For personal, non-commercial use only. Do not edit, alter or reproduce.
For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
The New ScieNce of
Psychedelics
VOL. CCLXXI NO. 105
What’s
News
World-Wide
T rump lawyer Cohen
gained access to up to
$774,000 through two finan-
cial transactions during the
2016 campaign as he sought
to fix problems for his boss. A1
 The president is increas-
ingly relying on longtime
outside advisers rather than
White House staff as he deals
with several major issues. A1
 The U.S. and China asked
one another for sweeping
concessions in two days of
trade talks that failed to
bridge sharp divisions. A1
 China plans a new fund
to boost its chip industry, a
move that could heighten
tensions with the U.S. A7
 A judge questioned
Mueller’s authority to bring
tax and bank-fraud charges
unrelated to the 2016 elec-
tion against Manafort. A3
 Trump said he had
agreed to a time and place
for his summit with North
Korean leader Kim. A6
 The president defended
gun rights and reiterated
his call for arming teachers
in a speech to the NRA. A4
 Hawaii’s largest earth-
quake in more than 40 years
shook the Big Island near the
erupting Kilauea volcano. A3
Business & Finance
 U.S. unemployment fell to
3.9% in April, the lowest
level since December 2000,
the result of a historically
long jobs expansion. A1, A2
 Saudi Arabia is maneu-
vering to push oil prices up
to at least $80 a barrel this
year, after decades as a stabi-
lizing force in oil markets. A1
 A Walmart-led group is
paying about $15 billion for a
roughly 75% stake in Indian
e-commerce firm Flipkart. B1
 Xerox was thrown into
turmoil after the collapse of
a pact with two activists that
would have fired its CEO. B1
 The Dow rebounded,
climbing 332.36 points Fri-
day to close at 24262.51, but
ended down for the week. B11
 Argentina’s central bank
raised rates for a third time
in eight days in a bid to stem
the peso’s depreciation. B11
 Shari Redstone dropped
her demand that Viacom
CEO Bakish have a top role in
a combination with CBS. B3
 CBS News and Charlie
Rose were sued over al-
leged sexual harassment. B3
 AmTrust disclosed that it
has been under investigation
by the SEC for nearly five
years over its accounting. B5
Inside
NOONAN A13
A Dog’s
Breakfast
Of a Dinner
CONTENTS
Books.................... C5-10
Business News...... B3
Food...................... D9-10
Heard on Street...B12
Markets............. B11-12
Opinion............... A11-13
s Copyright 2018 Dow Jones &
Company. All Rights Reserved
REVIEW
no
Sports....................... A14
Style & Fashion D2-4
Travel........................... D6
U.S. News............ A2-5
Weather................... A14
Wknd Investor....... B5
World News....... A6-8
> speaks. He is a leading re-
* * * * * * **
Jobless Rate at 17-Year Low Saudis
Push for
Historic expansion
shows little sign of
slowing, though wage
growth remains slow
BY JOSH MITCHELL
WASHINGTON—Unemploy-
ment in the U.S. fell in April to
one of the lowest levels of the
post-World War II era, the re-
sult of a historically long jobs
expansion that shows little evi-
dence of slowing.
The jobless rate fell to 3.9%
from 4.1% a month earlier, hit-
ting the lowest level since De-
cember 2000, the Labor Depart-
ment said Friday.
Stock prices climbed
throughout the day after ini-
tially stumbling. Investors were
cheered in part by signs in the
report—including modest wage
gains—that inflation is so far
contained and the Federal Re- on
serve can stay on its planned
path of gradual increases in
short-term interest rates.
Employment rose in indus-
us l,
tries including manufacturing,
health care, and accounting.
al a
e
Employers added a total
164,000 jobs and have created
an average 200,000 jobs a
ci on
month this year, up from last
year’s average gain of 182,000.
The economy has added jobs
every month since October
2010, a 91-month stretch that
er rs
ranks as the longest period of
job growth on record. The over-
all economy’s expansion, at 107
months in May, just became the
m e
second-longest on record, trail-
ing only the expansion of the
1990s in length.
m rp
Please see JOBS page A2
 Employment report could
foreshadow Fed challenges.. A2
 Heard on the Street: Jobs
co Fo
figure drives point home.. B12
U.S. Probes Cohen Over Cash Trump Bypasses Staff,
He Built Up During Campaign Returns to Freewheeling
Michael Cohen, President
Donald Trump’s personal law-
yer, gained access to as much as
n-
$774,000 through two financial
transactions during the 2016
presidential campaign as he
sought to fix problems for his
boss, public records show.
Those transactions could
factor into a broad investiga-
tion of Mr. Cohen’s business af-
fairs being conducted by Man-
hattan federal prosecutors and
the Federal Bureau of Investiga-
Your Phone’s Nearly Out of Power.
Remain Calm. Call a Doctor.
i i
You have low-battery anxiety or possibly
full-blown ‘nomophobia’
BY TRIPP MICKLE
Larry Rosen knows he has a
problem. Headed home from
work, the psychology profes-
sor said his heart skipped a
beat when he glanced at his
iPhone and suddenly
realized his battery
was at 7%. He had
no charger. “You get
this feeling: Oh my
God, I’m lost,” he
said.
Prof. Rosen, a
past chairman of the
psychology depart-
ment at California
State University,
Dominguez Hills,
knows whereof he
searcher in a new field of sci-
entific inquiry that is attract-
ing dozens of researchers
across the globe and is in-
creasingly being treated by
clinical psychologists: smart-
WSJ.
MAGAZINE
japan’s enchanted
islands
WEEKEND HHHH $5.00
SATURDAY/SUNDAY, MAY 5 - 6, 2018 WSJ.com
THEN and NOW The last time unemployment was under 4% was in 2000
Jobless rate Consistent job creation has helped drive the rate lower in recent years
Oil at $80
10%
9
MARCH 1991-DECEMBER 2000 JUNE 2009-APRIL 2018
A Barrel
8
Economic cycle the last time the
unemployment rate was at or below 4%
Current economic cycle
BY SUMMER SAID
AND MICHAEL AMON
Recessions
7 DUBAI—Saudi Arabia is ma-
neuvering to push oil prices up
December 2000: 3.9% April: 3.9%
6 to at least $80 a barrel this
year, shifting away from its
5 longtime role as a stabilizing
force in global energy markets.
4 Crown Prince Mohammed
bin Salman, the country’s day-
JANUARY-DECEMBER 2001 to-day ruler, is behind the
3 The year following the last time
move, aimed at raising revenue
unemployment was at or below 4% as his government seeks to
2 carry out a wide-ranging eco-
.
1991 2000 2010 nomic overhaul, senior Saudi
ly
officials said.
The Saudis already have
Economic cycle: Prior to previous 3.9% unemployment (Dec. 2000) The year after Prior to latest 3.9% (April)
helped drive oil prices up
Economic output Weaker business investment is one factor for less robust growth this cycle nearly 50% in the past year—to
nearly $74 a barrel on Friday
GDP, change from a year earlier Business investment, change from a year earlier
for Brent crude—by engineer-
5.0% 20% ing a large output cut with the
Organization of the Petroleum
2.5 10
Exporting Countries and Russia.
0 0 By aiming to force prices
even higher, Prince Mohammed
–2.5 –10 is stepping away from a com-
pact that has defined the king-
–5.0 –20
dom’s foreign relations for de-
10 9 8 7 6 5 4 3 2 1 0 10 9 8 7 6 5 4 3 2 1 0
cades—offering stability in oil
Years prior to most recent
prices in exchange for security
3.9 % unemployment rate
assistance from the U.S. and
Prices and wages Slower wage growth could be a sign the labor market isn’t as tight as 3.9% suggests other big energy consumers.
That equation has been
Consumer-price index, change from a year earlier Nonsupervisory worker wages, change from a year earlier
changing with the rise of Amer-
5.0% 4%
ican shale-oil producers, a di-
minished U.S. appetite for Mid-
2.5 3
dle East military action and the
ambitious, expensive agenda of
0.0 2 the 32-year-old crown prince to
modernize his kingdom.
–2.5 1 The strategy isn’t without
10 9 8 7 6 5 4 3 2 1 0 10 9 8 7 6 5 4 3 2 1 0 risks, as higher prices could test
the Saudi monarchy’s warm re-
Note: Seasonally adjusted
Sources: Labor Department (Unemployment, inflation, wages); Commerce Department (GDP, business investment) lations with the Trump admin-
THE WALL STREET JOURNAL. Please see OIL page A6
BY MICHAEL C. BENDER Mr. Giuliani on Friday clari-
AND PETER NICHOLAS fied remarks he had made two
his ownership of real estate and days earlier on Fox News about
By Michael Rothfeld, taxi medallions, the people said. WASHINGTON—President when Mr. Trump became aware
Rebecca Davis O’Brien,
In February 2016, as Mr. Donald Trump is increasingly of a 2016 payoff his lawyer Mi-
Mark Maremont and
Trump’s fortunes as a presiden- relying on longtime outside ad- chael Cohen made to buy the si-
Joe Palazzolo
tial candidate rose, Mr. Cohen visers rather than White House lence of a former adult-film ac-
nearly doubled the amount he staff as he deals with several tress who alleged she had sex
tion, who are examining could use on a bank credit line major issues simultaneously, with Mr. Trump in 2006.
whether Mr. Cohen violated any tied to his Manhattan apart- from a North Korean summit to It was Mr. Trump himself,
laws in his efforts to raise cash ment, increasing his ability to the Russia investigation. But the shortly before boarding Marine
and conceal negative informa- borrow by $245,000, according perils of that approach were on One for a trip to Dallas, who
tion about Mr. Trump, accord- to real-estate records. display this week following a Please see STAFF page A4
ing to people familiar with the Three months earlier, he television interview he orches-
matter. Those include transac- gained potential access to an- trated with his new counsel,  Judge questions charges
tions tied to his credit line and Please see COHEN page A4 Rudy Giuliani. against Manafort..................... A3
Activism
Revives
i Protestant
Churches
The Trump
presidency has
triggered a
phone anxiety. groundswell of
Does your heart rate jump opposition at
when your iPhone battery dips
below 20%? You could be suf-
fering from what some experts
mainline Protestant
congregations,
boosting attendance
term “low-battery anxiety.” but alienating
Do your palms sweat when more-conservative
you have no access to members who view
cell service? You the church as a
could have an acute spiritual haven. A10
case of “nomopho-
bia.” Short for no-
mobile-phobia, the
term describes the
fear people can feel
when they are out of
U.S., China Dig In on Trade Issues
mobile contact en- BY LINGLING WEI both sides sat down for two ended inconclusively Friday.
tirely. days of talks this week after Planned meetings of U.S. of-
Around 15 papers BEIJING—The U.S. and exchanging lists that con- ficials with President Xi Jin-
have been published China asked one another to tained sizable demands. The ping and Vice President Wang
on nomophobia alone make sweeping concessions in U.S. asked China to cut its Qishan didn’t materialize. The
since 2014, and dozens more trade talks, failing to bridge trade surplus by $200 billion, U.S. delegation left Beijing
have been published on smart- sharp divisions and raising the for example, while Chinese of- without comment or agree-
phone-related anxieties since chances that each government ficials sought to get Washing- ment with Chinese officials on
2016, according to records will slap tariffs on tens of bil- ton to ease national-security Please see TRADE page A7
kept by the U.S. National Li- lions of dollars of the other reviews of Chinese invest-
brary of Medicine. country’s exports. ments. Instead of reaching  China plans fund to boost
Please see POWER page A10 Top economic officials on common ground, the talks semiconductors......................... A7
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A2 | Saturday/Sunday, May 5 - 6, 2018
THE NUMBERS | By Jo Craven McGinty
Shifting Standards Cloud Autism’s Prognosis
Are there
more cases of
autism than
ever?
The answer
may depend
on which criteria are used to
diagnose the developmental
disorder.
The latest report by the
U.S. Centers for Disease Con-
trol and Prevention uses two
sets. One shows a growing
number of children with au-
tism. The other, when
strictly applied, identifies
18% fewer cases.
For now, the report, which
was published last week,
gives priority to the looser
standard, but when the CDC
issues its next report two
years from now, the more
stringent measure will take
precedence.
The current report
tracked the estimated preva-
lence of autism in more than
300,000 children who were 8
years old in 2014. Statisti-
cally, the children, who re-
side in 11 communities in as
many states, aren’t nation-
Employment Report Could Foreshadow Fed Challenges
BY NICK TIMIRAOS
Friday’s jobs report keeps
the Federal Reserve on track to
raise short-term interest rates
at its June meeting and high-
lights the challenges the cen-
tral bank could face setting
policy later this year because
unemployment could plumb
lows not seen in decades.
For years after the recession,
Fed officials watched monthly
employment reports for signs
the labor market was improv-
ing enough to permit them to
gently raise rates. Now, the
question is whether joblessness
might fall so much that they
should accelerate their pace of
rate increases to prevent the
economy from overheating.
The new data underscore
that question. Unemployment
dropped to 3.9% in April after
holding at 4.1% for the prior
six months. The last time job-
lessness was lower was in
April 2000.
A broader gauge of under-
employment, which includes
people who haven’t actively
JOBS
Continued from Page One
President Donald Trump—
who took office in January 2017,
when the unemployment rate
stood at 4.8%—called Friday’s
report “very good.” “We’re do-
ing great,” he told reporters at
the White House.
The fall in joblessness
no
marked yet another milestone
in the nation’s long recovery
from the 2007-2009 recession,
which sent unemployment soar-
ing to 10% in October 2009. Un-
employment has been below 4%
only a few times over the past
70 years—during the Korean
War in the early 1950s, during
the Vietnam War in the late
1960s and early 1970s, and dur-
ing the tech boom of 2000.
In those instances low unem-
ployment was associated with
growing inflation or financial
excesses that eventually led to
recession. So far, those kinds of
excesses don’t show signs of
stirring. Inflation in March was
near the Federal Reserve’s long-
run target of 2%. And stock
prices, though elevated, haven’t
had the kind of run higher that
they experienced during the
late 1990s.
Friday’s report suggested
there are more workers avail-
able for full-time jobs than the
main unemployment rate sug-
gests. A separate measure—
which takes into account part-
time workers who would prefer
full-time jobs, and workers too
discouraged to seek work—fell
to 7.8% in April. That is the low-
est since 2001, but still above
the 6.9% of December 2000.
Economic theory suggests
that when workers become this
scarce, employers raise wages
quickly to recruit and retain
employees. But wage growth
has persistently undershot
economists’ expectations. Fri-
day’s report showed average
hourly pay grew 4 cents over
the past month and 2.6% over
the past year. That is better
ally representative, but the
findings inform treatment
and policy decisions.
The conclusions are based
primarily on criteria drafted
in 1994 for the American
Psychiatric Association’s Di-
agnostic and Statistical Man-
ual of Mental Disorders. Us-
ing those standards, 1 in 59
children had autism, com-
pared with 1 in 68 just two
years earlier.
F
or the sake of compari-
son, the report as-
sessed 263,775 chil-
dren using both the old and
new standards, which were
drafted in 2013.
Based on the old stan-
dards, 4,658 were autistic.
With the new criteria, 4%
fewer, or 4,498, were—but
that number includes 681 on
the basis of a previous diag-
nosis. Without them, 3,817
children would have been di-
agnosed, or 18% fewer than
the number identified with
the old rules.
It’s possible some of those
kids would meet the new cri-
looked for a job recently or
who hold part-time jobs but
want full-time work, fell to on
7.8%, its lowest level since 2001.
A top Fed official said Fri-
day that the drop in unem-
ployment didn’t prompt con-
us l,
cern about a rapid rise in price
pressures, because wages are
al a
e
rising only moderately. “This
is pretty much a Goldilocks
economy,” said San Francisco
ci on
Fed President John Williams
on CNBC.
Average hourly earnings of
private-sector workers rose
2.6% from a year ago, in line
er rs
with recent monthly readings.
A separate index of wages and
salaries of private-sector
workers released last week
m e
showed they rose 2.9% for the
year ended in March, which
was the strongest gain in
m rp
nearly a decade.
Mr. Williams, who is set to
become the New York Fed’s
president on June 18, said
wage and price figures don’t
co Fo
show “any rapid increase in
inflation coming.”
Dallas Fed President Robert
Market Performance Before 3.9% Unemployment
While the stock market has reached records during the current expansion, the pace of growth was stronger
in the 1990s. The trend was underscored by the building of the dot-com bubble, most clearly seen in the rise
and fall of the tech-heavy Nasdaq index.
Economic cycle: Prior to previous 3.9% unemployment (Dec. 2000)
n-
Dow Jones Industrial Average
300%
200
100
0 600
10 9 8 7 6 5 4
Years prior to most recent
3.9 % unemployment rate
S&P 500
300%
200
100
0 0
10 9 8 7 6 5 4
Source: Dow Jones Market Data Group
than the 2% gains seen early in
the recovery, though still mod-
est historically.
“In some ways it’s like a
mini- or lighter version of the
late ’90s: A Fed raising rates
but not aggressively, low unem-
ployment, low inflation,” said
economist Joseph Lavorgna of
Natixis, a corporate and invest-
ment bank.
But there are important dif-
ferences. Back then, the rise of
the internet led to an invest-
ment boom by companies and
soaring share prices. The in-
vestment boom helped boost
worker productivity for a time,
but proved unsustainable.
U.S. NEWS
teria, but the record of their
symptoms didn’t support
that conclusion.
“We can’t know if a child
definitely didn’t meet the
criteria,” said Daisy Chris-
tensen, the surveillance team
lead for the developmental
disability branch of the CDC.
“We’re reliant on what is
documented in the record.”
At this stage, the Autism
Society, a nonprofit advocacy
group founded in 1965, isn’t
concerned about the change
in the criteria.
“If in the past they were
called autistic and now they
are not labeled anything,
how will they get help?” said
Scott Badesch, the society’s
chief executive. “If they’re
labeled something else and
can get help for their symp-
toms, that’s great.”
This isn’t the first time
autism has been affected by
changing definitions.
In the U.S., it wasn’t a
unique category in the diag-
nostic manual until 1980.
The definition changed in
1987 and again in 1994, when
Joblessness might decline to such an extent that the Federal Reserve has to accelerate rate increases.
Kaplan said the lack of notable
acceleration in wage growth
appeared to be a “one-month
aberration,” because other
data suggest firmer pressures.
“Everything I saw here tells
me there’s a little less slack,”
The year after
NASDAQ
900%
800
700
3 2 1 0
500
400
300
200
100
3 2 1 0 10 9 8
“Right now we’re missing the
productivity component of it,”
Mr. Lavorgna said.
Productivity picked up mod-
estly in the past year and some
economists believe the tax
overhaul, championed by Presi-
dent Trump and passed by Con-
gress late last year, will prod
businesses to increase spending
on technology, boosting produc-
tivity further.
Rising productivity tends to
lead to higher wages. For now,
modest wage growth could be
due to a number of factors, in-
cluding global competition,
which gives firms leeway to
hold wages down because they
Differing Definitions
Percentage of autistic children
that meet the previous DSM-IV
criteria, the current DSM-5
criteria or both.
Met both
86.1%
definitions
Met DSM-IV
8.60
definition only
Met DSM-5
5.3
definition only
Note: DSM-IV= Diagnostic and Statistical
Manual of Mental Disorders, Fourth Edition;
DSM-5 = Diagnostic and Statistical Manual
of Mental Disorders, Fifth Edition
Source: Centers for Disease Control and
Prevention
THE WALL STREET JOURNAL.
it was broadened to include
a range of behaviors that
varied in characteristics and
severity—and not all of the
behaviors were required for
a diagnosis.
Now, Autism Spectrum
Disorder is a single category
encompassing previously dis-
tinct diagnoses including au-
tistic disorder, Asperger’s
syndrome and pervasive de-
he said on CNBC. “This labor
force is getting tighter.”
Last year, officials were less
worried about unemployment
slipping below the rate they
consider sustainable over the
long run, currently estimated
Prior to latest 3.9% (April)
7 6 5 4 3 2 1 0
THE WALL STREET JOURNAL.
can draw on low-wage workers
from abroad.
Another factor: Americans
show signs of rejoining the la-
bor force after years spent on
the economy’s sideline not look-
ing for jobs after the recession.
That trend expands the supply
of labor and restrains wages
from shooting higher. The labor
force contracted in April but
grew by 1.3 million from a year
earlier. The percentage of
prime-age workers, those be-
tween 25 and 54, who are work-
ing or looking for work ticked
down in April but has risen
from near 80% in 2015 to 82%.
There is also likely a demo-
* *** THE WALL STREET JOURNAL.
velopmental disorder-not stripped of the diagnosis.
otherwise specified, or PDD- “You’re grandfathered in,”
NOS,. In addition, only indi- said Stuart Shapira, chief
viduals with both social medical officer and associate
communication and interac- director for science for the
tion disorders as well as re- CDC’s National Center on
stricted or repetitive behav- Birth Defects and Develop-
iors will be diagnosed as mental Disabilities.
having autism.
A
“One of the goals of the mong the recent stud-
revision was to tighten what ies comparing the dif-
was criticized as unclear and ferent standards is an
too lenient criteria for PDD- analysis published last year
NOS,” said Catherine Rice, in Journal of Autism and De-
director of the Autism Cen- velopmental Disorders. That
ter at the Emory University study, of 439 children and
School of Medicine. adolescents who received a
Given that, a reduction in diagnostic evaluation at one
diagnoses isn’t surprising. of six centers affiliated with
The CDC report isn’t suffi- the Autism Treatment Net-
cient to determine to what work, found that 20% who
degree this might happen met the old criteria for
moving forward, but a num- Asperger’s syndrome and
ber of studies have tried to 75% who met the criteria for
examine how closely the dif- PDD-NOS didn’t meet the
ferent criteria align. new criteria.
Most conclude that a sub- When the CDC completes
stantial number of individu- its next autism study, the
als previously diagnosed new diagnostic criteria will
with autism would not meet take precedence, but the pre-
the new requirements—al- vious standards will be ap-
though the CDC is careful to plied to a subset of cases to
point out that no one will be see how the two measure up.
.
ly
inflation is much closer to
their target.
Consumer prices, excluding
food and energy, rose 1.9% for
the year ended in March, ac-
cording to the central bank’s
preferred gauge, up from 1.6%
in February.
Most Fed officials haven’t
LEILA NAVIDI/MINNEAPOLIS STAR TRIBUNE/ZUMA PRESS
shied away from their funda-
mental views that tighter la-
bor markets will drive stron-
ger wage growth and more
inflation.
Some are worried that this
relationship could be nonlin-
ear, meaning inflation pres-
sures grow even stronger after
labor markets tighten beyond
a certain point.
Others say skepticism is
warranted. The natural rate of
unemployment, the level be-
low which inflation rises,
could be lower than officials
at around 4.5%, because infla- have expected.
tion softened surprisingly, All of this is playing out
running below the central just after Washington ap-
bank’s 2% target. proved new tax cuts, which
Now they may be more at- economists expect to boost
tuned to rising wages and de- economic growth over the
clining unemployment because coming two years.
CORRECTIONS 
graphic factor: The retirement
of baby boomers. Many younger
workers with lower wages are
replacing them, suppressing the
AMPLIFICATIONS
national average pay.
Some wage measures aren’t The U.S. is considering tar-
quite as weak as Friday’s report iffs on $50 billion in Chinese
suggests. A separate index of imports. A Page One article
wages and salaries of private- Wednesday about tensions be-
sector workers released last tween the U.S. and its trading
week by the Labor Department partners incorrectly said the
showed they rose 2.9% for the U.S. was considering $50 bil-
year ended in March, which was lion in tariffs.
the strongest gain in nearly a
decade. Brazilian broadcaster Re-
Many economists predict cordTV made a biblical drama.
falling unemployment will In some editions April 24, a
boost wages further, as has al- Page One article about tele-
ready happened in industries novelas incorrectly said that
like construction. The sector Brazilian broadcaster Globo
has added 257,000 jobs over the made a biblical drama.
past year and industry wages
are up 3.5%. Readers can alert The Wall Street
Journal to any errors in news articles
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THE WALL STREET JOURNAL.
Volcanic Eruption in Hawaii Spews Lava, Prompts Evacuations
The Kilauea volcano erupted this past week on Hawaii’s Big Island, prompting evacuations as lava reached some streets. Local police, fire and county agencies, along with the National Guard, were assisting evacuations,
Hawaii’s largest earthquake in
more than 40 years shook the
Big Island near the newly erupt-
ing Kilauea volcano on Friday
while thousands of residents
evacuated the area.
The magnitude-6.9 earth-
quake struck at about 12:30 p.m.
local time and was in almost the
same location as a deadly mag-
nitude-7.1 quake in 1975, the U.S.
Geological Survey said. There
were no immediate reports of
injuries.
The strong quake followed a
magnitude-5.4 earthquake about
an hour earlier in the day. The
state has been hit with hun-
Judge
Questions
Manafort
Charges
BY ARUNA VISWANATHA
ALEXANDRIA, Va.—A fed-
eral judge on Friday ques-
tioned special counsel Robert
Mueller’s authority to bring
tax and bank-fraud charges un-
related to the 2016 election
against former Trump cam-
paign chairman Paul Manafort.
Judge T.S. Ellis suggested
the charges before the U.S.
District Court for the Eastern
District of Virginia were just
part of the Mueller team’s de-
signs to pressure Mr. Manafort
into giving up information on
President Donald Trump or
others in the campaign.
“The vernacular is ‘to
sing,’ ” Judge Ellis said. He ap-
peared sympathetic to Mr.
Manafort’s efforts to have the
charges dismissed, without in-
no
dicating he would do so.
Mr. Manafort has been in-
dicted in separate cases in
Washington, D.C., and Virginia
over work he did for Russian-
backed politicians in Ukraine
before the 2016 campaign.
Prosecutors allege he failed to
report that lobbying work and
to pay taxes on millions of dol-
lars in related income, and
later falsely inflated his income
to obtain $20 million in loans.
Mr. Manafort has pleaded not
guilty to the charges.
Mr. Manafort’s legal team
has filed to dismiss both cases,
arguing the charges had noth-
ing to do with Mr. Mueller’s
mandate to examine Russian
meddling in the 2016 election.
In a hearing last month, the
federal judge overseeing the
Washington case was skeptical
of Mr. Manafort’s argument.
But Judge Ellis, a 1987 Reagan
appointee, saved many of his
harshest words on Friday for
Mr. Mueller’s office.
When Michael Dreeben from
the special counsel’s office said
the allegations in the Virginia
case were covered by the scope
of the initial appointment of
Mr. Mueller, Judge Ellis re-
torted, “The scope covers bank
fraud from 2005?”
Mr. Mueller’s lawyers have
said they have authorization to
investigate Mr. Manafort, cit-
ing an August memo from
Deputy Attorney General Rod
Rosenstein laying out avenues
of inquiry. Mr. Mueller’s office
said the probe “would natu-
rally cover ties that a former
Trump campaign manager”
had to Russia.
* * * * * * * *
dreds of earthquakes in recent
days, along with lava flows
threatening homes on the Big
Island.
Thousands of residents in the
Eastern Puna District of the is-
land were under mandatory
evacuation orders Friday.
Local police, fire and county
agencies, along with Hawaii’s
National Guard, were assisting
with evacuation efforts, and
Federal Emergency Management
Agency officials were on the
scene, a spokeswoman for Gov.
David Ige said Friday.
Hawaii’s Civil Defense said in
an alert that dangerous condi-
us l,
al a
e
A New Focus in Child-Porn Cases
ci on
BY DEL QUENTIN WILBER
er rs
A federal analyst studied
the child pornography videos
for clues. Finding none, he
turned to mundane photo-
m e
graphs the suspected abuser
also had uploaded online of
the young victim playing in a
m rp
park and by some bushes.
Using a Smithsonian Insti-
tution analysis of the shrubs,
the sleuth from the U.S. Immi-
gration and Customs Enforce-
co Fo
ment, or ICE, narrowed his
search to one U.S. region.
Next, he zeroed in on the
park’s playground equipment,
making dozens of calls to play-
ground makers and organiza-
tions that certify them, finally
finding a company that pin-
pointed the park. A neighbor-
hood search quickly turned up
the girl and her abuser, who
was arrested.
That recent investigation,
described by law-enforcement
n-
officials familiar with the
James Cole, a federal agent, has helped pave the way for how law
enforcement approaches investigations into child pornography.
Gathering Intel
Analysts seek clues into the whereabouts of child victims of sexual predators by examining photos
and videos, which abusers use to prove their access to victims.
Fish
In at least one case a fish
helped investigators
determine a location.
Playground equipment
Investigators may turn to
playground equipment
makers to help locate a park.
Source: U.S. Immigration and Customs Enforcement
Saturday/Sunday, May 5 - 6, 2018 | A3
U.S. NEWS
KEVAN KAMIBAYASHI/U.S. GEOLOGICAL SURVEY/ASSOCIATED PRESS; USGS HANDOUT/REUTERS (BELOW)
tions in the evacuation areas
had emerged, given high levels
of sulfur dioxide gas.
Michael Stancliff, who runs
the Hale Mohalu vacation guest-
house, situated just southeast of
the mandatory evacuation areas,
said the increased seismic activ-
ity had put him on edge, but he
.
and some guests abandoned his
ly
21-acre property Thursday night
after smelling sulfur gas.
“This has been pretty much
on my third day with no sleep,” said
Mr. Stancliff, who has been stay-
ing with friends. The Kilauea vol-
cano first erupted Thursday.
—Alejandro Lazo
case, is part of an ICE victim that is also netting a rising resting people who possessed the girl’s face.
identification program in number of offenders. a stash of child pornography, Unbeknown to Mr. Cole and
northern Virginia that is help- The National Center for often after receiving a tip. Lit- Canadian police, the girl had
ing transform child pornogra- Missing and Exploited Chil- tle effort was generally di- one year earlier reported to lo-
phy investigations.
In poring over child por-
dren says law-enforcement
agencies have identified at
rected toward identifying the
abusers or victims.
cal police that her father had
been sexually abusing her. Be-
nography images, ICE investi- least 9,400 juvenile victims of That began to change fore the father could be ar-
gators find leads in a unique online sexual exploitation thanks in part to a push by rested, he fled the country. The
tree, the logo on a sweatshirt, since 2013. In the preceding ICE agent James Cole. In girl, then 15, appeared on the
the name on a pill bottle, the 2006, Mr. Cole had spent television show “America’s
rattling of trains, chirping of months searching for a girl Most Wanted” to help locate the
birds—or the metadata buried and her suspected abuser in a fugitive. Canadian police recog-
in the photos and videos, in-
Investigators widely distributed child por- nized her and called Mr. Cole.
cluding information that re- increasingly turn to nography video. Mr. Cole said he met the
veals time and place. Often, Canadian police officials teenager and other family
the best clues are found in
identifying and leading the effort suspected members. He explained how
mundane photographs, like rescuing victims. the abuse had occurred in a much work he and his col-
those of the girl in the park, motel room in Oregon due to a leagues had done to find her.
that are uploaded by abusers unique fast-food cup they had The girl and her family deeply
to prove they have access to analyzed in one of the videos. appreciated the effort, he said,
the children. decade, there were about The victim was clearly identi- and that is when a “lightbulb
Officials used to focus on 5,000 such identifications. fiable but the abuser was went off.”
prosecuting the consumers of “Law enforcement has re- never on screen. “We had been approaching
child pornography. That is no ally made a huge effort in this Mr. Cole examined the this all wrong,” said Mr. Cole,
longer enough, law-enforce- area,” said Lindsey Olson of room’s furniture and a sweat- a former policeman and U.S.
ment officials and advocates the nonprofit National Center. shirt caught on screen, vis- Army intelligence officer. “I
say. The focus is increasingly Last year, the National Cen- ited scores of motels and realized we need to be looking
turning to identifying and res- ter reviewed more than 34 flipped through hundreds of at these cases in a victim-cen-
cuing the victims, an approach million images and videos de- school yearbooks in search of tered way.”
picting the sexual exploitation
of children 17 and under. Its
cyber tip line recorded more
than eight million abuse-re-
lated reports.
DEL QUENTIN WILBER/THE WALL STREET JOURNAL
Agents at ICE, the Federal
Bureau of Investigation and the
Postal Inspection Service, as
well as state and local police,
are all tasked with investigat-
ing child pornography. ICE has
long had jurisdiction in such
investigations, dating back to
the decades-long work of U.S.
customs agents who targeted
the mailing and smuggling of
such images and videos into
the U.S. from overseas.
In the past, those investiga-
tions generally involved ar-
Sounds
In videos, the chirping of birds has been used to Vegetation
narrow down a location. Shrubs, trees and
plants can narrow a
Clothing search to a
Logos, such as those of particular region.
universities or companies,
can supply valuable
information.
Street signs
Medication Technology can
Specific items, reveal clues
such as medication containers, about a particular
can have names on them. city or town
Geotagging
Photos taken with smart phones add information
like time, date and location to its metadata.
Brian McGill/THE WALL STREET JOURNAL.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A4 | Saturday/Sunday, May 5 - 6, 2018
NRA Cheers
Trump on
Gun Rights
The president again
calls for arming
teachers at group’s
annual meeting
BY ZUSHA ELINSON
DALLAS—President Donald
Trump gave a full-throated de-
fense of gun rights Friday and
reiterated his call for arming
teachers in a speech at the Na-
tional Rifle Association’s annual
conference here.
It was the first time in the
147-year history of the organi-
zation’s annual meeting that
both a sitting president and
vice president spoke, NRA offi-
cials said. Vice President Mike
Pence spoke shortly before Mr.
Trump took the stage.
Addressing the recent Park-
land, Fla., high-school shooting
that left 17 dead, Mr. Trump said
teachers need be the first line of
defense against school shooters.
“We strongly believe in al-
lowing highly trained teachers
to carry concealed weapons,”
Mr. Trump said.
The president also said more
must be done to keep guns out
WASHINGTON WIRE
IMMIGRATION
Administration Ends
Honduran Program
The Trump administration said
it would end a humanitarian pro-
gram for Honduran immigrants
living in the U.S. since the 1990s.
As many as 57,000 Honduran
immigrants have been allowed to
live and work in the U.S. since
1999, when immigrants from the
Central American country were
granted Temporary Protected Sta-
tus after Hurricane Mitch devas-
tated parts of Honduras. They
now will have to leave or be
granted another immigration sta-
tus by January 2020.
“Since 1999, conditions in Hon-
duras that resulted from the hur-
ricane have notably improved,”
the Homeland Security Depart-
ment said.
Supporters of the TPS pro-
gram, which gives safe harbor to
people from countries affected
by natural disasters and other
strife, decried the decision Friday,
saying Honduras is still unsafe.
President Donald Trump has
vowed to crack down on immi-
gration, pledging to deport immi-
grants found to be living in the
U.S. illegally and proposing cuts
to visa programs.
—Alicia A. Caldwell
no
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of the hands of those who pose
a danger to others, such as ac-
cused Parkland shooter Nikolas
Cruz. “There has never been a
case where more red flags have
been shown,” he said.
Before a cheering crowd of
supporters, Mr. Trump spoke as
if he were on the campaign
trail. He touted the economy
and his judicial appointments,
and he chastised football play-
ers who protest racial inequal-
ity by kneeling during the na-
tional anthem. He also talked
about the need to toughen im-
migration laws and complained
about the Russia investigation,
reading aloud from an article
on a federal judge’s criticism of
the probe at one point.
Throughout the speech, Mr.
Trump returned to the topic at
hand: gun rights.
“You’re going to keep those
rights,” Mr. Trump said.
“You’re going to be so happy.”
Wayne LaPierre, executive
vice president of the NRA,
took a defiant tone in the face
of nationwide protests for gun
control.
“They march themselves
into a frenzy, they yell and
shout every nasty name they
WHITE HOUSE
Vice President’s
Doctor Resigns
A physician to Vice President
Mike Pence resigned Friday in
the latest sign of tumult in the
White House Medical Unit fol-
lowing the brief nomination of
the president’s physician, Ronny
Jackson, to run the Department
of Veterans Affairs.
Dr. Jen Peña, who was as-
signed to care for Mr. Pence as
part of the unit, was one of the
people who raised concerns
about Dr. Jackson, a person fa-
miliar with the matter said. She
also treated the vice president’s
wife, Karen Pence, and his staff.
The vice president’s office con-
firmed the departure of Dr. Peña.
Her resignation went through the
White House Medical Unit, not
the vice president’s office, Mr.
Pence’s press secretary said.
White House officials have
said that Dr. Jackson remains
assigned by the Navy to the
White House Medical Unit. His
position as head physician treat-
ing Mr. Trump was given to an-
other doctor, Sean Conley, after
his nomination to run Veterans
Affairs and there has been no
sign Dr. Jackson will reclaim it.
n-
—Louise Radnofsky
AN D R EW
ED
IN
UR
F EAT
Featured Hotel: Bisate Lodge, Rwanda
Photo by Andrew Harper Editor
P W L C 10 11 12
President Donald Trump told the audience at the NRA’s annual conference in Dallas on Friday, ‘You’re going to keep those rights.’
can call us, and they demand
our surrender while predicting
our demise,” he said.
Mr. Trump also spoke at last
year’s NRA convention.
Presidents had avoided the
convention as the group’s oppo-
sition to gun control hardened.
Former President George H.W.
Bush resigned from the NRA in
1995, after Mr. LaPierre de-
scribed federal agents who en-
force gun laws as “jackbooted
STAFF
on
us l,
Continued from Page One
told reporters Friday morning
al a
e
that Mr. Giuliani would “get his
facts straight” and issue a state-
ment, which Mr. Giuliani did a
ci on
few hours later. The White
House press office and his legal
team had been caught unaware
by Wednesday’s Fox interview,
and appeared similarly in the
er rs
dark when Mr. Trump told re-
porters about the prospect of a
clarification.
Mr. Trump’s surprises have
m e
grabbed attention, but they de-
moralized several members of
his team—chief spokeswoman
m rp
Sarah Sanders was furious af-
ter Mr. Giuliani’s Fox appear-
ance, according to officials—
and they undercut the
protocols put in place by chief
co Fo
of staff John Kelly.
There appears to be little
prospect of a return to Mr.
Kelly’s strict procedures: Mr.
Trump has recently turned for
advice to several people with
whom he was once close, then
was distant, and now is back in
touch, though not on the White
House staff, or operating on
White House protocol.
COHEN
Continued from page A1
other $529,000, through a new
mortgage that he and his wife
cosigned on a condominium
owned by her parents at Trump
World Tower, a Trump building
in New York, separate real-es-
tate records show.
Mr. Cohen and his lead attor-
ney didn’t respond to a request
for comment.
Mr. Cohen, who has de-
scribed himself as Mr. Trump’s
fixer, has said he used his
home-equity line of credit to
make a $130,000 payment to
former adult-film actress
Stephanie Clifford—known pro-
fessionally as Stormy Daniels—
in exchange for her agreeing
less than two weeks before the
presidential election to stay si-
lent about an alleged sexual en-
counter with Mr. Trump.
Mr. Trump’s lawyer Rudy
Giuliani said this week that Mr.
Cohen resolved other problems
similarly for Mr. Trump, al-
H though he didn’t specify what
A
they were or the source of
RP
ER’
S
funds that were used.
As part of a broad effort to
determine how Mr. Cohen got
access to cash and what he did
with it, federal prosecutors and
the FBI are examining whether
he committed bank fraud by
making false statements inflat-
ing the value of his assets to
obtain loans or by misstating
the intended purpose of the
loans, these people said.
Investigators also are look-
ing at whether he violated fed-
eral election law by making un-
reported campaign
contributions exceeding the
limit of $5,400 to Mr. Trump in
that election cycle, as well as
H T G K B F A M 1 2 3 4 5 6
U.S. NEWS
thugs” in a fundraising letter.
Mr. Trump’s speech last year
was a win for the NRA, show-
ing its influence with the new
administration.
But earlier this year, Mr.
Trump clashed with the NRA
when he called for an overhaul
of U.S. gun policy in the wake
of the Parkland shooting.
In a televised meeting in late
February, Mr. Trump backed a
Senate proposal to significantly
For instance, Mr. Trump has
been in contact of late with his
former campaign manager and
senior adviser Stephen K. Ban-
non, a White House official said.
Mr. Bannon was ostracized a
few months ago over comments
attributed to him in Michael
Wolff’s critical Trump book,
“Fire and Fury.”
And Mr. Trump invited for-
mer campaign staffer Corey
Lewandowski, whom Mr.
Trump ousted from the cam-
paign and never hired in the
White House, to travel with
him on Air Force One to a re-
cent rally in Michigan.
Mr. Lewandowski bypasses
the White House switchboard to
directly dial Mr. Trump’s cell-
phone, say people familiar with
the matter. He couldn’t be
reached for comment.
In his Fox appearance on
Wednesday, Mr. Giuliani said
for the first time that Mr.
Trump had reimbursed his
personal lawyer, Mr. Cohen, for
the payoff to Stephanie Clif-
ford, a former adult-film ac-
tress known as Stormy Daniels.
Mr. Giuliani subsequently told
The Wall Street Journal that
Mr. Trump had first learned
that he reimbursed Mr. Cohen
in recent weeks, through a talk
Michael Cohen has described himself as the president’s ‘fixer.’
possible other crimes stemming
from his payments to cover up
problems, the people said.
Prosecutors will want to
document “every penny” flow-
ing through Mr. Cohen’s ac-
counts during the presidential
campaign, said Alex Little, a
former federal prosecutor in
Washington who is now a de-
fense lawyer and has no first-
hand knowledge of the Cohen
investigation.
Mr. Cohen opened a home-
equity line of credit for
$500,000 at First Republic Bank
on Feb. 24, 2016, tied to a con-
dominium at Trump Park Ave-
nue in Manhattan that he and
his wife own through trusts, the
real-estate records show. The
loan documents were signed by
Mr. Cohen’s wife, Laura, as
trustee for the trusts, the re-
cords show.
A few weeks later, the Co-
hens closed out an old home-
equity line for $255,000 with
TD Bank N.A. tied to the same
unit, the records show. Both
First Republic and TD Bank de-
clined to comment.
7 8 9 O I X X ****** THE WALL STREET JOURNAL.
PATRICK T. FALLON FOR THE WALL STREET JOURNAL
expand background checks on After the Parkland shooting,
gun sales and said some fire- Mr. Trump directed the Justice
arm sales should be restricted Department to craft regulations
to people who are 21 or older. to ban bump stocks, devices
He also suggested some guns that make semiautomatic rifles
be taken away from people shoot like rapid-fire machine
without due process. guns. Calls for a bump-stock
All of those stances ran ban came after Stephen Pad-
counter to the positions of the dock used the device to unleash
NRA. Mr. Trump soon backed more than 1,100 rounds in 10
.
away from his gun-policy pro- minutes, killing 58 and injuring
ly
posals after a meeting with 422 who were attending a con-
NRA officials cert in Las Vegas on Oct. 1.
with Mr. Giuliani.
“My references to timing
White House staff on the
fringes of major decisions.
were not describing my under- Mr. Kelly on Friday made
standing of the President’s rare on-the-record remarks to
knowledge, but instead, my un- reporters, at Mr. Trump’s urg-
derstanding of these matters,” ing, intended to affirm their re-
Mr. Giuliani’s statement on lationship. “I would just say it’s
Friday said. an absolute privilege to work
Mr. Trump has chafed for a president that has gotten
against the formal strictures the economy going,” said Mr.
typically imposed on presidents Kelly, standing next to Mr.
since he took office, preferring a Trump outside Air Force One.
freewheeling style honed by his Citing the prospect of the
summit between Mr. Trump
and North Korean leader Kim
Jong Un and the latest jobs re-
By many accounts, port, Mr. Kelly added: “I mean,
the president is everything is going phenome-
nally well.”
reveling in his new By many accounts, Mr.
approach. Trump is reveling in his new ap-
proach. He was in “great spirits
and a great mood,” according to
one adviser who spoke to Mr.
experience as a chief executive Trump this week, especially as
and decadelong host of the NBC the North Korean summit ap-
reality show, “The Apprentice.” proaches. This person said Mr.
But since the arrival of Mr. Trump believes that if he can
Kelly, Mr. Trump had largely find a deal with North Korea,
abided by the former Marine then little else matters.
general’s imposed protocols “This is his reality-show
and structure, with some ex- strategy,” this person said. “He’s
ceptions when he sought ad- vying for public opinion instead
vice and acted as his own chief of worrying about the details.”
spokesman. Today, several —Rebecca Ballhaus
aides say, the exceptions are and Louise Radnofsky
becoming the norm, with contributed to this article.
by federal investigators for an
April 9 raid of Mr. Cohen’s
home, hotel room and law of-
fice authorized seizure of doc-
uments related to Ms. Clifford
and the $130,000 payment; a
former Playboy model paid
$150,000 by the National En-
quirer publisher in an August
2016 deal preventing her from
discussing an alleged affair
SETH WENIG/ASSOCIATED PRESS
with Mr. Trump; and Mr. Co-
hen’s taxi medallions, the peo-
ple familiar with the matter
said.
Mr. Trump and his represen-
tatives have denied he had sex-
ual encounters with Ms. Clifford
or the Playboy model, Karen
McDougal.
The nine-month gap between
The higher equity line gave the time Mr. Cohen obtained his
Mr. Cohen the ability to borrow new credit line and the pay-
at least $245,000 more than be- ment to Ms. Clifford could work
fore against his home during against him, said Adam Schu-
the campaign, the records show. man, a former federal prosecu-
It isn’t clear whether Mr. Co- tor in Brooklyn.
hen tapped the credit line to “If he didn’t anticipate using
settle problems for Mr. Trump these funds to assist with these
other than Ms. Clifford or for types of third-party payments,
personal reasons. then why did he still have the
As Mr. Cohen increased his funds to pay Stormy Daniels if
credit, Mr. Trump, a political they were intended for some
novice, maintained a strong earlier, innocuous purpose?”
lead in polls over veteran politi- Mr. Schuman said.
cians in a crowded field. He lost Three months before he in-
the Iowa caucuses on Feb. 1 but creased the home-equity line,
won the New Hampshire pri- Mr. Cohen gained potential ac-
mary on Feb. 9. Mr. Trump won cess to another $529,000 in
the Nevada caucuses on Feb. 23, cash, through the new mort-
the day before Mr. Cohen se- gage on the condominium
cured the new loan. owned by his wife’s parents,
Mr. Cohen’s near-doubling of Fima and Ania Shusterman.
his credit line in February 2016, The Shustermans didn’t im-
as Mr. Trump’s chances seemed mediately return messages left
to be improving, “could become at mobile phone numbers listed
an incredibly important date in in a commercial database.
a case of this type,” Mr. Little The borrowers took out
said. Prosecutors will want to $529,000 in cash. It isn’t clear
develop facts around the credit whether or how the money was
line to determine why Mr. Co- spent.
hen needed the money, he said. —Nicole Hong
A search warrant obtained contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Toll Caps Undermine Congestion Pricing
BY SCOTT CALVERT
States are increasingly turn-
ing to a free-market solution
for highway congestion, putting
in demand-based tolls that rise
in price as traffic builds.
The goal is to keep more
cost-conscious drivers in the
free but slower lanes, and the
priced express lanes humming
for those willing to pay for
speed.
There is one hitch. Some
places such as Los Angeles
and Miami have put caps on
tolls to spare drivers potential
sticker shock. Such price lim-
its make jams more likely in
express lanes, eroding their ef-
ficacy and prompting driver
complaints. Without a cap,
tolls on a 9-mile stretch in Vir-
ginia have hit almost $50.
“There is congestion occur-
ring almost on a recurring ba-
sis for those [capped] facili-
ties,” said Nick Wood, an
assistant research engineer at
the Texas A&M Transportation
Institute.
In Washington state, out-
side experts recommend rais-
ing or eliminating the $10 cap
on the 15-mile Interstate 405
express lanes east of Seattle.
In Utah, the state transporta-
tion commission last year gave
officials authority to quadru-
ple the top express-lane toll on
I-15, though only a doubling is
planned. And in Southern Cali-
fornia, the top toll on the I-10
and I-110 express lanes has
risen six times since 2016,
most recently in March, and
now stands at $2 per mile.
“Someone paying a pre-
mium should get a safe, con-
gestion-free ride on nice, new,
smooth pavement,” said Greg
Cohen, president and chief ex-
ecutive of the American High-
way Users Alliance, which rep-
resents drivers. “You’re
expecting a level of service
that’s better than a tax-based
road.”
Mr. Cohen said the answer
may be to add a lane—an ex-
pensive approach—instead of
allowing higher tolls if most
drivers won’t be able to afford
them. “You’re just going to
no
How do you
prepare your
kids for financial
independence?
W E A LT H P L A N N I N G
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* * * * Saturday/Sunday, May 5 - 6, 2018 | A5
U.S. NEWS
Politics and Math
Over ‘Lexus Lanes’
In setting tolls, political
considerations are a factor,
according to Reema Griffith,
executive director of the
Washington State Transpor-
tation Commission.
Interstate-405 tolls would
rise “exorbitantly” without a
cap, said Ms. Griffith, fueling
perceptions that they are
“Lexus lanes” intended for
wealthy motorists. “From a
public acceptance standpoint
that just wouldn’t be accept-
able. We already have a lot of
ELAINE THOMPSON/ASSOCIATED PRESS
pushback from it hitting $10,”
she said.
The express lane with de-
mand-based tolls on I-394 in
Minneapolis opened in 2005,
and was among the first.
Nick Wood, an assistant re-
search engineer at the Texas
A&M Transportation Institute,
said there are now more than
Washington state, which caps the toll on a stretch of I-405 at $10, is being urged to raise or eliminate the cap to cut congestion. 30 such roadways in the U.S.,
most with a cap, and 13 oth-
post wondered why he pays a ers where tolls vary by time
Life in the Fast Lane $10 toll to go “no faster” than of day. Most express lanes
Demand-driven tolling is becoming more common as a way to manage rush-hour highway congestion. Here cars in the free lanes. are former high-occupancy
is a hypothetical example of how it works: The state has tweaked its lanes and usually can be used
algorithm so tolls can rise by carpoolers free or at a dis-
1 For a fee, drivers can drive in a 2 As more drivers opt to pay, the 3 The toll keeps rising until traffic more quickly, as the Minne- count, he said.
special fast lane separate from other fast lane itself starts to get eases, though this can lead to criticism
traffic. sota experts had recom- About six months ago, new
congested. that the lanes are exclusionary.
mended. The state also has express lanes fully opened on
used toll revenue to relieve a the MoPac freeway in Austin,
.
different bottleneck. Texas—with no toll limit. Dur-
ly
But the suggestion to alter ing planning, officials at the
the $10 cap hasn’t been em- Central Texas Regional Mobility
ne braced. Reema Griffith, execu- Authority heard capped proj-
t la
Fas on tive director of the Washing- ects elsewhere struggled with
50¢ per mile 50¢ per mile $4 per mile ton State Transportation
Commission, said transporta-
congestion, spokesman Steve
Pustelnyk said.
Express lane cost Express lane cost Express lane cost tion commission members “We were advised that it
Source: Texas A&M Transportation Institute THE WALL STREET JOURNAL. first want to see how other would be best to avoid a cap if
us l,
changes play out. One measure possible,” he said. So far, the
make people really angry,” he “There is a lot of people carpool lanes, and that more Mr. Barry cited is stepped-up highest toll on the 11-mile
al a
e
said. paying $10 in the morning to traffic is moving through the police enforcement against stretch has been $10.13, or just
In Washington state, offi- use that,” said Ed Barry, direc- corridor. But they also found solo drivers who falsely set under $1 a mile.
cials said the I-405 express tor of the state’s toll division. that during rush hour, the toll their in-car transponders to Also uncapped is a 9-mile
ci on
lanes, which opened in 2015, He said the region’s booming cap kicked in 15% of the time, indicate they are carpooling. express lane that opened in
aren’t meeting a state legisla- economy and growing popula- far too often, said Matt “We don’t feel like we’ve hit December on I-66 in Northern
tive target for traffic to go 45 tion are taxing area roads. Schmit, a senior researcher at that point where we have to Virginia. Tolls have spiked to
miles an hour or faster at least University of Minnesota re- the university, adding, do something,” Ms. Griffith $47.50, and in March, 674 trips
90% of the time in peak peri- searchers hired by the Wash- “There’s no congestion man- said, adding that I-405 func- cost at least $40, though state
er rs
ods. They blame a 7-mile, one- ington legislature found agement at that point.” tions much better than it did officials note those trips were
lane segment that often bot- speeds are higher than when One commenter on a state before the express lanes, when 0.17% of that month’s total.
tlenecks. the I-405 lanes were toll-free transportation department blog it was “completely failing.”
m e
m rp
co Fo
n-
alone won’t ensure they’ll
prosper in the future.
If you’re unsure about how to talk to your kids about money, you’re not alone.
Whether they will inherit a little or a lot, you should talk. But how much should you
share? And what should you tell them? We’ve been advising families for more than a
century and can provide insight, guidance, and educational tools to help.
For a deeper understanding of how to prepare your children for your wealth, call
Bill LaFond and his team at 302-651-1665. Download our research
Navigating the Wealth Transfer Landscape at wilmingtontrust.com/nextgen.
| T R U ST A N D E STAT E S E RV I C E S | I N V E ST M E N T M A N AG E M E N T | P R I VAT E B A N K I N G*
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Saturday/Sunday, May 5 - 6, 2018 * ***** THE WALL STREET JOURNAL.

WORLD NEWS
Chemical Arms Watchdog Seeks Mandate
OPCW chief says met Uzumcu called for new strength and lethality aren’t Russia, as a U.N. Security
tools and powers for investi- completely understood. Council member, blocked the
expanded powers are gators, saying that only if the Mr. Uzumcu said it was of high renewal of a U.N.-OPCW inves-
needed to prosecute international community can purity and persisted for weeks tigative team that was as-
prosecute and punish the use after its application, showing signed to determine who was
the use of such agents of such agents can the norms it was weather-resistant. responsible for earlier chemi-
against chemical weapons be “Our experts say it is not cal attacks there.
BY JULIAN E. BARNES maintained. possible to measure the toxic- In the latest alleged attack,
“The first step the interna- ity of this particular nerve security issues prevented an

PETER DEJONG/ASSOCIATED PRESS

THE HAGUE—International tional community should take agent,” Mr. Uzumcu said. OPCW team from quickly
organizations must have the is to ensure there is a mecha- The OPCW is moving to list reaching the site, though they
authority not only to investi- nism for accountability,” he the Salisbury nerve agent as a finally got there on April 21.
gate the use of chemical said. banned substance. Samples from Syria reached
agents, but also ascribe re- The U.S. had said it was Still, Mr. Uzumcu added The Hague this week and will
sponsibility, the head of the concerned Russian officials there was no doubt that use of go out for testing at two labs,
global chemical-weapons may have tampered with the Novichok violated the chemi- Mr. Uzumcu said. OPCW offi-
watchdog said Friday, warning site of an alleged chemical at- cal-weapons convention. cials said analyzing the sam-
that perpetrators must be tack in Syria and the West has OPCW lawyers recently ruled ples would take three to four
prosecuted and punished. blamed Moscow for the poi- OPCW Director General Ahmet Uzumcu said the international that the convention prohibits weeks.
The Organization for the soning on U.K. soil. community must ‘ensure there is a mechanism for accountability.’ any toxic substance that is de- Among the crucial ques-
Prohibition of Chemical Weap- Following the Salisbury at- signed only to kill, even if it is tions is whether victims of the
ons is investigating the use of tack, the OPCW named the possibilities for establishing As a result the nerve agent not explicitly listed. attack in Douma were killed by
a nerve agent in Salisbury, substance used in the attack another international group was likely sprayed on the door “Production of any amount chlorine or sarin.
England, and a chemical-weap- as a Soviet-era nerve agent that could name those respon- handle of the home of Ser- of toxic chemicals for single Because the samples from
ons attack in Douma, Syria, known in the West as Novi- sible. gei Skripal, the former Russian use…would be in conflict with the site may have degraded,
but naming who is responsible chok but withheld comment Investigators probing the intelligence officer, Mr. the convention,” he said. the OPCW is seeking to ex-
is generally outside the on who was responsible. attack are tackling a little-un- Uzumcu said. “Even if it was not on the list.” hume bodies of some victims
group’s remit. Both cases have Russian media have ex- derstood nerve agent that He said OPCW investigators The OPCW could have the for further investigation, Mr.
proven difficult inquiries, ex- ploited the OPCW’s limita- hadn’t been officially listed as couldn’t determine how much mandate to assign blame for a Uzumcu said. Investigators are
posing the limits of the inter- tions, pointing to the group’s a prohibited chemical. It could of the agent was placed on the chemical attack, but that also collecting other samples
national ban on chemical refusal to back Britain’s accu- have been applied in a liquid door. would require agreement to use in the investigation, of-
weapons and the difficulty in sation as evidence Russia form but it can penetrate Novichok, unlike Sarin or within the body’s executive ficials said.
enforcing it. wasn’t responsible. Authori- gloves, making any liquid ap- VX, hasn’t been as thoroughly committee, which could be dif- —Jenny Gross in London
OPCW Director General Ah- ties in the U.K. have discussed plication extremely dangerous. tested by scientists and its ficult. In the case of Syria, contributed to this article.

OIL U.S., North

Korea Set

.
Continued from Page One

ly
istration, and oil heavyweights
such as Russia and Iran have al-
ready expressed worries about
pushing up prices much higher. on Summit
“There is no intention what-
soever from Saudi Arabia to do
anything to stop the rally” in oil
Schedule
prices, said a senior Saudi gov- BY MICHAEL C. BENDER
us l,

ernment official, who cited the

minimum $80 estimate. “It is ex- WASHINGTON—President
al a
e
actly what the kingdom wants.” Donald Trump said he has
For every dollar that oil agreed to a time and place for
prices rise, Saudi Arabia gets his historic summit with North
ci on

about $3.1 billion a year in extra Korean leader Kim Jong Un,
revenue, according to Rapidan but declined to announce the
Energy Group, a Washington details.
consultancy. That cash infusion “The trip is being sched-
comes as the Saudi economy uled,” Mr. Trump told report-
er rs

goes through a rough patch ers on Friday before flying to

JOSH REYNOLDS/ASSOCIATED PRESS

that shows just how dependent Dallas for a speech to the Na-
it remains on oil. tional Rifle Association. “We
An austerity plan imposed now have a date, and we have
m e

when oil prices were lower lev- a location. We’ll be announc-

ied new taxes on and stripped ing it soon.”
government support from regu- A White House spokes-
m rp

lar Saudis, depressing consumer woman didn’t return a message

spending. The Saudi economy seeking additional comment.
contracted in 2017 and is fore- Mr. Trump has said he
cast to grow an anemic 1.7% in Crown Prince Mohammed bin Salman tours a gallery of Saudi technology during a visit to the Massachusetts Institute of Technology in March. wants to meet Mr. Kim to urge
2018, largely because it has cut the North Korean leader to
co Fo

oil output with OPEC, according have seen prices significantly oil a day in February, among the dismantle his nuclear program
to the International Monetary higher in the past. Twice as Energy Puzzle lowest levels since the 1980s. and rid the Korean Peninsula
Fund. Rising oil prices are driv- much as where we are today,” Oil prices began rising after Saudi Arabia started to reduce crude To be clear, Saudi Arabian of nuclear weapons.
ing a gradual economic recov- he said. exports, helping to boost the kingdom's gross domestic product and officials say, they would step in The president isn’t willing
ery. Saudi crude exports have That stance has rattled some fund its budget amid a costly economic overhaul. with more production if prices to grant Pyongyang substan-
risen in recent months but are countries, including the U.S., suddenly soared. That would tial relief from sanctions the
down significantly from 2016. where President Donald Trump Weekly Brent crude oil price* Saudi Arabia crude oil exports likely include increasing pro- U.S. and other countries have
More oil revenue would also recently weighed in on Twitter $125 a barrel 8.5 million barrels a day duction should Mr. Trump end imposed in return merely for a
give Prince Mohammed some with a warning that oil prices the nuclear deal and reimpose freeze of its nuclear and mis-
time and money to proceed at a were “artificially very high.” 100 8.0 sanctions on Tehran’s oil indus- sile tests, administration offi-
slower pace with other eco- Average U.S. gasoline prices in try. Prices of $100 a barrel re- cials have said.
nomic reforms. The government April neared $3 a gallon, their 75 7.5 main a psychological barrier the Mr. Trump said earlier this
has delayed the centerpiece of highest levels in three years. Saudis don’t want to hit, people week that he was considering
50 7.0
his plans, the initial public of- Brent, a North Sea crude close to the kingdom say. Singapore and the demilita-
n-

fering of state-energy giant, against which internationally 25 6.5 Saudi Arabia could face rized zone on the Korean Pen-
Saudi Arabian Oil Co., or traded crude is priced, has some resistance from fellow oil insula as the site for the sum-
Aramco, which had been ex- breached $75 a barrel this year 0 6.0 producers to pushing prices up mit, signaling a debate inside
pected to raise tens of billions for the first time in over three too high, too fast. the White House over whether
no

2013 ’14 ’15 ’16 ’17 ’18 2015 ’16 ’17 ’18
of dollars this year for the king- years. West Texas Intermediate, Iranian oil minister Bijan to hold the high-profile meet-
dom to invest in non-oil sectors. a crude used to price American Saudi Arabia real GDP growth Saudi Arabia breakeven oil price Zanganeh told The Wall Street ing in a neutral location or in
“It gives everyone time to oil, has flirted with the $70 a Journal in March that oil prices the demilitarized zone be-
4% $100 a barrel
breathe,” a second senior Saudi barrel mark. around $60 a barrel were ideal, tween the two Koreas.
official said of higher oil prices. In the past, the Saudis have 3 ESTIMATES 80 setting up Tehran on the oppo- Another issue for Mr.
Saudi officials are prepared worked to cool off oil prices as site side of a crude-market de- Trump has been freeing the
to drive oil prices higher in they heated up in 2008 and 2 60 bate with its regional political three U.S. citizens detained in
June when they push for a con- 2011, knowing that moderately rival, Riyadh. North Korea.
tinuation of OPEC’s output lim- priced oil kept demand high 1 40 Russia, which isn’t an OPEC Mr. Trump’s attorney Rudy
its with Russia. They have also and helped blunt a drive toward member, has also been more Giuliani said Thursday that Mr.
proposed scrapping the nuclear renewable energy. The Saudis 0 20 cautious about pushing for Kim agreed to release three
deal with Iran and reimposing often argued with OPEC mem- higher prices. detained U.S. citizens. But the
sanctions on its oil, which could bers like Iran and Venezuela, –1 0 Some oil-industry analysts White House cautioned that no
drive prices up further. which pushed for higher prices. 2015 ’16 ’17 ’18 ’19 2015 ’16 ’17 ’18 ’19 close to the Saudis say the king- deal had been finalized.
Officially, the Saudi govern- Back then, though, Saudi *Front-month contract
dom is trying to stave off a fu- On Friday, Mr. Trump of-
ment says it is agnostic about government spending was Sources: SIX Financial (Brent); Joint Organizations Data Initiative (exports); International ture oil-price rise by nudging fered no clarity on the prison-
the price of crude. But energy lower. From 2000 to 2014, Monetary Fund (GDP, breakeven price) THE WALL STREET JOURNAL. prices higher today to encour- ers, saying only that his ad-
minister Khalid al-Falih sig- Saudi Arabia needed an average age more investment in the en- ministration is holding “very
naled the kingdom’s posture oil price of about $75 a barrel get. Prince Mohammed unveiled dustries with subsidies. ergy industry. substantive talks” with North
last month at an OPEC gather- to cover its government spend- a record $260 billion budget The Saudi alliance with the “They want more invest- Korea and that he expected
ing, where he said higher prices ing, according to the IMF. last year, as the kingdom fights U.S. remains strong as both ment,” said Bob McNally, the “very good things” to happen
wouldn’t affect oil demand yet. In 2018, the IMF says, Saudi a costly war on its southern move to contain Iran in the president of Rapidan Energy, with the detainees.
“I don’t see any impact on Arabia needs oil prices at over border with Yemeni rebels and Middle East. The U.S. imported who speaks with Saudi govern- “As I said yesterday, stay
demand with current prices. We $87 a barrel to balance its bud- supports growth in non-oil in- about 667,000 barrels of Saudi ment officials. tuned,” Mr. Trump said.

WORLD WATCH
KENYA Kilifi and Mandera counties. INDIA parts of 20 districts of Uttar
Floods from the seasonal Pradesh state into darkness,
More Die as Heavy Repairs Begin After
SERGEI SUPINSKY/AGENCE FRANCE-PRESSE/GETTY IMAGES

Rains Bring Flooding
Six people drowned in Kenya
in overnight flooding and 11 oth-
ers were missing, local authori-
ties said Friday, the latest of
dozens of deaths caused by
heavy seasonal rains in recent
weeks.
The U.N. humanitarian agency
in a statement on Thursday said
at least 80 people have been
killed and 244,000 people dis-
placed from their homes by the
LOOKING BACK: Ukrainian cadets paraded Friday during a ceremony heavy rains since March, the
to mark the May 9 Victory Day at the WWII museum in Kiev. majority of them in Tana River,
rains hit as the East African na- state Relief Commissioner San-
tion was recovering from a dev- Major Dust Storm jay Kumar said Friday.
astating drought last year that Amid repair and relief work,
affected half of its counties. Workers rushed to restore India’s meteorological depart-
The International Federation electricity Friday to scores of ment warned another powerful
of Red Cross and Red Crescent towns and villages in five Indian dust storm would sweep parts
Societies estimated that 100 states where a powerful dust of the two states this weekend.
have been killed over the weeks storm and thundershowers The Home Ministry said 73
of flooding, with 29 counties af- caused more than 120 deaths people were killed in Uttar
fected. and injured 200 others. Pradesh state and 35 in Rajas-
Despite the heavy rains, Nai- Winds blew up to 80 miles than state.
robi residents are experiencing a per hour as the storm swept The storm also caused eight
water shortage. Many have through northern Uttar Pradesh deaths in southern Telangana
taken to social media to ques- and western Rajasthan states state and another eight deaths
tion why water is still being ra- on Wednesday night. in northern Uttarakhand and
tioned even as dams fill. The storm damaged electric Punjab states, it said.
—Associated Press poles and transformers, plunging —Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, May 5 - 6, 2018 | A7

WORLD NEWS

China Plans China’s Chip Sources

China, concerned about its
reliance on foreign chips, is set to

Fund to Boost announce a new fund to grow its

semiconductor industry.
China* Others
China's semiconductor market by origin

Semiconductors $300 billion

BY YOKO KUBOTA processing units, one of the

200
people said. Specific details
BEIJING—In a move that including the amount could

ADAM DEAN FOR THE WALL STREET JOURNAL

could further heighten ten- change, another person said.
sions with the U.S., China is China Integrated Circuit In- 100
poised to announce a new dustry Investment Fund didn’t
fund of about 300 billion immediately respond to a re-
yuan—$47.4 billion—to spur quest for comment. In an in-
development of its semicon- terview with The Wall Street 0
ductor industry as it seeks to Journal last year, the fund’s
2010 ’12 ’14 ’16 ’18 ’20
close the technology gap with executive vice president said it
Note: 2018 and after are estimates.
the U.S. and other rivals, ac- aims to generate returns for *Includes products from manufacturing sites
cording to people familiar its investors. in China operated by foreign companies
with the matter. China is seeking to develop Source: International Business Strategies
The new war chest by the its own semiconductor indus- Workers on a micro-chip production line at a Tsinghua Unigroup factory in Wuhan, China, last May. THE WALL STREET JOURNAL.
government-backed China In- try to cut its dependence on
tegrated Circuit Industry In- foreign technology. The effort In its March 22 report on strategic objectives.” uct or sector, there is going to during two-day trade talks be-
vestment Fund Co. follows a has grown more urgent as at- China’s trade practices, the As such, the establishment be a significant market effect,” tween the U.S. and China that
similar fund launched in 2014 tempts to buy American chip U.S. Trade Representative’s of- of the new fund is likely to Mr. Reinsch said. ended on Friday. China asked
that raised 139 billion yuan companies have faced opposi- fice said the dominance of further fuel U.S. cries of unfair The move is likely to create the U.S. to ease restrictions on
($21.8 billion). tion from the U.S. over na- government agencies and play, said William Reinsch, a excess chip supply in global chip exports, according to a
Among other efforts, the tional-security concerns. state-owned enterprises in the former trade official now at markets that would force Chinese document discussed
fund would be used to im- The 2014 chip-development 2014 fund indicates “the high the Center for Strategic and product prices down, putting at the talks.
prove China’s ability to design fund has been at the heart of U.S. degree of Chinese government International Studies. “Any- pressure on U.S. and other for-
and manufacture advanced mi- complaints about China’s tech- involvement in establishing time anybody puts that much eign chip makers, he said.  Chinese regulator approves
croprocessors and graphic- nology policy in recent years. the funds to meet national money into a particular prod- Semiconductors came up Qualcomm venture................. B4

TRADE issues with Beijing.

The negotiations, which
took place at the Chinese gov-
ernment’s Diaoyutai Guest-
government’s effort to reduce
corporate debts and other fi-
nancial risks.
For the U.S., the trade spat is
The plan laid out requests
for China, including cutting the
bilateral trade imbalance by
$200 billion by the end of
manufacturing and industry,
from robotics and aviation to
new-energy vehicles.
Washington also pressed
its threats to impose tariffs on
as much as $150 billion worth
of Chinese goods.
The plan also requests bet-
Continued from Page One house complex in western Bei- already cutting into American 2020, slashing tariffs on Ameri- Beijing not to target U.S. farm- ter treatment for Chinese
a joint statement. jing, came after weeks of tit- farms’ sales of soybeans, pork can products, and agreeing not ers for retaliation. Farmers are technology companies—a
“Significant disagreements for-tat tariffs and escalating and other commodities to to retaliate against U.S. actions, an important part of the Re- sharpening irritant in rela-

.
over certain issues” remain, rhetoric about more tariffs and China, one of the world’s big- according to a document con- publican Party’s base. tions. It asks that the U.S.

ly
said a statement published by other trade penalties. The lack gest markets. Since early April, taining the plan reviewed by Chinese officials believed “adjust” its sales ban on ZTE
China’s official Xinhua News of meaningful progress pro- when China announced tariffs the U.S. proposal was unfair, Corp., a large Chinese maker
Agency. Xinhua said the two longs the economic fight be- on some U.S. agricultural goods according to people with of telecom gears, and allow
sides reached consensus in tween the world’s two largest and threatened to target others, knowledge of the negotiations. U.S. companies and govern-
The trade spat is
“some areas” and would set up
a “working mechanism” to
economies.
“With both sides digging in,
on Chinese importers have can-
celed purchases of corn, cut or- already cutting into
“If the Chinese side had har-
bored any hopes of a quick
ment agencies to buy technol-
ogy equipment from Chinese
keep communications going. we’re headed for a first round ders for pork and dramatically resolution to the trade con- firms, which would include
But Xinhua didn’t elaborate. of tariffs by each side,” said reduced soybean purchases.
U.S. farms’ sales of flict, those hopes are now Huawei Technologies Co.
us l,

As the delegation was flying Michael Hirson, a former U.S. (See article on page B2.) commodities to China. gone,” one of the people said. In its plan, the Chinese side
back to Washington, the White Treasury representative in Bei- Mr. Trump sent his senior In response, Chinese negoti- offered some mild concessions
al a
e
House released a statement jing who is now a Eurasia economic team—including ators, led by Vice Premier Liu similar to pledges made by
saying the two sides “held Group analyst. Treasury Secretary Steven He, presented the U.S. side a President Xi last month. For
frank conversations” about The trade battle is intensi- Mnuchin and U.S. Trade Repre- The Wall Street Journal. trade framework also consist- instance, China would agree to
ci on

“rebalancing” U.S.-China eco- fying as China’s overseas ship- sentative Robert Lighthizer— The U.S. also demanded ing of eight points. The Chi- meaningfully cut levies on im-
nomic relations. The U.S. trade ments are starting to slip, as to look for progress. As the that China immediately stop nese plan, reviewed by the ported autos nationwide. Bei-
team would brief President are other key economic indica- U.S. officials headed to Beijing, providing subsidies and other Journal, demanded that the jing would also agree to talk to
Donald Trump and “seek his tors. A slowdown in exports they issued an eight-point plan assistance for advanced tech- Trump administration end its the U.S. about easing the quota
decision on next steps,” the could cause China’s policy on trade and investment, nologies outlined in the gov- investigation into allegations on imported films shown in
er rs

statement said. It made no makers to adopt policies which largely amounts to a re- ernment’s Made in China 2025 that China forces U.S. compa- China.
mention of any effort to main- aimed at spurring growth, quest for China to change the plan. The initiative aims for nies to transfer technology to —Bob Davis
tain communication on trade though that could set back the way it manages the economy. China to dominate frontiers of Chinese partners and to cease contributed to this article.
m e

Swedish Academy Postpones

m rp

Nobel in Literature for a Year

co Fo

BY DAVID GAUTHIER-VILLARS
AND JEFFREY A. TRACHTENBERG

The Swedish Academy

won’t name a Nobel laureate
HENRIK MONTGOMERY/TT NEWS AGENCY/ASSOCIATED PRESS

in literature this year, depriv-

ing the book industry of one
of its main annual promotional
events, and acknowledging the
tarnish on the highest honor
in letters.
The academy, which has
awarded the prestigious prize
n-

since its creation in 1901, said

Friday it needs time to repair
the damage from a protracted
scandal over allegations of
no

sexual assault and financial

impropriety.
The organization described
itself as being “in a state of Jean-Claude Arnault at the Nobel dinner in Stockholm in 2011.
crisis” and said it would focus
on rebuilding its 18-member and stir sales of their works, larusian author and journalist
jury, diminished by a cascade often in translation. Svetlana Alexievich.
of departures that have left it “In the past they have shed “The prize brings to light
without enough members to light on extremely worthy au- writers from different cultures
elect a winner. It plans to thors who were often obscure and backgrounds who deserve
award two prizes next year. to English-language readers,” a more global readership,” Mr.
“We find it necessary to said Marian Schwartz, an Dirda said.
commit time to recovering award-winning translator of He said the allegations
public confidence in the acad- writers including Nina Ber- that have been raised will in
emy before the next laureate berova and Leo Tolstoy. the long run encourage the
can be announced,” the Swed- “When an author wins, their formation of a more diverse
ish Academy’s statement read. entire body of work is going to and youthful committee. In
“It’s the only reasonable de- be read. I can’t think of a for- turn, this will encourage a
cision,” Ebba Witt-Bradström, eign writer in recent times for more 21st-century sense of
a professor of literature and
former wife of Swedish Acad-
whom this wasn’t a game-
changer.”
what matters in literature, he
said. Minute Repeater
emy member Horace Engdahl, At the heart of the scandal
said in a telephone interview. are sexual-assault allegations Audemars Piguet Wristwatch
“Who would want to receive a against Jean-Claude Arnault, a
prize from this jury?”
The organization 71-year-old French photogra-
Mechanical brilliance. Superior quality. Legendary design. This
The monthslong crisis has needs time to repair pher married to an academy
rare minute repeater watch by the famed Swiss firm of Audemars
rocked the Nobel institution, a member and recipient of its fi- Piguet hails from the watchmakers’ celebrated John Schaeffer line of
pillar of the national ethos in
the damage from a nancial support. watches. Timepieces from this historic collection are highly coveted
Sweden, and plunged a coun- protracted scandal. The accusations, which Mr. today for their vintage elegance and mechanical superiority.
try that has long portrayed it- Arnault denies, were made Secured by a black crocodile leather strap, this watch comes
self as a champion of gender public last year. They have complete with its original case. 81/2” length. #30-7508
equality into soul-searching. raised questions about
The decision marks 2018 as The Swedish Academy’s de- whether members of the acad-
the first year since World War cision may focus attention on emy knew of the concerns and
II without a Nobel laureate in the significance of the prize failed to report them to au-
literature. itself, which Michael Dirda, an thorities.
The other Nobel honors—in author and a Pulitzer Prize- Dissent within the jury over
physics, chemistry, medicine winning book critic for the how to handle the crisis
and for the promotion of Washington Post, said lies spilled into the open, prompt-
peace—as well as the prize in primarily in its ability to cata- ing several members to leave
economics, have their own ju- pult writers with limited their positions in protest.
ries, and are expected to be readership onto a global A lawyer for Mr. Arnault 630 Royal Street, New Orleans, Louisiana • 888-767-9190 • ws@rauantiques.com • rauantiques.com
awarded in October. stage. said his client denied the accu-
The postponement is a dis- Some winners, including sations. “All these unfair state- Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry.
appointment for the publish- Bob Dylan in 2016, were well- ments have one single pur- Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
ing industry, which has capi- known before becoming No- pose: to hurt my client’s
talized on the prize to belists. Others were less so, reputation and damage his
generate interest in winners such as the 2015 laureate, Be- name,” Björn Hurtig said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

WORLD NEWS

German Bishops Gain Influence Stalemate

Continues
Their progressive
views of Catholicism
enjoy Vatican support
After U.K.
from Pope Francis Elections
BY FRANCIS X. ROCCA BY JENNY GROSS

ROME—Germany’s Catholic LONDON—U.K. Prime Min-

bishops, after decades of being ister Theresa May’s Conserva-
out of favor at the Vatican, have tive Party largely held its
regained influence at the ground in local elections, sug-
church’s highest levels as they gesting a continuing stalemate
find themselves largely in line between her minority govern-
with the liberal stance of the ment and an opposition unable
first Latin American pope. to capitalize on its travails.
Progressive approaches to After a difficult period for a
Catholic teaching that most government that is divided over
German bishops have long ad- Brexit and recently suffered a
vocated—on ecumenism, high-profile resignation over an
moral teaching and decentral- immigration scandal, the Con-
ized church governance—now servatives lost control of five
enjoy the support of Pope councils and gained control of
L’OSSERVATORE ROMANO/REUTERS

Francis. Those approaches four in elections held in towns

were largely spurned by his and cities across England.
predecessor, Pope Benedict But the main opposition La-
XVI, a German whose conser- bour Party also lost control of
vative stance generally didn’t two local authorities, as it
sit well with his compatriots. gained two others, a perfor-
In the most recent example, mance not strong enough to
Vatican officials on Thursday suggest it would garner a par-
indicated that Pope Francis liamentary majority if a gen-
wouldn’t move to block a pro- The German Catholic Church is asserting itself under Pope Francis, above, who has relied on German cardinals as two of his top advisers. eral election were called. The
posal by German bishops to al- leaders of both parties hailed
low some Protestant spouses Catholic Media and author of they found little favor under the scenes, but with this pope and 2015. In Germany, by con- the elections as a success.
of Catholics to receive Com- numerous books on the Vatican. Cardinal Joseph Ratzinger, the they have come out into the trast, an average of 167,000 The results cap a particu-
munion in Catholic churches, “To a striking degree, the Ger- German theologian who carried open,” said Sandro Magister, a Catholics formally left the larly difficult week for the
asking them to agree among mans are the protagonists of out a conservative line during Vatican expert who writes for church every year between Conservatives. A senior cabi-
themselves on the matter. The the drama of this papacy.” the long papacy of John Paul II Italy’s L’Espresso magazine. 2010 and 2015, leaving 23.6 mil- net minister resigned Sunday
initiative has met with resis- The German church is one of and who continued that line as Cardinal Reinhard Marx, lion registered Catholics in the over the government’s treat-
tance within Germany and the richest in Catholicism, ow- Pope Benedict. head of the German bishops’ country today. ment of long-term residents in

.
drawn conservative protests ing to the country’s state-col- Now the German church is conference and another of the The German push to allow the U.K. from the Caribbean.

abroad. lected church tax, which put
German Catholicism’s liberal €6.1 billion ($7.3 billion) into
cast, which partially reflects a the church’s coffers in 2016
long coexistence with Protes- alone. In 2015, the German onFrancis has turned to German
tantism in the birthplace of the Catholic Church gave more than
Reformation, has deeply influ- €450 million in charitable aid to
enced the wider church for Africa, Asia, Latin America and
more than a century, producing Eastern Europe. Along with
us l,
asserting itself under the first
developing-world pope. Since
becoming pontiff in 2013, Pope
cardinals as two of his top ad-
visers, including Cardinal Wal-
ter Kasper, who has for decades
advocated giving Communion
ly
pope’s top advisers, also called Protestant spouses to receive
for a more conciliatory ap- Communion—something Ger-
proach to gay Catholics. “We man bishops have long advo-
can’t say that because you are a cated and tacitly permitted—is
homosexual, you can’t experi- facing internal resistance at
ence the gospel,” he said. home, and warnings that it
The debates over divorce could inspire similar moves
and homosexuality have ex- elsewhere.
And a year into negotiations
over the U.K.’s departure from
the European Union, Mrs. May
is struggling to reach a consen-
sus even within her govern-
ment over Britain’s future rela-
tionship with the bloc.
“When a government is in so

some of Catholicism’s most in- their counterparts in the U.S.,
fluential theologians. That in- German bishops have long been
al a
e
fluence reached a recent high the most reliable financial sup-
point under the current pope. porters of the Vatican and of
“As far as national bodies of churches in the developing
ci on
to divorced Catholics who re-
marry without annulling their
first marriages, prohibited un-
der traditional teaching. In
2016, Pope Francis issued a doc-
posed tensions between bishops “Is the German hierarchy, much trouble, the opposition
in Germany and their more con- not content with having driven should be much further ahead
servative peers in Africa. Sup- hundreds of thousands of Cath- than they are,” said Tim Bale,
porters of the latter stress that olics out of the Church in their politics professor at Queen
Africa is the continent where own land, now seeking to ex- Mary, University of London. He

bishops go, the Germans are the world.
key internal allies of Pope Fran- For 35 years, however, the
cis in shaping and carrying out German bishops’ conference’s
his vision for the church,” said liberal majority stood at odds
John Allen, president of Crux with the Vatican. Ironically,
er rs
ument indirectly supporting the
liberal position.
“Under the last two pontifi-
cates, Kasper and his allies
were forced to proceed behind
the church is growing fastest; port their model of failed lead- said the public still doesn’t
according to Vatican statistics, ership?” conservative commen- trust Labour to run the country
Africa’s Catholic population tator Phil Lawler wrote this and the economy and there are
rose by 19.4%, to 222 million week on the website Catholic doubts about the competence of
from 186 million, between 2010 Culture. left-wing leader Jeremy Corbyn.

