Yet GM’s transformation also
underlines how scale still matters
at the regional level. Peugeot
OVERHEARD
Sonos learned the hard way
that hell hath no fury like its
oldest customers.
Many of those customers
got an email earlier this week
informing them that devices
introduced between 2005 and
2011 would no longer receive
software updates and new fea-
tures due to lack of necessary
memory and processing power.
The devices would still work,
but the company warned that
lack of updates affect a home’s
Sonos system if those older
products were networked with
newer ones. The email help-
fully included a pitch for its up-
grade program that offers 30%
off new products.
That wasn’t enough.
#SonosBoycott started trend-
ing on Twitter, along with in-
vectives unprintable in this
newspaper. CEO Patrick
Spence apologized and prom-
ised older products would at
least receive bug fixes and se-
curity updates “for as long as
possible.” And he promised the
company would work on a way
for older devices to keep oper-
ating when networked with
newer ones.
In a market being flooded
with much cheaper smart
speakers from Amazon and
Google, Sonos can’t really af-
ford to alienate those who paid
up early on.
Sonos is listening.
* *** THE WALL STREET JOURNAL.
vestors are hopeful Chief Execu-
tive Carlos Tavares can achieve
something of the same magic in
PSA’s merger with Fiat Chrysler,
which is due to be completed in
early 2021.
Scale could matter even more in
electric-vehicle production. One
reason is already clear: Research
and development costs have esca-
lated as auto makers have electri-
fied their lineups. As PSA and Fiat
Chrysler detailed in their merger
agreement last month, the larger
the production base over which
these can be spread, the better.
Smaller players, like Tata Motors’
Jaguar Land Rover, are struggling
to keep up.
The other reason will be prop-
erly tested only as production
ramps up. Battery technology is
still too expensive. High-volume
assembly and negotiating power
over suppliers might offer car
makers their best chance of mak-
ing it more affordable. This helps
explain why investors are broadly
bullish on VW. The auto maker’s
big, early bet on a dedicated elec-
tric-vehicle platform puts it in a
stronger position than most to
earn acceptable margins.
The big risk for VW—and for
the entire industry except Tesla—
Price/sales ratio is that it ends up with more facto-
ries and workers than it needs.
Ferrari 707 times Battery-electric vehicles are less
Tesla 3.44 complex and labor-intensive to as-
Toyota 085
semble. GM’s battle with the
United Auto Workers union last
Suzuki 065 fall illustrated how costly the pro-
Subaru 063 Small Is cess of winding down factories can
be for companies. The largest play-
BMW 044 Beautiful ers could end up with the most
Honda 036 The stock price stranded assets, even as they face
VW 035 is a much bigger the most political pressure to
multiple of sales maintain jobs.
GM 034 per share for VW and Tesla have one big chal-
SAIC 031 some smaller lenge in common over the coming
car makers like years: scaling up electric-vehicle
Hyundai 030
Tesla than for production profitably. Given its su-
KIA 029 the industry perior resources and experience,
Daimler 028 leaders. VW may well prove better at the
job. Tesla’s valuation will doubt-
Nissan 024 less remain bumpy. When a story
Ford 023 stock meets a red-hot momentum
PSA 023 trade, as seems to be the case
Note: Car manufacturers
with a market value now, investors tend to get burned.
Renault 020 more than $10 billion. Yet Tesla is also in the almost
FCA 017 Source: FactSet unique position of having nothing
to lose in the auto industry’s jour-
ney to a greener future. All told,
owner PSA was able to transform the enormous valuation gap be-
the finances of Opel Vauxhall, tween Elon Musk’s company and
GM’s subscale European business, its peers isn’t quite as outlandish
by bringing its vehicles onto as it seems.
shared production platforms. In- —Stephen Wilmot
Online Brokers Go
From Zero to Hero
A move to eliminate trading commissions has led
online brokerage customers to trade more
When you give something away
free, people are probably going to
Free For All
want more of it. Trading activity at online brokerages
That is the experience so far has jumped since a move to zero
for online brokers following the commissions in the fall.
industrywide move to zero-com- Average daily trades
mission trading in October. Inves-
tors initially punished the compa- 1.5 million
nies for vaporizing a big chunk of
their revenue but wised up when
TD Ameritrade
they began to consider the bigger
picture. More people trading 1.0
means more cheap cash that can
generate other revenue, plus big-
ger opportunities to sell services
0.5
like wealth management or auto-
mated portfolio tools.
The optimist’s case was borne
E*Trade
out in the last three months of
0
the year at TD Ameritrade Hold-
ing. Clients traded more than a 2017 ’18 ’19
million times a day on average for Note: E*Trade figures are daily average revenue trades
the first time. Total trades Sources: the companies
jumped 13% from the prior year,
even though the quarter was far
less volatile. The trend looks like compiled by investment manager
it is holding into 2020, too: Janu- MFS. In 2018, it was around nine
ary’s average daily trade count is months. Other trends have inter-
tracking at 1.4 million so far, vened, like the rise of high-speed
Ameritrade said. market-making. Individual inves-
The same trend held at tors in general make up a smaller
E*Trade Financial. Daily average share of the market now than they
revenue trades made by custom- did in decades past, but all trading
ers in the quarter topped 330,000, has been encouraged by lower ex-
a company record and a jump of plicit trading costs.
16% from a year ago. The benefits are flowing else-
It shouldn’t be a surprise that where too. BlackRock’s exchange-
knocking back costs has boosted traded funds are popular with in-
volume. The relationship between dividual investors and
commission and trading has been independent advisers. Chief Exec-
a driving force on Wall Street for utive Larry Fink told analysts in
decades. Through the 1960s, turn- mid-January that “our monthly
over of stocks listed on the New flows accelerated across these
York Stock Exchange was much platforms since the move to com-
lower than it is today. It wasn’t mission-free trading,” and that he
unusual for the average annual anticipated seeing the “benefit of
holding time to be six years. these moves [playing] out in the
The abolishment of fixed com- coming months and years.”
missions in 1975 sped up turnover So far, the laws of supply and
dramatically. By the 1980s, average demand are playing out with a
annual holding times were around vengeance.
two years, according to figures —Telis Demos
 CULTURE | SCIENCE | POLITICS
Phone Fan
Jason Gay resolves to buck
a 2020 trend and spend
more time on his device C6

