For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
VOL. CCLXVII NO. 30
What’s
News
World-Wide
he Republican race in
T New Hampshire increas-
ingly looks like a referendum
on Rubio as much as on cur-
rent front-runner Trump. A1
 Congress is moving
swiftly to approve new
sanctions on North Korea
that would likely entangle
Chinese firms as well. A7
 Syrian regime forces
tightened their grip on the
city of Aleppo as thousands
of civilians fled toward Tur-
key, seeking refuge. A12
 The Syrian opposition
abruptly withdrew from
peace talks in Geneva this
week under pressure from
Saudi Arabia and Turkey. A12
 The Vatican said the
pope will meet the leader of
the Russian Orthodox Church
on Feb. 12 in Cuba. A7
 Health officials said
three people had died in Co-
lombia from a rare neuro-
logical disorder believed to
be associated with Zika. A12
 Investigators confirmed
the man ejected by a blast
on a plane over Somalia
was a suicide bomber. A12
 A magnitude 6.4 quake
toppled buildings in south-
ern Taiwan, leaving at
least three people dead. A7
Business & Finance
 The U.S. job engine
slowed in January while
unemployment hit an eight-
year low and wage growth
accelerated, complicating
the outlook for the Fed. A1
 A rout in tech shares led
U.S. stocks broadly lower. The
Nasdaq plunged 3.2%. The
Dow and S&P 500 lost 1.3%
and 1.8%, respectively. A1, B5
 Bridgewater founder
Ray Dalio and his presumed
heir apparent, Greg Jensen,
have called for votes on
each other’s conduct. A1
 Argentina made a formal
offer to U.S. holders of its de-
faulted debt, a step toward
ending a long stalemate. B1
 Investor valuations of
European banks are plumb-
ing depths last seen in cri-
ses in 2008 and 2012. B1
 ArcelorMittal said it
would issue $3 billion in
shares as it grapples with
a global steel glut. B3
 Toyota’s profit rose, but
with little help from the
currency fluctuations that
have fueled past growth. B4
 Volkswagen postponed
publication of its 2015 ac-
counts and the date of its
annual general meeting. B4
Inside
NOONAN A11
Don’t Take
New Hampshire
For Granite
CONTENTS
Books.................... C5-10
Business News..... B3
Election 2016.... A4-6
Food.......................... D2,8
Gear & Gadgets.... D11-12
Heard on Street...B12
s Copyright 2016 Dow Jones &
Company. All Rights Reserved
Jihad
Comes to
Africa Soup’s On,
Korean-Style
REVIEW OFF DUTY
* * * * * * * * WEEKEND HHHH $4.00
SATURDAY/SUNDAY, FEBRUARY 6 - 7, 2016 WSJ.com
Job Market Leaves Fed in Limbo
Slower pace of hiring,
higher wage gains
jobs last month, the Labor De-
partment said Friday, the weak-
est reading since September and
could reassure central bankers
that overall inflation will return
to a healthier pace with a tight-
Nonfarm payrolls, monthly change
400 thousand
yield mixed signals; well off last year’s average ening labor market.
350 12-month moving average
monthly gain of 228,000. The The report “turns the screws
jobless rate under 5% unemployment rate fell to 4.9%, on the Fed in terms of the diver- 300
falling below 5% for the first gences they’re facing” between
250
BY HARRIET TORRY time since February 2008 just weak inflation and job creation,
The U.S. job engine slowed in
as the recession began.
A jump in wages offered
said Josh Wright, chief econo-
mist at recruiting software firm
200
150
January while unemployment hope that a long-missing ingre- iCIMS and a former Fed staffer.
hit an eight-year low and wage dient of the 6½-year expansion Friday’s mixed jobs reading 100
growth accelerated, complicat- could be taking shape. Average left investors uncertain about
50
ing the outlook for Federal Re- hourly earnings for private-sec- the strength of the U.S. econ-
serve officials as they assess tor workers surged 0.5% from omy amid slowing growth in 0
whether the economy is strong December to $25.39, the second- Please see JOBS page A2 2011 ’12 ’13 ’14 ’15
enough for further interest-rate strongest monthly gain of the
Note: All figures are seasonally adjusted.
increases. expansion. Wages were up 2.5%  Heard: Right number at Source: Labor Department via Federal
Employers added 151,000 from a year earlier, a pace that wrong time for Fed.............. B12 Reserve Bank of St. Louis THE WALL STREET JOURNAL.
New Wave of Syrian Refugees Jams Turkish Border Rubio
Challenges
Trump,
CruzinPoll
BY PATRICK O’CONNOR
AND ANUPREETA DAS
MANCHESTER, N.H.—The
Republican presidential race in
the Granite State increasingly
looks like a referendum on Sen.
Marco Rubio as much as on the
current front-runner, Donald
BULENT KILIC/AGENCE FRANCE-PRESSE/GETTY IMAGES
Trump.
While the celebrity business-
man still holds a double-digit
lead ahead of Tuesday’s New
Hampshire primary, Mr. Rubio
ranked second in the latest Wall
Street Journal/NBC News/Mar-
ist poll of likely New Hampshire
primary voters, released on Fri-
day. It caps a week of the Flor-
ida senator rising in the polls
following a surprisingly strong
third-place finish in Monday’s
Iowa caucuses.
EXIT PLAN: A man toting his belongings Friday joined tens of thousands fleeing Aleppo, Syria’s largest city, with many heading to Turkey. A12 Well-heeled donors in New
York and other wealthy en-
claves are showing renewed in-
terest in Mr. Rubio. Other Re-
publicans are rallying around
SCHISM ATOP GIANT HEDGE FUND him, including former Louisiana
Gov. Bobby Jindal, his onetime
rival who endorsed Mr. Rubio
late Friday.
Bridgewater Associates founder Ray Dalio and protégé called for votes on each other’s conduct Mr. Rubio has emerged as a
clear alternative to Mr. Trump
BY ROB COPELAND AND BRADLEY HOPE port, Conn., firm, which manages $154 Mr. Jensen, one of two co-chief execu- and the Iowa winner, Sen. Ted
billion. tives at Bridgewater, asked the same Cruz, for Republicans looking to
Employees at the world’s largest Bridgewater founder Ray Dalio and his group to decide if Mr. Dalio is fulfilling back someone else. He was the
hedge fund carry around iPads with an presumed heir apparent, Greg Jensen, the succession plan he began in 2011. Please see POLLS page A6
app called “Pain Button.” It tracks nega- have called for votes on each other’s con- Bridgewater is known as much for its
tive feelings like “angry,” “frustrated” duct. idiosyncratic culture as its investment
and “sad” with the twist of on-screen di- The 66-year-old Mr. Dalio has asked prowess, and Mr. Dalio has long espoused
als. the firm’s management and stakeholders that conflict is essential and helps the  Gerald F. Seib: The Clinton
Pain is part of the “complete honesty” committees if they believe Mr. Jensen, firm perform at its best. Employees are and Sanders pitches........ A4
philosophy at Bridgewater Associates LP, 42, has “integrity.” The term is defined in told to air disputes openly and then try  Democrats jockey as
which has made more money for inves- a 123-page treatise written by Mr. Dalio to resolve them, which sometimes esca- primary looms..................... A4
tors than any other hedge fund in history. as never saying something about a per- lates into a vote.  Rubio PAC payments raise
But those same principles have led to an son that you wouldn’t tell the person di- The tumult between Messrs. Dalio and questions................................ A6
unprecedented showdown atop the West- rectly. Please see HEDGE page A8
At Silicon Valley Super Bowl, Big Game
Paper Is Just the Ticket Buffs Up
For Big 5-0
JOHN G. MABANGLO/EUROPEAN PRESSPHOTO AGENCY
i i i
NFL keeps game passes physical, forcing UP FOR GRABS:
A worker polishes
resellers to make handoffs; ‘lots of guns’ the NFL’s Vince
BY GEORGIA WELLS The ticket-reselling site is
safeguarding tickets like these
Lombardi trophy,
which will be
awarded to the
SANTA CLARA, Calif.—Sun- in a vault at an undisclosed lo- winner of Sunday’s
day’s Super Bowl will be here in cation and must get them safely Super Bowl 50
the heart of Silicon Valley, into buyers’ hands by game day.
which has given the world ways “Lots of guns are involved,”
between the Denver
Broncos and the
to zap everything
from photos to le-
says Jason Dep-
pen, StubHub’s
Carolina Panthers in
Santa Clara, Calif. B11
gal documents
over the Web.
field-operations
head, “in the
Everything but transportation of
Opinion................. A9-11
Sports......................... B11
Style & Fashion D3-4
Super Bowl tick-
ets. Those must
be the thick-
the tickets.”
Super Bowl
event organizers
Tech Stocks Swoon as Growth Disappoints
Travel....................... D5-7
U.S. News............. A2-3 glossy-paper vari- are gunning to A sharp dive in technology The tech-oriented Nasdaq
Wknd Investor....... B7 ety, handled by make it the most shares underscored investor By Maureen Farrell, Composite Index dropped 3.2%
World News...... A7,12
hand. technologically worries about uneven U.S. eco- Aaron Kuriloff on its way to a 5.4% drop for
Which is why advanced in the nomic growth, as the latest and Don Clark the week. The tech sector has
> three StubHub se- championship’s lackluster corporate outlook, been an investor favorite in
curity officials on 50-year history, this time from LinkedIn Corp., earnings forecast. A weak recent years, reflecting the
Tuesday were sit- Super Bowl tickets with Wi-Fi all fueled a rush out of stocks. reading on jobs growth added strong growth and popularity
ting at a long ta- over and apps for In the most jarring example to the woes, helping to push of big firms such as Facebook
ble with stacks of game tickets, just about everything. of investor unease, LinkedIn’s down the Dow Jones Indus- Inc., Amazon.com Inc., Netflix
some valued at more than But when it comes to the shares tumbled 44% on Friday trial Average 211.61 points, or Inc. and Google parent Alpha-
$5,000 each. Please see TICKETS page A8 following a disappointing 1.3%, to 16204.97. Please see TECH page A2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Saturday/Sunday, February 6 - 7, 2016
In a Super Bowl Box Pool, It’s Mostly About 0, 3 and 7
I
f you’re like millions of
Americans, not only will
you be watching Super
Bowl 50 this Sunday, but you’ll
also have at least a modest fi-
nancial stake in the outcome
in the form of the seemingly
ubiquitous box pool.
The box pool—known by
other names such as a Super
Bowl square or grid game—is a
simple and typically low-stakes
way for even
THE the least ardent
NUMBERS sports fan to
JIM have reason to
CHAIRUSMI care about the
game beyond
the commer-
cials. In such pools, partici-
pants pay a few bucks to place
their names on a 10-by-10 grid
that is then randomly assigned
numbers 0 through 9 horizon-
tally and vertically where each
square corresponds to the last
digit in each team’s score.
Winners are typically se-
lected by quarter, with the
game’s final tally earning the
grand prize. For example, if
Sunday’s game between Pey-
ton Manning’s Denver Bron-
cos and Cam Newton’s Caro-
lina Panthers ends Broncos 17,
Panthers 10, the square that
intersects 7 on Denver’s side
and 0 on Carolina’s side wins.
However, the randomness
doesn’t mean each square has
an equal chance of winning.
In football, certain numbers
appear more frequently in
scores—think 0, 3 and 7.
Scores ending in 0 and 7 are
JOBS
Continued from Page One
China and other overseas econ-
omies. The Dow Jones Industrial
Average fell 211.61 points, or
1.3%, to 16204.97 on Friday, and
U.S. crude oil fell 2.6% to $30.89
a barrel.
Fed officials will have one
more jobs report before their
March 15-16 policy meeting. The
latest signals from the economy
and financial markets leave
them with difficult decisions
about the path for U.S. monetary
policy. Though slack in the econ-
omy appears to be diminishing
and wages seem to be on an up-
tick—two developments that
give officials an incentive to
keep raising rates—headwinds
from volatile financial markets
world-wide and slow overseas
growth could throw the econ-
omy off course.
The central bank has pen-
ciled in four rate increases for
2016, but investors are increas-
ingly doubtful. Futures mar-
kets—where traders make bets
on the Fed policy outlook—sig-
nal only an 8% chance of the
Fed raising rates next month,
CME Group said Friday.
This past week, three Fed of-
TECH
Continued from Page One
bet Inc.
But those firms all slumped
at least 3% Friday, after
LinkedIn and another smaller
technology firm, data-analysis
software maker Tableau Soft-
ware Inc., posted softer-than-
expected growth projections
for 2016.
Tableau’s shares plummeted
49%, and other tech companies
dropped as well, including a
5.8% decline in Twitter Inc.
Analysts said the scale of
the selling highlights the vul-
nerability of the technology
sector at a time when the U.S.
economy is expanding in fits
and starts, corporate earnings
are under pressure, and inves-
tors are concerned that global
economic problems will spill
over to the U.S.
While the prospects of firms
such as Facebook and Google
aren’t directly affected by poor
results at smaller tech firms in
different fields, all the compa-
nies have been trading at high
valuations, a factor that makes
them vulnerable to selling for
essentially any reason. And if
any of tech’s highflying compa-
nies falter, analysts said, other
stocks likely will be even more
vulnerable.
“It’s the realization that the
world is slowing,” said Michael
Antonelli, an equity sales
trader at brokerage Robert W.
Baird & Co.
He said poor earnings at
LinkedIn and Tableau, together
with high earnings multiples
Scoring Opportunities
Football scores have tended over time to cluster around common points like 0, 3 and 7.
But a change in the extra-point rule this past season has made scoring frequency a bit more diffuse.
Number of quarters ending with such scores
0-24 25-49 50-74
2010–14 season average
0 1 2 3 4 5
0 81
1 25 4 1
2 9 2 0
3 107 18 3 28
4 66 22 8 38 18
5 4 5 1 4 6
6 36 11 1 24 18
7 142 24 9 82 59
8 12 8 1 12 10
9 10 3 2 10 7 2
Extra points: Explanations of some score pairings
0-7 While it’s still the most
common, it’s down a bit this
past season as extra points
became a bit more difficult.
Source: Stats LLC
some of the most common
because they represent three
common scoring scenarios: a
touchdown and extra point; a
touchdown, extra point and
field goal; or a simple goose
egg. Participants who get a 0
and 7 assigned to their
square in the grid have the
odds in their favor to score in
at least one of the quarters.
But don’t start counting
that money yet if you were
ficials voiced concerns about
how the economy would cope
with higher rates. Two of them,
governor Lael Brainard and Dal-
las Fed President Robert Steven
Kaplan, said the central bank
needs to be patient about fol-
lowing December’s rate hike
with more increases given cur-
rent economic stresses.
“Recent developments rein-
force the case for watchful wait-
ing,” Ms. Brainard told The Wall
Street Journal.
The ambiguous jobs report
followed recent signs the U.S.
economy lost steam due to the
softening global economy, plum-
meting oil prices and the effects
of a strong dollar, which dis-
courages tourism and eats into
some companies’ profits by
making their products more ex-
pensive overseas.
Gross domestic product, the
broadest measure of economic
output, expanded at a 0.7% sea-
sonally adjusted annualized rate
in the fourth quarter, the Com-
merce Department said last
week. Other reports showed the
nation’s manufacturing sector
contracting into 2016.
For Whitford Corp., an Elver-
son, Pa., firm that makes non-
stick coatings for pans and
other consumer and industrial
applications, the strong dollar is
Tech Takedowns
Contagion spread from small tech companies to larger, established ones.
Friday’s share price declines (Friday’s close)
–49.4% ($41.33)
–43.6% ($108.38)
–7.7% ($82.79)
–6.4% ($502.13)
–5.8% ($104.07)
Source: FactSet
and fears of slowing U.S.
growth, are causing investors
to retreat from risk, for fear
that earnings growth will de-
cline in coming months.
LinkedIn, an online profes-
sional network, late Thursday
projected revenue this year
would increase roughly 22%,
down from 35% in 2015, and far
below analysts’ expectations.
Chief Executive Officer Jeff
Weiner said Thursday that
LinkedIn continues to make in-
roads with large corporate cli-
ents. The company added more
than 3,000 new corporate ac-
counts in the fourth quarter.
Analysts said LinkedIn earned
nearly $4,000 a month from
each corporate customer in the
fourth quarter, roughly flat
with the year before.
“There has been increasing
demand, in terms of large-scale
multinational enterprises. And
again, it’s going to take time to
continue to roll out the prod-
U.S. NEWS
75-99 100–or more
2015 season
6 7 8 9 0 1 2 3
0 80
24 4 seems to have upended scoring
2 11 2 0
3 110 13 6 30
4 68 22 7 27
1 5 9 1 2 4
1 7 6 50 7 3
10 26 48 7 128 12 11
3 5 12 1 8 14 6 4
5 13 1 2 9 18 5 6
0-6 This relatively less frequent
scoring possibility increased this
past season as missed extra
points seemed to skew scoring.
fortunate enough to snag one
of those coveted boxes.
T
his past season the Na-
tional Football League
threw a wrench into the
works that has made score
frequencies a bit more dif-
fused. By moving the spot of
the extra-point snap from the
2-yard line (a virtual gimme
for professional kickers) to the
15-yard line (making it a 32- or
hurting trade with Europe.
“Business is steady, but it’s not
brilliant,” said Chief Executive
Dave Willis.
The company has no plans to
add to its roughly 180-strong
workforce, other than to replace
retiring workers, Mr. Willis said.
Still, while export weakness
threatens certain sectors, trade
makes up a far smaller share of
the nation’s economy than con-
sumer spending. Policy makers
are therefore pinning their
hopes on demand from Ameri-
can households to ride out
global turbulence.
On this front, January’s re-
port offer tentative signs of en-
couragement. The labor-force
participation rate ticked higher
last month to 62.7% from 62.6%
in December, indicating more
Americans on the sidelines be-
gan searching for jobs.
“We continue to see a grad-
ual reduction in slack in the la-
bor market,” said Gregory Daco,
an economist at Oxford Eco-
nomics. “That’s the essence of
the broader trend in wages.”
Indeed, some employers cited
a lack of available labor as a fac-
tor crimping their growth po-
tential. That could push wages
higher in 2016 as companies
compete for a smaller pool of
talent and a strong jobs market
Tableau Software
LinkedIn
Netflix
Amazon
Facebook
–3.6% ($703.76) Alphabet
THE WALL STREET JOURNAL.
uct, and ensure that companies
are ready to fully embrace so-
cial selling. It’s a new practice,
and we’re looking forward to
continuing to educate the mar-
ketplace on that front,” he
said.
The concerns were accentu-
ated by comments late Thurs-
day from data-analysis soft-
ware maker Tableau Software.
Tableau said it expects revenue
this year of $830 million to
$850 million, down from its
previous projection of $845
million to $865 million.
“We saw some softness in
spending, especially in North
America,” Tableau CEO
Thomas Walker told analysts.
“We did see our customers
continue to expand their use of
Tableau in the organizations,
but not at the same cadence
we’d historically experienced.”
Tableau’s comments helped
spark an exodus by investors
from other business-software
4 5 6 7 8 9
12
3 1
30 20 3 11
81 52 9 29 32
5 10 6 5 12 3 attempt, resulting in a loss and
23 3 4 7 16 2 1
2-2 This score pairing
remains the least
likely scenario.
THE WALL STREET JOURNAL.
33-yard attempt that is less
certain), the league has added
an element of unpredictability
that has shifted outcomes and
game strategies.
In 2015, kickers made
94.2% of extra points (1,180
for 1,253), down from 99.4% in
2014, according to Stats LLC.
In total, kickers combined to
miss 73 extra points (includ-
ing a big miss by New Eng-
land Patriots kicker Stephen
Labor Gauges
The unemployment rate continues to decline, and earnings growth
appears to be strengthening.
Unemployment rate Earnings, change from a year
earlier
10%
8 2.0
January
6 4.9%
4 1.0
2 0.5
0 0
2011 ’12 ’13 ’14 ’15
Note: All figures are seasonally adjusted.
Source: Labor Department via Federal Reserve Bank of St. Louis
THE WALL STREET JOURNAL.
makes workers harder for com-
panies to retain given abundant
job options. Wal-Mart Stores
Inc., for instance, said it would
give nearly all its U.S. hourly
store employees a raise in Feb-
ruary.
Jay Smith, chief executive of
Teel Plastics Inc. in Baraboo,
Wis., said he is “feeling good
about the economy but feeling
bad about the labor market” as
finding people to fill vacancies
is difficult. “The skill gaps are
makers.
Salesforce Inc., a maker of
customer-relationship soft-
ware with annual revenue ex-
ceeding $6 billion, fell 13%.
Smaller firms were hit harder:
Splunk Inc. fell 23%; New Relic
Inc., 22%, Hortonworks Inc.,
17%; Workday Inc., 16%; and
NetSuite Inc., 14%.
Atlassian Corp., which
makes software used to run
corporate technology services,
made more upbeat comments
along with its first quarterly
results as a public company on
Thursday. Quarterly revenue
rose 45% from a year earlier
and the company said it added
2,600 customers. But its stock
also was pummeled Friday,
falling 16%.
Analysts questioned
whether Tableau’s comments
should be considered a sign of
trouble ahead for others in the
sector.
“We are not seeing across-
the-board macro-related weak-
ness in the software sector,”
said Karl Keirstead, a Deutsche
Bank analyst, in a research
note. He said greater competi-
tion in the company’s markets
and internal issues with its
sales force may be to blame.
Others said they believe the
largest tech firms remain solid
investments, given their domi-
nance of their respective mar-
kets. While stock markets have
been declining and volatile
this year, they will rebound at
some point, and these firms’
prospects likely will make
them winning investments
over time.
“In the short run, there’s a
valuation question, but it
* *****
Gostkowski in this year’s AFC
Championship game), after
missing just 37 of 6,153 at-
tempts in the previous five
seasons combined. Mr. Gost-
kowski’s miss snapped his
own streak of 523 straight
successful extra points.
This statistically significant
increase in missed extra points,
although only after one season,
patterns and once-common
point pairings are now a bit
less so. In the AFC Champion-
ship game, for instance, Mr.
Gostkowski’s first-quarter miss
forced the Patriots to go for
two points in the closing sec-
onds of the game. New Eng-
land failed on the conversion
an odd final score of 20-18.
S
o what are the best
numbers to draw in a
Super Bowl box pool?
The Wall Street Journal
went through scores at the
end of each quarter for all
266 NFL games (regular sea-
son and playoffs, counting
overtime as the final score as
if the game ended in 4 quar-
ters) this season to see which
number combination hit most
frequently.
The top quarterly combi-
nation was still 0-7 or 7-0,
which hit 128 times, or 12%,
out of 1,064 quarters this sea-
son. But that is a dropoff of 14
from the average over the
previous five seasons when
the 0-7 combination hit 142
2.5%
1.5
January
Average hourly
earnings for all private
employees
2011 ’12 ’13 ’14
serious,” he said.
Teel Plastics added 60 people
in the past year to its workforce
of nearly 300, and he said the
company wants to continue to
hire a “sizable number for a
company of our size” in 2016.
Yet, as with so many other
positives during the sluggish re-
covery, there are caveats. While
overall wage growth accelerated
in January, the gains were less
substantial for workers further
down the chain of command.
seems to me that strategically,
the growth path for these
companies isn’t over,” said Da-
vid Kotok, chief investment of-
ficer at Sarasota, Fla., money
manager Cumberland Advi-
sors.
Even after Friday’s selling,
Amazon traded at a 402 times
its earnings over the past 12
months. Netflix traded at 296
times, Facebook traded at 81
times and Alphabet at 31
times. The S&P 500 average is
21.4, according to Birinyi Asso-
ciates.
But others said the selling
pointed to a confluence of con-
cerns about the U.S. economic
outlook, with its negative im-
CORRECTIONS 
AMPLIFICATIONS
LinkedIn Corp. reported
revenue of $861.9 million for
the fourth quarter. In some
editions Friday, a Business
News article about the com-
pany’s results incorrectly gave
the figure as $861.9 billion.
Saad Almasmari, a Yemeni-
American elected to the city
council of Hamtramck, Mich.,
in November of last year, be-
came a U.S. citizen in 2012. A
U.S. News article on Nov. 10,
2015, about Hamtramck’s Mus-
lim-majority city council in-
correctly said he became a cit-
izen in 2011.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
THE WALL STREET JOURNAL.
times, or 13.3% of the time.
Perhaps not coincidentally,
quarterly scores ending in
0-6, often representing a
missed extra point, were up
by 14 this past season over
the average of the prior five
seasons, from 36 to 50.
“As an oddsmaker, there’s
certain numbers I didn’t used
to worry about,” said Johnny
Avello, executive director of
race and sports at the Wynn
Las Vegas. “But the rule
changes have resulted in dif-
ferent scores.”
Mr. Avello said the in-
crease in missed extra points
has given more hope for par-
ticipants of box pools. “I re-
member once you got a 2, 5
or 9 you were pretty much
dead,” he said. “That’s not
the case anymore.”
Still, there is one score
where you can fairly safely
concede defeat: anything
ending in 2-2. That is the
only combination not to hit
quarterly or as a final score
in a game this season and has
happened only once since
2010, when the Tampa Bay
Buccaneers beat the Oakland
Raiders 42-32 in Week 9 of
the 2012 season.
And in the previous 49 Su-
per Bowls, a quarter or final
score has never ended 2-2. So
if you’re the owner of that
pairing for Super Bowl 50, you
can probably count on an L.
 Scouting the Super Bowl for
team-building strategies.... B11
Average hourly earnings for
production and nonsupervisory
employees—over 80% of work-
ers—rose 0.3% from a month
earlier.
As well, the bulk of jobs cre-
ated last month were in low-
wage sectors like retail, leisure
and health services. And a
broader measure of unemploy-
ment that includes Americans
stuck in part-time jobs or too
2.5% discouraged to look for work
languished at 9.9% for the third
straight month.
Despite falling unemploy-
ment, a large swath of workers
continues to struggle to find
jobs. Jessie Johnson graduated
’15
with a master’s degree in social
work from Howard University in
Washington in May 2013 but
hasn’t found a job in the field
since her internship.
“A lot of the jobs are part
time, and the hourly wages are
really below what I would ex-
pect,” said the 50-year-old for-
mer customer-service represen-
tative, who moved from Atlanta
to retrain in recent years.
“Hourly pay of $12 to $15 an
hour, that would definitely
cause me to get another job”
alongside a social-work position,
said Ms. Johnson.
—Eric Morath
contributed to this article.
plications for corporate earn-
ings, and high valuations that
analysts said have essentially
meant investors were assum-
ing that firms would keep ex-
panding faster than they are
now expected to do.
According to Bespoke In-
vestment Group, the 50 stocks
with the highest price/earn-
ings ratios in the S&P 500 av-
eraged a decline of 3.1% as of
midday Friday.
“Investors appear to be
much less willing to pay up for
growth today than they were
yesterday,” Bespoke said in a
research note.
—Deepa Seetharaman
contributed to this article.
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | A3

U.S. NEWS

North Korea A Look at Previous Cases of Americans Held in North Korea

Detainee’s
Hard Path
Ohio student likely faces struggle with isolation,
period of uncertainty after arrest in January
BY JON KAMP when the alleged incident oc-
AND SCOTT CALVERT curred, Mr. Johnson told
the Associated Press. In
Two weeks after North Ko- an email, Mr. Johnson declined
rea announced the detention to comment further.
of an American student, his The U.S. State Department,
case may be settling into the which “strongly recommends”
same pattern faced by many of against Americans traveling to

KIM KWANG HYON/ASSOCIATED PRESS

the nearly dozen other U.S. North Korea, and maintains no
citizens detained there in re- diplomatic ties there, said lit-
cent years: a sudden arrest, tle about Mr. Warmbier’s de-
followed by a lengthy silence tention, citing privacy consid-
as a prison sentence looms. erations. A spokesman
In the case of 21-year-old said the U.S. has to rely on
Otto Frederick Warmbier, Swedish government officials,
pulled from his tour group as who provide consular support
it was preparing to leave the to U.S. citizens in North Ko-
country, North Korea has said rea under an agreement with
only that it detained the Uni- Washington.
versity of Virginia student for Raised near Cincinnati,
committing an undefined Mr. Warmbier ventured abroad
“hostile act.” before his recent journey to
North Korea detained North Korea. He is a fan of
Mr. Warmbier on Jan. 2 at travel, running and rap music,
Pyongyang’s airport, where an according to a LinkedIn profile
airport official told a tour under his name. A Facebook
guide the student had been page that appeared to be his
taken to the hospital, accord- shows him mugging casually
ing to the tour company, with friends; in one image he
Young Pioneer Tours. The is nose-to-snout with a cow.
China-based company’s chief The Facebook page was taken
executive, Gareth Johnson, re- down Jan. 22, the same day
mained in North Korea for a North Korea announced it had
few days to try to find out arrested and was detaining
what had happened. Young Pi- Mr. Warmbier.
oneer Tours learned “there Mr. Warmbier graduated in
had been an incident,” accord- 2013 near the top of his class
ing a statement dated Jan. 23 at Wyoming High School in
on its website. Wyoming, Ohio, said school
Young Pioneer said it has district spokeswoman Susanna
taken 7,000 people to North Max. “Wyoming City Schools
Korea since its founding eight has been in touch with the
years ago, and that this was family, and we have no further
the first time one of its cli- information at this time,” Ms.
ents was detained. The tour Max said.
company said it was “ex- For much of his childhood,
tremely limited” in what it Mr. Warmbier belonged to the
could say about the matter, Wyoming Swordfish Swim and
citing concern about Mr. Dive Team, and as a high-
Warmbier, his family and en- school student he coached the
suring his return home. 6-and-under swimmers, ac-
Mr. Warmbier had been cording to a 2013 story in the
staying at Pyongyang’s Yang- Cincinnati Enquirer.
gakdo International Hotel and During high school
wasn’t with other tourists Mr. Warmbier interned at his
Matthew Todd Miller is seen at the Supreme Court during his trial in Pyongyang in Sept. 14, 2014. He was released that November.
Numerous Americans have
been detained in North Korea
since 2009, including Matthew
Todd Miller.
Detained from April to No-
vember 2014, Mr. Miller was a
tourist from Bakersfield, Ca-
lif., who allegedly ripped up his
visa upon arrival in Pyongyang
and said he was seeking asylum,
the North Korean state media
reported at the time.
The government sentenced
him to six years of hard labor
for committing “acts hostile” to
the country, but released him af-
father’s industrial parts-finish-
ing business north of Cincin-
nati, Finishing Technology,
Inc., according to the LinkedIn
page. His father, Fred Warm-
bier, didn’t return messages
seeking comment.
Mr. Warmbier’s college pur-
suits reflect an interest in
both business and interna-
tional issues.
He is double-majoring in
economics and commerce with
a concentration in finance, and
minoring in global sustainabil-
ity, according to the website of
the Alternative Investment
Fund, a student-run organiza-
ter U.S. Director of National In-
telligence James Clapper trav-
eled to North Korea as a
presidential envoy.
Other detainees include:
 Jeffrey Fowle: detained
May to October 2014. The Amer-
ican tourist and Ohio road-main-
tenance worker left a Bible in a
bar with the hope of spreading
Christianity in North Korea.
 Kenneth Bae: detained No-
vember 2012 to November 2014.
The Korean-American Christian
missionary was arrested after
arriving with a tour group in Ra-
tion at UVA that offers train-
ing for careers in investment
management.
The fund’s website said
Mr. Warmbier, a junior, joined
as a freshman and spent a
summer studying abroad at
the London School of Econom-
ics, which allowed him to
travel in Europe.
Fellow Ohioan Jeffrey
Fowle—a tourist who was de-
tained in North Korea for
nearly six months in 2014 af-
ter he intentionally left a Bible
in a bar—has offered to speak
to Mr. Warmbier’s family. He
said he wants to assure them
son, a special economic zone
bordering China and Russia.
 Merrill Newman: detained
October to December 2013. The
Korean War veteran from Palo
Alto, Calif., then 85, was de-
tained while on a private tour in
North Korea.
 Eddie Jun: detained No-
vember 2010 to May 2011. The
Korean-American from suburban
Los Angeles was arrested for al-
leged unauthorized missionary
work during several business
trips to the country.
 Aijalon Mahli Gomes: de-
the North Koreans treated him
reasonably well, despite the
strain of isolation and missing
his family. “I sympathize with
what he’s going through,” Mr.
Fowle said.
Laura Ling, a Los Angeles-
based correspondent and de-
velopment director for Seeker,
an online network from Dis-
covery Digital Networks,
feared she would have to serve
her entire 12-year, hard-labor
sentence after North Korea de-
tained her and another U.S.
journalist in 2009 for illegal
entry while they worked on a
documentary. “I told myself I
tained January to August 2010.
The English teacher from Boston
allegedly entered the country il-
legally by crossing the frozen
Tumen River.
 Robert Park: detained De-
cember 2009 to February 2010.
The Korean-American Christian
missionary from Arizona also
crossed the frozen river.
 Laura Ling and Euna Lee:
detained March to August 2009.
The U.S. journalists were work-
ing near the border with China
on a cable television documen-
tary.
would not have children, and
that if I saw my family again I
would be much older,” said
Ms. Ling, now 39 years old.
Former President Bill Clinton
traveled to North Korea to se-
cure their release.
Swedish authorities de-
clined to comment on individ-
ual cases.
Young Pioneer Tours says
on its website that it provides
tours “to destinations your
mother would rather you
stayed away from.”
—Lisa Schwartz
and Charles Duxbury
contributed to this article.

Oil-Price Decline Squeezes States Court Bars Review

BY MARK PETERS

A deep and prolonged drop

Of DNA Software
in oil prices is increasingly
squeezing tax collections in en- BY JOE PALAZZOLO
ergy-producing states, fueling
calls for tax increases and cuts A Pennsylvania judge
to schools, road projects and blocked an attempt by defense
other government services. lawyers for a man charged
Political fights are brewing with murder to obtain the
in Oklahoma and Louisiana, source code of a computer
where the governors want to program to untangle complex
overhaul the tax codes to take mixes of DNA found at crime
in more money and replace fall- scenes.
ing revenue tied to oil and nat- Judge Jill E. Rangos said in
ural gas. Alaska Gov. Bill Walker a ruling filed late Thursday
in December proposed reinstat- that defense lawyers for Mi-
ing a personal income tax. chael Robinson—who is
States also are draining re- charged with shooting to
serve funds, shelving new death two men in Allegheny
spending proposals and mak- County, Pa.—failed to show
ing cuts. As Oklahoma stares that “production of the source
J PAT CARTER/ASSOCIATED PRESS
Robinson’s case was featured
in a November article in The
Wall Street Journal about the
software, called TrueAllele,
which is increasingly used by
law enforcement authorities.
Mr. Robinson’s lawyers,
Kenneth Haber and Noah
Geary, said they were consid-
ering a possible appeal.
They had asked Judge Ran-
gos to allow them to review
the source code under a pro-
tective order that would have
prohibited them from sharing
it, in order to address con-
cerns by Cybergenetics about
its trade secrets being ex-

down a projected $900 million code is a linchpin to under- posed.

shortfall, some school districts mining the Commonwealth’s Courts in at least seven
may switch to four-day weeks case” as it pertains to the DNA states have admitted TrueAl-
and reduced bus service. North evidence. lele results as evidence,
Dakota Gov. Jack Dalrymple Requiring the company, Cy- against objections by defense
this past week ordered state bergenetics, to produce the lawyers whose clients have
agencies from colleges to the source code could “have the been linked to crimes by the
highway patrol to cut spend- potential to cause great harm” software, which was devel-
ing by 4%, while largely drain- Oklahoma Gov. Mary Fallin has called for raising the cigarette tax to help plug a budget hole. to the company by exposing oped by computer scientist
ing a budget savings account. its trade secrets, she said. Mr. Mark Perlin.
About 25 miles east of Tulsa, income-tax collections. lenges are in Louisiana, where of cuts and ways to raise addi-
Okla., in the town of Inola, ev- Total tax collections in the the oil-industry slump is adding tional revenue as lawmakers
ery other lightbulb has been
disconnected in the hallways of
schools to lower power bills,
top six oil-producing states in
the four quarters ended Sept.
30 fell 3.6% from a year earlier,
to mounting budget problems.
Newly elected Gov. John Bel
Edwards estimates the state
return to Baton Rouge for a
special legislative session. The
governor has been discussing
Michigan Official Is
and teachers must pay a fee to
have a minirefrigerator in their
classrooms. Superintendent
compared with a 5.4% increase
nationally, according to a recent
report from the Nelson A. Rocke-
must fill a $750 million hole, or
almost 9% of general spending,
just to get through June. Loui-
a temporary increase in the
state sales tax to 5% from 4%
and a plan to raise more reve-
Fired Over Flint Crisis
Kent Holbrook said the district feller Institute of Government. siana faces a $1.9 billion gap for nue over the long term by BY KRIS MAHER into the other employee is
next will move to a four-day “We’ve seen a 70% drop in the fiscal year starting July 1, a eliminating income-tax exemp- continuing.
school week in August as it oil prices in less than two years, worry for localities that rely tions while also lowering rates. Michigan Gov. Rick Sny- Mr. Snyder and others have
tries to absorb cuts in state aid which has a tremendous impact In Oklahoma, Ms. Fallin, a der on Friday fired a sus- said the state environmental
that could surpass 10%. on our revenue,” said Oklahoma Republican, has proposed rais- pended official with the state agency bears primary respon-
“I just don’t want 40 kids in Gov. Mary Fallin in a speech to
Collections of state ing the cigarette tax to $2.53 a environmental agency, the lat- sibility for Flint’s water crisis.
a classroom, especially in my lawmakers this past week. taxes tied to oil pack from $1.03 a pack. She est administration official to After the city began using the
elementary school,” Mr. Hol- Texas, the nation’s largest has also called on lawmakers to be ousted as the governor ad- Flint River as its water source
brook said. “It is going to be oil-producing state, is relying on
production have expand what the sales tax cov- dresses the lead contamina- in April 2014, agency officials
bad no matter what I do.” a multibillion-dollar cushion dropped sharply. ers, saying taxing most goods tion of water in Flint. failed to require that chemi-
Oil prices have been trend- that has been shrinking. State but fewer services is out of The official, Liane Shekter cals be added to prevent cor-
ing down for more than a year officials said the near-term ef- step with the current economy. Smith, was previously head of rosion, which caused lead to
and slumped below $30 a bar- fects on state finances are a pro- heavily on state funds for But Mr. Bel Edwards and Ms. the Michigan Department of leach into drinking water in
rel, a 12-year low, last jected $1.1 billion drop in money things like schools and policing. Fallin face fights in their antitax, Environmental Quality’s Drink- homes.
month. Collections of state earmarked for reserves and “This is clearly the worst fi- Republican-controlled state- ing Water and Municipal As- A task force appointed by
taxes tied to oil production road projects. And while they nancial crisis in my time—and houses. Brian Bingman, presi- sistance unit. She had been the governor, a Republican,
have dropped sharply, because are counting on a more diverse perhaps ever in Louisiana,” said dent pro tempore of the Okla- suspended, along with an envi- also faulted agency officials
they are based on pricing and economy to prevent the pain of Jay Dardenne, a Republican who homa Senate, said lawmakers ronmental manager who re- for dismissing complaints by
output. States are seeing weak- past oil busts, officials are ran for governor and now is the are open to ideas, but proposals ported to her, on Jan. 22. residents, a local pediatrician
ness in sales-tax collections as closely watching revenue, par- commissioner of administration that raise taxes will be hard to Ms. Shekter Smith couldn’t and outside researchers who
oil companies spend less and ticularly in light of recent de- for Mr. Bel Edwards, a Democrat. pass “I think that is going to be immediately be reached for said high levels of lead in the
workers are laid off. The de- clines in sales-tax collections. Mr. Bel Edwards in the com- very difficult in the Oklahoma comment. A spokesman for water was causing elevated
clines also are rippling through Some of the biggest chal- ing weeks will propose a series Legislature,” Mr. Bingman said. the state said an investigation blood lead levels in children.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A4 | Saturday/Sunday, February 6 - 7, 2016
Clinton, Sanders Pitches: Doer or Dreamer
BY GERALD F. SEIB
Thursday night’s Demo-
cratic debate in New Hamp-
shire was the clearest illustra-
tion yet of how the party’s
presidential race is now de-
fined: It is a battle between a
doer and a dreamer.
Former Secretary of State
Hillary Clinton portrays her-
self as the doer.
ÀNALYSIS She stressed her
experience, her
desire to set
achievable goals and her abil-
ity to work the system suc-
cessfully to achieve them.
There are limits to what can
be done, she seemed to be
saying, and it is better to work
all the way to those limits
rather than play Don Quixote,
tilting at windmills, and ulti-
mately fail.
“Let’s go down a path
where we can actually tell
people what we will do,” she
said. “A progressive is some-
one who makes progress.
That’s what I intend to do.”
Sen. Bernie Sanders plays
the role of the dreamer. If the
system sets limits, he argued,
don’t accept the limits, but in-
stead smash the system.
Wage a political “revolu-
tion”—a word he uses without
Heard on the Stump
Barbara Bush Knocks
Trump, Offers Advice
Showing her trademark
spunk, former first lady Barbara
Bush said her son, Jeb Bush,
should interrupt more during Re-
publican debates, and she
knocked one opponent—Donald
Trump—who has mocked him for
turning to his “mommy.”
In an interview with CBS that
aired Friday, Mrs. Bush recalled
that Russian President Vladimir
Putin has praised Mr. Trump, the
New York billionaire, calling him
“very colorful and talented” and
the “absolute front-runner.”
“Putin endorsed him, for
heaven sakes. Putin, the killer.
Putin, the worst,” Mrs. Bush said.
“That’s an endorsement you
don’t want.” She also offered
‘I will not be
silenced.’
CARLY FIORINA on being
excluded from Saturday’s debate
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$170
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Vermont Sen. Bernie Sanders and former Secretary of State Hillary Clinton at Thursday’s debate.
reservation, and repeatedly—
for government-guaranteed
health care for all, for free col-
lege education, for a giant leap
in the minimum wage.
And he has a simple unify-
ing theory of why this all
hasn’t happened already: a
“corrupt” campaign-finance
system that allows corporate
interests who would lose in a
changed world to stand in the
some debate guidance to her
son: “He’s almost too polite… if I
gave him advice, I would say,
why don’t you interrupt like the
other people do?”
Mrs. Bush has joined her son
at private events, but this week
marks the first time she cam-
paigned for him publicly. Mr.
Bush’s brother, former President
George W. Bush, is expected to
join him after New Hampshire.
It’s a turnabout for the former
Florida governor. A year ago, he
sought to separate himself from
his family’s political dynasty, say-
ing, “I am my own man.”
—Beth Reinhard
Sanders Voters Get
Some Ben & Jerry’s
Hardy New Hampshire voters
who braved a snowstorm to hear
Democratic presidential candi-
date Sen. Bernie Sanders de-
nounce Wall Street and call for
an overhaul of the campaign-fi-
nance system were treated to a
frosty dessert afterward.
Ben Cohen and Jerry Green-
field, founders of Ben & Jerry’s
Ice Cream, served ice cream to
people bundled up against the
weather. Earlier, the Vermont ice-
cream men introduced their
home-state senator at his rally in
Exeter, N.H.
“He’s the only presidential
candidate I’ve ever created an ice
cream flavor for,” said Mr. Cohen,
who launched Bernie’s Yearning
(mint ice cream topped with
solid chocolate) in January.
—Natalie Andrews
2WSJW1507
P W L C 10 11 12
way. Change campaign finance
and all becomes possible.
“What we need to do is to
stand up to the big money in-
terests, and the campaign con-
tributors,” he said. “When we
do that, we can, in fact, trans-
form America.”
The sheer simplicity of the
Sanders message is what gives
it its greatest appeal to frus-
trated older voters and ideal-
POLITICS COUNTS
The Secular State of New Hampshire
New data from Gallup, based on more than 174,000 interviews, show New Hampshire to have
the fewest residents who say religion is important in their lives. That could be good news for
Democrat Bernie Sanders and Republican Donald Trump, who lead their rivals among voters
who don’t actively practice a religion. But soon the presidential nominating process rolls into
states with high percentages of residents who say religion is important to them, including
South Carolina, Alabama and Mississippi.
Share who say religion has a big role in their lives
Smallest share
New Hampshire 20%
Vermont 22
Maine 26
Massachusetts 27
Oregon 29
Largest share
Mississippi 63%
Alabama 57
Utah 55
Louisiana 54
South Carolina* 51
*S.C. is ranked 7th most religious behind Tenn. (53%) and Ark. (52%)
Sources: Gallup daily polling from Jan.–Dec. 2015 (map); WSJ/NBC News/Marist survey of New Hampshire likely voters, Feb. 2-3 (candidates).
DemocratsJockeyasPrimaryLooms
BY COLLEEN MCCAIN NELSON
AND JENNIFER LEVITZ
EXETER, N.H.—Hillary Clin-
ton is still seeking a breakout
moment in New Hampshire,
where she won a come-from-
behind victory eight years ago.
Mrs. Clinton has spent the
last four days in the state
ahead of Tuesday’s primary,
making appeals to friendly
crowds, urging her volunteers
to knock on more doors and
asking supporters of Sen. Ber-
nie Sanders to give her an-
other look.
But on the campaign
trail Friday, a number of unde-
cided voters said they still
weren’t sold on the former
secretary of state. A Wall
Street Journal/NBC News/Mar-
ist poll released Thursday
showed Mr. Sanders with a 20-
point lead in the state.
Clinton campaign officials
said Mrs. Clinton isn’t giving
up on New Hampshire. But
with an eye on the next two
contests, in Nevada and South
Carolina, her campaign is tak-
ing steps to solidify support
among minority voters, who
make up large shares of the
Democratic voting pool in
those states.
Mrs. Clinton’s campaign re-
leased its first Spanish-lan-
guage TV and radio ads Friday,
and a Clinton aide said the
candidate would meet later
this month with leaders from
civil-rights organizations. Mrs.
Clinton also plans to
travel Sunday to Flint, Mich.,
to highlight the water crisis in
the largely minority city. Polls
show her with an expansive
lead among minority voters.
Mr. Sanders’s campaign
hopes to leave New Hampshire
with a jolt of momentum that
could help him build support
in Nevada and South Caro-
lina. On Friday, Ben Jealous,
the former head of the NAACP,
H T G K B F A M 1 2 3 4 5 6 7 8
istic younger ones. Yet it also
was clear Thursday night that
the simplicity of it also is
what exasperates Mrs. Clin-
ton.
She described herself more
as a battle-scarred veteran
who has learned the hard way
that it is best to do the work
without, as she said, “making
promises that I cannot keep.”
So her goal is to make col-
Primary/
caucus Wash.
Feb. 9 Mont.
Ore.
March 1
Idaho
March 5/6 Wyo.
March 1 Nev.
Utah
May 17 Colo.
Calif.
Ariz. N.M.
March 8
March 1
March 22
Alaska
March 5
Feb. 20/27
A staffer on Hillary Clinton’s presidential campaign adjusts a sign in Manchester, N.H., on Friday.
threw his support behind Mr.
Sanders, an endorsement that
the Vermont senator said
would be an “enormous help.”
While the two campaigns
jockeyed to position them-
selves for the weeks ahead, Mr.
Sanders and Mrs. Clinton con-
tinued to make their pitches to
New Hampshire voters.
Elaine Colligan braved a
snowstorm to hear Mrs. Clin-
ton speak in Manchester. The
22-year-old from Exeter is the
type of undecided voter that
the former secretary of state
needs to win over in order to
make up ground in New Hamp-
shire, where 76% of voters un-
der 30 support Mr. Sanders,
according to the Journal/NBC
News/Marist poll.
Ms. Colligan said she re-
spects Mrs. Clinton but is lean-
ing toward voting for Mr.
Sanders. The former secretary
of state’s ties to Wall Street,
the contributions she has re-
ceived from fossil-fuel lobby-
ists, and her changing posi-
tions on some issues are
9 O I X X ******
lege more affordable, not to
promise that it can be free.
She wants to expand and im-
prove the health-care law
known as Obamacare, not toss
it aside in pursuit of some du-
bious goal of Medicare for all.
At one point she argued
that she has the ability to
work together with Republi-
cans and independents to
achieve such things: “We’ll get
things done together.”
Mr. Sanders said his ap-
proach wouldn’t be to negoti-
ANDREW HARRER/BLOOMBERG NEWS
ate compromise with, say,
Senate Republican leader
Mitch McConnell but rather to
bring an army of citizens to
his doorstep to make him ac-
cept their demands.
“No, you just can’t negoti-
ate with Mitch McConnell,” he
said. “Mitch is going to have
to look out the window and
see a whole lot of people say-
ing, ‘Mitch, stop representing
the billionaire class. Start lis-
tening to working families.’ ”
The Sanders approach
seemed to put Mrs. Clinton on
the defensive during the first
part of the debate. But the ta-
bles turned later, when the
discussion turned to national
security, as she painted his ap-
proach as not idealistic but
rather dangerously naive.
20% 30 40 50 63
N.H.
Maine
N.D. Minn. Vt.
Mich.
S.D. Wis. N.Y.
Iowa Pa.
Neb.
Ill. Ind. Ohio
W.Va. Va.
Kan. Mo. Ky.
Tenn. N.C.
Okla.
Ark. S.C.
Ala. Ga.
Miss.
Texas La.
Fla.
Hawaii
troubling, Ms. Colligan said.
“She’s too much of a politi-
cal chameleon,” she said.
Questions about Mrs. Clin-
ton’s support from the finan-
cial-services industry and the
$675,000 in speaking fees she
accepted from Goldman Sachs
have figured prominently in
the political conversation this
week in New Hampshire.
In Thursday’s Democratic
debate, Mrs. Clinton called Mr.
Sanders’s suggestion that Wall
Street donations would pre-
clude her from policing the in-
dustry an “artful smear.”
“Enough is enough. If
you’ve got something to say,
say it directly,” she said.
Tad Devine, a senior adviser
to Mr. Sanders, said Friday the
Vermont senator would con-
tinue to discuss Mrs. Clinton’s
relationship with Wall Street.
“I understand why she
doesn’t want us talking about
it,” Mr. Devine said. “It’s an
enormous vulnerability.”
At Mr. Sanders’ events Fri-
day, there were signs his criti-
THE WALL STREET JOURNAL.
That area is where she, as
the nation’s former top for-
eign-policy cabinet official, is
the more nimble candidate.
She argued that it is a mis-
take to suppose, as Mr. Sand-
ers has suggested, that it
would be acceptable to invite
Iranian troops into Syria to
help police put an end to the
civil war there, or to fully nor-
malize relations with Iran
more broadly.
“If we were to normalize
relations right now, we would
remove one of the biggest
pieces of leverage we have to
try to influence and change
Iranian behavior,” she said.
Better to “take this step by
step to try to rein in Iranian
aggression, their support for
terrorism and the other bad
behavior that can come back
and haunt us.”
On that front, she got Mr.
Sanders to argue that he, too,
could be realistic, and that he
was talking of normalizing re-
lations eventually, not imme-
diately.
Overall, though, Democratic
primary voters in New Hamp-
shire and beyond have two
quite different approaches to
choose between: a candidate
who stresses achievement and
one who prefers aspirations.
In New Hampshire, Messrs.
Sanders and Trump lead their
rivals among likely primary
voters who say they do not
practice a religion.
Candidate choice among
people who...
...don’t practice ...practice
Mass.
a religion a religion
R.I.
Conn. Sanders 62% 49%
N.J.
Clinton 34 47
Del.
Md.
Trump
37 22
Rubio
17 19
Cruz 12 19
THE WALL STREET JOURNAL.
JOHN MINCHILLO/ASSOCIATED PRESS
cism of Mrs. Clinton had made
inroads with some voters.
Debbie Adams, a 56-year-
old accountant from Ports-
mouth, came to hear Mr. Sand-
ers in Manchester, because she
was having second thoughts
about voting for Mrs. Clinton.
“The problem I have with
Hillary is she is still ‘corpo-
rate.’ But that’s also what I like
about her, because she’ll be
able to get stuff done,” said
Ms. Adams, who still hadn’t
decided on a candidate after
the event.
At Mrs. Clinton’s “Women
for Hillary” event, a number of
supporters said they were sat-
isfied with the former secre-
tary of state’s answers on Wall
Street. They said she got the
better of Mr. Sanders by chal-
lenging him to give specific ex-
amples of the industry influ-
encing her policy stances.
“There’s nothing wrong with
taking money to speak to Wall
Street,” said Anne Ehlert, who
came from Arlington, Mass. “It
doesn’t change her votes.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | A5

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A6 | Saturday/Sunday, February 6 - 7, 2016
Rubio PAC Payments Raise Questions
Senator’s aides are
also on the group’s
payroll; spokesman
says they always were
BY BETH REINHARD
AND REBECCA BALLHAUS
After he began running for
president, Florida Sen. Marco
Rubio continued to send
monthly payments to top cam-
paign and Senate aides
through his leadership PAC,
raising questions with election
experts about whether the PAC
is subsidizing his presidential
campaign beyond legal limits.
A leadership PAC is a com-
mittee created most often by
current and former members
of Congress to help them ex-
pand their influence and raise
their profile.
Cash from those accounts
can be used to pay for staff
and travel unrelated to a law-
maker’s campaign or congres-
sional activities, like speaking
before a state party. Such com-
mittees are also used to sup-
port other candidates and in-
cumbents by making donations
to their campaigns of up to
$5,000 per election.
The website of Mr. Rubio’s
leadership PAC, called Reclaim
America, has been taken down,
with no apparent online activ-
POLLS
Continued from Page One
top pick of 17% in the Marist
poll, jumping six percentage-
points from a pre-Iowa survey.
Mr. Cruz had 15% and Mr.
Trump led with 30%.
Meanwhile, three current
and former governors—Jeb
Bush of Florida, Chris Christie
of New Jersey and John Kasich
of Ohio—are fighting to keep
their bids alive, according to
the new poll.
Mr. Rubio’s crowds have
swelled, and in a sign that he
can go deeper into the primary
season, the Las Vegas newspa-
per owned by GOP mega-donor
Sheldon Adelson, chief execu-
tive of Las Vegas Sands Corp.,
on Friday endorsed Mr. Rubio, a
potential boost ahead of the
Nevada caucuses on Feb. 23.
“Even though he’s scripted,
he’s solid on the issues,” said
James Betti, 58 years old, a
physician from Rye, N.H., who
attended a Trump event Thurs-
day but is leaning toward sup-
porting Mr. Rubio.
Other Republicans will get a
chance to slow Mr. Rubio’s rise
Saturday night at the last can-
didates’ debate, sponsored by
ABC News and WMUR, the local
affiliate. Mr. Christie’s attacks
have been particularly fierce,
Haley: Candidates Need
Vision in South Carolina
BY VALERIE BAUERLEIN
COLUMBIA, S.C.—South
Carolina is the first state in
the presidential-nominating
calendar to embody a full
spectrum of the Republican
Party, with chamber-of-com-
merce types, blue-collar whites
and evangelical Christians.
GOP Gov. Nikki Haley has
some tips on how to bridge the
gaps between the factions, win
her state—and perhaps gain her
endorsement. A winning candi-
date must be able to have the
mind-set of an outsider, yet com-
mand the respect of insiders, she
said. “Establishment means, to
me, complacent,” she said in an
interview. “There are no excuses
for not getting anything done.”
Similarly, a successful candi-
date needs to be forward-look-
ing so that voters are able to
“see that life has been pretty
awful the last eight years, but
we can self-correct pretty
quick,” she said “That means
not just being negative, but
finding that positive place.”
South Carolina is shaping up
to be a pivotal state this elec-
tion season and a potential last
stand for some candidates, in-
cluding former Florida Gov. Jeb
Bush, whose brother credits
the state with handing him the
nomination in 2000. Candi-
dates and their backers are reg-
ularly seeking out Ms. Haley.
A two-term governor, the 44-
year-old Indian-American holds
an 84% approval rating among
tea-party supporters and an 81%
rating among Republicans over-
ity since June 27. It isn’t clear
what the aides who received
money were being paid to do
for that committee.
Asked about the payments
to campaign and Senate staff-
ers, a spokesman for Mr. Ru-
bio, Alex Conant, said: “They
have always been on the Re-
claim America payroll, and re-
main on since the leadership
PAC continues to do its mis-
sion—electing conservatives to
the Senate.”
He declined to answer fol-
low-up questions seeking de-
tails about the PAC’s activities
and closed website.
The only contributions the
PAC made to other candidates
or parties since Mr. Rubio be-
gan his presidential campaign
in April were $5,000 apiece to
two members of Congress who
have endorsed him and to the
Republican Party of Florida,
according to Federal Election
Commission reports.
From April to December, the
PAC spent a total of $273,000,
with nearly half going to presi-
dential campaign or Senate
aides for consulting, according
to a Wall Street Journal analy-
sis of FEC reports.
The payments raised flags
with campaign-finance ex-
perts, who noted campaign
contributions by leadership
PACs to candidates are capped
at $5,000 per election cycle.
Donald Trump’s Broad Support
Donald Trump’s lead in New Hampshire has diminished, but he still maintains big margins among
important parts of the Republican electorate.
Preference among likely
New Hampshire Republican
primary voters
30%
25
20
15
10
5 White Evangelicals
0
Jan. 10 Jan. 28 Feb. 3
Note: Three other candidates at 4% or less.
Source: WSJ/NBC News/Marist Poll of 653 likely Republican primary
voters conducted Feb. 2-3; margin of error: +/-3.8 percentage points
dubbing Mr. Rubio “the boy in
the bubble” for his reluctance
to stray from his stump speech
and questioning his record of
achievement in the Senate.
Joe McQuaid, publisher of
the Union Leader, which has en-
dorsed Mr. Christie, penned a
stinging editorial that ran on
the front page of Friday’s paper
criticizing Mr. Rubio. “Young
Rubio must think New Hamp-
shire a bunch of rubes,” he
wrote. “He hasn’t spent much
time here but is trying to sell
himself with TV ads as some-
all, according to a December
poll from Winthrop University
in Rock Hill, S.C. She is also on
the vice-presidential shortlist.
She is likely to announce her
endorsement by, or soon after,
Tuesday’s New Hampshire pri-
mary, in time to shake up the
Feb. 20 race here. “Obviously by
the time we get to South Caro-
lina, I should do something,”
she said. Her allies predict she
will back Florida Sen. Marco Ru-
bio, like her, a onetime tea-party
star with cross-cultural appeal
who is now seen by Republicans
as relatively mainstream. There
are “multiple people out there”
to choose from, Ms. Haley said,
pointing out that she might not
endorse anyone.
She began her political career
in 2004, when she was 32 years
old, a businesswoman and a
married mother of two young
children. In short order, she beat
the longest-serving Republican
state House member, was elected
president of her freshman class
and became majority whip.
She was stripped of a com-
mittee post after she pushed
for on-the-record voting. That
demotion was “one of the best
things that ever happened to
me,” she said, because it re-
moved the option of climbing up
the ladder the traditional way.
Legislators still chafe at Ms.
Haley’s shaming of them by
name in speeches when things
don’t go her way but say she is
collaborating more. “I think
mutual respect of each other
has improved,” said Rep. James
Smith, a Columbia Democrat.
Florida Sen. Marco Rubio poses for a selfie at a campaign event Thursday in Manchester, N.H.
Payments over that amount
can’t be for presidential cam-
paign work or they would ex-
ceed the contribution limit.
“It’s going to be hard for
them to explain how these
people are working on leader-
ship PAC business and not on
campaign activities,” said
Larry Noble, counsel for the
nonpartisan Campaign Legal
Center. “They have to prove
that those lines are drawn.”
Candidate’s lead over closest rival among selected groups of
likely New Hampshire Republican primary voters
Donald Trump
Trump
30% Income less than $50,000
Noncollege graduate
Ages 18–29
Rubio
17% Conservatives
Moderates
Cruz
15% Age 60 or older
Kasich
Tea Party supporter
10%
+4
Bush
9% Ted Cruz
Very conservative voters
one who can go to Washington
to clean up the Washington
mess. Earth to Rubio: You are a
U.S. senator. The Senate meets
in Washington. You are hardly
an outsider.”
Mr. Cruz also enjoyed a
post-Iowa bump in the poll fol-
lowing his win over Mr. Trump.
He laughed off the increased at-
tention on Mr. Rubio. “If mo-
mentum was measured by the
media, Marco Rubio would al-
ready be the Republican nomi-
nee,” Mr. Cruz told reporters
after a campaign stop in Weare,
Many Forces Behind Military Cuts
BY NICK TIMIRAOS
Prominent Republican pres-
idential hopefuls are amplify-
ing accusations that President
Barack Obama has undermined
the nation’s military readiness
because military spending has
been slashed under his watch.
The reality—a mix of man-
datory cuts agreed to by both
parties and a reallocation of
military funding—is more
complicated.
The attacks will likely get a
fresh airing Saturday when the
candidates meet for a debate
in New Hampshire. Five years
of cuts in Defense Department
budgets have prompted GOP
candidates to press concerns
over diminished military reach
at a time of renewed terrorism
concerns and saber rattling
from Russia and China.
At last month’s debate in
Iowa, Texas Sen. Ted Cruz said
Mr. Obama had “dramatically
degraded our military,” while
Florida Sen. Marco Rubio said
a “diminished” military made
it impossible to destroy the Is-
lamic State terror group.
Military spending has in-
deed fallen over the course of
the Obama administration, due
in large part to the drawdown
in the Iraq and Afghanistan
wars that was already in mo-
tion when President George W.
Bush left office in 2009.
In addition, Republicans’
impulse to trim deficits when
they took control of Congress
in 2011 bolstered a push by
some lawmakers of both par-
ties to slice Pentagon funding,
leading to automatic spending
Scrutiny of Mr. Rubio’s cam-
paign operation could become
an issue as his opponents,
chiefly New Jersey Gov. Chris
Christie and former Florida
Gov. Jeb Bush, seek to stop his
momentum in next week’s New
Hampshire primary.
Other candidates, including
Messrs. Christie and Bush,
Texas Sen. Ted Cruz and Ver-
mont Sen. Bernie Sanders,
have paid campaign aides ex-
2nd place
+16 ppts. Rubio
+16 Cruz
+15 Rubio
+12 Rubio
+10 Rubio
Rubio
+8
+8 Cruz
Cruz
2nd place
Trump
+22
THE WALL STREET JOURNAL.
N.H. “In the media’s telling,
bronze is the new gold. And
Iowa demonstrated the media
doesn’t get to the pick the Re-
publican nominee.”
Some of the attacks—that
Mr. Rubio is too young, that he
supported a pathway to citizen-
ship for people in the country
illegally, and that he has
skipped too many Senate
votes—have sunk in with some
voters here.
“The thing that concerns me
is him not being at the votes,”
said Charlie List, 58, of Derry,
Defense Secretary Ash Carter, shown after a speech this past week in Washington.
cuts known as the sequester.
The U.S. spends about as
much on the military in infla-
tion-adjusted terms—about
$600 billion a year—as it did
in the Reagan administration.
“That’s a lot of money, even by
American Cold War stan-
dards,” said Michael O’Hanlon
of the Brookings Institution.
Military spending surged
during the Vietnam War and
again during the mid-1980s. It
fell through the 1990s before
rising for post-9/11 military
campaigns.
Measured as a share of
gross domestic product, de-
fense spending is still slightly
above the postwar lows
reached in the late 1990s. It
* ***** THE WALL STREET JOURNAL.
paid a total of $100,751 to nine
staffers and firms last year
that also received $1.2 million
from his campaign account. Its
largest expense between April
and December: $32,000 paid to
Terry Sullivan, Mr. Rubio’s full-
time campaign manager, for
“strategic consulting.”
Mr. Sullivan received
monthly checks of $4,000 from
the PAC at the same time as
the campaign paid him $15,000
a month for consulting, bring-
ing his payments to $179,000
between April and the end of
the year. He didn’t respond to
CHIP SOMODEVILLA/GETTY IMAGES
requests for comment.
A firm headed by Mr. Ru-
bio’s campaign fundraiser,
Dorinda Moss, received $4,500
a month from the leadership
PAC for fundraising consulting
while earning $12,000 a month
from the campaign, for a total
of $123,000 from April to De-
cember. She also was person-
ally paid $9,000 by the leader-
tra money through leadership ship PAC. She didn’t respond
PACs, but the payments either to requests for comment.
were under the $5,000 limit; Two Rubio aides in his Sen-
appear to cover political work ate office have also been paid
done before campaigns began; by the PAC since the campaign
or covered legal and compli- began. Chief of staff Alberto
ance costs of maintaining such Martinez and Florida director
committees. Hillary Clinton Todd Reid each got $2,246 for
doesn’t have a leadership PAC. strategic consulting every
Mr. Rubio established Re- month on top of their Senate
claim America in his first year salaries. Mr. Martinez didn’t
in office. Since he announced respond, and Mr. Reid declined
his 2016 campaign, the group requests for comment.
N.H., who attended a Rubio
event Friday night but is still
on the fence. “Most people, if
you don’t show up for work,
talked up his conservatism, re-
ligious faith and ability to unite
disparate wings of the GOP. In
New Hampshire, he has spoken
you don’t get paid.” of uniting the entire country, an
People fundraising for Mr. appeal that could resonate
Rubio’s team said fence-sitting more in a state where indepen-
Wall Street donors are finally dents accounted for nearly half
warming to him. Bankers, of the GOP primary electorate
hedge-fund managers, private- in 2012.
equity executives and other fi- “We need to stop pitting
nancial-industry professionals Americans against each other,”
are promising to open their Mr. Rubio told hundreds of peo-
wallets, according to interviews ple packed into a second-floor
with existing donors and some bar in Dover, N.H., citing his
others who are planning to con- work across the aisle in the
tribute. Florida Legislature.
Investors would like to see Some undecided GOP pri-
Mr. Rubio prevail because he is mary voters here said Mr. Ru-
a “very business-friendly but bio’s performance in Iowa, cou-
competent, likeable candidate,” pled with a perception that he
said David Bahnsen, chief in- would perform well against a
vestment officer at HighTower Democrat in the general elec-
Advisors. tion, are the biggest factors
Mr. Rubio, 44, has already working in his favor. In addi-
attracted some younger Wall tion, they note that he seems
Street donors who have not more viable than other Republi-
previously been all that politi- cans seeking the support of the
cally active, including: Thomas party’s less-conservative voters.
Farley, president of NYSE But Mr. Rubio hasn’t sealed
Group; hedge-fund manager the deal with them yet. Mark
Eric Mandelblatt of Soroban Swartz, 55, an undecided pri-
Capital Partners LP; Brian mary voter from Rye, said he is
Levine, a managing director at torn between Messrs. Kasich,
Goldman Sachs Group Inc.; and Rubio and Trump. “I’m not sure
Sean Klimczak, a senior manag- Kasich has the legs to make it
ing director at Blackstone to November,” Mr. Swartz said.
Group LP, say people familiar “That’s why I’m leaning toward
with the matter. Rubio.”
In his closing argument to —Reid J. Epstein
Iowa Republicans, Mr. Rubio contributed to this article.
GARY CAMERON/REUTERS
represented 3.5% of GDP last cal advancements that make
year, versus a recent peak of aircraft far more expensive.
5.2% in 2009 and the low of The F-35 Joint Strike Fighter
3.4% in 2000. program, for example, is set to
While Mr. O’Hanlon said he produce 2,457 planes for $400
favors a slightly larger military billion, and the Pentagon could
budget, by almost any measure ultimately invest $1 trillion to
it “hasn’t gone down as astro- operate the planes over their
nomically as the Republican lifetime, according to the Gov-
debate might have suggested.” ernment Accountability Office.
Republicans have pointed to If elected, Republicans’
lower levels of troops, planes promises to ramp up defense
and ships. Total active duty budgets are likely to collide
military manpower stands at with tough budget math.
its low since World War II, but Spending on so-called entitle-
civilian defense employment is ment programs would con-
larger than it was in the late tinue to widen deficits, requir-
1990s or the early 2000s. ing either spending cuts or tax
Military analysts say com- increases. Most of the leading
parisons of equipment and GOP candidates, however, have
craft don’t reflect technologi- promised large tax cuts.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
U.S. Sanctions Move Angers Beijing Hong Kong
Booksellers
New penalties being
drafted for North
Korea could ensnare
Chinese companies
The U.S. Congress is moving
swiftly to approve new sanc-
tions on North Korea that
would likely entangle Chinese
companies as well, adding to
growing animosity between
Washington and Beijing.
By Jay Solomon in
Washington and Josh
Chin in Beijing
Officials working on the leg-
islation said it would include
so-called secondary sanctions—
the type used by the Obama ad-
ministration to inflict serious
economic damage on Iran be-
fore reaching a landmark nu-
clear agreement last year.
These penalties would target
not just North Korean compa-
nies and individuals believed to
be involved in the country’s nu-
clear-weapons program and cy-
berwarfare operations, but any-
one doing business with them.
Iran had a wide range of
trading partners, but China is
by far North Korea’s closest.
That means the new sanctions
could fall heavily on Chinese
firms, which current and for-
mer U.S. officials have long ac-
cused of complicity in Pyong-
yang’s military development.
The White House retains
the power to waive sanctions
in certain cases, but would be
required to report its reasons
to Congress.
China on Friday said it op-
posed any efforts to unilater-
ally impose sanctions. “We
hope all relevant parties would
meet each other halfway in-
stead of further complicating
the issue,” said a Foreign Min-
istry spokesman in Beijing.
Hours later, the White
House said President Barack
Obama and Chinese President
Xi Jinping spoke by phone
about how to coordinate ef-
Rescuers Seek Survivors After Taiwan Quake
PATRICK LIN/REUTERS
A strong earthquake toppled
apartment blocks and other
buildings in a city in southern
Taiwan early Saturday, with lo-
cal media and officials report-
ing hundreds of people rescued
but at least dozens unac-
counted for.
The earthquake, which the
Pope Reaches Out to East
The Vatican said the pope
will meet the leader of the Rus-
sian Orthodox Church, Patriarch
Kirill, on Feb. 12 in Cuba, taking
a step toward healing a 1,000-
year-old rift between the Catho-
lic Church and the biggest of
the Eastern Orthodox churches.
By Francis X. Rocca in
Vatican City and James
Marson in Moscow
According to a Vatican
statement, the meeting will be
“the first in history” between
a Russian Orthodox patriarch
and a pope.
The move comes amid the
worsening plight of Christians
in the Middle East, a crisis
that the pope has often said
adds urgency to the need for
Christian unity.
The Vatican said Pope Fran-
cis will stop in Cuba on his
way to Mexico. Patriarch Kirill
will be in Cuba as part of a
previously planned official
visit to Latin America. The
* * * * * * * *
Satellite imagery from Thursday, released Friday, of the Sohae Satellite Launching Station in North Korea. 38 North, a Washington-
based, North Korea monitoring project, said recent images show the arrival of tanker trucks at the launch pad.
forts in response to North Ko-
rea’s provocations.
After testing its fourth nu-
clear weapon on Jan. 6, Pyong-
yang notified the United Na-
tions this past week that it
would launch a satellite this
month using rockets that could
also be used for delivering bal-
listic missiles—both in defiance
of international prohibitions.
A North Korea-focused web-
site, 38 North, posted satellite
photos taken this week appar-
ently showing tanker trucks
moving fuel to Pyongyang’s
launch location in the coun-
try’s northeast. The site said it
didn’t appear the fueling had
begun. North Korea told the
U.N. it planned to test some-
time between Feb. 8 and 25.
The congressional sanctions
thrust, which appears headed
for completion this month, is
U.S. Geological Survey mea-
sured at magnitude 6.4, struck
a few minutes before 4 a.m.
shaking a wide area of south-
ern Taiwan and leaving at least
three people dead and sending
more than 150 injured to hospi-
tals. In the city of Tainan, a 17-
story apartment building col-
pope is to visit Mexico on Feb.
12-18 and didn’t originally plan
to stop in Cuba.
The top diplomatic repre-
sentative of the Russian Patri-
arch suggested persecution of
Christians provided the neces-
sary momentum to bring
about the meeting.
“The situation in the Mid-
dle East, in northern and cen-
tral Africa and in other re-
gions where extremists are
perpetrating a genocide of
Christians requires immediate
action and an even-closer co-
operation between Christian
churches,” Metropolitan Hilar-
ion told reporters in Moscow.
The Vatican said that Patri-
arch Kirill and Pope Francis
would meet at the airport in
Havana and would sign a joint
declaration. Vatican spokesman
Father Federico Lombardi said
that the meeting comes after
“long preparation,” adding that
it was always understood the
first meeting would take place
on “neutral” territory.
WORLD NEWS
unlikely to meet with a White
House veto. But the move
would be sure to further ag-
gravate U.S.-China tensions,
which already have been
strained by territorial disputes
in the South China Sea and
other regional security issues.
Sen. Cory Gardner (R.,
Colo.) who sponsored the
North Korea legislation that
was approved Jan. 28 by the
Senate Foreign Relations Com-
mittee, said it aims to “send a
strong message to China and
others that the United States
will use every punitive eco-
nomic tool at its disposal to
punish the regime and its en-
ablers, wherever they may be.”
Secretary of State John
Kerry traveled to China late last
month to press Chinese officials
to back tougher sanctions on
North Korea. His meetings with
lapsed, and 12 other buildings
either fell over or were leaning,
the government said. More
than 200 people escaped or
were rescued from the 17-story
building, the Central News
Agency said, citing the city fire
department.
—Jenny W. Hsu
Since the Second Vatican
Council in the 1960s, the Holy
See has pursued stronger rela-
tions with other Christian
churches, hoping to one day
reunify the Christian world.
Pope Francis has met sev-
eral times with the Ecumenical
Patriarch Bartholomew of
Constantinople, considered
first among equals among Or-
thodox bishops. But relations
with the Russian Orthodox
Church—by far the biggest of
the Orthodox churches, with
an estimated 150 million mem-
bers—are a special priority.
Friction between the Catho-
lic and Russian Orthodox
churches has made reconcilia-
tion difficult. Russian Ortho-
dox clerics have long accused
Catholics of trying to convert
their faithful via Eastern Cath-
olic churches that have litur-
gies similar to the Orthodox.
The Russian Orthodox
Church has returned to promi-
nence since the fall of the So-
viet Union.
his Chinese counterpart Foreign
Minister Wang Yi were tense,
and they agreed only that the
countries should take swifter
action at the U.N., according to
U.S. officials.
Part of Mr. Kerry’s case was
that world powers successfully
came together to enforce
tough sanctions on Iran—both
unilaterally and at the U.N.—
and that Washington and Bei-
jing need to take similar joint
steps to counter North Korea.
But Chinese officials resisted
Mr. Kerry’s plea for tougher
sanctions, citing adverse ef-
fects to Chinese businesses.
Mr. Kerry warned the Chi-
nese that if they didn’t
toughen their response to the
North the U.S. might have to
use secondary sanctions or de-
ploy an advanced U.S. missile
defense system to the region,
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Saturday/Sunday, February 6 - 7, 2016 | A7
Detained
In China
BY NED LEVIN
HONG KONG—The list of
people who have disappeared in
Hong Kong and then reap-
peared in custody in mainland
China is growing longer.
Chinese police confirmed
Thursday that three Hong
Kong booksellers who have
been missing since October are
being detained on the main-
land and are under investiga-
AIRBUS DEFENSE & SPACE AND 38 NORTH/REUTERS
tion for “illegal activities,” ac-
cording to a letter Hong Kong
police said they received.
The men, Lui Por, Cheung
Chi Ping and Lam Wing Kee,
are not the first employees of
the same bookstore to re-
emerge in custody in mainland
China after disappearing.
A fourth bookseller, Gui
Minhai, went missing from his
vacation home in Thailand in
October and last month ap-
peared on Chinese state televi-
sion confessing to violating his
probation related to a fatal car
according to U.S. officials. accident over a decade ago.
In their phone call, Mr. Another colleague, Lee Bo,
Obama and Mr. Xi agreed the went missing from his com-
planned ballistic missile test pany’s warehouse in December
would violate United Nations and since then, he has said in a
Security Council resolutions series of calls, messages, and a
and could prompt the adoption meeting with his wife that he
of a new one, the White House is in mainland China assisting
said. There was no immediate with an investigation, accord-
comment from Beijing. ing to Hong Kong police.
The U.S. has been negotiat- None of the detained men
ing with China for a Security could be reached to comment,
Council resolution that would and it isn’t known if they have
expand U.N. sanctions to a lawyers.
broader swath of North Ko- Mr. Lee and his colleagues’
rea’s economy and target new bookstore, Causeway Bay
individuals involved with its Books, and its affiliated pub-
nuclear program, the diplo- lisher, Mighty Current, sold
mats said. But China has veto thinly sourced accounts detail-
power over any resolution; ing the personal lives of top
the U.S. won’t likely introduce Chinese leaders and other po-
one without Chinese approval. litical intrigue.
—Farnaz Fassihi and Carol Causeway Bay Books has
E. Lee contributed to this been closed since Mr. Lee disap-
article. peared.
CENTRALBANKS
INSIGHT & ANALYSIS NETWORKING EVENTS
CENTRALBANKS
CENTRALBANKS
EXCLUSIVE FED POLICY COVERAGE MOBILE
IN-DEPTH
14-DAY
FREE TRIAL
IN-DEPTH
© 2016 Dow Jones & Co., Inc. All rights reserved. 3DJ3134
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A8 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

FROM PAGE ONE

HEDGE
Continued from Page One
Jensen is an extreme example
even for Bridgewater. They have
never confronted each other so
intensely before, according to
current and former employees.
In the past, employees have
been fired, or “sorted out,” for
repeatedly violating the firm’s
core principles, according to
people familiar with the matter.
Bridgewater is run on a set of
210 principles that have been
SIMON DAWSON/BLOOMBERG NEWS

NBCU PHOTO BANK/GETTY IMAGES

downloaded from its website
more than two million times.

Held accountable
Principle No. 72 applies even
to the billionaires who lead
Bridgewater: “Hold people ac-
countable and appreciate them
holding you accountable.” Greg Jensen, co-chief executive of Bridgewater Associates, the world’s largest hedge fund, and founder Ray Dalio, right, called for votes on each other’s conduct.
The potential impact of the
disagreement is unclear. The “It’s the way that they can be
fact that the votes were called resolved that keeps us all here
at all has unleashed employee and resulted in the incredible
anxiety about Bridgewater’s fu- working relationships that have
ture leadership, people familiar made Bridgewater so success-
with the matter say. ful,” he added. “I can’t imagine
Messrs. Dalio and Jensen de- working in any other place.”
clined to comment in detail As of Friday morning, the
about their dispute. votes hadn’t been completed,
“The question here about according to a person familiar
Greg is whether he said things with the matter. In a statement
about me on tape in our meet- Friday evening after this article
ings that he did not discuss with was published online, Mr. Dalio
me before,” Mr. Dalio said in a said “this particular dispute has
written statement to The Wall already been resolved via our
Street Journal. process.”
Mr. Dalio, Bridgewater’s A spokesman declined to
chairman and co-chief invest- comment further, including on
ment officer, said the issue isn’t the status of the votes.
about “a traditional definition of Mr. Dalio has produced an es-
integrity.” He said he believes timated $45 billion in net gains
Mr. Jensen has “incredible in- since launching Bridgewater in
tegrity by any traditional defini- 1975 from his two-bedroom
tion.” Manhattan apartment. The
Mr. Jensen, one of the firm’s gains top all other hedge-fund
two other co-chief investment managers, according to LCH In-
officers, said in his own state- vestments NV.
ment that the disagreements The firm was born as a re-
have been “healthy.” search shop that offered global
macroeconomic opinions and
veered into investing when Mr.
The Lexicon Dalio got $5 million from the
of Bridgewater World Bank’s pension fund in
1985 to trade bonds. Bridgewa-
ter has since grown to 1,500 em-
Integrity A core principle of ployees.
never saying something about a Because of Bridgewater’s im-
person that you wouldn't say
directly
pressive long-term performance,
its investors include many of the
largest pensions in the U.S.,
Shaper The ideal leader, who such as the Pennsylvania Public
takes an idea from visualization
School Employees’ Retirement
to actualization
System, and sovereign-wealth
funds.
Bridgewater’s main hedge
Principles Ray Dalio's fund, called Pure Alpha, has an
self-made set of rules aimed at
average annual return of about
removing human emotion from
13% after fees since its start in
decision-making
1991.
Transparency Library An Bridgewater has stumbled a
internal collection of videos and bit lately. For the first time in
transcripts of tens of thousands more than a decade, the
of hours of meetings firm manages fewer assets than
it did a year earlier. A widely
Dot Collector An app to rate mimicked fund that uses pas-
and organize employees sive, automated programs to
attributes like ‘willingness to shift investments among asset
touch the nerve’ classes like currencies and
bonds fell 7% last year.
Believability Index A Pure Alpha, which makes
measurement that reflects how more traditional hedge-fund in-
much weight individual opinions vestments posted a gain of
are given in debates and polls nearly 5%, outperforming peers.
The principles created by Mr.
Pain Button An app to record Dalio aim to remove human
feelings such as ‘angry,’ emotions such as fear and greed
‘frustrated’ and ‘sad’ from decision-making and maxi-
mize profits. He said Bridgewa-
ter’s “evidence-based meritoc-
Slimy Weasel A manager racy” is “not easy for outsiders
who talks behind people’s backs to make sense of, but it is the
secret to our success.”
THE WALL STREET JOURNAL. Shortly after organizing the
Profitable Philosophy
Bridgewater Associates' largest investment fund has had 15 straight
years of gains and outperformed a hedge-fund index in 15 of the past
25 years.
40%
20
0 most valuable private compa-
Bridgewater Pure Alpha
HFRI Fund Weighted Composite Index
–20
1991* ’95 ’00
*Pure Alpha fund started in December 1991
Sources: Investor documents (Bridgewater); Hedge Fund Research (HFRI)
principles in a written list about
12 years ago, Mr. Dalio had them
printed, and some employees
began carrying the principles at
all times.
“Firing people is not a big
deal—certainly nowhere near as
big a deal as keeping badly per-
forming people,” he writes in
Principle No. 130. Any manager
who talks about subordinates
who aren’t in the room is “a
slimy weasel,” according to
Principle No. 5.
Misused apostrophe
While discord is encouraged,
Mr. Dalio’s words often are
taken as gospel. One former
Bridgewater employee recalls
debating with other employees
for as long as an hour whether a
misused apostrophe in one of
Mr. Dalio’s research reports was
intentional or not.
Mr. Dalio says most employ-
ees “are in fact rewarded” for
challenging him. About 20% of
the feedback he got in the past
two years was negative, he adds.
About 25% of new hires leave
Bridgewater within the first 18
months, but the turnover rate
declines after that, according to
the firm. Bridgewater is a major
recruiter of recent graduates
from elite colleges such as Har-
vard University, Dartmouth Col-
lege and the Massachusetts In-
stitute of Technology.
Those who stick around em-
brace Bridgewater’s philosophy.
That includes Mr. Jensen, who
started at Bridgewater as an in-
tern about 20 years ago. He be-
Dalio said. “We and she couldn’t
imagine her working anywhere
else.”
Technology is helping Bridge-
water gather ever more em-
ployee data. The firm has hired
former officials from the Na-
tional Security Agency and Cen-
tral Intelligence Agency, as well
as the International Business
Machines Corp. scientist who
led the development of its Wat-
son artificial-intelligence plat-
form.
Data-mining company Palan-
tir Technologies Inc., one of the
nies, helps Bridgewater analyze
employees’ internal ratings.
While at work, Bridgewater
employees constantly rate each
other on more than 60 attri-
’05 ’10 ’15 butes, including “willingness to
touch the nerve,” “conceptual
thinking” and “reliability,” peo-
THE WALL STREET JOURNAL. ple familiar with the matter say.
The system feeds data into
came the likely successor to Mr. an ever-growing set of bench-
Dalio after the Bridgewater marks, comparable to a stock in-
founder began in 2011 to cede dex, that flag low scores and can
some of his control and owner- eventually lead to a smaller bo-
ship. nus for an employee or even be-
Bridgewater requires employ- ing let go.
ees to watch professionally ed- In an iPad app called “Dot
ited training videos that use Collector,” employees weigh in
case studies to show how the in- on the direction of conversa-
vestment firm’s principles tions while they are happening.
should be used in day-to-day Employees also are quizzed
work. Tens of thousands of about the outcome of meetings.
hours of videos and transcripts Any meeting of at least three
are stockpiled in the “Transpar- people is expected to hold at
ency Library.” least one poll, according to peo-
One video shows Mr. Dalio
standing at a dry-erase board
and demonstrating how the
Bridgewater is
marker ink won’t fully rub out known for investment
with an eraser, according to
people familiar with the video.
prowess and an
Mr. Dalio prods Bridgewater idiosyncratic culture.
employees at length about why
they bought the dry-erase
board, why it doesn’t work and ple familiar with the matter.
how the bad decision could have The average employee accu-
been avoided, those people say. mulates more than 2,000 “dots,”
Other videos feature disputes or individual ratings from other
involving high-level executives. employees, a year, a person fa-
A video that Bridgewater titled miliar with the matter says.
“Eileen Lies” details the han- Those ratings are distilled
dling of accusations several into a “Baseball Card” that
years ago against Eileen Murray, shows every employee’s average
a management committee mem- rating for various attributes.
ber. The card also includes each em-
Bridgewater won’t comment ployee’s overall “Believability In-
on the accusations, but people dex,” which reflects how much
familiar with the video say it de- weight the employee’s opinion
scribes the discovery that a pro- has in debates and polls.
spective employee’s resume con- The “Pain Button” serves as a
tained a falsehood. kind of diary of unpleasant ex-
Ms. Murray, who is co-CEO periences. It can be used to spot
with Mr. Jensen, wouldn’t com- negative patterns, track prog-
ment. “I can assure you that if ress in dealing with conflict and
Eileen was assessed to be a liar potentially avoid similar experi-
she wouldn’t be here today,” Mr. ences in the future.
The app reflects another core
tenet at Bridgewater: “Pain +
Reflection = Progress.” Employ-
ees are frequently encouraged
to “get in synch” and hash out
their disagreements, current
and former employees say.
Bridgewater is working on a
new app called “Dispute Re-
solver.” When it is finished, the
app will suggest ways to handle
disputes between disagreeing
employees, help escalate the
dispute to a mediator or even
begin the process of forming a
tribunal where both sides sub-
mit evidence, according to a
person familiar with the matter.
The focus on decision-making
is related to Mr. Dalio’s belief
that “emotional hijackings” can
impair decision-making in in-
vestments and life.
After honing ideas through
debate and discussion, Bridge-
water employees write trading
algorithms that buy and sell in-
vestments automatically, with
some oversight.
Those algorithms can be trig-
gered by outside data. For in-
stance, data showing an in-
crease in global shipping might
set in motion an algorithm that
boosts a particular Bridgewater
fund’s exposure to capture prof-
its from the change.
A decade ago, employees
rated each other as little as once
a year, recalls Mike Kane, who
spent his first year out of col-
lege as an associate at the firm.
“It’s difficult to have a strong
company culture as you get
larger,” says Mr. Kane, adding
that he appreciated Mr. Dalio’s
willingness to let young employ-
ees take on major responsibility
and speak their minds so openly.
After Messrs. Dalio and Jen-
sen called for the votes, about a
dozen top employees and stake-
holders at Bridgewater began
reviewing video recordings of
meetings, transcripts and other
material to prepare, according
to people familiar with the mat-
ter.
Voters were told to keep
quiet. After the Journal asked
Bridgewater about the dispute,
the firm warned employees in
an email that it would find any-
one responsible for leaking in-
formation, people familiar with
the matter say.
Under Bridgewater’s policies,
vote results and each person’s
individual votes are made avail-
able to the rest of the firm. “All
employees see what would be
hidden in most companies,” Mr.
Dalio said.