Rats Do Dirty Work to Save Lives in Former War Zones

m e

Often-derided rodents have hypersensitive noses that can sniff out land mines better, faster and safer
m rp

BY ALEXANDRA WEXLER

MOROGORO, Tanzania—In
co Fo

the shadow of a misty moun-

ALEXANDRA WEXLER/THE WALL STREET JOURNAL

tain range, an elite special-

forces unit is training for a
dangerous mission: ridding
the world’s formerly war-
torn regions of land mines.
Members don’t wear body
armor or brandish metal de-
tectors. They are African gi-
ant pouched rats, rodents
whose keen sense of smell
allows them to sniff out ex-
plosives faster, and more re-
liably, than traditional mine-
n-

sweeping technology.
CARL DE SOUZA/AFP/GETTY IMAGES

The rats’ noses are so hy- makes them easier to trans- Since Apopo started the
persensitive that they can fer from person to person rat-training program in 1997,
detect tuberculosis in spu- over their seven-to-eight- the rodents have branched
no

tum samples more accurately year lifespan, more than out from land mines.
than local lab tests and fer- double that of a typical lab Some fight a different
ret out criminals trying to rat. And at 2 to 3 pounds in type of battle: sniffing out
smuggle endangered species. weight, the rats are too light tuberculosis. By 2016, the
On a recent morning, Sa- to set off a land mine. In 20 rats had identified 10,000
mia, a long-whiskered rat at- years, no rat has been killed TB-positive patients whose
tached to a miniature har- African giant pouched rats trained in Tanzania can clear an area the size of a tennis court in 30 minutes. in the line of duty, according infections went undetected
ness, was scurrying up and to Apopo. by local clinics.
down a roped-off section of a to four days to clear an area swaths of the country cov- of them civilians—according That doesn’t mean their But it has been a long
large grassy field in Mo- the size of a tennis court. In ered in mines. Some of her to the International Cam- trainers don’t get worried. road. “There was skepticism
rogoro, a university town in some countries, such as Co- fellow recruits could be paign to Ban Landmines. Pendo Msegu, a rat-training in the beginning,” said
eastern Tanzania. When she lombia, where many mines heading to Cambodia, Mo- The idea of training rats supervisor at Apopo, which Joaquim da Costa, Angola di-
caught a whiff of explosive were homemade, the relative zambique or Colombia. to detect mines was hatched operates under the pest-con- rector for Norwegian Peo-
from a buried, deactivated lack of metal components “Rats often get a bit of a in 1995, when Bart Weetjens, trol department of the local ple’s Aid, a humanitarian or-
land mine, she scratched un- makes the going slow. Scrap bad rap,” said Kelly Marne- co-founder of Apopo, was university, says she often ganization that works to
til her handler, Michael metal can also impede the wick, a senior trade officer working on technologies for texts her colleagues in Cam- remove land mines.
Senga, pushed his clicker, sig- process. at South Africa’s Endangered developing countries and ex- bodia to see how her recent The group, which began
naling in Pavlovian fashion a Samia clears the same Wildlife Trust, which is amining the global land mine graduates are coping. using the rats in 2012, says
job well done. She ran over ground in 30 minutes. The working with Apopo on one problem. The owner of pet “It makes me happy to see they have made land-mine
to him and nibbled on her re- best part: She literally works of the rat-training programs. rats, he came across a proj- my animals happy,” Ms. removal in Angola both eas-
ward, a proffered banana. for peanuts—another favor- “Here are rats that are sav- ect that was using gerbils as Msegu said, stroking a young ier and faster. But there are
According to Apopo, a ite snack for the rats. ing human lives.” scent detectors and decided rat named Vishal, who was some unusual drawbacks.
nonprofit founded in Bel- Any day now, Apopo says In 2016, 8,605 people to try it with rats. perched on her shoulder. “As The rats are “weather sen-
gium that breeds and trains Samia will be deployed to were killed or injured by Unlike demining dogs, the a teacher, I have to treat sitive,” Mr. da Costa said,
the rats, it could take a per- Angola, where a 27-year civil land mines or other explo- rats don’t bond with any them as an equal to have a near flat-out refusing to
son with a metal detector up war that ended in 2002 left sive remnants of war—most specific handler, which nice rat.” work in the rain.

Gift of Karl Marx Statue Stirs Controversy

BY VALENTINA POP unveiled Saturday, the bicen- incensed about the participa- described Marx as a critic of
AND ANDREA THOMAS tennial of his birth. tion of European Commission social inequalities. He said the
ANAHIT HAYRAPETYAN FOR THE WALL STREET JOURNAL

TRIER, Germany—Karl
Marx is long dead, but his
specter still haunts Europe.
The author of the Commu-
nist Manifesto, whose statues
were torn down across the
former East Bloc after the fall
of the Berlin Wall, is again at
the center of clashing world
views.
The reason: An 18-foot-tall
Marx statue in his hometown
of Trier, a gift from the Chi-
A statue of Karl Marx is set to be unveiled in Trier, Germany. nese government, is set to be
On the eve of the cere- President Jean-Claude city of Trier was right to me-
mony, some foes of commu- Juncker in the events sur- morialize Marx, because he is
nism—among them former rounding the unveiling. “This part of Europe’s history.
Czech President Vaclav shows that the EU is turning The Marx connection has
Klaus—walked the cobble- into a Marxist project,” said made Trier an attraction for
stoned streets and shook their Mr. Klaus, a onetime anticom- Chinese tourists in recent
heads in disbelief at banners munist activist. years.
reading “We are Marx.” Mr. Juncker rejected the Trier Mayor Wolfram Leibe
The statue stood wrapped on criticism and said the German said the statue wouldn’t have
the eve of the unveiling. Its pres- philosopher wasn’t responsi- been possible 30 years ago. “To-
ence, Mr. Klaus said, “makes a ble for the horrors committed day, with more distance from
mockery of history, of the vic- long after his death in 1883. the socialism practiced in East
tims of regimes that emerged Speaking on Friday in a Germany, it’s the right time to
based on Marx’s teaching.” Trier church built during the deal with Marx in this form,”
Mr. Klaus was particularly Roman Empire, Mr. Juncker Mr. Leibe said last month.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 5 - 6, 2018 | A9

OBITUARIES
VEL PHILLIPS JUDITH LEIBER
1923 — 2018 1921 — 2018

Victory Took Years Holocaust Survivor Made

For Fair-Housing Fighter
V
el Phillips, the first Afri-
can-American to serve on
Milwaukee’s city council, in
1962 proposed an ordinance ban-
ning racial discrimination in the
Handbags for First Ladies
tion of the Rev. Martin Luther
King Jr., the council passed a fair-
housing ordinance reflecting her
demands. The vote was 15-4. BY JAMES R. HAGERTY On the streets of Budapest, Ju-
Ms. Phillips, who died April 17 dith met Mr. Leiber, a junk dealer’s

sale or rental of housing. Her aim at age 95, campaigned nationally
was to end practices that pre- for civil rights. She served on the
vented blacks from moving to Democratic National Committee
better neighborhoods. Her pro- and as Wisconsin’s secretary of
posal was defeated 18-1. state. Her backers included the
Over the next six years, she baseball star Hank Aaron.
kept reintroducing the ordinance. “What is it you people want?”
The council kept voting it down. a white man once asked her, ac-
In August 1967, her allies began cording to the Milwaukee Journal
200 consecutive nights of protest Sentinel. “I said, ‘My dear man,
marches to demand action. the same things you want: A
“Thanks for nothing,” she said place to live, green grass, a white
late that year after the council picket fence, a place to go to
passed a watered-down version of work and good schools for our
the ordinance. Finally, in April children.’ ”
1968, weeks after the assassina- —James R. Hagerty
R AY M O N D N E A G
1931 — 2018
O
n an evening out, all a
woman really needed in her
handbag was a handkerchief,
lipstick and a $100 bill, Judith
Leiber liked to say. The whimsical,
sparkly clutches she designed of-
ten were just big enough to con-
tain those items. Any other essen-
tials, she said, could be toted by
the woman’s escort.
Born in Budapest into a pros-
perous Jewish family, she narrowly
survived death in the Holocaust.
Near the end of World War II, she
met Gerson Leiber, an American
soldier. They married and resettled
in New York.
After working for other design-
ers, she formed her own company
in 1963 and developed an adoring
clientele, including first ladies,
movie stars and singers. Among
her thousands of handbag designs
Labor Day.
The Leibers searched eBay to
buy some of her bags for the mu-
seum. She figured she had created
son who grew up in Titusville, Pa.
They discovered a common love of
art and opera. As an American sol-
dier, he was able to obtain better
food for the Peto family, who at
one point had shared a one-bed-
room apartment with 26 people
and resorted to eating horses
found dead on the war-ravaged
streets. The couple married in
1946.
She found work at fashion
houses in New York, including that
of the designer Nettie Rosen-
stein. Ms. Leiber created a pale
pink purse, embroidered with
pearls and rhinestones, for first
lady Mamie Eisenhower to carry at
the 1953 inaugural ball.
Ms. Leiber set up her own com-
pany in 1963. At first, “I didn’t
think I would ever make it,” she
told the New York Times in 1996.

Alum UConn Forgot were ones shaped like frogs, tigers,

peacocks and tomatoes. First lady
Barbara Bush had one made to re-
around 3,500 styles. “We would
love to have them all,” she told
The Wall Street Journal in 2010.
“I said to my husband, ‘I’m not
good with numbers.’ And we didn’t
have a lot of money.” Her custom-

Gave Over $45 Million semble her springer spaniel, Millie.

Late in life, Ms. Leiber bought
back some of her bags for display
Judith Marianne Peto was born
Jan. 11, 1921. Her father was a
banker involved in grain trading.
ers did, though. Many bought her
bags for well over $1,000 apiece at
fancy department stores.

.
in a museum created by her and While on business trips, he often In 1993, the Leibers sold the

U
niversities tend to lavish
attention on their prosper-
ous alumni. The University
of Connecticut somehow lost
track of Raymond Neag, a co-
founder of medical-device maker
Arrow International Inc. A chance
conversation over Thanksgiving
largely for teacher education.
UConn named its school of educa-
tion after him.
“If we’re going to make an im-
on
pact, it’s got to start at a very,
very early age,” he said in 1999.
“Some people say that if you get a
child in his formative years, he’s
us l,
Mr. Leiber, a painter and sculptor,
in East Hampton, N.Y. Her bags
also have been displayed in New
York’s Metropolitan Museum of
Art and the National Museum of
American History in Washington.
Ms. Leiber died April 28 at age
97 after suffering a stroke in her
ly
bought handbags for his wife. The
family sent Judith to London to
study chemistry so she could even-
tually take over a cousin’s cosmet-
ics factory in Romania, according
to Jeffrey Sussman, the author “No
Mere Bagatelles,” a biography of
Ms. Leiber. She returned to Buda-
company. She stayed on as a de-
sign consultant for several years.
The new owners of the Judith
Leiber handbag business eventu-
ally offered bigger evening bags to
accommodate cellphones. Though
the original designer was no lon-
ger involved, the bags still had ca-

dinner in 1995 brought them back
together.
Mr. Neag was sitting next to a
niece, Sally Reis, a professor in
yours forever.” East Hampton home. Her husband pest for vacation in 1939, and the chet. In 2003, the Washington Post
Mr. Neag was the son of Roma- died a few hours earlier. outbreak of war prevented her reported that first lady Laura Bush
al a
e
nian immigrants who raised eight Many women displayed their from resuming her studies. had ordered a $4,175 Judith Leiber
children in Torrington, Conn., Leiber bags like museum pieces. evening bag, in a shape inspired by

I
UConn’s education department. during the Depression. After serv- Ms. Leiber once scoffed at that nstead, she became an appren- a Fabergé egg, for her Russian
ci on

They talked about her work in ed-
ucation of gifted students. He said
he might want to make a gift to
UConn. Before long, UConn offi-
cials were taking Mr. Neag to
ing in the Air Force and earning a
political science degree at UConn,
he became an executive in the
medical-device industry.
Mr. Neag died April 19 of heart
er rs
idea and said she kept hers in a
closet. But she and Mr. Leiber
eventually wanted a shrine for her
bags and his paintings. Their per-
sonal museum, in a Palladian-style
tice to a maker of handbags.
After the Nazis occupied Buda-
pest, her father was sent to a labor
camp. A friend secured his release
by obtaining Swiss papers confer-
counterpart, Lyudmila Putin.
The Leibers had no children. Ms.
Leiber said her bags were her off-
spring, “and there is no college tu-
ition, and nobody talks back.”

basketball games. failure at his home in Goshen, villa surrounded by gardens in ring diplomatic immunity. “That
He ended up donating more Conn. He was 86. East Hampton, is open three days saved the family from extermina-  Read a collection of in-depth
than $45 million to the university, —James R. Hagerty a week between Memorial Day and tion,” Mr. Sussman said. profiles at WSJ.com/Obituaries
m e

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Saturday/Sunday, May 5 - 6, 2018
Politics Revives Protestants — At a Cost
BY IAN LOVETT
Christ Church in Alexan-
dria, Va., a historic Episcopal
church, hasn’t been a particu-
larly political congregation. It
has welcomed Democratic and
Republican presidents. George
Washington and Robert E. Lee
were members. Stone plaques
commemorating them adorn a
wall.
Then last year, Richard
Spencer, the leader of a white
nationalist organization,
rented office space in Alexan-
dria. Several parishioners or-
ganized protests outside his
office, which became bi-
monthly events. The church
released a written statement
denouncing white supremacy,
and later decided to remove
the plaques honoring Wash-
ington, who owned slaves, and
Lee, who led the Confederate
Army.
“We just have to keep
standing up,” said David Hoo-
ver, 61, a member of the
church who helped organize
the protests outside Mr. Spen-
cer’s office and is encouraged
by the church’s sharper politi-
cal tone.
That same foray into poli-
tics outraged other members.
After the announcement that
the plaques would be re-
moved, at least 30 people quit
the congregation, according to
current and former parishio-
ners, including some who had
been there for decades.
“There is no sanctuary at
Christ Church, just a battle-
ground,” Riki Ellison, 57, a for-
mer NFL player, wrote to fel-
low members of his family’s
decision to leave.
Political activism is reshap-
ing what it means to go to
mainline Protestant churches
in the Trump era, with ten-
sions bubbling between pa-
rishioners who believe church
should be a force for political
change, and those who believe
it should be a haven for spiri-
tual renewal.
Galvanized by opposition to
Trump administration policies,
these congregations, which
typically are theologically lib-
eral and historically white, are
turning themselves into hubs
of activism. For some congre-
gations, that shift has
prompted a surge in atten-
dance—especially among
young people—something
mainline Protestant churches
haven’t seen in decades.
Liberal churches are orga-
nizing rallies, taking on racial
issues and offering sanctuary
to undocumented immigrants.
Some clergy have returned to
the front lines of protests,
where they are playing more
prominent roles than any time
since the Vietnam War.
These moves have alienated
conservatives, or worshipers
who think politics has little
place in church. Pastors push-
ing their congregations toward
activism acknowledge their ef-
forts could hasten the demise
of a mainstay of American life:
the apolitical mainline church
no
where Republicans and Demo-
crats sit comfortably side-by-
side in the pews. But they con-
tend it is the best way to
follow Jesus’ example—and
maybe the only way to save
churches whose membership
and influence have been in de-
cline for half a century, having
been overtaken by their evan-
gelical counterparts.
“If we’re not going to stop
the wall and the deportations,
then I don’t think we’re fol-
lowing Jesus,” said the Rev.
Kaji Dousa, pastor of Park Ave-
nue Christian Church in Man-
hattan. “We’re just getting
people in church, and that’s
not interesting to me. The
point of following Jesus is that
POWER
Continued from Page One
At the University of Mis-
souri, researchers deliberately
separated people from their
smartphones to study their re-
actions. In South Korea, psy-
chiatrists developed a Smart-
phone Addiction Scale.
Subjects score how much they
relate to the phrase “My life
would be empty without my
smartphone.”
Some nomophobes are
turning to one another for
comfort. An app called Die
With Me allows users with
less than 5% battery life to en-
ter a chat room where they
can talk through their fears
with others as their phones
collectively head toward the
Rev. Kaji Dousa with members of a growing congregation at Park Avenue Christian Church. Below, Kayla Ichikawa takes communion.
on
us l,
al a
e
ci on
er rs
you move and you do.”
When Ms. Dousa took over
in the fall of 2016, weekly at-
m e
tendance hovered at around 15
people. The church, a 107-
year-old stone- and stained-
m rp
glass building, is affiliated
with the United Church of
Christ, one of the most pro-
gressive and activist mainline
denominations. The previous
co Fo
pastor had largely eschewed
politics, members said.
Ms. Dousa began preaching
about refugees and has accom-
panied immigrants living in
the country illegally to their
check-ins with Immigration
and Customs Enforcement. In
one sermon, she likened the
U.S. under President Donald
Trump to Weimar Germany.
Now the church is bustling
nearly every day of the week.
About 200 people recently
n-
gathered at the church for a
rally led by two survivors of
the Parkland, Fla., school
shooting, who advocated
stricter gun control. Regular
Sunday attendance, mean-
while, has jumped to about
100—including an influx of
young people who hadn’t at-
tended church in years, or
sometimes ever.
Danelle Bain, the 28-year-
old daughter of a pastor,
joined Park Avenue Christian
Church last year after nearly a
decade away from organized
religion.
“Churches have upped their
activism this year, because
there’s been a call for it,” said
Ms. Bain, who took part in a
recent protest against depor-
tations that the church helped
organize in Washington
Square Park. “Those churches
great beyond.
“Be quiet and save your
strength,” Scotsman Jamie
Dorman advised another app
user who was feeling a mo-
ment of crisis.
Given the limited nature of
their time together via the
app, Marcel Klimo of Bratis-
lava, Slovakia, said he quickly
pressed others for the answer
to a question he always won-
dered about: Which came
first, the chicken or the egg?
“That’s an 8% battery ques-
tion, not a 4% battery ques-
tion,” someone replied.
Smartphone research is
rooted partly in a 2008 study
by the U.K.’s postal service.
The organization which sold
prepaid phone cards at the
time commissioned the study
and concluded that 13 million
Britons considered losing
IN DEPTH
are really drawing the millen-
nial crowd.”
Wading into politics hasn’t
gone as smoothly for her fa-
ther, a pastor in Stillwater,
Okla.
For three decades, the Rev.
John Bain led politically mixed
Disciples of Christ congrega-
tions, where Democratic and
Republican party leaders sat
side-by-side in the pews.
Keeping the peace wasn’t diffi-
cult, he said, until last year.
Trump supporters assailed
him for being too critical of
the president. At the same
time, liberal members pres-
sured him to engage more di-
rectly with politics.
The church created a spe-
cial ministry for immigrants,
which outraged some mem-
bers who saw it as taking a
political stand. Several long-
time members left the church.
Attendance has dropped from
around 220 a week in 2016 to
Danelle Bain, 28, joined Park Avenue Christian Church after a
decade away from organized religion.
their phone or running out of
juice to be among the most
stressful things in their lives.
The Post Office coined the
term “nomophobia” to de-
scribe the feeling, and the
term burrowed its way into
The Die With Me
chat room links up
people facing less
than 5% battery life.
the English language, joining
the Merriam-Webster diction-
ary in 2016.
Health researchers in Brazil
followed with a 2010 paper
analyzing a patient who said
he had kept his phone with
180 on average now.
He said he wishes he could
do more to “be the hands and
feet to this world,” but is
afraid for his livelihood “with
one of my kids still in school.”
“I’ve had some pretty ugly
conversations after worship,”
he said. He now steers clear of
mentioning Mr. Trump during
his sermons.
Until the 1960s, mainline
Protestants were the dominant
religious force in the U.S.
Since then, their numbers
have been in steep decline and
they now make up only 10% of
the population, down from
nearly 30% in 1972, according
a Billy Graham Center analysis
of data from the General So-
cial Survey, a federally funded
research project.
They have a long history of
advocating for social causes,
including an active role in ab-
olitionism in the 19th century
and the civil-rights movement
him continuously since 1995.
“In this report, we present
and discuss a hypothesis for
the development, in individu-
als with panic disorder and
agoraphobia, of dependence
on his or her mobile phone,”
said the study’s abstract. “Re-
sult: The patient was treated
with medication and cogni-
tive-behavior psychotherapy.
He has remained asymptom-
atic for 4 years.”
In 2014, Italian public-
health scientists began lobby-
ing to have nomophobia desig-
nated an official illness in the
Diagnostic and Statistical
Manual of Mental Disorders,
known as the DSM, in a sci-
ence journal article. The DSM
section on anxiety disorders
won’t be updated for several
years, said Michelle Craske,
who led that section. She
* ***
in the 20th. Around the time
their numbers began to de-
cline, many churches withdrew
from front-line political activ-
ism and focused on less-polar-
izing work such as helping
.
with food distribution for low-
ly
income people.
Liberal clergy leaders say
they recognize the risks of po-
liticizing the pews, but see an
opportunity to reinvigorate
the spirit of the mainline
church.
“Church buildings and
church membership are declin-
ing, and part of me says,
‘Thanks be to God,’” said Ja-
son Chesnut, a Lutheran pas-
tor in Baltimore who advo-
cates for more church
engagement on social issues.
“Lots of churches are trying to
hold on to what we had in the
1950s and 1960s. I’m not inter-
ested in continuing what has
often been a glorified country
club.”
Many denominations ha-
ven't released recent member-
ship numbers. Pastors at
mainline churches around the
country, however, noted an in-
crease in church attendance.
The United Church of Christ
reported a decline in member-
ship nationwide in 2017, but at
a slower pace than the past
several years.
A number of individual
churches in the denomina-
tion—including 14 of 18 sur-
veyed in the Southwest—said
attendance rose during Mr.
Trump’s first year in office.
“People are wanting our
faith communities to take a
stand,” said
Bishop Dwayne D. Royster,
pastor of Faith United Church
of Christ in Washington, D.C.
“Those that do are going to
see growth. Those that don’t
are just going to eventually
Mainline Decline
Mainline Protestants as a
percentage of all Americans
30%
Mainline Protestants
25
20
15
10
5
0 Regular church attendees*
1970s ’80s ’90s 2000s ’10s
*Attend church nearly once a week or more
Source: Billy Graham Center analysis of GSS
data
THE WALL STREET JOURNAL.
laughed at the notion of peo-
ple having genuine fear their
smartphones might die.
Nancy Cheever, a media
psychology specialist at Cali-
fornia State University,
Dominguez Hills, brings sub-
jects into a psychology lab
with blank walls. Placing their
smartphones about three feet
behind them—far enough so
the subjects would have to get
up to retrieve them—she
floods the devices with four
texts. She has found that self-
described heavy phone users’
anxiety soars when their
phone pings.
“This is a real problem. Yes,
it is a First World problem for
sure that we created, but it’s
still important,” said Dr.
Cheever, who approached the
National Science Foundation
about funding future research.
THE WALL STREET JOURNAL.
become more marginalized.”
At Christ Church in Alexan-
dria, the congregation is
struggling to heal its rifts.
Rev. Noelle York-Simmons,
who took over as church rec-
tor in late 2016, said she
doesn’t shy away from politi-
cal themes, but nor does she
talk politics to the exclusion of
other issues—from death to
divorce—that affect her pa-
rishioners.
“I like to preach with the
newspaper in one hand and
the gospel in the other,” she
said. “But I’m not going to do
that every week, particularly
when the congregation is feel-
ing pretty beat up.”
Around 80 newcomers
STEVE REMICH FOR THE WALL STREET JOURNAL (3)
joined the congregation last
year, according to church re-
cords—nearly three times as
many as left. Church officials
say they aren’t sure of the rea-
sons.
“What people are saying to
us is that they’re joining the
parish for the same reason
they have always joined our
parish: the loving community,
the incredible outreach, serv-
ing people locally, serving peo-
ple abroad,” said Ms. York-
Simmons.
The church has around
1,800 members, according to
records, with Sunday atten-
dance at around 480.
Lt. Gen. Ed Soyster, 82, a
retired Army officer who de-
scribes himself as politically
centrist, left the church late
last year, along with his wife,
after nearly two decades. As
an usher in 2008, he escorted
President George W. Bush to a
pew during a visit.
He said the decision to take
down the plaques, which came
after a deadly clash over Con-
federate statues in Charlottes-
ville, Va., was symbolic of an
increasingly political tenor.
“It’s just an indication of
the changes that are taking
place in that church, and
whatever the biased left
agenda is,” he said of the
plaques. Sermons, he added,
would often have “no mention
of Christ or anything. They
were political. They were
about racial equality and vari-
ous things that should be
done.”
Charles Andrae said the in-
creasingly political tenor is
why he left Christ Church last
year, where he had been a
member for about 30 years.
“I go to church to hear the
word of God and help where I
can,” said Mr. Andrae. “The
political rhetoric in church—
that’s no place for it.”
Diana Butler Bass, an Epis-
copalian and author of books
on American Christianity, said
fights over how and whether
to engage politically are “tak-
ing place in every congrega-
tion at this moment.”
She once worked at Christ
Church in Alexandria, and said
she was proud of the church’s
efforts to combat white su-
premacy.
Historically, she said, taking
a political stand is a risk. In
Memphis during the civil-
rights movement, she said
many of the largest mainline
churches waffled. Those that
took a stand in favor of civil
rights often shrank or closed.
“If mainline churches do
the right thing, no matter the
cost, maybe there will be no-
body left in 25 years,” she
said. “But those churches will
have followed their calling —
that’s what matters.”
No decision has been made
about where the plaques hon-
oring President Washington
and General Lee will go once
they are removed from the
sanctuary. For now, they re-
main on either side of the al-
tar.
Some clinical psychologists
find patients increasingly rais-
ing concerns about smart-
phone anxiety. Kathy Mar-
shack, in Portland, Ore., said
she teaches patients to deal
with it the same as with any
anxiety. Relax. Breathe deeply.
Avoid triggers such as leaving
home without your charger.
The Die With Me chat room
can be such an escape from
the anxiety of a dying phone
that one of its users, Mr.
Klimo, has talked with a col-
league about creating a way to
stay in the app longer. His col-
league suggested a feature
that would allow users who
have a power cord to keep the
battery life at just under 5%.
“I told him that would be
like cheating death,” Mr.
Klimo said. “But I guess we all
want to live forever.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
THE WEEKEND INTERVIEW with Jesse Morton and Mitchell D. Silber | By James Taranto
The Making—and Unmaking—of a Jihadist
C
New York
lose your eyes and picture
an Islamic extremist. The
stereotype your mind
conjures up probably
looks nothing like the
man who’s come to see me—“the
white guy,” as he describes himself,
who “is a celebrity because he’s
the jihadist.”
Meet Jesse Morton, 39. He’s an
ex-jihadist now, a onetime leader
of a defunct New York-based ex-
tremist cell called Revolution Mus-
lim. Visiting the Journal’s offices,
he’s accompanied by Mitch Silber,
48, a former intelligence analyst
for the New York City Police De-
partment. Mr. Silber’s investigative
work helped send Mr. Morton to
federal prison, but today the two
men collaborate on counterterror
projects. Mr. Silber says Mr. Mor-
ton’s story of conversion and reha-
bilitation contains lessons for the
West as it faces the next wave of
terrorism, the “virtual caliphate”
of a displaced Islamic State.
Mr. Morton’s tale begins in 1995,
when he fetched up in New York as
a 16-year-old runaway from Penn-
sylvania. He was intelligent and cu-
rious, alienated and hungry for
purpose: “I was looking for some-
thing that would give me meaning
and significance and importance.”
Counterterrorism’s odd
couple: An ex-cop teams
up with a former extremist
he helped send to prison.
He soon had trouble with the
law, and in a jailhouse library in
1999 he devoured “The Autobiogra-
phy of Malcolm X.” The book “gave
me a cognitive opening into this
radical realm of existence from an
Islamic perspective,” he recalls. “I
had already started to read [Noam]
Chomsky and [Norman] Finkelstein
and had gravitated toward radical
political interpretations. So I
wanted to synthesize the two.”
While incarcerated on drug-
dealing charges the following year,
he was “recruited” by a fellow in-
mate, a man of Moroccan descent
who said he had once fought along-
side the anti-Soviet mujahedeen in
Afghanistan. Mr. Morton, who’d
been desultorily catechized as a
Lutheran, became a serious Muslim
and took a new identity, bestowed
by the Moroccan: Younus Abdullah
Muhammad.
“Islam was very healthy for me
in the beginning, because it gave
me structure,” Mr. Morton says. He
“stopped smoking weed, stopped
drinking, started to pray five times
a day, fasting during Ramadan.” He
made progress on that radical syn-
thesis, too, as the Moroccan “gave
me this sort of eschatological, mil-
lenarian interpretation of Islam
that also suggested that impending
war with the United States versus
the Muslim world was coming
soon.”
That vision from 2000 looked
prophetic in 2001. “I was already
no
progressing into the realm of radi-
calization but wasn’t firmly com-
mitted as a jihadist,” Mr. Morton
says. “The 9/11 attacks, for me,
made me want to go farther.”
The attacks galvanized the
young Mr. Silber as well, albeit in
a more typically American way.
Shop Around for Surgery? Colorado May Soon Encourage It
Here’s a simple idea
to help lower health-
care costs: publish
prices. A bipartisan
group of state law-
makers in Colorado
is pushing a bill to
CROSS
COUNTRY do precisely that.
The Comprehensive
By Tom
Health Care Billing
Coburn
Transparency Act
would allow Colora-
dans to see the true price of any
health service they use—exams, pro-
cedures, prescriptions—before they
undertake treatment.
If passed, the legislation would
mandate that hospitals and other
facilities disclose the base fees
they charge for specific services
“before applying any discounts, re-
bates, or other charge adjustment
mechanisms.” Every bill sent to a
patient would need to include an
itemized list, which would allow
patients to see if a service had
been marked up. By making such
information available upfront, the
legislation would reintroduce com-
petition to Colorado’s opaque
health-care markets.
The bill is the brainchild of
Denver businessman David Silver-
stein, who made news last year
when he suggested that consumers
* * * *
Then 31 and an investment
banker, he “wanted to do some-
thing to get into the fight.” He
enrolled at Columbia Univer-
sity’s School of International
and Public Affairs, earned a
master’s degree, and in early
2005 joined the NYPD.
His duties included leading a
departmental “away team” to
gather information at terror-at-
tack sites overseas. The first
stop was Amsterdam, where
filmmaker Theo van Gogh had
been assassinated in November
2004. “We go and meet with
Dutch authorities, and they say,
‘Look, this was a second-gener-
ation Moroccan. This is not an
al Qaeda operative who com-
mitted this attack,’ ” Mr. Silber
says. The March 2004 bombing
of a Madrid commuter train
was also a “homegrown plot,”
as would be the July 2005 bomb-
ing of the London Underground
and many others before and since.
Mr. Silber and a colleague pub-
lished a 2007 report, “Radicaliza-
tion in the West: The Homegrown
Threat,” in which they described
how domestic jihadists are made.
The NYPD disavowed the report in
2016 to settle a lawsuit with the
American Civil Liberties Union, but
Mr. Silber stands behind it. He tells
me the radicalization process be-
gins when future jihadists “have
some crisis in their life,” they “re-
evaluate who they are,” and—here
echoing Mr. Morton’s phrase—they
“have a cognitive opening.”
on
They encounter radical ideas on-
line, or from a street preacher, or
at a Muslim Students Association
meeting. “They begin to self-iden-
us l,
tify, and then they actually indoc-
trinate themselves, or get indoctri-
al a
e
nated in sort of a small cluster,”
Mr. Silber continues. “That echo
chamber is reinforcing that world-
ci on
view—and then it becomes time to
mobilize: Travel overseas, train
playing paintball. Decide to carry a
plot out at home.”
With some variations, Mr. Mor-
er rs
ton was following that pattern. In
2003 he attended New York City’s
annual Muslim Day Parade. “I was
anti-American,” he says, “growing
m e
increasingly in fundamentalism,
but doing so by myself indepen-
dently. At the end of that parade, I
m rp
met an organization called the Is-
lamic Thinkers Society”—an off-
shoot of London-based al-Muhajir-
oun, which the U.K. has since
banned.
co Fo
Under the society’s aegis, Mr.
Morton preached to South Asian
immigrants on the streets of Jack-
son Heights, Queens. His status as
a convert, he believes, lent him
credibility with listeners: “Not
only has he converted to Islam,”
he imagines they were thinking,
“but he’s saying a lot of radical
things that most people in the
community, to a degree, agree
with but are afraid themselves to
say. It was a great recruitment
tool.”
n-
The NYPD was watching—
closely. Mr. Silber says the depart-
ment had an undercover officer
embedded in the Islamic Thinkers
Society. That’s how Mr. Silber
found out the jihadists had seen
his “Radicalization in the West”
study. “They’ve read the report,”
he quotes the undercover officer
as saying. “They think the report
is pretty good.” Mr. Morton con-
firms this: “I remember reading
stop paying their medical bills un-
til providers show how they ar-
rived at the prices being charged.
Mr. Silverstein is the founder of
BrokenHealthcare.org, a nonprofit
that hopes other states will follow
Colorado’s lead in legislating greater
health-care transparency.
As profound a change as the
Colorado bill represents, all it re-
ally would do is let consumers deal
with health care the way they do
any other product or service.
Think about it: When you want to
buy a car, you shop around, com-
paring the quality and price of
competing models and the offer-
ings at different dealerships. The
same is true for practically every-
thing else Americans buy: refriger-
ators, houses, office supplies,
washing machines, computers, and
on and on.
Why is health care the big excep-
tion? Because the prices are ob-
scured. Particularly if you’re cov-
ered by health insurance, you never
know the true cost of treatment.
There’s no incentive to shop
around. This isn’t merely a fluke of
the system, but a well-executed
scam. Just look at the gag clauses
written into pharmacy and hospital
contracts, which can prevent pro-
viders from telling you that it could
OPINION
Mitch’s report the day it came out.
We read it and we were like, ‘Yeah,
they kind of get this.’ ”
The Islamic Thinkers Society
was careful to stay within the law,
and Mr. Morton found that frus-
trating. “I thought that they were
sort of soft,” he says. “I wanted to
go wholehearted, unabashed sup-
port for al Qaeda on the streets of
the United States for the first
time.” In 2007 he teamed up with
Yousef al-Khattab—another con-
vert, born Joseph Cohen—and
started Revolution Muslim.
Revolution Muslim was small,
never more than a dozen men, of
whom at least one was another un-
dercover NYPD cop. The group
preached outside mosques and ex-
panded their reach via YouTube,
where their videos “had thousands
of views and hundreds of com-
ments,” Mr. Morton says. This on-
line presence “created an opportu-
nity for us to engage those that
objected to the message, and also
sympathizers.”
They didn’t cross the line into
outright violence, but Mr. al-Khat-
tab posted a menacing video in
2009 that cited the address of the
Brooklyn headquarters of Chabad
Lubavitch, a Hasidic Jewish move-
ment. Mr. Silber says prosecutors
didn’t pursue charges because they
didn’t believe they could prove the
video was a true threat.
M
r. Morton’s career was si-
multaneously advancing
along a second, more cere-
bral track. In 2006 he was admit-
ted into the master’s program at
Columbia’s School of International
and Public Affairs, Mr. Silber’s
alma mater. After graduating in
2009, Mr. Morton moved to Ri-
yadh, Saudi Arabia. He taught eco-
nomics at Muhammad ibn Saud
University and began work on a
doctorate: “I intended to research
‘petrodollar recycling’ and Shariah-
compliant alternatives.”
But then CNN broadcast an in-
terview, conducted before Mr. Mor-
ton had left the U.S., in which he
said Muslims are “commanded” by
the Quran “to terrorize the disbe-
lievers.” The Saudis expelled him
from the country, making him in-
dignant: “I feel like, wow—why did
I go to Columbia if I could never
live my dream?”
Mr. Morton was back in New
York in April 2010, when matters
escalated. A new Revolution Mus-
lim recruit, Zachary Chesser of
Fairfax, Va., posted on the group’s
website a message to the creators
be cheaper to pay with cash instead
of using your insurance.
Keeping prices hidden provides
no benefit to the patient. It serves
only to help middlemen turn a tidy
profit. When you use your insur-
ance to pay for a prescription, a
pharmacy benefit manager may get
Mandating that medical
providers post prices
would create competition
and lower costs all around.
a cut of the fee. Your hospital prob-
ably has a similar deal with the
“group purchasing organization,” or
GPO, that supplies it with every-
thing from saline to anesthetics to
antibiotics.
Publishing prices upfront would
allow patients to shop for value. In
order to attract business, medical
providers would have to step up
their game by offering more for
less. The itemized bills would pre-
vent hospitals and other providers
from adding “surprise” charges to
medical bills.
If Colorado’s legislative effort
succeeds, other states are likely to
Saturday/Sunday, May 5 - 6, 2018 | A11
KEN FALLIN
of Comedy Central’s “South Park,”
which days earlier had mocked
Muslim sensitivities about depict-
ing the prophet Muhammad. “They
will probably wind up like Theo
van Gogh for airing this show,” the
post declared.
Federal prosecutors in Virginia
took it as a threat, and Mr. Chesser
was arrested in July. Mr. Morton
fled: “I get on the next plane leav-
ing town to go to Morocco and run,
before they can indict me.” In Mo-
.
rocco he continued giving inter-
ly
views in which he advocated jihad-
ist violence.
Yet he was having second
thoughts. He took a teaching job at
the Casablanca campus of Eng-
land’s University of Sunderland,
where his affluent Moroccan stu-
dents rejected his politicized view
of Islam: “Not only do they not
want anything to do with it, but
the freedoms and the liberties that
I’ve taken for granted my entire
life are something that they have
wanted even a semblance of for
their entire existence.” The stu-
dents weren’t pro-American—“a
lot of them were leftists”—but
that made Mr. Morton oddly pro-
tective of the country he had
scorned. While talking to one stu-
dent, he says, “a knee-jerk reac-
tion” caused him to defend “Ham-
iltonian economics.”
Adding to his disillusionment
was the Arab Spring, which Mr.
Morton realized had “nothing to
do with jihadism.” He was further
vexed by an Osama bin Laden
video blaming the U.S. for global
warming. “I was like, this is not
your issue, nor is it accurate from
a policy standpoint,” Mr. Morton
says. “It made a man who is 7 feet
tall—made him seem like just a
normal human being.”
Mr. Morton was finally charged
in connection with the “South
Park” threats in May 2011. Moroc-
can police arrested him five
months later and extradited him to
the U.S. in early 2012. “I’m coming
home amidst the Occupy move-
ment and remnants of the impacts
of the Arab Spring,” he says. “So
I’m trying to figure out what the
hell is going on in the world that
I’m living in.”
He found himself on a private
jet in the custody of federal agents.
“They read me my Miranda rights
and they say, ‘What do you want
us to call you, Jesse Morton or
Younus Abdullah Muhammad?’ ”
he recalls. “For some interesting
reason, probably as a result of the
contemplation I had been doing in
follow the state’s lead. Fortunately,
Colorado is a particularly good place
to begin. Price transparency can
reach its full potential, since Colo-
rado does not have a “certificate of
need” law. In more than 30 states,
CON laws require medical providers
to get permission from the govern-
ment before building a new hospital
or other facility.
In theory, these restrictions are
meant to prevent overbuilding and
thereby keep health-care spending in
check. In practice, they are anticom-
petitive and have helped entrench
health-care monopolies. Since Colo-
rado lacks a CON law, medical pro-
viders there would be free to com-
pete once prices become transparent.
They could form new physicians’
groups or open new surgery centers
to offer patients more bang for their
health-care buck.
Since the time of Adam Smith, it
has been clear that competition in
the marketplace lowers prices.
When prices are obscured, the mar-
ket fails. Colorado’s Legislature
should pass this bill and mandate
that health-care prices be available
at the point of sale. This is espe-
cially important now given the
growing number of Americans who
are paying out of pocket for day-to-
day care. As insurance premiums
the prison in Morocco, I said
Jesse Morton.”
Awaiting trial in a Virginia
jail, he was drawn again to the
library. “I see the Encyclopaedia
Britannica’s ‘Great Books of the
Western World,’ and the next
step in my own deradicalization
was to pick up the volume that
was based on Enlightenment
philosophers,” he says. “I
started to read Descartes, Mon-
tesquieu, Rousseau, Tom Paine,
the Federalist Papers.”
He pleaded guilty on three
counts and was sentenced to 11½
years in prison. But after becom-
ing an FBI informant, he won re-
lease after 3½ years. In 2016 he
landed a job as a researcher for
George Washington University’s
Program on Extremism—with
Mr. Silber as a reference. The
two men had yet to meet, but
Mr. Silber, who left the NYPD in
2012, had heard from his former
undercover men, who debriefed Mr.
Morton in Virginia, that “we think
Jesse is a changed guy.”
Mr. Morton tells me he’s still a
Muslim, but “I interpret Islam now
as something that is flexible—
something that has much more to
do with my own personal spiritual
journey.” That journey has in-
cluded at least one regrettable de-
tour. Mr. Morton lost his job at GW
after he suffered an emotional
breakdown in late 2016: “I used
drugs for the first time in 15 years
and went on a binge that eventu-
ally threw it all away.” Arrested for
cocaine possession, he returned to
prison for 90 days for violating his
parole. “I needed to address my
mental-health issues,” he says he
realized. He tells me he’s making
progress.
Meanwhile, he and Mr. Silber—
who finally met face-to-face at a
Times Square coffee shop in Octo-
ber 2016—have teamed up as a
counterterror odd couple. They’ve
written a paper, forthcoming from
the think tank New America, titled
“From Revolution Muslim to Is-
lamic State: An Inside Look at the
American Roots of ISIS’ Virtual
Caliphate.” Last year they
launched a nonprofit, Parallel Net-
works, through which they intend
to provide counseling aimed at de-
terring would-be extremists and
reintegrating prisoners into soci-
ety after they’ve served time for
terror convictions.
M
r. Silber believes the threat
of terrorism “is going to
evolve but is not going to
get better.” He’s especially con-
cerned about the estimated 1,700
Europeans, and a few dozen Ameri-
cans, who are returning home after
fighting for Islamic State. “I’ve
spent a lot of time in France and
the U.K. this year,” he says. “The
number of returning foreign fight-
ers is tremendous, and Europe
does not know how to manage
their re-entry.”
He hopes “formers” like Mr.
Morton can help: “From the NYPD
perspective, we know that formers
in the gang world—you can bring
them back to the community and
say, ‘Listen, I went to jail; I was a
gang banger; I know what that’s
like. Hey, 16-year-old version of
me, you don’t want to go down
that road.’ ”
Mr. Taranto is the Journal’s edi-
torial features editor.
have risen under ObamaCare, en-
rollment in high-deductible health
plans has jumped; they now cover
28% of workers, according to the
Kaiser Family Foundation. Last year,
the average American family faced
a deductible of $7,983.
The more people are writing
their own checks for the medical
services they receive, the more they
will be interested in shopping for
value. There already are a few
smartphone apps that help compar-
ison-shop in health care, but so
much more is possible. A first step
is passing a bill like Colorado’s that
makes prices publicly available and
easily accessible.
By enacting the Comprehensive
Health Care Billing Transparency
Act, lawmakers in Colorado would
be working toward lower health-
care costs for their state’s resi-
dents. At the same time, they’d be
advancing the cause of price trans-
parency and setting an example for
the nation. Free markets have the
ability to make health care more af-
fordable—if only government will
let them.
Mr. Coburn, an Oklahoma Repub-
lican, was a U.S. senator from
2005-15. He is a Manhattan Institute
fellow.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Gina Haspel’s CIA Crucible Examining China’s Challenge to Democracy

D
emocrats have made a political calcu- deputy CIA director under President Obama, In “China’s Challenge to Democ- promised and under-delivered.” I dis-
lation to delay or challenge every Don- is abundantly clear that Ms. Haspel did nothing racy” (Review, April 28), David Run- agree wholeheartedly with his assess-
ciman seems to have inadvertently ment of President Trump. However,
ald Trump nominee, no matter the wrong: “I have found no fault with the perfor-
discovered what Milton Friedman has this type of commentary in the middle
merits, and one egregious ep- mance of Ms. Haspel.” taught us for decades: Economic of the article is totally inappropriate
isode is playing out now. The She supervised legal Mr. Morell continues: “I prosperity is more closely tied to and is irrelevant to the author’s thesis.
left is smearing a nominee for interrogations of have concluded that she acted economic freedom than to political NORM DICK
CIA Director as a queen of appropriately in her role as freedom. Fairfield, Conn.
torture, but the White House jihadists after 9/11. Mr. Rodriguez’s Chief of Staff, PROF. PHILLIP S. COLES
can win this argument if it re- including in her efforts to Lehigh University Prof. Runciman has gone way out
buts the charges head on. press for and facilitate a reso- Bethlehem, Pa. on a twiggy limb to claim great Chi-
On Wednesday Gina Haspel will appear be- lution of the matter, as well as in her drafting nese “progress.” How can anyone
fore the Senate Intelligence Committee for a of the cable that authorized the destruction of Prof. Runciman suggests the possi- make such claims when the tyrants of
confirmation hearing, and her critics are gear- the tapes. She drafted the cable on the direct bility of the seductive appeal of an China have shut down access to the
authoritative approach. Contrary to vital truth-bearing mechanisms of so-
ing up for a mugging. Ms. Haspel is largely un- orders of Mr. Rodriguez; she did not release
his flawed analysis, Trumpism ap- cieties everywhere—open data gather-
known to the American public: Only recently that cable. It was not her decision to destroy pealed to the yearning for an econ- ing, free citizen responses and uncen-
did the CIA declassify some of the details of the tapes; it was Mr. Rodriguez’s.” omy free from excessive bureaucratic sored communication? If Chinese
her 33-year CIA career. Ms. Haspel started as One person corroborating the CIA version oversight and focused on job creation progress were as obvious as Prof.
a case officer in Africa and after assignments of events is the former Democratic chief coun- and productive growth. President Runciman states, its ruling class
around the world in its operations directorate sel to the House Intelligence Committee. Jer- Trump, with all his imperfections, would be less terrified of internal,
became deputy director in 2017. emy Bash, now an NBC News analyst, wrote in hasn’t been constrained by constitu- much less external, openness and
Ms. Haspel is the first CIA officer in more an op-ed this week that the committee investi- tional checks and balances but by the transparency.
than five decades to reach the top position. She gated the matter in 2007: “What we found was twin Gorgons of the administrative Xi Jinping’s most recent advance-
won the confidence of former director Mike that Haspel was not depicted on the videotapes state and an unconstrained judiciary. ment to lifetime rule is the type of
We clearly run the risk of learning the last gasp seen only among the most
Pompeo as his deputy, so the agency’s leader- and that she did not make the decision to de-
wrong lesson of the wisdom of bu- fragile power structures. Confident
ship transition would be straightforward. stroy the videotapes.” reaucratic control of the economy. leaders who know their policies are
The problem is that Democrats and Rand By the way, Barack Obama’s Attorney Gen- The Chinese model, with its newly en- working never resort to such strong-
Paul of Kentucky are painting her as an unre- eral Eric Holder unleashed special counsel throned president for life, has the arming. But, alas, Chinese tyranny re-
pentant torturer. The specific rap is that Ms. John Durham to investigate Mr. Rodriguez and same appeal as Mussolini’s efficient quires little persuasion or skillful ne-
Haspel in the early 2000s “ran a secret center the interrogation program, and he brought no and short-term effective management gotiation. Worst of all, it requires no
in Thailand where prisoners were tortured,” criminal charges. of the Italian economy combined with good ideas. Inferior ideas, like inferior
as Mr. Paul put it in an op-ed. She is also By all accounts Ms. Haspel will tell Congress the same national glory the Chinese products, struggle and fail in democ-
branded for involvement in destroying tapes that she will not try to bring back such an in- are currently pursuing. racies and fair open markets. We may
of CIA waterboarding. terrogation program. And it’s notable how ANTHONY O’BOYLE BEIRNE not be seeing the great rise of Chinese
Americans can disagree about the merits of many former government officials have spoken Naples, Fla. ideology as Prof. Runciman predicts,
but rather its last gasp.
enhanced interrogation after 9/11, but there’s up for her: From Former Attorney General Mi-
Authoritarian capitalism (with col- KIMBERLEY MOORE
no debating that the CIA’s interrogation pro- chael Mukasey to former Director of National lective national dignity) and demo- Bay Village, Ohio
gram was legal at the time. The Justice De- Intelligence James Clapper. cratic socialism (with collective eco-

.
partment Office of Legal Counsel produced Mr. Obama’s Defense Secretary Leon Panetta nomics) are hybrid models that Prof. Runciman may be right for the

ly
memos making the legal case. The memos said he’s “glad that they have a first woman as fascinate Western academics but have wrong reasons. The Chinese model
were withdrawn some years later, and Con- head of CIA” and “glad that it’s Gina” because no long-term record of prosperity and may well supplant traditional Western
gress has also since changed the law to ban she knows the agency. That Democrats like Cali- contentment. Interestingly, academics democracy. Perhaps it already has. Mr.
some of the techniques that were used in the fornia’s Kamala Harris will probably vote
on who decry short-termism embedded Runciman seems to believe that mate-
immediate wake of 9/11. But Ms. Haspel is not against Ms. Haspel in committee is a useful re- in democratic governance and in- rial prosperity is an independent vari-
responsible for any legal errors. Her job was minder: The left talks about “women’s advance- equality in capitalism seem to be able, separable from individual free-
to protect the country. ment” but they mean only certain women who cursed with short-term memories dom and self-respect.
when they eagerly embrace the latest For centuries the U.S. delivered in-
us l,

The tape destruction episode is also not conform to progressive specifications.

collective something-or-other that has creasing material prosperity and in-
what Ms. Haspel’s critics describe. The tapes The White House will have to give Ms. Has- impressive short-term results. U.S. creasing human happiness. The key to
involve waterboarding al Qaeda operatives in pel the room to defend herself from such ugly
al a
e
democratic short-termism has lasted this success was the concept of lim-
2002, and the destruction came in 2005. At the accusations. That may mean changing the nor- longer than any long-term-oriented ited government, the opposite of prag-
time Ms. Haspel worked as chief of staff to Jose mal playbook of forcing a nominee to keep collectivist alternative, hybrid or matic authoritarianism. Discontent in
ci on

Rodriguez, former Director of the National quiet in public, especially since the public has straight up. the West today, and faltering material
Clandestine Service. never heard from Ms. Haspel directly. Democracy is messy and short-term prosperity, are both driven by the
Mr. Rodriguez told Ms. Haspel to draft a ca- In any event, the self-righteousness is hard oriented, and capitalism is prone to abandonment of the concept of lim-
ble ordering the destruction of the tapes. The to take from Members of Congress, many of inequality, but U.S. GDP per capita, af- ited government. Individual citizens in
ostensible reason was to shield the officers in- whom were briefed extensively on the en- ter years of economic catch-up by the U.S. and in the EU increasingly see
er rs

China, remains more than four times that they have no say, that in nearly
volved from public disgrace. Ms. Haspel fol- hanced interrogation techniques at the time
China’s. As China’s population ages every detail their lives are controlled
lowed the directions of her boss, who unknown and knew well what was happening. The people and its economy matures, a slower by unaccountable bureaucrats. Sure,
to Ms. Haspel didn’t have the authority to de- misrepresenting the CIA nominee were in the pace of growth is inevitable. Even if we still have elections, but they hardly
stroy the tapes. cheap seats during the worst days of the war
m e

China’s economy keeps growing, say, matter. The people and their elected
A 2011 CIA investigation by Michael Morell, on terror. Ms. Haspel didn’t have that luxury. 2% a year faster than the U.S. econ- representatives are at the mercy of
omy, it will be many decades before the state. Although we retain the
m rp

average Chinese citizens enjoy the forms of democracy, Western coun-

Saving L.A.’s Street Vendors prosperity of Americans. tries look more and more authoritar-
Prof. Runciman also declares Presi- ian with the passing years.

L
os Angelenos have turned street vending release a proposal before summer. The new sys- dent Trump’s policies a failure, after Prof. Runciman repeats the absurd
into a $500 million industry, according tem would include some red tape, but it’s a vast 15 months in office. His most signifi- left-wing trope that President Trump
co Fo

cant policy victory was a tax cut that is an authoritarian. Mr. Trump cam-
to the Economic Roundtable. Most cities improvement on the current prohibition. Street
increased private-sector resources at paigned against the all-powerful state,
would welcome 50,000 thriv- vendors could obtain a permit, the expense of the federal govern- promising to “drain the swamp.” In of-
ing small businesses, but the The City Council may and the city would set limited ment, hardly a formula for consolidat- fice, Mr. Trump has decreased the
L.A. government has long soon make these restrictions on where and ing power in an authoritarian regime. power of the bureaucracy. His capacity
treated them as a public nui- when they could operate. THOMAS BELL to deliver real benefits to the people is
sance that deserves punish- entrepreneurs legal. Los Angeles has long justi- Atlanta hampered by the Democrats’ obstruc-
ment. The good news is that fied its ban on street vending tionism, yet both income and employ-
the City Council is moving for- in the name of public health The article was ruined for me when ment have been increasing since his
ward with a proposal to make such entrepre- and food safety. But the Economic Roundtable the author fell hard off his podium to election.
neurship legal. found in 2015 that 80% of vendors sell merchan- denigrate President Trump. In part, PAUL WESSEL
Street vending was a misdemeanor crime un- dise like hats, scarves, fidget spinners or phone the author says Mr. Trump “over- Bethlehem, Pa.
til recently, and workers could be arrested for accessories. Some 10,000 street vendors sell food
n-

selling sunglasses, tamales, lemonade or other or beverages, but many have obtained a permit
wares on L.A. streets and parks. The City Coun- from the county health department. Better Data Analysis Would We Could Use an Income
cil voted in 2017 to decriminalize the work, but The business is inherently low-margin and
it stopped short of making it lawful. Street ven- portable, so vendors operate in areas where Raise Reproducibility Rates ‘Decline’ Like Connecticut’s
no

dors now risk a $1,000 fine—more than a there’s real demand for what they’re selling. Regarding Peter Wood and David
month’s income for many. Public support for legalization has been strong. Randall’s “How Bad is the Govern-
In late April, the City Council voted 11-4 to Bad policy has relegated thousands of low-in- ment’s Science?” (op-ed, April 17 and
draft an ordinance that would legalize street come workers to the black market. The City Letters, May 1): It has been my expe-
vending. The city attorney's office has given Council now has the chance to help these entre- rience that the major issue with re-
producibility of results in the environ-
this project priority status, and the goal is to preneurs earn an honest living.
mental science area is due to
erroneous assumptions about the sta-
Based on your editorial “The Re-
gressive State of America” (April
26), one would think that Connecti-
cut is a horrible place to live. You
portray Connecticut’s “continuing
economic decline” and its “consis-
tently poor performance” as “a par-
ticular tragedy.” Golly.

Judge to Mueller: Show Me the Mandate tistical design and analysis of data
collected during experiments and
But you leave out the fact that, de-
spite a few years of relatively slow

S
field projects. growth, the level of per capita income
pecial counsel Robert Mueller is used prosecutors now have to argue that even if Most scientists and engineers use was higher in Connecticut than in any
to getting kid-glove treatment. That they violated the Justice Department’s rules, assumptions of an independent and other state in 2017. In fact, Connecti-
changed Friday in a federal courtroom it shouldn’t matter. normal, or Gaussian, distribution of cut’s economy is so awful that it has
in Virginia, where Judge T.S. Mr. Dreeben of Team Muel- data. These assumptions are rarely, if been No. 1 in per capita income every
Ellis directed a blunt chal- T.S. Ellis reminds the ler responded that the indict- ever, strictly met in nature. Log-nor- year since 1986.
lenge to the Mueller team mal or other skewed distributions and I wish that we in Michigan could
prosecuting former Trump
special counsel that his ment doesn’t exceed the spe-
cial counsel’s mandate, but time-dependent or auto-correlated suffer as miserably as they do in Con-
data are more typical. I think the ma- necticut. Their per capita income is
campaign manager Paul power isn’t ‘unfettered.’ the judge wants to see specifi- jor reason behind these erroneous as- 55% higher than ours.
Manafort on charges of tax cally the full and unredacted sumptions is the ease of data analysis CHARLES L. BALLARD
and bank fraud, some of August 2, 2017 memo from if these assumptions are made. East Lansing, Mich.
which date back to 2005. Deputy Attorney General Rod Rosenstein saying So-called distribution-free, auto-
“I don’t see what relation this indictment what Mr. Mueller could pursue. The judge put correlational and Bayesian analytical
has with what the special counsel is autho- it this way: “What we don’t want in this coun- techniques are available, but they of- Pepper ...
rized to investigate. You don’t really care try, we don’t want anyone with unfettered ten aren’t used because of statistical
about Mr. Manafort’s bank fraud,” Judge Ellis power. It’s unlikely you’re going to persuade me robustness issues or lack of familiar-
And Salt
told Michael Dreeben, who was representing the special counsel has unlimited powers to do ity on the part of researchers. Re- THE WALL STREET JOURNAL

Mr. Mueller in court. “What you really care anything he or she wants.” searchers often take their cue for sta-
tistical decisions from peer-reviewed
about is what information Mr. Manafort could None of this means a get out of jail pass for
literature, but this is often a case of
give you that would reflect on Mr. Trump or Mr. Manafort. As Judge Ellis also suggested, the blind leading the blind. Strict at-
lead to his prosecution or impeachment.” one of his options would be to transfer the tention to the use of appropriate sta-
Judge Ellis won’t win a diplomacy-in-judg- case against Mr. Manafort from the special tistical assumptions and analytical
ing prize, but his sharp words expose a central counsel to the U.S. attorney for Eastern Vir- techniques would lead to more accu-
problem with the evolution of the Mueller ginia. But if Mr. Mueller refuses to turn over rate studies with more reproducible
probe. Though he was appointed to investigate the full “scope” document concerning Mr. results.
collusion between Russia and the Trump cam- Mueller’s mandate, Judge Ellis would be justi- JOE VISALLI
paign in 2016, Mr. Mueller’s indictments thus fied in throwing out the indictment. Schodack, N.Y.
far have concerned other matters—lying to The case of Mueller vs. Trump is fast be-
the FBI, or in Mr. Manafort’s case actions re- coming a Hatfield vs. McCoy feud, in which Letters intended for publication should
lating to his business with Ukraine. both sides want to destroy the other. But if be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
Mr. Manafort’s team wants Judge Ellis to the result of a presidential election is going or emailed to wsj.ltrs@wsj.com. Please
throw out the charges on grounds they exceed to be overturned, and lives ruined along the include your city and state. All letters
Mr. Mueller’s original mandate. And the way, the process must hew to proper due pro- are subject to editing, and unpublished
judge’s questions leave the Mueller team in a cess and constitutional norms. Good for Judge letters can be neither acknowledged nor
returned.
difficult position. Essentially Mr. Mueller’s Ellis for making that clear. “Stop me if you’ve heard this one.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
DECLARATIONS
By Peggy Noonan
I
t’s over, the conversation has
turned and won’t bubble up
again till early next year but a
final thing should be said
about the White House Corre-
spondents’ Association dinner. It’s
been persuasively argued that the
dinner hurt journalism (true) and
politics in general (yes). But I think
it hurt America.
Here, with apologies but to make
a point (the TV clips don’t capture
it) is a sample of the comic stylings
of Michelle Wolf, in the centerpiece
speech of the evening. To put things
The Correspondents’
Association fête isn’t just
bad, it’s bad for America.
Let this one be the last.
in historical context, the tampon
joke is very much like what Walter
Lippmann said of Mamie Eisen-
hower. Oh wait, that’s wrong. But
the banging bimbos reference is
reminiscent of what Bobby Kennedy
said about Scotty Reston. Oh dear,
that’s wrong too. Anyway here’s
what Michelle Wolf said.
On Mike Pence: “He thinks abor-
tion is murder, which, first of all,
don’t knock it till you try it. And
when you do try it, really knock it—
you know, you’ve got to get that
baby out of there.” Paul Ryan has
been circumcised. “Unfortunately,
while they were down there they
also took his balls.” Ivanka Trump is
“about as helpful to women as an
empty box of tampons.” “She’s the
Diaper Genie of the administration:
It’s the Era of Feelings, and Not Necessarily Good Ones
By Paula Marantz Cohen
W
hat do the #MeToo move-
ment and the election of
Donald Trump have in
common? Both are the result of a
powerful emotional response. In
the first case, women have sought
retribution for being harassed or
abused. In the second, a bloc of
white working-class male voters
have expressed anger at the direc-
tion of America’s economy and
culture.
Both groups feel injured or over-
looked—often in mutually exclusive
ways. Indeed, that is the point.
Strong feelings bring people into
conflict. Rational discussion and in-
stitutions like the justice system
are supposed to adjudicate differ-
ence, but feelings don’t lend them-
selves to adjudication.
The habit of letting feelings
shape one’s public positions seems
to be most prevalent among young
people. More than previous genera-
tions, millennials seek to build
their society around feelings, turn-
ing away from many of the values
that most middle-aged or older
Americans take for granted.
What were those values? The
no
assumption that one is innocent
until proven guilty, the importance
of stoicism in adversity, and the
need for objectivity in reckoning
with life’s larger questions. When
I was a college student in the
1970s, the use of “I” in a scholarly
paper would have been dismissed
out of hand. Crying in a profes-
sor’s office or challenging the as-
signment of a particular text
would have marked me as capri-
cious and unduly sensitive. To take
difficulties personally was to be
weak and foolish.
These assumptions and view-
points have now come under fire.
The balance regarding what is
viewed as trivial and significant,
unpersuasive and persuasive, and
permissible and impermissible has
shifted radically.
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A Dog’s Breakfast of a Dinner
on the outside, she looks sleek, but
the inside, it’s full of sh—.” “Like a
porn star when she’s about to have
sex with Donald Trump, ‘Let’s get
this over with.’ ” “Oh, you don’t
think he’s good in bed.” Of Sarah
Sanders: “Like, what’s Uncle Tom but
for white women who disappoint
other white women? Oh I know, Aunt
Coulter.” Also, she’d like to make fun
of Democrats but they’re “harder to
make fun of because you guys don’t
do anything.” Lucky them.
The above is an abridged version
of Ms. Wolf’s quotes, because most
of them didn’t make it past my edi-
tors. These are the tamer ones.
What’s wrong with those re-
marks? You’re thinking of words like
vulgar, grubby and immature, and
you’re right, and you’re detecting an
embarrassing fixation on sexual or-
gans and bodily functions, and
you’re right there too.
But you also think—you want to
think: This is below us. It used to be.
Can’t it be below us again?
The dinner is decadent. It is the
Capitol elite in “The Hunger Games.”
It takes place in the great political
capital of the world, with its most
powerful figures in journalism and
politics, and they giggle at dirty
jokes.
It is weird. They are, almost all of
them, better than that. But they in-
vited the comedian and acted out
mirth. Everyone who laughed was
lowered.
Each year the WHCA dinner gets
grubbier and more partisan. Each
year there is a heavier insistence on
hitting the audience’s sweet spot,
center-left sanctimony. Instead of
admitting and correcting all this,
participants take refuge in their own
form of disapproval porn: You raise
on
one eyebrow, briefly give one shake
of the head, stare at the cutlery and
then, when you think the camera is
off you in the reaction shot, deftly
us l,
lean in and say something encourag-
ing to the victim of a joke. In this
al a
e
ci on
There are three main trends re-
sponsible for this shift (though
others could be derived from
er rs
these). The first is the increasing
tendency to view life in relative
rather than absolute terms.
Throughout the 20th century, an-
m e
thropologists, sociologists and lit-
erary critics built theories around
the arbitrary and provisional na-
m rp
ture of cultural systems, arguing
that every belief, text and institu-
tion could be deconstructed and
viewed as incomplete and biased.
This explains why both sides of
co Fo
the political spectrum can now ac-
cuse the other of trafficking in
fake news. The idea of a stable and
absolute truth has eroded to a
point where meaning in almost any
context is up for grabs.
Advances in neurobiology are the
second cause of the increased sup-
port for feeling in today’s culture.
Growing knowledge of the brain
has undermined the idea that peo-
ple act based on rational inten-
tions. One could argue that this is
the biological extension of what
n-
Should Presidents Be ‘Good’ People?
It is interesting to
consider that the
only current 2016-
related investiga-
tion that would not
be happening today
if Hillary Clinton
BUSINESS
had been elected is
WORLD
the Robert Mueller
By Holman W.
investigation.
Jenkins, Jr.
It is also inter-
esting to consider
that if Mrs. Clinton had not been
steamrolling to her party’s nomina-
tion—if the race on the Democratic
side had been a real contest with
multiple credible contenders—Don-
ald Trump likely would never have
been the Republican nominee.
Mr. Trump is accused of “eroding
the norms” of American democracy
Robert Thomson
Chief Executive Officer, News Corp
William Lewis
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:
Mark Musgrave, Chief People Officer;
Edward Roussel, Chief Innovation Officer;
Anna Sedgley, Chief Operating Officer
OPERATING EXECUTIVES:
Ramin Beheshti, Product & Technology;
Kenneth Breen, Commercial;
Jason P. Conti, General Counsel;
Frank Filippo, Print Products & Services;
Steve Grycuk, Customer Service;
Kristin Heitmann, Chief Commercial Officer;
Nancy McNeill, Advertising & Corporate Sales;
Christina Van Tassell, Chief Financial Officer;
Suzi Watford, Chief Marketing Officer;
Jonathan Wright, International
DJ Media Group:
Almar Latour, Publisher
Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
OPINION
C-SPAN
At the White House Correspondents’ Association dinner, April 28.
way you think you’re preserving
your dignity. You are not.
Comedians have defended the
routine: “Michelle Wolf killed.” Fine,
it’s their job to hate censorship and
burst boundaries. They feel tribal
loyalty. It’s not their job to have
good judgment and uphold what re-
mains of public dignity. It’s not their
job not to embarrass the nation.
That’s more the responsibility of the
journalists and politicians, who
failed.
The dinner hurts America in two
ways. The first and more obvious is
that it is, functionally, elite journal-
ists telling half of America: We hate
you. It’s as if they break out of their
“This just in” face and say, “You
know how you think we don’t share
your values and respect your views?
You know how you think we’re bi-
ased, self-infatuated twerps who
think we’re better than you? It’s
true! We do! Ha ha!” Mainstream
media’s disdain for half the country
is not news to them—they know ex-
actly what their betters think. But
how does it make our country better
to grind your heel into the wound?
How does that enhance the position
of the press?
Sigmund Freud posited more than a
century ago, when he popularized
the idea of the unconscious. But
Freud assumed that healthy people
operate under the restraint of the
superego, which is shaped by social
From Donald Trump’s
election to the #MeToo
movement, emotion is
swamping reason.
norms. Modern neuroscience sug-
gests something radically different:
that we rationalize our responses
only after we have decided viscer-
ally what to do in any given situa-
tion. Awareness of this rationaliz-
ing behavior—which neuroscientists
call the “turn to affect”—has gener-
ated a new, if confused, acceptance
of feeling over reason.
The third cause of the rise of
feeling in our culture is the in-
creased power that technology
when in fact he violates them willy-
nilly. Yet even during the primaries
it quickly was clear that his success
was no invitation for others to be-
have the same way. Mr. Trump spent
40 years developing and projecting
the persona that would likely have
disqualified him from consideration
at any other moment against any
other candidate.
Mrs. Clinton might have countered
in myriad ways but opted for a cam-
paign of “you have to vote for me be-
cause I’m a better person than
Trump.” It turned out that voters had
other issues on their minds, and also
doubted the premise. And now James
Comey, in his book and media tour, is
making the same mistake.
The former FBI chief invokes Rein-
hold Niebuhr, on whom he wrote his
college thesis, but not as if he actu-
ally read Niebuhr. The famously ver-
bose theologian and philosopher was
not a conventional Christian with
conventional beliefs. He was espe-
cially ungracious about the “stupid-
ity” of the average man. His recur-
rent theme was the ethical murkiness
of representative government, and
how a democratic leader must be
prepared to act in ways that are con-
trary to Christian ethics to meet the
interests of his constituents.
Niebuhr wrote for a time, after
all, when presidents were expected
to be ready to incinerate half of
mankind for the sake of U.S. inter-
ests and prestige. Even today, has
any president been obliged to select
as many specific, named individuals
for death as Barack Obama did as
commander in chief of the drone
program? Niebuhr was definitively
Protestant only in one way: his in-
clination to leave it to God to de-
cide who among politicians is a
Saturday/Sunday, May 5 - 6, 2018 | A13
Second, the world is watching. It
is odd journalists forget this, but they
do. Every foreign capital gets the full,
instantaneous report; every ambassa-
dor shares his observations in his
lame weekly letter home. This week
they reported on the American lead-
ership class—its great journalists and
CEOs and politicians—chortling over
jokes that were primitive, squalid and
deeply stupid. This just might lead
the absorbers of this information to
conclude the American leadership
class itself is those things.
“It is,” you say.
But America in its ego often puts
itself forward as a moral exemplar,
the greatest nation. Maybe our
friends in foreign capitals look and
think, again: “They’re not just slobs,
they’re liars. They’re hollow.”
.
When you see a hollow tree you
ly
just want to push it over.
People attend the dinner for the
reasons of vanity we all share—want-
ing to be on the inside, wanting a
public affirmation of your importance.
For Republicans and conservatives
there’s an additional reason: to show
what good sports they are. But they
should never go again. There is no
need for them to cooperate in their
gives to individuals. At the found-
ing of our nation, Americans es-
poused the rights to life, liberty
and the pursuit of happiness, hop-
ing to rectify the abuses of mon-
archy. In the fervent pursuit of
these rights, citizens were origi-
nally constrained by the rule of
law and reason. The internet has
helped erode such constraints by
allowing “like-feeling” individuals
to form powerful cohorts that de-
mand satisfaction.
Of course, there have been other
moments in American history when
emotion has swamped reason: hys-
teria about sin in Salem in the late
17th century, hysteria about com-
munism in the 1950s, and the stu-
dent protests of the 1960s, among
others. But the current emotional
deluge is far more integral to the
existing order. Americans now have
a president governed by instinct
and impulse, universities where the
human-resources and legal depart-
ments can be so responsive to stu-
dents’ feelings that they prescribe
the behavior of the faculty, and a
“good” person and who isn’t. Unfor-
tunately, it’s a principle Mr. Comey
doesn’t pick up on.
The FBI chief, whose interactions
with Mr. Trump would fill a match-
book, repeatedly has called the pres-
ident a bad person. He opined for
the benefit of a New Yorker editor
that Mr. Trump suffers an “empti-
ness inside of him, and a hunger for
affirmation, that I’ve never seen in
an adult.”
Hillary Clinton and James
Comey want you to know
they’re better than Trump.
Strikingly similar words have
been used over the years about both
Clintons, and probably about many
other aspirants to high office.
“There is an emptiness inside that
he fills up with dramas,” went a
1998 Esquire inquiry into Bill Clin-
ton. Historian Michael Beschloss, in
the same article, traced the psychol-
ogizing urge to America’s troubled
experience of the Kennedy and Nixon
administrations. Look further back,
though, and ruminating on the hu-
man flaws of our leaders, and also on
how their human flaws made them
our leaders, has been a preoccupa-
tion at least since antiquity.
Mr. Trump unquestionably is a
failure when it comes to conforming
to current manners or selecting lies
that prominent media organizations
will endorse, e.g., you can keep your
health care.
Then again all presidential speech
is instrumental—a means to an
end, with truth merely a tactical
consideration.
humiliation, and no gain in it. The
people back home are not impressed.
The people in the room are not
touched. You look like a fool.
No great newspaper, no serious
organ of journalism, should ever at-
tend again. Why hurt your profes-
sion by showing so much of your
ugly side?
The dinner is an anachronism rep-
resenting a world of Washington
journalism that began disappearing,
culturally and technologically, two
generations ago. Times pass, things
change. What was once an event of
stature—a sign to journalists that
they’d arrived or were arriving, a
way for money men to get a personal
bounce out of ad money spent, a way
to make a good impression on a po-
tential source, and for everyone to
feel part of something meaningful
and important, American journal-
ism—is over.
It is a lost world. When you’ve got
a lost world start a new one. Make it
better.
The dinner’s organizers can’t re-
form themselves. If they could they’d
already have done it. No one wants
to be the censor, no one wants to be
the joke Nazi, no one wants their
first dinner to be called staid.
Scrap it and start again. The rea-
son for the dinner is to give scholar-
ships and recognition to aspiring
journalists, and reward some current
ones. So throw a banquet to honor
the winners. The scholarship win-
ners will be delighted to meet those
they think real stars—reporters, an-
chors, editors. Offer witty, hearten-
ing, inspiring speeches. Impart a
sense of how to be in the world, how
to act, which doesn’t involve roaring
over tampon jokes and the inherent
comedy of abortion.
The White House Correspondents’
Association dinner is a blind, sick,
stumbling horse desperate to be put
down. Put it out of its misery.
“Michelle Wolf killed.” Let’s hope
so.
public discourse so full of self-righ-
teous anger that people have be-
come unwilling to engage across
political lines.
The rise of this new paradigm of
feeling has some benefits. We are
freer to express emotional pain,
where before we had to suffer in
silence. We can refer to our own
experience without being criticized
as narrow and self-indulgent.
Women can speak up without hav-
ing to imitate the traditional male
voice of authority. We can even
shed a tear without being ostra-
cized for weakness.
Still, the unfettered expression
of feeling inevitably gives rise to
conflicts about whose feelings
should take precedence. And these
conflicts only stoke more anger and
pain. Without recourse to adjudica-
tion based on law and reasoned
discourse, I fear we will end up in
a war of feelings, which no one can
win.
Ms. Cohen is a dean and English
professor at Drexel University.
When perusing Mr. Comey’s book,
a reader might keep in mind Nie-
buhr’s description of our governing
elites as experts in “unconscious
and conscious identification of their
special interests with general inter-
ests and universal values.”
Mr. Comey performs excruciating
self-examination over whether he
exaggerated his college basketball
career or revels too much in the
limelight. But on a series of vexed,
compromising decisions during the
campaign, not so much. We get
breezy assurances that his motives
were pure when he met an Obama
administration need that Hillary be
exculpated, then an Obama adminis-
tration need that Trump be investi-
gated, all this followed by his final,
galumphing intervention aimed at
retrieving his own reputation be-
fore Congress in the Hillary email
matter.
Notice that everything his for-
mer agency has tried to keep secret
lately on “national security”
grounds has turned out to be
merely embarrassing to the FBI. Its
deputy chief, right up to the mo-
ment he was cashiered for lying to
his superiors about a self-serving
media leak, said criticism only un-
dermined the Russia investigation.
We could go on. FBI agents were
always presumed to have political
opinions, but it was hard to imag-
ine them spouting off on FBI work
devices the way Peter Strzok and
Lisa Page did.
So, yes, let’s consider the human
nature of people like Mr. Trump,
Mrs. Clinton and Mr. Comey. It’s
times like these that we thank the
Almighty that we are a nation of
laws and institutions, not of men
and women.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

SPORTS
The Curse of Apollo
How horses who didn’t race at the age of 2 have
recently fared in the Kentucky Derby:
YEAR HORSE RESULT
2017 Battle of Midway 3rd
2017 Patch 14th
2015 Materiality 6th
2013 Verrazano 14th
2012 Bodemeister 2nd
2011 Midnight Interlude 16th
2009 Summer Bird 6th
2009 Dunkirk 11th
2007 Curlin 3rd
2006 Showing Up 6th
Source: Kentucky Derby; WSJ

most impressive part about Justify is how

quickly he’s turned into a star, akin to a
freshman in high school making the leap
straight to the NBA.
“Justify is particularly challenged because
[in addition] to not racing at age 2, he
didn’t even race until Feb. 18.”
The so-called Curse of Apollo is something
Baffert has heard a lot about, having come
within 1½ lengths of breaking it in 2012,
when his trainee Bodemeister, who also
didn’t race as a 2-year-old, was overtaken
A horse that didn’t race just steps from the wire by I’ll Have Another.
as a 2-year-old hasn’t “The Apollo thing,” Baffert said.
won the Kentucky Derby “Whether it happens this year or whatever,
since 1882. Justify aims it will happen.”
to break the streak. Baffert said a big reason the streak hasn’t
been broken is that trainers used to start
horses much earlier in their racing careers,
something he said isn’t fully the case now.
“Trainers take their time. They don’t run
them as early 2-year-olds anymore,” he said.
“So I think the game has changed.”