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

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

ILLUSTRATION BY KASIA BOGDANSKA

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

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

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

Inside
TABLE TALK
Climate MIND & MATTER HISTORY

Bringing science into

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

REVIEW

For Elites at A 1974

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

Davos, Some of George

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

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

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

REVIEW

Ignore the Fake Climate Debate

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

BY TED NORDHAUS

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

ANDREAS SOLARO/AGENCE FRANCE-PRESSE/GETTY IMAGES

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

A Term tor for the House

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

For Hidden cused Senate Ma-

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

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

in cahoots with the Democrats.” comes from an 1827 item in a 1829 English grammar that in- inet” (originally referring to a cions arise about secret political
Earlier this month, Rep. Georgia newspaper, the Augusta cluded “Hese in cohoot with small cabin) got extended to a schemes being hatched behind
Adam Schiff, the lead prosecu- Chronicle, about a fictional back- me” as a regional expression circle of confidential political closed doors.
 C4 | Saturday/Sunday, January 25 - 26, 2020
MIND & MATTER
SUSAN PINKER
Humans and
Other Dancing
Animals
MOST OF US have
heard of dancing bears
or dogs that can do the
samba. But those ani-
mals are trained to per-
form; none of our animal friends can
spontaneously cut a rug. Or so I
thought.
Now a study published in Proceed-
ings of the National Academy of Sci-
ences shows that chimpanzees exposed
to electronic music will sway along
with the beat. Like us, they are better
at matching their moves to the music
when they are standing, as opposed to
sitting or crouching on all fours. But
make no mistake, these chimps move
in a way that looks an awful lot like
dancing: “The chimpanzees mostly
swayed their whole body, but rhythmic
movements of body parts such as hand
clapping or foot tapping were also ob-
served,” the study reports.
Pan troglodytes, to use the scientific
name for chimps, is one of our closest
evolutionary ancestors. They have pre-
viously been known to bang rhythmi-
cally on tree trunks and to hoot and
call to each other in a way that sounds
like call-and-response singing. But the
observation that chimps can move
their bodies in time to music is new. It
suggests that dancing has existed in
higher-level primates—a group that
would include us humans—for at least
six million years. That’s roughly how
long ago humans split off from other
higher apes, like chimps.
The authors of the new study—Yuko
Hattori, a researcher at the Kyoto Uni-
versity Primate Research Institute, and
Masaki Tomonaga, a professor of lan-
guage and intelligence there—discov-
ered this rhythmic ability by playing
two-minute audio clips to seven chimps
in their lab. The music sounds like a se-
ries of thrumming bass chords played
on an electronic piano. The cadence
and tempo of the recordings changed
at regular intervals so that the re-
searchers could assess whether the
chimpanzees could sync their move-
ments to what they were hearing.
A new study finds
that chimpanzees will dance
to a musical beat.
Though the chimps in this study
seemed like they were grooving to the
beat, not all primatologists would call
that dancing. “It depends on what is
meant by dancing,” according to Rich-
ard Wrangham, a Harvard University
anthropologist who is an authority on
chimpanzees. “Jane Goodall called the
male group displays given at the onset
of rain or heavy wind ‘rain dances,’ but
that seems an exaggerated use of the
term,” he told me in an email. “I have
seen horses and hartebeest respond to
heavy rain by galloping about. The
more conservative view that I prefer is
that the capacity for dancing is more
than six million years old.”
That capacity has been observed in
other species too, like sea lions, bono-
bos and parrots. In fact, members of
the parrot family, like budgies and
cockatoos, are even better at syncing
their movements to a beat than chim-
panzees are, wrote Dr. Hattori.
Take Snowball the cockatoo, whose
fancy footwork, timed to Queen’s “An-
other One Bites the Dust,” has become
clickbait. After Harvard psychologist
Aniruddh Patel saw videos of Snowball
on YouTube, he decided to investigate.
Given that parrots are superb mimics,
could Snowball have been imitating
someone outside the frame? Or was he
trained to dance?
The answer to both questions was
no: Snowball was independently bob-
bing his head and high-stepping to
the song. Like Akira, the best dancer
in the chimpanzee study, his brain
seems wired for music. Clearly, our
human brains also have evolved to
sway, shimmy and shake our bodies
along to music. But so far, anyway,
we’re the only ones who know the
ISTOCK
words and can sing along.
* *** THE WALL STREET JOURNAL.
REVIEW
Sheindi Miller
in her Jerusalem
apartment in 2019,
holding cards
she used for her
diary in Auschwitz.
Below right,
Ms. Miller in 1947.
A Survivor’s
Diary Emerges
From Auschwitz
For 75 years, Sheindi Miller hid the journals she kept
as a teenage prisoner of the Nazis. Now she is sharing them
with the world.
BY BOJAN PANCEVSKI Jander, who co-curated the exhi- The publication of the diary poor mother…won’t even know
S
bition. Frank’s famous diary broke comes as Germany is experiencing where she’ll be buried,” she wrote.
hortly after arriving at off when she and her family were a rise in anti-Semitic crimes, from “Life is hard and humans can take
Auschwitz on June 14, arrested in Amsterdam and de- verbal abuse of Jews to threats more than animals.”
1944, 14-year-old Shei- ported to Auschwitz, while Ms. and physical attacks. Last year on When the transport arrived in
ndi Ehrenwald stood Miller’s tells the story of what Yom Kippur, the most sacred Jew- Auschwitz, Ms. Miller’s grandpar-
with other inmates, na- happened after she arrived there. ish holiday, a gunman attempted ents, parents and two of her sib-
ked, her head shaved and dripping Ms. Miller, 90, survived World to attack a synagogue in Halle, lings were deemed unfit for work
with disinfectant. War II and emigrated to Israel, leaving two dead. and taken to the gas chambers.
An SS officer was present. After where she kept her journals in the Ms. Miller began to keep her The next morning, she awoke to
inspecting the group, he ordered kitchen cupboard of her Jerusalem diary in March 1944, on the day the suffocating smell of burned
the wardens to take Sheindi’s 12- home for 70 years. For decades, that German troops invaded Hun- human bodies. “We’re burning
year-old sister, Dori, to his quar- she said, she was unable even to gary. Over the next three months, your parents now,” a soldier told
ters. The man, she later realized, speak to her children about the Ho- more than 400,000 Hungarian the prisoners.
was Josef Mengele, a physician no- locaust, let alone seek publication Jews were transported to On index cards that she hid in
torious for conducting grotesque of her writings. Auschwitz, with eager assistance the dank walls of her prison bar-
experiments on Jewish prisoners, They might have stayed there, from local authorities. Most of rack, Ms. Miller described further
many of them children. Dori never forgotten, if it hadn’t been for a them were killed on arrival. ordeals. The female inmates were
made it out of the camp. friend of the family who mentioned “In the night there was a loud made to undress in front of sol-
The episode is part of the diary the diary to reporters at Bild, Ger- banging on the door,” Ms. Miller diers: “We undressed. The men
that Sheindi Miller, as she is now many’s highest-circulation newspa- wrote in April 1944. “My father ran around the room laughing, we
called, secretly kept while she was per, last year. The journalists vis- stood around naked and deeply
a prisoner in Auschwitz, the most ited Ms. Miller in Jerusalem and ashamed.”
notorious Nazi extermination persuaded her to publish it in Bild. Ms. Miller survived in part be-
camp. At the risk of her life, Ms. She agreed, she said, partly be- ‘Life is hard cause she was assigned to work in
Miller wrote down the details of cause of her anxiety about the cur- and humans a factory, making grenades and
her ordeal, including her work as a rent resurgence of anti-Semitism in bombshells for Karl Diehl, a Ger-
slave laborer for an arms manufac- Europe. “When I was writing the
can take more man arms manufacturer that still
turer. Written in Hungarian, it is a diary, my greatest fear was that a than animals.’ exists today. In 1998, Diehl Stiftung
rare and possibly unique document, German would read it,” Ms. Miller FROM MS. MILLER’S DIARY
& Co. KG, as the company was later
recording the plight of European said this week. “Today, 76 years renamed, paid her the equivalent of
Jews toward the end of World War later, my greatest joy is that Ger- around $5,000—without admission
II, as Nazi Germany redoubled its mans are reading it.” opened and there were three Hun- of legal responsibility, according to
efforts to exterminate them. Wolfgang Schäuble, president of garian gendarmes in front of him letters by company representatives
This week, Ms. Miller’s diary the German parliament, who inau- and they ordered him to leave the now included in the exhibition.
was exhibited to the public for the gurated the exhibition on Wednes- house. He turned round with tears “There is no question that the
first time at the German History day, said that the diary was an in- and said: ‘Don’t cry, be strong. Diehl reparation fund was created
Museum in Berlin. The exhibition, valuable bulwark in the fight We’ll return soon.’ But we never late, but it still was the first of its
which includes a film about her against anti-Semitism. “Today ev- returned.” kind in Germany,” a company
life, is part of Germany’s official ery word of your densely written The diary offers a graphic ac- spokesman said in a statement.
commemoration of the 75th anni- manuscript on the yellowed index count of the train transport to “The company took a step that
versary of the liberation of cards of the arms factory is a Auschwitz. Ms. Miller and her fam- most of the German industry was
Auschwitz by the Red Army, on unique document for posterity—54 ily were thrown into cattle cars at the time not prepared to take.”
Jan. 27, 1945. pages of priceless his- with dozens of other people. When He added that Diehl welcomed the
Ms. Miller’s diary Pages from toric value, emotional an infant died of exhaustion, she new exhibition and documentary.
starts where the di- Ms. Miller’s diary, vehemence and a leg- recounts, Nazi soldiers snatched Before World War II, the Jew-
ary of Anne Frank which she started acy against oblivion,” the corpse away from her mother ish population of Galanta, Ms.
stopped, said Thomas to keep in 1944. Mr. Schäuble said. and threw it off the train. “The Miller’s hometown, was around
1,500. She was one of only 150
survivors to return; four of her
seven siblings perished. In 1949,
she moved to the newly founded