TICKETS the stadium Sunday for people

picking tickets up on game day,
says Colin Evans, chief revenue
officer of Gametime, which is
Continued from Page One reselling Super Bowl tickets for
ticketing, the National Football the first time.
GEORGIA WELLS/THE WALL STREET JOURNAL
rector Joseph Asaro and two
colleagues sat on Tuesday with
the precious stacks.
To verify each ticket, they
used black lights to reveal an
image of a football and the

League is in the past century. StubHub is managing number “50” on the back. They
Anyone buying a ticket can’t roughly 6,000 tickets it values rubbed a spot printed with
download it and show it at the at $30 million or more. heat-sensitive ink, which the
gate or send it to anyone online. StubHub’s Mr. Deppen got warmth of their fingers tempo-
The NFL is sticking to its Super on task two years ago, traveling rarily erased.
Bowl tradition: Fans must use from New York to Santa Clara They handled the tickets
NFL-issued paper tickets. at Silicon Valley’s southern end. gingerly, lest they damage their
That creates a logistical lab- He was scouting for a location delicate edges.
yrinth for digital resellers like to distribute tickets to custom- Every evening this week, Mr.
eBay Inc.’s StubHub, which is ers and knew he had found a Asaro and another StubHub
deploying armored vehicles and good one when he spotted the employee have counted the
guards packing heat. Joseph Asaro, center, StubHub’s director of security, checks the authenticity of Super Bowl tickets. Great America amusement park tickets. Then guards have
On Saturday and Sunday, by the stadium. picked them up and trans-
StubHub will herd all its buyers But the NFL sticks to tradi- man who last week sold two game and will fly to California StubHub could stage an all- ported them to a locked vault.
through an amusement park by tion every year for Super Bowl Super Bowl 50 tickets and three to hand-deliver them, as he has day party as it had done for re- Mr. Asaro is one of only four
Levi’s Stadium, the game venue, tickets—this year printed in hotel nights on eBay for $9,151. done during past Super Bowls. cent Super Bowls, he figured, StubHub employees who know
to pick up their tickets. gold with holograms and heat- He sent the package to his He advises his customers to so some fans would arrive early the vault’s location. StubHub
Physical tickets are part of a sensitive ink—because “fans brother in Menlo Park, in Sili- keep tickets in an inside pocket and help prevent long lines. always uses the “two-man rule”
few other events, such as golf’s like the commemorative aspect con Valley, who planned to rather than on a lanyard, as “We hate lines,” he says. with the tickets: No employee
Masters Tournament. But nor- of the tickets,” an NFL spokes- hand it Friday to the buyer many do. This week, StubHub has or person is ever alone with a
mally, for anything from base- man says. “The Super Bowl is a when she flies in from North “Would you put $3,000 cash been collecting tickets from ticket.
ball games to Metallica con- different kind of event, and Carolina. in a clear bag around your neck sellers. Some have mailed them Guns aren’t allowed in Stub-
certs, a seller can send a PDF or we’re comfortable with this.” “It’s ironic the Super Bowl is and walk around town?” says in. Hub’s office. Elsewhere along
mobile ticket online to a re- So sellers, professional and in Silicon Valley’s new high- Mr. Gabbert. He plans to catch Other sellers arrived in per- the tickets’ journey, Mr. Asaro
seller or buyer. Resellers then amateur, each winter step back tech stadium,” he says, “and the game at a bar near the sta- son, some with tickets tucked says, “our guards are armed
send tickets electronically to in time and handle old-fashioned physical tickets are the only dium. in inner jacket pockets. For Bay and packing heat.”
buyers’ computers or smart- tickets. It is a task made touch- means of getting in.” Gametime United Inc., a San Area sellers, StubHub has set Saturday morning, an ar-
phones. ier by lofty values and the fact To hand-deliver tickets, re- Francisco ticket-reselling app up makeshift drop-off locations mored vehicle will drive the
NFL teams offer electronic that the NFL begins issuing tick- sellers will go to great company, is delivering tickets at a Hilton Hotel near the sta- tickets to the amusement park,
tickets for the regular season. ets just weeks before game day. lengths—about 1,600 miles in to some customers via FedEx dium and at its San Francisco where guards will monitor dis-
The San Francisco 49ers have “My life would be a whole the case of Jay Gabbert, owner and to others by private couri- headquarters. tribution.
phased out traditional tickets lot easier if I could send the of Minneapolis-based ticket ers and staff members who Those tickets joined others “At kickoff,” Mr. Asaro says,
altogether for home games at buyer a PDF,” says Scott Barker, broker Metro Tickets & Tours. drive throughout the Bay Area. in plastic bins on the long table “I’m going to be a pretty happy
Levi’s Stadium. a Los Angeles County police- He has sold 17 tickets to the It will have a location near at StubHub, where security di- guy.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
OPINION
Marco Rubio’s New Hampshire Crucible
By Joseph Rago
L
Laconia, N.H.
ake Winnipesaukee has a
monsoon season, appar-
ently, but sheets of rain
did not prevent voters
from packing the former
mill where Marco Rubio spoke
Wednesday. The fire marshals
closed the doors, as they did the
night before in Exeter and would
later that evening in Dover. Fresh
off his surge in Iowa to a stron-
ger-than-anticipated third, the
senator is drawing crowds beyond
the merely curious that feature
some ineffable, heightened
quality—something approaching
genuine enthusiasm.
Mr. Rubio’s message is the
same as it always was, with a
well-rehearsed rap that matches
Ted Cruz’s. But his political bet is
that some New Hampshire voters
GETTY IMAGES (6)
want their anger tempered by
optimism and a cheerful note or
two.
The Florida senator’s combina-
tion of optimism and despair can
nonetheless be contradictory.
America is the greatest nation in
the history of the world, he says,
but it’s at risk of decline amid
extraordinary challenges, and by
the way if the present is terrible,
look forward to the glorious “new
American century” of the future.
Mr. Rubio can be as acid as Mr.
Cruz or Donald Trump about the
failures of President Obama and
the diminished potential of Ameri-
can life, and he says the election is
no less than “a referendum on our
identity as a nation and a people”
(as he says at every stop).
The Florida senator has
become everyone’s target
as he pitches optimism and
conservative unity to build
on his Iowa momentum.
But he cuts the gloom with his
inspirational life story, and unlike
the Texan or the billionaire, he
also promises to “bring the
conservative movement and the
Republican Party together.” He
says he’ll broaden the GOP’s
appeal, but without compromising
conservative principles. He’ll
persuade but also fight. He’ll
“modernize” the government,
whatever that means.
New Hampshire’s primary has
emerged as the proving ground to
learn if Mr. Rubio’s something-
for-everyone approach can
succeed. The Granite State also
may be the last stand for the sec-
ond tier of candidates—Jeb Bush,
Chris Christie and John Kasich—
mired in the high single or low
double digits in the polls. The
state could loft a fourth candidate
into what Mr. Rubio’s spinners
now call a “three-man race,” or, if
one of the governors maims Mr.
Rubio, Tuesday’s primary could
narrow the field to Messrs.
Trump and Cruz.
The Floridian’s rise has there-
fore inspired an especially brutal
assault, even for this political
year. Mr. Christie’s invective
about “the boy in the bubble,”
referring to Mr. Rubio’s “canned
speeches,” got national attention,
but there is plenty more. At a
town hall in Epping, N.H., the New
Jersey governor actually said a
Rubio presidency would be more
of a fiasco than—Mr. Obama’s.
The Man Stopping Illinois From Digging a Deeper Fiscal Hole
Chicago
When Gov. Bruce
Rauner stood in
front of the General
Assembly on Jan. 27
to deliver his State
of the State address,
CROSS
COUNTRY it marked nearly
seven months since
By Emily
Illinois had a budget.
Zanotti
The fiscal year
began July 1, but the
Republican governor and the state’s
Democratic lawmakers have re-
mained deadlocked. Mr. Rauner,
elected in 2014 as a reformer by vot-
ers fed up with seeing their state un-
derwater, wants to balance the bud-
get and reform the disastrous public-
pension system. No way, say
Democrats, who have a stranglehold
on the state legislature, and who
insist on tax increases.
Meanwhile, residents are feeling
the pinch. Illinois is paying for ser-
vices on a case-by-case basis, often
by court order or federal consent
decree, supervised by the state
comptroller. Lottery winners cannot
collect more than $600 each. The
Department of Motor Vehicles will
not mail license-plate renewal
notices. The legislature is passing
* * * *
Clockwise from top left, Republican presidential contenders Donald Trump, Florida Sen. Marco Rubio, Texas Sen. Ted
Cruz, Ohio Gov. John Kasich, former Florida Gov. Jeb Bush and New Jersey Gov. Chris Christie.
“Do not send another well-in-
tentioned, well-spoken, untrained
person into the chair in the Oval
Office,” he said, “because I guar-
antee you the result will not be
the same—it will be worse.
Because the problems this presi-
dent will inherit will be worse.”
Mr. Christie hardly has another
theme lately other than Mr.
Rubio’s inadequacy.
Mr. Bush also likens Mr. Rubio
to Mr. Obama, but most of the
anvils are dropping from his
super PAC, Right to Rise, whose
omnipresent TV ads savage his
former Florida comrade as an
untested amateur and absentee
senator. Even John Kasich, the
self-deputized “prince of light,” is
backed by a super PAC that put up
a TV spot accusing Mr. Rubio of
being soft on domestic violence.
Mr. Rubio’s support in Iowa was
pan-ideological but tipped toward
voters who describe themselves as
“somewhat conservative.” To finish
second in New Hampshire and build
“Marcomentum” ahead of South
Carolina, he must reassemble a
larger version of the same coalition
to defeat the governors and inflict
another wound on Mr. Trump.
The billionaire businessman
maintains a 16-point state lead in
the Real Clear Politics polling
average, but he didn’t promise so
many second-place finishes that
you’ll get sick of second-place fin-
ishes. He promised winning—and
after his magnanimous Iowa con-
cession speech, he’s returned to
full-attack form, accusing Mr.
Cruz of stealing the caucuses.
Mr. Cruz has continued to mock
such “Trumpertantrums” in New
Hampshire, though his style of
hard-edge politics isn’t a natural
fit for the state, and he knows it.
The senator needs to make a
creditable showing, but the more
consequential contest for his
candidacy will be South Carolina.
i i i alien named Fernando almost
Attacks such as Mr. Christie’s
may be a threat because they
have an element of truth. Mr.
Rubio really is a career politician,
starting as a city commissioner
of West Miami and rising to
become speaker of the Florida
House. But he can also plausibly
claim, as he usually does, that he
is antiestablishment because in
his 2010 Senate race he did the
national service of entombing
piecemeal bills to fund 911 call cen-
ters and putting off payments for
public transit, health care and educa-
tion. At the end of last year, accord-
ing to the Illinois comptroller, the
state’s unpaid bills totaled $8.5 bil-
lion. Nothing has shut down, but the
longer the stalemate goes on the
more those of us who live here worry
about losing the services we rely on.
Free-spending Democratic
lawmakers have been
blocked by the Republican
governor. Result: No budget
for seven months (so far).
Illinois’s budgetary woes are
legendary. As of January 2014, the
state had amassed debt of $321.4 bil-
lion, or $24,959 per capita, according
to State Budget Solutions and the
Heartland Institute. About a third of
that was unfunded future pensions—
in other words, not counting benefits
being paid to retirees today. Illinois
hasn’t balanced its budget since 2001.
Revenue isn’t the problem. An
October report from the Pew Charita-
Charlie Crist, a career politician
in the pejorative sense.
Likewise, Mr. Rubio’s discipline
is also a strength—the GOP hasn’t
been led by an articulate orator in
three decades—that can be preter-
natural. He’s a gifted speech
maker who’s made no especially
memorable speeches and seems to
consult a mix-and-match assort-
ment of views and observations.
At a town hall in Bow, N.H., Mr.
Rubio is asked by a World War II
vet, at length and philosophically,
if he is troubled like Eisenhower
about the military-industrial com-
plex. “If you’re talking about the
military industry and the defense
industry, then yes, I think our pro-
curement programs are broken. I
think there aren’t enough contrac-
tors and therefore we’re not
getting enough bids,” the senator
replies.
He goes on to invoke the space
program, a lack of funding for
weapons systems, a military
buildup in Asia, Russian adventur-
ism, “the smallest U.S. Navy in a
century,” the South China Sea,
global shipping lanes, a terror
enemy that wants to fight “until
the black flag of ISIS is flying over
our cities and towns.” Even as a
nonanswer, it was unconvincing.
M
r. Rubio’s tendency to
have it both ways can also
be less than coherent. He
says he’ll zero out taxes on
capital gains and dividends but
also create a whopping new child
tax credit. The architect of the
2013 Gang of Eight immigration
bill that he left marooned in the
House now supports a border-secu-
rity-first policy as he invokes the
hardscrabble background of his
Cuban-exile parents.
In Laconia, N.H., a man asks
Mr. Rubio about the controversy
that has most bitterly divided
Republicans. “I hire an illegal
every weekend,” he says. “He
hasn’t raped anybody, he hasn’t
stolen from anybody. How about a
pathway for immigration for the
Fernandos?”
“This is why I think I under-
stand this issue personally better
than anyone running for presi-
dent, because I know stories like
that are heartbreaking,” Mr. Rubio
replies. “I know the story of a gen-
tleman who’s in the United States
ble Trusts found that Illinois’s tax col-
lections have grown by almost 20%
since 2008, largely thanks to a short-
term income-tax hike of two percent-
age points that expired this year.
But what the state has taken in, it
has spent with reckless abandon. The
$8.5 billion in unpaid bills at the end
of 2015 nicely matches the $8.5 billion
in unpaid bills the state had at the end
of 2011, when then-Gov. Pat Quinn, a
Democrat, instituted the tax increase.
The theory was that this would rescue
Illinois and give it time to renounce
bad habits. That didn’t work.
But these numbers seem to make
no difference to the Democrats who
hold a three-fifths majority in the
legislature—veto-proof, in theory.
Democrats approved a budget in May
that would have spent $4 billion
more than the state’s revenue. Mr.
Rauner, citing a provision in the
state constitution requiring a bal-
anced budget, vetoed it. Democrats
tried to override, but some defected,
afraid that voting for another tax in-
crease would hurt them in Novem-
ber’s elections.
Earlier in the year Mr. Rauner had
presented his own budget, which rec-
ommended $6.7 billion in cuts, $2.9
billion in health-care and pension
Saturday/Sunday, February 6 - 7, 2016 | A9
illegally, and working, and you
know why? Because he sends
money back every Friday for
cancer drugs for his mother. . . .
“The flip side of it, however, is
that we have to have an immigra-
tion policy. There’s no nation on
earth that can absorb everyone
who wants to come, and the truth
is that if we opened it up and
said anyone who wants to come
can come we’d have 100 million
people show up overnight. We
can’t sustain that. It has to be a
system that’s manageable for us
and good for Americans. So I do
sympathize with the story you
told, but I also sympathize with
the American people who have to
bear the burden of people coming
into this country illegally.”
Mr. Rubio concludes: “This is a
complex issue, and there are
stories of people who are in this
country illegally that will outrage
you, and there are stories that
will break your heart. But we
ultimately have an immigration
policy that’s good for America.”
Well, yes.
Then again, the issues are com-
plex, and Mr. Rubio has a point
that a divided GOP is unlikely to
defeat Hillary Clinton or Bernie
Sanders. A certain incoherence
may be the price of unity and a
Republican Party that attracts
more than the base. And if a
candidate as conservative as Mr.
Rubio is the “establishment,” then
the word has ceased to mean very
much.
Messrs. Bush, Christie and
Kasich are all making their
versions of the same pitch, with
the benefit of varying records of
accomplishment in office. Their
campaigns sometimes have the
poignancy of a cause everyone
knows is hopeless except for the
candidate, but they’re hanging in
and awaiting a late-breaking
groundswell.
Mr. Bush is plainly discouraged
that his image and record are so
disconnected, that his detailed
policy ambition hasn’t attracted
more of a following. At an event
in Henniker, N.H., he jokes rue-
fully that his book of proposals at
least allowed his deputy policy
director, knocking on doors in
Manchester, to fend off an attack
by a dog, which “grabbed the
plan and started eating it, so she
escaped.”
reforms, and no new taxes. Democrats,
beholden to public employee unions
like the American Federation of State,
County and Municipal Employees,
accused the governor of being “reck-
less” and wanting to “balance this
budget on the backs of the most frail,
the most vulnerable.”
Around the same time, the Illinois
Supreme Court struck down a 2013
pension reform, ruling that the state
is constitutionally required to ensure
that public pensions are not “dimin-
ished or impaired.” But Mr. Rauner
has pressed forward, arguing that
the state is in crisis. He has implored
Democrats to find a way to alter
pension obligations that they can
support.
In his State of the State speech,
Mr. Rauner struck a tone of “mutual
respect.” But he is serious that
changes must be made if a budget is
to move ahead. Last month he threw
his support behind a state takeover
of Chicago’s public-school system,
which would allow it to declare bank-
ruptcy, void union contracts, reduce
pension payments and replace the
board of directors. Democrats were
livid. House Speaker Mike Madigan
warned the proposal was an “anti-
middle class agenda” aimed at “strip-
Yet Mr. Bush has improved dra-
matically as a candidate, perhaps
recovering some of the self-as-
surance he had as Florida gover-
nor. “Are you going to take a
chance?” he asks. “Are you going
to squander this incredible first-
in-the-nation privilege to take an
untested person to be the Repub-
lican nominee?”
Mr. Kasich’s town halls often
feel like group therapy: “I’m
free,” the Ohio governor said at a
middle school in Derry, his 95th.
“I’m not, like, worried about
what’s going to happen.” He’s
hoping his inclusive, late-Baroque
campaign style can differentiate
himself.
“These are serious issues, but
they’re not that hard to fix,” he
explains. “You know why we can’t
fix ’em? People come in here and
tell you everything is going
down—we’re fine. We have chal-
lenges, but we’re fine. You know
what the problem is? People.
People that don’t want to put the
country first and get hung up on
politics or party or whatever. . . .
I want you to know that if I be-
come president, I’m going to give
you a warning: Go and get a seat
belt, because there’s going to be
so much change coming that it’ll
make your head spin.”
Mr. Kasich is in the habit of
placing personal follow-up phone
calls to the people he meets at
hotels, diners and his town halls,
and they seem to show up every-
where and give him updates on
their problems. There are hugs.
Given the demands on a candi-
date’s time, this testifies to his
decency, however inefficient it is
for acquiring votes. But one by
one, Mr. Kasich may be building a
larger reputation as the candi-
date who cares enough to make
the effort.
‘P
olls don’t vote. They
proved that in Iowa,” Mr.
Christie likes to say. “I
mean, gosh, pollsters and weath-
ermen—the only people who con-
tinue to get paid no matter how
many times they’re wrong.”
He says his volunteers knocked
on 1,100 doors last weekend, and
52% were still undecided. New
Hampshire voters can change their
minds quickly, they like their state
character as defiers of the received
order, the ground game and field
organization still count, and they
may yet decide to unsettle a race
that so far has only awarded 1.2%
of the 2,472 Republican delegates.
The “three-man-race” wisdom may
be overdone.
Mr. Rubio’s challenge is to con-
solidate his support as the non-
Trump, non-Cruz alternative into
something more tangible than a
media anointment. The GOP
calendar and delegate allocation
process is front-loaded with more
conservative states where he may
get less traction, and he needs
some momentum to propel him to
the later winner-take-all prima-
ries in the larger states with
more moderate Republicans. In
New Hampshire, Messrs. Bush,
Christie and Kasich need to
justify their continued campaign
existence.
But as Mr. Rubio often says,
America is a country where any-
one from anywhere can achieve
anything. In New Hampshire, the
candidates will get their chance
to prove it.
Mr. Rago is a member of the
Journal’s editorial board.
ping thousands of their hard-earned
retirement security.” Senate Presi-
dent John Cullerton called the gover-
nor “mean-spirited” and declared
that “this ridiculous idea only serves
as a distraction.”
Mr. Rauner deserves credit for
sticking to his guns. Short-term solu-
tions and tax increases will never
solve Illinois’s real problems: unsus-
tainable public pensions and health-
care benefits, coupled with a com-
plete lack of fiscal responsibility. But
Democrats and their union backers
say they have ruled out the substan-
tive changes necessary to shore up
the state’s financial future.
Perhaps that’s because they think
they’re winning by default. At this
rate Illinois is spending money faster
than it should to maintain a balanced
budget. The longer the impasse drags
on, with state services curtailed, the
more that pressure will grow for the
governor to assent to a tax increase.
But signs so far are that Mr. Rauner
understands fundamental reform is
the only way forward—and that he
can stand the heat.
Ms. Zanotti is the digital editor of
the American Spectator and a writer
for the Heartland Institute.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Clinton’s False Email Equivalence Socialism Returns as Immunity to It Fades

A
week ago Hillary Clinton’s allies ac- sent to Mr. Powell’s account that State now Peggy Noonan is spot on when she Take a trip to Sweden, Norway,
cused the State Department Inspector deems sensitive (though Mr. Powell disputes describes the financial anxiety of Denmark or Finland and you will see
millennials that leads them to sup- affluent, well educated, healthy and
General’s office of belonging to the vast that they should be classified). Mr. Linik found port the socialist presidential candi- positive people. The Scandinavian
right-wing conspiracy. So you 10 that were sent to Ms. Rice’s date Bernie Sanders (“Socialism Gets model provides great upward mobil-
have to admire her chutzpah Hillary tries to wrap State Department entourage a Second Life,” Declarations, Jan. ity and lower stress. People don’t
this week in trying to spin a Powell and Rice into her over her entire tenure. By con- 30). Kudos to Sen. Sanders for worry about affording health care
memo from that same office to trast, State has now deemed speaking to an issue that affects the and higher education. Those costs
exonerate her use of a rene- email security breach. that more than 1,600 emails students I see every day in my of- are built into the tax structure. Fed-
gade private email server. All on Mrs. Clinton’s server are fice, as a psychiatrist at a college erally paid family leave policies make
the more so because the new confidential—and there is an- counseling center. it easier to afford children and spend
memo strengthens the case that she mishandled other batch still to be released. Many students struggle to meet time with them.
national secrets. The federal government maintains several their tuition and housing expenses. Sweden, for example, provides its
Since the Great Recession, parents people with these benefits and keeps
In Thursday’s Democratic debate, Mrs. Clin- levels of classification, ranging from the low-
are less able to offer financial assis- its national debt per person at half
ton hailed a new document from State IG Steve est designations of “sensitive but unclassified” tance. I have seen students go with- the U.S. rate. The country’s students
Linick that summarizes his view of the email and “confidential” to code-word classifica- out food to pay for books; our col- are ranked higher and health care
practices of five prior Secretaries of State. The tions for the most important secrets. While all lege now has a pantry where scores hugely better than the U.S.
memo says he found a few instances of “sensi- such information must be safeguarded, lower- students in need can obtain food free Scandinavians take a long view and
tive material” sent to the private email accounts level “sensitive but unclassified” and “confi- of charge. are concerned about the common
of Republicans Colin Powell and staffers to Con- dential” information is sometimes circulated Students are burdened by fears: good—and that’s what Bernie Sand-
doleezza Rice. on unclassified government systems. Mr. Pow- Will I be able to do well enough in ers admires.
“Now you have these people in the govern- ell points out that the two emails sent to him school to keep my financial aid and GARY JOHNSON
ment who are doing the same thing [to Powell were first circulated on unclassified State De- scholarship? Will I be able to earn Minneapolis
and Rice’s aides] they’ve been doing to me,” partment systems and forwarded to his ac- enough in the future to pay off my
loans? Financial concerns rate sec- What is needed is a focus on de-
claimed Mrs. Clinton—that is, “retroactively count by an assistant.
ond only to academics as a major veloping economic literacy through-
classifying” documents. “I agree with Secretary Many of Mrs. Clinton’s 1,600 classified emails stressor for college students, with out our education system (primary,
Powell, who said today this is an absurdity.” also fall into these “sensitive” and “confiden- 33.5% of students reporting finances secondary and university) which
Ah, yes, the old everybody-does-it defense. tial” categories. But at least 22 emails have been being traumatic or very difficult to would enable people to make better-
Mrs. Clinton wants Americans to believe it was identified as highly classified from their cre- handle, according to results from the informed decisions.
common practice for top diplomats to use pri- ation. This means that their information would 2015 American College Health Associ- A quote from Winston Churchill
vate email, and that they are all now subject to have resided at all times on classified govern- ation survey. provides some historical perspective:
overzealous interagency squabbling over classi- ment systems until they were sent to Mrs. Clin- Financial health is intimately tied “Socialism is a philosophy of failure,
fication. By Friday Democrats were spinning ton and her unclassified, unguarded private to mental health, and the next presi- the creed of ignorance, and the gos-
that Mrs. Clinton is a political victim for having server. There is no evidence that anything re- dent—Republican or Democrat— pel of envy, its inherent virtue is the
been singled out. Her media phalanx is buying motely like that happened under Secretaries should make promoting financial equal sharing of misery.”
health for millennials a priority. MARK L. FRIGO, PH.D.
this line, though the Powell and Rice details Powell or Rice. MARCIA MORRIS, M.D. DePaul University
prove the opposite—and how reckless Mrs. Clin- This transfer question gets to the heart of Ocala, Fla. Chicago
ton was by comparison. Mrs. Clinton’s email negligence. Sen. Dianne
Start with the fact that neither Mr. Powell Feinstein is defending Mrs. Clinton by claiming
nor Ms. Rice set up a private email server to there is no evidence that any of these top se-
conduct government business. Mr. Powell did crets emails originated with Secretary Clinton.
have a personal email account, but he purposely “It has never made sense to me that Secretary
Machine Translations and the ‘Good Enough’
used a State-maintained classified computer Clinton can be held responsible for email ex- “You Will Speak Every Language” the magnitude of the endeavor. There
system on his desk for classified communica- changes that originated with someone else,” the (Review, Jan. 30) describes fast-de- are more than 6,500 spoken lan-
tions. This may not have been “convenient” for California Democrat says. veloping technology that will enable guages in the world. Global revenue
real-time language translation. As a realities suggest that language trans-
him, to borrow an earlier Clinton explanation But Mrs. Clinton is responsible because she
former Japanese translator and lation coverage won’t be extensive in
for her private server, but Mr. Powell under- is the one who created the classification prob- builder of a speech-recognition app the future.
stood the rules. And he understood them even lem by doing official business on her private for the sight disabled, I believe Alec WILLIAM J. SULLIVAN
prior to 2005 when State instituted clear rules server. This would never have become an issue Ross’s projection is on target. How- Bethel, Conn.
warning against private email for official busi- if she had followed the rules and used State De- ever, I strongly disagree with his ap-
ness. Mrs. Rice’s aides say she never used any partment email. That she set up her private parent, though unstated conclusion Technology is helping the world
email while at State. email out of a self-serving desire to shield her that we will no longer need to study communicate across languages like
While a few sensitive details may have communications from public disclosure makes or learn foreign languages. Under- never before, but human translators
leeched into a Powell or Rice-aide email account, her disregard for security a willful act that standing the words that someone ut- and interpreters are and will remain
these would have been accidental. By contrast, opens her to criminal liability. ters doesn’t necessarily mean that a very important part of the equa-
Mrs. Clinton intentionally created a private Readers of a certain age will recall that an- you understand what he said. As a tion. Reducing what is possibly the
corporate investigator in Tokyo in the most “human” aspect of being hu-
email account, on her own private server, pre- other Clinton tried the everybody-does-it de-
1990s, I saw firsthand how both man—language—to a simple algo-
cisely so she could keep those emails away from fense when he was found to have broken the law. Western and Japanese companies rithm waiting to be solved with
government public-disclosure rules. Are Democrats really going to lash themselves were sometimes defrauded or ex- “more data, more computing power
Mr. Linik’s review turned up two messages one more time to the Clinton standard of ethics? torted when managers couldn’t speak and better software” belies the com-
to employees in their language or un- plexity of what it means to be human.

Rumors of Recession derstand their culture.

Language study teaches much
more than words. It teaches skills
BARRY SLAUGHTER OLSEN
Middlebury Institute of International
Studies at Monterey

T
he January jobs report wasn’t as bad as
the markets seemed to take it on Friday,
with the Nasdaq diving 3.25%. But then
it wasn’t stellar either, with payroll additions
of 151,000 for the month well off the average of
the previous year. Investors will again have to
puzzle over whether this is one more temporary
slowdown in this slow-growth expansion or evi-
dence of a new recession.
We’ll hope for the best, and the report did of-
fer some encouragement. The labor participa-
tion rate moved up to 62.7%, the highest in eight
months. Average hourly earnings increased by
12 cents to $25.39, and they are up by 2.5% in
the last year. Wage gains finally seem to be ap-
pearing as the labor market tightens in many
parts of the country, especially for more skilled
workers.
The jobs numbers tend to be a lagging eco-
nomic indicator, and other recent growth signs
have been weak. Productivity growth fell out of
bed in the fourth quarter, declining 3%, which
if it continues will make wage gains impossible
to sustain. The overriding problem continues to
be a lack of business confidence and investment,
which leads to slower growth, which gives the
U.S. economy a lower margin for absorbing
growth shocks from around the world. Is it too
much to ask the GOP presidential candidates to
debate how they’d fire up growth?
critical in today’s global economy—
creativity, perspective and risk-tak-
ing, as well as culture. Why do we re-
quire students to take 12 years of
math when we have calculators and
computers that can do all the calcula-
tions for us? Because math teaches
the logic and problem-solving skills
that we need in this world. Language
also teaches us skills that are equally
important.
DAVID BONG
Eugene, Ore.
I am not convinced that an expo-
nential growth in the corpus of trans-
lated data will result in exponentially
more accurate machine translations.
Monterey, Calif.
Democracy Is Retreating
In the United States Too
Mark P. Lagon and Arch Pudding-
ton’s “Democracy Takes a Global
Hit” (op-ed, Jan. 27) details the
struggles around the world that
many people have in acquiring and
maintaining personal and political
freedom. The authors neglect to
mention the U.S., where an ever-
growing statist government contin-
ues to erode personal and civil
rights via an unelected and unac-
countable bureaucracy that enlarges

Warren’s Criminal Complaint This may become a moot point going

forward, however, not because the
government control via rulings, reg-
ulations, fines, fees, taxes, etc. The

D
technology will eventually succeed in continued assault on the First, Sec-
oes Elizabeth Warren hate capitalists so accused has a guilty mind doesn’t merely apply producing precise translations but ond and Fourth Amendments and
much that she’s willing to scuttle a bipar- to white-collar defendants. In June 2015 the Su- because users will become more tol- the president’s penchant for signing
tisan criminal-justice reform supported preme Court ruled 8-1 in Elonis v. U.S. that An- erant of imprecise results. As more unilateral executive orders threat-
by the likes of Republican Rand thony Douglas Elonis was im- companies rely on machine transla- ens personal freedom, personal
Paul and President Obama? Ap- She wants bankers to go properly charged with a tion to reach broader global audi- property rights, political speech
ences, users will be subjected to and the rule of law.
parently so, judging by the to jail even if they didn’t federal crime when he posted
translations that are “close enough” RICHARD LA MOTTE
Massachusetts Senator’s broad- explicit and violent rap lyrics and will become inured to that level Valencia, Calif.
side this week against a provi- intend to break the law. on Facebook. “Although there of quality. That in itself may not be a
sion to prevent people from be- are exceptions,” Chief Justice bad thing, unless we delude ourselves
ing prosecuted for crimes they John Roberts wrote, “the ‘gen- that we have communicated fully and Why Is Planned Parenthood
had no intent to commit. eral rule’ is that a guilty mind is ‘a necessary accurately.
The queen of Progressive Nation—Bernie element in the indictment and proof of every I am far more skeptical about the
Allowed to Endorse Pols?
Sanders is the new king—is upset about a mea- crime.’” prospects of universal machine trans- Regarding William McGurn’s “Hil-
sure that has passed the House Judiciary Com- The problem under current federal law is lation. The primary obstacle is nei- lary’s Sisterhood With Planned Par-
mittee firming up the definition of criminal in- that such precedents aren’t enough to stop ther technology nor user acceptance, enthood” (Main Street, Jan. 19): The
tent in federal criminal law. GOP Senator Orrin prosecutors from exploiting statutes that don’t it’s development cost and the associ- question I have is: Why is an organ-
ated return on investment. Consider ization that receives over $550 mil-
Hatch and House Judiciary Chairman Bob Good- have an explicit guilty-mind standard. As crimi- lion dollars in taxpayer subsidies al-
latte want to create a default standard for crim- nal laws have proliferated, more Americans are lowed to make a political
inal intent in areas of federal law when no stan- indicted for breaking laws that they never knew The Dominican Republic endorsement for a presidential can-
dard exists. The hope is that this provision will existed or that were written for purposes far didate? Where are the anti-Citizens
pass along with sentencing reforms for drug of- from how prosecutors use them. Helped Jews Fleeing Nazis United people when you need them?
fenses and other nonviolent crimes. The classic example is the fisherman in- Richard Hurowitz refers to the Oh, that’s right, Planned Parenthood
But Ms. Warren isn’t into compromise. The dicted under Sarbanes-Oxley for throwing his Roosevelt administration’s inglori- is a sacred cow of the left. Never
point of a criminal-intent standard, she said catch overboard. He took his appeal all the way ous record in “When Holocaust Ref- mind.
this week, is “to make it much harder for the to the Supreme Court and won. But few people ugees Almost Found a Caribbean JERRY KAYE
government to prosecute hundreds of corporate have the resources to do so, and most defen- Haven” (op-ed, Jan. 27). It should Corrales, N.M.
also be remembered on Holocaust
crimes.” And, naturally, she thinks Messrs. dants will agree to a plea bargain rather than
Remembrance Day that a refuge was
Hatch and Goodlatte are acting in bad faith: risk a lengthy prison term under onerous man- offered in the Caribbean—not by CORRECTION
“For these Republicans, the price of helping out datory sentencing laws. The National Associa- President Roosevelt but by the dic-
people unjustly locked up in jail for years will tion of Criminal Defense Lawyers says 97% of tator Rafael Trujillo of the Domini- Eugene O’Neill’s “Ah, Wilderness!”
be to make it even harder to lock up a white col- federal cases are resolved through plea bar- can Republic. takes place in a town widely acknowl-
lar criminal even a single day.” gains and never go to court. At the Evian-les-Bains conference edged to be New London, Conn. A Jan.
The former corporate lawyer must really have We’ve had a spirited debate in our pages this in France, the Dominican Republic 29 review of the play in the Arena sec-
hated her clients because she can’t seem to think week on criminal intent between Mr. Hatch and was the only nation to offer refuge tion, “Eugene O’Neill’s Sunny Side,” mis-
straight. A new default standard wouldn’t let GOP Sen. Chuck Grassley, who is worried the to a substantial number of Jewish stated the location.
criminals off the hook. It would merely prevent Hatch provision will cause Ms. Warren and oth- refugees, 100,000. Because of the
prosecutors from ignoring the traditional need ers to blow up his other reforms. He might be difficulties of transportation, includ- Letters intended for publication should
ing U-boat activity, only about 700 be addressed to: The Editor, 1211 Avenue
under criminal law to prove that the accused has right, though President Obama could still per-
refugees reached the Dominican Re- of the Americas, New York, NY 10036,
a guilty mind before he can be convicted. Noth- suade enough Democrats to go along if he wants public. There they each received 82 or emailed to wsj.ltrs@wsj.com. Please
ing under the provision would prevent Congress a success. If not, then the blame for killing re- acres, 10 cows, a mule, a horse and include your city and state. All letters
from specifying lower standards for prosecuting form will rest with Ms. Warren, who can’t see a loan of $10,000 U.S. at 1% interest. are subject to editing, and unpublished
specific white-collar crimes. past her bile for bankers to support a single MARVIN TENZER letters can be neither acknowledged nor
returned.
By the way, the necessity of proving that the standard of law to protect the innocent. New York
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Don’t Take New Hampshire for Granite
DECLARATIONS
By Peggy Noonan
Y
ou’ve heard all the Iowa
analysis you need. It was a
triumph for Cruz, a hum-
bling for Trump, a boost
for Rubio. We’re all tired
of talking about lanes, outsiders and
establishment candidates. My read:
Marco Rubio may emerge as the
choice of those who prefer their
candidate not be abnormal, by which
I mean outsized or unsettling. This
is arguably an underserved market
on the GOP side. Mr. Rubio is young.
What’s in that noggin beyond hun-
ger? It will be interesting to find
out.
The candidates face a
confident electorate, ready
to winnow their ranks.
Rick Santorum suspended his
campaign. He didn’t catch on but
was generally held in high regard.
When voters think you’re a good
guy but not the winner, they see to
it that you leave as a good guy
who’s not the winner. He seemed to
me one of the Republicans most at-
tuned to the shifting political mo-
ment—one who knows that certain
old assumptions about the base no
longer apply and maybe haven’t for
some time. He did not emphasize
traditional GOP themes of competi-
tion, opportunity, individualism. His
concerns were more implicitly com-
munal. Raise the minimum wage?
Sure, help where you can. Of the
candidates he seemed to have most
absorbed Pope Francis’ Great In-
sight: that the modern world is a
field hospital after battle. So in
many ways is America 2016. John
Kasich knows it also. He didn’t dis-
Low Gas Prices Have Politicians Pumped to Raise Taxes
By Dave Schwartz
And Justin Stevens
W
hen gasoline prices fall,
drivers across America see
an opportunity to save
money at the pump. But politicians
see something else: A chance to
raise taxes when fewer people will
notice or put up a fight.
The White House said Thursday
that President Obama will propose
a $10-a-barrel tax on imported oil
to pay for new green transportation
projects. The fee would cost oil
companies billions of dollars, an
Obama’s $10-a-barrel fee
won’t go anywhere, but
states too are eager to try
to make drivers pay more.
expense they would pass on to con-
sumers through higher prices. A
MarketWatch report said the tax
would raise the price of gasoline
about 25 cents a gallon.
Fortunately, Mr. Obama’s pro-
posal has almost no chance with a
Republican-controlled Congress. But
what’s worrying is that states—
even ones governed by the GOP—
are moving in much the same
direction, with lawmakers eager to
fatten budgets by raising gas taxes
when prices are low. See, for exam-
ple, what’s happening in South Car-
olina and Indiana, where we live.
Drivers in South Carolina enjoy
the third-lowest gas taxes in the
nation, 16.75 cents a gallon. But be-
cause many residents are of modest
means, spending on fuel accounts
for 7.9% of their incomes, the third-
highest figure in the country, ac-
cording to a 2012 report by the
Natural Resources Defense Council.
Yet in January of last year, after
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cover drug addiction and mental
health issues by reading a long
takeout in a magazine. He knows it
because he lives with the people of
Ohio.
Donald Trump was dinged by
Iowa, but not by losing—loss hap-
pens. He dinged himself, perhaps
significantly, with his subsequent re-
action. He was robbed, we need a re-
count, he may sue. Mr. Trump’s sup-
porters are derided as working-class
knuckle-draggers and if it amuses
you to see them that way you can,
but his people respect style. There
he let them down.
In politics—in life—you have to
know how to lose. The presidency it-
MARTIN KOZLOWSKI
self involves losing—the bill fails,
the talks stall, your numbers plum-
met. You have to be supple, have
some give. “All political careers end
in failure”—you never get all you
want and in the end you slink away
or get thrown out. How to respond?
You don’t whine, you don’t complain,
you don’t act like a little rhymes-
with-witch. You take it full in the
face and keep walking. Anyone can
win with style. A real champ knows
how to lose.
The press is dying to write their
“End of Trump” pieces and will if he
underperforms in New Hampshire,
where he’s long held a double-digit
lead.
On the Democratic side, Hillary
Clinton did not “win” Iowa; she had
a near-death experience and
emerged intact. In October she was
winning by 41 points. Monday she
effectively tied Bernie Sanders. She
is now trying to limit the size of his
expected New Hampshire victory.
She has been game and alert, es-
pecially Wednesday night in a town-
hall interview with CNN’s Anderson
Cooper. But the effect was marred
by her answers on Goldman Sachs
and the six-figure speech fees they
paid her. Why so much? “I don’t
know, um, that’s what they offered.”
She added that at the time she
didn’t know she would be running
for president. It was reminiscent of
oil prices had already begun to
slide, Republican Gov. Nikki Haley
proposed a gas-tax increase of 10
cents a gallon. She tried to make it
more politically palatable by tying it
to a 2% cut in the top income-tax
bracket over a decade. A version of
that plan passed the state House but
died in the Senate. Gov. Haley came
back last month with a similar pro-
posal, which would raise an esti-
mated $300 million for the Palmetto
State’s transportation system.
It’s true that the state’s roads
need work. But the simple fact is
that South Carolina doesn’t need to
raise gas taxes, no matter how the
measure is packaged. In November
the state’s financial planners esti-
mated that higher-than-anticipated
tax revenues will put the 2015-16
budget in the black by $1.2 billion.
Why hike taxes when you have
money in the bank? That, in fact,
was similar to Gov. Haley’s line
three years ago. “I will not—not
now, not ever—support raising the
gas tax,” she said in her 2013 State
of the State address. “The answer
to our infrastructure problems is
not to tax our people more, it’s to
spend their money smarter.” She
was right the first time.
Palmetto State residents also
have reason to worry that the state
isn’t spending their tax dollars well.
Consider the $144 million “Road to
Nowhere,” a 24-mile expansion of
State Highway 51 in Florence
County, which will widen the
sleepy, rural road from two lanes to
five. The Columbia newspaper, the
State, reported that the highway
carries less than half the traffic of
a three-lane road two counties
away. What the project does do is
send money to the district of the
Senate president pro tempore, a
proponent of raising the gas tax.
The verdict is similar in Indiana,
whose gas tax is 29.89 cents a gal-
lon, among roughly the highest
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OPINION
Dan Quayle telling reporters in 1988
that yes he got into the National
Guard and didn’t go to Vietnam, but
when he made the decision, “I did
not know . . . that I would be in this
room today, I confess.” If he’d known
of the future political necessity, this
suggested, he would have gone to
the stupid damn war. All the smart
people who say Mr. Sanders cannot
possibly beat Mrs. Clinton as the
battle moves south are no doubt cor-
rect—and yet he is more in tune
with the motivating spirit of his
party right now than she is, so who
knows?
A final small thing, though it’s re-
ally my headline regarding New
Hampshire. On a recent trip I
watched candidates in town halls
and forums in middle-school gyms,
community clubhouses, hotel ball-
rooms.
I keep thinking of the young
woman, black, about 20, I saw de-
parting a Sanders event with a
friendly young Asian man the same
age. Are you for Bernie? I asked.
“Have you seen my T-shirt?” she re-
plied, and opened her jacket: “Car-
son 2016.” I laughed and asked if she
third of states. Republicans in the
state House passed an infrastruc-
ture bill Feb. 2 that would raise
taxes on cigarette by $1 and on gas
by four cents. It would also index
the gas tax to inflation—meaning
perpetual annual increases.
But as Republican Gov. Mike
Pence points out, the state already
has a $2 billion budget reserve.
“When you have money in the bank
and the best credit rating in Amer-
ica,” the governor said in January,
“the last place you should look to
pay for roads and bridges is the
wallets and pocketbooks of hard-
working Hoosiers.”
Lawmakers simply ought to bet-
ter prioritize the tax money that the
state already takes. “Let’s invest in
A Reality Show for Surveillance
“Any terrorist who
doesn’t watch this
for tips is, frankly, a
mug.”
So went a head-
line in the Times of
London about a
BUSINESS
popular new British
WORLD
reality show for the
By Holman W.
surveillance age,
Jenkins, Jr.
called “Hunted.”
Participants,
drawn from ordinary folk, are given
the equivalent of $650 and an hour’s
head-start. They “win” if they can
elude capture for 28 days by a team
of British security experts using tools
similar to those available to British
police. Not many succeed. Early les-
sons include: stay away from ATMs,
stay off public transportation, resist
the urge to pick up the phone and let
a loved one know how you’re doing.
Automatic license-plate readers,
with which Britain is festooned, have
proved especially deadly. If you’re
using a car that can be traced to you,
steer clear of main roads. Don’t pass
through town centers.
“It is possible to stay off the grid,
but getting increasingly harder every
year,” explains the reality show’s
hunter-in-chief, a former counterter-
rorism czar for the City of London.
The show has been a hit with Brit-
ish viewers, riding a wave of per-
verse pride and outrage over the
country’s notorious “surveillance cul-
ture.” CBS recently bought the rights
and probably won’t be too upset by
an article in the latest Atlantic maga-
zine about a U.S. company, Vigilant
Solutions, amassing a database of bil-
lions of license-plate photos of Amer-
icans going about their business.
License-plate tracking, says the mag-
azine, is an “unprecedented threat to
privacy.”
Quite possibly, but missing from
such privacy freakouts usually is a
clear sense of exactly why privacy (or
perhaps more accurately, anonymity)
should be valuable to us.
Saturday/Sunday, February 6 - 7, 2016 | A11
was trolling. She was startled. “No,
we just go see all the candidates.”
This of course is a great New
Hampshire cliché—they won’t vote
for you unless they’ve met you three
times. Yet when you see it, some-
thing stops you. Every adult in New
Hampshire seems to go hear every
candidate at least once. They listen
and take their measure; they give it
the most precious thing they have,
time. They take their duty seriously
not because they’re jerky and self-
important but because they have
self-respect. They believe they are
the winnowers. Their function is to
get the Reasonable Possibles, put
down a marker on their favorite, and
then throw it to the South.
At the meetings they don’t ask
meek, deferential questions. I saw
them lecture candidates, mildly up-
braid them, inform them. At a Kasich
town hall he was put through his
paces on the integrity of state water
reservoirs. At a Hillary rally she was
pressed on protocols governing the
U.S. nuclear arsenal. At a Jeb town
hall a woman spoke of Iraq and said
if the people who launched that war
had known history they wouldn’t
our roads and bridges,” Gov. Pence
said, “and let’s do it without raising
taxes.” The governor backs a Senate
proposal to allocate $430 million in
existing funds for local governments
to spend on repairs. He may veto
any gas-tax increase that reaches
his desk. But it remains to be seen
whether Indiana lawmakers will lis-
ten, and a veto override by GOP
supermajorities in both chambers
remains a possibility.
Legislators in every state should
realize that raising the gas tax has
the effect of cutting into their con-
stituents’ paychecks when they can
least afford it. Between 2009 (when
the recession ended) and 2014,
median household income nation-
wide fell by $1,268, according to
Fortunately the city of Chicago has
provided a first cut at an answer to
this question with last week’s convic-
tion of former official charged with
accepting $2 million in bribes from a
company that ran the city’s red-light
cameras. As the Chicago Tribune
noted: “Testimony in the trial indi-
cated that greed—not safety—was
the driving force behind the city’s
expansion of the camera network
into the largest in the nation.”
Red-light cameras show us
the flaw in the theory that
government will ‘nudge’ us
into doing the right thing.
This purely mercenary motive
might at first seem reassuring: At
least the cameras aren’t being used
to gather details on citizens’ private
lives. But the Trib continues, “Nearly
half the red light cameras have
resulted in no reduction in dangerous
T-bone crashes and likely are making
intersections more dangerous
because of an increase in rear-end
crashes as people stop short to avoid
a ticket.”
All this will seem old hat to some
readers. We’ve been pointing out for
a decade the habit in many jurisdic-
tions of setting yellow lights at or
below the three-second minimum in
order to ring up more tickets even at
the cost of creating more accidents.
But demonstrated here is a flaw in
the theory of “Nudge,” the Obama-
touted book by University of Chicago
economist Richard Thaler and Har-
vard Law School Professor Cass
Sunstein on how government can use
gentle rewards and punishments to
improve us. Such theories fail to
reckon with the incentives of the pol-
iticians and officials who design the
programs.
Take ObamaCare, partly a giant
have gone in. What, she
asked him, is the difference
between a Shiite and a
Sunni? Mr. Bush gave a brief,
broadly accurate answer.
“You’re partially right,” she
said, and then delivered a
precise lecture on the his-
tory of Islam, ending with
the observation that if
American policy makers re-
ally knew history they
wouldn’t be throwing around
phrases like “carpet bomb.”
They have complete dem-
ocratic confidence. They’re
not shy. They’re doing due
diligence.
I would look at them in
the audience: the frail old
lady with thin white hair;
the big, rough biker-looking
guy; the pleasant middle-
aged teacher; the silver-
haired accountant with two young
kids; the beat-up middle-aged
woman with rheumy alcoholic eyes
who is sweetly gracious, modest, as
she moves to give you a seat; the
obese, wild-haired man bursting out
of his torn, cracked leather jacket;
the giggly, chatty middle-aged red-
head in the NoLabels.org sweatshirt;
the Patti Smith-looking woman, tall,
pale and austere; the hunky football
player; the skinny hipster girl in
architect eyeglasses and torn jeans.
Everybody listening so closely to the
candidates. Beret guy, too, with a
white bandage on his eye and a
beard that went down to the third
button of his shirt. What a crew we
are.
“They’re professional voters,” said
a campaign operative at dinner. No, it
is more than that. It is more like, “We
may be a field hospital, we may be
high, we may be damaged by the col-
lapse of the American culture, we may
be the prime victims of deindustrial-
ization, but we are: citizens. And we
do our job.”
“We will pick a president.”
Choked me up as I witnessed it.
No joke. Choked me up.
the Census Bureau. Consumer
prices increased 11%, according to
Bureau of Labor Statistics data.
Americans have been searching
for relief—and they found it at the
pump. On average they saved $550
last year thanks to lower gas prices,
according to a December report by
AAA. Cheaper gas also means lower
prices on groceries and household
items that are trucked to stores.
Whether in Indiana, South Carolina,
or anywhere else in America, the
better option is for lawmakers to
slam the brakes on higher gas taxes.
Mr. Schwartz and Mr. Stevens
are, respectively, the South Caro-
lina and Indiana state directors for
Americans for Prosperity.
exercise in nudge. Because Ameri-
cans supposedly don’t worry enough
about their health, ObamaCare
encourages them by making “preven-
tive” care exempt from copays and
deductibles. But because lots of med-
ical specialties and trade groups
have the administration’s ear, their
services have been labeled “preven-
tive.” Because it helps to validate the
Democrats’ “war on women” theme,
many services for women have also
been labeled “preventive.”
As a result, copays and deduct-
ibles for other services have become
so towering that customers with mi-
nor injuries or illness might as well
be uninsured. They face the same
financial incentive to skip care that
an uninsured person does.
Not to belabor the obvious, but in-
surers in a natural market would
never design their policies this way,
because nobody would buy them. But
politics is in charge. The design is ir-
resistibly shaped by interest groups
lined up at the Washington trough.
Britain once claimed its camera
network would “deny criminals the
use of the roads.” A decade later,
though the cameras have helped
solve a few high-profile crimes, Brit-
ain’s overall crime rate has remained
unaffected. The financial motive is
easier to observe. As one camera pro-
moter told an undercover reporter
for the Mail on Sunday: “The money
will come in buckets.”
Alas, these dangers are partly self-
inflicted, as the Chicago case demon-
strates. Fearful older citizens support
the cameras even when recognizing
(as they tell pollsters) that the city’s
motive is financial.
Citizens aren’t likely to become
better citizens under close monitor-
ing, with punishments meted out
electronically. They are likely to be-
come children, fearful and compliant.
Worse, they become children of a
parent (government) that is always
putting its own needs and interests
first.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A12 | Saturday/Sunday, February 6 - 7, 2016
FleeingWar,SyriansRush toTurkeyBorder
Regime strengthens
hold on Aleppo; U.N.
says 40,000 have
been displaced
Regime forces tightened
their grip on Syria’s biggest
city Friday by cutting off a
major supply route, as thou-
sands of civilians uprooted by
days of Russian airstrikes
gathered at a border crossing
in the hope of gaining refuge
in neighboring Turkey.
By Ayla Albayrak in
Kilis, Turkey, and Nour
Malas and Dana
Ballout in Beirut
Rebel fighters in Aleppo
struggled to hold their ground
as President Bashar al-Assad’s
military gained the upper
hand in important battle-
grounds, in an expanding con-
flict that could mark a turning
point in the five-year war.
As fighting, coupled with
Russian airstrikes, intensified,
thousands of Syrians con-
verged on a border crossing
with Turkey. The Ankara gov-
ernment and aid groups
rushed to set up temporary
shelters for men, women and
children facing chilly nights
and the fear of new Russian
airstrikes.
The United Nations esti-
mates that 40,000 civilians
have been displaced in several
days of fighting, 20,000 of
whom are seeking refuge at
the border. Turkish officials
and aid agencies have warned
about a possible influx of tens
of thousands of more people
from Aleppo city and country-
side.
“The northern countryside
of Aleppo is nearly empty of its
people,” said Maher Hdeb, a
manager at the Western-
funded Assistance Coordina-
tion Unit, which tallies humani-
tarian needs and delivers aid
Twitter
Ramps Up
ISIS Bans
BY YOREE KOH
Twitter Inc. said Friday that
it suspended 125,000 accounts
associated with Islamic State
in the past six months, under-
scoring the company’s more
aggressive stance toward the
extremist group.
The disclosure marks the
first time Twitter has shared
figures on its efforts to curb
Islamic State’s presence. Twit-
ter doesn’t permit tweets, pho-
tos or video that promote ter-
rorism or make violent threats,
but it relies on users to flag vi-
olations. Twitter said it has in-
creased the number of people
who review flagged accounts,
which helped reduce its re-
sponse time “significantly.”
Critics say the lax sign-up
rules that allow users to create
accounts anonymously has al-
lowed Islamic State, also
known as ISIS, to maintain an
expansive Twitter presence for
its propaganda.
World
Watch
SOMALIA
Suicide Bomb Blamed
In Airplane Blast
Somali and international in-
vestigators confirmed that the
man ejected from an Airbus
A321 over Somalia by a blast
aboard the airplane was a sui-
cide bomber, an official briefed
on the probe said.
The explosion blew a hole in
the fuselage of the Djibouti-
bound plane and forced the air-
craft to return to the Somali
capital Mogadishu for an emer-
gency landing.
The official said investigators
had found TNT residue on the
man’s remains, who was blasted
through the hole of the rapidly
depressurizing plane and whose
body was found near the town
of Balad, about 20 miles from
Mogadishu.
He was the only person killed
in the incident. Two others were
injured.
A family rode a motorbike as Syrians who have fled the embattled northern city of Aleppo waited at a border crossing to Turkey.
into northern Syria.
On Friday, Turkish aid
agencies accommodated more
than 3,000 people, gathered at
its border gate near the south-
ern town of Kilis, by expand-
ing camps for the internally
displaced on the Syrian side of
the border.
Images captured in videos
and photographs and pub-
lished on various social-media
sites showed thousands of
Syrians carrying bags, back-
packs and small children walk-
ing along dirt roads, heading
for refuge in another country.
The fight for Aleppo has
quickly extinguished hopes that
faltering United Nations-spon-
sored peace talks could pave
the way for a cease-fire and
fueled concerns that the battle
could create a new wave of ref-
ugees into European countries
already overwhelmed by the
Security Concerns Damp Carnival Revelry
BY ANDREA THOMAS
COLOGNE—A day after the
Carnival festival kicked off
across Germany’s Rhineland
without widespread distur-
bances, the arrest of a refugee
on Friday for suspected rape
highlighted tensions that have
persisted in this city since a
wave of assaults on New
Year’s Eve.
Police in Cologne said they
arrested a 17-year-old Afghan
asylum seeker at a shelter for
allegedly raping a woman in the
early hours of Friday. Another
rape—not committed by a mi-
grant—and several sexual as-
saults also took place, they said.
Though not on the same
scale, the incidents evoked the
mass assaults marring New
Year’s Eve celebrations in the
city, which led to the police
chief’s resignation and set off
alarm bells among German se-
curity officials.
In Cologne, a Carnival hot
spot where the celebrations
can draw up to four million
people, locals said a heavy po-
lice presence, diffuse terror
fears, and fresh memories of
Authorities have identified
the dead man as Abdullahi Ab-
disalam Borle, 55, from the
breakaway region of Somaliland
in northern Somalia.
—Heidi Vogt
NATO
Troop Expansion Set
For Eastern Europe
The North Atlantic Treaty Or-
ganization is poised to approve
an expansion of its troop de-
ployments on the alliance’s east-
ern flank next week, U.S. and al-
liance officials said.
Defense ministers are ex-
pected to approve a proposal for
expanding NATO’s mission in
Eastern Europe in Brussels next
week, officials said. The mission
would enlarge the current bilat-
eral deployments to Poland and
the Baltic states, although the
force’s size won’t be decided un-
til later in the year.
NATO officials say that hav-
ing the NATO flag flying over
even a small troop presence in
the east would have an impor-
tant deterrent effect.
Russia has repeatedly said
any additional deployments
would be deeply destabilizing
and a threat to its security.
—Julian E. Barnes
WORLD NEWS
global crisis.
Salem Al-Meslet, a spokes-
man for the main Syrian oppo-
sition group that took part in
recent peace talks in Geneva,
urged world leaders to act.
“The situation in Aleppo is a
humanitarian catastrophe,” he
said. “The international com-
munity must take urgent, con-
crete steps to address it.”
Backed by hundreds of Rus-
sian airstrikes around Aleppo,
fighters from Iran, Iraq, Leba-
non and Afghanistan joined
forces with the Syrian military
to cut off the major humanitar-
ian and rebel supply route from
Turkey. Major aid groups sus-
pended runs into Aleppo and
warned the city could soon be
cut off. “The siege of Aleppo
looks more and more likely,”
said Dalia Al-Awqati, director
of programs in north Syria at
Mercy Corps, the largest pri-
Costumed carnival enthusiasts in Cologne on Thursday. Security has been stepped up this year.
the New Year’s Eve sexual as-
saults had put a damper on
this year’s revelries.
“A shadow has been hang-
ing over the city since New
Year’s Eve,” said Markus Rit-
terbach, head of Cologne’s
Zika’s Reach Spreads in Latin America
BY JUAN FORERO
AND KEJAL VYAS
BOGOTÁ, Colombia—Health
authorities here said Friday
three people died late last
month from a neurological
disorder they explicitly linked
to the mosquito-borne Zika vi-
rus spreading across Latin
America.
Authorities said the three
Colombians died in a Medellín
hospital, in rare cases of
deaths officially linked to the
virus. “We have confirmed and
attributed it to Zika,” Martha
Ospina, director of Colombia’s
National Institute of Health,
said of the fatalities. “The
three deaths were preceded by
the syndrome Guillain-Barré.”
International health author-
ities believe the Zika virus
may be linked to more cases of
Guillain-Barré, a syndrome in
which the body’s immune sys-
tem attacks nerve cells, lead-
ing in rare cases to paralysis
and death. Specialists also be-
lieve the birth defect micro-
cephaly, in which babies are
born with undersized heads,
vate aid group providing food
and support to civilians in
Aleppo.
In Washington, there is
growing concern about the
likelihood of Syrian govern-
ment forces and their Russian
allies overtaking Aleppo,
which White House officials
say would mark a major set-
back in the U.S. strategy.
The new Syrian government
momentum has demoralized
rebel leaders and civilians who
are losing hope that stalled
peace talks will gain any trac-
tion. “They don’t care if the re-
gime takes over,” said Amira
El-Hafi, a Syrian mother of four
from Aleppo who lives in a
Turkish refugee camp along
the Syrian border. “Their
hearts are dead.”
With the thud of Russian
airstrikes and Syrian artillery
in the background, Ms. Hafi
Carnival Festival Committee.
“But if we did without party-
ing, we would forget at some
stage how to feel too.”
After the New Year’s Eve
assaults, which police largely
blamed on migrant men from
may be tied to Zika.
Medical associations and vi-
rus experts in Venezuela say
the country has recently re-
corded between seven and a
dozen deaths from Guillain-
Barré. But the health ministry
hasn’t confirmed or denied the
reports and on Friday didn’t
immediately respond to re-
quest for comment.
Calls to Brazil’s Health Min-
istry seeking comment on Bra-
A worker fumigated against mosquitoes in Caracas on Friday.
* ***** THE WALL STREET JOURNAL.
Saudis, Turks
Pushed Rebels
To Leave Talks
GENEVA—The Syrian opposi-
tion abruptly withdrew from
peace talks this week under
pressure from Saudi Arabia
and Turkey, two of the main
backers of the rebels, accord-
ing to diplomats and at least a
half-dozen opposition figures.
When stepped-up regime of-
fensives in Syria, backed by
Iran and Russia, escalated on
BULENT KILIC/AGENCE FRANCE-PRESSE/GETTY IMAGES
Monday, Riyadh and Ankara
began to consider telling the
opposition to withdraw, accord-
ing to Turkish and Saudi diplo-
mats present here this week
with the opposition.
About a half-dozen cities and
towns targeted in the new re-
gime offensives were all held
by a mix of Islamist and moder-
ate rebel groups funded and
armed by Saudi Arabia and Tur-
key. Complicating the picture is
that some, but not all, of these
groups collaborate with the al
said her relatives trapped in Qaeda-linked Nusra Front. That
Aleppo just want the fighting gives the regime and its allies
to stop. “People in Aleppo just fodder for their claim that they
want to wake up in safety and are fighting terrorism.
the deaths to stop,” she said. An opposition delegate,
As aid groups rushed to set Monzer Makhous, said the de-
up new tents inside Syria for cision to leave the talks was
as many as 4,000 people, rather easy. To have remained
Turkish leaders weighed while the offensive escalated
whether to open the Bab al- around Aleppo would have
Salam border crossing to a meant losing the support of
new surge of refugees. rebels on the ground, he said.
“This may be a temporary The focus of all parties is
solution, and the need for pos- shifting to Munich, where a
sible resettlement in Turkey meeting this coming week will
may be considered, if deemed bring together international
necessary,” said a spokesman powers involved in the five-
with Turkey’s disaster-relief year conflict, including the U.S.,
agency in Ankara. Russia, Saudi Arabia and Tur-
For now, many families are key. They are expected to fo-
braving winter weather and cus first on forging a cease-
sleeping in the streets. fire, albeit a partial one, in the
—Dion Nissenbaum, hope that this would enable
Carol E. Lee the parties to restart the talks
and Felicia Schwartz in Geneva on a political transi-
contributed to this article. tion. —Sam Dagher
men to cut off their ties.
This celebration of female
power, which starts nearly a
week of reveling leading up to
Lent, drew thinner crowds
than usual on Thursday, a
turnout police and organizers
said wasn’t due only to heavy
rain and cold temperatures.
Carnival has been celebrated
in Germany, foremost in the
Rhineland, for centuries. But the
incidents on New Year’s Eve,
OLIVER BERG/EUROPEAN PRESSPHOTO AGENCY
heightened terror concerns
across the country, and the ar-
rival in Germany last year of
over one million mainly Muslim
migrants, most of them unfamil-
iar with Carnival’s mild ribaldry,
conspired to turn this year’s
event into a security headache.
Police doubled their pres-
ence, beefed up video surveil-
lance across the city, equipped
officers with body cameras and
slapped bans on the suspects
of the New Year’s Eve assaults
North Africa, municipal offi- and others with police records.
cials had been especially con- Authorities also distributed
cerned about the first day of multilingual manuals of Carni-
the festival: Weiberfastnacht— val etiquette that warned new-
literally female fasting night— comers not to misconstrue
when women dress up, take to skin-revealing costumes and
the streets and gang up on playfulness as sexual overtures.
zilian cases of Guillain-Barré researchers’ tests showed that
weren’t returned. the “entire genetic sequence”
Meanwhile, Brazilian health of the virus was present and
researchers said Friday the “replicating” in samples of sa-
Zika virus is active in saliva liva and urine it examined.
and urine, sparking fears Officials of the foundation,
about possible new infection known as Fiocruz, recom-
routes on the eve of the na- mended that pregnant women
tion’s sexually charged Carni- stay away from large crowds
val festivities. and avoid sharing cups and
Brazil’s leading medical-re- utensils with people who show
search institute, the Rio-based symptoms of the virus.
Oswaldo Cruz Foundation, said The Atlanta-based Centers
for Disease Control and Pre-
vention on Friday urged preg-
nant women to avoid unpro-
tected sex with male partners
who have recently traveled to
areas where the Zika virus is
circulating.
CDC Director Tom Frieden,
said there was little data on
the likelihood of Zika virus
transmission through saliva or
urine, and only three con-
firmed cases of transmission
MARCO BELLO/REUTERS
through sexual contact.
“There are unknowns,” Mr.
Frieden said. “We’re still learn-
ing more about how it works
in the body.”
—Paul Kiernan and Kat Long
contributed to this article.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

CITY NEWS A14, A15 | OPEN HOUSE A16 | HEARD & SCENE A17 | SPORTS A18

GETTY IMAGES
METRO MONEY PERFECT PITCH A14 SPORTS FEELING BLUE A18

>
WSJ.com/NY * * * * ** THE WALL STREET JOURNAL. Saturday/Sunday, February 6 - 7, 2016 | A13

Shootings Stir
Concerns Over
‘Vertical’ Patrols
BY JOSEPH DE AVILA
AND REBECCA DAVIS O’BRIEN
A day after two police offi-
cers were shot while on patrol
inside a stairwell of a Bronx
public-housing complex, a
state justice ordered jurors at
the trial of an officer involved
in a fatal shooting inside a
Brooklyn public-housing stair-
well to be careful of news cov-
erage.
‘Encountering a perp
with a gun is all too
common during
vertical patrol.’
Before the jury arrived Fri-
day morning, Brooklyn prose-
cutors in the trial of New York
Police Department Officer Pe-
ter Liang, who is charged with
manslaughter in the 2014
shooting death of 28-year-old
Akai Gurley, raised concerns
about media coverage of
patrol.
In the Brooklyn case, Offi-
cer Liang fired his gun—his
lawyers say by accident—and
the bullet ricocheted off a wall
and struck Mr. Gurley, who
was unarmed.
On Thursday night in the
Bronx, Officers Patrick Espeut
and Diara Cruz came across an
alleged crime in progress and
were caught in a brief ex-
change of gunfire that injured
both of them. The suspect
later died from an apparent
self-inflicted wound.
Both incidents underscore
the challenges that officers
face when conducting so-
called vertical patrols of the
stairwells and hallways of
public-housing complexes.
Officer Liang’s attorneys
have repeatedly cited the haz-
ards of these patrols during
his trial, pointing to a police
guide that warns officers to be
on guard for a “possible am-
bush.”
Vertical patrols in the past
have come under criticism

Thursday night’s shooting.
They also asked the judge to
prohibit the defense from dis-
cussing the latest incident in
the courtroom.
Both shootings occurred at
a public-housing complex.
Both took place inside a stair-
well. Both involved officers on
ANDREW KELLY/REUTERS
KEVIN HAGEN FOR THE WALL STREET JOURNAL; FIRE DEPARTMENT OF NEW YORK/REUTERS (BELOW)
from civil-liberties advocates
who have said the method
raised many of the same con-
cerns as the NYPD’s stop-and-
frisk program and often led to
the baseless questioning and
searching of residents.
Patrolling public-housing
complexes is “inherently dan-
gerous,” said Joseph Gia-
calone, a former NYPD ser-
geant and an adjunct
professor at John Jay College
of Criminal Justice.
Mr. Giacalone said the stair-
ways in public-housing proj-
ects have been known gather-
ing places for criminal activity.
The NYPD began vertical pa-

trols, where officers routinely

An officer outside a Bronx
public-housing complex.
sweep New York City Housing
Authority stairwells and roofs
with flashlights and service
weapons drawn, to keep hall-
Please see PATROL page A14
 Officers’ shooting probe... A14 Crushed cars lay beneath the toppled crane, which stretched along two city blocks after the collapse in lower Manhattan on Friday.

Council Raises Its Pay, Crane Collapse Kills Man

But Limits Its Income Workers were trying
to secure equipment
was pronounced dead at the
scene.
Hudson
River
Location of
crane collapse
he left Mr. Wichs’s apartment
building on the Upper West
BY MARA GAY council leadership positions. Mayor Bill de Blasio said Side. “He was a very giving
As of December, 47 of the amid blustery winds; workers were clearing the Ca
na
lS
person.”
h S ay

The New York City Council current council members were street of traffic and pedestri- Wo t. The crane is owned by Bay
u rc d w

‘felt like an earthquake’ rt hS

t.

raised its pay Friday by 32%, eligible to receive the sti- ans at the time of the collapse, Crane Service Inc. and oper-
C h B ro a

t.
an increase members justified pends, though 11 declined likely preventing more casual- ated by Queens-based Galasso
W.

because it was tied to new them, according to a report by ties during the busy morning World Trucking & Rigging Inc., Mr.
BY KATE KING Trade
rules that limit their outside the Independent Quadrennial AND PERVAIZ SHALLWANI rush hour. Center de Blasio said. A man who an-
Br
oo

income. Advisory Commission, ap- “We lost a life, but if you go swered the phone at Bay
kly
nB
ay

The council voted 40-7 to pointed by Mayor Bill de Bla- A giant crane collapsed in out there on the street and see Crane declined to comment.
rid
adw

ge

approve the pay-raise legisla- sio last year to assess the pay lower Manhattan on Friday as what happened here, thank Galasso Trucking didn’t re-
Bro

tion. Members of the 51-mem-
ber council, which is over-
whelming Democratic, haven’t
had a raise since 2006.
Members’ salaries are ris-
ing from $112,500 to $148,500,
retroactive to Jan. 1. Speaker
Melissa Mark-Viverito’s salary
is increasing from $112,500 to
$164,500.
“Every dollar is a worthy
investment in a government
that works full time,” Council-
man Ben Kallos, a Manhattan
Democrat, said as he voted in
favor of the bill.
Like many lawmakers, Mr.
Kallos said the raise was rea-
sonable because members
worked hard and because the
legislation restricted outside
incomes and eliminated sti-
pends earned for committee
work or for fulfilling other
of elected officials. Every
member who serves as a com-
mittee or subcommittee chair-
man is eligible for a stipend of
at least $8,000, the report
said. Ms. Mark-Viverito had
earned a $25,000 stipend as
speaker.
While the basic council
raise is $10,185 more than
what the commission recom-
mended, Ms. Mark-Viverito
said the commission hadn’t ac-
counted for the ethics changes
the council intended to make.
Under the legislation, coun-
cil members can continue to
receive income from rental
properties and part-time
teaching jobs, but they are
prohibited from drawing in-
come from what lawmakers
say are more active sources,
Please see PAY page A17
workers tried to secure it
amid high winds, killing a pe-
destrian and prompting the
city to shut down hundreds of
cranes until further notice.
Three other people were in-
jured in the morning crash.
The crane, which reached
516 feet, fell across two city
blocks on Worth Street, crush-
ing parked cars and the pedes-
trian, who police identified as
David Wichs. The 38-year-old
To Address Corruption, Mr. Bharara Goes to Albany
BY ERICA ORDEN
ALBANY—Preet Bharara,
the person who has had per-
haps the biggest impact on
New York state politics in re-
cent memory, upended life in
the capital without ever set-
God it was not worse,” the
mayor said during a news con-
ference at the accident site.
A man and woman were hit
by falling debris and listed in
stable condition at area hospi-
tals, according to police. A
third person suffered minor
injuries, authorities said.
Mr. Wichs worked at Tower
Research Capital, an interna-
tional trading firm whose
headquarters are located less
man who last year felled two
longtime legislative leaders.
“I would welcome him with
open arms,” said Assembly-
man Luis Sepúlveda, a Bronx
Democrat. “What he’s doing is
spond to a request for com-
East ment.
Battery
River
Park Mr. de Blasio said a prelimi-
1/4 mile nary search by city officials
didn’t find any work violations
THE WALL STREET JOURNAL. associated with the operator.
The crane operator, a 56-year-
than half a mile from the site old man, tested negative for
of the collapse. Ravi Sarma, alcohol after the collapse, po-
who worked with him, de- lice said.
scribed him as well-liked. According to permits filed
“There was no one like with the city, the crane was
him,” Mr. Sarma said Friday as Please see CRANE page A17
those that are corrupt. We that Teddy Roosevelt was talk-
want them weeded out just as ing about these issues a hun-
much as anybody else does.” dred years ago, and this too
Some lawmakers sense shall pass.”
pockets of resentment on the And then there is Assem-
other side of the aisle. Refer- blyman Steve McLaughlin,
ring to the scandals that who is so excited about Mr.
plagued Albany last year, Bharara’s arrival that he plans

41° N.Y. Sports Lineup ting foot in it. Manhattan Democratic Sen. Daniel Squad- to revive his “Preet in the
Weather That is about to change. On U.S. Attorney ron said he believes Senate Seat” puppet, a soft-bodied
Real Feel Monday, the Manhattan U.S. Preet Bharara Republicans want “to just put doll bearing an image of Mr.
TODAY’S 2 p.m. Saturday
9 a.m. 33° attorney will visit Albany for will speak at all of this behind us, which is Bharara’s face. Mr. McLaughlin
HIGH Islanders
5 p.m. 35° the first time since taking of- two functions a huge mistake.” took to posing it around the
@ Red Wings fice in 2009, giving a pair of in the state “They wish he would go chamber last year.
Record High
public speeches on public cor- capital. away,” Assemblyman Bill No- For Mr. Bharara’s visit, the
68° (2008)
ruption. jay, a Republican, said of As- Republican lawmaker will re-
PARTLY Sunrise/Sunset 7:30 p.m. At the Capitol, Mr. Bharara sembly Democrats. launch the figurine, this time
SUNNY 7:01 a.m./5:20 p.m. Saturday is a polarizing figure, regarded making our lives easier, be- Mr. Bharara is regarded “as using a Ken doll for the body
Nets @ 76ers alternately with admiration cause there’s those of us that a transient figure that will do “to show him the respect.”
Sunday’s High and derision—and often with are hardworking legislators his thing and move on to Mr. Bharara, who declined
45° For N.Y. sports coverage, see A18
trepidation. Lawmakers are di-
vided on the arrival of the
and don’t have a corrupt
ounce on our bodies, and
something else,” Mr. Nojay
said. “They are all well aware
to comment for this article,
Please see ALBANY page A16
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A14 | Saturday/Sunday, February 6 - 7, 2016
Tuning Into
A Good Deal
One of the advantages of
New York living is all the
cheap services supplied by
students looking to practice
their trade. For years, I’ve en-
joyed $9 haircuts at the Em-
pire Beauty School and $20
dental clean-
ings at City
Tech. It
wasn’t until
recently,
however, that
I learned of
METRO
Floating Pi-
MONEY
ano Factory,
ANNE KADET
a small outfit
offering ap-
prentice piano tunings start-
ing at $60—roughly half the
typical rate.
My first thought: Finally, I
can afford to tune my piano!
My second thought: Who,
in this digital age, would be-
come a piano tech? You might
as well study typewriter re-
pair.
The fact that I bought a pi-
ano a few years ago makes me
a bit of a freak. According to
the National Association of
Music Merchants, just 33,000
acoustic pianos sold in the U.S.
in 2014—that’s a 60% drop
over the decade and a fraction
of the 300,000-plus that sold
annually in the early 1900s.
But the Floating Piano ap-
prentice who arrived at my
door last week was no Lud-
dite. Tom Erickson is a young
composer and sax player who
describes the sound of his big
band, Flying Dragon, “as if a
modern classical or jazz com-
poser was writing a Radio-
head song.”
It was like no tuning I’ve
ever seen. Mr. Erickson used
an app to help calibrate the
Drug Deal Gone Wrong Led to Officers’ Shootings
BY PERVAIZ SHALLWANI
AND THOMAS MACMILLAN
Inside the stairwell of a
Bronx housing project Thurs-
day around 8 p.m., an alleged
drug deal had just turned sour.
Malik Chavis, 23 years old,
walked into the Melrose
Houses public-housing devel-
opment in the South Bronx
with two other men to buy
marijuana, a law-enforcement
official said. But after the trio
took an elevator to the sixth
floor of the East 156th Street
building, the official said, Mr.
Chavis announced that he was
robbing the other two.
At the same time, four uni-
formed New York Police De-
partment officers, who all
started on the same day in
January 2014, had begun to
climb a stairwell as part of a
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EAST 58TH 202 East 58th Street, 212.486.8022
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MADISON 1100 Madison Ave., 212.628.8022
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pitch and FaceTime video to
share his work with his boss,
Eathan Janney, who currently
lives in Peru.
Afterward, he explained
how he came to his trade. Af-
ter studying jazz composition,
he worked at a Midtown shop
making custom woodwind
cases. When the shop moved
to California, piano tuning
seemed like a good replace-
ment—he likes working with
his hands and helping fellow
musicians.
But finding a mentor
proved difficult. While the Pi-
ano Technicians Guild lists 50
members in its New York City
chapter, “piano tuners don’t
have Web pages,” Mr. Erick-
son says. “Most of them are
old-school guys who have
business cards. You have to
hunt these guys down.”
And when he did? No one
would take him on.
Then he found Floating Pi-
ano Factory and Mr. Janney, a
pianist who earned his Ph.D in
biology researching birdsong
and bases his business on an
apprenticeship model, charg-
ing $60 to $180 for a tuning,
depending on the technician’s
experience.
Mr. Erickson started in De-
cember and shadowed a fel-
low apprentice on just one job
before his first solo assign-
ments.
“It took me five or six
hours, and I was working
hard the whole time,” Mr.
Erickson says. “Sweating,
nervous. It was intense. But
the customer knew I was an
extreme beginner and was
very patient.”
Now, with more than 30
tunings under his belt, his
routine tactic known as a ver-
tical patrol to make sure it
was clear of criminal activity.
The officers encountered
the men on the seventh floor
of the stairwell, a confronta-
tion that would end with two
officers shot and Mr. Chavis
dead from an apparent self-in-
flicted gunshot wound.
Mr. Chavis, who officials
said was released from state
prison in 2014 after serving
time for an attempted robbery,
announced the robbery on the
sixth floor, though it is unclear
if he had a weapon at the
time, the official said.
As the officers came upon
the three men, one of them, a
27-year-old, ran away, the offi-
cial said. The officers ques-
tioned Mr. Chavis and the re-
maining man, who is 34, about
why their companion fled and
CITY NEWS
Tom Erickson, who is an apprentice piano tuner with Floating Piano Factory, makes a house call in Manhattan. Below, a tuning hammer.
speed has improved consider-
ably.
Mr. Janney says folks
seeking an apprenticeship—
ranging from construction
workers to a Harvard-trained
statistician—aren’t in it for
the money.
asked for their identification.
Mr. Chavis said he needed to
go to his apartment for his,
the official said.
The officers walked Mr.
Chavis to the seventh floor,
but as he opened the door to
the hallway, “he immediately
turned around and fired three
shots at the cops” at close
range, the official said.
Police Officer Patrick Es-
peut, 29, was struck in the
face by a bullet that went in
his nose, through his nasal
cavity and out his ear, police
said. He was released from the
hospital Friday.
His partner, Officer Diara
Cruz, 24, was struck in the ab-
domen, just below her bullet-
proof vest, the official said.
She was in stable condition.
Officer Espeut and Officer
Phillip Pena fired their guns
PATROL
Continued from page A13
ways and stairwells clear.
Officers on patrol face
many hazards, including poor
lighting, tight hallways, and
nooks and crannies where peo-
ple can hide, Mr. Giacalone
said. Encounters with people
in the hallways and stairways
usually are uneventful but can
quickly escalate into violent
confrontations, especially if
the police surprise a suspect
or vice versa, he said.
Councilwoman Vanessa Gib-
son, chairwoman of the coun-
cil’s public-safety committee,
said more steps need to be
taken to protect officers on
patrol in public-housing com-
plexes.
“I think patrolling public
housing is important,” said
Ms. Gibson, a Democrat who
represents a Bronx neighbor-
hood near where the police of-
ficers were shot Thursday.
Residents “want to see police
officers, so that’s not even a
question. But how can we al-
low them to patrol in a safe
CORRECTIONS  AMPLIFICATIONS
About $3.9 million has
been raised to restore the S.S.
Columbia in Buffalo, N.Y. An ar-
ticle on Thursday about efforts
to preserve the steamboat in-
correctly said $3.2 million.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
“They’re piano geeks and
they’re fascinated,” he says.
His clients, meanwhile,
aren’t just looking for a deal;
they enjoy helping someone
learn a trade.
Albert Behar, a Bushwick
composer whose work will be
back a total of three times,
missing Mr. Chavis, who then
ran into the apartment, where
his girlfriend and a few other
people were staying, the offi-
cial said.
Mr. Chavis told a man in
the apartment that he had a
shot a police officer and “I
ain’t going back,” in an appar-
ent reference to prison, the of-
ficial said.
According to state inmate
records, Mr. Chavis was re-
leased from Great Meadow
Correctional Facility, in Com-
stock, N.Y., in December 2014
after serving time for a sec-
ond-degree attempted robbery
conviction.
Wanda Simes, 56, said she
was in the apartment and
heard Mr. Chavis say, “I shot
this cop in the face.’”
“He kept saying…‘I’m done.
Police outside the Bronx public-housing complex where two officers were shot Thursday night.
manner is always a question.”
The Legal Aid Society, a
nonprofit that provides legal
services to low-income New
Yorkers, led a class-action law-
suit against the NYPD and NY-
CHA in 2010 in federal court
over the use of vertical patrols
in public housing, claiming the
practices led to the practice of
unconstitutional and illegal
stops. The city settled the law-
suit in 2015, and the court ap-
The Knicks are 0-6 this
season when Carmelo Anthony
doesn’t play. An article on
Thursday about the team in-
correctly said 0-5.
* ***** THE WALL STREET JOURNAL.
performed in April by the Kro-
nos Quartet at Carnegie Hall,
hired Mr. Erickson to tune his
Yamaha U1, an upright he’s
been playing since childhood,
before a recording session.
“Floating Piano had a
cooler vibe,” he says. “I liked
that it’s run by musicians. It
seems a little edgy.”
Stephen Arnold, produc-
tion manager and technical
director at BRIC House, the
Brooklyn arts center, says he’s
pleased with the Floating Pi-
ano apprentices he hires be-
fore performances. In a city
where the top tuners charge
as much as $250, “I’m always
budget-conscious and trying
to get the greatest bang for
my buck,” he says.
“We do stick with the
more experienced appren-
tices,” he adds.
Top venues wouldn’t en-
I’m sorry. I’m sorry. I’m done.
I’m done. I’m not going to
jail.’ ”
He pulled out a .32-caliber
handgun and asked a friend to
shoot him, the official said,
but the friend refused.
Mr. Chavis called his father
and told him he loved him, Ms.
Simes said. Then, she said, he
kissed his girlfriend, gave her
his phone, and went into her
room, where he shot himself
in the head.
The handgun was recovered
near his body, and a shotgun
was also found in the room.
The two men who accompa-
nied Mr. Chavis into the build-
ing were taken into custody
and questioned and have been
cooperating with authorities.
After realizing Officer Cruz
was shot, one of Mr. Chavis’s
companions “actually tried to
pointed a monitor to oversee
an overhaul of vertical patrols.
Officer Liang and his part-
ner, both rookies, were con-
ducting a nighttime patrol in
the stairwell of the Louis H.
Pink Houses when a bullet
fired from Mr. Liang’s weapon
fatally struck Mr. Gurley. Pros-
ecutors have alleged that Offi-
cer Liang acted recklessly by
having his finger on the trig-
ger of his gun, then failed to
respond quickly to assist Mr.
Gurley.
Officer Liang’s lawyers have
described the shooting as an
accident at a crime-ridden lo-
cation. On Friday, the officer’s
attorney, Robert E. Brown, op-
posed warning the jury about
reading coverage of the Thurs-
day’s shooting, noting that the
Bronx incident was “remark-
ably similar to the setup of
this case.”
Supreme Court Justice
KEVIN HAGEN FOR THE WALL STREET JOURNAL (2)
trust their pianos to an ap-
prentice, of course. Carnegie
Hall, for example, says it hires
piano maker Steinway & Sons
to tune its pianos. Lincoln
Center has a similar arrange-
ment with Steinway for tun-
ings at Alice Tully Hall and
David Geffen Hall.
As for the long-term job
outlook for the city’s tuners?
Surprise, surprise—acoustic
piano sales are actually
climbing again. And Mr. Er-
ickson, who did a great job
tuning my piano, says he’s
better set than folks in many
occupations.
“I’ll never say never when
it comes to technology,” says
Mr. Erickson, “but in the
near-to-foreseeable future,
machines just can’t do what
piano technicians do.”
Anne.Kadet@wsj.com
help her and comforted her,”
the official said, adding that
“he even accompanied her
along with other cops and
EMS workers down to the am-
bulance.”
A preliminary investigation
determined that the gun be-
lieved to have been used in the
shooting was purchased in
June 2010 at Eastside Gun
Shop in Nashville, Tenn., the
official said.
A law-enforcement official
said Mr. Chavis had been ar-
rested 17 times since 2006.
Court records show he has had
convictions including robbery,
criminal weapons possession
and attempted assault.
He recently pleaded guilty to
attempted criminal possession
of a controlled substance and
was wanted on a bench warrant
issued Nov. 11, authorities said.
EDUARDO MUNOZ ALVAREZ/GETTY IMAGES
Danny Chun decided to deliver
a warning to jurors.
“Please exercise ample cau-
tion so you don’t expose your-
self to any account of this case
by anyone in the media,” he
said.
Patrick Lynch, president of
Patrolmen’s Benevolent Asso-
ciation, the main police union,
also noted the similarities be-
tween the two incidents.
“Encountering a perp with
a gun is all too common dur-
ing vertical patrol and it’s the
reason that our members, like
police Officer Peter Liang,
have weapons drawn while
performing this job,” he said.
While some noted the simi-
larities between the Bronx and
Brooklyn cases, others
stressed their differences. Jus-
tice Chun said Officer Liang’s
case “is quite different from
what happened in the Bronx
last night.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, February 6 - 7, 2016 | A15

CITY NEWS

Bridge Subpoena Allowed

BY ANDREW TANGEL
NEWARK—Defense attor-
neys in the criminal case
stemming from the George
Washington Bridge lane-clo-
sure scandal can subpoena re-
cords from the office of New
Jersey Gov. Chris Christie, a
federal judge ruled Friday.
The records include emails
sent by key players in the case
surrounding a week in Septem-
ber 2013 when Mr. Christie’s
allies allegedly conspired to
close down lanes leading to the
bridge to punish the mayor of
Fort Lee, N.J., for not endors-
ing Mr. Christie for re-election.
U.S. District Judge Susan
Wigenton’s ruling comes four
days before Mr. Christie, a
candidate for the Republican
presidential nomination, com-
petes in the first-in-the-nation
primary in New Hampshire.
Mr. Christie was never
charged with wrongdoing.
A spokesman for Mr. Chris-
tie declined to comment, re-
ferring inquiries to Gibson,
Dunn & Crutcher LLP, a law
firm that conducted an inves-
tigation into the lane closures
Bill Baroni, formerly of the Port Authority of New York and New Jersey, above, and Bridget Anne
Kelly, Mr. Christie’s former deputy chief of staff, below. Both face charges in the lane-closure case.
A third defendant, David
Wildstein, a former top Chris-
tie aide at the Port Authority,
pleaded guilty last May to
JASON ANDREW FOR THE WALL STREET JOURNAL (2)
Mayor’s Aide Seeks
New Carriage Deal
BY JOSH DAWSEY
A senior aide to Mayor Bill
de Blasio has spent much of
the past two days working to
resuscitate a failed deal to
curb New York City’s horse-
carriage business.
Mr. de Blasio had sought a
City Council vote to approve
legislation that would have re-
duced the horse-and-carriage
fleet and restricted it to Cen-
tral Park, built a stable at pub-
lic expense and sharply re-
stricted where pedicabs can
operate in the park.
That deal fell apart late
Wednesday when the Team-
sters union, which represents
the carriage drivers, signaled
it could no longer support the
proposal.
Jon Paul Lupo, a senior
staffer to Mr. de Blasio, made
calls after the deal died
Wednesday to a number of
City Council members or coun-
cil officials, according to peo-
ple familiar with the matter.
He has floated other ideas, in-
cluding removing the pedicabs
member, who reported being
contacted on Thursday. “You
kind of thought they’d get the
message that this was over.”
Council members said the
calls had them convinced Mr.
de Blasio wanted to keep the
fight alive.
A person with the mayor’s
office familiar with the matter
confirmed that the mayor had
begun conversations aimed to-
ward a modified deal.
In a statement released Fri-
day by New Yorkers for Clean,
Livable and Safe Streets, the
animal rights group that has
pushed the mayor to get rid of
the horse-drawn carriages indi-
cated it would continue its ef-
forts. The group also contrib-
uted to Mr. de Blasio’s 2013
campaign for mayor.
“We take the Mayor at his
word that he is committed to
getting this done and NY-
CLASS will do everything it
can to support that effort,” the
statement said.
The Teamsters declined to
comment.
City Council Speaker Melissa

at the governor’s behest.
Randy Mastro, the lawyer
who headed the Gibson Dunn
investigation, said in a state-
ment there was “nothing more
to be provided” by either the
firm or the governor’s office
relating to the lane closings.
Defense attorney Michael
Baldassare called the judge’s
decision “a tremendous vic-
tory” for his client, Bill Baroni,
whom Mr. Christie appointed
as deputy executive director of
the Port Authority of New
York and New Jersey, which
operates the bridge. Mr. Bar-
oni, who has pleaded not
guilty, resigned in late 2013 as
the scandal escalated.
Mr. Baldassare declined to
specify which records concern-
ing Mr. Christie he would seek.
Asked what information the
documents might yield, he
said: “I don’t know yet, but
we’re going to get them—I
promise.”
Mr. Baroni, standing outside
the federal courthouse here in
City Democrats Vie for Silver’s Seat
BY MIKE VILENSKY
A group of New York City
Democrats on Sunday will
name its candidate to replace
Sheldon Silver in the Assem-
bly, giving an area at the heart
of New York’s Democratic poli-
charges connected to his role from the deal, to secure a com- Mark-Viverito said Friday that
in closing the lanes. promise on horse carriages. legislation wouldn’t be consid-
Mr. Christie has denied “I was really surprised they ered at the time but she was
knowledge of the closures be- are still calling,” said one open to future conversations.
fore they occurred as well as
any role in planning them. He
has said he doesn’t recall be-
ing told of them while they T WO WORLD CL ASS RESORTS
were ongoing, a nod to Mr.
Wildstein’s claim that he told ONE UNIQUE
the governor what he was do-
ing at the bridge. But the EXPERIENCE
governor has said even if he
had been told, reports of
downtown Newark, said he to provide. heavy traffic wouldn’t have
was “very encouraged today.” “They’re essentially telling seemed unusual to him.
Judge Wigenton said the the government and the de- Asked if Mr. Christie’s
documents the attorneys are fense to ‘trust us,’ and frankly campaign was concerned that
pursuing could potentially we don’t believe they are enti- the subpoenas could weigh on
contain information relevant tled to that trust,” Mr. Critch- the governor politically as he
to the case, saying their re- ley said after the hearing Fri- tries to revive his presiden-
quest is “not a fishing expedi- day. “We want to see the tial campaign, a spokes-
tion.” documents.” woman replied, “No, abso-
Michael Critchley Jr., an at- Mr. Mastro said the gover- lutely not.”
torney for Bridget Anne Kelly, nor’s office “did not withhold Judge Wigenton indicated
Mr. Christie’s former deputy and log as privileged any doc- she wasn’t likely to approve a
chief of staff who has also uments” relating to the lane defense request to move the A modernized Mediterranean Resort
pleaded not guilty, disputed closures. “So there are no doc- trial out of New Jersey.
Gibson Dunn’s claim that there uments to produce in that re- —Ted Mann
Village spanning over 300 acres,
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Democratic Committee’s nomi-

nation. The one selected is
likely to win the April 19 spe-
cial election in a heavily Demo-
cratic district encompassing
Manhattan’s Lower East Side,
Chinatown and Financial Dis-
trict.
Mr. Silver, a Democrat, rep-
resented the area for more
than 30 years but was con-
victed in November of honest-
services fraud, extortion and
money laundering. He was ex-
pelled from the Assembly as a
result.
The Democrats hoping to
replace him include Yuh-Line
Niou, an aide to Assemblyman
Ron Kim, and Gigi Li, a com-
munity board chairwoman.
Three others seeking the nomi-
nation, Jenifer Rajkumar, Alice
Cancel and Paul Newell, are lo-
cal district leaders, unpaid
elected positions that are often
springboards to higher office.
Lester Chang, a naval re-
servist with roots in China-
town, has already been tapped
as the Republican nominee.
As a freshman lawmaker in
Albany, the victor won’t wield
the same influence as Mr. Sil-
Democrats hoping to replace Sheldon Silver include, from left: Paul Newell, Yuh-Line Niou and Gigi Li. *Rates subject to availability. © 2016 Hilton Worldwide
ver. And the race won’t shake have criticized the succession The Manhattan Republican
the dynamics of the state As- process, and that people so Party, however, is feeling em-
sembly, where Democrats have
more than double the GOP
close to Mr. Silver are involved
in it. Dick Dadey, director of
boldened by the downfall of
Mr. Silver, as well as the un- CONSIGN NOW
head count.
But the election will also
test whether the longtime
Citizens Union, called it “noth-
ing more than a coronation of
a favored candidate chosen by
predictable voter turnouts for
special elections.
Mr. Chang has never held
OR SELL OUTRIGHT
forces such as local Democratic the party.” public office but said he de- Buccellati ! Bvlgari ! Cartier ! Chanel ! Chopard ! Cipullo
clubs, which kept Mr. Silver in Asked if she supports Ms. cided to run because he is “fed Dior ! Goyard ! Hermès ! Marina B ! Pomellato
power, still hold sway as the Cancel, Ms. Rapfogel said: “We up with corruption.”
neighborhood changes. hope to do what’s best for the “I’ve never had a silver Schlumberger ! Van Cleef & Arpels ! Bottega
Kenneth Sherrill, a political community.” spoon in my mouth,” he said. Veneta ! Verdura ! Louis Vuitton
scientist for the City Univer- Ms. Cancel couldn’t be The Working Families Party, David Webb ! Harry Winston
sity of New York, predicted “a reached for comment. which also holds sway in the
knockdown, drag-out battle of The committee is also area, declined to say if it is
organizational capability” stacked with newer members, running a candidate or making Hermes Limited Edition 35cm
among the area’s stakeholders, including appointees of Mr. an endorsement. So Black Calf Box Leather
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Mr. Silver still has allies The Democratic nomination To continue past December,
among the committee’s 190 is often tantamount to a vic- he or she would face a Septem- Fancy Yellow Diamond,
members, including his former tory in the 65th Assembly dis- ber primary followed by the Diamond, Platinum,
chief of staff, Judy Rapfogel, trict, where there are about general election in November. Gold Ring
and his wife, Rosa Silver, who 45,000 registered Democrats Several Democrats said they Sold For: $365,000
are said to be leaning toward and 7,000 registered Republi- plan to run in the primary if
Ms. Cancel. cans, according to the state they don’t make the ballot line
Government watchdogs board of elections. in April.

primary, a council official said. in Brooklyn will also be known run out of money within weeks.
Greater Ms. Mark-Viverito planned to
travel with other members of
as “Carey Gabay Way.” Mr.
Gabay was a bystander caught
Atlantic City owes more than
$170 million to the Borgata in
New York the council and will knock on
doors and attend rallies. She is
in a shootout in September.
The 43-year-old Harvard-edu-
tax appeals that the casino won
from tax courts by challenging
Watch expected to return late Saturday
or early Sunday.
cated lawyer served as first dep-
uty general counsel at the Em-
its assessed value.
The casino’s statement came Free Verbal Appraisals
Mayor Bill de Blasio went to pire State Development Corp. shortly after a Superior Court
Iowa last weekend to campaign —Associated Press judge granted a motion Friday Inquiries: 212-486-3500 | Info@HA.com
for Mrs. Clinton. declaring the city must pay the 445 Park Ave. (at 57th Street) | New York, NY 10022
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City Council Speaker Melissa For Cuomo Aide says it will stop making tax pay- the debt could force the city into
Mark-Viverito planned to head A New York City street is be- ments until the city hands over bankruptcy. City officials didn’t Always Accepting Quality Consignments in 40 Categories
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ahead of Tuesday’s presidential The portion of Clinton Avenue cause the cash-strapped city to —Associated Press
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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A16 | Saturday/Sunday, February 6 - 7, 2016 * ***** THE WALL STREET JOURNAL.