CHARLIE RIEDEL/ASSOCIATED PRESS

Bailey said an “exceptional” talent can

.
overcome a lack of race experience.

ly
“In this day and age, an inexperienced
horse that didn’t race at the age of 2, isn’t
running against horses that have run 10 times,
on 12 times, like they did 25 years ago. Most of
the horses in the field are relatively lightly
raced, so the disparity isn’t as great,” said
Bailey, who is now an analyst for NBC Sports.
Trainer Todd Pletcher conditions Mag-
us l,

KENTUCKY DERBY num Moon, the other late-developing, unde-

Seeking to Outrun a Ghost

feated colt in this year’s Derby field who is
al a
e
also looking to outrun the ghost of Apollo
on Saturday.
“It’s lasted long enough that I guess there
ci on

has to be something to it. But I feel strongly

that at some point someone’s going to re-
verse the curse,” Pletcher said.
Looking at the full field for the Derby,
The Curse of Apollo has lasted for 136 years, but Justify has a strong chance to make history Bailey sees Justify as the likeliest winner.
er rs

“Magnum Moon is a good horse but I

“The first time I worked him [there] I
BY JIM CHAIRUSMI
knew he was something really special,” Baf-
fert said. “He just went around there and
m e
the age of 2. All have lost and only eight of think Justify is several lengths faster than
the 61 even finished in the top three. him. And probably several lengths faster
The Kentucky Derby, a race in which only than almost all of the field, except maybe

Louisville, Ky. just did it effortlessly. And that’s when I 3-year-old horses are eligible, is a stiff test Mendelssohn,” said Bailey.
BOB BAFFERT is a four-time Kentucky knew he was really a cut above the rest.” for still-maturing thoroughbreds, with a Coincidentally, the horse many consider
Derby-winning trainer with a stable full of Justify went on to win his debut race in large field and a boisterous crowd of over to be the biggest threat to Justify in the
m rp

champion thoroughbreds, most recently February and is undefeated in three starts,
sweeping the Triple Crown with American securing a berth in the Kentucky Derby after
Pharoah in 2015. He often works with the an easy 3-length win in the Santa Anita
sport’s best horses, so it wasn’t particularly Derby on April 7. That was enough for
noteworthy when a young colt named Jus- Churchill Downs oddsmaker Mike Battaglia
co Fo
150,000 fans, contested at a distance (1¼ Derby actually comes from the same blood-
miles) farther than any horse in the field has line. Mendelssohn—who secured a berth
ever run. As a result, the popular consensus with a more than 18-length victory in the
among horsemen has been to establish a rac- UAE Derby—and Justify were both sired by
ing foundation for a horse at an early age be- Scat Daddy. But horses by the same stallion,

tify entered his barn late last year. to tap Justify as the 3-1 favorite, even though fore attempting to run in classic races such but birthed by a different dam (mother), are
“I just can’t remember offhand,” Baffert the Run for the Roses will be Justify’s first as the Derby, Preakness and Belmont Stakes. not considered related. Mendelssohn, condi-
said last month about his earliest memories race outside the state of California. “The lack of experience is a very tough tioned by Irish trainer Aidan O’Brien, has
of Saturday’s Kentucky Derby favorite. But besides trying to beat 19 rivals to the thing to overcome but in the case of Justify, won four of seven career starts.
But it didn’t take long for the 65-year-old finish line on Saturday, Justify and Baffert if he had started at 2, he might not be in the Bray said he and Baffert were chatting
Baffert to take notice, after he saw the are also running against history. A horse position he is in today as the favorite,” said one morning before the UAE Derby in Dubai
chestnut colt breeze in a workout at Santa that didn’t race as a 2-year-old hasn’t won Simon Bray, a former trainer and current an- when Baffert pointed to Mendelssohn.
Anita Park. the Kentucky Derby since a gelding named alyst for the racing network TVG. “Physi- “Baffert said, ‘That horse is going to win
The dirt track at Santa Anita is deep and Apollo accomplished the feat in 1882. Since cally, he’s so big. I don’t think he would have the UAE Derby. The problem is, he’s only the
many horses can struggle over the surface, statistics were first kept in 1937, 61 horses been as developed racing as a 2-year-old. second-best Scat Daddy in the world right
Baffert said. But not Justify. have entered the Derby without racing at Hall of Fame jockey Jerry Bailey said the now. I have the best one.’ ”

Weather
n-

CYCLING
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
<0

THE GIRO’S AWKWARD START

d t
Edmonton 30s
V
Vancouver C
Calga
Calgary 70s 0s
no

60s ip
Winnipeg
40s 10s
60s ttl
Seattle 50s 20s
P
Portlandd 30s
Helena 70s 60s Ottawa
Montreal BY JOSHUA ROBINSON
Bismarckk 40s
70s Billings A g t
Augusta
Eugene Boise
60s T t
Toronto A bany
b
Albany t
Boston 50s
50s p / . Paul
Mpls./St. JERUSALEM—The organizers of the Giro
80s ff l
Buffalo 60s Hartford
rtford 60s
oux FFalls
Pierre Sioux t
Detroit d’Italia, had dreamed for years of seeing
60s Milwaukee
k ew York
New Y k 70s
Reno es Moines
Des i Philadelphia Chris Froome tackle Italy’s most celebrated
80s 80s Che
h y
Cheyenne
Omaha
h h g
Chicago Cleveland
80s
Sacramento Salt
alt Lake City
C
60s Indianapolis
d p Pittsburgh
Pit b h bicycle race. So when the Team Sky rider
Denver p g
Springfield
60s 90s and four-time Tour de France champion
Sann Francisco 70s Colorado Topeka Kansas Charleston
Charles
h ashington
shington
h
Washington DC
D.C.
City h
Richmond d 100+ rolled off the start ramp here on Friday, it
90s Las Springs 80s Wichita hit St.. Louis
L
Lou L
Lo ill
Louisville
Veg
Vegas
60s 70s h
Nashville l ighh
Raleigh should have been a high point in the Giro’s
Los A
Angel
Angeles 90s 80s Santaa Fe
F Charlotte
C h l tt recent history.
Memphi
Memphis
ARIEL SCHALIT/ASSOCIATED PRESS

Albuquerque
Ab q q C b
Columbia
San Diego
Phh
100s Phoenix Oklahoma City Warm Rain Instead, it was more awkward than a pair
LLittlee Rockk 70s Atl t
Atlanta
T c
Tucson El Paso
Ft. Worth Dallas
D ll i h
Birmingham of too-tight cycling shorts.
J k
Jackson 80s Cold T-storms Team Sky had neglected to mention one
bil
Mobile Jacksonville
k
10s 90s crucial detail when Froome committed to
20s A ti
Austin Houston Stationary Snow
30s Newew Orleans d
Orlando the race last fall. Days earlier, a doping test
50s 70s San
an Antonio Tampa
found abnormally high levels of an asthma
40s AAnchorage
h g Showers Flurries
30s Honolulu
l l Miami
80s drug coursing through Froome’s system.
60s “Obviously when we found out one week
Ice
after unveiling the Giro route, it didn’t make
U.S. Forecasts City
Today Tomorrow
Hi Lo W Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W
us happy,” Giro director Mauro Vegni said Team Sky cyclist Chris Froome rides ahead of
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; here on Thursday. “I think that Team Sky the start of the Giro d’Italia in Jerusalem.
Omaha 84 55 s 79 47 pc Frankfurt 74 49 s 76 51 s
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 86 71 sh 87 70 c Geneva 73 55 pc 76 55 t
knew, I can guarantee that we didn’t.”
Today Tomorrow Philadelphia 72 57 c 67 53 r Havana 85 65 pc 85 67 t What makes the situation so uncomfort- course. With three weeks of racing to come,
City Hi Lo W Hi Lo W Phoenix 102 77 s 107 78 pc Hong Kong 86 79 pc 87 77 t able is that Froome hasn’t been suspended. Froome and his team are well aware that
Anchorage 48 38 sh 47 34 sh Pittsburgh 72 55 pc 70 46 sh Istanbul 74 60 pc 71 60 c The provisions of the anti-doping code mean the Giro route will offer plenty of chances
Atlanta 82 63 pc 79 60 pc Portland, Maine 71 49 s 66 45 sh Jakarta 92 76 pc 92 77 s
Austin 81 55 pc 85 58 s Portland, Ore. 73 56 pc 75 53 pc Jerusalem 79 61 pc 79 62 c that he is allowed to continue competing until for him to flex his muscles in the high
Baltimore 73 54 c 68 51 r Sacramento 80 50 c 77 49 s Johannesburg 71 48 s 74 47 s the proceedings are concluded. And while the mountains. “It’s never nice to lose time to
Boise 81 57 pc 83 52 pc St. Louis 80 59 s 79 50 c London 71 48 pc 75 50 pc process would normally be confidential, news Tom Dumoulin, but the Giro is very hard,”
Boston 74 55 s 63 49 sh Salt Lake City 82 59 pc 88 60 pc Madrid 74 52 pc 75 53 pc
Burlington 71 52 s 66 39 sh San Francisco 64 52 c 64 52 pc Manila 96 82 t 98 82 pc of the test leaked in December, leaving the Team Sky directeur sportif Nicolas Portal
Charlotte 81 63 pc 82 58 pc Santa Fe 76 45 s 81 50 pc Melbourne 68 51 s 69 54 pc entire sport wondering how to handle him. added. “This is fine for us.”
Chicago 80 54 s 63 44 sh Seattle 68 54 pc 75 52 pc Mexico City 74 55 pc 74 54 pc People ranging from the president of the Froome has kept a low profile through
Cleveland 74 52 s 70 44 t Sioux Falls 83 51 pc 73 43 s Milan 80 60 t 83 64 t
Dallas 81 58 pc 88 61 s Wash., D.C. 72 57 sh 71 54 r Moscow 74 48 sh 58 38 sh Union Cycliste Internationale, David Lappar- the winter and early part of the season. He
Denver 74 47 s 72 53 pc Mumbai 92 83 pc 91 83 pc tient, to Froome’s biggest rival here have all has only competed at two races this year:
Detroit
Honolulu
78 53 s
84 71 pc 81 70 s
71 42 sh
International Paris
Rio de Janeiro
75
86
53 s
72 s
79 54 s
83 71 s
said that they don’t think he should be rac- the relatively minor Ruta del Sol in Spain
Houston 82 62 pc 87 63 s Today Tomorrow Riyadh 102 78 pc 100 80 s
ing. “It’s his decision to be here,” said and the Tour of the Alps in northern Italy
Indianapolis 76 55 s 76 46 t City Hi Lo W Hi Lo W Rome 71 55 t 70 57 pc Froome’s chief rival here, the Dutch rider and Austria. He and Team Sky have repeat-
Kansas City 82 58 s 78 53 pc Amsterdam 69 48 s 74 52 s San Juan 84 74 pc 85 76 sh Tom Dumoulin. “If I would be in same situa- edly denied any wrongdoing.
Las Vegas 94 71 pc 99 74 pc Athens 80 66 t 74 65 t Seoul 70 56 s 67 51 r
Little Rock 79 55 c 85 56 s Baghdad 95 73 pc 95 71 pc Shanghai 75 71 sh 83 62 t
tion, I would not be here.” Vegni, the Giro director, has done his best
Los Angeles 87 61 pc 81 58 pc Bangkok 90 77 t 92 79 t Singapore 91 81 t 91 80 t Froome replied on Friday that he would to remain diplomatic about Froome case,
Miami 84 76 sh 87 74 pc Beijing 79 54 c 84 54 s Sydney 70 52 s 70 55 s do his talking on the bike. And his opening but when asked on Thursday if a Dumoulin
Milwaukee 74 49 s 55 40 c Berlin 66 45 s 70 49 pc Taipei City 91 75 c 94 78 pc time-trial spoke volumes. victory in Rome might make everyone’s life
Minneapolis 82 50 pc 71 50 s Brussels 69 48 s 75 52 s Tokyo 75 62 s 78 66 pc
Nashville 68 56 r 78 58 pc Buenos Aires 69 63 r 73 64 t Toronto 74 50 pc 64 34 r Dumoulin, the Giro’s defending champion simpler, he failed to hide his preference.
New Orleans 83 67 c 85 65 s Dubai 94 83 s 98 82 s Vancouver 63 50 pc 66 51 pc and a time-trial expert, might have won the “He’s young, he’s handsome,” Vegni said
New York City 73 59 pc 65 52 r Dublin 66 47 pc 66 46 pc Warsaw 67 43 pc 69 45 s stage, but Froome was only 37 seconds be- of Dumoulin, “and he’s good for cycling as
Oklahoma City 82 54 s 86 59 s Edinburgh 63 48 pc 67 45 pc Zurich 73 53 s 76 49 pc
hind him over the lumpy, 9.7-kilometer a whole.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
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Abrams, Sarah
Nassauer
and Douglas
MacMillan
Walmart is leading a group
that will invest about $15 bil-
lion for a roughly 75% stake in
Flipkart Group, India’s largest
e-commerce company, accord-
ing to people familiar with the
matter. Google parent Alpha-
Berkshire’s Annual Bash to Bring Calls for Sharing the Wealth
Berkshire Hathaway Inc.
has a cash problem. And it will
be center stage on Saturday at
Berkshire’s annual meeting.
The conglomerate’s cash pile
stood around $116 billion at
year-end. For most investors,
so much cash would be great.
This isn’t entirely the case for
CEO Warren Buffett.
As Berkshire continues to
rake in money, shareholders
are putting pressure on Mr.
Buffett to return cash—an
idea he has shot down for
years. He says Berkshire can
make better use of its cash by
investing it.
But as pressure continues
and valuations soar, he
suggested Berkshire might
run out of ways to profitably
deploy its hoard. So, if not a
dividend, perhaps an
aggressive buyback plan.
What happens now is one of
many questions Mr. Buffett will
face Saturday. And if you’ve
made it to Omaha to see him, it
always helps to know the rules:
Berkshire
Hathaway
Shareholder
Don’t lose your credentials
no
Besides access to the meeting,
they can also get you into events
around town hosted by local
Berkshire businesses like jewelry
company Borsheims or discounts
at Nebraska Furniture Mart.
THE INTELLIGENT INVESTOR | By Jason Zweig
An Adviser’s Free Trip
May End Up Costing You
If you want
to travel to
beautiful re-
sorts free of
charge, be-
come a finan-
cial adviser.
Later this month, three
dozen advisers will spend
three days at the Ritz-Carlton
Hotel in Marina del Rey, Ca-
lif., all expenses paid. Next
month, about 75 wealth man-
agers will spend four days
and three nights in Mexico
City, staying at the Four Sea-
sons Hotel and dining at lav-
ish restaurants like Cipriani
and Nobu. The advisers won’t
have to pay for their airfare,
hotel, meals or entertainment.
At such “due-diligence
conferences,” advisers meet
with fund companies and
other businesses. The events,
say sponsors and financial
advisers, are an efficient way
for advisers to glean valu-
able insights from dozens of
WEEKEND INVESTOR B5 | MARKETS DIGEST B7 | HEARD ON THE STREET B12
* * * * **
NASDAQ 7209.62 À 1.7% STOXX 600 387.03 À 0.6%
bet Inc. is planning to invest
in Flipkart as part of the deal,
other people familiar with the
situation said.
It would be a big bet by
Walmart that India will be a
source of growth at a time
when Amazon is gaining
ground in the country.
Flipkart, which was started
by two former Amazon em-
ployees in 2007, has already
raised billions from investors
including SoftBank Group
Corp., Tencent Holdings Ltd.,
and Microsoft Corp. It sells
everything from sofas to shoes
to smartphones.
Flipkart’s board has ap-
proved the transaction, which
values the startup at $20 bil-
lion before the investment,
one person said. Walmart
would control the company if
us l,
al a
e
ci on
er rs
m e
Oracle of Omaha!
m rp
Wake up early
co Fo
Diehard Berkshire fans wake up at 3 a.m. or earlier to stand in line
outside the CenturyLink Center on Saturday morning. If you show up
after the sun has risen, you might be left sitting high in the rafters.
Bu ett
25¢
Bin oculars
n-
Don’t expect a Buffett sighting
At one time, anyone could
approach Mr. Buffett with
questions or stand in line to shake
his hand. These days, the security
around him is tight, and he has
limited his public appearances.
experts under one roof.
But an adviser’s job is de-
ciding where to put your
money. Wining and dining
with money managers under
tropical skies could cloud his
or her judgment.
The format can vary, but
advisers often sign up to
meet face to face with asset
managers for 20 to 25 min-
utes at a time. An announcer
declares when time is up, and
the advisers then switch to
meet with the next managers
on their list. These regi-
mented sit-downs are nick-
named “speed-dating.” Over
two to three days, advisers
tend to have at least 16
speed-dates with managers.
Some events also feature
“dine-arounds,” with advisers
and fund managers meeting
at gourmet restaurants.
Financial advisers gener-
ally aren’t invited to partici-
pate unless they control at
Please see INVEST page B5
THE WALL STREET JOURNAL.
10-YR. TREAS. unch , yield 2.946%
the deal is completed, the per-
son said. Flipkart said it was
valued at $11.6 billion in a
funding round in April 2017.
Bloomberg earlier Friday
reported that Walmart was
near a deal and its terms.
$15B
Planned investment in the Indian
e-commerce startup
The agreement would be
Walmart’s largest deal since
its purchase of U.K. retailer
Asda for $10.8 billion in 1999.
On Monday, Walmart said it
had agreed to sell Asda to a
on
Lobby
Bill Gates
Wander the Hilton lobby
The Omaha Hilton is across the
street from the convention center.
You might also see some Berkshire
bigwigs in athletic gear at the
Sunday morning 5K race held by
Berkshire shoe brand Brooks.
Reporting by Geoffrey Rogow and Nicole Friedman; Illustrations by Jess Kuronen/THE WALL STREET JOURNAL.
Ticketmaster Faces New Rival
BY ANNE STEELE
LOS ANGELES—The ex-CEO
of Ticketmaster wants to dis-
rupt the ticketing business—
starting with tickets.
Nathan Hubbard, who led
the ticketing giant for four
years after it merged with
Live Nation Entertainment
Inc., imagines a world where
fans can walk up to a Beyoncé
concert or a Super Bowl game
Nathan Hubbard envisions facial-recognition technology replacing
the need for paper or even digital tickets to venues.
ARGENTINA RATES RISE AGAIN B11
Saturday/Sunday, May 5 - 6, 2018 | B1
OIL $69.72 À $1.29 GOLD $1,312.70 À $2.00
U.K. supermarket rival, raising Bezos has pledged to invest $5
almost £3 billion ($4 billion) billion in India, and the U.S. ti-
in cash. Walmart is also in
talks to sell a controlling stake
in its Brazil operations, people
tan has made rapid gains
against Flipkart since its 2013
launch.
familiar with the matter have
said.
The potential Flipkart deal
“We estimate that India
makes up a material portion of
the ‘other’ international retail
opens another front in Wal- business, which is expected to
mart’s battle with Amazon as drive 30% of Amazon’s total
it also invests heavily to grow
online in the U.S., where it
earns the majority of sales.
Walmart for years has grown
retail revenue growth over the
next 3 years,” Brian Nowak, an
analyst at Morgan Stanley,
said in a recent note on the
slowly in India with stores and potential deal. For weeks,
held talks with Indian e-com- there have been reports out of
merce startups that didn’t India on a possible hookup be-
lead to an investment. tween Walmart and Flipkart.
In part, Walmart’s move is Walmart executives have
defensive. Though online buy- indicated they plan to compete
ing makes up a small percent- in the country. “India is a mar-
age of the Indian retail land- ket, over time, that I think,
scape, it is expected to grow whether it’s 10 years, 20 years,
quickly. Amazon founder Jeff Please see DEAL page B2
.
ly
Or sleep in
Viewers can watch the meeting from inside the CenturyLink arena or
in designated overflow rooms, and ask questions at microphones in
either location. The event will also be live streamed on Yahoo Finance.
Eat a steak Just ask
Shareholders love to visit Gorat’s Berkshire shareholders take pride
Steak House, though reservations in being friendly to newcomers, so
are tough to get. Buffett’s favorite: introduce yourself. (Standing in
T-bone steak and hash browns line at 4 a.m. is a good way to
with a root-beer float for dessert. make friends, we hear.)
and get in by showing nothing
more than their faces. He has
Upfront Ventures, so far rais-
ing some $33 million. Teams
built what he hopes will be the
first serious competitor Tick-
etmaster has faced in decades.
from every major sports
league in the U.S. and the Eng-
lish Premier League have
His new company’s name is signed on as clients, along
a blunt mission statement: Ri- with their home arenas and
val. stadiums.
The startup has attracted “No one has materially
high-profile backers including made a big run at Ticketmas-
top Silicon Valley venture-cap- ter in the past generation,”
ital firm Andreessen Horowitz says Upfront Ventures partner
and Santa Monica, Calif.-based Greg Bettinelli.
Ticketmaster, a unit of Live
Nation, declined to comment.
Today, venues ranging from
nightclubs to stadiums enter
long-term contracts giving a
ticketing provider—usually
Ticketmaster, which holds an
estimated 80% of the market—
SAM COMEN FOR THE WALL STREET JOURNAL
the exclusive right to sell tick-
ets to any event they host.
Prices are set by concert pro-
moters or sports teams, based
on a combination of gut in-
stinct and past demand for
similar events. Ticket provid-
ers make their money from
additional service and delivery
fees.
As event promoters strug-
gle to price and distribute
Please see RIVAL page B2
EURO $1.1963 YEN 109.12
Remains
A Blur
BY DAVID BENOIT
Xerox Corp. was thrown
into turmoil after the collapse
of an agreement with two ac-
tivist investors that would
have fired its chief executive
and most of the board, a turn
of events that sets up a sum-
mer of drama over the Ameri-
can icon.
Late Thursday, the company
said its pact with the activists
was expiring 48 hours after it
was struck but before it was
approved by a judge, leaving
in place Xerox’s existing direc-
tors and Chief Executive Jeff
Jacobson.
The company now faces a
shareholder fight with Carl
Icahn and Darwin Deason—its
largest and third-largest inves-
tors who control about 15% of
the stock—that could upend
its entire board. That cam-
paign will be run against an
equally tumultuous backdrop:
A deal to sell control of the
company to Japan’s Fujifilm
Holdings Corp. has been tem-
porarily blocked by a judge
and faces an uncertain future
if it can’t be renegotiated.
Meanwhile, the company
will be led by a chief execu-
tive, Mr. Jacobson, whom the
board has essentially fired
twice in his 18 months on the
job and by a board that on
Tuesday saw seven of its 10
members agree to resign.
“Xerox and its board of di-
rectors recognize the uncer-
tainty caused by the develop-
ments of the past several days
among the company’s inves-
tors and other stakeholders,”
the company said Friday.
In January, Xerox an-
Please see XEROX page B2
With Cash
Overload,
Fund Adds
Options
BY STELLA YIFAN XIE
The world’s largest money-
market fund by assets has too
much cash to manage.
Billionaire Jack Ma’s Ant Fi-
nancial Services Group on
Thursday said that it would
offer two additional money-
market funds to customers
who have been parking their
spare cash in its hugely popu-
lar online fund, the latest at-
tempt by the company to limit
flows into the fund.
The fund, known as Tian-
hong Yu’e Bao, which a unit of
Ant created in 2013, had $266
billion in assets under man-
agement as of March 31, after
nearly doubling in size last
year. The yuan-denominated
fund is more than twice the
size of the largest U.S. dollar
money-market fund and has
roughly the same amount of
assets as the SPDR S&P 500
ETF, the world’s oldest and
largest exchange-traded fund.
Ant, a sprawling financial
company controlled by Mr. Ma
that owns popular payments
network Alipay, said that
starting Friday it will add two
funds managed by third-party
asset-management firms to its
Yu’e Bao platform, whose
name stands for “leftover
treasure.” The change would
give hundreds of millions of
Alipay users the option to in-
vest their money in alternative
high-yielding money-market
funds.
Yu’e Bao’s rapid growth has
been fueled by hundreds of
millions of individuals that use
Alipay to make payments on
Please see FUND page B5
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Saturday/Sunday, May 5 - 6, 2018
China-based importers are holding off on new soybean orders from the U.S., concerned that a shipment will face a steep tariff by the time it is delivered.
Tariff Tensions Hit Soybean, Pork Trade
U.S.-China dispute
threatens to upend
agricultural exports
to important market
BY JACOB BUNGE
AND JESSE NEWMAN
The U.S.-China trade spat is
cutting into the flow of soy-
beans, pork and other commod-
ities from U.S. farms to one of
the world’s biggest markets.
Since early April, when
China announced tariffs on
some U.S. agricultural goods
and threatened to target others,
Chinese importers have can-
celed purchases of corn and cut
orders for pork while dramati-
cally reducing new soybean
purchases, according to U.S. De-
partment of Agriculture data.
Chinese importers’ new orders
of sorghum, a grain used in ani-
mal feed, have dwindled while
cancellations increased.
RIVAL
Continued from the prior page
tickets efficiently, some events
take place in half-empty ven-
ues while others generate bil-
lions of dollars for scalpers
through sites such as eBay
Inc.’s StubHub. Many fans
searching online don’t know
whether the tickets they find
are coming from a scalper at a
steep markup, and artists and
teams have little idea who
ends up in the crowd.
Mr. Hubbard, 42 years old,
wants to change all that. He
believes fully digitizing tick-
ets—and in some cases replac-
ing them with facial-recogni-
tion technology—could
address inefficiencies in how
live events operate, and make
them safer, by connecting
identity, payment and location
data.
Rival won’t sell tickets to
no
the public itself. Instead, it
will distribute them through
various outlets, including po-
tentially StubHub, Ama-
zon.com Inc., Expedia Group
Inc., Twitter Inc., an artist’s or
team’s own site, and even
Ticketmaster.
Artists and teams would set
the prices—and terms for re-
sale—and monitor and adjust
them in real time. Instead of
letting scalpers snap up
swaths of tickets and flip them
for a profit, an artist could list
a few tickets from each sec-
tion and gauge demand, then
release more tickets at a
closer approximation of their
true market value.
When searching for tickets
for an event, fans could use an
augmented reality overlay of
the venue that shows the view
from any given point and
where the artist or players
will be. Customers could swipe
around the arena or stadium
for various seating positions
while the price for each view
updates before buying a ticket.
XEROX
Continued from the prior page
nounced a complicated merger
that would cede control to Fu-
jifilm. The deal, which Messrs.
Icahn and Deason oppose,
would trade Xerox’s 25% own-
ership of their 60-year joint
venture to Fujifilm for 49.9%
of a new company that com-
bines all of Xerox with the
joint venture. Xerox sharehold-
The chill in agricultural trade
is sending jitters through the
U.S. Farm Belt, which for years
has dispatched farmers on
trade missions to cultivate the
Chinese market.
“As the summer persists and
if nothing’s been resolved, it
will start showing up as a
pretty big hole in U.S. exports, ”
said Soren Schroder, chief exec-
utive of Bunge Ltd., one of the
world’s largest processors and
traders of soybeans.
There is no specific date for
the bulk of the tariffs that
China has threatened to impose,
and senior U.S. officials includ-
ing Treasury Secretary Steven
Mnuchin and U.S. Trade Repre-
us l,
sentative Robert Lighthizer are
in Beijing for negotiations. Even
al a
e
if a deal is hammered out, the
uncertainty created by threat-
ened tariffs has been enough to
ci on
curb deals in some of the most
heavily traded products.
China’s rapid economic
growth and burgeoning middle
er rs
On the Road
Sales of concert tickets have skyrocketed in the past two decades
m e
North American ticket sales
m rp
Estimated, for major concerts
$8 billion
7
co Fo
6 $169.4
5 $162.0
4 $156.0
3
2 has opened 21 Best Price
1 open 50 more. The member-
n-
0 warehouse chains like Costco
2000 ’05 ’10 ’15 ’17
Source: Pollstar
Rival has built its system
and begun to integrate it with
teams and venues; customers
will see tickets beginning next
year.
Mr. Hubbard envisions a
day when there is no ticket at
all. With facial-recognition
technology, your face can now
be your ticket. (Rival will be
capable of generating paper or
mobile tickets, if clients
choose.)
Facial-recognition software
has frequently generated con-
troversy, since it tends to raise
the specter of Big Brother-
style surveillance. Mr. Hub-
bard says Rival won’t be stor-
ing customers’ photos, but
rather a set of data points de-
rived from them, which events
can use to verify attendees’
identity and get customers
through the gates quicker—
and keep out people on watch
lists maintained by law en-
forcement or the venue itself.
The industry is ripe for dis-
ruption. People are spending
ers in total would also be paid
$2.5 billion in a special divi-
dend, equal to $9.80 a share.
The Xerox board let the set-
tlement agreement with the
two activists expire Thursday
night because it felt the judge
had given it more flexibility to
reach a new deal with Fujifilm
than they originally believed,
according to a person familiar
with the matter.
The board believes other
shareholders, apart from
Messrs. Icahn and Deason,
BUSINESS & FINANCE
Counting Beans
U.S. soybean exports to China
rise and fall based on seasonality
and competition from South
American producers.
Weekly exports since start of 2017
2.0 million metric tons
1.5
1.0
on 0.5
0 about 255,000 metric tons of
2017
Source: Department of Agriculture
THE WALL STREET JOURNAL.
class have sharpened its na-
tional appetite for pork and
other meats, requiring huge
quantities of feed grain. In
2017, China was the second-
biggest customer for U.S. agri-
Top grossing concert tours, in millions
In North America
Taylor Swift (2015)
U2 (2017)
Beyoncé (2016)
The Rolling Stones (2005)
U2 (2011)
U2 (2005)
The Rolling Stones (2006)
Madonna (2012)
The Police (2007)
Guns N' Roses (2016)
more than ever on experi-
ences, even as concern is ris-
ing about security at crowded
live events. At the same time,
artists and teams today have
little control over how, to
whom or for how much their
tickets are sold.
The size of the market for
reselling tickets—an estimated
Facial-recognition
technology will let
your face be your
ticket, Hubbard says.
$15 billion a year—indicates
“there’s a whole bunch of
money that’s being pocketed
by middlemen on the backs of
artists and teams,” says Mr.
Hubbard.
Rival aims to address an-
other issue that has vexed live
events for years: not knowing
would support a renegotiated
deal, giving the directors a
narrow chance to save the
transaction, the person said.
The board was emboldened by
a 12% drop in Xerox’s stock
price over two days after the
settlement with the activists
put the Fujifilm deal in peril,
the person added.
Fujifilm and Xerox had been
discussing adding another $5 a
share to the dividend, people
familiar with the matter said.
The turmoil of the past few
cultural products, spending
nearly $20 billion.
In soybeans, China-based im-
porters are holding off on new
orders from the U.S., including
advance purchases of this fall’s
crops. The risk that a shipment
will face a steep tariff by the
time it is delivered has led Chi-
nese buyers to book more beans
from South American suppliers,
according to Mr. Schroder.
“If [the Chinese] market
closes, it could be devastating
for local communities across
the Midwest,” Sen. Chuck
Grassley (R., Iowa) said.
Chinese buyers ordered
U.S. soybeans during the week
2018
ended April 5, according to the
USDA, but new sales over the
rest of the month came to
about 11,000 metric tons, a
sharp decline. Meanwhile, pur-
chasers canceled nearly 76,000
metric tons’ worth of orders
over the month.
Livestock operations and
$199.4
$176.1
$138.9
$138.5
$133.7
$133.2
$130.8
THE WALL STREET JOURNAL.
the customers well, if at all.
With tickets changing hands
artists and teams often end up
knowing fewer than 10% of the
people in front of them, says
Mr. Hubbard.
That is a problem for secu-
rity, and it means teams and
artists are losing out on op-
portunities to sell more to
them. Venue owners have
spent billions revamping their
stadiums and arenas, and are
now seeking ways to draw
more people into the bars, res-
taurants and shops in and
around them.
Mr. Hubbard thinks his sys-
tem offers a way to tailor mar-
keting offers to individual
fans, whether it is a free drink
for someone at his or her 10th
game of a season or backstage
access to a 12-year-old mega-
fan. The ticket, he said, “has
to engage with that fan before,
during and after the event to
facilitate commerce, because
that’s where the event owner
actually makes money.”
days could reopen the deal ne-
gotiations entirely, including
changing the structure, the
person said.
Messrs. Icahn and Deason
on Friday said the board failed
to live up to its shareholders,
urged them to fire Mr. Jacob-
son—again—and terminate the
Fujifilm deal. The pair intend
to nominate a full board slate
of 10 new directors and con-
tinue suing the current direc-
tors personally. They say the
deal undervalues the company.
* *****
food processors in China typi-
cally switch their soybean pur-
chasing from the U.S. to Brazil
and Argentina in the North
American springtime, as South
American farmers harvest
crops and their beans become
cheaper.
But analysts say China’s re-
luctance to put on advance or-
ders for U.S. crops indicates
growing worries that tariffs will
leave importers facing losses on
each shipment. While U.S. soy-
beans delivered to China cur-
rently run about $15 a ton
cheaper than Brazilian-grown
varieties, a 25% tariff would
cost Chinese importers around
$100 a ton, according to Ken
Morrison, a St. Louis trader.
The only Chinese tariffs in
effect so far are on U.S. pork
products, which count China as
one of their five largest over-
seas markets. After China im-
posed the tariffs on April 2, the
USDA reported the biggest
weekly drop in net pork sales to
DEAL
Continued from the prior page
30 years from now, we’ll be
glad we’re in India, and I think
there’s a lot of growth oppor-
tunities there,” Walmart fi-
nance chief Brett Biggs said
last summer. Walmart CEO
Doug McMillon said India is a
key growth market for the
company, along with North
America and China, during a
February earnings call.
Unable to sell products di-
rectly to consumers because of
tight regulations, Walmart
first opened wholesale outlets
in India in 2009. To date, it
wholesale stores, with plans to
only stores resemble U.S.
and Sam’s Club, but are only
open to licensed businesses
owners in compliance with
government regulations.
As Walmart’s store foot-
print grew slowly, India’s e-
commerce startups prolifer-
ated. In 2011, Walmart
executives traveled to India to
talk with several such startups
about the market, including
Snapdeal.com, another large e-
commerce retailer, said a per-
son familiar with Walmart’s
efforts.
Then in 2016, as Amazon
rapidly grew in India and local
players sparred for funding,
Walmart spoke with Flipkart
about a potential investment.
The total Indian retail mar-
ket accounts for more than
$800 billion a year in sales
and is headed north of $1 tril-
lion in the next two years, ac-
cording to research firm For-
rester.
But most of the sales are
fragmented between small
In the Cart
Online spending in India lags behind other countries but is growing,
with Flipkart leading the e-commerce market.
Average e-commerce spending
per shopper, 2017
U.K.
U.S. 1,819
France 1,039
Japan 1,014
China 858
India 113
World-wide 833
Sources: We Are Social (spending);
Forrester (gross merchandise volume)
THE WALL STREET JOURNAL.
EDWIN REMSBERG/VW PIC/ZUMA PRESS
the country since October 2016.
Sales have declined further
since then.
Given expanding U.S. pork
supplies—boneless hams in cold
storage hit a record 86 million
pounds earlier this year—and
another big slaughterhouse set
to open later this year, the in-
dustry has been aiming to sell
more to China, not less.
.
“With the trade negotiations,
ly
a lot of unknowns with our fu-
ture demand is clearly not a
positive to the pork market at
this stage,” said Jason Roose,
vice president of U.S. Commodi-
ties Inc., a livestock and grain
advisory firm in Des Moines.
China’s growing preference
for South American crops could
be a wash for U.S. grain traders.
Ed Breen, chief executive of
crop-seed supplier DowDuPont
Inc., said Thursday that if China
steps back from U.S. soybean
purchases, growing markets like
Mexico, Indonesia, Vietnam and
Turkey would fill the void.
mom-and-pop retailers and
brands. Marks & Spencer,
Zara, H&M and others global
brands have set up physical
shops. IKEA says it will open
in India soon. These retailers
are allowed in because they
only sell their own products.
Foreign-owned companies
aren’t allowed to sell others’
brands.
Online retail, however, pro-
vides an opening. Amazon gets
around restrictions by acting
as a marketplace only. Its web-
site sells third-party products.
Amazon is now the second-
largest Indian e-commerce
company after Flipkart by
sales, kicking Snapdeal off
that perch, according to some
analysts. Softbank, an investor
in both Flipkart and Snapdeal,
had pushed the two home-
grown firms to merge last
year without success.
A Walmart investment in
Flipkart would show “further
consolidation of the forces
against Amazon,” said Satish
Meena, an analyst at Forrester.
Flipkart last year raised $1.4
billion from Microsoft, eBay
Inc. and Tencent. In August it
raised about $2.5 billion from
SoftBank.
Online retail in India is
small compared with other
markets like China and the
U.S., but it is expected to grow
quickly as shoppers become
more comfortable paying on-
line. Online retail in India was
worth about $20 billion last
year but should rise to $35 bil-
lion by 2019, according to For-
rester.
“It makes sense for both
Flipkart and Walmart,” Mr.
Meena said of a potential deal.
Flipkart would benefit from
Walmart’s experience in brick-
and-mortar retail.
—Newley Purnell
contributed to this article.
Online retail gross merchandise
volume, 2017
Amazon Flipkart
$2,062
32% 39%
India
$20
billion
Others
29%
THE WALL STREET JOURNAL.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
CBS, Rose
Face Suit
By Women
BY JOE FLINT
CBS News and its former
morning-show anchor Charlie
Rose were sued Friday by
three women who allege they
were sexually harassed by Mr.
Rose and the network was
aware of his behavior and re-
fused to act.
The suit, filed in New York
State Supreme Court, is the
first legal action against Mr.
Rose and CBS News, a unit of
CBS Corp., in the wake of his
firing as anchor of “CBS This
Morning” in November after
the Washington Post reported
several allegations of sexual
harassment by him.
Two of the plaintiffs—Kath-
erine Brooks Harris and Yuq-
ing (Chelsea) Wei—were CBS
employees who worked for Mr.
Rose at the network. The
third, Sydney McNeal, is de-
scribed in the suit as an exec-
utive assistant to Mr. Rose.
Ms. Harris also worked for
him at his show on PBS.
All three, who were de-
scribed in the lawsuit as junior
employees in their 20s, accuse
Mr. Rose of inappropriate sex-
ual touching and remarks,
which they say were unwel-
come and created a hostile
work environment.
In the lawsuit, Ms. Wei said
she told an executive—morn-
ing-show producer Ryan
Kadro—the network might
“have a lawsuit on your
hands” because of the un-
wanted attention by Mr. Rose.
A CBS News spokeswoman
said, “We will vigorously de-
fend against the allegations
pertaining to CBS News and
Mr. Kadro.”
Mr. Kadro said Ms. Wei
didn’t tell him “about inappro-
priate behavior by Charlie
Rose towards Ms. Harris at
any time.” He also said he
didn’t believe Ms. Wei used
the word “lawsuit.”
Mr. Rose’s attorney, Bob Bo-
dian, said the claims in the
lawsuit are without merit.
Newell Chief Rebuts Critique
BY SHARON TERLEP
AND CARA LOMBARDO
Newell Brands Inc. boss
Michael Polk wants to make
one thing clear: He isn’t a CEO
who gets chauffeured.
Before launching into a
point-by-point rebuttal of crit-
icisms levied by activist inves-
tors against the maker of
Sharpie markers and Elmer’s
glue, Mr. Polk hit back against
their assertion that Newell ex-
ecutives waste money by using
hired drivers.
“No, I don’t use a driver,”
he said in a call Friday with
analysts to review the com-
pany’s latest quarterly results.
“I drive myself to work every
no
day, same as I did every day
for the five years I worked in
Atlanta, same as my dad did
Extradition Unlikely in VW Case
BY WILLIAM BOSTON
BERLIN—The U.S. Justice
Department’s indictment of
Martin Winterkorn, Volks-
wagen AG’s former chief exec-
utive, on conspiracy charges is
one of the highest-profile cor-
porate prosecutions in de-
cades.
U.S. environmental officials
disclosed in 2015 that the Ger-
man car maker had engaged in
widespread fraud aimed at
concealing the toxicity of
emissions from the diesel en-
gines equipping millions of its
vehicles. Having since tried
and sentenced two former
Volkswagen employees, U.S.
authorities now have their
sights on Mr. Winterkorn and
five more former executives,
arguing that the conspiracy
wasn’t the work of underlings
gone rogue but reached right
to the top.
The indictment, unveiled
Thursday, threatens a man
who was once Germany’s best-
paid executive with up to 25
years in jail and $275,000 in
fines. But in Germany, Mr.
Winterkorn’s birthplace and
current residence, the re-
sponse to the news has been
muted.
The German government
had little to say beyond the
* * * * * * * *
Redstone Drops Demand for CEO
BY KEACH HAGEY
AND JOE FLINT
Shari Redstone is offering a
concession to break a logjam
in the merger negotiations of
CBS Corp. and Viacom Inc.,
the media companies her fam-
ily controls, but initial indica-
tions are that it won’t be
enough to get the deal across
the finish line.
Ms. Redstone has dropped
her demands that Viacom
Chief Executive Bob Bakish
have a top management role at
Investor Urges United Technologies Breakup
BY THOMAS GRYTA
Activist investor Third
Point LLC detailed its case for
breaking up industrial con-
glomerate United Technolo-
gies Corp., and said it has
shared its views with the com-
pany’s board.
The Farmington, Conn.,
company is already planning a
portfolio review that will ex-
amine a split, a process it ex-
pects to complete by year-end.
The idea of a breakup gath-
ered momentum around Sep-
tember when United Technolo-
gies agreed to buy Rockwell
Collins for $23 billion.
United Technologies owns
one of the world’s biggest jet-
engine makers, Pratt & Whit-
ney, along with Otis elevators
and Carrier air conditioners,
and the conglomerate and
Third Point are talking in simi-
lar terms about a possible
breakup.
In separating, Rockwell
us l,
would merge with UTC’s avia-
tion-services division and
al a
e
Pratt & Whitney engines divi-
sion to form a large aviation
company, while both the Cli-
ci on
mate, Controls & Security divi-
sion and Otis elevators busi-
ness would become separate
companies.
“To reverse its years of un-
er rs
derperformance and realize
the full potential of its fran-
chise assets, we believe UTC
m e
m rp
for 38 years at the company
he worked for, same as I
would expect my kids to do for
co Fo
the rest of their lives.”
The comments came as part
of Mr. Polk’s response to a 172-
slide presentation released
Tuesday by activist fund Star-
board Management LP. Star-
board recently agreed to call
off a proxy fight with Newell
in exchange for being able to
name three directors to the
company’s board.
The activist accused Newell
of wasteful spending, running
scattered and inefficient oper-
n-
ations and maintaining a
bloated corporate culture that
slows decision making.
Mr. Polk denied several
Starboard claims. “No, we
don’t have five planes, we
have two,” he said. He also
Martin Winterkorn
matter of extradition. A counterparts.
spokesman for the justice min-
istry said the 70-year-old Ger-
man national wouldn’t be ex-
tradited, making it unlikely
that Mr. Winterkorn would
stand trial unless he volun-
tarily left the country.
“If I were him, I would not
be going to Austria on hiking
vacations or sailing in Swe-
den,” said Klaus Ziehe, a
spokesman for prosecutors in
Braunschweig, who have juris-
diction over the case.
In Hanover, the capital of
Lower Saxony state, which
holds a 20% stake in Volks-
wagen, a state government
spokeswoman declined to
comment “out of respect for
the American justice authori-
ties and the ongoing investiga-
tion in Germany.”
Saturday/Sunday, May 5 - 6, 2018 | B3
BUSINESS NEWS
the combined company and be miliar with CBS’s thinking said was attended by veteran media the daughter of media mogul
considered the successor to
CBS Chief Executive Leslie
Moonves, according to people
a board seat for Mr. Bakish is
a nonstarter and that the two
companies remain far apart on
executive Dick Parsons, who
was recently tapped for the
CBS board, the people said.
Sumner Redstone.
One person familiar with
the meeting said Ms. Red-
familiar with the matter. a deal. For weeks, Ms. Red- Reuters previously reported stone’s overall position has re-
She would now accept hav- stone and Mr. Moonves have the meeting. CBS shares, mained consistent. “The NAI
ing Mr. Bakish serve on the been at an impasse over the which were up following an position was that Bob had to
board of the combined com- leadership issue. CBS has put earnings report Thursday, rose have a meaningful position at
pany and is willing to delay forward a proposal that would further and closed up 9%. Via- the company,” the person said.
selecting a successor to the set up Mr. Moonves’s longtime com shares were up 3%, with Ms. Redstone has agreed to
68-year-old Mr. Moonves for right-hand man, CBS Chief Op- most of the move before the table the decision about who
now, the people said. erating Officer Joe Ianniello, news. will succeed Mr. Moonves for
CBS, which rejected the as his successor. Ms. Redstone is president now, leaving that decision up
idea of putting Mr. Bakish in Ms. Redstone made the lat- of National Amusements Inc., to the board of the combined
management, also is sour on est offer to Mr. Moonves at a which overwhelmingly con- company, the people familiar
the latest offer. A person fa- meeting this past week that trols CBS and Viacom. She is with the matter said.
Collins deal closes over the
summer.
United Technologies,
formed in 1934, has a market
value of $94 billion. Its stock
is down 6.3% this year and
1.2% in the past 12 months.
Third Point bought an un-
disclosed stake in the fourth
quarter, joining fellow activist
William Ackman’s Pershing
Square Capital Management
LP.
In its Friday letter, Third
Point contended that some of
the estimates made by Mr.
Hayes around breakup costs
are too high, “showing a lack
of precision that belies a seri-
BRENT LEWIN/BLOOMBERG NEWS
ous approach to considering
.
how best to create shareholder
ly
value.”
“Third Point did not invest
in UTC for what it is today but
on for what it could become. We
intend to work constructively
with the company to see the
Pratt & Whitney engines, Otis elevators and Carrier air conditioners are part of the conglomerate. portfolio review conclude suc-
cessfully,” Third Point said.
should split into three fo- ter, the company is always United Technologies CEO United Technologies had
cused, stand-alone busi- open to the input of share- Greg Hayes has openly ad- planned to evaluate a breakup
nesses,” Daniel Loeb’s Third holders,” the company said. It dressed the idea of a breakup plan in a couple of years be-
Point said in a letter to inves- noted that some of Third and highlighted some of the cause it needed cash to pay
tors Friday. Point’s points have been dis- factors around the decision. down debt from the Rockwell
The firm sent a more de- cussed publicly. “While it is In March, he described po- deal.
tailed letter to the board, con- our policy not to comment on tential one-time costs of $2 The new federal tax law al-
tinuing a trend of activists specific discussions with indi- billion to $3 billion for divid- lowed the company to bring
pushing for change at large vidual investors, we are com- ing into three units and said home overseas cash and pay
conglomerates. mitted to maintaining con- such a process would take 18 down debt more quickly,
“While UTC disagrees with structive dialogue with to 24 months. which meant it could move up
several of the assertions con- shareowners representing all The portfolio review is set the planned review to this
tained in the Third Point let- points of view.” to begin after the Rockwell summer when the deal closes.
said Newell doesn’t overspend
on human resources and legal
services and doesn’t have five
DEFY
Your Age.
separate headquarters; nor
does its e-commerce team
have the freedom to set pric-
ing without input from other
business units.
The dynamic with Star-
board is unusual in that it puts
the veteran chief executive in
public disagreement with a
major investor shortly after
agreeing to let the investor
nominate directors. Newell has
revamped its board, agreeing
to replace nine of 12 directors.
“Are we now at a detente?”
SunTrust analyst Bill Chappell
asked on Friday’s call.
Starboard, which earlier
this year had called for Mr.
Polk’s ouster, wasn’t available
to comment.
Wolfgang Porsche, patri-
arch of the family clan that
controls a majority of Volks-
wagen’s voting stock, also re-
MICHAEL SOHN/ASSOCIATED PRESS
mained silent.
Even in the German media,
accounts of the indictment
that dominated headlines ini- Take Control of Your Health.
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spired with others to defraud
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“We are reviewing the alle-
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ate action,” said Steven Molo,
866.251.2319
a New York-based attorney TRYCENEGENICS.COM
representing Mr. Winterkorn
in the U.S.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Saturday/Sunday, May 5 - 6, 2018 * ****** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Musk Defends Use of ‘Bonehead’ China

Tesla CEO criticizes
short sellers, but says
scrutiny as Tesla struggles to
ramp up production of the
new Model 3 and analysts
he should have
answered questions
question whether he will need
to raise additional cash to
keep paying for his ambitious
BY TIM HIGGINS
plans.
The company’s negative
free cash flow hit about $1 bil-
Tesla Inc. Chief Executive lion last quarter while Mr.
Elon Musk defended his dis- Musk says Tesla is on track to
missive treatment of Wall be cash-flow positive by the
Street analysts earlier in the second half, in part because it
week, saying they represented cut back on plans for capital
people betting against the Sili- expenditures this year.
con Valley electric-car maker With regard to the inquiry
while also conceding it was about capital expenditures
“foolish” not to answer them. from an analyst at Sanford C.
The response came Bernstein & Co. that the CEO
early Friday in a Twitter post, called a “boring, bonehead”
one day after the Palo Alto, Ca- question, Mr. Musk wrote that
JOE SKIPPER/REUTERS
Will likely be even better for
Model 3, as customer satisfac-
Approves
tion score post delivery is
higher. I worry zero about de-
mand. Just spent all night in
the factory, not the show-
Chipset
room.”
The analysts on Fri-
day didn’t respond to requests
Venture
to comment. On Thursday, the
Bernstein analyst, Toni Sacco- BY YOKO KUBOTA
naghi, responded on CNBC:
“This is a financial analyst BEIJING—China’s antitrust
call—this is not a TED talk,” he regulator has approved Qual-
said. “So when financial ques- comm Inc.’s joint venture
tions are asked, they should be with a unit of China’s state-
addressed.” owned Datang Telecom Tech-
A Twitter follower on Fri- nology Co. to design smart-
day, responding to Mr. Musk’s phone chipsets, people
multiple posts, said he should familiar with the matter said,
have chosen to not call on the a win for the U.S. chip maker

lif., company’s shares dropped it was already answered in his analysts if he knew they repre- amid escalating U.S.-China
almost 6%. The fall followed previously issued letter to sented short sellers. trade friction.
Mr. Musk’s performance shareholders. Mr. Musk, about an hour af- The proposed joint venture
Wednesday on a public, after- A follow-up question by an ter his first message, re- was announced a year ago,
hours conference call with fi- RBC Capital Markets analyst sponded that he agreed and but only this week approved
nancial analysts to discuss about Model 3 reservation- added, “Once they were on the by China’s antitrust regulator,
Tesla’s first-quarter results. Elon Musk said two questions were ‘boring bonehead’ and ‘dry.’ holders converting with or- call, I should have answered the people said.
During the more than one- ders was “absurd” because the their questions live,” he wrote. The venture would be
hour call, Mr. Musk cut off two maintains a YouTube channel, stock on the market & has company has about 500,000 “It was foolish of me to ignore formed between Qualcomm
analysts asking about capital- on topics that dealt largely been for a while,” Mr. Musk reservations, Mr. Musk wrote. them.” Then, he seemed to of- and Datang’s subsidiary Lead-
expenditure plans and reserva- with future ambitions such as posted in Twitter posts start- “It would take 2 years just fer another dig at Tesla’s short core Technology Co., as well
tions for the Model 3 sedan, bringing out a compact sport- ing at 7:17 a.m. EDT. “The 2 to satisfy existing demand sellers: “Oh and uh short burn as Jianguang Asset Manage-
dismissing them as “boring, utility vehicle and driverless questioners I ignored on the even if new sales dropped to of the century comin soon. ment Co. and Wise Road Capi-
bonehead” questions and cars. Q1 call are sell-side analysts 0,” he wrote. “We went Flamethrowers should arrive tal, Qualcomm has said. It
“dry.” He then proceeded to “It’s important to know that who represent a short seller through the same drama on just in time.” would compete with compa-
engage for more than 20 min- Tesla is the most shorted thesis, not investors.” [Model] S & [Model] X and al- Tesla’s shares closed up nies producing processors for
utes with a retail investor who (meaning most bet against) Mr. Musk is facing intense most all confirmed in the end. 3.4% at $294.09 on Friday. low-cost smartphones, includ-
ing China’s Spreadtrum Com-
munications, which is owned

Toyota to Invest in Two Canadian Plants

by Tsinghua Unigroup.
Qualcomm and Chinese an-

.
titrust regulators didn’t im-

ly
mediately respond to requests
BY ADRIENNE ROBERTS for comment. A Datang repre-
sentative declined to com-
Toyota Motor Corp. plans on ment.
to invest $918 million in two The approval came as a
plants in Ontario, Canada. U.S. delegation wrapped up its
The move marks one of the two-day meeting with Chinese
largest investments in Can- officials in Beijing in an at-
us l,

ada’s shrinking auto industry tempt to resolve U.S. claims

in recent years. But it comes over unfair trade practices,
al a
e
amid uncertainty as the many of which focus on the
Trump administration pushes technology sector.
to complete by later this While the approval is wel-
ci on

month the renegotiation of the come news for Qualcomm, the

North American Free Trade San Diego-based company is
Agreement, which could re- still waiting for China’s anti-
write some auto-industry trust regulator to approve its
trade rules. planned $44 billion purchase
er rs

Toyota’s investment will go of Dutch semiconductor com-

to factories that build both pany NXP Semiconductors
gasoline-powered and hybrid NV—a deal widely seen as
versions of the RAV4 compact critical to Qualcomm’s future.
m e

sport-utility vehicle, which Qualcomm and NXP, which

will be fully re-engineered, the originally expected the trans-
person said. action to close last year, re-
m rp

Factory upgrades are cently extended their pur-

scheduled to be completed by chase agreement to July 25 to
MARK KAUZLARICH/BLOOMBERG NEWS

late 2019 and create about 450 give China more time to con-
new jobs. sider the deal and make space
President Donald Trump for China and the U.S. to re-
co Fo

has repeatedly threatened to solve their trade tensions.

withdraw the U.S. from Nafta A spokesman for China’s
unless he gets more favorable Commerce Ministry said last
terms that ultimately would month that a preliminary re-
boost American factory jobs. view of the NXP deal had
U.S. administration officials turned up “related issues that
have proposed tightening the are hard to resolve, making it
treaty’s so-called rules of ori- Toyota’s RAV4 compact sport-utility vehicle was the auto maker’s best-selling vehicle in the U.S. last year, with sales topping 400,000. difficult to eliminate the nega-
gin to require a higher per- tive impact.”
centage of parts to be made in the past 11 announced new as- government of Canada will more than 50,000 units in the The auto maker will move —Yang Jie contributed to
the U.S. to avoid tariffs, sembly plants for the conti- provide a grant of $171 million country last year. some truck production to the this article.
though the U.S. has softened nent between 2011 and 2016, to support Toyota’s invest- Toyota previously built its plant under construction in
some of its demands in recent according to a recent report ment. popular Corolla compact car in Mexico.
talks. by the Center for Automotive The RAV4s built at the On- Canada, but last year an- Toyota is also in the midst
Amazon
n-

Canada has been losing au- Research. tario plants are sold in Canada nounced it would move pro- of a planned $10 billion invest-
tomotive jobs to Mexico over The country, which pro- and shipped to the U.S., where duction to a new plant in ment in the U.S. that it aims to
the past two decades. Mexico
is seen as an attractive place
duces about 20% of vehicles
made in North America, is ex-
they are among Toyota’s top
sellers. The RAV4 was Toyota’s
Guanajuato, Mexico.
Toyota later changed course
spend over the next five years
as it revamps its plants to sup- Counts
no

to produce vehicles and auto pected to significantly in- best-selling vehicle in the U.S. following criticism from Mr. port its new engineering ar-
parts because of its aggressive
development incentives and
the broad reach of Mexico’s
crease car production to more
than five million vehicles by
the end of the decade, the
in 2017, with sales of the vehi-
cle topping 400,000.
The RAV4 is also Toyota’s
Trump and said it would build
the Corolla at a $1.6 billion as-
sembly plant in Alabama with
chitecture. Around the same
time last year the auto maker
announced a $1.3 billion in-
Small U.S.
free trade agreements.
Mexico has captured nine of
group said.
Ontario and the federal
most popular vehicle in Can-
ada, and the company sold
Mazda Motor Corp. that will
be up and running by 2021.
vestment in its Camry sedan
plant in Kentucky. Vendors
BY LAURA STEVENS

Alibaba Expects Torrid Revenue Growth to Continue Amazon.com Inc. said more
than one million small busi-
nesses in the U.S. sell their wares
BY LIZA LIN Barely a month later, Alibaba on its online marketplace, pro-
Great Mall of China also announced it would fully viding the number for the first
Chinese e-commerce giant Alibaba's operating margin fell as acquire Ele.me, a $9.5 billion time amid criticism from some
Alibaba Group Holding Ltd. it spent to expand overseas and online food-delivery and ser- politicians over the company's
said it expected its annual rev- into brick-and-mortar retail. vices platform. business practices and economic
enue to grow 60%, as its core Overall, the company’s oper- impact.
45%
commerce and cloud-comput- ating margin in the recent The Seattle-based retailer has
ing businesses attract more 40 quarter fell to 15% from 25% a previously said that it had more
customers. 35 year earlier. than two million total third-
Alibaba on Friday reported a In response to a question, party sellers world-wide, but
30
fourth-quarter profit of 7.56 Alibaba Vice Chairman Joe Tsai hadn’t given a breakdown in the
billion yuan ($1.21 billion), 25 said trade friction between the U.S. In its release this week, it
AGENCE FRANCE-PRESSE/GETTY IMAGES

down 29% from a year earlier 20 U.S. and China was unlikely to also listed the number of smaller
when it booked gains from the affect the company’s business merchants by state, saying Cali-
sale of assets, including inter- 15 in a significant way, as there fornia had the most with more
net firm MoMo Inc. Excluding 10 would always be other sources than 175,000, followed by New
that one-time effect, the com- 5 for products if imports from York with more than 81,000.
pany said profit rose 37% for the U.S. were curtailed. Amazon said it based its
the quarter, which ended 0 “Obviously a trade war is count on a U.S. Small Business
March 31. Revenue increased FY 2015 ’16 ’17 ’18* not good for anybody,” Mr. Tsai Administration guideline of hav-
61% to 61.93 billion yuan. *Fiscal year ended March 31 said. “In particular, we feel the ing $7.5 million or less in annual
Alibaba’s shares, which on Source: the company trade war will hurt small busi- revenue.
listed on the New York Stock One of the Chinese company’s bookstores in Shanghai. THE WALL STREET JOURNAL. nesses in the U.S., but our Chi- The disclosure comes as the
Exchange, traded up 3.5% on nese consumers will find alter- retail giant and its chief execu-
Friday. still likely exceed 50%, she said. includes mobile browser of affiliates such as Lazada and native ways to bring imports tive, Jeff Bezos, have drawn in-
In a call with analysts, fi- In the recent quarter, reve- UCWeb, video-streaming site Ant Financial Services Group into the country through our creased scrutiny in recent weeks,
nance chief Maggie Wu said nue in Alibaba’s core commerce Youku Tudou and Alibaba Pic- Co. It has also snapped up platform.” including tweets by President
the company’s commerce and unit—which runs China’s two tures Group, recorded revenue stakes in brick-and-mortar re- The company also said it Donald Trump criticizing Ama-
cloud business would drive largest online retail sites, Tao- of 5.27 billion yuan, up 34% tailers, as growth in China’s e- was considering a listing in zon for its impact on traditional
growth for Alibaba in the cur- bao and Tmall—rose 62% to from a year earlier. commerce space slows and China through a China deposi- retailers and tax issues. Ama-
rent fiscal year. 51.29 billion yuan. The Hangzhou-based com- competition intensifies. tary receipt, but added that zon’s rapid growth—it is now the
Stripping out new acquisi- At its cloud-computing busi- pany said it would continue to The company invested there was no fixed timeline for second-largest company by mar-
tions such as food-delivery ness, revenue more than dou- invest in new initiatives, ex- $2 billion in Lazada in March, the step. ket value, behind Apple Inc.—
platform Ele.me and logistics bled to 4.39 billion yuan. tending its buying streak of the doubling down on the $2 bil- also has made it a target for peo-
arm Cainiao Network Technol- Alibaba’s digital-media and past few years. This year, Ali- lion it already put into the  Heard on the Street: Alibaba to ple worried about the technology
ogy Co., revenue growth will entertainment division, which baba has increased its control Southeast Asia shopping site. put patience to the test.... B12 industry’s outsize clout.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
TAX REPORT | By Laura Saunders
Repeal of Fee Deduction to Pressure Investors
Now is the
time to refo-
cus on how
you pay your
investment
fees.
In a little-noticed move,
the recent tax overhaul re-
pealed a deduction for in-
vestment-advisory fees that
effectively will raise these
fees for millions of investors.
Before the overhaul, fees
paid for investment advice
could be deductible as “mis-
cellaneous” expenses on
Schedule A of the tax return.
Now, they aren’t deductible
at all.
The repeal of the deduc-
tion affects many investors
who pay fees for advice
based on a percentage of
their assets, including many
with tax-efficient separately
managed accounts.
It also puts pressure on
investors in hedge funds and
other funds organized as
partnerships, says Robert
Gordon, a tax strategist who
heads Twenty-First Securi-
ties. That is because they
typically owe tax on profits
before hefty fees are de-
AmTrust Affirms
SEC Investigation
BY MICHAEL RAPOPORT
AmTrust Financial Ser-
vices Inc. disclosed it has been
under investigation by the Se-
curities and Exchange Com-
mission for nearly five years
over its accounting practices
and other matters.
In a proxy filing Friday with
the SEC, the New York insurer
said that since June 2013, it
“has been responding to an in-
vestigation by the SEC, which
in its course has included” a
review of its accounting for its
loss and loss-adjustment re-
serve estimates for major
business lines and segments,
its investment in life settle-
ment contracts, and its acqui-
sition of captive insurance
companies in Luxembourg.
The company described the
SEC inquiry as ongoing and
2013
Insurer has been under probe
since June of that year
said it has cooperated with the
probe.
AmTrust said it can’t pre-
dict when or how the inquiry
will end or whether it could
have a material impact on the
company.
no
The Wall Street Journal re-
ported in April 2017 that
AmTrust’s accounting has
been the subject of an SEC in-
vestigation, and AmTrust and
the SEC previously had dis-
cussed some of the accounting
matters in back-and-forth
comment letters that have
been made public. But the
company hadn’t publicly dis-
closed the SEC probe be-
fore Friday.
The Journal’s reporting of
the SEC probe a year ago came
FUND
Continued from page B1
everything from online shop-
ping purchases to movie tick-
ets and utility bills and who
want to earn returns from
their idle funds. The fund’s
early popularity was a product
of long-suppressed bank inter-
est rates in China, but in re-
cent years as deposit rates
have been liberalized to some
extent, it has become a conve-
nient vehicle for people to
park their money.
The fund’s large size, how-
ever, has drawn scrutiny from
regulators who have labeled it
as systemically significant.
The fund has drawn a flood of
money by offering generous
yields, which were recently
3.96% on an annualized basis,
well above interest rates on
bank deposits. Like other Chi-
nese money-market funds, it
invests primarily in certifi-
cates of deposit issued by Chi-
* * * *
ducted, while investors in
mutual funds and exchange-
traded funds are taxed on
profits after fees.
To be sure, there were
hitches to getting the tax
break. One was that ex-
penses were deductible only
to the extent that they—to-
gether with a grab bag of
other write-offs—exceeded
2% of a filer’s income.
For example, say that two
retirees had income of
$150,000, savings of $3 mil-
lion, and an adviser’s fee of
1% that they paid with funds
outside their tax-sheltered
retirement accounts.
In 2017, they could deduct
$27,000 of the $30,000 fee
because of the 2% threshold.
For 2018, they will get no
deduction.
Another hitch limited or
disallowed this deduction for
filers who owed alternative
minimum tax. As a result,
says Tim Steffen, a tax spe-
cialist with Robert W. Baird
& Co., investors who were
high earners or owed AMT
often didn’t benefit from the
write-off.
Still, many investors will
on
in the wake of an assortment
of problems for AmTrust, in-
cluding a restatement of three
us l,
years of earnings in early 2017
and a delayed filing of the
al a
e
company’s annual report.
AmTrust has denied any
wrongdoing and at the time
ci on
said short sellers, investors
who benefit from a stock’s de-
cline, had spread false infor-
mation about the company.
An AmTrust spokeswoman
er rs
on Friday said that many com-
panies receive inquiries from
SEC staff, and that in the past,
“We carefully reviewed the
m e
matter and determined that it
was not material and that dis-
closure was not required.” The
m rp
company now believes it is
“appropriate to voluntarily
disclose the matter in the
proxy” filed Friday, she said.
The disclosure comes a
co Fo
month before AmTrust share-
holders are scheduled to
vote June 4 on a $2.7 billion
deal that would take the com-
pany private, by selling itself
to Chairman and Chief Execu-
tive Barry Zyskind, AmTrust’s
controlling Karfunkel family
and private-equity firm Stone
Point Capital LLC. Mr. Zyskind
said in March that becoming a
private company would enable
AmTrust “to focus on long-
term decisions, without the
n-
emphasis on short-term re-
sults.”
The going-private deal
would pay AmTrust sharehold-
ers $13.50 a share. On Friday,
AmTrust’s shares fell less than
0.1%, to $13.04.
Since last year, AmTrust
has taken a number of steps to
shore up its finances and
boost investor confidence, in-
cluding naming a new finance
chief, securing an additional
$300 million investment by
the Karfunkel family and
reaching a reinsurance agree-
ment that provided AmTrust
with additional coverage of re-
serves.
Alipay users typically park idle cash in the money-market fund.
nese banks, short-term gov-
ernment securities and
commercial paper.
Under pressure from Chi-
nese authorities, Tianhong As-
set Management, which over-
sees the Yu’e Bao fund’s
WEEKEND INVESTOR
Under Advisement
Assets in fee-based accounts
as a percentage of total
investment assets
40%
38
36
34
32
30
2010 ’11 ’12 ’13 ’14 ’15
Source: Aite Group
THE WALL STREET JOURNAL.
feel its loss.
In recent years, brokerage
firms and registered invest-
ment advisers have nudged
clients toward fee-based ac-
counts rather than commis-
sion-based accounts. From
2010 to 2016, the percentage
of total investment assets in
such accounts climbed to
nearly 39% from just more
than 30%.
The dollars in them have
nearly doubled during the
INVEST
Continued from page B1
least $50 million in clients’
assets, often much more.
Typically, one to three dozen
advisers, and about the same
number of fund managers,
attend.
“Both sides are guaran-
teed to meet with the people
that you’ve been trying to
get to know,” says Stephanie
Patti, chief executive of
Global Trend Events, which
organizes two conferences a
year, including the Marina
del Rey meeting. “The advis-
ers, it could take them a year
or more to meet with 16
fund managers, and they
leave with a whole notebook
full of ideas. The fund man-
agers, they get to build long-
term relationships and get to
know the advisers.”
It doesn’t hurt that these
meetings are a free way to
visit swanky destinations.
“There’s always some advis-
investments, has taken multi-
ple steps over the past year to
slow its growth and limit in-
flows. Ant’s latest plan to offer
other money-market fund op-
tions to Alipay customers indi-
cates that money continues to
period, to $7.9 trillion from
$4.1 trillion, according to the
latest data from Aite Group.
Many investors affected
by the recent tax change
have accounts with fees
based on a percentage of as-
sets. Typical fees range from
0.6% to 2% annually, with
many paying 1% to 1.5% on
accounts of less than $1.5
million, according to Cerulli
Associates. The fee is often
in addition to those for indi-
vidual holdings, such as mu-
tual funds or exchange-
traded funds.
’16 With more investors own-
ing fee-based accounts, what
is there to do? Here are a
few steps.
 Know your fees: A 2017
survey by Cerulli found that
more than 40% of investors
didn’t know what they paid
for advice or else thought it
was free.
A good place to look for
information is past 1099 tax
forms for investment ac-
counts that summarize in-
come such as capital gains
and dividends. Firms often
listed advisory fees that
were deductible on this
ers that are more interested
in getting a trip rather than
getting work done,” says Tim
Manko, an event manager at
Wealth Investment Exchange,
which just ran one conference
in Carlsbad, Calif., and has
another coming up in Boca
Raton, Fla., in October. “That
goes with the territory.”
Such mooching is rare, he
says. “If you weren’t exactly
attentive, we might not in-
vite you back.”
Neil Greene, who runs the
Mexico City conference, says,
“Nobody strong-arms any ad-
viser to do business. Maybe
you just walk away with edu-
cational value that you bring
back to your practice.”
The organizers of these
conferences pay for all the
advisers’ costs with sponsor-
ship fees from the fund com-
panies and other financial
firms. In addition, many fund
managers directly host ad-
visers, all expenses paid, at
their headquarters or at
tourist destinations.
Could a free trip to a posh
Overflowing Treasure
Assets under management at
Yu'e Bao, whose name means
‘leftover treasure,’ have swelled
over the past year.
$300 billion
250
200
150
SHIHO FUKADA/BLOOMBERG NEWS
100
50
0
2014 ’15 ’16 ’17
Source: Tianhong Asset Management
THE WALL STREET JOURNAL.
flow in. Yu’e Bao’s assets in-
creased 6.9% in the first quar-
ter of 2018, according to the
company.
Ant said individuals can in-
vest in two money-market
funds managed by Bosera As-
Saturday/Sunday, May 5 - 6, 2018 | B5
form, although the IRS
doesn’t require it. These fees
also often are disclosed on
monthly, quarterly or annual
statements. If they aren’t,
ask why.
Also check out fees that
aren’t for advice, such as
those for the investment
management of mutual funds
or ETFs.
 Be aware of tax nu-
ances: There are many. Until
2018, advisory fees could be
deductible, but not if paid
with assets in an individual
retirement account.
Commissions to buy in-
vestments in taxable ac-
counts aren’t tax deductible.
But they do reduce taxes by
raising the investor’s “cost
basis,” the starting point for
measuring taxable gain when
an investment is sold.
Interest on money bor-
rowed to make an invest-
ment has been and remains
deductible, up to the amount
of investment income.
 Gauge the fees’ effects:
Fees typically are quoted as
a percent of assets, which
can make them seem smaller.
Instead, think of them as a
.
ly
resort make an adviser more
inclined to favor the hosting
funds, even if they aren’t the
best match for every client?
“Humans are prone to re-
ciprocate,” says George Loew-
enstein, a behavioral econo-
mist at Carnegie Mellon
University who studies con-
flicts of interest. “When
someone does something nice
for you, you feel the need to
do something nice in return.”
“Receiving a benefit can
give the adviser an incentive
to make a certain recommen-
dation,” says Brian Ham-
burger, president of Market-
Counsel, a firm in Englewood,
N.J., that helps financial ad-
visers comply with regula-
tions. “And that can present a
conflict of interest.”
So, he says, advisers
should disclose their atten-
dance at such meetings to
their clients.
Advisers aren’t likely to fa-
vor a firm just because it
presents at a fancy resort,
says Ms. Patti of Global Trend
Events. “If they aren’t inter-
set Management Co. and
Zhong Ou Asset Management
Co., two relatively well-known
Chinese fund managers that
aren’t affiliated with it. Bos-
era’s fund was set up in 2004,
has $496 million in assets and
a seven-day annualized yield
of 4%. Zhong Ou’s fund, which
has been around since 2015,
has $765 million under man-
agement and a seven-day an-
nualized yield of 4.45%. There
will be no limits on what indi-
viduals can invest in the two
funds.
The Yu’e Bao fund will con-
tinue to impose daily and ag-
gregate investment limits, said
Le Shen, a spokesman for Ant.
’18 In essence, Ant is joining
with companies that are rivals
to its Tianhong unit. “The ad-
dition of these new money-
market funds to Yu’e Bao is in
line with Ant Financial’s com-
mitment to using technology
to make financial services
more inclusive, and to working
closely with traditional finan-
cial institutions,” said Guom-
percent of annual return. If
an investor’s annual fees are
2% of assets, that is one-
third of an annual return of
6%. Ask your adviser if re-
ported returns are before or
after fees.
 Consider your op-
tions: If you got a deduction
for fees in the past, see what
losing it means to you. Advi-
sory fees often are negotia-
ble.
If your fees are high and
eroding your returns, inves-
tigate switching to lower
cost investments or look for
investment vehicles that are
more tax efficient.
If you have a traditional
individual retirement ac-
count, consider whether to
pay for advice using assets
inside or outside the ac-
count.
As you can’t take a deduc-
tion, it could make sense to
pay the IRA’s advisory fees
from inside the account us-
ing pretax dollars, but you’ll
also give up tax-deferred
growth on those dollars. The
right answer differs from
case to case, Mr. Steffen
says.
CHRISTOPHE VORLET
ested in any of the firms that
are attending, they probably
wouldn’t want to come at all.”
“If you’re an adviser, you’d
still be going out to dinner
with these people anyway”
even if you didn’t attend
such a conference, says Mr.
Manko of Wealth Investment
Exchange.
Still, these meetings are a
reminder that in the finan-
cial industry, the potential
for conflicts is as pervasive
as oxygen.
A spokesman for the
American Medical Associa-
tion says it “would not be ac-
ceptable” for a physician to
accept an educational trip
paid for by a drug manufac-
turer. According to the code
of ethics of PhRMA, the trade
association for pharmaceuti-
cal companies, its members
should not provide entertain-
ment or leisure, such as va-
cation trips, to doctors and
other medical professionals.
The financial industry
should adhere to the same
standard.
ing Zu, vice president of Ant
Financial’s Wealth Manage-
ment Business Group.
Diverting investor money
into alternative funds will help
“reduce concentration risks”
at the Tianhong Yu’e Bao fund,
said George Xu, an analyst at
Moody’s Investors Service,
adding it would limit potential
liquidity risk to China’s finan-
cial system. Regulators worry
about the possibility of large-
scale investor withdrawals
from the money-market fund,
which could have trouble re-
turning money if it can’t easily
cash out of illiquid assets it
holds. Still, Mr. Xu said it isn’t
a given that investors will
choose the other funds over
Ant’s own offering.
Assets in China’s money-
market funds have swelled in
recent years, led by Yu’e Bao’s
expansion, but in March they
dipped slightly to $1.15 trillion
at month’s end from $1.23 tril-
lion at the end of February, ac-
cording to the Asset Manage-
ment Association of China.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 5 - 6, 2018 | B7

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago
A look at how selected global stock indexes, bond ETFs, currencies and
24262.51 Trailing P/E ratio 23.96 20.51 2663.42 Trailing P/E ratio * 23.49 23.76 7209.62 Trailing P/E ratio * 25.06 26.09
commodities performed around the world for the week.
s 332.36 P/E estimate * 16.02 17.78 s 33.69 P/E estimate * 16.82 18.44 s 121.47 P/E estimate * 19.96 20.97
Dividend yield Dividend yield Stock Currency, Commodity, ETF
or 1.39%
2.19 2.32
or 1.28%
1.95 1.97 or 1.71% Dividend yield 1.04 1.08
Index vs U.S. dollar traded in U.S*
All-time high:
All-time high Current divisor All-time high Wheat 6.46%
7588.32, 03/12/18
26616.71, 01/26/18 0.14523396877348 2872.87, 01/26/18
S&P 500 Information Tech 3.21
Nymex Crude 2.38
25800 2800 7500
Corn 2.37
65-day moving average 65-day moving average DAX 1.90
65-day moving average
25000 2750 7300 S&P/ASX 200 1.84
IBEX 35 1.80
24200 2700 7100 FTSE MIB 1.70
Nasdaq 100 1.69
6900 Lean Hogs 1.48
Session high 23400 2650
DOWN UP S&P GSCI GFI 1.33
Nasdaq Composite
t

Session open Close 1.26

22600 2600 6700
Close Open WSJ Dollar Index 1.00
t

S&P 500 Real Estate 0.96

Session low 21800 2550 6500
Euro Stoxx 0.89
Bars measure the point change from session's open FTSE 100 0.87
21000 2500 6300 Comex Copper 0.64
Mar. Apr. Mar. Apr. Mar. Apr. Stoxx Europe 600 0.62
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. Russell 2000 0.60
CAC-40 0.60
S&P/TSX Comp 0.39
Major U.S. Stock-Market Indexes Trading Diary iShNatlMuniBd 0.32
Latest 52-Week % chg Volume, Advancers, Decliners S&P SmallCap 600 0.29
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. Shanghai Composite 0.29
Dow Jones Total volume* 763,664,792 7,444,112 S&P MidCap 400 0.28
Industrial Average 24333.35 23778.87 24262.51 332.36 1.39 26616.71 20606.93 15.5 -1.8 10.3 Adv. volume* 627,777,838 4,537,478 Comex Silver 0.17
Transportation Avg 10427.81 10172.40 10370.23 115.59 1.13 11373.38 8783.74 12.8 -2.3 5.8 Decl. volume* 130,973,151 2,446,358 Nymex ULSD 0.14
Utility Average 707.24 700.58 704.38 3.44 0.49 774.47 647.90 0.2 -2.6 5.8 Issues traded 3,073 324
iSh 20+ Treasury 0.08
Advances 2,239 190
Total Stock Market 27728.35 27151.53 27645.16 349.85 1.28 29630.47 24391.29 11.2 -0.1 7.8 S&P 500 Materials 0.06
Declines 746 108
Barron's 400 717.15 701.80 714.45 8.74 1.24 757.37 624.99 11.4 0.5 7.5 iSh 7-10 Treasury 0.05
Unchanged 88 26
New highs 76 6
Nikkei 225 0.02
Nasdaq Stock Market
New lows 65 10 VangdTotIntlBd 0.02
Nasdaq Composite 7228.26 7057.89 7209.62 121.47 1.71 7588.32 6011.24 18.2 4.4 12.8
Closing tick 28 43 S&P 500 Energy 0.01
Nasdaq 100 6783.36 6612.39 6769.12 125.64 1.89 7131.12 5580.55 19.9 5.8 14.7
Closing Arms† 0.65 1.17 -0.06 Japan yen
S&P Block trades* 6,092 86 -0.07 S&P 500 Consumer Discr
500 Index 2670.93 2615.32 2663.42 33.69 1.28 2872.87 2357.03 11.0 -0.4 8.0 Nasdaq NYSE Arca -0.13 iSh 1-3 Treasury
MidCap 400 1905.17 1863.40 1897.45 24.89 1.33 1995.23 1691.67 9.1 -0.2 7.7 Total volume*2,013,025,144 215,492,486 -0.14 Canada dollar
SmallCap 600 963.84 942.42 958.92 11.84 1.25 979.57 817.25 13.0 2.4 10.6 Adv. volume*1,596,374,704 166,589,609 -0.16 S&P BSE Sensex
Decl. volume* 391,402,497 40,412,112 -0.16 VangdTotalBd

.
Other Indexes Issues traded 2,962 1,325 -0.20 Dow Jones Industrial Average
Russell 2000 1572.77 1540.37 1565.60 19.05 1.23 1610.71 1355.89 12.1 2.0 8.3

ly
Advances 2,068 1,013 -0.24 S&P 500
NYSE Composite 12527.93 12310.90 12493.35 100.85 0.81 13637.02 11423.53 7.6 -2.5 3.8 Declines 764 291 -0.30 Indian Rupee
Value Line 553.91 543.17 551.97 6.39 1.17 589.69 503.24 5.3 -1.8 2.4 Unchanged 130 21 -0.37 iSh TIPS Bond
NYSE Arca Biotech 4507.33 4422.99 4483.12 59.78 1.35
on 4939.86 3507.64 22.8 6.2 4.7 New highs 93 24 -0.40 iShiBoxx$HYCp
New lows 50 33
NYSE Arca Pharma 519.86 512.07 518.57 2.11 0.41 593.12 514.66 0.1 -4.8 -3.9 -0.42 S&P 500 Utilities
Closing tick 430 34
KBW Bank 107.18 104.21 106.50 1.05 0.99 116.52 88.87 15.0 -0.2 12.4 -0.46 Chinese Yuan
Closing Arms† 0.66 0.95
PHLX§ Gold/Silver 82.57 81.85 82.40 0.02 0.03 93.26 76.42 2.6 -3.4 3.9 Block trades* 7,861 1,087
-0.54 Indonesian Rupiah
us l,

PHLX§ Oil Service 156.88 152.92 155.91 2.16 1.41 165.78 117.79 2.8 4.3 -11.0 * Primary market NYSE, NYSE American NYSE Arca only.
-0.54 Australian dollar
PHLX§ Semiconductor 1297.81 1253.58 1296.73 29.29 2.31 1445.90 1007.16 28.3 3.5 22.6 †(TRIN) A comparison of the number of advancing and declining -0.56 iShiBoxx$InvGrdCp
issues with the volume of shares rising and falling. An -0.58 Comex Gold
al a

Cboe Volatility 16.92 10.91 14.77 -1.13 -7.11 37.32 9.14 39.7 33.8 4.8
e
Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX
-0.58 South Korean Won
Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.
-0.61 Nymex Rbob Gasoline
ci on

-0.87 Russian Ruble

-1.15 Norwegian Krone
International Stock Indexes Percentage Gainers... -1.17 Hang Seng
Latest YTD Latest Session 52-Week -1.22 Swiss Franc
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg
-1.24 Kospi Composite
er rs

World The Global Dow 3044.54 24.50 0.81 –1.4 Biostar Pharmaceuticals BSPM 2.87 0.65 29.28 5.97 1.18 81.6
-1.36 S&P 500 Industrials
DJ Global Index 394.52 0.78 –0.7 Commercial Vehicle Group CVGI 8.75 1.96 28.87 13.90 5.55 4.9
3.04 -1.38 Euro area euro
0.27 –1.1
Mexco Energy MXC 5.47 1.16 27.02 7.18 3.00 47.2
DJ Global ex U.S. 263.74 0.72 -1.68 iShJPMUSEmgBd
Carbon Black CBLK 23.94 4.94 26.00 ... ... ...
Americas DJ Americas 639.02 7.87 1.25 –0.5 -1.69 S&P 500 Financials Sector
Portola Pharmaceuticals PTLA 42.44 8.66 25.64 67.10 30.10 11.0
m e

Brazil Sao Paulo Bovespa 83118.03 –170.11 –0.20 8.8 -1.70 Dow Jones Transportation Average
Natural Grocers NGVC 8.50 1.60 23.19 10.80 4.79 -14.1
Canada S&P/TSX Comp 15729.40 107.93 0.69 –3.0 -1.70 Soybeans
Atomera ATOM 6.25 1.16 22.79 8.00 2.45 2.7
m rp

Mexico S&P/BMV IPC 46992.17 –101.96 –0.22 –4.8 -1.83 UK pound

Jerash Holdings (US) JRSH 8.59 1.59 22.71 ... ... ...
Chile Santiago IPSA 4204.71 –14.82 –0.35 –0.1 -2.04 S&P 500 Consumer Staples
California Resources CRC 31.58 5.79 22.45 33.96 6.47 153.5
EMEA Stoxx Europe 600 387.03 2.41 0.63 –0.6 Medifast MED 121.46 22.12 22.27 126.60 40.00 160.5 -2.17 Nymex Natural Gas
Eurozone Euro Stoxx 392.72 2.23 0.57 1.9 -2.68 IPC All-Share
Broadvision BVSN 2.55 0.45 21.43 4.50 2.00 -42.0
Belgium Bel-20 3894.60 22.66 0.59 –2.1 -2.79 South African Rand
Pandora Media P 6.89 1.14 19.83 10.83 4.09 -35.5
S&P 500 Health Care
co Fo

Denmark OMX Copenhagen 901.49 –3.02 –0.33 –2.8 -3.04

Shake Shack Cl A SHAK 55.95 8.54 18.01 58.98 30.12 54.7
France CAC 40 5516.05 14.39 0.26 3.8 Super Micro Computer SMCI 21.25 3.20 17.73 27.90 16.10 -12.2 -3.39 Mexico peso
Germany DAX 12819.60 129.45 1.02 –0.8 Solid Biosciences SLDB 18.87 2.77 17.20 33.74 6.83 ... -3.85 Sao Paulo Bovespa
Israel Tel Aviv 1468.91 … Closed –2.7 -4.58 S&P 500 Telecom Svcs
Italy FTSE MIB 24335.02 270.56 1.12 11.4 Percentage Losers *Continuous front-month contracts
Netherlands AEX 555.70 3.97 0.72 2.0 Latest Session 52-Week Sources: SIX Financial Information (stock indexes), Tullett Prebon (currencies), WSJ Market
Company Symbol Close Net chg % chg High Low % chg Data Group (bond ETFs, commodities).
Russia RTS Index 1146.61 18.39 1.63 –0.7
THE WALL STREET JOURNAL
South Africa FTSE/JSE All-Share 57648.87 374.99 0.65 –3.1 Check-Cap CHEK 4.55 -4.26 -48.35 26.16 3.12 -81.7
Spain IBEX 35 10104.10 65.30 0.65 0.6 VivoPower International VVPR 2.64 -1.75 -39.86 6.69 1.02 -34.0 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
Sweden OMX Stockholm 577.89 0.26 1.6 Integrated Media Tech IMTE 20.11 -12.00 -37.37 44.00 1.85 ... and commodities at WSJ.com/TrackTheMarkets
1.52
Switzerland Swiss Market 8903.83 61.54 0.70 –5.1 Universal Electronics UEIC 29.03 -16.43 -36.14 72.50 28.50 -54.8
Turkey BIST 100 102599.22 –309.91 –0.30 –11.0 Euro Tech Holdings CLWT 4.01 -1.74 -30.26 8.45 2.00 27.3
U.K. FTSE 100 7567.14 64.45 0.86 –1.6 Boxlight Cl A BOXL 6.45 -1.88 -22.57 17.40 3.00 ...
0.28 Fluor FLR 45.76 -13.23 -22.43 62.09 37.04 -5.0
Speed Read the Markets
n-

U.K. FTSE 250 20421.88 56.01 –1.5

Basic Energy Services BAS 13.02 -3.46 -21.00 30.00 12.72 -51.5
Asia-Pacific
Aslan Pharmaceuticals ADR ASLN 5.61 -1.42 -20.20 ... ... ...
Australia S&P/ASX 200 6062.90 –35.40 –0.58 –0.04
AMN Healthcare AMN 51.90 -12.85 -19.85 68.20 34.71 36.2
China Shanghai Composite 3091.03 –9.83 –0.32 –6.5 With 30-plus charts and concise analysis,
-17.37 ...
no

Hong Kong Hang Seng 29926.50 –386.87 –1.28 0.02 Newater Technology NEWA 12.80 -2.69 28.20 7.32
Sharing Economy Intl SEII 3.56 -0.74 -17.21 12.40 2.61 7.6
The Daily Shot morning newsletter delivers an
India S&P BSE Sensex 34915.38 –187.76 –0.53 2.5
Closed Adverum Biotechnologies ADVM 5.33 -1.03 -16.14 8.59 2.40 86.8 overview of the trends impacting global markets.
Japan Nikkei Stock Avg 22472.78 … –1.3
Singapore 3545.38 4.2 Performant Financial PFMT 2.66 -0.43 -13.92 3.52 1.52 17.2 Sign up now at WSJ.com/DailyShot
Straits Times –30.30 –0.85
South Korea –0.2
Technical Communications TCCO 4.95 -0.80 -13.91 15.40 2.30 110.6
Kospi 2461.38 –25.87 –1.04 © 2018 Dow Jones & Co., Inc. All rights reserved. 2DJ6399
Taiwan TAIEX 10529.37 15.19 0.14 –1.1
Thailand SET 1779.87 –10.93 –0.61 1.5
Most Active Stocks
Volume % chg from Latest Session 52-Week
Sources: SIX Financial Information; WSJ Market Data Group Company Symbol (000) 65-day avg Close % chg High Low

SPDR S&P 500 SPY 71,141 -38.8 266.02 1.29 286.63 235.43 Currencies
Get real-time U.S. stock quotes and track most-active Neovasc NVCN 62,772 -13.9 0.05 6.02 1.89 0.03

WSJ stocks, new highs/lows and mutual funds. Plus, iShares MSCI Emg MarketsEEM 58,740 -21.8 46.43 0.45 52.08 39.79 U.S.-dollar foreign-exchange rates in late New York trading
deeper money-flows data and email delivery of key US$vs, US$vs,
Alibaba Group Holding ADRBABA 57,450 208.8 188.89 3.53 206.20 114.00
YTDchg YTDchg
Fri Fri
.COM stock-market data. Available free at WSJMarkets.com Bank of America BAC 57,136 -24.2 29.30 0.34 33.05 22.07 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
* Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
Americas Europe
5,000 shares =Has traded fewer than 65 days
Argentina peso .0458 21.8548 17.5 Czech Rep. koruna .04697 21.292 0.1
Brazil real .2834 3.5290 6.5 Denmark krone .1606 6.2277 0.4
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Canada dollar .7784 1.2847 2.2 Euro area euro 1.1963 .8359 0.3