ANDREAS THELEN/BILD (2); © PRIVATE COLLECTION SHEINDI MILLER-EHRENWALD, JERUSALEM
state of Israel, where, she said,
life was hard in the early years.
Her oldest son, a paratrooper,
died in the Yom Kippur War in
1973, at age 20.
Last week, Ms. Miller traveled
to Berlin in the company of 24
members of her extended family,
including two of her 40 great-
grandchildren. She summoned
them on stage at the exhibition’s
opening on Wednesday. “Until my
daughter married, I had not had
more than a few weeks of happy
times. But now, looking at my big
family, I think my life was worth
it—and I am still young, only 90!”
she exclaimed.
She added that the publication
of her diaries in Germany is the
crowning achievement of her long
struggle. “We have won,” she said.
 THE WALL STREET JOURNAL.
IS COOKING A SCIENCE? For
years, many home cooks—myself
included—would have said no. A
kitchen is a place we go in search
of warmth and coziness. I used to
find the idea of treating this
homely space as some kind of
high-tech laboratory slightly off-
putting.
But there are signs that more
home cooks are embracing science
in the kitchen. The other day, while
browsing for food books, I noticed
that “The Food Lab: Better Home
Cooking Through Science,” by J.
Kenji López-Alt, had overtaken the
2019 edition of “The Joy of Cook-
ing” in the number of customer re-
views it had received on Amazon,
with an average
rating of five
stars.
Ratings aren’t
everything, but
this is surely a
sign that thou-
sands of home
TABLE cooks now see
TALK scientific cook-
ing as a positive
BEE thing, giving us
WILSON the tools to pro-
duce everyday
dishes in a more delicious or reli-
able way. If science can help us
make a meat loaf that won’t fall
apart (gelatin is the secret ingredi-
ent) or produce lighter waffles (by
adding club soda), then what’s not
to like?
The new kitchen science is
partly driven by the vogue for
weekend cooking projects such as
sourdough-making and fermenta-
tion, which naturally lend them-
selves to a scientific approach.
Sourdough bakers often start tin-
kering obsessively with hydration
levels in the dough, and from there
it’s a short step to thinking about
all cooking in a more precise way.
Take a quick look inside any kitch-
enware store and you can see it’s
become completely normal to
weigh ingredients on digital scales,
or to check the doneness of a roast
chicken using an instant-read ther-
mometer.
Like many people, I grew up
convinced that science was the en-
emy of good cooking. For my
mother, it meant cheap, industrial
food—the opposite of the tradi-
tional things she did in her own
kitchen, where she took fresh veg-
etables and meat and herbs and
turned them into a beef stew. She
believed that microwave ovens
were only slightly less terrifying
than nuclear bombs. If she disliked
a dish she ordered in a restaurant,
she would often say it had a
“chemical” taste.
Yet there is chemistry behind
all cooking, like it or not. As Har-
old McGee wrote in his ground-
breaking 1984 book “On Food and
Cooking: The Science and Lore of
the Kitchen,” “Foods, like most ev-
erything else on earth, are mix-
tures of different chemical com-
pounds.” One reason my mother’s
stews were so delicious was that
she took care to brown the meat,
thus triggering the Maillard reac-
tion, a chemical process that cre-
ates distinctive flavors. Then she
cooked it long and slow enough to
MITCH BLUNT
allow the collagen to break down
slowly, leaving the meat tender
and moist. She was thinking like a
Nature on Fans and Scrolls
ONE OF THE GREATEST artists of the Ming Dy-
nasty, Qiu Ying (ca. 1494-ca. 1552), belonged to
the Wu School of Chinese painters, known for
their personal, expressive works. He is celebrated
for his poetic depictions of nature, featuring lush
landscapes, towering mountains and translucent
blue-green pigments. “Where the
Truth Lies: The Art of Qiu Ying,”
opening next month at the Los
Angeles County Museum of Art,
FROM LEFT: SHANGHAI MUSEUM; NATIONAL GALLERY OF CANADA, OTTAWA
* * * *
Embracing
The Science
Of Home
Cooking
Experience and inherited craft are essential
for great food—but an experimental
frame of mind is a big help too.
scientist without even realizing it.
“The kitchen is perhaps the eas-
iest place for a regular person to
practice science every day,” writes
Mr. López-Alt in “The Food Lab,”
which is one of the most useful
cookbooks I have ever read. What
When my
mother cooked,
she was
thinking like
a scientist
without even
realizing it.
he means by science is not making
futuristic foams or “plated-with-
tweezers, deconstructed/recon-
structed cuisine.” Rather, he sees
science as a method of observation
that can help you cook your favor-
ite dinners, from salads to pan-
cakes, with more satisfying results.
Many TV chefs insist, for in-
EXHIBIT
will be the first show of his work outside of Asia.
A volume with the same title, published by Del-
Monico Books and Lacma, includes 80 color illus-
trations and a monograph on the artist’s life and
legacy. “Crab Apple and Mountain Birds,” below,
is a fan painting on gold-flecked paper. “The Em-
peror Guangwu Fording a River,”
A fan painting (below) and right, is a hanging scroll on silk.
a hanging scroll (right) by Both works were made ca.
Qiu Ying, ca. 1534-42. 1534-42.
REVIEW
stance, that you must never press
down on your burger in the pan
when cooking it. But Mr. López-Alt
has found through extensive exper-
iments that smashing the burger
slightly as it cooks will actually in-
crease the surface area “directly in
contact with the hot metal,” result-
ing in a deep brown crust and ex-
cellent flavor. Another of his great
insights is that to chop onions in a
way less likely to make you cry,
you must always chop from tuft to
stalk, rather than around the mid-
dle. That way the onion releases
fewer of its “lachrymators,” the
tear-producing chemicals.
As Mr. McGee has written, un-
derstanding how cooking works on
a chemical level can help us
“snatch success from the jaws of
failure.” I will be forever grateful
to him for debunking the myth
that the way to trim the woody
ends of asparagus is to snap them
off. Most cookbooks will tell you
that a stalk of asparagus naturally
“knows” where the tender part
stops and the stringy ends begin.
But Mr. McGee systematically
—Elizabeth Winkler
Saturday/Sunday, January 25 - 26, 2020 | C5
tested this and found that he got
more “reliably tender” results by
cutting the asparagus spears 6 to 7
inches from the tip. Mr. López-Alt
confirms that snapping asparagus
is “a bunch of hokum.”
At its simplest, the science of
cooking just means constantly
asking, “Why do we do it like this
and not like that?” To take one of
the more mind-blowing examples
in his book, Mr. López-Alt decided
to test whether “pasta should be
cooked in a large volume of salted
water and added to the pot only
after the water has reached a roll-
ing boil.” That is the “traditional
wisdom,” but Mr. López-Alt de-
vised another method that in-
volves pouring hot water over the
pasta in the pot, adding salt,
bringing the water back to a boil
and then cooking for a minute less
than it says on the package. To
my astonishment, this actually
worked, but it would take nerve to
cook pasta this way if I had an
Italian friend over for dinner.
I feel lucky to be cooking at a
time when people like Mr. López-
Alt are conducting such fun
kitchen experiments. Yet it’s also
true that science can never tell
the whole story of cooking. A
great meal is not just an assem-
blage of chemicals and physical
processes. It is also a reflection of
culture and family and the craft of
the people who cooked before us.
As long ago as 1866. John Rus-
kin wrote that the best cooking
should be an amalgam of “the
economy of great-grandmothers,
and the science of modern chem-
ists.” If I had to choose, I’d still
vote for the cooking of great-
grandmothers over that of scien-
tists. But I also feel that if our
great-grandmothers were alive to-
day, they would be happy to learn
a way to chop onions without
tears.
HISTORICALLY SPEAKING
AMANDA FOREMAN
Royal
Treasures,
Lost and Found
WHAT SORT OF nitwit
goes off in a snowstorm
to feed leftovers to the
chickens while still
wearing her Christmas
Day finery? In my defense, I was
just trying to share the love. Alas, I
ended up sharing an antique ring
along with the Brussels sprouts.
Only the chickens know where it is,
and they aren’t talking.
One doesn’t need to read J.R.R.
Tolkien’s “The Lord of The Rings” to
be reminded that lost treasures are
often the result of epic folly. In Oc-
tober 1216, King John of England
lost the crown jewels while leading
a campaign against rebellious bar-
ons. Against all advice, John—who
is chiefly remembered for being
forced to sign the Magna Carta, one
of the cornerstones of civil liberty—
took a shortcut via the Wash, a tidal
estuary on England’s East Coast. He
got across the causeway just in time
to see the waters come rushing up
behind him. The wagon train with
all his supplies and baggage—in-
cluding, crucially, the king’s trea-
sury—sank without a trace. The in-
cident has given countless British
schoolchildren the joy of being able
to say, “Bad King John lost his
crown in the wash.”
Folly also played a starring role
in the disappearance of the treasure
of the Aztec Emperor Montezuma II.
In 1520, the inhabitants of the Aztec
city of Tenochtitlan rose up against
the occupying Spanish forces led by
Hernán Cortés. By July 1, the situa-
tion was so critical that the out-
numbered conquistadors attempted
a midnight escape from the city.
Hampered by their haul of plunder,
however, the Spanish were too slow
in crossing Lake Texcoco. Unable to
run or fight, desperation overcame
their greed and the conquistadors
tossed the treasures into the water.
ALAMY
The Honours of Scotland.
Despite losing half his men on what
he called “La Noche Triste,” the
Night of Sorrows, Cortes captured
the Aztec capital a year later. But he
never found the lost gold.
It was a case of absent-minded-
ness that led to the disappearance
of the Scottish royal sword, scepter
and crown, known collectively as
the Honours of Scotland. Having
been successfully hidden during the
Interregnum, England’s brief experi-
ment with republicanism in
1649-60, the Honours were returned
to Edinburgh Castle for safekeeping.
Too safe, it turned out: No one
could remember where they were.
But the story has a happy ending. In
1818, the Scottish novelist Sir Wal-
ter Scott received permission to
conduct his own search of the cas-
tle. He found the Honours in a
locked storeroom, inside a trunk
packed with linens.
Occasionally, royal treasures have
been lost on purpose. One of the
last rulers to be buried with his
jewels was Emperor Tu Duc of Viet-
nam (1829-83). To outwit potential
grave robbers, he left orders that he
should not be buried in his elabo-
rate official tomb but in a secret lo-
cation; to ensure it stayed secret,
the laborers who interred him were
executed. In 1913, Georges Mahé,
the French colonial administrator of
the Vietnamese city of Hue, pro-
voked a national outcry after he dug
up Tu Duc’s official tomb in the
hope of finding the hidden jewels.
The French swiftly apologized and
Mahé was sacked.
Tu Duc’s treasure remains lost,
but it may not stay that way for-
ever. Earlier this month, scientists
in Mexico City confirmed that a
gold bar found on a construction
site is one of the ingots discarded
by Cortés and his fleeing conquista-
dors almost exactly 500 years ago.
 C6 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