OPEN HOUSE SATURDAY

IF YOU’RE
BROWSING FOR
A HOME...

CLAUDIO PAPAPIETRO FOR WSJ

CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL (3)

$269,000
27 Fieldstone Dr., Apt. 179
This co-op apartment in the
Rex Ridge complex has three
bedrooms and two
bathrooms.

Square Footage: 1,350

Property Plus: There is a
swimming pool and a
playground within the
complex.
Property Minus: The building
is at least a mile from the
White Plains train station on

A Life of Space and Quiet

the Metro-North line, quite a
walking distance for many.
Listing Agent: Marco Vasile,
Keller Williams NY Realty
Open House: By appointment
Hartsdale in Westchester County offers modestly priced homes and a reasonable commute to Manhattan
Traffic jammed Central City, good values and taxes ues going up, a third
Park Avenue in Hartsdale, but lower than next-door Scars- decreasing and a third remain-
two minutes off the commer- dale appeal to families looking ing the same.
cial strip to the west are se- for starter homes, empty nest- A development of 51 luxury
rene enclaves with well-kept ers looking to downsize, and rental units is being con-
houses of different eras and retirees and young singles structed near the Scarsdale
attrac- drawn to the roomy apart- Golf Club. There is a large

ANTHONY MORENO
OPEN HOUSE tive con- ments to rent or buy. stock of co-ops and condos,
PATRICE domin- Greenburgh Town Supervi- some dating to the 1950s,
O’SHAUGHNESSY ium and sor Paul J. Feiner said there is many a short stroll to the
coopera- a major effort underway to “downtown” and the train sta-
tive de- put in more sidewalks to make tion.
velopments. Two minutes to the town more pedestrian- Hartsdale is about three
the east lies a calmer thor- friendly. square miles, with a popula- $535,000
oughfare of shops and restau- “A new blinking light in- tion of 5,293 in the 2010 cen- 20 Lakeview Ave.
rants. stalled at a crosswalk at Rock- sus. This colonial home in the
Typical suburbia is the ap- ledge Road and East Hartsdale The old area of the town is Manor Woods section has four
peal of Hartsdale, a hamlet in Avenue a couple of weeks ago high on Ridge Road, lined with bedrooms and two bathrooms.
the town of Greenburgh in is part of that,” he said. stone walls and woods, and the The house has a deck and a
Westchester County: It is close site of parks and the Odell large, level backyard.
to the bustle, but you would House, a weathered wood-and-
never know it.
The hamlet is close stone farmhouse from 1732, Square Footage: 1,600
Jose and Lailany Rodriguez to the bustle, but where Gen. George Washington Property Plus: The house is
had rented an apartment in made battle plans with French within walking distance of the
Greenburgh for four years,
you would never general Count de Rochambeau Hartsdale train station on the
and with three young sons, know it. against the British during the Metro-North line.
they were looking to purchase Revolutionary War. Property Minus: The
a home. They wanted to stay On the main drag, East Businesses on East Hartsdale Avenue, top left, and customers basement is unfinished.
in the area because it is a con- In 2015, the average sale Hartsdale Avenue, old-style at Copper Kettle Cafe. Above, the Odell House, a 1732 farmhouse. Listing Agent: Marilyn J.
venient drive to their jobs in price was $531,025 and the lampposts and benches dot Krizansky of Houlihan
Manhattan. They don’t travel median was $509,250 for sin- the curve leading to the train Ta
rr
Lawrence
yto
during rush hour. gle-family detached houses in station. There are appealing wn Open House: Sunday, 1 to 3
They bought a co-op in the Hartsdale, according to the storefronts, individually y Rd. Rd p.m.
obbs Ferr
WORTHINGTON

D .
e .
northern part of Hartsdale for Multiple Listing Service. owned shops like Indigo Chic 100B Av
W. Hartsdale

ral
$240,000 in December, with Taxes for an average-price Boutique, and eateries offering nt
Ce
three bedrooms and two home are $11,000 to $12,000 a fare ranging from Mexican to
baths, and a swimming pool year, brokers said. Turkish to pizza. The windows
Av

and a playground in the com- Greenburgh is reassessing of the famous Enrico’s of Rd.
S ecor
e.

plex. residential- and commercial- Hartsdale bakery are painted HARTSDALE

JUMP VISUAL PHOTOGRAPHY
e.

“My son can walk to Wood- property values for the first with seasonal scenes.
Av

Ridge Road
rk

lands [middle school], we’re time since the 1950s, to Most of the restaurants 100A
Pa

Park
ral

near Central Avenue for the spread the tax burden more have outdoor seating in the
t
Cen
y.

bank and my kids’ haircuts,” fairly. summer. There is a New York Ridge Rd.
Pkw

ad
i l ro

said Mr. Rodriguez. “Our com- The reassessment is to be Sports Club, part of the reju-
ok

Ra
E. H
Bro

rth

munity is wonderful, safe. I completed this year, and new venation of the strip.
artsdal e A
ain

-No

SCARSDALE
Spr

like the cleanliness and it’s rates will go into effect next Half the stores were vacant
t ro
Me

peaceful.” year, Mr. Feiner said. He ex- after the 2007-08 economic
$799,000
e. v

Realtors say the easy com- pects the revaluation will re- downturn; now only two are
100
mute by train to New York sult in a third of assessed val- empty, and one will soon 11 Findlay Ave.
house a real-estate firm, Mr. Hartsdale This colonial home, also in
y.

Underhill Rd.
kw

Feiner said. the Manor Woods section,

er P

W E ST C H E ST E R
Riv

Schools: Hartsdale is part C OUNTY has three bedrooms and 2½

nx

of Greenburgh Central School GREENVILLE baths. It features updated

B ro

District. There is a prekinder- New York

garten, three elementary
schools, Woodlands Middle
School and Woodlands Senior
High School. The average SAT
score was 1418 in 2013, com-
pared with the statewide aver-
age of 1463.
Parks: Ridge Road Park in-
cludes a special field for peo-
ple with disabilities and Hart’s
©2015 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated.
windows, traditional
5 miles millwork, arched doorways,
City
THE WALL STREET JOURNAL. and a living-room fireplace.
Square Footage: 1,837
Nature Center, a wildlife habi- Brook and Bronx River park- Property Plus: The home is
tat refuge for indigenous spe- ways, and close to Interstate about a 10-minute walk to
cies and migratory birds. 287. the Hartsdale train station.
Transportation: Getting to Dining: On East Hartsdale Property Minus: The
Grand Central Terminal from Avenue, there is Vega Mexican basement is unfinished.
the train station takes 34 to Cuisine, Amendolas Pizzeria Listing Agent: Glorianne

Brook Nature Preserve has 54 minutes on the Metro- Trattoria, Copper Kettle Cafe, Mattesi, Douglas Elliman
walking trails. Nearby in North Harlem Line. Hartsdale Bagels and More and the Bos- Real Estate
Scarsdale is the Greenburgh is bordered by the Sprain phoRus Restaurant. Open House: By appointment

CITY NEWS

ALBANY lawmakers and various lobby-

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Continued from page A13
will speak at the New York Con-
ference of Mayors annual meet-
ing and at a function hosted by
Albany-based radio station
WAMC. He is also set to attend
the swearing-in ceremony of
Janet DiFiore, the newly con-
firmed chief judge of the state
Court of Appeals.
While Mr. Bharara’s biggest
convictions—former legislative
leaders Sheldon Silver and
Dean Skelos—may be gone
from the Capitol, many people
who testified during the trials
or whose names figured promi-
nently in them, remain influen-
tial parts of the Albany firma-
ment.
Those include representa-
tives for both current legisla-
tive leaders, several other high-
level staffers, a handful of
ists.
If that weren’t sufficient to
set Albany on edge, the Man-
Mr. Bharara has rejected the
notion that his commentary on
public corruption—or anything
else his office prosecutes—
indicates that we need to en-
force the laws we have, as op-
posed to making new ones.”
Several lawmakers said they
hattan U.S. attorney’s office is should be confined to the believe Mr. Bharara could have
also probing one of Mr. pages of a criminal complaint. a greater impact if he were to
Cuomo’s signature economic- “It is ridiculous that a dis- give more specific instructions.
development projects, an up- trict attorney or a United “The problem with Preet is
state revitalization effort States attorney who has that he talks in broad brushes,”
known as the “Buffalo Billion.” learned something about what Mr. Nojay said. “He needs to
One place Mr. Bharara won’t the root causes of crime might say, ‘This is what we need to
be speaking is at the Capitol it- be…doesn’t say something pub- do.’ ”
self. Assembly Minority Leader licly about it,” he said at a fo- More recently, though, Mr.
Brian Kolb asked the minority rum in Manhattan last week. Bharara has focused on encour-
and majority leaders of both Still, some question the effi- aging lawmakers simply to
chambers to join him in invit- cacy of his rhetorical efforts. speak up when they witness
ing the U.S. attorney to lecture “The U.S. attorney has a job to wrongdoing.
at the statehouse, but Mr. Kolb do. I commend Preet for doing “I don’t know if Preet is go-
said none responded. it well,” said Assemblyman Phil ing to be able to institute a cul-
“That’s disappointing,” he Goldfeder. When asked tural volunteerism,” said Todd
said. “Just because two people whether he thought Mr. Bhar- Kaminsky, a former federal
have been convicted doesn’t ara’s remarks could make a prosecutor who is now a fresh-
mean we have fixed the root meaningful difference, how- man member of the Assembly,
cause of corruption in New ever, Mr. Goldfeder said no. “but I think what he has dem-
York state. “The people who have been onstrated is that if that Albany
“If you really don’t like him accused or charged were isn’t willing to police itself,
being around,” Mr. Kolb added, caught breaking the law that then the FBI will do it for
“then fix the place.” already exists,” he said, “which them.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, February 6 - 7, 2016 | A17

HEARD & SCENE

University Returns Historic Rabbinical Documents

BY SOPHIA HOLLANDER A collection of rabbinical
writings was returned to its
For more than 200 years, owners by Yeshiva University.
the rabbis of the Auerbach
family passed along a growing in Jewish history. The French
collection of rabbinical writ- Revolution brought legal
ings and commentaries to equality to the Jewish commu-
their sons, in a collection that nity—only to see those free-
ultimately spanned as many as doms compromised several
30 volumes and close to years later during the Reign of
10,000 pages. Terror, which barred religion
By 1940, as the Nazi pres- and targeted religious leaders,
sure on Jews in Berlin intensi- said David Sorkin, a professor
fied, the volumes disappeared. of Jewish European history at
This week, they went home. Yale University. “It’s a time of
Yeshiva University, which major upheaval,” he said.
acquired 23 volumes starting In the documents, Rabbi
DAVID KHABINSKY/YESHIVA UNIVERSITY (2)

in 1954, transferred its collec- Sinzheim references hiding

tion back to Rabbi Raphael from his enemies. He was later
Auerbach, the eighth-genera- invited by Napoleon to help
tion descendant of the original evaluate whether equality for
author. It is currently valued Jews was a legacy worth pre-
at $250,000. serving from the revolution,
“We thought it was the right historians said.
thing to do,” said Shulamith “He had a reputation as a
Berger, curator of special col- giant of Talmudic learning that
lections at Yeshiva University. set him above his contempo-
“We’re sort of proud that we raries,” said Jay R. Berkovitz,
could be the custodians and chair of the department of Ju-
guardians of these manu- 1940, the seminary was closed an American serviceman. His daic and Near Eastern studies
scripts.” Otherwise, she said, “I and looted by the Nazis. The lawyers wonder if they were at University of Massachusetts
don’t know what would have collection disappeared. targeted for inclusion in a mu- Amherst. “He was known for
happened to them.” “He spoke about it with such seum the Nazis planned for his skill and bridging between
The earliest document is sorrow,” said Rabbi Auerbach’s what they hoped would become the demands of citizenship and
dated 1701 and the collection son Raphael, now 66 years old an extinct group of people. Jewish observance.”
went on to include extensive and a rabbi in Jerusalem. “He What is known is that the As a result, he continued,
writings from Rabbi David Sin- felt always to be blamed be- volumes resurfaced in 1954 in a “he’s certainly up there among
zheim, who negotiated with bookseller’s shop on Manhat- the first modern Jews in the
Napoleon for Jewish freedoms tan’s Lower East Side. The pro- sense as we know it, struggling
and became the first chief
The aging pages prietor approached Yeshiva to bridge between two worlds.”
rabbi of France. include scribbles on University to purchase the col- Rabbi Auerbach said he
Rabbi Sinzheim was related lection, but the price—$1,500— planned to assemble a team to
by marriage to the Auerbach
the back of a 1752 was too steep. The manuscripts publish the manuscripts, a
family, which had its own rab- bar mitzvah invite. were later acquired by a pri- painstaking project given the
binical dynasty in Germany, said vate buyer and donated to the cramped lettering on the aging
Rabbi Auerbach. By 1935, the university, which has main- pages, which include scribbles
documents had passed to Rabbi cause he got it from his father tained them ever since. claim unusually clear for a tration, without any legal is- on the back of other docu-
Hirsch Binyomin Auerbach, liv- who got it from his father who In 2013, Rabbi Auerbach manuscript case, they said. sues, they simply said, ‘we are ments like a bar mitzvah invi-
ing in Halberstadt. He lent the got it from his father and he reached out to two lawyers The university didn’t balk. willing to do the right thing.’ ” tation from 1752.
collection to a rabbinical semi- was the one to lose it.” with experience in Holocaust- Its willingness to simply As part of the agreement, “I feel that is my duty and
nary in Berlin for safekeeping After the manuscripts dis- restitution cases, Mel Urbach give the documents back set the university received per- that is my privilege to publish
as the Nazis gained power. appeared from the Berlin Sem- and Markus Stöetzel. Rabbi Au- “a unique precedent,” Mr. mission to digitally publish the those manuscripts,” he said. “I
In 1938, Rabbi Auerbach was inary, “there is a gap in the erbach still had the receipt his Stöetzel said, noting that they manuscripts on its website to believe that those manuscripts
forced to flee Germany after a story,” Rabbi Auerbach said. father received from the Berlin frequently face resistance, es- facilitate access for scholars. would not have survived with-
brief imprisonment in Buchen- He theorizes they might Seminary in 1935 detailing the pecially in Germany. “Without The manuscripts were writ- out the help of God, but God
wald, a concentration camp. In have been taken to the U.S. by loan, making his ownership any dispute, without any arbi- ten during a tumultuous time has got his good agents.”

CITY NEWS

CRANE PAY
Brooklyn Democrat, said he
voted against the measure be-
cause the raise was higher
than the figure recommended
Continued from page A13 Continued from page A13 by the commission. “I thought
capable of lifting up to 330 such as the practice of law. A we should have stuck to that,”
tons. For about a week, it had handful of lawmakers report Mr. Maisel said after the vote.
been used in the area to re- having such income. As the lawmakers voted at
place generators and air con- “We believe that there’s a City Hall, several council em-
ditioners on a nearby roof, the value that should be added to ployees stood in silent protest
mayor’s office said. The city the loss of that outside in- in the balcony with shirts that
Department of Buildings in- come,” she said. read, “paycheck-to-paycheck:
spected it on Thursday and The bill still requires Mr. de pay raises for all.”
had found it to be in full com- Blasio’s signature to become Dick Dadey, executive di-
pliance, officials said. law. He has said he plans to rector of the civic group Citi-
CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL

Manhattan has seen several review it, but that the council zens Union, said he supported
fatal crane accidents in recent had “made a good case given the pay increases as a way to
years. the magnitude of the reforms attract “the best and bright-
In 2015, an operator work- that they’re undertaking.” Mr. est” to shape policy and man-
ing on East 44th Street was de Blasio, who has said he age a more than $80 billion
killed when the equipment ex- wouldn’t take a pay raise this budget. But he said the council
perienced a hydraulics mal- year, earns $225,000. should have held more than
function, pinning him between The vote on the pay raise one public hearing on the bill.
the crane’s boom and flatbed. measure had a anticlimactic The new lawmaker salaries
Three years earlier, a contrac- feel because the council also will be $99,039 higher than
tor working on the No. 7 sub- had been scheduled to vote on the median household income
way line project was struck the bill backed by Mr. de Bla- in New York City, which was
and killed by the boom of a sio that would have reshaped $49,461 in 2011, according to
collapsing crane. the horse-carriage industry the U.S. Census Bureau.
In 2008, a crane collapse Emergency workers on Worth Street in lower Manhattan, where a crane collapsed Friday morning. and resulted in some job Richard Larson, 70, who
killed seven people at a high- losses, perhaps hundreds. lives in the Tudor City area of
rise construction site on East The building where the 8:24 a.m., an FDNY spokes- honestly.” But Ms. Mark-Viverito can- Midtown, said it was hard to
51st Street. Another crane col- crane was operating at the woman said. Mr. Barragan, 44, walked to celed the horse-carriage vote determine whether the raises
lapsed on East 91st Street that time of the collapse is a 24- Ken Robert, 56, lives on the the scene of the collapse, after the Teamsters represent- were fair because he wasn’t
year, killing the operator and story skyscraper that opened 32nd floor of a building on which is near his office, and ing the horse-carriage drivers sure about the council’s job re-
another worker. in 1930. Once Western Union’s Hudson Street, near the crash saw the crane lying “like a backed out of a deal with the sponsibilities. “They’re making
The crane that collapsed on headquarters, it was desig- site. He noticed the crane a snake of flattened metal” de Blasio administration. a lot of money,” he said. “I
Friday was a crawler crane, of nated a city landmark in 1991. week ago and estimated that it across almost two city blocks. City lawmakers said pri- don’t know what they do.”
which there are 376 registered The owner, Stahl Organiza- reached higher than 40 stories. Cars were smashed, and debris vately they were relieved that —Zolan Kanno-Youngs
and potentially active across tion, leases it for data centers When it collapsed, he said was scattered across the the horse-carriage legislation contributed to this article.
the city, Mr. de Blasio said. and office space. A company he heard what sounded like a street, he said. had been scuttled and that
The mayor ordered all crawler spokesman said the accident’s truck hitting a pothole. He was a few blocks away they felt it would have been
cranes and 53 larger, “tower” cause is still under investiga- “Within minutes I heard all from the World Trade Center awkward to vote on both mea- We Want to Hear
cranes shut down and secured tion. these sirens,” Mr. Robert said. on Sept. 11, 2001, he said, and sures on Friday. From You
until further notice. The crash caused traffic “Being down here on 9/11, when he saw the crane topple, By contrast, they said they Have something to say about
Workers were attempting to jams, subway disruptions and does this get your nerves go- his instinct was to run. were happy to vote on their an article in Greater New
lower the crane on Friday be- temporary water- and gas-main ing? Yes, it does.” “I survived 9/11. This was a pay raises. Several said they York? Email us, along with
cause of high winds, a require- shutdowns. Traffic and access Giovanni Barragan was get- much closer call,” Mr. Barra- planned to save the money or your contact information, at
ment for crawler-crane opera- to the immediate and sur- ting coffee on his way to work gan said. “Now I’m thinking I use it to pay off student loans gnyltrs@wsj.com. Your letter
tors when wind speeds reach rounding area will be closed for when the crane collapsed, and need to move out of New and medical bills. Two law- could be published in our
25 miles an hour, according to several days, the mayor said. he felt the ground shake when York.” makers said they needed the weekly Feedback column on
the mayor’s office. The cranes Forty Fire Department of it hit the street, he said. —Zolan Kanno-Youngs, raise so they could continue Friday. Letters will be edited
have sensory equipment that New York units and 140 per- “I heard screaming and Josh Barbanel to afford to live in their dis- for brevity and clarity. Please
alert construction crews when sonnel responded to the emer- people were running,” he said. and Henrick Karoliszyn tricts. include your city and state.
winds reach that speed. gency call, which came in at “It felt like an earthquake, contributed to this article. Councilman Alan Maisel, a

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A18 | Saturday/Sunday, February 6 - 7, 2016
Rangers Stuck in Neutral Entering Stretch
With Lundqvist in rare
slump, Rangers must boost
scoring if they’re to catch
Capitals in Metro division
BY ALEX RASKIN
GREENBURGH, N.Y.—For a team
that has won just 12 of its last 30
games, the Rangers should feel for-
tunate to have 61 points this season,
more than 23 other NHL teams en-
tering Friday. If not for their nine-
game winning streak early in the
season, they’d be in a much tighter
spot coming out of the NHL All-Star
break.
“To start we got everything our
way,” said Rangers rookie forward
Oscar Lindberg, who scored nine of
his 11 goals before December. “We
were scoring a lot more.”
It’s safe to say the Rangers’ salad
days are over. Between the first 21
games and their last 30, the Rangers’
went from scoring 3.1 goals per 60
minutes (fourth) on 11.1% shooting
accuracy (tied for second) to netting
just 2.7 goals (11th) at an 8.9% clip
(14th), according to War-on-Ice.com.
If they were playing the kind of de-
fense that helped them win the East-
ern Conference in 2014 or the Presi-
dents’ Trophy last season, the
Rangers could sustain that drop in
production. But this year’s offensive
downturn has coincided with a rare
slump from goaltender Henrik Lun-
dqvist, who is blocking just 90.1% of
shots during his last 26 performances,
good for 53rd in the NHL.
As a result, the Rangers have
gone from the NHL’s best team at
preventing goals to one of its worst.
The problems are relatively minor
when the Rangers are at even
strength, according to coach Alain
Vigneault. It’s on special teams,
where New York has been outscored
by 12 goals since Nov. 24, that things
get hairy.
“Both our power play and penalty
killing,” Vigneault said when asked
what was giving the Rangers trouble.
“This is result-oriented, and the re-
sults aren’t what we want them to
be.”
Off the ice, Vigneault explained,
the Rangers have talked at length
about where the puck needs to be,
and when, on the power play. Even
as they came back from an 0-2 defi-
cit to beat the visiting Minnesota
Wild 4-2 on Thursday, the Rangers
still whiffed on all three of their
power-play opportunities.
Their penalty kill wasn't much
better in the first period, with Wild
defenseman Matt Dumba beating
Lundqvist—the third consecutive
power play goal the Rangers had
yielded.
“On the penalty killing, it has to
do more with four-man presses, and
when you get a one-on-one battle,”
Vigneault said. “We’ve got to win
more of those on the P.K.”
The Rangers rank 26th on both
the power play and penalty kill this
Heard On
The Field
Two at Hospital Fired
Over Pierre-Paul Leak
The Miami hospital that treated
Giants defensive end Jason Pierre-
Paul (below) after his July 4 fire-
works accident said Friday that it
fired two employees who inappropri-
ately accessed his health records.
In a statement, a spokesman for
the health system that runs the
hospital said it has also settled liti-
gation related to the breach. Pierre-
Paul’s agent didn’t return a request
for comment Friday evening.
On July 8, an ESPN reporter
posted on Twitter a photo of Pierre-
Paul’s electronic medical chart, which
showed he was having surgery to
amputate his right index finger. The
federal Health Insurance Portability
and Accountability Act, or Hipaa,
which protects the privacy of individ-
ually identifiable health information,
generally makes it illegal for health
providers to release a patient’s medi-
cal records without explicit permis-
sion from the patient.
—Stu Woo
ASSOCIATED PRESS
Above, Rangers goaltender Henrik
Lundqvist has blocked 90.1% of shots
during his last 26 performances, good
for 53rd in the NHL. Meanwhile, J.T.
Miller, right, has been on a scoring
spree to help make up the difference.
season, with injuries playing a role
of late. Left wing Rick Nash (12
goals, 21 assists) will miss his fifth
consecutive game Saturday with a
bone bruise on his left leg. Vigneault
said he hopes to see the six-time All-
Star return “in the next three, four
days.”
The news was much better for de-
fenseman Kevin Klein, who was sup-
posed to be out indefinitely after
fracturing his thumb during Tues-
day’s 3-2 loss in New Jersey. After
practicing on Friday, Klein said he
was ready to face the Flyers in Phila-
delphia on Saturday—which was
news to his coach.
“I think I just heard he declared
himself good to go,” Vigneault
laughed, saying he would have to
confer with the team’s medical staff
before returning Klein to the ice.
One bright spot has been the re-
cent play of forward J.T. Miller, who
has uncharacteristically scored eight
goals in his past eight games. But
just like the Rangers’ early-season
shooting percentage, one has to as-
sume that Miller’s offensive touch
will regress back to its mean sooner
or later.
“I haven’t gone through anything
like this, so I don’t know what to
think of it,” Miller said.
How to Lure Talent From 700 Miles Away
BY ANDREW BEATON
Michigan secured one of the high-
est-rated football recruiting classes
in the country this week with a lot
of help from the state of New Jersey.
Five of the state’s top eight high-
school recruits are headed to Michi-
gan in the fall. The headliner was
Rashan Gary, a defensive lineman
and the nation’s consensus No. 1
prospect, who committed to the
Wolverines from Paramus Catholic in
Paramus, N.J.
Gary’s flight to Ann Arbor came
as little surprise. When Jim Har-
baugh took over as Michigan’s head
coach last year, he hired Paramus
Catholic’s coach, Chris Partridge, to
be the program’s director of player
personnel in recruiting. Partridge
had also coached defensive back
Jabrill Peppers, the highly ranked
Paramus Catholic recruit from two
years ago, who now plays for Michi-
gan. Last month, with Gary’s deci-
sion a few short weeks away, Par-
tridge was promoted to linebackers
and special-teams coach.
The Wall Street Journal spoke
with Partridge on Friday about why
Michigan zeroed in on New Jersey as
the focus of its recruiting efforts.
The following is an edited version of
the conversation.
How did Michigan’s focus on New
Jersey come about with this class?
When we tried to figure out our re-
cruiting strategy, we decided we were
going to mimic the university and
how they did it, and go out and find
people all over the country. One of the
main things was finding kids in pock-
ets because when you go and pluck a
kid from far away one at a time, it
makes it a little bit more difficult.
New Jersey was one of those
main areas we discussed. They play
SPORTS
Then there are the NHL-best
Washington Capitals (76 points),
who are truly exacerbating the
Rangers’ recent struggles. Defense-
man Keith Yandle insisted that he
and his teammates aren’t focused on
their Metropolitan Division rivals,
who have outscored the Rangers
16-8 in their last three meetings. But
Michigan linebackers and special-teams coach Chris Partridge.
great football, they have tough kids,
they have smart football players, and
they churn them out every single
year. Obviously me being from there,
I take a lot of pride in the state and
want those guys to have the best op-
portunity going forward.
How much does your New Jer-
sey background help you land re-
cruits from there?
Some of these kids I’ve seen play
football since the fifth and sixth
grade. I know them, I know the guys
that have coached them their whole
lives, I know similarities in the
styles that they play, you know peo-
ple that know their families. Of
course, it gives you an advantage be-
cause you’re just so familiar and be-
cause they feel comfortable.
Among the recruits, you knew
Rashan Gary best. How did your
relationship with him help Michi-
* ***** THE WALL STREET JOURNAL.
(TOP): JULIO CORTEZ/ASSOCIATED PRESS; (BOTTOM): ELSA/GETTY IMAGES
the Blueshirts have spent two in the postseason,” he said. “You got
months treading water while the to do what you can to find a way to
Capitals have all but engraved their have life at the end of the season,
names on the Stanley Cup. and to be playing in seven games se-
Yandle is taking comfort in the ries.”
long-held belief that the champions And for all their recent faults,
aren’t the best team all year—just at somehow the Rangers remain en-
the end of the season. “The 82 sconced in the Eastern Conference
games is to find a way to be playing playoff picture.
it extremely high and so does every-
one on our staff, so does our head
coach. New Jersey football players
have done a great job when they get
to college and have moved on even
farther than that. We have a tremen-
dous respect, and you’ll never hear
anyone at Michigan say anything
about it being underrated. We rate it
extremely high, right up there with
SCOTT C. SODERBERG/UNIVERSITY OF MICHIGAN
all the other states.
Was your knowledge of the area
and connections with some of
these players one of the reasons
why you were hired?
I don’t know. I’m going to assume
so, but I can’t really answer that be-
cause I don’t know what [Harbaugh]
was thinking. We didn’t really talk
about a particular state or particular
area in recruiting through my inter-
view process. It was more of an
overall: How would you attack the
gan attract him? recruiting strategy at Michigan?
Obviously, I have a very, very But I’ll tell you this, right in my
strong relationship with him. first couple weeks and months on
When I first got here it’s not like the job, we evaluated everything and
I started recruiting him here right decided that Jersey was going to be
away. I wanted to feel this place out a place that we’re going to recruit
to make sure it was a right fit, and I heavily for the foreseeable future.
think they respected that.
It wasn’t until three or four Is New Jersey easier to recruit
months when I was here that I truly as an out-of-state school because
started really believing and getting Rutgers has struggled to have that
integrated into this place and realiz- type of national presence?
ing that there’s not many better op- Some in-state schools will lock
portunities in the country than the down their state, and it’s really
University of Michigan, that I started tough to get them out of there and
recruiting them and getting him up they’re less recruited by other areas.
here and showing him what this New Jersey is considered an area
school is about. I never sold, I just where everyone tries to come in and
showed them what this place is about. pluck a kid, so I’d have to agree with
that: It’s not locked down by any
California, Florida, Georgia and particular school or two; it’s an area
Texas are known as the most fer- where you have to fight against ev-
tile recruiting states. Is New Jer- ery school. That’s something that we
sey an underrated hotbed? obviously look into and know that
I don’t think it’s underrated. I rate we’ll have to compete against.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

IN THE MARKETS B5 | WEEKEND INVESTOR B7 | WEATHER WATCH B12 | HEARD ON THE STREET B12

GETTY IMAGES
FIGHT ID THEFT TAX REPORT B7 TWO SUPER BLUEPRINTS SPORTS B11

© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, February 6 - 7, 2016 | B1
DJIA 16204.97 g 211.61 1.29% S&P 1880.05 g 1.85% NASDAQ 4363.14 g 3.25% 10–YR. TREAS. À 5/32, yield 1.846% OIL $30.89 g $0.83 EURO $1.1158 YEN 116.87 See more at WSJMarkets.com

Dire Times for Europe Banks Expatriations Hit Record

Number of published expatriates
4,000
2015
4,279

Many investors flee, bound in recent days. Investor chronic problems they face
By Max Colchester, valuations of European banks, could be similarly painful to
as lenders’ attempts David Enrich including Italy’s UniCredit overcome. 3,000
to fix chronic problem and Simon Clark SpA, Deutsche Bank and The challenges are plentiful.
Credit Suisse Group AG, are European banks moved slowly
areas fall short just with Deutsche. After years plumbing depths they last saw to thicken their capital cush- 2,000
of lackluster results, financial during the 2008 financial cri- ions, especially compared with
LONDON—Soon after his scandals, painful share sales, sis and the 2012 eurozone sov- their U.S. counterparts. Banks
appointment last year, disruptive management ereign-debt meltdown. eventually raised more than 1,000
Deutsche Bank AG co-Chief changes, onerous regulations “The selloff is totally indis- $400 billion of new equity
Executive John Cryan pleaded and strategic U-turns, many criminate,” said a European since 2007, but many investors
with shareholders for time. investors are throwing in the official whose government want more, especially at banks 0
The overhaul of the big Ger- towel on European banks. bailed out its banks and is with big U.S. presences. The 1998 ’00 ’02 ’04 ’06 ’08 ’10 ’12 ’14
man bank “will not be easy This year alone, European now stuck with money-losing Federal Reserve has been forc- Source: U.S. Treasury Department THE WALL STREET JOURNAL.
and will take years to deliver,” bank stocks have plunged 18%, stakes in the lenders. ing foreign lenders to keep CUTTING TIES: A record number of individuals renounced their
he said. compared with an 11% tumble While few observers think capital locked in the country. U.S. citizenship or long-term residency last year. B2
Investors already are run- in the Stoxx Europe 600 index, Europe’s banks are skidding “It is possible that we will
ning out of patience—and not notwithstanding a slight re- back into an acute crisis, the Please see BANKS page B2

Argentina Makes
Holdouts an Offer
(TOP TO BOTTOM) DAVID RYDER/BLOOMBERG NEWS; PETER FOLEY FOR THE WALL STREET JOURNAL

BY JULIE WERNAU reached for comment.

AND TAOS TURNER
Argentina moved a step
closer to ending a 15-year
stalemate that has stymied its
ability to borrow abroad, mak-
ing an offer Friday to U.S.
holders of its defaulted gov-
ernment debt.
The proposal is to pay 75%
of what creditors in U.S. court
have claimed they are owed, in
line with what analysts had
expected. Argentine officials
say a payment would come to
about $6.5 billion.
Argentina’s Finance Minis-
try said in a statement that
some of the creditors, includ-
ing Dart Management and
Montreux Partners, had al-
ready agreed to accept the of-
Internet sellers such as Amazon are turning to brick-and-mortar shops to leverage online marketing and attract new customers. fer. Representatives of Dart
and Montreux couldn’t be
It wasn’t immediately clear
how other creditors, including
Elliott Management Corp.
and Aurelius Capital Manage-
ment LP, would react.
$6.5 billion
What Argentine officials
estimate they would pay
bondholders under this offer
The offer to U.S. investors
follows the government’s 2001
default on more than $80 bil-
lion in dollar-denominated
bonds, the largest default ever
by a government at the time.
Greece’s default of $138 billion
surpassed Argentina in 2012.
This is the government’s
Please see DEBT page B2

Online Stores Embrace Bricks Crude-Oil Rout Claims

BY GREG BENSINGER the economics of our stores,”
AND SUZANNE KAPNER

The revelation this week

that Amazon.com Inc. may
open bookstores across the
U.S. would seem to defy a 20-
year-old online blueprint to
pummel brick-and-mortar re-
tailers with cutthroat prices
and a seemingly limitless
product selection.
But Amazon’s apparent plan
to build a physical presence in
shopping malls and urban cen-
ters is following the playbook
of smaller Internet retailers
that are finding early success
reaching shoppers via store-
fronts and kiosks.
Web retailers including eye-
glasses seller Warby Parker,
jewelry outlet Blue Nile Inc.
and clothing boutique Bono-
bos Inc. are addressing one of
the biggest disadvantages of
said Dave Gilboa, co-chief ex-
ecutive of Warby Parker, which
has opened about two dozen
U.S. locations since 2013.
At Warby Parker’s stores,
customers can try on a large
selection of glasses and sun-
glasses, but unlike, say Luxot-
tica Group’s LensCrafters
stores, all purchases are or-
dered through the company’s
website. The stores, Mr. Gilboa
said, are profitable and aver-
age just under $3,000 a square
Shoppers who visit a physical store tend foot in sales, which is nearly
to buy 50% more than those who shop double that of upscale hand-
bag maker Coach Inc.
online, says Bonobos CEO Andy Dunn. While retailers covet Apple
Inc.’s success, physical retail is
an unforgiving business. Gate-
online shopping with show- act as brand boosters, helping way Inc., an early mail-order
room stores that enable cus- offset the prohibitively expen- personal computer maker,
tomers to touch, feel and try sive costs of acquiring custom- once operated nearly 200
on goods before they buy them ers online. stores before it retrenched,
online. Their small outlets also “We’ve been blown away by Please see AMAZON page B4
Some Surprise Victims
There will be blood—in term bonds issued by leading
surprising places. banks.
The epic collapse in the In 2015, units of Bank of
price of crude, from more America Corp., Citigroup
than $100 a barrel less than Inc., Credit Suisse Group
two years AG, Goldman Sachs Group
ago to be- Inc., J.P. Morgan Chase &
low $30 Co., Morgan Stanley, UBS
earlier this Group AG and other top fi-
past week, nancial firms issued at least
has crushed 300 “structured notes,” or
THE investors in short-term borrowings,
INTELLIGENT the futures whose returns are linked to
INVESTOR market, en- the price of oil or other en-
JASON ZWEIG ergy part- ergy-related assets. These
nerships, Please see OIL page B7
high-yield
INDEX Insider-Trading Spotlight.... B8
corporate bonds and the Bond Tables................................. B12 Markets Digest............................ B6
shares of oil and gas compa- Cash Prices..................................... B8 Money Rates.............................. B12
nies. Dividend News............................ B8 Mutual Funds............................... B7
Exchange-Traded Funds...... B8 New Highs & Lows................... B9
But it also is wreaking Futures.............................................. B8 Stock Listings............................ B10
havoc on investors in short- Heard on the Street.............. B12 Week in the DJIA....................... B9

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B2 | Saturday/Sunday, February 6 - 7, 2016
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
AbbVie.........................B4
Amazon.com..........B1,B5
Anglo American..........B5
ArcelorMittal .............. B3
Aurelius Capital
Management.............B1
B Nordea Bank ............... B2
Bank of America.........B1
Bank of East Asia .... B12
Barclays ................. B2,B5
Barrick Gold................B5
BHP Billiton................B5
Blue Nile ..................... B1
BNP Paribas.........B2,B12
Bonobos.......................B1
Bridgewater Associates
.....................................A1
C Toyota Motor..............B4
Celltrion.......................B4
Citigroup......................B1
Credit Suisse.........B1,B5
D V
Deutsche Bank............B1
E LinkedIn...............A2,B12
eBay ............................ A8
INDEX TO PEOPLE
A G
Allison, Justine.........D10
Alloatti, Filippo...........B2
B H
Beauchamp, Chris.......B5
Blue, Kelly...................B4
C
Charlop, Gordon..........B5
Cryan, John.................B1
D
Dalio, Ray....................A1
Dunn, Andy.................B4
E Singer, Paul...............B12
Emmons, Don ............. D9
Erbsman, Arturo.......D10
F Tesolin, Jeremiah ....... D9
Feltheimer, Jon...........B4
French, Buck................B7
DEBT
Continued from page B1
first formal offer to these U.S.
bondholders, and any deal
with them would be expected
to serve as a template for set-
tlement talks with hundreds of
other creditors who have sued
the government. Altogether,
the holdout creditors are seek-
ing payment of more than $9
billion in claims.
Argentine bonds have been
rallying in anticipation of a
settlement and Wall Street re-
cently rewarded the govern-
ment’s move toward talks with
a $5 billion loan.
U.S. bondholders and Ar-
gentine officials have been
struggling for years to reach
an agreement.
The stalled talks got fresh
momentum with the election
last year of Argentine Presi-
dent Mauricio Macri, who
made resolving the dispute a
key campaign promise. Mr.
Macri publicly rejected the
economic policies of his pre-
decessor Cristina Kirchner,
who often referred to the na-
tion’s creditors as “vultures”
and blocked hedge funds’ at-
tempts to seize government
assets, including those held by
the central bank and an Ar-
gentine navy vessel.
Daniel Pollack, a mediator
appointed by the judge over-
seeing the case, called Argen-
tina’s offer a “historic break-
through” that would help
bring an end to the dispute
and allow Argentina to return
to global credit markets.
Mr. Pollack praised Argen-
tina’s president and finance
minister, saying they had
shown “courage and flexibil-
ity” in trying to resolve a
“long-festering problem which
was not of their making.”
The 15-year stalemate with
investors has all but barred
the country from borrowing in
global capital markets as U.S.
hedge funds have gone to U.S.
courts to block the govern-
BRENDAN MCDERMID/REUTERS
Mediator Daniel Pollack in New York this week.
* ***** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Elliott Management ... B1
G
General Motors...........B4
Georg Jensen............D10
Entertainment..........B4
Lloyds Banking Group B2
Luxottica Group..........B1
M
Morgan Stanley..........B1
Expatriations Hit Record
Glencore ...................... B5
Goldman Sachs Group B1 N
U.S. crackdown on worth the hassle and cost of ing growing numbers to sever payers to the IRS, or else face
complying with U.S. tax laws,” their U.S. ties. severe penalties. More than
H Newmont Mining........B5 undeclared offshore Mr. Mitchel said. Unlike many countries, the 180,000 foreign banks and
Hon Hai Precision
Industry.....................B3 P
accounts leads more Experts say the growing U.S. taxes nonresident citizens other firms have signed up to
number of renunciations by on income they earn abroad. comply with Fatca.
I Palantir Technologies.A8 individuals to cut ties citizens and long-term holders According to Philip Hodgen, an The Treasury Department is
Pfizer...........................B4
Innovation Network of of green cards is related to an international tax lawyer who required by law to publish
Japan.........................B3 R BY LAURA SAUNDERS enforcement campaign by U.S. practices in Pasadena, Calif., quarterly lists of people who
International Business Randgold Resources...B5 officials against undeclared the law provides only partial renounce their citizenship or
Machines .................. A8 S
A record 4,279 individuals offshore accounts. It intensi- offsets for double taxation long-term residency. The list
Intesa Sanpaolo..........B2
Sharp...........................B3 renounced their U.S. citizen- fied in 2009, after Swiss bank- when taxes are owed to both doesn’t distinguish between
iPath S&P GSCI Crude Société Générale.........B2
ship or long-term residency in ing giant UBS AG admitted the U.S. and a foreign country, people turning in passports
Oil Total Return Index
.....................................B5 T 2015, according to data re- that it encouraged U.S. taxpay- and complying with the law is and those turning in green
leased by the Treasury Depart- ers to hide money abroad. onerous. cards, or indicate which other
J
Johnson & Johnson....B4
U ment. Since then, the U.S. has col- Mr. Mitchel adds that since nationality the individuals
UBS Group...................B1 Last year was the third year lected more than $13.5 billion 1995, the penalties for non- hold.
J.P. Morgan Chase......B1
UniCredit.....................B1
L in a row for record renuncia- from individuals and foreign compliance by Americans liv- There is often a lag be-
tions, according to Andrew financial firms in taxes and ing abroad who didn’t inten- tween when a person re-
LCH Investments........A8
Volkswagen.................B4 Mitchel, an international law- penalties due on such ac- tionally avoid filing common nounces and the government’s
Ligne Roset...............D10
W yer in Centerbrook, Conn., counts. This week, Swiss bank IRS forms have increased dra- publication of his or her name.
Lions Gate Warby Parker..............B1 who tallies and tracks renunci- Julius Baer Group AG admitted matically—in some cases from No information appears other
ation data. The Treasury De- it encouraged U.S. taxpayers to as little as $2,000 to as much than the name.
partment renunciation list for hide money abroad and agreed as $70,000 annually. In the fiscal year ended
the fourth quarter, which con-
tained 1,058 names, was re-
leased on Friday.
to pay $547 million to settle
potential charges.
However, the campaign by
IRS scrutiny of Americans
abroad is also intensifying be-
cause of a new law known as
Sept. 30, 2015, nearly 730,000
people became U.S. citizens,
according to a spokesman for
Mittal, Aditya.............B3 “An increasing number of U.S. officials also has compli- Fatca, which requires foreign the U.S. Citizenship and Immi-
Gait, Paul .................... B5 Mittal, Lakshmi..........B3 Americans appear to believe cated the financial lives of an financial institutions to report gration Services division of
Glasenberg, Ivan.........B5 Miyake, Issey..............D9 that having a U.S. passport or estimated 7 million or more income information for their the Department of Homeland
Murray, Eileen ............ A8 long-term residency isn’t Americans living abroad, lead- customers who are U.S. tax- Security.
Halpern, Joseph..........B7
O
Hayon, Jaime............D10 Otake, Tetsuya............B4
Holman, Mark.............B2
J
Jensen, Greg...............A1
K
P
Palmer, Frances ........ D10
Piantedosi, Lew..........B5
Prewitt, Jim................B4
Vanguard Seeking a Finance Chief
BY JOANN S. LUBLIN
Kanter, Harvey............B4 S AND SARAH KROUSE
L Simonson, John..........B5
Vanguard Group is reviving
Lazaroff, Peter............B5
Song, Ethan ................ B4 the post of top chief financial
M
T officer, as the mutual-fund gi-
Malone, John .............. B4
ant looks to add more external
Mathrani, Sandeep.....B4
Z executives and keep pace with
McCann, Craig.............B7
McKevitt, Michael ...... B7 Zupanc, Nika.............D10
an influx of cash.
A search already is under
way for the new finance boss,
who will join a group of 11 ex-
ment’s ability to issue new
debt. As a result, Argentina
ecutives leading the $3.1 tril-
lion money manager and re-
KRIS TRIPPLAAR/SIPA USA/ASSOCIATED PRESS
has been drawing down its port directly to Chairman and
foreign-currency reserves. Chief Executive Officer F. Wil-
“Resolving the holdout situ- liam McNabb III.
ation is the single most impor- The new position is being
tant issue to bond investors,” created because of the size
said Stuart Culverhouse, chief and complexity of Vanguard’s
economist at Exotix Partners. business as it grows in the U.S.
At issue in any settlement and overseas, a spokeswoman
will be the business-friendly said in response to questions
Macri administration’s ability from The Wall Street Journal.
to convince a left-leaning Per- Vanguard has been a top
onist Congress to approve the beneficiary of a shift in inves-
deal. Argentine lawmakers tor taste toward passively The new CFO will report directly to F. William McNabb III, Vanguard’s chairman and CEO, above.
passed rules that forbade the managed mutual funds that
hedge funds from ever getting mimic broad indexes. The firm while withdrawing roughly spokeswoman said the firm is tives who oversee finance for
paid more than the govern- launched the first index funds $200 billion from actively looking exclusively at external the company and its funds
ment had offered other credi- for individual investors in managed stock and bond candidates. currently report to Mr. Reed,
tors. 1975. Such funds can charge funds, according to data from “We continue to think ex- who will continue to focus on
While 93% of Argentina’s lower fees because they don’t research firm Morningstar Inc. ternal perspective is impor- strategic initiatives once the
bondholders have agreed to need to evaluate individual Vanguard’s recruitment of a tant and we want a mix of company finds a new CFO, the
restructured offerings since stocks and bonds, and their new finance chief comes as the both at a senior staff level,” spokeswoman said. Mr. Reed
2001 that pay about 30 cents more stable portfolios can lead fund manager tries to recruit the spokeswoman said. joined the company in 2007.
on the dollar, some other hold- to fewer trading costs. top-level employees with di- The executive currently in The CFO role isn’t the only
out creditors could still spoil a Investors flooded Vanguard verse work histories, as many charge of financial matters is high-level position Vanguard is
broader deal. with a mutual-fund industry current executives have spent Glenn Reed, who became man- working to fill. It is also seek-
record of $236 billion in net all or the majority of their ca- aging director of strategy and ing to replace General Counsel
new assets last year, topping a reers with the company. Seven finance in 2008 when then- Heidi Stam, who also is retir-
Mediator Daniel record haul for the Malvern, of Vanguard’s top 11 executives CFO Ralph Packard retired. ing later this year. Ms. Stam
Pollack called the Pa., firm the prior year. have been with the company The new recruit will be the joined the firm in 1997 from
Investors provided all pas- for more than 20 years and first firmwide CFO to sit on the U.S. Securities and Ex-
offer a ‘historic sively managed funds with five joined in the late 1980s, the management team since change Commission’s division
breakthrough.’ about $400 billion in 2015 including Mr. McNabb. The then. Two more junior execu- of investment management.
In 2014, Argentina’s trustee
stopped paying those bond-
holders after a New York judge
ruled that Argentina couldn’t
BANKS Energetic Investors
Government-associated funds in oil-reliant countries are
among the largest shareholders of European banks.
losers from swooning oil
prices, causing some to sell as-
sets to drum up money. Those
same funds happen to be
pay some bondholders without Continued from page B1 among the biggest investors in
also paying its holdout credi- see another number” of capi- Norway Qatar Abu Dhabi Libya Saudi Arabia European banks.
tors. That year the country de- tal-raising share sales, said About 10% of UniCredit’s
faulted on $29 billion in re- Filippo Alloatti, a senior ana- Percentage of shares outstanding (%) shares, for example, are held
structured debt, which will lyst at Hermes Credit. “Doing Credit Suisse 5 5 by funds from Abu Dhabi,
also need to be settled. that now it will be pretty pain- Libya and Norway, while Bar-
Argentine government offi- ful,” given the beaten-down UniCredit 1.9 5 2.9 clays and Credit Suisse both
cials “don’t have a choice at level of most European banks’ Barclays 3 6.1 are roughly 10%-owned by
this point. They need to get a shares. Deutsche Bank 1.9 3.1 Norwegian and Qatari funds
resolution with these guys,” European banks are racing and investors, according to
UBS 3
said Sean Newman, a senior to redefine their business FactSet.
portfolio manager at Invesco models by abandoning some of BNP Paribas 2.8 Sovereign funds from oil-
with $1.1 billion in emerging- their prior ambitions. Bar- Lloyds 2.6 producing nations also own
market debt under manage- clays PLC is exiting large Standard Chartered 2.5
substantial stakes in Deutsche
ment, including Argentina’s swaths of what had been a Bank, Italy’s Intesa Sanpaolo
sovereign bonds. global empire. The bank re- Nordea 1.4 1 SpA, France’s BNP Paribas SA
Friday’s announcement fol- cently announced another Société Générale 2.3 and Société Générale SA, the
lows a deal announced Tues- 1,000 jobs would go across its Intesa Sanpaolo 2.1 U.K.’s Lloyds Banking Group
day to pay thousands of Italian investment bank. The Swiss PLC and Nordic lender Nordea
HSBC 2
creditors about $900 million banks are retreating from big Bank AB.
in cash, plus interest, for de- parts of investment banking. SwedBank 1.6 It is unclear if the govern-
faulted debt. Deutsche Bank is pulling back Santander 1.5 ment funds are actually selling
on retail banking but faces BBVA 1.4
their European bank shares—
tough questions about the funds declined to com-
whether its giant investment Commerzbank 1 ment—but the expectation
bank can consistently make Bankia 0.7 that they are selling or might
money. Almost all banks are do so in the future appears to
cutting thousands of jobs. Source: FactSet THE WALL STREET JOURNAL. be exerting downward pres-
The increasing likelihood of sure on the banks’ shares.
a global economic slowdown tering on European banks’ banks into the red, weighed “Sovereign-wealth funds
will make it harder for banks books from the last crisis, ac- down by billions of dollars in are definitely a contributor of
to earn money through their cording to the European Bank- costs associated with restruc- the flows that are going out of
bread-and-butter lending busi- ing Authority. turing and resolving govern- the sector,” said Mark Holman,
nesses and will translate into The situation is particularly ment investigations and law- chief executive of TwentyFour
mounting losses on loans to acute in Italy, where the gov- suits. Credit Suisse was the Asset Management, a London
individuals and institutions, ernment recently concluded most recent victim, and its fixed-income fund manager.
especially those in hard-hit months of negotiations with shares tanked 11% on Thurs- Managers at European
emerging markets. Central European authorities over how day—to their lowest level in banks warn of the challenges
banks’ efforts to stimulate it can help lenders shed un- 24 years—after it disclosed linked to years of restructur-
economies by relentlessly cut- wanted loans. Uncertainty that rich clients had yanked ing. Last month, Deutsche
ting interest rates are devas- over that process has been cash from its wealth-manage- Bank announced its first full-
tating to most banks’ business punishing for Italian bank ment business. year loss since the financial
models. And rock-bottom oil stocks. Even the recent plunge in crisis, slammed by restructur-
prices are keeping a tight lid Not all of the problems are oil prices appears to be taking ing and litigation charges. The
on inflation, meaning interest peculiar to Europe’s lenders. a toll on the shares of Euro- bank’s shares have fallen
rates are unlikely to rise soon. All investment banks, includ- pean banks. Sovereign-wealth nearly a third since the start
That will complicate an al- ing those on Wall Street, are funds and other government- of the year.
ready tough cleanup process, struggling with tough trading affiliated investors in the Mid- “The share price drives mo-
with roughly €1 trillion ($1.12 conditions. But the environ- dle East, Africa and Norway rale. Morale drives motiva-
trillion) of bad loans still fes- ment has tipped European have been among the biggest tion,” Mr. Cryan said.
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, February 6 - 7, 2016 | B3

BUSINESS NEWS
Arcelor Grapples With Glut Stained Steel
ArcelorMittal's earnings have collapsed as iron ore and steel prices
have plummeted, raising worries about the size of its net debt.

World’s biggest billion for all of last year as a sank 25% to $14 billion amid maker’s chief financial officer, Profit/loss Cost to insure $10 millon of debt*
flood of Chinese exports and a the slump in prices of iron ore said shareholders would be
steelmaker issues collapse in demand battered and steel. Impairment charges better served by a rights issue
$4 billion $1.2 million

shares as it posts
nearly $7 billion loss
BY ALEX MACDONALD
AND JOHN W. MILLER
ArcelorMittal, the world’s
largest steelmaker, said Friday
it would issue $3 billion in
shares to shore up its finances
as it grapples with a global
steel glut that pushed it to a
$6.7 billion loss in the fourth
quarter.
Chief Executive Lakshmi
Mittal said in an interview that
it is time “to focus on improv-
ing our balance sheet” amid
the deteriorating global out-
look for the industry.
ArcelorMittal lost almost $8
steel prices. The average
global steel price fell 23% in
2015, according to consultancy
firm MEPS International Ltd.
The company also mines iron
ore, steel’s main ingredient,
and its benchmark price
dropped 43% last year.
Amid the tough market con-
ditions, ArcelorMittal aims to
reduce net debt by about $4
billion from $15.7 billion at the
end of 2015. The company’s
dismal fourth-quarter results—
which were released a week
earlier than scheduled—under-
scored the urgency of that
plan.
ArcelorMittal’s net loss bal-
looned to $6.7 billion from just
under $1 billion in the year-
earlier quarter, and revenue
of $4.8 billion largely related
to its iron-ore operations led
to a full-year loss of $7.9 bil-
lion, worse than its $1.1 billion
loss in 2014.
The Mittal family, which at
the end of last year owned
about a 39% stake, said it
would subscribe to its entitle-
ment in the share issue, or
about $1.1 billion.
The company, which is
based in Luxembourg and run
out of London, will also sell its
35% stake in Gestamp Automo-
ción, a Spanish manufacturer
of bumpers, chassis, pedal
boxes and other steel car
parts, for about $1 billion by
the end of June to pay down
debt.
Aditya Mittal, the steel-
than more asset sales given ex-
2 1.0
pectations that supply and de-
mand in the global steel mar- 2015 Feb. 5
0 t$8B 0.8 $869,000
ket will achieve a better Showing
balance with time. “We have to effects of new
make sure we don’t destroy –2 0.6
stock issuance
value” through asset sales, he
told reporters on Friday. –4 0.4
ArcelorMittal shares have
fallen 60% over the past year –6 0.2
and closed the day down 9.7%
at $3.73 on the New York Stock –8 0
Exchange. Falling steel prices 2011 ’12 ’13 ’14 ’15 2011 ’12 ’13 ’14 ’15 ’16
and excess steel supply from *Credit default swap
China, the world’s largest steel Sources: the company (earnings); Markit (CDS) THE WALL STREET JOURNAL.
producer, have exerted intense
pressure on its business. In Lakshmi Mittal said Arcelor- a challenge to restructure its
2015, Chinese steel exports Mittal faces continued tough steel industry…Until this situa-
grew 22% to 100.3 million tons, trading conditions. “[This tion is fully addressed the ef-
by far the most steel a country year] will be another difficult fective and swift implementa-
has ever exported, according year for our industries,” he tion of trade defense
to Chinese customs data. said. “It is clear that China has instruments will be critical.”

Ship Stuck Stubbornly in the Elbe

Foxconn Upbeat on Sharp Deal
Foxconn Chairman Terry
Gou said the Taiwanese iPhone
assembler expects to seal a
deal to buy troubled electron-
ics supplier Sharp Corp. by
By Takashi Mochizuki
in Osaka and Wayne
Ma in Hong Kong
LARS KLEMMER/DPA/ZUMA PRESS
tone: “There are reports that
we have given Foxconn priority
negotiation rights, but this is
not what we have announced
and there is no such fact.”
Sharp said it continues to ne-
gotiate details of Foxconn’s
proposal, which it said would
remain valid until Feb. 29.
other smartphone makers. The
company, which on Thursday
reported that its latest quar-
terly loss more than doubled
from a year earlier, has been
bailed out twice in less than
four years by its lenders.
On Thursday, Mr. Takahashi
said his company favored Fox-

“I wanted to show you the conn’s offer over a bid from

One of the world’s biggest
container ships, the 1,300-foot-
long Indian Ocean, ran aground
late Wednesday in the Elbe
River near the busy German
port of Hamburg. So far, it has
resisted all efforts to free it.
A first attempt, with six
tugboats straining at the mas-
sive vessel, failed Thursday. A
later attempt, with seven tugs,
met the same fate. Harbor au-
thorities said they plan to wait
for the tide to come in before
trying again, likely on Tuesday.
The accident, which authori-
ties said caused no injuries, has
slowed traffic on one of Eu-
rope’s busiest shipping lanes,
though vessels can still pass.
The Hong Kong-flagged In-
dian Ocean—about as long as
the Empire State Building is
tall—was delivered to Chinese
shipping company China Ship-
ping Container Lines Co., or
CSCL, just two months ago.
Salvage-industry executives
said the rescue operation for
ultimately could cost tens of
millions of dollars.
—Costas Paris
and Robert Wall
the end of the month, setting
up one of the biggest foreign
takeovers of a Japanese com-
pany.
Mr. Gou, who met with
Sharp executives at the com-
pany’s headquarters in Osaka
on Friday, said the two compa-
nies have cleared 90% of the
hurdles with an unspecified le-
gal issue preventing a final
agreement. He said they did
sign an agreement that gives
Foxconn negotiating rights
ahead of a Japanese govern-
ment-backed fund that was
also interested in acquiring
Sharp.
But Sharp in a statement
Friday struck a more cautious
signed final agreement docu-
ment,” Mr. Gou told reporters
after meeting with Sharp exec-
utives. “I see no further big
obstacles.”
Instead of a final agree-
ment, Foxconn provided pho-
tos taken inside a meeting
room at Sharp’s headquarters
that showed Mr. Gou and
Sharp President Kozo Taka-
hashi shaking hands as they
signed other documents.
Though Sharp is one of
Japan’s proudest corporate
names, it has been stung by
plunging prices of its biggest
business, liquid crystal display
panels for smartphones, which
it supplies to Apple Inc. and
Innovation Network Corp. of
Japan, a fund that owns stakes
in a number of other Japanese
technology companies.
The takeover struggle has
been viewed as a test of
Japan’s openness to foreign
investors.
Mr. Gou declined to disclose
financial terms of the deal un-
der discussion. People familiar
with the situation have said
Foxconn, formally known as
Hon Hai Precision Industry
Co., is offering a package
worth ¥659 billion ($5.5 bil-
lion). That compares with an
offer from INCJ that these
people have said is worth at
most ¥300 billion.

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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B4 | Saturday/Sunday, February 6 - 7, 2016 * ***** THE WALL STREET JOURNAL.

MONEY & INVESTING

Toyota Loses Yen Tailwind Tyson Hits High

BY YOKO KUBOTA

Toyota Motor Corp.’s profit

OnProfitOutlook
rose 4.7% in its latest quarter BY JACOB BUNGE trol of its founding family
with help from cost cuts but through a class of shares that
little from the currency fluctu- Tyson Foods Inc. projected gives the Tyson family 71% of
ations that earlier led to re- a record profit this year, voting power among all share-
cord results at the Japanese boosted by robust consumer holders.
auto maker. spending, increased meat sup- Non-family shareholders
For nearly three years, a plies and low prices for animal backed a proposal to revamp
declining yen has been the feed. The outlook helped its Tyson’s shareholding structure
single biggest contributor to shares soar to an all-time to give each share one vote,
Toyota’s profit growth. A high. with 22% of all votes cast in
LUKE SHARRETT/BLOOMBERG NEWS

weakening home currency al- Tyson, the largest U.S. meat favor. A separate proposal to
lows Japanese companies to processor by sales, said ex- install an independent chair-
convert income made overseas panding cattle, hog and poul- man, a post held since 1998 by
in dollars or euros back into try supplies would reduce family member and former
yen at a more favorable rate. costs for its prepared-foods CEO John Tyson, received 16%
But in the October-Decem- business, while its restaurant of all votes.
ber quarter, Toyota’s bottom clients would benefit from Mr. Smith said growing U.S.
line was barely affected by freer-spending consumers. cattle herds were bringing re-
foreign-exchange rates. Al- ”We’ve got the lowest un- lief to Tyson’s beef business,
though the yen was weaker Demand for Toyota’s Tacoma pickups helped lift its U.S. business. Above, an assembly line in Texas. employment we’ve seen since where high prices for animals
against the U.S. dollar com- 2008, we’ve got cheap gas dented profits last year.
pared with a year earlier, it declined 2.3% to $152.4 billion, ate into their October-Decem- ment incentives for small cars. prices, and that’s returning ”The worst is over, in terms
strengthened against emerg- reflecting a negative foreign- ber profits, largely because of Toyota was the only car money to the consumer,” said of cattle supply,” Mr. Smith
ing-markets currencies and exchange impact of $9.3 bil- a weak Canadian dollar and maker to sell more than 10 Tyson Chief Executive Donnie said. With the number of cat-
the euro. Since the quarter lion. On a constant-currency emerging-markets currencies. million vehicles world-wide Smith on a conference call dis- tle, hogs and chicken coming
ended, the yen has gained basis, the U.S. auto maker’s Toyota’s North American last year, edging out Volks- cussing the company’s fiscal to market, he said, “you
against the dollar as well. revenue would have risen. vehicle sales have been strong, wagen AG and GM. But it ex- first-quarter results. should see pricing structures
“For a global business like Toyota’s net profit for its fueled by demand for its pects global auto sales to de- Tyson shares on Friday that should allow us to flour-
ours, weaker emerging-market fiscal third quarter rose to sport-utility vehicles and cline slightly this year, hurt by closed up 9.9% at $57.10 on the ish.”
currencies pose a major nega- ¥628 billion ($5.37 billion), pickup trucks. Another bright economic troubles in markets New York Stock Exchange af- A drop in animal feed
tive impact on our business,” beating estimates. Mr. Otake spot for Toyota was China; its such as Russia and Brazil. ter hitting a session high of prices, which Tyson said cut
Tetsuya Otake, a Toyota man- cited lower tax payments as sales growth in the world’s Toyota didn’t disclose how $58.95. $60 million in costs during its
aging officer, said on Friday. well as cost cuts. Revenue biggest auto market prompted much it is setting aside to The Springdale, Ark., com- most recent quarter, is pro-
Looking ahead, he also cited rose 2.4% to ¥7.34 trillion. Toyota to raise its full-year deal with air-bag recalls. More pany elevated its forecast for jected to help it save $200
concerns about an economic At Toyota, if the dollar profit forecast slightly to than 50 million vehicles with 2016 profits after posting a million compared with 2015’s
slowdown in developing na- strengthens by one yen, that ¥2.27 trillion, which would be air bags supplied by Takata 55% increase in quarterly op- total feed costs.
tions and a production halt in adds roughly ¥40 billion to its a record. Corp. erating profit that topped ana- For the three months ended
Japan next week owing to annual operating profit, Mr. Toyota outperformed the On Friday, Takata booked lysts’ expectations. Jan. 2, Tyson reported a profit
parts shortages following an Otake said. overall market, with its China an additional ¥1.8 billion in At Tyson’s annual share- of $461 million, or $1.15 cents
accident at a steel supplier. Other Japanese car makers sales rising 8.7% to 1.1 million costs related to recalls— holder meeting Friday, two a share, up from $309 million,
Japanese companies aren’t are also losing the tailwind vehicles, a new high for the mostly for lawyer fees—but proposals aimed at asserting or 74 cents a share, a year ear-
alone in facing currency head- from currencies. At Honda company. New models also said it was sticking to its full- public shareholders’ say at the lier. Revenue slid 15% to $9.15
winds. General Motors Co. Motor Co. and Mazda Motor helped boost sales, and Toyota year net profit forecast of ¥5 company were defeated. The billion. Analysts had antici-
this week said revenue in 2015 Corp., foreign-exchange shifts has benefited from govern- billion. business remains under con- pated $10.07 billion.

‘Biosimilar’ Lions Gate Shares Slide Volkswagen Postpones

Threat Hits BY BEN FRITZ The same day, Lions Gate
Release of 2015 Results
Drug Firms Lions Gate Entertainment
Corp.’s stock plummeted on
disclosed in a regulatory filing
that its board of directors had
informed Starz it wants to ex-
BY WILLIAM BOSTON

BERLIN—Volkswagen AG,
But the company doesn't
plan to publish its results until
it has a clear picture of the fi-
Friday, potentially complicat- plore a potential merger. Mo- still trying to come to terms nancial impact of the diesel af-
BY ANNE STEELE ing discussions for the studio gul John Malone, who is with the fallout from its emis- fair. Volkswagen said it would
to merge with premium cable Starz’s largest voting share- sions scandal, postponed the set new dates soon for publica-
LIONSGATE/EVERETT COLLECTION

Shares of AbbVie Inc. and channel Starz. holder and is on the Lions release of its 2015 accounts tion of results and the annual
Johnson & Johnson took a Shares of the company be- Gate board, previously said he and the date of its annual general meeting.
hit Friday after U.S. Food hind “The Hunger Games” fell thought the two companies meeting of shareholders, citing “By taking this step Volks-
and Drug Administration 27% to $18.53 on the New York could combine and buy other difficulties producing accurate wagen wants to provide the
briefing documents hinted a Stock Exchange. The sharp “free radicals” in the media valuations amid continued fi- greatest amount of clarity and
cheaper competitor for the drop decreases the purchasing businesses. nancial uncertainty. reliability in the interests of its
drug companies’ blockbuster power of Lions Gate’s equity in Starz stock also took a hit The German car maker shareholders and stakehold-
anti-inflammatory treatments a potential merger. Friday, falling 22% to $24.30 sought to reassure investors, ers,” the company said.
could be headed to market The stock began falling in A scene from ‘Mockingjay.’ at 4 p.m. in Nasdaq trading on reaffirming its profit outlook Porsche Automobil Holding
soon. the morning after Chief Execu- Friday. for 2015. The company said it SE also announced that it would
The FDA released the doc- tive Jon Feltheimer said on a ing out in the next six weeks, Lions Gate had no com- still expects to report flat postpone publication of its re-
uments a week ahead of Cell- conference call with analysts including the studio’s big-bud- ment. Starz declined to com- earnings on operations before sults and shareholders meeting.
trion Inc.’s panel meeting that the company was “track- get “Gods of Egypt” and “The ment. extraordinary charges linked Porsche SE is the fund that
suggesting the Korean phar- ing below” its prior earnings Divergent Series: Allegiant,” Lions Gate executives also to the diesel affair. manages the Volkswagen shares
maceutical’s proposed bio- outlook, but didn’t update the he didn’t want to provide up- disclosed news about film and Volkswagen was scheduled owned by the founding Porsche
similar of Johnson & John- figure. dated guidance until the com- TV projects on Friday’s call, to publish its 2015 accounts on and Piech families. The fund
son’s Remicade is close Lions Gate previously said pany’s next earnings call, in including plans for a movie March 10 and to hold its an- controls about 52% of Volks-
enough to be used to treat it expected between $1.1 bil- May. based on the 1980s television nual shareholders meeting on wagen’s voting stock.
the same conditions, includ- lion and $1.2 billion in ad- Lions Gate on Thursday re- show “MacGyver” and a three- April 21. The company prom- A question that looms over
ing arthritis. justed earnings before inter- leased financial results for the season renewal of “Orange is ised shareholders to present a Volkswagen is the final price tag
The drug, CT-P13, is al- est, tax, depreciation and December-ended quarter that the New Black,” which it pro- detailed report of its internal for fixing nearly 600,000 diesel
ready approved and sold out- amortization for its current came in lower than expected, duces for Netflix Inc. investigation into the diesel af- vehicles in the U.S., which can’t
side the U.S. under trade fiscal year, which ends in largely due to a disappointing Mr. Feltheimer said Lions fair at the April meeting. be answered until it presents a
names Inflectra and Remsima. March, and for the following box office performance for Gate may be falling short this Volkswagen said it still plans recall plan that is acceptable to
It is licensed to Pfizer Inc. two years. “The Hunger Games: Mocking- year but has “a clear path to present a report of its in- the California Air Resources
Data show Celltrion’s Mr. Feltheimer said that jay—Part 2” in the U.S. and back” to earnings levels of vestigation in the second half Board and the Environmental
treatment is “highly similar” with several major films com- China. previous years. of April. Protection Agency.
to U.S.-licensed Remicade and
that “there are no clinically
meaningful differences” in
terms of the safety, purity
and potency, according to the
documents.
AMAZON out process that often prompts
customers to register an on-
line account.
Bonobos’s 20 stores don’t
Shares of Johnson & John- Continued from page B1 stock piles of khakis and but-
son fell 3.2% to $100.54. closing all in 2004. And Alpha- ton-down shirts for shoppers
Global sales of Remicade al- bet Inc.’s Google has long con- to buy. Instead, customers try
ready have started to slump templated a retail rollout, but on samples to gauge how they
as the drug has faced biosimi- has settled mostly on areas fit and then place orders on-
lar competition in Europe. In- within other retailers’ stores line.
vestors fear that Celltrion’s to display its hardware de- Shoppers who visit a store
lower-cost biosimilar could vices. first tend to buy 50% more
dent those sales further. Amazon, which opened its than those who shop online,
KEITH BEDFORD FOR THE WALL STREET JOURNAL

Meanwhile, shares of Abb- first bookstore in November in and return rates are lower,
Vie, which makes the arthritis its Seattle hometown, has Bonobos CEO Andy Dunn said.
drug Humira, sank 6.4% to been tight-lipped about expan- Mr. Dunn said when he
$53.12. Humira had U.S. sales sion plans. But the chief exec- started Bonobos in 2007, he
of $8.4 billion in 2015, repre- utive of shopping mall opera- assumed retailing would be
senting 62% of AbbVie’s U.S. tor General Growth Properties 100% digital. “What we got
revenue. Inc. earlier this week said Am- wrong was the role that offline
Credit Suisse Group AG an- azon is eyeing between 300 would play in an online
alyst Vamil Divan said most and 400 bookstores. GGP later world,” Mr. Dunn said. He said
notable is the FDA’s apparent said CEO Sandeep Mathrani he believes shoppers will
comfort with extrapolating wasn’t speaking on behalf of eventually split their dollars
the clinical data from studies Amazon. equally between online and
of rheumatoid arthritis and Amazon is expected to open A Warby Parker store in New York, where shoppers can try on eyeglasses before ordering them online. offline.
ankylosing spondylitis to sup- at least two more stores and Blue Nile’s lone jewelry
port approval for the biosimi- plans to eventually expand to books from publishers in bulk, a whole different group of cus- and the ease of product re- store at a Garden City, N.Y.,
lar for all conditions where as many as 200 locations, ac- it can offer the same prices as tomers, who may not have turns. mall is just 325 square feet,
Remicade is currently ap- cording to a person familiar online. And it hopes to limit gone to your website.” Ethan Song, CEO of Mon- about the size of a Manhattan
proved. with the company’s plans. inventory by analyzing re- Traditional retailers are treal-based men’s clothier studio apartment. The store
“We believe this bodes Barnes & Noble Inc. has 640 gional shopping patterns to struggling with the opposite Frank & Oak, said its 11 Cana- lets customers try on rings or
well not just for CT-P13 but stores by comparison. identify the most likely books problem: too much bricks-and- dian and U.S. stores help elim- examine an array of stones,
also future biosimilars that Books are only part of the to sell. mortar space. Giants including inate the uncertainty of buying but the orders are still routed
are in development for a vari- equation, this person said. Retailers say Amazon hopes Wal-Mart Stores Inc., Gap Inc. clothes without trying them through the website, letting
ety of blockbuster branded Amazon wants to use the to hook shoppers who may not and Sears Holdings Corp. are on first. “We’ve found that the company gain new email
products that are used across stores to showcase its elec- normally visit its website and closing stores and subleasing many customers want to en- addresses to which it can send
a range of indications,” he tronic offerings and build leverage its marketing costs space to others. gage with the merchandise be- promotions. Blue Nile, which
said. brand awareness. The Seattle over a wider audience. In part, Web retailers are fore buying it,” he said. “And started in 1999 and now has
As Leerink Partners LLC location stocks about 5,000 ti- “There is legitimacy that grappling with the realization there’s a level of service and about $500 million in annual
analyst Jason Gerberry points tles—compared with up to comes with having a retail that even after years of strong personalization that just isn’t sales, plans to open at least
out, the news is a positive for 160,000 at Barnes & Noble lo- presence,” said Jim Prewitt, online-sales growth, some 90% possible on the desktop.” three new stores this year.
smaller biosimilar developers cations—and sells devices in- the vice president of retail of shopping is still done in For Web startups including “There’s a certain segment
with battered stocks of late. cluding Amazon’s Fire tablets strategy for JDA Software physical stores. Many custom- beauty products seller Birch- of the population that’s just
Shares of Coherus BioSci- and Kindle e-readers. Group Inc., which sells supply ers prefer the immediacy of box Inc. and jewelry retailer never going to feel comfort-
ences Inc., down 50% over the Amazon declined to com- chain and other software to physical stores, even as Ama- BaubleBar Inc. that have able buying a $7,000 engage-
past three months, shot up ment. retailers. “When you have 30 zon and others roll out one- branched out, stores are effec- ment ring online,” said CEO
8.2% to $14.33. Because Amazon buys or 40 stores, you may bring in hour delivery to more markets, tively showrooms and a check- Harvey Kanter.
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THE WALL STREET JOURNAL.
Blue-Chip Stocks Tumble 211.61 Points
Investors continue to
grapple with concerns
about growth and an
uncertain path for rates
BY LESLIE JOSEPHS
U.S. stocks declined broadly
Friday, led by a rout in tech-
nology shares, capping a week
that reflected investors’ cau-
tion amid a murky picture of
the U.S. economy.
The slide followed a mixed
report on the U.S. labor market
Friday, which
FRIDAY’S showed jobs
MARKETS growth slowed
in January and
the unemploy-
ment rate fell slightly. Stocks’
selloff accelerated late in the
session, continuing the volatil-
ity that has characterized the
market this year.
The Dow Jones Industrial
Average fell 211.61 points, or
1.3%, to 16204.97 Friday. The
S&P 500 fell 35.40 points, or
1.8%, to 1880.05 Friday and
was down 3.1% for the week—
its worst decline since the
Why ETNs Face a
Popularity Problem
BY DAISY MAXEY
AND BEN EISEN
Asset managers keep rolling
out scads of new exchange-
traded funds based on slicing
and dicing the investment uni-
verse. But companies haven’t
been introducing many of the
ETF cousins known as ex-
change-traded notes, or ETNs.
While ETFs are portfolios of
securities, ETNs are a type of
debt in which the issuer, typi-
cally a bank, promises a return
linked to the performance of
one or more assets. ETNs
never caught on with investors
in a big way—the market value
of ETNs outstanding was
$20.8 billion at the end of
2015, compared with $2.12
trillion in ETFs, according to
Morningstar Inc. New issuance
has been curtailed amid in-
creased regulatory scrutiny of
banks’ capitalization and fi-
nancial strength.
Some big U.S. banks
are limiting issuance
of ETNs to avoid
being ‘too big to fail.’
Just 12 ETNs were launched
last year, down from a peak of
64 in 2011, according to Fact-
Set. Liquidations have risen.
There are currently 200 ETNs,
down from 210 at the end of
2014, according to FactSet.
Last June, three companies
that had been small players in
the ETN market—Goldman
Sachs Group Inc., Citigroup
Inc. and Morgan Stanley—said
they would no longer create
new shares of their ETNs. That
was in conjunction with plans
the banks were required to file
to show that, in the event of
distress, they could unwind
without public assistance.
Royal Bank of Scotland PLC
shut down its lineup of 13 U.S.
ETNs in July, repaying inves-
tors, as part of a restructuring.
Last September, Barclays
Bank PLC, the largest ETN
player in the U.S. by the mar-
ket value of ETNs outstanding,
added a fee intended to damp
Sugar Smuggling Stirs the Market
BY ED BALLARD
A smuggling boom in China
is causing a stir in the sugar
market.
To support Chinese farmers,
China’s government restricts
the amount of sugar that can
be imported. A poor harvest
this year
COMMODITIES has pushed
up local
prices, cre-
ating an incentive for smug-
glers to flout China’s restric-
tions and bring cheaper
supplies across the hard-to-po-
lice borders of Southeast Asia.
In particular, analysts say
hundreds of thousands of tons
of sugar have been moved ille-
* * * * * *
IN THE MARKETS
week ended Jan. 8.
“It’s one step forward, half
step back,” said Lew Piantedosi,
a portfolio manager at Eaton
Vance Corp. “We have these
growth scares and because the
economy isn’t as robust as
maybe it could be, everyone
thinks that one less-than-posi-
tive data point is the one that’s
going to tip us into recession.”
Friday’s moves reflected
how investors continue to
grapple with growth concerns
and an uncertain path for U.S.
interest rates.
The yield on the benchmark
10-year U.S. government debt
fell to a 10-month low Friday,
extending a significant decline
so far in 2016 amid strong de-
mand for haven assets. The 10-
year note settled at 1.846%,
compared with 1.864% Thurs-
day. It was the yield’s lowest
close since April 3, 2015. Yields
fall when prices rise.
The Wall Street Journal
Dollar Index, which measures
the dollar against a basket of
16 currencies, rose 0.6% Friday
but was down 1.9% for the
week. Investors have rushed to
cut their dollar positions in re-
demand for new units of its
$533 million iPath S&P GSCI
Crude Oil Total Return Index
ETN. That led the ETN to re-
cently trade at a wide pre-
mium to its benchmark.
Barclays says it remains
dedicated to the ETN business.
Still, a spokesman said the
bank—with a total of about $7
billion in 80 ETNs outstand-
ing—is likely to issue far fewer
ETNs in the future than it did
in 2011 and before.
A spokeswoman for Credit
Suisse Group AG, which
Morningstar ranks as the
third-largest player, with $4.2
billion in ETNs, said: “We are
100% committed to the ETN
business.” It has 25 ETNs and
issued one new one last year.
A key issue for U.S. banks is
that some ETNs are consid-
ered short-term debt by U.S.
regulators, and some of
the largest U.S. banks have
said they are limiting their is-
suance of such debt to avoid
being deemed “too big to fail.”
In addition, the Financial Sta-
bility Board, an international
body that monitors and makes
recommendations about the
global financial system, issued
guidance for the top banks in
November that excludes certain
debt from being counted toward
their “total loss-absorbing ca-
pacity.” The FSB guideline is
making it less attractive for
banks to issue certain types of
notes, including ETNs, said John
Simonson, a principal at Price-
waterhouseCoopers LLP and a
former deputy director of the
Federal Deposit Insurance Corp.
A November proposal from
the Federal Reserve would limit
certain liabilities, including
ETNs, to 5% of a U.S. bank-
holding company’s total liabili-
ties. If adopted, the Fed rule
could further crimp ETN issu-
ance, Mr. Simonson said.
From the perspective of po-
tential investors, there are
some asset types—including
commodities and energy mas-
ter limited partnerships—for
which investing through an
ETN may be more attractive
than using an ETF. That is be-
cause of simpler and more fa-
vorable tax treatment.
gally into China from Myanmar
in recent months.
“There is huge demand to
deal with the smuggling but
less power to do so,” Xu Xue, a
researcher for China’s Agricul-
ture Ministry, told a conference
in Dubai on Wednesday.
Profits to be had from mov-
ing sugar across the border
have prompted a rise in the
buying of sugar from smugglers
and supported prices on
the world market, according to
Nick Penney, senior trader at
trading house Sucden Financial.
When demand for refined
white sugar—the kind people
eat—goes up, the difference
between the price of refined
white sugar and raw sugar
Hess shares fell 13% after the oil company announced a stock offer.
cent days, as uneven U.S. data
reduced expectations that the
Federal Reserve would in-
crease borrowing costs in com-
ing months. Lower interest
rates for longer make the dol-
lar less appealing to investors
seeking yield.
Technology shares fell
sharply, a sign that concerns
over growth have extended to
what had been one of the
brightest sectors in the mar-
ket. The tech-heavy Nasdaq
Surging recently are shares of many mining companies, including those of Anglo American, whose South African mine is shown.
Miners’ Rally: ‘Bull Trap’ or Real?
BY SCOTT PATTERSON
LONDON—Mining stocks,
the market’s punching bag of
2015, are the darlings of
2016—so far.
Shares of miners such as
Anglo American PLC, BHP
Billiton Ltd. and Glencore PLC
have surged in recent days,
propelled by a rally in com-
modities, a weak-
STOCKS ening dollar and
a glimmer of
hope that Chinese
demand will pick up this year.
The question for investors is
whether the rally is what trad-
ers call a “bull trap”—a brief
bounce before another dive
into the red.
“I’d be brave to say this is
the real thing,” said Chris
Beauchamp, senior market an-
alyst at IG Group.
A bounce in commodity
prices has driven the rally.
Iron ore, which slid 40% in
2015, is up 14% since mid-Jan-
uary. Copper, which hit its
lowest level since early 2009
in mid-January, is up 8.2%.
There are indications that
demand could pick up in
China. In December, China
posted a 26% annual rise in
imports of unfinished copper
tends to widen. A higher
“white premium” translates
into a fatter profit margin for
sugar refiners, giving them the
incentive to turn more raw
sugar into edible sugar. The
white premium widened in re-
cent weeks to its highest in
five months, at around $110 a
ton, before falling back slightly
to around $103 a ton Friday.
Some market watchers
question whether the strength
in white-sugar prices is sus-
tainable. Jamal Al-Ghurair,
managing director of the Al
Khaleej sugar refinery in
Dubai, said demand from his
core buyers in the Middle East
is “very weak.” “There is only
one market that is absorbing
Saturday/Sunday, February 6 - 7, 2016 | B5
crease of 185,000 from econo-
mists surveyed by The Wall
Street Journal. The unemploy-
ment rate fell slightly to 4.9%.
The U.S. economy may have
added fewer jobs than expected
last month, but it has “not
fallen off a cliff,” said Peter La-
zaroff, director of investment
research at asset manager Plan-
EMILE WAMSTEKER/BLOOMBERG
corp. Mr. Lazaroff said the
number was “just one tree in
the forest.” He said his firm was
largely holding on to its long-
term allocations, but has taken
the recent swoon in emerging
markets and U.S. small-cap
stocks as a buying opportunity.
Federal-funds futures, used
by investors and traders to
Composite Index fell 146.41 place bets on central-bank pol-
points, or 3.2%, to 4363.14 Fri- icy, showed Friday that they
day, its lowest closing level see a 10% likelihood of a rate
since October 2014. increase from the Fed at its
Those stocks “have been March policy meeting, accord-
highfliers,” said Gordon Char- ing to data from CME Group.
lop, managing director at The probability was 8% before
Rosenblatt Securities. “They the jobs data.
got humbled.” Investors will zero in on Fed
The latest U.S. economic Chairwoman Janet Yellen’s
data showed the U.S. added semiannual congressional testi-
151,000 jobs in January, the mony in the coming week for
Labor Department said Friday, clues on the rate policy outlook.
below expectations for an in- Meanwhile, oil prices con-
and products, the second-high- 5% in Sydney, but is 9% in the
est monthly figure on record, red for 2016 and down 45% in
according to the Chinese cus- the past 12 months.
toms authority. The drag on the dollar due
Glencore Chief Executive to fresh jitters about the
Ivan Glasenberg has said Chi- strength of the U.S. economy
nese demand, while not piping has helped lift mining stocks.
hot, would remain robust. The WSJ Dollar Index, which
Hedge funds and other bearish compares the dollar against 16
traders have used their finan- commonly traded currencies,
cial muscle to artificially lower on Thursday hit its lowest
commodity prices, he has said. level since early November.
Mining stocks plunged in The buck’s weakness has
2015, one of the worst years helped fuel the bounce in com-
on record for the industry, modities, which are typically
amid a slowdown in demand bought and sold in dollars. Be-
from China and elsewhere. A cause it takes more dollars to
glimmer of hope about China buy a barrel of oil or a ton of
and global growth could signal copper, prices naturally go
a bottom for commodities and higher, helping mining stocks.
mining stocks, Sanford C. Gold stocks also have been
Bernstein analyst Paul Gait on a tear, powered by a rally
said in a note Friday. “[A]ny in gold prices also helped by
return to global growth…will the weak dollar. The precious
have a profound impact on metal on Friday climbed to
commodity prices,” he said. $1,157.80 an ounce on the New
Miners continued to grind York Mercantile Exchange, its
higher Friday. Anglo Ameri- highest in three months. Cana-
can, up as much as 24% Thurs- dian miner Barrick Gold
day, gained 11% more in Lon- Corp., the world’s largest gold
don trading, leaving it up 21% miner by output, is up more
for the year but still down 69% than 50% year to date. New-
in the last 12 months. Glen- mont Mining Corp. and Rand-
core, down 62% in the past gold Resources Ltd. are up
year, added 2.5%, putting it up about 30% so far this year.
13% year to date. Anglo-Aus- Some analysts cautioned
tralian mining giant BHP rose that the rally could be a false
the sugar,” he said.
Traders said the smuggled
sugar traces a circuitous route,
starting at refineries in India,
Thailand and elsewhere before
passing through transshipment
ports in Asia on their way to
the port of Yangon in Myan-
mar, where it is sold to smug-
glers.
Surging volumes of ship-
ments have caused logistical A customer purchases sugar at a supermarket in China.
problems at the Sri Lankan
port of Colombo, where thou- containers sold to Myanmar by
sands of tons of sugar, largely his firm are currently stuck in
from India, are stuck in a log- a container yard in Colombo.
jam that will take weeks to Most traders estimate that
clear, according to traders. around 2,000 containers are
Nikhil Agarwal, a trader at stuck in Colombo. That would
Hyderabad, India-based NSL equate to 50,000 tons of sugar
Sugars Ltd., said 400 shipping worth around $20 million.
tinued to march lower. U.S.
crude oil fell 2.6% to $30.89 a
barrel, bringing its weekly de-
cline to 8.1%.
Hess fell 5.45, or 13%, to
38.02, after the oil company
announced a stock offering on
Thursday in an effort to
strengthen its balance sheet.
Hanesbrands was the big-
gest laggard in the S&P 500,
shedding 4.43, or 15%, to
24.96, after the apparel maker
issued a downbeat outlook for
2016 after the market had
closed on Thursday.
News Corp fell 1.11, or 9.1%,
to 11.10, after the media com-
pany said late Thursday that
its second-fiscal-quarter profit
fell. News Corp publishes The
Wall Street Journal.
The Stoxx Europe 600 de-
clined 0.9%.
Markets in Asia closed
mostly lower ahead of next
week’s Lunar New Year holi-
day. China’s Shanghai Compos-
ite Index fell 0.6%, while Aus-
tralia’s S&P ASX 200 edged
down 0.1%. Japan’s Nikkei
Stock Average fell 1.3%.
—Aaron Kuriloff
contributed to this article.
NADINE HUTTON/BLOOMBERG NEWS
dawn. While certain copper
imports shot higher in Decem-
ber, they fell 2.2% overall in
2015, their third year in a row
of decline. Meanwhile, global
supply of refined copper rose
1.8%, according to the Interna-
tional Copper Study Group.
Commodity prices haven’t
fallen far enough to drive out
enough supply to create a sus-
tained advance in prices, In-
vestec analysts said. “We need
a sustained period of disincen-
tive pricing to balance the
commodities market and
thereby stabilize the sector,”
Investec said in a Friday note.
There also could be some
short-term factors behind the
rally. Traders for the past year
have said a new breed of Chi-
nese hedge funds have been
making huge wagers that com-
modities will fall, dragging on
prices. The Lunar New Year,
starting next week, likely is
causing some of the funds to
close out those bets. That
could give commodities room
to advance, SP Angel said Fri-
day. When the bearish hedge-
fund traders return after the
holiday, they are likely to pile
in again, potentially pulling
the rug out from under com-
modities—and mining stocks.
IMAGINECHINA/ASSOCIATED PRESS
In Yangon, the price of
sugar sold to smugglers by lo-
cal importers peaked above
$450 a ton late last year, Mr.
Agarwal said, but is now about
$425 a ton. Smugglers can
then sell the sugar in China for
more than $500 a ton, he said.
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B6 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
16204.97 t 211.61, or 1.29% Trailing P/E ratio * 17.12 16.78 1880.05 t 35.40, or 1.85% Trailing P/E ratio * 21.40 20.03 4363.14 t 146.41, or 3.25% Trailing P/E ratio * 20.85 22.75
High, low, open and close for each P/E estimate * 15.31 16.64 High, low, open and close for each P/E estimate * 15.87 17.15 High, low, open and close for each P/E estimate * 17.12 18.00
trading day of the past three months. Dividend yield 2.78 2.45 trading day of the past three months. Dividend yield 2.32 1.98 trading day of the past three months. Dividend yield 1.29 1.29
All-time high 18312.39, 05/19/15 All-time high: 2130.82, 05/21/15 All-time high: 5218.86, 07/20/15