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Chile peso .001607 622.30 1.1 Hungary forint .003812 262.35 1.3
U.S. consumer rates notes and bonds major U.S. trading partners
Ecuador US dollar 1 1 unch Iceland krona .009837 101.66 –1.8
Mexico peso .0519 19.2666 –2.1 Norway krone .1242 8.0545 –1.9
A consumer rate against its Money market accounts Uruguay peso .03451 28.9800 0.6
3.75% Poland zloty .2816 3.5515 2.1
benchmark over the past year 15% Venezuela b. fuerte .00001568915.0001 666270.1
Bankrate.com avg†: 0.41% Russia ruble .01595 62.698 8.7
Euro
s

3.00 Asia-Pacific Sweden krona .1136 8.8012 7.5

Barclays 1.50% 10
Friday Australian dollar .7540 1.3263 3.6 Switzerland franc 1.0000 1.0000 2.6
1.60% Wilmington, DE 888-720-8756
Federal-funds t 2.25 5 China yuan .1572 6.3627 –2.2 Turkey lira .2365 4.2292 11.5
EverBank 1.50% Yen Hong Kong dollar .1274 7.8493 0.5 Ukraine hryvnia .0380 26.3350 –6.4
s

target rate 1.20

t Jacksonville, FL 866-242-1924 1.50 0 India rupee .01497 66.820 4.6 UK pound 1.3532 .7390 –0.1
Indonesia rupiah .0000717 13940 3.4
0.80 MyeBanc,ADivisionofBACFloridaBank 1.50% t 0.75 Middle East/Africa
–5 Japan yen .009164 109.12 –3.2
Money market Coral Gables, FL 855-512-0989 One year ago Bahrain dinar 2.6519 .3771 ...
WSJ Dollar index Kazakhstan tenge .003033 329.66 –0.9
s

account yields 0.40 0.00 –10 Egypt pound .0567 17.6330 –0.8
t Radius Bank 1.50% Macau pataca .1237 8.0865 0.5
Boston, MA 800-242-0272 1 3 6 1 2 3 5 710 30 2017 2018 Malaysia ringgit .2538 3.9405 –3.0 Israel shekel .2768 3.6133 3.8
0.00 month(s) years New Zealand dollar .7018 1.4249 1.1 Kuwait dinar 3.3174 .3014 ...
M J J A S O N D J FMA M Capital One 360 1.60% Oman sul rial 2.5976 .3850 0.01
maturity Pakistan rupee .00864 115.775 4.6
2017 2018 Glen Allen, VA 877-464-0333 Philippines peso .0194 51.672 3.4 Qatar rial .2747 3.641 –0.2
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Singapore dollar .7500 1.3334 –0.3 Saudi Arabia riyal .2666 3.7505 ...
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009310 1074.11 0.7 South Africa rand .0800 12.5000 1.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0063476 157.54 2.6
Close Net Chg % Chg YTD%Chg
Taiwan dollar .03369 29.680 0.04
Federal-funds rate target 1.50-1.75 1.50-1.75 0.75 l 1.50 1.50 Yield (%) 52-Week Total Return (%)
Thailand baht .03149 31.760 –2.5 WSJ Dollar Index 86.16 0.10 0.12 0.21
Bond total return index Close Last Week ago High Low 52-wk 3-yr
Prime rate* 4.75 4.75 4.00 l 4.75 1.50 Vietnam dong .00004392 22769 0.3 Sources: Tullett Prebon, WSJ Market Data Group
Libor, 3-month 2.37 2.36 1.17 l 2.37 2.09 Treasury, Ryan ALM 1425.941 2.811 2.818 2.863 1.818 –1.058 0.445
Money market, annual yield 0.41 0.40 0.25 l 0.41 0.06 10-yr Treasury, Ryan ALM 1664.787 2.946 2.959 3.026 2.058 –2.860 –0.438
Five-year CD, annual yield 1.68 1.67 1.29 l 1.69 0.22 DJ Corporate 368.022 3.902 3.856 3.914 2.879 0.168 2.243 Commodities
30-year mortgage, fixed† 4.55 4.59 3.73 l 4.62 0.65 Aggregate, Barclays Capital 1899.810 3.310 3.290 3.340 2.380 –0.124 1.183
Friday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 4.01 4.03 2.99 l 4.07 0.89 High Yield 100, Merrill Lynch 2846.999 6.044 6.004 6.319 4.948 2.580 3.189
Jumbo mortgages, $424,100-plus† 4.82 4.87 4.21 l 4.96 0.64 DJ Commodity 654.17 2.57 0.39 658.32 532.01 18.71 4.61
Fixed-Rate MBS, Barclays 1955.440 3.440 3.440 3.510 2.660 –0.101 1.035
Five-year adj mortgage (ARM)† 4.58 4.56 3.22 l 4.70 1.30 TR/CC CRB Index 203.25 1.15 0.57 203.25 166.50 14.24 4.84
Muni Master, Merrill 516.918 2.578 2.640 2.653 1.736 1.438 2.072
New-car loan, 48-month 4.25 3.83 2.85 l 4.27 1.34 Crude oil, $ per barrel 69.72 1.29 1.89 69.72 42.53 50.84 15.39
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 n.a. n.a. 6.263 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 2.711 -0.015 -0.55 3.63 2.55 -16.99 -8.20
banks.† Excludes closing costs. Gold, $ per troy oz. 1312.70 2.00 0.15 1362.40 1208.60 7.18 0.49
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
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

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

Metal & Petroleum Futures Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Index Futures Mini Nasdaq 100 (CME)-$20 x index
May 595.50 603.50 s 595.50 600.50 17.00 677 June 6666.5 6788.5 6610.5 6774.8 110.3 228,609
Contract Open Mini DJ Industrial Average (CBT)-$5 x index
Open High hi lo Low Settle Chg interest July 576.50 576.50 576.50 576.50 10.00 5,101 Sept 6692.0 6812.0 6635.0 6798.8 110.5 10,797
June 23904 24280 23721 24228 318 100,404
Copper-High (CMX)-25,000 lbs.; $ per lb. Milk (CME)-200,000 lbs., cents per lb. Mini Russell 2000 (ICE-US)-$100 x index
Sept 23913 24282 23736 24240 317 2,323
May 15.11 15.13 15.08 15.11 –.01 3,918 June 1548.60 1575.10 1537.90 1566.60 15.40 10,092
May 3.0630 3.0805 3.0460 3.0655 0.0065 3,213 S&P 500 Index (CME)-$250 x index
June 15.57 15.59 15.54 15.56 –.03 3,612 Mini Russell 1000 (ICE-US)-$100 x index
July 3.0915 3.1050 3.0530 3.0855 0.0050 132,588 June 2633.40 2669.30 2613.00 2663.10 31.30 79,073
Gold (CMX)-100 troy oz.; $ per troy oz. Cocoa (ICE-US)-10 metric tons; $ per ton. June 1453.00 1477.70 1451.40 1477.30 17.00 59
Sept ... 2673.90 2616.90 2667.50 31.60 16,707
June 1312.80 1316.90 1308.50 1314.70 2.00 318,357 May 2,821 2,822 2,821 2,799 –64 53 U.S. Dollar Index (ICE-US)-$1,000 x index
Mini S&P 500 (CME)-$50 x index
1318.90 1322.70 1314.90 1321.00 2.00 93,060 July 2,841 2,841 2,765 2,777 –64 139,127
Aug June 2631.75 2669.50 2612.25 2663.00 31.25 2,859,232 June 92.27 92.76 s 92.19 92.41 .16 34,772
Oct 1322.50 1328.50 1322.10 1327.30 2.20 9,124 Coffee (ICE-US)-37,500 lbs.; cents per lb. Sept 2637.50 2673.50 2616.50 2667.50 31.50 100,147 Sept 91.83 92.26 s 91.75 91.95 .16 1,512
Dec 1332.00 1334.80 1327.80 1333.70 2.10 61,426 May 122.45 122.45 122.45 120.45 –1.75 144
Mini S&P Midcap 400 (CME)-$100 x index
Feb'19 1336.00 1336.00 1334.30 1340.10 2.20 2,755 July 124.30 124.75 122.20 122.60 –1.75 135,887
June 1877.10 1906.20 1861.30 1897.70 25.40 75,229 Source: SIX Financial Information
Dec 1370.00 1373.60 1370.00 1373.40 2.30 3,670 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Palladium (NYM) - 50 troy oz.; $ per troy oz. June … … s … 11.51 –.18
June 957.25 963.20 952.00 957.25 –1.45 16,732 July 11.74 11.75 11.48 11.51 –.18 516,378
Sept 951.75 958.80 949.00 953.65 –1.40 5,857 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | WSJ.com/bonds
Platinum (NYM)-50 troy oz.; $ per troy oz. July 24.51 24.51 24.51 24.51 –.09 2,861
July
Oct
904.00
908.30
911.70
916.70
898.60
904.70
910.30
915.30
6.30
6.40
75,470
5,357
Sept 25.40 25.40
Cotton (ICE-US)-50,000 lbs.; cents per lb.
25.40 25.19 .03 1,556
Global Government Bonds: Mapping Yields
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 84.90 86.00 84.90 86.35 1.90 13 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
May 16.405 16.440 16.330 16.434 0.072 879 July 84.55 87.06 s 84.02 86.90 2.40 139,741
July 16.455 16.560 16.390 16.519 0.072 141,772 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 160.70 161.60 s 160.70 162.45 2.80 17 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
June 68.61 69.97 s 68.12 69.72 1.29 518,182 July 159.00 164.15 s 156.70 161.90 2.80 10,064 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
July 68.43 69.82 s 67.97 69.58 1.32 293,921
2.375 U.S. 2 2.509 s l 2.476 2.295 1.314
Aug 67.93 69.36 s 67.52 69.16 1.36 172,401
Sept 67.38 68.81 s 67.03 68.62 1.40 243,830 Interest Rate Futures 2.750 10 2.943 t l 2.949 2.807 2.358
Dec 65.76 67.14 s 65.40 67.01 1.39 296,145 4.500 Australia 2 2.034 t l 2.059 2.069 1.721 -41.7 40.8
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% -47.5
Dec'19 59.24 60.59 s 59.19 60.55 1.21 156,743 June 143-160 144-080 143-050 143-210 3.0 843,250
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 2.250 10 2.781 t l 2.820 2.641 2.653 -16.1 -12.9 29.5
Sept 142-200 143-110 142-120 142-270 4.0 9,484
June 2.1180 2.1575 2.1074 2.1540 .0413 138,900 0.000 France 2 -0.485 s l -0.509 -0.499 -0.444 -299.4 -298.5 -175.8
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
July 2.1119 2.1514 2.1020 2.1483 .0411 92,390
June 119-220 119-315 119-180 119-225 .5 3,667,464 0.750 10 0.780 s l 0.756 0.722 0.829 -216.3 -219.3 -152.9
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Sept 119-095 119-205 119-080 119-115 .5 31,938
June 2.0940 2.1238 2.0821 2.1140 .0265 155,304 0.000 Germany 2 -0.578 s l -0.581 -0.595 -0.698 -308.7 -305.7 -201.2
July 2.0935 2.1240 2.0811 2.1156 .0281 92,983
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 113-170 113-232 113-147 113-167 –.2 3,691,288 0.500 10 0.546 s l 0.534 0.503 0.398 -239.6 -241.5 -196.0
2.729 2.742 2.702 2.711 –.015 274,577 Sept 113-085 113-125 113-055 113-075 … 39,223
June
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 0.050 Italy 2 -0.309 s l -0.326 -0.339 -0.120 -281.8 -280.2 -143.4
July 2.761 2.772 2.734 2.741 –.018 204,038
Sept 2.747 2.757 2.720 2.729 –.018 140,181 June 106-015 106-030 106-000 106-002 –1.2 2,033,033 2.000 10 1.797 s l 1.741 1.746 2.255 -114.6 -120.8 -10.4
2.759 2.766 2.730 2.740 –.018 122,269 Sept 105-272 105-280 105-260 105-260 –.7 12,350
Oct 0.100 Japan 2 -0.134 l -0.134 -0.135 -0.201 -264.3 -261.1 -151.5
March'19 2.862 2.862 t 2.835 2.842 –.018 88,118 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
April 2.571 2.572 t 2.551 2.558 –.017 88,786 May 98.298 98.300 98.295 98.298 … 208,780 0.100 10 0.046 l 0.046 0.031 0.020 -289.7 -290.3 -233.8
July 98.070 t 98.060
98.075 98.060 –.010 331,461 1.400 Spain 2 -0.341 s l -0.344 -0.362 -0.292 -282.0 -160.6
-285.0
Agriculture Futures 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
June 93.375 93.531 93.078 93.234 –.016 29,464 1.400 10 1.283 s l 1.252 1.162 1.593 -166.0 -169.7 -76.5
Corn (CBT)-5,000 bu.; cents per bu. 1 Month Libor (CME)-$3,000,000; pts of 100% 2.000 U.K. 2 0.790 s l 0.760 0.851 0.107 -171.6 -120.7
-171.9
May 399.50 400.00 s 397.50 398.75 –.75 3,603 May ... ... ... 98.0625 2,033
July 407.75 408.25 s 405.50 406.25 –1.75 831,054 Eurodollar (CME)-$1,000,000; pts of 100% 4.250 10 1.400 s l 1.393 1.370 1.119 -154.3 -155.7 -123.9
Oats (CBT)-5,000 bu.; cents per bu. May 97.6475 97.6475 97.6275 97.6300 –.0150 377,554 Source: Tullett Prebon
July 236.75 237.50 233.50 235.00 –2.00 4,763 June 97.6300 97.6350 97.6050 97.6100 –.0200 1,701,316
Dec 250.00 251.50 250.00 251.50 .75 822
97.3600 97.3750 97.3350 97.3450 –.0150 2,049,710
Soybeans (CBT)-5,000 bu.; cents per bu.
Dec
Dec'19 97.0350 97.0650 97.0100 97.0200 –.0150 1,957,099
Corporate Debt
May 1038.50 1039.00 1027.00 1027.25 –16.00 2,798
July 1052.75 1052.75 1036.25 1036.75 –16.50 426,677
in that same company’s share price.
Soybean Meal (CBT)-100 tons; $ per ton. Currency Futures Investment-grade spreads that tightened the most…
May 398.40 398.40 391.80 394.40 –4.00 1,807 Spread*, in basis points Stock Performance
Japanese Yen (CME)-¥12,500,000; $ per 100¥
July 398.60 399.00 391.60 393.70 –4.90 260,905 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
May .9169 .9205 .9163 .9169 .0008 232
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
June .9190 .9229 .9175 .9189 .0007 161,941
May 30.35 30.66 30.31 30.56 –.02 1,126 Verizon Communications VZ 2.946 March 15, ’22 34 –30 62 48.19 0.73

.
30.75 30.94 30.52 30.77 –.04 275,264
Canadian Dollar (CME)-CAD 100,000; $ per CAD
July
May .7785 .7785 .7750 .7780 –.0004 162
Santander Holdings USA SOV 3.700 March 28, ’22 92 –27 n.a. ... ...

ly
Rough Rice (CBT)-2,000 cwt.; $ per cwt. JPMorgan Chase JPM 2.550 Oct. 29, ’20 43 –24 66 108.43 1.11
June .7789 .7797 .7748 .7785 –.0004 115,043
May 1267.50 1267.50 1267.50 1268.00 –6.50 9
July 1302.00 1302.00 1292.50 1293.00 –8.50 6,581 British Pound (CME)-£62,500; $ per £ American Express AXP 2.200 Oct. 30, ’20 44 –18 60 98.35 1.25
Wheat (CBT)-5,000 bu.; cents per bu. May 1.3581 t 1.3497
1.3581 1.3547 –.0028 957
Fifth Third Bancorp FITB 4.900 Sept. 30, ’49 158 –17 n.a. 32.63 1.08
May 537.00 537.00 529.50 527.50 –13.00 253 June 1.3596 t 1.3511
1.3610 1.3567 –.0028 188,309
2.500 May 14, ’20 47 –13 61 100.17 –0.11
July 537.25 537.25
Wheat (KC)-5,000 bu.; cents per bu.
May 547.00 547.00
523.50

536.00
526.25 –11.75 244,221

535.75 –11.75 368

June
Sept
1.0060
1.0121
on
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.0069
1.0144
t 1.0011
t 1.0099
1.0028 –.0031
1.0110 –.0032
90,016
153
AbbVie
Chubb INA Holdings
Omnicom
ABBV
CB
OMC
2.300
3.625
Nov. 3, ’20
May 1, ’22
41
77
–10
–10
57
n.a.
…
74.58
…
0.61
July 567.50 567.75 551.75 555.75 –12.00 137,622 Australian Dollar (CME)-AUD 100,000; $ per AUD
Wheat (MPLS)-5,000 bu.; cents per bu. May .7547 .7560 .7496 .7536 .0005 812 …And spreads that widened the most
us l,

May ... 629.75 629.75 629.75 –1.50 10 June .7530 .7561 .7493 .7536 .0005 157,101
July 627.75 629.50 619.75 623.00 –7.00 31,821 July .7547 .7560 .7498 .7537 .0005 562 Mylan NV* MYL 3.950 June 15, ’26 188 28 172 35.98 –0.19
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Aug .7555 .7558 .7504 .7539 .0005 236 Societe Generale S.A. SOCGEN 6.000 Jan. 27, ’49 289 22 n.a. ... ...
al a
e
May 141.000 141.300 140.000 140.400 –.400 6,104 Sept .7555 .7566 .7500 .7542 .0005 1,245 Deutsche Bank AG DB 7.500 April 30, ’49 452 19 453 13.78 1.10
Aug 147.000 147.275 145.800 146.325 –.250 23,145 Dec .7561 .7570 .7526 .7549 .0005 418 HSBC Holdings HSBC 6.000 May 22, ’49 324 11 298 48.98 –1.73
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
ci on

June 107.000 107.100 105.825 106.050 –.475 130,943 June .05211 .05218 .05151 .05170 –.00033 207,441 MetLife MET 3.600 April 10, ’24 82 11 80 46.23 4.50
Aug 105.900 105.950 104.925 105.075 –.450 104,396 Sept .05090 .05145 t .05082 .05098 –.00032 1,338 Telefonica Emisiones SA* TELEFO 4.665 March 6, ’38 178 10 161 ... ...
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € Brighthouse* BHF 3.700 June 22, ’27 220 9 202 49.73 3.47
May 66.550 67.200 66.150 67.075 … 2,684 May 1.1992 1.1996 t 1.1924 1.1970 –.0031 1,993
June 73.575 74.050 72.750 73.525 .025 92,695 Allergan Funding Scs AGN 3.800 March 15, ’25 167 8 145 … …
June 1.2021 1.2031 t 1.1945 1.1999 –.0031 506,924
High-yield issues with the biggest price increases…
er rs

Bond Price as % of face value Stock Performance

Exchange-Traded Portfolios | WSJ.com/ETFresearch Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg

Closing Chg YTD Weatherford International WFT 9.875 Feb. 15, ’24 99.403 2.40 96.500 2.97 0.34
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) EP Energy EPENEG 8.000 Feb. 15, ’25 70.000 2.00 n.a. ... ...
m e

Closing Chg YTD iShRussell1000 IWB 148.21 1.30 –0.3 CONSOL Energy CNSOLM 11.000 Nov. 15, ’25 107.750 1.75 105.500 ... ...
Monday, May 4, 2018 iShRussell1000Val IWD 119.88 1.16 –3.6
Closing Chg YTD ETF Symbol Price (%) (%)
iShRussell2000Gwth IWO 194.10 1.18 4.0
Gibson Brands GIBSON 8.875 Aug. 1, ’18 87.500 1.63 n.a. ... ...
ETF Symbol Price (%) (%) iShSelectDividend DVY 96.49 0.96 –2.1 iShRussell2000 1.25
IWM 155.73 2.1 8.125 June 1, ’23 65.000 1.50 63.000 ... ...
m rp

Intelsat Luxembourg S.A. INTEL

AlerianMLPETF AMLP 10.05 1.11 –6.9 iShEdgeMSCIMinEAFE EFAV 74.01 0.16 1.4 iShRussell2000Val IWN 125.86 1.28 0.1
CnsmrDiscSelSector XLY 104.02 1.31 5.4 iShEdgeMSCIMinUSA USMV 52.02 1.07 –1.4 iShRussell3000 IWV 158.00 1.31 –0.1 B&G Foods BGS 5.250 April 1, ’25 94.250 1.25 91.750 24.95 10.64
iShEdgeMSCIUSAMom MTUM 107.51 1.05 4.2 1.20
CnsStapleSelSector XLP 49.69 1.45 –12.7
iShFloatingRateBd FLOT 50.96 0.04 0.3
iShRussellMid-Cap IWR 207.19 –0.5 Banco Bilbao Vizcaya Argentaria BBVASM 6.125 Nov. 16, ’49 96.450 1.15 96.655 ... ...
EnSelectSectorSPDR XLE 73.85 0.49 2.2 iShRussellMCValue IWS 86.89 1.12 –2.5
FinSelSectorSPDR XLF 27.27 1.30 –2.3
iShGoldTr IAU 12.62 0.24 0.9 iShS&PMC400Growth IJK 219.28 1.33 1.6 Treehouse Foods THS 6.000 Feb. 15, ’24 100.500 1.13 99.500 44.16 10.87
iShiBoxx$InvGrCpBd LQD 114.67 0.14 –5.7 iShS&P500Growth IVW 158.02 1.48 3.4
FT DJ Internet FDN 126.14 1.16 14.8
HealthCareSelSect XLV 81.00 0.80 –2.0
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
HYG
EMB
85.42
108.63
0.07
0.08
–2.1
–6.4
iShS&P500Value
iShUSPfdStk
IVE
PFF
109.24
36.99
1.12
0.05
–4.4
–2.8
…And with the biggest price decreases
IndSelSectorSPDR XLI 72.26 1.16 –4.5 iShMBSETF MBB 103.65 0.05 –2.8
co Fo

iSh1-3YCreditBond CSJ 103.59 0.01 –0.9 iShShortTreaBd SHV 110.27 0.02 0.0 Alliance One International AOI 9.875 July 15, ’21 92.760 –2.24 95.500 20.50 –2.38
iShMSCI ACWI ACWI 72.22 0.84 0.2 iShTIPSBondETF TIP 112.10 0.03 –1.7
iSh3-7YTreasuryBd IEI 119.44 ... –2.2
iShCoreMSCIEAFE IEFA 66.89 0.31 1.2
iShMSCIBrazil EWZ 40.75 0.05 0.7 iSh1-3YTreasuryBd SHY 83.19 –0.04 –0.8 Sprint S 7.875 Sept. 15, ’23 105.781 –1.98 108.000 5.28 1.34
iShMSCI EAFE EFA 70.93 0.35 0.9
iShCoreMSCIEmgMk IEMG 56.24 0.50 –1.2 iSh7-10YTreasuryBd IEF 101.64 0.01 –3.7 Gogo Intermediate Holdings GOGO 12.500 July 1, ’22 110.500 –1.25 n.a. … …
iShMSCI EAFE SC SCZ 65.97 0.20 2.3
iShCoreMSCITotInt IXUS 63.35 0.30 0.4 iSh20+YTreasuryBd TLT 118.99 0.15 –6.2
iShMSCIEmgMarkets EEM 46.43 0.45 –1.5
iShRussellMCGrowth IWP 123.19 1.27 2.1 Monitronics International MONINT 9.125 April 1, ’20 73.500 –1.25 71.250 ... ...
iShCoreS&P500 IVV 267.82 1.29 –0.4 iShMSCIEurozone EZU 44.54 0.27 2.7
PIMCOEnhShMaturity MINT 101.44 0.01 –0.1
iShCoreS&P MC IJH 189.57 1.35 –0.1 iShMSCIJapan EWJ 60.73 0.73 1.3
PwrShQQQ 1 QQQ 164.87 1.90 5.8
Ultra Resources UPL 6.875 April 15, ’22 71.375 –1.25 75.000 2.54 4.53
iShCoreS&P SC IJR 78.83 1.23 2.6 iShNasdaqBiotech IBB 102.35 1.06 –4.1
iShS&PTotlUSStkMkt ITOT 61.09 1.31 –0.1 iShNatlMuniBd MUB 108.25 0.06 –2.2
PwrShS&P500EW RSP 99.83 1.11 –1.2 Hertz HTZ 7.375 Jan. 15, ’21 99.197 –1.03 98.900 21.37 4.35
PwrShSrLoanPtf BKLN 23.09 –0.09 0.2
iShCoreUSAggBd AGG 105.86 0.07 –3.2 iShRussell1000Gwth IWF 138.62 1.46 2.9
SPDR BlmBarcHYBd JNK 35.71 0.06 –2.8
Rayonier AM Products RYAM 5.500 June 1, ’24 95.500 –1.01 97.500 … …
SPDR Gold GLD 124.54 0.21 0.7 Mallinckrodt International Finance S.A. MNK 4.750 April 15, ’23 72.000 –1.00 71.250 … …
SchwabIntEquity SCHF 34.24 0.32 0.5

Borrowing Benchmarks | WSJ.com/bonds SchwabUS BrdMkt

SchwabUS Div
SCHB
SCHD
64.48
48.24
1.27
1.32
–0.1
–5.7
*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.
Note: Data are for the most active issue of bonds with maturities of two years or more
SchwabUS LC SCHX 63.69 1.30 –0.1 Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
SchwabUS SC SCHA 70.51 1.23 1.1
Money Rates May 4, 2018 SPDR DJIA Tr
SPDR S&PMdCpTr
DIA
MDY
242.52
345.19
1.43
1.35
–2.0
–0.1 Amount Payable /
Key annual interest rates paid to borrow or lend money in U.S. and SPDR S&P 500
SPDR S&P Div
SPY
SDY
266.02
90.91
1.29
1.27
–0.3
–3.8
Dividend Changes Company Symbol Yld % New/Old Frq Record
n-

international markets. Rates below are a guide to general levels but TechSelectSector XLK 67.62 1.90 5.7 Macquarie Infrastructure MIC 10.4 1.00 /1.44 Q May17 /May14
VanEckGoldMiner GDX 22.65 ... –2.5 Dividend announcements from May 4.
don’t always represent actual transactions. VangdInfoTech VGT 176.88 1.88 7.4 Initial
VangdSC Val VBR 131.18 1.23 –1.2 Amount Payable /
Week —52-WEEK— Company Symbol Yld % New/Old Frq Record Apollo Gl 6.375% Pfd. B APOpB .38073 Jun15 /Jun01
Inflation Latest ago High Low
VangdSC Grwth VBK 167.23 1.41 4.0
Newmark Group NMRK .09 Jun05 /May21
VangdDivApp VIG 99.78 1.27 –2.2
March index Chg From (%) Increased
no

Britain 0.50 0.50 0.50 0.25 VangdFTSEDevMk VEA 44.97 0.38 0.2
level Feb. '18March '17 VangdFTSE EM VWO 45.20 0.49 –1.5 Amer Campus Communities ACC 4.7 .46 /.44 Q May25 /May14 Stocks
Australia 1.50 1.50 1.50 1.50 VangdFTSE Europe VGK 60.00 1.10 1.4 Ares Management ARES 5.1 .28 /.0933 Q Jun29 /Jun15 Dawson Geophysical DWSN 5.00% May29 /May14
U.S. consumer price index VangdFinls VFH 68.93 1.20 –1.6 Artesian Resources Cl A ARTNA 2.5 .2387 /.2352 Q May25 /May14
Secondary market VangdFTSEAWxUS VEU 54.65 0.37 –0.1 Foreign
All items 249.554 0.23 2.4 Cogent Communications CCOI 4.3 .52 /.50 Q Jun01 /May17
VangdGrowth VUG 144.78 1.49 2.9 Banco Macro ADR 0.9 2.23454 May22 /May14
Core 256.610 0.32 2.1 Fannie Mae Emerald Expositions EEX 1.5 .0725 /.07 Q May29 /May15 BMA
VangdHiDiv VYM 82.51 1.08 –3.6
0.01
Enviva Partners EVA 8.9 .625 /.62 Q May29 /May15 BCE Inc BCE 5.7 .58927 Q Jul15 /Jun15
30-year mortgage yields VangdIntermBd BIV 80.57 –3.9
International rates VangdIntrCorpBd VCIT 83.39 0.11 –4.6 KLA-Tencor KLAC 2.8 .75 /.59 Q Jun01 /May15 Camtek CAMT 7.7 .14 Q May29 /May16
30 days 4.177 4.188 4.275 3.253 VangdLC VV 122.29 1.28 –0.2 National Healthcare NHC 3.2 .50 /.48 Q Aug31 /Jun29 Canadian Natural Res CNQ 2.9 .26085 Q Jul01 /Jun15
Week 52-Week 60 days 4.206 4.217 4.304 3.281 VangdMC VO 154.60 1.11 –0.1 NRG Yield Cl A NYLD.A 6.8 .309 /.298 Q Jun15 /Jun01 Manulife Financial MFC 3.7 .17171 Q Jun19 /May15
Latest ago High Low VangdMC Val VOE 109.63 1.14 –1.7 NRG Yield Cl C NYLD 6.7 .309 /.298 Q Jun15 /Jun01
VangdRealEst VNQ 77.29 1.10 –6.9 Melco Resorts & Ent ADR MLCO 1.7 .135 Q May23 /May14
Notes on data: PBF Logistics PBFX 9.8 .49 /.485 Q May30 /May15
Prime rates VangdS&P500 VOO 244.41 1.33 –0.4 Mercer International MERC 3.7 .125 Q Jul06 /Jun27
U.S. prime rate is the base rate on corporate Pool POOL 1.3 .45 /.37 Q Jun01 /May18
VangdST Bond BSV 78.03 –0.01 –1.4 Norbord OSB 4.9 .46829 Q Jun21 /Jun01
U.S. 4.75 4.75 4.75 4.00 loans posted by at least 70% of the 10 largest RLI Corp RLI 1.4 .22 /.21 Q Jun20 /May31
VangdSTCpBd VCSH 78.04 –0.01 –1.6 Osisko Gold Royalties OR 1.5 .03893 Q Jul16 /Jun29
U.S. banks, and is effective March 22, 2018. Other STRATS Tr Allstate 2006-3 GJT 3.2 .0556 /.054 M Jun01 /May31
Canada 3.45 3.45 3.45 2.70 prime rates aren’t directly comparable; lending
VangdSC VB 149.43 1.33 1.1
Telekomunik Indonesia ADR TLK 3.6 .96225 A Jun11 /May14
Japan 1.475 1.475 1.475 1.475 practices vary widely by location. Complete
VangdTotalBd BND 78.88 0.06 –3.3
Reduced
VangdTotIntlBd BNDX 54.61 –0.05 0.4 Telekomunik Indonesia ADR TLK 3.6 .24056 Jun12 /May14
Money Rates table appears Monday through Apollo Global Mgmt A APO 4.9 .38 /.66 Q May31 /May18
Policy Rates VangdTotIntlStk VXUS 56.82 0.30 0.0
Friday.
VangdTotalStk VTI 137.13 1.29 –0.1
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; SIX Financial VangdTotlWrld VT 74.22 0.86 –0.1
Switzerland 0.50 0.50 0.50 0.50 Information VangdValue VTV 103.09 1.08 –3.0 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
Fidelity Invest Harbor Funds IntGrowY 44.01 +0.11 0.9 Principal Investors RealEstatAdml 109.56 +1.16 -5.9 TgtRe2050 36.27 +0.28 0.2
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Balanc 23.82 +0.20 0.7 CapApInst 74.54 +1.05 7.3 Parnassus Fds DivIntlInst 13.99 +0.06 0.6 SmCapAdml 71.57 +0.93 1.4 TgtRetInc 13.43 +0.03 -0.6
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s BluCh 93.19 +1.28 6.2 IntlInst r 68.09 +0.55 0.8 ParnEqFd 42.64 +0.51 0.3 Prudential Cl Z & I STBondAdml 10.23 -0.01 -0.8 TotIntBdIxInv 10.91 ... 0.9
apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, 12b-1. r- Contra 127.29 +1.41 5.6 Harding Loevner PIMCO Fds Instl TRBdZ 14.07 ... -2.5 STIGradeAdml 10.46 ... -0.7 WellsI 25.97 +0.11 -3.0
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes ContraK 127.25 +1.41 5.6 IntlEq NA ... NA AllAsset 12.05 +0.02 -0.3 Schwab Funds TotBdAdml 10.41 +0.01 -2.3 Welltn 41.05 +0.32 -1.8
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete Invesco Funds A S&P Sel 41.28 +0.53 0.2
price, performance or cost data. NE-Not released by Lipper; data under review. NN-Fund not CpInc r 10.15 +0.05 -0.2 ShortT 9.87 ... 0.7 TotIntBdIdxAdm 21.81 -0.01 0.9 WndsrII 36.99 +0.42 -2.2
DivIntl 39.60 +0.18 -1.0 EqIncA 10.77 +0.09 -1.4 TotRt 9.97 +0.01 -2.1 TIAA/CREF Funds TotIntlAdmIdx r 30.49 +0.09 0.2 VANGUARD INDEX FDS
tracked. NS-Fund didn’t exist at start of period.
GroCo 191.40 +2.55 7.1 John Hancock Class 1 PIMCO Funds A BdIdxInst 10.47 ... -2.4 TotStAdml 66.76 +0.84 0.5 500 246.21 +3.16 0.2
GrowCoK 191.43 +2.55 7.2 LSBalncd 15.13 +0.07 -0.2 IncomeFd NA ... NA EqIdxInst 19.74 +0.26 0.5 TxMIn r 14.44 +0.05 0.6 ExtndIstPl 212.06 +2.69 1.7
Friday, May 4, 2018 LSGwth 16.14 +0.10 0.4 PIMCO Funds I2 IntlEqIdxInst 20.35 +0.06 0.9 SmValAdml 56.35 +0.69 -0.8
InvGB 7.69 ... -2.2 ValAdml 40.21 +0.42 -2.3
Net YTD Net YTD Net YTD John Hancock Instl Tweedy Browne Fds TotBd2 10.37 ... -2.4
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret InvGrBd 10.92 ... -2.0 Income NA ... NA WdsrllAdml 65.65 +0.75 -2.2
DispValMCI 23.08 +0.27 -1.0 GblValue 29.09 +0.06 2.1
LowP r 54.51 +0.31 ... PIMCO Funds Instl WellsIAdml 62.92 +0.28 -3.0 TotIntl 18.23 +0.05 0.2
American Century Inv BlackRock Funds Inst DoubleLine Funds JPMorgan Funds VANGUARD ADMIRAL TotSt 66.73 +0.84 0.4
MagIn 107.21 +0.96 2.5 IncomeFd NA ... NA WelltnAdml 70.89 +0.55 -1.8
Ultra 46.08 +0.69 6.1 EqtyDivd 22.34 +0.21 -1.5 CoreFxdIncmI NA ... NA MdCpVal L 39.33 +0.42 -2.4 500Adml 246.23 +3.16 0.2 VANGUARD INSTL FDS
OTC 117.05 +2.03 6.6 Price Funds WndsrAdml 78.30 +0.92 -0.9
American Funds Cl A GlblAlloc 19.67 +0.10 -0.7 TotRetBdI NA ... NA JPMorgan R Class BalAdml 34.35 +0.27 -0.6 BalInst 34.35
+0.26 -0.6
Puritn 23.49 +0.20 0.7 BlChip 104.75 +1.20 8.8 VANGUARD FDS
AmcpA p 33.02 +0.34 4.9 StratIncOpptyIns 9.84 ... -0.1 Edgewood Growth Instituti CoreBond 11.26 ... -1.9 CAITAdml 11.57 +0.01 -0.9 DevMktsIndInst 14.46
+0.05 0.6
SrsEmrgMkt 21.03 +0.07 -1.8 Lazard Instl EqInc NA ... NA DivdGro 26.07 +0.29 -0.7
AMutlA p 39.95 +0.38 -1.6 Bridge Builder Trust EdgewoodGrInst 32.35 +0.46 9.4 CapOpAdml r 155.73 +1.94 1.4 DevMktsInxInst 22.60
+0.07 0.6
SrsGroCoRetail 17.89 +0.24 7.6 EmgMktEq 19.33 -0.01 -3.4 EqIndex 71.55 +0.92 0.2 INSTTRF2020 22.46 +0.11 -0.3
BalA p 26.86 +0.19 -0.7 CoreBond 9.85 ... -2.2 Fidelity EMAdmr 37.70 +0.12 -1.1 ExtndInst 85.93
+1.09 1.7
SrsIntlGrw 16.17 +0.12 0.1 Lord Abbett A Growth 66.81 +0.86 6.6 INSTTRF2025 22.81 +0.12 -0.2
BondA p 12.51 ... -2.3 Dimensional Fds 500IdxInst 93.16 +1.20 0.2 EqIncAdml 75.55 +0.84 -2.6 GrwthInst 74.53
+1.11 3.3
SrsIntlVal 10.70 +0.04 0.1 ShtDurIncmA p 4.19 ... -0.1 HelSci 71.69 +0.63 1.9
ExplrAdml 93.74 +1.22 6.0 INSTTRF2030 23.10 +0.14 -0.1
CapIBA p 60.67 +0.30 -2.6 5GlbFxdInc 10.83 ... -0.4 500IdxInstPrem 93.16 +1.20 0.2 InPrSeIn 10.28
... -1.1
TotalBond 10.35 ... -1.9 Lord Abbett F InstlCapG 40.00 +0.47 8.4 ExtndAdml 85.93 +1.09 1.7 INSTTRF2035 23.38 +0.16 ...
CapWGrA 51.80 +0.28 1.7 EmgMktVa 31.60 -0.01 1.2 500IdxPrem 93.15 +1.19 0.2 InstIdx 243.02
+3.12 0.2
EupacA p 56.89 +0.20 1.2 EmMktCorEq 22.98 +0.03 -1.0 ExtMktIdxPrem r 63.04 +0.80 1.7
First Eagle Funds ShtDurIncm 4.19 ... -0.1 IntlStk 18.61 +0.05 -0.3 GNMAAdml 10.21 ... -1.4 INSTTRF2040 23.66 +0.18 0.2 InstPlus 243.04
+3.12 0.2
FdInvA p 62.19 +0.67 0.2 IntlCoreEq +0.05 0.9 IntlIdxPrem r 43.45 +0.17 0.7 GlbA 58.72 +0.31 -0.6 Metropolitan West IntlValEq 15.08 +0.02 -0.3 GrwthAdml 74.52 +1.11 3.3 INSTTRF2045 23.85 +0.19 0.2
14.67 InstTStPlus 59.35
+0.75 0.5
GwthA p 52.09 +0.58 5.1 IntlVal 20.72 +0.06 1.3 SAIUSLgCpIndxFd 14.32 +0.19 0.3 FPA Funds TotRetBd 10.36 ... -2.1 MCapVal 30.66 +0.25 0.9 HlthCareAdml r 81.89 +0.51 -3.1 INSTTRF2050 23.87 +0.19 0.2 MidCpInst 42.29
+0.46 0.3
HI TrA p 10.16 ... -0.1 IntSmCo 21.48 +0.04 1.0 TMktIdxF r 76.46 +0.98 0.5 FPACres 34.36 +0.34 -1.0 TotRetBdI 10.36 ... -2.0 MidCap 89.74 +0.95 3.1 HYCorAdml r 5.74 ... -1.3 IntlVal 39.77 +0.16 -0.3 MidCpIstPl 208.59
+2.30 0.3
ICAA p 40.13 +0.39 -0.3 IntSmVa 22.94 +0.06 -0.1 TMktIdxPrem 76.46 +0.98 0.5 FrankTemp/Frank Adv TRBdPlan 9.75 ... -2.0 N Inc NA ... NA InfProAd 25.24 ... -1.1 LifeCon 19.77 +0.07 -0.6 SmCapInst 71.57
+0.93 1.4
IncoA p 22.76 +0.12 -1.9 US CoreEq1 22.81 +0.29 0.3 USBdIdxInstPrem 11.22 ... -2.3 IncomeAdv 2.27 +0.01 -1.6 MFS Funds Class I NHoriz 56.39 +0.70 7.3 IntlGrAdml 99.28 +0.64 3.9 LifeGro 33.68 +0.23 ... SmCapIstPl 206.58+2.68 1.4
N PerA p 44.63 +0.44 3.4 US CoreEq2 21.44 +0.27 -0.4 Fidelity Advisor I FrankTemp/Franklin A ValueI 38.96 +0.43 -4.1 OverS SF r 11.46 +0.04 1.3 ITBondAdml 10.92 ... -3.0 LifeMod 27.07 +0.14 -0.3 STIGradeInst 10.46 ... -0.7
NEcoA p CA TF A p 7.28 +0.01 -1.4 MFS Funds Instl R2020 NA ... NA ITIGradeAdml 9.39 ... -2.7 PrmcpCor 26.78 +0.33 -0.4
47.76 +0.48 7.0 US Small 36.00 +0.43 0.3 NwInsghtI 32.78 +0.32 4.6 TotBdInst 10.41
+0.01 -2.3
NwWrldA 67.02 +0.20 0.1 US SmCpVal 37.96 +0.51 0.1 Fidelity Freedom IncomeA p 2.29 +0.01 -1.7 IntlEq 25.63 +0.08 0.7 R2025 NA ... NA LTGradeAdml 9.76 +0.01 -6.7 SelValu r 29.56 +0.27 -5.5 TotBdInst2 10.37
... -2.4
SmCpA p RisDv A p 59.82 +0.70 -1.9 Oakmark Funds Invest R2030 NA ... NA MidCpAdml 191.46 +2.12 0.3
57.10 +0.29 2.3 US TgdVal 24.79 +0.30 -0.3 FF2020 16.54 +0.08 -0.2 STAR 26.79 +0.18 ... TotBdInstPl 10.41
+0.01 -2.3
TxExA p FrankTemp/Franklin C EqtyInc r 31.40 +0.23 -2.5 R2035 NA ... NA MorgAdml 95.47 +1.30 5.2
12.79 +0.01 -1.0 USLgVa 38.02 +0.43 -2.4 FF2025 14.39 +0.08 -0.1 TgtRe2015 15.26 +0.05 -0.5 TotIntBdIdxInst 32.73
-0.01 0.9
WshA p 45.31 +0.48 -0.3 FF2030 18.07 +0.12 0.1 Income C t 2.32 +0.01 -1.9 Oakmark 84.20 +1.10 -0.2 R2040 NA ... NA MuHYAdml 11.21 +0.02 -0.7
Dodge & Cox TgtRe2020 31.28 +0.14 -0.3 TotIntlInstIdx r 121.95
+0.37 0.2
OakmrkInt 28.42 +0.03 -0.5 Value MuIntAdml 13.85 +0.01 -1.0
Baird Funds Balanced 103.71 +0.74 -1.5 Freedom2020 K 16.52 +0.08 -0.2 FrankTemp/Temp A 36.39 +0.37 -2.5 TgtRe2025 18.45 +0.10 -0.3 TotItlInstPlId r 121.97
+0.37 0.2
AggBdInst Freedom2025 K Old Westbury Fds MuLTAdml 11.39 +0.01 -1.2
10.53 ... -2.3 GblStock 13.52 +0.10 -2.5 14.36 +0.08 -0.1 GlBond A p 11.93 -0.01 1.4 PRIMECAP Odyssey Fds TgtRe2030 33.59 +0.20 -0.1 TotStInst 66.77
+0.84 0.5
CorBdInst LrgCpStr 14.51 +0.11 0.3 MuLtdAdml 10.80 +0.01 -0.2
10.87 ... -2.2 Income 13.44 ... -1.4 Freedom2030 K 18.05 +0.12 0.1 Growth A p 26.84 +0.15 -1.5 AggGrowth r 47.69 +0.35 7.6 TgtRe2035 20.69 +0.14 ... ValueInst 40.21
+0.42 -2.3
Oppenheimer Y MuShtAdml 15.68 ... 0.3
BlackRock Funds A Intl Stk 45.77 +0.23 -1.2 Freedom2035 K 15.27 +0.12 0.4 FrankTemp/Temp Adv Growth r 39.48 +0.33 6.0 TgtRe2040 35.82 +0.26 0.1 Western Asset
GlblAlloc p DevMktY NA ... NA PrmcpAdml r 136.52 +1.73 2.2
19.54 +0.10 -0.8 Stock 198.10 +2.26 -1.3 Freedom2040 K 10.73 +0.09 0.4 GlBondAdv p 11.88 -0.01 1.4 Stock r 31.68 +0.37 -0.7 TgtRe2045 22.54 +0.18 0.2 CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 5 - 6, 2018 | B9

BIGGEST 1,000 STOCKS

YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 25.29 57.98 35.44 Fortinet FTNT ...156 54.74 -1.37 0.09 149.21 95.89 Marriott MAR 1.0 38 135.85 1.21 -11.52 23.44 18.50 ShawComm B SJR 4.6 57 20.20 0.17
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX -7.94 38.24 31.41 Fortis FTS 4.0 18 33.76 0.28 -0.29 86.54 72.96 Marsh&McLen MMC 1.8 26 81.15 0.52 -7.93 435.15 326.68 SherwinWilliams SHW 0.9 20 377.53 7.28
(formerly Boston), Chicago Stock Exchange, CBOE, NYSE National and Nasdaq ISE. 1.30 80.31 60.40 Fortive FTV 0.4 23 73.29 0.78 -7.71 241.33 189.26 MartinMarietta MLM 0.9 18 204.00 1.59 -5.97 50.37 40.44 ShinhanFin SHG ... 4 43.63 -0.79
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those -19.11 73.62 53.56 FortBrandsHome FBHS 1.4 18 55.36 1.06 -1.02 25.18 14.87 MarvellTech MRVL 1.1 25 21.25 0.45 1.68 192.15 123.73 Shire SHPG ... 11 157.73 1.12
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations -7.92 86.06 65.44 Franco-Nevada FNV 1.2 70 73.62 0.46 -12.79 46.45 35.79 Masco MAS 1.1 23 38.32 0.31 34.78 154.82 81.00 Shopify SHOP ... dd 136.13 0.96
-24.16 47.65 31.67 FranklinRscs BEN 2.8 27 32.86 0.51 s 24.32 188.79 115.55 Mastercard MA 0.5 46 188.17 1.69 -6.56 161.92 116.68 SignatureBank SBNY ... 24 128.25 1.35
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. -18.67 20.25 11.05 FreeportMcM FCX ... 10 15.42 0.21 11.21 48.65 16.57 MatchGroup MTCH ... 29 34.82 -1.45 -7.22 173.02 145.78 SimonProperty SPG 4.9 25 159.34 0.30
-4.78 57.94 44.88 FreseniusMed FMS 1.1 22 50.04 ... 7.12 74.94 43.42 MaximIntProducts MXIM 3.0 37 56.00 0.68 s 24.44 6.72 4.73 SiriusXM SIRI 0.7 44 6.67 0.17
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 1.27 111.46 90.25 McCormick MKC 2.0 17 103.20 2.17 1.32 117.65 86.13 Skyworks SWKS 1.3 22 96.20 3.95
s-New 52-week high. standards vj-In bankruptcy or receivership or GHI -4.12 178.70 142.58 McDonalds MCD 2.4 25 165.03 4.95 1.91 68.39 52.90 SmithAO AOS 1.2 35 62.45 1.50
t-New 52-week low. lf-Late filing being reorganized under the -5.85 178.86 134.25 McKesson MCK 0.9 7 146.82 0.23 2.40 40.43 33.66 Smith&Nephew SNN 2.5 20 35.85 -0.15
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities -15.43 24.37 18.83 GGP GGP 4.4 31 19.78 0.29 0.41 89.72 76.41 Medtronic MDT 2.3 40 81.08 1.50 -8.80 134.12 99.56 Smucker SJM 2.8 10 113.31 1.90
four quarters. requirements. assumed by such companies. 8.94 72.77 54.50 Gallagher AJG 2.4 19 68.94 0.38 s 12.33 32.82 19.56 MelcoResorts MLCO 1.7 46 32.62 0.72 -26.15 23.57 10.51 Snap SNAP ... dd 10.79 -0.18
FD-First day of trading. t-NYSE bankruptcy -7.14 39.32 32.51 Gaming&Leisure GLPI 7.3 19 34.36 ... 4.87 417.91 217.06 MercadoLibre MELI 0.21031 329.97 -0.62 -16.39 185.47 140.83 SnapOn SNA 2.3 15 145.73 2.60
-15.44 35.68 21.02 Gap GPS 3.4 13 28.80 -0.19 2.63 66.41 52.83 Merck MRK 3.3101 57.75 0.22 -8.79 64.20 32.38 SOQUIMICH SQM 1.6 33 54.15 0.30
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -5.48 38.00 19.91 GardnerDenver GDI ...138 32.07 0.39 -8.56 55.91 43.38 MetLife MET 3.6 11 46.23 1.99 5.83 53.91 34.50 Sony SNE ... 14 47.57 0.47
0.54 65.96 49.80 Garmin GRMN 3.4 19 59.89 -0.46 -10.74 697.26 540.77 MettlerToledo MTD ... 39 552.97 -4.28 53.51 42.38 Southern SO 5.2 85 46.03 -0.23
-21.83
YTD 52-Week Yld Net -0.11 142.16 110.76 Gartner IT ...4101 123.02 1.82 -2.21 70.00 32.38 MichaelKors KORS ... 18 61.56 0.14 11.61 58.09 32.63 SoCopper SCCO 2.3 46 52.96 1.15
Friday, May 4, 2018 -10.35 11.00 9.01 Gazit-Globe GZT ... 4 9.44 -0.04
% Chg Hi Lo Stock Sym % PE Last Chg -48.79 36.21 12.67 MicroFocus MFGP ... 27 17.20 0.15 -19.36 66.98 49.76 SouthwestAir LUV 0.9 9 52.78 0.54
YTD 52-Week Yld Net -4.12 230.00 190.31 GeneralDynamics GD 1.9 20 195.07 0.07 -0.42 101.48 74.55 MicrochipTech MCHP 1.7 90 87.51 1.40 -19.90 46.47 31.16 SpectraEnerPtrs SEP 9.3 41 31.67 0.34
-2.44 46.00 32.07 CadenceDesign CDNS ... 54 40.80 0.55 -19.20 29.47 12.73 GeneralElec GE 3.4 dd 14.10 0.17 15.71 63.42 26.85 MicronTech MU ... 6 47.58 -4.24 105.20 51.85 SpiritAeroSys SPR 0.6 28 83.55 1.35
% Chg Hi Lo Stock Sym % PE Last Chg -28.25 60.69 41.01 GeneralMills GIS 4.6 11 42.54 1.33
0.96
-7.11 14.50 10.47 CaesarsEnt CZR ... dd 11.75 0.05 27.01 67.52 46.09 Microsemi MSCC ... 44 65.60 -0.08 29.47 112.66 54.17 Splunk SPLK ... dd 107.25 1.42
ABC -6.10 96.39 78.19 CamdenProperty CPT 3.6 41 86.44 1.42 -10.44 46.76 31.92 GeneralMotors GM 4.1 dd 36.71 0.56 11.25 97.90 67.14 Microsoft MSFT 1.8 53 95.16 1.09 ... 171.23 135.51 Spotify SPOT ... ... 154.26 -6.12
-14.74 59.14 39.79 CampbellSoup CPB 3.4 12 41.02 0.62 -6.62 34.79 24.77 Genpact G 0.8 22 29.64 -2.46 -8.17 110.95 85.16 MidAmApt MAA 4.0 32 92.34 0.57 -10.36 9.02 4.81 Sprint S ... 3 5.28 0.07
-12.60 28.67 21.92 ABB ABB 3.5 24 23.44 0.13 -10.17 100.01 77.20 CIBC CM 4.8 11 87.50 0.32 9.59 24.60 16.59 Gentex GNTX 1.9 16 22.96 0.09 -6.29 141.34 107.53 Middleby MIDD ... 24 126.46 1.62 41.62 58.46 19.35 Square SQ ... dd 49.10 -0.11
... 13.02 7.36 ADT ADT ... ... 8.08 -0.20 -5.14 85.73 70.59 CanNtlRlwy CNI 1.8 22 78.26 1.69 -5.36 107.75 79.86 GenuineParts GPC 3.2 21 89.92 1.30 -10.32 8.11 5.95 MitsubishiUFJ MUFG ... 10 6.52 0.05 -17.29 176.62 133.25 StanleyBlackDck SWK 1.8 21 140.35 1.00
13.85 12.45 9.87 AES AES 4.2 dd 12.33 0.03 -0.50 37.63 27.52 CanNaturalRes CNQ 2.9 23 35.54 0.14 26.61 5.32 2.60 Gerdau GGB 0.8 dd 4.71 0.10 -0.55 4.00 3.37 MizuhoFin MFG ... 9 3.62 0.03 0.44 64.87 52.58 Starbucks SBUX 2.1 19 57.68 1.55
2.10 46.19 36.41 Aflac AFL 2.3 7 44.81 0.36 -0.74 188.80 150.91 CanPacRlwy CP 1.0 15 181.40 2.90 -11.46 34.19 27.08 Gildan GIL 1.6 18 28.60 -1.50 0.10 12.80 7.76 MobileTeleSys MBT 7.0 10 10.20 0.01 0.14 114.27 79.28 StateStreet STT 1.7 19 97.75 1.35
-5.65 22.34 17.84 AGNC Invt AGNC 11.3 7 19.05 0.22 -7.91 40.67 32.20 Canon CAJ 4.1 17 34.44 0.26 -8.68 89.54 63.76 GileadSciences GILD 3.5 25 65.42 0.23 -21.58 286.85 207.79 MohawkInds MHK ... 17 216.36 0.94 19.89 26.36 16.18 Statoil STO 3.4 18 25.68 0.05
26.67 15.77 10.24 ANGI Homesvcs ANGI ... dd 13.25 -0.06 -10.56 106.50 76.05 CapitalOne COF 1.8 20 89.06 1.14 12.26 44.53 34.52 GSK GSK 5.3 71 39.82 0.22 t -26.31 97.50 58.75 MolsonCoors B TAP 2.7 9 60.48 1.08 7.07 50.70 32.20 SteelDynamics STLD 1.6 13 46.18 1.46
11.22 171.92 118.00 Ansys ANSS ... 51 164.15 3.13 -13.48 80.37 50.79 CardinalHealth CAH 3.5 10 53.01 2.21 12.58 118.94 85.75 GlobalPayments GPN 0.0 35 112.85 -0.50 t -22.01 96.00 58.93 MolsonCoors A TAP.A 2.5 10 65.50 5.72 25.30 14.07 STMicroelec STM 1.0 22 23.09 0.18
s 30.83 66.06 38.06 GoDaddy GDDY ...172 65.78 0.73 1.46
12.48 216.00 126.03 ASML ASML 0.9 ... 195.51 2.76 -5.60 119.21 92.09 Carlisle CSL 1.4 21 107.28 1.03 44.44 46.69 22.49 Momo MOMO ... 23 35.36 0.28 8.50 172.99 132.44 Stryker SYK 1.1 63 168.00 1.19
-17.34 39.80 31.61 AT&T T 6.2 6 32.14 0.20 -6.33 25.90 16.85 Carlyle CG 5.0 12 21.45 0.50 5.48 15.55 11.64 Goldcorp GG 0.6 21 13.47 -0.02 -4.49 9.67 7.10 SumitomoMits SMFG ... 8 8.30 0.08
-9.11 47.23 37.42 Mondelez MDLZ 2.3 19 38.90 1.33
2.93 64.60 42.88 AbbottLabs ABT 1.9228 58.74 0.81 1.29 77.64 57.05 CarMax KMX ... 18 64.96 1.64 -7.78 275.31 209.62 GoldmanSachs GS 1.4 23 234.94 1.53 1.47 96.08 80.12 SunComms SUI 3.0100 94.14 0.50
6.89 126.80 114.19 Monsanto MON 1.7 22 124.83 -0.27
3.58 125.86 64.61 AbbVie ABBV 3.8 25 100.17 -0.11 -4.22 72.70 59.68 Carnival CCL 3.1 17 63.57 0.27 -21.76 36.52 24.64 Goodyear GT 2.2 25 25.28 0.20 -0.53 44.50 32.22 SunLifeFinancial SLF 3.5 15 41.04 0.43
-16.64 70.22 46.50 MonsterBev MNST ... 37 52.76 0.45
s 86.37 352.14 129.55 Abiomed ABMD ...143 349.28 13.71 -1.77 72.29 59.92 Carnival CUK 3.1 18 65.11 0.41 -0.09 49.69 34.89 Graco GGG 1.2 28 45.18 0.60 4.55 38.87 27.96 SuncorEnergy SU 2.9 21 38.39 0.31
12.67 171.68 112.55 Moody's MCO 1.1 31 166.31 3.19
0.23 165.58 119.10 Accenture ACN 1.7 27 153.44 1.71 -7.11 173.24 97.74 Caterpillar CAT 2.1 40 146.37 2.59 21.38 309.80 155.00 Grainger GWW 1.9 26 286.77 6.93 3.11 73.37 51.96 SunTrustBanks STI 2.4 14 66.60 0.55
-2.04 59.38 40.43 MorganStanley MS 1.9 15 51.40 0.32
10.30 79.63 53.08 ActivisionBliz ATVI 0.5158 69.84 3.02 -17.74 138.54 82.14 CboeGlobalMkts CBOE 1.1 29 102.49 -2.96 2.92 34.72 27.60 GreatPlainsEner GXP 3.3 dd 33.18 0.47 -0.78 34.20 24.93 Symantec SYMC 1.1 18 27.84 0.11
6.90 29.20 19.23 Mosaic MOS 0.4 dd 27.43 0.42
30.40 233.17 130.82 AdobeSystems ADBE ... 61 228.51 2.46 1.24 114.00 83.34 Celanese A CE 2.0 15 108.41 2.10 -8.68 25.18 19.92 Grifols GRFS 2.0 ... 20.93 0.24 -15.49 40.59 26.01 SynchronyFin SYF 1.8 12 32.63 0.65
19.58 111.91 79.63 MotorolaSol MSI 1.9 dd 108.03 0.34
17.03 151.72 78.81 AdvanceAuto AAP 0.2 18 116.67 1.24 -16.74 147.17 84.25 Celgene CELG ... 24 86.89 1.49 37.58 112.41 41.35 GrubHub GRUB ... 78 98.78 1.99 2.91 94.80 70.55 Synopsys SNPS ...325 87.72 1.23
-14.96 47.82 29.39 Mylan MYL ... 28 35.98 -0.07
9.73 15.65 9.04 AdvMicroDevices AMD ... 59 11.28 0.35 -20.53 10.37 5.86 Cemex CX ... 18 5.96 0.02 -6.10 119.87 87.66 GpoAeroportuar PAC 3.1 21 96.49 -3.27 10.22 53.69 40.08 SynovusFin SNV 1.9 22 52.84 0.73
5.60 98.59 70.81 NICE NICE 0.7 41 97.06 0.52
11.59 7.48 4.81 Aegon AEG 5.0 6 7.03 0.12 10.95 11.52 6.76 CenovusEnergy CVE 1.5 11 10.13 0.03 2.71 9.51 7.82 GpoAvalAcc AVAL ... 14 8.73 0.06 2.57 64.27 48.85 Sysco SYY
s 16.92 33.75 14.53 NRG Energy NRG 0.4 dd 33.30 0.95 2.3 28 62.29 0.11
2.98 55.66 42.35 AerCap AER ... 10 54.18 0.55 s 15.63 116.87 72.14 Centene CNC ... 20 116.65 1.64 -20.58 73.45 36.09 GpoFinGalicia GGAL 0.0 14 52.30 -0.04 -9.97 3700.00 2151.37 NVR NVR ... 22 3158.59 -4.48
-4.51 194.40 138.91 Aetna AET 1.2 16 172.26 0.13
-21.21 217.00 148.81 AffiliatedMgrs AMG 0.7 13 161.72 1.65
-6.95 30.45 24.81 CenterPointEner CNP 4.2 6 26.39
-0.35 7.86 3.49 CentraisElBras EBR ... dd 5.68
1.01
0.07
-6.37 27.37 14.20 GrupoTelevisa TV 0.5 52 17.48
18.76 92.65 60.15 Guidewire GWRE ... dd 88.19
0.20
1.15
-14.36 125.93 90.83 NXP Semi NXPI ... 16 100.28 7.92 TUV
14.15 89.76 65.98 Nasdaq NDAQ 2.0 20 87.70 1.69 25.41 41.75 18.64 TAL Education TAL ...109 37.26 0.04
0.04 75.00 55.60 AgilentTechs A 0.9114 67.00 0.66 10.85 27.61 13.16 CenturyLink CTL 11.7 11 18.49 0.42 11.05 106.84 71.18 HCA Healthcare HCA 1.4 13 97.55 1.71
-1.60 75.24 51.44 NationalGrid NGG 3.5 12 57.87 -0.07 15.67 63.01 36.12 TD Ameritrade AMTD 1.4 32 59.14 0.67
-7.45 51.86 37.35 AgnicoEagle AEM 1.0 47 42.74 0.23 -15.06 73.86 52.05 Cerner CERN ... 23 57.24 2.15 -10.12 33.67 21.48 HCP HCP 6.3 dd 23.44 0.28
6.89 41.38 29.90 NatlOilwell NOV 0.5 dd 38.50 0.12 -2.75 108.23 73.01 TE Connectivity TEL 1.7 25 92.43 0.78
-0.80 175.17 140.78 AirProducts APD 2.7 31 162.76 2.33 -17.83 408.83 250.10 CharterComms CHTR ... 8 276.07 4.71 -5.05 110.77 81.10 HDFC Bank HDB 0.5 ... 96.54 -0.66
-7.60 43.90 36.25 NatlRetailProp NNN 4.8 30 39.85 0.83 -5.25 38.50 32.68 Telus TU 4.5 19 35.88 0.22
10.72 78.28 44.65 AkamaiTech AKAM ... 65 72.01 0.56 -4.79 119.20 93.76 CheckPoint CHKP ... 20 98.66 1.05 -2.15 42.25 28.97 HD Supply HDS ... dd 39.17 1.05
3.19 24.75 17.10 HP HPQ 2.6 9 21.68 29.27 111.36 17.33 NektarTherap NKTR ... dd 77.20 -5.55 25.99 42.43 22.78 Ternium TX 2.8 9 39.80 -0.30
-14.57 95.75 57.60 AlaskaAir ALK 2.0 8 62.80 -0.12 1.22 58.08 34.84 Chemours CC 1.3 13 50.67 2.16 0.36
22.94 69.75 37.43 NetApp NTAP 1.2 dd 68.01 0.82 13.93 23.11 13.63 TIM Part TSU
-21.76 144.99 86.75 Albemarle ALB 1.3 23 100.06 2.17 s 16.01 62.62 40.36 CheniereEnergy LNG ... dd 62.46 3.48 -5.15 55.89 42.52 HSBC HSBC 8.6 20 48.98 -0.86 0.3 28 22.00 0.10
t -27.10 377.64 243.99 Netease NTES 0.6 21 251.57 2.36 8.33 87.24 66.44 TJX TJX 1.9 21 82.83 -0.73
0.97 62.35 29.55 Alcoa AA ... 74 54.39 1.11 5.94 33.47 26.41 CheniereEnerPtrs CQP 7.0 dd 31.40 0.91 6.79 57.86 38.18 Halliburton HAL 1.4 dd 52.19 -0.12
t -19.61 25.73 16.38 Hanesbrands HBI 3.6 93 16.81 66.75 338.82 144.25 Netflix NFLX ...215 320.09 8.40 -9.84 68.50 54.60 T-MobileUS TMUS ... 11 57.26 1.34
-1.56 134.37 113.01 AlexandriaRlEst ARE 2.8 49 128.55 1.82 2.42 29.73 24.03 CheniereEnHldgs CQH 7.2 56 28.36 0.12 0.30
-19.42 56.95 39.34 HarleyDavidson HOG 3.6 14 41.00 6.88 92.98 41.76 Neurocrine NBIX ... dd 82.93 2.55 6.71 120.07 67.62 TRowePrice TROW 2.5 18 111.97 2.53
-2.32 149.34 96.18 AlexionPharm ALXN ... 50 116.81 2.95 0.27 133.88 102.55 Chevron CVX 3.6 24 125.53 -0.48 0.98
5.78 170.54 106.18 Harris HRS 1.5 28 149.84 -3.43 108.40 63.25 NewOrientalEduc EDU ... 50 90.78 -0.79 31.50 97.09 57.25 TableauSftwr DATA ... dd 91.00 0.21
9.55 206.20 114.00 Alibaba BABA ... 49 188.89 6.44 13.78 45.33 24.44 ChinaEastrnAir CEA ... 13 41.12 -0.52 2.54
-6.31 59.20 48.36 HartfordFinl 0.34 18.43 15.04 NewResidInvt NRZ 11.1 4 17.94 0.17 -2.67 46.57 34.02 TaiwanSemi TSM 3.0 18 38.59 0.49
16.55 287.32 134.68 AlignTech ALGN ... 82 258.97 3.83 -10.12 17.85 13.48 ChinaLifeIns LFC 2.3 13 14.03 0.09 HIG 1.9 70 52.73 0.94
-2.10 166.19 68.49 ChinaLodging HTHT ... 56 141.39 5.15 -4.42 116.20 79.00 Hasbro HAS 2.9 52 86.87 0.76 -7.68 14.53 11.67 NY CmntyBcp NYCB 5.7 14 12.02 0.15 -0.93 129.25 63.55 TakeTwoSoftware TTWO ... 67 108.76 3.66
-20.65 71.22 41.15 Alkermes ALKS ... dd 43.43 0.12 -10.52 55.08 23.85 NewellBrands NWL 3.3 5 27.65 0.96
-3.12 639.42 521.07 Alleghany Y ...108 577.49 10.87 -6.89 56.93 44.55 ChinaMobile CHL 4.3 11 47.06 ... 16.22 78.65 47.00 Heico A HEI.A 0.2 38 73.50 2.10 4.36 55.50 38.70 Tapestry TPR 2.9 39 46.16 0.07
32.74 98.27 69.60 ChinaPetrol SNP 10.5 15 97.39 -0.39 17.12 93.16 56.47 Heico HEI 0.2 45 88.40 1.40 5.68 42.04 31.42 NewmontMin NEM 1.4488 39.65 -0.16 -4.94 52.13 39.59 TargaResources TRGP 7.9 dd 46.03 -0.27
-4.29 89.81 73.85 Allegion ALLE 1.1 26 76.15 1.33 -0.43 17.29 12.26 NewsCorp A NWSA 1.2 dd 16.14 0.26
-8.73 256.80 142.81 Allergan AGN 1.9 dd 149.30 1.70 8.88 70.52 33.43 ChinaSoAirlines ZNH 1.3 13 56.42 -0.40 8.14 75.02 42.16 Helm&Payne HP 4.0 17 69.90 0.76 8.89 78.70 48.56 Target TGT 3.5 13 71.05 -0.10
1.45 53.77 41.28 ChinaTelecom CHA 3.0 14 48.16 0.25 8.11 93.50 62.56 HenrySchein HSIC ... 28 75.55 0.53 -1.51 17.70 12.65 NewsCorp B NWS 1.2 dd 16.35 0.15 -24.22 37.62 24.08 TataMotors TTM 0.1 10 25.06 0.33
t -22.27 278.33 192.02 AllianceData ADS 1.2 14 197.02 2.38 5.06 165.15 133.42 NextEraEnergy NEE 2.7 9 164.09 1.03
1.55 45.55 36.84 AlliantEnergy LNT 3.1 21 43.27 0.04 1.48 16.55 11.87 ChinaUnicom CHU 0.6118 13.73 -0.16 -19.14 116.49 89.10 Hershey HSY 2.9 19 91.78 2.08 6.16 35.00 24.53 TechnipFMC FTI 1.6 52 33.24 0.48
45.46 499.00 247.51 Chipotle CMG ... 63 420.41 0.99 23.68 59.56 37.25 Hess HES 1.7 dd 58.71 0.92 8.87 70.25 50.35 Nike NKE 1.2 64 68.10 1.20 -1.22 30.80 14.56 TeckRscsB TECK 0.6 7 25.85 0.31
-9.73 105.36 83.11 Allstate ALL 1.9 10 94.52 0.47 -1.01 27.76 22.44 NiSource NI 3.1 46 25.41 -0.16
-9.60 31.29 18.11 AllyFinancial ALLY 2.0 12 26.36 0.36 -9.16 157.50 128.82 Chubb CB 2.1 16 132.75 2.56 19.85 19.48 12.70 HewlettPackard HPE 2.6 18 17.21 0.31 -23.53 40.19 22.39 TelecomArgentina TEO 2.8 12 28.01 0.62
5.87 39.33 33.10 ChunghwaTel CHT 4.4 24 37.52 -0.01 8.26 69.52 49.20 Hexcel HXL 0.7 22 66.96 1.14 12.32 34.53 22.98 NobleEnergy NBL 1.3 dd 32.73 0.37 24.83 9.60 6.27 TelecomItalia A TI.A 3.7 ... 9.00 0.28
-27.31 153.99 52.03 AlnylamPharm ALNY ... dd 92.35 4.04 30.90 6.65 4.51 Nokia NOK 3.9 dd 6.10 0.21
0.17 1186.89 894.79 Alphabet C GOOG ... 44 1048.21 24.49 -5.62 54.18 43.21 Church&Dwight CHD 1.8 16 47.35 -0.20 3.18 91.11 71.91 Hill-Rom HRC 0.9 31 86.97 1.14 18.77 11.28 7.57 TelecomItalia TI 2.5 ... 10.25 0.19
-15.72 227.13 158.24 Cigna CI 0.0 17 171.17 -1.71 1.63 88.11 60.51 Hilton HLT 0.7 19 81.16 1.29 -3.78 6.83 5.28 NomuraHoldings NMR ... 10 5.60 0.04 6.62 201.40 123.29 TeledyneTech TDY ... 27 193.14 9.56
-0.23 1198.00 915.31 Alphabet A GOOGL ... 45 1051.00 24.70 -11.36 151.84 107.16 Nordson NDSN 0.9 22 129.77 2.16
4.09 80.56 47.74 Altaba AABA ... 3 72.71 2.33 -20.24 130.16 87.98 CimarexEnergy XEC 0.7 19 97.31 0.98 s 28.95 66.72 23.46 HollyFrontier HFC 2.0 11 66.05 0.42 8.95 288.78 191.40 Teleflex TFX 0.5 76 271.09 4.94
-6.62 81.98 68.33 CincinnatiFin CINF 3.0 14 70.01 0.66 -11.27 46.80 35.10 Hologic HOLX ... dd 37.93 1.02 4.45 54.00 37.79 Nordstrom JWN 3.0 19 49.49 0.21 15.72 7.93 5.52 Ericsson ERIC 1.6 dd 7.73 0.21
t -20.87 35.29 16.60 AlticeUSA ATUS ... 8 16.80 -0.03 -0.68 157.15 111.21 NorfolkSouthern NSC 2.0 8 143.92 2.98
-21.22 77.79 54.23 Altria MO 5.0 10 56.26 -0.10 12.45 178.34 119.54 Cintas CTAS 0.9 29 175.23 2.22 -2.37 207.60 144.25 HomeDepot HD 2.2 25 185.03 1.84 -8.29 17.33 13.06 TelefonicaBras VIV ... 15 13.60 -0.11
18.28 46.16 30.36 CiscoSystems CSCO 2.9 dd 45.30 0.86 -1.79 37.29 27.05 HondaMotor HMC ... 6 33.47 0.21 4.96 110.81 85.41 NorthernTrust NTRS 1.6 19 104.84 0.86 2.58 11.64 8.99 Telefonica TEF 4.8 14 9.93 -0.06
-22.98 23.54 11.01 AlumofChina ACH ... 42 13.81 0.06 2.26 360.88 243.39 NorthropGrum NOC 1.4 26 313.85 -1.83
35.19 1638.10 927.00 Amazon.com AMZN ...199 1580.95 8.88 -8.70 80.70 59.10 Citigroup C 1.9 dd 67.94 0.32 -6.18 165.13 129.00 Honeywell HON 2.1 64 143.89 0.53 -17.91 36.19 25.96 TelekmIndonesia TLK 3.6 16 26.45 -0.18
-2.26 48.23 31.51 CitizensFin CFG 2.1 12 41.03 0.62 -1.70 38.00 29.75 HormelFoods HRL 2.1 21 35.77 0.50 -3.27 61.18 50.69 NorwegCruise NCLH ... 15 51.51 0.41 21.31 39.16 25.91 Tenaris TS 1.3 44 38.65 -0.12
-2.01 7.43 5.30 Ambev ABEV ... 44 6.33 -0.01 -8.66 94.19 75.73 Novartis NVS 3.8 22 76.69 0.37
1.76 71.72 60.82 Amdocs DOX 1.5 21 66.63 0.94 s 19.58 105.87 73.33 CitrixSystems CTXS ...181 105.23 0.42 -12.45 53.32 32.33 DR Horton DHI 1.1 15 44.71 0.32 -14.74 50.68 29.68 Teradyne TER 1.0 28 35.70 0.82
-19.13 150.40 113.57 Clorox CLX 3.2 20 120.29 1.80 -0.05 21.53 17.26 HostHotels HST 4.0 23 19.84 0.41 -10.96 58.37 39.72 NovoNordisk NVO 1.7 20 47.79 -0.33 -5.54 389.61 244.59 Tesla TSLA ... dd 294.09 9.64
-12.21 400.99 326.30 Amerco UHAL ... 8 331.78 -1.44 -1.01 70.48 51.67 Nucor NUE 2.4 15 62.94 1.72
-0.15 64.89 51.89 Ameren AEE 3.1 27 58.90 0.16 -7.67 48.62 41.52 Coca-Cola KO 3.7132 42.36 0.47 0.16 140.38 114.28 HowardHughes HHC ... 35 131.48 0.97 -5.91 33.82 10.85 TevaPharm TEVA 1.9 dd 17.83 0.05
-3.66 44.75 36.17 Coca-Cola Euro CCE 3.3 28 38.39 0.26 8.48 31.85 23.64 HuanengPower HNP 6.2 28 27.12 0.23 54.17 56.28 15.38 Nutanix NTNX ... dd 54.39 1.68 0.24 120.75 75.92 TexasInstruments TXN 2.4 26 104.69 1.71
3.77 19.87 14.91 AmericaMovil A AMOV 1.8 91 17.65 -0.15 ... 56.18 40.41 Nutrien NTR 3.4 ... 46.53 0.53
3.50 19.91 14.96 AmericaMovil AMX 1.8 92 17.75 -0.16 t -11.62 91.84 60.94 Coca-Cola Femsa KOF 3.0 dd 61.53 -0.19 -23.18 149.03 100.55 Hubbell HUBB 3.0 24 103.97 1.33 11.33 65.99 45.00 Textron TXT 0.1 42 63.00 0.43
-22.87 72.99 39.90 Cognex CGNX 0.4 50 47.17 1.04 15.85 299.85 223.40 Humana HUM 0.7 23 287.39 0.71 23.55 254.50 102.31 NVIDIA NVDA 0.3 50 239.06 6.07 10.63 226.44 169.46 ThermoFisherSci TMO 0.3 37 210.07 1.75
-17.62 59.08 40.65 AmerAirlines AAL 0.9 11 42.86 0.75
-5.68 78.07 63.32 AEP AEP 3.6 19 69.39 0.15 15.70 85.10 61.50 CognizantTech CTSH 1.0 32 82.17 0.81 2.12 126.49 83.35 JBHunt JBHT 0.8 19 117.42 0.83 -9.68 48.61 38.22 ThomsonReuters TRI 3.5 20 39.37 0.14
-0.97 102.96 75.97 AmerExpress AXP 1.4 29 98.35 1.21 -15.56 77.91 62.84 ColgatePalm CL 2.6 27 63.71 0.39 0.96 16.60 12.14 HuntingtonBcshs HBAN 3.0 13 14.70 0.24 OPQ -15.30 259.77 191.44 3M MMM 2.7 30 199.36 3.68
1.32 121.69 95.19 AmericanFin AFG 1.3 21 109.97 1.15 12.80 87.97 51.56 ColumbiaSportswr COLM 1.1 50 81.08 0.05 -10.62 276.69 183.42 HuntingIngalls HII 1.4 19 210.66 3.33 3.83 37.32 29.59 OGE Energy OGE 3.9 11 34.17 0.43 -0.90 111.44 84.15 Tiffany TIF 1.9 35 103.01 0.69
-6.18 23.23 18.39 AmHomes4Rent AMH 1.0 dd 20.49 0.26 -20.20 44.00 30.55 Comcast A CMCSA 2.4 7 31.96 0.95 -11.14 36.09 23.12 Huntsman HUN 2.2 9 29.58 0.46 s 18.71 63.73 47.14 ONEOK OKE 5.0 41 63.45 0.61 1.83 103.90 85.88 TimeWarner TWX 1.7 14 93.14 0.96

.
-11.31 67.30 49.57 AIG AIG 2.4 dd 52.84 0.90 8.37 102.66 64.04 Comerica CMA 1.4 20 94.08 1.10 6.69 83.02 54.38 HyattHotels H ... 16 78.46 0.45 7.89 279.23 169.43 OReillyAuto ORLY ... 19 259.51 0.57 -9.54 52.73 36.37 Toll Bros TOL 1.0 12 43.44 0.66
-2.68 155.28 125.24 AmerTowerREIT AMT 2.2 53 138.85 1.27 14.58 65.12 49.43 CommerceBcshrs CBSH 1.5 20 63.98 0.82 8.29 166.64 96.89 IAC/InterActive IAC ... 42 132.42 -0.71 s 5.50 78.12 57.84 OccidentalPetrol OXY 4.0 45 77.71 0.42 -5.79 93.59 73.99 Torchmark TMK 0.7 7 85.46 1.37

ly
-6.31 92.37 74.63 AmerWaterWorks AWK 2.1 35 85.72 0.43 -8.23 11.96 8.15 SABESP SBS ... 8 9.59 -0.02 -12.95 11.26 7.89 ICICI Bank IBN 0.9 21 8.47 0.11 2.10 152.50 82.50 OldDomFreight ODFL 0.4 22 134.31 1.14 -9.87 73.86 56.83 Toro TTC 1.4 27 58.79 0.62
-20.59 183.90 118.84 Ameriprise AMP 2.7 12 134.57 3.98 -1.99 40.24 32.16 ConagraBrands CAG 2.3 17 36.92 1.10 s 35.70 212.47 146.09 IdexxLab IDXX ... 72 212.20 16.42 -5.89 22.34 17.91 OldRepublic ORI 3.9 13 20.12 0.34 -3.23 61.06 45.18 TorontoDomBk TD 3.7 13 56.69 0.22
-5.94 106.27 71.90 AmerisourceBrgn ABC 1.8 21 86.37 1.00 1.68 163.11 106.73 ConchoRscs CXO ... 20 152.75 0.75 9.35 50.00 42.40 IHSMarkit INFO ... 34 49.37 0.77 2.40 85.44 65.32 Omnicom OMC 3.2 16 74.58 0.45 13.06 63.39 48.15 Total TOT 4.9 18 62.50 0.14
-1.34 79.32 58.73 Ametek AME 0.8 23 71.50 1.51 21.81 67.30 42.27 ConocoPhillips COP 1.7 dd 66.86 0.87 t -9.97 20.58 16.35 ING Groep ING 6.2 12 16.62 0.01 8.12 27.10 13.65 ON Semi ON ... 11 22.64 0.56 7.74 90.74 57.14 TotalSystem TSS 0.6 25 85.21 1.24
-3.40 201.23 152.16 Amgen AMGN 3.1 55 167.98 1.59 -6.71 89.70 73.73 ConEd ED 3.6 16 79.25 0.25 -22.30 38.43 27.35 Invesco IVZ 4.2 10 28.39 0.43 1.43 40.31 30.88 OpenText OTEX 1.5 51 36.18 0.25 3.26 140.99 103.62 ToyotaMotor TM ... 9 131.32 1.21
-2.79 93.62 71.37 Amphenol APH 1.1 39 85.35 1.07 -3.19 236.62 176.21 ConstBrands A STZ 1.3 21 221.28 -2.79 8.98 264.11 132.41 IPG Photonics IPGP ... 34 233.36 3.50 -3.32 53.48 43.60 Oracle ORCL 1.7 56 45.71 0.65 -10.42 82.68 49.87 TractorSupply TSCO 1.6 20 66.96 0.81
24.12 68.18 39.96 AnadarkoPetrol APC 1.58877 66.58 0.55 21.58 66.90 29.08 ContinentalRscs CLR ... 24 64.40
on 0.42 1.14 110.67 81.74 IQVIA IQV ... 16 99.02 1.72 4.14 18.57 15.82 Orange ORAN 3.2 26 18.12 0.05 -11.76 51.85 39.16 TransCanada TRP 5.0 16 42.92 0.08
1.39 98.38 75.27 AnalogDevices ADI 2.1 43 90.27 2.36 3.98 260.26 204.27 Cooper COO 0.0 65 226.56 1.28 s 30.04 69.49 47.56 IcahnEnterprises IEP 10.2 4 68.92 2.26 1.55 134.59 93.50 OrbitalATK OA 1.0 22 133.54 0.09 17.61 333.62 237.54 TransDigm TDG ... 25 322.97 2.76
22.23 144.08 78.97 Andeavor ANDV 1.7 14 139.76 -1.80 s 22.30 53.14 28.89 Copart CPRT ... 37 52.82 0.54 8.72 124.65 85.17 Icon ICLR ... 23 121.93 3.82 7.35 100.03 75.78 Orix IX ... 8 91.01 1.27 22.09 68.22 40.45 TransUnion TRU ... 28 67.10 0.34
-8.81 55.21 40.66 AndeavorLog ANDX 9.6 18 42.12 0.72 -15.35 35.10 26.11 Corning GLW 2.7 dd 27.08 0.51 3.43 150.72 102.69 IDEX IEX 1.3 29 136.50 3.92 -29.35 96.52 59.96 OwensCorning OC 1.3 26 64.96 0.29 -4.37 150.55 113.76 Travelers TRV 2.4 17 129.71 2.40
-12.66 126.50 94.57 AB InBev BUD 5.1 24 97.44 0.82 27.25 392.07 242.76 CoStar CSGP ... 86 377.87 4.60 -12.81 179.07 133.90 IllinoisToolWks ITW 2.1 28 145.47 1.18 0.11 71.57 37.30 PG&E PCG ... 15 44.88 0.51 -14.15 45.70 33.68 Trimble TRMB ... 74 34.89 0.55
-12.95 12.73 9.95 AnnalyCap NLY 11.6 5 10.35 0.14 4.87 199.88 150.00 Costco COST 1.2 29 195.19 2.18 12.05 256.64 167.98 Illumina ILMN ... 64 244.82 4.89 t -23.53 11.29 7.59 TurkcellIletism TKC 1.6 12 7.80 -0.22
-12.50 38.54 25.89 PLDT PHI 4.1 21 26.32 -0.03
-4.37 22.68 16.31 AnteroResources AR ... 16 18.17 -0.21 -19.21 21.68 14.24 Coty COTY 3.1 dd 16.07 0.13 -0.51 32.81 25.91 ImperialOil IMO 1.7 48 31.03 0.38 0.91 163.59 115.66 PNC Fin PNC 2.1 13 145.60 0.58 -13.99 3.59 2.44 TurquoiseHill TRQ ... 33 2.95 0.01
3.63 267.95 174.96 Anthem ANTM 1.3 15 233.18 2.41 9.93 239.54 152.13 Credicorp BAP 1.9 14 228.02 4.87 -34.40 140.11 60.23 Incyte INCY ... dd 62.13 -0.26 9.06 39.13 24.81 21stCenturyFoxA FOXA 1.0 18 37.66 0.78
us l,