REVIEW

images of brain activity. Now she’s

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

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

encourage girls because they believe

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

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

My Plan is simple: I’m

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

For 2020: more time with

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

JASON More Time not? Everyone’s

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

My Phone how they’re ru-

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

singing Dean Martin songs in seen as uncouth, vulgar, a signal company phone! The boss is right? I will ignore the natural this is perfect wisdom for the
line at the post office. of disinterest and distraction. paying for it! Hypocrite. world. I will travel to Tuscany, new year. Now somebody tell
No. My New Year’s resolution Not long ago, I picked up my And yet Luddism remains the find beautiful open fields—with me where I put my phone.

Angel of Death
The life and pursuit
of Josef Mengele
C9
READ ONLINE AT WSJ.COM/BOOKSHELF
Weimar in Hollywood
The forgotten actress-screenwriter whose salon for German émigrés enriched American culture
The Sun and Her Stars
By Donna Rifkind
Other Press, 550 pages, $30
The Kindness of Strangers
By Salka Viertel
NYRB, 343 pages, $17.95
BY SCOTT EYMAN
E
RICH VON STROHEIM
was probably the first
European artist to mi-
grate to Los Angeles, but
he was an unknown aspi-
rant at the time and always a psycho-
logical and professional isolate. The
first eminent artist to try it was Ernst
Lubitsch, arriving from Germany in
1922. From the beginning, he loved
America, its bounty and its movie
studios. He stayed.
Arriving in Lubitsch’s wake were
Germans and non-Germans alike:
Conrad Veidt, F.W. Murnau, Paul Leni,
William Dieterle, James Whale. After
Hitler ascended to power in 1933, they
came in droves: Fritz Lang, Thomas
Mann, Otto Klemperer, Charles Boyer,
STEPHANIE DALTON COWAN
Arnold Schoenberg, Robert Siodmak,
Franz Waxman, Aldous Huxley. And
then there were the young guns wait-
ing for their shot: Billy Wilder, Christo-
pher Isherwood, Fred Zinnemann.
They all came to Salka Viertel’s
house in Santa Monica, Calif. For the
food, for the warmth, for a trans-
planted but authentic Gemütlichkeit.
Viertel, an actress and screenwriter,
didn’t limit herself to fellow German-
speakers; Charlie Chaplin and Harpo
Marx were also frequent guests at her
Sunday kaffeeklatsches. Between the
guests and the dogs—Viertel always
had three or four—the house was
crowded.
There have been other books about
the immigrant diaspora that providen-
tially landed in Los Angeles and en-
riched American culture for decades,
but Donna Rifkind’s idea to use Viertel
(1889-1978) as the focus for a moving,
mournful new biography, “The Sun and
Her Stars,” was a particularly brilliant
idea. Viertel was the best representa-
tion of both her country and her sex
imaginable—a combination of mother
hen, chef, career counselor, referee and,
in her own right, artist.
Guests and host alike were in flight
from a regime specializing in brutality
and murder. As Berthold Viertel wrote
to his wife: “One can really say that the
world is coming to an end in Europe,
or at least the biggest part of what was
our world.” She was typically defiant:
“Hitler is the triumph of the German
Spiesser [philistine] and we will live
to see his downfall.”
She was right, but so was Berthold.
The only replication of German and
Austrian cafes for these people was at
165 Mabery Road in Santa Monica,
where the pièce de resistance was
Salka’s chocolate cake, which was par-
ticularly cherished by Thomas Mann.
Christopher Isherwood evocatively
described Viertel’s manner: “She
greeted newcomers warmly and got
them involved in conversations with
earlier arrivals, then she disappeared
Downfall
Of the
Radicals
The Enlightenment
That Failed
By Jonathan I. Israel
Oxford, 1,070 pages, $45
BY WILLIAM ANTHONY HAY
T
HE ENLIGHTENMENT
provides a touchstone for
our understanding of
modern history and, not
least, for our sense of the
current moment. More than two centu-
ries ago, a shift in outlook sought to
throw off superstition and irrational
prejudice by elevating the power of
reason and the status of skeptical in-
quiry. Over time, the Enlightenment
was credited with exponential ad-
vances in learning, as well as improved
social conditions and modes of gover-
nance. But it has drawn criticism, too,
especially of late, for asserting—so it is
said—a narrow, simplistic vision of
human endeavor, one that ignores core
BOOKS
THE WALL STREET JOURNAL.
KAFFEEKLATSCH Salka Viertel (right) with Greta Garbo and Thomas Mann.
into the kitchen to see how things were
going. I remember her most vividly at
this moment of greeting: she was strik-
ingly aristocratic and unaffected. Her
posture, the line of her spine and neck,
was still beautiful; you could believe
that she had been a great actress.”
The director James Whale ran into
Franz Waxman at the Viertels’ and ex-
claimed, “I’ve been looking all over the
world for you! You are the composer
for my next film!” That was “The Bride
of Frankenstein,” which sent Waxman
off on several decades of composing
such magnificent scores as “Sunset
Boulevard” and “A Place in the Sun.”
Similarly, Charles Laughton met Bertolt
Brecht at the Viertels’, and the two
men collaborated on a new version
of Brecht’s “Galileo.”
She was born Salomea Sara Steuer-
mann, which she thankfully shortened
to Salka Viertel. She and Berthold, a
writer and director, arrived in America
early in 1928 at the bidding of the
great director F.W. Murnau. Berthold
had written Murnau’s now-lost “Four
Devils,” and Murnau wanted him to
write his next film, “City Girl.” Berthold
worked in America but never truly
settled down. Salka worked but also
made a home for herself.
It wasn’t all sunny on those Sunday
afternoons. There was comedy, largely
deriving from delicate egos in per-
petual need of soothing. Salka had to
make sure that Igor Stravinsky was not
seated in the same room as Arnold
Schoenberg—they detested each other.
Then there was the animus Schoenberg
had for Thomas Mann, because of the
syphilitic avant-garde composer Mann
had written into “Doctor Faustus,”
although the comparison went only so
attributes of human nature and exerts
its legitimacy at the expense of custom,
tradition and community sensibility.
The assumptions of the Enlightenment,
for some people nowadays, are naive,
even dangerous.
To make sense of such claims, it
helps to step back and ask a simple
question: What exactly is the Enlight-
enment? How is the term to be prop-
erly understood? What is its history?
Jonathan Israel, an emeritus professor
at the Institute for Advanced Study
in Princeton, N.J., has been grappling
BRIDGEMAN IMAGES
with such questions for nearly two
decades. He is not a skeptic of the
Enlightenment; indeed, he is an ardent
admirer of it, but he believes that
we’ve lost a sense of its proper dimen-
sions and don’t fully grasp how much
more bold and history-altering the
Enlightenment might have been. In
“The Enlightenment That Failed: Ideas,
Revolution, and Democratic Defeat,
1748-1830,” Mr. Israel ambitiously
seeks to connect the collapse of what
he calls the “Radical Enlightenment”
with worrisome trends in Europe and
the Americas that lingered into the
19th century and beyond.
Mr. Israel defines the Radical
Enlightenment as a set of philosoph-
ical ideas that, among much else,
rejected aristocracy and monarchy in
far: Schoenberg didn’t have syphilis.
They were a contentious bunch, but,
as Theodor Adorno wrote, “Every intel-
lectual in emigration is, without excep-
tion, mutilated.”
Viertel was also creative, but with-
out the artist’s narcissistic veil; she
seems to have been happiest as a
nurturer, putting herself in the service
of others. When Murnau left for Tahiti
to make “Tabu,” his final film, Salka
saw him off at San Pedro harbor with
2 pounds of Malossol caviar, which
moved Murnau to tears. Then, with
They all came to Viertel’s
house in Santa Monica,
Calif.—for the food, for
the warmth, for the
unfeigned Gemütlichkeit.
letters and telegrams, she offered him
guidance for his shoot in the South
Seas. (One of the few flaws of Ms.
Rifkind’s book is that she doesn’t
quote from these letters; another is
occasionally taking her eye off the
ball by spending pages writing about
extraneous locations—the German col-
onies in other places, for instance.)
Her own career moved into high
gear after she met Greta Garbo in
Lubitsch’s living room. They formed
a bond—a friendship complicated by
a deep need on Garbo’s part. Viertel
worked on the scripts for “Queen
Christina,” “The Painted Veil” and
“Conquest,” among others, becoming
Garbo’s most frequent screenwriter at
MGM as well as her liaison to the top-
FREEHAND Study for ‘Liberty Leading the People’ (1830) by Eugène Delacroix.
favor of “representative, democratiz-
ing republicanism.” Seeing truth as
something to be determined by math-
ematical, scientific reason alone, it at-
tacked both religion and what Baron
d’Holbach, an 18th-century philoso-
pher, called the “political superstition”
of venerating institutions or customs
simply because they were part of a
tradition. In short, nothing in politics
or society could be upheld, in the
Radical Enlightenment’s frame, with-
out rational justification.
The Family We Choose
The gift and
necessity of friendship
C8
* * * * Saturday/Sunday, January 25 - 26, 2020 | C7
heavy management structure of the
studio. Viertel could construct scripts
that accommodated Garbo’s weird,
somnambulistic affect, which was
nearly as pronounced as her social
anxiety. She also offered what Ms.
Rifkind calls “stability, patience, iron-
clad loyalty and a gift for advocacy.”
“If there was ever any argument
about a script I always had this woman
to fight for me,” said Garbo. “She was
indefatigable and worked on [the
scripts] . . . to saturation point and
always found something good that
others wouldn’t bother about.”
Garbo thought enough of Viertel’s
acting skills to have her co-star in the
German-language version of “Anna
Christie,” her first talkie, which is con-
siderably better than the more widely
known English version. Viertel plays
the old waterfront whore that Marie
Dressler played in the English version,
and she’s very good, albeit without the
humor that Dressler brought to every-
thing. Viertel was unhappy with her
costume, her makeup and, ultimately,
her performance. She was, she decided,
a creature of the stage, but in fact she
never acted again, which Ms. Rifkind
calls “an acute sort of exile for her,
a death of self.”
Her son Peter Viertel, the author
of “White Hunter, Black Heart,” the
legendary roman à clef about John
Huston, told me that he thought Garbo
used his mother far more than his
mother used Garbo. He resented the
fact that Garbo never spoke up for his
mother when MGM let her go and
failed to use her considerable leverage
to help his mother when it came to
salary: Salka never seems to have
received more than $750 a week.
Mr. Israel traces the outlook of the
Radical Enlightenment to its origins
in a group of thinkers surrounding
the philosopher Baruch Spinoza, who
explored egalitarian critiques of au-
thority—in religion, government and
society—amid the Dutch Republic’s
factional tensions and turmoil in the
1660s. Conflicts in the Netherlands,
Mr. Israel shows, shaped arguments
favoring democratic republics over
their aristocratic counterparts in Ven-
ice and Geneva. Over time, Continental
A lot of people agreed with Peter
Viertel. A few years after the disaster
of “Two-Faced Woman” (1941), Salka
lined up a project for Garbo and had
completed two-thirds of the script
when the actress got the vapors and
bailed. Ernst Lubitsch wrote to Garbo:
“I haven’t read the script, but I must
tell you that if it’s good, you behaved
badly. If it’s bad, you behaved even
worse. You threw an old friend to the
wolves. You have been in Hollywood
long enough to know how much dam-
age you have done to Salka.”
The two women eventually recon-
ciled, but Garbo never acted again.
“Work is a habit,” Salka later wrote,
“and she lost it.”
During World War II, a lot of Vier-
tel’s time was taken up with the Euro-
pean Film Fund, organized by Lubitsch
and others. The war, not to mention
anti-Semitism, had provoked one of
America’s periodic spasms of immi-
grant paranoia. Europeans who were
employed by the studios would tithe 1%
of their earnings to the fund, which
dispensed stipends to needy émigrés.
The fund also assisted with the moun-
tain of paperwork it took to get émi-
grés into America. Her activities were
duly noted. J. Edgar Hoover’s FBI,
always on the lookout for premature
antifascists, were tapping Salka’s phone
by 1942, as well as opening her mail.
The bond between Salka and
Berthold was emotionally strong, but
they never seemed to realize that they
were characters in a Lubitsch film—the
chains of matrimony were so heavy
that it took four to carry them. Salka
had a long affair with the much youn-
ger Gottfried Reinhardt, the son of the
Please turn to page C8
intellectuals fused such ideas into an
oppositional critique of church and
state, a critique that was itself refined
in underground writings and then
launched into a wider readership in
the mid-18th century.
The culmination came in the 1770s
and ’80s, when Enlightenment ideals
played a fateful role in the American
and French revolutions. Revolts before
1775, Mr. Israel says, strove to restore
“supposedly foundational constitutions
grounded in tradition and religion.”
In America, and especially in France,
he says, the emphasis was secular, and
the program for change offered a
much bolder challenge to the past and
its traditional understandings.
By the late 18th century, Mr. Israel
observes, the script for revolution had
come to emphasize “universal and
equal rights,” alongside freedom of
expression and a republican governing
structure. These ideals propelled the
first revolutionaries in France but were
capsized, he argues, by the coup of
June 1793. A key part of “The Enlight-
enment That Failed” describes this epi-
sode in French history. Maximilien
Robespierre, together with his faction
of authoritarian populists known as
Jacobins, seized power to impose a dic-
tatorship marked by paranoid violence
Please turn to page C8
C8 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

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

Let’s Get Together When

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

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

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

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

Of the conservatives arguments against radi-

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

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

The Demon Doctor of Auschwitz

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

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

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

Dulce et Decorum Est . . .