Current divisor 0.14602128057775

18000 2100 5170

17500 2050 5020

17000 2000 4870

Session high
65-day moving average
DOWN UP 16500 1950 65-day moving average 4720
t

Session open Close

65-day moving average Close Open
t

16000 1900 4570

Session low
15500 1850 4420

Bars measure the point change from session's open

15000 1800 4270
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week Range % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 1,153,184,791 10,005,530
Industrial Average 16423.63 16129.81 16204.97 -211.61 -1.29 18312.39 15666.44 -9.1 -7.0 5.0 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 270,503,338 3,897,999
Transportation Avg 7069.16 6920.68 6942.82 -108.43 -1.54 9178.48 6625.53 -22.3 -7.5 5.7 Most-active issues in late trading Decl. volume* 873,021,159 5,951,101
Utility Average 627.08 613.88 624.62 2.55 0.41 626.64 541.97 1.8 8.1 9.7 Volume After Hours Issues traded 3,207 365
Company Symbol (000) Last Net chg % chg High Low Advances 746 129
Total Stock Market 19597.36 19166.99 19227.18 -401.91 -2.05 22287.78 19071.84 -10.4 -8.9 6.8
First Tr Util AlphaDEX FXU 29,793.6 23.76 0.10 0.42 23.76 23.61 Declines 2,387 217
Barron's 400 469.81 460.15 460.56 -10.57 -2.24 586.75 460.46 -15.7 -10.8 5.6
SPDR S&P N Amer Nat Rscs NANR 26,996.425.16 … unch. 25.16 25.16 Unchanged 74 19
Nasdaq Stock Market Mkt Vectors Gold Miners GDX 21,971.6 17.02 -0.03 -0.18 17.06 16.86 New highs 61 7
Nasdaq Composite 4493.19 4350.37 4363.14 -146.41 -3.25 5218.86 4363.14 -8.0 -12.9 11.2 SPDR S&P 500 SPY 13,570.5 187.81 -0.14 -0.07 207.75 183.79 New lows 169 10
4152.73 4008.45 Closing tick 68 16
Nasdaq 100 4024.47 -143.30 -3.44 4719.05 4016.32 -4.8 -12.4 13.5 First Tr NYSE Arca BioTch FBT 9,546.8 79.98 -1.19 -1.47 81.32 79.91
Closing Arms† 1.00 0.75
Bank Of America BAC 8,843.2 12.94 -0.01 -0.08 13.08 12.93
Standard & Poor's Block trades* 5,720 95
iShares Russell 2000 ETF IWM 5,135.4 98.24 0.20 0.20 100.83 97.92
500 Index 1913.07 1872.65 1880.05 -35.40 -1.85 2130.82 1859.33 -8.5 -8.0 7.5 Nasdaq NYSE Arca
PwrShrs QQQ Tr Series 1 QQQ 3,441.4 98.15 0.03 0.03 101.64 98.08
MidCap 400 1303.33 1278.27 1279.32 -27.66 -2.12 1549.44 1254.93 -13.4 -8.5 5.2 Total volume* 2,464,100,944 433,092,379
SmallCap 600 618.92 605.16 605.16 -14.62 -2.36 742.13 601.59 -13.2 -9.9 6.0 Percentage gainers… Adv. volume* 341,008,963 113,192,756
Decl. volume* 2,115,329,870 319,812,220
Other Indexes DXN Dly NatGas 3X Bl GASL 15.6 3.14 0.24 8.28 3.15 2.85
Issues traded 2,929 1,409
Russell 2000 1014.31 985.62 985.62 -29.17 -2.87 1295.80 985.62 -18.2 -13.2 2.8 Inphi IPHI 15.9 24.82 1.60 6.91 27.20 23.22
Advances 544 302
NYSE Composite 9500.82 9360.94 9390.33 -143.97 -1.51 11239.66 9156.84 -13.4 -7.4 1.7 Sprouts Farmers Market SFM 6.4 24.39 1.43 6.23 24.39 22.96 Declines 2,313 1,091
Value Line 409.80 400.02 400.33 -9.47 -2.31 522.42 392.58 -20.4 -10.2 0.6 SeaDrill SDRL 6.8 2.19 0.12 5.92 2.27 1.85 Unchanged 72 16
NYSE Arca Biotech 2787.30 2659.77 2743.44 -57.39 -2.05 4431.87 2743.44 -23.9 -28.1 17.6
GoPro Inc. GPRO 447.1 10.45 0.49 4.92 11.30 9.92 New highs 3 9
New lows 205 29
NYSE Arca Pharma 492.59 485.77 488.11 -6.35 -1.28 605.94 488.11 -10.6 -9.8 7.3 ...And losers
Closing tick 196 62
KBW Bank 62.85 61.15 61.38 -0.79 -1.27 80.41 60.10 -14.0 -16.0 3.8 AngloGold Ashanti ADR AU 13.3 9.49 -1.24 -11.55 10.78 8.78 Closing Arms† 1.46 0.80
PHLX§ Gold/Silver 55.35 50.70 55.30 2.68 5.09 78.25 38.84 -28.1 22.1 -28.6 Sibanye Gold ADR SBGL 5.2 10.42 -0.95 -8.35 11.40 8.91 Block trades* 8,378 1,860
PHLX§ Oil Service 145.18 140.44 141.80 -2.25 -1.56 224.32 128.61 -30.1 -10.1 -16.9 Apollo Educ Group Cl A APOL 16.3 6.60 -0.35 -5.04 6.98 6.50 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 605.02 584.22 586.25 -21.47 -3.53 746.08 559.59 -12.7 -11.6 11.7 Coeur Mining CDE 16.6 2.45 -0.10 -3.83 2.55 2.45 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 24.11 21.91 1.54 40.74 11.95 28.4 issues with the volume of shares rising and falling. An
23.38 7.05 35.2 19.4 LSB Industries LXU 7.1 6.03 -0.21 -3.34 6.24 5.75 Arms of less than 1 indicates buying demand; above 1

Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD Latest Session 52-Week Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg

World The Global Dow 2138.80 –24.30 –1.12 –8.5 Multi-Fineline Electronix MFLX 22.59 6.16 37.49 26.05 12.59 64.4 Tableau Software DATA 41.33 -40.42 -49.44 131.34 40.04 -57.6
The Global Dow Euro 1807.23 –16.20 –0.89 –10.8 TTM Technologies TTMI 6.55 1.21 22.66 10.93 4.67 -15.8 LinkedIn Cl A LNKD 108.38 -83.90 -43.63 276.18 102.81 -58.9
DJ Global Index 282.34 –4.18 –1.46 –8.3 Control4 CTRL 8.08 1.48 22.42 14.00 5.41 -37.8 YRC Worldwide YRCW 7.47 -3.25 -30.30 21.37 6.67 -59.4
World DJ Global ex U.S. 193.36 –1.73 –0.88 –8.0 Supernus Pharmaceuticals SUPN 12.13 2.00 19.74 23.30 8.32 42.7 Esterline Technologies ESL 53.07 -22.70 -29.96 120.45 45.12 -54.3
Enova International ENVA 6.47 1.01 18.50 24.65 4.64 -70.4 Quotient Ltd. QTNT 7.48 -2.82 -27.38 19.95 7.20 -55.3
Americas DJ Americas 447.29 –8.95 –1.96 –8.2
–6.4 DXN DLY GLDMNR 3x BL NUGT 43.03 6.18 16.77 176.80 17.40 -73.3 Lions Gate Entertainment LGF 18.53 -6.92 -27.19 41.41 16.21 -36.3
Brazil Sao Paulo Bovespa 40592.09 –229.64 –0.56
–1.9
LSB Industries LXU 6.24 0.88 16.42 47.33 3.68 -81.8 Elizabeth Arden RDEN 5.95 -2.07 -25.81 17.44 5.02 -60.0
Canada S&P/TSX Comp 12763.99 –10.51 –0.08
SPI Energy ADR SPI 7.28 1.00 16.01 18.90 5.65 ... Sierra Wireless SWIR 10.93 -3.76 -25.60 39.44 10.81 -66.8
Mexico IPC All-Share 43229.67 –522.26 –1.19 0.6
Alliance One Intl AOI 11.54 1.54 15.40 26.47 8.31 4.9 Splunk SPLK 36.23 -10.86 -23.06 76.85 33.77 -42.0
Chile Santiago IPSA 2916.71 –7.83 –0.27 –0.9
Eyegate Pharmaceuticals EYEG 3.25 0.42 14.84 35.00 1.38 ... Beazer Homes BZH 6.62 -1.98 -23.02 21.19 6.61 -58.3
Europe Stoxx Europe 600 325.90 –2.86 –0.87 –10.9
1st Century Bancshares FCTY 8.90 1.15 14.84 9.00 5.48 29.4 New Relic NEWR 23.24 -6.66 -22.27 40.13 20.91 -31.3
Euro zone Euro Stoxx 306.50 –2.82 –0.91 –11.2
Direxion Jr Gold Bull 3X JNUG 42.83 5.49 14.71 166.35 20.52 -71.5 Starz Series A STRZA 24.30 -6.93 -22.19 46.59 24.24 -19.1
Belgium Bel-20 3305.69 –42.73 –1.28 –10.7
Kinross Gold KGC 2.30 0.27 13.30 3.39 1.31 -29.0 Genworth Financial A GNW 2.18 -0.61 -21.86 9.19 2.01 -71.9
France CAC 40 4200.67 –27.86 –0.66 –9.4 Saia SAIA 25.46 2.93 13.00 47.25 18.28 -43.1 HubSpot HUBS 32.01 -7.93 -19.85 60.11 31.02 -9.1
Germany DAX 9286.23 –107.13 –1.14 –13.6 Direxion S&P Oil Gas Br DRIP 99.94 10.47 11.70 192.93 38.00 ... iRadimed IRMD 14.59 -3.59 -19.75 33.25 13.11 -5.4
Israel Tel Aviv 1454.56 … Closed –4.9
Italy FTSE MIB 17250.26 –375.78 –2.13 –19.5
Netherlands AEX 413.94 –4.00 –0.96 –6.3 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 8499.50 31.40 0.37 –10.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Sweden SX All Share 460.22 –1.33 –0.29 –8.9
Switzerland Swiss Market 7960.13 –43.27 –0.54 –9.7 SPDR S&P 500 SPY 167,063 17.7 187.95 -1.91 213.78 181.02 Quotient Ltd. QTNT 2,878 13534 7.48 -27.38 19.95 7.20
–6.3 Bank Of America BAC 116,892 16.0 12.95 -2.26 18.48 12.52 First Tr Util AlphaDEX FXU 18,510 2991 23.66 -0.38 25.61 20.92
U.K. FTSE 100 5848.06 –50.70 –0.86
VelocityShares 3x Lg UWTI 116,734 95.0 1.86 -6.53 42.80 1.41 LinkedIn Cl A LNKD 43,904 2573 108.38 -43.63 276.18 102.81
Asia-Pacific DJ Asia-Pacific TSM 1268.68 –7.70 –0.60 –8.7 Mkt Vectors Gold Miners GDX 107,252 95.4 17.05 5.57 21.97 12.40 First Tr NYSE Arca BioTch FBT 7,646 1812 81.17 -2.09 132.21 64.08
Australia S&P/ASX 200 4976.20 –4.20 –0.08 –6.0 iPath SP 500 VIX Sht Tm VXX 82,339 10.9 26.36 3.94 35.22 15.48 Telecom Italia ADR TI/A 1,587 1766 8.04 -4.29 11.67 8.04
China Shanghai Composite 2763.49 –17.53 –0.63 –21.9
Facebook Cl A FB 76,118 149.6 104.07 -5.81 117.59 72.00 Tableau Software DATA 21,188 1609 41.33 -49.44 131.34 40.04
Hong Kong Hang Seng 19288.17 105.08 0.55 –12.0
Freeport-McMoRan FCX 69,979 35.7 5.68 -0.70 23.97 3.52 Multi-Fineline Electronix MFLX 2,776 1541 22.59 37.49 26.05 12.59
India S&P BSE Sensex 24616.97 278.54 1.14 –5.7
PwrShrs QQQ Tr Series 1 QQQ 67,271 70.4 98.12 -3.47 115.75 84.74 DT Asia Investments CADT 115 1490 10.05 0.60 10.25 9.65
Japan Nikkei Stock Avg 16819.59 –225.40 –1.32 –11.6
iShares MSCI Emg Markets EEM 66,368 -1.5 30.01 -1.15 44.19 27.61 Lions Gate Entertainment LGF 22,971 1263 18.53 -27.19 41.41 16.21
Singapore Straits Times 2623.21 64.72 2.53 –9.0
Finl Select Sector SPDR XLF 65,985 25.9 20.95 -1.32 25.62 18.52 Cascade Microtech CSCD 801 1236 20.15 -0.30 20.51 12.12
South Korea Kospi 1917.79 1.53 0.08 –2.2
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Taiwan Weighted 8063.00 … Closed –3.3 5,000 shares =Has traded fewer than 65 days
Sources: SIX Financial Information; WSJ Market Data Group

Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Currencies
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
5-year CDs US$vs, US$vs,
A consumer rate against its Fri YTDchg Fri YTDchg
benchmark over the past year 5.00% 10% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 1.32% WSJ Dollar
s index Americas Thailand baht .02811 35.580 –1.2
CIT Bank 2.20% 4.00 5 Vietnam dong .00004483 22306 0.7
1.50% Salt Lake City, UT Argentina peso .0696 14.3589 11.0
855-462-2652 3.00 Europe
t 0 Brazil real .2562 3.9030 –1.5
Discover Bank 2.20% Friday
t

Five-year CD yields 1.00 Canada dollar .7185 1.3918 0.6 Czech Rep. koruna .04120 24.271 –2.5
Riverwoods, IL 888-728-3151 2.00 –5 Chile peso .001417 705.90 –0.4 Denmark krone .1495 6.6877 –2.7
s Colombia peso .0003000 3333.24 5.0 Euro area euro 1.1158 .8963 –2.7
Federal-funds 0.50 State Farm Bank 2.20% One year ago 1.00
t

–10 Yen s
target rate Euro Ecuador US dollar 1 1 unch Hungary forint .003608 277.14 –4.6
Bloomington, IL 877-734-2265
t 0.00 Mexico peso .0542 18.4460 7.2 Iceland krona .007841 127.53 –2.0
0.00 First Internet Bank of Indiana 2.22% –15
Peru new sol .2872 3.483 2.0 Norway krone .1164 8.5876 –2.9
1 3 6 1 2 3 5 710 30 2015 2016
Indianapolis, IN 888-873-3424 Uruguay peso .03210 31.1500 4.1 Poland zloty .2530 3.9523 0.7
–0.50 month(s) years Venezuela b. fuerte .158595 6.3054 unch Russia ruble .01300 76.907 7.0
M AM J J A S O N D JF Barclays 2.25%
maturity Asia-Pacific Sweden krona .1183 8.4552 0.1
2015 2016 Wilmington, DE 888-720-8756 Switzerland franc 1.0094 .9907 –1.1
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .7069 1.4146 3.1
Turkey lira .3427 2.9181 unch
China yuan .1521 6.5736 1.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0388 25.7730 7.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1283 7.7921 0.5
UK pound 1.4502 .6896 1.6
India rupee .01473 67.880 2.5
Federal-funds rate target 0.25-0.5 0.25-0.5 0.00 l 0.50 0.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000734 13621 –1.6 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008556 116.87 –2.8 Bahrain dinar 2.6519 .3771 unch
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002758 362.55 7.0 Egypt pound .1277 7.8312 unch
Libor, 3-month 0.62 0.62 0.26 l 0.62 0.32
Macau pataca .1247 8.0179 0.2 Israel shekel .2576 3.8823 –0.3
Money market, annual yield 0.27 0.27 0.24 l 0.42 -0.23 Treasury, Ryan ALM 1454.043 1.498 1.572 1.957 1.408 2.258 2.955
Malaysia ringgit .2404 4.1600 –3.3 Kuwait dinar 3.3658 .2971 –2.1
Five-year CD, annual yield 1.32 1.30 1.29 l 1.53 0.01 10-yr Treasury, Ryan ALM 1755.452 1.846 1.928 2.480 1.840 0.821 3.355 New Zealand dollar .6626 1.5092 3.1 Oman sul rial 2.5944 .3854 0.1
30-year mortgage, fixed† 3.68 3.73 3.67 l 4.22 -0.10 DJ Corporate 343.489 3.357 3.350 3.462 2.641 –1.321 2.514 Pakistan rupee .00959 104.285 –0.6 Qatar rial .2746 3.641 unch
15-year mortgage, fixed† 2.95 2.97 2.94 l 3.42 -0.15 Aggregate, Barclays Capital 1856.620 2.320 2.340 2.630 2.000 0.575 2.252 Philippines peso .0210 47.715 1.8 Saudi Arabia riyal .2666 3.7505 –0.1
Jumbo mortgages, $417,000-plus† 4.28 4.36 4.00 l 4.97 0.05 Singapore dollar .7102 1.4080 –0.7 South Africa rand .0624 16.0225 3.5
High Yield 100, Merrill Lynch 2321.086 7.946 7.986 8.696 5.016 –8.304 0.298 South Korea won .0008285 1206.94 2.6
Five-year adj mortgage (ARM)† 3.25 3.22 3.14 l 3.99 0.21 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1932.540 2.460 2.480 2.900 2.320 2.088 2.637 Sri Lanka rupee .0069536 143.81 –0.3
New-car loan, 48-month 3.26 3.22 2.71 l 3.33 0.74 Taiwan dollar .03001 33.318 1.2 WSJ Dollar Index 89.81 0.50 0.56 –0.40
Muni Master, Merrill 506.367 1.520 1.569 2.099 1.519 3.427 3.054
HELOC, $30,000 4.76 5.01 4.24 l 5.01 0.10
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 670.178 6.825 6.825 7.128 5.679 0.217 0.498 Sources: Tullett Prebon, WSJ Market Data Group
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Commodities Friday 52-Week YTD
Pricing trends on someClose
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DJ Commodity 440.60 -2.39 -0.54 584.70 420.23 -20.05 -2.91

ONLINE
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Reuters-Jefferies CRB 161.93 -1.52 -0.93 231.77 156.32 -27.98 -8.13
Crude oil, $ per barrel 30.89 -0.83 -2.62 61.43 26.55 -40.24 -16.60
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | B7

WEEKEND INVESTOR
Just Call It ‘Play Money’ OIL
BY YOGITA PATEL Continued from page B1
securities total at least $1.3
Global financial markets are billion.
in turmoil, oil prices are at The buyers include wealthy
historic lows and it seems one families, individual investors,
of the few certainties in life is and brokers and financial ad-
that the Denver Broncos and visers who want to limit the
Carolina Panthers will face off risk or amplify the return of
in Super Bowl 50 on Sunday. more conventional invest-
But does the popularity of the ments.
National Football League make Typically maturing in two
it worthy of a place in your years or less, these notes pay
portfolio? commissions of about 2% to

CHRISTOPHE VORLET
The prominence of profes- the brokerages that sell them.
sional sports has fueled a They use intricate combina-
GETTY IMAGES

boom of ventures that allow tions of options contracts to

fans a chance to make money skew the payoffs from changes
from on-field action. One ven- in energy prices: You can make
ture, Fantex, is hoping to take a lot of money if oil goes up a
this a step further by giving Vernon Davis is covered by a tracking stock offered by Fantex. little, and you can lose much that—paying out a 16% capital He says the firm works with
individuals the ability to in- or all of your money if it goes gain upon maturity. brokers and advisers to pro-
vest in securities tied to the tuses, are technically common received the money in ex- down a lot. And oil has gone However, investors can’t vide investments that “address
future earnings of professional shares of Fantex and don’t change for signing away a por- down a lot. earn more than 16%, no matter a wide variety of their custom-
athletes. Financial advisers, give buyers any direct claim tion of their future earnings. “The vast majority of them how much higher the ETF ers’ needs and market views”
however, caution that these on the athletes involved. The company has yet to turn a are underwater,” says Joseph goes. and that its offerings include
untested securities merit at Fantex’s majority owners profit and cites the substantial Halpern, chief executive of Ex- And if the fund goes down “robust disclosures on invest-
most a small role in the “play are co-founders Buck French upfront costs as contributing ceed Investments, a New York- instead of up, investors in the ment risk.” The prospectus for
money” part of a portfolio. and David Beirne. The com- to its high risk. based firm specializing in note will lose money—dollar the notes warns that “inves-
Fantex securities might ap- pany says one of the big bene- Some individuals have these types of investments. for dollar, without limit. tors may lose up to 100%.”
peal to someone who isn’t fits of its securities is that bought a single $10 share in “And a lot are materially un- Mind you, most of these se- “We believe that we do ex-
comfortable with the stock they likely will never be af- one tracking stock, Mr. French derwater. On many of them, curities don’t start maturing tensive disclosure of the risks
market but does have a great fected by broader market said, while in more than one you’d need a 50% to 100% until late 2016, and the prices of these issues,” says James
deal of familiarity with the events. “It provides tremen- offering an investor has jump in the price of oil from of oil and related assets could Wiggins, spokesman for Mor-
NFL or other major sports dous value to investors to bought the 10% maximum al- today’s levels to get back to well recover by then—in which gan Stanley Wealth Manage-
leagues, according to Michael have access to a noncorrelated lowed, or more than $100,000 break-even.” case the interim losses would ment, “and they are designed
McKevitt, a financial planner asset class,” said Mr. French, based on the smallest offering. Often, these securities carry disappear or turn into gains. as hold-to-maturity invest-
at Palatine, Ill.-based Guil- who is also CEO. Fantex uses a More than 90% of the such alluring nicknames as “But this is not really an in- ments.”
laume & Freckman Inc. But he host of data in calculating money has come from accred- “Phoenix,” “Plus,” “Enhanced vestment strategy so much as Even so, such notes—unlike
said his firm, which has about each athlete’s earnings poten- ited investors—which the SEC Return” or “Accelerated Re- a wager on which way oil regular bonds—offer little or
$160 million in assets under tial, including playing statis- defines as someone who made turn.” prices are going,” says Craig no assurance of returning your
management, doesn’t consider tics. $200,000 or more in each of Consider $6.9 million in one McCann, principal at Securi- money at maturity. In the case
it a good long-term invest- Mr. McKevitt said no clients the two prior years or has a such security, issued by HSBC ties Litigation and Consulting of the HSBC-Morgan Stanley
ment for its clients, given the have asked him about Fantex. net worth over $1 million— USA last May and distributed Group, a research firm in Fair- note, you will recover all your
risks. But if anyone did, he said, he rather than less affluent indi- by Morgan Stanley Wealth fax, Va. “And some of the risks initial investment only if oil-
Fantex, based in San Fran- would tell that person to think viduals the company dubs Management. Linked to the and costs of that wager are company shares rise by at
cisco, has issued six “tracking of it as an entertainment—“al- “fanvestors.” share price of the Energy Se- masked by the complexity of least 38% between now and
stocks” that each aim to de- most as if they are going to The six players covered by lect Sector SPDR, an exchange- it.” the end of August.
liver a return based on the Vegas”—not as an investment. the initial tracking stocks are traded fund of about 40 lead- Furthermore, there isn’t Many people who thought
earnings of a single NFL He said buying a security Vernon Davis, who plays for ing oil and gas stocks, the any secondary trading in most they were buying black gold
player. While those securities tied to one athlete, who in any Super Bowl contender Denver notes mature in September of these securities, meaning on the cheap appear to own a
aren’t traded on a major ex- game can suffer a career-end- Broncos, EJ Manuel, Mohamed 2016 and promise to triple any that the issuing bank may of- black hole instead, with lim-
change, the company is plan- ing injury, is far riskier than Sanu, Alshon Jeffery, Michael gain in the share price of the ten be the only buyer. The ited means of escape.
ning an offering to be under- investing in just one company. Brockers and Jack Mewhort. fund—but only up to a point. HSBC-Morgan Stanley note, at If, for some reason, you
written by UBS Securities that The first Fantex tracking So far, only the offerings re- When the note came out, an original principal amount think you know when and how
will be listed on the New York stocks were sold to investors lated to Mr. Davis and Mr. the ETF was priced at $78.37, of $10, had a projected value far the price of oil will re-
Stock Exchange and be linked in 2014 and the company Sanu have paid dividends. The down from more than $100 in at maturity of about $7.23 and cover, you always can buy an
to the earnings of 10 players. raised about $26 million from shares only change hands the summer of 2014. would attract a bid of $7.02 as ETF specializing in energy
The securities, which the six offerings, the majority of through Fantex’s own broker- If it rises to $82.54, or a of this past Thursday, says stocks. Your bond portfolio is
company identifies as highly which went toward upfront age and should be considered mere 5.33%, by the end of Au- HSBC spokesman Rob Sher- the last place you should be
speculative in its prospec- payments to the athletes who illiquid, Mr. French said. gust, then the note will triple man. rolling the dice.

How to Fight Identity Theft at Tax Time

The ordeal of tax identity vent fraudsters from doing moned agency staffers, state ID theft “is almost never the hygiene: resist giving out your just as actual victims do. Vul-
theft often starts with a shock. further damage. But this is in- tax administrators and tax- victim’s fault.” But taxpayers Social Security number and nerable taxpayers whose tax
In one common scenario, a convenient, because he has preparation firms to a series can take steps to help avoid other personal information; data has been stolen can file
federal or state computer had to have the freeze lifted of meetings to devise new the problem—or cope if it oc- shred paper records before IRS Form 14039 alerting the
blocks a taxpayer’s return be- temporarily to make major fraud-fighting strategies. curs. disposing of them; and use an- agency.
cause a thief al- purchases and help his daugh- While these new efforts are One good move is to file tivirus protection in your com- If the IRS approves the re-
ready has filed ter in college rent an apart- mostly invisible to taxpayers, early in the tax season, al- puter. quest, it will send a special
using the same ment. participants say the coordina- though for many taxpayers Fool phishers. Some tax- PIN that the taxpayer files
name and Social And Mr. Yost still wonders tion is unprecedented. that isn’t an option. prep firms bombard prior us- with a paper return the fol-
Security num- if he is vulnerable. “If some- “We have seen many posi- Here are other things you ers with emails this time of lowing year. Even if the IRS
ber. In another, one had my information, tive changes and are hoping can do: year urging them to return doesn’t approve the request, it
TAX a letter arrives maybe somebody else will try for more,” said Julie Magee, Probe your preparer. If and claim this year’s refund. may subject the return to
REPORT from a tax to use it,” he said. commissioner of revenue for you use a tax preparer, ask Don’t click on links in these heightened security.
LAURA agency warning There is no recent data on Alabama, who has been criti- about the firm’s data protec- emails, because phishers can A continuing IRS pilot pro-
SAUNDERS of a problem. how much tax ID theft is cost- cal of lax security at some tax- tion. Experts say that re- design very similar-looking gram in Florida, Georgia and
Last year, ing Uncle Sam, but a study preparation firms in the past. come-ons. Instead, go to the the District of Columbia offers
some individu- from the Government Ac- States are making visible firm’s site and enter it di- IP PINs to people who filed re-
als were shocked when banks countability Office estimated efforts as well. Alabama and
Many states are rectly. turns last year in those places.
mailed them prepaid debit that the Internal Revenue Ser- Georgia have programs that asking for drivers’ Adjust withholding to min- Eligible taxpayers can file for
cards loaded with “their” tax vice lost $5.8 billion to such ping taxpayers if a return is imize future tax refunds. The IP PINs online. More informa-
refunds—although they hadn’t fraud in 2013. filed using their Social Secu-
license information average refund approached tion is available at irs.gov.
yet filed. The cards were evi- On Thursday, TaxSlayer rity number. Utah, Illinois and from taxpayers. $3,000 last year. Many taxpay- If you are a victim, act
dence that a criminal had filed LLC, a provider of software to South Carolina are delaying ers consider this interest-free quickly. The IRS has posted a
in their name. individuals who prepare their refunds until March 1 or later loan to Uncle Sam to be a clear list of steps for victims
Shock turns to rage when own tax returns, said criminals to help detect patterns that spected old-line, stand-alone good savings tool, but ID-theft to take at irs.gov. It includes a
victims learn they must drop may have stolen personal and could indicate ID theft. tax and accounting firms are victims will have to wait link to state tax agencies,
everything to safeguard their tax-return information from Many states also are asking currently rich targets for months to get their chunk of which should be notified.
financial accounts and credit about 8,800 customers. It was for drivers’ license informa- thieves looking to harvest cash. Victims also should inform
status, file returns on paper the second breach reported by tion from taxpayers who pre- large amounts of data to use Taxpayers who have small the Federal Trade Commis-
and wait months for a resolu- a major tax software firm this pare their own returns this in preparing credible returns refunds or owe the IRS still sion, which keeps statistics on
tion—all because a fraudster year. year so that they can cross- that will slip by fraud filters. will have to jump through ID theft and offers help for
has claimed a tax refund in Following a wave of well- check identity information Change your passwords. hoops if they are victims of victims as well.
their name. publicized tax ID thefts in with state records. While this This is one of the most impor- tax ID theft, but they won’t Then be prepared to wait.
The effects linger. Rick 2015, including the breach of information isn’t required to tant tips for self-preparers. have to wait for a large sum The IRS says that ID-theft
Yost, a tire salesman from Pell an IRS database by thieves file, not providing it could Make passwords strong and they may sorely need. cases generally are re-
City, Ala., who was a tax ID- who stole records on up to slow the processing of a re- don’t use the same one for dif- Ask for an IP PIN. Potential solved within 120 days, but
theft victim last year, has fro- 330,000 taxpayers, IRS Com- turn. ferent portals. victims of tax ID theft can complex cases may take 180
zen his credit reports to pre- missioner John Koskinen sum- Ms. Magee stresses that tax Also practice good security qualify for special IRS status, days or longer.

Mutual Funds | WSJ.com/fundresearch 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
Net YTD CpInc r 8.66 -0.07 -5.0 FrankTemp/Franklin C ValueA p 30.90 -0.32 -5.8 HiYield 6.01 -0.01 -2.1 ITIGradeAdml 9.73 -0.01 1.2 TgtRe2020 26.00 -0.27 -4.2
Explanatory Notes Data provided by Fund NAV Chg % Ret DivIntl 31.75 -0.62 -9.4 Income C t 2.01 -0.01 -4.4 MFS Funds Class I InstlCapG 24.49 -1.01-15.2 LTGradeAdml 10.02 ... 1.7 TgtRe2025 14.84 -0.17 -5.0
Top 250 mutual-funds listings for Nasdaq-published share classes with IntlCoreEq 10.41 -0.15 -8.6 DivIntlK r 31.69 -0.62 -9.4 FrankTemp/Temp A ValueI 31.07 -0.32 -5.7 Intl G&I 12.10 -0.11 -7.4 MidCpAdml 133.65 -2.96-10.1 TgtRe2030 26.12 -0.34 -5.8
net assets of at least $500 million each. NAV is net asset value. TgtRe2035 15.74 -0.22 -6.5
Percentage performance figures are total returns, assuming reinvestment IntSmCo 15.78 -0.21 -8.3 GroCo 115.30 -4.71-15.6 GlBond A p NA ... NA MFS Funds Instl IntlStk 14.05 -0.16 -8.0 MorgAdml 68.44 -2.14-11.3
of all distributions and after subtracting annual expenses. Figures don’t IntSmVa 16.96 -0.21 -9.2 GrowCoK 115.18 -4.70-15.5 Growth A p NA ... NA IntlEq 18.90 -0.26 -8.1 MCapGro 64.62 -1.78-11.9 MuHYAdml 11.43 ... 1.3 TgtRe2040 26.39 -0.41 -7.2
reflect sales charges (“loads”) or redemption fees. NET CHG is change in Dimensional Fds InvGrBd 11.10 ... 0.9 FrankTemp/Temp Adv Mutual Series MCapVal 23.65 -0.34 -5.2 MuIntAdml 14.44 ... 1.5 TgtRe2045 16.47 -0.26 -7.4
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR US CoreEq1 15.66 -0.31 -8.8 LowP r 44.26 -0.69 -7.3 GlBondAdv p NA ... NA GlbDiscA NA ... NA N Horiz 36.43 -1.35-14.2 MuLTAdml 11.89 +0.01 1.5 TgtRe2050 26.39 -0.42 -7.4
%RET is trailing three-year return annualized. US CoreEq2 14.88 -0.28 -9.0 LowPriStkK r 44.22 -0.70 -7.3 GMO Trust Class IV GlbDiscz NA ... NA N Inc 9.43 -0.01 1.0 MuLtdAdml 11.10 ... 0.9 TgtRetInc 12.26 -0.07 -1.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. US Small 25.41 -0.64-10.4 MagIn 79.66 -2.30-10.9 IntlEq 18.48 -0.22 -8.0 Oakmark Funds Cl I OverS SF r 8.26 -0.11 -8.1 MuShtAdml 15.85 ... 0.4 TotIntBdIxInv 10.72 ... 1.7
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. US SmCpVal 27.19 -0.63-10.8 OTC 67.45 -3.29-19.2 Harbor Funds EqtyInc 26.94 -0.20 -5.7 R2015 13.10 -0.12 -4.2 PrmcpAdml r 92.19 -2.44-10.7 WellsI 24.33 -0.10 -0.8
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock USLgVa 27.94 -0.39 -9.3 Puritn 18.94 -0.33 -6.8 CapApInst 51.56 -2.66-15.2 Oakmark 56.84 -0.97 -9.6 R2020 18.64 -0.21 -5.3 REITAdml r 107.00 -2.16 -5.3 Welltn 35.20 -0.26 -4.3
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. Dodge & Cox SrsInvGrdF 11.11 ... 0.9 IntlInst r 54.60 -0.72 -8.1 OakmrkInt 18.99 -0.04-11.1 R2025 14.02 -0.18 -6.2 SmCapAdml 47.23 -1.23-11.0 WndsrII 30.78 -0.47 -8.1
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to Invesco Funds A Old Westbury Fds R2030 20.27 -0.30 -7.1 STBondAdml 10.53 ... 1.1 VANGUARD INDEX FDS
incomplete price, performance or cost data. NE-Not released by Lipper; data Balanced 88.01 -0.93 -6.8 StratInc 10.00 -0.03 -1.1
Income 13.27 ... -0.2 TotalBond 10.28 -0.01 0.5 EqIncA 8.95 -0.09 -7.0 LrgCpStr 11.53 -0.18 -7.5 R2035 14.56 -0.24 -7.8 STIGradeAdml 10.60 -0.01 0.6 500 173.66 -3.26 -7.9
under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. ExtndIstPl 137.16 -4.19-12.6
Intl Stk 31.75 -0.39-13.0 Fidelity Selects John Hancock Class 1 Oppenheimer Y R2040 20.70 -0.35 -8.3 TotBdAdml 10.79 ... 1.7
Friday, February 5, 2016 Stock 146.43 -2.24-10.0 Biotech r 162.97 -6.44-30.9 LSBalncd 13.35 -0.17 -6.2 DevMktY 27.52 -0.24 -8.2 SmCapStk 34.35 -0.83-11.0 TotIntBdIdxAdm 21.44 ... 1.7 TotIntl 13.35 -0.17 -7.9
Net YTD Net YTD DoubleLine Funds Health r 178.30 -5.34-14.3 LSGwth 13.61 -0.23 -8.2 IntGrowY 33.49 -0.47 -6.7 Value 28.73 -0.35 -8.1 TotIntlAdmIdx r 22.32 -0.29 -7.9 TotSt 46.36 -0.96 -8.7
Fund NAV Chg % Ret Fund NAV Chg % Ret John Hancock Instl Parnassus Fds Schwab Funds TotStAdml 46.38 -0.96 -8.7 VANGUARD INSTL FDS
TotRetBdI NA ... NA Fidelity Spartan
DispValMCI 17.03 -0.29-11.1 ParnEqFd 34.61 -0.58 -6.4 S&P Sel 29.08 -0.54 -7.9 BalInst 27.88 -0.34 -4.6
American Century Inv AMG Managers Funds TotRetBdN NA ... NA 500IdxInv 66.16 -1.24 -7.9 TxMIn r 10.83 -0.16 -8.4
JPMorgan Inst Class PIMCO Fds Instl TIAA/CREF Funds DevMktsIndInst 10.84 -0.16 -8.4
Ultra 31.16 -1.12-11.0 YacktmanFd 20.12 -0.25 -3.6 Fidelity Advisor A 500IndInst 66.17 -1.24 -7.9 ValAdml 29.66 -0.31 -6.8
MdCpVal 31.65 -0.51 -6.8 AllAsset ExtndInst 55.58 -1.70-12.6
American Funds Cl A AQR Funds NwInsghtA p 23.45 -0.73-10.3 Fidelity Spartan Adv NA ... NA EqIdxInst 13.77 -0.28 -8.6 WdsrllAdml 54.61 -0.85 -8.1
JPMorgan R Class GrwthInst 49.34 -1.51 -9.9
AmcpA p 23.65 -0.52 -8.9 MgdFutStrI 10.54 +0.06 3.5 Fidelity Advisor I 500IdxAd 66.17 -1.24 -7.8 ShortT NA ... NA Tweedy Browne Fds WellsIAdml 58.95 -0.23 -0.8 InPrSeIn 10.43 -0.02 1.6
AMutlA p 32.36 -0.38 -4.4 Artisan Funds NwInsghtI 23.89 -0.74-10.3 ExtMktAd r 43.89 -1.34-12.6 CoreBond 11.73 ... 1.7 TotRt 10.11 -0.01 0.7 GblValue 22.84 -0.12 -6.6 WelltnAdml 60.79 -0.46 -4.3 InstIdx 171.97 -3.22 -7.9
BalA p 22.84 -0.22 -4.2 Intl Inv 26.13 -0.49 -8.9 Fidelity Freedom IntAd r 32.85 -0.48 -8.6 JPMorgan Select Cls PIMCO Funds A VANGUARD ADMIRAL WndsrAdml 57.25 -1.02-11.3 InstPlus 171.98 -3.23 -7.8
BondA p 12.74 ... 1.4 BlackRock Funds A FF2020 13.68 -0.18 -5.8 TotMktAd r 53.55 -1.12 -8.7 CoreBond 11.71 ... 1.7 TotRetA 10.11 -0.01 0.6 500Adml 173.68 -3.26 -7.9 VANGUARD FDS InstTStPlus 41.97 -0.86 -8.7
CapIBA p 54.45 -0.45 -2.5 GlblAlloc p 16.93 -0.16 -5.1 FF2025 11.61 -0.18 -6.7 First Eagle Funds USLgCpCorPls 23.67 -0.65-11.7 PIMCO Funds D BalAdml 27.88 -0.34 -4.6 DivdGro 21.24 -0.33 -5.3 MidCpInst 29.52 -0.66-10.1
CapWGrA 40.08 -0.57 -7.6 BlackRock Funds C FF2030 13.98 -0.26 -8.1 GlbA 49.37 -0.42 -3.9 Lazard Instl IncomeFd NA ... NA CAITAdml 12.00 ... 1.5 GNMA 10.77 -0.01 1.3 MidCpIstPl 145.61 -3.23-10.1
EupacA p 41.16 -0.64 -9.3 GlblAlloc t 15.42 -0.14 -5.2 FreedomK2020 12.73 -0.17 -5.8 FMI Funds EmgMktEq 12.97 -0.05 -3.5 PIMCO Funds Instl CapOpAdml r 103.02 -2.91-13.2 HlthCare r 193.99 -3.39-12.0 SmCapInst 47.23 -1.23-11.0
FdInvA p 46.51 -0.91 -8.3 BlackRock Funds Inst FreedomK2025 13.17 -0.20 -6.6 LgCap 17.63 -0.22 -5.3 Loomis Sayles Fds IncomeFd NA ... NA EMAdmr 25.32 -0.12 -7.4 IntlVal 28.62 -0.34 -7.9 STIGradeInst 10.60 -0.01 0.6
GwthA p 36.55 -1.07-11.5 EqtyDivd 19.52 -0.24 -7.0 FreedomK2030 13.18 -0.24 -8.0 FPA Funds LSBondI NA ... NA PIMCO Funds P EqIncAdml 58.82 -0.61 -5.1 INSTTRF2025 18.12 -0.21 -5.0 TotBdInst 10.79 ... 1.7
HI TrA p 9.04 -0.02 -2.7 GlblAlloc 17.03 -0.15 -5.0 FreedomK2035 13.45 -0.27 -8.9 FPACres 28.91 -0.34 -6.9 Lord Abbett A IncomeP NA ... NA ExplrAdml 64.79 -2.16-13.3 LifeCon 17.42 -0.13 -2.4 TotBdInstPl 10.79 ... 1.7
ICAA p 31.48 -0.50 -5.7 HiYldBd 6.94 -0.02 -2.1 FreedomK2040 13.48 -0.27 -8.9 FrankTemp/Frank Adv ShtDurIncmA p 4.29 ... -0.1 Price Funds ExtndAdml 55.58 -1.70-12.6 LifeGro 25.53 -0.35 -6.3 TotIntBdIdxInst 32.18 +0.01 1.7
IncoA p 19.44 -0.16 -3.9 StratIncOpptyIns 9.66 -0.01 -0.9 Fidelity Invest IncomeAdv 1.97 -0.01 -4.3 Lord Abbett F BlChip 61.87 -2.44-14.5 GNMAAdml 10.77 -0.01 1.3 LifeMod 22.05 -0.23 -4.4 TotIntlInstIdx r 89.27 -1.14 -7.9
N PerA p 32.23 -0.77-10.5 Davis Funds A AMgr50% 15.32 -0.17 -4.5 FrankTemp/Franklin A ShtDurIncm 4.28 -0.01 -0.3 CapApp 23.88 -0.27 -4.7 GrwthAdml 49.34 -1.51 -9.9 Primcp r 89.00 -2.35-10.7 TotItlInstPlId r 89.29 -1.13 -7.9
NEcoA p 31.49 -0.81-12.4 NYVen A 27.08 -0.56-12.3 Balanc 19.81 -0.32 -6.6 CA TF A p 7.57 ... 1.3 Metropolitan West EmMktS 26.25 -0.20 -7.9 HlthCareAdml r 81.83 -1.43-12.0 PrmcpCor 18.84 -0.39 -9.5 TotStInst 46.38 -0.96 -8.7
NwWrldA 45.89 -0.52 -8.2 Dimensional Fds BalancedK 19.81 -0.32 -6.6 Fed TF A p 12.45 ... 1.2 TotRetBd 10.74 ... 1.3 EqInc 26.52 -0.35 -6.8 HYCorAdml r 5.40 -0.01 -2.0 SelValu r 23.13 -0.41-10.5 VirtusFunds Cl I
SmCpA p 38.35 -0.92-12.1 5GlbFxdInc 11.04 -0.01 1.3 BluCh 59.41 -2.45-13.9 Growth A p NA ... NA TotRetBdI 10.74 ... 1.3 EqIndex 50.62 -0.95 -7.9 InfProAd 25.60 -0.06 1.5 STAR 21.89 -0.28 -6.0 EmMktI 8.64 -0.05 -3.6
TxExA p 13.20 ... 1.1 EmgMktVa 19.08 -0.02 -6.5 Contra 88.14 -3.40-10.3 IncomeA p 1.98 -0.02 -4.8 TRBdPlan 10.12 ... 1.4 Growth 45.86 -1.82-14.5 IntlGrAdml 59.53 -1.02-11.2 STIGrade 10.60 -0.01 0.6 Western Asset
WshA p 35.98 -0.49 -6.4 EmMktCorEq 14.91 -0.04 -5.4 ContraK 88.09 -3.39-10.2 RisDv A p NA ... NA MFS Funds Class A HelSci 57.76 -1.37-16.1 ITBondAdml 11.49 ... 2.3 TgtRe2015 13.76 -0.12 -3.3 CorePlusBdI 11.42 -0.01 0.2
B8 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

COMMODITIES, FUNDS & INSIDER TRADING

Futures Contracts | WSJ.com/commodities Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Wheat (MPLS)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100%
Metal & Petroleum Futures Contract Open March 495.00 496.25 490.50 491.25 –3.25 29,595 Feb 99.3800 99.3825 99.3750 99.3750 –.0075 130,334
Contract Open Open High hilo Low Settle Chg interest May 502.00 502.25 496.25 496.75 –3.50 17,776 June 99.3300 99.3350 99.2850 99.3000 –.0300 1,347,988
Open High hi lo Low Settle Chg interest
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 99.3000 99.3150 99.2400 99.2600 –.0350 1,228,699
Copper-High (CMX)-25,000 lbs.; $ per lb. March 155.475 156.775 152.900 153.825 –2.700 16,389 Dec 99.2450 99.2550 99.1800 99.2050 –.0350 1,260,532
Feb 2.1075 2.1075 2.0845 2.1005 –0.0275 1,313 March 1.981 2.076 1.981 2.063 .091 274,368
April 2.071 2.149 2.069 2.137 .075 136,864 Aug 155.700 156.500 152.625 153.550 –2.775 6,589
March 2.1205 2.1275 2.0800 2.1030 –0.0285 106,450
May 2.143 2.207 2.135 2.202 .072 117,937 Cattle-Live (CME)-40,000 lbs.; cents per lb. Currency Futures
Gold (CMX)-100 troy oz.; $ per troy oz. June 2.201 2.264 2.192 2.260 .069 50,518 Feb 137.000 137.100 135.625 136.050 –1.025 26,790
Feb 1155.60 1174.80 s 1146.00 1157.80 0.20 2,394 135.425 135.575 133.875 134.400 –1.250 119,948
Japanese Yen (CME)-¥12,500,000; $ per 100¥
July 2.264 2.326 2.255 2.323 .067 55,727 April
.8564
.8608 .8523 .8564 –.0011 227,638
April 1155.70 1175.00 s 1145.50 1157.70 0.20 282,148 March
Oct 2.332 2.394 2.327 2.393 .059 67,120 Hogs-Lean (CME)-40,000 lbs.; cents per lb.
June 1156.30 1175.10 s 1146.10 1158.20 0.20 55,505 June .8588
.8630 .8548 .8588 –.0009 1,402
Feb 65.300 65.525 64.775 64.800 –.325 20,702
Aug 1157.60 1174.40 s 1148.80 1158.80 0.20 12,185 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Agriculture Futures April 70.150 70.725 69.925 70.300 .050 78,153
Oct 1161.10 1175.00 s 1147.30 1159.40 0.20 3,688 March .7271 .7294 .7184 .7199 –.0086 150,077
1158.40 1177.30 s 1150.00 1160.10 0.20 15,739 Corn (CBT)-5,000 bu.; cents per bu. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Dec
251.60 253.40 249.90 252.80 2.40 3,570 June .7275 .7295 .7189 .7201 –.0085 3,863
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 369.00 369.50 365.50 365.75 –2.75 571,053 March
May 374.00 374.50 370.00 370.75 –2.75 274,175 May 248.40 250.00 247.20 249.40 2.30 1,691 British Pound (CME)-£62,500; $ per £
Feb 492.00 492.00 492.00 499.65 –17.20 1 March 1.4577 1.4595 1.4453 1.4499 –.0100 263,894
March 515.65 519.00 498.00 498.70 –16.90 23,581 Oats (CBT)-5,000 bu.; cents per bu. Milk (CME)-200,000 lbs., cents per lb.
13.96 13.96 13.82 13.83 –.10 4,902 June 1.4529 1.4570 1.4458 1.4503 –.0100 1,376
June 514.50 519.60 499.90 499.35 –16.75 2,659 March 196.50 197.75 196.25 197.00 .75 5,661 Feb
May 204.25 205.50 201.25 201.50 –2.25 3,248 March 13.97 14.05 13.96 13.96 –.12 4,787 Swiss Franc (CME)-CHF 125,000; $ per CHF
Platinum (NYM)-50 troy oz.; $ per troy oz. 1.0075 1.0133 1.0029 1.0099 .0012 55,405
Feb 865.00 865.60 864.70 902.00 –2.40 3 Soybeans (CBT)-5,000 bu.; cents per bu. Cocoa (ICE-US)-10 metric tons; $ per ton. March
875.75 879.00 867.25 867.50 –7.00 282,141 March 2,766 2,823 2,753 2,772 8 60,243 June 1.0123 1.0166 1.0073 1.0141 .0013 475
April 910.00 916.00 s 896.60 903.70 –2.60 61,347 March
May 878.75 882.50 871.00 871.25 –6.25 171,211 May 2,770 2,829 2,760 2,781 10 71,157 Australian Dollar (CME)-AUD 100,000; $ per AUD
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Feb 14.860 14.900 s 14.725 14.764 –0.072 137 Soybean Meal (CBT)-100 tons; $ per ton. Coffee (ICE-US)-37,500 lbs.; cents per lb. March .7183 .7210 .7052 .7054 –.0137 119,425
March 14.880 15.065 s 14.670 14.778 –0.072 105,268 March 267.60 269.10 264.20 265.00 –2.60 153,249 March 123.40 124.00 120.10 120.40 –2.80 70,467 June .7152 .7167 .7025 .7025 –.0136 848
May 269.60 271.00 t 266.20 266.70 –2.80 92,607 May 125.65 125.95 122.10 122.40 –2.75 52,318 Mexican Peso (CME)-MXN 500,000; $ per MXN
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
March 31.64 32.45 30.63 30.89 –0.83 562,200 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March .05462 .05490 .05398 .05409 –.00044 105,427
April 33.35 34.18 32.47 32.72 –0.66 238,429 March 31.34 31.70 s 31.21 31.23 –.01 146,460 March 12.94 13.35 12.94 13.27 .38 260,264 June .05420 .05452 .05367 .05375 –.00044 53,631
May 34.92 35.81 34.21 34.47 –0.48 140,474 May 31.57 31.92 s 31.45 31.47 .01 106,192 May 12.90 13.21 12.88 13.14 .30 230,980 Euro (CME)-€125,000; $ per €
June 36.38 37.19 35.71 35.94 –0.36 175,296 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March 1.1213 1.1275 s 1.1119 1.1155 –.0068 425,820
Dec 40.52 41.39 40.09 40.34 –0.14 181,734 March 1110.00 1113.00 1104.50 1112.00 7.00 9,058 March 25.61 25.70 t 25.25 25.26 –.04 1,260 June 1.1244 1.1278 1.1149 1.1186 –.0067 5,949
Dec'17 44.20 44.97 43.86 44.14 –0.03 91,540 May 1139.00 1140.00 1132.50 1139.50 7.00 3,013 May 25.36 25.45 t 25.20 25.20 –.08 2,870
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Wheat (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb.
60.25 60.59 t 59.83 59.97 –.26 97,436 Index Futures
March 1.0772 1.0873 1.0542 1.0590 –.0215 91,176 March 473.75 474.00 465.50 466.75 –6.00 192,984 March
April 1.0900 1.0994 1.0673 1.0712 –.0211 55,332 May 476.50 477.75 470.00 470.50 –6.25 87,891 May 60.95 61.13 t 60.41 60.60 –.10 53,504 Mini DJ Industrial Average (CBT)-$5 x index
Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March 16309
16383 16047 16131 –197 60,527
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Wheat (KC)-5,000 bu.; cents per bu.
135.35 137.80 133.10 135.05 –1.60 7,107 June 16271
16300 15971 16045 –203 869
March 1.0247 1.0334 .9869 .9927 –.0357 105,019 March 461.25 461.25 t 451.50 454.00 –5.75 98,203 March
April 1.2494 1.2590 1.2157 1.2218 –.0304 61,081 July 480.75 480.75 t 471.50 473.00 –6.75 53,632 May 135.15 138.00 134.75 135.35 –1.50 4,397 S&P 500 Index (CME)-$250 x index
March 1905.50 1913.90 1866.50 1875.30 –32.50 120,762
Interest Rate Futures June 1868.50 1874.10 1860.00 1866.50 –32.60 2,592
Cash Prices | WSJ.com/commodities Friday, February 5, 2016 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
March 163-060 163-220 162-040 163-080 16.0 547,221
Mini S&P 500 (CME)-$50 x index
March 1905.25 1914.50 1865.75 1875.25 –32.50 2,940,610
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— June 161-300 162-130 160-260 161-300 16.0 7,680 June 1895.00 1905.25 1857.25 1866.50 –32.50 44,566
separate from the futures price on an exchange, which reflects what the commodity might be worth in future Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini S&P Midcap 400 (CME)-$100 x index
March 130-140 130-220 129-295 130-115 3.0 2,941,404 March 1300.60 1306.90 1274.20 1277.20 –26.00 100,339
months. June 129-295 130-030 129-145 129-280 3.0 83,638 Mini Nasdaq 100 (CME)-$20 x index
Friday Friday Friday 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 4146.5 4173.5 t 4001.0 4022.0 –133.8 270,037
March 121-052 121-107 120-260 121-012 –1.2 2,663,186 4139.0 4162.8 t 3994.8 4015.3 –133.8 612
Palladium,Engelhard industrial 514.0 June
Energy Food June 120-300 121-005 120-267 120-262 –.7 63,473
Palladium,Engelhard fabricated 614.0 Mini Russell 2000 (ICE-US)-$100 x index
Propane,tet,Mont Belvieu-g 0.3640 Aluminum, LME, $ per metric ton *1532.0 Beef,carcass equiv. index 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 1007.80 1014.30 t 983.20 985.40 –24.70 420,654
Butane,normal,Mont Belvieu-g 0.5807 choice 1-3,600-900 lbs.-u 205.22 March 109-145 109-155 109-102 109-127 –1.0 1,103,687 981.40 984.00 t 981.40 980.40 –24.70 49
Antimony-d 2.6000 109-122 109-122 109-095 109-107 –1.0 42,563
June
NaturalGas,HenryHub-i 2.080 Copper,Comex spot 2.1005 select 1-3,600-900 lbs.-u 200.32 June
Mini Russell 1000 (ICE-US)-$100 x index
NaturalGas,TranscoZone3-i 2.070 110.008 Broilers,dressed 'A'-u 1.1220 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Lead,NA solder-d
99.625 99.628 t 99.625 99.628 … 114,261 March 1053.50 1053.50 1029.90 1034.00 –19.50 7,638
NaturalGas,TranscoZone6NY-i 2.150 Broilers, National comp wghtd-u,w 0.8083 Feb
Iron Ore, 62% Fe CFR China-s 44.7 99.600 99.605 99.590 99.600 … 157,315 U.S. Dollar Index (ICE-US)-$1,000 x index
NaturalGas,PanhandleEast-i 1.930 Butter,AA Chicago 2.1700 April
Shredded Scrap, US Midwest-s,w 185 March 96.55 97.31 t 96.04 97.05 .57 76,031
NaturalGas,Opal-i 1.940 Cheddar cheese,bbl,Chicago 146.50 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Stainless steel scrap,US-d 1560 106.734 106.891 106.172 106.484 –.094 28,333 June 96.69 97.40 t 96.26 97.15 .56 2,208
NaturalGas,MarcellusNE PA-i 1.170 Cheddar cheese,blk,Chicago 147.00 March
Steel, HRC USA, FOB Midwest Mill-s 399 75 1 Month Libor (CME)-$3,000,000; pts of 100%
NaturalGas,HaynesvilleN.LA-i 2.000 Milk,Nonfat dry,Chicago lb.
Tin,NA solder-d 935.675 3081 99.5150 99.5150 t 99.5150 99.5150 –.0100 201
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 42.250 Cocoa,Ivory Coast-w April Source: SIX Financial Information
Zinc,NA-d 85.814 1.2889
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 9.700 Coffee,Brazilian,Comp
Coffee,Colombian, NY 1.4369
Metals Fibers and Textiles Eggs,large white,Chicago-u 1.6150
Gold, per troy oz
Burlap,10-oz,40-inch NY yd-n,w 0.5400 Flour,hard winter KC 13.05 Dividend Changes
Cotton,1 1/16 std lw-mdMphs-u 0.6022 Hams,17-20 lbs,Mid-US fob-u n.a.
Engelhard industrial 1150.60
Engelhard fabricated 1236.90
Cotlook 'A' Index-t *68.70 Hogs,Iowa-So. Minnesota-u 62.96 Dividend announcements from February 5.
Handy & Harman base 1150.35
Hides,hvy native steers piece fob-u 71.000 Pork bellies,12-14 lb MidUS-u 1.2925 Amount Amount
Payable / Payable /
Handy & Harman fabricated 1276.88 Wool,64s,staple,Terr del-u,w n.a. Pork loins,13-19 lb MidUS-u 1.0181 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
LBMA Gold Price AM *1146.25 Steers,Tex.-Okla. Choice-u n.a.
Grains and Feeds Pioneer Divers Hi Incm Tr HNW 9.9 .115 M Feb29 /Feb18
LBMA Gold Price PM *1156.35 Steers,feeder,Okla. City-u,w 181.00 Increased
Pioneer Floating Rate Tr PHD 6.9 .06 M Feb29 /Feb18
Krugerrand,wholesale-e 1203.80 Barley,top-quality Mnpls-u n.a. A-Mark Precious Metals AMRK 1.6 .07 /.05 Q Feb22 /Feb08
Fats and Oils Pioneer High Income Trust PHT 15.5 .115 M Feb29 /Feb18
Maple Leaf-e 1215.38 Bran,wheat middlings, KC-u 105 Bemis Co BMS 2.4 .29 /.28 Q Mar01 /Feb17
40.0000 Pioneer Mun Hi Inc Adv Tr MAV 7.1 .08 M Feb29 /Feb18
American Eagle-e 1215.38 Corn,No. 2 yellow,Cent IL-bp,u 3.5950 Corn oil,crude wet/dry mill-u CME Group Cl A CME 2.7 .60 /.50 Q Mar28 /Mar10
Pioneer Mun Hi Incm Tr MHI 6.3 .07 M Feb29 /Feb18
Mexican peso-e 1403.60 Corn gluten feed,Midwest-u,w 104.9 Grease,choice white,Chicago-u 0.2550 Dunkin' Brands Group DNKN 2.8 .30 /.265 Q Mar16 /Mar07
Austria crown-e 1137.58 Corn gluten meal,Midwest-u,w 458.3 Lard,Chicago-u n.a. Intercontinental Exchange ICE 1.4 .85 /.75 Q Mar31 /Mar16 Stocks
Austria phil-e 1215.38 Cottonseed meal-u,w 240 Soybean oil,crude;Centl IL-u 0.2998 Kite Realty Group Trust KRG 4.3 .2875 /.2725 Q Apr13 /Apr06 Biostar Pharmaceuticals BSPM 1:7 /Feb05
Hominy feed,Cent IL-u,w 95 Tallow,bleach;Chicago-u 0.2650 L Brands LB 2.8 .60 /.50 Q Mar04 /Feb19
Silver, troy oz. Tallow,edible,Chicago-u 0.2850 Foreign
Meat-bonemeal,50% pro Mnpls-u,w 198 Landmark Bancorp LARK 3.2 .20 /.18095 Q Mar02 /Feb17
Engelhard industrial 14.7500
Oats,No.2 milling,Mnpls-u 2.5200 Orbital ATK OA 1.4 .30 /.26 Q Mar24 /Mar07 Banco Latinamer BLX 6.9 .385 Q Feb23 /Feb11
Engelhard fabricated 17.7000
367.00 Power Integrations POWI 1.2 .13 /.12 Q Mar31 /Feb29 BCE Inc BCE 4.7 .48828 Q Apr15 /Mar15
Handy & Harman base 14.7550 Rice, 5% Broken White, Thailand-l,w
Handy & Harman fabricated 18.4440 Rice, Long Grain Milled, No. 2 AR-u,w 23.00
7.5575
Exchange-Traded PPL Corp
Xylem Inc.
PPL
XYL
4.2
1.7
.38 /.3775
.1549 /.1408
Q
Q
Apr01 /Mar10
Mar16 /Feb18
Cameco Corp
CS X-Links Silver ETN
CCJ
SLVO
2.3
16.0
.0717 Q
.1291 M
Apr15 /Mar31
Feb25 /Feb22
LBMA spot price £10.2629 Sorghum,(Milo) No.2 Gulf-u
DHT Holdings DHT 14.4 .21 Q Feb24 /Feb16
(U.S.$ equivalent) 14.9100 SoybeanMeal,Cent IL,rail,ton48%-u 274.00 Reduced
Coins,wholesale $1,000 face-a 13226 Soybeans,No.1 yllw IL-bp,u 8.5850 Portfolios ConocoPhillips COP 3.0 .25 /.74 Q Mar01 /Feb16
Itau Unibanco Holding ADR
Itau Unibanco Holding ADR
ITUB
ITUB
9.4
9.4
.11426
.04957 M
/Feb23
/Feb23
Other metals Wheat,Spring14%-pro Mnpls-u 5.8625 ECA Marcellus Trust I ECT 23.2 .066 /.072 Q Feb29 /Feb19 Royal Dutch Shell ADR A RDS/A 8.4 .94 Q Mar29 /Feb19
4.7400 Largest 100 exchange-traded funds, latest session
LBMA Platinum Price PM *897.0 Wheat,No.2 soft red,St.Louis-bp,u Northern Tier Energy NTI 6.3 .38 /1.04 Q Feb19 /Feb12 Royal Dutch Shell ADR B RDS/B 8.4 .94 Q Mar29 /Feb19
Platinum,Engelhard industrial 902.0 Wheat - Hard - KC (USDA) $ per bu-u 4.3600 Friday, February 5, 2016 Sabine Royalty Tr UBI SBR 5.1 .1336 /.27597 M Feb29 /Feb16 Statoil ADR STO 6.3 .2201 Q Mar02 /Feb18
Platinum,Engelhard fabricated 1002.0 Wheat,No.1soft white,Portld,OR-u 5.2688 Closing Chg YTD Tahoe Resources TAHO 2.9 .02 M Feb25 /Feb18
ETF Symbol Price (%) (%) Funds and investment companies
AlerianMLPETF AMLP 9.97 –2.64–17.3 CS X-Links Gold GLDI 18.6 .1673 M Feb25 /Feb22 Special
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=Ryan's Notes; XLY 70.16 Gl X MLP & Engy Infr MLPX 6.0 .1495 Q Feb17 /Feb09
CnsmrDiscSelSector –3.23–10.2 L Brands LB 2.8 2.00 Mar04 /Feb19
E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Intelligence; L=livericeindex.com; M=midday; N=nominal; XLP 49.63 Gl X Yieldco Index YLCO 5.8 .145 Q Feb17 /Feb09
n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly, CnsStapleSelSector –0.16 –1.7 KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA:
DGP 22.15
Global X Junior MLP ETF MLPJ 14.1 .24 Q Feb17 /Feb09
Z=not quoted. *Data as of 2/4 DBGoldDoubleLgETN 2.93 22.1
DZZ 7.11
Global X MLP ETF MLPA 10.4 .225 Q Feb17 /Feb09 semiannual; S2:1: stock split and ratio; SO: spin-off.
Source: WSJ Market Data Group DBGoldDoubleShrt –3.53–19.8
DeutscheXMSCIEAFE DBEF 24.63 –1.20 –9.3
EnSelectSectorSPDR XLE 55.94 –2.32 –7.3
FinSelSectorSPDR XLF 20.95 –1.32–12.1
ADVERTISEMENT GuggenheimSP500EqW RSP 70.73 –1.70 –7.7 Insider-Trading Spotlight
HealthCareSelSect XLV 64.40 –1.95–10.6 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys
XLI 50.04 –0.95 –5.6
Leisure Travel
To advertise: 800-366-3975 or WSJ.com/classifieds
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
CIU 107.89
CSJ 104.76
0.12 0.6
–0.01 0.2
new information about the prospects of a company. Insiders are required to report large trades to the SEC
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by
iSharesTIPSBondETF TIP 111.39 –0.28 1.6 Thomson Financial on February 5, and year-to-date stock performance of the company
iSh3-7YTreasuryBd IEI 125.54 0.01 2.4 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer
iShCoreMSCIEAFEETF IEFA 49.71 –1.53 –8.6 CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
FRANCE iShCoreMSCIEmgMk IEMG 36.65 –1.08 –7.0 I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT:
iShCoreS&P500ETF IVV 188.85 –1.91 –7.8 unknown VP: vice president Excludes pure options transactions
iShCoreS&PMdCp IJH 127.66 –2.14 –8.4
iShCoreS&PSmCpETF IJR 99.40 –2.27 –9.7
iShCoreUSAggBd AGG 109.32 –0.09 1.2 Biggest weekly individual trades
iShSelectDividend DVY 74.56 –0.35 –0.8
IAU 11.33
Based on reports filed with regulators this past week
iSharesGold 1.43 10.8
iShiBoxx$InvGrCpBd LQD 113.41 –0.02 –0.5 No. of shrs in Price range ($) $ Value
iShiBoxx$HYCpBd HYG 77.41 –0.76 –3.9 Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%)
iShMBSETF MBB 109.17 0.02 1.4
iShMSCIACWIETF ACWI 51.32 –1.67 –8.1
iSharesMSCIEAFESC SCZ 45.61 –1.58 –8.7
Buyers
iSharesMSCIEAFEETF EFA 53.81 –1.54 –8.4 Feb. 2-4 Triumph Group TGI D. Crowley CEO 250 23.65-27.77 6,377 26.90 -32.3
iShMSCIEmgMarkets EEM 30.01 –1.15 –6.8 Feb. 1 Air Products & Chemicals APD S. Ghasemi CEO 50 126.00-127.53 6,318 135.60 4.2
iShMSCIEurozoneETF EZU 32.22 –1.63 –8.0
 

 

 
iShMSCIGermanyETF EWG 23.60 –1.91 –9.9 Feb. 2 Seagate Technology STX S. Luczo CEOI 200 28.36-30.43 6,034 31.59 -13.8

 
 
        
 iShMSCIJapanETF EWJ 10.95 –1.71 –9.7 Feb. 4 CIT Group CIT S. Mnuchin OD 115 27.77 3,183 28.31 -28.7
    
 

  
  


   
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"!# iShMSCIUSAMinVol USMV 40.46 –1.17 –3.3 Feb. 4 J. Thain CEO 50 27.31 1,366

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      iShNasdaqBiotech IBB 256.24 –3.19–24.3
'      $ &   
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# ) iShNatlAMTFrMuniBd MUB 111.65 0.08 0.8 Jan. 27 Agile Therapeutics AGRX J. Moorin BI 394 6.35 2,500 5.76 -41.0






   iShRussell1000Gwth IWF 90.31 –2.62 –9.2 Jan. 29 Cullen/Frost Bankers CFR C. Alvarez D 40 47.24 1,890 48.38 -19.4
iShRussell1000ETF IWB 103.90 –1.98 –8.3 Feb. 1 Progressive PGR J. Auer O 50 30.28 1,514 30.70 -3.5
iShRussell1000Val IWD 90.60 –1.32 –7.4
RAFTING iShRussell2000Gwth IWO 117.25 –3.64–15.8 Jan. 29-Feb. 2Biglari Holdings BH S. Biglari CEOI 4 375.40-389.74 1,442 351.76 8.0
SHOWCASE iShRussell2000ETF IWM 98.04 –2.74–12.9 Jan. 29 Zions Bancorp ZION H. Simmons CEO 50 22.58-22.70 1,133 21.63 -20.8
iShRussell2000Val IWN 82.78 –1.85–10.0
Feb. 2-4 Northern Oil & Gas R. Rowling BI 361 2.91-3.11 1,102 3.07 -20.5
YOUR LEISURE iShRussell3000ETF IWV 109.92 –1.95 –8.6 NOG

Grand Canyon Excitement iShRussellMid-Cap IWR 145.34 –2.26 –9.3 Feb. 2 Talmer Bancorp TLMR D. Klaeser CFO 65 16.16 1,047 15.50 -14.4
iShRussellMCValue IWS 63.63 –1.52 –7.3
12 86.20 1,034 87.84 -8.6
with Tour West
Enjoy the best rafting in the West.
TRAVEL iShS&PMC400Growth
iShS&P500Growth
IJK 145.66
IVW 105.14
–2.53 –9.5
–2.69 –9.2
Feb. 2
Feb. 1
United Technologies
General Electric
UTX
GE
F. Reynolds
A. Dimitrief
D
O 31 29.00 888 28.54 -8.4
IVE 82.80 –1.04 –6.5
DESTINATION HERE
iShS&P500ValueETF 100 8.54-8.59 857 8.58 -22.4
Family rates & group discounts. PFF 37.88
Feb. 1 Huntington Bancshares HBAN S. Steinour CEO
iSharesUSPreferred –0.63 –2.5
For a brochure call 1-800-453-9107. iShShortTreasuryBd SHV 110.29 –0.02 0.1 Jan. 28-Feb. 1Fifth Street Senior Floating Rate FSFR L. Tannenbaum B 94 7.45-7.67 713 7.48 -12.7
www.twriver.com iSh1-3YTreasuryBd SHY 84.95 –0.02 0.7 Feb. 2-4 L. Tannenbaum B 88 7.52-7.68 669
Call 1-800-366-3975 iSh7-10YTreasuryBd IEF 109.75 0.13 3.9 Feb. 1 Insmed INSM W. Lewis CEO 50 13.34 667 12.78 -29.6
iSh20+YTreasuryBd TLT 128.72 0.12 6.8
iShChinaLarge-Cap FXI 29.73 –0.73–15.8
iShRussellMCGrowth IWP 81.64 –2.95–11.2
Sellers
ADVERTISEMENT MktVectorsBiotech BBH 97.91 –3.06 –4.4 Feb. 2 Microsoft MSFT W. Gates D 2,000 53.11-53.84 106,704 50.16 -9.6
MktVectorsGoldMin GDX 17.05 5.57 24.3 Feb. 1 W. Gates D 1,000 54.76 54,758
MktVectorsOilSvcs OIH 23.70 –1.41–10.4
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
MktVectorsPharm
MktVectorsRetail
MktVectorsSemi
PPH 58.17
RTH 69.14
SMH 47.85
–1.27 –3.9
–2.48–11.0
–3.49–10.2
Jan. 28 M/A-COM Technology Solutions Holdings MTSI
Jan. 28-29 Procter Gamble PG
P. Chung
A. Lafley
DI
OD
2,700
290
37.70
79.06-80.00
101,790
23,064
36.39 -11.0
81.20 2.3
Jan. 29 UnitedHealth Group UNH S. Hemsley CEO 200 113.30 22,661 111.72 -5.0
PwrShrs QQQ QQQ 98.12 –3.47–12.3
PS SP500LoVoltlPrt SPLV 37.21 –1.01 –3.5 Jan. 28-Feb. 1Darden Restaurants DRI J. Smith DI 320 63.34-63.49 20,294 58.99 -7.3
PUBLIC NOTICES SPDRBarclaysHiYdBd JNK 32.30 –0.89 –4.7 Feb. 2-3 Johnson & Johnson JNJ P. Fasolo O 151 104.09-104.12 15,762 100.54 -2.1
SchwIntlEqty SCHF 25.33 –1.52 –8.1
SchwUS BrdMkt SCHB 44.79 –1.99 –8.7 Feb. 1 Thermo Fisher Scientific TMO A. Malus O 103 130.06-131.35 13,467 123.18 -13.2
SchwUS LrgCap SCHX 44.52 –1.98 –8.3 Feb. 2 Alphabet GOOGL L. Page CEO 17 783.52-810.25 13,262 703.76 -9.5

  
  
DIA 161.94 –1.34 –6.9
SPDR DJIA Tr Feb. 1 L. Page CEO 17 762.48-777.05 12,814

 
  
 
  

       
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UtilitiesSelSector XLU 46.57 0.32 7.6
 
  
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VangdDivApp VIG 74.50 –1.15 –4.2 Feb. 4 Monolithic Power Systems MPWR M. Hsing CEO 89 57.93 5,147 60.01 -5.8
VanguardFTSEDevMk VEA 33.70 –1.49 –8.2
7 7>?.C ? 1A< > 7 6883>2' Feb. 1 CVS Health CVS L. Merlo CEO 46 96.14 4,460 93.10 -4.8
8 73782); B*C. >;C% 2" 62' VanguardFTSEEmgMk VWO 30.29 –1.05 –7.4
> :7322CDE> *=A4 32 7 68' VanguardFTSEEurope VGK 45.82 –1.44 –8.1 * Half the transactions were indirect **Two day transaction
3 :7322C$12 *=A4 3 8 62>' VangdAllWldxUS VEU 39.92 –1.41 –8.0 p - Pink Sheets
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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | B9

NEW HIGHS AND LOWS

WSJ.com/newhighs

The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
Market stocks that hit a new 52-week intraday high or low in the latest session. Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
% CHG-Daily percentage change from the previous trading session.
Kemper Corp KMPR 25.33 -19.2 Teladoc TDOC 13.54 -7.0 DicernaPharma DRNA 5.81 -6.3 NatureSunshine NATR 7.56 -2.5
Friday, February 5, 2016 NYSE lows - 169 KemperDeb2054 KMPA 25.26 -0.7 TelecomItaliaADR TI/A 8.04 -4.3 NYSE MKT lows - 10 DigiInternational DGII 8.40 -3.1 NeosTherapeutics NEOS 8.59 -6.5
52-Wk % 52-Wk % 52-Wk % AegonCapSec AEB AEB 22.63 -0.7 KennedyWilson KW 17.72 -6.2 TelecomItaliaADR TI 9.92 -4.1 CheniereEnergy LNG 23.98 -9.2 EagleBlkShip EGLE 0.65 -17.2 NewLinkGenetics NLNK 22.89 -8.7
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AEGONNotes AEK 26.70 -0.1 KenonHoldings KEN 8.47 -1.6 TXTR 14.03 -6.9 CorindusVascular CVRS 1.85 -6.4 NewsCorpClB NWS 11.51 -6.7
Textura EchoTherapeutic ECTE 0.90 -10.0
EtnVnc MIT EVN 14.31 -0.6 NuvAMTFreeMuniIncm NRK 13.35 -0.1 Aeropostale ARO 0.20 -11.1 KilroyRealty KRC 52.85 -2.8 ThirdPointReins TPRE 10.81 0.2 EnerJexResources ENRJ 0.20 -6.2 EdgeTherapeutics EDGE 9.00 -9.8 NewsCorpClA NWSA 10.96 -9.1
NYSE highs - 61 EatonVanceMuniTr EOT 21.95 ... NuvNC Prm NNC 13.71 0.4 AllianceData ADS 184.67 -5.2 Kohl's KSS 40.94 1.3 TransUnion TRU 22.99 -3.5 EnSync ESNC 0.31 -7.0 ElizabethArden RDEN 5.02 -25.8 NexstarBrdcstgA NXST 39.83 -5.5
AT&T T 37.04 1.0 EdwardsLife EW 84.84 -1.9 NuvPP NPP 15.43 0.4 AlldWrldAssrnc AWH 30.48 -1.6 KornFerry KFY 27.53 -3.0 TravelportWorldwd TVPT 9.59 -5.0 MilestoneSci MLSS 1.67 -2.9 Emcore EMKR 5.11 -11.1 NorwegianCruise NCLH 38.72 -7.2
AllianceCal AKP 14.64 0.1 Fabrinet FN 29.58 -1.7 NuveenQualMuniFd NQI 14.05 ... AlonUSAEnergy ALJ 10.56 -7.5 LaQuintaHoldings LQ 10.09 -6.6 TrueBlue TBI 20.31 -6.4 SyntheticBiologics SYN 1.11 -5.7 EmpireResortsRt NYNYR 0.00 -61.3 Nuvasive NUVA 41.36 -6.7
BlkRkCA MI Tr BFZ 16.25 0.4 IndependenceHldg IHC 16.55 -0.6 NuvSelQlty NQS 14.48 0.3 Ameresco AMRC 4.79 -5.9 LaZ Boy LZB 19.95 -4.7 USBncpPfdA USBpA 770.25 -1.0 TanRoyExplr TRX 0.17 -29.0 ePlus PLUS 61.78 -17.2 OceanRigUDW ORIG 0.92 2.0
BlkRkMunQlty BAF 15.23 1.2 InterstateP&LPfdD IPLpD 26.20 -0.1 NuvSelTxF3 NXR 14.92 0.1 AmEagleOutfitters AEO 12.98 -6.3 LabCpAm LH 105.55 -2.0 UBS TrIV Trups UBSpD 16.50 -3.0 TejonRanchWt TRC/WS 0.00 -13.3 Erickson EAC 1.71 -4.5 Oncothyreon ONTY 1.13 -3.4
BlkRkMuniInco Tr BFK 15.23 0.7 InvescoMuniOpp VMO 13.69 0.1 NuvSelTxF2 NXQ 14.28 0.4 AmEqtyLf AEL 15.39 -2.0 LinkedInA LNKD 102.81 -43.6 Unifirst UNF 97.49 -3.0 TofuttiBrands TOF 2.50 0.7 ExpressScriptsHldg ESRX 67.51 -0.5 Outerwall OUTR 24.94 -17.3
BlackrockTerm BTT 22.35 0.1 InvescoInvNYMuni VTN 15.23 ... PNMResources PNM 32.45 1.1 Ametek AME 42.82 -2.8 LionsGateEnt LGF 16.21 -27.2 UniversalAmerican UAM 5.69 -6.4 VoltInfoSci VISI 6.58 -2.5 FTDCos. FTD 22.08 -2.6 PTC PTC 27.82 -5.0
BlkrckMunHlCAQlty MUC 15.37 1.1 InvescoValueMuniIT IIM 17.18 0.5 PSBusParksDepPfdV PSBpV 25.76 -0.2 Anthem ANTM 122.77 -2.6 LiveNationEnt LYV 19.85 -6.1 Vectrus VEC 17.91 -3.0 FibrocellScience FCSC 2.24 -8.8 PapaMurphy'sHldgs FRSH 8.90 -3.5
BlRkMuHldgNYQlty MHN 15.03 0.1 MFS HiIncoMuni CXE 5.11 1.4 PIMCO NYMuniIII PYN 10.80 0.1 AnthemInc.CorpUn ANTX 42.63 -1.5 LuxotticaGroupADR LUX 56.72 -3.7 VeevaSystemsClA VEEV 22.05 -7.4
Nasdaq highs - 3 FibroGen FGEN 16.48 -5.1 ParkCityGroup PCYG 7.64 -8.7
BlRkMuniHldgQlty MUS 13.94 0.3 MainStayMuniFd MMD 19.39 0.1 PitneyBowesNt2043 PBIpB 27.42 -0.3 AshfordHospitality AHP 8.37 -3.8 MPLX MPLX 17.55 -7.1 VipshopHldgsADR VIPS 11.26 -7.7 AlphOmgSemi AOSL 11.50 -1.8 FidelitySouthern LION 14.51 -0.7 ParkSterling PSTB 6.48 -2.6
BlkRkMunivestFdII MVT 16.82 -0.3 NextEraEnCapI NEEpI 25.25 ... SibanyeGoldADR SBGL 11.38 7.2 AspenInsHldg AHL 41.61 -9.0 ManchesterUnited MANU 14.45 -3.4 VornadoRealtyTrust VNO 84.21 -2.1 BeiGeneADR BGNE 35.60 11.2 FifthStreetAssetA FSAM 1.67 -2.9 PeakResorts SKIS 3.84 -5.2
BlkRkMuniyldCAFd MYC 16.58 0.4 NipponTelegraphADR NTT 45.78 2.3 Sysco SYY 43.97 -0.9 AspenInsHldg pfA AHLpA 23.58 -2.1 MarathonPetroleum MPC 32.04 -7.6 WPGLIMCHER WPG 8.11 -1.2 Oclaro OCLR 4.50 -3.4 FireEye FEYE 13.04 -10.2 People'sUtahBncp PUB 14.61 -1.4
BlkrckMuniYldCAQlt MCA 16.09 0.8 NuvAZ Prm NAZ 16.15 0.6 TelekmIndonesiaADR TLK 50.52 1.0 Aviva ADR AV 12.52 -3.5 Marcus&Millichap MMI 21.02 -5.6 WellCareHealth WCG 69.77 -3.7 FirstNBCBankHldg FNBC 25.51 -5.2 Perceptron PRCP 6.15 -3.6
MasoniteIntl DOOR 50.54 -3.1 Westwood WHG 42.20 -5.2
Nasdaq lows - 205 Polycom PLCM 9.25 -4.3
BlkRkMuniyldFd MYD 15.49 0.3 NuveenCalAMT NKX 15.87 0.5 TeleData 6.625nts TDI 26.20 -0.3 BarclaysBankADRPfd BCSp 24.85 -2.2 FirstTrISECloud SKYY 25.71 -4.6
MMS 46.70 -6.9 WDAY 53.13 -16.3 ACI Worldwide ACIW 16.63 -5.2 PowerShDWATactical DWTR 21.28 -2.9
BlkRkMuniyldNJ Fd MYJ 16.27 0.5 NuvCA NAC 16.02 0.5 TysonFoodsUn TSNU 65.64 8.6 BarclaysBkADRPfd5 BCSpD 25.46 -1.5 Maximus Workday FirstTrIntlIPO FPXI 23.23 -1.6
BZH 6.61 -23.0 MetaldynePerform MPG 11.40 -2.6 Yelp YELP 17.93 -8.4 ADMABiologics ADMA 5.50 -0.8 FTNASDAQCybersec CIBR 14.78 -4.5 PwrShMultiStratAlt LALT 21.66 ...
BlRkMuyldNYQlty MYN 13.99 0.1 NuvCA Val NCA 11.05 0.5 TysonFoodsClA TSN 58.95 9.9 BeazerHm
MET 38.60 -2.4 YirendaiADR YRD 4.30 -7.2 ARCGroupWorldwide ARCW 1.18 -2.4 PrivateBancorp PVTB 33.09 -5.5
CMSEnergy CMS 40.00 1.6 NuvInterDurQlty NIQ 13.42 ... Verizon VZ 51.20 1.1 BioAmberWt BIOA/WS 0.90 -19.3 MetLife FlexPharma FLKS 6.92 -11.4
CBRE Group CBG 24.81 -5.7 Metlife pfA METpA 23.42 -1.2 Zendesk ZEN 16.59 -19.3 ARKRestaurants ARKR 20.72 -0.5 FuweiFilms FFHL 0.52 4.0 ProfireEnergy PFIE 0.65 -6.2
DigitalRealtyTrust DLR 82.24 0.5 NuvMuniMkt NMO 14.13 0.3 WestAssetMuniTr MTT 24.96 0.7
CGG 0.73 -7.7 MizuhoFinancialADR MFG 3.00 -3.2 AccelerateDiagnos AXDX 12.50 -1.9 GWPharmADR GWPH 44.37 -8.2 ProNAiTherapeutics DNAI 7.07 -7.2
DreyfStMnBd DSM 8.45 0.6 NuvValue NUV 10.40 -0.2 WstAstMuniPtnr MNP 16.29 0.6 CGG ADR NYSE Arca highs - 9
CSRA CSRA 24.50 -4.6 MonogramResident MORE 8.25 -0.7 AccessNational ANCX 16.53 -5.2 GaiamClA GAIA 4.63 -2.3 Proofpoint PFPT 40.29 -12.5
DreyfStrMuni LEO 8.82 0.2 NuvNJ NXJ 13.95 0.3 XcelEnergy XEL 39.63 1.2
CTS CTS 14.05 -3.8 Moog A MOG/A 39.35 0.9 DBGermanBundFut BUNL 29.71 3.8 AdvaxisWt ADXSW 3.44 -10.6 GalectinTheraptcs GALT 1.17 -2.5 ProteonTherapeutic PRTO 7.71 -9.3
CVREnergy CVI 29.79 -5.3 NtlWstmin pfC NWpC 25.10 -0.6 DB3xJapanGovtBdFut JGBT 29.56 3.0 AethlonMedical AEMD 4.27 -18.3 GenoceaBiosciences GNCA 2.83 -5.3 Qiagen QGEN 20.50 -2.2
CVRRefining CVRR 14.16 -4.8 NeffClA NEFF 4.16 -4.8 DirexionHlthcrBr3X SICK 52.15 8.5 AgileTherapeutics AGRX 5.75 -7.4 GrandCanyonEduc LOPE 34.35 -3.0 QlikTechnologies QLIK 20.28 -14.9
A Week in the Life of the DJIA Catalent CTLT 21.56 -2.3 NetSuite N 59.20 -13.9 iShiBdDec21AMTFree IBMJ 26.11 0.2 AgiosPharm AGIO 33.50 0.2
AlbanyMolecular AMRI 15.29 -2.0
GuidanceSoftware GUID 3.56 -12.3 Qorvo
Qualys
QRVO 34.90 -3.9
QLYS 23.62 -4.8
Chegg CHGG 5.28 -5.7 NewHome NWHM 8.35 -5.7 iShiBdDec22AMTFree IBMK 26.25 0.3 HSN HSNI 43.37 -4.0
A look at how the Dow Jones Industrial Average component stocks ChespkeEngy pfD CHKpD 12.25 -3.8 NewRelic NEWR 20.91 -22.3 MVAMTFrLongMuni MLN 20.27 ... AlderBioPharm ALDR 21.41 -8.1 HaynesIntl HAYN 28.00 -3.2 QuinStreet QNST 3.24 -5.8
did in the past week and how much each moved the index. The DJIA ChinaEasternAirADR CEA 21.71 -0.6 NomuraHoldingsADR NMR 4.79 -3.2 PIMCOShrtTrmMuniBd SMMU 50.65 0.1 AldeyraTherapeutic ALDX 3.97 -3.5 HealthEquity HQY 15.80 -12.8 Quotient QTNT 7.20 -27.4
ChinaZenAutIntlADR ZX 0.55 -2.3 Novartis ADR NVS 73.97 -1.0 SPDRNuveenShTrmMun SHM 24.54 0.2 Alico ALCO 26.90 -3.4 Radware RDWR 10.80 -3.4
lost 261.33 points, or 1.59%, on the week. A $1 change in the price of HeritageCrystal HCCI 8.11 -4.1
CBR 2.93 -5.5 OneMainHoldings OMF 22.76 -6.0 VanguardTaxExempt VTEB 51.49 0.2 AmericanPubEdu APEI 14.74 -2.9 Rapid7 RPD 10.45 -14.1
any DJIA stock = 6.85-point change in the average. To date, a $1,000 CinemarkHoldings CIBER Hortonworks HDP 8.12 -17.0
PROSHoldings PRO 10.47 -11.1 Analogic ALOG 70.04 -2.6 ReadingA RDI 10.03 -2.1
CNK 27.19 -4.8 IACInteractv IAC 42.61 -5.5
investment on Dec. 31 in each current DJIA stock component would ClearChannelOutdr CCO 3.82 -4.4 PandoraMedia P 8.55 -10.1 NYSE Arca lows - 29 AngioDynamics ANGO 10.22 -3.2
InteractiveBrokers IBKR 30.77 -2.1
Rediff.comIndiaADR REDF 0.50 -4.6
have returned $28,006, or a loss of 6.60%, on the $30,000 AscenaRetail ASNA 6.80 -4.2 RichdsnElec RELL 4.91 -1.2
ClubCorpHoldings MYCC 10.60 -5.9 ParamountGroup PGRE 15.60 -2.2 ARKGenomicRev ARKG 16.02 -3.1 InterNAP INAP 3.30 -8.8
AscentCapGrpA ASCMA 8.80 -5.4 RofinSinar RSTI 20.00 -6.4
investment, including reinvested dividends. ConocoPhillips COP 31.59 -6.9 PaycomSoftware PAYC 26.18 -14.4 ARKIndlInnovation ARKQ 15.22 -5.3
Astrotech ASTC 1.11 -5.0
Invuity IVTY 6.72 -5.7
SPS Commerce SPSC 47.74 -2.7
Crawfrd B CRD/B 4.03 -1.7 PerkinElmer PKI 39.50 -7.1 ARKInnovationETF ARKK 15.50 -6.2 IronwoodPharmClA IRWD 8.19 -7.2
The Week’s Action AtlassianClA TEAM 17.55 -15.9 SVBFinancialGroup SIVB 90.18 -3.6
Cubic CUB 33.52 1.6 PhoenixNewMediaADR FENG 3.80 -3.8 ARKWebx.0ETF ARKW 17.16 -8.9 Ixia XXIA 8.77 -4.5
Pct Stock price Point chg $1,000 Invested(year-end '15) Cvent aTyrPharma LIFE 4.25 -7.1 SageTherapeutics SAGE 30.98 -10.4
CVT 22.58 -7.4 PrimeroMining PPP 1.54 -14.3 DB3xInvJapanGovBd JGBD 13.75 -1.0 K2MGroupHoldings KTWO 12.31 -3.0
chg (%) change in average Company Symbol Close $1,000 AvalancheBiotechno AAVL 4.42 -5.7 SeaChange SEAC 5.60 -3.4
DelekUS Hldgs DK 13.93 -8.8 PrudentialFin PRU 65.00 -2.4 DBXHighYieldCorpBd HYIH 20.65 -1.9 Kforce KFRC 19.84 -1.2
11.62 6.13 41.98 DuPont DD $58.89 AxionPwrIntl AXPW 0.30 -6.3 SearsHometown SHOS 6.00 -4.6
$884 Demandware DWRE 37.03 -16.1 PumaBiotechnology PBYI 39.23 -9.7 DBXInvGradeBd IGIH 22.69 1.4 KitePharma KITE 41.00 -12.1
AxionPowerWt AXPWW 0.05 -37.9 ShireADR SHPG 156.42 -3.7
6.23 3.88 26.57 Caterpillar CAT 66.12 984 DeVryEducation DV 15.81 -10.7 PzenaInvtMgmt PZN 6.34 -6.6 DXNDLYGLDMNR3xBR DUST 7.17 -16.6 BarcInverseUSTrea TAPR 25.00 -0.9 Kopin KOPN 1.78 -5.8 SierraWireless SWIR 10.81 -25.6
Q2Holdings QTWO 17.07 -17.9 18.00 -14.8
3.03 3.78 25.89 IBM IBM 128.57 934 EaglePointCredit ECC 14.92 -3.1 DirexionJrGoldBr3x JDST
BellerophonTherap BLPH 1.90 -5.6 KuraOncology KURA 3.23 -2.0 Splunk SPLK 33.77 -23.1
Enersys ENS 44.60 -3.6 RalphLaurenA RL 87.01 -3.0 AlphaCloneIntl ALFI 18.90 -0.9 BioCryst BCRX 6.09 -5.5 LantheusHoldings LNTH 1.89 -8.7 StaarSurgical STAA 6.14 -5.1
2.86 2.23 15.27 Exxon Mobil XOM 80.08 1,027 Envestnet ENV 20.80 -3.6 RBSCapFd6.25% RBSpI 23.80 -2.1 FTMegaCapETF FMK 23.55 -2.1 Lantronix LTRX 0.99 -8.8
BioMarinPharm BMRN 66.20 -3.9 StarzSeriesB STRZB 25.02 -16.6
2.02 2.43 16.64 Boeing BA 122.56 848 EnvisionHealthcare EVHC 19.81 -4.8 RBSCapFdTr5.9% RBSpE 23.34 -1.7 FstTrVal100Fd FVL 17.28 -3.5 BiostarPharms BSPM 2.05 -10.4 LibertyBroadbandC LBRDK 45.04 -1.7 StarzSeriesA STRZA 24.24 -22.2
EssexProp ESS 202.08 -4.0 RealogyHoldings RLGY 30.54 -3.7 GlblXFTSEGreece20 GREK 6.33 -3.2 BofIHolding BOFI 14.78 -6.3 LibertyInteractQVC QVCA 23.95 -4.9 StateBankFinancial STBZ 17.92 -2.3
2.00 1.00 6.85 Verizon VZ 50.97 1,116 EsterlineTechs ESL 45.12 -30.0 RedHat RHT 62.91 -8.0 iPathAsian&GulfCur PGD 48.00 -0.3 LibertyVenturesA LVNTA 33.85 -5.7
BridgelineDigital BLIN 0.43 -14.0 Stericycle SRCL 108.75 -4.2
1.64 2.47 16.92 3M MMM 153.47 1,019 Evertec EVTC 12.57 -3.1 RestorationHardwr RH 51.61 -7.8 iPathBloomCottonTR BAL 39.63 -0.7 BrynMawrBank BMTC 24.88 1.0 LibertyTripAdvA LTRPA 19.04 -10.7 Stericycle5.25PfdA SRCLP 84.99 -2.6
0.96 0.64 4.38 Wal-Mart Stores WMT 67.00 1,093 FirstPotcRltyTrPfA FPOpA 24.88 -0.1 RoseRockMidstream RRMS 9.25 2.5 iPathBloomNickelTR JJN 9.58 -6.7 BuffWildWngs BWLD 134.95 -8.1 LinnEnergy LINE 0.47 -58.3 Strattec STRT 45.30 -5.2
FstPotomac FPO 9.00 -2.0 RylBkScot pfT RBSpT 24.50 -1.5 iPathPBNickel NINI 14.19 -2.9 CRAInternational CRAI 16.80 -2.3 LinnCo LNCO 0.28 -65.1 SucampoPharmClA SCMP 11.49 -3.2
0.90 0.48 3.29 American Express AXP 53.98 779 Frontline
FRO 9.07 -7.2 RylBkScot pfS RBSpS 23.97 -1.5 iShNATech-Software IGV 86.42 -6.5 CaraTherapeutics CARA 7.83 -9.4 LionBiotech LBIO 5.06 -6.1 SummitTherapADR SMMT 7.26 -2.7
0.17 0.15 1.03 United Technologies UTX 87.84 914 GencoShipping GNK 0.80 -4.0 RylBkScot pfL RBSpL 23.18 -2.7 MVInvG FltRt FLTR 24.52 -0.1 LiquiditySvcs LQDT 4.66 -6.9
CarbylanTherapeutc CBYL 0.60 -6.3 TTMTechnologies TTMI 4.67 22.7
GenworthFinClA GNW 2.01 -21.9 RylBkScot pfR RBSpR 23.68 -1.7 PowerShDWANASDAQ DWAQ 63.01 -2.9 Cardtronics CATM 28.67 -4.3 LivePerson LPSN 5.28 -4.1 TeslaMotors TSLA 157.74 -7.3
–0.60 –0.49 –3.36 Procter & Gamble PG 81.20 1,031
Gildan GIL 23.71 -4.1 RylBkScot pfH RBSpH 24.38 -1.3 PwrShSP500Downside PHDG 23.62 -1.0 CareerEducation CECO 2.41 -5.5 LogMeIn LOGM 45.22 -8.6 BancpBk TBBK 4.17 -3.9
–0.70 –0.75 –5.14 Travelers TRV 106.29 942 GreatAjax AJX 9.92 -0.9 Salesforce.com CRM 57.75 -12.9 PowerShS&P500Mom SPMO 23.75 -3.1 LoralSpace LORL 31.92 -3.0
Cavium CAVM 51.11 -4.6 TheStreet TST 1.08 -7.7
–1.12 –0.48 –3.29 Coca-Cola KO $42.44 988 GrupoTelevisaADR TV 24.59 -5.4 SantdrFin pf SANpI 24.78 -1.4 ProShUltShGoldMin GDXS 16.91 -6.6 CelldexTher CLDX 6.70 -1.6 MktVectorsBiotech BBH 96.37 -3.1 TripAdvisor TRIP 57.29 -8.5
–1.92 –0.56 –3.84 General Electric GE 28.54 916 GuidewireSoftware GWRE 45.30 -11.8 SantdrFinPfdS6 SANpB 20.00 -4.2 PureFdsISEBigData BDAT 19.63 -5.1 CharterComms CHTR 160.20 -1.1 MktVectorsPharm PPH 58.02 -1.3 UnitedDevFundingIV UDF 5.21 -30.6
Hanesbrands HBI 24.80 -15.1 SantdrFinPfdS4 SANpA 24.38 -0.7 SPDRS&PHlthCareSvs XHS 49.57 -3.4 CidaraTherapeutics CDTX 10.41 0.1 Marketo MKTO 16.11 -7.4 UnitedNaturalFoods UNFI 33.57 -1.1
–2.00 –1.92 –13.15 Walt Disney DIS 93.90 894 Heico A HEI/A 41.07 -0.5 SntdrFinPfdSr5 SANpC 24.42 -0.4 SPDR S&P IntlFnl IPF 16.46 -3.2 Medivation MDVN 28.47 -4.6
CitiTrends CTRN 17.27 -3.9 UraniumResources URRE 0.33 -9.6
–2.55 –1.29 –8.83 Merck MRK 49.38 935 HollyFrontier HFC 30.57 -4.2 ScorpioBulkers SALT 2.64 -8.6 WBITacticalSMV WBIB 20.92 -1.0 ColliersIntl CIGI 32.00 -6.2 MemorialResDev MRD 11.94 -4.5 VOXXInternational VOXX 3.68 -4.9
HondaMotorADR HMC 25.97 -2.7 SelectMedical SEM 8.52 -5.3 WisTreeJpnFinls DXJF 19.91 -2.5 CombiMatrix CBMX 5.19 -2.2 MercerIntl MERC 6.35 2.9 Vapor VPCO 0.01 -26.0
–2.94 –1.75 –11.98 J.P. Morgan Chase JPM 57.75 880 DR Horton
DHI 24.35 -4.8 SensientTechs SXT 52.69 -6.0 WisdmTrLrgCapVal EZY 56.74 -1.7 ConforMIS CFMS 9.40 -7.2 MidWestOneFin MOFG 26.02 -3.4 VerintSystems VRNT 33.24 -4.6
–2.99 –3.44 –23.56 UnitedHealth Group UNH 111.72 950 HubSpot HUBS 31.02 -19.9 ServiceNow NOW 49.46 -10.8 ConnectOneBancorp CNOB 15.82 -2.8 ModusLink MLNK 1.86 -6.5 WestBancorp WTBA 16.24 -5.3
–3.15 –5.09 –34.86 Goldman Sachs GS 156.47 868 ING Grp 6.125Secs ISG 24.85 -1.1 SeventySevenEnergy SSE 0.32 -3.4 NYSE MKT highs - 7 CornerstoneOnDemnd CSOD 27.24 -11.7 MoSys MOSY 0.74 -4.0 WTBarclaysUSZero AGZD 47.03 0.4
–3.41 –3.32 –22.74 Apple AAPL 94.02 Imation IMN 0.61 -3.1 SignetJewelers SIG 103.32 -4.2 DE InvNtlMunFd VFL 13.74 -0.4 CoStarGroup CSGP 162.49 -5.3 NIC EGOV 14.48 -8.5 WTJapInterestRate JGBB 46.60 -0.4
898
Imax IMAX 27.58 -3.9 SnapOn SNA 138.42 -3.6 EtnVncCA EVM 12.99 -0.5 Covisint COVS 1.62 -14.2 NMIHoldingsClA NMIH 4.66 -2.3 WrightMedicalGroup WMGI 16.77 -7.6
–3.73 –3.90 –26.71 Johnson & Johnson JNJ 100.54 979 Imperva IMPV 37.40 -5.6 StJudeMedical STJ 51.00 -3.5 EtnVncMI MIT EMI 13.44 -0.1 Cowen8.25%Nts2021 COWNL 20.60 -1.0 NVE NVEC 46.00 -2.6 XunleiADR XNET 5.78 -2.5
–3.78 –0.90 –6.16 Cisco Systems CSCO 22.89 850 IntraLinksHldgs IL 7.10 -6.3 SumitomoMitsADR SMFG 5.70 -2.7 EtnVncNY II NYH 12.90 ... Crossroads CRDS 0.22 -10.6 NantKwest NK 7.81 -7.8 YRC Worldwide YRCW 6.67 -30.3
InvRlEst IRET 6.14 0.2 SynchronyFinancial SYF 25.00 -4.1 InvescoAdvMuniII VKI 12.28 0.5 Curis CRIS 1.41 -9.6 Natera NTRA 7.04 -4.5 ZAISClA ZAIS 5.17 -4.8
–3.96 –2.95 –20.20 Visa V 71.54 923 JonesLangLaSalle JLL 109.81 -5.5 TableauSoftware DATA 40.04 -49.4 NuvCA Fd3 NZH 14.76 0.2 DISHNetworkClA DISH 45.26 -4.7 NtlIntrstate NATL 22.30 -0.4 ZillowGroupClA ZG 18.01 -8.8
–4.15 –3.59 –24.59 Chevron CVX 82.88 921 JumeiIntlADR JMEI 5.49 -7.6 TeamHealthHolding TMH 34.78 -5.9 NuvDivAdv2 NXZ 14.58 0.3 DestinationXLGroup DXLG 4.06 -4.4 NatlWesternLifeClA NWLI 208.00 -5.2 ZillowGroupClC Z 16.71 -8.2
–4.79 –1.46 –10.00 Pfizer PFE 29.03 908
–6.38 –1.98 –13.56 Intel INTC 29.04 849 Online>> ADVERTISEMENT
–6.77 –8.38 –57.39 McDonald’s MCD 115.40 977 During the trading day, 52-week
–7.42 –9.33 –63.89 Home Depot HD 116.43 880 highs and lows are updated
–7.81
–8.95
–4.84
–4.93
–33.15
–33.76
Nike
Microsoft
NKE 57.17
MSFT 50.16
915
904
hourly at WSJMarkets.com.
Lists for each market are
The Mart
To advertise: 800-366-3975 or WSJ.com/classifieds
Sources: WSJ Market Data Group; S&P Dow Jones Indices. For more information on the Dow Jones available free, along with easy
Industrial Average and the 30 industrials, please visit www.djindexes.com access to charts and headlines.
BUSINESS FOR SALE BUSINESS OPPORTUNITY CAREERS
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B10 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