10.29 93.12 58.14 POSCO PKX ... 13 86.17 1.50

4.10 152.78 121.39 Aon AON 1.1 ... 139.49 -0.51 -0.24 377.82 210.26 CreditAcceptance CACC ... 13 322.71 0.31 8.88 18.71 13.88 Infosys INFY 5.3 16 17.66 -0.02 -8.92 122.07 100.45 PPG Ind PPG 1.7 17 106.40 1.44 8.91 38.56 24.30 21stCenturyFoxB FOX 1.0 17 37.16 0.83
-6.47 52.67 33.60 Apache APA 2.5 12 39.49 0.95 -8.46 19.98 13.28 CreditSuisse CS 1.6 dd 16.34 0.08 -2.83 97.67 79.63 Ingersoll-Rand IR 2.1 17 86.67 0.70 29.28 36.80 15.67 Twitter TWTR ...3104 31.04 0.37
-6.46 40.20 27.08 PPL PPL 5.7 17 28.95 0.30
-6.06 46.72 37.97 ApartmtInv AIV 3.7893 41.06 0.40 -6.94 114.97 93.14 CrownCastle CCI 4.1115 103.31 1.74 t -18.97 146.28 110.20 Ingredion INGR 2.1 16 113.28 -2.39 25.47 230.82 160.12 TylerTech TYL ... 52 222.14 2.58
40.00 86.49 51.02 PTC PTC ...258 85.08 1.22
-6.93 37.35 25.61 ApolloGlbMgmt APO 4.9 10 31.15 0.48 -17.87 62.27 42.63 CrownHoldings CCK ... 20 46.20 0.76 14.34 55.79 33.23 Intel INTC 2.3 23 52.78 0.80 -17.39 84.65 57.20 TysonFoods TSN 1.8 9 66.97 0.92
10.98 163.78 96.85 PVH PVH 0.1 22 152.27 0.81
al a

s 8.63 184.25 142.20 Apple -6.62 60.65 40.13 Ctrip.com CTRP ... 77 41.18 -0.20 26.58 75.53 34.26 InteractiveBrkrs IBKR 0.5 55 74.95 1.61 -9.73 20.89 15.77 UBS Group UBS 4.1 47 16.60 0.08
e
AAPL 1.6 18 183.83 6.94 -10.24 79.69 60.36 Paccar PCAR 1.8 12 63.80 1.16
2.82 62.40 40.79 ApplMaterials AMAT 1.5 20 52.56 1.85 21.79 117.53 81.09 Cullen/Frost CFR 2.3 20 115.27 1.48 -0.44 76.30 57.91 ICE ICE 1.4 17 70.25 0.11 -5.71 40.71 32.88 UDR UDR 3.6157 36.32 0.41
-5.31 131.13 98.10 PackagingCpAm PKG 2.2 16 114.15 0.47
6.93 96.39 79.97 Aptargroup ATR 1.4 26 92.26 1.14 -18.17 194.18 140.60 Cummins CMI 3.0 26 144.55 1.00 0.93 69.23 49.03 InterContinentl IHG 2.2 21 64.10 0.65 2.92 52.00 42.51 UGI UGI 2.2 14 48.32 -0.34
3.21 54.86 43.08 PacWestBancorp PACW 4.6 16 52.02 0.78
9.15 96.91 69.96 Aptiv APTV 1.0 19 92.59 1.47 -6.20 171.13 139.13 IBM IBM 4.4 24 143.91 1.92 5.01 35.75 25.43 US Foods USFD ... 17 33.53 0.22
... 39.97 26.78 PagSeguroDig PAGS ... ... 31.24 -0.47
DEF -6.85 157.40 128.42 IntlFlavors 7.47 42.14 25.60 USG USG ... 79 41.44 -0.05
ci on

-9.58 39.55 31.18 AquaAmerica WTR 2.3 26 35.47 0.29 IFF 1.9 38 142.15 2.07 34.79 198.76 112.30 PaloAltoNtwks PANW ... dd 195.36 1.94
-12.89 46.09 36.25 Aramark ARMK 1.1 17 37.23 0.62 5.43 30.82 17.25 IntlGameTech IGT 2.9 dd 27.95 0.29 13.45 314.86 187.96 UltaBeauty ULTA ... 28 253.74 6.87
12.39 66.53 50.11 DCT Industrial DCT 2.2 45 66.06 0.46 1.95 29.93 23.91 ParkHotels PK 5.9 15 29.31 0.56
7.77 37.50 19.59 ArcelorMittal MT ... 5 34.82 0.94 -9.92 66.94 50.00 IntlPaper IP 3.6 8 52.19 1.02 15.59 258.27 181.59 UltSoftware ULTI ...277 252.25 3.14
-30.07 66.50 32.04 DISH Network DISH ... 8 33.39 0.30 -14.35 212.80 151.17 ParkerHannifin PH 1.8 23 170.95 2.58 t -33.26 26.48 14.99 UltraparPart
-13.15 102.60 77.12 ArchCapital ACGL ... 24 78.83 0.88 17.36 26.01 18.30 Interpublic IPG 3.6 17 23.66 0.50 UGP 3.6 17 15.17 -0.17
-4.37 116.74 97.66 DTE Energy DTE 3.4 17 104.68 0.08 8.42 32.90 21.12 ParsleyEnergy PE ... 50 31.92 2.63 20.30 23.46 11.40 UnderArmour A UAA ... dd 17.36 -0.01
9.43 46.25 38.59 ArcherDaniels ADM 3.1 15 43.86 0.26 s 20.07 190.49 124.22 Intuit INTU 0.8 52 189.45 3.07 -8.33 73.10 54.20 Paychex PAYX 3.6 25 62.41 0.74
7.49 107.85 73.51 DXC Tech DXC 0.7 33 102.01 0.80 18.09 21.80 10.36 UnderArmour C UA ... dd 15.73 0.16
-36.81 31.17 16.66 Arconic ARNC 1.4 dd 17.22 0.29 26.16 473.79 279.09 IntuitiveSurgical ISRG ... 70 460.42 12.18 33.56 118.45 62.16 PaycomSoftware PAYC ... 77 107.29 2.17
7.95 104.82 78.97 Danaher DHR 0.6 28 100.20 1.20 -2.08 61.62 51.56 Unilever UN ... 23 55.15 0.43
4.02 311.67 135.21 AristaNetworks ANET ... 40 245.05 -22.80 -0.17 24.30 20.25 InvitatHomes INVH 1.9 dd 23.53 0.35 0.50 86.32 48.40 PayPal PYPL ... 47 73.99 0.54
-3.32 100.11 76.27 Darden DRI 2.7 22 92.83 1.00 -2.35 60.13 50.74 Unilever UL 3.3 22 54.04 0.41
-7.54 87.26 72.31 ArrowElec ARW ... 17 74.35 0.70 ... 20.50 15.30 iQIYI IQ ... ... 16.17 -0.22 s 23.01 12.12 7.62 Pearson PSO 2.8 18 12.08 0.76
-8.12 80.71 52.51 DaVita DVA ... 19 66.38 3.08 0.02 143.05 101.06 UnionPacific UNP 2.2 10 134.13 2.40
36.04 92.59 53.51 AspenTech AZPN ... 40 90.06 1.32 -8.59 41.53 30.78 IronMountain IRM 6.8 55 34.49 0.19 -6.19 36.99 29.28 PembinaPipeline PBA 4.9 24 33.94 1.99
-12.27 175.26 111.12 Deere DE 1.7 31 137.30 0.43 1.36 83.04 56.51 UnitedContinental UAL ... 9 68.32 0.80
2.54 36.75 28.43 AstraZeneca AZN 5.3 30 35.58 -0.24 13.37 4.95 3.85 IsraelChemicals ICL ... 4 4.58 0.02 -6.59 50.26 39.71 Pentair PNR 2.1 16 44.30 0.36
-10.25 92.40 59.92 DellTechs DVMT ... dd 72.95 1.75
er rs

-9.69 55.22 45.15 Athene ATH ... 6 46.70 -0.86 3.38 16.98 10.02 ItauUnibanco ITUB 0.4 12 13.44 -0.12 12.55 2.73 1.96 UnitedMicro UMC 3.1 20 2.69 0.01
-6.54 60.79 44.59 DeltaAir DAL 2.3 11 52.34 0.55 -1.55 20.26 15.96 People'sUtdFin PBCT 3.8 18 18.41 0.18 -6.58 135.53 101.45 UPS B UPS 3.3 19 111.31 1.50
31.79 62.78 32.58 Atlassian TEAM ... dd 59.99 1.50 -24.06 68.98 48.25 DentsplySirona XRAY 0.7 dd 49.99 0.75 -17.45 122.51 96.70 PepsiCo PEP 3.7 29 98.99 1.39
4.47 93.56 76.46 AtmosEnergy ATO 2.2 16 89.73 1.67 -27.59 20.23 13.50 DeutscheBank DB 1.0 dd 13.78 0.15 JKL -0.41 84.49 60.12 PerkinElmer PKI 0.4 76 72.82 0.65
-10.87 190.74 100.62 UnitedRentals URI
-6.05 58.50 49.03 US Bancorp USB
... 9 153.23
2.4 14 50.34
3.43
0.36
23.50 141.26 92.18 Autodesk ADSK ... dd 129.46 1.86 -8.53 45.16 28.79 DevonEnergy DVN 0.8 31 37.87 0.67 -9.05 50.68 34.88 JD.com JD ... dd 37.67 0.47 -12.51 95.93 63.68 Perrigo PRGO 1.0 91 76.26 1.01
45.04 100.66 34.50 Autohome ATHM ... 37 93.80 0.06 -1.90 47.64 18.55 US Steel X 0.6 10 34.52 1.61
45.43 85.25 42.62 DexCom DXCM ... dd 83.46 -0.35 1.39 119.33 81.64 JPMorganChase JPM 2.1 15 108.43 1.19 2.20 82.33 60.69 PetroChina PTR 1.1 38 71.48 0.13 -6.32 139.24 109.10 UnitedTech UTX 2.3 21 119.51 1.81
9.80 153.84 102.03 Autoliv ALV 1.8 30 139.54 0.96 -1.70 147.62 117.73 Diageo DEO 2.0 22 143.55 2.04 5.09 127.31 95.04 JackHenry JKHY 1.2 27 122.91 2.05 33.04 14.93 7.61 PetroleoBrasil PBR ... dd 13.69 -0.04
s 6.97 125.93 95.85 ADP ADP 2.2 31 125.36 2.26 7.00 250.79 166.65 UnitedHealth UNH 1.3 21 235.90 1.75
0.83 134.60 82.77 DiamondbkEner FANG ... 26 127.30 0.79 -13.83 72.18 49.31 JacobsEngg JEC 1.1 29 56.84 -0.31 28.59 13.92 6.96 PetroleoBrasilA PBR.A ... dd 12.64 -0.09 3.90 128.15 95.26 UniversalHealthB UHS 0.3 15 117.77 0.41
m e

-8.64 797.89 491.13 AutoZone AZO ... 14 649.94 13.09 -6.59 127.23 96.56 DigitalRealty DLR 3.8105 106.39 1.42 1.08 18.79 13.55 JamesHardie JHX 1.1 31 17.80 0.10 -3.81 39.43 31.67 Pfizer PFE 3.9 10 34.84 0.08
-7.88 199.52 152.65 Avalonbay AVB 3.6 29 164.35 1.50 t -27.38 58.73 38.75 UnumGroup UNM 2.3 9 39.86 0.81
-7.87 81.93 57.50 DiscoverFinSvcs DFS 2.0 12 70.87 1.27 -18.01 41.64 30.24 JanusHenderson JHG 4.1 9 31.37 0.18 -22.51 123.55 79.71 PhilipMorris PM 5.2 21 81.87 1.43 -10.91 8.75 6.52 VEREIT VER 7.9 dd 6.94 0.09
s 7.28 54.55 43.12 Avangrid AGR 3.2 43 54.26 0.51 3.49 27.92 15.99 DiscoveryA DISCA ... dd 23.16 0.29 9.37 162.59 128.58 JazzPharma JAZZ ... 19 147.26 -0.77 s 14.30 115.80 75.85 Phillips66 PSX 2.4 12 115.61 0.02
-7.95 123.67 81.84 AveryDennison AVY 2.0 32 105.73 1.51 3.07 84.38 51.22 VF VFC 2.4 47 76.27 -2.19
3.35 27.15 14.99 DiscoveryC DISCK ... dd 21.88 0.25 -13.34 24.13 18.05 JetBlue JBLU ... 5 19.36 0.15 5.73 66.67 52.25 PinnacleFoods PF 2.1 13 62.88 2.06 -12.10 22.99 17.58 VICI Prop VICI ... 95 18.02 0.17
96.09 217.86 65.54 AveXis AVXS ... dd 217.01 -0.15 -5.85 92.48 73.81 PinnacleWest PNW 3.5 19 80.20 0.39
m rp

-5.92 113.19 96.20 Disney DIS 1.7 14 101.15 2.39 -11.12 148.32 121.28 J&J JNJ 2.9327 124.19 1.16 s 12.40 128.36 91.36 Visa V 0.7 34 128.16 0.98
-2.60 38.20 27.77 AxaltaCoating AXTA ...210 31.52 0.78 s ... 42.66 37.00 DocuSign DOCU ... dd 41.09 -0.87 -4.88 44.37 32.89 JohnsonControls JCI 2.9 16 36.25 0.86 12.35 204.55 125.46 PioneerNatRscs PXD 0.2 32 194.19 2.05
6.82 56.31 41.17 BB&T BBT 2.8 16 53.11 0.66 7.20 237.77 197.29 VailResorts MTN 2.6 29 227.76 3.26
-1.47 74.29 48.00 DolbyLab DLB 1.0 76 61.09 0.04 15.27 178.75 110.15 JonesLang JLL 0.4 31 171.67 1.88 17.97 28.68 18.38 PlainsAllAmPipe PAA 4.9 25 24.35 0.61 15.13 14.67 7.47 Vale VALE ... 13 14.08 0.19
-13.58 49.06 41.01 BCE BCE 5.7 17 41.49 0.10 2.73 105.82 65.97 DollarGeneral DG 1.2 17 95.55 -0.75 -9.96 30.89 23.61 JuniperNetworks JNPR 2.8 43 25.66 0.50 13.30 29.53 18.98 PlainsGP PAGP 4.8 dd 24.87 0.48
4.96 50.79 33.42 BHPBilliton BHP 4.6 27 48.27 0.62 -13.28 24.43 9.70 ValeantPharm VRX ... 3 18.02 0.26
-12.77 116.65 65.63 DollarTree DLTR ... 13 93.61 -1.95 6.36 56.75 40.27 KAR Auction KAR 2.6 20 53.72 0.97 -12.19 137.66 82.77 PolarisIndustries PII 2.2 30 108.87 1.14 s 23.37 113.92 60.69 ValeroEnergy VLO 2.8 12 113.39 0.02
7.32 45.43 28.73 BHPBilliton BBL 5.1 24 43.25 0.54 -19.11 85.30 63.88 DominionEner D 5.1 14 65.57 0.04 -5.49 63.96 44.21 KB Fin KB ... 8 55.30 -0.41 10.49 150.26 97.25 Pool POOL 1.3 30 143.25 1.73
9.78 107.00 77.10 BOK Fin BOKF 1.8 19 101.35 1.37 5.78 130.29 91.17 VarianMed VAR ... 82 117.57 0.79
31.37 255.00 166.74 Domino's DPZ 0.9 38 248.24 2.41 9.21 24.50 17.61 KKR KKR 3.0 13 23.00 0.86 -0.07 166.95 122.90 Praxair PX 2.1 34 154.57 1.73 8.12 70.73 57.48 Vectren VVC 2.6 26 70.30 -0.22
s 7.88 45.50 33.90 BP BP 5.3 44 45.34 0.61 -7.50 52.20 42.59 Donaldson DCI 1.6 45 45.28 0.81 1.51 123.96 87.93 KLA Tencor KLAC 2.8 24 106.66 3.67 -19.01 75.58 54.89 PrincipalFin PFG 3.6 7 57.15 1.31
-11.69 21.16 15.41 BT Group BT 4.2 15 16.09 0.12 -18.34 21.99 13.78 Vedanta VEDL ... 13 17.01 -0.43
-6.14 41.59 34.72 DouglasEmmett DEI 2.6 67 38.54 0.51 -13.84 18.82 12.70 KT KT ... 16 13.45 -0.19 -21.17 94.67 70.73 Procter&Gamble PG 4.0 19 72.43 1.07 31.57 78.28 52.17 VeevaSystems VEEV ... 78 72.73 1.94
9.94 72.18 45.79 BWX Tech BWXT 1.0 46 66.50 0.19 -9.39 109.06 76.86 Dover DOV 2.1 19 91.51 1.99 2.21 114.91 88.66 KSCitySouthern KSU 1.3 12 107.55 1.09 6.20 62.78 38.75 Progressive PGR 1.9 19 59.81 0.54
7.48 274.97 173.52 Baidu BIDU ... 25 251.73 -0.73 -11.43 72.36 46.55 Ventas VTR 5.9 34 53.15 0.62
-9.48 77.08 61.27 DowDuPont DWDP 2.4 49 64.47 1.00 1.15 67.53 53.85 Prologis PLD 2.9 19 65.25 0.45
co Fo

-12.03 74.28 56.40 Kellogg K 3.6 14 59.80 1.65 6.88 127.24 87.55 VeriSign VRSN ... 32 122.31 2.31
13.78 40.82 25.53 BakerHughes BHGE 2.0 dd 36.00 0.40 22.31 126.65 83.23 DrPepperSnap DPS 2.0 20 118.71 -0.09 -2.33 22.40 16.28 KeyCorp KEY 2.1 16 19.70 0.33 37.92 127.35 78.47 Proofpoint PFPT ... dd 122.49 2.53 6.62 108.58 77.72 VeriskAnalytics VRSK ... 30 102.36 1.75
1.82 43.24 35.60 Ball BLL 1.0 30 38.54 0.62 ... 34.83 27.75 Dropbox DBX ... ... 29.13 -1.06 26.03 55.21 35.62 KeysightTechs KEYS ...112 52.43 0.80 -12.45 127.14 95.83 PrudentialFin PRU 3.6 6 100.66 3.06 -8.96 54.77 42.80 Verizon VZ 4.9 6 48.19 0.35
-5.29 9.54 7.62 BancoBilbaoViz BBVA 9.2 12 8.05 0.08 -5.03 91.80 72.93 DukeEnergy DUK 4.5 18 79.88 0.12 -1.90 77.70 62.91 KilroyRealty KRC 2.3 45 73.23 1.15 1.22 55.36 44.49 Prudential PUK 3.5 22 51.40 0.09 -0.31 178.25 113.66 VertxPharm VRTX ...174 149.39 -0.25
0.02 106.50 70.14 BancodeChile BCH 3.2 18 96.55 -0.52 2.61 30.14 24.30 DukeRealty DRE 2.9 36 27.92 0.10 -14.03 134.29 97.10 KimberlyClark KMB 3.9 20 103.73 1.38 1.17 53.28 41.67 PublicServiceEnt PEG 3.5 13 52.10 0.23
t -28.42 136.10 82.53 BancoMacro -1.69 37.22 22.13 Viacom B VIAB 2.6 6 30.29 0.92
BMA 0.9 10 82.95 -6.72 18.08 39.57 29.44 ENI E ... 18 39.19 0.27 -19.17 21.24 13.16 KimcoRealty KIM 7.6 27 14.67 0.31 -0.77 219.93 180.48 PublicStorage PSA 3.9 31 207.39 1.48 0.86 42.55 28.20 Viacom A VIA 2.3 7 35.20 1.30
3.71 35.09 23.41 BcoSantChile BSAC 4.6 19 32.43 0.01 6.26 119.71 81.99 EOG Rscs EOG 0.6 21 114.66 -1.35 -10.85 21.25 14.69 KinderMorgan KMI 5.0322 16.11 0.29 -6.83 35.21 22.15 PulteGroup PHM 1.2 18 30.98 0.09 34.39 19.14 7.79 Vipshop VIPS ... 33 15.75 -0.02
-4.38 10.82 6.67 BcoSantMex BSMX ... 10 6.99 -0.17 8.82 125.88 77.96 EPAM Systems EPAM ... 89 116.90 1.94 -10.89 51.94 30.56 Knight-Swift KNX 0.6 ... 38.96 0.15 10.93 36.34 30.09 Qiagen QGEN ...177 34.31 0.05 86.07 37.85 13.10 VirtuFinancial VIRT 2.8155 34.05 -1.90
-1.53 7.57 6.29 BancoSantander SAN 4.6 13 6.44 0.05 -14.56 67.84 43.70 EQT EQT 0.2232 48.63 1.54 16.36 69.48 35.16 Kohl's 19.35 86.84 62.68 Qorvo QRVO ... dd 79.49 2.76
KSS 3.9 12 63.10 -0.09 s 25.60 24.39 14.50 VistraEnergy VST ... dd 23.01 -0.13
21.03 51.38 36.38 BanColombia CIB 3.0 13 48.00 0.08 24.01 61.93 33.06 E*TRADE ETFC ... 24 61.47 1.02 13.70 43.24 34.99 KoninklijkePhil PHG 2.3 22 42.98 -0.02 -18.01 69.28 48.56 Qualcomm QCOM 4.7 dd 52.49 2.18 7.21 165.00 85.45 VMware VMW ...100 134.35 1.48
-0.75 33.05 22.07 BankofAmerica BAC 1.6 17 29.30 0.10 -5.58 63.60 29.45 EXACT Sci EXAS ... dd 49.61 0.53 -2.54 20.38 14.12 KoreaElcPwr KEP ... 20 17.26 -0.11 3.06 112.97 90.10 QuestDiag DGX 2.0 18 101.50 0.56 -9.56 32.75 26.72 Vodafone VOD 4.2 dd 28.85 -0.14
-4.70 84.71 66.75 BankofMontreal BMO 3.8 14 76.26 0.52 10.80 69.25 52.86 EastWestBncp EWBC 1.2 19 67.40 0.69 -25.40 93.88 54.11 KraftHeinz KHC 4.3 6 58.01 3.06 -2.74 29.11 20.79 QurateQVC A QRTEA ... 5 23.75 0.18 -10.94 80.92 64.13 VornadoRealty VNO 3.6140 69.63 0.87
1.17 58.99 46.05 BankNY Mellon BK 1.8 14 54.49 0.64 13.13 112.45 76.11 EastmanChem EMN 2.1 10 104.80 1.93 -12.06 31.45 19.69 Kroger KR 2.1 11 24.14 0.27 -1.73 28.90 20.93 QurateQVC B QRTEB ... 5 24.13 0.15 5.03 54.87 33.53 VoyaFinancial VOYA 0.1 dd 51.96 0.92
-4.87 66.78 53.86 BkNovaScotia BNS 4.2 12 61.39 0.17 -5.24 89.85 69.82 Eaton ETN 2.0 11 74.87 1.80 -5.91 71.92 53.79 Kyocera KYO ... 31 61.64 0.57 -4.42 141.20 108.17 VulcanMatls VMC 0.9 27 122.70 0.50
-2.44 53.70 40.15 BankofOzarks OZRK 1.7 14 47.27 0.75
4.22 12.55 9.29 Barclays BCS 2.0 dd 11.36 0.12
-2.36 60.95 42.77 EatonVance EV 2.3 22 55.06 0.49 2.88 17.39 10.53 LATAMAirlines LTM 1.1 53 14.30 -0.09 RS
0.69 46.99 32.99 eBay EBAY ... dd 38.00 0.36 t -42.96 63.10 33.88 L Brands LB 7.0 10 34.35 -0.19 WXYZ
-6.91 18.35 11.07 BarrickGold ABX 0.9 17 13.47 -0.01 8.35 150.46 125.05 Ecolab ECL 1.1 28 145.39 1.21 -8.28 23.30 19.63 RELX RENX 3.7 20 21.16 0.07
t -22.31 17.05 10.48 LG Display LPL ... 8 10.69 -0.15 -8.95 24.03 20.31 RELX RELX 3.6 20 21.58 0.15
8.88 72.58 55.56 BaxterIntl BAX 0.9 47 70.38 0.62 50.99 22.66 8.61 Ecopetrol EC 2.9 20 22.09 0.37 -11.27 47.81 33.13 LINE LN ...121 36.37 0.37 -9.66 162.20 114.53 WABCO WBC ... 16 129.64 2.12
4.95 248.39 177.64 BectonDicknsn BDX 1.3 dd 224.66 -2.47 0.71 83.38 57.63 EdisonInt EIX 3.8 50 63.69 0.47 -6.96 56.69 46.36 RPM RPM 2.6 17 48.77 0.88 -3.04 70.09 58.92 WEC Energy WEC 3.4 17 64.41 -0.09
-25.92 43.86 29.60 LKQ LKQ ... 17 30.13 -0.11 18.19 51.51 28.76 RSP Permian RSPP ... 27 48.08 0.05
85.13 187.90 34.36 BeiGene BGNE ... dd 180.91 -3.29 19.57 143.22 100.20 EdwardsLife EW ... 52 134.77 1.95 -7.00 218.71 159.43 L3 Tech LLL 1.7 20 184.00 0.77 19.30 170.89 97.68 WEX WEX ... 41 168.49 1.37
4.45 79.74 62.00 Berkley WRB 0.7 16 74.84 1.02 17.69 131.13 94.59 ElectronicArts EA ... 39 123.64 3.47 3.00 119.33 66.06 RalphLauren RL 1.9 dd 106.80 -0.49 -6.84 72.41 59.23 W.P.Carey WPC 6.3 38 64.19 0.64
7.39 181.72 136.61 LabCpAm LH ... 14 171.30 1.66 -17.47 108.29 77.70 RandgoldRscs GOLD 2.5 28 81.61 -1.02
-1.30 217.62 160.93 BerkHathwy B BRK.B ... 11 195.64 4.03 -1.82 74.45 57.23 EmersonElec EMR 2.8 25 68.42 1.00 6.19 234.88 139.24 LamResearch LRCX 1.0 19 195.47 6.04 -4.35 113.51 76.68 WPP WPP 5.9 9 86.62 -0.21
-1.68 326350 242180 BerkHathwy A BRK.A ... 11 292600 5549.00 -19.76 42.31 29.00 Enbridge ENB 6.7 24 31.38 0.48 0.28 99.26 71.35 RaymondJames RJF 1.1 18 89.55 1.96 s 26.37 17.84 8.39 WPX Energy WPX ... dd 17.78 0.28
-11.19 79.17 61.36 LamarAdv LAMR 5.5 22 65.93 -0.19 7.82 229.75 155.84 Raytheon RTN 1.7 27 202.54 1.01
-15.90 61.71 48.24 BerryGlobal BERY ... 14 49.34 -0.30 -1.28 14.31 8.01 Encana ECA 0.5 24 13.16 0.42 15.31 66.85 41.12 LambWeston LW 1.2 25 65.09 1.05 10.49 93.81 69.20 Wabtec WAB 0.5 31 89.97 1.38
11.32 78.59 50.29 BestBuy BBY 2.4 23 76.22 1.21 s 27.26 63.67 42.21 EncompassHealth EHC 1.6 22 62.88 0.07 -8.33 60.05 47.25 RealtyIncome O 5.0 47 52.27 0.98 -12.13 86.42 61.73 WalgreensBoots WBA 2.5 16 63.81 1.58
9.92 79.84 56.33 LasVegasSands LVS 3.9 16 76.38 1.02
n-

5.93 279.59 208.95 Bio-RadLab A BIO ... 66 252.82 1.99 -4.30 12.11 9.07 EnelAmericas ENIA 4.8 17 10.69 -0.21 38.30 167.36 84.16 RedHat RHT ...119 166.10 1.97 -11.36 109.98 73.13 Walmart WMT 2.4 27 87.53 1.30
0.69 60.00 40.50 Lazard LAZ 3.3 24 52.86 0.86 -15.06 70.64 54.87 RegencyCtrs REG 3.8 46 58.76 1.01
-15.14 370.57 244.28 Biogen BIIB ... 19 270.34 3.90 4.93 6.57 5.03 EnelChile ENIC 6.2 11 5.96 -0.05 7.94 202.42 135.62 Lear LEA 1.5 10 190.68 1.68 4.85 74.59 60.35 WasteConnections WCN 0.8 34 74.38 0.78
-4.25 100.51 75.81 BioMarinPharm BMRN ... dd 85.38 3.08 -13.75 29.41 21.65 EnelGenChile EOCC 9.9 10 23.21 -0.04 t -22.53 543.55 287.55 RegenPharm REGN ... 24 291.25 -1.16 -2.61 89.73 70.08 WasteMgt WM 2.2 18 84.05 1.11
-6.88 70.11 50.94 Leidos LDOS 2.1 23 60.13 -0.14
12.68 53.00 41.10 BlackKnight BKI ... 34 49.75 0.35 10.44 69.24 46.16 Energen EGN ... 20 63.58 0.41 8.33 20.21 13.03 RegionsFin RF 1.9 17 18.72 0.30 -0.83 220.20 169.34 Waters WAT ...684 191.58 1.54
-16.74 58.65 40.59 Lennar B LEN.B 0.4 11 43.03 0.76
-2.95 14.55 8.47 BlackBerry BB ... 12 10.84 0.13 -5.62 19.50 12.80 EnergyTransferEq ETE 7.5 19 16.29 0.30 -2.17 165.12 121.92 ReinsGrp RGA 1.3 6 152.54 2.99 1.66 192.94 135.80 Watsco WSO 3.4 30 172.87 4.73
-13.92 72.17 48.68 Lennar A LEN 0.3 14 54.44 0.81
1.30 594.52 377.85 BlackRock BLK 2.2 16 520.40 8.73 -2.34 23.72 15.06 EnergyTransfer ETP 12.9 8 17.50 0.41 4.76 95.97 68.46 RelianceSteel RS 2.2 10 89.87 1.36 -0.17 100.14 47.68 Wayfair W ... dd 80.13 3.96
-4.18 223.05 160.18 LennoxIntl LII 1.0 28 199.55 5.02
-0.66 37.52 29.03 Blackstone BX 4.4 16 31.81 0.75 1.00 87.95 71.95 Entergy ETR 4.3 32 82.20 -0.15 1.41 69.40 60.26 RepublicSvcs RSG 2.0 17 68.56 1.32 11.42 142.12 54.69 Weibo WB ... 73 115.28 -0.42
-7.70 28.30 21.61 LeucadiaNatl LUK 1.61106 24.45 0.46
15.39 104.78 67.15 ResMed RMD
no

4.84 31.80 23.59 BlockHR HRB 3.5 23 27.49 0.96 0.75 29.51 23.10 EnterpriseProd EPD 6.4 20 26.71 0.05 1.4 46 97.72 0.74 8.71 221.75 162.25 WellCareHealth WCG ... 24 218.62 4.37
-15.23 104.35 68.20 LibertyBroadbandA LBRDA ... 6 72.10 1.55
-2.25 236.17 74.45 bluebirdbio BLUE ... dd 174.10 4.50 -4.63 147.02 89.59 Equifax EFX 1.4 26 112.46 -0.04 -11.37 68.89 53.09 RestaurantBrands QSR 3.3 27 54.49 0.10 -13.61 66.31 49.27 WellsFargo WFC 3.0 13 52.41 0.87
-14.11 104.66 69.16 LibertyBroadbandC LBRDK ... 7 73.14 1.36
13.40 371.60 175.47 Boeing BA 2.0 22 334.43 3.74 -10.89 495.35 370.79 Equinix EQIX 2.3126 403.88 5.75 5.08 59.25 37.66 RioTinto RIO 6.5 11 55.62 0.16 -11.90 78.17 49.58 Welltower WELL 6.2138 56.18 0.69
-11.41 39.73 28.17 LibertyGlobal A LBTYA ... dd 31.75 1.28 s 11.72 62.22 42.92 RobertHalf
25.20 2228.99 1630.56 BookingHldgs BKNG ... 47 2175.71 23.50 1.11 91.94 79.78 EquityLife ELS 2.4 41 90.01 0.28 -9.84 37.86 27.36 LibertyGlobal C LBTYK ... dd 30.51 1.22
RHI 1.8 25 62.05 0.64 -10.81 103.36 80.02 WestPharmSvcs WST 0.6 50 88.00 1.89
4.20 41.13 31.06 BoozAllen BAH 1.9 21 39.73 0.46 -2.62 70.45 54.97 EquityResdntl EQR 3.5 56 62.10 0.50 -11.64 210.72 151.78 Rockwell ROK 2.1 55 173.49 3.54 3.77 57.32 47.06 WestarEnergy WR 2.9 24 54.79 0.74
-5.35 39.37 27.22 LibertyFormOne A FWONA ... 33 30.97 1.21
-3.84 58.22 39.80 BorgWarner BWA 1.4 22 49.13 1.29 -0.08 270.04 214.03 EssexProp ESS 3.1 46 241.17 2.74 -2.27 139.63 101.09 RockwellCollins COL 1.0 24 132.54 0.92 5.28 62.49 44.64 WestAllianceBcp WAL ... 18 59.61 1.01
-3.89 41.14 28.37 LibertyFormOne C FWONK ... 35 32.83 1.28
-4.61 132.00 111.57 BostonProps BXP 2.6 36 124.04 2.22 6.68 153.88 90.81 EsteeLauder EL 1.1 44 135.74 1.62 -7.32 54.95 43.11 RogersComm B RCI 3.2 17 47.20 0.38 -2.83 106.96 75.96 WesternDigital WDC 2.6133 77.28 0.30
1.22 26.52 21.35 LibertyBraves A BATRA ...372 22.32 0.15
19.20 29.93 24.54 BostonSci BSX ...422 29.55 0.12 2.83 277.17 208.81 EverestRe RE 2.3 25 227.52 1.37 6.47 54.25 39.49 Rollins ROL 1.1 58 49.54 0.96 -7.56 45.99 31.63 WesternGasEquity WGP 6.6 19 34.35 -0.02
2.57 26.20 21.53 LibertyBraves C BATRK ...380 22.79 0.02
-5.83 33.73 17.44 Braskem BAK 3.1 ... 24.73 0.61 -6.55 66.15 55.93 EversourceEner ES 3.4 19 59.04 0.17 3.94 292.97 216.80 RoperTech ROP 0.6 27 269.20 4.53 0.62 58.48 40.44 WesternGasPtrs WES 7.7 26 48.39 0.62
6.53 46.43 36.33 LibertySirius A LSXMA ... 13 42.25 0.47
4.36 105.04 75.55 BrightHorizons BFAM ... 39 98.10 1.38 -26.15 32.50 18.03 Exelixis EXEL ... 28 22.45 0.23 0.57 85.66 52.85 RossStores ROST 1.1 23 80.71 0.34 3.16 22.21 18.38 WesternUnion WU 3.9 dd 19.61 0.21
6.33 46.24 36.11 LibertySirius C LSXMK ... 13 42.17 0.59
-15.19 75.00 46.62 BrighthouseFin BHF ... dd 49.73 1.67 4.24 42.67 33.30 Exelon EXC 3.4 12 41.08 0.23 -6.76 87.10 66.66 RoyalBkCanada RY 3.9 13 76.13 0.21 0.08 121.30 59.58 WestlakeChem WLK 0.8 10 106.61 1.44
-1.70 45.40 37.77 LibertyProperty LPT 3.8 17 42.28 0.31
-16.24 70.05 50.56 Bristol-Myers BMY 3.1 92 51.33 -0.12 -8.06 161.00 98.52 Expedia EXPE 1.1 54 110.12 -1.16 -2.23 8.74 6.24 RoyalBkScotland RBS ... 26 7.47 0.06 -9.97 26.38 21.13 WestpacBanking WBK 6.6 13 21.95 0.01
-7.17 89.09 73.69 EliLilly LLY 2.9 69 78.40 0.36
-21.44 73.41 50.82 BritishAmTob BTI 5.2 1 52.63 0.05 -1.78 67.63 51.96 ExpeditorsIntl EXPD 1.3 24 63.54 0.55 -9.99 135.65 103.52 RoyalCaribbean RCL 2.2 14 107.36 1.02 -6.01 71.55 51.22 WestRock WRK 2.9 8 59.41 0.99
-10.30 86.68 63.10 LincolnNational LNC 1.9 8 68.95 2.52
t -10.27 285.68 221.98 Broadcom AVGO ... 13 230.52 5.27 -5.92 85.07 55.80 ExpressScripts ESRX ... 9 70.22 -1.98 4.69 72.43 51.91 RoyalDutchA RDS.A 5.4 19 69.84 0.23 3.55 37.89 30.95 Weyerhaeuser WY 3.5 40 36.51 0.18
6.88 49.11 32.80 LiveNationEnt LYV ... dd 45.50 5.07
19.86 112.59 68.16 BroadridgeFinl BR 1.3 35 108.57 0.76 s 5.42 92.32 71.34 ExtraSpaceSt EXR 3.4 24 92.19 0.45 -5.33 4.21 3.26 LloydsBanking LYG 6.4 16 3.55 0.03 6.27 74.60 53.50 RoyalDutchB RDS.B 5.2 20 72.57 0.34 -3.66 22.72 18.32 WheatonPrecMet WPM 1.7164 21.32 0.08
-8.59 44.33 36.32 BrookfieldMgt BAM 1.5 30 39.80 0.33 -8.06 89.30 72.16 ExxonMobil XOM 4.3 16 76.90 0.36 -2.99 363.00 266.01 LockheedMartin LMT 2.6 38 311.44 1.51 7.93 94.39 68.10 RoyalGold RGLD 1.1 dd 88.63 0.66 -9.10 202.99 145.59 Whirlpool WHR 3.0 40 153.30 1.56
-11.69 46.88 37.54 BrookfieldInfr BIP 4.8 92 39.57 -0.37 s 28.13 168.64 114.63 F5Networks FFIV ... 25 168.13 -0.19 1.88 53.59 45.01 Loews L 0.5 15 50.97 0.53 8.65 127.61 97.18 Ryanair RYAAY ... 16 113.20 0.75 -14.10 33.67 24.00 Williams WMB 5.2 11 26.19 0.09
6.92 27.90 20.84 Brown&Brown BRO 1.1 19 27.51 0.43 -7.64 98.70 69.94 FMC FMC 0.8 13 87.43 3.70 17.48 43.54 32.66 LogitechIntl 1.48 116.90 99.20 SAP SAP 1.5 33 114.02 0.88 -5.88 44.06 32.74 WilliamsPartners WPZ 6.7 59 36.50 0.20
LOGI 1.6 33 39.52 -0.47 13.44 197.76 136.22 S&P Global SPGI 1.0 31 192.17 2.54
1.68 56.81 37.71 Brown-Forman B BF.B 1.1 36 55.86 0.60 0.09 195.32 144.42 Facebook FB ... 29 176.61 2.59 -0.39 134.80 103.00 LogMeIn LOGM 1.1 41 114.05 2.00 -1.18 165.00 139.36 WillisTowers WLTW 1.6 36 148.91 1.45
6.87 56.10 35.68 Brown-Forman A BF.A 1.2 27 53.42 0.77 -1.58 217.36 155.09 FactSet FDS 1.2 30 189.71 2.74 -9.37 108.98 70.76 Lowe's LOW 1.9 21 84.23 1.40 -2.58 177.67 126.82 SBA Comm SBAC ...194 159.14 2.98 t -15.17 6.40 4.54 Wipro WIT 0.7 20 4.64 -0.04
-21.84 67.91 35.24 BuckeyePtrs BPL 13.0 12 38.73 -2.68 -7.39 58.73 39.79 Fastenal FAST 2.9 23 50.65 1.16 21.50 100.73 47.26 lululemon LULU ... 50 95.49 -4.37 -13.15 78.35 49.45 SEI Investments SEIC 1.0 22 62.41 0.70 -2.80 53.50 38.29 WooriBank WF 2.9 8 43.44 -0.12
5.08 83.75 63.87 Bunge BG 2.6176 70.49 0.22 -10.60 135.59 106.41 FederalRealty FRT 3.4 41 118.73 1.34 -5.01 121.95 78.01 LyondellBasell LYB 3.8 8 104.79 0.84 -6.16 124.60 70.35 Sina SINA ... 45 94.13 0.25 27.83 140.00 88.64 Workday WDAY ... dd 130.05 1.35
12.70 140.34 79.07 BurlingtonStrs BURL ... 25 138.65 1.17 -1.84 274.66 186.00 FedEx FDX 0.8 15 244.94 2.79 15.35 66.96 50.67 SINOPEC SHI 7.2 8 65.75 0.94 12.85 85.53 59.10 Worldpay WP ...105 83.00 1.61
4.30 37.25 30.45 CA CA 2.9 35 34.71 0.65 s 30.99 137.45 81.41 Ferrari -15.62 28.97 22.92 SK Telecom SKM ... 7 23.55 -0.16 -8.26 127.96 93.70 Wyndham WYN 2.5 14 106.30 0.80
-8.06 25.90 18.60 CBD Pao CBD ... 25 21.67 -0.20 28.48 24.95 10.12 FiatChrysler
RACE ... 43 137.33
FCAU ... 8 22.92
6.34
0.43
MN -1.00 109.00 89.46 SLGreenRealty SLG 3.3 53 99.92 2.41 14.13 203.63 119.17 WynnResorts WYNN 1.6 45 192.41 0.79
7.90 48.44 32.53 CBRE Group CBRE ... 22 46.73 0.77 32.72 22.05 8.88 FibriaCelulose FBR ... 31 19.51 0.04 5.53 197.37 141.12 M&T Bank MTB 1.7 21 180.45 0.86 19.22 53.99 35.85 SS&C Tech SSNC 0.6 31 48.26 0.28 10.54 109.06 51.69 XPO Logistics XPO ... 37 101.24 1.31
-9.88 68.75 47.54 CBS B CBS 1.4 17 53.17 4.43 -3.26 42.52 28.93 FidNatlFin FNF 3.2 15 37.96 -0.06 s 7.92 29.28 24.29 MDU Rscs MDU 2.7 20 29.01 0.11 30.82 309.40 159.44 SVB Fin SIVB ... 28 305.82 2.34 -3.58 52.22 41.51 XcelEnergy XEL 3.3 20 46.39 -0.09
-10.34 68.86 47.98 CBS A CBS.A 1.3 18 53.60 4.73 6.98 103.65 82.55 FidNatlInfo FIS 1.3 25 100.66 1.25 -4.58 38.41 29.53 MGM Resorts MGM 1.5 9 31.86 0.58 13.51 25.01 17.30 Sabre SABR 2.4 25 23.27 -0.04 -2.64 37.42 27.18 Xerox XRX 3.5 45 28.38 0.07
-9.29 76.04 59.33 CDK Global CDK 0.9 26 64.66 0.54 7.55 34.57 23.20 FifthThirdBncp FITB 2.0 9 32.63 0.35 15.40 128.28 65.90 MKS Instrum MKSI 0.7 16 109.05 2.25 -9.91 195.97 59.57 SageTherap SAGE ... dd 148.38 0.25 -0.70 78.02 60.12 Xilinx XLNX 2.2 34 66.95 1.13
8.68 78.79 55.80 CDW CDW 1.1 20 75.52 1.02 -6.39 62.71 41.51 FirstAmerFin FAF 2.9 13 52.46 0.33 -1.35 39.38 30.88 MPLX MPLX 7.1 18 34.99 0.42 22.39 128.87 83.55 Salesforce.com CRM ...736 125.12 0.71 2.76 79.83 50.12 Xylem XYL 1.2 36 70.08 0.45
-9.47 45.00 25.65 CF Industries CF 3.1 20 38.51 0.24 s 14.18 19.45 14.73 FirstData FDC ... 12 19.08 0.73 20.22 159.98 96.12 MSCI MSCI 1.0 40 152.13 2.93 -8.79 50.65 38.14 Sanofi SNY 4.7 23 39.22 0.10 -13.57 26.70 18.41 YPF YPF 1.0 11 19.80 0.15
10.20 60.54 47.42 CGI Group GIB ... 22 59.87 0.22 -7.90 20.86 15.84 FirstHorizonNatl FHN 2.6 25 18.41 0.19 -10.16 69.73 52.12 Macerich MAC 5.0169 59.01 0.91 -0.05 19.02 11.12 SantanderCons SC 1.1 5 18.61 0.20 -14.43 142.97 49.27 YY YY ... 16 96.74 1.45
-7.35 100.18 63.41 CH Robinson CHRW 2.2 22 82.54 -0.06 9.52 105.52 84.56 FirstRepBank FRC 0.8 21 94.89 0.72 -15.45 28.51 15.86 Mack-Cali CLI 4.4 46 18.23 0.13 4.09 38.75 26.92 Sasol SSL 2.3 17 35.61 0.19 2.53 44.49 24.94 Yandex YNDX ... ... 33.58 -0.37
7.58 56.14 43.25 CIT Group CIT 1.2 33 52.96 0.84 -1.70 81.72 33.27 FirstSolar FSLR ... dd 66.37 0.39 24.02 32.45 17.41 Macy's M 4.8 6 31.24 -0.21 2.08 80.35 61.02 Schlumberger SLB 2.9 dd 68.79 1.07 1.00 88.07 68.47 YumBrands YUM 1.7 19 82.43 -0.24
8.98 171.71 114.88 CME Group CME 1.8 13 159.16 2.14 11.40 35.56 27.93 FirstEnergy FE 4.2 dd 34.11 0.59 19.07 254.50 189.96 MadisonSquGarden MSG ... 59 251.06 4.27 9.19 58.11 37.63 SchwabC SCHW 0.7 32 56.09 1.09 -4.57 48.75 33.15 YumChina YUMC 1.0 30 38.19 1.28
-1.80 50.85 40.48 CMS Energy CMS 3.1 26 46.45 -0.02 6.34 74.45 59.05 Fiserv FISV ... 21 69.72 0.73 -4.43 75.82 54.82 MagellanMid MMP 5.5 18 67.80 1.64 33.08 62.70 30.60 Seagate STX 4.5 19 55.68 0.71 5.36 18.08 12.84 ZTO Express ZTO ... 25 16.70 0.02
-7.95 55.62 43.95 CNA Fin CNA 2.5 14 48.83 0.40 3.95 213.74 131.12 FleetCorTech FLT ... 24 200.04 -10.40 6.53 61.56 42.10 MagnaIntl MGA 2.2 10 60.37 1.28 -9.84 49.94 40.76 SealedAir SEE 1.4 dd 44.45 0.54 -10.41 37.95 29.73 ZayoGroup ZAYO ...103 32.97 -2.27
s 19.06 171.33 108.05 CNOOC CEO 4.5 21 170.92 2.83 -21.57 19.71 12.93 Flex FLEX ... 18 14.11 0.12 -23.38 136.93 93.47 Manpower MAN 1.9 11 96.63 1.65 -1.46 68.59 45.31 SeattleGenetics SGEN ... dd 52.72 -1.26 29.74 148.71 94.34 ZebraTech ZBRA ...433 134.67 1.13
12.00 17.69 10.63 CPFLEnergia CPL 2.5 25 12.88 -0.22 16.95 54.82 33.95 FlirSystems FLIR 1.2 73 54.52 0.84 -10.21 22.16 16.62 ManulifeFin MFC 3.7 26 18.73 0.21 -20.68 9.14 4.49 SemicondctrMfg SMI ... 36 6.79 0.19 30.09 59.73 37.96 Zillow A ZG ... dd 53.00 1.53
-0.06 39.32 32.47 CRH CRH 3.3 14 36.07 0.21 8.57 50.43 37.51 Flowserve FLS 1.72287 45.74 0.77 s 16.48 19.94 10.55 MarathonOil MRO 1.0 dd 19.72 0.28 4.56 122.97 100.63 SempraEnergy SRE 3.2111 111.80 0.39 29.15 59.99 37.68 Zillow C Z ... dd 52.85 1.34
9.02 61.50 47.99 CSX CSX 1.5 9 59.97 0.88 -11.40 62.09 37.04 Fluor FLR 1.8 57 45.76 -13.23 16.61 83.27 49.30 MarathonPetrol MPC 2.4 11 76.94 -0.52 -1.71 40.28 31.17 ServiceCorp SCI 1.9 15 36.68 0.85 -3.69 133.49 104.28 ZimmerBiomet ZBH 0.8 14 116.22 1.04
-12.97 84.00 60.14 CVS Health CVS 3.2 10 63.10 0.83 -3.66 103.82 84.32 FomentoEconMex FMX 1.7 15 90.46 0.37 -1.31 1194.98 936.95 Markel MKL ... 64 1124.25 15.48 6.16 55.36 36.34 ServiceMaster SERV ... 14 54.43 1.39 9.11 57.29 38.43 ZionsBancorp ZION 1.7 18 55.46 1.01
-18.08 29.57 21.40 CabotOil COG 1.0 98 23.43 0.35 -9.05 13.48 10.14 FordMotor F 5.3 6 11.36 0.16 ... 229.84 171.45 MarketAxess MKTX 0.8 50 201.74 2.74 31.31 176.56 95.50 ServiceNow NOW ... dd 171.22 2.49 13.21 86.38 58.30 Zoetis ZTS 0.6 41 81.56 1.18

New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FirstCash FCFS 91.00 2.1 MellanoxTech MLNX 81.95 0.6 Reis REIS 22.45 5.7 ValeroEnergy VLO 113.92 ... BancoMacro BMA 82.53 -7.5 HorizonGlobal HZN 5.50 -1.7 PilgrimPride PPC 20.23 2.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Freshpet FRPT 21.10 0.5 MeritMedical MMSI 50.55 0.3 RexfordIndlRealty REXR 32.09 1.9 VistraEnerUn DYNC 97.40 0.4 BarclaysBkPfd5 BCSpD 25.76 -1.3 ING Groep ING 16.35 0.1 PitneyBowes PBI 8.30 1.1
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low G1Therapeutics GTHX 44.89 6.9 Mindbody MB 44.20 4.2 RobertHalf RHI 62.22 1.0 VistraEnergy VST 24.39 -0.6 BedBath BBBY 16.69 1.6 IRSA Prop IRCP 41.51 -1.2 PowerREIT PW 5.50 2.4
in the latest session. % CHG-Daily percentage change from the previous trading session. GluMobile GLUU 5.33 6.6 NRG Energy NRG 33.75 2.9 RudolphTech RTEC 31.85 1.0 VistraEnergyWt VST.WS.A 0.99 39.4 Belden BDC 57.29 2.0 Ingredion INGR 110.20 -2.1 ProAssurance PRA 40.00 -12.6
GoDaddy GDDY 66.06 1.1 NV5Global NVEE 71.90 6.8 RuthsHospitality RUTH 28.60 8.8 W&T Offshore WTI 6.80 4.1 BiglariA BH.A 961.00 2.0 InterlinkElec LINK 4.70 -6.1 PublicStoragePfdF PSApF 22.00 ...
Friday, May 4, 2018 GolarLNG GLNG 33.96 1.9 Nanometrics NANO 35.70 2.8 SRC Energy SRCI 11.49 2.7 WGLHoldings WGL 88.34 2.1 BioTimeWt BTX.WS 0.03 -28.6 Intevac IVAC 4.51 2.2 Qudian QD 9.55 3.8
52-Wk % 52-Wk % 52-Wk % Haemonetic HAE 80.59 2.5 NatlEnerSvsWt NESRW 1.14 3.6 SareptaTherap SRPT 90.99 14.8 WPX Energy WPX 17.84 1.6 BoardwalkPipe BWP 9.45 -4.5 Invuity IVTY 2.35 -6.7 RR Donnelley RRD 6.45 -3.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg HamiltonLane HLNE 44.13 1.7 Neogen NEOG 72.09 2.1 SensusHealthcare SRTS 7.00 0.7 WPX Energy Pfd WPXP 73.94 0.7 Broadcom AVGO 221.98 2.3 iPass IPAS 0.25 5.2 RegenPharm REGN 287.55 -0.4
HaymakerAcqnUn HYACU 10.10 -0.1 NevsunRscs NSU 2.98 8.5 ShakeShack SHAK 58.98 18.0 WebsterFin WBS 62.16 1.8 BusFirstBcshs BFST 23.30 -1.0 iPicEnt IPIC 7.87 -3.6 ScrippsEW SSP 10.69 4.0
Curo CURO 24.23 -1.6 DocuSign DOCU 42.66 -2.1 HealthEquity HQY 70.00 2.1 nLIGHT LASR 30.04 -0.4 SimulationsPlus SLP 18.20 3.4 SilganHoldings SLGN 26.49 2.1
WhitingPetrol WLL 44.98 1.0
Highs CaliforniaRscs CRC 33.96 22.5 DoverWi DOVw 74.30 3.5 HennessyCapIIIWt HCAC.WS 0.98 3.7 NorthAmConstr NOA 6.70 2.3 SiriusXM SIRI 6.72 2.6 Wingstop WING 55.86 8.4
CSS Industries CSS
CamberEnergy CEI
16.04 -0.2
0.45 -3.4
KayneAndersonMLPPf KYNpF
KimcoRealtyPfdI KIMpI
25.07 -0.1
23.80 -0.3 Smart&FinalStores SFS 4.45 3.3
Cannae CNNE 21.10 0.9 EtnVncNextShs EVSTC 100.02 ... HollyFrontier HFC 66.72 0.6 NovaGoldRscs NG 5.05 1.2 Stamps.com STMP 240.45 3.9 Soligenix SNGX 1.54 -0.4
Abiomed ABMD 352.15 4.1 XO Group XOXO 27.44 2.9 CentralPuerto CEPU 13.44 -0.8 KimcoRealtyPfdJ KIMpJ 21.31 -1.2
CareDx CDNA 10.69 1.5 8x8 EGHT 21.50 1.4 HomeFedBncpLA HFBL 32.19 1.5 Novocure NVCR 28.18 ... StateBankFin STBZ 32.79 1.3 SteelPtrsPfdA SPLPpA 19.76 -0.3
AllegianceBcshs ABTX 42.80 1.6 Zendesk ZEN 54.25 3.0 ClovisOncology CLVS 41.72 -1.2 KimcoRealtyPfdK KIMpK 21.91 -1.0
CarpenterTech CRS 55.53 2.0 EldoradoResorts ERI 43.95 6.3 IdexxLab IDXX 212.47 8.4 Nuvectra NVTR 16.16 6.9 SteinMart SMRT 2.65 12.6 Stepan SCL 68.09 0.8
AlliedMotionTech AMOT 46.70 8.9 Coca-Cola Femsa KOF 60.94 -0.3 KimcoRealtyPfdL KIMpL 20.12 -1.9
AppFolio APPF 54.81 3.1
CasellaWaste CWST
Centene CNC
27.50
116.87
5.7
1.4
EnantaPharma ENTA
EncompassHealth EHC
100.30
63.67
1.7
0.1
IcahnEnterprises IEP
InfinityPropCas IPCC
69.49
137.05
3.4
2.1
ONEOK OKE
OccidentalPetrol OXY
63.73
78.12
1.0
0.5
Surmodics SRDX
SutherlandNts21 SLDD
42.00
25.30
4.4
0.6
Lows Colfax CFX 29.03 3.9 L Brands LB 33.88 -0.6
Tegna
TESARO
TGNA
TSRO
10.00 2.9
46.14 3.3
Apple AAPL 184.25 3.9 CenterStateBank CSFL 30.43 0.9 EnovaIntl ENVA 31.20 3.5 AAON AAON 29.05 -6.3 CommandSec MOC 1.85 -9.8 LG Display LPL 10.48 -1.4
InspireMedical INSP 25.50 -2.0 OcwenFinancial OCN 4.79 3.1 Syntel SYNT 29.52 0.8 TatTechnologies TATT 8.10 -3.0
ArborRealty ABR 9.18 4.3 CeridianHCM CDAY 34.89 0.9 EnsignGroup ENSG 32.77 2.3 ABMIndustries ABM 29.87 0.2 ConcordiaIntl CXRX 0.25 -4.0 LifewayFoods LWAY 4.76 2.3
Insulet PODD 94.26 -3.7 Okta OKTA 46.37 0.5 TPG PaceEnergy TPGE.U 11.14 1.1 TVA Parrs TVE 24.75 -0.2
AssocCapital AC 38.85 3.2 CharterFin CHFN 24.37 0.9 EnterpriseFinSvcs EFSC 52.25 0.9 ADOMANI ADOM 0.54 -6.9 DGSE DGSE 0.70 -2.5 LiNiuTech LINU 0.50 -46.5
IntegerHoldings ITGR 66.45 14.2 OpesAcquisition OPES 9.98 0.4 TPIComposites TPIC 26.48 13.3 TitanPharm TTNP 0.60 -26.8
AuburnNatlBncp AUBN 48.95 12.5 Chegg CHGG 24.01 0.9 EraGroup ERA 11.94 4.3 AcastiPharma ACST 0.70 -2.7 DelTaco TACO 10.00 3.3 LomaNegra LOMA 17.93 -1.6
IntegraLifeSci IART 64.29 2.1 PBF Energy PBF 39.71 1.2 TabulaRasaHlth TRHC 42.89 4.0 TremontMortgage TRMT 12.08 -3.2
ADP ADP 125.93 1.8 Chemed CHE 317.94 1.2 Everbridge EVBG 40.45 4.8 Adient ADNT 54.11 -1.5 DieboldNixdorf DBD 11.43 -2.5 Mallinckrodt MNK 11.65 -0.7
Intuit INTU 190.49 1.6 PCConnection CNXN 29.94 6.6 Talend TLND 54.89 4.8 TribuneMediaA TRCO 34.81 3.5
Avangrid AGR 54.55 0.9 CheniereEnergy LNG 62.62 5.9 EvolutionPetrol EPM 9.50 0.5 18.50 1.7 60.55 6.6 25.55 1.2 AgEagleAerial UAVS 1.61 10.9 EMC Insurance EMCI 25.50 0.2 Mind CTI MNDO 2.17 ... 7.59 -2.7
iRadimed IRMD Paylocity PCTY TejonRanch TRC TurkcellIletism TKC
AxoGen AXGN 43.25 2.4 ChesapeakeLodging CHSP 30.21 1.8 Exponent EXPO 88.25 1.0 Kemper KMPR 72.25 3.2 Pearson PSO 12.12 6.7 TenetHealthcare THC 32.11 -1.8 AllianceData ADS 192.02 1.2 EQT Midstream EQM 53.75 0.3 MolsonCoors B TAP 58.75 1.8 TutorPerini TPC 20.19 -1.2
AxonEnterprise AAXN 45.50 7.5 CitrixSystems CTXS 105.87 0.4 ExtraSpaceSt EXR 92.32 0.5 Kforce KFRC 31.45 0.8 Penumbra PEN 135.45 0.7 TerrenoRealty TRNO 38.99 ... AlticeUSA ATUS 16.60 -0.2 EchoStar SATS 51.33 0.7 MolsonCoors A TAP.A 58.93 2.3 UltraparPart UGP 14.99 -1.1
BP BP 45.50 1.4 Copart CPRT 53.14 1.0 Ezcorp EZPW 14.95 1.4 KirklandLakeGold KL 18.71 3.4 Phillips66 PSX 115.80 ... TownSports CLUB 11.00 7.3 Altimmune ALT 0.58 1.8 EvolvingSystems EVOL 3.35 -5.6 NavideaBiopharm NAVB 0.25 0.1 US ShortOilFd DNO 47.74 -1.9
Balchem BCPC 93.48 4.4 CoupaSoftware COUP 51.12 2.4 FBL Financial FFG 81.75 4.2 LivePerson LPSN 18.85 8.4 PioneerEnerSvcs PES 4.65 8.4 TurtleBeach HEAR 6.69 3.2 AmerMidstreamPtrs AMID 9.56 -4.7 ExOne XONE 6.72 2.9 Netease NTES 243.99 0.9 UnivElectro UEIC 28.50 -36.1
Bandwidth BAND 37.23 1.4 CryoLife CRY 24.55 1.5 F5Networks FFIV 168.64 -0.1 MDU Rscs MDU 29.28 0.4 PlayAGS AGS 23.99 2.1 UtdCmntyBcp UCBA 25.80 1.6 AmiraNatureFoods ANFI 3.51 -4.3 Fred's FRED 1.54 -6.3 NewMarket NEU 359.18 1.1 UnumGroup UNM 38.75 2.1
BankofMarinBncp BMRC 78.45 0.4 CyberArkSoftware CYBR 58.95 4.5 Ferrari RACE 137.45 4.8 MarathonOil MRO 19.94 1.4 PlumasBancorp PLBC 29.30 4.3 USDieselHeatingOil UHN 20.40 1.7 AngloGoldAsh AU 8.74 ... FusionTelecom FSNN 3.08 7.8 OrchidsPaper TIS 5.52 -2.5 VBI Vaccines VBIV 2.94 -2.9
BioTelemetry BEAT 41.45 2.4 DSW DSW 23.13 2.1 51job JOBS 94.18 9.7 MarlinBusSvcs MRLN 30.55 4.8 Rapid7 RPD 30.60 2.3 UnitedStatesOilFd USO 14.13 2.0 AnixterIntl AXE 56.25 2.7 GWG GWGH 7.54 0.4 OriginAgritech SEED 0.64 -2.7 Web.com WEB 15.75 -9.6
Bottomline EPAY 43.27 8.3 DawsonGeophys DWSN 8.06 1.6 FirstBanCorp FBP 7.48 0.4 Mastercard MA 188.79 0.9 RealPage RP 58.90 6.9 US12moOilFd USL 24.45 1.8 AscentCapital A ASCMA 2.91 -0.7 GabelliDivPfdD GDVpD 25.49 -0.9 PPDAI PPDF 6.50 ... WestwaterRscs WWR 0.42 -6.5
CASI Pharm CASI 8.42 2.7 DenburyRscs DNR 3.48 3.7 FirstChoiceBncp FCBP 28.50 2.5 Medifast MED 126.60 22.3 RegalwdGlbEner RWGE 9.85 -0.1 VASCO VDSI 16.30 0.6 Astrotech ASTC 1.87 -0.5 GemphireTherap GEMP 4.90 ... PacGE pfI PCGpI 19.09 -1.7 WintrustFinPfd WTFCM 26.67 0.1
CNOOC CEO 171.33 1.7 DigiIntl DGII 12.09 3.0 FirstData FDC 19.45 4.0 MelcoResorts MLCO 32.82 2.3 RegalwoodGlbUn RWGE.U 10.12 0.6 Visa V 128.36 0.8 Atento ATTO 7.00 ... Hanesbrands HBI 16.38 1.8 Petrobras PZE 10.19 2.4 Wipro WIT 4.54 -0.9
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

BANKING & FINANCE

Uranium Miners Look to Dig Out

BY RHIANNON HOYLE
Wells Fargo
Reaches
U.S. utilities are using less uranium from the U.S. and production has fallen, as weak prices turn mines unprofitable.
Fears that uranium will be
the next commodity swept up
Uranium purchased by U.S. nuclear power reactors Total U.S. production of uranium concentrate Settlement
In Lawsuit
80 million pounds of U3O8 5 million pounds of U3O8
in the U.S.’s trade offensive
have the market grinding to a Foreign
halt. U.S. 4
The price of U3O8, a com- 60 BY EMILY GLAZER
mon uranium compound used
mainly in nuclear-power gen- 3 Wells Fargo & Co. said it
eration, has sunk 12% this year reached a $480 million pre-
40
to roughly $21 a pound, near liminary settlement in a secu-
its 12-year low of $18, struck 2 rities fraud class-action suit.
in 2016, according to Ux Con- The settlement comes at a
sulting Co. 20 difficult time for Wells Fargo,
The decline accelerated af- 1 which is dealing with multiple
ter two of the U.S.’s biggest investigations and settle-
uranium producers, Ur-Energy ments.
Inc. and Energy Fuels Inc., pe- 0 0 Est. Wells Fargo said the
titioned the Trump adminis- 2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 amount was fully accrued for
tration in January for a cap on as of March 31.
imports at 75% of historic lev- Uranium prices have been falling because of subdued demand and large stockpiles. The $480 million settle-
els, under the same national ment is to resolve a class-ac-
security law invoked for the Spot price for triuranium octoxide (U3O8) tion in federal court in the
recent steel and aluminum tar- $140 a pound Northern District of Califor-
iffs. They also requested that nia. It is subject to final ap-
U.S. government agencies in- 120 proval by the court.
troduce a “Buy American” pol- 100 Union Investment, a Euro-
icy for uranium. pean asset-management firm
The possibility that Presi- 80 and the court-appointed lead
dent Donald Trump could em- plaintiff in the lawsuit, alleged
brace uranium in his “America 60 that Wells Fargo and certain
First” trade policy has 40 current and former officers
spooked buyers in an industry and directors of the bank
still plagued by a global glut 20 made false statements and
following the 2011 Fukushima “artificially inflated” Wells
nuclear disaster in Japan. 0 Fargo’s stock price from Feb-
“The U.S. nuclear utilities 2000 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18* ruary 2014 through September
are now frozen in place and *Through April 30 2016.
unwilling to make any new Sources: U.S. Energy Information Administration (uranium purchased, production); Ux Consulting (spot price) THE WALL STREET JOURNAL. The bank said Friday that it
purchases,” said Jonathan “denies the claims and allega-
Hinze, president of Ux Con- miners this year is at its low- The petition has also dried market in which most sales John Cash, vice president of tions in the action and en-

.
sulting. “They fear that they est in 15 years, said Alex Moly- up demand elsewhere in the are agreed through privately regulatory affairs at Ur-En- tered into the agreement in

could be stuck with foreign- neux, chief executive of Aus-
sourced uranium that they can tralia’s Paladin Energy Ltd., a
no longer use if the petition is big uranium producer.
successful.” “U.S. utilities traditionally on
The effective buyers’ strike represent a large part of spot-
has cemented uranium as one
of the worst-performing com-
modities of the past year. The
market activity, and they have
backed away,” he said. The
U.S. accounts for a quarter of
us l,
world as buyers await news on
whether the Commerce De-
partment will act on the peti-
tion. The department said the
petition is under review.
The closure of nuclear
power plants is also damping
demand for uranium, which is
ly
negotiated spot and term con- ergy. “That is our goal here: principle to avoid the cost and
tracts. U.S. miners say they We want the U.S. domestic disruption of further litiga-
are struggling against rising miners to be able to survive.” tion.”
shipments from countries in- The two Denver-based com-
cluding Kazakhstan and Uz- panies, each of which has laid
bekistan, where state-owned
miners dominate the sector.
“That has made it very dif-
off more than 50% of its work-
force in the past two years, ac-
counted for more than half of
HSBC Net

average spot price paid to global uranium demand. traded in a global but opaque ficult for us to survive,” said U.S. uranium output in 2017.
Declines as
al a
e

Moving On From Handling Financial Woes Costs Rise

ci on

BY MARGOT PATRICK
‘Wizard of Oz,’ the Former chief of the
HSBC Holdings PLC’s new
U.S. regulator who U.K. Treasury loses Chief Executive John Flint got
er rs

banks loved to hate, appetite for politics off to a rocky start after costs
jumped in the first quarter
heads back to campus BY ALISTAIR MACDONALD and a planned $2 billion share
buyback fell short of analysts’
m e

BY AMRITH RAMKUMAR Alistair Darling, the former expectations.

U.K. Treasury chief who led The bank’s shares fell 1%
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK

A decade after the financial his country’s response to the Friday to 714.40 pence ($9.70).
m rp

MICHAEL BUCHER/THE WALL STREET JOURNAL

crisis, The Wall Street Journal credit crisis, is one of the few Operating costs in the first
has checked in on dozens of public figures associated with three months rose 13%, or 8%
the bankers, government offi- the financial crisis to emerge after one-time provisions, out-
cials, chief executives, hedge- with a burnished reputation. pacing a 3% increase in ad-
fund managers and others When British lender North- justed revenue.
co Fo

who left a mark on that period ern Rock ran out of funds in Net profit was $3.09 billion,
to find out what they are do- 2007, Mr. Darling authorized down slightly from $3.13 bil-
ing now. Today, we spotlight Bank of England support and a lion in first-quarter 2017.
former policy makers Daniel state-backed guarantee to de- “Given the state of the world
Tarullo and Alistair Darling. Daniel Tarullo was a Fed architect of postcrisis financial rules. positors, stemming Britain’s at the moment and the oppor-
After Daniel Tarullo an- first bank run in 150 years. As tunities in front of us, there are
nounced last year that he was didn’t ask him to leave. As head of the Fed’s com- the credit crisis raged, Mr. opportunities for us to invest
resigning from the board of the By the end of his term last mittee on bank supervision, Mr. Darling’s Treasury department Alistair Darling in growth,” Mr. Flint said. “The
Federal Reserve, big bank April, Mr. Tarullo had even Tarullo pushed for more power stepped in to bail out troubled fact we’re investing in the busi-
stocks such as Bank of America raised the prospect of looser for the central bank over large lenders HBOS and Royal Bank and every day it needs paint- ness is a sign of strength.”
Corp. and Citigroup Inc. rallied. regulation, suggesting changes financial institutions, adopting of Scotland. ing more.” Mr. Flint, who has been
That was no surprise. The to the Fed’s annual “stress rules that effectively taxed For his long service to the In the late summer of 2008, with HSBC since college, be-
65-year-old longtime public tests” of big banks and to the banks’ size, while avoiding di- government, he was made Mr. Darling was at a family came CEO in February after
servant was the primary archi- Volcker rule, which bans banks rectly forcing them to break Lord Darling of Roulanish. cottage on the isle when he previously heading the bank’s
n-

tect of postcrisis financial reg- from making speculative trades. up, as some industry critics Mr. Darling left the Trea- told a reporter that economic retail division and holding
ulations that imposed stricter “There are clearly some had demanded. He served as sury in 2010. But the Scots- conditions were arguably the other top roles.
requirements on large finan- changes that can be made the de facto vice chairman for man returned to public service worst in 60 years. He was On Friday, Mr. Flint said
cial firms. without endangering financial supervision, a position created in 2014 to lead the Labour widely criticized as overly HSBC’s current strategy is
no

He advocated for greater stability,” Mr. Tarullo said in a by the 2010 Dodd-Frank finan- Party’s campaign to keep Scot- pessimistic, but the collapse of working but that some tweaks
regulation during his eight speech right before he left the cial-overhaul law, because Mr. land in the U.K. during that Lehman Brothers and the will be announced at or before
years at the U.S. central bank. central bank. Obama never nominated any- year’s independence referen- worst global financial crisis first-half results in August.
Mr. Tarullo’s resignation fol- The Boston native is now one to fill the job. dum. The Union survived, but would soon follow. Several Meeting with reporters af-
lowed criticism from President back home, teaching law at Mr. Tarullo successfully Mr. Darling’s appetite for months later, the U.K. Trea- ter an investor meeting in the
Donald Trump, who argued Harvard University. In an pushed for tighter capital and front-line politics didn’t. sury had to rescue HBOS and previous week, Mr. Flint said
that more stringent rules have email, Mr. Tarullo wrote that liquidity requirements on big “It was such a divisive, un- RBS. the bank can’t realistically set
hampered economic growth. he has now made it through banks. He was a force behind pleasant experience…If I had “The banking system came any aggressive new financial
For many, Mr. Tarullo’s de- the fifth volume of Marcel new rules for foreign-owned any doubts about [remaining within three hours of collaps- targets until it meets current
parture marked a turning Proust’s seven-volume “In banks operating on U.S. soil and in politics], I thought that was ing,” he said. ones, such as reaching a 10%
point in the country’s transi- Search of Lost Time.” helped design and implement it,” he said in an interview. “It Mr. Darling believes the return on equity. In 2017, the
tion from a period of ex- Mr. Tarullo started at the the annual stress tests that big was time to go.” legacy of the crisis lives on. return was 5.9%. It improved
panded oversight of U.S. banks Fed in 2009, as President Ba- U.S. banks must pass or face re- Mr. Darling now serves on RBS is still a state-owned in the first quarter to 7.5%.
to one of less. rack Obama took office, with strictions on their ability to pay Morgan Stanley’s board of di- bank, and he argues that the The bank on Friday said it
Mr. Tarullo said in an inter- the stated mission of over- dividends to shareholders. rectors, but it isn’t all about unpopular fiscal austerity that would buy back another $2
view shortly after he an- hauling the regulatory system. A fan of the TV show “Sein- work these days. He spends followed the financial crisis in billion in shares, adding to
nounced he was leaving the He was nicknamed the feld” and the Boston Red Sox, more time on Scotland’s re- Britain contributed to support buybacks last year. The an-
post that he had a “fairly “Wizard of Oz” for his behind- Mr. Tarullo has spent most of mote Isle of Lewis, fishing for Brexit, encouraging people nouncement disappointed
strong presumption”—even the-scenes sway over every- his career in government and there four to five times a year. to vote against the status quo. some analysts since HSBC said
before the November 2016 thing from corporate strategy academia. He previously “I have been contemplating “Nobody would have antici- it was likely to be the only one
presidential election—that he to how many billions of dol- taught at Georgetown Univer- painting the garden shed,” he pated that 10 years on we this year. UBS analysts said
would resign early in 2017. He lars the banks must maintain sity, where he earned his said of the one at his Edin- would still be living the conse- they had expected $4 billion in
said the Trump administration in capital. bachelor’s degree. burgh home. “But I look at it, quences,” he said. buybacks this year.