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

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

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

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

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

A Headlong City Symphony

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

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

MYSTERIES
TOM NOLAN

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

JOE IDE’S “Hi Five” (Mulholland,

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

Better LivingWith Beckett

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

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

The Flowers of Companionship professor and fascinating new classmates, soon

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

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

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

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

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

APoeticsforTyrants FIVE BEST ON PRESIDENTS, MORALITY AND FOREIGN POLICY

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

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

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

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

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

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

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

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

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

Best-Selling Books | Week Ended January 18

With data from NPD BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

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

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

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

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

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

A. 3% puzzles.

B. 10 to 30%

A. Points scored

C. 30 to 50%

B. Career assists

D. 50 to 70%

C. Triple doubles Killer Sudoku

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

A. Hainan

A. It strips pollutants from grid so that every

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

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

D. Hubei contains the digits
standards.

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

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

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

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

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

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

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

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

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

spaces, and

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

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

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

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

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

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

Quechua 124 Caper 38 Hankering forms Saturday’s Wall Street Journal. Solve crosswords and acrostics
outcome at
speakers the Battle of 125 Ninja turtles’ 41 Pupil’s spot 117 Hiker’s helper, online, get pointers on solving cryptic puzzles and discuss all of the
41 Charged particle Agincourt? home 42 Depose briefly puzzles online at WSJ.com/Puzzles.
C14 | Saturday/Sunday, January 25 - 26, 2020
ICONS
A New Look
At Britain’s
Old Treasures
Redesigned galleries at the Metropolitan Museum
spotlight the entrepreneurs and innovators behind
centuries of British decorative art.
BY PETER SAENGER
O
n March 2, New York’s
Metropolitan Museum
of Art will reopen its
British galleries, follow-
ing a complete renova-
tion lasting more than three years.
The old British galleries, created in
the 1980s, were “too old-fashioned,”
says Met curator Wolf Burchard.
They “focused primarily on aristo-
cratic patronage and collecting,” in-
cluding three rooms recreated
from 18th-century mansions.
Despite their prime first-
floor location, Mr. Bur-
chard recalls, “no-
body ever went
there.”
The reimagined
galleries are still
devoted to British
sculpture, design
and decorative arts
between 1500 and
1900. But Mr. Bur-
chard and his colleagues
have shifted the emphasis to
the entrepreneurs and innovators
who helped Britain launch the Indus-
trial Revolution and create a global
empire. Alongside images of famous
leaders like Elizabeth I, the first Duke
of Marlborough and the first Duke of
Wellington, visitors will find the work
of Christopher Dresser (1834-1904), a
Glasgow-born designer who was al-
most ignored in the original galleries.
Dresser’s highly inventive tableware,
carpets, wallpaper and cast-iron fur-
niture often broke the design rules of
his time and seem to anticipate 20th-
century trends. A Japanese-influ-
enced earthenware bowl takes
the shape of a hollowed-
out wave; the stripped-
down lines and curves
of a toast rack foreshadow
the Bauhaus style.
Early in the period covered
by the galleries, British pa-
trons often had to import ex-
pert artisans from the Conti-
nent. The first item to greet visitors
is a terra-cotta bust by Pietro Torri-
giano (1472-1528), an Italian artist fa-
MASTERPIECE | ‘THE CHESS GAME’ (1555),
BY SOFONISBA ANGUISSOLA
A Witty,
Domestic Gambit
BY JUDITH H. DOBRZYNSKI
FOR WOMEN LIKE SOFONISBA
Anguissola (c. 1535-1625)—the el-
dest daughter of minor nobility in
Cremona, Italy—the world was full
of limitations. But Anguissola was
both talented and lucky. With un-
usual encouragement and support
from her parents, among others,
plus her own grit, she became a fa-
mous and important artist in her
time. Her remarkable skill, finesse
and originality are on view in an ex-
hibition in Madrid’s Prado Museum
through Feb. 2, especially in “The
Chess Game” (1555), a work that is
not only charming and witty but
also inventive. Anguissola painted it
at the mere age of 23 (or possibly
younger, as no one knows her real
birth year).
Anguissola began studying art
when she was around 11 with Bernar-
dino Campi and later with Bernar-
dino Gatti, both well-respected paint-
ers. Her gender prevented her from
training in their studios with male
students, forcing her to learn from
them privately—which may have en-
couraged her adventurous spirit. Her
gender also precluded the sketching
of live studio models, so she turned
to what she knew best—herself,
painting at least a dozen self-por-
traits at a time when that was un-
mous for helping to introduce Renais-
sance art to England (as well as for
breaking Michelangelo’s nose in a
fight when they were students). The
bust likely portrays Cardinal John
Fisher, a Catholic martyr who was ex-
ecuted by Henry VIII for rejecting the
king’s break with Rome.
Native craftsmen soon learned to
produce their own masterpieces, such
as the 15-foot-high staircase designed
for Cassiobury House, the country
seat of the earls of Essex, around
1677-80. It is attributed to
Edward Pearce, an ar-
chitect and sculp-
tor whose busi-
ness boomed
after the Great
Fire of Lon-
don in 1666
created a big
demand for
new construc-
tion. Visitors to
the British gal-
leries can climb the
stairs, with their in-
tricate carvings of acan-
thus foliage, oak leaves and
other vegetation, to inspect a new
mezzanine area.
Throughout the British galleries,
political turmoil often lies just under
the beautiful surfaces. A Staffordshire
plate designed by Thomas Toft
around 1680 commemorates, in a na-
ive style, an event from the life of
Charles II, whose father Charles I was
overthrown and executed in the Eng-
lish Civil War. The plate shows the
young Charles II hiding in an oak tree
from the revolutionary soldiers of Ol-
common, and her family, which in-
cluded five sisters and one brother.
“The Chess Game” is a combina-
tion of family portrait, genre paint-
ing and landscape. Cited by scholars
as among the first Italian paintings
of everyday family life, Anguissola
nevertheless conjured it all, using
unrelated sketches she had made.
The painting catches three of her
sisters and their maid at a surpris-
ing moment, and the interplay
among them is an example of An-
guissola’s gift for telegraphing her
subjects’ character and state of
mind in their appearances and facial
expressions.
Two girls in “The Chess Game”
are engaged in a match, a pastime of
the cultural elite more usually asso-
ciated with men and boys—signaling
that girls, too, are intelligent. The el-
dest, Lucia, on the left, has snatched
a pawn, startling her younger oppo-
nent, Minerva, who raises her right
hand as if to halt the move. The
youngest of them, Europa, gleefully
surveys the scene, while on the far
right the maid keeps a watchful
gaze.
The girls are dressed in fancy
gowns, laced with raised gold
threads: They are too formal for
chess at home, but they reinforce
the girls’ noble background, as do
their gold jewelry and pearls. Their
REVIEW
Clockwise from above:
Christopher Dresser, ‘Wave
Bowl’ (ca. 1880); Pietro
Torrigiano, bust of John
Fisher (1510-15); teapot
made in England for the
American market (1766-75);
plate by Thomas Toft (ca.
1680).
iver Cromwell; the tree is
supported by a lion and a uni-
corn, the traditional symbols
of England and Scotland, re-
spectively.
Much of the art on display
was paid for, in one way or
another, by money derived
from the slave trade, which
Mr. Burchard called “to a
large extent the backbone of
the British economy,” or from
the British conquest of India
and other colonies. A large
textile hanging by an Indian
artist from the 18th cen-
tury depicts a battle
between Indian and English
soldiers. A Staffordshire fig-
urine from the 1820s shows
“The Death of Munrow,” an
episode from the 1790s in
which a British soldier in In-
dia was killed by a tiger. The
figurine is based on a sculpture
owned by Tipu Sultan, the ruler of
Mysore, which had been seized by the
British and put on display in London,
garb contrasts sharply It is cited by
with the plain black-and- scholars as among
white clothes worn by the first Italian
the maid. The girls’ paintings of
youthful faces—espe- everyday family life.
cially seen in the chubby
cheeks of the youngest one—also
differ from the drawn, adult face of
the maid.
Then Anguissola goes deeper,
capturing their psychological state,
especially—here and in so many of
her paintings—in the expressive way
she paints eyes. Lucia makes direct
contact with the viewer, showing her
confidence and conviction, but not
superiority. Steely-eyed Minerva is
more than stunned; looking directly
at Lucia, she’s nonplused. Standing
close to Lucia, Europa eyes Minerva
with a broad smile, perhaps pleased
that her big sister has won the
game, perhaps to taunt Minerva?
One can almost hear her giggle. The
maid, one step back, trains her seri-
* ***
where it became very popular.
Still more striking is the Met’s col-
lection of 18th-century teapots, which
occupies two 10-foot-tall cases and
features every conceivable design:
vines and scallop shells, squirrels and
camels, and a pot in the shape of an
elephant with a spout for a trunk.
Another, made of salt-glazed stone-
ware, takes the shape of a three-story
house with a lid for a roof.
ous eyes on the game
board, ensuring that the
play was fair. On seeing
this painting in 1566,
Giorgio Vasari wrote
that “the figures
wanted only voice to be alive.”
Anguissola’s fresh family portrait
is also full of anomalies that trum-
pet her talents. It is set in the gar-
den of their home, perhaps an un-
likely spot for girls to be playing
chess but an innovative way to in-
corporate a landscape. In the dis-
tant background is a mountainous
scene that bears no relation to the
area near her home in Cremona,
where this artwork was created, but
which adds to the depth in the
painting already apparent in the
shoreline below the garden. She
suggests texture, not only in the
embroidered gowns but also in the
craggy tree trunk and the pile of the
carpet under the game board. Ev-
THE WALL STREET JOURNAL.
THE METROPOLITAN MUSEUM OF ART, NEW YORK (4)
Even here, however, politics raises
its head. One teapot, made in Staf-
fordshire for the American market
sometime between 1766 and 1775,
proclaims “America Liberty Restord”
on one side and “No Stamp Act” on
the other. A Yorkshire pot for holding
punch, from around 1790, displays a
picture of George Washington. Not
even a revolution could get in the
way of British commerce.
erything, of course, is painted
meticulously—an Anguissola
trademark.
Anguissola achieved renown
in Cremona, including praise
from Michelangelo. About four
years after finishing “The Chess
Game,” she was called to the
Spanish court, where she was
officially a lady-in-waiting but
also asked to paint (her formal
appointment, some scholars be-
lieve, was a means of sur-
mounting court tradition favor-
ing male artists). She later
returned to Italy, continuing to
paint until her eyesight failed.
Just months before she died,
Anthony Van Dyck visited her
in Palermo. He wrote fondly of
learning from her, called her “a mi-
raculous painter from life,” and
painted her portrait. (That work,
too, is in the Prado exhibition.)
Like other early women artists,
however, Anguissola soon suffered
from neglect, and many of her works
were attributed to Titian and Moroni,
among others. It was only in the 20th
century that scholars resurrected her
and reclaimed paintings for her.
Over the centuries, “The Chess
Game” passed through several col-
lections in Italy, France and Eng-
land, then found a home at the Na-
tional Museum in Poznań, Poland, to
which it will return when the Prado
show closes. It is perhaps the best,
but far from the only, reason that
BRIDGEMAN IMAGES
Anguissola deserves our attention
and admiration.
—Ms. Dobrzynski writes about art
for the Journal and other
publications.
 OFF DUTY
Match-o An Attainable
Men Ferrari?
Six top trends The latest
from the fall Portofino is ideal
menswear for the 2%
runways D2 D9
FASHION | FOOD | DESIGN | TRAVEL | GEAR THE WALL STREET JOURNAL. * * * * Saturday/Sunday, January 25 - 26, 2020 | D1

There’s No
Workplace
Like Home
STEVE SCOTT

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

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

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

Inside

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

STYLE & FASHION

MEN’S FALL 2020 TREND REPORT

THE ONE SHEET

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

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

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

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

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

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

Moments We (Mostly) Loved

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

STYLE & FASHION

Say Yes to Distressed? and consultant Solange Franklin.

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

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

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

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

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

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

CULT FOLLOWING TOP COAT

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

get scalps squeaky clean $2,495, frame-

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

scalp as well as color- touted his products

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

DESIGN & DECORATING

FRESH PICK

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

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

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

Masses of orange
tulips, dyed-blue

THE NEW anemones and maroon

hydrangea replicate

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

OF LUXURY Suzan Frecon.