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 MKT and Nasdaq Stock Market listed securities. Prices
are composite quotations that include primary market trades as well as trades reported by Nasdaq OMX BXSM -11.10 57.97 43.19 Jarden JAH ... 45 50.78 -1.13 -4.68 81.21 62.57 SAPADR SAP 1.6 27 75.40 -2.83 -24.22 65.78 42.06 Autodesk ADSK ... dd 46.17 -3.34
(formerly Boston), Chicago Stock Exchange, CBOE, National Stock Exchange, ISE and BATS. -2.12 105.49 81.79 JohnsJohns JNJ 3.0 18 100.54 -3.36 0.93 67.80 28.58 SINOPECShanghaiADR SHI 2.0 16 39.96 0.57 -4.03 90.67 64.29 ADP ADP 2.6 27 81.31 -1.49
The list comprises the 1,000 largest companies based on market capitalization. -9.39 54.52 33.62 JohnsonControls JCI 3.2 27 35.78 -0.66 -3.87 30.24 17.52 SKTelecomADR SKM ... 8 19.37 0.01 3.23 64.58 36.38 B/EAerospace BEAV 1.7 16 43.74 -0.18
Underlined quotations are those stocks with large changes in volume compared with the issue’s average trading t-30.39 179.97 109.81 JonesLangLaSalle JLL 0.5 12 111.28 -6.48 -22.33 135.81 87.15 SLGreenRealty SLG 3.3 34 87.75 -3.30 -23.12 223.95 100.00 BaiduADR BIDU ... 26 145.34 -7.25
volume. -7.14 45.29 8.35 JoyGlobal JOY 0.3 dd 11.71 0.22 t-25.37 82.90 57.75 Salesforce.com CRM ... dd 58.51 -8.69 -10.01 79.36 41.26 BedBath BBBY ... 9 43.42 0.17
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous closing price was -17.03 32.39 21.95 JuniperNetworks JNPR 1.7 14 22.90 -0.83 8.57 35.27 21.94 SallyBeauty SBH ... 21 30.28 0.15 -13.87 480.18 254.00 Biogen BIIB ... 17 263.86 -9.41
$2 or higher. -10.91 39.87 31.54 KARAuctionServices KAR 3.3 22 32.99 -0.90 -6.64 54.98 38.58 SanofiADR SNY 4.0 18 39.82 -0.77 t-34.70 151.75 66.20 BioMarinPharm BMRN ... dd 68.41 -2.74
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. -11.88 38.91 22.84 KBFinancialGrpADR KB ... 7 24.56 0.28 -4.40 41.87 21.07 SasolADR SSL 6.7 6 25.64 -0.71 -23.60 11.45 5.96 BlackBerry BBRY ... dd 7.09 -0.31
s-New 52-week high. standards vj-In bankruptcy or receivership or -11.29 25.04 8.00 KKR KKR 10.1 15 13.83 0.19 6.73 66.43 49.89 SCANA SCG 3.4 12 64.56 -0.63 -11.57 150.50 100.00 Broadcom AVGO ... 27 128.36 -7.76
t-New 52-week low. lf-Late filing being reorganized under the 1.51 14.90 10.81 KTADR KT ... 15 12.09 0.12 -1.35 95.13 59.60 Schlumberger SLB 2.9 43 68.81 -1.73 -0.84 33.42 25.16 CA CA 3.5 16 28.32 0.17
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 1.39 120.63 62.20 KSCitySo KSU 1.7 17 75.71 0.03 -26.02 35.72 22.91 SchwabC SCHW 1.0 24 24.36 -0.61 -6.55 72.53 55.04 CBOE Holdings CBOE 1.5 25 60.65 -1.00
four quarters. requirements. assumed by such companies. -0.59 74.14 61.13 Kellogg K 2.8 70 71.84 0.01 11.45 75.11 47.62 ScrippsNetA SNI 1.5 14 61.53 -0.16 -6.66 57.89 39.67 CDKGlobal CDK 1.2 32 44.31 -0.33
FD-First day of trading. t-NYSE bankruptcy -18.12 15.70 10.32 KeyCp KEY 2.8 10 10.80 -0.11 -8.83 55.84 38.02 SealedAir SEE 1.3 31 40.66 -0.98 -13.84 46.92 33.01 CDW CDW 1.2 17 36.22 -1.39
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and t-16.28 79.60 52.85 KilroyRealty KRC 2.6 22 52.98 -1.51 1.12 113.04 86.72 SempraEnergy SRE 2.9 19 95.06 -0.25 9.77 76.18 59.71 CH Robinson CHRW 2.5 19 68.08 0.63
changes in the closing prices from 4 p.m. the previous day. 1.45 130.88 103.04 KimberlyClark KMB 2.7 47 129.15 0.40 -13.11 32.02 22.30 ServiceCp SCI 2.1 19 22.61 -0.19 -2.26 100.87 81.87 CMEGroupClA CME 2.7 24 88.55 2.22
4.20 28.08 22.07 KimcoRealty KIM 3.7 21 27.57 -0.24 -4.28 42.21 28.96 ServiceMasterGlb SERV ... 31 37.56 -2.34 -12.02 37.67 21.32 CSX CSX 3.2 11 22.83 -0.22
Friday, February 5, 2016 YTD 52-Week Yld Net 4.96 44.71 11.20 KinderMorgan KMI 3.2112 15.66 ... t-39.57 91.28 49.46 ServiceNow -3.89 23.30 17.00 CadenceDesign CDNS ... 24 20.00 -0.40
% Chg Hi Lo Stock Sym % PE Last Chg NOW ... dd 52.31 -6.31
YTD 52-Week Yld Net 0.39 18.00 11.63 KingDigitalEnt KING ... 10 17.95 ... 0.70 24.14 15.66 ShawCom B SJR 4.8 10 17.31 -0.26 -5.61 129.53 80.94 CaseysGenStores CASY 0.8 20 113.69 -5.63
% Chg Hi Lo Stock Sym % PE Last Chg -3.53 88.71 61.17 Coca-ColaFemsaADR KOF 2.7 22 68.31 -1.02 t-11.69 79.60 40.94 Kohl's KSS 4.3 11 42.06 0.54 -1.34 294.35 218.27 SherwinWilliams SHW 1.0 23 256.12 -4.14 -18.26 140.72 92.98 Celgene CELG ... 50 97.89 -4.04
-5.12 53.79 41.03 CocaColaEnt CCE 2.4 20 46.72 ... 0.12 30.43 23.16 KoninklijkePhilADR PHG ... 33 25.48 -0.43 -3.27 42.88 29.08 ShinhanFinADR SHG ... ... 32.49 0.42 -8.08 75.72 53.91 Cerner CERN ... 37 55.31 -3.18
NYSE -0.65 71.56 50.84 ColgatePalmolive CL 2.3 44 66.19
-13.60 33.00 15.39 ColumbiaPipeline CPGX 3.0 21 17.28
0.20 4.39 23.40 18.74 KoreaElcPwrADR KEP ... 3 22.10 -0.14 t-14.96 152.27 103.32 SignetJewelers SIG 0.8 20 105.18 -4.64
13.69 23.12 10.04 SilverWheaton SLW 1.4 85 14.12 0.71
t -7.95 199.00 160.20 CharterComms CHTR ... dd 168.54 -1.96
-4.13 88.49 65.09 CheckPointSoftware CHKP ... 21 78.02 -1.67
-0.78 -10.04 42.75 27.32 Kroger KR 1.1 19 37.63 -1.33
-0.73 23.66 15.74 ABBADR ABB 1.0 17 17.60 -0.03 -17.36 53.45 31.92 Comerica CMA 2.4 12 34.57 -0.37 -14.83 59.69 39.17 KyoceraADR KYO ... 17 39.27 -0.99 -5.38 208.14 170.99 SimonPropertyGroup SPG 3.5 36 183.98 -3.60 1.83 61.59 49.72 CincinnatiFin CINF 3.2 16 60.25 1.21
-15.19 42.88 24.22 ADTCorp. -3.64 42.09 28.15 CSC CSC 1.8197 31.49 -0.42 -11.23 101.11 75.11 LBrands LB 2.8 21 85.06 -3.51 -12.30 55.35 41.60 SixFlagsEnt SIX 4.8 40 48.18 -0.96 -8.49 94.35 78.00 Cintas CTAS 1.3 23 83.32 -1.85
ADT 3.1 16 27.97 1.00 -15.71 30.31 22.47 CiscoSystems CSCO 3.7 12 22.89 -0.65
1.88 14.02 8.22 AES AES 4.5 11 9.75 -0.05 -6.57 45.49 33.45 ConAgraFoods CAG 2.5 dd 39.39 -0.64 -15.04 16.50 8.20 LGDisplayADR LPL ... 5 8.87 -0.20 -8.44 54.53 19.51 SkechersUSAClA SKX ... 19 27.66 -1.42
-2.82 66.53 51.41 Aflac AFL 2.8 10 58.21 0.19 -6.02 134.13 69.94 ConchoResources CXO ... 52 87.27 -2.73 -1.61 132.92 101.11 L-3Communications LLL 2.2 dd 117.58 0.19 -14.42 81.15 50.09 SmithAO AOS 1.5 21 65.56 -2.19 -15.47 84.17 59.00 CitrixSystems CTXS ... 32 63.95 -3.19
1.10 64.93 46.36 AGLResources GAS 3.2 20 64.51 -0.14 t-29.54 70.11 31.59 ConocoPhillips COP 3.0 dd 32.90 -2.42 t-14.13 131.19 105.55 LabCpAm LH ... 23 106.17 -2.16 -10.22 37.84 30.59 Smith&NephewADR SNN 1.5 ... 31.96 -0.48 -2.47 69.80 55.53 CognizantTechSolns CTSH ... 23 58.54 -1.08
s 7.18 37.04 30.97 AT&T T 5.2 16 36.88 0.35 12.09 72.31 56.86 ConEd ED 3.7 19 72.04 0.51 -4.24 61.59 34.88 LasVegasSands LVS 6.9 17 41.98 -0.70 1.73 130.00 104.30 Smucker SJM 2.1 37 125.47 -0.46 5.28 64.99 50.01 Comcast A CMCSA 1.9 18 59.41 1.20
-3.15 155.68 110.45 ConstBrands A STZ 0.9 30 137.95 -8.69 -26.88 59.82 30.57 Lazard LAZ 4.3 4 32.91 -0.82 t-18.39 174.52 138.42 SnapOn SNA 1.7 18 139.90 -5.25 t-21.00 223.49 162.49 CoStarGroup CSGP ... dd 163.28 -9.11
-16.70 51.74 36.00 AbbottLabs ABT 2.8 21 37.41 -0.60
-10.33 71.60 45.45 AbbVie ABBV 4.3 17 53.12 -3.64 -2.01 156.00 111.41 ConstBrands B STZ/B 0.8 31 141.27 -6.00 -19.73 127.00 89.71 LearCorp LEA 1.0 10 98.59 -0.31 -15.83 26.40 12.65 SOQUIMICH ADR SQM 3.9 18 16.00 -0.31 -10.84 169.73 117.03 CostcoWholesale COST 1.1 27 143.99 0.71
-5.29 109.86 86.40 AccentureClA ACN 2.2 21 98.97 -3.76 -15.62 53.65 13.94 ContinentalRscs CLR ... dd 19.39 -1.28 -2.97 51.28 36.64 Leggett&Platt LEG 3.1 22 40.77 -0.43 -11.70 32.95 19.90 SonyADR SNE ... 27 21.73 -0.35 -15.54 57.36 21.54 Ctrip.comIntlADR CTRP ... 43 39.13 -1.98
-5.28 190.00 119.28 Cooper COO 0.0 31 127.11 -4.76 -19.18 56.04 39.00 LennarClA LEN 0.4 11 39.53 -0.99 3.06 50.24 41.40 Southern SO 4.5 19 48.22 -0.20 t-20.32 80.75 45.26 DISHNetworkClA DISH ... 16 45.56 -2.23
-21.15 241.90 152.97 AcuityBrands AYI 0.3 34 184.35 -11.12
0.33 25.05 15.42 Corning GLW 2.9 19 18.34 -0.52 -19.66 46.55 31.73 LennarClB LEN/B 0.5 9 32.28 -0.71 1.45 33.31 21.55 SoCopper SCCO 0.5 21 26.50 -0.43 -3.06 63.45 49.48 Dentsply XRAY 0.5 30 58.99 -0.33
-4.37 201.24 137.66 AdvanceAuto AAP 0.2 21 143.94 -3.91
9.44 32.72 21.43 CotyClA COTY 0.9 33 28.05 -0.31 -8.46 138.57 100.45 LennoxIntl LII 1.3 24 114.33 -3.87 -17.12 51.34 31.36 SowestAir LUV 0.8 11 35.69 -1.86 -24.32 103.29 57.44 Dexcom DXCM ... dd 61.98 -8.65
-7.76 8.12 4.54 AdvSemiEnggADR ASX 5.9 15 5.23 -0.12
2.02 157.89 81.78 Credicorp BAP 2.2 ... 99.29 -0.73 -7.82 25.39 15.20 LeucadiaNational LUK 1.6 29 16.03 -0.38 23.31 38.47 21.43 SpectraEnergy SE 5.5 98 29.52 0.24 0.61 85.81 55.48 DiamondbackEnergy FANG ... dd 67.31 -4.69
-5.11 8.35 5.14 AegonADR AEG ... 39 5.38 -0.09
-30.94 29.99 14.44 CreditSuisseADR CS ... 7 14.98 0.09 -13.21 57.08 40.86 Level3Comm LVLT ... 5 47.18 -2.84 -5.03 56.27 36.21 SpectraEnergyPtrs SEP 5.6 13 45.30 0.14 1.99 34.94 24.70 DiscoveryCommsA DISCA ... 17 27.21 -0.49
-35.50 51.50 26.84 AerCapHoldings AER ... 6 27.84 -1.13 5.43 32.78 23.42 DiscoveryCommsC DISCK ... 16 26.59 -0.60
-8.23 134.40 93.38 Aetna AET 1.0 15 99.22 -2.89 -6.52 26.97 7.82 CrescentPntEnrg CPG 7.8 dd 10.89 0.24 -11.80 92.85 68.31 EliLilly LLY 2.7 33 74.32 0.04 -1.84 106.55 86.02 SpectrumBrndsHldgs SPB 1.5 33 99.93 -1.17
-42.06 75.00 10.27 CrestwoodEquity CEQP 45.7 dd 12.04 0.12 -28.81 62.08 35.22 LincolnNational LNC 2.8 8 35.78 -0.13 -14.12 57.99 40.03 SpiritAeroSystemsA SPR ... 8 43.00 -1.01 -0.85 84.22 60.31 DollarTree DLTR ... 62 76.56 -0.11
-21.91 230.63 117.29 AffiliatedManagers AMG ... 13 124.75 -3.91 0.94 56.79 36.44 DunkinBrands DNKN 2.8 40 42.99 -0.37
-13.80 43.59 33.12 AgilentTechs A 1.3 30 36.04 -1.38 -2.76 89.44 75.71 CrownCastl CCI 4.2 56 84.06 -2.16 t-51.85 276.18 102.81 LinkedInA LNKD ... dd 108.38 -83.90 5.49 12.98 8.89 SpiritRealtyCap SRC 6.6102 10.57 -0.11
-9.64 57.08 43.30 CrownHoldings CCK ... 16 45.81 -2.12 t-18.36 29.68 19.85 LiveNationEnt LYV ... dd 20.06 -1.30 -21.27 5.45 2.18 Sprint S ... dd 2.85 0.02 -23.52 31.48 21.77 E Trade ETFC ... 25 22.67 -0.49
27.51 34.89 21.00 AgnicoEagleMines AEM 1.0336 33.51 0.78 -25.55 46.50 30.25 EastWestBancorp EWBC 2.6 12 30.94 -1.13
-3.56 116.81 81.06 Agrium AGU 4.1 12 86.16 -1.16 -6.43 31.91 22.09 CubeSmart CUBE 2.9125 28.65 -1.55 -16.97 5.65 3.54 LloydsBankingADR LYG 2.5 35 3.62 -0.10 t-17.10 80.84 51.00 StJudeMedical STJ 2.3 17 51.21 -1.84
12.49 146.13 79.88 Cummins CMI 3.9 13 99.00 1.43 -2.40 227.91 181.91 LockheedMartin LMT 3.1 18 211.94 1.73 0.83 115.43 65.28 StanCorpFinancial SFG 1.2 23 114.82 0.11 -15.57 29.83 22.40 eBay EBAY ... 16 23.20 -0.29
4.22 158.20 114.64 AirProducts&Chems APD 2.4 22 135.60 -0.56 -19.24 76.92 53.86 ElectroArts EA ... 29 55.50 -3.23
1.47 140.48 86.09 Airgas ARG 1.7 30 140.36 -0.04 -0.06 20.27 14.71 DDR Corp DDR 4.5 dd 16.83 -0.21 -5.49 42.78 34.08 Loews L 0.7 20 36.29 -0.26 -12.63 111.18 89.01 StanleyBlDck SWK 2.4 16 93.25 -2.86
7.81 89.88 73.23 DTEEnergy DTE 3.4 16 86.45 -0.16 -13.41 78.13 64.22 Lowe's LOW 1.7 21 65.84 -2.12 -11.94 87.99 56.87 StarwoodHotels HOT 2.5 19 61.01 -1.02 -12.01 96.58 46.66 EndoInternational ENDP ... dd 53.87 -0.43
-19.81 87.17 58.15 AlaskaAirGroup ALK 1.7 10 64.56 -4.35 -4.62 318.36 214.49 Equinix EQIX 2.3 dd 288.44 -20.01
-7.98 64.99 41.37 Albemarle ALB 2.3 12 51.54 -0.41 -8.44 97.62 81.25 Danaher DHR 0.6 24 85.04 -1.41 t-12.55 74.00 56.72 LuxotticaGroupADR LUX 2.8 31 56.72 -2.17 -10.75 24.79 17.13 StarwoodPrTr STWD 10.5 10 18.35 -0.41
-7.31 67.69 53.21 Darden DRI 3.4 21 58.99 -2.53 -8.23 107.32 69.09 LyondellBasell LYB 3.9 8 79.75 0.09 -17.99 81.26 50.73 StateSt STT 2.5 12 54.42 -0.69 -8.84 13.14 8.51 EricssonADR ERIC 4.5 18 8.76 -0.16
-12.27 4.96 3.06 AlcatelLucentADR ALU ...2585 3.36 -0.05 -0.16 101.80 79.00 ErieIndemnityClA ERIE 3.1 29 95.49 0.06
-17.73 17.00 6.14 Alcoa AA 1.5 dd 8.12 -0.19 -8.33 85.17 63.38 DaVitaHlthcrPtrs DVA ... 29 63.90 -1.55 -11.04 134.00 101.51 M&T Bnk MTB 2.6 15 107.80 -0.39 0.29 21.72 10.88 StatoilADR STO 6.3 dd 14.00 0.16
2.82 98.23 70.16 Deere DE 3.1 14 78.42 -0.28 -21.30 24.41 16.84 MGMResortsIntl MGM ... dd 17.88 -0.89 -11.39 78.77 60.75 Steris STE ... 36 66.76 -1.90 -24.75 140.51 76.34 Expedia EXPE 1.0 15 93.54 -6.36
36.10 55.99 31.96 Alere ALR ... 30 53.20 -0.33 1.66 51.80 40.41 ExpeditorsIntl EXPD 1.6 20 45.85 0.06
-15.28 102.96 74.96 AlexREEq ARE 4.0 47 76.55 -0.36 0.74 26.86 19.56 DelhaizeGroupADR DEG 1.8 48 24.47 -0.45 t-48.72 83.22 17.55 MPLX MPLX 9.9 12 20.17 -1.53 -14.11 9.98 5.65 STMicroelectronics STM 7.0 52 5.72 -0.29
-30.68 90.57 57.00 DelphiAutomotive DLPH 2.0 13 59.43 -2.80 -9.48 73.44 54.63 MSCI MSCI 1.3 35 65.29 -1.60 4.27 105.34 86.68 Stryker SYK 1.6 26 96.91 -2.63 t-22.39 94.61 67.51 ExpressScriptsHldg ESRX ... 21 67.84 -0.31
-22.92 95.06 57.20 AlibabaGroupADR BABA ... 15 62.64 -2.22 -6.95 135.20 88.75 F5Networks FFIV ... 18 90.22 -1.83
-3.85 518.48 440.24 Alleghany Y ... 14 459.54 -3.78 -17.12 52.77 34.61 DeltaAir DAL 1.3 7 42.01 -2.03 -5.69 95.93 71.98 Macerich MAC 3.6 8 76.10 -2.52 t-24.77 9.28 5.70 SumitomoMitsADR SMFG ... 7 5.71 -0.16
-30.06 36.20 16.12 DeutscheBank DB 5.0 dd 16.89 -0.07 -13.40 87.88 58.43 MacquarieInfr MIC 7.2 dd 62.87 -1.96 -9.46 35.13 25.31 SunLifeFinancial SLF 4.2 8 28.25 -0.34 -0.56 117.59 72.00 FacebookClA FB ... 81 104.07 -6.42
-14.64 68.08 54.34 Allegion ALLE 0.7 46 56.27 -3.53 5.98 44.44 34.45 Fastenal FAST 2.8 24 43.26 -0.27
-12.38 340.34 237.50 Allergan AGN ... 35 273.80 1.35 -22.34 70.48 19.69 DevonEnergy DVN 3.9 dd 24.85 -1.71 15.09 73.61 34.05 Macys M 3.6 11 40.26 -0.48 -11.05 33.49 18.71 SuncorEnergy SU 3.6444 22.95 -0.17
-4.24 122.23 100.12 DiageoADR DEO 2.5 17 104.44 -2.56 -9.54 85.49 54.51 MagelnPtnrs MMP 5.1 16 61.44 -2.51 -15.60 46.72 15.43 SunocoLogistics SXL 8.8 dd 21.69 -0.65 -23.73 21.93 14.89 FifthThirdBancorp FITB 3.4 8 15.33 -0.20
t-32.31 312.00 184.67 AllianceData ADS ... 21 187.22 -10.19 -1.39 72.12 40.25 FirstSolar FSLR ... 12 65.07 -2.13
-24.32 32.74 17.67 AllncBrnstnHldg AB 9.5 9 18.05 -0.02 8.54 60.33 33.42 DicksSprtgGds DKS 1.4 13 38.37 -0.61 -19.40 59.42 32.00 MagnaInt MGA 2.7 6 32.69 -0.48 -19.89 45.84 33.23 SunTrustBanks STI 2.8 10 34.32 -0.55
s 8.12 82.24 60.66 DigitalRealtyTrust DLR 4.2 55 81.76 0.41 -6.90 134.26 52.01 Mallinckrodt MNK ... 24 69.48 0.68 t-17.03 36.40 25.00 SynchronyFinancial SYF ... 10 25.23 -1.08 3.42 97.76 76.15 Fiserv FISV ... 32 94.59 -1.94
8.52 68.58 54.27 AlliantEnergy LNT 3.5 19 67.77 0.30 -10.26 12.86 8.85 FlextronInt FLEX ... 11 10.06 -0.13
2.06 72.51 54.12 Allstate ALL 1.9 13 63.37 1.32 -13.74 61.50 43.73 DiscoverFinSvcs DFS 2.4 9 46.25 -0.06 -12.97 96.87 69.96 ManpowerGroup MAN 2.2 14 73.36 0.28 1.66 98.15 61.61 SyngentaADR SYT 2.9 26 80.04 0.32
-10.64 122.08 90.00 Disney DIS 1.5 19 93.90 -1.53 -9.88 19.61 11.74 ManulifeFinancial MFC 3.8 11 13.50 -0.08 s 5.05 43.97 35.45 Sysco SYY 2.9 33 43.07 -0.37 -19.44 50.31 23.64 Fortinet FTNT ...461 25.11 -1.61
-8.74 23.83 14.55 AllyFinancial ALLY ... dd 17.01 -0.16 0.21 8.46 3.81 FrontierComms FTR 9.0 dd 4.68 -0.02
2.73 61.74 47.31 AltriaGroup MO 3.8 22 59.80 0.32 -0.29 81.42 59.75 DollarGeneral DG 1.2 19 71.66 -1.20 -32.80 31.53 7.08 MarathonOil MRO 2.4 dd 8.46 -0.73 -16.61 73.73 53.42 TEConnectivity TEL 2.4 10 53.88 -1.02
5.06 78.31 64.54 DominionResources D 3.9 22 71.06 0.63 t-37.69 60.38 32.04 MarathonPetroleum MPC 4.0 6 32.30 -2.64 -9.80 33.40 21.30 TEGNA TGNA 2.4 5 23.02 -0.47 -6.67 57.16 30.93 Garmin GRMN 5.9 12 34.69 -0.45
-2.79 17.44 6.87 AlumofChinaADR ACH ... dd 8.01 -0.03 -15.86 123.37 81.89 GileadSciences GILD 2.0 7 85.14 -1.54
3.14 6.68 3.86 AmbevADR ABEV ... 16 4.60 -0.14 -0.79 119.73 98.00 Dominos DPZ 1.1 35 110.37 -3.63 2.66 14.02 11.00 MarineHarvestADR MHG 1.2 60 13.53 -0.27 5.17 36.18 24.34 TELUS TU 4.6 12 29.08 -0.06
-9.43 32.32 26.66 DouglasEmmett DEI 3.1 80 28.24 -0.31 -5.73 937.91 697.51 Markel MKL ... 23 832.72 2.27 -0.32 21.80 10.28 TERNIUMADR TX 7.3 34 12.39 -0.34 -16.77 35.30 24.90 Goodyear GT 1.0 3 27.19 -0.42
7.54 47.90 37.26 Ameren AEE 3.7 17 46.49 -0.04 -5.62 18.04 14.07 Grifols ADR GRFS 0.6 34 15.29 0.51
0.36 22.38 11.87 AmericaMovilADR AMX 2.2 31 14.11 -0.34 -2.23 78.21 50.91 Dover DOV 2.8 16 59.94 0.27 -1.44 59.99 50.81 Marsh&McLennan MMC 2.3 18 54.65 0.48 -4.16 76.93 63.53 TJX TJX 1.2 21 67.96 -2.80
-9.30 57.10 35.11 DowChemical DOW 3.9 8 46.69 -0.70 -9.91 178.67 113.49 MrtnMarMat MLM 1.3 31 123.05 -1.36 t-56.13 131.34 40.04 TableauSoftware DATA ... dd 41.33 -40.42 -19.28 36.81 23.80 HDSupplyHoldings HDS ... 15 24.24 -1.28
4.06 44.75 32.12 AmCampus ACC 3.7 42 43.02 -0.15 10.01 84.42 55.26 Hasbro HAS 2.5 21 74.10 -1.80
7.84 63.63 52.29 AEP AEP 3.6 17 62.84 0.55 -4.13 95.87 72.00 DrPepperSnap DPS 2.1 24 89.35 -0.88 -14.13 30.61 22.39 Masco MAS 1.6 22 24.30 -1.09 ... 25.77 17.32 TaiwanSemiconADR TSM 3.2 12 22.75 -0.48
-3.11 68.00 40.67 DrReddysLabADR RDY 0.7 20 44.85 0.30 -15.00 101.76 74.61 MasterCard MA 0.9 25 82.76 -3.57 -4.20 85.81 66.46 Target TGT 3.2 dd 69.56 -0.48 -6.52 161.62 126.17 HenrySchein HSIC ... 26 147.87 -2.24
-22.39 86.18 52.15 AmericanExpress AXP 2.1 11 53.98 -0.40 -14.01 43.00 29.71 Hologic HOLX ... 51 33.27 -1.94
-7.56 75.68 61.55 AmericanFinancial AFG 1.7 17 66.63 -0.72 -11.58 76.61 47.11 DuPont DD 2.6 28 58.89 -0.21 0.39 88.81 71.01 McCormick MKC 2.0 28 85.89 0.06 -8.61 173.00 124.35 TaroPharm TARO ... 11 141.24 0.56
10.72 86.61 65.50 DukeEnergy DUK 4.2 23 79.04 0.46 -0.73 88.75 68.29 McCormickVtg MKC/V 2.0 27 85.74 0.13 -16.46 49.69 21.56 TataMotorsADR TTM ... 13 24.62 -0.07 1.91 93.50 63.58 JBHunt JBHT 1.2 20 74.76 -0.26
-13.88 64.93 51.15 AmericanIntl AIG 2.1 16 53.37 -0.65 -22.42 11.90 7.83 HuntingtonBcshs HBAN 3.3 11 8.58 -0.09
-8.37 104.12 86.21 AmericanTowerREIT AMT 2.2 66 88.84 -2.25 -6.37 22.63 17.60 DukeRealty DRE 3.7 36 19.68 -0.30 -2.32 124.83 87.50 McDonalds MCD 3.1 24 115.40 -5.26 2.36 27.45 17.60 TecoEnergy TE 3.4 47 27.28 -0.09
-4.40 29.24 22.66 EMC EMC 1.9 24 24.55 -0.20 -13.00 109.13 78.55 McGrawHillFin MHFI 1.7 dd 85.76 -1.24 t-21.94 11.67 8.04 TelecomItaliaADR TI/A 3.8 17 8.04 -0.36 -2.58 82.24 61.37 IdexxLab IDXX ... 35 71.04 0.12
6.64 66.46 48.36 AmericanWaterWorks AWK 2.1 25 63.72 -0.21 -9.91 102.49 70.21 IPG Photonics IPGP ... 18 80.32 -1.99
15.00 51.91 30.80 Amerigas APU 9.3 20 39.41 0.59 -6.48 39.33 26.22 ENIADR E 6.4 dd 27.87 -0.78 -21.74 243.61 149.24 McKesson MCK 0.7 18 154.36 0.55 t-21.34 14.18 9.92 TelecomItaliaADR TI 2.6 20 9.95 -0.42
-5.27 101.36 57.15 EOG Res EOG 1.0 dd 67.06 -1.38 -8.88 105.45 65.53 MeadJohnNutr MJN 2.3 22 71.94 2.30 2.56 140.50 108.81 Teleflex TFX 1.0 33 134.82 -1.97 -16.70 101.50 49.00 IcahnEnterprises IEP 11.8 dd 51.06 -1.99
-22.20 138.26 81.19 AmerprsFncl AMP 3.2 10 82.79 -2.68 -29.12 242.37 130.00 Illumina ILMN ... 44 136.05 -7.33
-18.33 120.68 80.50 AmeriSrcBrg ABC 1.6 54 84.70 0.30 14.67 92.79 47.10 EQT EQT 0.2 44 59.78 0.02 -9.55 86.09 61.40 Mednax MD ... 18 64.82 0.89 1.44 19.20 7.71 TelefonicaBrasADR VIV ... 10 9.16 -0.01
-6.56 92.09 56.52 EQTMidstreamPtrs EQM 4.0 15 70.51 -0.71 -3.20 79.50 55.54 Medtronic MDT 2.0 39 74.46 -1.74 -5.42 15.66 9.47 TelefonicaADR TEF ... 9 10.46 0.11 -34.53 133.62 64.51 Incyte INCY ... dd 71.00 -1.03
t-15.41 57.67 42.82 Ametek AME 0.8 18 45.33 -1.31 -15.70 35.59 24.87 Intel INTC 3.6 12 29.04 -0.73
-5.13 60.54 44.50 AmphenolClA APH 1.1 21 49.55 -0.02 -10.55 83.90 56.03 EastmanChemical EMN 3.0 11 60.39 -0.97 -6.51 61.70 45.69 Merck MRK 3.7 32 49.38 0.79 s 13.22 50.52 34.09 TelekmIndonesiaADR TLK 2.2 22 50.27 0.52
5.03 73.82 46.19 EatonCorp.PLC ETN 2.8 13 54.66 0.30 t-19.50 58.23 38.60 MetLife MET 3.9 8 38.81 -0.94 -10.46 32.77 18.53 TenarisADR TS 2.8 94 21.31 0.19 t-28.92 45.95 30.77 InteractiveBrokers IBKR 1.3 41 30.99 -0.65
-16.08 95.94 28.16 AnadarkoPetroleum APC 2.6 dd 40.77 -0.59 -4.88 109.21 79.63 Intuit INTU 1.3 62 91.79 -4.96
-5.36 130.08 102.52 AnheuserBuschADR BUD 2.9 22 118.30 -4.07 -7.18 122.48 99.99 Ecolab ECL 1.3 28 106.17 -3.00 -8.09 350.11 275.30 MettlerToledo MTD ... 25 311.68 -2.30 -27.65 119.67 75.81 Tesoro TSO 2.6 6 76.24 -3.55
-9.99 19.21 5.16 EcopetrolADR EC ... 26 6.31 -0.06 29.41 73.47 34.83 MichaelKorsHldgs KORS ... 12 51.84 0.12 -13.49 61.74 37.71 TesoroLogistics TLLP 7.2 19 43.53 -1.46 -1.82 580.00 447.00 IntuitiveSurgical ISRG ... 35 536.24 -15.69
3.73 10.93 8.25 AnnalyCap NLY 12.3 dd 9.73 -0.01 -42.85 77.80 32.75 IonisPharma IONS ...354 35.39 -0.17
24.63 46.06 18.50 AnteroResources AR ... 5 27.17 0.13 -4.75 107.49 67.94 EdgewellPersonal EPC ... dd 74.65 -1.54 -5.78 94.87 70.67 MidAmApt MAA 3.8 20 85.56 -2.07 -10.33 72.31 54.17 TevaPharmADR TEVA 2.3 30 58.86 -1.04
6.89 67.69 55.18 EdisonInt EIX 3.0 14 63.29 0.22 0.44 33.83 21.80 MindrayMedADR MR 1.5 33 27.24 0.01 -23.11 46.93 30.94 Textron TXT 0.2 13 32.30 ... -26.73 38.00 21.55 JD.comADR JD ... dd 23.64 -1.32
t-11.52 173.59 122.77 Anthem ANTM 2.0 13 123.38 -3.26 0.70 82.89 60.10 JackHenry JKHY 1.3 28 78.61 -1.14
0.72 107.08 83.83 Aon AON 1.3 21 92.87 3.92 s 3.85 84.84 61.38 EdwardsLife EW ... 37 82.02 -1.58 -28.14 7.62 4.47 MitsubishiUFJADR MTU ... 8 4.47 -0.12 -13.16 143.65 14.00 ThermoFisherSci TMO 0.5 25 123.18 -4.62
-3.76 36.97 23.15 Embraer ADR ERJ 0.1105 28.43 -0.04 t-25.00 4.51 3.00 MizuhoFinancialADR MFG ... 8 3.03 -0.10 -3.43 42.64 33.96 ThomsonReuters TRI 3.7 12 36.55 -1.19 -13.37 194.73 116.15 JazzPharma JAZZ ... 23 121.77 -3.10
-12.19 71.87 32.20 Apache APA 2.6 dd 39.05 -1.69 -13.02 27.36 16.16 JetBlue JBLU ... 10 19.70 -1.06
-7.54 41.33 34.71 ApartmtInv AIV 3.6117 37.01 -2.67 -1.92 62.75 41.25 EmersonElectric EMR 4.1 12 46.91 0.04 12.62 12.79 5.14 MobileTeleSysADR MBT 2.6 9 6.96 -0.12 1.88 170.50 134.00 3M MMM 2.9 20 153.47 0.03
5.64 48.52 33.08 EmpresaNacADR EOC 0.8 20 39.15 -0.42 -15.56 212.16 153.15 MohawkIndustries MHK ... 21 159.92 -5.11 -16.29 96.43 59.73 Tiffany TIF 2.5 17 63.86 -0.82 -5.54 70.28 44.95 KLA Tencor KLAC 3.2 20 65.51 -1.37
-10.41 24.44 12.40 ApolloGlobalMgmtA APO 8.2 22 13.60 0.20 -0.51 131.09 39.80 KeurigGreenMtn GMCR 1.5 30 89.52 -0.01
-2.11 75.96 60.73 Aptargroup ATR 1.7 23 71.12 -1.12 -24.58 40.69 14.30 EnbridgePtnr EEP 13.4 43 17.40 -0.47 -7.42 95.74 63.91 MolsonCoors B TAP 1.9 39 86.95 -0.68 -2.21 194.22 144.88 TimeWarnerCable TWC 1.7 28 181.48 -1.96
2.11 54.43 27.43 Enbridge ENB 4.7 dd 33.89 6.94 91.34 62.94 TimeWarner TWX 2.0 16 69.16 -2.68 0.03 81.20 61.42 KraftHeinz KHC 3.2 dd 72.78 -1.37
5.91 32.34 24.40 AquaAmerica WTR 2.3 23 31.56 -0.19 -0.78 -4.00 126.00 81.22 Monsanto MON 2.3 26 94.58 -0.74
-12.57 14.73 3.00 Encana ECA 6.3 dd 4.45 -21.20 42.19 26.06 Toll Bros TOL ... 13 26.24 -1.15 -14.88 32.25 22.90 LKQ LKQ ... 19 25.22 -1.18
-2.76 35.06 28.09 Aramark ARMK 1.2 33 31.36 -1.95 0.09 -16.58 113.86 82.09 Moodys MCO 1.8 18 83.70 -3.41
-49.20 35.44 6.60 EngyTrnsfrEqty ETE 16.3 8 6.98 -7.59 63.26 50.56 Torchmark TMK 1.0 12 52.82 0.44 -13.16 84.49 61.20 LamResearch LRCX 1.7 14 68.97 -2.50
-11.61 11.95 3.25 ArcelorMittalADR MT 5.4 dd 3.73 -0.40 -0.85 -23.45 41.04 23.29 MorganStanley MS 2.5 8 24.35 -0.66 -10.09 61.73 51.03 LamarAdvertisingA LAMR 5.1 13 53.93 -1.62
-7.12 53.31 29.86 ArcherDan ADM 3.5 11 34.07 -0.18 -23.81 60.96 20.16 EnergyTransfer ETP 16.4 80 25.70 -1.10 -9.89 53.83 22.02 Mosaic MOS 4.4 8 24.86 0.06 -3.83 46.78 33.48 TorontoDominionBk TD 4.1 9 37.67 -0.61
-3.29 54.79 39.05 TotalADR TOT 6.4123 43.47 -0.43 -10.32 58.13 45.53 LibertyBroadbandA LBRDA ... dd 46.32 -0.80
1.05 64.98 45.23 ArrowElec ARW ... 12 54.75 -0.65 -6.73 13.16 1.84 Enerplus ERF 7.8 dd 3.19 -0.02 -8.22 72.97 56.40 MotorolaSolutions MSI 2.6 26 62.82 -1.43 t-11.84 59.70 45.04 LibertyBroadbandC LBRDK ... dd 45.72 -0.77
-9.45 132.38 91.11 Ashland ASH 1.7 18 92.99 -2.08 0.25 18.72 10.33 EnersisAmericasADR ENI 1.4 10 12.18 0.01 14.59 23.89 16.55 NTTDoCoMoADR DCM ... 21 23.49 0.02 -21.99 56.69 35.87 TotalSystemSvcs TSS 1.0 20 38.85 -0.88
-10.28 145.80 105.00 ToyotaMotorADR TM ... 9 110.39 -3.90 -19.55 55.43 31.63 LibertyGlobalClA LBTYA ... dd 34.08 -1.97
-2.56 87.20 59.73 Assurant AIZ 2.5 44 78.48 -0.16 -35.28 30.00 9.91 EnLinkMidstream ENLK 14.5 dd 10.73 0.04 -3.52 1721.95 1292.00 NVR NVR ... 18 1585.12 -29.73
8.93 48.10 28.40 TransCanada TRP 4.4 15 35.50 -0.18 -19.01 50.99 30.49 LibertyGlobalClC LBTYK ... dd 33.02 -1.56
-11.55 36.69 29.50 AstraZenecaADR AZN 3.0 46 30.03 -0.44 5.65 86.37 61.27 Entergy ETR 4.7 dd 72.22 -0.08 0.86 72.53 62.25 NationalGridADR NGG 4.5 16 70.14 -1.16 -12.91 60.00 30.96 LibertyGlbLiLACAWi LILA ... dd 36.03 -0.51
10.30 70.54 50.83 AtmosEnergy ATO 2.4 23 69.53 -0.10 -10.36 36.00 19.00 EntPdtsPtnr EPD 6.8 18 22.93 -1.13 -14.99 56.64 26.10 NtlOilwellVarco NOV 6.5 dd 28.47 -0.11 -3.06 244.90 206.04 TransdigmGrp TDG ... 28 221.47 -5.88
t-15.31 28.08 22.99 TransUnion TRU ... dd 23.35 -0.85 -11.14 69.89 32.00 LibertyGlbLiLACClC LILAK ... dd 38.21 -0.32
-19.94 132.19 95.52 Autoliv ALV 2.2 19 99.89 -1.46 -10.32 114.46 84.72 Equifax EFX 1.2 29 99.88 -3.79 9.26 44.58 33.62 NtlRetailProp NNN 4.0 36 43.76 -0.71 t-12.19 31.62 23.95 LibertyInteractQVC QVCA ... 18 23.99 -1.23
-23.32 67.50 40.45 AutoNation AN ... 12 45.75 -0.65 -0.70 68.25 51.79 EquityLife ELS 2.3 43 66.20 -0.80 t-28.65 103.32 59.20 NetSuite N ... dd 60.38 -9.77 -5.82 116.48 95.21 TravelersCos TRV 2.3 10 106.29 -1.20 t-23.94 45.43 33.85 LibertyVenturesA LVNTA ... 25 34.31 -2.07
-1.96 803.25 606.28 AutoZone AZO ... 20 727.35 -20.52 -9.81 82.53 61.90 EqResdntl EQR 3.0 51 73.59 -2.68 -3.76 33.56 18.09 NewOrientalEducADR EDU ... 22 30.19 -1.27 9.19 14.93 7.71 TurkcellIletismADR TKC 18.5 14 9.27 -0.15
-15.82 42.22 32.67 LibertyMediaA LMCA ...127 33.04 -1.39
-9.70 186.89 158.72 Avalonbay AVB 3.2 30 166.27 -4.85 t-15.42 244.71 202.08 EssexProp ESS 2.8 70 202.50 -8.42 -5.76 19.18 14.26 NY CmntyBcp NYCB 4.4 dd 15.38 0.06 -17.72 4.74 1.55 TurquoiseHillRscs TRQ ... 12 2.09 -0.01
-14.84 40.61 32.10 LibertyMediaC LMCK ...125 32.43 -1.12
9.40 52.50 32.45 Avangrid AGR ... 20 42.01 0.89 3.33 91.68 73.67 EsteeLaudr A EL 1.3 30 90.99 3.98 -17.35 50.90 34.50 Newell NWL 2.1 28 36.43 -1.09 -32.07 53.49 15.48 Twitter TWTR ... dd 15.72 -1.19
9.69 44.00 28.94 TycoInternational TYC 2.3 30 34.98 0.28 -3.30 49.57 36.41 LinearTechnology LLTC 3.1 20 41.07 -0.93
0.86 66.65 50.94 AveryDennison AVY 2.3 21 63.20 -1.17 -1.68 193.98 167.07 EvrstReGrp RE 2.6 8 180.01 -2.55 -23.59 41.34 22.20 NewfldExpl NFX ... dd 24.88 -2.37 t-61.23 14.93 0.47 LinnEnergy
7.03 55.99 44.64 EversourceEnergy ES 3.3 19 54.66 -0.27 35.69 27.90 15.39 NewmontMining NEM 0.4 26 24.41 1.03 -20.66 184.01 109.82 TylerTechnologies TYL ... 70 138.30 -14.40 LINE 250.0 dd 0.50 -0.70
t-17.49 17.57 12.52 Aviva ADR AV 3.3 ... 12.55 -0.45 15.78 70.00 43.14 lululemonathletica LULU ... 33 60.75 -1.88
-6.35 47.27 36.41 Avnet AVT 1.7 10 40.12 -0.32 18.47 36.44 25.09 Exelon EXC 3.8 13 32.90 0.65 9.36 115.51 93.74 NextEraEnergy NEE 2.7 19 113.61 0.09 s 7.07 58.95 37.10 TysonFoodsClA TSN 1.1 19 57.10 5.15
-7.56 30.87 24.96 Markit MRKT ... 44 27.89 -0.41
-13.92 36.50 21.73 AxaltaCoatingSys AXTA ...104 22.94 -0.46 -7.37 91.99 63.46 ExtraSpaceStorage EXR 2.9 43 81.71 -4.39 -8.28 22.89 15.82 Nidec ADR NJ ... 27 16.73 -0.38 -21.27 23.19 14.97 UBSGroup UBS 1.8 9 15.25 -0.16 -10.49 85.00 56.43 MarriottInt A MAR 1.7 20 60.01 -0.70
-6.62 60.00 49.92 AxisCapital AXS 2.7 8 52.50 -0.28 2.73 93.45 66.55 ExxonMobil XOM 3.6 21 80.08 0.25 -2.08 49.37 42.23 NielsenHoldings NLSN ... 36 45.63 -1.07 -6.79 38.07 30.03 UDR UDR 3.2113 35.02 -1.75 1.59 16.78 7.40 MarvellTch MRVL 2.7 dd 8.96 -0.34
-15.21 41.90 30.72 BB&T BBT 3.4 12 32.06 -0.10 -5.57 64.72 32.58 FMC FMC 1.8 6 36.95 -0.65 -8.53 68.19 45.35 NikeClB NKE 1.1 28 57.17 -3.00 6.40 37.85 31.50 UGI UGI 2.5 18 35.92 0.68 17.08 34.36 19.45 Mattel MAT 4.8 29 31.81 -0.48
8.36 47.08 31.49 BCE BCE 4.7 14 41.85 -0.04 -17.92 44.43 22.85 FMCTechnologies FTI ... 11 23.81 -0.47 s 13.36 45.78 28.76 NipponTelegraphADR NTT ... 24 45.05 1.01 -3.08 24.53 12.93 UltraparPartADR UGP 3.1 17 14.78 -0.33 -17.71 42.18 29.47 MaximIntProducts MXIM 3.8 52 31.27 -0.82
-12.34 49.65 18.46 BHPBillitonADR BHP 11.0 15 22.58 -0.31 -12.35 177.28 139.01 FactSetResearchSys FDS 1.2 25 142.49 -3.07 7.53 21.66 16.04 NiSource NI 3.0 17 20.98 -0.18 -4.07 105.89 63.23 UnderArmour A UA ... 74 77.33 -3.21 t-39.72 70.79 28.47 Medivation
-1.36 46.53 37.92 UnileverADR UN 3.1 23 42.73 -0.27 MDVN ... 19 29.14 -1.42
-9.54 48.09 16.36 BHPBillitonADR BBL 12.1 14 20.49 -0.39 3.16 153.32 124.87 FedRlty FRT 2.5 59 150.71 -0.78 -11.14 53.67 23.77 NobleEnergy NBL 1.4343 29.26 -2.12 -19.88 28.17 12.80 MelcoCrownEntADR MPEL 0.5 35 13.46 -0.62
-2.56 43.85 27.55 BPADR BP 7.9 dd 30.46 -0.15 -11.46 185.19 119.71 FedEx FDX 0.8 31 131.91 -2.30 -15.10 8.37 5.71 NokiaADR NOK 2.6 18 5.96 -0.28 0.53 46.19 38.60 UnileverADR UL 3.0 23 43.35 -0.02 -21.07 153.42 85.75 MercadoLibre MELI 0.5 40 90.25 -6.39
-5.79 23.51 11.05 BRFADR BRFS 2.2 12 13.02 0.13 -21.46 60.97 34.03 Ferrari RACE ... ... 37.70 -1.18 t-13.69 7.32 4.79 NomuraHoldingsADR NMR ... 9 4.79 -0.16 -4.05 124.52 67.06 UnionPacific UNP 2.9 14 75.03 -0.49 -3.26 30.00 19.46 MichaelsCos. MIK ... 13 21.39 -0.80
0.35 37.69 31.10 BTGroupADR BT 1.9 9 34.73 -0.92 -28.40 11.22 6.37 FiatChryslerAutos FCAU ... 27 6.58 -0.07 -3.27 83.16 44.49 Nordstrom JWN 3.1 14 48.18 0.75 -18.22 71.38 42.17 UnitedContlHldgs UAL ... 2 46.86 -1.55 -9.28 52.44 37.77 MicrochipTech MCHP 3.4 26 42.22 -0.52
-2.82 70.45 37.58 BakerHughes BHI 1.5 dd 44.85 0.61 -20.41 14.94 9.69 FibriaCelulose ADR FBR ... 82 10.10 -0.11 -17.08 112.05 64.51 NorfolkSouthern NSC 3.4 14 70.14 0.77 6.38 2.55 1.42 UnitedMicroADR UMC 4.2 11 2.00 0.01 -22.32 32.84 9.31 MicronTechnology MU ... 6 11.00 -0.23
-10.33 77.20 57.95 Ball BLL 0.8 33 65.22 -2.62 -11.77 40.25 30.38 FidNtlFnl FNF 2.7 13 30.59 -0.75 -1.23 193.99 152.31 NorthropGrumman NOC 1.7 18 186.49 0.14 -0.89 107.32 87.30 UtdParcel B UPS 3.1 18 95.37 -0.88 -9.59 56.85 39.72 Microsoft MSFT 2.9 36 50.16 -1.84
-10.23 10.75 5.89 BancoBilbaoVizADR BBVA 5.3 15 6.58 0.07 -20.66 13.55 8.82 FNFVGroup FNFV ... 4 8.91 -0.31 t-13.61 106.84 73.97 Novartis ADR NVS 3.7 10 74.33 -0.73 -33.55 105.83 44.59 UnitedRentals URI ... 8 48.20 -0.48 -21.78 125.31 81.32 Middleby MIDD ... 25 84.38 -3.16
3.37 70.37 56.21 BancodeChileADR BCH 5.2 12 61.41 -0.39 -3.40 73.60 56.80 FidelityNtlInfo FIS 1.8 23 58.54 -1.61 -15.81 60.34 41.87 NovoNordiskADR NVO 1.5 24 48.90 -0.75 -6.05 46.26 37.97 US Bcp USB 2.5 13 40.09 -0.02 -15.92 48.58 33.97 MondelezIntlClA MDLZ 1.8 8 37.70 -0.32
-3.23 22.94 15.69 BcoSantChileADR BSAC 6.7 10 17.07 0.01 -22.57 83.71 37.43 58.comADR WUBA ... dd 51.07 -4.13 -0.94 50.70 33.90 Nucor NUE 3.8 36 39.92 -0.55 -0.50 27.68 6.15 US Steel X 2.5 dd 7.94 -0.30 -16.94 160.50 115.26 MonsterBeverage MNST ... 43 123.73 -4.73
-15.40 7.79 3.69 BancoSantanderADR SAN 5.3 7 4.12 0.05 -4.18 69.76 54.78 FirstRepublicBank FRC 0.9 20 63.30 -3.68 -19.98 68.10 25.65 NuSTAREnergy NS 13.6 10 32.09 -0.34 -8.57 124.45 83.39 UnitedTech UTX 2.9 58 87.84 -0.28 -4.96 76.69 37.59 Mylan MYL ... 29 51.39 -0.92
10.99 47.51 23.69 BanColombiaADR CIB 3.5 8 29.69 0.25 6.21 40.91 28.89 FirstEnergy FE 4.3 29 33.70 0.45 2.43 35.19 23.37 OGEEnergy OGE 4.1 18 26.93 -0.32 -5.03 126.21 95.00 UnitedHealthGroup UNH 1.8 19 111.72 -2.48 -16.08 114.00 66.93 NXP Semi NXPI ... 25 70.70 -5.61
-23.05 18.48 12.52 BankAm BAC 1.5 9 12.95 -0.30 -13.41 165.67 107.56 FleetCorTechs FLT ... 32 123.76 -0.99 3.57 51.53 18.84 ONEOK OKE 9.6 17 25.54 0.05 -8.75 148.57 102.86 UniversalHealthB UHS 0.4 16 109.04 -2.81 2.11 62.77 47.81 Nasdaq NDAQ 1.7 24 59.40 -0.45
-5.30 67.01 47.54 BkMntrl BMO 4.7 8 53.43 -0.78 -6.28 27.31 19.35 FlwrsFoods FLO 2.9 23 20.14 -0.18 -2.66 47.15 21.86 ONEOKPartners OKS 10.8 17 29.33 -0.16 -16.85 38.15 26.27 UnumGroup UNM 2.7 8 27.68 0.05 -14.66 39.90 20.66 NetApp NTAP 3.2 18 22.64 0.06
-16.40 45.45 33.16 BankNY Mellon BK 2.0 13 34.46 -0.49 -3.23 64.41 33.86 Flowserve FLS 1.8 15 40.72 0.41 -3.17 83.74 58.24 OccidentalPetrol OXY 4.6 dd 65.47 -1.51 -2.15 10.38 6.68 VEREIT VER 7.1 dd 7.75 -0.22 -23.05 186.45 94.17 NeteaseADR NTES 1.6 20 139.47 -11.22
1.04 56.26 35.01 BkNovaScotia BNS 5.2 7 40.86 -0.48 -5.04 62.26 39.48 Fluor FLR 1.9 10 44.84 -0.10 -21.03 13.49 4.76 Och-ZiffCapMgmt OZM 3.3 7 4.92 -0.21 -5.17 77.83 52.21 VF VFC 2.5 24 59.03 -2.38 -27.62 133.27 58.46 Netflix NFLX ...291 82.79 -6.92
-22.38 18.05 9.57 BarclaysADR BCS 2.4 74 10.06 -0.18 -2.86 102.72 77.47 FomentoEconMexADR FMX 1.5 25 89.71 -1.56 -5.53 19.11 14.47 OldRepublic ORI 4.2 12 17.60 -0.21 -7.75 81.01 60.00 VISAClA V 0.8 26 71.54 -2.14 t-16.92 17.55 10.96 NewsCorpClA NWSA ... dd 11.10 -1.11
-3.45 202.47 163.81 Bard CR BCR 0.5107 182.91 -4.22 1.11 77.25 52.20 FootLocker FL 1.5 18 65.81 -2.24 -9.52 43.18 30.57 OmegaHealthcare OHI 7.2 23 31.65 -0.23 -8.74 133.59 84.55 VailResorts MTN 2.1 39 116.80 -3.05 t-14.61 17.11 11.51 NewsCorpClB NWS ... dd 11.92 -0.86
57.72 13.70 5.91 BarrickGold ABX 0.7 dd 11.64 0.46 -18.74 16.74 10.44 FordMotor F 5.2 7 11.45 -0.08 -5.88 80.98 64.12 OmnicomGroup OMC 2.8 16 71.21 -1.44 -20.67 9.14 2.13 ValeADR VALE 7.4 dd 2.61 -0.08 -16.74 79.25 57.45 NorthernTrust NTRS 2.4 15 60.02 -0.32
-2.69 42.38 29.83 Baxalta BXLT 0.7 ... 37.98 -0.91 -16.14 25.90 18.02 ForestCityRealtyA FCE/A ...786 18.39 -0.47 -17.81 19.20 7.12 OpkoHealth OPK ... dd 8.26 -0.18 -4.98 263.81 69.33 ValeantPharmIntl VRX ... 48 96.59 -0.35 t-32.66 64.27 38.72 NorwegianCruise NCLH ... 25 39.46 -3.04
-1.73 43.44 32.18 BaxterIntl BAX 1.2 21 37.49 -0.80 -15.41 25.83 18.40 ForestCityRealtyB FCE/B ...791 18.50 -0.36 -2.27 45.24 33.13 Oracle ORCL 1.7 17 35.70 -0.75 -19.22 73.88 51.68 ValeroEnergy VLO 4.2 7 57.12 -4.07 -15.23 21.82 13.59 NuanceComms NUAN ... dd 16.86 -0.63
-12.23 157.50 128.87 BectonDickinson BDX 2.0 41 135.25 -2.66 -18.05 56.99 41.17 FortBrandsHomeSec FBHS 1.4 27 45.48 -1.16 1.86 18.74 14.27 OrangeADR ORAN 2.6 31 16.94 -0.52 -3.68 90.91 70.58 Valspar VAL 1.7 17 79.90 0.35 -19.81 33.94 19.09 NVIDIA NVDA 1.7 24 26.43 -1.78
7.54 49.44 38.91 Bemis BMS 2.4 20 48.06 0.53 9.42 56.04 38.20 Franco-Nevada FNV 1.7109 50.06 1.30 -4.68 94.92 56.06 OrbitalATK OA 1.4 13 85.16 -3.96 -1.31 53.46 35.20 Vantiv VNTV ... 49 46.80 -1.29 -4.48 277.96 202.44 OReillyAuto ORLY ... 28 242.07 -8.81
-6.65 58.46 47.54 Berkley WRB 0.9 13 51.11 0.59 -8.45 54.85 31.16 FranklinResources BEN 2.1 11 33.71 -0.08 -2.98 83.02 61.27 OrixADR IX ... 8 68.15 -2.72 -7.56 96.67 71.07 VarianMed VAR ... 18 74.69 -1.21 0.81 80.96 48.92 OldDominionFreight ODFL ... 17 59.55 -0.51
-3.53 227450 186900 BerkHathwy A BRK/A ... 14 190820 -1380.00 -16.10 23.97 3.52 Freeport-McMoRan FCX ... dd 5.68 -0.04 -7.27 48.50 37.29 OwensCorning OC 1.6 20 43.61 -1.76 -0.19 69.33 49.31 Ventas VTR 5.2 47 56.32 -0.05 -5.63 61.74 36.65 OpenText OTEX 1.8 26 45.23 -1.96
-4.15 151.63 123.55 BerkHathwy B BRK/B ... 14 126.56 -0.88 -0.76 45.85 36.13 FreseniusMedADR FMS 1.0 26 41.52 -2.04 5.73 57.82 47.33 PG&E PCG 3.2 31 56.24 -0.09 s 10.28 51.20 38.06 Verizon VZ 4.4 12 50.97 0.54 5.72 68.44 43.46 Paccar PCAR 1.9 11 50.11 0.11
-7.39 42.00 25.31 BestBuy BBY 3.3 12 28.20 -0.16 -6.40 49.59 35.96 Gallagr AJG 4.0 19 38.32 -0.36 -12.32 100.52 81.38 PNC FnlSvcs PNC 2.4 11 83.57 -1.32 t-26.00 30.72 11.26 VipshopHldgsADR VIPS ... 80 11.30 -0.94 -20.70 48.85 33.21 PacWestBancorp PACW 5.9 12 34.18 -1.33
-13.37 38.85 26.12 BlackKnightFinSvcs BKFS ... 26 28.64 0.24 -3.77 43.90 21.57 Gap GPS 3.9 10 23.77 -0.13 5.97 63.61 30.97 POSCOADR PKX ... dd 37.47 -0.70 -21.27 93.43 43.83 VMware VMW ... 19 44.54 -0.74 -1.67 208.00 153.00 PaneraBreadClA PNRA ... 33 191.53 -6.66
-9.62 382.84 275.00 BlackRock BLK 3.0 16 307.75 -5.95 -8.69 94.82 74.39 Gartner IT ... 40 82.82 -1.17 -6.02 118.95 82.93 PPG Ind PPG 1.6 18 92.87 -2.83 t-15.71 114.15 84.21 VornadoRealtyTrust VNO 3.0 31 84.26 -1.83 -5.73 53.07 38.51 Patterson PDCO 2.1 27 42.62 -0.62
-9.47 43.59 22.31 BlackstoneGroup BX 9.2 25 26.47 0.12 -13.49 13.57 7.25 Gazit-Globe GZT 6.1 8 7.77 0.12 5.95 37.23 29.05 PPL PPL 4.2 13 36.16 -0.50 -21.62 48.30 28.44 VoyaFinancial VOYA 0.1 4 28.93 -0.64 -11.06 54.78 41.59 Paychex PAYX 3.6 24 47.04 -0.90
5.01 37.53 29.15 BlockHR HRB 2.3 21 34.98 0.36 -2.30 153.76 121.61 GenDynam GD 2.1 15 134.20 -1.15 1.72 120.67 64.16 PVH Corp. PVH 0.2 13 74.92 -2.50 -1.40 106.83 74.30 VulcanMaterials VMC 0.4 58 93.64 -0.13 -3.12 42.55 30.00 PayPalHoldings PYPL ... 30 35.07 -2.10
-18.26 17.93 8.86 BdwlkPipePtnr BWP 3.8 14 10.61 -0.14 -8.38 31.49 19.37 GenElec GE 3.2168 28.54 -0.64 -19.68 84.88 48.19 PackCpAm PKG 4.3 11 50.64 0.20 -12.26 133.31 81.66 WABCO Hldg WBC ... 22 89.72 -0.73 -11.76 16.95 13.62 People'sUnitedFin PBCT 4.7 17 14.25 -0.08
-15.24 158.83 115.02 Boeing BA 3.6 16 122.56 -1.05 -0.66 31.32 24.22 GeneralGrowthProp GGP 2.8 19 27.03 -1.08 -27.61 200.55 123.58 PaloAltoNetworks PANW ... dd 127.51 -17.78 11.19 57.17 44.93 WECEnergyGroup WEC 3.5 24 57.05 0.65 0.72 28.79 17.39 PilgrimPride PPC ... 8 22.25 -0.05
-31.88 63.30 27.68 BorgWarner BWA 1.8 11 29.45 -0.28 -3.97 59.87 47.43 GeneralMills GIS 3.2 23 55.37 0.25 4.67 125.94 83.32 ParkerHannifin PH 2.5 17 101.51 0.38 -2.17 72.24 53.92 W.P.Carey WPC 6.7 42 57.72 -0.63 -12.08 39.81 30.25 Premier PINC ... dd 31.01 -0.77
-9.76 145.90 94.91 BostonProperties BXP 2.3 31 115.09 -2.16 -16.08 38.99 24.62 GeneralMotors GM 5.3 10 28.54 -0.10 0.49 141.25 110.06 PartnerRe PRE 2.0 51 140.43 0.03 -12.72 105.10 60.28 Wabtec WAB 0.5 16 62.07 -2.72 -20.35 1476.52 1007.11 PricelineGroup PCLN ... 21 1015.55 -53.55
-9.87 19.06 14.18 BosSci BSX ... dd 16.62 -0.72 1.28 25.97 20.95 Genpact G ... 25 25.30 1.28 3.71 22.47 9.18 PearsonADR PSO 5.0 29 11.18 -0.15 9.30 88.00 56.30 WalMart WMT 2.9 14 67.00 0.58 t-23.87 28.53 20.50 Qiagen QGEN ... 39 21.05 -0.47
-13.32 70.87 51.82 BristolMyers BMY 2.5 61 59.63 -0.07 -1.26 98.48 76.50 GenuineParts GPC 2.9 18 84.81 -1.22 3.22 36.09 17.88 PembinaPipeline PBA 5.8 24 22.46 -0.47 3.34 60.32 44.16 WasteConnections WCN 1.0 dd 58.20 -1.67 t-26.82 88.35 34.90 Qorvo QRVO ... ... 37.25 -1.53
2.32 27.20 20.77 BrixmorPropertyGrp BRX 3.7 49 26.42 -0.22 t-15.52 35.15 23.71 Gildan GIL 1.1 19 24.01 -1.02 -6.62 69.65 42.00 Pentair PNR 2.9 18 46.25 -0.56 -1.50 55.93 45.86 WasteMgt WM 2.9 22 52.57 -0.62 -11.93 74.09 42.88 Qualcomm QCOM 4.4 15 44.02 -1.64
-4.17 60.10 48.56 BdridgeFnlSol BR 2.3 22 51.49 -1.24 1.02 49.08 37.24 GlaxoSmithKlineADR GSK 6.6 7 40.76 -0.22 2.23 27.35 21.61 PepcoHoldings POM 4.1 29 26.59 -0.11 -14.20 137.39 113.98 Waters WAT ... 20 115.47 -2.45 -31.70 55.93 26.52 QunarCaymanIslADR QUNR ... dd 36.02 -3.13
-8.59 39.00 26.13 BrookfieldMgt BAM 1.7 9 28.82 -0.68 -13.56 74.64 43.84 GlblPymts GPN 0.1 25 55.76 -1.93 -2.60 103.44 76.48 PepsiCo PEP 2.9 29 97.32 -0.07 -17.28 14.90 4.95 WeatherfordIntl WFT ... dd 6.94 -0.45 26.43 82.72 54.88 RandgoldRscsADR GOLD 0.8 39 78.30 1.50
-5.54 46.95 30.50 BrookfieldInfr BIP 5.9 33 35.81 -0.49 -19.34 35.35 21.04 GoDaddyClA GDDY ... dd 25.86 -2.63 t-19.25 54.52 39.50 PerkinElmer PKI 0.6 28 43.26 -3.32 2.69 38.03 30.21 WeingartenRealty WRI 3.9 54 35.51 -0.13 -26.94 605.93 392.35 RegenPharm REGN ... 77 396.61 -15.98
-1.87 34.59 28.41 Brown&Brown BRO 1.6 19 31.50 0.07 18.77 23.79 9.46 Goldcp GG 1.7 dd 13.73 0.67 -0.57 215.73 138.74 Perrigo PRGO 0.3145 143.88 -0.23 -11.96 58.77 46.51 WellsFargo WFC 3.1 12 47.86 -0.39 -0.91 57.19 43.47 RossStores ROST 0.9 22 53.32 -1.16
-4.51 122.94 86.85 BrownFormanClA BF/A 1.3 32 105.14 -0.48 -13.18 218.77 147.01 GoldmanSachs GS 1.7 13 156.47 -0.02 -9.67 136.98 52.30 PetroChinaADR PTR 3.3 16 59.25 0.01 -7.22 81.10 58.19 Welltower HCN 5.4 42 63.12 0.29 -12.12 88.24 62.53 RyanairHoldingsADR RYAAY ... 12 75.98 -2.94
-2.89 111.06 86.71 BrownFormanClB BF/B 1.4 30 96.41 0.15 -16.10 84.22 62.96 GraceWR GRA ... 35 67.06 -0.89 -24.65 10.55 2.71 PetroleoBrasilADR PBR ... dd 3.24 -0.19 6.72 46.60 33.88 WestarEnergy WR 3.2 21 45.26 0.12 -11.11 128.47 84.19 SBACommunications SBAC ... dd 93.40 -2.50
-13.37 82.98 47.07 BuckeyePartners BPL 8.2 18 57.14 -2.51 2.82 252.87 176.85 Grainger GWW 2.2 18 208.31 -0.17 -32.35 9.71 1.99 PetroleoBrasilADRA PBR/A ... dd 2.30 -0.14 -27.45 66.24 19.82 WesternGasEquity WGP 6.1 22 26.33 -0.91 -31.05 55.48 35.70 SEIInvestments SEIC 1.4 18 36.13 -0.68
-12.96 93.04 57.91 Bunge BG 2.6 19 59.43 -0.07 5.46 29.65 24.06 GreatPlainsEnergy GXP 3.6 21 28.80 0.02 -10.07 36.46 28.47 Pfizer PFE 4.1 23 29.03 0.03 -32.97 74.30 27.85 WesternGasPartners WES 10.0 16 31.86 0.26 -15.72 77.19 55.67 SS&CTechs SSNC 0.9 72 57.54 -3.53
t-28.08 39.77 24.81 CBRE Group CBG ... 15 24.87 -1.49 -8.43 97.05 59.82 GpoAeroportuarADR PAC 2.2 26 80.84 -1.66 1.87 90.35 75.27 PhilipMorrisIntl PM 4.6 19 89.55 0.45 -1.95 22.84 16.02 WesternUnion WU 3.5 11 17.56 0.01 t-23.73 152.99 90.18 SVBFinancialGroup SIVB ... 14 90.68 -3.36
-2.15 72.50 42.54 CBSClA CBS/A 1.2 16 51.00 -2.03 -1.38 10.61 5.59 GpoAvalAccionesADR AVAL 6.1 10 6.43 -0.03 9.36 72.93 38.72 PhilippineLgDisADR PHI 5.9 14 46.75 0.59 -15.19 79.25 40.44 WestlakeChemical WLK 1.6 9 46.07 -0.16 -13.16 30.45 21.00 Sabre SABR 1.5 15 24.29 -0.84
-1.87 63.95 38.51 CBSClB CBS 1.3 15 46.25 -2.16 -12.80 11.75 6.79 GpFinSantandMexADR BSMX 1.8 11 7.56 -0.02 -4.24 94.12 69.79 Phillips66 PSX 2.9 10 78.33 -1.55 -12.30 31.42 20.12 WestpacBankingADR WBK ... 11 21.25 -0.63 -9.20 87.43 44.28 SanDisk SNDK 1.7 37 69.00 -0.86
-26.56 70.32 26.10 CFIndustries CF 4.0 8 29.97 -0.62 t -9.30 40.05 24.59 GrupoTelevisaADR TV ... 19 24.68 -1.41 3.63 59.35 34.95 PiedmontNaturalGas PNY 2.2 34 59.09 -0.07 -26.79 66.40 31.53 WestRock WRK 4.5 61 33.40 -1.03 -13.83 63.39 26.25 SeagateTechnology STX 8.0 16 31.59 0.03
3.77 46.30 31.99 CGI Gp A GIB ... 14 41.54 -2.40 2.31 95.49 43.91 HCAHoldings HCA ... 14 69.19 -0.94 -2.14 48.13 35.34 PinnacleFoods PF 2.5 29 41.55 -0.91 -19.98 35.75 23.73 Weyerhaeuser WY 5.2 22 23.99 -1.75 -29.03 52.33 29.31 SeattleGenetics SGEN ... dd 31.85 -1.03
-28.69 49.27 26.08 CIT Grp CIT 2.1 5 28.31 0.54 -6.90 45.29 32.71 HCP HCP 6.5 55 35.60 -0.22 6.27 70.00 56.01 PinnacleWestCap PNW 3.6 19 68.52 -0.31 -6.16 217.00 123.60 Whirlpool WHR 2.6 14 137.82 -1.98 t-23.26 270.63 156.42 ShireADR SHPG 0.2 10 157.32 -6.02
s 10.53 40.00 31.22 CMSEnergy CMS 3.1 21 39.88 0.62 -5.55 65.44 51.64 HDFCBankADR HDB 0.6 ... 58.18 -0.71 -5.25 181.97 103.50 PioneerNaturalRscs PXD 0.1 23 118.80 -5.69 -7.48 52.53 33.16 WhiteWaveFoods WWAV ... 42 36.00 -2.59 -10.95 163.15 121.96 SignatureBank SBNY ... 19 136.58 -2.99
-7.62 43.65 31.74 CNAFinancial CNA 3.1 12 32.47 -0.23 -16.30 17.64 9.24 HP HPQ 5.0 4 9.91 0.05 -11.43 52.70 16.42 PlainsAllAmPipe PAA 13.7 17 20.46 -0.72 -33.39 61.38 12.77 Williams WMB 15.0 38 17.12 -1.63 -1.16 9.17 4.92 SiliconwareADR SPIL 6.0 19 7.66 -0.05
-5.53 175.60 82.28 CNOOCADR CEO 6.5 7 98.61 1.02 -15.56 50.26 32.39 HSBCHoldingsADR HSBC 6.0 9 33.33 -0.33 -20.53 29.86 6.19 PlainsGPHldgsClA PAGP 12.3 14 7.51 -0.34 -36.27 59.44 15.70 WilliamsPartners WPZ 19.2101 17.75 -0.79 -15.97 4.20 3.31 SiriusXMHoldings SIRI ... 34 3.42 -0.09
-11.45 30.95 24.60 CRHADR CRH 3.8 26 25.52 -0.73 -7.90 50.20 27.64 Halliburton HAL 2.3 dd 31.35 -1.08 -19.78 51.62 36.95 PlumCrk PCL 4.6 29 38.28 -2.66 -10.68 89.38 47.33 WilliamsSonoma WSM 2.7 15 52.17 0.67 -2.74 113.58 86.29 SironaDental SIRO ... 32 106.57 -0.66
-4.78 113.65 81.37 CVSHealth CVS 1.8 21 93.10 -1.53 t-15.19 34.80 24.80 Hanesbrands HBI 1.8 24 24.96 -4.43 -3.80 158.24 67.80 PolarisIndustries PII 2.7 12 82.68 -0.19 1.39 14.18 10.81 WiproADR WIT 1.3 21 11.70 -0.22 -19.09 112.88 58.50 SkyworksSolutions SWKS 1.7 13 62.16 -3.84
-0.69 33.28 17.66 Cablevision CVC 1.9 45 31.68 -0.29 -9.74 65.20 36.36 HarleyDavidson HOG 3.4 11 40.97 -0.28 -2.22 37.60 14.64 PotashCp POT 6.0 9 16.74 -0.07 -0.71 31.80 19.99 WooriBankADR WF 5.7 6 22.44 0.36 t-38.39 76.85 33.77 Splunk SPLK ... dd 36.23 -10.86
16.79 35.64 14.88 CabotO&G COG 0.4 dd 20.66 -0.24 -24.97 149.12 66.38 HarmanIntlInds HAR 2.0 15 70.69 -1.39 2.64 130.38 95.60 Praxair PX 2.9 20 105.10 -0.43 t-31.93 95.17 53.13 Workday WDAY ... dd 54.24 -10.60 -5.81 17.27 8.29 Staples SPLS 5.4178 8.92 0.18
5.81 23.50 11.74 Calpine CPN ... 12 15.31 -0.50 -12.91 89.78 69.84 Harris HRS 2.6117 75.68 -3.16 -18.16 58.02 33.09 PrincipalFinancial PFG 4.1 9 36.81 0.47 -13.70 94.35 61.72 WyndhamWorldwide WYN 2.7 14 62.70 -1.90 -9.23 64.00 42.05 Starbucks SBUX 1.5 34 54.49 -3.80
-3.69 81.41 67.27 CamdenPropertyTr CPT 4.1 27 73.93 -3.30 -6.72 50.95 36.54 HrtfrdFnl HIG 2.1 11 40.54 0.74 2.25 86.61 65.02 Procter&Gamble PG 3.3 28 81.20 0.50 -11.08 40.48 5.40 XL Group XL 2.3 9 34.84 0.21 1.62 23.16 15.32 SteelDynamics STLD 3.0 dd 18.16 -0.69
0.08 17.77 10.31 Cameco CCJ 2.3 33 12.34 -0.07 -8.22 76.67 52.40 HealthNet HNT ... 32 62.83 -2.13 -3.46 33.95 25.92 ProgressiveCorp PGR 2.9 14 30.70 0.04 s 10.08 39.63 31.76 XcelEnergy XEL 3.2 20 39.53 0.46 t -7.86 151.57 108.75 Stericycle SRCL ... 36 111.12 -4.82
-0.46 71.22 40.50 CameronIntl CAM ...173 62.91 -1.40 -6.11 79.90 40.02 Helmerich&Payne HP 5.5 23 50.28 -1.04 -8.57 45.66 36.26 Prologis PLD 4.1 24 39.24 -0.34 -11.01 14.02 8.48 Xerox XRX 3.3 22 9.46 0.09 -5.90 26.36 18.31 Symantec SYMC 3.0 20 19.76 0.58
6.26 57.08 44.45 CampbellSoup CPB 2.2 27 55.84 0.50 -16.06 61.95 30.27 Herbalife HLF 2.7 11 45.01 -1.53 t-19.73 92.60 65.00 PrudentialFin PRU 4.3 9 65.35 -1.63 0.44 38.08 29.90 Xylem Inc. XYL 1.7 21 36.66 -0.42 -8.66 52.78 39.26 Synopsys SNPS ... 29 41.66 -1.20
-2.23 81.60 56.29 CIBC CM 5.3 7 64.40 -1.00 -1.76 107.57 82.41 Hershey HSY 2.7 38 87.70 -0.94 -21.30 52.60 34.71 PrudentialADR PUK 2.1 12 35.48 -1.33 8.91 32.00 12.67 YPFADR YPF 1.6 8 17.12 0.09 -21.75 39.05 25.03 TDAmeritrade AMTD 2.5 18 27.16 0.08
-4.53 71.11 46.23 CanNtlRlwy CNI 2.0 12 53.35 -1.74 -21.58 79.00 32.41 Hess HES 2.6 dd 38.02 -5.45 10.91 44.18 36.80 PublicServiceEnt PEG 3.6 12 42.91 0.49 -13.54 12.24 3.66 YanzhouCoalADR YZC 0.8 8 3.96 -0.03 -13.28 19.42 13.94 TFSFinancial TFSL 2.4 65 16.33 -0.22
-0.46 34.46 14.60 CndNatRes CNQ 3.2 56 21.73 -0.33 -13.16 18.50 11.62 HewlettPackardEnt HPE 1.7 ... 13.20 -0.65 -4.27 257.98 182.08 PublicStorage PSA 2.9 40 237.13 -9.09 0.70 31.50 11.85 YoukuTudouADR YOKU ... dd 27.32 0.07 -8.84 43.43 30.73 T-MobileUS TMUS ... 60 35.66 -3.04
-5.24 198.44 97.09 CanPacRlwy CP 0.8 14 120.91 -2.56 -17.76 31.60 16.16 HiltonWorldwide HLT 1.6 23 17.60 -0.49 -8.92 23.36 14.61 PulteGroup PHM 2.2 12 16.23 -0.30 -4.50 95.90 66.35 YumBrands YUM 2.6 24 69.76 -2.55 -3.99 84.38 63.57 TRowePrice TROW 3.0 15 68.64 -1.14
-6.60 38.02 27.06 CanonADR CAJ 5.0 17 28.14 0.17 t-22.26 54.73 30.57 HollyFrontier HFC 4.3 11 31.01 -1.35 -3.57 73.33 41.64 Qihoo360Technology QIHU ... 34 70.21 -0.59 -7.52 30.94 21.89 ZayoGroupHoldings ZAYO ... dd 24.59 -0.67 t-32.25 286.65 157.74 TeslaMotors TSLA ... dd 162.60 -12.73
-12.22 92.10 58.49 CapOneFnl COF 2.5 9 63.36 -0.37 -11.96 135.47 92.17 HomeDepot HD 2.0 22 116.43 -4.68 -12.78 89.00 60.07 QuestDiag DGX 2.6 13 62.05 -1.82 -7.39 121.84 88.77 ZimmerBiomet ZBH 0.9264 95.01 -2.54 -8.99 59.99 43.49 TexasInstruments TXN 3.0 18 49.88 -1.38
-14.18 91.91 74.76 CardinalHealth CAH 2.0 19 76.61 0.01 t-18.54 36.44 25.97 HondaMotorADR HMC ... 11 26.01 -0.73 27.98 25.91 18.02 Questar STR 3.4 20 24.93 -0.02 -14.63 55.38 37.73 Zoetis ZTS 0.9 46 40.91 -0.63 -5.52 96.28 75.00 TractorSupply TSCO 1.0 27 80.78 -2.99
-2.33 104.99 75.17 Carlisle CSL 1.4 18 86.62 -1.04 -1.39 107.41 87.00 Honeywell HON 2.3 17 102.13 -0.42 -16.25 80.45 56.66 QuintilesTransnat Q ... 20 57.50 -2.03 -9.98 27.61 15.90 TrimbleNavigation TRMB ... 33 19.31 -0.25
-18.20 75.40 41.25 CarMax KMX ... 15 44.15 0.25 -0.18 82.62 53.02 HormelFoods HRL 1.5 31 78.94 0.51 -4.81 17.52 14.80 RELXADR RENX 1.6 ... 16.02 -0.60 NASDAQ t-31.53 94.00 57.29 TripAdvisor TRIP ... 37 58.37 -5.44
-21.00 55.77 42.51 Carnival CCL 2.8 19 43.04 -2.47 t-23.70 33.10 24.35 DR Horton DHI 1.3 12 24.44 -1.23 -4.04 18.43 15.57 RELXADR RELX 1.3 25 17.11 -0.54 -7.70 35.85 22.81 21stCenturyFoxClA FOXA 1.2 7 25.07 -1.00
-20.33 58.08 43.30 Carnival ADR CUK 2.6 20 45.35 -2.50 -7.76 23.80 12.17 HostHotels&Resorts HST 5.7 17 14.15 -0.05 -12.03 51.42 37.99 RPM RPM 2.8 21 38.76 -0.72 -8.46 87.18 63.37 AMCNetworks A AMCX ... 14 68.36 -2.14 -8.04 34.81 22.85 21stCenturyFoxClB FOX 1.2 7 25.04 -1.19
2.65 109.53 80.90 Carters CRI 1.0 21 91.39 -3.38 -7.87 61.37 30.08 HuanengPowerADR HNP 7.8 5 31.60 -0.62 t-21.73 142.24 87.01 RalphLaurenA RL 2.3 14 87.25 -2.70 -8.43 98.39 82.00 Ansys ANSS ... 31 84.70 -3.48 -13.67 188.48 120.38 UltaSalon ULTA ... 34 159.71 -9.17
-2.71 89.62 56.36 Caterpillar CAT 4.7 19 66.12 0.16 -10.74 117.03 80.33 Hubbell HUBB ... 19 90.19 -1.69 24.18 65.53 19.21 RangeResources RRC 0.5 dd 30.56 0.74 -6.54 54.82 38.40 ARMHoldingsADR ARMH 0.7 40 42.28 -1.87 -15.10 216.27 155.17 UltimateSoftware ULTI ...218 165.98 -18.46
-12.36 74.19 54.12 Celanese A CE 2.0 29 59.01 -1.85 -7.69 219.79 146.64 Humana HUM 0.7 19 164.78 -3.87 -25.13 61.82 40.26 RayJamFnl RJF 1.8 13 43.40 0.13 -22.90 37.50 23.45 ARRISInternational ARRS ... 14 23.57 -0.81 -24.37 190.29 116.60 UnitedTherapeutics UTHR ... 9 118.45 -4.30
-9.87 10.48 3.64 CemexADR CX ... dd 5.02 -0.18 -1.16 144.00 102.76 HuntingtonIngalls HII 1.6 15 125.38 -0.57 1.70 129.99 95.32 Raytheon RTN 2.1 18 126.65 0.23 -0.46 114.14 77.17 ASMLHolding ASML 0.9 20 88.36 -3.11 -13.38 93.94 57.18 VeriSign VRSN ... 30 75.67 -1.34
2.43 8.20 5.20 CencosudADR CNCO 2.2 24 6.33 -0.06 -15.72 61.99 34.06 HyattHotels H ... 22 39.63 -0.85 t-15.98 49.75 30.54 RealogyHoldings RLGY ... 23 30.81 -1.17 -5.60 85.62 54.41 AcadiaHealthcare ACHC ... 39 58.96 -0.76 -11.64 82.00 65.36 VeriskAnalytics VRSK ... 23 67.93 -1.00
-6.66 20.91 10.76 CenovusEnergy CVE 4.1 14 11.78 -0.25 -22.09 11.88 5.88 ICICIBankADR IBN 2.6 9 6.10 -0.01 8.25 58.18 43.15 RealtyIncome O 4.3 51 55.89 -1.59 -21.13 39.93 20.28 ActivisionBliz ATVI 0.8 69 30.53 -1.41 -31.17 143.45 81.98 VertxPharm VRTX ... dd 86.61 -5.11
-13.39 83.00 50.93 Centene CNC ... 20 57.00 -3.33 -15.76 135.17 96.22 IHSClA IHS ... 29 99.76 -1.84 t-23.75 84.44 62.91 RedHat RHT ... 60 63.14 -5.48 -15.69 96.42 71.33 AdobeSystems ADBE ... 64 79.20 -7.16 5.25 72.72 38.05 Viacom A VIA 3.5 10 46.30 -2.38
2.67 23.15 16.05 CenterPointEnergy CNP 5.5 dd 18.85 -0.10 -5.85 33.52 22.36 IMSHealthHoldings IMS ... 20 23.98 0.01 4.62 73.75 55.79 RegencyCtrs REG 2.7 54 71.27 -0.98 -17.92 78.44 42.68 AkamaiTechnologies AKAM ... 24 43.20 -1.44 5.05 73.52 36.32 Viacom B VIAB 3.7 9 43.24 -2.10
5.76 40.59 21.94 CenturyLink CTL 8.1 20 26.61 0.07 -13.08 17.44 10.57 INGGroepADR ING 4.5 10 11.70 -0.18 -18.75 10.87 7.08 RegionsFinancial RF 3.1 10 7.80 -0.10 -25.41 208.88 130.51 AlexionPharm ALXN ...187 142.28 -3.74 5.18 6.50 2.71 VimpelComADR VIP 1.0 dd 3.45 -0.06
-7.87 112.93 69.58 Chevron CVX 5.2 34 82.88 -1.91 -19.12 42.05 26.75 Invesco IVZ 4.0 12 27.08 -0.88 -1.55 98.70 76.96 ReinsuranceGrp RGA 1.8 11 84.22 0.61 0.03 69.36 51.65 AlignTechnology ALGN ... 37 65.87 -1.51 -6.54 39.46 29.33 VodafoneGroupADR VOD 3.7 dd 30.15 -0.75
t-22.74 50.65 21.71 ChinaEasternAirADR CEA ... 5 21.74 -0.13 0.23 42.32 30.33 ITCHoldings ITC 1.9 24 39.34 -0.15 -2.77 116.10 99.14 RenaissanceRe RNR 1.1 12 110.05 0.47 -59.47 80.71 29.67 Alkermes ALKS ... dd 32.17 -1.14 -10.58 123.33 98.64 WPPADR WPPGY 2.4 13 102.60 -4.07
-30.52 26.29 11.01 ChinaLifeInsADR LFC 2.9 10 11.11 ... -5.03 80.31 65.45 IDEX IEX 1.8 20 72.76 -0.33 -0.93 45.35 38.95 RepublicServices RSG 2.8 24 43.58 -0.55 -30.33 140.00 61.09 AlnylamPharm ALNY ... dd 65.59 -1.92 -11.69 97.30 74.43 WalgreensBootsAll WBA 1.9 18 75.20 -1.99
-4.56 75.52 50.12 ChinaMobileADR CHL 3.7 13 53.76 -0.78 -2.45 100.14 78.79 IllinoisToolWorks ITW 2.4 18 90.41 -1.05 6.95 75.33 48.99 ResMed RMD 2.1 23 57.42 -0.40 -9.54 810.35 527.55 AlphabetClA GOOGL ... 30 703.76 -26.27 -23.63 111.84 42.28 WesternDigital WDC 4.4 9 45.86 -3.28
-7.97 96.69 48.28 ChinaPetroleumADR SNP 5.1 19 55.20 -0.56 3.58 19.46 15.26 InfosysADR INFY 1.8 22 17.35 -0.49 -14.45 45.71 31.27 RestaurantBrands QSR 1.6 dd 31.96 -0.73 -9.92 789.87 515.18 AlphabetClC GOOG ... 29 683.57 -24.44 -12.87 57.57 28.18 WholeFoods WFM 1.8 20 29.19 -0.01
-31.22 64.71 22.49 ChinaSoAirlinesADR ZNH 1.2 6 26.24 -1.69 -7.14 70.93 47.08 Ingersoll-Rand IR 2.5 20 51.34 0.04 2.99 50.42 33.71 ReynoldsAmer RAI 3.0 18 47.53 0.16 -25.71 696.44 365.65 Amazon.com AMZN ...405 502.13 -34.13 -11.38 132.34 106.57 WillisTowersWatson WLTW ... 17 114.02 -1.69
-0.52 78.28 42.23 ChinaTelecomADR CHA 2.7 13 46.21 -0.97 4.71 101.83 75.11 Ingredion INGR 1.8 18 100.35 1.16 -9.99 50.07 21.89 RioTinto ADR RIO 8.0 17 26.21 -0.75 0.16 61.46 49.21 Amdocs DOX 1.2 20 54.66 -0.29 -10.52 160.41 49.95 WynnResorts WYNN 3.2 32 61.91 -1.87
-10.03 19.88 10.12 ChinaUnicomADR CHU 3.0 17 10.85 -0.07 -7.83 268.89 220.28 ICE ICE 1.4 22 236.19 -9.90 0.89 9.47 5.88 RiteAid RAD ... 4 7.91 0.06 -16.84 436.89 307.08 Amerco UHAL ... 15 323.91 -9.03 2.34 50.72 38.70 Xilinx XLNX 2.6 24 48.07 -1.29
-4.11 758.61 399.14 ChipotleMex CMG ... 30 460.14 -10.76 -14.30 44.72 31.08 InterContinentlADR IHG ... 16 33.20 -0.62 -15.83 63.27 38.55 RobHalfIntl RHI 2.0 15 39.68 0.42 0.57 22.29 11.83 AmericaMovilClAADR AMOV 2.2 31 14.07 -0.38 -15.90 46.17 26.57 Yahoo YHOO ... dd 27.97 -1.18
-3.94 119.86 96.00 Chubb CB 2.4 13 112.25 -0.97 -6.58 176.30 118.00 IBM IBM 4.0 10 128.57 0.92 -3.68 127.05 87.53 Rockwell ROK 2.9 17 98.83 0.19 -13.22 56.05 34.10 AmerAirlinesGrp AAL 1.1 3 36.75 -1.46 -18.07 21.36 9.94 Yandex YNDX ... 16 12.88 -0.67
5.09 32.85 28.49 ChunghwaTelecomADR CHT 4.7 19 31.56 ... -0.22 123.08 100.02 IntFlavor IFF 1.9 23 119.38 -1.90 -11.95 99.37 77.70 RockwellCollins COL 1.6 17 81.27 0.87 2.60 22.05 15.69 AmeriCapAg AGNC 13.5 32 17.79 -0.06 -20.77 33.03 20.33 ZionsBancorp ZION 1.1 18 21.63 -0.42
2.38 90.73 76.85 Church&Dwight CHD 1.5 28 86.90 0.16 -7.24 57.90 32.50 InternationalPaper IP 5.0 16 34.97 -0.10 0.17 41.38 32.50 RogerComm B RCI 3.9 13 34.52 -0.95 -10.65 181.81 130.09 Amgen AMGN 2.8 16 145.04 -4.87 -14.93 3.12 2.15 Zynga ZNGA ... dd 2.28 -0.10
-9.08 170.68 110.76 Cigna CI 0.0 16 133.05 -1.72 -9.45 23.80 18.16 Interpublic IPG 2.3 18 21.08 -0.83 1.16 30.42 21.95 RollinsInc ROL 1.5 37 26.20 -0.72 -10.46 35.94 26.03 AmTrustFinSvcs AFSI 4.4 10 27.57 0.10
-5.05 132.18 72.77 CimarexEngy XEC 0.8 dd 84.87 -3.80 -0.04 41.53 23.64 IronMountain IRM 7.2 45 27.00 -0.35 -14.05 195.93 150.91 RoperTechnologies ROP 0.7 24 163.12 -3.85 -9.94 68.97 47.24 AnalogDevices ADI 3.2 23 49.82 -1.85 NYSE MKT
-22.98 60.95 38.04 Citigroup C 0.5 7 39.86 -0.93 3.95 7.67 3.68 IsraelChemicals ICL ... 3 4.21 0.01 -4.50 67.49 44.37 RoyalBkCanada RY 4.6 8 51.17 -0.47 -10.68 134.54 92.00 Apple AAPL 2.2 10 94.02 -2.58
-24.21 28.71 19.25 CitizensFinancial CFG 2.0 13 19.85 -0.38 -2.92 12.12 5.48 ItauUnibancoADR ITUB 9.4 4 6.32 -0.04 -21.08 12.52 6.70 RoyalBkScotlandADR RBS ... dd 7.00 -0.11 -9.96 25.64 14.25 AppliedMaterials AMAT 2.4 15 16.81 -0.77 -1.94 119.91 99.81 BritishAmTobADR BTI 2.8 16 108.31 -1.05
-1.93 132.19 103.77 Clorox CLX 2.5 24 124.38 -0.33 -12.54 70.61 50.07 JPMorganChase JPM 3.0 10 57.75 -0.65 -31.25 103.40 65.91 RoyalCaribbean RCL 2.2 23 69.58 -4.00 -5.46 78.81 58.42 ArchCapitalGroup ACGL ... 13 65.94 -0.02 t-32.81 82.32 23.98 CheniereEnergy LNG ... dd 25.03 -2.53
7.09 43.87 27.22 Coach COH 3.9 27 35.05 -1.04 -11.68 48.25 35.20 JacobsEngineering JEC ... 19 37.05 -0.35 -2.42 67.16 35.80 RoyalDutchADRA RDS/A 8.4 71 44.68 0.13 -22.97 170.42 110.68 AthenaHealth ATHN ...326 124.00 -18.26 -16.11 34.55 20.02 CheniereEngyPtnr CQP 7.8 dd 21.87 -0.43
-1.21 43.91 36.56 CocaCola KO 3.1 27 42.44 -0.09 -10.02 14.44 10.19 JamesHardieADR JHX 23.7 5 11.40 -0.36 -2.87 69.91 35.95 RoyalDutchADRB RDS/B 8.4 71 44.72 0.11 t-32.88 31.46 17.55 AtlassianClA TEAM ... ... 20.19 -3.81 -3.44 45.60 25.55 ImpOil IMO 1.3 24 31.40 -0.36
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THE WALL STREET JOURNAL.
Two NFL Blueprints for 30 Teams to Steal
With little in common, the
Broncos and Panthers give
the rest of the league two
schematics for success
BY KEVIN CLARK
When a team wins a Super Bowl—
no matter how they do it or how
close the score turns out to be—the
rest of the league’s teams can always
be counted on to do precisely the
same thing: gleefully rip off what-
ever strategy the winning team em-
ployed. This is not a particularly in-
ventive way to make football
decisions, but the NFL’s decision-
makers have never exactly been de-
scribed as avant-garde.
Two years ago, after the Seattle
Seahawks rolled through the NFL on
their way to the title, tall corner-
backs, similar to the ones employed
GETTY IMAGES
Carolina relies on homegrown stars like middle linebacker Luke Kuechly
Heard On
The Field
Football-Hating Skiers
Are Living a Dream
It’s not too late for Broncos fans
to ditch their Super-Bowl-party
plans and go skiing Sunday after-
noon. “Skiing on Super Bowl Sun-
day means wide-open slopes (and)
no lift lines,” says Jennifer Rudolph,
spokeswoman for Colorado Ski
Country USA.
This season, the Colorado sky
has bestowed abundant quantities
of snow upon the 21 resorts that
comprise Colorado Ski Country, fuel-
ing a 10% surge in total skier visits
from Oct. 29 through Dec. 31, the
trade group said. Recent days in
particular have blanketed Colorado
ski slopes. Even so, skiing is a
heavy underdog Sunday afternoon
against Broncos football. “When the
Broncos are playing, we see a de-
crease,” says Steve Hurlbert,
spokesman for Winter Park Resort.
Even the game’s 4:30 p.m. start
offers a limited reprieve to Bronco-
nation ski resorts. “The Super Bowl
start time is not a factor, because a
lot of people make a whole day out
of the pregame,” says Hurlbert.
Denver’s appearance in the Su-
per Bowl is prompting the local ski
industry to offer discounts rarely
seen in the heart of such a snow-
rich season. Winter Park, located
about 70 miles from Denver, is of-
fering lodging at 20% off normal
rates Friday and Saturday, and 35%
off on Sunday. Several Colorado re-
sorts are selling lift tickets for Sun-
day as low as $40, half or more off
the regular price.
“If you don’t care about football,
it’s one of the best days to go ski-
ing,” says John Dover, a retired
school teacher in Denver who owns
a condominium in Breckenridge. To
be clear, though, Dover isn’t skiing
Sunday. “I’m going to watch the
game.”
—Kevin Helliker
BLOOMBERG
* * * * * *
by that team, became the hottest
pieces for any defense. A year ago,
the Patriots made the NFL remember
that slot receivers and freak tight
ends were good things to have. So
on Sunday, the 30 other NFL teams
not playing will be watching to see
what their next obsession will be.
The Carolina Panthers and Denver
Broncos have a few things in com-
mon: famous quarterbacks and great
defenses. The similarities end there.
These two teams are so philosophi-
cally and tactically different that the
two possible outcomes of Sunday’s
game present two unusually diverse
paths for the rest of the NFL to
blindly follow. Here are the four ma-
jor points of differentiation:
FREE AGENCY VS.
THE DRAFT
Free agency is a bad word in the
NFL these days. The top teams puff
their chests out about long-term
For Sunday’s four-hour Super Bowl edition of CBS’ “The NFL Today,” the program’s hosts must discuss complex NFL schemes in terms comprehensible to novices.
How to Talk Football to 100 Million People
BY KEVIN CLARK
Everyone has had to come up
with a talking point about the Super
Bowl. Usually it’s over guacamole in
the back of a living room with some-
one you just met. But for a handful
of former football pros, they have to
figure out something smart to say to
100 million people.
“These are the most novice group
of watchers you are going to have all
year,” said former Pittsburgh Steel-
ers coach Bill Cowher, an analyst for
CBS’ “The NFL Today,” which will
broadcast for four hours on Super
Bowl Sunday. “This is the one game
a year they watch so it’s important
to keep it very simple so they can at
least get pulled in and understand.”
The four-hour pregame show that
CBS will broadcast is one of the
most complicated tight-rope acts in
football media. You have to discuss
the game’s most intricate details—
“This is the game we talk about
spikes, gloves, weather conditions,”
said former NFL linebacker Bart
Scott, now in his second year on the
show—while also engaging millions
of people who know next to nothing
about the game.
“You can’t say two-technique,
cover-2, slant defense, in, out, verti-
cal, you’ve got to use words lay peo-
ple understand,” said former quar-
SPORTS
plans and building through the
draft—and how they only dabble in
free agency when needed. The Pan-
thers have been the exemplars of
this plan: quarterback Cam Newton,
linebacker Luke Kuechly and star
cornerback Josh Norman are all in-
house products. The Broncos have
some homegrown talent—pass
rusher Von Miller comes to mind.
But then there’s Peyton Manning,
pass rusher Demarcus Ware, corner-
back Aqib Talib and wide receiver
Emmanuel Sanders, all big-ticket
free agents. Many teams have only
one of those big-ticket items, but the
Broncos have too many to fit in a
single Uber. Ware said this week that
the team assembled a group of free
agents who “wanted it” badly and
who would be “chiefs” when they
needed to be. The win-now philoso-
phy employed by the Broncos is rare,
and if they win, football czar John
Elway may usher in a new era of
personnel strategy.
MIDDLE LINEBACKER VS.
MORE DEFENSIVE BACKS
Kuechly may just be saving his
position. In an era of specialists, the
era of the roaming, jack-of-all-trades
middle linebacker has been dying
quickly. Linebackers who don’t rush
the passers from the edges have
never been more out of fashion. But
Kuechly’s near-weekly interceptions
lately have shown that having an ul-
tra-talented player in the middle of
the field can be a huge advantage—
particularly when offenses aren’t
used to facing a player like him. As
defenses shirt toward adding more
defensive backs to deal with the as-
cendant passing game, Kuechly is
making a case for giving some love
to one of the most passé positions in
the game.
CONTINUITY VS.
QUICK FIXES
Ron Rivera had survived multiple
years where outsiders thought he
may get fired. He started his career
with 6-10 and 7-9 seasons, then after
one playoff appearance, snuck a
team with a losing record into the
playoffs. His owner, Jerry Richard-
son, and general manager Dave Get-
terback Boomer Esiason, who has
been on the show since 2002.
Instead of using football terminol-
ogy, Esiason said you need to de-
scribe the chess match on the field
in terms that are easily comprehen-
sible to novices. For the aforemen-
tioned cover 2, Esiason would simply
say, “There are two deep safeties,
the vulnerability is in the middle. So
the receiver runs down the middle of
the field, trying to exploit [that].”
The art of talking football has be-
come increasingly complicated. To-
day’s teams use schemes that are
more sophisticated than ever be-
fore—Esiason said he could spend
days talking about “tight-end stunts
and green-dog blitzes.” But at the
same time, the TV audience keeps
growing. (This year’s AFC Champion-
ship Game was the most-watched
conference title game in three de-
cades.)
Cowher’s solution is to boil the
game down to one player. While he
normally studies the game from a
coach’s perspective, focusing on
strategy and decision making, he’s
chosen to zero in on Broncos quar-
terback Peyton Manning for Sun-
day’s game.
Manning, one of the game’s all-
time greats, enters Sunday’s game as
a very different quarterback from
the one who dominated defenses for
Saturday/Sunday, February 6 - 7, 2016 | B11
Denver has signed numerous big-ticket free agents like cornerback Aqib Talib
tleman, stood by him. Rivera built
the team through slow, deliberate
progression. On the other side of the
field, Gary Kubiak will be coaching
the Broncos because no one stood by
John Fox, who was dumped after a
12-4 season and a playoff loss. Ku-
biak came in and changed plenty on
both sides of the ball: He turned a
team with Peyton Manning into a
run-first offense. Then he hired de-
fensive coordinator Wade Phillips,
who reinvigorated the Broncos with
a swarming 3-4 defensive alignment
that will chase Cam Newton around
all day.
BIG MONEY RECEIVERS VS.
NO-NAMES RECEIVERS
Few debates have lasted longer
among offensive coaches than the
one over the value of a wide re-
ceiver. Sunday will be a test case for
both sides. Most people wrote off
the Panthers when second-year
wideout Kelvin Benjamin went down
most of his career. His team is built
on a running game and a fantastic
defense—but Cowher is focusing on
a handful of plays that Manning has
to make to give his team a chance.
Cowher says Manning will have to
hit deep passes in this game to get
behind the stout Carolina defense.
That’s something he hasn’t done
much of this year, completing just
25% of his passes over 20 yards.
Connecting on a few will be crucial
in this game, Cowher said, though
the issue is “can that offensive line
protect him against a really good
Carolina defense?”
“The last 10 quarters, he’s thrown
no interceptions, he’s been mistake-
free,” Cowher said. “The quarter-
backs will be the story of the game,
the passing of the torch from Man-
ning to a new-school quarterback,
Cam Newton.”
Early in the week, everyone on
the broadcast distills their thoughts
on the game into concise themes,
usually related to their areas of ex-
pertise—Esiason addresses the quar-
terback, Cowher studies the coaches,
Scott tracks the linebackers and for-
mer NFL tight end Tony Gonzalez
keeps an eye on his old position.
“You don’t have to relearn football
when you get this job, because we’ve
been around it since we were 12,”
Gonzalez said. “What we have to
JACK DEMPSEY/ASSOCIATED PRESS
with a knee injury. In his place was a
parade of decidedly un-elite players.
The highest contract-average salary
in the group was Ted Ginn Jr.’s $2.1
million, according to Spotrac.
Granted, few saw Newton’s unprece-
dented leap towards superstardom
coming. But the Panthers’ low-rent
receivers have risen to the occasion,
too: Ginn gained over 700 yards and
Greg Olsen, a tight end, gained 1,104.
The Broncos, meanwhile, have in-
vested big in the receivers. They
signed free-agent Sanders to a deal
worth $5 million annually and
signed Demaryius Thomas, a 2010
first round pick, to a deal paying out
$14 million per season. Now the
Broncos have the opposite problem:
They have the pass-catchers, but
maybe not the pass-thrower. Man-
ning has struggled mightily this sea-
son, especially on downfield throws.
On Sunday, we’ll see which team’s
vision becomes the next theory of
the universe.
CBS
learn is how to articulate it in 30
seconds or 10 seconds.”
On Sunday, Gonzalez will be fo-
cusing on some key participants
without a Super Bowl ring: Broncos
pass rusher Demarcus Ware, for in-
stance, or defensive coordinator
Wade Phillips. Gonzalez himself
never won a Super Bowl. “When
Ware and I met [earlier this week] I
could see that look in his eye, he’s
saying, ‘They put the wrong person
in this game’ because he’s going to
be possessed,” Gonzalez said. Scott,
meanwhile, will analyze how Phillips
will use pass rushers Von Miller and
Ware to harass Carolina quarterback
Cam Newton.
The simplest part of the day will
be predicting who wins, which
comes at the end of their four-hour
talkathon. People remember big pre-
dictions—Gonzalez is the current
star of the group after correctly
picking the Broncos to beat the New
England Patriots (“I got lucky,” Gon-
zalez said). But the group is fairly
cavalier about their picks.
“No one is going to hold us ac-
countable,” Scott said. “It doesn’t go
on our permanent record.”
“The only thing we know,” Esia-
son said, “is that if the Steelers were
in this game, Coach [Cowher] would
pick them.”
“That’s a given,” Cowher said.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B12 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard

LinkedIn Share Pain Offers Gain OVERHEARD BNP Paribas

Faces Up to
LinkedIn’s resume got 20% to 22% for 2016, a nota- Paul Singer’s Elliott Man-
Help Wanted
sent to the circular file Fri-
day. Investors should con-
sider fishing it back out.
LinkedIn forward price/earnings ratio
ble slowdown from the 35%
growth seen last year.
A portion of that is due to
agement boosted the value of
its stake in Hong Kong’s
Bank of East Asia with a
Hard Reality
Shares in the business-fo- 90 times adverse currency effects and missive Thursday that en- BNP Paribas has bitten
cused social network were caution about a slowing couraged a sale of the family- the bullet. The French bank
80
slammed following its global economy. But the controlled bank. Shares have has finally conceded it needs
fourth-quarter earnings re- 70 company is also conservative rallied about 7% since it publi- more capital and must cut
port. This included a fore- with projections; it has cized the letter. Sounds good. back the size and scope of
cast for the current year that 60 beaten the high end of reve- But consider where Elliott its investment bank.
was well below Wall Street’s nue forecasts for at least the starts from. The hedge fund BNP and rival Société Gé-
targets. At least nine brokers 50 past eight quarters. declared a 5% stake last Au- nérale have looked for a
downgraded the stock, which Friday’s share-price car- gust at an average price of while as if they were operat-
slid more than 40%. 40 nage has brought LinkedIn’s 30.53 Hong Kong dollars ing in a different world than
In other words, more than multiple to around 33 times (US$3.92). It bought subse- other large European banks,
30
$11 billion in market value forward earnings. That isn’t quent chunks for around remaining committed to
was lost. Ironically, some of 2015 ’16 necessarily a bargain-base- HK$27 and HK$26 a share in broader investment-banking
this may have been exacer- Sources: FactSet; Associated Press (photo) ment price. Nor, though, is it September and December. businesses and targeting
bated by weak jobs data that THE WALL STREET JOURNAL. outrageous even the reduced Even after Friday’s rally, the lower capital and leverage
put the market into an over- growth rates. stock is at just HK$22.90. ratios. The irony behind BNP
all downturn. Several other of premium leaves no room company plans to start Most important, LinkedIn The hedge fund says the conceding the point now: Its
highly valued cloud software for error—especially in a breaking out its results this is a very real business with a bank, if sold, should trade for fourth-quarter investment-
stocks took a pummeling, turbulent market. year. Heath Terry of Gold- diversified revenue base that HK$60 a share. Given con- banking results reported Fri-
though, and the tech sector But there also is reason to man Sachs also notes cus- cuts across corporate func- cerns about its exposure to day weren’t horrible, unlike
in general was hit hard. think the beat down has tomer additions in Talent tions. If it was to falter, oth- lending in China, and the at Credit Suisse Group, UBS
Part of LinkedIn’s tumble been too severe. After all, Solutions grew at a quicker ers would try to fill its hairy nature of taking on the and Deutsche Bank.
can be justified by the fact it LinkedIn can grow from pace during the fourth quar- shoes, unlike some online controlling Li family, finding a BNP’s focus on equity de-
has long been richly valued. here—even reaccelerate. ter than in previous periods. plays with dubious business suitor could prove a chal- rivatives and rates in Europe
Often considered the Face- The company is making This suggests upside poten- underpinnings that no one lenge, to say the least. helped as activity in these
book of the business world, investments across its busi- tial for the company’s largest would miss. Investors are intrigued. But remained good and other
the shares have averaged ness lines. Its newer sales- business segment. For investors, LinkedIn is for Bank of East Asia shares banks have pulled out. Help-
about 79 times forward solutions segment that pro- True, investors may need now a job candidate with to rally from here, someone ing, too, was BNP’s lack of
earnings the past two years, vides business intelligence to wait a few quarters to see something to prove and a with an awfully big check- exposure to U.S. credit,
double the multiple of its data to sales professionals the benefits. LinkedIn pro- greatly reduced salary de- book has to step to the plate. which hurt rivals. The good
much larger peer. That sort has grown enough that the jected revenue growth of mand. —Dan Gallagher news is that BNP should be
able to generate capital with-
out going to shareholders. It

January Jobs: Right Number at Wrong Time for the Fed plans to sell one U.S. retail
business, First Hawaiian
Bank, which it reckons will
This is the jobs report the 0.9% from December. That while the jobs figures (which work—still low, the Fed add 0.4 percentage point to
Federal Reserve was looking Pay Stubs marked its strongest gain in often experience large revi- probably thinks the job mar- its common equity capital
for. Just not yet. Aggregate weekly payrolls, more than a year. sions) showed a slowing in ket can draw more people in. ratio. It also says it can gen-
The economy gained change from a month earlier At a time when investors hiring, they still were above At a time when unsettled erate 0.35 percentage point
151,000 jobs last month, the and the Fed are worried that level. financial markets and over- each year in retained profits.
Labor Department said on 0.8% about economic weakness Indeed, as Credit Suisse seas weakness are putting a The change in direction has
Friday, less than the 262,000 0.6 abroad hitting the U.S., the economists point out, the drag on the economy, Janu- partly been thrust on BNP by
it had added in December. 0.4 strength in income is com- January employment report ary’s hiring slowdown is tighter regulatory demands.
And the latest employment 0.2 forting. Combined with De- was consistent with what more cause for concern than Still, its relatively decent
reading was less than the 0 cember’s three-year high in you might expect to see celebration. performance allowed it to
185,000 that economists the personal saving rate, it when the country was at full So, on balance, the jobs lift its dividend for the first
–0.2
were looking for. shows that Americans don’t employment: Jobs growth report gives the Fed more time since 2012. That and
But the unemployment 2015 ’16 lack for spending power. falling in line with popula- reason to wait to see how the commitment to higher
rate dipped to 4.9% from 5%. Source: Labor Department This potentially gives the tion growth, workers putting the economy is panning out capital and less investment-
And average hourly earnings U.S. economy additional bal- in more hours and wages before raising rates again. It bank risk cheered investors.
gained 0.5%, putting them income boost that more than last against the global eco- picking up as employers already seemed close to a If the capital plan unfolds
2.5% higher than a year ear- made up for the slower pay- nomic storm. compete for workers. sure thing that the central smoothly, BNP could become
lier. Indeed, the gain in roll growth. An index of ag- Moreover, the country But with the labor-force bank would keep policy on a rare and valuable thing
wages and a pickup in the gregate weekly earnings—a needs to gain about 120,000 participation rate—the share hold at its March meeting. among European banks: a
number of hours the average proxy for overall U.S. house- jobs a month to keep up of the population that is After Friday it looks even good news story.
worker clocked provided an hold wage income—rose with population growth. So working or looking for surer. —Justin Lahart —Paul J. Davies

Bonds | WSJ.com/bonds Borrowing Benchmarks | WSJ.com/bonds

Global Government Bonds: Mapping Yields Money Rates February 5, 2016
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session guide to general levels but don’t always represent actual transactions.
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
0.750 U.S. 2 0.726 s l 0.702 1.016 0.524 Inflation Week —52-WEEK— Week —52-WEEK—
Latest ago High Low Latest ago High Low
Dec. index Chg From (%)
2.250 10 1.848 s l 1.842 2.240 1.822 Australia 2.00 2.00 2.25 2.00
level Nov. '15 Dec. '14 Canada 2.70 2.70 2.85 2.70
5.500 Australia 2 1.864 t l 1.872 1.998 1.917 113.8 116.9 139.3 Japan 1.475 1.475 1.475 1.475
U.S. consumer price index Secondary market
4.250 10 2.560 t l 2.585 2.755 2.411 71.2 74.3 58.9
All items 236.525 –0.34 0.7 Policy Rates Fannie Mae
4.250 France 2 -0.406 t l -0.405 -0.320 -0.098 -113.2 -110.7 -62.1 Core 243.779 –0.12 2.1 Euro zone 0.05 0.05 0.05 30-year mortgage yields
0.05
1.000 10 0.638 s l 0.630 0.913 0.594 -121.0 -121.2 -122.8 Switzerland 0.50 0.50 0.50 0.50 30 days 3.222 3.252 3.750 3.164
International rates Britain 0.50 0.50 0.50 0.50 60 days 3.255 3.284 3.788 3.206
0.500 Germany 2 -0.487 t l -0.482 -0.372 -0.190 -121.3 -118.4 -71.4
Week 52-Week Notes on data:
0.500 10 0.300 t l 0.306 0.542 0.334 -154.8 -153.6 -148.9 Latest ago High Low
U.S. prime rate is effective December 17, 2015. U.S. prime rate is the base rate on corporate loans
4.500 Italy 2 0.015 s l -0.007 -0.001 0.296 -71.1 -70.9 -22.8 posted by at least 70% of the 10 largest U.S. banks; aren’t directly comparable; lending practices vary
Prime rates widely by location. Complete Money Rates table appears Monday through Friday.
2.000 10 1.559 s l 1.512 1.509 1.527 -28.9 -33.0 -29.6
U.S. 3.50 3.50 3.50 3.25 Sources: Bureau of Labor Statistics; SIX Financial Information
0.100 Japan 2 -0.193 t l -0.175 -0.015 0.050 -91.9 -87.7 -47.4
0.300 10 0.029 t l 0.060 0.260 0.359 -181.9 -178.2 -146.3
0.500 Spain 2 -0.004 s l -0.014 -0.008 0.297 -73.0 -71.7 -22.7 Weather
2.150 10 1.647 s l 1.619 1.699 1.454 -20.1 -22.3 -36.9 Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d
Edmonton <0
1.000 U.K. 2 0.371 s l 0.370 0.570 0.402 -35.5 -33.3 -12.2
40s 0s 0s 0s
2.000 10 1.564 t l 1.568 1.877 1.549 -28.3 -27.4 -27.3 Vancouver
Vancouver
g y
Calgary 20s 10s
Source: Tullett Prebon ip
Winnipeg
ttl
Seattle 10s 20s
Corporate Debt Por
P d
Portland
l
Helena 40s Ottawa
Montreal 30s
Bismarckk 30s
Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in 20s Billings Augusta
A g t 40s
Eugene
that same company’s share price. Here’s a look at both for two companies in the news. i
Boise
20s Mpls./St.. Paul
Pau T
Toronto Ab y
Albany t
Boston 50s
Investment-grade spreads that tightened the most… Pierre Sioux
oux FFalls
ll k
Milwaukee Detroit
t Buffalo
rtford
Hartford 60s
Spread*, in basis points Stock Performance 30s Clevel
Clevelandd New
ew Y Yorkk 70s
Reno Ch
Chic
Chicagog
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Des
es Moines Philadelphia
Phil d lphi
Salt
lt Lake
L City
Cit
C y
20s Cheyenne Omaha h
Indianapolis Pittsburgh
Pitts b h
ashington
shington
h
Washington D.C.
DC
80s
Anglo American Capital AALLN 4.450 Sept. 27, ’20 1282 –201 n.a. ... ... Sacramento Springfield
p g
Denver 90s
National Fuel Gas NFG 5.200 July 15, ’25 434 –115 n.a. 45.29 –2.14 an Francisco
San k
Topeka Kansas Ch
Charles
l t
Charleston
C
Colorad
Colorado City 100+
Xerox XRX 6.350 May 15, ’18 295 –89 251 9.46 0.96 LLas p
Springs .
St. L
Lou
Louis h
Richmond d
60s V g
Vegas h
Wichita LLouisville
Lou ill
Freeport–Mcmoran Oil & Gas FCX 6.875 Feb. 15, ’23 1710 –76 1946 … … 50s Nashville
h ill l igh
Raleighh
Los A
Ange
Angeles Charlotte
C h l
Hess HES 8.125 Feb. 15, ’19 621 –55 598 38.02 –12.54 Santaa FFe Memphishi
70s Ph
Phoenix Albuquerque
Alb q q Oklahoma City C
Columbiab
Warm Rain
Glencore Funding GLENLN 2.500 Jan. 15, ’19 1117 –47 n.a. ... ... San Diego Little Rock Atl t
Atlanta
Encana ECACN 6.500 Feb. 1, ’38 915 –37 n.a. ... ... T c
Tucson Birmingham
i h
Ft. Worth D Dallas Jack
Jackson
Cold
Marathon Oil MRO 2.700 June 1, ’20 943 –36 802 8.46 –7.94 El P
Paso T-storms
bil
Mobile Jacksonville
k
A ti
Austin
…And spreads that widened the most 10s
-0s 60s Houston
d
Orlando
Stationary Snow
ew Orleans
New
Salesforce.com CRM 0.250 April 1, ’18 398 237 668 58.51 –12.93 20s 0s 80s San
an Antonio Tampa
60s
Pride International ESV 6.875 Aug. 15, ’20 1743 148 n.a. … … Anchorage
A h g Honolulu
l l Showers Flurries
30s 70s 70s Miami
Barclays BACR 6.625 Sept. 15, ’49 675 75 n.a. ... ... 70s
Freeport–McMoran FCX 2.375 March 15, ’18 2117 41 2460 5.68 –0.70 Ice

Symantec SYMC 4.200 Sept. 15, ’20 250 40 187 19.76 3.02 Today Tomorrow Today Tomorrow
Royal Bank of Scotland RBS 6.000 Dec. 19, ’23 375 39 310 7.00 –1.55 U.S. Forecasts City Hi Lo W Hi Lo W City Hi Lo W Hi Lo W
EnLink Midstream Partners ENLK 2.700 April 1, ’19 1362 37 n.a. 10.73 0.37 s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 41 30 pc 41 24 pc Frankfurt 54 41 pc 50 41 c
Intesa Sanpaolo Spa ISPIM 3.875 Jan. 15, ’19 250 35 176 ... ... t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 69 47 pc 59 40 pc Geneva 54 39 pc 45 36 r
Today Tomorrow Philadelphia 46 29 pc 50 33 pc Havana 78 64 pc 70 57 pc
High-yield issues with the biggest price increases… City Hi Lo W Hi Lo W Phoenix 73 45 s 77 50 s Hong Kong 58 47 s 60 53 s
Bond Price as % of face value Stock Perfomance Anchorage 32 22 c 28 25 c Pittsburgh 42 26 pc 48 30 pc Istanbul 43 39 pc 46 38 s
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Atlanta 52 32 pc 56 38 s Portland, Maine 39 26 pc 42 19 s Jakarta 88 75 t 87 75 t
Austin 61 29 s 68 38 s Portland, Ore. 53 39 pc 59 42 pc Jerusalem 51 41 sh 46 37 sh
Arcelormittal S.A. MTNA 5.125 June 1, ’20 87.250 5.75 n.a. ... ... Baltimore 46 26 pc 51 31 pc Sacramento 66 42 s 68 43 s Johannesburg 79 61 pc 85 57 pc
CCO Holdings CHTR 5.875 May 1, ’27 99.750 3.00 n.a. … … Boise 46 28 pc 46 27 s St. Louis 55 35 pc 54 34 pc London 54 41 r 50 45 sh
Manitowoc MTW 5.875 Oct. 15, ’22 109.250 3.00 106.250 15.12 –2.70 Boston 39 29 pc 43 29 pc Salt Lake City 37 24 pc 39 23 s Madrid 55 42 pc 52 40 sh
Freeport–Mcmoran FCX 3.100 March 15, ’20 57.500 2.50 47.000 5.68 –0.70 Burlington 39 33 pc 35 21 sf San Francisco 62 49 s 66 49 s Manila 86 75 sh 84 75 pc
Charlotte 52 29 s 53 30 pc Santa Fe 43 21 s 50 22 s Melbourne 87 60 s 85 62 s
Cenveo CVO 6.000 Aug. 1, ’19 67.750 2.00 69.000 0.48 –7.77 Chicago 41 31 pc 43 27 pc Seattle 52 40 pc 55 43 pc Mexico City 69 38 pc 70 37 pc
MEG Energy MEGCN 6.500 March 15, ’21 42.000 2.00 n.a. ... ... Cleveland 41 28 c 47 33 pc Sioux Falls 38 30 pc 37 19 sf Milan 48 42 sh 46 39 r
Targa Resources Partners NGLS 4.250 Nov. 15, ’23 70.938 1.44 72.500 13.99 –3.65 Dallas 55 36 s 65 39 s Wash., D.C. 47 32 pc 49 33 pc Moscow 28 16 c 35 29 sn
J.C. Penney JCP 8.125 Oct. 1, ’19 94.500 1.06 92.750 7.40 0.54 Denver 47 24 pc 36 18 pc Mumbai 86 61 pc 88 63 pc
Detroit 40 28 c 47 32 pc Paris 56 45 c 50 44 c
International
…And with the biggest price decreases Honolulu
Houston
81 65 sh 76 62 s
60 35 r 64 41 s Today Tomorrow
Rio de Janeiro
Riyadh
92
75
77 s
53 s
90 77 s
80 52 s
Linn Energy LINE 8.625 April 15, ’20 2.125 –12.63 15.635 0.50 –58.33 Indianapolis 46 29 pc 49 28 pc City Hi Lo W Hi Lo W Rome 59 47 pc 59 50 r
Global Partners GLP 6.250 July 15, ’22 62.000 –5.25 n.a. 15.76 –2.23 Kansas City 47 32 s 48 26 pc Amsterdam 51 46 c 49 42 r San Juan 86 72 sh 85 74 pc
7.200 Feb. 15, ’21 –5.00 68.250 2.18 Las Vegas 61 41 s 67 44 s Athens 52 40 sh 55 40 pc Seoul 34 15 s 36 19 s
Genworth Financial GNW 63.000 –21.86
Little Rock 55 35 pc 61 38 s Bangkok 87 61 pc 81 61 s Shanghai 43 28 s 47 34 s
Chesapeake Energy CHK 8.000 Dec. 15, ’22 38.000 –4.75 43.250 3.06 –6.13 Los Angeles 77 52 s 82 56 s Beijing 42 19 s 44 21 s Singapore 90 78 c 85 77 t
Whiting Petroleum WLL 5.750 March 15, ’21 55.000 –4.50 63.750 6.58 –8.10 Miami 77 55 sh 64 45 pc Berlin 52 40 pc 51 41 pc Sydney 77 66 sh 79 67 s
Weatherford International WFT 5.950 April 15, ’42 56.750 –4.25 55.750 6.94 –6.09 Milwaukee 38 31 c 41 28 sf Brussels 52 44 c 49 43 c Taipei 56 46 c 55 46 s
Minneapolis 35 30 c 37 16 sn Buenos Aires 88 70 pc 84 68 t Tokyo 50 37 r 46 35 pc
California Resources CRC 8.000 Dec. 15, ’22 32.000 –3.75 39.750 1.03 –15.57
Nashville 53 31 pc 56 36 s Calgary 42 23 c 40 25 pc Toronto 39 27 c 42 32 pc
Sprint S 7.625 Feb. 15, ’25 61.051 –3.70 68.250 2.85 0.71 New Orleans 57 39 pc 61 44 s Dubai 76 57 s 75 58 pc Vancouver 49 36 pc 48 42 c
*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. New York City 43 33 pc 46 33 pc Dublin 48 36 r 46 39 r Warsaw 44 35 pc 49 40 pc
Note: Data are for the most active issue of bonds with maturities of two years or more
Oklahoma City 52 32 s 58 31 s Edinburgh 45 39 r 44 38 r Zurich 51 33 pc 45 34 r
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

Welcome back, The Italian job.

penguins and In a memoir,
seals. Matt novelist Jhumpa
Ridley on an Lahiri switches
island’s rebirth languages
C3 C5

BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, February 6 - 7, 2016 | C1

For centuries,
the continent’s
mode of Islam was
moderate and open
to local custom.
Now sub-Saharan
Africa is at risk of
becoming global
jihad’s deadliest front.
FROM TOP: TAGAZA DJIBO/REUTERS; ISSOUF SANOGO/AGENCE FRANCE-PRESSE/GETTY IMAGES

A MAN HOLDS a copy of the Quran at a protest against Niger President Mahamadou Issoufou’s presence at a Paris rally after the Charlie Hebdo massacre, Niamey, Niger, Jan. 2015.

Sub-Saharan Africa was long seen as relatively immune to the call of Islamist

Jihad
militancy because of its unorthodox religious practices—rooted in Sufism, a more
mystical mode of Islam that focuses on individual spirituality—and its traditional
cultures, which are far removed from strict Middle Eastern ways. Today the area
has become the fastest-growing front of global jihad—and perhaps its deadliest.

Comes to Driving this change is a crucial transformation of the way that Islam is being
practiced by the 250 million Muslims living south of the Sahara—a population
that is projected to grow by 60% over the next three decades. “The Islam that
is spreading through society in Africa today is the new active Islam, not the

AFRICA
dormant, Sufi, private-life only [version]. It’s going into policy, into economy,
into culture, into education. It’s going into public life,” said Hassan al-Turabi,
the leading ideologue of political Islam in Africa, who hosted Osama bin Laden
and other al Qaeda leaders as Sudan’s de facto ruler in the 1990s.
Facing this challenge, the U.S. and other Western countries have increasingly
chosen to prop up chronically weak African states that can’t handle the on-
slaught on their own. In 2013, France
launched an outright military intervention

Africa’s Muslim belt is to prevent a jihadist takeover of Mali, a

former French colony, and Paris still main-
getting bloodier. Boko Haram—the tains some 3,500 troops in Mali, Niger,
Mauritania, Burkina Faso and Chad. Since
regional affiliate of Islamic State and one of then, the U.S. has established a drone base
in Niger and is setting up another in Cam-
the world’s deadliest terrorist groups—has eroon, in addition to sending special-oper-
accelerated its campaign of almost daily ations forces to several countries in the re-
gion. The U.K. also has dispatched military
suicide bombings. Just last month, personnel to help fight Boko Haram.
BY YAROSLAV the group massacred 86 people, Africa is now crisscrossed by war zones
TROFIMOV stretching from the Indian Ocean to the At-
many of them children, in the lantic. Thus far, the rivalry between Islamic
Nigerian village of Dalori and 32 State and al Qaeda—Sunni terrorist groups
that differ in their tactics and policies but
others in the Cameroonian village of Bodo. have similar aims—has kept these insurgen-
To the west, al Qaeda’s regional franchise has cies separate, but that may not last.
Meanwhile, the operations of these Af-
been waging war on the government of Mali and rican militant groups have become in-
expanded its reach last month to the previously creasingly sophisticated, often thanks to
expertise and advice shared by their pa-
peaceful country of Burkina Faso, slaying at A YOUNG ISLAMIST gunman
in Gao, Mali, July 2012. trons and allies in the Middle East. Wide-
least 30 people—many of them Westerners—in spread Internet access and increasingly
easy travel have made these connections far simpler than just a decade ago.
an assault on a luxury hotel. In the east, another The collapse of the Libyan state in 2011 and the subsequent takeover of sev-
al Qaeda affiliate, Somalia’s al Shabab, overran eral Libyan towns by affiliates of Islamic State and al Qaeda also provided a
nearby redoubt of jihadist control and ambition.
an African Union military base just weeks ago Boko Haram—which roughly translates to “Western education is forbidden”—
and slaughtered more than 100 Kenyan troops. recently declared its allegiance to Islamic State and has put the new connection
Please turn to the next page

INSIDE

MASTERPIECE

A
sculptor
on
sculpture:
Why
Charles Ray
MIND & MATTER ESSAY finds a 1934 BOOKS WEEKEND CONFIDENTIAL
If you can make it there...you’ll The jump shot revolutionized piece by You’ve probably never heard Susan Solomon journeys from
need a bigger brain. Robert M. basketball—but for decades, Picasso so these Hollywood tales. Five fam- art auctions and law to break-
Sapolsky on urban craniums. critics said it ruined the game. fascinating. ilies’ secrets in ‘West of Eden.’ through research in stem cells.
C2 C3 C12 C5 C11
BARCROFT MEDIA/GETTY IMAGES (RIDLEY); VITTORIO ZUNINO CELOTTO/GETTY IMAGES (LAHIRI); DICK RAPHAEL/NBAE/GETTY IMAGES (ESSAY)
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | C3

REVIEW
PENGUINS and ently not bothered that this
elephant seals leaves hooks pierced into
line the beach on their own skin. Devices that
South Georgia. transmit deafening sounds
to deter the orcas proved
counterproductive: The
whales soon realized that
the unpleasant sound was a
dinner bell.
Most remarkable of all,
the island is now free of
rats. Between 2011 and
2015, the South Georgia
Heritage Trust raised and
spent more than $10 mil-
lion to buy helicopters and
spread poisoned bait over
all the rat-infested parts of
the island. This was a
unique logistical achieve-
ment on a large mountain-
ous island, accessible only
by ship through the world’s
stormiest seas. Even a few
years ago, many people
thought it was a mad plan.
But it worked, and petrels
and pipits can breed freely
again here.
Like the rats, the rein-
deer that were introduced
ANDRE SCHUMACHER/LAIF/REDUX

here a century ago to pro-

vide food for the whalers
have also been extermi-
nated. The last one was
tracked down while I was
on the island. This will al-
low the native vegetation
to recover, and scientists
are now hard at work
spraying the invasive

A Wilderness Replenished
A determined effort brings
seals, fish and penguins
back to a despoiled island
BY MATT RIDLEY
WHEN YOU TELL PEOPLE that you’re going to
South Georgia, some will ask if you’re changing
planes in Atlanta. In fact, the name belongs to
an island near Antarctica. It’s about the size of
Rhode Island but with mountains rising to over
9,000 feet. It is a wilderness, uninhabited except
for two small scientific stations and teeming
with spectacular wildlife.
But don’t be fooled: The apparently pristine
natural beauty of South Georgia is new. Like an
old master painting that was badly damaged but
has since been painstakingly restored, South
Georgia was once utterly desecrated and is now
gloriously refurbished.
The island was uninhabited when, on Jan. 17,
1775, HMS Resolution dropped anchor in what is
now called Possession Bay, and Captain Cook
claimed it on behalf of King George III. His men
discharged their weapons “to the utter amaze-
ment of the seals and the penguins,” wrote the
naturalist George Forster.
This Jan. 17, exactly 241 years later, as dusk
was falling, the fishery protection vessel Pharos
SG, carrying Princess Anne—a direct descendant
of George III—entered Possession Bay flying the
royal standard, and I had the good fortune to be
on board. It was snowing gently, and the clouds
hung low over the glaciers and black cliffs. Fur
seals and penguins were once again the only au-
dience.
A century ago, however, when the explorer
Sir Ernest Shackleton and his five companions
landed here, after bringing a small boat through
800 miles of stormy seas following the sinking
of their ship Endurance, there were no fur seals
and few penguins to greet him. The reason
Shackleton came to South Georgia for help was
precisely because it wasn’t wilderness but was
inhabited, indeed industrialized. He was heading
for one of island’s four small towns, in which
lived nearly 2,000 people, mostly Norwegians
and Scots.
The people had come first
for the fur seals (to make Many people
felt hats), but they soon took
elephant seals for their blub-
thought it was
ber and penguin eggs for a mad plan.
food. In the first half of the
20th century, it was the turn
of the whales, which were all
but wiped out in the surrounding ocean by 1960.
Yet today the island looks again much more
like it was in Cook’s day than in Shackleton’s.
The total human population is about 25 in sum-
mer (though some 8,000 tourists visit each sum-
mer on cruise ships and sleep on board). There
are now some four million fur seals. They are
everywhere, growling and moaning in crowds on
the beaches, in the tussock grass and in the ru-
ins of the towns. Elephant seals snooze and
belch in heaps on every beach. King penguins
abound: One colony has gone from 350 pairs in
1912 to 60,000 pairs today. Even the whales are
back: Humpbacks and right whales were blowing
regularly off the coast last month.
The plunder of South Georgia’s seas has also
been halted. Fisheries regulation arrived with
the declaration of a 200-mile limit around the
island in 1993. In exchange for a hefty fee a
handful of licensed vessels fish these waters for
krill, ice fish and Patagonian toothfish (known
on menus as Chilean sea bass). Each boat has a
beacon transmitting an automatic identification
system and carries an observer on board. No
boat may fish in water shallower than 700
meters or in certain closed “boxes,” where the
young toothfish live. Illegal fishing has almost
entirely ceased.
In the 1990s, the long lines
of baited hooks used to catch
toothfish had begun catching
albatrosses as well. Soon the
populations of black-browed,
gray-headed and wandering
albatross were in free fall.
Today simple devices for pre-
venting albatrosses getting hooked have com-
pletely solved that problem locally. The tooth-
fish fishery has won coveted accreditation as
sustainable from the Marine Stewardship Coun-
cil. Far from boycotting “Chilean sea bass” in
restaurants, as some marine preservationists ad-
vocate, you should go for it, so long as it comes
with MSC certification.
Today, the fishermen have a new problem: Or-
cas and sperm whales have learned to steal their
catch. Orcas bite the toothfish off the hooks as
they are retrieved. Sperm whales find the lines
on the sea floor and strip them of fish, appar-
plants that humankind has introduced.
A spectacular ecological restoration has oc-
curred, a wilderness replenished—on a scale
probably unmatched anywhere else in the world.
Last month, as I sat at the dining table of Pat
Lurcock (one of three government officers for
the whole island) at King Edward Point, eating
potted krill and watching the light fade on the
glaciers, I surveyed a wondrous scene: Stormy
petrels flitted up the bay to feed their young, fur
seals porpoised through the water, king pen-
guins cooled their feet on the snow, and plump
elephant seal pups snoozed on the steps of the
laboratory.
Of course, challenges remain for South Geor-
gia’s ecology. Rats or other pests may yet escape
from ships that dock here (one rat jumped ship
last year, but it was soon spotted and dis-
patched). So all cargo is minutely inspected and
all visitors must wear clean, preferably new,
clothing and thoroughly clean out their back-
packs. Gentoo penguins have failed to breed at
all this year, for lack of krill nearby. This may or
may not be a symptom of climate change, which
is responsible for the retreat of many of South
Georgia’s glaciers since the time of Cook and
Shackleton.
But after centuries of foolish plunder, pause
to reflect what an astonishing transformation
has been achieved by wise management. We can
now see what Captain Cook saw: an ice-capped
island looming over verdant bays teeming with
wildlife. There is a lesson here for the whole
planet: With prosperity and technology and de-
termination, we can restore wilderness.
The most recent of Mr. Ridley’s many books is
“The Evolution of Everything: How New Ideas
Emerge.” He is a member of the British House
of Lords.

THE JUMP-SHOT
the traditional guide hand—carried
the University of Wyoming to the
NCAA national championship in 1943.

REVOLUTION
BY SHAWN FURY
WATCHING the Golden State Warriors
play the Cleveland Cavaliers on
Christmas Day, many NBA fans were
surprised to hear the ABC sports
commentator Mark Jackson say that
Stephen Curry, the superstar point
guard of the Warriors, had “hurt the
game.” Mr. Jackson quickly explained:
“What I mean by that is that I go into
these high school gyms, I watch these
kids, and the first thing they do is run
to the 3-point line.”
The long-distance
shots at which the
Warriors star excels
Early critics
were not appropriate said that the
By the mid-1950s, shooters like
Sailors were no longer oddities. As
the popularity of the jump shot
spread, basketball turned into a
It’s impossible to name any one high-scoring spectacle. In 1954, the
creator of the jump shot, but once it legendary coach Joe Lapchick
appeared, it brought chaos to a previ- neatly described the new problem
ously controlled game. In the early facing defenders: A jump shooter
20th century, basketball offenses fea- “knows when he’s going to jump
tured weaves and passes until an and you don’t.”
open player could fire a set shot— Consider the impact of the shot on
both feet firmly planted on the college basketball. Starting in 1939,
ground—with two hands. the first 11 NCAA national champion-
Many of the first jump shooters ship games featured an average score
also kept both hands on the ball, but of 49.1–39.2. By the following decade
by jumping off the court, they rede- (1950-59), scoring had increased by
fined what was possible. They held an order of magnitude, with the title
the ball over their head as they leapt, game averaging 74.9–66.2.
making their shots Yet critics still ridiculed the tactic.
impossible to block. Former Notre Dame coach Moose
The famed coach
Phog Allen of the
Krause advocated making the ball big-
ger to make shooting more difficult.
University of Kansas He believed that basketball had be-
BETTMANN/CORBIS

for them, Mr. Jack-

son suggested: “You
shot ruined
are not Steph Curry.” teamwork.
This is not the
first time that a
revolutionary player
has been accused of damaging bas-
ketball with his talent, but to dis-
cover precedents for the majestic
Mr. Curry, you have to travel back
to the creation of the most impor-
tant innovation in the game’s his-
tory: the jump shot. From the time
the jumper appeared in different re-
gions of the country in the 1930s,
people have worried about its im-
pact, fearing a future where shoot-
ers could rule from the air.
called the new move
unfair, but pioneers
of the shot quickly
set scoring records.
In the early
1930s, Glenn Roberts
of Virginia’s Emory & Henry College
averaged nearly 20 points a game, a
solid total for an entire team in an
era that featured a jump ball at cen-
ter court after each basket. Like
many of his fellow trendsetters, Rob-
erts didn’t square up to the basket
like set shooters. He started with his
back to the bucket and twisted in
midair before shooting. Newspapers
called him “Houdini” because of his
magical jump shot.
WILT CHAMBERLAIN (right) takes a shot, San Francisco, Jan. 1960.
Eventually the two-handed jump
shot favored by Roberts and others
disappeared like the set shot, and the
one-handed jumper ruled. Traditional-
ists continued to worry about its ex-
panding influence. Hall of Famer Dick
McGuire, a star for the New York
Knicks in the 1950s, believed that the
jump shot gave individuals too much
power, robbing the game of team-
work. Now a single player with a
crafty dribble and a leaping one-
hander could dominate.
Kenny Sailors was one such inno-
vator. As a teenager on the family
farm in Wyoming, he learned the
jump shot while battling his older,
taller brother. Most agree that he is
the father of the modern jumper. His
one-handed shot—launched after Sail-
ors pulled up off the dribble, his right
hand under the ball, his left acting as
come too easy by 1957 and “gets less
and less interesting every year.”
Instead the jump shot’s influence
only grew, and today the incompa-
rable Stephen Curry, with his long-
distance attack, is the most fasci-
nating player in basketball. It turns
out that, in transforming the game,
Mr. Curry has company, even if his
fellow revolutionaries haven’t
played for 60 years.
Mr. Fury is the author of “Rise and
Fire: The Origins, Science and Evo-
lution of the Jump Shot—and How
It Transformed Basketball Forever,”
which will be published later this
month by Flatiron Books.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C4 | Saturday/Sunday, February 6 - 7, 2016
WORD ON
THE STREET:
BEN ZIMMER
Cartels:
Once Cozy,
Now Scary
IN HIS VICTORY SPEECH af-
ter winning the Republican
caucuses in Iowa, Sen. Ted
Cruz of Texas fired up the
crowd by lambasting “the
Washington cartel,” his phrase
for the corrupt government
interests that are arrayed
against him and, by extension,
the American people.
“Do you want to know what
scares the Washington car-
tel?” he asked his supporters,
many of whom shouted,
“You!” “Actually, not re-
motely,” Mr. Cruz answered
back. “I don’t scare them in
the tiniest bit. What scares
them is you.”
Usually the word “cartel”
has referred to a group of
businesses cozily agreeing to
fix prices or stifle competi-
tion. In current usage, the
word might bring to mind
OPEC’s alliance of oil-produc-
ing countries, or groups of
drug traffickers coordinating
the flow of narcotics around
the world. While “cabal”
might seem a better fit to de-
Ted Cruz’s use
of the word
recalls oil and
narcotics
organizations.
scribe a secretive club plotting
to control the government, oil
and narcotics cartels have
made the word scary-sound-
ing.
In fact, Mr. Cruz made a di-
rect parallel to OPEC when he
introduced “the Washington
cartel” as a talking point in a
speech this past June at the
Heritage Foundation. “Lobby-
ists and career politicians to-
day make up what I call the
Washington cartel,” he said.
“And it operates very much
like other cartels. It operates
like OPEC. I don’t know, like
sheiks, if they actually wear
robes. But they nonetheless on
a daily basis are conspiring
against the American people.”
It’s an odd journey for a
word that started its life as
the Italian word “cartello,” or
“little card.” Originally used
for a letter or placard, it en-
tered English via French in the
16th century to refer to a note
of defiance, challenging some-
one to a combat or to make
good on a promise. The word
then came to mean a written
accord between belligerent
countries—for instance, to
work out an exchange of pris-
oners. In such a deal they
were transported on “cartel
ships.”
Meanwhile, the word’s Ger-
man cousin “kartell” was de-
veloping its own meanings. In
parliamentary debates, “kar-
tell” was used to describe an
agreement between business
houses to collude on prices,
such as in the railway indus-
try. That meaning influenced
the English word “cartel,”
though it was shifted to refer
to the group of colluding busi-
nesses rather than to their
agreement.
Germans also used the
word for a coalition in 1887
that allowed Otto von Bis-
marck to stay in power as
chancellor, with the political
parties agreeing not to attack
each other. Though this more
political meaning has largely
been forgotten in English, it
does give some historical
backing to Mr. Cruz’s use of
the term on the campaign
trail. In the senator’s case,
some critics say that the com-
position of his “Washington
cartel” appears vague and
shifting. But as a figure of
speech, it might strike just the
right chord among voters sus-
picious of Washingtonian
wheeling and dealing.
THE WEEK
ROBERT NEUBECKER
ASK ARIELY: DAN ARIELY
Office Experiments
Dear Dan,
For some time now, I’ve
been proposing different
experiments at my com-
pany—experiments with
the prices we charge, what we pay em-
ployees and the way we treat customers
who call to complain. But the experimen-
tal approach that seems so successful for
science bumps into substantial resistance
within my company. Any ideas about how
to make experiments more palatable in
the business world? —Darren
Without knowing exactly why your col-
leagues are balking at the experimental
approach, it is hard to propose a solution.
But based on my own corporate experi-
ences, I’ll assume that they are objecting
to the idea that some people
in your experiments will get
better treatment and some The
will get worse treatment, appearance
which just seems unfair.
One of my colleagues at
of fairness is
Duke experienced a related important.
challenge recently. He asked
a local urban high school if
he could offer half the stu-
dents a free lunch to see how it might in-
fluence their attendance and academic per-
formance. In the spirit of experimentation,
he wanted to randomly select which pupils
would get the free lunch and which ones
wouldn’t. The school found the suggestion
repugnant: It seemed offensive to select
some kids and not others.
My colleague waited a few months and
tried again. This time, he told the school
administrators that he wanted to give all
the students the free lunch but could
only afford to pay for half of them—and
asked the school how to decide who
would get the free lunch. And what was
their suggestion? You guessed it: to pick
the students randomly. As this story il-
lustrates, equity is a major obstacle to
executing experiments. But if you can fig-
ure out how to frame them as fair, they
might become more palatable.
Dear Dan,
I’m a philosophy professor, teaching
metaphysics and philosophy of language.
PHOTO OF THE WEEK
JIN YU/XINHUA/ZUMA PRESS
* ***
What’s the best policy for penalizing stu-
dents who hand in coursework late, with
an eye on preparing them for the world
of work? —Andrew
If the goal is to prepare students for life,
I would start by creating a penalty sys-
tem with a continuously increasing pun-
ishment—say, cutting their total grade by
3% for every day of delay. This largely re-
sembles the penalties that adult life im-
poses: Even for things with very clear
deadlines, like taxes, you can be late—but
there’s a penalty for doing so, and the
longer you wait, the larger it becomes.
Since you’re interested in helping your
students more generally, you could also
help them learn how to better plan their
time. Students procrastinate, routinely
and repeatedly, and they
rarely seem to conquer this
pattern. You could take a
more active role in helping
them create virtuous habits
of planning and time man-
agement, perhaps by help-
ing them break down
daunting tasks into man-
ageable sub-tasks and
showing them how to schedule these in
their calendars. Such ploys won’t teach
them philosophy, but by dedicating some
class time to such things, you might teach
your students some important life les-
sons—and free up more time for them to
read Aristotle and Wittgenstein.
Dear Dan,
I’m a server in a New York City restau-
rant in New York, and I want diners to
trust my recommendations and leave me
larger tips. Any advice? —Robert
As soon as you hand them the menu, tell
them that you strongly recommend they
avoid the branzino special (or any other
very expensive dish). By demonstrating
that you’re willing to steer them away
from a pricey entree, they’re more likely
to think that you truly care about them,
trust your advice and tip you more.
Have a dilemma for Dan?
Email AskAriely@wsj.com.
THE WALL STREET JOURNAL.
WORK IN PROGRESS:
HANNAH BLOCH
A World Cup to
Fight Homelessness
AS A JOURNALIST in his native Edinburgh in
the 1980s and early ’90s, Mel Young covered sto-
ries on the city’s margins. “I’d been writing
about social issues,” he says, “and was appalled
by the fact that so many people end up on the
streets. We’re a modern society, quite rich, so
how did this happen?”
Mr. Young went on to start a weekly newspa-
per in 1993, sold by homeless people on the
streets of Scotland. From there, he founded the
International Network of Street Papers. At a
2001 conference of street-paper editors and pub-
lishers in South Africa, he and Harald Schmied,
an Austrian colleague, were discussing ways to
connect homeless people from around the world,
since isolation is a hallmark of the condition.
That’s when they hit on the idea of soccer as
a solution, for fostering inclusion, teamwork,
discipline and fitness. Why not, they thought,
set up an international soccer tournament for
the homeless?
The first Homeless World Cup took place 18
months later, in Graz, Austria, with teams from
18 countries. It has been held every year since
then in different cities, with support from Nike,
the U.N., the Union of European Football Associ-
ations and others. Last year, 64 teams played be-
fore 80,000 spectators in Amsterdam.
About 6,500 homeless soccer players have
competed in the event over the years, ranging in
age from 16 (the minimum eligible age) to 72.
Men and women play in separate tournaments,
and they are only allowed to compete once. For
those watching, “They’re all cheering homeless
people, where a day before, they’d cross the
street if they saw a homeless person,” Mr. Young
says. “Their whole view completely changed.”
Partner organizations in each country iden-
tify players for the teams, drawing from a
global pool of about 100,000 homeless players
each year. The partners, such as Street Soccer
USA, “do the hard work getting them to path-
ways out of their situation,” Mr. Young says.
By the time players are selected, “they’re in
the process of moving along.” Many players
continue in soccer, with some becoming
coaches and managers. A player on Afghani-
stan’s squad—which beat Russia to win the
Homeless World Cup in 2008—went on to join
his country’s Premier League team.
ALEX WALKER
THE NETHERLANDS vs. Poland at the 2015
Homeless World Cup.
After taking part in the Homeless World Cup,
most players have reported improvements in
their lives, such as better relations with family
members and friends. Following the 2012 tour-
nament, 43% of the World Cup players had
found housing, 45% reported full-time employ-
ment, 40% were in school full-time, and 56% of
those who had struggled with substance abuse
had entered rehab. “If all it is an event, that’s
nice,” says Mr. Young, 62. “But it’s about chang-
ing lives and perceptions.”
There are 100 million homeless people around
the world, according to the U.N.’s most recent
estimate, from 2005. “The homeless are ex-
cluded people,” Mr. Young says. “They become
invisible, almost.” But, he says, “Soccer creates a
space where they can be understood. They have
names, and they become human beings.”
Amazing
Face
A masked
reveler
took
a break
from
Carnival
festivities
Thursday in
St. Mark’s
Piazza,
Venice.
+ For more images:
WSJ.com/Photos
Answers to the News
Quiz on page C13: 1.C,
2.A, 3.D, 4.A, 5.C, 6.C,
7.B, 8.A, 9.D
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

GREAT LAKES EMPIRE C6 | MACARTHUR AT THE WORLD’S END C7 | EZRA POUND’S REGRETS C9 | BEST SELLERS C14

© 2016 Dow Jones & Company. All Rights Reserved. * * * *

BOOKS THE WALL STREET JOURNAL. Saturday/Sunday, February 6 - 7, 2016 | C5

A Language of One’s Own

In Other Words
By Jhumpa Lahiri
Knopf, 233 pages, $26.95 NEW VIEW
Jhumpa Lahiri in her
BY BEN DOWNING apartment in Rome.

WHENEVER I have the good fortune

to be in Italy, I make a beeline for the
bookstores, armed with a list of titles.
Last summer, my list was topped by
something unusual: an Italian-lan-
guage memoir by an American. “In al-
tre parole,” it was called, and its au-
thor was Jhumpa Lahiri, the
prominent short-story writer and nov-
elist. Apparently, Ms. Lahiri had de-
cided to reinvent herself as an Italian
writer, and the book explained why.
I could understand the temptation,
being hopelessly in thrall to Italian
myself. Initially drawn, as most people
are, by its effervescent musicality, I’d
found a wonderland of bright-plum-
aged words like pappagallescamente
(“parrot fashion”), and I knew I was a
goner the day I learned that suffixes
used to express endearment are called
vezzeggiativi, which can be loosely
translated as “coddlers.” But it wasn’t
just the cornucopian lexicon. The
whole system and spirit of Italian is so
JOHN SPINKS

harmonious and elegant, and at the

same time so playful and amusing,
that I often felt a twinge of something
like Stendhal syndrome, named after
the French writer who nearly fainted
at the splendor of a Florentine basilica.
What would Ms. Lahiri—who, I
gathered, had been studying Italian
for over 20 years, to my mere seven—
have to say about all this? I itched to
read her account of the language’s
glories and their effect on her. My
own experience had been intellectu-
ally pleasurable to the highest degree
but also disconcertingly emotional.
Pursuing the futile fantasy of master-
ing Italian, I alternately felt like a
plucky alpinist and a pitifully deluded
sucker, and the more I read in Italian
the more my unread English books
cast guilt-inducing glowers. Ms. Lahiri
was bound to know the terrain.
In the event, “In altre parole” both
did and didn’t meet my expectations.
As a case study, it was interesting, but
only in outline. Though Ms. Lahiri’s
Italian seemed good enough to formu-
late sentences almost as subtle and
probing as her best ones in English,
she rarely did so, usually settling for
flat, even banal prose. Perplexingly,
the subject matter seemed less to
have stoked than damped her imagi-
nation. For a book about the thrills,
terrors and upheavals of transforma-
tion, written under the stimulus of a
new language, “In altre parole” struck
me as surprisingly dull. Still, in the
months that followed I often found
myself thinking about it and wonder-
ing how it would read in English.
Now I know, thanks to the publica-
tion of “In Other Words.” Translated
not by Ms. Lahiri, who was worried
that she would end up “neutralizing
[the] oddness” of her Italian, but by
Ann Goldstein, whose translations of
Elena Ferrante’s Neapolitan novels
have taken the American market by
storm, “In Other Words” presents the
Italian and English texts on facing
pages and includes an afterword—
An acclaimed novelist gives up English prose for
the ‘voluntary exile’ of writing exclusively in Italian.
written in Italian—that did not appear
in the original. Two of the book’s chap-
ters are short stories, the rest “a series
of reflections.” Essentially, the parts
make up a sort of conversion narra-
tive. Except for her author’s note and
some “obligatory correspondence,” Ms.
Lahiri has written no English prose in
four years (her 2013 novel, “The Low-
land,” must have been finished by
2012), and she may “abandon English
definitively for Italian.” What has
brought her to the cusp of defection?
She begins in 1994, with a visit to
Florence. Though knowing only a few
words of Italian, she finds it curiously
familiar and concludes that “it seems
like a language with which I have to
have a relationship.” For years this re-
lationship “takes place in exile,”
which is to say she studies Italian in
the U.S. Then, in 2012, she decides to
take “the next, inevitable step in this
strange linguistic journey” by moving
to Rome with her husband and two
children. In the months before the
move, she reads only in Italian, an ac-
tivity described thus: “I enter another
land, unexplored, murky. A kind of
voluntary exile.” Once in Rome,
prompted by a “mysterious impulse,”
she starts keeping an Italian diary.
Despite her “terrible, embarrassing
Italian,” she finds that the diary
makes her “feel free, light. I redis-
cover the reason that I write.” Work-
ing with a teacher, she takes the
plunge into short fiction. Though her
drafts come back mortifyingly slath-
ered in red ink, she pushes on, sens-
ing the emergence of “something pre-
cious. A new voice, crude but alive.”
One fruit of this voice is a story about
a translator who, wanting to be “an-
other person,” abruptly ditches her
family and job for a lonely life in an
unnamed foreign city; the other, a
story about a man who has just re-
turned to his wife after months
abroad. Both are simple, inward and
clearly born of the feelings churned
up by Ms. Lahiri’s embrace of Italian.
Disappointingly, Ms. Lahiri has lit-
tle to say about the specific nature
and components of Italian. She nods
to the language’s aesthetic appeal but
says that “beauty doesn’t enter into”
her affinity, which she explains in
only the vaguest terms (“I realize that
there is a space inside me to welcome
it”). Occasionally she mentions new
words that she has learned, and she
recounts her struggles with preposi-
tions, articles and the distinction be-
tween two past tenses, the imperfect
and passato prossimo. Most of the
time, however, she could as easily be
writing about Finnish or Swahili.
What interests Ms. Lahiri isn’t so
much Italian per se as the way it
came to obsess her and shift the
course of her life. One can’t help
thinking of Elizabeth’s Gilbert’s “Eat,
Pray, Love.” Where that moist book
told of how a depressed woman
started to get her groove back by
gorging on the luscious language (and
pasta) of the Italians, “In Other
Words” tells of how a seemingly de-
pressed woman’s infatuation with the
language (no mention of pasta) led to
the discovery of “another direction
for my writing.” Not to inner peace,
though. For Ms. Lahiri, becoming a
polyglot has brought renewal but also
tormented confusion. A “divided per-
son” before taking up Italian, she now
finds herself more complexly frac-
tured than ever. Much of the turmoil
within her, she has come to realize,
amounts to a war for her allegiance,
fought by rival languages.
Born in London to Indian parents
who moved to Rhode Island when she
was 2, Ms. Lahiri grew up bilingual. It
made her uneasy. “I’m used to a kind
of linguistic exile,” she writes. “My
mother tongue, Bengali, is foreign in
America. When you live in a country
where your own language is consid-
ered foreign, you can feel a continu-
ous sense of estrangement.” More-
over, “I don’t know Bengali perfectly.
. . . As a result I consider my mother
tongue, paradoxically, a foreign lan-
guage, too.” English, meanwhile, she
likens to a “a stepmother.” (The Ital-
ian word, matrigna, has such strong
negative connotations that we should
almost read this as “a wicked step-
mother.”) Her “first encounter” with
English was, she claims, in nursery
school, and it left her “traumatized.”
Soon after, “I realized that I had to
speak both languages extremely well:
the one to please my parents, the
other to survive in America. I re-
mained suspended, undecided be-
tween the two.”
Then, at 25, she fell for Italian,
which she sees as representing “a
flight from the long clash in my life
Please turn to page C6

The Golden Age of Hollywood Gossip
West of Eden
By Jean Stein
Random House, 334 pages, $30
BY EDWARD KOSNER
ALBERT EINSTEIN and his wife are
being shown around the Warner Bros.
studio in Hollywood by Jack Warner.
“Doctor,” he tells the great man, “you
have your theory of relativity and I
have mine: ‘Never hire a relative.’ ”
On their first date, a starlet named
Jackie Park goes to Cary Grant’s house,
and the handsomest man in Hollywood
greets her in a white silk blouse, velvet
pants and gold lamé shoes.
A movie mogul learns of Marilyn
Monroe’s death when the phone rings
and a voice with a familiar accent
says: “This is code K”—the Kennedys’
secret signal—“Marilyn is dead.”
turned a Depression-era dance-band
booking agency grandiosely named
the Music Corporation of America into
the most lucrative entertainment pow-
erhouse of its time. She’s an insider
with an outsider’s cold eye and a prac-
ticed ear for stories that reflect badly
on nearly everyone.
Three decades ago, she collaborated
with George Plimpton on “Edie: An
American Biography,” the acclaimed
oral history of Edie Sedgwick, the Cali-
Stories that reflect badly
on nearly everyone—the
Warners, the Selznicks
and, oh yes, the Steins.
fornia society girl who perished in the
fey glamour of Andy Warhol’s Factory.
BETTMANN/CORBIS
mental hospitals. It was Marmor’s
theory that Jane would improve if she
could live the semblance of a normal
life at her mother’s Malibu beach
house with round-the-clock supervi-
and scissor kicks—a spectacle all the
more unnerving because she refused
to wear underwear. This went on for
years, although Ms. Stein neglects to
say whatever happened to the tor-
Ms. Stein’s other narratives involve
more familiar names—the Dohenys of
Doheny Drive; the Warners; Jennifer
Jones and her husbands, Robert
Walker, David O. Selznick and Norton
Simon; and, finally, her own family,
which lived high over Beverly Hills in
a mansion called Misty Mountain.
Like Mulholland and Sepulveda, Do-
heny is just a street to L.A. transplants
and Uber drivers, but the family patri-
arch was a founder of the modern city.
At the turn of the 20th century, Wil-
liam Mulholland built the aqueduct sys-
tem that brought water to L.A., touch-
ing off the water wars and providing
the inspiration for Roman Polanski’s
“Chinatown.” The Sepulvedas were an
original Spanish land-grant family. And
Edward Doheny, after striking oil in
Mexico, developed the industry in Los
Angeles so effectively that, in the
1920s, L.A. pumped 20% of the world’s
supply. As rich as anyone anywhere,

Even if you’re a connoisseur of Hol-
lywood tales, you’ve probably never
heard these. And there are many,
many more in “West of Eden: An
American Place,” Jean Stein’s dark,
uninflected oral history of five families
and their grand houses. It belongs on
the Hollywood-noir shelf next to Ken-
neth Anger’s “Hollywood Babylon” and
Christina Crawford’s “Mommie Dear-
est”—chronicles of death and dysfunc-
tion amid sunny splendor.
Jean Stein is Hollywood royalty—
the daughter of Jules Stein, a dapper
ophthalmologist from Indiana who
Her new book is at once more per-
sonal and chillier. And the family sa-
gas that she has assembled range from
the merely peculiar to the grotesque.
Alcoholism, manic depression, suicidal
urges, loneliness and sheer misery lurk
behind every golden door.
The weirdest story is related by Ed
Moses, an artist, and Walter Hopps,
who was a curator and art dealer. As
struggling students in the 1950s, they
were enlisted by the fashionable psy-
chiatrist Judd Marmor to look after a
young woman named Jane Garland, a
schizophrenic who fared poorly in
Doheny built an enormous house, then
added a vast ballroom decorated with
18 marble pillars from Pompeii. Do-
heny’s son Ned built an even grander
SWELL TIME Jack Warner (second from right), with his wife, Ann, the house for himself, an English country
actress Lili Damita, Marlene Dietrich and Errol Flynn at a party in 1938. mansion called Greystone. Raymond
Chandler evoked it in “Farewell, My
sion. So carefully screened young men mented soul. She does report, though, Lovely”: “It was smaller than Bucking-
were paid to take Jane down on the that Robert Kennedy stopped for some ham Palace . . . and probably had fewer
beach, out to lunch and dinner, to the reason at the Garland house on his windows than the Chrysler Building.”
movies and dancing. way to the Ambassador Hotel in Los The Dohenys did not live happily
The problem was that the young Angeles that June afternoon in 1968 ever after. In 1921, the father sent Ned
woman was deeply disturbed. At res- and Jane’s mother gave him a spider to Washington with his driver, Hugh
taurants, she would suddenly slam her monkey a few hours before he was as- Plunkett, and $100,000 in a leather
plate on the floor or do headstands sassinated by Sirhan Sirhan. Please turn to page C6
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C6 | Saturday/Sunday, February 6 - 7, 2016
The View From the Bridge
Masters of Empire
By Michael A. McDonnell
Hill & Wang, 402 pages, $35
BY DANIEL K. RICHTER
ON THE EARLIEST family vacation I
remember, we piled into a 1959 Ram-
bler—sparkling white, two tail fins
and, as always with my dad’s cars, no
radio—and drove from Kokomo, Ind.,
to see the marvel we called “the
Mackinack Straits Bridge,” the longest
suspension span in the hemisphere.
After driving high above the seem-
ingly endless waters separating Mich-
igan’s lower and upper peninsulas, we
descended into a town where I asked
my mom if I could have my picture
LAYNE KENNEDY/CORBIS
taken with a nice Indian man sitting
on the sidewalk. She told me that he
wanted money for the privilege, and
that was the end of that.
It was only many years later that I
learned no one considered Ramblers
cool, that the word spelled “Macki-
nac” was pronounced “Mackinaw,”
and that the Native American man
was plying the now problematic but
then common trade called “chiefing,”
dressing like a stereotypical Plains-
man to make a buck off the tourists.
Reading Michael A. McDonnell’s
“Masters of Empire: Great Lakes Indi-
ans and the Making of America,” the
resonances of my boyhood trip be-
came even more clear. We flew in a
Detroit-made machine across a monu-
ment to colonial technology towering
over Native people we knew nothing
about. We couldn’t pronounce the
name of the place where they lived,
much less the name they called them-
selves. In this, we were like many out-
siders who had come before us.
Mr. McDonnell explains that Euro-
Americans have always been unable
to understand what went on at Macki-
nac, or Michilimackinac, where Lakes
Huron and Michigan come together.
With waters flowing outward in all di-
rections, Michilimackinac seemed to
the Anishinaabe people who lived
there in the 17th century to be the
center of everything. The Great Hare
Michabous, they believed, began re-
storing the world he had destroyed
with a flood by raising up turtle-
shaped Mackinac Island. On the same
spot in the distant past, three great
Anishinaabe peoples agreed to go
their separate ways: Ojibwe (or Chip-
pewa) went north, Potawatomi south,
Odawa (Ottawa) remained. Odawa
people are accordingly at the center
of Mr. McDonnell’s tale.
The Anishinaabeg, whose name,
like that of many other Native Ameri-
cans, means original or real people,
lived in what French imperialists
called the pays d’en haut, the upper
country. That term—with its implica-
tion of being peripheral to such places
Jhumpa Lahiri’s Language Lessons
Continued from page C5
between English and Bengali. A rejec-
tion of both the mother and the step-
mother.” Unfortunately, neither of
them accepted the rejection, so that
Ms. Lahiri, at 48, currently lives at
the center of a linguistic “triangle,” as
if in some sort of very advanced mé-
nage à quatre. But at least Italian,
true to Latin-lover stereotype, has
loosened her inhibitions. Despite hav-
ing won the Pulitzer Prize for her
first book, “Interpreter of Maladies”
(1999), and plenty of acclaim for the
three that followed, she finds that
writing in English induces “a continu-
ous sense of failure.” By contrast,
writing in Italian gives her “the free-
dom to be imperfect.” An admirer of
Ovid’s “Metamorphoses,” she thinks
of Daphne, who was turned into a
tree. “A total metamorphosis isn’t
possible in my case,” she concedes,
yet she holds herself to be “a tougher,
freer writer, who, taking root again,
grows in a different way.”
Speaking of difference, I wish I
could say I liked Ms. Lahiri’s book
more in English than Italian. In truth,
its shallowness and heavy-handedness
were even more evident this time
around. Couched almost entirely in
the present tense, rife with porten-
tous fragments (“A kind of voluntary
exile.”), devoid not only of humor but
the least flicker of irony, it takes itself
with the utmost seriousness and isn’t
above proclamations like this: “With-
out a homeland and without a true
mother tongue, I wander the world,
even at my desk. . . . I am exiled even
from the definition of exile.”
Tedious in itself, this kind of hy-
‘I mean to destroy the English and leave not one upon our lands.’ —Chief Pontiac
as Montreal or Detroit—became fa-
miliar to English-speaking historians
through Richard White’s “The Middle
Ground: Indians, Empires, and Repub-
lics in the Great Lakes Region,
1650–1815” (1991). In Mr. White’s
memorable phrase, the late 17th-cen-
tury pays d’en haut was “a world
made of fragments,” of bands of refu-
gee peoples scattered by European
diseases and Iroquois raids.
These fragments, Mr. White ar-
gued, rebuilt a Great Lakes world at
the turn of the 18th century using “an
imported imperial glue” supplied by
the French colonial “father,” the
king’s governor. That glue, however,
hardly made a colonial empire in the
way we traditionally think of it. In-
stead Native and French people, lack-
ing the power to impose their wills on
the other, created a “middle ground,”
a cultural formation that, despite be-
ing born of misunderstandings and
miscommunications, allowed them to
work haltingly together against Iro-
quois and British enemies.
Mr. White’s contentions were con-
troversial. Almost immediately, mod-
ern Anishinaabe people protested that
they had never been smashed, that
their communities had never been
fragments. Then, in 2006, historian
Heidi Bohaker published a scholarly
article confirming that no external
glue was needed to rebind communi-
ties that had never come apart in the
first place. Analyzing the pictographic
symbols affixed to treaty documents,
Ms. Bohaker traced family lineages
known as “doodem,” which united Na-
tive peoples throughout the Great
Lakes. These lineages and the mar-
riage connections—not particular
communities or “nations”—were what
defined Anishinaabe country; they
long pre-dated the wars of the Iro-
perbole also makes it hard to sympa-
thize with the author. Clearly Ms. La-
hiri has suffered from a sense of
perpetual alienation, but she seems
half in love with it as well. In her
most grating chapter, “The Wall,” her
outsider’s self-pity blazes up into
grievance. It seems a saleswoman
once got (or affected to get) the
wrong impression that Ms. Lahiri’s
American husband, who looks Italian,
speaks Italian better than she does.
Recalling the episode, she writes:
“Here is the border that I will never
As a child she spoke
Bengali and English
but never felt quite at
home in either tongue.
manage to cross. The wall that will
remain forever between me and Ital-
ian, no matter how well I learn it. My
physical appearance. I feel like cry-
ing. . . . I feel humiliated, offended,
envious.” She goes on to say that she
has been similarly rebuffed in many
Italian shops: “When I speak to them
in Italian . . . they say, puzzled, ‘I
don’t understand.’ It’s always the
same response, the same scowl. . . .
They don’t appreciate that I am
working hard to speak their language;
rather, it irritates them.” This sweep-
ing charge would be hard to credit if
lodged against the salespeople of the
old Soviet Union, let alone Italy.
Ms. Lahiri’s wounded dudgeon and
ponderous solemnity might be tolera-
BOOKS
quois and the arrival of the French,
and they endured after the French em-
pire was gone. Ms. Bohaker’s model of
a dynamic, persistent Native realm
has become the new standard in the
field, not just for the Great Lakes but
for other regions of North America.
The straits of Mackinac
were once the nexus of a
sprawling Indian empire—
the center of the world.
Mr. McDonnell, who teaches at the
University of Sydney, expands on this
model by relentlessly focusing on the
Odawa and on Michilimackinac. He
argues that the great mistake of Mr.
White was to view the pays d’en haut
from the south and east—in other
words, from Detroit rather than from
Michilimackinac. From that perspec-
tive, the upper country did appear to
be a world made of fragments. The
standard of reference of most French
sources was their experience with the
very different Native peoples of the
eastern and southern Great Lakes.
These people formerly lived in agri-
cultural villages and had, in fact, been
dispersed by disease and warfare.
When the French saw multiple, small,
shape-shifting bands of Anishinaabeg,
they concluded that these too must
have been fragments scattered by dis-
ease and war.
Yet, Mr. McDonnell’s book shows,
they were anything but that. For the
better part of two centuries Odawas
and their kin remained firmly in con-
trol of a world centered on Michili-
mackinac, forcing Europeans to do
their bidding when they needed them
ble if only she had more to say. Here
and there she makes crisp observa-
tions whose truth will be recognized
by any foreign-language student,
such as: “The more my comprehen-
sion of Italian increases, the more it
reveals a weakness in English.”
(When you’re constantly trying to
grasp the precise meaning of some-
one else’s words, you realize how
dimly you understand your own.) And
when she admits that writing in Ital-
ian makes her “feel like a child who
sneaks into her mother’s closet to try
on the high-heeled shoes, an evening
dress, some jewelry, a fur coat,” we
glimpse the more nuanced, light-
hearted, penetrating book this might
have been. As it is, the book stays
largely on the surface, trapped there
by Ms. Lahiri’s awed fixation on her
estrangement and reckless courage in
“daring to write” in Italian, a step
that “seems like a leap into the void.”
You’d think she was an astronaut or
a jungle explorer braving cannibals.
For all that, “In Other Words”
does have the virtue of novelty. Not
often do literary writers switch to a
new language, especially one learned
as an adult. These days, they’re likely
to switch to English, a pertinent ex-
ample being the Italian writer Fran-
cesca Marciano, whose recent collec-
tion of short stories, written in
flawless English, is titled “The Other
Language.” If a language is, as the
linguist Max Weinreich memorably
put it, “a dialect with an army and a
navy,” English is a dialect with over-
whelming nuclear superiority—in
terms of potential audience and
global cachet, that is. So it’s good to
* ***
and largely ignoring them when they
did not. This was no middle ground:
Anishinaabeg set the terms of trade
(the word “Odawa” means something
like “trader”) and enlisted French
troops in their wars against other Na-
tive peoples farther west and against
British traders in the Ohio country.
Indeed, Anishinaabe numbers, kin
connections and power grew steadily
through the 18th century, when else-
where in North America, Native influ-
ence seemed on the wane.
Anishinaabe power was at no time
more in evidence than in July 1764, a
moment when the British thought
they were on the verge of triumph in
the conflict known as Pontiac’s War,
named for the Odawa leader who had
laid siege to Detroit the previous year.
The British summoned Native peoples
from throughout the Great Lakes to
Niagara to impose peace, find out
who was responsible for recent vio-
lence, and demand restitution for the
losses British traders suffered in at-
tacks on Michilimackinac and other
posts. But the Anishanaabe delegation
denied any involvement in events that
had occurred in their own backyard
and gave only the vaguest promises
that British traders who returned
there would be protected. Nonethe-
less, they went home with a hearty
share of some £58,000 of gifts and
provisions doled out. On this and
countless other occasions, Anishi-
naabe people showed themselves
indeed to be “masters of empire,”
calling the shots for Europeans who,
flitting through Indian country like
passengers in a white-finned Rambler,
had little idea what was going on.
Mr. Richter is a professor of history
at Penn and author of “Before the
Revolution: America’s Ancient Pasts.”
see someone going in the opposite
direction. And it’s even better to see
someone take a stab at what Ms. La-
hiri calls “linguistic autobiography,”
a surprisingly neglected vein. There’s
Alice Kaplan’s “French Lessons” and
“The Genius of Language,” a reward-
ing collection of essays, edited by
Wendy Lesser, in which 15 bilingual
and polyglot writers reflect on their
mother tongues. Not much else,
though. Even such celebrated mi-
grants as Conrad and Nabokov had
less to say than one would wish.
Reading “In Other Words,” I re-
peatedly thought of a lovely Italian id-
iom: trovare il bandolo della matassa.
A matassa is a skein or hank, a ban-
dolo its end, and to find the bandolo
is to solve a vexing puzzle or extract
oneself from a muddle. Many mem-
oirs involve a hunt for some sort of
bandolo. In Ms. Lahiri’s, the matassa
is a troubling tangle of languages, the
bandolo . . . what, Italian? A sense of
ease and belonging? At any rate, her
inquiry has resonance despite its
faults. In focusing on “the emotions
inspired by the linguistic drive,” she
gets at an area of human experience
that could use more illumination.
Anyone who hurls himself into Italian,
or Urdu or Ojibwe or whatever, finds
not only the mind but the heart chal-
lenged, divided, expanded, confused.
God both cursed and blessed us when
he confounded our language, and
Jhumpa Lahiri is a representative
beneficiary and victim.
Mr. Downing is the author of
“Queen Bee of Tuscany: The
Redoubtable Janet Ross.”
THE WALL STREET JOURNAL.
The Lore
Of L.A.
Continued from page C5
satchel for Albert Fall, President Hard-
ing’s corrupt secretary of the interior
and the impresario of the Teapot
Dome oil-lease scandal. Under pres-
sure to testify against Doheny’s son,
Plunkett died in a murder-suicide with
Ned—although it was never really es-
tablished who shot whom.
Ms. Stein’s chapter on Jack Warner
and his brothers starts with a quote
about movie moguls from David Gef-
fen: “Jack Warner was a great charac-
ter, like all of them,” says Mr. Geffen.
“They were remarkable guys, but they
were monsters.” As Hollywood mon-
sters go, Jack Warner, in Ms. Stein’s
telling, was hardly the most fearsome.
He lived like a pasha, had Salvador
Dalí paint portraits of him and his
wife, Ann, and tried to control every-
thing. From his office, visitors could
see a big black water tower embla-
zoned WARNER BROS. When his word
was challenged, he simply pointed out
the window and asked, “Whose name
is on the water tower?”
Warner Bros. was the most socially
conscious of the big studios. Accord-
ing to Warner’s son, the studio made
wartime pro-Soviet pictures, including
“Mission to Moscow,” at President
Roosevelt’s behest, to warm American
public opinion to an ally fighting Hit-
ler. Still, Warner felt vulnerable when
the House Committee on Un-American
Activities began investigating Holly-
wood. He embarrassed himself under
questioning, dissolving in sweat and
blurting out names. A few years later,
Warner sold the company out from
under his brother, Harry, who
promptly had a stroke. Jack Warner
died in 1978, his widow 12 years after.
Six weeks later, their house was
bought by . . . David Geffen.
The exotically beautiful actress Jen-
nifer Jones, an Okie born Phyllis Isley,
was one of Hollywood’s biggest stars
in the 1940s and ’50s, with roles in hit
films like “The Song of Bernadette,”
Jennifer Jones would
change outfits three times
during her dinner parties
and never sit down to eat.
“Duel in the Sun” and “Love Is a
Many-Splendored Thing.” She was
also an exceptionally strange woman.
Ms. Stein’s narrators, including
Jane Fonda, Dennis Hopper and Sally
Kellerman, paint a portrait of a tor-
mented soul who threatened suicide
often and tried to keep her promise
more than once. She might change her
outfits three times during the lavish
dinner parties she gave with the pro-
ducer Selznick but never sat down to
eat. She went to bed in full makeup—
in case she had to be taken in the mid-
dle of the night to the hospital, where
she might be photographed.
Ms. Stein’s own voice is heard most
often in the book’s final chapter about
her own family. “West of Eden” tiptoes
around the perpetual speculation that
MCA, ruled by her father and his pro-
tégé, Lew Wasserman, had more than
a nodding acquaintance with the Mob.
But the book makes clear that the key
to MCA’s omnipotence was a deal cut
with Ronald Reagan when he was head
of the Screen Actors Guild after World
War II. Reagan granted MCA a waiver
to operate both as a talent agency and
a producer of TV shows and movies—
a blatant conflict of interest.
Meanwhile, Jean was living the
Hollywood high life. One of Lyndon
Johnson’s cronies fixed her up with a
promising young federal prosecutor
named Roy Cohn (it didn’t take), and
Judy Garland sang “Over the Rain-
bow” at her coming-out party. Still,
from the beginning she seems to have
had a knowing grasp of fantasyland
reality. Just before her father’s funeral
at Forest Lawn, she hears Lew Was-
serman’s wife, Edie, tell him: “Well, it’s
about time.” She writes: “Even though
I was distraught, I thought, ‘Now, this
is too good to be true.’ ”
Much of “West of Eden” matches
that description. There is also an ines-
capably sour tang to these tales of ex-
cess, narcissism, willful self-regard,
disappointment and doom. And there
is a kind of pretentiousness in this
cascade of extravagant detail about es-
sentially trivial incidents and con-
cerns. Yet, as ever, gaudy, debauched,
merciless Hollywood has the power to
enthrall its audience.
Mr. Kosner, the former editor of
Newsweek, New York, Esquire and
the New York Daily News, is the au-
thor of a memoir, “It’s News to Me.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | C7