BANKING contents of the memo.
Deutsche Bank will continue
Deutsche Bank Will to provide debt financing, cash
Shut Houston Office management and other services
to oil-and-gas companies, Mr. Fe-
Deutsche Bank AG will close dorcik said in the memo.
its Houston office and cut around The memo didn’t specify the
70 investment-banking jobs pri- number of jobs to be cut, but a
marily focused on advising oil- person familiar with the bank’s
FINANCE WATCH
CHINA DEBT CRUNCH ries by the Shenzhen Stock Ex-
change, where two of DunAn’s
Trading Suspended for units are listed. The units re-
Manufacturer’s Units sponded in a filing that their
parent company was having
A Chinese equipment maker “short term liquidity problems.”
has turned to the local govern- Both units suspended trading of
ment for help to ease its multibil- their stocks Wednesday.
lion-dollar debt burden, the latest The media reports put the
VICTOR J. BLUE/BLOOMBERG NEWS

and-gas companies in the U.S. plans said it would be around 70. example of private businesses company’s debt at as much as
Mark Fedorcik, Deutsche They will almost all be front-of- feeling the squeeze of Beijing’s 45 billion yuan ($7.1 billion).
Bank’s head of Americas corpo- fice jobs, most of them bankers campaign to control debt. Both filings said DunAn had
rate finance, told employees the that advise companies on deals. DunAn Group, which employs asked for help from provincial
move would “rationalize our U.S. The investment bank, which around 29,000 people, hasn’t government agencies and finan-
oil and gas investment-banking used to be overseen by two ex- been able to raise short-term cial institutions, which, they said,
coverage footprint” in a memo ecutives, is now run by just one, bonds, putting a strain on liquid- had supported the measures ad-
sent internally late Thursday and Garth Ritchie. His former co- ity and throwing into question opted by the parent company.
viewed by The Wall Street Jour- head, Marcus Schenck, is leaving its outstanding debt, according DunAn didn’t respond to re-
nal. A spokeswoman for the the bank. to local media reports. quests for comment.
German lender confirmed the —Jenny Strasburg The reports triggered inqui- —Chao Deng About 70 jobs in Houston are expected to be cut at the bank.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Argentina Tries Third
Rate Hike to Buoy Peso
BY RYAN DUBE
AND JULIE WERNAU
Argentina’s central bank
unexpectedly raised interest
rates for the third time in
eight days in an attempt to
prop up its faltering currency,
as the country finds itself once
again battling a financial cri-
sis.
The central bank on Friday
raised its main interest rate by
6.75 percentage points, follow-
ing increases of 3 percentage
points on Thursday and last
Friday. The moves helped sta-
bilize the peso Friday, but
with a policy rate now at 40%,
the prospects for economic
growth are more uncertain.
“In addition to using the in-
terest rate, the [central bank]
will continue to use all of its
intervention tools in the ex-
change market,” the central
bank said. “The monetary au-
thority made these decisions
with the objective to prevent
disruptive behaviors in the
foreign-exchange market as
well as guarantee the process
of disinflation, and it is ready
to act again if necessary.”
The total increase of 12.75
percentage points to the policy
Late, Broad-Based Rally Lifts Stocks Treasurys Hold Steady
BY AKANE OTANI
AND JON SINDREU
U.S. stocks jumped Friday,
shaving away much of the S&P
500 and Dow Jones Industrial
Average’s midweek losses but
leaving both indexes down for
a second consecutive week.
Friday’s moves allowed the
stock market to end on a high
note following a rocky stretch
that included
FRIDAY’S some lukewarm
MARKETS earnings reports
and economic
data.
Recent reports have pointed
to a slowdown in growth across
much of the U.S. economy in
April, smaller-than-expected
job creation and still-sluggish
wage growth, which has re-
newed questions among inves-
tors about whether the econ-
omy’s momentum is slowing.
Still, many investors say
they remain relatively optimis-
tic about stocks, citing broadly
strong earnings results, as well
as signs that central banks will
stick to a slow and steady
course of interest-rate in-
creases.
“There are no alarm bells
ringing on the inflation front,
the [Federal Reserve] is saying
it’s going to be patient and
earnings are strong,” said Ka-
tie Nixon, chief investment of-
ficer at Northern Trust Wealth
Management. “We don’t think
we’re close to peak earnings.”
The Dow Jones Industrial
Average rose 332.36 points, or
1.4%, on Friday to 24262.51,
no
erasing declines after falling as
many as 151 points earlier in
the session. The S&P 500
added 33.69 points, or 1.3%, to
2663.42, while the Nasdaq
Composite climbed 121.47
points, or 1.7%, to 7209.62,
lifted by a rally in Apple shares.
Yuan Weakness Revives Showroom
* * * *
rate since last Friday may be
enough to stem the deprecia-
tion of the peso, Capital Eco-
nomics said.
On Friday, Argentine bonds
steadied, the MSCI Argentina
stock index rallied, and the
dollar fell 1.8% against the
peso.
“Finally, these guys are act-
ing in a way that is meaningful
and impactful and will stop
the currency run,” said Daniel
Kerner, managing director for
Latin America at risk consul-
tancy Eurasia Group.
The tumult in Argentine
markets over the past week
serves as a reminder that
economies in the developing
world with high current-ac-
count deficits, a heavy dollar
debt burden and runaway in-
flation remain vulnerable to
rising global interest rates.
Argentina, with a long his-
tory of lurching from one fi-
nancial crisis to another, is
back in the spotlight 17 years
after it defaulted on some
$100 billion of debt, at the
time the largest sovereign de-
fault in history.
After taking office in late
2015, President Mauricio
Macri boosted Wall Street’s
Rebound
Gains in technology shares helped the
S&P 500 stage an end-of-week surge.
Performance this past week
4%
al a
3 S&P 500
ci on
2
1 that rising interest rates could
0 attractive relative to bonds.
er rs
–1
–2
m e
–3
Mon. Tues. Wed.
m rp
Source: FactSet
The Nasdaq rose 1.3% for
the week, while both the S&P
500 and Dow industrials ended
down 0.2%.
co Fo
Technology shares led ma-
jor indexes higher Friday, with
Apple jumping $6.94, or 3.9%,
to a fresh closing high of
$183.83 after Berkshire Hath-
away Chief Executive Warren
Buffett said to CNBC that the
company had bought 75 mil-
lion Apple shares in the first
quarter.
Berkshire’s class A shares
rose 5,549.00, or 1.9%, to
292,600.00 ahead of the firm’s
annual meeting in Omaha,
n-
Neb., over the weekend.
Friday afternoon’s broad
market rally marked a reversal
from earlier in the session,
when stocks wobbled following
an employment report that of-
fered investors a mixed view of
the labor market.
On one hand, the fact that
wage growth remained slug-
gish helped ease investors’
fears of a faster-than-expected
MARKETS
confidence in Argentina as he
moved to undo 12 years of
populist rule that led to dou-
ble-digit-percentage inflation,
the biggest fiscal deficit in
three decades, a shortage of
dollars and increasing poverty.
From the beginning, unrav-
eling the generous spending
policies of Mr. Macri’s prede-
cessor, Cristina Kirchner, was
a difficult balancing act in a
country where no democrati-
cally elected, non-Peronist
president has finished his
term in decades.
Still, he lifted currency con-
trols, eliminated some export
taxes, secured oil investments
and reached a deal with credi-
tors from the 2001 default
that allowed Argentina to re-
turn to international financial
markets. In October, Mr.
Macri’s Let’s Change Party
won key midterm congressio-
nal elections, paving the way
for more pro-business policies
as the economy expanded 5%
from a year ago in February.
But Mr. Macri is facing
pressures. Argentines are up-
set with rising utility bills as
he trims subsidies. Powerful
unions oppose pension and la-
bor overhauls, which the gov-
on
us l,
e
tech sector
S&P 500
Thurs. Fri.
THE WALL STREET JOURNAL.
pickup in inflation. Yet the fact
that the report showed the
U.S. economy added just
164,000 jobs in April—marking
the second straight month of
below-consensus job cre-
ation—also raised some ques-
tions among analysts.
“Today’s report underscores
the tug of war in the market:
Earlier drops Friday
had followed the jobs
report’s mixed view
of the labor market.
Is the weaker headline number
and slight contraction in
wages an indication of eco-
nomic growth slowing, or is it
another sign of the labor mar-
ket reaching full employment,”
said Quincy Krosby, chief mar-
ket strategist at Prudential Fi-
nancial, in an email.
ADVERTISEMENT
The prospects for economic growth are uncertain with a policy rate at 40%.
ernment delayed this year. In
April, support for the govern-
ment fell to 46%, from 66% in
October, according to a Uni-
versity of San Andres poll.
“Honestly, Macri has disap-
pointed me,” said Juan Lemes,
a 48-year-old nurse in Buenos
Aires, pointing to higher wa-
ter, electricity and gas bills. “If
I knew this was going to hap-
pen, I wouldn’t have voted for
him.”
Some investors also are los-
ing patience with Mr. Macri,
urging his government to
speed up overhauls and fur-
ther cut subsidies and other
Treasury yields, which ini-
tially fell following Friday’s re-
port, later erased their de-
clines, with the yield on the
benchmark 10-year note set-
tling at 2.946%, unchanged
from Thursday but down from
2.959% Friday a week earlier.
Yields fall as bond prices rise.
After 10-year Treasury
yields briefly crossed 3% last
month, investors had worried
start to make stocks look less
Yet Friday’s wage-growth
figures helped reassure inves-
tors that inflation is still rising
at a moderate pace, something
that should keep the Federal
Reserve on a slow and steady
path for interest-rate in-
creases.
Another factor that has
helped ease some investors’
fears: weak inflation data from
the eurozone, which analysts
say suggests central banks
there also will remain cautious
in raising interest rates.
“I would think that the Fed
would let inflation bottle up a
little bit more, just because it’s
been below their target for so
long,” said Sean Clark, chief
investment officer at Clark
Capital Management. “If the
rest of the world is not seeing
inflation and it’s a global econ-
omy, what’s the likelihood
we’ll have a surprise in infla-
tion? I’d say minimal.”
Elsewhere, the Stoxx Europe
600 rose 0.6%, led higher by
shares of energy and technol-
ogy firms.
Japan’s stock market was
closed for a holiday, while
Hong Kong’s Hang Seng Index
fell 1.3% and logged its third
consecutive weekly decline,
with a drop of 1.2%.
Separately, U.S. oil rose 1.9%
Friday to $69.72 a barrel.
Saturday/Sunday, May 5 - 6, 2018 | B11
MARCOS BRINDICCI/REUTERS
public expenditures as infla- Argentina’s monetary au-
tion remains stubbornly high thority now has little space to
after finishing last year at reduce its high interest rate,
25%. according to economists. The
Some investors lost faith in central bank sold close to $5
the independence of the coun- billion in reserves last week in
try’s central bank when it cut a failed attempt to support the
its interest rate in January de- peso, a move that, if repeated,
spite inflation remaining well could have depleted the coun-
above its 15% target. try’s reserves within two
“The immediate conse- months.
quence was a raise in country “If the central bank loosens
risk for Argentina. That was policy prematurely, it could
the starting point for a pro- risk triggering a rerun of the
cess of dollarization of portfo- current crisis,” Capital Eco-
lios,” said Guillermo Nielsen, a nomics said.
former Argentine finance min- —Alberto Messer
ister. contributed to this article.
.
ly
Following Jobs Data
BY DANIEL KRUGER the lowest rate since Decem-
ber 2000, toward the end of
Treasury prices were little the tech boom. Wages contin-
changed after the Labor De- ued to grow sluggishly despite
partment said job growth in- low unemployment, rising 4
creased and the unemploy- cents over the month and 2.6%
ment rate fell in April. over the past year.
The yield on the two-year Continued job growth and a
Treasury note, decline in the unemployment
CREDIT which tends to rate to below 4%, combined
MARKETS be sensitive to with minimal wage pressure,
expectations for helped fuel gains in stocks,
Federal Reserve leading bond yields to follow
policy, rose Friday to 2.498% stocks higher, said James Ca-
from 2.482% on Thursday. ron, a bond manager at Mor-
Yields rise as bond prices fall. gan Stanley Investment Man-
The yield on the 10-year Trea- agement.
sury note was unchanged from While many investors and
Thursday at 2.946% and fin- economists have speculated
ished the week lower, snap- that the tightening labor mar-
ping a streak of four consecu- ket would be an important fac-
tive weekly gains. tor in encouraging Fed offi-
Yields declined after the La- cials to speed up their pace of
bor Department said that em- interest-rate increases, the in-
ployers added 164,000 jobs in ability of steady job growth to
April, a pickup from March translate into wage inflation
though less than the 195,000 has led some investors to scale
forecast by economists sur- back those expectations.
veyed by The Wall Street Jour- Fed-funds futures late Fri-
nal. day showed the market sees a
The jobless rate, calculated 42% likelihood for four rate in-
from a separate survey of creases in 2018, down from
households, fell to 3.9% from 47% a week ago, according to
4.1% a month earlier, hitting CME Group data.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B12 | Saturday/Sunday, May 5 - 6, 2018
A Tug of War in Markets
The Dow Jones Industrial Average suffered its second consecutive week of declines and is 8.8% below its Jan. 26
all-time high. Stocks have struggled to regain momentum following a string of lukewarm earnings reports and
economic data, while a rising dollar and strengthening government-bond yields threaten to diminish their allure.
Dow Jones Industrial Average stocks
By market value and percentage change from 52-week-high share price
0%
American Express Cisco Systems Intel
has benefited from Nike
a pickup in card-
holder spending UnitedHealth Group
and borrowing. McDonald's Chevron
Boeing
Pfizer
United Walt
–10 Disney
Goldman Technologies Home Depot
Travelers Sachs Merck
Verizon Communications
Coca-Cola
IBM
Caterpillar DowDuPont
Walmart
–20
CHANGE FROM 52-WEEK HIGH
Procter & Gamble
3M has warned
is struggling to raise
higher transportation prices as competition
and materials costs keeps a lid on sales
will weigh on its growth.
profit this year.
–30
–40
on
us l,
–50
General Electric
has embarked on a
al a
e
multiyear restructuring,
lowered its profit goals
ci on
and cut its annual
dividend by half.
–60
$0 billion 100 200
er rs
MARKET VALUE
Source: FactSet (stocks, Dow industrials dividend yield); WSJ Market Data Group (WSJ Dollar Index); Ryan ALM (Treasury yield)
HEARD ON THE STREET
m e
m rp
Email: heard@wsj.com
Alibaba Will Jobs Figure Drives the Point Home
co Fo
Put Patience There is a case to be made
To the Test that the unemployment rate
slipping to 3.9% isn’t that
big of a deal. Actually, it is.
With growth in its core e- True, economists had
commerce business deceler- been anticipating that the
ating, Alibaba Group Holding unemployment rate would
has splashed cash into new slip below 4% this year, as
investments. That makes the have policy makers at the
success of these efforts im- Federal Reserve. And, yes,
n-
portant, but their payoff is the drop in the unemploy-
still unclear. ment rate to 3.9% in April
The Chinese company re- from 4.1% in March isn’t
ported Friday a 3% year- much different in magnitude
no
over-year drop in operating from, say, September’s drop
profit for last quarter—lower to 4.2% from 4.4%.
than analysts’ forecasts, ac- But the optics of it matter,
cording to S&P Global Mar- and so does the substance.
ket Intelligence—even The last time the unem-
though revenue has in- ployment rate was at 3.9%
creased at a better-than-ex- was during a four-month pe-
pected 61%. The company’s riod at the end of 2000. Be-
push into “new retail,” fore that, one needs to go
through acquiring brick-and- back to January 1970, when
mortar stores and opening the labor market was vastly
its own, has boosted sales, different than it is today. It
but weighed down profits is a level that makes it
because those businesses harder to argue, even if the
aren’t very profitable. Ali- argument has some merit,
baba also started consolidat- that there is hidden slack in
ing Cainiao, its unprofitable the job market and things
logistics subsidiary, in the aren’t nearly as tight as they
December quarter. Excluding seem. At 3.9%, most Fed pol-
those, Alibaba’s revenue last
quarter rose 40%, still im-
pressive but decelerating
from previous quarters.
Alibaba’s operating mar-
Apple’s Revenue Boost From Google Is Likely to Slow
gin last quarter was only Tim Cook should consider
15%, the lowest since it was penning a thank-you note to
listed in New York in 2014. It Google, though it would pain
was 25% a year ago. And its him to do so.
spending will likely continue The licensing fees that
to depress margins in the Google parent Alphabet pays
near future. It invested $2 to Apple to direct traffic to
billion in Lazada, an e-com- its search business are kept
merce firm in Southeast Asia under tight wraps by both
in March. Last month, it said companies. But the fees ap-
it would fully acquire Ele.me, pear to have played a nota-
a $9.5 billion online food de- ble role in the iPhone
livery and services platform. maker’s most recent quarter.
It is unclear when those In its quarterly filing on
investments will generate a Wednesday, Apple named li-
profit, if ever. Alibaba’s on- censing as the top contribu-
line videos and cloud busi- tor to the 31% year-over-year
nesses, for example, have jump in services revenue the
been in the red for years. company reported for its fis-
Alibaba can afford to keep cal second period ended
splurging cash from its core March 31. Licensing for Ap-
business. Its investors, how- ple includes more than just
ever, may need to be patient. the money coming from its
—Jacky Wong Silicon Valley rival, though
MARKETS
Visa
JPMorgan’s
trading revenue
has benefited from
the volatility that
has rocked
markets this year.
Exxon Mobil
Johnson & Johnson
recently boosted its
sales outlook,
despite pricing
pressure for
prescription drugs.
300 400
FINANCIAL ANALYSIS & COMMENTARY
Everyone Into the Pool
U6 rate of unemployment
18%
16
14
12
10
8
6
1995 2000
Source: Labor Department
icy makers probably will be
a lot more comfortable about
following through with their
rate-increase plans. It may
even induce a nagging feel-
ing they should increase
them by more.
There may be other head-
line effects of a 3.9% unem-
ployment rate. It brings
home to workers how much
tighter the job market has
gotten and may help spur
several analysts believe
Google is the most signifi-
cant contributor to this part
of the business.
Whether that kind of
growth will continue is an-
other question. Alphabet has
told its own investors that it
expects growth in the traffic
acquisition costs paid to dis-
tribution partners, which in-
clude Apple, to start slowing
this year, at least relative to
revenue from this part of the
business. That could mean
limited future upside for Ap-
ple from what is a lucrative
revenue stream.
But don’t expect either
company to shine more light
on it. More searches mean
more ad revenue for Google.
But traffic acquisition costs
paid to distribution partners
Visa and Apple finished Friday’s session at all-time highs.
500
The dollar notched its
biggest monthly gain since
2016 in April and has
continued climbing in May,
boosted by signs that
growth in Europe and other
regions may be slowing.
Those gains could pressure
the earnings of U.S.
multinationals, whose
products become less
competitive abroad when
the dollar strengthens.
The yield on the two-year
Treasury note earlier this
year topped the dividend
yield on the Dow Jones
Industrial Average,
highlighting the increased
appeal of relatively safe
government debt to
income-seeking investors.
’10
THE WALL STREET JOURNAL.
them to demand higher pay.
And, for businesses, it un-
derscores how much tougher
the competition for workers
is getting. Wage growth,
while firming, is still moder-
ate, but that might not be
the case for much longer.
The decline in the unem-
ployment rate adds to the
evidence that most of the
people sitting out of the job
market are likely to keep on
are a significant expense.
Those fees totaled $2.9 bil-
lion for the March quarter,
up 61% year over year and
the equivalent of 13.2% of
revenue from the company’s
owned properties compared
with 10.4% for the same pe-
riod last year.
Changes in “partner
agreements” were cited as a
major reason for the jump.
Toni Sacconaghi of Bernstein
estimates Google paid Apple
more than $3 billion for li-
censing in 2017, which would
be about one-third of
Google’s distribution traffic
acquisition costs for the
year. That would also
amount to a little under 10%
of Apple’s total service reve-
nue for the period. But such
payments would have a
* *** THE WALL STREET JOURNAL.
Apple, the world’s
most valuable
Microsoft’s
company, plans to
surging cloud
buy back an added
business has
$100 billion in stock
helped it post
strong results. from investors.
600 700 800 900
WSJ Dollar Index
87
86
85
84
83
82
January February March April May
.
ly
Two-year Treasury and Dow dividend yields
2.6%
Yield on the two-year Treasury
2.4
2.2
2.0
Dow industrials dividend yield
1.8
1.6
January February March April May
THE WALL STREET JOURNAL.
WSJ.com/Heard
OVERHEARD
sitting out. The labor-force “The Mile High City” prac-
participation rate—the share
of the working-age popula-
tion that is either in a job or
tically invites bad jokes about
actually getting high these
days given Colorado’s stance
looking for work—slipped to on recreational cannabis. That
62.8% from 62.9%. extends even to button-down
That is consistent with money managers.
the view that the lower level This week’s 2018 Forum of
of participation relative to a the Portfolio Management In-
decade ago owes more to stitute featured all sorts of
factors such as baby boom- arcane insights into markets.
ers reaching retirement than One, delivered by David Kelly,
things like worker discour- chief global strategist at J.P.
agement. Underscoring that, Morgan Asset & Wealth
U6—a broader measure of Management, had some rare
job-market slack including props for stock analysts. Ana-
people who say they want lysts have long been criticized
jobs but aren’t looking for for their bad predictions, but
work and those who say they by April of any given year
can’t find full-time jobs—de- their collective view of how
clined to 7.8% from 8%, its much earnings will increase
lowest in nearly 17 years. by the end of the year is re-
Meanwhile, April’s gain of markably accurate.
164,000 jobs was more than Unfortunately, that really
enough to keep up with an isn’t the case for the follow-
increasing population. As ing year. For 2019 in particu-
long as companies keep hir- lar, they are “smoking a spe-
ing—and, in an expanding cial brand of weed,” in Mr.
economy, they should—the Kelly’s assessment. Forecast-
unemployment rate will con- ing 11% earnings growth after
tinue to decline. The job this year’s 26% leap smells
market is going to get like “Colorado Select,” he said.
tighter still. —Justin Lahart
the Apple Music business av-
Tacked On erage around 15%, but he
Revenue and expenditures per noted in an interview that
calendar quarter* Apple’s licensing revenues
Apple’s service revenue “are almost pure profit.”
$10 billion Google’s distribution That is a nice gift for Ap-
8
traffic acquisition ple that won’t be going away
costs soon, even if the growth
6 seen of late starts to slow.
4 But it is also an uncomfort-
2 able reality to acknowledge,
0 given Mr. Cook’s frequent
2015 ’16 ’17 ’18 criticisms of his Big Tech
*Apple’s fiscal year ends September peers who generate most of
Source: the companies their business through on-
line advertising. He re-
larger impact on the com- minded investors in Apple’s
pany’s bottom line, offsetting earnings call this week that
some other service compo- the company makes most of
nents like music streaming its money on device sales,
that carry lower profit mar- adding that “you are not our
gins than the company’s av- product.” At least not di-
erage. Ben Schachter of Mac- rectly.
quarie estimates margins on —Dan Gallagher
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Constant calls A history of

for impeachment fine-tuning—
have become by an author who
a curse of has a passion for
U.S. politics imprecision
C3 C5

BOOKS | CULTURE | SCIENCE | COMMERCE | HUMOR | POLITICS | LANGUAGE | TECHNOLOGY | ART | IDEAS
© 2018 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, May 5 - 6, 2018 | C1

THE NEW
SCIENCE OF
Psychedelics
Drugs such as LSD and psilocybin
may soon revolutionize the
treatment of disorders
such as depression,
anxiety and addiction,
writes Michael Pollan.

.
They may also hold the

ly
key to understanding
human consciousness. on
us l,
al a
e
ci on
er rs
m e
m rp
PHOTO ILLUSTRATION BY THE VOORHES

co Fo

O ANYONE WHO lived through
the 1960s, the proposition that
psychedelic drugs might have a
positive contribution to make to
our mental health must sound
n-
delics would help unlock the secrets of consciousness
may turn out not to be so preposterous after all.
The value of psychedelic therapy was first recog-
nized nearly 70 years ago, only to be forgotten when
what had been a promising era of research ran head-
LSD? That lever they press only once.
This is not to say that “bad trips” don’t happen;
they do, especially when the drugs are used carelessly.
People at risk for schizophrenia sometimes have psy-
chotic breaks on psychedelics, and people surely do

absurd. Along with hallucino-
gens like mescaline and psilocy-
bin (that is, magic mushrooms),
LSD was often blamed for bad
no
long into a nationwide moral panic about LSD, begin- stupid things under the influence that can get them
ning around 1965. With a powerful assist from Timo- killed. But the more extreme claims about LSD—that
thy Leary, the flamboyant Harvard psychology it scrambled users’ chromosomes or induced them to
professor, psychedelics had escaped the laboratory, stare at the sun until blind—were debunked long ago.

trips that sent people to the psych ward. These drugs
could make you crazy.
So how is it possible that, 50 years later, research-
ers working at institutions such as New York Univer-
sity, Johns Hopkins, UCLA and Imperial College in Lon-
don are discovering that, when administered in a
supportive therapeutic setting, psychedelics can actu-
ally make you sane? Or that they may have profound
things to teach us about how the mind works, and why
it sometimes fails to work?
Recent trials of psilocybin, a close pharmacological
cousin to LSD, have demonstrated that a single guided
psychedelic session can alleviate depression when
drugs like Prozac have failed; can help alcoholics and
smokers to break the grip of a lifelong habit; and can
help cancer patients deal with their “existential dis-
tress” at the prospect of dying. At the same time,
studies imaging the brains of people on psychedelics
have opened a new window onto the study of con-
sciousness, as well as the nature of the self and spiri-
tual experience. The hoary ‘60s platitude that psyche-
falling into the eager arms of the counterculture. Yet
Work on psychedelics
may yield a grand unified
theory of mental illness.
in the decade before that there had been 1,000 pub-
lished studies of LSD, involving 40,000 experimental
subjects, and no fewer than six international confer-
ences devoted to what many in the psychiatric com-
munity regarded as a wonder drug.
Compared to other psychoactive compounds,
these powerful and mysterious molecules were re-
garded as safe—it’s virtually impossible to overdose
on a psychedelic—and non-addictive. Rats in a cage
presented with a lever to administer drugs like co-
caine and heroin will press it repeatedly, unto death.
It wasn’t until the 1990s that a small band of re-
searchers began to unearth what an NYU psychiatrist
describes as “a buried body of knowledge” about the
therapeutic potential of psychedelics. Perhaps the
most promising application of the new drugs was in
the treatment of alcoholism. Few people in Alcohol-
ics Anonymous realize that Bill Wilson, the founder,
first got sober after a mystical experience he had on
a psychedelic administered to him in 1934, or that,
in the 1950s, he sought, unsuccessfully, to introduce
LSD therapy to AA.
In parts of Canada during the 1950s, psychedelic
Please turn to the next page
This essay is adapted from Mr. Pollan’s new book,
“How to Change Your Mind: What the New Science
of Psychedelics Teaches Us About Consciousness,
Dying, Addiction, Depression and Transcendence,”
which will be published on May 15 by Penguin
Press. His previous books include “Food Rules,” “In
Defense of Food” and “The Omnivore’s Dilemma.”

INSIDE

CONSUMPTION
Why the processed-food fight?
Prepared fare has its obvious
problems, but it’s also conve-
nient and often healthy.
C4

WORKPLACE BOOKS WEEKEND CONFIDENTIAL FAMILY

We’ve got to stop meeting like Troubled waters, terrific Home Depot co-founder Ken The teens most desperate for
this: Business gatherings tunes. A biography looks at the Langone on the lessons of his digital status are also the ones
don’t have to be deadly. contradictions of Paul Simon. own capitalist success story. most likely to be troubled.
C3 C5 C11 C12
SUSAN WALSH/ASSOCIATED PRESS (IMPEACHMENT); ISTOCK (WORKPLACE)
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C2 | Saturday/Sunday, May 5 - 6, 2018
MIND & MATTER:
ALISON GOPNIK
Curiosity Is a New
Power in Artificial
Intelligence
SUDDENLY, computers can do
things that seemed impossible
not so many years ago, from
mastering the game of Go and
acing Atari games to translat-
ing text and recognizing im-
ages. The secret is that these programs learn
from experience. The great artificial-intelli-
gence boom depends on learning, and chil-
dren are the best learners in the universe. So
computer scientists are starting to look to
children for inspiration.
Everybody knows that young children are
insatiably curious, but I and other research-
ers in the field of cognitive development,
such as Laura Schulz at the Massachusetts In-
stitute of Technology, are beginning to show
just how that curiosity works. Taking off
from these studies, the computer scientists
Deepak Pathak and Pulkit Agrawal have
us l,
worked with others at my school, the Univer-
sity of California, Berkeley, to demonstrate
that curiosity can help computers to learn,
al a
e
too.
One of the most common ways that ma-
ci on
chines learn is through reinforcement. The
computer keeps track of when a particular
action leads to a reward—like a higher score
in a videogame or a winning position in Go.
The machine tries to repeat rewarding se-
er rs
quences of actions and to avoid less-reward-
ing ones.
This technique still has trouble, however,
with even simple videogames such as Super
m e
Mario Bros.—a game that children can master
easily. One problem is that before you can
m rp
score, you need to figure out the basics of
how Super Mario works—the players. Simply
trying to maximize your score won’t help you
learn these general principles. Instead, you
have to go out and explore the Super Mario
co Fo
universe.
Another problem with reinforcement learn-
ing is that programs can get stuck trying the
same successful strategy over and over, in-
stead of risking something new. Most of the
time, a new strategy won’t work better, but
occasionally it will turn out to be much more
effective than the tried-and-true one. You also
need to explore to find that out.
The same
holds for real life,
A computer of course. When I
get a new smart-
program is
n-
phone, I use
driven to try something like
reinforcement
new things. learning: I try to
no
get it to do spe-
cific things that
I’ve done many
times before, like call someone up. (How old
school is that!) If the call gets made, I stop
there. When I give the phone to my 4-year-
old granddaughter, she wildly swipes and
pokes until she has discovered functions that
I didn’t even suspect were there. But how can
you build that kind of curiosity into a com-
puter?
Drs. Pathak and Agrawal have designed a
program to use curiosity in mastering video-
games. It has two crucial features to do just
that. First, instead of just getting rewards for
a higher score, it’s also rewarded for being
wrong. The program tries to predict what the
screen will look like shortly after it makes a
new move. If the prediction is right, the pro-
gram won’t make that move again—it’s the
same old same old. But if the prediction is
wrong, the program will make the move
again, trying to get more information. The
machine is always driven to try new things
and explore possibilities.
Another feature of the new program is fo-
cus. It doesn’t pay attention to every unex-
FROM TOP: ISTOCK; FRANCESCO GUIDICINI/CAMERA PRESS/REDUX
pected pixel anywhere on the screen. Instead,
it concentrates on the parts of the screen that
can influence its actions, like the columns or
walls in Mario’s path. Again, this is a lot like
a child trying out every new action she can
think of with a toy and taking note of what
happens, even as she ignores mysterious
things happening in the grown-up world. The
new program does much better than the stan-
dard reinforcement-learning algorithms.
Super Mario is still a very limited world
compared with the rich, unexpected, unpre-
TOMASZ WALENTA
dictable real world that every 4-year-old has
to master. But if artificial intelligence is really
going to compete with natural intelligence,
more childlike insatiable curiosity may help.
REVIEW
Drugs to Reboot the Brain
Continued from the prior page
therapy became a standard treatment for alcoholism, and a 2012
meta-analysis of the six best-controlled trials of LSD therapy for
alcohol addiction during that period found a “significant beneficial
effect on alcohol misuse.” Early studies of psychedelics for the
treatment of several other indications, notably including depres-
sion and anxiety in cancer patients, also showed promise.
These first-wave studies were, by contemporary standards,
poorly controlled. That’s why many of the early experiments are
now being reprised using more rigorous modern methods. The early
results are preliminary but encouraging: A pilot study of psilocybin
for alcohol dependence conducted at the University of New Mexico
found a strong enough effect to warrant a much larger phase 2 trial
now under way at NYU.
Another recent pilot study, at Johns Hopkins, looked at the po-
tential of psilocybin to help people quit smoking, one of the hardest
addictions to break. The study was tiny and not randomized—all 15
volunteers received two or three doses of psilocybin and knew it.
Following what has become the standard protocol in psychedelic
therapy, volunteers stretch out on a couch in a room decorated to
look like a cozy den, with spiritual knickknacks lining the book-
shelves. They wear eyeshades and headphones (playlists typically
include classical and modern instrumental works) to encourage an
inward journey. Two therapists, a man and a woman, are present
for the duration. Typically these “guides” say very little, allowing
the journey to take its course, but if the experience turns frighten-
ing, they will offer a comforting hand or bit of advice (“trust and
let go,” is a common refrain).
The results of the pilot study were eye-popping: Six months after
their psychedelic session, 80% of the volunteers
were confirmed to have quit smoking. At the one-
year mark, that figure had fallen to 67%, which is Why does
still a better rate of success than the best treat-
ment now available. A much larger study at Hop-
the same
kins is currently underway. treatment
When I asked volunteers how a psilocybin trip
had given them the wherewithal to quit smoking,
work for
several described an experience that pulled back such a range
the camera on the scene of their lives farther than of disorders?
ever before, giving them a new, more encompassing
perspective on their behavior.
“The universe was so great, and there were so
many things you could do and see in it that killing yourself seemed
on like a dumb idea,” a woman in her 60s told me. During her journey
she grew feathers and flew back in time to witness various scenes
in European history; she also died three times, watched her soul
rise from her body on a funeral pyre on the Ganges, and found her-
self “standing on the edge of the universe, witnessing the dawn of
creation.”
“It put smoking in a whole new
context,” she said. It “seemed very
unimportant; it seemed kind of stu-
pid, to be honest.”
Matthew Johnson, the psycholo-
gist who directed the study at Hop-
kins, says that these sorts of “duh
moments” are common among his
volunteers. Smokers know perfectly
well that their habit is unhealthy,
disgusting, expensive and unneces-
sary, but under the influence of psi-
locybin, that knowledge becomes an
unshakable conviction—“something
they feel in the gut and the heart.”
As Dr. Johnson puts it, “These ses-
sions deprive people of the luxury of
mindlessness”—our default state IN ONE pilot study, smokers got two or three doses of
and one in which addictions flourish. psilocybin. Six months later, 80% had quit smoking.
Perhaps the most significant new
evidence for the therapeutic value of psychedelics arrived in a pair
of phase 2 trials (conducted at Johns Hopkins and NYU and pub-
lished in the Journal of Psychopharmacology in 2016) in which a
single high dose of psilocybin was administered to cancer patients
struggling with depression, anxiety and the fear of death or recur-
rence. In these rigorous placebo-controlled trials, a total of 80 vol-
unteers embarked on a psychic journey that, in many cases, brought
them face to face with their cancer, their fear and their death.
“I saw my fear…located under my ribcage,” a woman with ovar-
ian cancer told me. “It wasn’t my tumor, it was this black mass. ‘Get
the f— out,’” she screamed aloud. “And you know what? It was
gone!” Years later, her fear hasn’t returned. “The cancer is some-
thing completely out of my control, but the fear, I realized, is not.”
Eighty percent of the Hopkins cancer patients who received psi-
locybin showed clinically significant reductions in standard mea-
sures of anxiety and depression, an effect that endured for at least
six months after their session. Results at NYU were similar.
Curiously, the degree to which symptoms decreased in both tri-
als correlated with the intensity of the “mystical experience” that
volunteers reported, a common occurrence during a high-dose psy-
chedelic session. Typically described as the dissolution of one’s ego
followed by a merging of the self with nature or the universe, a
mystical experience can permanently shift a person’s perspective
and priorities. The pivotal role of the mystical experience points to
something novel about psychedelic therapy: It depends for its suc-
cess not strictly on the action of a chemical but on the powerful
NEUROSCIENTIST Robin Carhart-Harris suggests that psychedelics can open a space in the brain for new pathways to arise.
* *** THE WALL STREET JOURNAL.
psychological experience that the chemical can occasion.
Few if any psychiatric interventions for anxiety and depression
have ever demonstrated such dramatic and sustained results. The
trials were small and will have to be repeated on a larger scale be-
fore the government will consider approving the treatment. But
when the researchers brought their data to the FDA last year, the
regulators reportedly were sufficiently impressed to ask them to
conduct a large phase 3 trial of psilocybin for depression—not just
in cancer patients but in the general population.
So how does psychedelic therapy work? And why should the
same treatment work for disorders as seemingly different as de-
pression, addiction and anxiety?
When scientists at Imperial College began imaging the brains
of people on psilocybin, they were surprised to find that the
chemical, which they assumed would boost brain activity, actu-
ally reduced it, but in a specific area: the default mode network.
This is a brain network involved in a range of “metacognitive”
processes, including self-reflection, mental time travel, theory
of mind (the ability to imagine mental states in others) and the
generation of narratives about ourselves that help to create the
sense of having a stable self over time.
The default mode network is most active when our minds are
least engaged in a task—hence “default mode.” It is where our
minds go when they wander or ruminate. The Imperial scientists
found that when volunteers reported an experience of ego dissolu-
tion, the fMRI scans of their brains showed a precipitous drop in
activity in the default mode network, suggesting that this network
may be the seat of the ego.
One way to think about the ego is as a mental construct that per-
forms certain functions on our behalf. Chief among
these are maintaining the boundary between the
conscious and unconscious realms of the mind as
well as the boundary between self and other.
So what happens when these boundaries fade or
disappear under the influence of psychedelics? Our
ego defenses relax, allowing unconscious material
and emotions to enter our awareness and also for
us to feel less separate and more connected—to
other people, to nature or to the universe. And in
.
fact a renewed sense of connection is precisely
ly
what volunteers in the various trials for addiction,
depression and cancer anxiety trials have all re-
ported.
This points to what may be the most exciting reason to pursue
the new science of psychedelics: the possibility that it may yield a
grand unified theory of mental illnesses, or at least of those common
disorders that psychedelics show promise in alleviating: depression,
addiction, anxiety and obsession. All these disorders involve uncon-
trollable and endlessly repeating loops of rumination that gradually
shade out reality and fray our con-
nections to other people and the
natural world. The ego becomes hy-
peractive, even tyrannical, enforcing
rigid habits of thought and behav-
ior—habits that the psychedelic ex-
perience, by loosening the ego’s
grip, could help us to break.
That power to disrupt mental
habits and “lubricate cognition” is
what Robin Carhart-Harris, the neu-
roscientist at Imperial College who
scanned the brains of volunteers on
psychedelics, sees as the key thera-
peutic value of the drugs. The brain
is a hierarchical system, with the
default mode network at the top,
serving as what he variously calls
“the orchestra conductor” or “cor-
porate executive” or “capital city.”
But as important as it is to keep order in such complex system, a
brain can suffer from an excess of order too. Depression, anxiety,
obsession and the cravings of addiction could be how it feels to
have a brain that has become excessively rigid or fixed in its path-
ways and linkages—a brain with more order than is good for it.
Dr. Carhart-Harris suggests that, by taking the default mode net-
work offline for a period of time, psychedelics can, in effect, “re-
boot” the brain, jog it out of its accustomed grooves and open a
space for new pathways to arise. His lab has made maps of the
brain’s traffic patterns on psychedelics showing that, when the de-
fault mode network is quieted, myriad new connections spring up
in the brain, linking far-flung areas that don’t ordinarily talk to one
another directly.
The value of such an experience is surely not limited to the men-
tally ill. There are rich implications here for what one psychedelic
researcher calls “the betterment of well people.” Who doesn’t
sometimes feel stuck in destructive habits of thought? Or couldn’t
benefit from the mental reboot that a powerful experience of awe
can deliver?
One of the lessons of the new research is that not just mental ill-
ness but garden-variety unhappiness may owe something to living
under the harsh rule of an ego that, whatever its value, walls us off
from our emotions, from other people and from nature. “For the
moment,” wrote Aldous Huxley, describing his own psychedelic
journey in 1954, “that interfering neurotic who, in waking hours,
tries to run the show, was blessedly out of the way.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 5 - 6, 2018 | C3

REVIEW

to investigations of his extramarital sexual re-

lationships. Born of partisan spite in the
House, and rejected on partisan lines in the
Senate, the case against Mr. Clinton acceler-
ated the most poisonous trends in our political
system. During the administrations of Presi-
dents George W. Bush and Barack Obama, their
most aggressive foes invoked impeachment to
inflame their political bases and to signal un-
yielding opposition. Allies of Messrs. Bush and
Obama, in turn, used these threats to raise
funds and condemn the other party as ex-
treme. Six years into each presidency, over
30% of the public supported impeachment.
By 2016, a coterie of journalists, political op-
eratives and elected officials had spent nearly
two decades mastering the strategy and rhetoric
of the permanent impeachment campaign. Calls
for impeachment, and outraged condemnations
of them, were now firmly established in our po-
larized political debate. It was no great surprise
to hear politicians discuss their plans to im-
peach Mr. Trump or Mrs. Clinton before either
had been elected, let alone sworn into office.
The impeachment power exists to save our
democracy from tyranny and corruption, but
it can fulfill this noble constitutional purpose
only if it is taken seriously. When calls to im-
peach the president are played on repeat for
years, they lose their punch. That is where we
find ourselves today.
President Trump’s political opponents are
quick to frame their disagreements with him in
terms of impeachment. His supporters, in turn,
are quick to dismiss even legitimate discussion
of presidential wrongdoing as a partisan con-
spiracy. With our senses dulled by a surfeit of
impeachment talk, the nation may find it espe-
cially difficult to remove a tyrannical president
when doing so is truly necessary.
Don’t get us wrong: Sometimes impeachment
talk is essential. When a president approaches

.
the outer limits of his power, inspires doubt

ly
concerning his mental fitness or adopts bizarre
positions on matters of great importance, de-
mands for his removal can function as an early
CARL WIENS

on warning system. They can also generate correc-

tive political energies and invigorate other con-
stitutional checks and balances. There are even
times when impeachment hearings or full-blown
us l,

proceedings are called for. Although key facts

The Danger of
ers did not anticipate). remain shrouded, it’s possible that Mr. Trump
An even more wary view of the removal has created those circumstances.
al a
e
power emerged after 1868, when the Senate But the steady barrage of impeachment talk
narrowly acquitted President Andrew Johnson from both parties has pushed our politics to-

Impeachment Talk
ci on

on articles of impeachment. Although John-
son’s overt campaign to sabotage Congress’s
plan for Reconstruction would have provided
legitimate grounds for his removal, it soon be-
came fashionable to condemn his trial as hope-
er rs
ward destabilizing extremes. Some of the pres-
ident’s opponents seem to view every skirmish
as a battle in their war to depose a tyrant,
while some of his allies treat every rebuke as
a threat to his survival. Because the stakes are

lessly partisan. To many, the impeachment so high, fixating on impeachment reinforces

power seemed tarnished and disreputable. our most harmful tribal tendencies.
Calls to remove a president have become a permanent feature So things stood for over a century. Im- Unrestrained impeachment rhetoric may
of our politics, making it harder to achieve if truly needed peachment was banished to even make it easier for a
m e

the political hinterlands,

where it became the prov- Will Trump’s president to abuse his power.
As threats of removal moti-
foes suffer for
m rp

BY LAURENCE TRIBE ment is dangerous. It has trapped the American ince of cranks, radicals and vate a president’s base to
AND JOSHUA MATZ people in a massive “boy-who-cried-wolf” di-
lemma. It has turbocharged the forces of parti-
angry mobs. With only a
handful of fleeting excep- focusing on rally around him, he may
worry less about political
san dysfunction and democratic decline. And tions, respectable politicians impeachment? pushback from his own
THE 2016 presidential election was the first most perversely, it has left presidents freer to avoided the subject. ranks. And as some Demo-
co Fo

campaign in American history marked by credi-
ble threats of impeachment against whoever
won. This was partly because both Donald
Trump and Hillary Clinton had long been shad-
owed by charges of corruption, criminality and
conspiracy. But it also reflected a more unnerv-
ing development: the emergence of a permanent
presidential impeachment campaign.
Since the failed effort to oust President Bill
Clinton two decades ago, calls to remove the
president have become standard fare in Ameri-
can politics. In a stark break from the past, a
whole generation has come to view impeach-
n-
abuse their power. To reverse this damaging
shift, we must all find our way to a more ratio-
nal understanding of impeachment’s appropri-
ate role in our constitutional order.
You wouldn’t know it from watching cable
news today, but impeachment played a marginal
role for most of American history. Despite quix-
otic calls to remove a few early presidents,
savvy politicians soon realized that impeach-
ment was “little better than a tale to amuse, like
Utopia, or Swift’s flying island,” as Sen. George
Bibb of Kentucky remarked after the Senate
voted to censure President Andrew Jackson in
Then came President Rich-
ard Nixon, who brought im-
peachment roaring back to life and ultimately
resigned in 1974 to avoid it. The Watergate
scandal and its aftermath were traumatic for the
country, however. For two decades afterward,
references to impeachment remained rare. The
subject briefly surfaced over President Ronald
Reagan’s role in the Iran-Contra scandal, and
President George H.W. Bush faced a frivolous
call for impeachment after he launched the Per-
sian Gulf War. But even amid intense disagree-
ments, partisan threats to oust the president
crats have warned, the presi-
dent’s opponents may suffer
at the polls if they are seen as standing only
for the negative step of impeachment.
Since the late 1990s, the permanent impeach-
ment campaign has done great harm to our poli-
tics. It’s time to restore a saner and more reflec-
tive view of the impeachment power. The fate of
our democracy may depend on it.
Mr. Tribe is the Carl M. Loeb University Pro-
fessor and professor of constitutional law at
Harvard. Mr. Matz is a constitutional lawyer

ment talk as an ordinary feature of our partisan
civil war, in which nothing is sacred and the
Constitution has been weaponized.
This degradation of presidential impeach-
no
1834. Assembling a majority of the House to im- were largely out of bounds. in Washington, D.C. This essay is adapted
peach, and two-thirds of the Senate to convict, The impeachment of Bill Clinton broke that from their new book, “To End a Presidency:
was simply too difficult in a world of organized dam. In 1998, Republicans sought his removal The Power of Impeachment,” which will be
political parties (which the Constitution’s fram- for perjury and obstruction of justice relating published on May 15 by Basic Books.

WE’VE GOT TO STOP harnessing of good controversy—han-

dling with care the hot-button issues

MEETING LIKE THIS that we prefer to avoid—is one of the

BY PRIYA PARKER
DO YOU SPEND many of your days
staring across a table at co-workers,
wishing that you were elsewhere?
Meetings, off-sites, conferences,
launches, presentations, group
calls—gatherings are what organi-
zations do. The problem is that too
many of these events are an ineffec-
most difficult and important duties of
a leader. But good controversy rarely
happens organically. It needs to be
event. Give your gathering a fresh, engineered.
specific name. Is it a sales meeting, or A few years ago, I facilitated a
a How to Crush It This Quarter Meet- gathering for an architecture firm
ing? Language and tone give people that needed to make a tough long-
cues about what to expect. term choice: to remain a traditional
And try to prime attendees for any creator of buildings, or to change its
special expectations right from the focus to “experience design,” that is,
outset. If you are planning a session how people navigate through a space.
on mentorship in your firm and you But the firm’s culture was so polite
need people to show up with their that no one would debate the issue.
guards down, send out an email ahead So I set up a cage match: We threw
ISTOCK

tive use of people’s time.
But it doesn’t have to be this way.
A few small changes can have an
enormous effect on how people feel
about meetings, how they interact at
them and what they take away. Some
years ago, as part of my advisory
work, I set out to learn the secrets of
the most transformative gatherings. I
interviewed dozens of organizers—in-
cluding a choreographer from Cirque
du Soleil, a Japanese tea ceremony
master, a director of an Arab-Israeli
summer camp and a conference cura-
tor—to understand how they create
galvanizing, generative moments.
Here are a few of those lessons:
Set the stage. Whether it’s your
weekly meeting or your annual off-
site, the culture of a gathering takes
shape early, often well before the
of time that includes real, heartfelt
testimonials from three senior leaders
sharing specific examples of how a
mentor helped them.
Let everyone see and be seen.
In high-pressure environments, peo-
ple often want to get right to busi-
ness. Many surgeons, for instance,
want to start operating immediately,
skipping over formalities like intro-
ducing themselves to their team. Yet
a study published in the New Eng-
land Journal of Medicine a decade
ago found that when surgical teams
took time to do such things as greet-
ing each other and sharing their con-
cerns about what might go wrong,
the likelihood of complications and
deaths fell by 35%.
Your meeting may not have life-or-
death stakes, but it’s still helpful for
everyone to see who’s in the room
and to know why. Set a norm that ev-
eryone in attendance is supposed to
be there and has an equal right to
speak. For meetings of 10 or fewer,
give everyone a chance to address the
whole room early on, by sharing their
name and perhaps some personal in-
formation relevant to the business at
hand. When a global health-care com-
pany that a friend of mine worked
with hosted a meeting to review a
maternal mortality initiative, the or-
ganizers asked each of the partici-
pants to share one unexpected thing
about their own mothers.
Issue pop-up rules. Creative or
even amusing rules that apply to a
particular event can change how peo-
ple interact and what they create.
Consulting for a company in Asia, I
found that executives were calling cli-
ents during the breaks in an all-day
meeting, re-entering the meeting late
and disrupting everyone. So I insti-
tuted a rule: Anyone coming back late
had to do 10 push-ups on the spot. It
was a stunt, but the bigger point was
to encourage the executives to start
taking their obligations to their col-
leagues as seriously as they took their
duties to their clients.
Cause good controversy. One of
the biggest problems with business
meetings is that all the risk has been
wrung out of them. The responsible
towels around two architects and
asked them to argue each side. Every-
one else had to choose their preferred
side. This helped the firm get closer
to a decision. It also helped the team
see how a peace-at-all-costs culture
made them ambivalent, and how
learning to be more (respectfully) ar-
gumentative could be healthy.
In the end, changing the way a
company gathers can go beyond just
that meeting or event. It can help
change the larger culture: If it can be
done in one gathering, why not across
the whole enterprise?
Ms. Parker is the founder of Thrive
Labs, an advisory firm, and author
of “The Art of Gathering: How We
Meet and Why It Matters,” to be
published by Riverhead on May 15.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C4 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

REVIEW
WORD ON
THE STREET:
BEN ZIMMER

Tariff: From
Arab Trade’s
Bygone Days
EARLIER THIS WEEK, President
Donald Trump averted a trade war
with the European Union—at least
for now—by delaying his decision
to impose broad tariffs on steel
and aluminum imports that were
supposed to go into effect on May
1. As the trade wrangling contin-
ues, tariffs will continue to domi-
nate the headlines.
We owe the word “tariff” to
trade relations around the Medi-
terranean Sea, particularly the in-
terchange between Arab and Euro-
pean merchants going back to
ancient times. Thanks to the exten-
sive trade networks of Islamic dy-
nasties—such as the Cairo-based
Fatimid empire, active in the Medi-
terranean in the 10th through the
12th centuries—many terms relat-
ing to commerce entered European
languages from Arabic.
Arab approaches to bookkeep-

SERGE BLOCH
ing were also introduced via the
Mediterranean trade, bringing in
arithmetical terms to record finan-
cial transactions. The word “zero,”
for instance, is based on an Italian
rendering of the Arabic word

.
“sifr.” (The same Arabic root be-

ly
came “cipher” along another ety-
mological route.)
“Tariff” followed a similar path,
on originating with the Arabic “ta‘rif,”
meaning “information” or “notifi-
sions. After 10 days, fresh green beans, for ex- cation,” from the verb “‘arafa,”

Give Processed ample, have little more than half the vitamin C meaning “to make known.” What
us l,

of green beans frozen for 90 days, according to Arab traders were making known
a 2014 study in the Journal of Agricultural and by using this word was a list of
Food Chemistry. fees on goods entering the port of
al a
e
Which leads us to preservation. I am not a fan a foreign country. By the mid-14th

Food a Break of the preservatives used to improve the shelf century, such a list was identified
ci on

life of bread products: I firmly believe that bread with the word “tariffa” in a Sicilian
should go stale within days. But my family is source. (A popular story claims the
fond of tortilla wraps; it’s our standard lunchbox
fare. One morning, I decided to make my own.
They were beautiful—soft, warm and imper- Lincoln called
er rs

fectly round. But by lunch time, they were hard himself ‘an old
Modern food technology creates some abominations, enough to scrape paint off a wall.
Henry Clay
Commercial tortilla wraps contain a humec-
but it also gives us better nutrition and variety and less waste tant, an additive that attracts water and keeps tariff Whig.’
m e

them lovely and soft for days. Most wrap manu-

shipped farther, to make them more convenient facturers use glycerol—a compound also used in,
BY NICOLA TEMPLE
m rp

IN THIS AGE of culinary enlightenment, con-
sumers are asking more questions than ever
about what we eat. Many of us want food that
to cook and eat, to reduce waste, to enhance nu-
trition, to improve their cosmetic appeal, to
mask inferior ingredients and to lower costs
and/or increase profits. Most of these reasons
have both pluses and minuses.
co Fo
among other things, anti-freeze and the produc-
tion of nitroglycerin. But we shouldn’t freak out word comes from the name of the
about glycerol: It’s a simple molecule that forms Spanish port town Tarifa, which
the foundation of all plant and animal fats. I still charged fees to merchants during
don’t want preservatives in my bread, but I em- Moorish times, but most etymolo-

comes with edifying stories—organic farming,
sustainable fishing, artisanal cheesemaking—
and shun the processed products of the global
food industry.
But we should reconsider our disdain for pro-
cessed food, not least because it’s impractical. In
most countries including the U.S., people now
get more of their calories from packaged foods
than from fresh, as the market research firm Eu-
romonitor recently found. The issue today isn’t
a simple yes or no to processed food. Rather, it’s
what kind of processing we should accept and
what kind we should reject.
n-
Perhaps the greatest spur to processing has
been the desire for affordable, convenient food.
A half-century ago, American households spent
an average of 2.4 hours a day preparing their
food; now they spend around 30 minutes. A big
reason for this shift is the prevalence of what
brace the humectant in my wraps.
Vegetables present a similar conundrum,
pitting freshness against preservation and
convenience. Consider leafy vegetables, which
immediately start to respire faster once they
are cut. When kale is chopped, for instance,
its respiration rate increases
by 88%. The leaf quickly
loses water and uses up
stored sugars, causing it to
wilt; released enzymes start
to cause browning.
So what explains those
gists discount that explanation.)
“Tariffa” took hold in Italian
through the trading activities of
maritime republics such as Venice
and Genoa, and other Romance
languages followed suit, with
“tarifa” entering Spanish and Por-
tuguese and “tarif” entering
French. The word first made its
appearance in English in the late
16th century, originally mimicking
the Italian “tariffa” before the
spelling settled as “tariff.”

Processing food—that is, altering it from its lovely packaged, fresh-cut Early on, the word could refer
natural form—has gotten a bad rap for some leaves in the supermarket? To to a table of numbers used to facil-
good reasons. Our supermarket aisles provide limit microbial growth, compa- itate calculations (also known as a
ample evidence of the problems with advanced nies must wash them one or “ready reckoner”), but the trading
MICHAEL NAGLE/BLOOMBERG NEWS
no

food technology: fillers and chemical treatments
that can alter the nature of foods, additives and
colorings suspected of contributing to cancer
risks, nutrition-free snacks that contribute to the
growing problems of obesity and diabetes. The
food industry has given us many reasons for dis-
trust. But processed foods are key to our mod-
ern lives, and they can make nutritious meals
more affordable and widely available.
Our relationship with processed food goes
back to the beginning of human history. Our ear-
liest ancestors pounded otherwise inedible tu-
bers with rocks and sliced meat with primitive
tools—processing methods that are credited
with beginning the trend in our evolution to-
ward smaller teeth and jaws and bigger brains.
We spend only 5% of our day chewing our food,
while our closest primate relatives, chimpan-
zees, spend 37% of their day that way, according
to a 2011 study.
Processed food also has changed our DNA.
Because we turned animal milk into butter,
yogurt and cheese as early as 9,000 years
ago, a significant portion of modern humans
carry a genetic mutation that enables them to
digest milk into adulthood. This trait is
unique among mammals and carries signifi-
cant nutritional advantages.
More recently, processing has brought huge
benefits to human health. In the 19th century,
soldiers and seamen were just as likely to die
from malnutrition as from battle, until canning
was developed by the French chef Nicholas Ap-
pert. The prevalence of diseases related to nutri-
ent deficiency has led to the mandatory fortifi-
cation of processed foods such as salt and
wheat. Now the quest for more sustainable
sources of protein and more awareness of ani-
mal welfare are driving the effort to develop
“clean meat”—lab-cultured protein that doesn’t
require the slaughter of animals.
Modern-day foods are processed for a variety
of reasons: to allow them to last longer and get
Frozen meals are often more nutritious than homemade ones.
Americans get more
than half their calories
from packaged food.
the industry calls “ready meals”—chilled or fro-
zen dinners, ranging from pizzas and stuffed
pastas to entire plates with side dishes arrayed
around meat or fish.
These products allow unscrupulous manufac-
turers to hide cheaper, lower-quality ingredients, had figured out what bacterial cultures and en-
but they are also where vegetables considered
too ugly to be sold fresh get used, thus reducing now create the illusion of maturity in a fraction
waste. Ready meals also can be relatively
healthy: A 2012 study led by researchers at New-
castle University looked at 100 such items and
found that, though falling short of nutritional
standards, they had lower calorie counts, less
saturated fat and more fiber than 100 popular
recipes for home cooking by leading U.K. chefs.
In fact, there’s a nutritional case for frozen some day, I know that he’ll turn to prepared
food generally over fresh. Vegetables and fruit
destined for flash freezing are picked when
they’re ripe, while fresh produce is usually
picked underripe and artificially ripened closer
to the point of sale. Produce starts to degrade
the moment it is picked, and the “fresh” peas or
tomatoes that have been traveling for a week are
often less good for you than their frozen ver-
more times with a disinfectant sense was the meaning that won
such as a chlorine solution or out. Over time, “tariff” could refer
ozone added to water to label not just to a list of duties on im-
them as pre-washed, according ported and exported goods, but
to FDA guidelines. (Even those also to any particular item in such
labeled “unwashed” are an accounting of duties levied by a
washed in water at least once.) government.
Processed meals also help “Tariff” has been an important
to reduce waste. Someone term in U.S. politics since the start,
might buy all the raw ingre- beginning with the Tariff Act of
dients to make a homemade lasagna and 1789, which helped pay off the
salad but then use only a portion of them. Revolutionary War debt by taxing
Unless you’re adept at refrigerator manage- imports. It was known as the
ment, those extra ingredients are likely just
to sit and degrade until you throw them out.
“Hamilton Tariff” after Treasury
secretary Alexander Hamilton, who
Less food would have been lost with a ready- advocated a protectionist approach
made lasagna and salad bag. to U.S. trade. Henry Clay and the
All sorts of chemical shenanigans go on with Whig Party later championed tar-
modern foods, but we need to see them in per- iffs, and Abraham Lincoln once
spective. People have been processing milk into wrote that he got his start in poli-
cheese for thousands of years, using natural en- tics as “an old Henry Clay tariff
zymes to break down the protein and fats. An Whig.”
array of compounds contribute to the aroma and The word has worked its way
flavor. By the early 1900s, cheese manufacturers into international treaties, notably
the 1947 General Agreement on
zymes could speed up the conversion. They can Tariffs and Trade, or GATT. It was
replaced in the 1990s by the World
of the time with the same organisms, enzymes Trade Organization, which has
and amino acids—just intensified. similarly sought to reduce tariffs
Educating ourselves about food must include and other trade barriers.
a better understanding of processed foods. I’m Thanks to Mr. Trump, tariffs are
teaching my 10-year-old son how to grow edibles a hot topic once again. The Federal
in our small garden and prepare them in the Reserve’s business survey known
kitchen. But when he moves out on his own as the “Beige Book” mentioned the
word “tariff” 36 times in its April
meals for some of his nutrition. I’d be remiss not report, compared with no men-
to teach him to navigate this market wisely. tions the month before.
Ms. Temple is a biologist and science
Answers
writer. This essay is adapted from her new
to the News Quiz on page C13:
book “Best Before: The Evolution and Fu-
ture of Processed Food,” published by 1.A, 2.D, 3.A, 4.C, 5.D, 6.C, 7.D,
Bloomsbury Sigma. 8.A, 9.B
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
CHASING TORNADOES C6 | GEORGE C. MARSHALL’S CHINA MISSION C7 | ‘THE GALLOPING GOURMET’ C9 | BEST SELLERS C10
© 2018 Dow Jones & Company. All Rights Reserved.
Two Cheers for Exactitude
For Simon Winchester, the pursuit of precision is a breathtaking adventure, though precision itself is a bore
The Perfectionists
By Simon Winchester
Harper, 395 pages, $29.99
BY DAVA SOBEL
SIMON WINCHESTER’S new book,
“The Perfectionists: How Precision
Engineers Created the Modern
World,” is a tale of many triumphs,
but the telling of it leaves the author
dispirited. Having surveyed the prog-
ress of exactness by narrating a
grand, informed sweep from the
steam engines of the 18th century to
today’s automated assembly of micro-
scopic computer chips, he ends up
longing for a lost and less precise
world.
Mr. Winchester has shown himself
an engaging raconteur in 29 previous
books, most notably his 1998 best
seller “The Professor and the Mad-
man,” about the creation of the
Oxford English Dictionary. That ac-
count and its 2003 sequel, “The
Meaning of Everything,” forged an
GETTY IMAGES
ideal match between subject and
author, for the Oxford-educated Mr.
Winchester possesses an enviable,
capacious vocabulary. His delight in
words cannot be bridled, so that even
“The Perfectionists,” which is, after
all, a nonfiction treatment of technol-
ogy, brims with amusing and rare
nouns such as bagatelle, bijoux, cyno-
sure, seraglio and susurrus. These
whir smoothly alongside the argot of
the machine shop—chamfered, man-
drel, ratchet, worm gear—and the
graduated prefixes of precision mea-
surement, from deci and milli on
down to the ever tinier nano, pico,
femto, zepto and yocto.
Mr. Winchester covers more than
200 years of fine-tuning in this work,
and corrals a large cast of eccentric
individuals. He revives the likes of
Joseph Bramah, who advanced public
hygiene in London by building water
closets with his own patented “system
of flaps and a float and valves and
pipes that made the device both self-
cleansing (flushing, indeed, for the
first time) and free from the usual risk
of freezing in winter that created un-
pleasant results for all.” Bramah later
conceived the hydraulic press, a primi-
tive fountain pen, the beer engine and
the means for sequentially numbering
banknotes, among other achievements.
Eli Whitney, typically lauded as the
inventor of the cotton gin, is here
unmasked as a “confidence man, trick-
ster, fraud, charlatan.”
The Fighter Still Remains
no
Paul Simon: The Life
By Robert Hilburn
Simon & Schuster, 439 pages, $30
BY TED GIOIA
I’VE BEEN LISTENING to Paul Simon’s
music since I was 12. I know the songs
by heart, but I still find the man be-
hind them an enigma. Instead of using
songs to confess the turmoil of his
inner life—so common among his
generation of singer-songwriters—Mr.
Simon has used them, like a poet or
dramatist, to strut a series of mysteri-
ous personae across the stage of his
multifaceted albums.
He might start a tune in the first
person (“I am just a poor boy . . .”),
but then shift to an unexpected third-
person narrative about a bruised
boxer. Or he will use a song to give
shady characters named Roy and Jack
advice on ingenious ways of leaving
their respective lovers. In other inscru-
table one-of-a-kind tunes, he intro-
duces himself with “You can call me
Al” or “I am a rock.”
Who is this peculiar man?
In the latter song, he adds some
less-than-helpful details. “I’ve built
walls, a fortress deep and mighty that
none may penetrate.” And then later:
“I have no need of friendship, friend-
ship causes pain . . . I am a rock.”
Now Robert Hilburn comes to the
rescue with a plan to crack open the
rock in this up-to-date and scrupu-
lously researched biography. The tim-
ing is perfect. Mr. Simon recently an-
nounced his retirement from touring.
He may not be done with music mak-
* * * *
BOOKS
CLOCKWORK UNIVERSE The Orloj, a 15th-century astronomical clock in the old town square of Prague.
on
The idea for “The Perfectionists”
came to Mr. Winchester from a
us l,
stranger, apparently a fan, via email
message: “It was headed simply ‘A
Suggestion,’ and its first paragraph
al a
e
(of three) started without frill or de-
mur: ‘Why not write a book on the
ci on
History of Precision?’ ”
The topic resonated with Mr. Win-
chester. His father, Bernard Austin
William Winchester (1921-2011), had
enjoyed a long career as a precision
er rs
A spirited history of man’s quest for ever more
m e
precise tools, from binoculars to space telescopes,
from the sextant to the GPS—and a lament for
m rp
what’s been lost in the shift from analog to digital.
engineer, and is lovingly remembered
co Fo
on the book’s dedication page as “a
most meticulous man.” What’s more,
the author started his own working
life as a petroleum geologist charged
with pinpointing underwater stores of
fossil fuel. In one of the many per-
sonal anecdotes peppering these
pages, he recalls the March day in
1967 that found him on the bridge of
a tugboat, towing a $10 million drill
n-
ing, but this is a good occasion to reas-
sess a career that started more than 60
years ago and has weathered enough
changes in pop music to validate Mr.
Simon’s boasts of rock permanence.
Mr. Hilburn shows us that Mr.
Simon’s skill at adopting musical dis-
guises started early in life. In 1957,
when he was just 16, Paul and his boy-
hood friend Art Garfunkel got a re-
cording contract with Big Records
(don’t be fooled by the name—the
label was actually small). The duo
enjoyed a taste of fame under the
name Tom & Jerry. Adopting the per-
sona of “Jerry Landis,” Newark-born
Paul Simon used his appearance on
The conflict Simon creates
with his collaborators is
the price he pays to reach
his artistic potential.
Dick Clark’s “American Bandstand” TV
show to tell the world that he hailed
from Macon, Ga.
It wasn’t really a lie. More an asser-
tion of the imagination—the same type
of artistic disguise that Mr. Simon’s fans
would come to love in his many hit
songs.
Mr. Simon was still a teenager
when he broke up with Mr. Garfunkel
for the first, but far from the last,
time. But when they reunited in the
mid-1960s, they skyrocketed to the top
of the pop music world with a string
of hits that started with “The Sound of
Silence,” a folk-pop ballad that reached
no. 1 on the Billboard chart at the be-
THE WALL STREET JOURNAL.
rig to predetermined coordinates in
the North Sea, using charts and a
radio navigation system called Decca.
Although strong currents caused Mr.
Winchester to set the contraption
down some 200 feet from the target,
“the knowledge that I had once
helped locate a nine-thousand-ton
drilling rig over a Permian salt dome
in the heaving middle of an ocean,
and had managed to do so with suffi-
cient accuracy to create a flowing gas
well, stayed with me for many years.”
The recollected incident nicely sets
up the chapter about today’s more
precise method of way-finding, the
Global Positioning System. After de-
scribing the genesis and operation of
GPS, Mr. Winchester reprises the tug-
boat episode, this time with a differ-
ent sentiment: “Half a century on, it
still rankles that I put that oil rig
down in the ocean two hundred feet
ginning of 1966. But “Mrs. Robinson”
(1968) and “Bridge Over Troubled Wa-
ter” (1970) were even bigger, selling
millions of records and defining a gen-
eration and a zeitgeist.
In one of the recurring ironies of
Mr. Simon’s career, his relationship
with Mr. Garfunkel hit the skids even
as the latter song, a paean to unflag-
ging friendship, was earning platinum
status. Mr. Hilburn didn’t interview Mr.
Garfunkel for this biography—one of
the few unfortunate gaps in his other-
wise thorough investigations. But he
works hard to share both sides of the
story in a contentious relationship
with almost as many breakups as the
“50 ways to leave your lover” enumer-
ated in a famous Simon song.
Saturday/Sunday, May 5 - 6, 2018 | C5
.
ly
off its target. Yes, it drilled, it hit gas, “most of them eight-day clocks, five
it was a success, but that two hun- of which need winding every Sunday
dred feet—that distance bothers me morning,” a ritual he conducts with a
every time I think about it. It was pocket watch, “a Ball railroad watch
inaccurate. It was imprecise.” wound daily and which keeps to about
These two reflections on the same ten seconds a week.” These treasured
incident—one full of pride, the other timepieces “are often anything but
of regret—signal Mr. Winchester’s accurate.” On his wrist he wears a
underlying ambivalence about his Rolex Explorer, a self-winding para-
chosen subject matter. Precision is gon of mechanical craftsmanship that
touted as a good thing, even a crucial is less precise than far less costly
thing, in chapters detailing the dra- quartz watches. He admits “a lifetime
matic repair of the Hubble Space loyalty to 35mm film and format.”
Telescope, for example, and the excit- And he works in a painstakingly re-
ing recent detections of gravitational constructed “old timber-framed barn,
waves by the twin LIGO installations, a onetime granary built in upstate
which Mr. Winchester justifiably de- New York back in the 1820s. It was a
scribes as the “most precise measur- tumbledown ruin when I bought it,
ing instruments ever built by human and so I had its posts and beams
agency,” each one a “cathedral . . . to trucked down to where I live, in a
the worship of ultraprecision.” Never- remote hamlet in the hills of western
theless, Mr. Winchester avers, “Philo- Massachusetts, and saw it rebuilt
sophically, morally, psychologically, there in the summer of 2002.”
intellectually, and—dare one say it— Not all parts of the book fit pre-
spiritually, there are troubling as- cisely together. Mr. Winchester in-
pects to humankind’s ever-greater serts many footnotes (appearing
reliance on devices and techniques of every few pages in some chapters)
ever-enhanced precision.” that supply all sorts of ancillary in-
Personally, Mr. Winchester pro- formation: a line of poetry, a bit of
fesses a preference, even a passion, historical background, a fine point of
for the imprecise. His chatty asides definition, an amusing factlet. But the
reveal the fact that he lives in an old footnotes are just as likely to contain
farmhouse and owns many old clocks, Please turn to page C6
Mr. Hilburn wrestles with a lot of singer Eddie Fisher: “Your father
other breakups in these pages. Mr. couldn’t carry a rhythm. He had no
Simon has a history of contentious rhythm.” When Paul Simon, in turn,
dealings with others famous in their sought relationship advice from his
own right, from Nobel laureate Derek father-in-law, Eddie Fisher smugly
Walcott, who worked with Mr. Simon replied: “Who told you to fall in love
on the ill-fated Broadway musical “The with an actress?”
Capeman,” to actress and ex-wife Still more disturbing is Mr.
Carrie Fisher. Both are dead now, but Hilburn’s account of Mr. Simon’s be-
havior in South Africa during an ANC-
approved concert tour in January
1992. Apartheid had just been abol-
ished, and certain black radical
groups—those that argued the African
National Congress wasn’t moving ag-
gressively enough against their former
oppressors—used Mr. Simon’s concerts
to their own political ends. They pick-
eted with placards reading “Liberation
First, Entertainment Second” and
“Simon Go Home.” (“It’s not Paul
Simon we’re after,” one protester told
DEBORAH FEINGOLD/CORBIS VIA GETTY IMAGES
the Los Angeles Times. “He’s just been
caught in the realignment of political
forces.”) Mr. Simon invited leaders of
the protests to meet with him, and
then scheduled a press conference to
announce their peaceful resolution of
differences. But one youngster used
this media gathering as an opportunity
to denounce Mr. Simon in harsh
words. In the aftermath, Mr. Simon in-
vited the protesters back to the hotel
where, in the presence of his 19-year-
Mr. Hilburn secured interviews while old son, he “grabbed one of the leaders
they were still around. and pushed him hard against the wall,”
Even with all this help, he can only shouting in his face: “Don’t you ever
offer glimpses into a well-hidden pri- make me into a f—ing liar again!”
vate life. Some of the revelations here Most biographers would be
are small, but still shocking. Carrie tempted to use these incidents to
Fisher claims that the first comment psychoanalyze Paul Simon, probing for
she ever heard from father-in-law Lou inner traumas and deep-seated neu-
Simon, even before “Hello,” was an roses. Mr. Hilburn avoids this to an
insult directed at her dad, the pop Please turn to page C6
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C6 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

BOOKS
‘Clouds always tell a true story, but one which is difficult to read.’ —Ralph Abercromby

Paul
Chasing Monsters Simon
The Man Who Caught Continued from page C5
the Storm almost extreme degree. Even Mr.
By Brantley Hargrove Simon’s long history of nightmares is
Simon & Schuster, 295 pages, $26 hardly mentioned in these pages. I am
no fan of gossipy books about celebri-
BY MARK YOST ties, but I wish our author had pushed
harder to get behind the facade and
tell us not just what Mr. Simon says,
AMERICANS, IT SEEMS, are ob- but what fuels his many fires.
sessed with the weather, whether it’s Mr. Hilburn makes up for this by
across town or across the country: offering insights into the artist’s
torrential rains that result in “500- creative process. Mr. Simon is often
year floods”; snowstorms that close described as a great songwriter, but
cities and major highways; and, over Mr. Hilburn grasps that his career
the next few months, tornadoes so longevity required a gradual shift
devastating and unpredictable that from writing tunes to shaping elabo-
they can destroy entire city blocks and rately constructed recordings. He
yet leave an adjacent neighborhood quotes keyboardist Barry Beckett,
untouched. who played on several of Mr. Simon’s
Tim Samaras was one of those hit records and aptly explains: “He
GETTY IMAGES/NATIONAL GEOGRAPHIC

weather obsessives. Growing up in goes for attitude, then groove, and

suburban Denver, he watched storm then color.” In time, Mr. Simon
systems pass overhead on their way to would show his mastery of all three
becoming tornadoes on the Great ingredients.
Plains. As a teenager, he started chas- Some of the best sections of this
ing these systems, his hobby eventu- book go behind the scenes at key re-
ally becoming a lifelong passion, earn- cording sessions. Mr. Hilburn describes
ing him a regular spot on the how percussionist Hal Blaine got that
television show “Storm Chasers” and amazing drum sound on “The Boxer”—
no doubt inspiring a whole new TWISTER Tim Samaras near Manchester, S.D., in June 2003. it sounds like a cannon firing!—by us-
generation of weather fanatics. He ing the resonance of an empty elevator
seemed to have an innate ability to a bit like piloting a dinghy into a blind signed, but there was wide disagree- flattened farm truck, the cab shorn shaft. He tells of Mr. Simon recording
predict the path of a tornado, allowing fog. Usually, the craft sails through ment over how to get the instruments flush with the dash panel. Tree-root funky music in the back of a record
him to record some of the best data without incident. But there’s always a inside a storm. Samaras inevitably boluses the size of tractor tires are store in Crowley, La., where the artist
ever captured on these deadly storms. chance that the dinghy takes the bow knocked heads with scientists, seeing upturned and naked.” In a scene has gone in search of the perfect

.
Samaras died at the age of 55 on of an oil tanker broadside.” flaws in their designs. He ended up straight out of the 1996 film zydeco accordion sound. We follow

May 31, 2013, chasing a storm just That’s also exactly how it started
west of Oklahoma City, in the heart of the day Samaras was killed. But before
Tornado Alley. The one that killed we get to that, Mr. Hargrove weaves a
him—as well as his 24-year-old son tale with just enough background, just
on
Paul and fellow storm chaser Carl enough science and just enough
Young—turned out to be the widest adventure to keep us reading. He
ever recorded, expanding from ap- describes how Samaras had an early
us l,
building his own instruments, which
he called probes.
On June 24, 2003, outside
Manchester, S.D., Samaras’s tinkering
paid off. In a narrative that often
reads like a thriller, we learn how,
over the course of an afternoon,
ly
“Twister,” a movie based in part on
Samaras’s exploits, he and some of
his fellow storm chasers are still
debating the intensity of the tornado
they just witnessed—was it an EF-4?
An EF-5?—when he looks down at his
intact probe and says, with a grin,
along as Mr. Simon expands his knowl-
edge of African and Latin music, and
gradually becomes more daring with
sampling, multitracking and all the
tricks of the studio trade.
I grew more sympathetic with
Paul Simon the deeper I got into

proximately 1 mile across to 2.6 miles interest in electronics, first taking
in about 30 seconds. It caught the apart broken appliances his father
veteran adventurers off-guard and found, then ham radios—another
al a
e
whipped their Chevy Cobalt around in Samaras hobby. Following high school,
a subvortex, one of the deadliest kinds he worked for the University of Den-
ci on
Samaras played cat and mouse with a
fast-moving storm. “After gaining
In the end, Samaras’s
“well, I can certainly tell you.” His
probe, placed a mere 82 seconds
ahead of the storm, captured the
biggest drop in atmospheric pressure
and the lowest pressure at the
this book. I saw how his stubborn-
ness and willingness to provoke
conflict were the price he needed to
pay to reach his own artistic poten-
tial. And I also decided that he

of tornadoes there is, with winds near ver Research Institute and the defense
300 mph. contractor Applied Research Associ-
Samaras’s story is told well in “The ates—which did blast testing for the
Man Who Caught the Storm” by military—and was recognized by the
Brantley Hargrove, himself a storm National Transportation Safety Board
er rs
uncanny ability to
predict the path of a
tornado cost him his life.
Earth’s surface ever recorded.
By the time he arrives in El Reno,
Okla., in May 2013, Samaras is already
a minor celebrity and a well-funded
professional. He is also a different
wasn’t really hiding in his songs, but
rather using them to reach a kind of
transcendence that his real life
could hardly achieve, given these
inevitable conflicts.

chaser and journalist. In researching for his investigative work on the crash
the book, Mr. Hargrove not only spent of TWA Flight 800, which went down
time with Samaras’s immediate and off the coast of New York in 1996. At
weather-chasing family but followed the time, storm-chasing technology
m e
storm chaser than he was near Lindon Paul Simon’s own life has been
20 years before. “He’s spent so much filled with troubled waters, but his
some distance,” Mr. Hargrove time in the presence of violent storms music offered a bridge to all of us. He
writes, “Tim plants a new probe he that the old pang of fear has dulled,” promised us beautiful resolutions—a

in many of Samaras’s footsteps. In a was still rudimentary. Ever the invet- has outfitted with cameras. His white Mr. Hargrove writes. “And while he “mother and child reunion” or “days of
bit of foreshadowing early in the erate tinkerer, Samaras would apply to socks are pulled high over mud- has often said that nothing scares him miracle and wonder.” Who else besides
m rp

book, Mr. Hargrove recounts a July 21, his early storm analysis everything he
1993, excursion south of Lindon, Colo., learned at work, including the use of
a small farming community about high-speed cameras during blast tests,
halfway between Denver and the Kan- to help advance his hobby.
sas border. “Tim isn’t a newbie—nor For much of Samaras’s storm-
co Fo
slathered calves, and his dark hair is
wet and matted against his fore-
head. . . . Suddenly the tornado curves
northwest, toward the caravan.”
Samaras plants his probe with little
more than the tornado he can’t see, he
and Carl have penetrated the rain be-
fore not knowing what awaited them
on the other side.” This time, what’s
waiting on the other side is their ulti-
Mr. Simon could reimagine Graceland
as an actual moment of grace through
rock ’n’ roll? And then he shared that
grace with us. That’s quite a life, even
if only in the grooves of a record.

is he an old hand yet—but his forecast chasing career, the Holy Grail was to time to spare and speeds away from mate undoing. But not before they
today is as spot-on as a professional’s. record data from inside a tornado. Not the fast-approaching tornado. Once change tornado forecasting forever, Mr. Gioia writes on music, literature
And like a pro, he knows well enough only was there much debate about the storm passes, Samaras returns to for the better. and pop culture. His next book,
to give this one a wide berth. Getting what should be measured and how the the probes, driving through “a freshly “Music: A Subversive History,” will
too close to a rain-wrapped tornado is measuring instruments should be de- destroyed farmstead” and past “a Mr. Yost is a writer in New York. be published next year.