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

THE ARRANGEMENT

FLOWER SCHOOL

Bold Lang Syne

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

THE INTENSE large-scale container, hiding their

canvases of Suzan Frecon
(b. 1941) force the viewer
to stop, focus and contem-
plate, an exercise that
seems equally worth un-
dertaking at the beginning
of a new decade. So as the
inspiration for my first
monthly arrangement of
the 2020s, I chose the
American abstractionist’s
richly pigmented “book of
paint” (2015), with its
massive monochromatic
forms (right).
It being winter, I turned
2901 COLLINS AVENUE to the flower market for
MIAMI BEACH, FLORIDA 33140 blooms to match the depth of the look clean and modern by
RESERVATIONS +800 466 9695 tone of Ms. Frecon’s work.To
WWW.EDITIONHOTELS.COM establish the spatial relation-
ship I was after, I clustered
three richly colored vases of
different heights, then kept
THE INSPIRATION
adopting a reductive ap-
proach with the flowers—us-
ing only one variety in each
vase. I cut all the blooms so
they hugged the rim of the
stems so no glimpses of
green complicated my
stark color story. With the
groupings of orange tulips
and the dyed blue-purple
anemones, I cut a few of
the central blooms a bit
higher than the others to
mimic Ms. Frecon’s
rounded forms. A single
head of maroon hydrangea
naturally mounded, so I
nestled it into the blue
bowl with little mediation.
In hindsight I might have
swapped the anemones
and hydrangea for a more
striking look, but these pon-
derings are all part of the
process of learning to look
deeper, see more and realize
there is always room for im-
provement.
THE WALL STREET JOURNAL.
A LITTLE SOMETHING SWEET
Splurge
Like You
Mean It
Sauternes is a wine made
for special occasions.
Baked into a cake, it’s
doubly extravagant
BY ALEKSANDRA CRAPANZANO
I
KNOW THE HOLIDAYS are
over. But occasions to cele-
brate arise in every month
of the year. When they do,
I recommend adopting this
French festive custom: Serve a
cake infused with sweet, rich Sau-
ternes, a wine that reliably tele-
graphs opulence and indulgence.
Wines labeled Sauternes are
made in the Bordeaux appellation
of the same name, from Sémillon,
Sauvignon Blanc and/or Musca-
delle grapes affected by noble
rot—aka Botrytis cinerea—an af-
fliction that gives vintners their
own cause for celebration, as it
concentrates the flavor of the fruit
to a remarkable intensity.
In France, Sauternes not only
features in desserts but pairs with
them, too. Along with sweetness it
has just enough acidity to cut
through, say, an apricot frangi-
pane tart or a crème brûlée. In
this cake, the Sauternes haunts
each bite with a note both boozy
and refined.
The batter I use is perhaps less
French than Italian, made with a
mild, rounded olive oil. (An herba-
ceous one is better saved for sa-
vory dishes and salads.) Just be-
fore serving, I like to add a splash
of the Sauternes to a mixture of
heavy cream and crème fraîche,
then beat the mixture to a lightly
EASY ONLINE ORDER PICKUP & RETURNS, EXPRESS ALTERATIONS AND ST YLING HELP
* * * *
EATING & DRINKING
A CUT ABOVE This rich olive oil cake makes an ideal vehicle for Sauternes, an equally sumptuous wine.
whipped consistency and dollop it
generously over each slice.
If all of this sounds excessively
hedonistic, it is. It need not, how-
ever, empty one’s wallet. A con-
versation with my trusted local
wine merchant led me to test sev-
The Sauternes haunts
each bite with a note
both boozy and refined.
eral versions of this cake: one
with Sauternes; another made
with good but far less expensive
ice wine; a third with Tokaji; and
a fourth with Muscat de Beaumes
de Venise. Ice wine is made with
grapes that have frozen on the
NY
vine, resulting in greater concen-
tration and sweetness. Those con-
cerned about the price tag of a
German Eiswein can opt for one of
the very good and reasonably
priced ice wines made in North
America. The sweet and acidic
Tokaji of Hungary benefits from
the same process of noble rot that
gives Sauternes its lush character,
and my wine merchant found me a
bottle priced considerably lower
than the Sauternes I bought. The
cakes with ice wine and Tokaji
were delicious, and roughly 80%
cheaper to make. The cake made
with Muscat de Beaumes de Ve-
nise, meanwhile, was about as ex-
pensive as the one with Sauternes
and had a comparable complex,
honeyed richness.
I’ll leave it to you to gauge the
occasion and the appropriate level
Saturday/Sunday, January 25 - 26, 2020 | D5
of splurge. Whatever wine you
choose, make it one you will want
to drink; this recipe calls for just a
cup, plus a little extra for the
whipped cream, if you like. Per-
haps save a few spoonfuls for an-
other night, to drizzle on chunks
of warm roasted pineapple or
poached apricots.
The olive oil keeps the cake
moist, so you can bake a day in ad-
vance and bring this beautiful des-
sert to the table effortlessly when
the time comes. Keep it covered, at
room temperature, and serve it at
room temperature, too. I’ve in-
cluded in the recipe a golden Sau-
ternes syrup to drizzle on last-min-
ute, and a dusting of powdered
sugar makes a pretty garnish. It’s
overkill, really, but as long as
you’re indulging, why not go all the
way? —Aleksandra Crapanzano
Sauternes Cake
To compound the Sauternes
flavor, add a splash to the heavy
cream-crème fraîche topping
before whipping.
Total Time: 50 minutes
Serves: 6
For the cake:
2 cups flour
1 tablespoon baking powder
1/
4 teaspoon fine sea salt
11/4 cups sugar
3 large eggs
3/
4 cup mild extra-virgin
olive oil
1/
2 cup Sauternes, ice wine,
Tokaji or Muscat de Beaumes
de Venise
3/
4 cup whole milk
Zest of 1 organic lemon
Zest of 1 organic orange
For the syrup:
1/
2 cup sugar
1/
2 cup Sauternes or alternative
For topping:
1 cup heavy cream
1 cup crème fraîche
Confectioner’s sugar (optional)
TED + CHELSEA CAVANAUGH FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY CARLA GONZALEZ-HART
1. Preheat oven to 350 degrees
(325 for convection). Grease a
9-inch springform pan and line
with parchment. Sift together
flour, baking powder and salt.
2. Use an electric mixer to beat
together sugar and eggs until
pale yellow, about 5 minutes.
Add oil, wine, milk and zests,
and beat to combine, 1-2 min-
utes. Add sifted ingredients and
beat until just combined, about 1
minute. Pour batter into pre-
pared pan. Bake until a knife
emerges clean, 35-45 minutes.
Let cake sit 10 minutes before
inverting onto a cake plate.
3. Make the syrup: In a small
pot over low heat, dissolve
sugar completely with a few
spoonfuls water. Bring syrup to
a simmer and cook until almost
golden. Immediately remove
from heat and stir in Sauternes.
4. Before serving, whip creams
together until billowy. Sprinkle
cake with confectioner’s sugar, if
using. Serve slices with a gener-
ous drizzle of syrup and a dollop
of whipped cream.
D5A | Saturday/Sunday, January 25 - 26, 2020 NY * *** THE WALL STREET JOURNAL.

Special Advertising Feature

Travel
LU X U RY

2020


Aman, New York

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


  
,   
      

 

,   

DISCOVER 2020’S
HOTTEST HOTELS
Plan your vacations around these luxury
openings, from cool Arctic cabins to tented camps
in the African desert, says Pamela Goodman
T
aking Europe as a starting point, and
the U.K. in particular, hot on the heels
of The Pig-at Bridge Place in Kent,
comes The Pig-at Harlyn Bay, located
in a 15th-century manor house near Padstow in
Cornwall. France might just take the prize for
the grandest opening with Les Airelles Château
de Versailles Le Grand Contrôle Hotel, which
launches 14 luxury suites and rooms in the
grounds of the palace where Louis XVI and
Marie-Antoinette resided. In nearby Paris,
LVMH will open a new addition to its Cheval
Blanc hotel brand on Quai du Louvre; while in
Spain, the Mandarin Oriental group is finalizing
a revamp of the Hotel Ritz Madrid. In prime
position beside the Danish capital’s Tivoli
Gardens, Villa Copenhagen, launching in
spring, will demonstrate a commitment to
sustainability, not least with its 25-meter rooftop
pool warmed by the hotel’s excess heat. But for
minimal environmental impact, and design wow
factor, don’t miss Arctic Bath, a tiny, state-of-
the-art hotel and spa retreat which, according to
season, will either freeze into or float on Swedish
Lapland’s Lule River. Staying with water as a
theme, La Reserve Group’s latest offering, Eden
au Lac, featuring design by Philippe Starck,
opens on the edge of Lake Zurich. Heading
I T ’ S A FA M I LY A F FA I R Baby-friendly beach break or once-in-a-lifetime trip with teenagers? Rachel Spratley on this year’s family travel trends
V I L L A R E N TA L
Castello di Reschio, Italy
south into Italy and the Tuscan/Umbrian
border, Castello di Reschio on the exquisite
Reschio estate is one of 2020’s most hotly
anticipated hotel openings; there is also Villa
Igiea, a palazzo in Palermo, Sicily, which
promises to be a sensational newcomer from
Rocco Forte Hotels.
From Sicily we go to North Africa, where
Tunisia is bouncing back. Anantara Tozeur, a
desert resort, opens imminently in the Sahara. In
neighboring Morocco, the Oberoi has recently
opened amid 28 acres of gardens on the edge of
Marrakech. Six Senses Shaharut, in Israel’s
romantic Negev desert, will open in April; and
RETURN TO THE WILD
 
overlooking Meydan Beach.
Slated for later in the year will be the new
offering from Thailand’s renowned Chiva-Som
Health Resort, the Zulal Wellness Resort in
Qatar; while in Oman, the Alila Hinu Bay opens
near Salalah. Heading south, Rwanda’s
One&Only Gorilla’s Nest will be 2020’s
signature opening. There are two additions to the
southern Namib desert: Sonop, a tented camp
from Zannier Hotels, and Sossusvlei Desert
Lodge from &Beyond. Botswana is the African Zulal Wellness Resort, Qatar
headline-stealer: the 12 room, super-luxurious
Xigera Safari Lodge is on the Western Edge of Reserve will open new accommodation on the
Moremi Game Reserve in the Okavango Delta, untouched island of Elang. Further south in
and the new-look Jack’s Camp is an iconic Indonesia, LHM Hotels will open The Legian
outpost in the Makgadikgadi Salt Pans. Sire on Lombok. Australia has a brand-new
In Asia, Japan is getting ready to host the Ritz-Carlton on the waterfront in Perth, and in
2020 Summer Olympics. Hotel The Mitsui New Zealand, The Lindis—an architectural
Kyoto and The Ace Hotel will join Kyoto’s masterpiece situated in the remote Ahuriri
burgeoning hotel scene. Meanwhile, big guns Valley—has recently added three mirrored pods.
Mandarin Oriental and Four Seasons will open Next to the Americas where Explora opens a
in Beijing and Bangkok respectively. new lodge at El Chalten in Argentina, for
In India’s Rajasthan, the tented hotel at off-the-beaten-track Patagonian experiences in
Chhatrasagar has been refurbished, having both Chile and Argentina. Costa Rica is on
joined the Raas portfolio, and in Udaipur, Raffles everyone’s radar, where popular eco-resort Lapa
unveils its new hotel on an island in Lake Udai Rios on the Osa Peninsula has had a redesign
Sagar. Hotspot destination Bhutan welcomes a and Nayara Tented Camp in the Arenal Volcano
new concept from COMO Hotels & Resorts, a National Park breaks in to the scene. In Belize,
mobile tented-camp experience. In Malaysia, modern luxury resort Alaia will be Marriott’s
both One&Only and Anantara will launch new first property in the country, opening under the
resorts on the Desaru Coast, to the east of Autograph Collection brand.
which, in far-flung isolation, eco-friendly Bawah Two casualties of Hurricane Irma will make a
comeback: Le Guanahani in St. Barths and
Rosewood Little Dix Bay in the British Virgin
Islands. Bishop’s Lodge, 100 years old and
situated near Sante Fe, New Mexico, is
undergoing a refurbishment program as part of
the Auberge Resorts Collection; while in
California’s Napa Valley the new Four Seasons
resort will be situated in a world-class vineyard.
And finally to New York City where, hopefully
in time for Christmas, Aman is coming to town,
describing itself as an urban sanctuary and an
“architectural icon.” No pressure, then.
Les Airelles Château de Versailles, France Pamela Goodman is a travel writer and editor
AND BABY CAME TOO W H AT ’ S C O O K I N G ?