BOOKS
‘War’s very object is victory, not prolonged indecision. In war there is no substitute for victory.’ —Douglas MacArthur

Hell in the Pacific

War at the End of the World
By James P. Duffy
NAL Caliber, 436 pages, $28

BY ARTHUR HERMAN

THE CAMPAIGN for New Guinea

during World War II has never drawn
the same attention as the rest of
America’s war in the Pacific. Mention
Iwo Jima, Okinawa or Guadalcanal to
most Americans and they can conjure
up an image of heroism and endur-
ance epitomized by the photograph of
Marines raising the American flag
over Mount Suribachi. But mention
Buna and Biak—or other flashpoints
in the New Guinea campaign—and
you may well get a blank stare, unless
someone had a grandfather who
served in those precincts of hell.
James Duffy helps to fill this gap
with “War at the End of the World,” a
vivid and well-researched chronicle of
a “forgotten fight” that was crucial to
Allied victory. The book also restores
ALINARI VIA GETTY IMAGES

Douglas MacArthur to his rightful

place as one of America’s most suc-
cessful battlefield strategists.
Certainly New Guinea was a god-
awful place to fight a war. The world’s
second largest island after Australia,
roughly the size of California, it is
covered with dense jungle and ribbed
with steep mountain ridges. It is also
subject to extreme heat, monsoon
rains, poisonous snakes and tropical
diseases. In a war in which victory in-
creasingly depended on motorized
transport and air power, New Guinea
had virtually no roads to speak of and
no level clearings for landing a small
plane, let alone an air force.
The island (less than 100 miles
from the northern tip of Australia)
wouldn’t have become a battle ground
were it not for the fact that the Japa-
nese wanted to protect their empire’s
southern flank and halt any Allied ad-
vance coming up from Australia. They
aimed to do so by seizing New
Guinea’s capital, Port Moresby—a
move that the U.S. Navy initially
halted at the Battle of the Coral Sea in
May 1942. By then, MacArthur had ar-
rived in Australia from the Philip-
pines, where he had overseen a disas-
trous defeat by Japanese forces. Now
he had to defend Australia from possi-
ble invasion by occupying New Guinea
before the Japanese tried again.
That was going to be difficult.
When he took command of the South-
west Pacific Area, MacArthur had vir-
tually no American troops, almost no
modern fighters or bombers, and an
Australian ally that had little of the
materiel needed to fight a determined
enemy like Japan. Meanwhile, Japa-
nese bombers pounded the port of
Darwin and other targets almost daily.
It was assumed in Washington that
MacArthur would be fighting a defen-
SLOW GOING American troops on New Guinea ca. 1943. The Japanese had begun their attempt to take the island in July 1942.
sive war. Instead, Mr. Duffy writes,
MacArthur used every opportunity
“to request more men, more ammuni-
tion, more ships, and more planes to
fight an aggressive war.’’ That meant
a full-out fight for New Guinea. For
the Americans, Mr. Duffy says, victory
When he took command, MacArthur had a ragtag
bunch of soldiers and almost no modern planes. He
used every chance to request more materiel and men.
in New Guinea would be “pivotal in
breaking the Japanese war ma-
chine”—and MacArthur was the man
to break it.
After being repelled in the Coral
Sea, the Japanese renewed their ef-
fort to take New Guinea in late July
1942, when they landed troops at the
port of Buna on the island’s northeast
coast and began pushing down the
rugged Kokoda Trail toward Port
Moresby. But MacArthur threw what
troops he had into the battle for
Kokoda and managed to halt the Jap-
anese advance. Then, as more Ameri-
can men and materiel arrived in
1942-43, MacArthur began to pursue
the New Guinea campaign at full
throttle. He turned out to have four
key advantages, which Mr. Duffy
rightly highlights.
The first was his Australian allies,
who proved tenacious jungle fighters
and showed themselves willing to
subordinate their own strategic inter-
ests to help MacArthur win. The sec-
ond was Gen. George Kenney,
commander of the U.S. Fifth Air
Force, who understood that air power
could isolate the enemy on the battle-
field and take away its ability to
maneuver. Kenney and his men would
carve out from the jungle one air strip
after another, which they used to
support MacArthur’s drive toward the
northern coast of New Guinea.
Kenney’s strategy culminated in the
Battle of the Bismarck Sea in March
1943, when his bombers, by them-
selves, virtually destroyed a Japanese
convoy carrying almost 7,000 troops.
MacArthur’s third advantage was
Adm. Daniel Barbey, a pioneer of am-
phibious warfare who used a steadily
growing fleet of tank-landing and in-
fantry-landing ships to help Mac-
Arthur surprise and envelop Japanese
garrisons from the sea. It was Barbey,
in fact, who enabled MacArthur to re-
alize that he and Adm. William “Bull”
Halsey—who was running a similar
campaign in the Solomon Islands to
the east—didn’t have to take by force
the key Japanese garrison at Rabaul,
a town on an island just north of New
Guinea. Instead, by advancing with
amphibious leapfrogs along New
Guinea’s northern spine—and by
snatching away Japan’s access to an-
chorages in neighboring islands—he
and Halsey could isolate the Rabaul
garrison and render it useless. And so
they did. At the same time they were
laying down the stepping stones to
the liberation of the Philippines and
setting the stage for fulfilling Mac-
Arthur’s promise, “I shall return.”
MacArthur’s fourth advantage was
the information he received from the
code breakers at his headquarters in
Brisbane and back in Washington.
Their biggest coup came in January
1944, when Australian troops discov-
ered a trunk full of Japanese code
books. To the end of the campaign,
the code breakers were able to give
MacArthur a detailed look at Japa-
nese plans almost before he sat down
to breakfast.
Even so, New Guinea saw fighting
that can only be described as de-
monic. From MacArthur’s first as-
saults on Buna in the fall of 1942
through slugging matches for the
neighboring islands of Biak and
Wakde in 1944, his soldiers fought an
enemy that was both well-entrenched
and determined to die rather than
surrender. The fighting was often
hand to hand, grenade to grenade,
bayonet to bayonet.
For the soldiers themselves, it was
a living hell. Mr. Duffy quotes corre-
spondent E.J. Kahn Jr. describing the
Americans he met who were serving
with the 32nd Division during the
fight for Buna: “They were gaunt and
thin, with deep black circles under
their sunken eyes. They were covered
with tropical sores. . . . Often the
soles had been sucked off their shoes
by the tenacious, stinking mud. Many
of them fought for days with fevers
and didn’t know it.”
If anything, things were worse for
the Japanese. A chronic lack of food
reduced many of them to cannibalism;
anyone who fell into the hands of the
island’s indigenous were liable to be
killed and eaten in their turn.
The last major fighting in a cam-
paign that cost America and Australia
some 42,000 killed and wounded, and
Japan more than 127,000 lives, was at
Morotai Island (in present-day Indo-
nesia), in September 1944. When it
was over, MacArthur could gaze out
across the Morotai Straits toward
Leyte in the Philippines. “They are
waiting for me there,” MacArthur
murmured to one of his subordinates.
“It’s been a long time.” The rest of us
have been waiting a long time for a
book like “War at the End of the
World,” which gives those who were
part of this forgotten fight the recog-
nition they deserve.
Mr. Herman’s forthcoming book
is “Douglas MacArthur: American
Warrior.”

The First Boy Scout

sacre’s backdrop, ended with star- of the vicious Tonto Basin Feud, an Burnham’s 1884 wedding to who “turned out to be the Clarence
A Splendid Savage tling brutality. Thirty-eight Sioux interfamily range war that inspired Blanche Blick, an Iowan he met in Darrow of cannibals.” Mr. Kemper of-
By Steve Kemper warriors were hanged in Mankato, Grey’s 1921 novel, “To the Last Man.” childhood, appears to have been his fers up off-color catalogs of firewater
Norton, 436 pages, $27.95 Minn.—the largest execution in U.S. (While the notorious Hatfield-McCoy life’s turning point. This loving and slang—“tangle-leg, churn brain, ta-
history—their chief’s skull and scalp dispute resulted in a dozen deaths, amazingly resourceful woman—who, rantula juice, Taos lightning, white
BY MAXWELL CARTER “triumphantly displayed” in St. Paul. Mr. Kemper writes, “could charm mule (for the kick), and forty-rod (for
Burnham’s later judgment on these high society or handle a shotgun, de- its power to kill at that distance)”—
“rough days and fierce resentments” pending on what was needed”— and of Klondike-prostitute names:
SOME OF THE happiest stretches of is characteristically measured: “To- would prove unfailingly game “Spanish Dolores, Limejuice Lil, Dia-
my childhood were spent curled up day, recalling all the crimes of the In- through the marriage’s 55 years of mond-Tooth Gertie.” He is impres-
with “frontier” adventure stories, dians, which were black enough, one exhilarating highs and mournful lows. sive, too, on the peculiar mentality
from Zane Grey’s westerns to H. cannot but cast up in their behalf the Fred’s wanderlust took the Burn- and dislocated existence of the for-
Rider Haggard’s Allan Quatermain se- long column of wrongs and griev- hams from failed orange cultivation tune seeker. In his section on the
ries, set in the wilds of Africa. What ances they suffered at the hands of in Pasadena, Calif., to bursts of pros- Alaskan gold rush, homesick prospec-
these books lacked in originality— the whites.” As Mr. Kemper notes, pecting and soldiering across Africa, tors savor an old copy of the Seattle-
and political correctness—they made Alaska, Mexico and California again. Post-Intelligencer down to its ads.
up for in excitement. If only Steve His military career began with typical Faithful, teetotal and unquestion-
Kemper had written his marvelous He reconnoitered with spontaneity: Traveling from Durban, ably devoted, Burnham would, even
new biography, “A Splendid Savage: South Africa, to Fort Salisbury, Rho- so, never make husband or father of
The Restless Life of Frederick Russell Baden-Powell, outtalked desia, in 1893, he enlisted with Cecil the year. Chronically absent, he
Burnham,” 20 years sooner. How was T.R. and set out to find Rhodes’s British South Africa Co. as missed the births of his three chil-
I to know that I might find the real war broke out between peremptory dren and two of their shocking
thing in Burnham, who carried coded Montezuma’s lost city. white settlers and the put-upon Nde- deaths: His 2-year-old daughter,
messages for smugglers in Tomb- bele tribe. Secret missions and daring Nada, succumbed to fever in 1896,
stone, Ariz.; outfoxed Apaches and escapes; reconnoitering with Baden- and his 8-year-old son, Bruce,
Boers; fought alongside Robert Burnham’s multifaceted views would Powell; bantering with Winston drowned in the Thames in 1905.
Baden-Powell, the founder of the Boy be formed in the saddle rather than Churchill, fresh from the Boer War; Burnham’s racial attitudes—although
Scouts, in Rhodesia (where Baden- the armchair. seeking Montezuma’s “lost city”— enlightened by the standards of the
Powell adopted Burnham’s brown In 1873, two years after his family there’s almost too much for one age—were at times downright offen-
Stetson and neckerchief); and had the settled in Los Angeles, Burnham’s fa- book, let alone one life. On an 18-day sive. Here and elsewhere, Mr. Kemper
“rare ability to turn Theodore Roose- ther died of tuberculosis. Penniless, voyage to Southampton, Burnham is commendably clear-eyed, balancing
NORTON

velt into a listener”? his mother borrowed $125 for train and Churchill set fines for various his subject’s failings and fine quali-
Born in Minnesota in 1861, Burn- fare to join her brothers in Iowa. “off-limits” topics: “Anyone talking ties. An incredible sum of contradic-
ham first cheated death when he Burnham, age 12, insisted on remain- WELL DECORATED Frederick about the war, $1.25 . . . about Boers, tions and experiences, Burnham died
was 15 months old. Chased by Sioux ing behind. Delivering telegrams on Russell Burnham in 1901. $7.25 . . . criticism of the war and ex- in his sleep in 1947 at 86.
braves, his mother thrust him be- horseback for Western Union, he paid plaining how it should have been Those clinging nostalgically to
hind corn stalks as she ran for help. off her debt within the year. Burnham Tonto Basin left as many as 50 dead.) conducted, penalty death by torture.” Haggard, reluctant to trade Quater-
She returned at dawn to find her moved home briefly at 14, before Eventually, he landed in Tombstone. Mr. Kemper’s narrative is rich, de- main for Burnham, can take the nov-
neighbors’ mutilated corpses—and striking out for good in 1876. “A pe- There he fell in with Neil McLeod, the tailed and pitch-perfect, with the elist’s word for it: “In real life [Burn-
baby Burnham staring up peacefully. riod of glorious wandering” around boomtown’s craftiest smuggler. Burn- witty and wonderful skipping off ev- ham] is more interesting than any of
The pattern—nearly impossible the Southwest followed. Between odd ham’s criminal spell was short but ery page. There’s Burnham’s adoles- my heroes in romance.”
odds, Burnham cool as you like— jobs—cowpunching, among them— not without value—eluding assassins cent “Tucson Bed” (“back for a mat-
would recur. Burnham apprenticed for grizzled and tracking Apaches were excellent tress and . . . belly for a blanket”) and Mr. Carter is an M.B.A. candidate
The Dakota War of 1862, the mas- scouts and featured on the periphery training for the scout. his mediation with an African chief at Columbia Business School.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C8 | Saturday/Sunday, February 6 - 7, 2016
Snapshots From the Front
Youngblood
By Matt Gallagher
Atria, 340 pages, $26
BY MARK KAMINE
NEAR THE END of “Kaboom” (2010),
his irreverent memoir of military ser-
vice in Iraq from late 2007 to early
2009, Matt Gallagher bluntly rejects
so-called expert opinions on how to
resolve the war. “After dedicating my-
self to the counterinsurgency effort
for a full fifteen months, I knew only
enough to know that anyone who said
he or she definitively knew the an-
swer to the Iraq impasse was full of
s—.” Mr. Gallagher’s deployment,
coming on the “coattails of the surge”
and ending before the emergence of
Islamic State, took place during a
time of reduced if steady conflict,
nightly gunfire within hearing range,
and occasional explosions bringing
home all-too-real dangers. American
soldiers undertook a variety of mis-
sions, including assessing the avail-
ability of electricity, sweeping build-
ings for mortar-making factories and
hunting down insurgents. They also
AFP/GETTY IMAGES
found time to pass out candy or kick
around a soccer ball with Iraqi kids.
“Youngblood,” Mr. Gallagher’s
first novel, sticks with the post-
surge Iraq setting and retains the
memoir’s irreverence. The novel
showcases the manifold strengths of
the author’s writing, most promi-
nently a gift for evoking the feel of
contemporary soldiering in faraway
places. Mr. Gallagher conveys the
daily physical discomforts: “No
amount of water would end the
drought in my throat,” his narrator
says at one point. At another: “My
body ached in all the normal places
from the medieval bulk of the armor:
the blister spots on my heels, the
knotted center of my back.” The au-
thor captures the war’s emotional
toll: “I nodded, wondering where my
horror for things like disintegrated
men had gone. There was just a
nothingness, an acknowledgment of
fact.” And with spare and appropri-
ate measuredness, he allows his nar-
rator to step back and compare the
current, confusing, imperfectly con-
ceived war with past wars. “Our
grandfathers had pushed back the
onslaught of fascism. Just what the
f— were we doing?” Passing a dan-
gerous road called Route Pluto, he
reflects: “So many soldiers had died
on that three-mile stretch of black-
top. . . . I wasn’t sure wars like ours
got monuments, but if it did, it be-
longed on that road.”
As in “Kaboom,” electricity recon
and pothole filling are standard tasks
for American troops, and—as they did
in real life—Iraqi children respond to
the novel’s patrolling soldiers with
calls for chocolate and football. In
FICTION CHRONICLE: SAM SACKS
IT WAS IN 1959,
Maylis de Kerangal
writes in “The
Heart” (Farrar,
Straus & Giroux,
242 pages, $25),
that “death was redefined.” For mil-
lennia the principal sign that some-
one had died was the cessation of
the heartbeat. But that year, at the
International Congress of Neurology,
two French doctors proposed that
the moment life comes to an end
should instead be regarded as the
moment the brain ceases to func-
tion. “In other words,” the author
writes, “I no longer think, therefore
I no longer am.”
This change in doctrine, combined
with extraordinary advances in in-
tensive care, revolutionized organ
donation, making it ethically permis-
sible to take the healthy heart of a
brain-dead patient and transplant it
into someone else’s body. But it also
created a terrible dissonance for
anyone forced to consider such a
procedure, like the grieving parents
of 19-year-old Simon Limbres in “The
Heart”: “When it comes down to it,
his flesh is warm, it moves.” To the
eye he seems merely to be sleeping.
Ms. de Kerangal’s novel takes
place over 24 hours, beginning with
a car accident early one morning in
coastal France that sends Simon into
a coma dépassé, literally “a state be-
yond coma.” In taut, overlapping
chapters, it branches out to the peo-
ple whose fortunes have become
suddenly linked. These include the
‘No country is so wild and difficult but men will make it a theater of war.’ —Ambrose Bierce
“Youngblood,” Mr. Gallagher drama-
tizes rather than reports on the situa-
tional uncertainty of a country in
which Shia gangs fight for power and
Sunnis segment “into al-Qaeda, 1920
Revolution Brigade, and Jaish al-
Rashideen.” The novel’s narrator,
thoughtful and cautious platoon
leader Lt. Jack Porter, gets stuck with
an aggressive staff sergeant named
A novel set in post-surge Iraq finds soldiers fixing
roads, children stopping them on patrol to ask for
chocolate, and tensions seething just below the surface.
Chambers, who earned his stripes
during an earlier tour of duty, when
the al Qaeda wars were raging and
counterinsurgency and rebuilding
were not yet primary goals. Porter
hears rumors of his sergeant’s in-
volvement in civilian murders and
sets out to find proof. The Porter-
Chambers split embodies the under-
standable ambivalence of members of
an army tasked with befriending and
aiding people who, when not openly
hostile, maintain either indeterminate
or changeable allegiances.
Mr. Gallagher introduces a back
story of forbidden love (a legendary
American soldier and an attractive
sheik’s daughter) and, at a climactic
moment, an equally forbidden Ameri-
can-led raid on a mosque where in-
The Sense of an Ending
doctor who pronounces Simon brain-
dead, Simon’s stunned parents, and
the hospital coordinator whose deli-
cate job is to ask them to consent to
the organ donation.
But these characters represent
only half of this faceted gem of a
book. The novel’s French title, “Ré-
parer les vivants,” comes from a
piece of wisdom in Chekhov’s drama
“Platonov” concerning the best way
to carry on after tragedy: “Bury the
dead and repair the living.” So we
Parents of a brain-dead
boy agonize over whether
to donate his heart. To the
eye he seems only asleep.
GETTY IMAGES
are soon introduced to figures on the
other side of the country whose role
is to salvage life from Simon’s death:
the surgeons and attendants who
will complete the transplantation
and the woman who has been
matched with his heart.
Ms. de Kerangal excels at stamp-
ing her dramatis personae with big,
emphatic personalities, in keeping
with the miraculous nature of their
undertaking. Among the most engag-
ing is the organ-removal coordina-
tor, whom we first meet standing
naked in his apartment belting out
an aria loud enough to make “the
strips of his venetian blinds vibrate.”
Though she doesn’t shy from expres-
BOOKS
surgents have taken refuge. The am-
ped-up action and the Porter-
Chambers rivalry occasionally stand
out as too clearly novelistic. But the
author’s sentences are consistently
plainspoken and evocative, and he
never lets his first foray into fiction
turn into a tidy, neatly bundled pack-
age where truth and justice triumph.
The raid results in the deaths not
only of military targets but of two
unidentified women and a young
child. And Porter never does pin any-
thing on Chambers, who at one point
saves Porter’s life and, when Porter
finishes his tour, ends up in charge of
Porter’s platoon. Porter in fact takes
comfort from the knowledge that his
rival is the kind of soldier who will
bring his men safely home.
“Kaboom” was rife with knowing
and occasionally bitter humor, from
its onomatopoeic title to the nick-
names of the troops (Pfc. Cold-Cuts,
Spc. Haitian Sensation) to its final,
all too appropriate words, “So much
for clarity.” Mr. Gallagher sprinkles
“Youngblood” with more of the
same, from Porter’s initial wake-up
call to his men, “Yo . . . The Suck
sions of grief, a spirit of amazement
infuses her prose. As in her exuber-
ant 2010 novel “Birth of a Bridge”—
also about a bold modern enterprise,
in this case the construction of a
suspension bridge—her dominant
key is wonder.
But where “Birth of a Bridge”
erected grand edifices of baroque de-
scription, the writing in “The Heart”
has a hurtling, onrushing quality
that makes you think of blood roar-
ing through the vascular system. In
one pulsing sentence typical of the
book, Simon’s mother tries to
fathom the idea that her son’s heart
will soon be inside a stranger’s body:
“What will become of everything
that filled that heart, it emotions
slowly deposited in strata since the
first day, inoculated here and there
in a rush of enthusiasm or a fit of
rage, its friendships and enmities, its
grudges, its vehemence, its serious
and tender inclinations? . . . What
will become of this full, this too-full,
this overflowing heart?”
Sam Taylor has bravely taken on
* ***
awaits” to this message from a now
one-legged friend returned from the
war: “ALL REAL VETS DIE BITTER
AND ALCHOHOLIC! (LOL).” There
are also moments of stirring sympa-
thy for and surprising friendship
with local civilians and soldiers. Por-
ter fasts during Ramadan, not out of
religious feeling but out of respect
for the local customs and the desire
to give himself “something to talk
about” with a local woman he be-
friends. He also develops a com-
radely respect for an Iraqi officer
named Saif, with whom he trades fa-
vors—American laser-rifle sights in
exchange for information on Cham-
bers’s murky past.
The Iraqi-American divide is never
fully bridged, however. Porter’s fe-
male friend goes missing and, when it
comes time for the officers to make a
call on the mosque raid, Porter ig-
nores Saif’s insistence that “Ameri-
cans aren’t allowed to enter
mosques.” He and Chambers take the
lead and in no time the mosque is a
smoking ruin. In the aftermath Porter
is left to ponder the familiar and now
ironic words Chambers speaks, hun-
kered down after the blast that has
destroyed the mosque, laughing out
loud as the medics work on Saif and
the other injured soldiers around
them: “Mission Accomplished.”
Mr. Kamine co-produced the movies
“American Hustle” and “Silver Lin-
ings Playbook,” among others.
the task of recapturing Ms. de
Kerangal’s rhapsodic rhythms in
English. It’s true that he often set-
tles on clichéd phrasing like “he was
in too deep” and “nobody in the [op-
erating] theater moves a muscle.” (A
translation by Jessica Moore, avail-
able in Canada and the U.K., has
fewer of these lapses.) Even so, his
translation throbs with beauty, sor-
row and an undimmed astonishment
at the life of the body. At one point
Ms. de Kerangal gives us a bird’s-eye
view of nighttime Paris rising up
“under a dome of corpuscular light.”
Her novel is suffused with the same
human glow.
The solemn secrets of existence
are much on the mind of Delvin
Walker, wanderer and witness
through the American South of the
1930s and the protagonist of Charlie
Smith’s novel “Ginny Gall” (Harper,
452 pages, $26.99): “Secrets not like
propositions and facts you could
know but true secrets, mysteries and
puzzles you could never discover the
answer to or reason for. You could
THE WALL STREET JOURNAL.
SCIENCE FICTION: TOM SHIPPEY
Night
Raids
SERGE Brussolo’s
short novel “The
Deep Sea Diver’s
Syndrome” (Melville
House, 196 pages,
$24.95) starts with a
heist. It’s fairly routine noir, to begin
with—a severed hand used to pass the
palm-print reader, a gouged eyeball to
fool the retina scanner. But why does
the thief keep looking at a depth-gauge
and seeing things that aren’t there?
Because he’s a dream-diver, whose
gift it is to go into dreams and retrieve
treasures, made from “oneiric ecto-
plasms,” that turn into physical objects
in the waking world. They are highly
prized, the best ones bought to fill mu-
seums. But how does he know what to
take? And what happens if a dream-
diver stays down too long?
Answers don’t come, but it seems
as if the best dreams come from peo-
ple who have been brought up on pulp
fiction, not necessarily sci-fi. Mr. Brus-
solo writes with affection of other
genres: war stories, fairy-tales, Rider
Haggard-style adventures in Africa.
They have turned into “semiotic
ghosts,” haunting adulthood, brought
back to life but always decomposing.
China Miéville offers a different
kind of nowhere in “This Census-
Taker” (Del Rey, 210 pages, $24).
It’s a bare landscape, with elements
of nightmare: a hill, a town, a hole in
the hill, a place you must not go. The
child narrator is first seen running
down the hill, screaming, “My mother
killed my father!”
She hasn’t. It might have been the
other way round. His father kills ani-
mals, and probably people, and throws
them in the hole in the hill. The forces
of law in this world seem unusually in-
ept, so no one ever finds out, and the
child is returned to his father.
Is this some kind of Freudian pat-
tern? The father is a key maker, and
the keys seem to have magic power,
but how do they work? Why is the
child fascinated by a lizard in a bottle,
too big to go through the bottleneck?
Because he’s trapped as well?
When the “census-taker” turns up,
armed, authoritative, determined to
get to the bottom of things—includ-
ing the hole in the hill—we can start
to hope for conclusions. But in the
end he just takes the child as an ap-
prentice, teaching him how to make
things orderly.
Mr. Miéville’s novella has a child
turning adult, encountering rational-
ity. Mr. Brussolo’s has adults treasur-
ing nostalgia made real. Either way,
they offer guides not to “outer space”
but to “inner space”—the source, they
remind us, for fiction of all kinds.
only stand there, like a mourner be-
fore a grave, and wonder.”
Delvin is from Red Row, a poor
black neighborhood outside Chatta-
nooga, Tenn. Orphaned as a child—
his mother gets in trouble with the
law and runs away—he is brought up
by the local black funeral director.
But when he becomes the accidental
accomplice to a shooting, he too
takes off on a “journey of journeys”
westward into Arkansas and beyond.
A classic road novel takes shape
as Delvin attaches himself to a trav-
eling Negro history museum, falls in
love with an educated woman and is
ensnared by Jim Crow hatreds when
a group of small-town whites falsely
accuse him of rape.
Readers will need to adjust to the
ways of this amorphous, tenderly at-
mospheric novel. To Delvin, drifting is
more than a pastime; it is the univer-
sal condition of his race, for whom life
can, at an instant, be ripped out by the
roots. He begins to keep a notebook of
his observations: “This is what keeps
me from disappearing,” he thinks.
His keen perceptions—a bird’s call
is as “round and sweet as a scupper-
nong grape”; a beaten man’s face is
“like a coal seam turned inside
out”—return him to the mysterious
meanings of a world of such beauty
and cruelty. That mystery, an ac-
quaintance tells him, is his to ex-
plore. “We are the ones supposed to
get up close and hug it till it
squeaks.” “You mean, colored folk?”
he asks. “I do indeed. We are the
only ones got the heart for the job.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | C9

BOOKS
‘Mr. Pound is more responsible for the XXth Century revolution in poetry than is any other individual.’ —T.S. Eliot

From Expatriate to Exile

obscure magazines and completing two
Ezra Pound: Poet, Vol. 3 more sections of “The Cantos”:
By A. David Moody ADRIFT “Thrones” and “Rock-Drill.” Less acces-
Oxford, 654 pages, $35 Pound in 1963. sible than “The Pisan Cantos,” these re-
quire academic elucidation, which Mr.
BY ALLAN MASSIE Moody diligently supplies.
Pound found two new muses
among his visitors. Sheri Martinelli
IN 1965, SAMUEL BECKETT invited was a painter (and cocaine addict).
the aged Ezra Pound to a perfor- Dorothy called her “the new honey-
mance of his play “Endgame,” in pot girl—who is lovely & charming &
which two of the characters, Nagg intelligent—and with the most com-
and Nell, live in trash bins. Pound re- plete lack of morals I’ve come across—
portedly broke his by now habitual almost ever.” Marcella Spann was a
silence to say “C’est moi dans la pou- young Texan in love with poetry and
belle” (“That’s me in the trash.”) His prepared to be infatuated with the
biographer, A. David Moody, writes: poet. She wrote admiringly of Pound
“Exactly what prompted him to place “living the life of the mind, in the
himself in Nagg’s dustbin remains a midst of men whose minds had gone
mystery.” Mr. Moody is a sympathetic from them.” Dorothy approved of her
and indeed exemplary biographer, but at first; she would soon be jealous and
this is a strange remark. There is change her mind. Olga Rudge, after
surely no mystery. Pound, reduced to finding Pound kissing La Martinelli,
silence by depression, knew that he returned to Italy and didn’t visit him
had gone wrong. He had made “a in St. Elizabeth’s again.
botch” (his word) of his masterwork, At last in April 1958 the U.S. Justice
“The Cantos.” He had been led astray Department was persuaded to drop
by his obsession with usury and the the indictment, and it was possible for
supply of money, and he regretted his Pound to be released. However de-
MONDADORI VIA GETTY IMAGES

anti-Semitism, which in an under- luded he had been, he had never been

statement he described as a “stupid mad. Suggestions that he be trans-
suburban prejudice.” ferred to a private hospital in the
Pound had lived in Italy for most of United States came to nothing. He was
the years between the two world given a passport with very little fuss
wars. He was still living in Rapallo and returned to Italy, intending to live
when America entered the war in with his daughter, Mary, and her hus-
1941. His elderly parents were there band in their castle in the Tyrol. Mar-
too, as was his wife, Dorothy; his mis- ical reality in the circumstances of that Pound “was in no state to stand chibald MacLeish, poet and librarian cella Spann would soon follow, but it
tress, Olga Rudge; and his daughter by 1944-45. Arrested by Italian Partisans trial or even plead to the indictment of Congress, who in 1943 had thought would not be long before she was
Olga, Mary, whom Pound adored. Only in May 1945, he was handed over to but was in need of medical care and Pound’s “blabbering broadcasting . . in driven away. Family relationships re-
Dorothy’s son, Omar, whom Pound had the Americans, who were already pre- hospital treatment.” form at least . . . awfully close to trea- mained complicated. Eventually Doro-
accepted as his, was absent, off at paring treason charges against him. Mr. Moody is indignant on Pound’s son.” In any case, if Pound had stood thy also returned to America, satisfied
school in England. They might have all From May to November he was held behalf. He believes that Pound should trial in 1946, it might have been hard that she had secured a substantial part
returned to America; they chose not in a U.S. Army prison camp just out- have had “his day in court” and that it to empanel a jury whose members of Pound’s literary estate for her son.
to. Instead Pound broadcast on the side Pisa, at first in a cage. He was ex- would have been difficult to make the weren’t predisposed to find the man With this final volume, aptly subti-
Italian radio. He did so, in his opinion, widely regarded as “the traitor Pound” tled “The Tragic Years,” Mr. Moody
as a patriotic American, opposed to guilty of treason, a capital crime. has written as wonderfully compre-
the war and the Roosevelt govern- Many assumed Pound would soon hensive and comprehending a biogra-
ment but speaking in defense of the Pound knew he had gone wrong. He regretted indulging be released. In fact, he remained in the phy as anyone interested in Pound—
Constitution as he understood it. in the ‘stupid suburban prejudice’ of anti-Semitism and asylum for a dozen years. It was em- for or against—will want to have. That
Was he a fascist? Yes and no. On barrassing to keep “America’s greatest Pound was a great poet, though a diffi-
the one hand, he described himself as felt he’d made ‘a botch’ of his magnum opus, the ‘Cantos.’ living poet” there. It would have been cult one, is surely not in doubt. That,
a “fascist of the left.” On the other, he embarrassing to release a fascist and through folly and ill judgment, he
was never a member of any fascist presumed traitor. It was embarrassing made something approaching a trag-
party, and believed himself to be an amined by psychiatrists. He wrote po- charge of treason stand up. In support when the Library of Congress awarded edy of his life is evident too. Yet in the
American democrat, a citizen of the etry. “The Pisan Cantos” (Nos. 74 to of this, he quotes the judgment him its Bollingen Prize for “The Pisan end, with his vanity pulled down, there
republic, which had taken a wrong 85), generally considered among his handed down by Justice Robert H. Cantos.” It was embarrassing when came self-recognition, if not catharsis.
turn. He regarded what he called “the finest works, are moving and indubita- Jackson of the Supreme Court in No- Jewish writers expressed their disap- Pound’s last years were spent in
money power” of usury as the root of bly sane: “Pull down thy vanity, it is vember 1944, in the case of a German- proval of the award. It was embarrass- Olga’s care—loving care, one should
all evil. He admired Mussolini because not man / Made courage, or made or- American whose conviction was over- ing when Dag Hammarskjold, the sec- say. They weren’t miserable years, and
he thought the fascist corporate state der, or made grace, / Pull down thy turned: “if there is no intent to betray, retary-general of the United Nations, he wasn’t a recluse, but he was not
was also opposed to the money power; vanity, I say pull down.” In November there is no treason.” Moreover, the said that Pound’s continued incarcera- the man nor the poet he had been. It’s
he was blind to the brutality of the 1945 he was transported to Washing- Italian witnesses to the alleged acts of tion was damaging the image of the unclear whether the silence into which
fascist regime. Dismayed when Musso- ton to be tried for treason. treason were likely to prove unreliable United States. In short there was no he sank (most of the time) and his de-
lini was dismissed by the king in 1943, Here the story becomes murky, and for a number of reasons. By arguing end of embarrassment. pression had physical or psychological
he hurried to support him when the Mr. Moody takes pains to sort out the that Pound was not fit to plead, the Embarrassing or not, the indictment causes. He and Olga traveled. They
Germans set him up a couple of truth. Pound was eager to defend him- author laments, Cornell condemned for treason stood. Management of went to theaters and galleries. Visitors
months later in the puppet Republic self; he was a patriot, not a traitor. He him to years in Washington’s St. Eliza- Pound’s affairs had been vested in a still came to pay homage. He even
of Salò, where Il Duce re-affirmed his wanted to “wipe out . . . the damfool beth’s Hospital for the Insane and to committee headed by his wife, who gave the occasional interview, though
original Socialist credentials. idea” that he had betrayed his coun- the loss of his civil liberties. seems, by Mr. Moody’s account, to the once loquacious Ezra now either
By November 1944, the poet was try. He would never have the chance Yet Dorothy Pound and most of have been quite content with her role ignored questions or replied briefly.
insisting, in a letter to the head of a to do so. His lawyer, Julien Cornell, a Ezra’s friends—including T.S. Eliot and and to have believed that Ezra was bet- His first book of poems, published in
cultural ministry, that Italy’s renewal special counsel to the American Civil William Carlos Williams—were in ter where he was. Rules relating to vis- Venice in 1908, had been titled “A
would come from reading the right Liberties Union, quickly decided not to agreement with the plan and approved itors were eventually relaxed. Disciples Lume Spento,” and now his own light
books, among them the “Analects” of mount a defense. Cornell had been re- of Cornell’s conduct of the case. (Er- eager for instruction gathered around was flickering, awaiting extinction.
Confucius and the Greek and Latin tained by Pound’s publisher, James nest Hemingway thought that Ezra him; in the summer he held informal
classics. Such a program does not sug- Laughlin, not by Pound himself. From hadn’t been right in his head for seminars on the lawn. He continued to Mr. Massie’s most recent book is the
gest that Pound had any grip on polit- the first their intention was to argue years.) Some of them agreed with Ar- write and publish, sending articles to novel “End Games in Bordeaux.”

The Savage Mountain

Jim Curran’s “K2: The Story of the quantity that had propelled the 1953 member sued him for libel. Compa- ately sited their high camp in a loca-
The Ghosts of K2 Savage Mountain” (1995) and “K2: American effort. It brought results: gnoni sued the producers who filmed tion he couldn’t reach, a maneuver
By Mick Conefrey Life and Death on the World’s Most Lino Lacedelli and Achille Compa- the expedition, thinking he deserved that had forced him and his Hunza
Oneworld, 317 pages, $27.99 Dangerous Mountain” (2009) by Ed gnoni reached the top. During much royalties as compensation for the two companion Mahdi to endure a night
Viesturs and David Roberts. Mr. Cone- of their summit bid, they sucked oxy- fingertips he had lost to frostbite. The out in the open above 26,000 feet.
BY GREGORY CROUCH fry justifies his addition with newly gen from breathing apparatuses Italian press feasted. But the most bit- Mahdi lost his toes to frostbite; Bon-
discovered material that “shines a brought up close to their high camp ter controversy erupted around accu- atti lost whatever opportunity he’d
light on some of the most interesting, by Walter Bonatti and high altitude sations made by Walter Bonatti. had to make the summit.
ALTHOUGH K2, the tallest summit in and most controversial, episodes.” During the last decades of his life,
the Karakoram Range of northern K2’s history has no shortage of Bonatti devoted phenomenal energy
Pakistan, falls 784 feet short of Mount color or controversy. It includes, as to pushing his version of K2 events,
Everest, it is far harder to climb. Mr. Conefrey says, a 1902 expedition publishing no fewer than three books
More than 4,000 people have reached co-led by satanist Aleister Crowley— on the subject. Today, Bonatti’s “ver-
the top of Everest. Only 376 have ever a “flamboyant, bisexual, drug fiend sion of events has become the new
held K2’s 28,251-foot summit beneath with a fascination for the occult”— ‘official’ version, as far as the Italian
their cold, booted feet. An Italian and another in 1909, led by the Ital- Alpine Club and most historians are
team reached the top first, in 1954. concerned.” Surveying previous ac-
Their tale, along with the stories of counts alongside his new material,
the five expeditions that led to their Mr. Conefrey doesn’t agree. “If you
success, constitutes the meat of Mick K2 is 784 feet shorter look back through all the historic doc-
Conefrey’s “The Ghosts of K2.” than Mount Everest—and uments with an impartial eye,” he
As Mr. Conefrey notes in his pro- concludes, “it is hard not to conclude
logue, “the first ascent of K2 is very 10 times harder to climb. that Bonatti was mistaken and that
much an international story. Over the the new ‘official history’ is more
course of six decades, mountaineers flawed than the old one it was de-
from Austria, Switzerland, Italy, the ian Duke of Abruzzi. American expe- signed to correct.”
United States, Germany and Britain” ditions attacked K2 in 1938, 1939 and If “Ghosts of K2” has a hero, surely
ONEWORLD

all contributed to the expeditions 1953. The 1939 effort came within it is Charlie Houston, prime mover of
that led up to the peak’s first ascent. 800 feet of the top, but three Sher- the American 1938 and 1953 attempts,
Gratingly absent from that introduc- pas vanished in a failed attempt to whose “credo, lived out on his expedi-
tion is credit due the Balti porters rescue an enervated American from tions,” was that “the way in which
and the Sherpa and Hunza climbers Camp VII at 24,700 feet. Hunza porter Amir Mahdi. Italy hailed After K2, Bonatti grew into “one of you make an attempt is as important
whose toil and blood added so much The Italians deployed to K2 in the team as heroes. the best-loved figures in Italian as whether you get to the top.” It’s a
to the endeavor. 1954, led by Ardito Desio. He followed But as an American invited to the mountaineering,” leaving an adven- shame that more of K2’s other pro-
These stories have been told else- the example of John Hunt’s successful victory celebrations noted, “It was not turous legacy that stretched from the tagonists weren’t able to extend the
where, in classic expedition narratives Everest expedition, which had put Ed- a happy party.” Criticisms of Desio’s Alps to Pakistan to Patagonia. Bonatti dignity of that motto to encompass
like Charlie Houston and Bob Bates’s mund Hillary and sherpa Tenzing leadership emerged. His team resented felt that official accounts of the K2 their post-expedition comportment.
“Five Miles High” (1939) and “K2: The Norgay on the summit the year be- his rigid discipline and called him “Il expedition slighted his contributions.
Savage Mountain” (1954). They have fore: Desio sent 12 tons of supplies to Ducetto”—the Little Mussolini. Desio Worse, he was convinced that Lace- Mr. Crouch is the author of “China’s
also been surveyed in histories like Pakistan, more than three times the counterattacked, in print. An aggrieved delli and Compagnoni had deliber- Wings” and “Enduring Patagonia.”
 For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C10 | Saturday/Sunday, February 6 - 7, 2016
‘Smooth runs the water where the brook is deep; / And in his simple show he harbors treason. / The fox barks not when he would steal the lamb.’ —William Shakespeare
MYSTERIES: TOM NOLAN
CHARLES SMITH/CORBIS
Unwanted Guests
READERS HAVE
come to expect
unique challenges,
and comparable re-
wards, from the psy-
chological-suspense
novels of Emily Arsenault. Ms. Ar-
senault’s fifth book, “The Evening
Spider” (Morrow, 380 pages,
$15.99), which connects a couple of
19th-century murder cases to a pos-
sible present-day haunting, is this
inventive author’s most ambitious
work yet.
The absorbing plot shifts between
the late-19th-century journals of a
New England woman and the first-
person 2014 narrative of a young
mother living in the Connecticut
house that was home to that diarist
over 100 years ago—until her confine-
ment in a “lunatic hospital.”
Abby Bernacki, a history teacher
on leave for a year with a new baby,
narrates the contemporary sections of
the book. Exhausted by the demands
of juggling housework and infant
care, Abby hears odd noises and feels
a strange nighttime presence in her
daughter’s attic bedroom. Is there a
ghost about? She researches her
house’s history and comes across the
journals of a woman with a family not
unlike Abby’s, but also with morbid
preoccupations: “There was a dark-
ness growing inside me,” that earlier
mother wrote, “I pictured it often as
a black tulip . . . sinister possibilities
grew like a persistent mold in the
darkest, deepest folds in my brain.”
With her husband away on busi-
ness, Abby delves deeper into the
lives of her home’s former occupants,
aided by local historians and even a
psychic. The disturbing facts she un-
covers prove dangerous for Abby,
whose post-partum descent into
manic obsession comes perilously
close to the frenzy of the historical
citizen she’s tracking.
Abby’s ill-advised behavior is at
times exasperating, and the book’s
length and measured pace may test
your patience. Yet this tenacious pro-
tagonist’s quest pays off in ways more
surprising and cathartic than even the
CHILDREN’S BOOKS: MEGHAN COX GURDON
Children of Strife and Comfort
THERE’S A poignant
double meaning in
the title of Phillippe
Diederich’s fascinat-
ing and disturbing
novel for teenagers,
“Playing for the Devil’s Fire” (Cinco
Puntos Press, 217 pages, $16.95). At
one level, “devil’s fire” signifies a
child’s plaything: a fiery red marble
coveted by the boys in a dozy Mexi-
can town. The phrase could also de-
scribe the predicament of ordinary
Mexicans as the devouring forces of
corruption and narco-terrorism sweep
across their country. This double
meaning, this juxtaposition of the
games of children with the compro-
mises of the people around them,
plays out with economy and power in
the story of a 13-year-old boy named
Liberio, or Boli for short.
Like most kids his age, Boli doesn’t
pay much attention to the world of
grown-ups in the small town of
Izayoc. He is busy playing marbles
with his friends, working in his par-
ents’ bakery, idolizing famous wres-
tlers and secretly pining for pretty
Ximena. But everything changes when
a teacher’s severed head appears in
the plaza, and, a short time later, the
corpse of a naked woman shows up
near the dump. Like Boli, we learn
only imperfectly what is happening to
Izayoc through snatches of overheard
adult conversation and the specula-
tion of other kids. There are visible
changes, too: Sleek, dangerous men
most gifted clairvoyant might foresee.
The crime at hand in “The Lion’s
Mouth” (Scribner, 328 pages, $26),
Anne Holt’s multifaceted mystery fea-
turing Norwegian police chief inspec-
tor Hanne Wilhelmsen, seems impos-
sible: The country’s new female prime
minister has been shot dead, in her
own locked office, with a gun that
can’t be found.
No Norwegian would commit such
a crime, one senior policeman pro-
tests: “That’s simply not how it is
here.” Yet the killing is real, though
the motive is unclear. Was the prime
minister about to implement a policy
that threatened some powerful inter-
est group? Was the assassin a terror-
ist? Or does the victim’s personal life
hold the key to the truth?
A newborn child.
Odd noises and strange
nighttime presences.
Is there a ghost about?
“The answer almost always lies in
the simplest solution,” a vacationing
Inspector Wilhelmsen advises her
colleague Billy T. by email. Soon
enough, Wilhelmsen is back in Oslo,
giving Billy T. unofficial assistance.
Billy T.—a “gigantic, boisterous” fel-
low who loves Puccini but dresses
like a drug-squad thug—needs all
the help he can get. The platonic
bond between the lesbian inspector
and her rough-edged partner brings
out the professional best in both in-
vestigators.
The wonder and pleasure of “The
Lion’s Mouth” is in how Ms. Holt—
Norway’s former minister of justice—
weaves the strands of a political
thriller, a police-procedural, a locked-
room mystery and a domestic novel
into a satisfying plot. The murdered
woman “had two identities,” Inspec-
tor Wilhelmsen notes early on, “Prime
Minister Volter and Birgitte. Which
one of these was the actual victim?”
The answer turns out to be: both.
have begun cruising through town in
expensive cars; Ximena and her
friends start wearing heels and
makeup. The local police seem unin-
terested in solving the murders.
In a twist that comes with terrify-
ing casualness, Boli’s parents leave his
elder sister, Gaby, in charge for a day
while they drive to a larger town
nearby to inform the authorities—and
vanish. For Boli and Gabi, as the
weeks pass and no adult will even dis-
cuss their parents’ disappearance,
A boy’s idyll in a dozy
Mexican town abruptly
ends when violence erupts
and his parents disappear.
CINCO PUNTOS PRESS
their loss feels “like a rock, heavy and
without pity.” Meanwhile, the town’s
situation violently deteriorates. So
when a masked wrestler, one of Boli’s
adored luchadores, washes up in
Izayoc, the boy is ready to invest his
hopes in a hero that he believes can
find his mother and father. This is a
painful story, informed by a bleak
reality, yet there is beauty in it, too,
for brave readers age 13 and older.
Beatrix Potter (1866-1943) was
just a girl when she began her artis-
tic study of animals, an interest that
would lead her to render meticu-
lously in watercolor some of the
BOOKS
FIVE BEST: A PERSONAL CHOICE
Paddy Hayes
on spies
Between Silk and Cyanide
By Leo Marks (1998)
1 2
EVERY SPY AGENCY depends
on its cryptographers, without
whom its secret communica-
tions would be compromised and
its operations nullified. Leo Marks
was the codemaster in the Special
Operations Executive, Britain’s
wartime sabotage organization. On
joining SOE in 1942, the 23-year-
old realized that its agents in the
field needed simple-to-use, un-
breakable codes if they were to
survive. Self-taught, he set about
creating the codes from scratch,
inventing the preprinted Worked-
Out-Keys, forerunner of the fa-
mous “one-time-pad”—a coding
device that is still in use today
and that remains unbreakable. His
memoir is also the story of how
SOE went about “setting Europe
ablaze,” inserting secret agents
into occupied territories to carry
out acts of sabotage in the face of
unimaginable dangers. After the
war Mr. Marks became a screen-
writer, a not altogether surprising
career—his writing skills shine
through these 600 pages, riveting
in their stories of intrigue and
double crosses, and heroism. Mr.
Marks never forgets that in secret
work, it is the agents, above all,
who matter—a feeling reflected in
the code-key poem he wrote for
Violette Szabo, an Anglo-French
spy who was to die at the hands
of the Germans in the Ravens-
brück concentration camp: “The
life that I have / Is all that I have /
And the life that I have / Is yours.”
BETTMANN/CORBIS
DOOMED Violette Szabo, ca. 1944.
most distinctive characters in chil-
dren’s picture books. Long before
the tip of her brush formed Peter
Rabbit and Mrs. Tiggy-Winkle, young
Beatrix was painting the birds,
newts and other creatures that she
kept in her family’s London home.
As Deborah Hopkinson wryly reports
in “Beatrix Potter & the Unfortu-
nate Tale of a Borrowed Guinea
Pig” (Schwartz & Wade, 44 pages,
$17.99), Beatrix “did not always have
the best of luck with them.”
Not every pet flourished under the
future author’s care (some dined on
their friends; others expired through
inadvertent neglect), so it was per-
haps unwise for her to risk hosting
for a night her neighbor’s “truly mag-
nificent” guinea pig, Queen Elizabeth,
* ***
The Perfect English Spy
By Tom Bower (1995)
SIR DICK WHITE was the only
person to head up Britain’s
MI5 and MI6, rather like be-
ing head of the FBI and then head
of the CIA. The ultra-secretive MI6
prohibits former members from
even “volunteering their previous
association with the Service” except
by permission, rarely granted. Tom
Bower drove a coach and four
through this rule, persuading White
to deliver chapter and verse about
every aspect of his career. The re-
sult is an intelligence historian’s
dream, published only after White’s
death (he’d have been jailed other-
wise). At its heart is the story of
how in the 1950s and ’60s White
took MI6, then an ineffective and
mole-ridden posh boys club, and
dragged it into the 20th century.
A Spy for All Seasons
By Duane Clarridge (1997)
3
CASE OFFICERS ARE the
spies who are out “in the
cold,” conducting clandestine
operations, recruiting and running
“sources.” A number of former CIA
case officers have penned accounts
of their careers, and among the best
is “A Spy for All Seasons.” Duane
“Dewey” Clarridge was the proto-
typical CIA cold warrior, joining the
agency in 1955 and serving in the
most active theaters—including at
the heart of the Iran-Contra scandal.
His worst career error culminated in
one of the darkest episodes of
treachery in CIA history: Mr. Clar-
ridge recommended that the traitor-
ous Aldrich Ames be posted to the
CIA’s counterintelligence staff. This
memoir is distinguished for its
forthrightness, its intelligence and
humor. It’s distinguished, too, for its
portrayal of life in the CIA’s clandes-
tine services and for its illumination
of the mind of a spook.
Confessions of a Spy
By Pete Earley (1997)
4
BETRAYERS ARE to espio-
nage books what serial killers
are to murder mysteries. Ev-
erything about them fascinates but
particularly what it was that caused
the traitor to betray his country and
how it was possible to do so suc-
cessfully for a long time, as was the
case with Aldrich Ames. Ames be-
trayed the CIA with energy, flair and
enthusiasm. Added to these qualities
was a professional expertise that he
so as to paint her. As Charlotte Voake
shows us in pretty watercolors of her
own (below), the unattended guinea
pig consumed so much paper, string
and glue that she did not survive the
night. The next morning, the neighbor
was nonplussed to receive from peni-
tent Beatrix “a stiff and bloated
Queen Elizabeth,” along with a
charming painting of the departed
pet, as a gesture of apology. Drawn
from accounts in Potter’s childhood
journals and styled as a letter from
the author to the reader, this elegant
picture book reminds us of the sacri-
fices sometimes exacted by Art.
No harm comes to the bunnies,
birds and kittens in Laura Dronzek’s
deliciously colorful paintings for
“When Spring Comes” (Greenwillow,
THE WALL STREET JOURNAL.
MR. HAYES is the author of ‘Queen
of Spies: Daphne Park, Britain’s Cold
War Spy Master.’
deployed with relentless concentra-
tion. An experienced CIA case offi-
cer, he knew, as Pete Earley’s book
describes, that it is “spies who be-
tray spies.” His first act, therefore,
was to betray every CIA source in
the Soviet system that he knew of
(25, according to the author) in or-
der to save his own neck. The result
was a stake through the heart of the
agency’s counter-Soviet operations
at one of the most critical junctures
in U.S.-Soviet relations. Ames coop-
erated with the book while in
prison, without any apparent aware-
ness on the part of the CIA—go fig-
ure. “Confessions of a Spy” is fasci-
nating above all for its chilling
insight into the mind of a self-justi-
fying arch-betrayer (“the men I be-
trayed . . . have no one to blame but
themselves”) and into the reasons
that intelligence agencies remain
long ignorant of the moles in their
midst despite compelling hints, even
evidence, of their presence.
The Spy Who Loved
By Clare Mulley (2012)
5
FEW OF World War II’s secret
agents led stranger lives, or
more tragic ones, than Chris-
tine Granville. Born Krystyna Skar-
bek in Warsaw in 1908, Christine
didn’t assume the standard second-
ary role accorded women in spy lit-
erature. She was a woman in a man’s
world, a full-fledged spy and Polish
patriot. She also had certain “quali-
ties of fascination which men found
irresistible,” as Clare Mulley writes.
Her daring was legendary. Thanks
mainly to her capacity for sheer
bluff, she extracted the Resistance
leader Francis Cammaerts from Ge-
stapo custody just hours before his
scheduled execution. Somewhat im-
probably, she survived the war, but
she was never destined to settle
down to a life of peace and comfort.
A rejected lover stabbed her to death
seven years after the war’s end. Ms.
Mulley’s account is impeccably re-
searched, eloquent in its telling.
40 pages, $17.99), a gentle picture
book written by Kevin Henkes.
“Before Spring comes, the trees look
like black sticks against the sky,” we
begin, admiring two scarlet cardinals
perched amid skeletal branches. “But
if you wait, Spring will bring leaves
and blossoms,” we learn on the next
page, where the same trees are burst-
ing with pink and white and bunnies
frisk in the grass. From brown to
green, from eggs to birds, from seeds
to flowers, seasonal changes transpire
sweetly in these pages for children
ages 2-6.
In a cockamamie series of
exchanges, a boy helps a ship’s
captain refit his dilapidated sailing
vessel in Steve Light’s clever picture
book “Swap!” (Candlewick, 36
pages, $16.99). Starting with a single
button, the two trade first for a pair
of cracked teacups, which they trade
again for three coils of rope (leaving
two tattooed sea dogs sipping
daintily). Two of the rope coils go in
trade for six oars, two of those oars
for four flags, and onward, all of
which, by the end, yields a beautifully
rebuilt ship. Faintly reminiscent in its
cheerful preposterousness to Bob
Gill’s “A Balloon for a Blunderbuss”
(1961), Mr. Light’s tale features airy
pen-and-ink illustrations that are
brightly pigmented in only a few
places—so readers ages 4-8 may want
to keep the book away from their
younger siblings, lest they be tempted
to color in it.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | C11

REVIEW
WEEKEND CONFIDENTIAL:
‘I’m really
ALEXANDRA WOLFE
comfortable
asking dumb
questions.’

Susan L.
Solomon
The founder of a stem-cell
research nonprofit on her
field’s latest advances
ONE DAY LAST WEEK, at a lab in
New York City, a heart cell was
beating in a petri dish under a mi-
croscope. It had been made from a
stem cell—a building block of the
human body whose disease-fight-
ing potential persuaded Susan L.
Solomon to leave a career in law
and business for medicine.
Ms. Solomon, 64, co-founded
the New York Stem Cell Founda-
tion, or NYSCF, in 2005. The foun-
dation’s research institute has
gained more notice lately for its
breakthroughs in stem-cell re-
search, including how to generate
the cells and put them to work
against ailments like mitochondrial
disease and Parkinson’s disease.
Ms. Solomon came to the field
relatively late in life. Born in New
York, her father was the founder
of Vanguard Records and her
mother was a pianist and manager
for classical musicians. She started
her career in law, moved on to the
world of business and finance and
then became the chief executive of
Sothebys.com, the auction house’s
online business. In 1999, she left to
form her own consulting company

MACKENZIE STROH FOR THE WALL STREET JOURNAL

so that she could spend more time
helping to care for her ailing par-
ents.
In 1992, her son Ben, then 10
years old, was diagnosed with Type
1 diabetes, which meant that his
body was not producing insulin.
People with the condition must
constantly monitor their blood
sugar and give themselves insulin
injections. (Ben is one of her three
sons, now grown. Her husband,
Paul Goldberger, is an architecture
writer.) So she joined the boards of
diabetes associations and immersed
herself in medical literature.
When the first stem cells were
isolated from human embryos in
the late 1990s, she thought that
they had the potential to trans-
form the understanding and treat-
ment of diabetes, among other dis-
eases. Stem cells are “blank” cells
that are able to become more spe-
cialized cells, such as skin, brain
or lung tissue. With diabetes, stem
cells could be turned, in theory,
into insulin-producing cells and
then injected into a patient, whose
body would then be able to pro-
duce insulin on its own.
From its earliest days, the use
of stem cells has been controver-
sial. The most versatile kind,
called pluripotent stem cells, are
taken from five- to seven-day-old
embryos left over from infertility
treatments; they are capable of be-
coming any type of cell in the
body. Critics object that it is un-
ethical to use these cells because
harvesting them destroys the em-
bryos. Other types of more limited
stem cells may come from the um-
bilical cord of a newborn baby or
from adult tissue.
Today, scientists have learned
how to take small amounts of skin
and blood and turn them into what
researchers call induced pluripo-
tent stem cells—which act like em-
bryonic stem cells. Researchers at
Ms. Solomon’s institute also con-
tinue to use embryonic stem cells.
She emphasizes that the cells re-
main the standard against which
other kinds of stem cells are mea-
sured and that the embryos from
which they are extracted would
otherwise be destroyed.
In 2005, Ms. Solomon decided
that research was lagging and
started NYSCF out of her apart-
ment with Mary Elizabeth Bun-
zel, a former journalist. Early do-
nors included hedge-fund
manager Stanley Druckenmiller
and his wife, Fiona, the Robert-
son Foundation and former New
York City Mayor Michael
Bloomberg. The institute has
raised a total of $150 million and
is now one of the biggest non-
profits dedicated to stem-cell re-
search, employing 45 full-time
scientists and funding 75 others
around the world.
Ms. Solomon found that catch-
ing up on the latest research
without scientific training was a
challenge, but she thinks that her
background has enabled her to
see problems with a fresh per-
spective. “As a lawyer, you learn
how to learn about a new field in-
stantly,” she says. She learned
how to read quickly—and, she
adds, “I’m really comfortable ask-
ing dumb questions.”
One major advance that Ms. Sol-
omon hopes to see from stem-cell
research is better drug testing.
Current tests on animals are unre-
liable because human bodies may
respond differently to medications.
“We’ve cured Type 1 diabetes a
million times in a mouse, but it’s
irrelevant,” she says. “What is so
remarkable about stem cells is it
gives us a window into a living hu-
man being in real time.” And with
stem cells created from a particu-
lar person’s skin and blood, scien-
tists could potentially make a per-
sonalized “avatar” for that
individual to see, in a petri dish,
how he or she would respond to
different treatments.
NYSCF has made progress in
other areas. Using stem cells in
2012, its researchers developed a
technique that prevents the trans-
mission of mitochondrial disease
from mother to child. Nearly one
in 200 individuals carries mutant
mitochondrial DNA, and the dis-
ease can lead to symptoms like
stunted growth, kidney disease or
neurological disorders. The tech-
nique involves transferring the nu-
cleus from the egg cell of a mother
who carries the disorder to a
healthy egg cell to ensure the mu-
tant DNA isn’t passed on.
Researchers are currently work-
ing to identify biomarkers for
early Alzheimer’s disease. NYSCF
is also supporting clinical trials to
slow the progression of the neuro-
degenerative disease ALS and to
treat age-related macular degener-
ation, which causes vision loss.
Nor has Ms. Solomon given up
on her quest to help those with
her son’s condition. “I’m not going
to rest until we find a cure for
Type 1 diabetes,” she says. “It’s
going to happen in my lifetime. I
believe it.”

MOVING TARGETS: JOE QUEENAN

Some Sports Could Use a Little Scandal

ARE SCANDALS involving top
athletes nothing more than mar-
keting tools designed to keep the
fans from losing interest? The evi-
dence suggests yes.
First, reports alleged that a ship-
ment of performance-enhancing
drugs had gone to the home of be-
loved Peyton Manning. Soon after
that, during the Australian Open,
the powers-that-be in professional
tennis announced that they were
investigating unusually heavy bet-
ting on a match involving a quartet
of nobodies. It was as if tennis
were using the scandal to seize the
spotlight back from the NFL.
The NFL responded by announc-
ing that it is looking into the Man-
ning allegations, which he has furi-
ously denied. Then, last weekend,
the Union Cycliste Internationale
clocross is basically off-track
bicycling.) With the disgraced
Lance Armstrong keeping a low
profile these days, Le Scandale Cy-
clocross was a clever way of put-
ting professional cycling back on
the map, cheating-wise.
Consider also the continuing
scandals plaguing professional soc-
cer, the Russian runners who alleg-
edly used banned substances to
win Olympic races and the never-
ending controversy about baseball
players shut out of the Hall of
Fame because of suspicion that
they juiced. It’s easy to see that
accusations of egregious cheating
are one of the ways that the top
sports keep the public riveted.
Then you look at pokey little
sports like rugby, cricket, bil-
liards, curling and ultimate. With-
Without the you cheat at darts?
To get into the limelight, these
specter of rampant backwater sports need to get some
cheating, bowling serious scandals brewing. In the
2012 London Olympics, four bad-
has no chance of minton teams got chucked out of
getting attention. the competition for fixing matches.
It was the only time in the history
of humankind that anybody paid
any attention to badminton. It gives
you an idea of what a sport flying
far under the radar needs to do to
get the public’s attention.
Bowling hasn’t had a big scandal
in years. Maybe a bowling team
could get caught injecting super
glue into the visiting teams’ balls.
Perhaps a couple of vastly oversize
professional ping-pong players
could get called on the carpet for
using steroids. How about billiard
players getting caught juicing? Or
matches by persuading their
horses to go into the tank?
As for professional ice hockey,
nothing, not even a scandal, seems
to get the public to watch it. To get
anyone to watch ice hockey—par-
ticularly the lethally unexciting
New Jersey Devils—you would
need mobbed-up referees, goalten-
ders using hidden razorblades to
keep marauding opponents out of
the crease, self-deflating pucks that
suddenly reversed direction and
went into the home team’s goal,
skates powered by miniature con-
cealed motors and cheerleaders on
steroids. Even that might not do it.
Only one major sport gets the
public’s attention without ever
generating a whiff of scandal. It’s
boring, the players dress like
commedia dell’arte clowns, it
NISHANT CHOKSI

said that it had found a hidden out the specter of rampant cheat- cricketers getting stuck on suspi- takes forever to get through a
motor in a bike belonging to a Bel- ing hanging over these sports, ciously sticky wickets? Or maybe a round, and nobody ever gets
gian rider competing in the Cyclo- they have no chance of command- couple of professional polo players caught juicing. Why anyone fol-
cross World Championships. (Cy- ing the headlines. And how do could be banned for life for fixing lows golf is beyond me.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C12 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

REVIEW
MASTERPIECE: ‘WOMAN WITH LEAVES’ (1934) BY PABLO PICASSO

Making
And Looking BY CHARLES RAY
a complex narrative of art-making
and sculptural becoming.
I RECENTLY VISITED “Picasso Sculpture” at The viewer perceives the scale of
the Museum of Modern Art and was sur- “Woman With Leaves” as that of a figu-
prised by how taken I was with “Woman With rine. Out of wet plaster, a matchbox-size
Leaves” (1934). It’s a small figurative work, rectangle with round holes for eyes forms
and it easily could be overlooked in the exhi- the figure’s head. The corrugated card-
bition, as it’s placed in a room full of larger board becomes drapery in folds, an ab-
and more imposing sculptures. It’s a scrappy stract garment. Leaves fully imprinted AS YOU WALK around it,
little piece made of dingy in plaster create the Picasso’s creative decisions
cast-plaster forms assembled image of the mythic
and stacked into a figure of a A complex Daphne becoming a
become apparent.

woman. At first glance it is narrative of tree—or, if one moves

so Picassoesque that you al- around the axis of the The magic of the sculpture is how the art-
most need go no further: As- art-making sculpture, the imprinted ist and the viewer join their intuitions. Pi-
sembled forms becoming and sculptural forms become like wings. casso used his in the construction of the
parts of another whole. The
relation of one to the other
becoming. Around again, and they re-
mind one of an ancient figure
sculpture, and the sculpture is understood
only through an intuitive method of looking.
is charming and easily un- holding a docile animal. This relationship of making and looking is
derstood. But if you stop and These shifting associations what makes the sculpture.
look, this sculpture’s stack of are not occurring from one The most electric and energetic force field
plaster shapes and forms becomes a precari- stationary view, but appear because you are of creativity arises in this small yet powerful
ously balanced and dynamic event. drawn into and around the small figure. artwork that cannot be separated from the
By “precariously balanced” I don’t mean But soon the viewer is returned to the real space and time of its own making. This experi-
that it’s about to fall apart before our eyes. world of masking tape, razor knives and the ence does not come from a reading of the im-
Rather, it is possessed of a quality that keeps construction of the sculpture. Im- age or the process by itself, but from an en-
the viewer intimately engaged by forcing him age recedes and Pi- gagement with the dynamic of becoming. This
to juggle dual perceptions simultaneously. casso’s hands little sculpture stood its ground. Picasso’s
“Woman With Leaves” holds together both as emerge, so evi- hand was everywhere in
a physical object and as an image. At the dent in the it, and as he seemed to
same time, part of the visual experience of process. This be present in the
the sculpture is its clearly visible separate shifting back making, I became
sections. and forth be- present in the view-
The sculpture reads to me as an essay cen- tween ele- ing. This, I think, is
tered on the human act of making. As you ments and pro- how a good sculpture
walk around it, decisions Picasso made when cesses of construction, can steal an exhibition
casting and imparting forms in plaster be- then giving way to rendered images— even when surrounded by
come apparent. These seem both technical form and content—vibrates and dances, with rooms of greater art.
and intuitive. The process of making small neither one dominating. of Greek myth, all
impromptu molds from cardboard, filling The creative process here is not simply a juxtaposed, stacked and composed
them with wet plaster, stacking the resulting means to an end. This little sculpture is not until an image appears. It is also “made” as the Mr. Ray, a sculptor who lives and works
forms, and imprinting garden textures and just made of stuff from the world filtered into viewer is brought into and around the work in in Los Angeles, recently had an 18-year
shapes of leaves in the plaster itself gives the art by artist and studio—impressions of the act of visual investigation that the elements retrospective at the Art Institute of Chi-
this sculpture a fluid physicality that creates cardboard molds, leaf forms, and an armature and evidence of its construction invite. cago and Kunstmuseum Basel.

2016 ESTATE OF PABLO PICASSO / ARTISTS RIGHTS SOCIETY (ARS), NEW YORK

PLAYLIST: MADHUR JAFFREY ICONS

Hindu Concepts via Elvis What Gardens Meant

For a recent arrival, a Presley song unites
religious beliefs and the American Dream To a Crop of Art Masters
Madhur Jaffrey, 82, is the author of ing the same qualities as Brando, with his BY ALEXIS FLYNN his turn toward abstract works. The exhibi-
more than 20 cookbooks, seven of which art reaching you on the wings of his trem- tion includes smaller works by another ex-
won James Beard Awards. Her latest is olo. He wasn’t bad-looking either, espe- pressionist-influenced artist, the Swiss-
“Vegetarian In- cially the sexy way he FROM Claude Monet’s famed Giverny, art- German Paul Klee. His “Picture of a Garden
dian” (Knopf). She used his body. fully tended by the painter himself, to the in Dark Colors” (1923), included here, casts
spoke with Marc After the movie, I brilliant flowers that seem to personify the the garden in a different, more sinister
Myers. bought the single of emotions of German-Dane Emil Nolde, an light, depicting plants that come alive un-
“Can’t Help Falling in exhibition in London is showing how gar- der the moon.
Most people today Love.” I was anxious. dens played muse for important artists of While many impressionists made nature
think of me solely as New York was still impressionism and the movements that fol- their subject, the expressionists, who were
an authority on In- such a new experi- lowed it. more driven by emotion, made it a window
dian food, but I be- ence, and everything “Painting the Modern Garden: Monet to into the psyche. Nolde, a member of the ex-
gan my career in the in my life was so un- Matisse,” at the Royal Academy, brings to- pressionist group Die Brücke (The Bridge),
1950s as a stage and certain. The song’s gether more than 120 works from private “loved flowers for their colors. They were
film actress. In 1958, opening lyrics helped and public collections across the globe. vehicles for his inner subjective feelings,”
I joined my boy- ease my anxiety: The exhibition ranges from the 1860s said Anne Dumas, co-curator of the exhibi-
friend in New York, “Wise men say / Only through the 1920s, when industrialization tion with Mr. Robinson. Like Monet, Nolde
a city that was a bit fools rush in / But I was liberating the burgeoning middle classes was an avid gardener who showed the same
EVERETT COLLECTION

overwhelming at can’t help falling in from drudgery. With more leisure time, they dedication and imagination in planting as
first. Elvis Presley’s love with you.” I re- began to cultivate the natural world as a in art, said Ms. Dumas. The exhibition in-
“CAN’T HELP FALL- lated to this com- place for pleasure, not just agriculture, cludes Nolde’s 1922 “Flower Garden (O).”
ING IN LOVE” pletely, given my re- writes exhibition co-curator
helped me make the cent marriage. William H. Robinson of the
adjustment. ELVIS PRESLEY in 1961. Other lyrics Cleveland Museum of Art.
When I arrived in touched me too, but Monet reigns over the
New York, my hero was Marlon Brando. in a different way: “Like a river flows / show, with one room of the
There was this exciting energy and real- Surely to the sea / Darling so it goes / Some exhibition showing the depth
ism about his performances that came things are meant to be.” This was a Hindu of his involvement in his
from the solar plexus, not the skin. I lived concept—that you live in this world but in acreage at Giverny, about 45
and breathed acting then, and my new the end, your ashes are scattered in a river, miles northwest of Paris. On
husband and I had quite a social circle. We and you are carried out to sea, your soul view are his horticultural
introduced [producer] Ismail Merchant to joining the Universal Soul, or God. journals, potted seedlings and
[director] James Ivory. Both had been to “Can’t Help Falling in Love” gave me excerpts from letters on how
our home for dinner. great comfort. It united my Hindu belief to tend to his plants. “I per-
In the early 1960s, I didn’t have much with my passion for what was possible in haps owe it to flowers that I
money, so I took advantage of every film I New York. The song made me feel I had a became a painter,” he said in
could see at a discount. One was Elvis Pres- future in America. I felt spiritually at home an interview. The St. Louis
ley’s “Blue Hawaii.” Elvis struck me as hav- and that my life was going to flow here. Art Museum, the Nelson-At-
kins Museum of Art in Kansas
City, Mo., and the Cleveland
Museum of Art have each
contributed a panel to re-cre-
SOLUTIONS TO LAST WEEK’S PUZZLES ate the “Agapanthus Trip-
tych,” an epic-size waterlily
FLINT INSTITUTE OF ARTS, FLINT, MICHIGAN

RisK Assessment Sandwich Shop work of Monet’s.

M A T
E T G O D H A L F F I S T S HOLDERS A. ANTIC, PROSE B. TEACH, Other artists in the show
A S H
S E P R A Y I D O L U N L I T P R O S E C A N T I C LEGAL C. ATOM, ONCE D. INGLE, TACO include John Singer Sargent,
L I O
S S N H A K E S E C O N D K A T E
T A U H T O N E S T L U R I D I A M L E G A L A T E A C H E. TONS, OILS F. INCA, ANISE G. THAT,
Camille Pissarro, Edouard
LEECH H. ROLO, HYDRA I. OUTER, AXIS
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T A C O O L I N G L E FILLINGS a. GAL + A + TEA b. REPEAL Pierre Bonnard.
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The brightly colored
e. SP(R)OUT f. C(OO)LING g. DRAWER
E N T I C E S R E MO D E L I N C A F T A N I S E
WE D D I N G K I N G S O S E S S E (2 defs.) h. TR(A + L)EE i. S(TILT)ON “Murnau Garden II,” by Mos-
A P E C U N Y O R S O N S H A P E S T H A T R A L E E C H j. MILd + TONe k. SE(CAN)T
R E B O O T S W R E S T S C O R E R S cow-born Wassily Kandin-
P E T A L K I T E S O F P A S S A G E H Y D R A W E R O L O DOWNS 1. PLAT + O 2. R(ET)AIN
R A I S I N E T S R A R E R E X 3. SAMOS + A 4. ELIOT (rev.) 5. AT + TILA sky, was painted in 1910 dur-
B U G S S E C E D E K O R E A N A X I S P R O U T E R (rev.) 6. TANG + O 7. CH(EES)E (“see” rev.) ing his stay in a small town JOHN SINGER SARGENT’S 1884 ‘Garden Study of the
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A (“under” anag.) 11. SCLERA (anag.) 12. A in Bavaria and foreshadows Vickers Children’ is on view in London.
T A L O N
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A Z U R E P E A L A S + DIE + Us 13. LE + ONE 14. tHORNS
 THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | C13

PLAY
NEWS QUIZ: Daniel Akst VARSITY MATH Provided by the National Museum of Mathematics
From this week’s Wall Street Journal
This week, the
1. Sumner Redstone is stepping Varsity Math team
down as executive chairman of Vi- has discovered an
acom Inc. Who will succeed him? old book of classic
math puzzles, and it

A. Shari Redstone

C. Scion has inspired them to

B. Leslie Moonves

D. Studebaker create a couple of

C. Philippe Dauman new twists.

D. William Paley
6. Myanmar’s new parliament
convened this week in the
2. Which of these Southern
country’s capital. Name it.
magazines has defied the odds
to achieve profitability?

A. Yangon
Spiral

B. Mandalay Fleeing |

A. Garden and Gun Junior

C. Naypyitaw

B. Guns and Grits

D. Bangkok Varsity

C. Grits and Gravy

D. Pone and Pellagra Relay
7. CEO Marissa Mayer presented Four dogs
a new Yahoo turnaround plan, (Pooch, Rover,
3. What growing human- Spot and Tige) start
but the company also had other
resources practice has become at the corners of a square of
news. What was it?
the target of a probe by New side length equal to the answer to
York’s attorney general?

A. It will change its name to Tree-angle from last week. All four
Gogol. dogs trot straight toward the center of the

A. Payment in scrip, good

B. It will entertain offers for square at a rate of one meter per second, where
only at the company store they will all meet and stop simultaneously. Pooch
its Web properties.

B. Mandatory tattooing with

ILLUSTRATION BY LUCI GUTIÉRREZ

C. It will lay off 30% of its has a flea, but he knocks the flea off the instant instantaneously, so it heads toward Tige, and then
the company logo they are starting. The flea always flies at a back toward Pooch, and so on, visiting each dog
workforce.

C. Hypnosis

D. It will acquire the Android constant rate of five meters per second. It flies so and being knocked off instantaneously in a

D. Noncompete agreements that at any instant, it is heading straight toward repeating loop. The flea stops and hops down to
operating system.
Rover’s current location, until it gets to Rover. At the grass when all the dogs have reached the
that point, Rover knocks the flea off center.
4. Going into the Super Bowl,
8. Richard Dreyfuss plays instantaneously, and the flea heads toward Spot in What is the length of the flea’s spiral path from
Denver quarterback Peyton
Bernard Madoff in a new the same manner, who knocks it off Pooch’s original corner to the center of the square?
Manning has 18 years in the
ABC miniseries. Who will
NFL. What would
play the role in the HBO
his annual pen-
sion be if he re-
version? Rational Water | Freshman
tired, according An explorer is stranded in the desert, but for the next hike. For example, the explorer could

A. Robert De Niro start out with seven liters, hike for two way
to actuaries? fortunately comes upon a cache of water and the

B. Dustin Hoffman stations (drinking two liters), leave three liters
trail to safety. Rescue lies at the 11th way station

C. Al Pacino there, and drink the remaining two liters to hike

A. $107,040 along the trail. Hiking from the cache to the first

D. Meryl Streep

B. $307,040 way station or from one way station to the next back to the original cache. In this way, the explorer
FROM TOP: ISTOCK; DAVID ZALUBOWSKI/ASSOCIATED PRESS

C. $607,040 requires drinking one liter of water to survive, but can gradually work closer to the 11th way station

D. $1,107,040 the explorer can only carry seven liters at a time and escape from the desert. The explorer anxiously
9. Deadpan comic Bob Elliott counts how many liters there are in the cache,
and still navigate the treacherous trail. The
died at 92. What was the name hoping there will be enough to reach safety.
explorer can, however, carry water to any of the
of his Broadway show with Ray
5. Another familiar auto name- way stations and leave some there as a smaller What is the minimum number of liters of water
Goulding? required for the explorer to reach safety?
plate will soon bite the dust. cache, making sure to always carry enough water
Which one?