The Pursuit of Engineering Perfection

Continued from page C5 round us—and which is supposedly of generally, obsessed and impressed falter, none shall survive—no matter garbage per hour to be buried on the
pertinent material that could have, such vital importance to the pursuers today with the perceived worth of how precise.” outskirts of town.
n-

should have been incorporated into of today’s scientific truths—prompts the finely finished edge and the per- This dismal conclusion seems justi- When Mr. Winchester wonders to-
the main body of the text rather than a cascade of philosophical questions.” fectly spherical bearing and by de- fied, given that we humans have ward the close of “The Perfectionists”
relegated to a dozen or more lines of Pondering them prompts Mr. Win- grees of flatness that are not known increased our number to the peril of whether “a wish for perfection” is
tiny type. In no case do the footnotes chester to revisit Japan, land of the outside the world of the engineer.” If every life form on the planet, and now “truly an essential to modern health
no

indicate the author’s sources of infor- bullet train and the Seiko wristwatch, we fail to accept the equal value of face a climate catastrophe of our own and happiness, a necessary compo-
mation, though these must have been a country, he argues, whose residents the natural order, the author warns, creation. But is precision per se to nent of our very being,” and whether
many and varied. can “hold dear the two ideas”—preci- blame? Surely greed, heedlessness we are wise to “worship and revere
A clever device in the construction sion and imprecision, perfection and and warmongering have played their and give thanks to all those of the
of “The Perfectionists” is the state- imperfection—“simultaneously, parts. As Mr. Winchester concedes, past—Wilkinson, Bramah, Maudslay,
ment of a tolerance number on the and yet retain, at all levels of John Wilkinson fixed the flaw [William] Shockley, and their like—for
title page of each chapter. Tolerance, society, a keen ability to in James Watt’s steam en- blessing us with their notion of the
as Mr. Winchester defines it in the function.” There is gine via lessons learned need for endlessly improving exacti-
prologue, is the allowable variation in even, he says, a Japa- from machining bore- tude,” he seems to regret the whole
a machine part that guarantees it will nese term, wabi- holes in heavy artil- project, and perhaps wishes he’d
“fit with another equally finely ma- sabi, for “an aes- lery, and the first never heeded that stranger’s sugges-
chined piece” for the smooth opera- thetic sensibility implement to boast tion to write a history of precision.
tion of the whole assembly. These tol- wherein asym- truly interchange- One might have hoped, based on
erance numbers begin at chapter one metry and able parts was the excitement and enthusiasm ex-
with 0.1, or about 1/10th of an inch, roughness and the flintlock pressed in the subtitle and through-
which defines the important degree of imperma- musket. Likewise out the text, that achieving the pin-
uniform exactness wrought by John nence are ac- in the develop- nacle of precision would provide the
Wilkinson, often called “the father of corded every ment of the jet means to build a future world with
true precision,” on the cylinders of bit as much engine, “it was big improvements on the modern one.
James Watt’s early steam engines. weight as are war that pro- A hint of this brighter prospect
The tolerance number narrows to the exact, the vided the spur.” glimmers in the interesting after-
0.0001 in chapter two with the advent immaculate, Mr. Winchester word that Mr. Winchester appends
of machines for making burglar-proof and the precise.” arrived at a simi- about metrology, the science of mea-
door locks. By chapter nine, following The culture- larly bitter end in surement. Here he offers a brief his-
the perfectly flat surfaces of Henry specific label bol- his 2008 book “The tory of standard units such as the
Maudslay, the standardized screws of sters his argument, Man Who Loved meter and the kilogram. The process
Joseph Whitworth and the motor cars though Mr. Winches- China,” which chronicles cheers him considerably, as it allows
of Henry Royce and Henry Ford, to ter’s own stance sug- the British biochemist and him to recount a few more really
name a few of precision engineering’s gests one need not be sinologist Joseph Needham good stories, and also to explain how
heroes, tolerance has been shaved to Japanese to grok wabi-sabi. (1900-95) and his incomparable today’s metrologists eschew physical
an amount so minuscule that the While in Japan, Mr. Win- lifework, the multi-volume “Science objects as referents in favor of natu-
number 1 is preceded by a decimal chester visits a town destroyed by and Civilisation in China.” After de- rally occurring phenomena, namely
point and 34 zeroes. the earthquake and tsunami of scribing the protagonist’s travels in the speed of light and the frequen-
The shrinking signifies big ad- March 2011. Most of the population FAB Producing silicon wafers for that country and years of scholarship cies of atomic oscillations—the “du-
vances. And yet the final chapter, the of Minamisanriku survived by flee- computer microchips requires an at Cambridge, Mr. Winchester took a ration by which, fundamentally, we
10th, offers no quantitative expression ing to the safety of hilltops, where almost unreal degree of precision. first-hand look at the city of Chong- measure everything that we make
of tolerance. Its first sentence reads, they watched ships, cars and build- qing, which had been Needham’s base. and use, and which in turn helps
in its entirety, “And yet.” ings variously “wrecked . . . tossed “then nature will in time overrun, There the biographer noted the grim establish for us with unfailing exac-
Here Mr. Winchester recoils from like chaff . . . torn apart and twisted and the green strands of jungle divide between porters struggling to titude the precision that allows the
machine precision with a remorse and left to rust.” The things that grass—and yes, the green strands of earn a dollar a day and wealthy new modern world to function.”
reminiscent of Victor Frankenstein’s. weathered the catastrophe were the young bamboo—will eventually en- elites paying $100 a night for en-
“The ever-increasing degree of preci- bamboo forests. Thus the chapter fold and enwrap all the inventions trance fees at entertainment clubs, all Ms. Sobel is the author of “Longi-
sion that defines so many of the per- ends with a paean to bamboo and a that we make. . . . Before the impre- coexisting under the world’s most tude,” “Galileo’s Daughter” and,
ALAMY

fectly ordinary items that now sur- sigh of regret for “humankind more cision of the natural world, all will polluted skies and producing tons of most recently, “The Glass Universe.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
The Man Who ‘Lost’ China
The China Mission
By Daniel Kurtz-Phelan
Norton, 476 pages, $28.95
BY JAMES D. HORNFISCHER
HERE ARE SOME things no one ever
says about Gen. George C. Marshall
today: That he was vain, dull, a bun-
gler. That he was guilty of “criminal
folly” in his handling of foreign
affairs. That he was not only disloyal
to his country but also part of “a
conspiracy so immense and an in-
famy so black as to dwarf any previ-
ous venture in the history of man.”
These dumbfounding slanders,
delivered by Joseph McCarthy on the
floor of the Senate in the summer of
1951, are well and deservedly forgot-
ten. But they reflected the tremors of
their time, after the United Nations
“police action” in Korea had spun
beyond control, engulfing U.S.-led
forces in a massive ground war with
China—the same China that less than
a decade earlier had been a U.S. ally.
What had Marshall, the now al-
most universally admired U.S. Army
chief of staff who had contributed so
GETTY IMAGES
much to victory in World War II, sup-
posedly done wrong? He had dared
and failed in something grand. In De-
cember 1945, he went to China as a
special envoy of President Harry Tru-
man in an attempt to broker peace
between Chiang Kai-shek’s governing
Nationalists and Mao Zedong’s insur-
gent Communists. In the end, though
striving mightily, Marshall failed. As
Mao drove Chiang and his forces to
Taiwan and unified the mainland
under Communist tyranny, his good
name back home fell into a snake pit
of paranoiac partisanship.
In “The China Mission,” Daniel
Kurtz-Phelan, the executive editor of
Foreign Affairs, skillfully tells the story
of Marshall’s quixotic and forlorn dip-
lomatic initiative. Deeply researched
and written with verve, the book ought
to be read by any U.S. foreign-policy
maker practicing diplomacy in Asia.
For a time, it seemed that
Gen. Marshall had united
China and ended Mao’s
Communist insurgency.
Marshall’s oft-forgotten experience in
Asia has been covered before, notably
in Forrest C. Pogue’s four-volume life
(1963-87). But Mr. Kurtz-Phelan has
performed a service in reviving this
important episode with such aplomb,
rigor and pace.
Three days before Christmas 1945,
Marshall arrived at a small stone bun-
galow in Chongqing to begin a series
of parleys aimed at ending 18 years of
civil war. After an eight-year hiatus
following the Japanese invasion in
1937, the conflict had resumed with a
vengeance.
While there was idealism in Mar-
shall’s heart—he was gravely con-
no
cerned about the famine confronting
ordinary Chinese people—power poli-
tics justified the effort too. Without a
strong, unified China, Washington
calculated, the Soviet Union could
assert control of Manchuria, which it
was already infiltrating and pillaging
for industrial capital and infra-
structure. Truman and Marshall be-
lieved a negotiated peace could serve
American interests at home and
abroad. Yet the American people in
1946 had little patience for expensive
foreign projects.
Doggedly pushing through thickets
of disagreement, Marshall won a quick
cease-fire pact between Chiang and
Mao’s emissary, Zhou Enlai. Chiang
had come to the table because his ex-
termination campaign against Commu-
nist forces failed once they retreated
into China’s hinterlands. Though Mao
professed to be a “Soviet pupil,” Stalin
had humbled him, signing a peace
treaty with Chiang’s government.
On Jan. 22 Marshall handed
Chiang a draft bill of rights, a proce-
dure for a constitution and a plan
for interim coalition government. He
followed this up by securing an un-
derstanding to unify the rival Chi-
nese armies under Chiang’s national
leadership. “Marshall had achieved
what even cynics were calling a mir-
acle,” Mr. Kurtz-Phelan writes.
Praising him breathlessly were
not only American journalists, who
believed peace in their time was fi-
nally at hand, but his Chinese hosts
as well. Chiang’s emissary called
Marshall the midwife of unification,
the leading strategist of the world
and an ambassador of peace. Thus
the American general departed
* * * *
‘All diplomacy is a continuation of war by other means.’ —Zhou Enlai
PARLEY Gen. George C. Marshall being welcomed by Nationalist leader Chiang Kai-shek and his wife, 1946.
Mao’s headquarters on March 5,
1946, flattered and hopeful.
But a stronger geopolitical tide was
rising. On that very same day, British
on
Prime Minister Winston Churchill gave
his “Iron Curtain” speech in Missouri.
America had already resolved to con-
us l,
tain Soviet Communism, of course.
And the previous June, the U.S. War
Department had concluded that the
al a
e
“Chinese Communists are Commu-
nists,” in league with the movement
ci on
directed from the Kremlin.
The three-man “truce teams” dis-
patched throughout China to effect
the cease-fire soon encountered diffi-
culty. Both Chinese sides considered
er rs
the negotiations a stratagem for im-
proving their position on the battle-
field before the peace terms froze the
lines in place. The cease-fire pro-
m e
vided a rationale to press disputes
that kept the fighting going.
m rp
Mr. Kurtz-Phelan’s brisk narrative
handles all this as a compelling drama.
He adeptly paints his characters as
more than mere avatars of political po-
sitions. Zhou was polished and gra-
co Fo
cious, a talented actor and dissembler
who had become a communist in Paris,
where he learned to debate with the
best the Sorbonne had to offer. With a
“personality full of mobility,” he en-
gaged Marshall with relish about
“Lincoln’s spirit of freedom and Wash-
ington’s spirit of independence.” One
of Marshall’s aides thought Zhou
“could run General Motors.”
Mao himself needed the talents of
Zhou in order to play Marshall, for the
Communist leader was by his own
n-
admission emotional, arrogant and
quick to point fingers. Mao’s strength
was his mystical sense of himself and
a massively ambitious ego fueled by
the resentments of his upbringing.
Marshall emerges in “The China
Mission” as a figure of considerable
sympathy. Mr. Kurtz-Phelan shows
him as a devout public servant, a
consummate professional and a sin-
cere idealist who relied upon the
good faith of all with whom he dealt.
He could command a room yet con-
veyed “abject humility.” His Olympian
calm coexisted with what the author
calls “a reputation for truth-telling,
for an almost insolent integrity in
rooms of yes-men.” He was less a
battlefield leader than a superlative
organization man. In World War I he
had spoken truth to power—to Gen.
John Pershing, who promptly made
Marshall his aide. In World War II,
his talents had helped defeat Hitler
and Hirohito. But the problem of
China, in the end, was beyond him.
His warm personal relationships
with Chiang and Zhou did not seem to
matter. Culture was part of it—at ev-
ery turn, the American was desperate
to make a deal. But the Chinese civil
war had a momentum, a ruthlessness,
all its own. The talents that made Mar-
shall an effective leader in Allied war
councils doomed him to failure with
his cynical Chinese counterparts.
“Each side overplayed its hand when
momentum seemed to be in its favor
and them came back to negotiate when
the momentum had shifted, at which
point the other side was no longer
interested,” the author writes.
Before Marshall knew it, American
troops stationed in China to oversee
an orderly repatriation of Japanese
troops were caught in the rekindled
civil war. Marshall pressed on none-
theless. Unable to parse the murky
NY
BOOKS
relationship between Mao and Stalin,
he gambled on good faith, hoping for
the best. An honest broker trapped in
a wicked game, Marshall was in the
end whipsawed by cultural and politi-
cal forces beyond his ken.
By November 1946, Marshall was all
but finished. More than two-thirds of
his truce teams had been recalled to
headquarters for reasons of their
safety. With Truman’s domestic poll
numbers in the tank, the midterm
elections saw a Republican sweep of
Congress. Marshall flew back to Hono-
lulu two months later, never to return.
His failure inadvertently offered
up America as a scapegoat for the
continuing misery of ordinary Chi-
nese. The Communists exploited it
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.
ly
to the hilt. Chiang, meanwhile, be-
lieving that Republicans were more
sympathetic to him, was counting on
the 1948 presidential vote to save
his cause. But his reading of U.S.
politics was no keener than Mar-
shall’s reading of China’s. With a
fatal overconfidence, and poor coun-
sel, Chiang saw his Nationalist
forces stretched thin, too heavily
outfitted to pursue Mao’s guerrillas
into the hills. The same day Chiang’s
armies finally lost Manchuria, Tru-
man won a close re-election.
Chiang’s collapse produced an
opening for McCarthyites in Washing-
ton to push back against Marshall’s
idealism. The general returned home
to vicious gossip. “There have been
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rumblings and rumors around Wash-
ington to the effect that you have
been taken in by the Chinese Commu-
nists,” his colleague Gen. Albert C.
Wedemeyer told him.
The Marshall Mission was, by any
standard, a failure. The 13 months of
frenetic negotiation led to all-out
war, and a Communist government in
Beijing that vexes America to this
day. The question is whether it had
any chance of succeeding at all. After
World War II, with the U.S. carrying
out a massive demobilization (Tru-
man preferred the term “disintegra-
tion”), failure was probably fore-
ordained. Mr. Kurtz-Phelan’s book is
valuable for its reminder that diplo-
macy is futile when it is backed only
by the frail regiment of hope.
When a chastened Marshall, as
Truman’s secretary of state, turned
his attention to Europe, he found
that change and peace were possible
in war-torn regions of the world.
The success of the Marshall Plan was
a godsend for the ravaged continent
and a boon for America too. But U.S.
largesse toward Europe summoned
forth hungry supplicants around the
world. When Chiang’s ambassador in
Washington said there should be a
Marshall Plan for China—his chorus
of supporters posited the existence
of a racist double standard—Mar-
shall could only laugh. Mr. Kurtz-
Phelan does so right along with him.
“Predictions by American diplomats
and journalists that the Chinese
Communists would turn into mere
‘agrarian democrats’ proved laugh-
able.” Mao’s victory made it possible
for Stalin to approve North Korea’s
invasion of South Korea.
We know how the movie ends: the
Communists in control by 1949, Chiang
defeated and exiled to Taiwan, a
customer of American arms. After
Moscow tested a hydrogen bomb and
war broke out on the Korean penin-
sula, the Cold War hit full stride.
Mr. Hornfischer, the author of
“The Fleet at Flood Tide,” is at
work on a history of the U.S. Navy
in the Cold War.
$25
$55
$15
$15
Free
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

C8 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

BOOKS
‘To lose confidence in one’s body is to lose confidence in oneself.’ —Simone de Beauvoir

Bodies in Question
bly distended stomach, Victoria was
Victorians Undone the first to jump to the wrong conclu-
By Kathryn Hughes sions, spreading the rumor that Lady
Johns Hopkins, 414 pages, $29.95 Flora was expecting and demanding
that she submit to an internal exami-
BY ELIZABETH LOWRY nation by the bumbling royal doctor,
Sir James Clark. The examination,
which proved that Lady Flora was
A BEARD, IT SEEMS, is never just a exactly what she claimed to be—not
beard. In his 50s, Charles Darwin cul- only not pregnant, but a virgin—
tivated an untrimmed one, with lavish amounted to manual rape.
side whiskers, supposedly because his Victoria was unrepentant, even
wife Emma wanted him to. Dickens when Lady Flora died five months
sported a neat “doorknocker,” as it later of the intestinal inflammation
was known at the time, which dis- that had caused the swelling. The
guised his receding chin. Edward business had, as Ms. Hughes observes,
Lear’s prolifically curly facial hair was “stripped bare the realpolitik of
meant to soften what he thought of as women’s sexual lives at court,” from
his extreme ugliness, while the aging which the queen herself was not ex-
Tennyson’s notorious “dirty monk” empt. Within the year, Prince Albert
look curtained his collapsed mouth. arrived, so that Victoria could inspect
In her wildly readable “Victorians him as a possible husband. She was
Undone,” British critic Kathryn smitten, but she would get her come-
Hughes combs these “beard-growing uppance for her brutal treatment of
dramas” for what they can tell us Lady Flora: It was Clark who, in 1861,
about 19th-century attitudes to the misdiagnosed Albert’s fatal typhoid.
body, and our history as human Ms. Hughes’s last “corporeal co-
animals. Not just beards: stomachs, nundrum,” the gruesome murder of
hands, mouths—all, she shows us, Fanny Adams—a young girl whose
offer tactile clues to the period that name has come down to us as a piece
has done so much to shape our own. of crude slang—is even more reveal-
So why did Darwin cultivate that ing of the century’s sexual equivo-
beard? The ground-breaking natural- cations. In 1867 Frederick Baker, a
ist first considered the attractions, Hampshire clerk, was tried for killing
and hazards, of beard-wearing as a and dismembering the 8-year-old
DELAWARE ART MUSEUM/BRIDGEMAN IMAGES

young researcher calling at Tierra del Adams—or “sweet Fanny Adams,” as

.
Fuego on the Beagle. While Darwin a sentimental press insisted on calling

ly
and his fellow European travelers felt, her. In the wake of the sensational
as he went on to write in “The De- press coverage, ill-mannered sailors of
scent of Man,” “the greatest pride in the British reportedly began referring
their beards,” he was alarmed to find on to their putrid canned mutton as bits
that the Fuegians thought facial hair of Fanny Adams. Over the years, the
so disgusting that they had promptly expression came to denote anything
set about depilating the chin of the worthless. Even today, her initials
us l,

missionary sent to evangelize them by mean “nothing at all.”

plucking out his whiskers one by one, In recounting this Ms. Hughes
using mussel shells as tweezers. Un- THE MAGIC OF HER LOCKS ’Lady Lilith’ (1866-68), oil portrait of Fanny Cornforth by her lover Dante Gabriel Rossetti. offers us some cruel insights into the
al a
e
like Mrs. Darwin, their women folk re- underside of Victorian ideas of child-
mained unconverted pogonophobes. right hand. Was it truly larger than dicey: Eliot’s own brother cut her off Lushly erotic, the picture was an early hood innocence. The court had diffi-
ci on

Could it be, Darwin speculated, that her left, as she apparently told a
“our male ape-like progenitors ac- friend, and why were her relations so
quired their beards as an ornament to set on denying this? The answer lies
charm or excite the opposite sex,” and in the peculiar intricacies of the Brit-
that rather than being ordained by ish class system. The metropolitan
er rs
for more than 20 years when she be-
gan to cohabit with the married critic
George Henry Lewes. But once she
had become revered as England’s
greatest female writer, her relatives
example of new experiments in color
and form that would lead the way to
the voluptuous excesses of the fin de
siècle. But in addition to that it was,
Ms. Hughes suggests, a private dirty
culty imagining that Baker’s motive
might have been carnal (the concept
of pedophilia did not exist in the
1860s), and he almost got off on
grounds of temporary mania. Had

God (“another enthusiastic beard- novelist originally came from War- were quick to assert that she’d been a joke. Rossetti, who avoided conven- Fanny been just four years older, how-
wearer,” remarks Ms. Hughes) our wickshire farming stock, and the con- perfect lady—one, moreover, who had tional forms of sex because of a pain- ever, no one would have batted an eye
ideas of beauty are culturally relative? “never touched a cheese, and never fully enlarged testicle, was thankful at the thought of an adult man having
Darwin later backed away from the made a pound of butter in her life.” for the alternative services Fanny was sexual relations with her. (Rossetti’s
m e

provocative notion that the female of George Eliot’s asymmetric Not convinced? Ms. Hughes includes a willing to offer with that mouth—and secretary, Thomas Hall Caine, had
the species was in charge of the pro- picture of Eliot’s recently discovered helped usher in a whole new artistic fathered a child by a 13-year-old). Ms.
m rp

cess of sexual selection and never hands, Lady Flora’s swollen right glove, noting that its circumfer- movement in saying so. Hughes bitterly points out that, given
came to a firm conclusion about the belly and other tales of the ence is only six and a half inches. If it Sex was, famously, a problem for the moral standards of the Victorian
role beards played in the business of doesn’t fit, we must acquit. the Victorians, starting with Queen age, if Fanny Adams had survived the
human desire, but Ms. Hughes sug- flesh in an age of decorum. Unlike the fleshiness of Eliot’s Victoria herself, whose stupidity in rape her life, now that she was
gests a more convincing reason for hand, that of Fanny Cornforth’s mouth this regard provides Ms. Hughes with spoiled goods, would indeed have
co Fo

Emma Darwin’s pogonophilia. Her was never in question. Cornforth was an especially nasty case study. Follow- been worth “Sweet FA.”
husband suffered from severe facial fident account of cheese and butter- the artist’s model whose physical ing the debaucheries of the male “Victorians Undone” contains many
eczema: Her demand that Charles making in a novel such as “Adam opulence led Dante Gabriel Rossetti to Hanoverians, the court of the 18-year- such startling illuminations of the gulf
should give his razor a rest was most Bede” leaves little doubt that she had break with the austere aesthetic of old maiden was hailed as a model of between the 19th century and our
likely driven by concern for his rash, a personal and very practical knowl- the Pre-Raphaelite school, of which he propriety. Yet within a year of her own. Lively, iconoclastic and consis-
rather than her libido. edge of dairy work. That strapping had been a founding member. She was accession in 1837, Victoria was caught tently riveting, this is popular history
Ms. Hughes’s discussion of what right hand was ostensibly the result also his mistress, and in 1859 he cele- up in a scandal triggered by her own in the best sense.
physical phobias and fetishes can tell of hours spent crushing the curd as brated her abundant lips in a sugges- salacious fantasizing. When Flora
us about Victorian society is bril- her father’s dairymaid. The family’s tively titled picture called “Bocca Hastings, an unmarried lady-in- Ms. Lowry’s new novel, “Dark
liantly particular. Take George Eliot’s claim to respectability was always Baciata” or “The Kissed Mouth.” waiting, began to appear with a visi- Water,” will be published this fall.

FICTION CHRONICLE: SAM SACKS

n-

Raised by Strangers in the Aftermath of War

no

CLAUDE MONET the Moth will tell them of her disap-
wrote that “without pearance is that she “is away. Doing
the fog, London something important.”
wouldn’t be a beau- “We grew up protected by the arms
tiful city,” and one of strangers,” Nathaniel, the book’s
suspects that Michael narrator, recalls. Along with the Moth,
Ondaatje agrees with him. Mr. a gruff former boxer known as the
Ondaatje’s latest novel, “Warlight” Darter becomes a fixture in the house,
(Knopf, 290 pages, $26.95), is a thor- eventually apprenticing Nathaniel in
oughly fogbound book about childhood the illegal trades he’s cornered since
and espionage in postwar Britain that the end of the war. Some
feels its way forward with little sense of the most strange and
memorable passages in
“Warlight” take place at
An upbringing like a game night on a barge in re-
mote tributaries of the
of make-believe, played Thames, where the
with a peculiar and Darter and Nathaniel are
smuggling greyhounds as
raffish band of guardians. part of a dog-racing
racket.
It’s almost like a
of direction, creating intrigue and game of make-believe,
allure from the “mysterious cloak”—to this upbringing, with its
borrow again from Monet—that covers “omissions and si-
and conceals its story. lences,” its peculiar
That story begins by looking back band of guardians and
GETTY IMAGES
destroy. The novel, which begins as
an act of “rewitnessing,” now be-
comes a work of imaginative recon-
struction, as Nathaniel tries to piece
together his mother’s past based on
partial accounts and shards of dis-
covered facts.
He can only get so far. Thinking
about his mother’s war work, he
remarks that it was all carried out
site, an unrestrained inserter. In the
tradition of maximalists like Thomas
Pynchon and William Gaddis, there is
no aside he will let go unspoken, no
tangent he will leave unexplored, no
harangue he will leave unvented. His
incredible debut, “A Naked Singu-
larity” (2008), was self-published be-
fore being picked up by the University
of Chicago Press, which meant that it
was spared the usual
editorial domestication
process. It’s about a New
York lawyer—in his day
job, Mr. de la Pava is a
public defender—driven
insane by the cruelties
and imbecilities of the
criminal justice system,
and surrounding that
story is a glorious mess of
excurses on such obses-
sions as boxing, quantum
physics and empanadas.
Mr. de la Pava’s new
book, “Lost Empress”
(Pantheon, 627 pages,
one of its illustrious teams, New
Jersey’s Paterson Pork, who is quix-
otically determined to break the
NFL’s monopoly on American football
by poaching its star players and
organizing preposterous publicity
stunts. Woven into these chapters
are sketches of people intercon-
nected by a fatal traffic accident in
Paterson: a 911 dispatcher, an EMT, a
doctor, the bereft son of the de-
ceased and his relatives and neigh-
bors, all of whom form a delicate
network of chance tragedy and rever-
berating consequences.
The figure who eventually ties
these parallel threads together is
Nuno DeAngeles, an inmate on Rikers
Island awaiting trial for a crime that
at first remains undisclosed but is no-
torious enough to make him a marked
man to the jail’s guards. Nuno reads
Robert Musil, composes his own baro-
quely verbose trial motions (“As an
initial matter, your affiant accepts
that life is just another word for
violent contest”) and may belong to a

to 1945, when 14-year-old Nathaniel its murky dangers. In $29.95), is another over- shadowy syndicate called the Ab-
Williams and his older sister, Rachel, the second half of stuffed portmanteau—half sence. He’s the sort of character at
learn that their parents are moving “Warlight” Mr. Ondaatje farce, half serious social which Mr. de la Pava uniquely excels,
from London to Singapore for a year. extends the dreamlike novel, half compendium someone whose madness looks, from
The children are left under the super- sensation to the national stage, invisibly, “the real motives camou- of meditations on everything from a different angle, much like genius
vision of a lodger in their house, an returning Nathaniel and Rachel’s flaged, the way childhood is.” Mr. Joni Mitchell’s early albums to the and whose crusading moral fervor
enigma they have nicknamed the mother to the story in an abrupt and Ondaatje has stepped into John le superiority of football’s 4-3 defensive manifests itself in criminal activity.
Moth for his shy, fluttery movements. bloody dramatic twist. From there Carré’s world of spies and criminals alignment. That’s three halves, but as “Lost Empress” can feel loose and
But not long after the departures, the novel tentatively illuminates her but he has left his resolutions tanta- with “A Naked Singularity,” “Lost Em- arbitrary, and it takes a while for its
Rachel finds, hidden in the basement, work as a “secretive” for British In- lizingly incomplete. His novel views press” feels bigger than a single book. many moving parts to start humming.
the trunk that her mother packed and telligence, traveling through Eastern history as a child would, in ignorance It gives you your money’s worth. But once this monster of a book gath-
pretended to take overseas. She has Europe to prosecute the “unauthor- but also in innocence and wonder at The “entertainment” portion, as ers momentum, it carries the reader
not gone to Asia at all, they discover ized and still violent war” continued the scope of its unknowns. Mr. de la Pava labels it, centers on into a teeming, complex world guided
(though apparently their father, a after the armistice, the records of If Mr. Ondaatje is a sensitive with- Nina Gill, the commissioner of the by a logic that’s never far removed
traumatized veteran, has), but all that which the government was keen to holder, Sergio de la Pava is the oppo- Indoor Football League and owner of from lunacy.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
‘A cook in the kitchen is surrounded by generations of cooks past, the advice and menus of cooks present, the wisdom of cookbook writers.’ —Laurie Colwin
Treating Life as a Feast
The Graham Kerr Cookbook
By Graham Kerr
Rizzoli, 319 pages, $32.50
BY CHRISTOPHER KIMBALL
I MET GRAHAM KERR in the late
1980s. Tall, animated, bearded, kilted
and ever-charming, Mr. Kerr told me
the story of his conversion to health-
ier eating and a simpler lifestyle. He
had been hired to cook on a luxury
yacht in the Mediterranean and, in a
lightning-strike moment, had re-
imagined his life, which he would now
devote to helping others—including
his wife, who had survived a heart
attack. He referred to his new style of
cooking as “minimax”—minimal ani-
mal fats and maximum flavor.
The reissue of his classic “The Gra-
ham Kerr Cookbook” predates his
conversion to the vegetable kingdom;
the book, originally published in 1966,
is red in tooth and claw. And—let’s
get this out of the way quickly—the
recipes are time capsules, but not
necessarily the type one exults in
opening. Think tinned clams for spa-
ghetti vongole, white sauces, shrimp
cocktail made from store-bought
cooked shrimp, suet pudding, silver-
belly eels, lamb hearts, big roasts. He
recommends whipping egg whites in
stock to clarify them and using arrow-
root for thickening. One hoary chest-
nut is a recipe for “Angels in Orbit”:
sauté slices of salami until they curl
into cups and fill them with raw oys-
ters. Another curiosity is “Iced Rice
Hawke’s Bay,” a rice pudding with
halved gooseberries, filled with crème
de menthe. The ingredient lists in this
cookbook are themselves throwbacks:
The author includes imperial mea-
surements along with American and
metric conversions.
Graham Kerr was born in London
in 1934, but his first television gig
was in New Zealand in 1959, with a
show called “Entertaining With
Kerr,” for which he dressed in mili-
tary uniform. (At the time, Mr. Kerr
BOB PETERSON
was the catering adviser for the
Royal New Zealand Air Force.) In
1964, he moved to Sydney and
started a new show with the same
name, which caught on quickly. He
moved to Canada and launched “The
Galloping Gourmet” with an Ameri-
can producer; this show ran from
1969 to 1971 and made him a house-
hold name. The moniker “The Gal-
loping Gourmet” stemmed from a
1967 book that Mr. Kerr co-authored
with wine expert Len Evans, titled
“The Galloping Gourmets,” based on
a 35-day world-wide trek to the
planet’s best restaurants. The “Gal-
loping Gourmet” television program
was a huge hit, and in 1969 the first
American edition of “The Graham
Kerr Cookbook” was published.
Although James Beard and other
culinary elites were unimpressed
CHILDREN’S BOOKS: MEGHAN COX GURDON
no
Of Brave Children Everywhere
TWELVE-year-old
Amal is a bright, out-
spoken girl who
wants to become a
teacher someday. So
it’s a blow when she
has to leave school while her mother
recovers from postpartum depres-
sion. “I’m sorry, Amal,” her father
says, “but this is how it has to be
now. You’re the eldest daughter. Your
place is here.” Here, in this case, is
their home in a Pakistani village, a
place dominated by the powerful
landholding Khan family. Aisha Saeed
uses fiction in “Amal Unbound”
(Nancy Paulsen, 227 pages, $17.99)
to illuminate the real obstacles that
girls like Amal face in cultures that
discount female agency and educa-
tion. “You have already learned a lot,”
Amal’s father tells his daughter. “You
can read and write. What more do
you need to know?”
What begins as a frustrating situ-
ation for Amal turns catastrophic
when, in a heated moment, she talks
back to the Khan family’s arrogant
scion. As retribution, Amal is forced
into indentured servitude behind the
walls of the Khan estate. “She will be
treated like all my servants, no better,
no worse,” the young man tells Amal’s
helpless, horrified parents. “I’ll even
let her visit twice a year like the oth-
CANDLEWICK PRESS
ers.” The man’s cool indifference to
Amal’s wishes will likely be a shock to
American readers ages 10-13 who, it’s
a fair guess, may never have imagined
that such a fate could befall any girl
* * * *
‘Home Economics
makes the best use
of every scrap of
food—no waste!
This method does
just that . . .’
- Graham Kerr on
his boiled-poultry
recipe
on
us l,
al a
e
ci on
er rs
m e
with the cooking, it was difficult not
m rp
to be charmed by Mr. Kerr’s offhand
enthusiasm and his strength of
character. The opening of his epony-
mous show featured Mr. Kerr jump-
ing over a chair (a stunt conceived
co Fo
by his wife, Treena). And is there
not something enchanting about a
cook who wears French cuffs and an
ascot?
When he was offered a highly lu-
crative deal to promote a brand of
plastic wrap, he turned it down. And
later in life, after his conversion to
Christianity, he insisted that the clos-
ing credits of his Canadian show,
“Take Kerr,” include a passage from
the Bible. Some stations and sponsors
n-
in the 21st century. Once installed in
the Khan household, though, Amal’s
intelligence (and even her temper)
prove invaluable, and her story has a
happy ending. In an author’s note,
Ms. Saeed lauds the courage of girls
who “take a stand against inequality
and fight for justice” and expresses
the hope that her story will shine a
light “on brave girls everywhere.” It’s
a commendable view, certainly a fash-
ionable one, this bravery of girls, but
why stop there? Millions of boys (and
men and women, too) are constrained
by the imperatives of feudal and
A free-thinking Pakistani
girl, a teenage climber
and a child overboard
each find the strength
to face down disaster.
caste-based societies. Amal is in a bad
spot, no mistake, but so, the careful
reader will notice, is almost everyone
else in her village.
The resourceful heroine of Watt
Key’s survival adventure “Deep Wa-
ter” (Farrar, Straus & Giroux, 260
pages, $16.99) spends most of the
book in grievous danger. Stranded in
open water in the Gulf of Mexico after
her father’s charter boat drifts away,
held afloat only by her scuba equip-
ment, 12-year-old Julie Sims is trying
to keep herself and two other people
BOOKS
were opposed to the idea, but he
refused to compromise.
The recipes in “The Graham Kerr
Cookbook,” to my mind, reflect the
nadir of the culinary 20th century, a
time when good, fresh ingredients
were hard to find and when the Brit-
ish Empire had laid low local cui-
sines from India to the Caribbean.
The 1970s were an especially cruel
time in the culinary world: Anglo-
phone diners had run the gamut on
continental cuisine and were about
to be reborn into a new American
kitchen, one without the avocado-
colored appliances but with fresh
local ingredients and an emphasis on
pure, natural flavors.
alive. With her in the water is a boy
her own age, Shane Jordan, and his
father, Mr. Jordan, who’s delirious and
bleeding after surfacing too rapidly
(in scuba lingo, he’s “bent”). Slapped
by waves, burned by sun and salt, and
horribly thirsty, the castaways face
one ordeal after another. First comes
a thunderstorm: “The air exploded
like someone slamming a steel door,
and lightning blinded my eyes like a
thousand camera flashes in my face,”
Julie tells us. “The water went from
black to a deep translucent blue and I
saw suspended jellyfish glowing in the
depths.” No sooner does the weather
clear than sharks come nosing around,
in a scary scene that ends with Mr.
Jordan’s off-stage death. As hypo-
thermia begins to take hold, Julie and
Shane see the distant red light of an
abandoned oil platform in this grip-
ping tale of endurance for young read-
ers ages 9-12.
Stinging insects, rickety rope
bridges, homicidal elephants, panga-
wielding miscreants, deadly ava-
lanches: Such are the Burmese de-
lights facing Peak Marcello and his
companions in Roland Smith’s “As-
cent” (Houghton Mifflin Harcourt,
228 pages, $17.99), the third volume
in the author’s wilderness adventure
series for teenage readers. Having
survived grueling physical conditions
and a moral quandary on Everest in
“Peak” (2007) and violence in the
Pamir mountains of the Hindu Kush in
“The Edge” (2015), Peak and his
friends Alessia and Ethan have set
Saturday/Sunday, May 5 - 6, 2018 | C9
.
ly
Yet the book does succeed on two
levels. First, Mr. Kerr’s writing style
mimics his show’s opening gimmick,
marrying charm to an outsize per-
sona. The opening page of the egg
chapter offers this observation: “A
chicken needs grit and determination
to produce an egg—with a shell, that
is. Yet what do you care—familiarity
breeds contempt.” The author admits
to two great but telling ambitions in
life: The first was to be the Brigade of
the Guards officer who troops the
Colour at the Horse Guards Parade in
London (the perfect stage for Mr.
Kerr’s bespoke personality) and the
other was to eat two boiled eggs each
morning out of a silver cup.
their sights on summiting Hkakabo
Razi, a remote peak reputed to be
Southeast Asia’s highest. First they
have to get there, though, which
means hiking for weeks through a ma-
larial jungle in shifting and sometimes
treacherous company. Mr. Smith’s
writing is brisk and full of resonant
descriptions, as when Peak recounts
his first experience stepping into a
bamboo house on stilts: “I thought I
was going to fall through and land
where the pigs were wallowing be-
neath the house. I was trying to keep
my feet on the joists when the man
who had invited me inside saw what I
was doing and started jumping up and
down on the spongy floor to demon-
strate that it was safe.” Readers ages
12 and older can enjoy “Ascent” as a
stand-alone, but the appearance of
vivid characters from the previous
books makes reading the stories in
chronological order the best bet.
Defenders of the picture book as an
art form like to make the point that il-
In the chapter on “Graduate Reci-
pes” (Roast Wild Duck, Shoulder of
Lamb Wellington, Back Sticks Venison
Stew and so on), Mr. Kerr notes that a
reader should proceed only if “you are
an excellent cook” or that “you can
afford to run the risk of failure.” And
his historical note regarding the
“Miller’s Wife” method of shallow-
frying fish is pure Kerr: The story fea-
tures a fresh-caught trout and a
miller’s wife, who clasped the fish to
her amply floured bosom before
throwing it into a hot buttered skillet.
Buried in the weeds, one also
finds a handful of culinary tech-
niques worth pursuing. We are told
that lobsters die at 98.6 degrees
Fahrenheit, and so a warm-water
bath in the sink is more humane than
a splash into boiling water. Mr. Kerr
excoriates the home cook for using
A snapshot of a culinary
culture in flux, written
with great charm by an
outsize personality.
vinegar when poaching eggs. Instead,
he advises, dunk in-the-shell eggs
into boiling water for 10 seconds be-
fore poaching; this produces a cohe-
sive shape. A final splash of chilled
cream prevents scrambled eggs from
overcooking. Steam a chicken for 10
minutes before roasting if it is older
and tougher. And the best chips—
French fries to the rest of us—are
made by soaking perfectly sized ba-
tons of potatoes in warm water with
lemon: This helps convert some of
the surface starch to sugar, which
results in crispier fries.
Retro cookbooks, it seems, are the
latest trend in book publishing, from
“The Graham Kerr Cookbook” to “The
Vintage Baker” to Tamar Adler’s
“Something Old, Something New.” I
have a large collection of old cook-
books dating all the way back to
Fannie Farmer and Mrs. Beeton, and
let it be said that few stand the test
of culinary time. Recipes are born of
changing cultures and tastes and
rarely appeal to the next generation,
much less the next century.
These recipes are a snapshot of a
North American culinary culture in
flux, stuck between our deep-rooted
immigrant past and the brave new
world of Chez Panisse and its
spawn. But though they may be out-
dated, Mr. Kerr evolved, pursued his
passions and devoted his life to
helping others. Happily, this cook-
book reflects that man. Graham Kerr
is always welcome in my kitchen,
even though both of us have moved
well past our culinary beginnings.
Mr. Kimball is the founder of Milk
Street, a magazine and multimedia
company dedicated to home cooking.
lustrated stories are for everyone, not
just small children. It is an argument
that serves Aaron Becker’s beautiful,
wordless story “A Stone for Sascha”
(Candlewick, 48 pages, $17.99) espe-
cially well. The rich, dusky tableaux
that he presents may be a little too
cryptic for the very young, given that
they compass the long history of the
world, but for older children, includ-
ing adults, they’ll hold rich reward. In
the opening pages, we see a girl and
her family burying their beloved dog,
Sascha. Later, at the seashore, the girl
flings stones into the water beneath a
starry sky. With a turn of the page,
she—and the reader—soar into space
and back to prehistory, to the smash-
ing arrival of a meteor that leaves a
great golden shard in the earth. In
thrilling pictures, eons unfold as we
see the stone changing form with the
rising and falling of civilizations: It is
an obelisk, a building block, a key-
stone, a carved dragon and, eventu-
ally, a glowing stone for Sascha.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C10 | Saturday/Sunday, May 5 - 6, 2018
‘You could not spend your . . . life in thrall to the code of stuff. There was no code of stuff. Stuff was just stuff. You couldn’t live by it or for it.’ —John Lanchester
MYSTERIES: TOM NOLAN
GETTY IMAGES
Glaswegian Goons
SCOTTISH AUTHOR
Malcolm Mackay’s
terse, brutal novel
“For Those Who
Know the Ending”
(Mulholland, 261
pages, $26) takes place in the crimi-
nal underworld of Glasgow. Crime
bosses run the show in this faction-
ridden locale, where foot soldiers
commit murders so that “someone
else could make money.”
Into this grim environment enters
Martin Sivok, a 31-year-old Czech
hood-for-hire with a shaved head
and a case of culture shock. In his
native land—which he’s had to flee
under police pressure—Sivok was a
trusted professional, well-paid for
doing “some very dirty jobs.” But in
Scotland, the fugitive expat per-
ceives, “he was just a short man
with a mean look and a funny
accent.”
He quickly teams up with a young
Glasgow-born Pakistani, Usman
Kassar. Together, the two rob a
bookmaker’s business used to store
gang money, which puts them in the
bad graces of the criminals they’ve
stolen from. Lying low would seem
to be their wisest strategy. But
Kassar is impatient for more ill-
gotten gains, and Sivok is anxious to
pay his fair share in the relationship
he’s begun with his noncriminal
landlady—a bookstore owner, of all
things. Soon, against his better judg-
ment, Sivok finds himself caught in
a downward spiral: “More money,
more risk, more violence.”
Mr. Mackay is a shrewd observer
of his chosen turf, and an unsparing
yet empathetic chronicler of its deni-
zens. His bracing narrative, told
mostly though flashbacks, never
loosens its grip. Its pace is relent-
less, and there are just enough sur-
prises in store—even for those who
(think they) know the ending.
Alan Parks’s grisly debut novel,
“Bloody January” (World Noir, 331
pages, $17), is also set in Glasgow—
in the first month of 1973. Though
snow is blanketing the streets, it
can’t hide the corruption in a city
where cops and criminals are often
Best-Selling Books | Week Ended April 29
no
With data from NPD BookScan
Hardcover Nonfiction
TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK
Magnolia Table 1 New
Joanna Gaines & Marah Stets/William Morrow & Company
A Higher Loyalty 2 1
James B. Comey/Flatiron Books
I’ll Be Gone in the Dark 3 —
Michelle McNamara /Harper
12 Rules for Life 4 3
Jordan B. Peterson/Random House Canada
War on Peace 5 New
Ronan Farrow/W. W. Norton & Company
Nonfiction E-Books
TITLE THIS LAST
AUTHOR / PUBLISHER WEEK WEEK
I’ll Be Gone in the Dark 1 —
Michelle McNamara/HarperCollins Publishers
A Higher Loyalty 2 1
James Comey/Flatiron Books
Alton Brown: EveryDayCook 3 —
Alton Brown/Random House Publishing Group
Call the Midwife 4 —
Jennifer Worth/Penguin Publishing Group
Brain on Fire 5 —
Susannah Cahalan/Free Press
12 Rules for Life 6 7
Jordan B. Peterson/Random House Canada
Suicide of the West 7 New
Jonah Goldberg/The Crown Publishing Group
The Yoga Mind 8 New
Rina Jakubowicz /Rina Jakubowicz
Educated 9 2
Tara Westover/Random House Publishing Group
Under the Tuscan Sun 10 — War on Peace
Frances Mayes/Crown/Archetype
forced to keep each other’s secrets.
“We use them, they use us,” 30-year-
old Det. Harry McCoy explains to his
new partner, Wattie, a rookie cop
from outside the city. “Easier for
everyone.”
But for McCoy, a “polis” with his
own strict if unpredictable code of
justice, there’s no ignoring the gro-
tesque crimes occurring this month.
For starters, a 19-year-old waitress
and sex worker is shot dead in broad
daylight, after which her assailant
kills himself. The “who” and “how”
of these deaths are known. But what
about the “why”?
In two Scottish thrillers
on
the streets of Glasgow,
high and low, are full of sex,
money, risk and violence. The Lie of the Land
us l,
al a
e
As additional murders take place
in the city, McCoy and Wattie go
ci on
searching for answers. McCoy is
certain that the victims’ deaths can
be traced to the door of the richest
family in Glasgow—whose ice-cold
patriarch and his wastrel son are
er rs
rumored to host orgies laced with
drugs and sadism. But the detec-
tives are hindered by superiors
reluctant to anger such influential
m e
figures. Complicating matters fur-
ther is the fact that McCoy has his
m rp
own ties to a local criminal net-
work—to which he’s been beholden
since childhood.
Defying their bosses, McCoy and
Wattie traverse Glasgow high and
co Fo
low, going from prisons to homeless
encampments, old-money mansions
to pop-music emporiums. Their
persistence yields a break in the
form of a trove of incriminating
photographs, with which the sleuths
may be able to confront the privi-
leged villains they’ve been warned to
leave alone. More than likely McCoy
will pay an eventual price for his
extra-judicial doings—but the re-
sourceful avenger figures: “He’d
worry about the rest later.”
n-
TITLE
AUTHOR / PUBLISHER
Fascism: A Warning
Madeleine Albright/Harper
The Light Within Me
Ainsley Earhardt/Harper
The Clean 20
Ian K. Smith/St. Martin’s Press
The Subtle Art of Not Giving a F*ck
Mark Manson/Harper
Suicide of the West
Jonah Goldberg/Crown Forum
Nonfiction Combined
TITLE
AUTHOR / PUBLISHER
Magnolia Table
Joanna Gaines & Marah Stets/William Morrow & Company
A Higher Loyalty
James Comey/Flatiron Books
I’ll Be Gone in the Dark
Michelle McNamara/Harper
12 Rules for Life 4 4
Jordan B. Peterson/Random House Canada
Fascism: A Warning
Madeleine Albright/Harper
Suicide of the West
Jonah Goldberg /Crown Forum
The Subtle Art of Not Giving a F*ck
Mark Manson/HarperOne
Killers of the Flower Moon
David Grann/Vintage
Everybody, Always
Bob Goff/Thomas Nelson
10
Ronan Farrow/W.W. Norton & Company
BOOKS
FIVE BEST: A PERSONAL CHOICE
Lionel Shriver
The Past
By Tessa Hadley (2016)
1
HOUSES ARE never just houses.
Their owners lay claim to the
past, and rare is the structure
that recalls only happy times. In
“The Past,” four grown children and
their families descend on the ram-
bling, dilapidated home of deceased
grandparents. It is perhaps their last
idyll here if the children decide to
sell, and a three-week summer
holiday in the English countryside is
more than long enough to revive old
quarrels and generate new ones. Ms.
Hadley is adept at managing her
large, memorable cast, while deftly
weaving the web of their relation-
ships. A rare gift, she writes well
from the perspective of children; the
younger two are secretive, duplici-
tous, and drawn to darkness. The
descriptions of landscape are so
beautifully rendered that I actually
wasn’t inclined to skip them. The
grandparents’ bedrock marriage and
strong community ties contrast with
fragile, peripatetic lives: “What a
compromised generation theirs
was,” thinks one sister. “Materially
they had so much, and yet they
were haunted by this sensation of
existing in an aftermath, after the
best had passed.” A common
sensation in Britain, alas.
By Amanda Craig (2017)
2
IN THIS RICH, wide-ranging
novel, a couple split by the
husband’s infidelity cannot
afford to sell their house in London;
the proceeds would still not
purchase two separate new homes.
Instead they must rent out their
three-dimensional savings account,
CELTIC TIGER TAMED Ireland, 2012.
Hardcover Fiction
THIS LAST TITLE
WEEK WEEK AUTHOR / PUBLISHER
6 2 A Day in the Life of Marlon Bundo
Jill Twiss and Marlon Bundo/Chronicle Books
7 New The Fallen
David Baldacci/Grand Central Publishing
8 4 Twisted Prey
John Sandford/G.P. Putnam’s Sons
9 5 Oh, the Places You’ll Go! 4 3
Dr. Seuss/Random House Books For Young Readers
10 New Dog Man and Cat Kid (Dog Man 4)
Dav Pilkey/Graphix
Fiction E-Books
THIS LAST TITLE
WEEK WEEK AUTHOR / PUBLISHER
1 New Twisted Prey
John Sandford/Penguin Publishing Group
2 1 The Fallen
David Baldacci/Grand Central Publishing
3 — Only a Millionaire
J. S. Scott/Montlake Romance
Iron Princess
Meghan March/Meghan March
5 3 Shattered Mirror
Iris Johansen/St. Martin’s Press
6 New Wild In Love
Bella Andre and Jennifer Skully/Bella Andre
7 6 Savor You
Kristen Proby/HarperCollins Publishers
8 5 New York: The Novel 8 —
Edward Rutherfurd/Random House Publishing Group
9 2 One Last Breath
Lisa Jackson/Kensington
New The Great Alone
Kristin Hannah/St. Martin’s Press
* ***
on ownership
retreat to a cheaper countryside
cottage and uncomfortably share the
same digs. Yet leaving the London
house is a divorce of sorts, for “here
they have thrown lively parties,
taken deep baths, filled large
fridges, and returned from holidays
with relief . . . The house had been
the third party in a charmed union.”
The hectic vanities of urban living
are set against humility of the far-
from-bucolic rural England. Ms.
Craig throws in a murder mystery,
but her best material is subtler: “I
got him to give up smoking; he
could have given up spite.” Some of
her finest passages regard the grim
nitty-gritty of raising sheep and
working at a pie factory. Inevitably,
romance by real estate works its
distinctly modern charms.
Capital
By John Lanchester (2012)
3
JOHN LANCHESTER’S char-
acters either work or live on a
fictional Pepys Road in South
London, an allusion to Samuel
Pepys’ famous 17th-century diary.
But rather than plague and the
Great Fire, “Capital” records the
contemporary disaster—or so it
seems to excluded renters and new
immigrants—of the city’s soaring
property prices. These residences
were built for the lower middle class
in the 1800s, but now: “Having a
house in Pepys Road was like being
in a casino in which you were guar-
anteed to be a winner. If you already
lived there, you were rich. If you
wanted to move there, you had to be
rich.” Mr. Lanchester’s ingenious
plot device is a postcard, slipped
through letter slots one by one.
Customized with photographs of
each mark’s house, its anonymous
message reads: “We Want What You
Have.” Thus is terror struck in the
hearts of the haves in the face of all
those resentful have-nots glaring
through the lace curtains at
unattainable safety and affluence.
Sharp and panoramic, “Capital” was
also made into a bang-up mini-
series if you’re feeling lazy.
The Devil I Know
By Claire Kilroy (2012)
4
STILL MORE real estate—
eternal source of avarice and
tragedy. During Ireland’s
crazed development binge, seem-
ingly the whole country got caught
up in buying and flipping proper-
GETTY IMAGES
ties—until the music stopped, and
everyone was left with dumpy
houses and worthless farmland.
The narrator’s alcoholism implies
THIS LAST TITLE THIS
WEEK WEEK AUTHOR / PUBLISHER WEEK
1 1 The Giving Tree
Shel Silverstein/HarperCollins
2 2 Marc’s Mission
Jocko Willink /Feiwel & Friends
3 New The Hate U Give 8 —
Angie Thomas/Balzer & Bray/HarperTeen
Wonder
R. J. Palacio/Alfred A. Knopf Books For Young Readers
5 4 Leah on the Offbeat 10
Becky Albertalli/Balzer & Bray/HarperTeen
Fiction Combined
THIS LAST TITLE THIS
WEEK WEEK AUTHOR / PUBLISHER WEEK
1 New A Day in the Life of Marlon Bundo
Jill Twiss and Marlon Bundo/Chronicle Books
2 1 Twisted Prey
John Sandford/G.P. Putnam’s Sons
3 New The Fallen
David Baldacci/Grand Central Publishing
4 New The Midnight Line
Lee Child/Dell
5 New Oh, The Places You’ll Go! 5 8
Dr. Seuss/Random House Books for Young Readers
6 New One Last Breath
Lisa Jackson/Zebra
7 New Shattered Mirror
Iris Johansen/St. Martin’s Press
Only a Millionaire
J. S. Scott/Montlake Romance
9 New Iron Princess
Meghan March/Red Dress
10 7 Little Fires Everywhere 10
Celeste Ng/Penguin Press
THE WALL STREET JOURNAL.
SARAH LEE
MS. SHRIVER is the author, most
recently, of ‘Property,’ a collection of
novellas and stories.
a parallel between the Celtic
Tiger’s gorging on property and
addiction. When he finally takes a
look at one of the “farms” for
which his company paid through
the nose, he finds “flat, featureless
farmland. No rivers, no mountains,
no coastline, no inhabitants, and
not a whole lot of farming, either.”
On the map, “no X marks the spot
to reveal the chest of gold. If this
was what they had managed to sell
us in our own backyard, God
knows what we had purchased
.
around the globe in our delirium.”
ly
This is dark economic fiction,
whose riches-to-rags rollercoaster
is slightly sickening, but biting and
funny along the way.
Safekeeping
By Jessamyn Hope (2014)
5
JESSAMYN HOPE’S protago-
nist is inanimate: a brooch of
dazzling artistry from the 14th
century, with “exquisite, handmade
filigree” and “tiny pomegranates,
that allusion to the Promised Land.”
The brooch was hidden during a
Jewish pogrom stirred by the Black
Death, regularly blamed on the
Jews. In the present, the brooch has
survived the Holocaust and landed
in the hands of a heroin addict,
whose family has owned it for 700
years. After assaulting a too-curious
jeweler, he flees New York for a
kibbutz in Israel, hoping to bestow
the brooch on his cherished late
grandfather’s long lost love. I’ve
done a stint in a kibbutz, and Hope’s
portrayal of the foreign volunteers
and their motley motivations rings
true. She’s up on the divisions
between younger and older
kibbutzniks, and realistic about the
movement’s ultimately unworkable
socialist purpose. Following the fate
of the brooch is like watching a
game of Old Maid; its possession
confers as much curse as charm. A
fine window on both present-day
Israel and the country’s more ideal-
istic manifestation at its founding.
Methodology
LAST
WEEK NPD BookScan gathers point-of-sale book data from
more than 16,000 locations across the U.S.,
6 5 representing about 85% of the nation’s book sales.
Print-book data providers include all major
booksellers (now inclusive of Walmart) and web
7 New retailers, and food stores. E-book data providers
include all major e-book retailers. Free e-books and
those sold for less than 99 cents are excluded. The
fiction and nonfiction lists in all formats
include adult, young adult, and juvenile
titles; the business list includes only
9 7 adult titles. The combined lists track
sales by title across all print and e-book
formats; audio books are excluded. Refer questions
New to Peter.Saenger@wsj.com.
Hardcover Business
LAST TITLE THIS LAST
WEEK AUTHOR / PUBLISHER WEEK WEEK
1 2 StrengthsFinder 2.0 1 1
Tom Rath/Gallup Press
2 New Emotional Intelligence 2.0 2 2
Travis Bradberry & Jean Greaves/TalentSmart
3 1 Extreme Ownership 3 4
Jocko Willink/St. Martin’s Press
4 — The Five Dysfunctions of a Team 4 3
Patrick Lencioni/Jossey-Bass
Total Money Makeover 5 5
Dave Ramsey/Thomas Nelson
6 New Principles: Life and Work 6 6
Ray Dalio/Simon & Schuster
7 New New Power 7 –
Jeremy Heimans &Henry Timms/Doubleday Books
8 New Radical Candor 8 8
Kim Scott/St. Martin’s Press
9 New Together Is Better 9 –
Simon Sinek/Portfolio
9 Who Moved My Cheese? 10 –
Spencer Johnson/Penguin Putnam
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 5 - 6, 2018 | C11

REVIEW

Street and eventually landed a sales job at a

small firm called R.W. Pressprich. The first
initial public offering he worked on was Ross
Perot’s Electronic Data Systems. He worked
his way up to become president at R.W.
Pressprich, then left in 1974 to start his own
investment firm, Invemed Associates.
Through Invemed, he helped to finance and
co-found Home Depot. It went public in 1981.
Today it is one of the country’s largest retail-
ers, with over 400,000 employees and a mar-
ket capitalization of over $210 billion. He re-
mains one of the company’s largest
shareholders.
Those successes have fueled his belief in
capitalism. Private ownership incentivizes
people to create businesses that then grow
and create jobs for others, he argues. “When
capitalism works the way it should, it works
for everybody,” he writes.
He worries that some young people think
that the U.S. “should be headed, toward
something that, in my mind, resembles social-
ism: Guaranteed income. Free college tuition.
Single-payer health care,” he writes. “I dis-
agree. Strongly.” He argues that such policies
discourage people from bettering themselves.
“I disagree with socialism not (as you might
believe) because I’m a rich guy trying to hold
on to my money,” he writes. “I disagree be-
cause socialism is
based on the false no-
‘I’m the tion that we should
American all be exactly equal in
every single way.”
Dream,’ He does believe
he says. that income inequality
is a problem in the
U.S., but he doesn’t

.
blame capitalism. “I

ly
don’t have a magic solution,” he says. While
he’s supported Home Depot’s practice of pay-
ing above the minimum wage, he’s not sure
on the law should raise it for all employers. “I do
know that nobody can live on $20,000 a
year,” he writes. “But I worry that mandating
a higher minimum might hurt the people you
us l,

want to try to help: the more you increase the

costs of any factor of production, the more
incentive you give owners to figure out a way
al a
e
to change that factor of production,” and pos-
sibly automate it, cutting jobs.
ci on
ALLISON MICHAEL ORENSTEIN FOR THE WALL STREET JOURNAL

And he welcomes at least some role for

government. “You need cops, you need the
military, and you need infrastructure,” he
says. He also believes that capitalism’s benefi-
ciaries should give back, and that it’s a failing
er rs

when they don’t. He estimates that he spends

70% of his time on philanthropy now. New
York University’s Medical Center bears his
and his wife’s names after they gave it $200
m e

million in 2008.
His strong belief in capitalist rewards fa-
m rp

mously drew fire back in 2003 for his role

while head of the New York Stock Exchange’s
compensation committee in awarding former
NYSE chief Richard Grasso a $140 million pay
package. Then and now, Mr. Langone stands
WEEKEND CONFIDENTIAL: ALEXANDRA WOLFE
co Fo

by his decision. “Dick Grasso, who’d begun as

Ken Langone
WHEN HOME DEPOT co-founder Ken Lan-
gone saw Sen. Bernie Sanders’s rallies on TV
during the 2016 presidential campaign, he
was shocked by the number of young people
there. It troubled him that they were so en-
n-
The Home Depot co-founder’s
new book cheers capitalism
Mr. Langone, 82, sees himself as a capital- mother a cafeteria worker. Mr. Langone
ist success story. The Long Island-born son of worked odd jobs during high school, caddying
first-generation Italian-Americans, he co- and digging ditches. With savings and his
founded Home Depot in 1978 and has sold parents’ help, he attended Bucknell Univer-
other companies he helped to found for hun- sity, where he majored in economics and po-
a unionized clerk, had the motivation to stay
on and become president of the NYSE and in
1995 be elected chairman and CEO,” he
writes. “He was compensated appropriately,
and his pension grew proportionally.”
Today, Mr. Langone lives with his wife,
Elaine, on Long Island and has homes in Man-
hattan, North Carolina and Florida. He spends
his down time playing golf, reading and doing
investment analysis, which he considers excit-
ing enough to be a hobby.
He says he still enjoys simple pleasures—

thusiastic for higher taxes and spending and
an expanded government role in health care,
child care and higher education. “If these kids
are moving up in our system now, we’re in
no
dreds of millions of dollars, serving along the litical science. among his favorite foods are bagels, pasta
way on such high-profile corporate boards as After graduating, he sought work on Wall and meatloaf—but acknowledges, “I like all
General Electric and Yum Brands. Forbes esti- Street, but he says that his blue-collar Italian the trappings of success absolutely.”
mates that his net worth is over $3 billion. background prevented him from landing a job “I have custom-made suits and airplanes,

trouble,” he recalls thinking.
Mr. Langone decided that capitalism
needed a full-throated defense. To make the
case, he has written a book, part memoir and
part free-market manifesto, called “I Love
Capitalism.”
“Show me where the silver spoon was in
my mouth,” he writes. “I’ve got to argue pro-
foundly and passionately: I’m the American
Dream.”
His book recounts his rise from modest
roots. His father was a plumber and his
at the top firms. Instead he took an analyst
job in the investment department at Equita-
ble Life Insurance Society, an insurance firm,
while serving in the Army and going to busi-
ness school at night.
He held out hope of working on Wall
and I have businesses... and I have guys that
make paintings for me,” he says, pointing to a
LeRoy Neiman painting of the New York Stock
Exchange on his conference room’s wall. “But
I’d also like to think if it didn’t happen, I’d
still be OK.”

MOVING TARGETS: JOE QUEENAN

You Gotta Serve Somebody Dylan’s Whiskey

THIS MONTH Bob Dylan will enter
the burgeoning celebrity liquor
business with his line of Heaven’s
Door whiskeys. The name derives
from Mr. Dylan’s 1973 song,
“Knockin’ on Heaven’s Door,” about
the death of Billy the Kid at the
hands of his erstwhile friend, Pat
Garrett.
It is not known whether Mr. Dy-
lan considered other titles for the
fledgling brew, though “You Ain’t
Goin’ Nowhere” and “Don’t Think
Twice, It’s All Right” may have
been in the running as taglines.
Dyspeptic lefties and geriatric
hippies will lament that Mr. Dylan
is no longer the countercultural co-
lossus he was a half-century ago.
But the Nobel laureate shed that
constricting, rabble-rousing skin
ages ago, having already appeared
in a memorable Super Bowl ad ex-
So it’s not like Mr. Dylan is going
to lose any sales on the deal.
My own exhaustively thorough
investigation reveals that over the
past 50 years, Mr. Dylan has again
and again turned down prospective
partners seeking to benefit from
his fame and genius. In the 1970s,
he was contacted by a sleazy South
Bronx ambulance-chasing law firm
that wanted to plaster New York’s
subways with come-ons reading: If
You Sue Her, Say Hello.
That didn’t fly, nor did the St.
Louis paternity testing service It
Ain’t Me, Babe. A prospective
Greenwich Village boutique for
cross-dressers called Just Like a
Woman got the thumbs down, as
did a proposed Beverly Hills-based
chain of roadside psychiatric clin-
ics called Forever Jung.
Mr. Dylan’s foray into the high-
gia sources, coaxed to spill the
beans with stacks of pristine vinyl
Will Procol records, reported that the ’60s
Harum release legends Procol Harum may soon
release A Whiter Shade of Pale
A Whiter Shade Ale. The surviving members of
of Pale Ale? Led Zeppelin are in talks to launch
a quality malt liquor called Dazed
and Confused, while Wild Thing
malt liquors, inspired by the
Troggs, and Good Vibrations
cordials are also in some stage
of development. Not to mention
a beverage inspired by Jefferson
Airplane’s greatest album: Sur-
realistic Pilsner.
Aging pop stars are not limit-
ing their horizons to the notori-
ously hard-to-crack distill-
ing industry. Waiflike
Scottish tunesmith Dono-
van is preparing to intro-
duce a line of condiments
ing Stones may license a line of
artificial sweeteners under the ru-
bric Brown Sugar.
Will such rock-star-studded
ventures fly? I, for one, am not
convinced that naming a line of
whiskeys after a song about get-
ting shot dead by your best friend
is the ideal approach. It’s as if the
U.S. Postal Service licensed the
’60s Dylan tune “Nothing Was De-
livered,” as if Amtrak ponied up
for the rights to his ’79 ditty
“Slow Train.”
As for those who persist in bad-
mouthing the composer of such
iconic countercultural anthems as
“Masters of War” and “A Hard
Rain’s A-Gonna Fall,” there is abso-
lutely no truth to the rumor that
Mr. Dylan has licensed the tagline:
“Stuck Inside of T-Mobile With the
Memphis Blues Again.”
NISHANT CHOKSI

tolling the virtues of American- end liquor business seems to be known as Seasonings of the And there is no chance whatso-
made cars. Also, sourpuss old- inspiring other rock stars of by- Witch. Neil Young is backing ever, I have learned, that Heaven’s
movement types don’t drink gone eras to launch similar ven- a similar venture known as Door whiskey will soon be followed
quality whiskey, preferring weed. tures. Highly authoritative nostal- Cinnamon Girl. And the Roll- by Desolation Rye.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C12 | Saturday/Sunday, May 5 - 6, 2018
HISTORICALLY
SPEAKING:
AMANDA FOREMAN
Lucky Science
Is Often Born of
Years of Labor
IF NECESSITY is the
mother of invention, ser-
endipity is often the
mother of progress.
One recent example
comes from an international scientific
team studying the bacterium, Ideo-
nella sakaiensis 201-F6, which makes
an enzyme that breaks down the most
commonly used form of plastic, thus
allowing the bacterium to eat it. As
reported last month in the Proceed-
ings of the National Academy of Sci-
ences, in the course of their research
the scientists accidentally created an
enzyme even better at dissolving the
plastic. It’s still early days, but we
may have moved a step closer to solv-
ing the man-made scourge of plastics
pollution.
The development illustrates a truth
about seemingly serendipitous discover-
ies: The “serendipity” part is usually the
result of years of experimentation—and
failure. A new book by two business pro-
fessors at Wharton and a biology profes-
sor, “Managing Discovery in the Life Sci-
ences,” argues that governments and
pharmaceutical companies should adopt
more flexible funding requirements—
otherwise innovation and creativity
could end up stifled by the drive for
quick, concrete results. As one of the au-
thors, Philip Rea, argues, serendipity
means “getting answers to questions
that were never posed.”
So much depends on who has ob-
served the accident, too. As Joseph
Henry, the first head of the Smithsonian
Institution, said, “The seeds of great dis-
coveries are constantly floating around
us, but they only take root in minds well
prepared to receive them.”
THOMAS FUCHS
The need to ask
the right questions.
One famously lucky meeting of per-
n-
ception and conception happened in
1666, when Isaac Newton observed an
apple fall from the tree. (The details
remain hazy, but there’s no evidence
no
that the fruit actually hit him, as leg-
end has it.) Newton had seen apples
fall before, of course, but this time the
sight inspired him to ask questions
about gravity’s relationship to the
rules of motion that he was contem-
plating. Still, it took Newton another
20 years of work before he published
his Law of Universal Gravitation.
Bad weather was the catalyst for an-
other revelation, leading to physicist
Henri Becquerel’s discovery of radioac-
tivity in 1896. Unable to continue his
photographic X-ray experiments on the
effect of sunlight on uranium salt, Bec-
querel put the plates in a drawer. They
developed, incredibly, without light.
Realizing that he had been pursing the
wrong question, Becquerel started
again, this time focusing on uranium
itself as a radiation emitter.
As for inventions, accident and inad-
vertence played a role in the develop-
ment of Post-it Notes and microwave
heating. During the 1990s, Viagra failed
miserably in trials as a treatment for an-
gina, but alert researchers at Pfizer real-
ized that one of the side effects could
have global appeal.
The most famous accidental medical
discovery is antibiotics. The biologist
Alexander Fleming discovered penicillin
in 1928 after he went on vacation, leav-
ing a petri dish of bacteria out in the
laboratory. On his return, the dish had
developed mold, with a clean area
around it. Fleming realized that some-
thing in the mold must have killed off
the bacteria.
That ability to ask the right ques-
tions can be more important than
knowing the right answers. Funders of
science should take note.
REVIEW
The Teenage
Social-Media Trap
Adolescents increasingly measure and manage social success
online, and it may be taking a toll on their mental health
on
BY JENNIFER BREHENY WALLACE
TEENAGERS HAVE always worried about how
us l,
they measure up: Am I popular? Attractive? Do
I fit in?
al a
e
Social media now answers those questions
in a very public and quantifiable way. It’s not
ci on
just about the number of “likes” and online
friends a young person has. The data on popu-
larity can be even more granular: how many
photos you’re “tagged” in, the level of activity
and comments on your posts, how long it takes
er rs
to accumulate those status markers, and even
the “follow ratio,” that is, how many people you
follow versus follow you.
Sites like Instagram, Snapchat and Facebook
m e
offer much more than a virtual place to hang
out. New research shows that they play a key
m rp
role in how teens measure and manage social
success; it also finds that the overuse of social
media may bring added risks to an adolescent’s
mental health.
For many teens, social media offers positive
co Fo
benefits, such as a deeper connection with
friends and a low-stakes way to communicate
with peers. For those on the social margins, on-
line communities also can offer a sense of be-
longing and support.
But for others, it can be stressful to keep up
with hundreds of online friends, maintain a
perfectly curated digital profile and manage
the onslaught of posts showing peers living
seemingly better lives. “The hyper-vigilance
that some adolescents feel forced to maintain
online is anxiety-provoking and hijacks time
away from more important things like home-
work and sleep,” says Catherine Steiner-Adair,
a clinical psychologist in Chestnut Hill, Mass.,
and the author of “The Big Disconnect.” Before
social media, she adds, home was a place
where you could be a more relaxed, authentic
version of yourself. Now some teens never get
that break.
A study led by Jacqueline Nesi of the Uni-
Turning
Plants Into a
Very Green
Light Source
THE GLOW emanating from
the leaves of this watercress is THE
the result of plant nanobionics, FUTURE
in which live plants are given OF
unusual characteristics through EVERYTHING
the introduction of microscopic
nanoparticles. It’s a new area of
research pioneered by Michael Strano, the Car-
bon P. Dubbs Professor of Chemical Engineer-
ing at the Massachusetts Institute of Technol-
ogy. To turn leaves into a light source, Strano
uses luciferase, the enzyme responsible for a
firefly’s glow. A total of three compounds (lu-
ciferase, the light-emitting compound luciferin
and another enzyme) are packaged in nanopar-
ticles that enter the plant through pores called 2015. The goal is a topical solution that can
stomata. Currently, researchers are able to
make plants such as spinach, kale and water-
cress emit a dim light for about 4 hours—up
Oficial Sponsor of The Wall Street Journal’s The Future of Everything
* ***
versity of North Carolina at Chapel Hill, pub-
lished in March in the Journal of Clinical
Child & Adolescent Psychology, calls the quest
for online popularity “digital status seeking.”
The researchers followed 716 adolescents,
ages 15 to 18, for one year. They found that
adolescents who were more engaged in digital
status seeking—frequent social-media users
who employed status-seeking strategies and
reported caring more about their online popu-
larity—were more likely, a year later, to be
engaged in risky behavior such as substance
abuse and having an increased number of sex-
ual partners. Ms. Nesi theorizes that this is
perhaps because they “are more willing to en-
gage in behaviors that will make them appear
popular.”
Adolescent girls can be espe-
cially susceptible. In a longitudi-
nal study in the U.K. published in
March in the journal BMC Public
Some even
Health, researchers followed resort to
nearly 10,000 adolescents be-
tween the ages of 10 and 15 for
paying for
online
five years. The study found that
at age 10, 10% of girls and 7% of validation.
boys reported spending one to
three hours a day on social me-
dia. By age 15, the figures in-
creased to 43% of girls and 31%
of boys. Girls who used social media for more
than an hour a day at age 10 were found to
have the highest risk for developing social and
emotional problems at age 15.
The association may have to do with the
tendency of girls to use social media to com-
pare their lives to those of their peers, which
can have a negative effect on self-esteem, the
researchers say. The strong association be-
tween well-being and use of social media didn’t
hold for boys, perhaps because they spend
more time playing online games and less mak-
ing social comparisons, says lead researcher
Cara Booker of the University of Essex.
Another recent study, published in the
from 45 minutes when the project began in
transform a houseplant into a cordless, envi-
ronmentally friendly lamp. “We think we’ll be
able to engineer a way for you to just spray it
THE WALL STREET JOURNAL.
JOSE LUIS MERINO
Journal of Research on Adolescence, looked at
the effort that goes into cultivating online
identities. In a series of focus groups, many of
the study’s participants (27 females and 24
males, ages 12 to 18) talked about the need to
appear “interesting and likable” online, but
girls added the need to be “attractive.” They
were also found to be more strategic in build-
.
ing their social capital, by posting content at
ly
peak hours for traffic, for example, and enlist-
ing friends to comment on and “like” posts to
boost their popularity. Several of the girls de-
scribed the process as a lot of “work,” but
none of the boys described it that way, nor
did they expect close friends to “like” or com-
ment on their posts.
Some adolescents even resort to paying
for online validation. A pilot study of 110 Ca-
nadian teens, ages 13 to 17, presented this
week at a conference in St. Catharines, On-
tario, found that more than 70% engaged in
one or more “deceptive like-seeking behav-
iors,” such as purchasing 500 “likes” for
$6.99 through a website or using computer
programs to give themselves a “digital nose
job” before posting.
Lead researcher Tara Dumas of Huron Uni-
versity College in London, Ontario, calls the
findings “concerning.” She adds, “We know
from previous research that social validation
and belonging is so important for
adolescents, but when you are
getting ‘likes’ by buying them or
based on an image of you that’s
not real, what is that doing to
your self-esteem?”
“Too many young people,
typically girls, conflate the at-
tention they get on social media
with their self-worth,” says Ra-
chel Simmons, a leadership de-
velopment specialist at Smith
College and the author of
“Enough As She Is.”
What can parents do? Pulling back the cur-
tain on social media—exposing the tactics that
are used to get us hooked—can help teens
think more critically about how they’re partic-
ipating in a system that profits from their ob-
session with “likes,” says Ms. Simmons.
Dr. Steiner-Adair advises parents to check
in daily about what’s going on in their teen’s
online world and to stay approachable. “Par-
ents need to start taking as much interest in
their teen’s online life as they do their real
one,” she says.
Ms. Wallace is a freelance writer in New York.
SEON-YEONG KWAK
onto a plant, wait an hour, and then that plant
will be light-emitting for the duration of its life-
time,” Strano says, adding that a luciferase in-
hibitor could act as an off-switch.
—Mark Ellwood
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 5 - 6, 2018 | C13

PLAY
NEWS QUIZ: Daniel Akst From this week’s
Wall Street Journal VARSITY MATH Provided by the National
Museum of Mathematics
1. Corpus Christi, Texas, is being bicycle race, begin?
outfitted to accommodate VLCCs. Numerical work and logical
What in the world are they?
A. Florence thinking are featured in the coach’s

B. Padua latest offerings.

A. Very large crude carriers
C. Naples

B. Variably loud community
D. Jerusalem
centers For previous

C. Veal and lamb centered weeks’ puzzles,
6. What did the Pentagon order and to discuss
chophouses strategies with

D. Virtually legal currency removed from shops on military other solvers, go to
communities bases world-wide? WSJ.com/puzzle.

A. Cigarettes
2. Niloofar Rahmani, Afghanistan’s
B. Booze
first female pilot, has
C. Huawei and ZTE phones
been granted
D. Sugary beverages
asylum—
in which
country? 7. KKR, the big private-equity
firm, is about to turn into

A. Saudi something different. What?
Arabia

B. Germany
A. A residential community

C. Pakistan pledged to poverty and service

D. The U.S.
B. A franchising concern

C. A bank holding company

D. A corporation
3. Emmet Flood will take over
as the top White House lawyer
FROM TOP: PAULA BRONSTEIN FOR THE WALL STREET JOURNAL; NIGEL OSBOURNE/REDFERNS/GETTY IMAGES

for President Trump in the 8. What happened for the first Close to a Quart Math Party
special counsel’s investigation. time in Major League Baseball? You are at a river and have two At an annual party for a group of math professors, a couple
Whom will he replace? empty containers capable of tells a guest, “We have been married 10 years. One year ago

A. A month with more strike- holding exactly (= 3.14159…) and we gave Jones the sum and product of the ages of our three

A. Ty Cobb outs than hits e (= 2.7182818…) quarts of water. children, but Jones didn’t get their ages right. Smith missed

B. Tris Speaker
B. A month with more hits How many transfers of water will the problem earlier tonight, having heard the current sum

C. Rogers Hornsby than strikeouts it take you to get water in one and product of our children’s ages.” Assume all children’s

D. The firm of Tinker,
C. A month with more home container that is within 1% of a quart? ages are whole numbers less than 10.
Evers & Chance runs than strikeouts How old are the couple’s children?

D. A hitter who completed an

.
ILLUSTRATION BY LUCI GUTIÉRREZ
at-bat without adjusting his gloves

ly
4. An investor group including
Michael Lynton and Len
+ Learn more about the National Museum of Mathematics (MoMath) at momath.org

Blavatnik are pursuing 9. Burdened by debt, on

acquisitions in what surprising guitar maker Gibson
realm? Brands filed for SOLUTIONS TO LAST A Little Off the Top Rows Garden
bankruptcy protection.
WEEK’S PUZZLES
E X P O S C CW O A S T S S H E A R K
D R A M A A H A N E T H E R S T A R T X B E A S

A. Dirigibles Whom is its iconic guitar
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F R F G T R H S R D R

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5. Where did this year’s Giro B A D A I R D A Y A N Y I V O R Y S
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d’Italia, Italy’s most famous of ways to do this. Since the P A L M T O R N A D O S Y E T I A I U K T H N A L
A R C A N E P R E G O T U B A S I M N M N T E A R C
D A O D I E H R T A E
hypotenuse of any inscribed right F O U R I N C H E E L S I C E A B E L
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turn to page C4. two vertices will have different colors. R E Y B O E R S T S E N Y L O N O I E
m e

THE JOURNAL WEEKEND PUZZLES Edited by Mike Shenk

m rp

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 41 Numbers game 1 F2 T3 V 4 B5 K 6 D7 U8 J9 Y 10 X 11 I 12 R 13 C 14 P 15 Q 16 T 17 M 18 Z 19 L

19 20 21 22 42 Bible bits 20 E 21 O 22 Y 23 H 24 U 25 A 26 S 27 F 28 D 29 K 30 R 31 C 32 X 33 W 34 J 35 T 36 A 37 V 38 H 39 I
44 Larynx neighbor
23 24 25 26 40 M 41 B 42 Z 43 N 44 Q 45 L 46 F 47 Y 48 C 49 A 50 T 51 V 52 D 53 X 54 R 55 I 56 K 57 G 58 M
45 Rude act
27 28 29
co Fo

48 Letter before 59 S 60 B 61 W 62 Z 63 N 64 P 65 V 66 J 67 U 68 F 69 O 70 C 71 X 72 Y 73 D 74 T 75 H 76 G 77 Z 78 Q 79 M
30 31 32 33 34 35 36 Zulu
80 B 81 W 82 S 83 R 84 N 85 L 86 K 87 J 88 A 89 H 90 V 91 E 92 C 93 O 94 Q 95 T 96 X 97 D 98 G
37 38 39 40 41 42 49 Purge
99 M 100 S 101 R 102 B 103 L 104 F 105 K 106 I 107 E 108 A 109 J 110 N 111 U 112 C 113 V 114 G 115 Q 116 H 117 D
51 Few and far
43 44 45 46 47 48 49
between 118 M 119 Z 120 S 121 B 122 E 123 X 124 U 125 P 126 R 127 W 128 A 129 Y 130 N 131 F 132 O 133 Y 134 C 135 G 136 E
50 51 52 55 Salad start
137 M 138 W 139 H 140 K 141 N 142 R 143 X 144 S 145 J 146 V 147 O 148 D 149 A 150 P 151 Z 152 E 153 Q 154 W 155 C 156 L
53 54 55 56 57 58 59 60 56 Fetched
61 62 63 64 65 66 57 Intentionally 157 N 158 B 159 V 160 H 161 P 162 F 163 G 164 A 165 O 166 I 167 J 168 Q 169 E 170 S 171 H 172 P 173 W 174 L 175 Z 176 T
inoffensive
67 68 69 70 71 177 F 178 U 179 B 180 N 181 G 182 D 183 R 184 I 185 S 186 K 187 W 188 Q 189 M 190 X 191 E 192 A 193 J 194 T 195 Z
58 Adopt
72 73 74 75 76 enthusiastically 196 N 197 F 198 Y 199 P 200 M 201 H 202 Q 203 I 204 D 205 G 206 R 207 Z 208 S 209 J 210 B 211 K 212 A 213 O 214 C

77 78 79 80 81
59 Sale stipulation

82 83 84 85 86
60 Steve Urkel’s Acrostic | by Mike Shenk
n-

pursuer
To solve, write the answers to the clues on the M. Erma Bombeck’s ____ ____ ____ ____ ____ ____ ____ ____ ____
87 88 89 90 91 61 Producer of syndicated 118 99 17 40 137 58 79 200 189
Astra autos numbered dashes. Then transfer each letter to the
92 93 94 95 96 correspondingly numbered square in the grid to spell newspaper column
62 Jai ___ a quotation reading from left to right. Black squares (3 wds.)
97 98 99 100 101 102 103
no

64 See to it separate words in the quotation. Work back and

104 105 106 107 108 109 N. Tortilla wrapped ____ ____ ____ ____ ____ ____ ____ ____ ____
68 Disparaging forth between the word list and the grid to complete around a filling and 63 110 84 196 180 130 157 43 141
110 111 112 113 114 115 expressions the puzzle. When you’re finished, the initial letters of topped with chili
70 Cast material the answers in the word list will spell the author’s sauce
116 117 118 119 name and the source of the quotation.
74 Cocky
120 121 122 123 O. Goddess replaced ____ ____ ____ ____ ____ ____ ____
75 Sporter of A. “See you,” south of ____ ____ ____ ____ ____ ____ ____ ____
on the dime by FDR 21 147 132 69 213 165 93
36 164 49 128 149 25 212 192
dreads the border (2 wds.) in 1946
Tennis, Anyone? | by Nancy Cole Stuart 78 Project ____ ____
108 88
Across 50 Collections of 91 Clear clutter 4 Alternative to 81 Lemon in the P. “The isle is full of ____ ____ ____ ____ ____ ____ ____
172 14 64 199 161 125 150
strong poker Pampers outfield noises, sounds and
1 Lose 92 Uncle ___ (rice B. Treatment for ____ ____ ____ ____ ____ ____ ____ ____ ____
hands? 60 179 158 102 41 121 80 4 210 sweet airs” speaker
7 Letter projection brand) 5 Others, to 83 Leisurely tetanus or
52 Snowboarding 93 Discomfits Augustus pursuits diphtheria
12 Himalayan foot jump Q. 1992 #1 hit song by ____ ____ ____ ____ ____ ____ ____ ____ ____
96 Act the snitch 6 Admiral’s Cup 84 Fence feature Right Said Fred 188 78 202 94 168 44 153 115 15
15 “Aw, heck!” 53 CPR expert sport C. South American ____ ____ ____ ____ ____ ____ ____ ____ ____
85 Farm pioneer 214 48 155 70 112 13 92 134 31 (3 wds.)
19 George of the 97 Stat for an ace shrub whose leaves
54 Pester, puppy- 7 Buffalo icer Jethro
Jungle’s mate 98 Achieved success are used to make a
style 8 Activity for an R. Unimportant ____ ____ ____ ____ ____ ____ ____ ____ ____
86 Risked a ticket tealike beverage 183 83 142 12 101 206 54 30 126
20 Bakery come-on 55 Loud closing of a 100 Tough plant fiber intern person
87 They each (2 wds.)
21 Japan’s prime piano’s keyboard 103 Hardly fresh 9 Sturgeon yield have two S. Nomadic Nahuatlan ____ ____ ____ ____ ____ ____ ____ ____ ____
minister cover? D. Deviating from a ____ ____ ____ ____ ____ ____ ____ ____ ____
104 Technician for a 10 High Sierra hemispheres 52 148 117 204 97 73 28 182 6 people, antecedents 82 120 100 59 185 170 144 26 208
22 Geometry 61 Flour variety John Wayne circular path, as an of the Aztecs
runner 88 Magnate whose
calculation movie? orbit
63 Hot pepper used 11 Complaint in middle name
23 Shore leave? in pico de gallo 107 College tennis many presidential was Socrates T. Ivory or bone ____ ____ ____ ____ ____ ____ ____ ____
E. Star of the 1998 ____ ____ ____ ____ ____ ____ ____ ____
(Hyph.) 16 194 176 50 2 95 35 74
25 Lose weight 65 Stinky tourney champ, tweets 89 Melancholy 169 136 91 152 20 107 191 122
NBC miniseries
e.g.
27 Much of Mali 66 Leisurely 12 York Peppermint 90 Unbiased “Merlin” (2 wds.)
110 Polling place U. The essence of ____ ____ ____ ____ ____ ____
28 Where 67 Useful feature ___ 92 Complain about 124 67 111 7 178 24
no-show man, according to
moderates are 13 Side by side F. It states that a gas’s ____ ____ ____ ____ ____ ____ ____ ____ ____
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69 Dark films 111 Extra-large 94 Sires pressure is inversely 27 177 162 68 197 104 131 46 1
prosecuted?
70 Tea from young cocktails? 14 Bizarro 95 Most reasonable proportional to its
30 Stand-up V. Pours for hours, say ____ ____ ____ ____ ____ ____ ____ ____
leaves 15 Pedestal part volume at constant 159 65 90 146 51 3 113 37
specialty 116 Cornea backdrop 98 Grooms, e.g. (2 wds.)
temperature
33 Market analyst’s 71 Hullabaloo 117 “Was ___ los?” 16 Kindles 99 Clarinetist Shaw (2 wds.)
determination 72 Bring in 17 Request from an W. Musician in a ____ ____ ____ ____ ____ ____ ____ ____
118 Dedicatee of a 101 Ways of strolling band 187 127 61 33 173 154 138 81
35 Stream spirits 73 Confession count Beethoven piece editor operating G. Banking facilitators ____ ____ ____ ____ ____ ____ ____ ____
181 76 163 114 135 98 205 57
36 “Sprechen ___ 74 Target of a 119 Dupe 18 Jules Verne’s 102 Neither Rep. nor
birthplace X. The park’s “hosts” ____ ____ ____ ____ ____ ____ ____ ____
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24 Labyrinth H. Pollster’s category ____ ____ ____ ____ ____ ____ ____ ____ ____
37 Tennis star 76 Pres. Davis’s org. 105 Battery part 38 171 75 201 23 116 160 139 89 “Westworld”
121 Twisty letter location
nicknamed “The 77 Casting director, 122 Gill openings 106 Dispensary unit
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108 Great- I. Maserati logo ____ ____ ____ ____ ____ ____ ____
and largest city is 22 133 9 129 47 72 198
40 Takes out 123 Autobiographical 29 Their unis are red, 55 106 166 11 203 39 184
79 Lustful Günter Grass grandmother Mérida
42 Dachshund docs white and blue of David
80 Essen utterance book
43 Events for 30 Female recruits J. State symbolized ____ ____ ____ ____ ____ ____ ____ ____ ____
Z. In a precarious
109 Poignant ____ ____ ____ ____ ____ ____ ____ ____ ____
masters of 82 Where It. is Down beginning in 1948 instrument
by white and by 109 34 167 193 66 209 8 87 145
position (3 wds.) 151 119 195 207 18 77 175 62 42
hounds 83 Job for a 1 Greek lambs
31 “___ Rhythm” 112 Top number on Get the solutions to this week’s Journal Weekend
s

46 Does a summer bartender? consonants

32 Form of despair? many clocks K. Miss, in Monterrey ____ ____ ____ ____ ____ ____ ____ ____
chore 87 Deposer of 2 Exasperated 5 186 86 105 140 56 211 29 Puzzles in next Saturday’s Wall Street Journal.
Montezuma feeling 34 Cheapens 113 High hit Solve crosswords and acrostics online, get pointers
47 Gibson of the
“Transformers” 90 Observe 3 Ukr. or Lith., 38 Pretense 114 Freud topic on solving cryptic puzzles and discuss all of the
L. Like lords and ladies ____ ____ ____ ____ ____ ____
movies Ramadan before the 1990s 39 Deck quartet 115 Kinsey topic 45 85 103 174 156 19 puzzles online at WSJ.com/Puzzles.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
C14 | Saturday/Sunday, May 5 - 6, 2018
THE ‘SENSE OF PLACE’ GALLERY at Seattle’s Nordic Museum has a recreated birch forest, surrounded by a 27-foot-wide film screen displaying scenes from the region.
More Northern Exposure
Birch trees, Viking jewelry and a
Volvo seat belt appear in a
Seattle museum’s new home
BY ALEXANDRA WOLFE
SEATTLE’S FIRST Nordic Museum, celebrat-
ing the city’s many immigrants from Scandina-
via and nearby countries, opened in an old
schoolhouse in 1980. The new one, by con-
trast, includes a soaring Fjord Hall with 20-
foot-high glass-walled walkways. Any nerve-
wracking reactions crossing them are
intentional, as the walkways are intended to
suggest the immigrant experience. “When
you’re going to leave your native land and go
to a new land,” says Nancy Zinn, the museum’s
curator for special projects, “there’s a little
trepidation.”
The first Nordic Museum modestly dis-
played artifacts harking back to immigrants’
journeys and traditions from 1880 to 1920.
The new building, which opens today, has
57,000 square feet of space and aims to cap-
ture what it means to be Nordic in general.
The museum’s location, the neighborhood
of Ballard, has long been home to a large Nor-
dic population. After the area became part of
n-
MASTERPIECE: SAMANID MAUSOLEUM (943)
A FINAL RESTING PLACE, BOTH BEGUILING AND BEAUTIFUL
no
BY JUDITH H. DOBRZYNSKI
MARAUDING THROUGH Central Asia in the
13th century, Genghis Khan either failed to no-
tice or ignored a small, squat structure in
Bukhara, an ancient Silk Road city in what is
now Uzbekistan. Even as he destroyed Bukhara,
he left standing the little mausoleum built for
the grave of Ismail Samani, a member of the Sa-
manid dynasty (819-1005)—a Persian clan that
made Bukhara a celebrated center of Islamic cul-
ture rivaling in glory the caliphate in Baghdad,
from which it was largely independent.
From a distance, the Samanid mausoleum
does seem underwhelming. Beige in color, it’s a
slightly tapered cube—a reference to the Kaaba
at Mecca—measuring about 33
feet on each side and topped by a
dome, which symbolizes the Who are
heavens. But up close the tomb’s the tomb’s
exquisite brickwork, both inside
and out, is unusually beguiling. unnamed
The building, probably begun residents?
around 892 and completed by
943, breaks architectural and en-
gineering ground, too; it’s also a
prototype for later Islamic tombs. And it is “the
best surviving example of 10th century architec-
ture in the whole Muslim world,” Unesco says.
Luckily, in addition to surviving the Mongol
invasions, the mausoleum withstood the area’s
numerous earthquakes. Over the centuries, it
had gained protection from flooding and other
shifts of nature that buried most of it in dirt and
sand until 1934, when a Soviet archaeologist re-
discovered it and began excavating.
The walls of the symmetrical structure he un-
earthed, nearly identical on all four sides, are
faced with a basket-weave pattern fashioned
from baked brick—in contrast to the stucco sur-
REVIEW
ICONS
on
Seattle in 1907, about 1 in 10 of the city’s resi-
us l,
dents were Nordic, according to collections
manager Fred Poyner IV. (Nordic countries in-
clude Iceland and Finland.) These immigrants
al a
e
had traveled to the Pacific Northwest because
of its opportunities in work like logging and
ci on
fishing, both of which they were familiar with,
says the museum’s chief executive, Eric Nel-
son.
The museum cost about $50 million to
build. As architects Mithun and Ralph Appel-
er rs
baum Associates designed it, visitors first
walk into a 34-foot-tall entry hall, intended to
mimic the feel of a fjord, with a deep, long
hallway and high, curved walls. The area
m e
serves as an orientation to the different cul-
tures on display in the museum, including the
m rp
indigenous Sami people, who inhabit the
northern reaches of Norway, Sweden, Finland
and Russia. This part of the museum also in-
troduces a few concepts that are hard to de-
fine in English but important to Nordic cul-
co Fo
ture, such as “sisu,” a Finnish concept of
resilience, determination and gutsiness, and
“hygge,” a Danish blend of coziness and con-
viviality.
A grand staircase leads to a “Sense of
Place” gallery containing a re-created birch
forest, partly surrounded by a 27-foot-wide
film screen displaying various Nordic scenes,
from Iceland’s volcanoes to Norway’s rugged
faces that were prevalent at the time. The cube
is surrounded at the top by a decorative (and
therefore inaccessible) arcade of 10 arched
niches per side, each one flanked by columns
and set in a rectangular frame. The niches
match in shape the large, recessed arches below,
at ground level, that pierce each side of the
mausoleum like doorways—though only one
functions as an entryway to the inside. The
small niches follow the design of the arches, but
in a simplified version.
At each corner of the mausoleum is a three-
quarter column, also covered in the basket-
weave pattern and slightly tilted inward to act
as a buttress. Above the gallery arcade, hugging
the inset dome, are four little beehive-shaped
cupolas, one near each corner.
The exterior walls are punctu-
ated with decorative designs.
Most notably, a row of brick cir-
cles frames the arched portion of
the four recessed “doorways”
and surrounds the top of the ar-
cade. Scholars have suggested
that they refer to the sun—a
symbol common in Zoroastrian-
ism, which was the religion prac-
ticed by much of the local population before the
Arab conquest of Central Asia in the seventh
and eighth centuries. For Zoroastrians, the sun
was the visible manifestation of their highest
god, fire was a symbol of purification, and para-
dise was a place of light. The circles thus may
represent a weaving of two religious cultures—
and perhaps a slightly subversive reference to
earlier times.
Compared with the glittery insides of many
later Islamic mausoleums, such as the Taj Ma-
hal, the Samanid tomb’s interior is restrained.
The brickwork is patterned—plain basket-weave
up to the top of the doorframe, then incorporat-
* *** THE WALL STREET JOURNAL.
.
ly
coastline. “It shows how the landscape devel- wagons, clothing and trunks used by the first
oped the values and characteristics Nordic wave of immigrants. Tools for carpentry and
people have,” says Ms. Zinn. “When you live in fishing were “passed down from father to son,”
a very harsh climate like Iceland and you’re says Mr. Poyner. “They were handmade and
far away from your neighbor, you really have made to last.”
to help each other.” Later exhibits highlight Nordic ingenuity of
Past that nature-focused area on the second very different types. The museum nods to
floor stand two sets of galleries: one a chrono- famed Scandinavian design with a 1958 chair
logical exhibition of the Nordic region’s his- by one of its highest-profile practitioners, Den-
tory, the other dedicated to mark’s Arne Jacobsen
Nordic immigration to Amer- (1902–1971). His blue, curvy
A strong
ica. The two sides are con- “egg chair” has a molded
nected by glass walkways that
gradually widen as history
high-tech shell. A year later, on the au-
tomotive side, Volvo pio-
goes on, a metaphor for the link between neered the production of a
growth in intercontinental Seattle and three-point seat belt, which
traffic. includes the now ubiquitous
Nordic
On the historical side, the shoulder strap.
exhibits range over seven mil- nations. In recent years, there’s
lennia. Objects on display in- been a strong high-tech con-
clude scissors, a horse bit and nection between Seattle and
a single-edged sword from a Nordic countries—with a new
9th-century Viking grave and a pair of oval wave of Nordic immigrants arriving, partly as
brooches from Norway, circa 800-1050, which a result of hires and acquisitions. The museum
would have been used by a wealthy Viking notes that in 2011 Microsoft, based in nearby
woman to fasten the shoulder straps of her Redmond, bought Skype, founded by a Swede
dress. A traditional log sauna built by Finnish and a Dane. In 2014 Microsoft took control of
immigrants in 1918, with a shingle roof and a the Swedish-developed videogame Minecraft.
chimney, sits in the museum’s East Garden. Merchandise related to famous Finnish-devel-
Across the first bridge to the south, the oped games like Clash of Clans and Angry
theme-focused Nordic America galleries hold Birds is on view as well.
WIQAN ANG FOR THE WALL STREET JOURNAL
becomes a circle.
Brick squinches, here
decorated with windows
and patterns mimicking
those below, are not
unique to the Samanid
mausoleum. But this
form, with its fractured
spaces, would later
evolve into the often glo-
riously gilded or brightly
painted, three-dimen-
sional honeycomb build-
ing corners that are
known as muqarnas.
Sometimes called “sta-
ALAMY STOCK PHOTO
lactite vaults,” muqarnas
embellish many palaces,
madrassas and mausole-
ums in the Muslim world
and do seem to be
IT BROKE architectural and engineering ground and survived unique to Islamic archi-
conquest by Genghis Khan and natural disasters. tecture.
Inside the mauso-
ing circular and diamond-shapes. But it’s all leum, Ismail Samani, who died in 907, is not
cream: no color, gilt or inlays. alone in eternity—in fact, no documents have
Yet this interior is noteworthy for its engi- been found saying that his remains actually
neering and architectural features. This was the rest there. The tomb, which contains three
age of Al-Khwārizmī (c. 780-c. 850) and Al- unadorned graves, was possibly conceived
Farabi (c. 870-c. 950), renowned Islamic mathe- initially for his father, Ahmad, and finished
maticians whose work helped to beget the first by his grandson, Nasr II. But Nasr’s is the
major school of mathematicians in the Islamic only body identified as being there, by a
world. Their algebraic and geometric advances wooden plaque.
found practical applications in the work of con- Today the mausoleum, spanking clean with
temporary engineers and architects. no sign of its buried past, sits amid a park in
Here, they used that knowledge to gradu- Bukhara. It can’t help but charm visitors (who
ally transition from the cube space into the remain scarce) with its harmony and grace.
dome above. First, atop the cube sits an octag-
onal structure with arched squinches angled Ms. Dobrzynski writes about culture for
across each corner. From there, the structure many publications and blogs at
grows upward with ever more sides until it www.artsjournal.com/realcleararts.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

Slip Dan Neil on

right into this obese vehicles—
enlightening and the death of
history of the old-school
the mule D2 sedan D11

EATING | DRINKING | STYLE | FASHION | DESIGN | DECORATING | ADVENTURE | TRAVEL | GEAR | GADGETS
© 2018 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Saturday/Sunday, May 5 - 6, 2018 | D1

Do the
Right
Wines
Win?