The multi-generational trip allows
family groups of all ages to relax and
reconnect as a unit. Villa rentals
remain a popular option for larger
family groups, and companies such as
My Private Villas enable vacationers to
rent some of the world’s finest luxury
villas directly from their owners. Staff
services include butlers, Michelin-
starred chefs, personal trainers
and childcare.
WSJ. Custom Studios is a unit of The Wall Street Journal Advertising Department. • The Wall Street Journal news organization was not involved in the creation of this content.
Ted Turner Reserves, New Mexico
Introduce kids to the great American
outdoors on a family vacation that
aims to inspire and educate. Ted
Turner Reserves was founded by the
eponymous business leader and
philanthropist, with luxury eco-
tourism, conservation and meaningful
wilderness experiences in mind.
Choose from one of the three unique
reserves, located throughout New
Mexico, and start exploring.
Many destinations now provide In Italy, anyone interested in learning
special services with the youngest to cook the way ‘mamma’ does should
guests in mind. At Four Seasons look at Cesarine, a booking platform
Resort Maui in Hawaii, for classes with local home cooks
complimentary amenities for babies across Italy. In Florence or Lake
include playpens, bottle warmers, Como this summer you can book a
organic bath products, diapers, rocking Kids’ Pasta Making Class, which
chairs and baby swings. The Breakers teaches young chefs how to prepare
Palm Beach offers a childproofing two different types of pasta.
service in its rooms for infants and Rachel Spratley is Junior Content Editor
toddlers, upon request. at Sarah Miller & Partners
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, January 25 - 26, 2020 | D5B

Special Advertising Feature

MINDF ULNESS TRENDS

      -

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

A recent report by ILTM reveals volunteer

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

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



participate in volunteering opportunities, Summit, held in Singapore, the
such as donating time and funds to The global wellness industry shows no
Boys and Girls Club of Ottawa, which sign of slowing down. A growing
reaches out to 4,500 children and youths number of travelers are seeking physical and
each year through programs designed to spiritual wellbeing experiences from the
build self-esteem and improve social skills. world’s top spas, hotels, retreats and medical
Activities can include preparing healthy centers. Here we look at some of the key
food for members, as well as gardening and wellness trends for 2020.
landscaping. Four Seasons Resort Costa This year, hotels and resorts will encourage
Rica at Peninsula Papagayo runs a range of their guests to reconnect with the land and
community-centered projects, including its draw their wellness practices from the natural
Paint A School initiative, where volunteers environment around them. Guests at
are invited to donate supplies and paint. So Anantara Peace Haven Tangalle Resort in Sri
far, six local schools have received much- Lanka can learn about the resort’s home-
needed paint jobs. In three schools, guests grown organic ingredients, while embracing
and resort employees have also helped to sustainable farming practices and cooking
plant community gardens. techniques. ‘Harvest Table by Anantara’ takes
At Six Senses Yao Noi in Thailand, guests guests on an interactive culinary journey,
can dedicate a few hours—or even a few which includes the harvest of produce from
days—to teaching conversational English at the resort’s garden, and rice from its paddy
a local school. At One&Only Nyungwe field, as well as joining local fisherman Ranji
in selecting a freshly caught main course. The
experience culminates in a four-course lunch
with organic wine, to be enjoyed in the

yoga, meditation, a daily spa treatment and
beach activities.
As Tokyo gears up for the 2020 Olympics,
all eyes are on Japan for inspiration. Shinrin-
Yoku—or ‘forest bathing’—is a key wellness
trend that looks set to continue this year. Get
immersed in nature on Crystal Cruise’s Japan
Cultural & Coastal Discovery voyage, which
runs from Aug. 27-Sept. 13, 2020. Launching
from Tokyo, this round-trip expedition offers Aman Tokyo, Japan
travelers the opportunity to canoe, bike and
hike their way through some of Japan's most For those seeking a more conventional
beautiful natural landscapes, including experience, Aman Tokyo offers healing Wrap
Shikotsu-Toya National Park and Sado Island Rituals, using materials such as amethyst,
on the Ogi Peninsula. Less well-known is seaweed and raw honey to nourish the body
Otonamaki. It translates directly as ‘adult and clear the mind. Water has long been an
wrapping’ and involves swathing participants integral element of Japanese wellness
in cloth to emulate the swaddling of newborn practices, and Amanemu’s entire approach to
babies. Its potential benefits include the relief wellness is steeped in water. With its thermal
of back and joint pain and muscle stiffness. springs, salt-infused spring water onsens, and
an infinity pool overlooking the waters of Ago
Bay, the relaxing, restorative benefits of water
treatments reign supreme.
At Six Senses Douro Valley, in Portugal,
 
  
 

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

House, Rwanda, guests can take part in the

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

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

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

EATING & DRINKING

BY KEITH PANDOLFI and ingredients are combined.

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

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

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

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

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

Play the Long Game

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

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

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

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

Everyday Tarka Dal With Spinach and Spiced Yogurt

AT AGE 9 Cheetie Kumar made her first dal, In her second Slow Food Fast recipe, Ms.
the Indian staple of stewed lentils. “It was a Kumar calls for spooning hot tarka dal over
rite of passage,” she said. At 13, she mas- fresh spinach, which wilts the leaves and
tered frying spices and aromatics such as on- draws out their natural sweetness. Why not
ions, ginger and garlic in oil—a technique skip the tarka step and simply cook the
known as tarka—to unlock fat-soluble flavor spices and aromatics with the lentils? “It
compounds. Today Ms. Kumar uses tarka in wouldn’t be as tasty,” said Ms. Kumar.
The Chef a number of dishes at her restaurant Garland “Blooming cumin and sautéing onions and
Cheetie Kumar in Raleigh, N.C. “I rely on it for vibrancy,” she tomatoes in ghee is different than tossing
said. Stirred into a mellow dal, the flavorful them into boiling water. This way, you get a
Her Restaurant oil is like a bolt of lightning. top note and a base note.” —Kitty Greenwald
Garland, in
Raleigh, N.C. Time: 25 minutes 4 cups baby spinach onion starts to turn translu-
Serves: 4 Fresh cilantro, to garnish cent, about 2 minutes. Stir in
What She’s Known Flatbread, such as naan tomato and season with salt.
For Vibrantly spiced 1 1/2 cups red, pink or orange Reduce heat to medium and
dishes that draw on lentils, well rinsed 1. Make the dal: In a medium cook until tomato softens,
her Indian heritage. 5 cups water heavy pot, combine lentils, about 2 minutes.
Making waves as a 1 bay leaf water, bay leaf, 11/2 teaspoons 3. Make spiced yogurt: Stir
rock guitarist as well 2 teaspoons ground turmeric turmeric powder and half the toasted cumin seeds into yo-
as a Southern chef. 2 tablespoons minced ginger ginger. Set pot over medium gurt. Season with salt.
Kosher salt heat and simmer, stirring oc- 4. Ladle 1 cup dal into hot
1/
4 cup ghee casionally, until lentils are tarka and stir to combine,
2 teaspoons cumin seeds, very tender and breaking scraping up any browned bits
plus 1/2 teaspoon, toasted down, like a porridge, 15-20 from pan. Fold tarka mixture
and lightly smashed minutes. Add splashes of wa- into lentils, and simmer until
1/
2 cup minced onion ter as needed to loosen. Sea- flavors meld, 2 minutes. Sea-
2 teaspoons finely chopped son with salt. son with salt and lemon juice
Serrano chile 2. Make the tarka: In a small to taste. Place a large handful
2 teaspoons finely chopped skillet, melt ghee over me- of spinach in each of 4 bowls.
garlic dium heat. Add remaining Ladle hot tarka-dal over and
1 medium tomato, chopped, turmeric and cumin seeds. stir until spinach starts to
or 1 cup canned crushed When cumin begins to sput- wilt. Season with salt and
tomatoes ter, after about 30 seconds, lemon juice. Garnish with ci-
1/
2 cup whole-milk yogurt stir in onion, chile, garlic and lantro. Serve with flatbread IN FULL BLOOM Frying spices in oil, a technique known as tarka,
Juice of 1/2 lemon remaining ginger. Sauté until and spiced yogurt. releases flavors that bring verve to this lentil dal.
 THE WALL STREET JOURNAL. * * * *
ADVENTURE & TRAVEL
SPIROS HALARIS
TRAVELER’S TALE / NOVELIST TISHANI DOSHI ON AUSTRALIA’S DEVASTATING FIRES
A Brush With
Fragile Bushland
I CAN’T STOP LOOKING at images could only interpret as screaming.
of Australia’s bush fires. One com- This past August I left the coastal
posite 3-D visualization created village where I live in South India
using NASA satellite data makes for an intense Australian book tour.
the country look like a charred It was my fourth trip Down Under
lung turned sideways, a gash of a but my first to the Blue Mountains,
continent ablaze. A friend writes in New South Wales, where I’d been
to say they are going through an offered a two-week residency at a
“ecotastrophy”—early estimates of writer’s retreat called Varuna. The
over a billion animals dead, more house used to belong to novelist El-
than 27,000 square miles of eanor Dark, who moved there from
scorched land, and apocalyptic red Sydney for a cheaper, quieter life.
skies that have drifted over to Since 1989, the house and its gar-
New Zealand. Another friend tells dens have become a haven for writ-
me about how she goes to sit in ers. If you walk in one direction, you
the fire ground to connect with reach the vibrant town of Katoomba,
what’s left. The other day she which hosts its own Elvis Festival
heard black cockatoos perched in and the world-class Blue Mountains
burned-out trees make a sound she Writers’ Festival. Go the other way,
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down a scar in the hillside, and you
reach Three Sisters at Echo Point.
Aboriginal legend interprets this
trio of massive boulders as three
sisters who were turned to stone,
forbidden from marrying the three
brothers they loved. It’s part of the
Greater Blue Mountains Unesco
World Heritage site—2.5 million
acres of protected bushland, a pre-
historic landscape of eucalyptus and
pine forests, waterfalls, gorges and
caves, all home to over 400 species
of animals and birds.
I arrived, four months ago, to un-
expected snow. The skies were a
sharp unbroken blue and a few trees
had begun their frenzied spring
blossom. I spent my time writing
Saturday/Sunday, January 25 - 26, 2020 | D7
poems and reading bird books be-
cause, like Dylan Thomas, who could
only identify the robin and the
seagull, my bird cred is weak. One
evening, around the fire, one of the
Varuna directors told us she knew a
couple in the nearby Kanimbla Val-
ley who fostered baby wombats and
kangaroos. Currently, they had two
joeys living in their spare room. Did
I want to go visit?
I remember this as the most
perfect of days. Driving through
swaths of that old country to Anna
Culliton and Boris Hunt’s home,
the land paring off into a valley of
flat fields with mobs of eastern
gray kangaroos in the distance. I
hadn’t known what to expect. It
was all magic. Clusters of golden
wattle, a ragtag of cats and dogs,
and then Anna shouting, “William!
Claudia!” and seeing these two
adorable, obedient wombats barrel
out of their enclosure to hop up on
a knee to take a bottle of wombat
formula. Later, we met the joeys,
Meredith and Roey, inhabitants of
the spare room or “nursery.” Anna
puts them to bed in slings hung
from the ceiling to simulate the
feeling of being in their mother’s
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pouch. In the evenings they are let
out for “a little hop and wees and
poos.” I sat in their corral, my fin-
gers deep in kangaroo neck fur
(soft, so soft), marveling at this
totemic two-legged herbivore, its
sturdy tail and tiny clawed hands.
Ever since the bush fires started
raging up and down Australia’s east-
ern coast I’ve been exchanging mes-
sages with Boris and Anna. The land
all around them is grassless dirt.
Anna’s phone, the emergency help-
Fire climbed up the side
of an ancient forest wall,
devouring it like a dragon.
line, buzzes continuously. Many of
the animals they’d released into the
wild have returned with burned feet,
starved and dehydrated. They put
food and water out for them all. (The
wombats and joeys I met are still at
their home, safe.) Friends in Ka-
toomba were threatened by a huge
fire from the north and south. Some
reports say that up to 80% of the
Blue Mountains have burned. The
pristine view of the Three Sisters I
had on my daily walks was obscured
by thick smoke. I saw a video of a fire
climbing up the side of one of those
ancient forest walls, devouring it like
a dragon. Even great swaths of the
wet Gondwana rainforests, the only
living link to that primordial super-
continent, have burned.
Everyday there is a story, a statis-
tic, an image from these fires that
belies the imagination. But there are
also stories of communities coming
together. Sikh volunteers offering
hot meals to bush fire victims, vol-
unteer firefighters working over-
time, artists raising funds for relief.
Boris and Anna say that they have
no fire plan. There are sprinklers on
the roof, and the fire pumps work. If
the fire comes for them, they’ll grab
the animals and get in the car. Like
many, they are thinking about the
devastation to the land and how it
will recover.
Ms. Doshi’s newest novel, “Small
Days and Nights,” comes out this
week (W.W. Norton & Company)
D8 | Saturday/Sunday, January 25 - 26, 2020 NY * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