A. “Matinee with Bob and Ray”

B. “Mary Backstayge, Noble

A. Saab Solutions
Wife” For previous

B. Saturn

C. “Bert and Harry, Appearing The Logiton police finally have enough information to finger the sibling on the right weeks’ puzzles,
Live” as Dana, the thief of the Trophy of Truth, in last week’s Plead Insanity. The answer go to WSJ.com/
To see answers, please
D. “Bob and Ray, the Two to Tree-angle will be revealed with the rest of the relay answers on Feb. 20. puzzles.
turn to page C4. and Only”

+ Learn more about the National Museum of Mathematics (MoMath) at momath.org

THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk For the solutions to last week’s puzzles, please turn to page C12

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 42 Toll road A
19 20 21 22
43 Tarbell and 1
McKinley
B
23 24 25 26 44 Notre Dame 2
27 28 29 30 31
football legend
46 Unanimously C
32 33 34 35 36
3
48 Dust Bowl dream
D
37 38 39 40 41 49 Act the wolf 4
42 43 44 45 46
50 Corrida chorus
E
47 48 49 50 51 52 53 54
51 Jazz band
instrumentalist
5
52 Presides over F
55 56 57 58
53 Skier’s spot
6
59 60 61 62
54 Rod and Todd’s
63 64 65 66 dad on “The 7
Simpsons”
67 68 69 70 71 72 73 74 75
56 Destination of a 8
76 77 78 79 80 simple itinerary
81 82 83 84
60 Burke of 9
“Dancing With
85 86 87 the Stars” 10
63 Anglers’ baskets
88 89 90 91 92 93 94
64 Sector 11
95 96 97 98 99 100 101 65 Lottery numbers
102 103 104 105 106 66 GOP foes 12
67 Hangman
107 108 109 110 111
segment
112 113 114 115 68 John, to Ringo
13
69 It’s located at
116 117 118 119
4 Yawkey Way Marching Bands | by Mike Shenk
72 “Just a minute!” 8  Proceeds with caution B  Wicca symbol that
Seeing Stars | by Kurt Krauss Answer words in this grid march
73 Girder with wide
flanges
both across (“Rows”) and around  Tricky situation represents the five
Across 55 Pillow stuffing 89 •Track transport 5 Arguing (“Bands”). Each Row has two
74 Showroom sight 9  Got with demands classical elements
1 •It holds private 56 “Vamps and 95 Custodian’s 6 Clock std. answer words to be entered across,
Tramps” writer collection  Resigned utterance  Topper for a person in a
information 7 Streisand classic 75 Tore from left to right. Their dividing
Camille 96 Shot unit (2 wds.) corner (2 wds.)
7 Toxic pollutant 8 Like Clannad’s 78 Cologne notes point is for you to determine,
banned by the 57 Charlatan 97 Gave a stock music 79 Architect Ludwig except in row 7, where the words 10  Città del Vaticano  Person not suited to
EPA 58 “The Middle” answer? 9 Salon solution ___ van der Rohe are separated by a black square. surrounder working with others
10 Ruckuses daughter 98 ___ Bator 10 Cash on hand? 80 Highlands hill Each Band has answer words to be  Leaves for a holiday? (2 wds.)
14 Nutcase 59 “Baseball 102 Yodeler’s perch 11 Marryin’ Sam 82 Little foxes entered clockwise, in a continuous 11  Former Fox series set at  Thanksgiving dish
19 Depth charge Tonight” network 103 Entirety officiated at her 83 Plays up string around the shaded or William McKinley High  1985 Tony-winning play set
targets 60 Ready to spring wedding 84 Magic, on sports
unshaded band, starting at a School at a 1943 basic training
104 Peter of
20 Marine migrator 61 G.P.’s gp. “Newhart” 12 Shocked tickers lettered square (A–F) and ending  Liverpool location whose camp (2 wds.)
shorthand in the space below that square.
21 Reel off 62 Reason for being 106 “Can’t say ___” 88 Jai alai ball street signs were often C  Lofty goals
22 Blood of the gods 13 Sowing machine The dividing points in each Band’s
63 What the starts (quaint “no”) 89 Alternative to
string of words are also for you to
stolen by Beatles fans  Soft drink created by a
23 •Way into of the answers 107 •Chèvre, e.g. 14 Prudent shop (2 wds.)
determine. All clues are in order. chemist from Valencia,
Wonderland to the 12 starred 15 Lament from
clues make up
110 •Mint family 90 Music genre with
When you are done, each square 12  Hand-me-down recipients Spain
25 •Striped ocean plant with Ludwig lots of guyliner
predator 67 1936 candidate will have been used twice, once in a  Ship that Christopher  Seventh Greek letter
double-lipped 16 Pale green 91 “Shoulda listened
Landon flowers liqueur Row word and once in a Band word. Jones captained, intending  Spacek’s Oscar-winning role
27 Get the lead out to me!”
70 Cartoon canine 112 Places in the 17 Gymnast called Rows to reach the Virginia colony  Sword whose name is the
28 Chimney pipes 92 More than
71 Spoken today heart “the Sparrow giggled 1  Exorcist’s foe 13  Ancient Syrian city that French word for sword
30 Expected
from Minsk” gives its name to a  War room display
31 Baseball card 72 There are seven 113 Still 93 Fill with bubbles  General purpose?
18 “Pest control plateau region
stat in una semana 114 Still 94 Hipster’s 2  Frank  Cricket equipment
76 Sushi topper 115 Talk aimlessly
down to a “Gotcha!”  State capital about 600
32 Raconteur’s science”  Like Christmas lights just miles west of Canberra D  Find uproarious, in a way
offering 77 Designer born 116 Like the original company 95 Most recent
Supreme Court out of storage, perhaps Bands (2 wds.)
33 Piece of cake Romain de Tirtoff Greek gymnasts 24 Ear cover appointee (2 wds.)  Sign of welcome?
34 1914 battle site 79 They come from 117 Playmates? A  Hold a rally, say
26 1921 play that 96 “It couldn’t be 3  “Hound Dog,” for Elvis’s  Leather shoe strips
36 Leave Mars 118 Citrus quencher gave us the “Don’t Be Cruel” (Hyph.)  Headliner of Minsky’s
flabbergasted 80 Rise after a 119 •Sunflowers’ word “robot”
more obvious!”
Burlesque (3 wds.)  New tech product of 1998
splashdown 99 Railroad siding  Concession speech givers  Fuss (Hyph.)
37 •He sways while cousins 29 Hawaii’s
100 Allan-___ (one of (Hyph.)  Responded to a busy
he plays 81 •Tomfoolery Down Mauna ___ signal E  Sarah, Rebekah, Leah or
41 Yellow fellow of 84 Like the Palace 35 Mall anchor,
the Merry Men) 4  Put on again Rachel, in the Bible
1 Limp Bizkit 101 Connection spots  Comparable things
children’s TV of Versailles singer Fred often  Dormant state  Lyric work
103 Spiky-scaled fish  Three-time Best Actress
42 •”Peanuts” 85 Heir lines? 2 First president 36 Balkan native 5  Change-for-dinner location Oscar nominee in the  Small portions of liquor
character 105 Minimal change
86 66, for one: Abbr. to travel above 38 Lute part  Three-pointer in 1930s (2 wds.) F  Deadlocks
45 Bond rating the Arctic Circle 39 Indefinite 106 “Lizzie Borden
87 •Tricked-out
took ___...”
horseshoes
46 Pirelli product amount
custom car that 3 “Lonesome” 6  Delighted
s

47 Numbskull’s trait may start with a comedian 40 Pro follower 108 Draw Get the solutions to this week’s Journal Weekend Puzzles in next
junker George 109 Longoria of  Like-minded Saturday’s Wall Street Journal. Solve crosswords and acrostics
48 •John Wayne’s 41 Fast food
Oscar-winning 88 Foxborough 4 Half of a fluid introduction of “Telenovela” 7  Brothers’ keepers? online, get pointers on solving cryptic puzzles and discuss all of the
role gridders ounce 1967 111 Pizarro’s quest  Settings for spectacles puzzles online at WSJ.com/Puzzles.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
C14 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

haveKINDLE willTRAVEL
@SAMALIVE, BRECKENRIDGE | Maybe it’s the excitement
of the unknown, or the time by myself, but there’s something thrilling
about traveling with Stephen King on my Kindle Paperwhite as
my only companion.
Follow more journeys on Instagram @ AMAZONKINDLE

Best-Selling Books | Week Ended Jan. 31

With data from Nielsen BookScan

Hardcover Nonfiction Hardcover Fiction Methodology

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 Nielsen BookScan gathers point-of-sale book data
from more than 16,000 locations across the U.S.,
Life-Changing Magic of Tidying Up 1 1 Jesus Calling 6 — NYPD Red 4 1 New The Girl on the Train 6 5 representing about 85% of the nation’s book sales.
Marie Kondo/Ten Speed Press Sarah Young/Thomas Nelson James Patterson and Marshall Karp/Little, Brown Paula Hawkins/Riverhead Print-book data providers include all major
booksellers (now inclusive of Wal-Mart) and Web
When Breath Becomes Air 2 2 Strengths Finder 7 7 Blue 2 1 All the Light We Cannot See 7 6 retailers, and food stores. E-book data providers
Paul Kalanithi/Random House Tom Rath/Gallup Press Danielle Steel/Delacorte Press Anthony Doerr/Scribner include all major e-book retailers (Apple excepted).
Free e-books and those sold for less than 99 cents are
Spark Joy 3 3 Between the World and Me 8 8 Diary of a Wimpy Kid: Old School 3 2 Love From Very Hungry Caterpillar 8 New excluded. The fiction and nonfiction lists in all
Marie Kondo/Ten Speed Press Ta-Nehisi Coates/Spiegel & Grau Jeff Kinney/Harry N. Abrams Eric Carle/Grossett & Dunlap formats include both adult and juvenile titles; the
business list includes only adult titles. The combined
The Name of God Is Mercy 4 4 The Road to Little Dribbling 9 10 The Siren 4 New The Bands of Mourning 9 New lists track sales by title across all print and e-book
Pope Francis/Random House Bill Bryson/Doubleday Kiera Cass/Harper Teen Brandon Sanderson/Tor Books formats; audio books are excluded. Refer questions
to Michael.Boone@wsj.com.
Dark Money 5 — The Power of Broke 10 5 My Name Is Lucy Barton 5 3 Rogue Lawyer 10 7
Jane Mayer/Doubleday Daymond John/Crown Business Elizabeth Strout/Random House John Grisham/Doubleday Books

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

When Breath Becomes Air 1 1 When Breath Becomes Air 1 1 NYPD Red 4 1 New NYPD Red 4 1 New Strengths Finder 2.0 1 2
Paul Kalanithi/Random House Paul Kalanithi/Random House James Patterson and Marshall Karp/Little, Brown James Patterson and Marshall Karp/Little, Brown Tom Rath/Gallup Press
This Time Together 2 New Life-Changing Magic of Tidying Up 2 2 Spider Game 2 New The Choice 2 2 The Power of Broke 2 1
Carol Burnett/Crown—Archetype Marie Kondo/Ten Speed Press Christine Feehan/Penguin Nicolas Sparks/Grand Central Daymond John/Crown Business
In Search of Schrodinger’s Cat 3 New Spark Joy 3 4 The Bands of Mourning 3 New Spider Game 3 New A Passion for Leadership 3 3
John Gribbin/Random House Marie Kondo/Ten Speed Press Brandon Sanderson/Tom Doherty Christine Feehan/Jove Bookes Robert M. Gates/Knopf
Life-Changing Magic of Tidying Up 4 7 Jesus Calling 4 — The Last Anniversary 4 4 The Bands of Mourning 4 New Extreme Ownership 4 4
Marie Kondo/Potter-Ten Speed Press-Harmony Sarah Young/Thomas Nelson Liane Moriarty/HarperCollins Brandon Sanderson/Tor Books Jocko Willink and Leif Babin/St. Martin’s Press
13 Hours 5 2 Dark Money 5 7 The Baller 5 3 Blue 5 1 Emotional Intelligence 5 8
Mitchell Zuckoff/Grand Central Jane Mayer/Knopf Doubleday Vi Keeland/Vi Keeland Danielle Steel/Delacorte Press Travis Bradberry/TalentSmart
The Last Jews in Berlin 6 New The Name of God Is Mercy 6 6 Tough Customer 6 9 The 5th Wave 6 5 The Only Game in Town 6 New
Leonard Gross/Open Road Media Pope Francis/Random House Sandra Brown/Simon & Schuster Rick Yancey/Speak Mohammed El-Erian/Random House
The Indifferent Stars Above 7 3 Between the World and Me 7 9 January: Calendar Girl Book 1 7 5 My Name Is Lucy Barton 7 6 The Five Dysfunctions of a Team 7 5
Daniel James Brown/HarperCollins Ta-Nehisi Coates/Spiegel & Grau Audrey Carlan/Waterhouse Press Elizabeth Strout/Random House Patrick M. Lencioni/Jossey-Bass
Twelve Extraordinary Women 8 New The Road to Little Dribbling 8 5 Staked 8 New Prodigal Son 8 — Total Money Makeover: Classic 8 7
John MacArthur/Thomas Nelson Bill Bryson/Knopf Doubleday Kevin Hearne/Random House Danielle Steel/Dell Dave Ramsey/Thomas Nelson
Study Bible for Women 9 New First 100 Words 9 — The Choice 9 — My American Duchess 9 New Dave Ramsey’s Complete Guide 9 —
Dorothy Kelley Patterson/B&H Publishing Priddy Books/Priddy Books Nicholas Sparks/Grand Central Eloisa James/Avon Books Dave Ramsey/Ramsey Solutions Inc.
Jennie 10 New 13 Hours 10 3 My American Duchess 10 New The Martian 10 4 The Energy Bus 10 9
Anita Leslie/Anita Leslie Mitchell Zuckoff/Twelve Eloisa James/HarperCollins Andy Weir/Broadway Books Jon Gordon/John Wiley & Sons
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com

Why being Dan Neil weighs

terrified by the value of
orangutans is the 2017 Audi
more fun than Q7 SUV
it sounds D12
D5

EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, February 6 - 7, 2016 | D1

POT LUCK
Jogaetang (spicy
SAM HORINE

clam soup) at
Dancen in Chicago.

Korea by the Bowlful

There’s so much more to this cuisine than barbecue and bibimbap. Across the U.S.,
diners are diving deeper into the hearty soups and stews at the heart of the Korean table

Avondale neighborhood. “Broth is the well beyond the sourness and funk of broth called seolleongtang in his mid-
BY MATT RODBARD
foundation for everything I know.” kimchi, the fermented vegetables that town Manhattan apartment. Mr. Hong,

B
EVERLY KIM GREW UP
outside Chicago eating in
the traditional Korean
way—a far cry from the
towering platters of grilled
beef and rice bowls that have come to
define Korean food in the U.S. “We had
at least two pots of soup firing on the
stove at all times,” said the James Beard
Award-nominated chef-owner of Para-
chute, a restaurant serving Korean and
Korean-influenced dishes in the city’s
Americans’ relationship with Korean
food has hit an exciting fork in the road,
which I write about in my new book,
“Koreatown: A Cookbook.” Many flock
to Koreatowns across the country in
search of the ever-popular Korean
barbecue—hunks of tender short rib siz-
zled on tabletop grills and wrapped in
lettuce leaves—and rightly so. Yet other,
more ambitious eaters have started to
seek out Korea’s deep bench of delicious
soups and stews packed with unex-
pected flavors and textures that extend
are another signature of this cuisine.
I’ve found Korean cooking in expected
places—the big Koreatowns in L.A.
and New York—but also in Duluth, Ga.,
Western Michigan and the kitchens of
celebrated (and not explicitly Asian)
restaurants like State Bird Provisions
in San Francisco and Le Bernardin in
Manhattan. The common starting point?
More often than not, a simmering stock.
“You can taste the history,” said
Deuki Hong one day while minding
a hulking stockpot of mellow ox bone
the chef of New York’s Kang Ho Dong
Baekjeong, is my “Koreatown” co-author,
and he wasn’t just talking about how the
bones in the pot were releasing their
creamy marrow through hours and
hours of bubbling and boiling.
There’s a context to consider: Korea
is a very cold place. Think Minneapolis
or Helsinki cold. The winters are long
and cruel. The mountainous terrain pro-
vides limited space for cattle grazing
and hog raising; Korea’s meat prices are
Please turn to page D2

INSIDE

DENVER IF
YOU DON’T SKI
One family’s
winter trip sans
chairlifts
D7

PARTNERS IN DESIGN PREFERRED SEATING LOVE BYTES

Kate and Andy Spade on their Best-in-show highlights from the Zap the stress of Valentine’s
new accessories line D3 Maison & Objet design fair D10 shopping, digitally D11
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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D2 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

WHAT’S HOT: KOREAN SOUPS AND STEWS

Continued from page D1
among the world’s highest.
Add to that a long history of
war, occupation and impover-
ishment, but also an abun-
dance of fresh, clean water.
Bodies needed warmth, meat
had to stretch. You might say
Koreans had no choice but
to become the soup and stew
masters of Asia.
Yes, I’m ranking Korea’s
soups higher than Vietnam’s
pho and Japan’s ramen.
Through deep assessment
and countless evenings spent
hunched over a roaring pot
of jjigae—a spicy stew loaded
with meat, seafood, vegeta-
bles or all three—I’ve come
to the conclusion that Korean
soups can be broken roughly
into two categories: graceful
broths and intense, umami-
rich flavor bombs.
In the more delicate cate-
gory, kongnamul guk is a
soup of soybean sprouts
boiled quickly in a light beef
or anchovy broth. Another
example: miyeok guk, a briny,
nutrient-rich soup of seaweed
and beef brisket sometimes
called “happy birthday soup”
because it’s eaten by nursing
Koreans had no
choice but to become
Asia’s soup masters.
mothers and by Koreans
celebrating their birth.
One of my favorites,
jogaetang, a bowl of clear
anchovy broth gets a little
heat from jalapeños and
substance from clams. This
light and highly satisfying
soup often appears at
pojangmachas, late-night
Korean taverns, where it’s
served on a portable butane
burner and washed down
with beer and soju, the ubiq-
uitous Korean firewater.
The more muscular side of
Korea’s soup and stew canon
plays its own cultural role.
While many Americans go for
a dollar pizza slice or a heap
of greasy diner bacon to quell
a hangover, Koreans turn to
soup. In fact, haejangguk—a
bracing bowl of tender ox-
spine meat, coagulated blood
cubes and beef broth—bears
the name “hangover soup.”
This latter category does
contain some acquired tastes.
Ms. Kim recalls her mother’s
beloved cheonggukjang jjigae,
made with ripe fermented
soybeans and sometimes
called “dead body soup.”
“My mom was really self-con-
scious about how our house
smelled, and she would boil
[the soup] on the grill out-
side,” she said. “But it’s really
quite incredible and reminds
me of a nutty cheese.”
This group includes plenty
of highly accessible crowd-
pleasers, too. Kimchi jjigae,
the great utility dish of Ko-
rean cooking—a piquant stew
full of Napa-cabbage kimchi,
the fermented soybean and
red-pepper paste gochujang
and rich pork belly—often
arrives at the table boiling.
(If you’re going to eat a lot
of Korean soup, you must
perfect a blowing-on-the-
spoon technique.) My favorite
kimchi jjigae contains the
fizzy and deeply funky kimchi
called mukeunji, aged for well
over a year. Seek it out.
Another hearty bowl I’ll
travel a long way for is gam-
jatang, which literally means
“potato soup.” It’s so much
more than that. While chunks
of potato play their part,
meaty pork necks, cooked to
the point of falling off the
bone, provide further ballast,
and floral wild sesame seeds
add their perfume. “It re-
minds me of a Oaxacan mole,”
said Los Angeles Times res-
taurant critic Jonathan Gold
when we shared a large bowl
at Ham Ji Park, a restaurant
specializing in pork in L.A.’s
sprawling Koreatown.
I think gamjatang has great
crossover appeal for Korean
food fans looking outside the
lettuce wrap. As does another
favorite: kalbijjim, beef short
ribs stewed low and slow in a
balanced blend of light soy
sauce, sake, mirin, apple-and-
Asian-pear purée and garlic.
“This is one of the dishes that
every Korean mom has a rec-
ipe for,” said Mr. Hong, call-
ing it the “Korean coq au
vin.” His uses a slow cooker,
a fully Americanized approach
to preparing a traditional Ko-
rean dish. “It’s one of those
special-occasion stews, like if
you were accepted to college
or family was visiting from
far away,” he added.
In Korean culture, soups
and stews not only cure sick-
ness and recalibrate the body
after a long night of bar hop-
ping; they’re the stuff of cele-
brations. At every meal and
any time of day, they com-
mand the center of the table.
The next time you look at a
Korean menu, read on past
the barbecue section and sur-
vey the vast spread of soups
and stews—those mentioned
here and many others—that
lie beyond. Or prepare one
of the recipes on this page,
while the weather outside is
as cold as Korea in February.
Jjampong (Spicy Seafood Noodle Soup)
This noodle soup combines pork fat, lots of briny seafood amount of fatty pork belly gives the dish a distinct
and a nice handful of gochugaru (red pepper powder). You’ll be porkiness, but you can cut back if you like. Any of the seafood
shocked by how easy it is to make a large pot of the broth, components can be substituted for one another. If the
which keeps well in the refrigerator. Korean udon noodles are baby octopus isn’t as fresh as you want, skip it and add
typically bought fresh and found in the cooler at any Asian more head-on shrimp (the head is where all the flavor is).
market; they can be boiled directly in the soup. Using a decent TOTAL TIME: 30 minutes SERVES: 2
For the anchovy stock:
1 quart water
25 dried anchovies
¼ cup roughly chopped
daikon radish
1 bunch scallions, trimmed
and cut into thirds
2 (2-by-2-inch) squares of
dashima, aka kombu
(dried kelp)
2 jalapeño peppers or
Anaheim chilies, halved
lengthwise
For the soup:
1 cup water
½ pound fatty pork belly,
roughly chopped
2 garlic cloves, minced
¼ cup gochugaru (red
pepper powder)
1 tablespoon kosher salt
1 teaspoon freshly ground
black pepper
¼ cup thinly sliced zucchini
¼ cup thinly sliced carrots
1 small onion, cut into
medium dice
¼ pound mussels in shell,
scrubbed
¼ pound head-on shrimp
¼ pound baby octopus or
squid
¼ pound scallops
1 package (2 servings)
fresh udon noodles
Light soy sauce (To reserve for later use, let to strain liquid; remove meat scallops and udon noodles.
stock cool and refrigerate for and discard or reserve for Bring to a boil over high heat,
1. Make anchovy stock: In a a couple days or freeze for up another use. Set liquid aside. then decrease heat to low.
medium saucepan over to 2 months.) 3. In a bowl, combine garlic, Simmer until mussels have
medium-high heat, combine all 2. Make pork broth: Bring gochugaru, salt, pepper and opened, noodles and seafood
ingredients, then bring to a 1 cup water, along with pork reserved pork broth. Set aside. are cooked, and stew has
gentle simmer. Decrease heat belly, to a vigorous simmer in 4. In a medium stock pot, turned a deep red and acquired
to low to maintain a simmer. a small saucepan over combine garlic-pork broth a rich seafood flavor, 5
Cook until broth is cloudy and medium-low heat. Continue to mixture, anchovy stock, minutes. Discard any mussels
light caramel in color with a simmer to let flavors mingle, zucchini, carrots, onions, that haven’t opened. Season
deep-sea taste and a slight 5 minutes. Use a mesh strainer mussels, shrimp, octopus, to taste with soy sauce.
kick from the chilies, 15
minutes. Use a mesh strainer The Korean ingredients in all of these recipes can be purchased at Asian markets
to strain stock into a medium or online at crazykoreanshopping.com.
container; discard solids.
Doenjang Jjigae (Bean Paste Stew)
Fermented bean paste, doenjang, a fundamental ingredient in
Korean cooking, is used in what is arguably Korea’s most-popular
stew, doenjang jjigae. It’s served at all hours of the day, from
breakfast to late-night. TOTAL TIME: 30 minutes SERVES 2-4
¼ cup doenjang (fermented (optional), scrubbed
bean paste) and soaked in water
2 garlic cloves, minced 30 minutes
1 teaspoon gochugaru 3 cups beef stock
(red pepper powder) Cooked short-grain rice,
¼ pound flavorful cut of for serving
beef, such as short ribs,
chuck or skirt steak, 1. In a lidded medium
cubed saucepan, stir doenjang, garlic
¼ cup half-moon slices and gochugaru together to
Korean squash or zucchini form a paste. Add beef,
¼ cup diced onions squash, onions, scallions, tofu,
1 scallion, cut into 1-inch chilies and clams, if using.
lengths 2. Add beef stock to
8 ounces soft tofu, cut saucepan, then bring liquid to
into small cubes a boil over high heat. Decrease
½ Korean or Anaheim chili, heat to medium, cover and
thinly sliced, with seeds simmer until flavors marry,
¼ pound littleneck clams 20 minutes. Serve with rice.

Crock-Pot Kalbijjim (Beef Short Rib Stew)

For many Koreans, kalbijjim is a special-occasion dish, the one
JEWELS Mom makes to celebrate life’s big achievements. This wintry version
uses traditional Korean flavors but with a preparation that is wholly
American. Cooking low and slow in a slow cooker for six hours,
the beef ribs become fall-off-the-bone tender while the vegetables
glaze themselves in a robust, umami-rich sauce. If you can plan
ahead, make this the day before serving. Refrigeration will allow
the fat to solidify at the top and then be spooned out easily.
Reheat gently to serve. TOTAL TIME: 2-6 hours (depending on
preparation method) SERVES: 4-6

1 cup light soy sauce 1. In a food processor or

¼ cup mirin rice wine
¼ cup sake
Freshly ground black pepper
½ cup peeled and chopped
daikon radish
1 Asian pear, peeled, cored
and sliced
1 red apple, peeled, cored
and sliced
4 garlic cloves
4 pounds bone-in short ribs
blender, purée soy sauce,
mirin, sake, 1 tablespoon
pepper, radishes, pears, apples
and garlic until smooth.
2. Rub short ribs with
vegetable oil and season with
ample kosher salt and pepper.
Set a large cast-iron skillet
over high heat. Once very hot,
sear ribs until golden-brown
on all sides, 3-5 minutes per
SAM HORINE; ILLUSTRATION BY ARTHUR SHLAIN/NOUN PROJECT

1 teaspoon vegetable oil side. (Only sear as many ribs

Kosher salt as will fit comfortably in the
4 large Yukon Gold potatoes, pan; work in batches if
peeled and roughly necessary.) Resist the urge to
AVAILABLE AT chopped turn meat before every surface
NEIMAN MARCUS 1 medium onion, quartered has formed a crust. Drain
PRECIOUS JEWELS SALONS
1 medium carrot, cut into seared ribs of their fat. settled, give it a good stir from pot. Layer vegetables,
large dice 3. Place seared ribs at bottom before pouring.) Cook on low rice cakes, sauce and beef
800-937-9146
6 dried shiitake mushrooms, of an electric slow cooker. setting until meat is fork stock in pan. Bring to a boil
chopped Add potatoes, onions, carrots tender and falls off the bone, over medium-high heat.
More info: 1 cup ddeok (disk-shaped and mushrooms on top. about 6 hours. Reduce heat to low and
(540) 837-3088 or www.elizabethlockejewels.com rice cakes used for soup) Cover with a layer of rice 4. Alternatively, if you don’t simmer gently, stirring
1 cup beef stock cakes and then pour in soy use a slow cooker: Sear ribs occasionally, until meat is
Cooked short-grain rice, sauce mixture and beef stock. in a large lidded Dutch oven fork tender, about 2 hours.
for serving (If soy sauce mixture has on the stovetop, then drain fat 5. Serve with rice.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | D3

STYLE & FASHION

20 ODD QUESTIONS

Kate & Andy

Spade
The creative duo on their teenage style,
app addictions and sneaky pearl purchases

I
T’S A BIT TRITE, and usually untrue, when executives say they
are departing a position to spend more time with their families.
But that’s exactly what Kate Spade, the person, did in 2007, after

JULIANA SOHN FOR THE WALL STREET JOURNAL (PORTRAIT); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (SANDAL, EARRINGS, RAZOR, BOOT, STATIONERY); GETTY IMAGES (HEPBURN, KENNEDY); ROSEWOOD HOTELS & RESORTS (BAR)
she and her husband, Andy, both 53, sold her 14-year-old namesake
brand, along with the men’s counterpart, Jack Spade. “I’ve been
class mom,” she said of her sabbatical from the fashion industry. Ms.
Spade—whose daughter, Bea, turns 11 this month—focused on school pick-
ups and drop-offs, ignoring the zeitgeist entirely. “ ‘Mad Men’?” she
quipped. “Never saw it.”
Mr. Spade, meanwhile, immersed himself in several projects, including
his creative consultancy Partners & Spade and a line of loungewear
called Sleepy Jones. Yet the idea of a new venture with his wife was
never far from his mind. “We have this need to make things,” he said.
“I thought we had a new chapter in us.”
Enter Frances Valentine, the new, mostly Italian-made accessories line
that the New York-based Spades are starting with Elyce Arons, an erstwhile
partner at Kate Spade, and Paola Venturi, their former design director,
who’s been working at Prada. (The new label’s moniker is a combination
of family names.) Launching this month, the new line is more sophisti- PAIR FORCE Clockwise
cated—and expensive—than the collaborators’ previous effort but preserves from top left: Kate and
the Spades’ love of feminine charm and quirk: low sandals with sculptural Andy Spade; Frances
faceted heels and oversize rhinestones, sleek snakeskin mules with fur Valentine sandal; Ted
pompoms. “I’m adding a bit of nuance,” said Ms. Spade. Muehling earrings; Harry’s
razor and shave cream;
My style as a teenager was… My design hero is… Serge Lutens perfume;
Kate: Preppy-slash-vintage. My mom Kate: Rei Kawakubo. I love Comme Clarks desert boot;
took me to all the vintage stores. des Garçons. I think everything she Bemelmans bar at the
My sisters would laugh and say, “Who touches is almost like gold. And she Carlyle Hotel; Parker Thatch
wants that old thing?” I was like, “I does it so quietly. No branding. stationery. Inset: Katharine
do!” Old green gloves, a leopard coat. Andy: I completely agree. It’s very ce- Hepburn; Robert Kennedy.
Andy: Skateboard clothes. Vans, rebral, but still I can wear it and not
Levi’s, corduroys and skateboard feel uncomfortable. It’s just the albums. They tell stories, and some- Kate: Bemelmans [bar] at the Carlyle. afraid. I met her through a good
shirts. thought behind it. times they are just accidents that are It’s probably really cliché. But I’m OK friend and we talked for two hours.
beautiful photographs. with that because I adore it. I immediately wanted to collaborate
My design pet peeve is… My favorite place to shop is… Andy: The Met, I would say, from the with her.
Kate: Trends. I don’t think I can fol- Kate: Paris [flea market] Clignan- My stationery of choice is… exterior to the inside.
low them. We’ve been welcomed be- court. Kate: Parker Thatch. I like my statio- My most-used app is…
cause we didn’t, but also criticized. Andy: I really like going to plant nery to be funnier, like, “Here’s my For breakfast I eat… Kate: Uber.
Andy: Ill-fitting suits drive me crazy. shops, like cactus shops. I love the note, and it’s an elephant with a lady Kate: Smoothies. I do kale, all that Andy: Instagram. There are people
shape of the plants. smoking a cigarette on top.” silly stuff. I have the NutriBullet. on Instagram who have no profes-
The one thing I wear every Andy: They can customize it. Our I make [my daughter’s] first so she sional education in photography and
day is… I would trade closets with… daughter can scribble our name and doesn’t taste all of the greens. I make just have beautiful eyes. I love seeing
Kate: Ted Muehling jewelry. No mat- Kate: Katharine Hepburn then we can get that monogrammed hers with bananas, strawberries, amateurs shoot what they see.
ter what it is. Big, tiny. He’s an artist. Andy: It would have to be J.F.K. on our stationery. I throw yogurt in for the protein.
Andy: Desert boots. I started wearing But that’s too obvious. Bobby. Andy: I have the leftover of the The one beauty or grooming
them in high school because my dad A good bag should be… smoothie she makes. And some product I can’t live without is…
wore them. He thought he was an I like to collect… Kate: Practical but have a reason to coffee. And maybe an apple. Kate: A very strong blow dryer.
existentialist, in the 1960s, working in Kate: Costume jewelry. I buy so much be. It should be interesting, too. I have very frizzy hair.
advertising. fake jewelry, it’s funny. It’s not real. Andy: Something durable that gets My favorite way to thank Andy: A razor and shaving cream.
I don’t wear real diamonds or anything. better with age, with no real branding. someone is… Right now I’m using Harry’s. I think
My signature scent is… Andy: Kodachrome photographs Kate: In person. Getting a letter is it’s kind of nice to use old-fashioned
Kate: Jasmine or honeysuckle. Lately from the ’50s. I collect a lot of old The best gift I ever received is… beautiful but I think in person to say, shaving cream.
I’ve been wearing Serge Lutens. photographs and photography Kate: My Mikimoto pearls. I told “Oh my god, thank you so much.”
Andy: Speed Stick. Andy, “Don’t buy me expensive Andy: With a gift, something that The best piece of advice I’ve
pearls. I’m just a normal pearl girl. they would think was very personal ever received is…
I am always trying to find the Do not go to Mikimoto.” Because and special to them. Earrings. A book. Kate: Michael Kors said, “Why are
perfect version of… I said don’t, he went right there. you putting your hand back in the
Kate: Jewelry. A perfect some- Andy: I can’t say my daughter The person, living or dead, whose blender?” Why did I start a new
thing that nobody else has. because that’s not really a gift style I admire is… company? I was like, shoot. That
Andy: A nice fitting jacket. For I received. But it really is. Kate Kate: It seems very cliché but I tend might’ve been good advice but a bit
someone my size [Mr. Spade is made a photo album of our family, to go with the cliché. I love Kate too late!
5-foot-7], it’s hard to find. I have pictures from my mother, and all Moss, how informal [she is]. It seems Andy: My mom always said, “Don’t
to get one made sometimes. A lot of us growing up. very natural. be a showoff. You don’t have to put
of times that feels pretentious. Andy: [Author and artist] Beatrix anything on that’s superfluous.”
I just like the idea of finding some- My favorite place in New Ost. She’s a super elegant older —Edited from an interview by
thing off the rack; that feels nicer. York is… woman. She wears turbans and is not Elizabeth Holmes
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D4 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

THE ONE SHEET

Even if little of what walks the runways trickles down into your wardrobe, it pays to know what fashion is up to. Here’s our
trendwatcher’s guide to the fall 2016 menswear shows from London, Milan, Paris and New York, which ended this week

Martial Artful
Given that military uni-
forms are the founda-
tion of so much in
menswear, it’s never
a surprise to see their
influence turn up on
the runways, whether
in Balmain’s refined
and dandyish gilt rega-
lia or the many strong-
shouldered admiral’s
and soldier’s coats in
other collections. From
left: Balmain, Tim Cop-
pens, Dries Van Noten,
Andrea Pompilio and
Louis Vuitton.

Beauty of the Beast

Models clad in massive shearling and fur
coats looked as if they’d trekked straight out
of Quentin Tarantino’s wintry western “The
Hateful Eight.” This burly outerwear fuels the
ongoing debate over whether men can wear
fur. From left: Ralph Lauren Purple Label, Bur-
berry, Michael Kors, Coach 1941, and Fendi.

Smarter Casual The Rust Belt

Designers proved that there is a way to look put-together while maintaining A refreshing break from black and navy
a sense of lazy, weekend ease—it’s a finely crafted mix of sporty pieces, cool but lux- that’s not remotely clownish: rich, reddish-
urious outerwear and designer-made sneakers. To consider for fall brunches browns. The autumnal hue works nicely for
and neighborhood dinners: cuffed sweats and a topcoat, luxe trainers, or a colorfully everything from a voluminous overcoat to
natty scarf. From left: Raf Simons, Lanvin, Hermès and Brunello Cucinelli. a velvet evening jacket. From left: Gieves &
Hawkes, Berluti, Trussardi and Dunhill.

Saying Farewell to Ziggy

1990s Knits
While they weren’t quite as bright as
the Coogi sweaters that Notorious B.I.G.
was sporting back in the day, fall’s
vibrantly patterned knits still brought
some ’90s nostalgia to the season. Like
a classic rap anthem or “Seinfeld” epi-
sode, they were a welcome throwback
to pre-Y2K days. From left: James Long,
Missoni and Salvatore Ferragamo.

A Louvre Story
Miuccia Prada took
the standard print
to a whole new level
by treating clothing On January 10, just two Through the four weeks of
as canvas. For her fall days after the London shows shows that followed, design-
collection, Ms. Prada began, David Bowie died. ers paid homage to Bowie
collaborated with The menswear world was in various ways, both small
young French artist shaken by the loss of a man (touches of glittery eye
Christophe Chemin, who was not only a gifted makeup at Burberry) and big
whose kitsch-cool musician but whose intrepid (Gucci’s “Bowie”-appliqued
drawings were trans- style made him one of jacket, pictured above).
ferred onto decon- the planet’s best-dressed, And his music was woven
structed shirts. decade after decade, persona into the soundtracks of
Flow and Behold after persona. His influence many shows, including those
As menswear becomes increasingly less suit-focused, was everywhere. At any of Versace and Emporio
the tailoring that does come down the runway has loosened up given time on the runway, Armani. It all turned out to
considerably. And though ties are an endangered species and you could find glimmers be a beautiful celebration of
laid-back sneakers have replaced rigid-soled dress shoes, of Ziggy Stardust, Aladdin a life stylishly lived.
the look is still sartorial, not sloppy. From left: Bottega Veneta, Sane, the Thin White Duke. —Jacob Gallagher
Lemaire, Bally, Giorgio Armani and Ermenegildo Zegna.

HERE’S “As a hatmaker, the re-

“Prada was a moment
when everything—
“At the Missoni show,
I was warmed up with
“Miuccia Prada’s dia-
lectical approach to “Neil Barrett, doing
WHAT I turn of the beret was
my highlight. I saw it at
clothes, set, models—
just worked. I also liked
the special blanket
[provided to show-go-
fashion and culture left
me emotionally and
the ’70s—and brown—
this season. His shear-
Louis Vuitton, Yohji
THOUGHT Yamamoto, Takahiromi-
yashita the Soloist and
Raf [Simons]’s show.
I could see myself in
ers by the brand].
The music, the styling
intellectually charged.
She reminds me that I
lings and track jackets
were warm, happy
the oversize knitwear and the direction was will forever be a hum- and standout.”
3.1 Phillip Lim.”
and coats.” also impressive.” ble student. Brava!”
Five menswear
insiders on their
most memorable
moment of the Isaac Ashley Motofumi Julie Justin
Larose Brokaw ‘Poggy’ Kogi Ragolia Berkowitz
season
Hat designer Casting Creative director, Stylist and Men’s fashion
director for United Arrows fashion director, director,
LYNDON HAYES

Prada & Sons At Large Bloomingdale’s

Magazine
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, February 6 - 7, 2016 | D5

ADVENTURE & TRAVEL

Orangutan Crush
A river trip through Borneo leads to endearing, if frightening, encounters with the island’s rapidly disappearing primates

BY SARAH ROSE

T
HE MOTHER
orangutan hung
from a tree
branch and pried
her baby’s fin-
gers off her chest. Her infant
was just five months old, as
big as a human baby of the

same age, with wild tufts of
red hair and a pursed bottom
lip. I stood a few feet below
while the mom moved her
baby’s hand to a vine and
supported his bottom as he
stretched a leg toward the
creeper and wrapped his toes
around it.
The 29-year-old orangutan
mother, named Uning by the
researchers at Borneo’s Camp
Leakey refuge, looked at me
with her coffee-bean eyes,
then turned back to her baby
and let him go. I held my
breath as the little one caught
himself and hung tightly to
the swinging vine.
“This is how orangutans
learn to climb,” explained
our park guide, Rini Mariani,
a local who lives in the small
Indonesian port town of
Kumai. (Borneo, Asia’s larg-
est island, is divided among
three countries: Indonesia,
Malaysia and Brunei.)
Camp Leakey is an
orangutan-research station in
Indonesia’s Tanjung Puting
National Park, on the south-
ern coast of Borneo. I had
joined my friend Diane and
her 13-year-old daughter,
Maia, on a three-day river-
boat trip through the
Indonesian part of the island
to Camp Leakey and a few
other preserves where orang-
utans can be seen in the wild.
“They’re like our red-
headed relatives,” Diane said
to ginger-haired Maia.
It’s easy to feel a connec-
tion with orangutans. Shar-
ing 96% of our DNA, they
are our cousins from just
the other side of Uncanny
Valley. And they are in dan-
ger. Ms. Mariani said that
Borneo’s jungles, their pri-
mary habitat, are being
cleared at a reckless pace to
accommodate mining and
logging and to meet global
demand for palm oil.
According to the World
Wildlife Fund, the animals’
habitat has shrunk by 50%
in the past two decades.
“Sometimes you can hear
chain saws from inside the
park,” Ms. Mariani said.
Two days before meeting
Uning, we had boarded
SWINGING SET Orangutans at Camp Leakey, a preserve and scientific research station in Indonesia’s Tanjung Puting National Park on the island of Borneo.
a riverboat in Kumai and mo-
tored up the Sekonyer River,
which forms the boundary of
Tanjung Puting National Park.
Our boat looked like a bright
green-and-yellow version of
the African Queen, with no-
frills living quarters on the
upper deck, equipped with
a dining table, lounge chairs
and mattresses.
During the day, we’d
watch the pale-pink water
hyacinths float by and sur-
vey the jungle tree canopy,
filled with macaques,
gibbons and the rare, long-
nosed proboscis monkey.
At night, our crew would
string mosquito nets to form
veiled bedrooms on deck, and
we would fall asleep to a
symphony of cicada and bull-
frogs and awaken to the so-
prano call of gibbons.
We were chugging our way
to Camp Leakey, a refuge cre-
ated by Dr. Biruté Galdikas,
a protégé of paleoanthropolo-
gist Louis Leakey, who also
mentored Dian Fossey and
Jane Goodall. Dr. Galdikas’s
research laid the groundwork
for understanding the life-cy-
cle and behavior of these gen-
tle, tree-dwelling animals.
(Fun fact: The mothers have
only one baby at a time and
nurse their offspring for six
GETTY IMAGES/NATIONAL GEOGRAPHIC (ORANGUTANS); ORANGUTAN ODYSSEYS (BOAT); MAP BY JASON LEE
to seven years.) Forty years their babies sat before us We walked back over to “Why don’t you respect the
later, her rescued orangutans on the platform as Tom ap- Uning’s jungle gym, where creatures we have all come
are introduced to tourists by proached from behind us. We a tourist was shooting to see, as well as the people
name and happily shake were all standing smack be- rapid-fire photos of the who are here to protect
hands with their fans like tween Tom and the females. climbing lessons Uning was them?” she demanded. The
well-mannered children. I was as thrilled as I was giving her son. Uning grew flashes from his camera
At Camp Leakey, the jungle terrified, but on that day at agitated, baring her teeth in abruptly ceased.
air was swampy and so humid least, Tom showed more in- a show of maternal aggres- “That orangutan mama
that I feared it could start to terest in the food than the sion. A guide gently asked went totally ape,” Diane said,
rain any moment. Just as ladies. He ignored us en- the man to stop, but he laughing, as we hiked back to
I leaned lazily against a tree, tirely, like a celebrity who continued to fire an artil- our floating home in the fad-
I felt the rain begin to fall. An pays no notice to the swarm- lery barrage of flashes. ing daylight.
attentive guide immediately ing paparazzi. Maia stepped up to him. “So did Maia,” I said.
lofted his umbrella over my
camera and me. As it turned
out, it wasn’t a cloudburst at
all, but a steady stream of
monkey urine. “I consider it
an honor,” I told Maia, who
was doubled over in laughter.
Just then, Tom, the domi-
nant male ape, ignored the
roped-off boundaries that
separated spectators from
the orangutans and lum-
bered toward us. He carried
himself with regal bearing,
as if convinced he was king
of this jungle. He had the
wide cheek pads of an alpha
male, which made him look
bigger than his 250 pounds.
We’d been warned that
Tom was unpredictable and
as strong as eight men com-
bined. A sign nearby read,
“Don’t stand between a male
and female orangutan.” But
the female orangutans and

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D6 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

ADVENTURE & TRAVEL

It’s All in the 1

2 3

Grisly Details
In London, Scotland Yard’s hidden collection of
crime memorabilia is finally open to all

them is the death mask of Franz

BY TARAS GRESCOE
I’VE ALWAYS BEEN one of those
travelers drawn to the subterra-
nean, the arcane and the macabre.
Let others line up outside temples
or drink aperitifs on sunlit ter-
races; my idea of a satisfying
travel experience is finding my
way into an abandoned subway
station in New York, an anatomical
museum in the Parisian suburbs or
some garden of grotesque Baroque
sculptures in rural Lazio.
That’s why, on a recent trip to
England, I was delighted to learn
that one of the most infamous—
and tantalizingly off-limits—of
London’s cabinets of curiosities
has finally been opened to the
public. For over a century, “The
Black Museum,” as it was dubbed
by Victorian journalists, was hid-
den away in Room 101 of New
Scotland Yard. The few visitors a
llowed inside over the decades
(the museum’s guest book bears
the signatures of Arthur Conan
Doyle, Houdini and Tom Bullen,
a reporter suspected of being Jack
the Ripper) emerged with tales of
the most grisly assemblage of dia-
bolical weapons, gruesome human
remains and fiendish explosives
known to humanity.
There is pathos in the
sheen still visible on the
nooses, where victims’
necks rubbed the braided
cord as they fell.
Scotland Yard’s Special Collec-
tion, as the museum is more accu-
rately known, was used to train
police officers, and came to serve
as a graphic demonstration of the
lengths to which criminals will go
to carry out—and cover up—their
crimes. With the Metropolitan
Police relocating to new headquar-
ters on the Victoria Embankment
next year, 600 items from the Spe-
cial Collection are on display at
the Museum of London until the
end of April.
The exhibit opens with a display
case containing a pistol fired at
Queen Victoria by an 18-year-old
assassin in 1840. (“I did it out of
sheer vanity and love of notoriety,”
the barman would explain later.)
As you enter the next room, a dozen
plaster-of-Paris masks stare down
blank-eyed from a ledge; among
Muller, a German tailor who 5
was hanged for robbing and killing 4
a man in the first-class compart-
ment of a London train. (Britain’s
first railroad murder would
lead to the introduction of the
emergency brake cord.) Farther
along, execution ropes dangle 6
from a wooden pole.
Many of the cases are well- 8
known; others less so. I wasn’t
surprised to see a framed letter,
7
written in blood-red ink, from
“Jack the Ripper.” I was unfamiliar,
however, with Charles Peace,
a talented musician (known in his
teens as “The Modern Paganini”)
who went on to become Britain’s
most successful cat burglar. On
display are tools of his trade,
including a hinged ladder that
could be unfolded to gain access
to upper-story windows. 9
The curators have gone out of
their way to make the collection
a learning experience, but I was less
interested in police procedure than
in the kind of telling details that
could have come straight from an
Edgar Allan Poe story. There is
a sinister power in the clockwork
and metal fragments of the “infer- 1. Folding ladder used by 19th-century cat burglar. 2. Medicine bag of murderous doctor Thomas Neill Cream. 3. Museum guest
nal machine,” a bomb that Irish Na- book signed by Arthur Conan Doyle. 4. Brass knuckles from the late-19th or early-20 century. 5. A pillow with a needlepoint
tionalists set in Paddington Station design made by a prisoner with her own hair. 6. Early forensics kit. 7. Nooses used in London executions. 8. Disguise worn by
in 1884 that failed to explode. There gunman in London’s 1975 Spaghetti House Siege. 9. Bottles left by the gang who pulled off the Great Train Robbery of 1963.
is gritty detail in the stains on the
rubber apron and gloves of “The
Acid Bath Murderer.” And there is THE LOWDOWN // EXPLORING OTHER OFFBEAT LONDON MUSEUMS
pathos in the slight sheen still visi-
ble on the hangman’s nooses from London caters to lovers of the obscure with dozens of off- lighted an inquisitive Victo- scraper, stands St. Thomas
where victims’ necks rubbed the the-beaten-track museums. (One website, medicalmuse- rian boy: the mummified Church, designed by master
braided cord as they fell. ums.org, lists 27 of them devoted to medical themes in the remains of a merman (actu- architect Christopher
Other memorable items include London area alone.) If you’re as excited by the prospect ally a monkey with a fish’s Wren. This time capsule of
a pair of binoculars tricked out with of smelling coal dust in the deepest tunnels of the Under- tail), a torture chair from the a museum, located in the
spring-loaded spikes (used in an ground as you are about seeing the Millennium Dome Spanish Inquisition, and an church’s tower, preserves an
attempt to blind an unfaithful lover) or Norman Foster’s ultramodern pickle-shaped skyscraper, aquarium stocked with living operating room, dating from
and the medicine case of “The here are three museums made for you. four-eyed fish from South 1822, where Florence
Lambeth Poisoner” (a doctor who American mangrove Nightingale was trained. MUSEUM OF LONDON (9); DERRY MOORE (SOANE MUSEUM); DAZELEY (OPERATING THEATRE)
dispatched three young women olds, Etruscan vases, ivory swamps. 100 London Road, Re-enactments of pre-
using homeopathic pills laced chairs from a Sultan’s palace Forest Hill; horniman.ac.uk anaesthesia surgery tech-
with strychnine). and the alabaster sarcopha- niques are given Saturdays
Seeing all this evidence of evil gus of an Egyptian king. Ad- The Old Operating at 2 p.m. An attic room has
gathered in one place, I’ll be the mission is free but entry is Theatre and Herb been turned into a fascinat-
first to admit, was enough to rat- limited to 70 visitors a day, Garret ing museum of herbal medi-
tle even this seasoned aficionado so come early and be pre- In the shadow of the Shard, cine. 9A St. Thomas Street;
of the obscure. At the end of the pared to line up. 13 Lincoln’s western Europe’s tallest sky- thegarret.org.uk
exhibit, suddenly grateful to be Inn Fields; soane.org
in the brightly lit corridors of the
Museum of London rather than Soane’s Horniman Museum
the bowels of Scotland Yard, Museum and Gardens
I found myself longing for the Set among 16 acres of park-
restorative power of a life-affirm- lands in south London, this
ing drink on a sunny plaza. Sir John Soane’s collection of the wonders of
This being London, I settled for Museum the world is on display in
a pint of rather warm, very black Among the treasures in this one of England’s few great
stout in a pub down the street. jewel-box-like museum hid- works of Art Nouveau archi-
den behind the facades of tecture. It’s a wildly eccentric The Old
The Crime Museum at the Museum three Georgian townhouses collection, whose 35,000 Operating
of London. 150 London Wall; are paintings by Hogarth, specimens include every- Theatre
museumoflondon.org.uk Turner, Canaletto and Reyn- thing that might have de-

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, February 6 - 7, 2016 | D7

ADVENTURE & TRAVEL

When a Family Trip Gets Rocky

What is there for a clan of nonskiers to do on a winter vacation in Denver? Plenty, it turns out

BY KEITH BLANCHARD
MILE-HIGH CLUB Red Rocks

T
Trail, in Boulder, Colo., climbs
HERE IS a single 300 feet to a ridge of spires.
line of purple
seats at the Colo-
rado Rockies’
Coors Field, indi-
cating a height of 5,280 feet
above sea level. Such remind-
ers that you’re in the Mile
High City are never far away
in Denver, but this town has
quietly risen above its reputa-
tion for thin air, bearded ski-
ers and a mega-hub airport;
it’s now equally known for
world-class food along with
insane vistas and other out-
door pursuits that don’t in-
volve $160 lift tickets. My
family has its little secret go-

MORGAN RACHEL LEVY FOR THE WALL STREET JOURNAL

to spot in the Caribbean, but
the kids wanted to try some-
thing new this winter, so we
decided to give Denver a few
days to win us over.
Chloe, an amateur photog-
rapher, is a sophomore at
NYU. Sam is a sports-loving
high school pitcher, and Jo-
nah, 12, had to be torn away
from his computer to make
the flight. My wife, Leslie,
a super-healthy foodie,
headed up planning.
Denver isn’t really in the us at a river an hour south- THE LOWDOWN // EATING AND TOURING AROUND DENVER
Rocky Mountains. It’s more west of Denver, where we
of a base camp at their edge: suited up in waders and Getting There: Denver is a WYOMING
Eating There: For breakfast sandwiches like the Jolly Olly:
the last flat spot to pitch your strode into the icy water, major hub served by carriers try Snooze, where Donut barbecue pork, bacon, cream
tent as you head west for feverishly clutching pocket including American, United, BOULDER Pancakes come with frosting, cheese, raspberry chipotle,
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KANSAS

winded walking up stairs and
tipsy on a single beer, but,
given our mild, touristy level
of physical exertion, all the
thin air did was stoke our ap-
petites, which was fine, be-
cause Leslie had a long list of
restaurants she wanted to try.
Every day, after breakfast,
we’d wander. We climbed all
over the Roman Empire-style
Red Rocks Amphitheater,
10 miles west of town, where
musicians have performed
since the early 1900s (long
before the U2 concert video
put it on the map).
At Buffalo Bill’s Museum &
Grave, we trotted past glass-
encased guns and saddles and
several giant, well-preserved
posters for Bill’s traveling
Wild West Show. But it was
the gift shop, a
Venus fly trap of kitsch, clut-
tered with bins of arrowheads
and switchblade combs and
other wallet-draining non-
sense, that transported me
back to car trips with my own
parents. My kids only had
eyes for the homemade fudge.
Having paid tribute to the
hunter, we turned our atten-
tion to the hunted. At the
Buffalo Herd Nature Reserve,
we slipped and slid in the
mud just like the Plains
Indians of old and watched
the majestic bovids snort
and puff on the other side
of a chain-link fence.
I was determined to try
fly-fishing for the first time,
so Leslie set up a private out-
ing for just the boys and me
(fewer fishermen; more fish
to go around). Our guide met
them trail toward the hungry
trout we hoped were there.
Before long, my sportsman
son, Sam, caught a fat,
24-inch rainbow, whereupon
young Jonah fell into the
river. He spent the rest of
the outing shivering gloomily
in the truck.
While the boys and I were
beguiling fish, Leslie and
Chloe carved out some
mother-daughter time snoop-
ing around the artsy, historic
LoDo district and shopping
for boots in the Cherry Creek
neighborhood, rife with lux-
ury shops.
Later, we traded tales at
the Buckhorn Exchange, a
steakhouse-cum-taxidermy
vault that proved more amus-
ing than appetizing. Each of
its walls is covered with hun-
dreds of furry heads of
moose, caribou and other
creatures—even a 10-foot Ko-
diak bear glares at you. But
the overpriced food—fried al-
ligator tail, elk—disappointed.
Go to gawk but not to eat.
On another day, Sam and
I went to the University of
Colorado campus in nearby
Boulder to see Stanford’s
football team ride herd all
Staying There: A Denver COLORADO up excellent organic grub such
institution since 1892, the as sliders and short ribs with Touring There: The Red
central Brown Palace has Brussels sprouts (rootdown- Rocks Amphitheater, on the
100 KM NEW
newly renovated, comfortable 100 MI
denver.com). Boulder’s Early western edge of Denver, is well
MEXICO
rooms (from about $230 Bird Restaurant dishes up worth the hike up (redrockson-
a night; brownpalace.com). spired by sleeper compartments crème brûlée French toast with line.com). Close by, check out
The new Crawford, set in on luxury trains) and is sur- dark chocolate and bacon (ear- Buffalo Bill’s Museum &
Denver’s landmark Union rounded by good restaurants lybirdrestaurant.com). Golden’s Grave (buffalobill.org). Set your
Station, has several room and shops (from about $220 tiny terror D’Deli concocts fly fishing up with Mile High
categories (including one in- a night; thecrawfordhotel.com). delicious, dizzyingly complex Angler (trouttrips.com).
over the sorry Buffaloes.
Afterward, we caught up with
Leslie, Chloe and Jonah at
Boulder’s Pearl Street Mall,
a pedestrian zone buzzing
with street buskers, students
and tourists. When my boys
and I started kicking around
a hackysack we’d bought
on impulse, it wasn’t long be-
fore some more-accomplished
locals joined in.
Our last taste of Colorado
was a sundown hike along the
Red Rocks Trail at Boulder’s
Settlers’ Park, a short but
steep climb to ridgeline sun-
set views. Chloe shot some
great panoramas with her
phone as the boys crawled all
over the red boulders thrust-
ing up through the earth.
I had to pull them off like
ticks to beat the sinking sun
back to the car.

SPORTING GOOD Right:

Fly fishing on the South Platte
River. Below: The dining
room at Denver’s Buckhorn
Exchange steakhouse.

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D8 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

MESSAGE IN A BOTTLE: BLAKE BAILEY ON CLEAR CREEK DISTILLERY BLUE PLUM BRANDY

Slivovitz: Water of Life, Solace to Oklahomans

AMONG THE PLEASANT and not-
so-pleasant things Ernest Heming-
way remembers in “A Moveable
Feast”—about his youth in Paris
during the 1920s—were his visits
to 27 rue de Fleurus, where Ger-
trude Stein and her companion,
Alice B. Toklas, would give him
cakes and eaux de vie. I can’t hope
to improve on his evocation of the
latter, which, he writes, “tasted
like the fruits they came from,
converted into a controlled fire on
your tongue that warmed you and
loosened it.” How fitting, how ex-
actly right, that the civilized
French should call these elixirs
“water of life.”
Eastern Europeans are especially
fond of slivovitz, an eau de vie
made from damson plums, so deli-
cious and heady that even the tem-
perate Ashkenazim quaff it at wed-
dings and the Passover Seder (when
grain liquors are forbidden and a
fine kosher sliv is often, for the sec-
ular-minded, the high point of a
long-winded evening). In Serbia the
stuff is so popular that people are
advised to build houses near the
best places to grow plum trees.
Slivovitz is versatile: Some drink
it warm, others cold; still others use
it to make a sorbet or a potent ver-
sion of a Jewish cold remedy, the
guggle-muggle. The main question,
to my mind, is whether to drink it
as an apéritif or digestif. As a prac-
tical matter I prefer waiting until
after I’ve eaten, lest I’m rendered
incapable of reaching the table.
I credit my sainted German
mother, Marlies, for whatever cul-
ture I possess in matters of the pal-
ate. Among the many amenities of
her home—a charming cottage in
the sticks of rural Norman, Okla.—is
the bottle of slivovitz in the freezer
that unfailingly awaits my every
visit. At one time she favored the
powerful (100 proof) Serbian Navip,
in its comely round bottle, but as a
cranky Serb website informs me,
the liquor has been discontinued.
(Navip, it says, “egsists [sic] no lon-
ger…swallowed by bad privatiza-
tion.”) At any rate Mom likes her
slivovitz powerful and round-bot-
tled. The beauty part, chez Marlies,
are the particular pewter shot
glasses she breaks out for this holy
post-prandial ritual. Pour in the icy
fluid, and the pewter becomes like a
frozen flagpole one shouldn’t touch
with the tongue. The libation itself
remains cold and fiery both, while
we sip and reminisce.
At first blush I imagine my
mother would take a dim view of
the Clear Creek Distillery slivovitz
(aka Blue Plum Brandy) that my ed-
itor at The Wall Street Journal sent
my way. It’s only 80 proof, for one
thing, and the elongated if elegant
bottle would fit awkwardly in her
freezer. But the real deal breaker
for a thrifty German would be the
fancy price, about $50 on average
for the 750-ml bottle.
Steve McCarthy, owner of this
artisan distillery in Portland, Ore.,
offers no apologies. As he explains,
their product is made only from
whole fresh fruit, locally grown,
and distilled in small pot stills:
“The result is very good, and very
costly.” Indeed, the reputation of
their slivovitz—never mind their
even more vaunted poire, made
from pears grown on the family
orchard in nearby Parkdale—al-
most oppressively precedes itself.
Since 2004 it’s won the gold medal
almost every year at the U.S.
Slivovitz Competition, where
a glass of Clear Creek is kept at
hand for every judge by way of
a “reference standard” while they
attempt to compare the 40 or so
lesser entries.
So, yes, it’s delicious. When
I stuff my nose into a chilly shot
glass and huff that lovely crystalline
liqueur, I’m reminded of a scene in
Somerset Maugham’s “The Razor’s
Edge,” where the dandyish Elliott
Templeton allows himself (despite
frail health) to swoon over a glass
of Zubrovka: “Like listening to mu-
sic by moonlight,” he rhapsodizes.
I feel the same way about this
Oregonian nectar, though I must say
I don’t find it quite as mellow as it’s
cracked up to be, despite the rela-
tively mild alcohol content. Not that
I mind these faint notes of turpen-
tine and diesel fuel—rather like the
insinuation of a minor chord in an
otherwise sprightly Wagner motif.
Thus I reflect that all great plea-
sure comes with a price, and I’m
probably better off just having the
one glass. Let us remember, after
all, the sequel to that scene in “The
Razor’s Edge”: Tempted by Elliott’s
effusions, poor Sophie MacDonald
absconds with a bottle of Zubrovka
and is last seen—I’m thinking now
of the 1946 movie adaptation—trag-
ically plastered in the Rue de Lappe.
“Like lishning to mushig by moon-
lie,” she leers, or so Anne Baxter
delivers the line. From there it’s
only a matter of time before she’s
found with her throat cut.
But let’s end on a more cheerful
note. Often when I think of the
pleasures of drink, and eau de vie in
particular, I think of my old theol-
ogy teacher Mr. Osborn (let’s call
him). Picture a slightly less louche
Gaston Godin from “Lolita”: “a
flabby, dough-faced, melancholy
bachelor” with “phenomenally stout
legs.” At our Catholic school in
Oklahoma City, the portly Osborn
cut an oddly cosmopolitan figure.
At school his uniform of navy blazer
and gray flannel trousers rarely
changed, though he had an impres-
sive collection of printed silk bow
ties and affected horn-rims and a
pipe that was rarely lit.
He used to give me whiskey out
of a porcelain tea pot when I’d
come after school for my biweekly
“independent study” class. Insofar
as he was sexual, he was probably
gay. Once, when we were discussing
Aquinas, he vouchsafed that he was,
yes, a 40-year-old virgin. “But
why?” I asked. He cupped his pudgy
hands and held them up to my face:
“It’s a little something I can offer
Our Blessed Lord,” he said.
A figure of some pathos, then, or
so it seemed, but later I saw a jaun-
tier side—that is, after I graduated
and would occasionally visit him at
the big old house where he lived
with his mother (whom I never
saw). After a lunch or dinner of
many courses, Mr. Osborn would
remove the plates and somberly
choose a few bottles of eau de vie
from the cupboard. I got my first
taste of slivovitz in his company,
but I was especially enchanted by
the poire with its enormous pear
right there in the bottle. LETTERING BY ANGELA SOUTHERN; F. MARTIN RAMIN/THE WALL STREET JOURNAL (BOTTLE)
Every month or two, he ex-
plained, he made a special trip to
Dallas to procure his more exotic li-
quors and other delectables—“the
only things that make this be-
nighted place” (Oklahoma) “bear-
able.” This, I gathered, was simply
the truth in Mr. Osborn’s case, but
at least the eau de vie and whatnot
did, in fact, seem to do the trick.
Once, after lunch, we walked tipsily
in the afternoon sunlight to a cigar
store in Shepherd Mall. Waddling
along in his Panama hat, beaming
dreamily in the heat, Mr. Osborn
seemed at peace with this little
world he’d made for himself.
Blake Bailey is the author, most re-
cently, of “The Splendid Things We
Planned.” He is working on a biog-
raphy of Philip Roth.

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

Family-Meal Chicken With Sautéed Spinach

JAMES RANSOM FOR THE WALL STREET JOURNAL, FOOD STYLING BY JAMIE KIMM, PROP STYLING BY STEPHANIE HANES; ILLUSTRATION BY MICHAEL HOEWELER

AT FIRST BITE, you might not guess this incredibly important,” said Mr. Bottura.
disarmingly simple chicken with a soy- “That’s when you see a mix of tech-
ginger marinade and a side of sautéed nique, culture, memory and feelings
spinach came from a three-Michelin- from the guys.”
starred kitchen in Modena, Italy. In that spirit of cross-pollination, and
While it is indeed a far cry from the drawing on the influence of Francescana’s
finely wrought Italian fare Massimo Bot- Japanese chefs in particular, Mr. Bottura
tura serves to diners at Osteria Frances- created this recipe. His final Slow Food
cana, it’s just the sort of delicious hy- Fast contribution, it features ingredients
brid his young chefs, who hail from all from his own region, too, such as Parme-
The Chef: over the world, might prepare for the san and balsamic vinegar. “With all these
Massimo Bottura “family meal” the staff sits down to flavors,” he said, “it’s like being between
each night before service. “Staff meal is Modena and Japan.” —Kitty Greenwald
His Restaurants:
Osteria Francescana TOTAL TIME: 30 minutes SERVES: 4
and Franceschetta
58, both in 1 tablespoon mirin rice wine 1 tablespoon water cup Parmigiano-Reggiano
1/
2

Modena, Italy 2 tablespoons honey 2 skinless chicken breasts shavings

2 tablespoons soy sauce (about 1 pound) 8 cups fresh spinach
What He Is Known 2-inch piece of fresh 1/
2 cup all-purpose flour Salt
For: Casting ginger, peeled and 2 cloves garlic, skin on Aged balsamic vinegar
a critical eye on minced 5 tablespoons olive oil Lemon wedges (optional)
Italy’s culinary
history and daring 1. Preheat oven to 450 degrees. In a small flip chicken. Fry reverse side until golden,
to propel it forward. pot over high heat, bring mirin, honey, soy about 2 minutes more.
Conceptual dishes sauce, ginger and water to a boil and sim- 4. Transfer chicken to a baking dish and
that satisfy on mer 15 seconds. Set marinade aside to cool. brush generously all over with marinade.
a visceral level. 2. Meanwhile, halve chicken breasts. Use Cover with Parmigiano and bake on top rack
a mallet or rolling pin to pound cutlets until cheese melts and browns in spots,
to about 1/4 -inch thick. Add flour to a about 7 minutes.
shallow bowl. Dip cutlets into flour and 5. Wipe out skillet and set over high heat.
shake off excess. Add remaining oil and garlic. Once hot, add
3. Heat ¼ cup olive oil in a large skillet over spinach and sauté until just wilted, 1-2 min-
medium-high heat. Working in batches if utes. Season with salt to taste.
necessary to avoid crowding pan, add 6. Serve chicken with sautéed spinach and
chicken and fry until just golden, about drizzle everything with aged balsamic. RULE OF THUMP Pounding the chicken breasts into thin cutlets tenderizes
3 minutes. Add 1 garlic clove to pan and Garnish with lemon wedges, if you like. the meat and makes for even cooking.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | D9

DESIGN & DECORATING

MY FAVORITE ROOM

Notably
NoCal
Design-showroom curator David
Alhadeff decodes the appeal of a
Bay Area midcentury modern home

BY JULIE BAUMGARDNER

SINCE HE FIRST OPENED his design showroom, the

Future Perfect, in Brooklyn, David Alhadeff has been
shaping contemporary design as both a retailer and
a talent scout. On day one, in 2003, Mr. Alhadeff signed
on lighting designer Lindsey Adelman and her now-
ubiquitous twiglike chandeliers. In the intervening
years, he’s shown a knack for making astute discoveries:
Piet Hein Eek’s imperfect scrap-wood pieces, Lee
Broom’s marble-tube lights and Calico Wallpaper’s digi-
tally printed wares, to name a few. Not bad for a Seattle
kid who expressed his passion for interiors by creating
makeshift shoebox homes for his Smurfs.
Now 41, Mr. Alhadeff has moved the store to
Manhattan and opened a San Francisco branch. The
latter decision was influenced by friend and designer
Charles de Lisle, whose own home—a pristinely pre-

LESLIE WILLIAMSON (ROOM); KNOLL, INC. (TABLE); CHAIRISH (SETTEE)

served 1947 Don Emmons house in Marin County’s Mill
Valley—whetted Mr. Alhadeff’s curiosity about the area.
“Midcentury Bay Area architecture kind of stems
from Wurster, Bernardi & Emmons,” explained Mr.
Alhadeff of the San Francisco architecture firm in which
Mr. Emmons was a partner. The group was celebrated
for creating affordable, nature-inflected, understated
homes that minimized nonessential space—much like
Frank Lloyd Wright’s Usonian houses. “Here’s an under-
known snippet of history,” added Mr. Alhadeff.
The two-story, 1,250-square-foot cedar abode boasts
an open plan and a sleeping loft, its large public space
divided into vignettes. “Charles and [his partner] Ralph
[Dennis] have done a great job of bringing together
eclectic objects,” said Mr. Alhadeff. “This magnificent
single-room space, with dramatically high ceilings, is
like living in a cabin, but it’s their main residence.” HAIL, CEDAR Residents have adapted the woodsy, 1947 home but honored the aesthetic of its San Francisco architect, Don Emmons

Consider Humble Concrete Go Mobile

Pay No Heed to Periods
“Decorating is becoming less fussy and more natural,” said Mr. Alhadeff.
“The only classic midcentury modern piece in this classic midcentury
home is an Eero Saarinen table.” The homeowners irreverently pair the
iconic “tulip table” with an 18th-century Georgian settee. Any small,
ornamented couch will do. Vintage Velvet Studded Settee, $1,575,
chairish.com; Saarinen Table by Knoll, from $1,935, paletteandparlor.com
Conform With Nature
Mr. Alhadeff likes introducing plants that match
those outside and placing them by windows to
blur inside and out. “Big, chunky midcentury
ceramic planters by the likes of Stan Bitters, JB
Blunk and Heath would work well here. Very
Northern California.” 1960s Stan Bitters Thumb
Pot from Just In Modern, $1,800, 1stdibs.com
“The floor is integral-colored saddle-brown
concrete, which was used in many of the
homes by William Wurster, the partner of
the house’s architect, Don Emmons,” said
Mr. Alhadeff. The pigment is added before
the floor is poured. “It’s unexpectedly cozy.
I think all this cedar works because of the
contrasting polished cement floor. More
wood would have been too much.”
Plank on It
“Timber brings
comfort and
warmth, and
these days, sus-
tainable foresting
makes the carbon
footprint for such
materials much
smaller,” said Mr.
Alhadeff. He gets
his paneling from
Restoration Timber, in Sausalito, Calif.
(restorationtimber.com), but recommends
this tromp l’oeil wallpaper, too. “It’s cost
effective and maintains the illusion until
you touch it.” Piet Hein Eek PHE-13 Wall-
paper by NLXL, $299 per roll, nlxl.com
“You need grounding pieces like the
settee and dining table, but movable
furniture makes a space adaptable,”
said Mr. Alhadeff. He finds light, easily
repositioned wicker and rattan interest-
ing. “Rattan can feel midcentury, but
its Victorian aesthetic gives it even
more appeal.” Split the chronological
difference with an early 20th-century-
inspired version. Nigel Coates Lehnstuhl
Chair by Wiener GTV Design, $4,446,
DzineElements, Inc., 203-855-9325
Swing Low
“The open and airy chandelier has
nice height, fills the high-ceilinged
room like a sculpture, and because
they hung the chandelier lower than
would be expected, it connects the
room with the vaulted space,“ said
Mr. Alhadeff. Its resemblance to
a tree branch underlines the room’s
organic, rough-hewn vibe. The
room’s fixture is by homeowner
Charles de Lisle (Vertical Linden
Chandelier, $6,100, Charles de Lisle,
415-565-6767). An orderly alterna-
tive (above): Cliff Suspension Lamp,
$925, lambertetfils.com

HOUSEWARES OF THE RISING SUN

The design studio of fashion innovator Issey Miyake turns to home décor

DURING NUMEROUS 10-hour flights between from February 9 to May 30, remains the gar-
MARKO METZINGER FOR THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS

Helsinki and Tokyo, designers from Finnish com-
pany Iittala and Japan’s Miyake Design Studio
had plenty of time to observe both countries’
terrains. With the release of the collaboration’s
first housewares collection—30 pieces,
including pillows, place mats, napkins and asym-
metrical pentagonal ceramic cups and plates—
those landscapes are showing up as tablescapes.
“The colors and shapes we’ve used are reflec-
tions of nature,” said Jeremiah Tesolin, Iittala’s
creative director. Rich greens recall Scandina-
via’s forests, while the shades of pale pink and
gray reference the Sakura, the blossoming of
Japanese cherry trees.
“The napkins,” he added, “carry a lovely de-
tail from Japan: When folded, each is the shape
of Mount Fuji.”
But the most notable Japanese contribution
to the collection, sold exclusively at New York’s
Museum of Modern Art (MoMA) Design Store
ment-pleating process conceived by Issey
Miyake’s design studio in the 1980s for women’s
fashion. The technique, which pleats fabric after
it is cut and sewn rather than before, has been
applied to polyester place mats and table run-
ners that roll up like yoga mats without curling
at the corners and napkins that snap back to
their original geometry even after laundering.
Though they store well, items like the vases
and “table flowers” (a sort of origami doily)
merit daily display. “They work as functional ta-
bleware or decorative objects,” Mr. Tesolin said.
Keep them where you’ll see them. —Tim Gavan
TABLE TOPPERS Clockwise from top left: Iittala
X Issey Miyake Vase, $95, Cup, $30, Pink Plate,
$30, Small Platter, $60, Large Platter, $90,
Napkin, $50, and Place Mat, $65, all available
February 9, momastore.org; after May 30, call
609-853-0075 for retailers.

FOLD STANDARD // THE NAPKIN THAT’S ALWAYS AT YOUR SERVICE

Table linens from

a collection by Iittala
and Issey Miyake
Studio (pieces range
from $30 to $225)
snap back into folded
form after you launder
them, as shown.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
D10 | Saturday/Sunday, February 6 - 7, 2016 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

FRESH PICKS PIECE OFFERING Pierre Charpin’s 1998 cult

Paris Batch
hit, newly reissued by Ligne Roset, can be
configured as a simple club chair (shown in
green-yellow-and-red) or, with the additions
of a few ottomans, a room-filling Slinky.
Pierre Charpin Slice Chair by Ligne Roset,
from $2,670, and Ottoman, from $840 each,
preorder at Ligne Roset, 212-375-1036
Nine standout pieces from the trendsetting
French design show Maison & Objet

THE PHRASE “MAISON ET OBJET” doesn’t translate gracefully into

English (“House and Thing”? “Home and Object”?). But the sprawling
French trade fair touting the latest in interior and product design has
become a fluent signifier of global savoir faire—and an increasingly
citywide event. Last week, buyers and the press descended on Paris
to scope out major trends (back-to-nature primitivism), big-name pre-
views (designer Patricia Urquiola’s Deco-inspired desk ac-
cessories for Georg Jensen), techy novelties (Lumio’s
diary-shaped lamp/phone charger) and covetable new
essentials (Hermès’s jungle-themed porcelain). Here,
our picks for the best in show. —Sarah Medford

SLOPE FOR THE BEST Radiating BI-LEVEL BEAUTY For this desk inspired
Nordic cool, Ercol’s petite sofa in solid by the sculptures of Alexander Calder, Jaime
steam-bent ash has ski-jump arms Hayon has set two tiers—one a stained-ash
and a graceful spindle back that makes bean shape, the other a disk of either marble
it a looker from behind. Marino Two- or brass—atop powder-coated steel legs.
Seater Sofa, from $3,320, preorder at An artful station for workaday chores. Jaime
A+R, 800-913-0071 Hayon The Palette Desk JH9 by &tradition,
$3,750, preorder at Suite NY, 877-278-4836

A ROCKING GOOD TIME

The focus stays squarely on the
present in Nika Zupanc’s stop- DISHY SPOONS Welsh ceramist
light-red ceramic clock, which Justine Allison makes wafer-thin
will rock on its arced supports porcelain implements, pinstriped
if you tap it gently. Nika Zupanc with a fine glaze, that straddle
Infinity Clock by Bosa, about the line between decorative and
17 inches tall, from $543, preor- functional. Justine Allison Spoons,
der at Duplex, 917-803-9103 10 inches long, about $87 per pair,
madebyhandonline.com

GET TWIGGY WITH IT The quirks are baked right SHAPE SHIFTER Like choose-your-
into these ceramic dishes, which Paris-born Brook- own-adventure stained glass, Roche
lynite Caroline Petit Mason makes and decorates Bobois’s table lamp projects LED light
by hand. Available in 7- and 8.5-inch sizes. Branch through jewel-colored scrims—reconfigu-
Plates, from $50 each, threesevenus.com rable acetate panels—on a compact metal
rack. Arturo Erbsman
Chroma Table
Lamp, $1,420,
for locations
and to preorder,
go to roche-
bobois.com

SOUND AND VISION

Whether you stream
your music or spin it,
La Boite Concept’s high-
fidelity speaker console
will package it with TRAVELING SHOW This slim, multi-
style: a leather top, black-lacquer finish purpose walnut cabinet rests on a
and raked legs give the eight-speaker trolley for easy wheeling. Includes
plug-and-play system (with space for a turn- metal-mesh sides and sliding glass
table) the profile of a handsome writing doors in front and back. Neri&Hu
desk. La Boite Concept LP 160, $4,150, Cabinet of Curiosity by Stellar Works,
preorder at A+R, 800-913-0071 $3,980, DWR, 800-591-6965

FLOWER SCHOOL

NOT JUST A PRETTY VASE

After a white ceramic vessel reminded floral designer
Lindsey Taylor of the face in a Picasso painting, she decided
to complete the picture with blooms

FEBRUARY ON the East They should give you as

Coast can be gloomy. During
these hibernating days,
the frozen garden offers lit-
tle color to cut and bring
indoors. So when the time
came to choose a piece of
art to serve as this month’s
inspiration, I sought out
something vivid, playful
and mood-elevating.
A number of factors con-
spired to lead me to “The
Red Armchair” (1931), a
painting by Pablo Picasso
(1881-1973). I had recently
seen an exhibit of his sculp-
tures at New York’s Museum
of Modern Art, so he was
on my mind. I’d also come
across a white earthenware
vessel, known as the Medusa
vase, by ceramist Frances
Palmer. The wriggly stripes
she’d pinched into the clay
and the looping handles re-
called Picasso’s work in gen-
eral and specifically the face
in this painting, a canvas
that met my criteria for Feb-
ruary-doldrums-banishing.
THE ARRANGEMENT Vessels are important.
STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR (ARRANGEMENT); © 2016 ESTATE OF PABLO PICASSO/ARTISTS RIGHTS SOCIETY, NEW YORK (INSPIRATION)
much joy empty as full, and
different styles serve differ-
ent functions: Straight-sided
shapes give flowers a verti-
cal modern rigor; a form
that nips and flares, like
an ironstone pitcher, lets
blooms fall horizontally for
a looser, romantic look.
From the flower market
and a local deli I sourced
a bold mix of purple anemo-
nes, yellow roses, red parrot
tulips, orange kumquat cut-
tings with green leaves, deep THE INSPIRATION
plum ninebark and nandina ”The Red Armchair” (1931),
foliage. I then grouped hues above, by Pablo Picasso,
to reference the canvas’s suggested a tableau of
color blocking. The yellows anemones, roses, tulips,
and oranges on the painting’s kumquats and plum ninebark,
left were supplied by roses left. White earthenware
and kumquats. Anemones Medusa Vase, $450, and Por-
and ninebark evoke the up- celain Oxblood Vase, $450,
per right quadrant, and red francespalmerpottery.com
tulips mimic the stripes.
To give depth to the floral This spirited, intense
tableau, I tucked another of mix of colors—some from
Ms. Palmer’s vases, porcelain blooms, some from citrus—
in sang de boeuf glaze, to the successfully dispelled even
left and let a single red tulip the most ferocious February
drape over the rim. cabin fever.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, February 6 - 7, 2016 | D11

GEAR & GADGETS

Valentine’s
Shopping, Rekindled
Laptops ready, couples? Let’s replace agonized V-Day
consumerism with a collaborative-shopping duet

taking the scandalous step Let the shopping begin!

BY KEITH BLANCHARD
of…not buying presents at all. The idea is to set a budget
It took 10 years of mar- then work together to find
NO HOLIDAY is hated quite riage for my wife to dissuade the ideal presents for each
as much as Valentine’s Day, me from buying flowers on other and buy them together.
and it isn’t just because we their most expensive calen- Going from “What would
don’t get the day off. Sure, dar day, another 10 before we he/she want?” to “What do
if you’re single, it’s a stark admitted that we secretly I want?” is a paradigm shift.
red reminder of your shame. hate shopping for each other. Unless you founded Face-
But it’s no bowl of candy My proposal: Let’s launch book, you may not be used
hearts for couples, either. a Valentine’s Day reboot that, to asking yourself idly, “What
You need to meet a whole set yes, celebrates love but would I like to impulsively
of stressy objectives: Find dispenses with the solitary buy for myself today?” But
the perfect card then lyrically confinement of conceiving, indulge your imagination.
personalize it; score a covet- buying and wrapping alone. Figuring this out collabor-
able dinner reservation on the Let’s replace the secrets and atively can be surprisingly
biggest date night of the year; awkward surprises with fun. You can coach each
pick a gift that isn’t too cheap togetherness and certainty. other, and add gentle sugges-
or too expensive, too casual tions (“Should we just check
or too familiar, too cliché or our lease first, and make

GRAHAM ROUMIEU
too out there in that “you- absolutely sure our landlord
don’t-know-me-at-all!” way. Start at Barneys allows potbellied pigs?”)
But no pressure! even if the trail will and polite reminders (“These
For a holiday that’s sup- artisanal scarves are gor-
posed to be all about inti- end at Bonobos. geous, but wool makes your
macy and love and together- neck itch, remember?”). the fun of it, and dial it back tral pals on Facebook. end up with a gift you truly
ness, we sure spend a lot of You’ll have aha moments and when you have to. Start at (“OK, friends, we need a welcome, instead of your
it in frustrated solitude: The day and the gifts will you’ll hit dead ends; you’ll Barneys even if you know the vote here, and you can’t say partner’s best, most agonized
anxiously guessing at sizes, be just right because you’ll learn a little something you trail will end at Bonobos. ‘neither’....”) guess. And you’ll be sure
flipping through cloying each pick out your own. didn’t already know about As you find likely candi- The core of the day is your partner is happy and
greeting-card sentiments and The revolution begins by each other. (See sidebar.) dates, check out what the the collaborative shopping satisfied too, instead of never
shopping all by ourselves at grabbing a bottle of wine and Over one laptop (intimate) buying community has to say. experience, but feel free quite knowing whether he
opposite ends of the mall. finding a free night when you or two (practical), you and (Reading Amazon book re- to pack in activities around or she was secretly indulging
But what if we could es- and your significant other can your partner can kick back views together, for example, it. A meal beforehand, for in an eyeroll. It’s a win-win,
cape this nightmare? We’ve spend a few hours together. and take time to pinpoint the is weirdly satisfying. You example, or some drinking/ and the two of you can share
all heard of couples going It needn’t be February 14; perfect presents. You might learn about the book and just dancing/other nocturnal an intimately smug laugh
rogue: Skipping the Valen- choose any date that’s conve- start by e-leafing through in- how disturbed your fellow activities later to celebrate at all the stressed-out, unen-
tine’s madness and dining out nient for bosses and baby sit- spirational blogs and best-of readers can be.) Vet any your successful raid. lightened Valentine’s Day
on a different night. Gifting ters. Besides wine glasses and articles for ideas. Then send questionable ideas—like The results will speak traditionalists grumbling in
one another meaningful expe- hors d’oeuvres, you’ll need a each other on solo research a bulky sweater that could for themselves. You’ll spend line as they return their
riences instead of Bed Bath & sofa and a laptop or two with paths. (“Oh! See if LG makes be mistaken for a subtle dig the same amount of money artisanal pencils and Game of
Beyond sleep masks. Even robust Internet access. a wine cellar.”) Dream big for at Bill Cosby—through neu- you normally would but Thrones-themed fondue pots.

TO LOVE, LOVE, LOVE YOU IS TO…NOT REALLY KNOW YOU AT ALL

How well can a married couple of 20-plus years intuit each other’s Valentine’s-gift desires? The writer and his wife
chose two presents for each other—and themselves. Then they compared notes.

FOR HER FOR HIM

He would have gifted:
The HomeDesigner Suite
His reason: She’s long talked about starting
up an interior design business—this 3-D
home-design software seemed perfect.
Her thoughts: This is kind of like buying me a
blender. When I’m ready, I would have bought
this for myself, as a business expense.
The DeLonghi EC 702
Espresso/Cappuccino Machine
His reason: She drinks the good stuff when
we’re out but only joe at home.
Her thoughts: It’s a nice idea, but I wouldn’t
splurge all the time, so I’m not sure I’d get
enough use out of it to justify the cost.
But she really wanted:
Marc Jacob Rimless Aviator Sunglasses
Her reason: My friend got a really nice pair
of sunglasses for her birthday and I was a
little jealous.
His thoughts: I can’t pick out sunglasses for
myself, let alone for anybody else.
Michael Kors Hamilton Soffiano Leather
East West Satchel
Her reason: If I’m going to spend this much
money on myself I want it to be something
I’ll get a lot of use out of for a long time.
His thoughts: The intricate calculus of what
bags are needed for what events/seasons/
moods is beyond my understanding.
She would have gifted:
Exotic Meats Crate from Mancrates
Her reason: When we eat out, you go
exotic whenever possible, and not just to
horrify the kids.
His thoughts: Mantastic. Ostrich, kangaroo
and buffalo jerky are hard to resist, and
I would never splurge on this for myself.
Deluxe Mini-Kegerator and Conversion Kit
Her reason: If you could drink nothing but
beer, you would die happy.
His thoughts: Mixed. What I love is
sampling the beers of the world, and I’m
not sure I want to be locked to just one
flavor for a whole keg…even a mini one.
But he really wanted:
Brookstone Neck & Shoulder Sport
Massager with Heat
His reason: I write and type all day; this
could be a nice, passive way to relieve the
pain/pressure.
Her thoughts: I think you’d buy that and
it’d sit in a closet after a week. If you want
a massage, just go get a massage.
Smokey Mountain Cooker
His reason: I’ve always wanted to get into
barbecue and develop my skills.
Her thoughts: I did not think you wanted
anything like that. You don’t really love being
in the kitchen.

THE FIXER: MICHAEL HSU

THE DUX® BED

Pack a Smarter Lunchbox

An Investment You
Won’t Lose Sleep Over
Q I’m trying to eat health-
ier and so have started
Resolve to take care of your body.
taking my lunch to work.
Can you suggest an attrac- Invest in your health.
tive, practical container?

A I’ve come across two

innovative lunch contain-
ers lately. The first is a slim
9-by-9-inch divided plate
(similar to a TV dinner tray)
called the Munch Box Sleek
Edition ($13). You can find it
on Amazon, along with
nearly identical products by
Better Bento, PackTOGO and
Nucucina.
It’s more attractive to eat
from than a typical plastic
container, and the lid snaps
down securely to create a
KIERSTEN ESSENPREIS

watertight seal—even
among the different sec-
tions of the plate (so your
fruit salad won’t taste like
the Italian dressing you put
on your salad). The con-
tainer can be a bit stubborn option. This 5.4-inch diame- Simply wipe with a damp with the special coating is
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The San Yoshi Bento Bowl the bowl’s interior is treated retailers sell a version of Have a lifestyle problem that
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with Easy-Clean Finish with a slick coating that this product without the a gadget might fix?
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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D12 | Saturday/Sunday, February 6 - 7, 2016
RUMBLE SEAT: DAN NEIL
Audi’s Q7 SUV: A Weighty Analysis of Design
MAY I JUST GEEK OUT A BIT?
The 2017 Audi Q7 3.0T SUV
weighs, officially, 474 pounds less
than the outgoing model. As these
things go, that’s some diet. Part
of the weight loss is due to the fact
that the former Q7 was overbuilt,
obliged to share major bits with
ruddy-cheeked off-roaders Porsche
Cayenne and VW Touareg sport-
utilities, its cousins in the VW
Group. Car designers call this un-
wanted legacy of platform sharing
“scar tissue,” by the way.
For the new Q7, Audi pumped
up the lightness, using extravagant
amounts of aluminum in chassis,
even aluminum castings, as well
as aluminum in all the doors and
body panels (aluminum is about
30% lighter than steel). According
to the literature, the Q7 is no more
than 12% high-strength steel.
Why is that interesting, you ask?
I contrast it with another big SUV
project, another lushly sprung luxe-
truck for about the same price and
size, whose designers went another
way. When the clean screen pre-
sented itself to Volvo’s XC90 team,
they chose to build in steel. Alumi-
num vs. steel. Which one is best?
I’m warming up to steel.
What cars are made of is of sur-
passing interest right now, beyond
Geekdom. Global vehicle emission
standards are rising and crash-test
standards only get stricter. The
common enemy, in crash or fuel
economy tests, is mass.
I had expected that, in automak-
ers’ relentless search for efficiency,
aluminum alloys would inevitably
supplant steel, except in a few
crash-critical areas such as side
beam and B-pillar. But steel has
added recent advantages: cost is
the big one, but formability, fasten-
ing, tailoring and pinpoint strength
are also important. Steel rocks.
I’m struck by what you might
call steel’s space efficiency. Put
Thanks to an ingenious lens design, these truly watertight goggles give frustrated swimmers a wider range of vision
simply, a steel box can be made of
thinner walls than an aluminum
box to do the same job. Aluminum
takes up space in packaging.
Let’s compare these two, one
majority high-strength steel, the
XC90, and aluminum-flavored Q7.
In this Q7, when you lower the
two rows of rear seats, the unob-
structed cargo hold yawns before
you: 71.6 cubic feet behind the front
seats. The Audi’s five seats (not
over generously padded) in the rear
two rows fold and disappear, form-
ing a flat load floor 79.5 inches
long. The molded door trim is
closely profiled and the interior in-
trusion of the B-pillars minimal.
Put simply, a steel
box can be made of
thinner walls than
an aluminum box to
do the same job.
The door openings themselves and
door swing angles are generous.
Step back from the opened power
lift gate. Pretty great.
But the steel-ribbed XC90 is like
a shuttlecraft bay back there: 85.7
cubic feet in a three-row SUV that
is, nose-to-tail, about five-inches
shorter than the German.
And, in this case steel’s coup
de grâce, the XC90 is lighter than
the Q7 by about 300 pounds.
So, while other picayune ped-
dlers of automotive opinion dwell
on the Audi’s thinking headlamps
and four-wheel steering, I am like
a small child at Christmas, fasci-
nated by the box.
Speaking of toys, the Q7 has
them, a raft of amenities like the
optional full-color high-def 12.3-
inch TFT “Virtual Cockpit.” In one
A SIGHT FOR SOGGY EYES
GEAR & GADGETS
format, a Googlized map of the
world unfurls as if in itty-bitty Pa-
navision. OK, that’s cool.
Another big hunk of silicon runs
the infotainment and telematics
package, with 4G LTE data, smart-
phone connectivity, and blazing
Wi-Fi to service two (optional) en-
tertainment tablets for the rear
cabin. The central viewer is a land-
scape-oriented pop-up TFT screen,
which is nicely civilized atop the
dash. But the cabin’s technical
grace note is the sleek vanes in the
across-the-dash air register.
For those who are hearing-im-
paired, or those who would like to
be, I recommend the optional Bang
& Olufsen sound system with 23
speakers and 1,920 Watts. We can
agree 23 speakers is a cry for help.
Distracted? The Q7 offers a suite
of driver’s assistance/bonehead
mitigation technologies. One sys-
tem, the Vehicle Exit Assist, warns
occupants if a bicycle is approach-
ing before they open the doors
(somebody in R&D rides a bike in
Manhattan, I’m guessing). Another
bank of code is called “collision
avoidance system,” which will ac-
tively engage steering assist to
help maneuver around an obstacle.
Other dope digital includes
full-color head’s up display, with
graphics for navi and status,
including vehicle speed, which
I ignored on my way to a very un-
happy meeting with a California
Highway patrolman, alas. I blame
the polarized sunglasses.
Aesthetically, the new Q7 ad-
heres to a proven formula: When
in doubt, add metal trim. But it
absolutely works, inside and out.
The Audi’s archly technocratic
grille gets the gourmet range treat-
ment, and the lower air intakes
and lower doors are kissed with
chrome-like bling. The signature
move here, the flying suplex of
the brand, are the arrow-themed
GOGGLES ARE the bane of pretty
much every swimmer’s existence.
The straps slip. The seals leak.
The view—tunnel vision, at best—
stinks. Michael Phelps’s goggles
famously failed him during his
world-record-setting 200-meter
butterfly swim at the Beijing
Olympics. “From the 150-meter
wall to the finish, I couldn’t
see the wall. I was just hoping
I was winning,” he said after the
2008 race.
To be fair, goggle designers
face an engineering conundrum.
They have to craft a watertight
product that precisely grips one of
the most topographically uneven
parts of the body—and do so with-
* ***
LED running lights and taillamps.
If you like shiny objects, you
will appreciate the Q7’s interior, as
well, with lustrous wood or metal-
lic surfaces. Audi cabins succeed
because of their richness of mate-
rials and elegant lines, not because
they resemble the cockpit of some
criminal mastermind’s speedboat.
At the moment, the Q7 comes
with the one engine, a splendid
firebot, the 3.0-liter supercharged
V6 good for 333 hp and 325 pound
feet of torque.
Compute that power to weight
through an eight-speed transmis-
sion and traction optimized all-
wheel grip and you get acceleration
in the mid-5 second range. That’s
a fine pace for a 2.5-ton wagon
2017 AUDI Q7 3.0T SUV
Base price: $54,800
Price, as tested: $72,875
Powertrain: Supercharged and in-
tercooled direct-injection 3.0-liter
DOHC V6 with variable valve timing;
eight-speed automatic
transmission; full-time
all-wheel drive.
Horsepower/torque: 333 hp at
out hampering visibility or creat-
ing too much drag.
ROKA’s sleek and slim R1 gog-
gles, available February 16, attack
those challenges head-on. The R1
manages to form a tight seal that
stays in place thanks to a just-firm-
enough bridge (the piece that runs
across the nose), yet the goggles
feel very soft around the eye sock-
ets. In our tests, the R1 didn’t leak,
even through multiple flip turns.
The R1 really innovates, however,
by improving peripheral vision.
While most goggles feature lenses
that are essentially flat, the R1’s
angle back toward the outer edges.
Result: a less obstructed view that
allows you to steal glimpses of
THE WALL STREET JOURNAL.
STREET SMART If you have
obsolescence anxiety, be
assured, the Q7 has some of
the freshest IT on the lot.
AUDI
with a 3.0 liters of engine displace-
ment. The refinement coaxed from
this hardworking powertrain is
trademark Audi.
The vehicle I spent the most
time in was the Prestige trim,
a lot of horsy hardware, including
adaptive air suspension, torque-
vectoring, and four-wheel steering,
wiggling some very sporty 20-inch
rubber. It was awesome. It drove
like a high-price sport wagon,
which it sort of is, albeit with a fat
man’s coffin tied to the roof.
And I was having a lovely time
in this traction-jugging showboat
until I saw the blue lights, which
seriously curtailed my joy. I’ll circle
back to Audi’s steel magnolia when
I’m in a better mood.
5,500-6,500 rpm/325 lb-ft. at
2,900-5,300 rpm
Length/weight: 199.6 inches/
4,938 pounds
Wheelbase: 117.9 inches
EPA fuel economy: 19/25/21 mpg,
city/highway/combined (est)
Cargo capacity: 37.5/71.6 cubic
feet, behind second row/first row
your lane mates (or rambunctious
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS
tweens) out of the corner of your
eye. With your head facedown in
the water, you can still see along
the surface. And when you lift your
head to breathe, it’s the sky and
horizon that come into focus rather
than a narrow view of waves.
One warning: The angling of the
R1’s lenses might make you dizzy
if you have a sensitive inner ear.
If that’s the case, these goggles
probably aren’t for you. But if not,
the R1 could relieve your most per-
sistent goggle-woes: feeling lost in
a sea of blurry bodies—or worse,
having your goggles fill with water.
$35, rokasports.com
—Matthew Futterman