.
ly
on
us l,

PHOTO-ILLUSTRATION BY F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JARED LAWTON PRODUCTION DESIGN
al a
e
ci on
er rs
m e
m rp
co Fo

name next to the numerical score in

In the world of wine, a rating of 95-100
n-

BY LETTIE TEAGUE
shelf talkers, the notes describing a

W
equals retail magic. But what do wine that stores post on shelves,
HAT’S THE dif- websites or emails to customers.
ference between a those points really mean? It depends At Gary’s Wine & Marketplace in
no

wine with a 94-

point score and
one awarded 98
points? A lot more than a mere four
points. Jeffrey Sapara, a New Jersey-
based wholesale sales representative
for importer VOS Selections, recalled
that when the 2010 Contino Gran
Reserva Rioja was awarded 94
points by Robert Parker Wine Advo-
cate, Vinous and Wine & Spirits,
three well respected wine publica-
tions, in previous years, a few retail-
ers bought a case or two. But after
wine critic James Suckling’s website
awarded the same wine 98 points in
January 2018, Mr. Sapara was del-
uged with calls.
“All of a sudden there was a feed-
ing frenzy. I didn’t have enough wine
on who’s keeping score
to sell,” Mr. Sapara recalled. The re-
tailers who had only purchased a
single case of the wine from his New
York-based company suddenly
wanted everything he had in stock.
The 98-point score “quadrupled” the
interest, he said.
The distance between points at
the top of the scale may be greater
today than ever before. Winemakers,
wine buyers and retailers are all
chasing big numbers, since a very
high score from a wine critic versus a
pretty good one can be the difference
between a wine that sells reasonably
well and one that pretty much sells
itself. But do the wines that win the
big scores really deserve their big
numbers? And do those big numbers
all mean the same thing when they’re
awarded by different wine critics?
Not all retailers rely on this point
system to sell wines. Steve Flynn of
Manhattan’s Amsterdam Wine Co.
almost never posts scores in his
store because he believes his knowl-
edgeable staff can sell the wines bet-
ter than a number can. But even he
will use scores online and in emails
to appeal to a national audience of
buyers who can’t talk to his staff.
For a critic, awarding a wine a big
score can result in a boost in visibil-
ity. Many retailers cite the critic’s
Wayne, N.J., a shelf talker informed
me that wine critic Luca Maroni had
awarded a 98-point score to the
2014 Montalbera Piemonte Rosso
Fuori Catalogo ($15). I’d never
heard of Mr. Maroni, but, according
to Montalbera spokesperson Daniela
Gasparri, he is an Italian wine critic
who is “little known by the large
foreign public but highly appreci-
ated by insiders (buyers),” as she
wrote in an email. And he appeared
to have helped sales at Gary’s: It
was one of their best-selling reds in
that price range, according to sales-
person Bill Brown.
With further sleuthing, I found
that Rome-born Mr. Maroni is a self-
described “sensory analyst” who
Please turn to page D10

[ INSIDE ]

NO SWEAT DASH AND DINE MOTHER’S TRAY MY KIND OF CHINATOWN

New hybrid pants merge sweats and dress A 35-minute chicken dish from the clever Even an inept breakfast in bed tastes fine The culinary renaissance of
slacks—but is that really a good idea? D4 chefs at Los Angeles’s Botanica D9 when served on great design D7 San Francisco’s Asian enclave D6
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D2 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

FASHION WITH A PAST NANCY MACDONELL

Mules: How a Historic Shoe Blossomed Anew

CLICK-CLACK. Click-clack. Joan Crawford were pictured
Hear that? It’s the sound of in mules and matching satin
the mule, possibly the only lingerie. At this point, the
shoe with its own audio sig- mule was still what it had al-
nature, and it’s making a big ways been: a shoe to be worn
noise this spring. at home. By 1956, it was in-
Mules have been trending creasingly worn in public,
for a few seasons, but and shoe designer Beth
they’ve reached critical Levine created the Spring-O-
mass in the last few months, Lator mule, which had an
with everyone from elastic at the arch that cre-
Madewell to Manolo Blah- ated tension, preventing the
nik, who’s done more than shoe from sliding off. The
any other designer to keep mule has remained a public
this style alive, offering a figure ever since, waxing and
take. In fact, not since the waning in stylishness, gener-
early 1990s, when the super- ally defined by its heel and
model Linda Evangelista its flirtatious demeanor.
owned Mr. Blahnik’s Maysale Both flat and cozy, the Gu-
mule in most colors, has cci mule reverted to the style’s
this gussied-up slipper had origins as a house slipper, al-
such cultural currency. And beit one intended for outdoor
in the everything-old-is- use. Along with stretchy jeans
new-again way of contempo- and oversize tops, the mule
rary fashion, the Maysale is fulfills our desire to feel like
riding high, showing up on we’re in our pajamas while
influencers like Karlie Kloss, appearing au courant. Tell-
who wasn’t even born when ingly, it’s this quality that de-
it made its 1991 debut on signers reference more often
Isaac Mizrahi’s runway. than sexiness.
“It’s a very sexy shoe. The
way you walk in it is insecure

.
but not—very tempestuous,”
The mule fulfills our

ly
wrote Mr. Blahnik in an
email, explaining in his idio- desire to feel like
syncratic way why he’s so en-
amored of this style. on we’re in our pajamas.
What makes the mule so
precarious, of course, is that
it has no back quarters—in “The ease of it—you just
us l,

layman’s terms, it has an put it on and with the right

open heel. An open-toed toe shape and heel, you can
mule is not a mule but a wear it with anything from
al a
e
slide, but we’ll let that slide; jeans to an evening gown and
many designers, in their cur- feel well-dressed,” said shoe
ci on

rent embrace of all shoes designer Paul Andrew, whose

backless, have lumped the pointy-toed Certosa mule is
two together. They’ve also his best-seller.
adapted pretty much every “It’s like we’ve seen the
other footwear style to mule light into this world where
er rs

specifications, lopping the we can wear beautiful things

backs off sneakers and loaf- and still be comfortable,” said
ers to make them even easier Jessie Randall of accessories
to wear. And therein lies the brand Loeffler Randall.
m e

reason for the mule’s current The reason designers are

modishness. so focused on providing a
m rp

It began, as so many shoe that is both elegant and

things in fashion do these
days, with Gucci. In late Feb-
ruary, 2015, Alessandro Mi-
chele showed his first
comfortable is what Roy Lu-
GROW A PAIR From Bottom: Sanayi 313 Ragno Slippers; Gucci Princetown Slippers; Ilissa’s Vintage Lingerie Feather Marabou Mules wolt, a co-founder of shoe
(c. 1920s); Ilissa’s Vintage Lingerie Spring-o-lator Mules (c. 1950s). Leaves from left: Manolo Blahnik Maysale Mule, Ilissa’s Vintage brand Malone Souliers calls
Lingerie Slippers (c. 1930s); Paul Andrew Certosa Mules, Manolo Blahnik Maysale Mules; Paul Andrew Flavin Sequin Mules. “the big fight that every lux-
co Fo

women’s collection as cre- ury shoe brand has to fight

ative director of the Floren- most Instagrammed shoe. Mules have been worn for senior curator at the Bata it’s most often associated, the every day,” that is, the battle
JUSTINE REYES FOR THE WALL STREET JOURNAL

tine house. Among the
agenda-setting items he sent
down the runway was a
backless, fur-lined horse-bit
loafer. A beguiling mashup of
bourgeois status symbol, off-
hand luxury, and comfy bed-
room slipper, it was an in-
stant hit with the
professionally fashionable,
becoming perhaps the year’s
The lazy convenience of
the furry Gucci mule was
both a harbinger of things to
come and a revival of the
mule’s original meaning. For
much of the 20th century, the
mule had been a heeled, hy-
per-sexy shoe, its precarious-
ness and frivolousness
thought of as stereotypically
feminine. It wasn’t always so.
n-
centuries but had their first
big fashion moment in the
17th century, when they ap-
peared in the then-new genre
of domestic portrait paint-
ings, often in velvet or bro-
cade, and worn by both sexes.
“The mule was something you
wore among intimate friends,
a kind of elegant undress,”
said Elizabeth Semmelhack, a
Shoe Museum in Toronto.
Although Ms. Semmelhack
is not referring to sexual inti-
macy, the mule connotes that,
too—in constant danger of
slipping off entirely, the mule
exposes part of the foot, a
body part with a strong tradi-
tion of erotic fixation. This
aspect of the shoe is more ev-
ident in the era with which
18th century. As depicted in
paintings such as “The
Swing” by Jean-Honoré Frag-
onard or “La Toilette” by
François Boucher, mules func-
tion as potent symbols of a
sophisticated sexual culture.
Mules appeared in a simi-
larly wink-wink guise in the
1930s, when Hollywood stars
such as Jean Harlow and
to hold their ground against
sneakers. In giving customers
a shoe that feels like a slipper
but looks far more polished,
designers are attempting to
satisfy women who want it
all. Or, as Mr. Luwolt put it,
mules are “instant gratifica-
tion, in a luxurious way.”
Which is a neat summary of
why they’re everywhere.

Ash-Blond on Delivery
no

BY KARI MOLVAR
FOR MOST WOMEN, coloring their hair at
home sounds like a mild form of torture. Be-
tween the anxiety of picking the right shade,
the toxic reek of the formulas and the mess of
the dye, not to mention the potential for re-
grettable results, it’s not a tempting project.
But salons eat up both money and time—
committing to regular coloring can leave you
feeling like you took out a second mortgage
and started a second, very tedious job.
There may be a better way: A new breed
of progressive, at-home hair-color systems
promises to improve on the average drug-
store kit, with strategies ranging from bo-
tanical formulas to fuss-free application
tools to the use of chatbots or photo-recog-
nition technology to help you select the
ideal shade. Some are available for home de-
livery via a website, others can be found at
your local drugstore. Sounds good, but are
these intelligent kits really worth a try?
Dark-haired ladies with grays should con-
sider Hairprint, a green-science California
company. Its True Color Restorer ($39, my-
hairprint.com) contains a blend of nontoxic,
natural ingredients to deposit eumelanin, a
pigment that returns black and brown hair
to its natural color. The eco fix only works
on darker hues, though (sorry, blonds and
redheads).
For all shades, technology can help with
color matching. If you visit eSalon’s site (esa-
SATOSHI HASHIMOTO
Does she or doesn’t she? Only her UPS man will know for starter kit at CVS that helps you choose your
color online). Madison Reed (madison-
sure. A new wave of superior at-home hair color brands is reed.com) employs a chatbot (“Madi”) to help:
After you upload a photo, Madi analyzes pri-
tempting even salon loyalists mary and secondary tones (just like a salon
colorist) and ships you a custom-picked dye,
plus visual application instructions (unlike the
usual text pamphlet in most drugstore kits
that Madison Reed CEO and founder Amy Er-
rett concluded “no one even reads,” having
videotaped 50 women in their bathrooms).
The convenience factor convinced Eliza-
beth Arancio, a quality control director in her
40s, to ditch the salon. “I spent a minimum of
2½ hours at the salon, plus an hour to get
back and forth every four weeks,” she said.
Tired of losing the time and money, she tried
Madison Reed on a whim last year, and hasn’t
looked back. “I’ve had no mishaps, the in-
structions are very detailed and easy to fol-
low,” she said. The finished amber shade al-
ways “looks like I just left the salon.” Others
like Julie Macklowe, the founder of Vbeauté
skin care, would rather leave coloring to the
experts, especially when it comes to high-
lights (which require precise placement).
“There’s a reason a pilot flies a plane—leave
it to the professionals,” she insisted.
For the best of both worlds, consider a hy-
brid: offline salons in which eSalon and Madi-
son Reed are investing. In these quickie spots,
a professional applies the brand’s at-home
formula, and teaches you how to do it (prices
range from $35 to $85). Ms. Errett has al-
ready opened Madison Reed bars in New York

lon.com), you’ll be asked to answer a series of City and San Francisco, with more to come.
questions. An algorithm then spits out the “Now your colorist isn’t keeping it a secret
best shade for you from more than 165,000 op- what he’s using on your hair,” she said. In-
tions; eSalon will deliver a bespoke kit stead, you’re armed with that intel, and “a lit-
($10-25) to you within a week (it also offers a tle bit of pampering in half the time.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 5 - 6, 2018 | D3

STYLE & FASHION

MOTHER’S DAY GIFT GUIDE

Beyond the Macaroni Necklace

Channel your inner adoring child and give Mom an elevated version of the hideous finger paintings,
artsy pinch pots and other craft-project gifts of your youth. Even the most loyal mother,
after all, would prefer pearl earrings to ones made of pipe cleaners

BY LAUREN INGRAM
1. The Art Must Go On That
Sharpie mural on mom’s kitchen
wall is a surprise best left unre-
peated. A superior take on that
overenthusiastic scribble: Gucci’s
limited-edition sweatshirts printed
with surrealist work by Spanish
artist Ignasi Monreal. Sweatshirt,
$1,400, gucci.com
2. Family Tie Mom dutifully wore
that childish, stunted attempt at a
knitted scarf in public, but she’d
rather have more chic neckwear,
such as this bandana stamped
with an iconic print of Dennis
Hopper by Andy Warhol. Calvin
Klein 205W39NYC Bandana, $140,
calvinklein.com
3. Work the Dangles The
strands of freshwater pearls and
gold beads that hang from these
mobile earrings can be adjusted to
create mom’s own personalized
sculpture. She’s quite good at bal-
3
1 2
with its collage of colors and array
of knotting techniques, will delight
women who have spent years ac-
quiring a taste for the messy ab-
straction of motherhood. The Row
Bag, $1,990, matchesfashion.com
7. To Have and To Fold Few
gifts are best bestowed unfin-
ished, but in the case of this lux-
urious, double-sided origami pa-
per, mom will surely give you a
pass. This is one crafting activity 4
mom will want to do herself,
especially if she recalls how do
the swan. Origami Paper $90,
hermes.com
8. Gleam Club Moms are
constantly cleaning tiny
5
hands covered in grime and
glue, so thank her for her ef-
forts with a thoughtful manicure
moment. With names like Eames 9
and Blue Nudes, J.Hannah’s nail 8
polishes are inspired by the hues

.
ancing things. Earrings, $250 of an artist’s palette. Nail polish,
10

ly
each, mounser.com $19, jhannahjewelry.com

4. Clear Winners Just because 9. Vintage Find Although the

she’s a mother doesn’t mean she
has to drink from a lumpen hand-
made cup painted with an uniden-
tifiable creature. She’ll welcome
frazzled mom with a giant glass on
of red is a sad old meme, you
probably know a mother with a
passion for both art and wine
us l,

these tumblers made by the Mu-
rano masters at NasonMoretti.
Glasses, $86 each, nasonmoretti.it
who would love this book, a col-
lection of Dalí’s surrealist works
about winemaking. “Dalí. The
al a
e
Wines of Gala” by Salvador Dalí,

F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS; ILLUSTRATIONS BY THE ELLAPHANT IN THE ROOM
5. Stroke Improvement Illustra- $60, taschen.com
ci on

tor Tanya Ling’s charming prints

for her swimwear collaboration
with Araks will remind mom of
her kids’ slightly less finessed art-
work. Swimsuit, $310, araks.com
10. Serving Suggestions The 6
swirling colors of these deep, one- 7
of-a-kind resin bowls evoke the
ever-influential 64-count box of
er rs

Crayolas. Small Dish, $75, Medium

6. Arm Candy This delicately Bowl, $90, Large Bowl, $190, di-
crafted Bilum bag by the Row, nosaurdesigns.com
m e
m rp

PRESENTS, ACCOUNTED FOR // THREE DISCERNING MATRIARCHS OPINE ON GIFT-GIVING

Cass Bird Julie Kent Pat Cleveland

Photographer Artistic Director, Model
Winning Gift A tiny ceramic mug The Washington Ballet Winning Gift When we lived in Italy,
co Fo

that says “World’s Greatest
Mom” that [my wife] Ali Bird
found at a flea market. I can’t
manage to remember any other
Mother’s Day gifts—does that
make me a bad person?
Losing Gift Since Ali and I are
both moms, somehow it cancels
out. So the default is to make the
expectation of pampering low
since we both want to be the recipient.
Wish List Breakfast in bed, handmade notes, art from my daugh-
ter and for my son to let me beat him at chess.
n-
no
Winning Gift Breakfast in bed
from my children, along with their
handmade cards—and perfume.
Losing Gift The most comical gift
was a coupon for an “undisturbed
nap” that was impossible for my
then-toddler to manage.
Wish List After living for 30-plus
years in New York City, one of the
greatest pleasures of living in
Washington, D.C. is having a bird feeder in our backyard. This
year, I would love to receive a mealworm bird feeder, which my
sister says draws bluebirds to her home—and perfume.
my daughter Anna Cleveland and I
started a tradition of giving each
other rings. My favorite was this one
time when my daughter had started
modeling and she got me the big-
gest ring you can imagine with a
very big blue stone.
Losing Gift I’ve never gotten a bad
gift from Anna.
Wish List We have enough rings so
now we’re trying to focus on creative things. Anna is 28 and
traveling the world so this Mother’s Day I think I’m going to ask
her to sit still long enough to pose for one of my paintings.

BARNEYS.COM
NE W YORK B E V E R LY H I L L S SAN FRANCISCO

CHICAGO BOSTON LAS VEGAS PHILADELPHIA S E AT T L E

F O R I N S I D E R A C C E S S : T H E W I N D O W. B A R N E Y S . C O M

LOVE MOM

ILEANA MAKRI

S A M E D AY D E L I V E RY
AVA I L A B L E I N M A N H AT TA N A N D S E L E C T Z I P C O D E S
I N T H E G R E AT E R M E T RO P O L I TA N A R E A
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D4 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

STYLE & FASHION

Trousers Without Borders

Work-from-anywhere lifestyles have inspired pants that crossbreed sweats and dress slacks. One man tests their limits

Sweat Equity
Three pairs of elevated lounge
pants to consider wearing
well outside the gym
F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (PANTS); ILLUSTRATION BY STEVE SCOTT

Joggers, $128,
lululemon.com

.
ly
BY JACOB GALLAGHER
on
former pants would suit both you stricts sweatpant slumming to Sun- wool and cotton, respectively, op-
and a more on-the-go guy whose day nights on the couch as I binge- tions from Italy’s Barena Venezia
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typical day includes a harried watch old episodes of “Oz,” I’m not and Japan’s Nanamica were what I’d

A
RE YOU wearing paja- school drop-off, a session at the lo- the target demo for mashup trou- call sartorial sweats. The gray wool
mas?” asked my friend cal WeWork and a drinks meeting. sers. Yet their promise of covert Barena Venezia pants were gath-
al a
e
at a bar last Sunday. “It lightens the load, it’s easier, comfort is hard to pooh-pooh. So, I ered at the ankle like sweatpants
“They’re...wool sweat- it’s more comfortable,” said Kevin sampled four iterations over one but tailored with crisp seams. I was
ci on

pants,” I said uncer-
tainly. I didn’t actually know what
to call the Barena pants I had on.
With an elastic waist and fine wool
fabric, they weren’t sweatpants, but
Carney, the co-owner and chief of
Mohawk General Store, a Los Ange-
les boutique. Mr. Carney estimates
that 80% of the trousers he’s stock-
ing this season, including pieces
er rs
weekend. Two pairs, one from New
York label Aimé Leon Dore and the
other from yoga brand Lululemon
came from the sporty end of the
spectrum. Their ample ankle cuffs
most satisfied with Namamica’s
pair, which had a straight, nonelas-
tic hem. They were the same shape Nanamica Sweat Pants, $270,
as the trousers I normally wear to 180 The Store, 212-226-5506
work, but the pliable cotton mate-

they weren’t not sweatpants. They
were the pant version of a Labra-
doodle, a status mutt. They were
also the most comfortable pants I’d
from Japanese designer Junya Wa- and tapered fits gave them a sleek rial made for a cozy feel.
But the inherent casualness of
even these more structured pairs
left me struggling to look “present-
m e

ever worn. Heading to an art gallery, I tried to balance the able.” Heading to some art galleries
The world of men’s trousers has sartorial sweats with leather loafers. But in that get- on Saturday, I tried to balance
m rp

been, as the Silicon Valley folks say,
“disrupted.” Designers are playing
Dr. Frankenstein, combining ele-
ments of classic dress slacks with
athleisure comfort to make unfamil-
Nanamica’s marled-grey jersey with
up, I feared I looked like a hung over frat boy. leather loafers. In that get-up, I
feared I looked like a hung over frat
boy. The next day I wore a cardigan
tanabe and Italian house Eidos, look, not unlike a trim pair of chi- atop Barena’s pseudo-sweats, but
co Fo

iar styles. This luxury lounge wear
reflects our flexible times, with
work-from-homers forcing mens-
wear codes to evolve. If you’re a
kitchen-table entrepreneur used to
putting together a pitch deck in
your boxers, clothes like a sportcoat
and wool slacks can feel as natural
as hazmat gear. Yet sweatpants
seem too slovenly for everyday
wear. The look of these new trans-
trade a traditional belt-looped waist
for a drawstring or elastic one.
“You can be really comfortable
and still look sharp, and that’s what
we’re trying to do,” said David Mul-
len, the owner of Save Khaki
United, a New York brand that has
made a elastic-waisted cotton pop-
lin pant for the past three years.
As someone who mostly wears
dress pants to the office and re-
n-
nos. Yet I almost felt obliged to hit
a spin class or otherwise exert my-
self, particularly in the navy Lulu-
lemon pair, which is made from a
techy polyester. For a coffee run
each morning, they were fine, but
their athletic informality convinced
me I couldn’t wear them to lunch
anywhere except a juice bar.
The other two pairs I sampled
were more dressed-up. Cut from
that slightly geriatric combo made
me look like I’d wandered out of a
retirement home. By weekend’s end,
I’d discovered that presentability
and comfort do not make easy bed-
fellows. The safest styling ap-
proach? Bypass your usual Sunday
sweatshirt and grab a neat denim
or Harrington jacket. Something
crisp and classic up top will balance Barena Venezia Joggers,
the couch-potato vibes below. $365, m5shop.nyc

THE HE-MANICURE
no

For the guy who’d rather take matters into his own hands than
skulk into a salon, a primer on at-home nail care

NAIL GROOMING is a lesson par-
ents generally impart to their kids
as a terse one-liner about looking
unembarrassing: “Clip those gnarly-
looking nails, now!” Sticking to the
bare minimum—a hasty, resentful
clipping—may suffice for a young-
ster, but when you’re an adult, it
can leave you with “Edward Scis-
sorhands” points and raggedy cuti-
cles that signal a laissez-faire atti-
tude about hygiene.
“Someone once told me, ‘Your
hands are your greeters: When you
meet someone, they look into your
eyes, then down at your hands for a
handshake,’” said Deborah Lipp-
mann, founder and creative director
of an eponymous nail care company.
If you’re concerned about the kind
of impression your hands are mak-
ing, nailing the right techniques and
tools is key. Here’s the basic at-
home strategy for the ultimate
manly manicure.
down to the nub, which can make
fingers look stubby. Aim for a rel-
atively short, rounded and natural
look. Leave an eighth of an inch at
the tip, then use a nail file to even
nails out. Take a buffer (a tool
that smooths nail surfaces) and
lightly “dust the top of each nail
to exfoliate the dead cells and
smooth nails,” said Ms. Lippmann.
Rub cuticle oil wherever the skin
meets the nail, then use a nail
pusher to push back the skin
around the nail to get rid of the
dead skin that can morph into a
hangnail.
Soften Up
Don’t overlook the rest of your
hands: Rough patches on the
palms can be remedied using a cal-
lus softener like Deborah Lipp-
mann’s Get Off, which uses lactic
acid to break down hyperkeratosis
(thickening of the skin).

Get Kitted End with...Polish?

F. MARTIN RAMIN/THE WALL STREET JOURNAL

Spiffy manicure sets (just like
Gramps had) by tony companies like
Czech & Speake, Pankhurst London
and Exemplaire hold all the steely
implements you’ll need for your rou-
tine, and are portable to boot. Per-
haps investing in one of these old-
school sets will motivate you to
actually take care of those claws.
Clip Reasonably
CLIP SERVICE High-quality tools can be highly motivating. Manicure Set, $689, czechandspeake.com A common mistake is to cut nails
For men with soft nails that tend
to tear, a coat of clear polish pro-
vides a layer of protection. Alter-
natively, for the varnish-averse,
Jin Soon Choi, founder of JINsoon
salons in New York, suggests buff-
ing might be enough for “a natural
shine and a more finished, healthy
look.” Or, go completely au naturel
like the unsocialized gorilla that
you are.
—Donna Bulseco
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 5 - 6, 2018 | D5

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
D6 | Saturday/Sunday, May 5 - 6, 2018
In San Francisco, the country’s oldest Chinatown—long dismissed as a touristy relic—is stirring up a culinary revival
BY JAY CHESHES
O
N A RECENT Friday
night, China Live, the
new food and drink
complex on the edge
of San Francisco’s
Chinatown, throbbed with diners.
“We have eight different cooking
stations, four distinct cooking
types,” said founder George Chen,
leading a tour past open kitchens
surrounding a dining room spar-
kling with luxurious materials—
river rock, marble, a cityscape mu-
ral in blue and white tile.
In the adjoining room, shoppers
browsed a marketplace stocked
with fancy cookware and gourmet
ingredients (extra virgin tea oil,
housemade XO sauce with Cognac).
Upstairs hid a plush speakeasy bar
and another restaurant, serving
$225 tasting menus to just eight ta-
bles a night. “The perception of
Chinese food has to change,” said
Mr. Chen. “Americans have to get
over that mystery brown sauce in a
white box cliché.”
To get his message across, this
veteran restaurateur bet big on one
of San Francisco’s most perpetually
troubled neighborhoods, launching
his 30,000-square-foot, $20 million
Chinese version of Eataly, as he de-
no
scribes it, along a strip of cheap
takeout restaurants and cluttered
souvenir shops.
The country’s oldest and largest
Chinatown suffered through years
of economic decline, plagued by
graffiti, petty crime and shuttered
storefronts, with whole stretches
looking increasingly like abandoned
movie sets and little life left behind
their historic facades. But while the
district’s central thoroughfare,
Grant Avenue, lined with sleepy gift
shops, remains frozen in a tourist-
trap time-warp, new signs of life
were stirring in the area even be-
fore China Live opened last spring.
In recent years, other newcomers
ADVENTURE & TRAVEL
Undoing the Time Warp on
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have begun tiptoeing into the dis-
trict’s restaurant scene, while young
heirs to iconic establishments have
started re-energizing their parents’
and grandparents’ businesses. Com-
munity leaders, meanwhile, spurred
by a long overdue subway station
project slated to finally open next
year, have been working to bring
traffic back to the neighborhood
with improved lighting and beauti-
fication schemes.
A maze of bright murals has
n-
sprung up in recent years, a result,
mostly, of landlords replacing
tagged walls with commissioned
street art. Terracotta warriors
climb the walls of one building on
Grant Avenue, while around the cor-
ner a somber piece depicts alleyway
gambling in the late 19th century.
Both murals are by Francisco
Aquino, a local artist who signs his
work Twick—and has enough street
cred to keep vandals at bay. Betty
Louie, a local property owner, com-
missioned both pieces. Ms. Louie
has also been working to attract
new food ventures to the area. A
new fast-casual dim sum parlor
from Bay Area restaurateur Chris
Yeo will soon fill one of Ms. Louie’s
historic restaurant spaces, the pa-
goda-topped former home of Cathay
House on California Street. “We
HOT PROPERTY Clockwise from
above left: A chile-rich fish fillet at
Z&Y; the scene on Grant Avenue;
bartender Sacred Mitchell at Cold
Drinks Bar at China Live.
hope…we can draw maybe a differ-
ent population to Chinatown,” she
said. “Not only the tourists, but
maybe the locals will come back.”
Another neighborhood booster,
Albert Cheng—who works with San
Francisco’s Friends of Roots organi-
zation, which brings Chinese Ameri-
can to China in search of their an-
cestral homes—points out that
Chinatown’s food is becoming much
more diverse: “This area used to be
all Cantonese, now you see a blend
of Hong Kong, Shanghai, Hunan,
Chongqing.” He’s been eating here
since the 1960s, when glamorous
supper clubs and banquet halls
drew the city’s smart set. “The old
places were absolutely stunning,”
said Mr. Cheng. The Empress of
China, the last of those opulent eat-
ing palaces, shut down a few years
ago, and its landmark building’s fate
remains in limbo. Here, a brief
guide to the neighborhood’s newer
dining and drinking establishments.
China Live Market Restaurant
The anchor restaurant at China Live
serves a market-driven menu of
Chinatown classics—juicy pork
dumplings, Cantonese roast meats,
rice casseroles in clay pots—subtly
upgraded with top-shelf ingredients
(including produce grown for the
restaurant on its own farm plot in
* ***
.
ly
Petaluma). The sprawling dining
room, like the rest of this ambitious
complex, is the work of hospitality
design powerhouse AvroKO, which
imported many of the materials
from China, including the tiles for
the mural of the San Francisco sky-
line. 644 Broadway, chinalivesf.com
Cold Drinks Bar
A neighborhood known for its
kitschy dive bars got its first seri-
ous cocktail den when the Cold
Drinks Bar opened on the second
floor of China Live last year. Follow
the black bats along the staircase to
its unmarked doorway for a mixed
drink reliant on Scotch—the the-
matic ingredient running through
much of the menu—sipped in a
soft-leather chair. The signature
THE WALL STREET JOURNAL.
FEAST FORWARD Mr. Jiu’s,
a modern Chinese restaurant
from chef Brandon Jew, occupies
a former Cantonese banquet hall.
ALANNA HALE FOR THE WALL STREET JOURNAL, ILLUSTRATION BY LIVI GOSLING
Sometimes Old Fashioned includes
duck fat-washed 10-year-old Spey-
burn and a very big cube of ice. 644
Broadway, chinalivesf.com
Lai Hong Lounge
The best dim sum house in China-
town, an offshoot of the popular
Hong Kong Lounge that opened a
few years back in the city’s Rich-
mond district, is hidden behind a
barely marked facade on the neigh-
borhood’s edge. Instead of the usual
rumbling carts, you tick boxes on a
vast illustrated menu to order. The
steamed and fried dumplings come
in a bewildering array of shapes
and fillings, from crispy swans filled
with durian custard to bundles of
purple yam and chive. The waits
can be very long on weekends. 1416
Powell St., lhklounge.com
Mister Jiu’s
Growing up Chinese-American in
San Francisco, Brandon Jew knew
the Four Seas restaurant well, an
iconic banquet hall where he cele-
brated big family occasions. In 2016,
Mr. Jew, a veteran of top restau-
rants in the city, took the helm of
the extensively renovated space and
turned a classic dining destination
into one of the city’s most contem-
porary. His creative riffs on tradi-
tional Chinese dishes—chicken feet
terrine with chile and lime, rice
noodles with sea urchin, Wagyu
beef and tuna heart fried rice—pack
the house every night. A cocktail
lounge will soon open upstairs. 28
Waverly Pl., misterjius.com
Red Blossom Tea Company
Alice Luong took over her parents’
venerable herb and tea shop, a
mainstay on Grant Avenue, a few
years back, updating the space and
launching a thriving online busi-
ness. Ms. Luong, who sources the
teas direct from farms across China
and Taiwan, offers guided tastings
on site, explaining the difference
between a vintage pu-erh, say, and
a bug-bitten oolong. She also sells
an assortment of delicate ceramic
sipping and steeping vessels. 831
Grant Ave., redblossomtea.com
Z&Y
Li Jun Han, a former state chef for
two Chinese presidents, is a master
of ma la, the tingly-hot heart of Si-
chuan cooking. His Chinatown flag-
ship—he owns a second restaurant
across town—specializes in foods
showered in hot oil and buried under
dry and fresh chilies. (President
Obama once picked up takeout
there.) His offal dishes are particular
standouts—try the tendons, kidneys
or tripe. Mr. Han, an unofficial am-
bassador of Chinese culture, recently
brought in a tea master who dances
through the dining room pouring tea
from a long-spouted brass pot. An
offshoot, Z&Y Bistro, focused on
skewered meats, will open this sum-
mer across the street. 655 Jackson
St., zandyrestaurant.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * NY Saturday/Sunday, May 5 - 6, 2018 | D6A

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D6B | Saturday/Sunday, May 5 - 6, 2018 NY * *** THE WALL STREET JOURNAL.

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Coffee Art by Sam DeBey

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 5 - 6, 2018 | D7

DESIGN & DECORATING

An Eloquent RICH FOOD With
a sufficiently pretty tray,

GETTY IMAGES (TOP); F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY ANNE CARDENAS (VASE, LINENS)
Mom might feel as

Breakfast in Bed
regal as Baroness Fiona
Thyssen-Bornemisza
and her daughter in 1963

Nothing tells Mom she’s appreciated like an elegantly

served, if slightly burned, Mother’s Day meal

ern mom, Kaymet’s tray (below right)

BY MIEKE TEN HAVE
MOTHER’S DAY breakfasts in bed, as
prepared by children, are often rather
basic or charmingly inept. “It was usu-
ally as simple as cornflakes and milk,”
entertaining expert Cathy B. Graham
remembered of the annual ritual when
her kids were young, adding that she’d
jump back in the sack to play along
with the surprise.
“It’s so nice to indulge in just stay-
ing in bed,” said New York and Chi-
cago interior designer Alessandra
Branca, whose husband brings her
warm lemon juice and coffee each
morning. “It is a tradition we ought to
return to,” she added of the largely
horizontal meal.
A large cloth napkin comes
in handy during this
potentially precarious repast.
might work, though Ms. Branca prefers
a throwback. “A traditional tray on
stands, preferably with slots for news-
papers and magazines, is elemental,”
she said. She included such a tray, a
vintage rattan version, in the sumptu-
ous bedroom she designed for the Kips
Bay Decorator Show House, currently
welcoming visitors in New York. She
topped it with linens of her own design
and a white lettuce-ware teapot by
Dodie Thayer with its attendant cup
and saucer.
Manners authority Emily Post was
delightfully stringent about particu-
lars such as matching china. “Nothing
looks more ‘down at heel’ than odd
crockery,” she wrote in “Etiquette,” 
first published in 1922. “It is as bad Alessandra
as unmatched shoes,” she added  Branca
damningly. Nearly a century later, Flower Vase Linens, from
Ms. Graham, author of “Second BV39 III by $76 for 2
Bloom: Cathy Graham’s Art of the J. & L. place mats,
Table,” agreed, explaining, “You only Lobmeyr, branca.com
need one of everything: egg cup, $179,
plate, coffee pot, cup and saucer, ateliercourbet.

.
creamer,” she said. While most com- com

ly
panies don’t sell ready-made breakfast
There’s a big difference, however, sets anymore, it’s easy to buy single
between a bowl of soggy cereal, luke- pieces of the same suite from classic 
warm coffee and paper napkins hastily china manufacturers such as Royal
on Royal Copenhagen
assembled on a wobbly tray and the Copenhagen and Gien. Blue Fluted
real, spoil-the-matriarch deal. With a “If you can’t drum up matching Collections, from $50
little help from Dad—and good de- china,” said Ms. Graham, “make sure for egg cup, fjorn.com
us l,

sign—the morning’s repast can be a the linens match.” And need we

polished presentation, though he may
still want the kids to sweat over their
endearing jalopy pancakes or unwit-
tingly crunchy scrambled eggs. For
say that cloth napkins, even if you
forgo every other upgrade here, ele-
al a
e
vate the meal, with their whiff of
room-service indulgence? Besides,
ci on

those looking to truly surprise, here’s
how to do it.
First, the foundation. The tray must
stably hold the whole tableau, unfold-
ing before the recipient like she’s
a large dinner napkin comes in handy
during this potentially precarious
meal. One or two seasonal flowers in 
a petite bud vase, small enough so as Kaymet Lap Tray,
not to crowd the tray, will serve as about $177,
er rs

queen for a day. For a thoroughly mod- the final tray-top flourish. kaymet.co.uk
m e

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BATHING BEAUTY
India Mahdavi’s new
fixture collection for
Stand Up
with us
Bisazza, in strawberry
co Fo

Support Stand Up To
Cancer today to help
cancer patients become
cancer survivors.
n-

Give $25 or more to Stand Up To Cancer

through the Miles To Stand Up
no

program and you’ll receive

THE FIXTURES
Splashes of Color
Though nervy aesthetes have
recently been investing in ex-
uberantly patterned and col-
ored bathroom tiles, the ac-
tual sinks, toilets and tubs
have remained unrelentingly
neutral for at least the last
30 years.
At April’s Salone del Mo-
bile in Milan, India Mahdavi—
the designer behind Sketch, a
very pink London restaurant—
staged a no-less courageous
protest against boring bath-
room design.
The Paris-based designer’s
eponymous bathroom line for
Italian luxury brand Bisazza
includes a bathtub, mirror
and wash basin available in
three colors: strawberry, pis-
tachio, and blueberry. “It’s a
contemporary interpretation
of our childhood bathroom
10 American Airlines AAdvantage®
miles for every dollar donated.
Donate and earn at
standuptocancer.org/americanairlines
memories,” said the self-iden-
tifying chromatic “polyglot” in
an email, adding that she de-
ploys color specifically to elicit
joy. “They’re like human-scale
toys for a sensitive and sen-
sorial experience,” Ms. Mah-
davi said of the fixtures, “a
purification through color.”
The Mahdavi Collection, from
about $563 for wash basin,
bisazza.it.

THE WALLPAPER
Music to Your Eyes
Revered by music nerds as a pioneer of ambient
music, a genre more meditative than melodic,
Brian Eno has designed a similarly atmospheric
new collection of wallpaper with the British com-
pany Graham & Brown. After approaching Mr.
Eno, Graham & Brown introduced the artist, mu-
sician and music producer to its 40,000-piece Pictured:
F. MARTIN RAMIN/THE WALL STREET JOURNAL (WALLPAPER)

design archive, which he used as a jumping-off Stand Up To Cancer Ambassador, Bradley Cooper
point for his creations. Said Paula Taylor, the along with American Airlines team members currently
company’s lead design stylist, “He took those fighting, surviving and co-surviving cancer.
original repeat files and actually began mixing
them together and blending them digitally, as
one would blend oils or pastiche papers over one
another.” The result: “The Mask Series,” consist-
ing of “Flower Mask Jade” (shown) and the
slightly less dense “Flower Mask Blue.” Said Ms.
Taylor, “Wallpaper is effectively ‘ambient’ art.” Stand Up To Cancer is a division of the Entertainment Industry Foundation, a 501(c)(3) organization. American Airlines and the Flight Symbol
logo are marks of American Airlines, Inc. ©2017 American Airlines, Inc. All rights reserved. Offer valid on contributions made online at www.
Brian Eno Flower Mask Jade Wallpaper, $120 per SU2C.org/americanairlines. Minimum $25 donation required. For charitable deduction purposes, each mile is valued at 3 cents per mile. The
roll, grahambrown.com —Eleanore Park receipt of miles may reduce the tax deductibility of your donation. Mileage cap for a 12-month period is 600,000. Bonus miles do not count
toward elite-status qualification. Please allow up to eight weeks for the bonus miles to be posted to your account. Donations can only be accepted
in U.S. dollars. Donations made in connection with AAdvantage® bonus miles program are not refundable.

 Wallpaper designed by artist Brian Eno.

 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D8 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

DESIGN & DECORATING

JOHAN KESLASSY
MICHELLE SLATALLA A MATTER OF LIFE AND DÉCOR

.
ly
Stuck in Minimalism Hell, I Finally Saw the Lighton
us l,

I AM A RECOVERING minimalist.
Like a lot of people seduced by the
bare-is-better aesthetic, for the past
decade I believed that emptiness is
next to godliness. When I moved
had to find philosophical peace:
Doesn’t research suggest that mate-
rialism makes people unhappy?
al a
e
“Actually, no,” said Prof. Irwin,
who confessed to her own weakness
ci on
the mattress store threw in for free.
How does a recovering minimalist
get the courage to start?
“Get away from the fear,” said de-
signer David Alhadeff, founder of the
“Let the space you live in tell you
what it wants,” she said.
In clients’ homes, Ms. Helgerson
has a two-pronged approach: “I
start with space planning, to figure
on her own desk.
As for avoiding clutter, “Gather
things in some places to create col-
lections, and in other spots create
open spaces where the eye can rest,”

across the country (twice), I got rid
of coffee tables, lamps, my bed
frame, more than 100 boxes of books
and even my husband’s favorite
green wingback chair.
for well-made black T-shirts from
Everlane. “You might be unhappy if
you try to substitute things for peo-
ple but not less happy if you just
happen to like things.”
er rs
Future Perfect shops in New York
and California. With his clients, he
sometimes finds himself in the posi-
tion of being a shopping therapist to
people who fear that buying a sofa
out how everything is going to be
laid out, and simultaneously I de-
velop a palette of materials based on
architectural style.”
For space planning, interior de-
she said. “That’s helpful.”
And if you’re still not ready for
the commitment of owning more
things?
“You can borrow and share things

But I realized I’d gone too far the
other day when I found myself sit-
ting quietly in a bare room with
raindrops slithering down a curtain-
That sounded reasonable and I
felt better about myself because
while I like things, I definitely pre-
fer my husband to the IKEA stool
m e
or a table lamp is a lifetime commit- signers follow standard guidelines instead of buying them,” said Tim
ment. He offers counterintuitive ad- described in the industry’s widely Kasser, a psychology professor at
vice: “Don’t strive for success. Strive used reference book, “Time-Saver Knox College whose most recent
for failure.” Standards for Interior Design and book is “Hypercapitalism: The Mod-

less window pane. “Do you think we Space Planning.” For instance, a ern Economy, Its Values, and How to
could get a space heater?” asked my comfortable amount of space be- Change Them.” “There are lending
m rp

husband, shivering on an IKEA tween a coffee table and a sofa is 18 libraries where you can check out
Had I gone wrong by mistaking minimalism as a
STEPHEN KENT JOHNSON FOR THE WALL STREET JOURNAL, FLORAL STYLING BY LINDSEY TAYLOR, PROP STYLING BY CARLA GONZALEZ-HART (ARRANGEMENT); ANNE TRUITT, “TRUITT ‘91,” 1991 © ESTATE OF ANNE TRUITT, COURTESY MATTHEW MARKS GALLERY (INSPIRATION)

knockoff of an Alvar Aalto stool.
Had I gone wrong by mistaking
minimalism as a virtue when in fact
it’s just a decorating style? There
inches (to prevent bruised knees). In
virtue when in fact it’s just a decorating style? There a dining room, there should be 42
inches of clearance around a table.
had to be a happier way to live. And in a bedroom, choose a mat-
co Fo
things like tools and seeds and even
toys.”
Prof. Kasser sent me a list of
some of his favorites, including Lo-

had to be a happier way to live, a
comfort zone somewhere between
recherché reductivism and A&E’s
“Hoarders.” For advice, I called Julie
Irwin, a business professor at the
University of Texas at Austin who
studies the relationship between
buying things and happiness.
“It’s unrealistic to expect people
to live completely in empty boxes
and to think living that way makes
us more pure,” Prof. Irwin said.
“Some people like to express them-
(most of the time). But I also was
ready to admit that I like material
possessions—very much—for the
sensory pleasures they impart. I
like the way a comfortable chair
folds you up in its cushions. I like
the old-library smell of books. And
I like how framed photos reflect
the light and turn it into a thou-
sand shades of sun.
So now I needed to figure out
n-
“Why would I do that?” I asked.
“When it doesn’t work out is
when you’ll learn something,” he
said. “If you buy a table lamp and
don’t like it later, it’ll have second-
ary market value. You can resell it.”
Comforting to know. But I’d still
rather avoid mistakes—and buy only
furnishings that look right in my
house.
The architectural style and size of
tress size that allows 40 inches of
clearance on the three sides of a bed
not against a wall.
Before she pulls out the measur-
ing tape, Ms. Helgerson settles on a
few materials—like a specific stone
or wood to complement a home’s ar-
chitectural details—to repeat in ev-
ery room “from the attic to the
basement, even if it is an 8,000-
square-foot house,” she said. The re-
sult is a unified and restrained back-
drop for personal collections and
cal Tools (localtools.org) and USA
Toy Library (usatla.org), both of
which have locations nationwide.
Unfortunately, there are no lending
libraries for bed frames (yet).
Luckily, however, it didn’t take
me long to find the one I realize I’ve
been craving: a queen-size bed with
a low wooden base and a caned
headboard. It will be ready to ship
this month, the manufacturer says,
and after it arrives I also may buy a
reading chair (wingback) for the

selves through their things.“
I told her that after years of ob-
sessively preventing objects from
entering my home, I was afraid if I
no
where to start to create a warmer a home dictates how much furniture clients’ favorite furnishings. bedroom. The IKEA stool will make
and more personal home. The goal can fit comfortably, Jessica Helger- “You can’t be judgmental about a perfect side table.
was what interior designers call a son, a Portland, Ore., interior de- the things you own, just make sure
layered-and-collected look, with signer told me. For instance, low- they are the things that make you Ms. Slatalla is an editor for remod-

let my guard down I’d turn into a slipcovers and curtains, family pho- ceilinged rooms look cluttered faster happy,” said Ms. Helgerson, who elista.com which, like The Wall
binge buyer. But before I could tos on the piano—and a bed frame than lofty, prewar apartments with keeps a little Mexican felt pig and a Street Journal, is owned by News
wrestle with the design question, I to replace the flimsy metal platform grand moldings. silver egg cup decorated with Cupid Corp.

FLOWER SCHOOL

SPRING TO ATTENTION
Floral designer Lindsey Taylor captures the reawakening hue of a color-field work

MAY IS AN INSISTENTLY colorful time,
with flowers popping open on what seems
an hourly basis, erasing the lingering gray of
the winter landscape. This month, I wanted
to work with a palette saturated in yellow,
the color that animates the northeast in
early spring: Daffodils, forsythia, witch-ha-
zel and Cornus mas, or cornelian cherry,
THE INSPIRATION
Daffodils and mimosa stand in for the spirited
yellow of Anne Truitt’s ‘Truitt, ’91,’ while white
daffodils slash through the block of color.
Vessel, designer’s own
happily punctuate the woods and open hill-
sides, and even stony New York City neigh-
borhoods. I found the ideal palette in the
minimalist color-field work of American art-
ist Anne Truitt (1921-2004)—known for her
refined, decisive approach to sculpture,
painting and drawing—and selected one of
her works, “Truitt ’91” (1991, acrylic on pa-
per), for its yellow and white freshness. This
artist approached creating as a daily ritual,
an act that seems very much in line with
creating and nurturing a garden.
A round white modern ceramic vessel
with a large opening would host my profu-
sion of flowers. I pulled together yellow and
white daffodils and pumped up the gold
quotient by “cheating” with mimosa from
the flower market. Though certainly not a
spring flower native to the northeast, from a
distance, mimosa resembles the blooms of
Cornus mas. I arranged the two bunches of
yellow flowers so the left side was more
weighted than the right, as in the painting. I
tucked white daffodils into the center of the
arrangement, slashing them through the yel-
low in a line as irregular as Truitt’s.
Fresh and clear, this simple two-toned
bouquet is like a visual cleanse, rebooting
the system after months of hibernation. THE ARRANGEMENT
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 5 - 6, 2018 | D9

EATING & DRINKING

IN MY KITCHEN

Kamin Mohammadi
The author and Italophile talks fava beans,
facing down Italian dinner guests and
the art of making do with what you have
I LIVE IN THE HILLS that breathe,” said Kamin Mohammadi, at home in
the breezy countryside northeast of Florence. Ten years ago, she was a
magazine editor, living at breakneck speed amid the crowded chaos of Lon-
don. She relocated to Tuscany to write—not about Italy, but about her na-
tive Iran. Published in 2011, her memoir “The Cypress Tree” follows three
generations of her family, their exile in the U.K. and her own return home
to reckon with her history. In her follow-up, arriving stateside next week,
she writes about another kind of homecoming.
Moving to Italy changed her perspective on life. “Bella Figura: How to
Live, Love, And Eat The Italian Way” (Knopf) chronicles her first year in
Florence. For Ms. Mohammadi, bella figura—which translates loosely as
“good impression”—is “about bringing out the beauty of everything...[It]
encompasses joy, it encompasses being kind, it encompasses politeness.
You’ll choose to say things with a smile; you’ll choose more pleasant
words.” This ethos applies to food, too. “It doesn’t need to be fancy,” she
writes. “It’s a sort of honoring everything, including the ritual of eating—
honoring that radish, that tomato, the person who grew it, the sunshine
that filled it with taste.” She continues to spend a lot of time in London,
where her mother still resides. But we caught her in Tuscany, where she
lives and cooks with her husband, Bernardo Conti. BLOOM WHERE YOU’RE PLANTED
Clockwise from above: Kamin
My cooking mentor was: my mom, We’ve recently been to Indonesia. Mohammadi in her Tuscan kitchen;
who was always like, “A handful of this Sometimes I make a rice pudding with view of the Apennine foothills; her
and a cupful of that, I just judge it by a mixture of black and white rice, just extra-large Lofra stove with five
eye.” Later, in Florence, I learned by be- cooked up with coconut milk. I think burners.
ing in the market and looking at the they use cane sugar [in Indonesia]; I
produce and being told, “Just do it like use the honey from here. I have some
this…” Then there were weird things yummy cinnamon sticks that happen
that happened, like the plumber com- to come from Iran, so I’ll put in a little

.
ing over to cook. The mother of my cinnamon. It’s not that sweet. I also do

ANDREA WYNER FOR THE WALL STREET JOURNAL

friend Antonella was wonderful and let
me ask loads of questions. And the
boyfriends—the Italian men, certainly,
taught me. Once Bernardo was in my
life, he showed me you can make
something really delicious with what-
ever’s around right now.
ly
a soup with coconut milk, a little bit of
lemongrass and zucchini.
The worst feature of my kitchen is:
on
that here in Tuscany we run everything
on gas canisters. So, for your stove,
you have to buy the gas. One Christ-
us l,

mas my husband hadn’t been particu-

My Tuscan pantry is always stocked
with: the Iranian stuff I have to have,
like dried limes and pomegran-
ate molasses. And my
larly organized, and we ran out of gas.
We were about to have the ex-wives,
al a
e
all the children, everyone over.
We have another, tiny stove in
ci on

saffron, obviously. It the corner called a
comes from Iran, Sovrana. It’s really great
beautiful saffron. for us out here in the
Bernardo can’t do country. In the win-
anything without ter you put it on
er rs
and do a farro salad with them and
walnuts, and I make a dressing with
pomegranate molasses.
The most important piece of
cious Chianti Rufina. I think 2013 and
2014 were very good years for them.
My favorite time of year for cook-
ing is: May. My first year here, I had a
eat them—you know, how you do with
zucchini flowers? You can go out and
pluck them and dip them lightly in bat-
ter and fry them, and they’re gorgeous.

chile flakes or and it acts as a
dried chile pep- heater. You don’t
pers. Anchovies—I need gas, electricity,
use them so much in nothing—just wood.
m e
kitchen wisdom I ever received was: love affair in May and it was really ex- At this time of year, my favorite
“The best sauce you can offer your citing. He was taking me around, and thing to eat is: fava beans. This was
guests is a happy expression on your we had all this extraordinary food, but an ingredient very key to Iranian cook-
face and heartfelt hospitality.” This it was all really simple. Simple enough ing when I was growing up. They call

cooking. You can’t It’s got a hot plate on piece of advice, from [Pellegrino] Ar- that I could make it at home. I remem- them fava in Italian, but in Florentine
identify it; it just gives top and a little oven. Our tusi’s “Science in the Kitchen and the ber it being so heady, that time. Now, they’re baccelli. And in Farsi they’re
m rp

you a wonderful flavor. Sicil-
ian capers, a nice sea salt, bal-
samic vinegar, honey. Oh my God, the
honey! There’s a woman, Francesca,
who keeps beehives outside the gates
little Sovrana completely
saved us.
When we entertain: Bernardo makes
rostinciana [braised spare ribs]. Or I
co Fo
Art of Eating Well,” has calmed me be-
fore many a dinner party. It’s unnerving
to feed Italians, especially with the ran-
dom blend of East and West that hap-
pens in our kitchen. So remembering
we have lots of acacia trees; it’s aro-
matherapy. They fry the flowers and
baghali. So it’s another moment
where I’m like, Oh look, we’re the
same! When they appear in the mar-
ket, we will come home with a kilo,
put them on the table. After school,

of our house, in the woods.
A pan I’m always reaching for is:
our grill pan. This is how attached we
are: We bought a new one two or three
years ago and my husband still uses
the old one, the one that’s impossible
to clean. I tried buying decent pots and
pans once, and Bernardo got bent out
of shape.
The ingredient I’m most excited
about right now is: coconut milk.
might do a lemon and saffron
chicken. It’s really simple. If it’s a
roast chicken, then you just put a lit-
tle saffron on top and stuff it with
lemon. If it’s legs or breasts or what-
ever, you marinate them before and
just do them on the grill. I might do
that with some rice. Bernardo also
will do his peperonata. You can make
so much and it can stay in the fridge,
and it just gets better and better and
better. I do lots of farro salads.
Sometimes I soak my dried apricots
n-
that it’s just about sharing this bounty
with people you love is really helpful.
A drink I could happily have every
day of my life is: water. Maybe it’s a
bit stupid or obvious, but since I was a
kid, that’s always been my favorite
drink. When I arrived in Florence, I was
teetotal and a vegetarian. That was a
disaster, so I stopped being both of
those things. The Colognole estate has
massive vineyards all around our
house. They produce the most deli-
Find Ms. Mohammadi’s recipe for
fresh fava bean and pecorino salad
at wsj.com/food.
the kids will sit with us and have a
chat and eat baccelli. They’re like
spring in your mouth.
On weekends, I like to: visit the mar-
ket. On Saturday, we go with my step-
daughters, in the morning. We see the
cheese guys, and we have a political
conversation with them. It always ends
with, “Just have some Parmigiano,”
which is probably the answer to life.
—Edited from an interview by
Charlotte Druckman

SLOW FOOD FAST SATISFYING AND SEASONAL FOOD IN ABOUT 30 MINUTES

no

Chicken Paillards With Salsa Verde and Red Cabbage

A DOLLOP OF BRIGHT and herby salsa
verde can make any dish seem special.
“Paired with something savory and simple,
it’s magical,” said Heather Sperling, co-
owner, with Emily Fiffer, of Botanica in
Los Angeles.
The chefs’ third Slow Food Fast contri-
The Chefs bution matches the zesty herb-caper sauce
makes a nice counterpoint.
Shallots macerated in a little Sherry
vinegar bring depth to the salsa verde.
“The vinegar mellows and softens the
shallots,” Ms. Sperling said. “And you get
a really nice pop of acidity.”
This sauce certainly has some punch,
but don’t hesitate to apply it liberally.
MARCUS NILSSON FOR THE WALL STREET JOURNAL, FOOD STYLING BY LAURA REGE, PROP STYLING BY AYESHA PATEL

Emily Fiffer and with chicken paillards pounded thin for “Spoon it all around,” Ms. Sperling said.
Heather Sperling quick cooking. A red-cabbage sauté dotted “We want everything to feel like a feast.”
with currants has a subtle sweetness that —Kitty Greenwald
Their Restaurant
Botanica, TOTAL TIME: 35 minutes SERVES: 4
in Los Angeles
1 large shallot, minced sprigs to garnish chicken breasts,
What They’re 31/2 tablespoons Sherry 2 tablespoons capers pounded to ¼-inch thick
Known For vinegar Zest and juice of 1 lemon 1/
2 small head red cabbage,

Warm hospitality 1 clove garlic 1/

3 cup dried currants shredded
that extends from 1 bunch parsley, thick 1/
2 cup plus 5 tablespoons 1 tablespoon cumin seeds
pretty, produce- stems discarded, plus olive oil 12 scallions, white and
packed plates to a sprigs to garnish Kosher salt and freshly light green parts only,
sun-drenched space, 1 bunch cilantro, thick ground black pepper thinly sliced
open all day and stems discarded, plus 4 boneless, skinless
built for lingering
1. Make salsa verde: Combine shallots and 1½ large, heavy pan, heat 4 tablespoons olive oil
tablespoons Sherry vinegar in a small, micro- over medium-high heat. Add chicken and sear
wavable bowl and soak 15 minutes. Mean- on one side until almost cooked through, 8-10
while, in a food processor, combine garlic, minutes. Flip and sear until chicken just cooks
parsley, cilantro, capers and lemon zest, and through, 3 minutes more. Transfer to a plate.
pulse to mince. Transfer to a medium bowl. 4. In same pan used for cooking chicken, heat
Drain shallots, reserving vinegar. Stir shallots remaining oil with cumin over medium-high
and lemon juice into salsa verde. Stir in ½ cup heat. Add cabbage, scallions and plumped
olive oil and season with salt. currants, and sauté until cabbage softens but
2. Place currants in bowl with reserved vine- retains some bite, about 3 minutes. Season
gar, and add remaining vinegar and enough with reserved vinegar and salt to taste.
water to submerge. Microwave until currants 5. Distribute cabbage among 4 plates, set
plump, 30 seconds. Drain, reserving vinegar. chicken breasts on top or alongside, and driz- WATCH THIS SPICE A dash of fragrant cumin plays well with the
3. Season chicken with salt and pepper. In a zle salsa verde all around. Garnish with herbs. sweetness of the red-cabbage sauté.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D10 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

EATING & DRINKING

SELLING WINE—IT’S A NUMBERS GAME

Continued from page D1
founded the Rome-based Taster of Wine mag-
azine and rates wines according to a “pleas-
antness index” that factors in a wine’s “con-
sistency, balance and integrity,” with a
possible score of up to 33 points awarded to
each characteristic. He states his scoring
method in a theorem: PI=C+B+I. 2
Mr. Maroni is one of many wine critics

F. MARTIN RAMIN/THE WALL STREET JOURNAL, STYLING BY JARED LAWTON PRODUCTION DESIGN; ILLUSTRATION BY DAVE URBAN
whose numerical scores help retailers move 3
wines off the shelves—though certain publi-
cations and critics are considered more reli-
able than others, according to retailers I
spoke with. The three publications whose
names were cited most frequently are Wine
Spectator, Vinous and Robert Parker Wine
Advocate, aka “Parker,” after the newsletter’s
founder, Robert M. Parker, Jr., who sold a ma-
jority stake to investors in 2012 and remains
a minority shareholder today. Mr. Parker is no
longer actively reviewing wines, but most of
the retailers I talked with still refer to the
publication’s scores as “Parker points.”
Mr. Parker and Wine Spectator are most
often credited with popularizing the 100-
point scoring scale, modeled after the 100-
point grading system used in American
schools. Many, many other publications, crit-
ics and wine professionals have adopted this
system, including JamesSuckling.com, Wine
Enthusiast, Burghound, James Halliday, Tast-
ings and Decanter, an English magazine that
switched from awarding stars (a maximum of 1
five) in 2012. As Decanter managing editor
Amy Wislocki explained in an email, the pub-
lication moved to the 100-point scale “so our 5
scores would get more air time.” 4
I found points from all these sources cited
in stores on a recent search for high scoring

.
wines in and around New York, and retailers
OENOFILE

ly
told me they understood some critics to be
more generous than others. For example,
Daniel Schmude, a regional manager at Bottle
King in New Jersey, thought Mr. Suckling’s on TOP OF THE CLASS
scores tended to be higher than some. When I
reached Mr. Suckling in France and asked for
his reaction, he said there’s been an “incredi- 5 high-scoring and genuinely excellent wines under $50
us l,

ble” improvement in winemaking since he be-

gan rating wine in 1981, and quality was
much higher overall. (See “Who’s Keeping 1 2 3 4 5
al a
e
Score” at right for a summary of Mr. Suck-
ling’s judging criteria as well as those of the 2015 Bodegas Chacra 2016 Sigalas Santorini 2016 Château Doisy- 2014 Tapiz “Alta Collec- 2015 Château Puech-
ci on

other leading wine critics and publications.) Cincuenta y Cinco Pinot
Mr. Suckling noted that he had rated some Noir ($49)
10% of the more than 17,000 wines he and his Italian nobleman Piero Incisa
associates tasted last year as worthy of 95 della Rocchetta founded his
points or more, which he defined as wines Patagonian estate in 2004
er rs
Assyrtiko ($21)
This lively, bracingly
mineral Greek white
awarded 95 points by
Robert Parker Wine Advo-
Daëne White Bordeaux
Sec ($26)
I bought this wine based on
an inflated score errone-
ously posted in a wine
tion” Cabernet Mendoza
($15)
This wine won plaudits
from our group of tasters
for its outstanding price-
Haut Pic Saint Loup “La
Closerie du Pic” ($30)
Robert Parker Wine Advo-
cate awarded this red from
the Languedoc region of

that made him want to “drink the entire bot- and set about producing
tle,” he said. Mr. Suckling’s percentage was single-vineyard Pinot Noirs.
double that of the team of reviewers at Vi- This lithe, lovely red,
nous, who rated only 5% of the roughly awarded 95 points by the
m e
cate is produced from the store. Scoring aside, this quality ratio. Awarded 96 France 96 points and called
native Assyrtiko grape. lovely dry white is delicious. points by JamesSuck- it one of the “gems” of the
Though the wine always It was made by the “Pope” ling.com, the dense, lush 2015 vintage. Produced with
sells well, according to its of white wine, the late, red from a high-altitude superstar Rhône-based

23,000 wines they tasted in the past year 96 Wine Advocate, comes from distributor, the high score great Denis Dubourdieu, vineyard in Mendoza, winemaking consultant Phi-
points and higher. (The top point category of a vineyard planted in 1955. has likely helped “expose who was the consultant for Argentina, is marked by lippe Cambie, it’s a volup-
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Vinous is 96-100; at most other publications, It’s marked by notes of it to a broader range of many top Bordeaux estates soft tannins and a bright tuous, downright decadent
95-100 represents the top of the scale.) bright red cherry and spice. customers.” including Château d’Yquem. acidity. Grenache-Syrah blend.
At Wine Spectator, tasters are even
tougher: Only about 3% of the 16,000 wines
its editors tasted last year rated 95 points or
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more, according to executive editor Thomas ling’s criterion for a 95-100 point wine).
Matthews. He added, “I am certain we are the The other wines ranged from the crisp and
most conservative of the major critics.” excellent 2016 Sigalas Santorini Assyrtiko
Wine Spectator and Vinous are two of the ($18) to the silky and seductive 2015 Bodegas
publications that Tracy Maxon, wine buyer at Chacra Cincuenta y Cinco Pinot Noir ($49),
Varmax Liquor Pantry in Port Chester, N.Y., both 95-point bottlings. The 2014 Ferrer Bo-
trusts the most. She posts their scores in her bet ($45) from the Priorat that Mr. Suckling
store, along with an occasional score by Mr. awarded 95 points was well made, with a
Suckling if his number is particularly high. warm berry-inflected nose, but was deemed
“But we taste all the wines too,” she said. “nothing great.” While the 2014 Tapiz “Alta
Collection” Cabernet from Argentina,
awarded 96 points by JamesSuckling.com,
was delicious and eminently drinkable—not
n-

Wines with big numbers tend to to mention a great find for $15—no one
cost a lot, sometimes hundreds of thought it deserved its score.
The ripe, dense 2015 Château Puech Haut
dollars. They also tend to be red. Pic Saint Loup “La Closerie du Pic” ($30)
no

from the Languedoc that the Wine Advocate

Ms. Maxon’s was one of half a dozen stores
I visited while shopping for wines with big
scores. I was looking for wines rated 95
points or more and priced less than $50 a
bottle, since wines in that price range are
what most drinkers are likely to encounter.
This proved no easy task: Wines with big
numbers tend to cost quite a lot, sometimes
hundreds of dollars. They also tend to be red.
Very few whites were rated 95 points or
more, and I couldn’t find a single high-scor-
ing rosé or Champagne. When I mentioned
this to Ms. Maxon, she noted that Champagne
is perhaps the only wine that is “immune” to
wine scores. People tend to choose Cham-
pagne by brands, not numbers, she said.
I ended with a diverse group of 14 wines
costing $15-$49 a bottle, all of which earned
between 95 and 98 points. (Alas, there were
no perfect 100s in my price range.) I pur-
chased three whites and 11 reds to taste with
a group of point-minded friends.
This group pays attention to numbers, es-
pecially if the wine is an unfamiliar one or “if
it’s a gift for a friend,” said my friend Mi-
chelle. A wine with a score of 95 or higher al-
ways got my friends’ attention, and a high
score plus a low price would almost always
compel them to make a purchase. They re-
ported that they don’t pay much attention to
who’s awarding the number.
The wines I purchased came with high
scores from various sources: Wine Spectator,
Vinous, Robert Parker Wine Advocate, James-
Suckling.com and Mr. Maroni—whose 98-
point 2014 Montalbera Piemonte Rosso Fuori
Catalogo ($15) proved to be the only one our
group considered truly unworthy of its big
number. It was a weirdly confected-tasting
and also sharply tannic. My friend Alan “gen-
erously” gave it an 87-point score and nobody
finished a glass, let alone a bottle (Mr. Suck-
Who’s Keeping Score
Wineries spend a great deal of money and
time getting wines in front of critics. But
what are the odds of earning a high score
from one of the “big four”? Here, a break-
down of the number of 95-plus ratings
awarded by each publication, and the differ-
ent ways they define top-rated wines.
ROBERT PARKER WINE ADVOCATE
Created by Robert M. Parker, Jr. (who sold a
majority stake in 2012 and remains a minority
shareholder), Robert Parker Wine Advocate
was once a solo act. Mr. Parker was the great
popularizer of the 100-point system. While
the publication’s scores are sometimes still
called “Parker points,” its creator is no longer
actively reviewing. The team tasted over
28,000 wines last year and rated 2,203, or
7%, between 95 and 100. Wines at these
numbers are considered “extraordinary wines
of profound and complex character.”
WINE SPECTATOR
According to executive editor Thomas Mat-
thews, this magazine is the most conserva-
tive when it comes to awarding big points.
Wine Spectator’s critics tasted some
16,000 wines last year and rated just 3% of
them between 95 and 100. To earn such a
grade, the wines should be both “classic”
and “great.”
VINOUS
Founded by former Robert Parker Wine Ad-
vocate star critic Antonio Galloni, the Vinous
team now includes Stephen Tanzer, who ran
his own newsletter, among others. They
rated about 5% of 23,000 wines tasted in
the last 12 months between 96 and 100, said
Mr. Galloni. Wines in this range should be
“exceptional—profound and moving wines.”
JAMESSUCKLING.COM
Former Wine Spectator critic James Suckling
founded his own Hong Kong-based company
in 2010. He and his team tasted over 17,000
wines last year and rated just over 10% be-
tween 95 and 100. Wines in this range have
to offer “more than fantastic quality,” said
Mr. Suckling. “They have to bring emotion,
talk to you and show you their beauty.”
gave 96 points was also delicious, though not
profound. “I don’t think that the point scale is
valid for lower priced wines,” my friend Alan
observed. He thought that wine rated 95
points and above should have an additional
dimension beyond mere deliciousness.
I had purchased the 2016 Château Doisy-
Daëne White Bordeaux Sec ($26)—quite good,
with a vivid floral aroma—based on a shelf
talker in a Total Wine store stating that it
was awarded 95 points by Wine Spectator,
only to learn later that it actually received a
score of 89-92 from that publication. As Mr.
Matthews of Wine Spectator noted, the num-
ber posted in the store was inflated. This is
sadly not an uncommon occurrence and
something buyers should beware when shop-
ping by points. “It’s infuriating to us,” said
Mr. Matthews. When reached for comment,
David Trone, co-owner and co-founder of To-
tal Wine, speculated that it could have been a
mix-up in signage, confusing one vintage for
another. (When brought to their attention the
shelf talker was promptly corrected.) But all
points aside, this wine was delicious and a
good buy.
The majority of the wines we tasted were
good—with exceptions, such as the confected
2014 Montalbera and a deeply unpleasant
2012 Chateau Malbec Bordeaux that Decanter
unaccountably gave 95 points. Our favorites
delivered pleasure, not to mention bang for
the buck. If they hadn’t come with those
scores, we might have overlooked the Patago-
nian Pinot Noir, the cheap Chilean Cabernet
and an obscure wine from the Languedoc.
Perhaps the high scores accomplished ex-
actly what retailers, critics and winemakers
hoped that they would: They compelled me to
buy the wines. But a high score can only in-
spire a single purchase. The quality of what’s
in the bottle, not the number bestowed on it,
is what will compel me to buy a wine again.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Saturday/Sunday, May 5 - 6, 2018 | D11

GEAR & GADGETS

STATUS MONSTER
Seen in this spy photo in a
prerelease camouflage paint job,
the 2019 Rolls-Royce Cullinan is
estimated at more than 6 feet
tall and 17 feet long.

ROLLS-ROYCE MOTOR CARS;SUBARU OF AMERICA, INC.; MERCEDES-BENZ USA; FORD MOTOR COMPANY ARCHIVES
RUMBLE SEAT DAN NEIL

Mass Appeal: So Long, Normal-Size Sedans

.
ly
IT’S NOT THAT you’re getting lines to meet its CAFE obligations.
smaller. It’s that automobiles are Last month Environmental Protec-
getting bigger. tion Agency Administrator Scott
Last week Ford announced that it on Pruitt announced an effort to roll
would wind down U.S. production/ back the 2025 standards hammered
sales of passenger cars—excepting out by the agency and automakers
its Mustang and the sort-of-sedan during the Obama administration. It
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Focus Active—in favor of more pop- is also widely expected that Mr.
ular and profitable trucks, SUVs and Pruitt will go after California’s
crossovers. By 2020, 90% of Ford’s waiver under the Clean Air Act al-
al a
e
North American sales will consist of lowing it (and 11 other states) to set
larger vehicles with lower fuel its own tailpipe rules.
ci on

economy, because nothing bad ever Both CEO Hackett and executive
comes of that. chair William Clay Ford Jr. have
Ford noted the accelerating shift tried to distance the company from
in consumer preference from cars Mr. Pruitt’s “rollback” and have said
(sedans, hatches, coupes) to beefy they would prefer compromise to
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vehicles. And how. Sales of car- confrontation with the California

based models fell nearly 11% in 2017 Air Resources Board. Somebody
(AutoData); while sales of pickups, should tell their D.C. lobbyists.
SUVs, crossovers and vans rose BIG GULP With 153.5 cubic feet of space for up to eight passengers—and 19 cup holders in case they all get really In his congressional testimony
m e

4.3%, to 10.9 million. That was thirsty—the 2019 Subaru Ascent is being touted as the brand’s biggest SUV ever. last week Mr. Pruitt said the soften-
about 60% of all light-vehicle sales. ing of standards was necessary due
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Isn’t it lucky that Ford’s most
profitable vehicles are also its most
popular? Later on I’ll propose a
more direct through-line.
Someone in the WSJ office said
rate Average Fuel Economy (CAFE).
The “footprint rule”—which refers
to the area within the perimeter of
the four wheels—calculates a vehi-
cle’s fuel economy as a function of
co Fo
Perhaps you’ve noticed, in park-
ing decks, how bulky SUVs seem to
hang out of both sides of a parking
space? Or in city traffic where your
only hope of seeing the traffic sig-
for the car makers; and because
margins are higher, per inch, they
can afford to juice sales deals and
spend more on marketing.
The footprint rule just makes the
to “consumer demand” for larger
and more capable vehicles.
Really? Are hills steeper now?
Are boats harder to tow? Are fami-
lies larger, or pieces of 4x8 ply-

it was the end of an era. It’s more
like the beginning of the 1990s,
when Ford, outsmarting federal fuel
economy standards, built and mar-
keted the hell out of the Ford Ex-
plorer, which as a light truck was
subject to lower standards.
The average new vehicle
on the road is longer,
its size. The rule change effectively
incentivizes building larger vehicles
by holding them to progressively
easier standards. As a result, the
largest and most profitable vehicles
also enjoy the lowest relative costs
of compliance. The rule change also
constituted a backdoor tariff on
more efficient imports, but that’s
another story.
Exactly one vehicle-design gener-
ation later, the footprint rule has
rippled through the auto market
n-
nal is if the driver of the pickup
ahead of you slides open his rear
window?
Check the growth charts of any
familiar name plate: A 2008 Ford
Explorer XLT measured 193.4 inches
long and 73.7 inches wide. The 2018
model is 4.9 inches longer and a
whopping 5.2 inches wider. The
2019 Ram 1500 Crew Cab is 3.9
inches longer than the previous
model on a 4.1-inch longer wheel-
base. The 2019 Chevy Silverado
automakers’ size profiteering a tiny
bit sweeter.
There are also the inflationary
effects of global hyperwealth/the
death of shame. May I direct your
awe to the Vision Mercedes-May-
bach Ultimate Luxury Concept,
which debuted at the auto show in
Beijing last week? Two weeks ago I
got a behind-the-curtain look at the
Rolls-Royce Cullinan SUV: a royal
elephant of an auto estimated at 5.3
meters long and 1.9 meters high.
wood? The latest generation of su-
persize vehicles offers little in the
way of real-world advantages over
its predecessors. In many cases it’s
just more unused capacity. A 2017
survey conducted by the University
of Michigan reported that light-
truck owners use their vehicle pre-
dominantly for transportation
(68.9%) and commuting (65.4%).
Automakers always say they just
aim to give the customer what they
want, but they never mention the

wider and taller than the like a displacement wave. The aver-
vehicle it replaces. And age new vehicle on the American
road is longer, wider and taller than
more profitable. the vehicle it replaces. And corre-
no
pickup is 1.6 inches longer than be- In my view, Ford’s announcement billions in advertising and market-
fore on 3.9-inch longer wheelbase. last week was about the weather in ing spent convincing customers
All of these truck platforms are Washington, D.C. Management has what they want. Just like in the
available with SUV top-hats. calculated that it will no longer 1990s, the industry is pushing

The Explorer set off the SUV
craze and a decade-long size spiral
in vehicle design, culminating in
such absurdities as GM’s Hummer
H2 and Ford’s own Excursion SUV.
That party ended with the oil price
spike of 2000s, but I guess Ford
CEO and president Jim Hackett is
too young to remember.
Now, as then, Ford and others
are exploiting a well-crafted loop-
hole in fuel economy regulations
that makes bigger more profitable.
In 2011, the industry won a change
in the EPA’s calculation of Corpo-
spondingly more profitable.
Because vehicle size and fuel
consumption are highly correlated,
this trend is reliably captured in av-
erage fleet fuel economy. After
years of improvement, the average
EPA mileage of vehicles sold in the
U.S. has stagnated around 25 mpg
starting in 2015, according to the
University of Michigan Transporta-
tion Research Institute.
While on an individual basis
most models are at least as fuel ef-
ficient as their predecessors, the
shifting weight of consumers mov-
ing into larger crossover and SUVs
has negated those gains.
Vehicles classified as light trucks need the mileage offsets from sales larger vehicles precisely because
are already subject to lower stan- of smaller, less-profitable vehicle they are profitable.
dards than cars. And for CAFE pur-
poses a crossover with all-wheel-
drive qualifies as a light truck. The
combined effect of these rules helps
produce a vehicle like the Subaru
Ascent: a large crossover (about 5
inches longer than Toyota High-
lander), 260 hp, and a relatively
light regulatory burden. EPA com-
bined fuel economy: 23 mpg.
I don’t mean to suggest the foot-
print rule is the only growth stimu-
lant. A half-decade of moderate fuel
prices is the prevailing cause. Big HIGH ROLLER The massive Mercedes-Maybach concept blends a sedan and
feels good. It’s cheap value-added an SUV, with the design of the former and the ride height of the latter.

HAVE YOU DRIVEN A FORD LATELY? // A CENTURY OF THE BRAND’S MOST INFLUENTIAL CARS

The assembly line brought the
Ford Motor Company’s
Model T to the
masses. It could
be topped with
any number of
1914 Model Model T body styles, from road-
Sedan
ster to closed sedan.
The 1960 Edsel Ranger, This top-selling sedan was The Town Car was a dura-
based on a Ford Ranger Dearborn’s answer to Jap- ble, premium sedan that
two-door, was pro- anese import competi- was favored by the
duced in the final tion, and it was a livery trade until it
year of the Edsel good one. The Tau- was discontinued
brand’s short life, as rus’s aerodynamic de- in 2011. In Los An-
1960 coupe, sedan, convertible 1986 sign earned it the nick- 1995 geles they are still
Edsel Ranger Ford Taurus Lincoln Town Car
and station wagon. name “jelly bean.” called “studio cars.”

1920 1940 1950 1960 1970 1980 1990

The Lincoln-Zephyr 1939 HBO’s “Entourage” 1962 Ford’s immortal full- 1995 The 2013 Green Car of 2006
Continental Cabriolet Lincoln-Zephyr showed off the the Lincoln Continental size service sedan, Ford Crown Victoria the Year was a hood Ford Fusion
Continental Cabriolet Four-Door Convertible
started life as a de- Lincoln Conti- platform mate of ornament of the One
sign for Edsel nental’s charis- the Lincoln Town Ford philosophy: a
Ford’s personal matic rear sui- Car, was the global car, built for
car, based on a cide doors in backbone of the Americas in
Lincoln-Zephyr, the last shot of American police Mexico but sold all
but much lower. its opening credits. and taxi fleets. over the world.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

D12 | Saturday/Sunday, May 5 - 6, 2018 * *** THE WALL STREET JOURNAL.

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