THAT’S DEBATABLE

Are Elite Golf Courses Worth It?

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

THE GOLF BUSINESS is

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

FROM TOP: PEBBLE BEACH COMPANY; WYNN LAS VEGAS

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

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 THE WALL STREET JOURNAL.
INTO THE RED
An entry-level Portofino
goes for nearly $217,000.
FERRARI
You get one cupholder.
RUMBLE SEAT / DAN NEIL
2020 Portofino: The Attainable
Ferrari—If You’re Rich
JACKSON is a 9-year-old boy
who lives in my neighbor-
hood. He loves cars, some-
thing fierce. “Can you get a
Ferrari?” he asked me not
long ago. Why, yes, in fact I’m
expecting a delivery from the
big red stork any day.
And now a Ferrari Por-
tofino grand touring convert-
ible is parked in front of my
house, and so is Jackson, not
infrequently, just staring at it.
To watch him walk around
this $285,000 moonraker—
“like the 812 Superfast,” he
notes, with the engine in
front, “not the F8 Tributo”—
is to meet myself 50 years
ago, a child absorbing auto-
motive details mnemonically,
with unblinking fascination.
Jackson is a pistonhead.
I’m a little more reserved
in my delight. This is my sec-
ond time driving a Portofino
since the car replaced the
California T, circa 2018, and
little has changed, or evolved,
particularly in the user expe-
rience (UX). That might be a
backhanded way of saying the
Portofino is still wonderful—a
four-wheeled panther, purr-
ing, prowling and guttering in
the streets. House cats look
longingly out of living room
windows as it drives by.
And if you’re looking for a
200-mph hairdo, the Por-
tofino—with a masterfully
camouflaged retractable
hardtop—has a chair waiting.
Under the hood is the com-
pany’s grandiloquent twin-
turbo V8, trumpeting and
tromboning and trilling to
7,500 rpm and 591 hp output.
It’s punchy, all right. With
launch control activated, and
on an ideal surface—not your
FERRARI PORTOFINO
Base Price $216,804
Price, as Tested $285,000 (est.)
Engine and DrivetrainTwin-turbocharged and
intercooled, direct-injected 3.9-liter, 32-valve
V8 with integrated wet sump; seven-speed
dual-clutch automated manual transmission;
rear-wheel drive with torque vectoring
Power/Torque 591 hp (SAE) at 7,500
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.
* * * *
ex-husband’s lawn—Ferrari’s
least quick car will hit 62 mph
in 3.5 seconds. Bang-bang,
goes the dual-clutch auto-
mated seven-speed transaxle,
your license is dead.
And yet, the slowing evolu-
tion in the UX says something
about the company back in
Maranello, Italy, since interior
updates are particularly cost-
sensitive. Did you know car
companies have to safety cer-
tify even new colors of seat
belts? Jackson did.
The Portofino has a new
sister car, the Roma coupe,
with a wholly new interior
design and updated UX, fea-
How can Ferrari
reconcile Wall
Street’s irresistible
expansionism with a
sense of exclusivity?
turing a touch screen in the
center stack. No doubt the
Portofino will get the updated
interior, probably in the next
year. But they didn’t pull it
forward this year.
In any event, Ferrari’s fi-
nances and future become
more conjectural with each
new model. The storied rac-
ing and sports-car power-
house went public in 2015,
having lost its longtime
leader Luca Cordero di Mon-
tezemolo in a power struggle
with the late Sergio Marchio-
nne. The chairman is John El-
kann, scion of the Agnelli
family; the chief executive is
Louis C. Camilleri, chairman
of Philip Morris International;
rpm/561 lb-ft at 3,000 rpm
Length/Width/Height/Wheelbase 180.6/76.3
(w/o mirrors)/51.9/105.1 inches
Base Curb Weight 3,668 pounds
0-62 mph 3.5 seconds
Top Speed >199 mph
EPA Fuel Economy 16/22 mpg, city/highway
Trunk Volume 10.3 cubic feet
NY
GEAR & GADGETS
and T. Rowe Price is one of its
biggest institutional inves-
tors. How would you like to
change a tire with this lot?
All parties now seem to
agree: It’s time to make
money. Ferrari is on track to
produce a record 10,000 cars
in 2020, and the brand out-
reach is practically door-to-
door in places like Monaco,
Singapore and Beverly Hills.
When I first met Mr. Mon-
tezemolo in 1992, he swore
that Ferrari should not, could
not build more than about
5,000 cars a year, lest it di-
minish the desirability of the
cars, scarcity being the es-
sence of any luxury brand.
So, the question for Fer-
rari, and LVMH, and other
publicly traded luxury brands:
How to reconcile Wall Street’s
irresistible expansionism
with anything like exclusiv-
ity? Do you see the look on
that child’s face? Answer me!
And by the way, Jackson
thinks the Formula One team
is shite and a bunch of wank-
ers. Jackson says you should
fire the lot of them, except for
driver Charles Leclerc.
When it comes to ultraex-
pensive cars, perhaps a better
word than exclusivity is terri-
toriality. After all, Ferrari’s
global production is irrele-
vant to you as long as there’s
only one in your neighbor-
hood and it’s yours. And so
out here in my part of the
world, with its meager sup-
plies of Italian homewreckers,
the Portofino might as well
have been a one-of-one.
Let’s not be jaded: These
cars make people happy—not
necessarily owners, but peo-
ple generally. Luscious in its
curves, glorious in its girth,
wearing a smile like it’s just
spoken to its banker in Zu-
rich, this very fast car had the
curious effect of slowing traf-
fic around it. Neighbors idled
by as if they were watching a
grazing 10-point buck and
didn’t want to spook it.
This is not only Ferrari’s
most attainable car; it’s also
the most approachable in
terms of driving and han-
dling. The top notes are agile
PREPARE
FOR ARRIVAL
Saturday/Sunday, January 25 - 26, 2020 | D9
this thing has a real will to
turn. Meanwhile, the low-
speed effortlessness of the
steering, and multiview cam-
era feeds, make parking this
six-figure shag-wagon much
less fretful than without.
The Portofino’s ride also
registers more supple and re-
fined than flinty and hard-
edged, relative to other Fer-
raris. Built on an all-
aluminum monocoque, with
double-wishbone suspension
front and rear, it uses active
and adaptive magnetic damp-
ers to give it some range of
purpose. There’s even a
“bumpy road” button on the
steering wheel that switches
the suspension to full soft.
File that under livability, or
long-term lease-ability.
The superb retractable
hardtop opens on skies where
there always seems to be dis-
tant thunder: the rumble
from the exhaust’s quad out-
lets. At idle and low rpm,
where this car often finds it-
self, alas, the Portofino does
not make pretty sounds—
sometimes slobbery, some-
times tugboat-y, a lot of quiet
muttering. But the aurality of
the car has been universally
keyed to the tachometer.
When the V8 spins up beyond
around 3,000 rpm, the active
exhaust system dilates and
the chug becomes a warm,
precise warble. From here the
sound widens and ascends in
pitch, pressure and ferality,
fire-stoked and gorgeous,
bawling to its 7,500 rpm red-
line. Accountants at nearby
cafes raise their heads like
refinement, ease of effort and meerkats to see what’s the
other sorts of pain manage- commotion. You’re still in
ment. The e-assisted steering second gear, by the way.
feels strikingly light on cen- A dedicated grand tourer,
ter, with weight and sensitiv- the Portofino doesn’t have a
ity building only as the steer- Race mode available in its
ing approaches full lock, and steering-wheel mounted ma-
not really much then. That’s nettino selector. However, an
true in both Comfort and ESC [traction control] Off
Sport modes. mode is readily available if
If the steering feels a bit some of the neighborhood
numb, the car’s actual corner- kids goad you into doing a
ing bite is tremendous. For a burnout. Of course, that
big front-engine convertible, would never happen.
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D10 | Saturday/Sunday, January 25 - 26, 2020 * *** THE WALL STREET JOURNAL.

GEAR & GADGETS

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

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